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0nr

81918

°NiIV. Of

«<r.Y^«rwq

SECTIONS—SECTION

ONE

w

Dmmatia
INCLUDING
Bank &

Quotation Section
Railway Earnings Section
•OfVmaHTCO

IN 191* BY WILLIAM 8. DANA COMPANY, NEW YORK.

Issued Weekly
$10.00 Per Year

VOL 107.

Railway & Industrial Section

Electric

Bankers* Convention Section

State and

ENTERED AS 8CCOND.CLAS* MATTER JUNE S3, 187*, ATTHE POST OPPICE AT NEW YORK, NEW YORK, UNOERTHE AOTOP
MAROM S, 1ST*.

NEW

YORK, OCTOBER 5, 1918.

.tfinatufal

Jftnanctal

THE FARMERS* LOAN & TRUST

HARVEY FISK & SONS

COMPANY

32 Nassau St

Wi,,iS^0®vPucth6r#’

NO. 2780.

^financial

THE

LIBERTY

NATIONAL

NEW YORK

Foroftgh Exchange, Cable Transfers,

BANK

OF NEW YORK

Travelers' Letters of Credit
The Company Is a legal depositary for
moneys paid Into Court, and Is author¬
ised to act as Executor. Administrator.
Trustee, Guardian, Receiver, and In all
other fiduciary capacities.
Acts as Trustee under Mortgages made

Railway Section
City Section

BROADWAY and CEDAR ST

UNITED STATES BONDS

NEW YORK CITY BONDS
AND OTHER CHOICE
INVESTMENT SECURITIES

nepjfrd •
Surphe A

by Railroad and other Corporations, and
us Transfer Agent and Registrar of Stocks

$3JBOQ,Q6&06
4jQOQjoea^e

and Bonds.

Receives deposits upon Certificates of
or subject to check, and allows
Interest on dally balances.
Manages Real Estate and lends money
ea bond and mortgage.
Will act as Agent hi the transaction of
any approved financial business.
Depositary Ids Legal Reserves of State
Banks and also tor moneys of the City
of New York.
Ftsoal Agent fits States, Counties and
Cities.

Deposit,

16-22 WILLIAM STREET,NEW YORK
Brandi: 475 Fifth Avenue, at 41st Street
c

LONDON

The National Park Bank
of New York
Organized 1856

Capital
Surplus & Undivided Profits
Deposits (Aug. 31,1918) -

-

-

-

-

$5,000,000 00
17,900,000 00
168,000,000 00

President
RICHARD DELAFIELD

Vice-Presidents
GILBERT G. THORNE
WILLIAM O. JONES
GEORGE H. KRETZ

PARIS

JOHN C. VAN CLEAR
MAURICE H. EWER

SYLVESTER W.LABROT

Cashier

Itu&cf

limiik.

and New York Clearing House

Pine Street* Corner Wtftlmm
NEW YOrtK
27 Austin

Assistant fhiHtrs
WILLIAM A. MAIN
FRED'S O. FOXCROFT
J. EDWIN PROVINE
WILLIAM E. DOUGLAS
HENRY L. SPARKS
BYRON P. ROBBINS

Established 1874.

HARRIS* FORBES A CO.* Ine.
BOSTON

Act as fiscal agents for munici¬
palities and corporations and
deal in Government, munici¬
pal, railroad and public utility

BONDS FOR INVESTMENT

GARFIELD NATIONAL BANK
Fifth Avenue Building
Corner Fifth Ave. and SSrd St., Naw York.

Capital, $1,000,000

,

Surplus, $1,000,006

HOTEL W. POOR, President.
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW, 2d V.-Pres. Sc Cashier.
RALPH T. THORN. Asst. Cashier.
JOHN W. PEDDLE. Asst. Cashier.

THE*

BANKERS

Established 1810

The Mechanics and Metals
National Bank
of the
Capital

Surplus and Profits... $11,000,000

Deposits Aug. 31,1918

-

Capital
Surplus and Profits - Deposits (Juns SO, 1918)

$188,000,000

Foreign Exchange Department

EDWIN A. LEE.
WILLIAM E. PtfRDY.
CHARLES D. SMITH,
WILLIAM P. HOLLY.
GEO. H. SAYLOR,
M. HADDEN HoVfELL,
S. FRED TELLEBN.
ROBERT I. BARR.
BE WALL 8. SHAW.
LEON H. JOHNSTON,

$150,000,000

Francis Ralston Welsh,

Philadelphia, Pa.

BONDS
OF RAILROAD, GAS AND ELECTRIC
LIGHT AND POWER COMPANIES

CHARTER NO. I

ACCOUNTS

Digitized1for FRASER


INVITED

PHILADELPHIA

-

-

.

sio.eoo.eoe
11,861,009
144,744,000

Aset. Cashier
Amt. Cashier

Aset. Cashier
Cashier
Cashier
Cashier
Cashier

Aset.
Aset.
Amt.
Aset.
Amt.
Asst.
Aset.

Cashier
Cashier
Cashier

DIRECTORS

Henry W. Cannon

109-111 SOUTH FOURTH STREET

-

OFFICERS
A. BARTON HEPBURN. Chr. Advisory B4.
ALBERT H. WIGGIN.
Chairman
EUGENE V. R. THAYER.
President
SAMUEL H. MILLER.
Vice-President
EDWARD R. TINKER,
Vice-President
CARL J. SCHMID LAPP,
Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED C. ANDREWS.
Cashier
CHARLES O. SLADE.
Aset. Cashier

Letters o4 Credit

First National Bank

Nuw Ytflx

The Chase National Bank
of the City of New York

$6,000,000

......

NEW YORK

over

1411 Ohbsthvt Stbxxt, Philadblphia

City of New York

NATIONAL BANK

Resources

Members New York and Philadelphia
Stock Exchanges

30 PlNU STRUT

AMERICAN EXCHANGE

Foreign Exchange

Application

Established 18f ‘

•truer 8th and Main Streets

MIDDENDORF, WILLIAMS A OO., InSo

on

Cable Address SABA, NEW YORK

BANKERS
RICHMOND, VA.

w,

Edward B. Smith & Co

John L. Williams & Song

Baltina** Correspondents:

Friars, LONDON, E.

List

ERNEST V. CONNOLLY
hMuber

Harris, Forbes

.

A. Barton Hepburn
Albert H. Wtggia
John J. Mitchell

Guy E. Tripp

Samuel H. Miller
Edward R. Tinker

Henry B. Badtoott

Edward T. Nichole
Newcomb Carlton
Frederick H. Bckee
Eugene V. R. Thu

Jamm N. Hfll,
Daniel O. JackUng
Frank A. Saylee
Carl J I
Charles M. Schwab Gerhard M.
Andrew Fletcher

THE CHRONICLE

a

[Vol. 107

3nt)f«tmfitt JfamSti anb 3Bratoens of ^ottfgn Cxrijange

I. P. MORGAN & CO. Maitland,
Wall Street, Corner of Broad
i

NEW YORK

DBXXXL

&

00.,

PHILADELPHIA

Corner of 5th and Chestnut

Streets

Coppell & Co.

52 WILLIAM STREET
NEW YORK
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and

issue Loans.

■ORGAN, ORENTELL&CO., LONDON
No. 22 Old Broad Street

BtUg of Exchange* Telegraphic
Letters

■ORGAN, HARJES & 00., PARIS

N- 1 William Street

Tha National Provincial Sc Union Bank of

BROWN BROTHERS'&TCO.
Bo*tok

And its Branches.

Agents for the Bank of Australasia.

TRAVELERS’ LETTERS OF CREDIT
Available throughout the United States

August Belmont & Co.

tf'Urn r«t MMtlpiiu tmd Bottom Stock KxckomfOt

43 EXCHANGE PLACE, NEW YORK.
Members New York Stock Exchange.

Investment Securities

Foreign Exchange
Deposit Accounts
Commercial Credits

33 Pine Street, New York

Investment Securities

ISSUE LETTERS OF CREDIT
for Travelers

Members

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

/-"V

BROWN. SHIPLEY & CO.
LONDON

Execute orders for the purchase
Bonds and Stocks.

and sale of

64-66 Wall Street,

New York
Investment securities bought and sold on com.
mission.
Travelers’ credits, available through¬
out the United States, Cuba. Puerto Rloo, Mexico.
issue

Joint

Tientsin, Haiphong, Yunnan Fu

Stock

Paris Bankers:—Banque Francaise—Heine
& Co.

Investment Securities

Winslow, Lanier & Co.

HEIDEIBACH, ICKELHEIMER & 60.
N.

Y.

STOCK

EXCHANGE.

Execute orders for purchase and
Stocks and Bonds.

sale of

Foreign Exchange Bought and Sold.

NEW YORK

Issue Commercial and Travelers’ Credits
available in all parts of the world.

Subject to Draft.

Interest

Deposits. Securities
Bought and Sold on
Commission.
on

Cretiifc

Schulz & Ruckgaber

27 Pine

Street,

•

•

•

■

New York

■

Members New York Stock Exchange

Execute Orders for purchases and sales
of stocks and bonds.

Foreign Exchange bought and sold.
Issue

Kean, Taylor & Co.

commercial

Dollars

New York

Exchange Bank

Pro
244 Fourth Ava.
PITTSBURGH

in

credits

available in China, Japan
and East Indies.

Investments

5 Nassau Street
NEW YORK

435 Chestnut Street

PHILADELPHIA

37 William Street.

59 CEDAR STREET

BANKERS.

Graham, Parsons St Co.
BANKERS

MEMBERS

105 So. La Salle St.
CHICAGO

Ltd., London
Paris
Russo-Asiatic Bank, Hong Kong
Banque Industrielle de Chine, Paris
Shanghai, Peking, Hong Kong, Saigon,
Jordaan Sc Cie,

drafts and oable transfers on above countries.

London Bankers:—London
Bank, Limited.

10 Pine Street, New York

Bonds for

Letters of Credit for Travelers

Pentral America and Spain. Make collections in and

TAILER4CD

Foreign Exchange, Letters of

Exchange

London Provincial Sc South Western Bank.

T. fluffem Taller
Grenville Kane
James G. Wallace

Allowed

New York Stock

Correspondents of
Is

Lawrence Turnure & Co.

Deresits Received

UtahMiHteCii

Agents and Correspondents of the
Messrs. ROTHSCHILD,
London and Paris.

Available in all parts of the world.

Travelers’ Credits

NEW YORK

Messrs. Mallet Freres Sc Cie, Paris,
Banco Nacional de Mexico,

and sold on Commission.

NEW YORK

gf Creait

England, Ltd., London,

Foreign Exchange, Commercial Credits.
Cable Transfers.
Circular Letters for Travelers, available In all
parts of the world.

Seligman & Co.

Transfers,

on

31 Boulevard Haussmann
Securities bought

J. & W.

Municipal Bonds
Securities of Railroads, Electric
Railways, Gas and Electric
Light and Power Companies

Government and

of

established

Oable Address, ♦‘Graco,” Philadelphia.

BOISSEVAIN & CO.
S4 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.

INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON & CO.
(Successors toAdolphBoissevain &Oo.)
Amsterdam, Holland.

BERTRON, GRISCOM & CO., INC.
INVESTMENT SECURITIES

Broadway, Corner BEAVER ST.

40 Wall Street

Capital
....
51,000,000
Surplus and Undivided Profits 1,000,000

NEW YORK

Foreign

value.

Land Title

Building

PHILADELPHIA

Exchange bought and sold. Cable
Travelers’ Letters of
of the world.
ACCOUNTS INVITED.

Transfers.
Commercial and
Credit available in all parts

John Munroe & Co.
M/W YORK

BOSTO:

H. AMY & CO.

Letters of Credit for Travelers
3o—inrrlal Credits.

Foreign Exchange

Members N. Y. Stock




24

Exchange Place
New York

44 AND 46 WALL ST.

Cable Transfers.

■UNROE a CO.. Paris

Exchange

ALDRED & CO.

Transact

a

General Investment and Stock

Exchange Business

FIsca’ Agents for
Public UtU* / an i Hydro-Electtfe
Cor mantas

The

financial

|

ommettictl |
1 07
V/YT
VvfJLi.JLU#

nPrrn'RT?P
Uvy 1

CLEARINGS—FOR

New York.

Philadelphia
Pittsburgh
Baltimore
Buffalo

Albany
Washington
Rochester
Scranton

Syracuse
Reading
Wilmington
Wilkes Barre

Wheeling
Trenton

Harrisburg
York
Erie

Greensburg
Binghamton
Chester
Altoona
Franklin
Frederick
Lancaster
Beaver County, Pa..
Norristown
Montclair

3 ,587,345
1 ,810,100
2 ,328,500
9 ,971,596
2 ,837,487
3 ,162.100
1 ,419,260
3 ,382,216
2 ,387,082

Total Middle..

Springfield
Worcester
Fall River
New Bedford
Lowell
v

Stamford
Total New England

Chicago
Cincinnati
Cleveland
Detroit
Milwaukee

Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Soringfield, Ill
Youngstown
For. Wayne
Akron
Rockford

Lexington
Quincy
Bloomington
Canton

Springfield, Ohio
South Bend
Decatur
Mansfield
Danville
Jackson

Jacksonville, Ill

Ann

_________

Arbor!...!.!!!!

Adrian

»_

Lansing
Owensboro

Gary
Flint
Lorain
New Albany
Paducah

Hamilton
Aurora
Total Mid ./Western

3 .019,295
1 ,600,481
1 ,843.187
9 ,138,546
2 ,982,960
2 ,595,244
1 ,889,593
3 ,708,959

1918.

1917.

—1.6 129,353,067,006 132,233.853,556
+20.4 14,276.449,469 12,546,160,406
+ 68.3
3,992,711,399
2,989,299,240
+65.2
2,305,748,120
1,666,747,426
+40.8
827,928,371
711,512,342
—0.3

184,183,528
514,362.499
287,544,370
147,168,472
173,497,100
104,271,919
122,002,378
81,596,983
154,297,784
106,054,379
115,461,234
50,722,500
79,126,472
44,452,842
33,026,360
58,732,732
29,460.551
16,653,134
20,699,357
106,974.793
26,629,346
27,982,939
15,991,829
36,485,400
27.138,079

+ 37.7
+ 12.4
+ 17.6
+ 2.5
+ 3.0
+ 3.2
+ 9.5
+ 6.0
+ 11.1
+31.9

"t6-2

+ !f6.4
—11.9
—7.4

+ 54.6
+ 18.8
+ 13
+26.3
+ 9.1
—4.9

+21.8

16,463,456,135 16.022,358,093

+ 2.7

187,596,410
409,360,735
265,968,398
134,048,446
162,535.303
101,643,048
123,257,594
75,248,101
144,190,824
98,022.200

92,621,547
47,176,398
67,065,805
39,052,807
35,964,200
52.490.562
26,836,940
17.377.563
17,405,199
88,269,796
27,419,053
23,188,486
19,170,363
36.318,173
24,682,706

153,320,421,345 152,464,483,627

—2.2

3,336,970 692
396,358, 475
136,000, 000
73,804, 381
24,989, 588
—1.8
4,418, 846

+ 13.8
+33.6
+38.3
+ 16.4

+ 25.7
+ 8.1
+ 9.8
+ 6.7
+ 2.0
—1.0
+ 8.4
+ 7.0
+ 8.2
+24.8
+ 7.5
+ 18.0
+ 13.8

—2.9
+ 20.7
—16.6
+ 0.5
+ 9.9

12,876,330.152

10,722,957,191

+ 20.1

+ 7.6
+ 45.4
+ 17.9
+ 28.8
+ 17.6
+ 11.7
+ 4.9
+ 3.2
+ 11.0
+ 15.1
+ 48.6
+ 27.7
+ 11.6
+ 20.5

19,173 759,312
2,078 740,339
3.121 936,471
2,250 ,362,607
1,071 410,202
590 465,000
404 828,600
389 499,964

18,506,862,830
1,529,289,502

+3.6
+ 35.9
+ 16.4
+ 9.2
+ 14.2
+ 15.4
+ 3.2

8,187,843

12,005,416
7,984,679
4,759.015
«7,500,000
3.304,796
3,907,104
a3,500.000
«S,700,000
0,987,677
2.968,264

Ogden
Long Beach
Bakersfield

1,101,485,335
ern

2,682,044,297
2,060,923,260
937,978,918
511,552,764
392,407,400
401,306,234
201,209.501
182,902,621
134.413.457
103.623.457
74,770.755
,134,012,764

Inc. or
Dec.

1910.

%

S

2,434,996
2,995.908
1,904,155
3,708.299

2.252,831

+ 23.3
+ 12.9

—3.6

1,035.770

+23.8

1,404,667

,055,987,968
245,187,883
67,858,377
35,949,820
12,654,691
3.840.184
7.630,437
5,563,974
3.014,132
3,853.858
1,968,200
2,804,630
1,410,907
2,312,844
2,090,789
*

'840,650

2,300,000

2,278,627

+ 0.9

1,802,375

1,945,698

371,364

435,516

—14.7

494,140

'369',960

3,517,272
3,400,000
2,035.833

1,651,838
1,081,099
800.000

519,268

—13.6

,773,699 ,213
263,964 ,694
69,092 ,721
30,448 ,180
18,273 .032
4,282 .191
7,965 681
5,560 485
3,239 003
3,515 194
2,097 042
3,403 669
1,609 932
2,773 893
1,861 ,534

913,633

267,549,924
10,389,200
7.443.311
5,224,090
2,331,944

—2.5
+ 1.8
—6.0
—8.0
0.8
+ 17.0
+ 13.6
+ 10.7
—13.9
+9.0

—4.4

+ 23.7
+62.1
+ 70.4
+33.2
+ 11.9
+ 33.9
+ 17.6
+ 14.8
—10.6
+ 3.7
+ 12.0
+ 20.6
+ 8.2
+36.9

1915.

18.2
—12.7
+ 59.8
+ 5.6

928,998

—

779,900
1,159,015
678,104

1,123,851
1,000,362
660,600
897,633
539,201

+ 0.4 4,204,069,433 3,449,512.555

227,869,405 + 17.4
8,695,300 + 19.5
8,759,440 —15.0
4,185,424 + 24.8
—3.0
2,405,000
—2.5
3,609,845
+ 5.8
3,213,978
1,329,566 + 53.1
+
41.4
1,167,729
983,733 + 10.0
—3.1
825,499
636,716 —18.4

192,004,402
9,360,400
9,479,134
4,285,736
2.400,000
3,526.574
3,555,975
1,503,655
1,258,710
928,623
918,074
738.175

168,763,810
7,777,800
9,729,874
3,036,204
2,232,805
3,363,774
2,894,613
1,200,950
980,425
816,802
800,342
435.000

+ 0.1

—2.9
—9.9
+ 7.2
+ 14.7

305,943,779

263,681,635

+ 16.0

229,957,458

202.832,405

508.137,961
53,360,228
89,621,750
64,892,430
29,134,813
14,377,000
10,000,000
9,359.129

467.731,403
37,560,128
74.168,11.3

+ 8.6
+ 41.7
+ 20.8
+ 33.9
+ 23.2
+ 12.0
+ 3.1

409,967,897
33,222.500
52,510.421

328,953,130
27.314,700
2®. ,138,742

47.523.085
19.226.071

.300,596
*+052.924
8,615,695
7,130,000
6,387,800
3,100,000
3,779.390
1,915.806
1,724,182
993,174
1,084,827
1,252,810
2,312,000
788,994
867,621
721,691
088,340

48,455.926
23,658,700
12,835.000
9,701,800
9,038,504
3,459,804

10.396.199

—2.9

9,629,800
8,182.685

+35.8

3,000,000

+ 5.7
+42.3
+ 26.5
+ 10.0
+ 14.4
+ 2.8

3.798.084
2,773.579
2,068,426
1,450,000
3,079,973
1,624,778
4.454.000
1.277,048
501,183

+ 28.1
+42.0

181 260,706
195 997,962
154 123,393
144 266,470
80 879,147
141 970,705
49 776.827
208 747,000
71 775,124
49 011,088
52 86/,243
53 487,586
114 532,066
48 015,060
48 182,232
41 159,282
41 714,846
24 286,913
40 195,911
22 123,463
35 260,931
12 791,674
3 697,100
37 994,945
34 315,618
34 263,868
58 302.827
9 517,334
5 048,425
51 368,933
15 034,828
28 ,001,426

+ 12.2

31,177,553,428

28,997,340,547

+ 7.5

821,903,494

725,072,235

+ 13.3

625.237,083

477,408,558

389,294,953 + 15.7
105,180,000 + 15.3
98,205,111 + 77.0
66,743,769 + 87.8
27,481,000 + 39.1
54,875,241
+ 2.6
14,724,582 + 52.0
21,326,499 +34.3
15,469.677 + 18.5
—6.3
8,736,507
9.241,730 + 30.0
+ 9.3
7,304,856
+4.6
4,550,550
8,334,280 —10.0
3.752,052 —11.9
3,077,369 + 27.0
3,141,102 + 11.4
8,457,990
+2.9
2,860,742 +39.4
3,180.441
—6.7

4,018 ,259,787
1,123 ,439,000
1,311 856,179

+ 16.0
—0.1
+ 63.5
+ 53.2
+ 29.3
—0.7
+ 56.2
+ 20.0
+34.3
—9.7
+28.3
+ 17.2
+ 21.2
+ 1.7
—15.2
+ 23.0
+ 11.8
+ 4.9
+ 45.9
+ 19.3

108,731,774
30.828,000
40,202,305
30,519,407
9.282,614
12,742,035
4,766,704
7,353,781
4,618,793
2,614,289

74,281,670
25,.9. ,703
16,543,593
14,315.801
6,223.924
10,631,537
2,168,720

+42.9

3.932.491

1,998,228
1,073,890

97,900,339
25,543,000
22,856,136
16,200.073
6,800,000
13,631.537
3,190,827
5,146,383
3,604,739
2,144,602
2,480,697
1,913,019
1,067,628

+ 11.1
+ 20 7
+ 75.9
+ 88.4
+ 36.5

480 ,450,770
173 ,864,483
236 ,874,491
142 ,792,517
80 464,471
84 917,350
74 353,071
39 919,605
56 336,255
37 722,101
29 168,138
23 279,684
68 497,534
38 807,031
33 238,427

3,465 194,468
1,125 079,900
802, 382,453
581, 937,570
231, 536.270
483, 900,756
111, 290,094
197, 469.754
106, 305,708
89, 132,000
66, 165,512
63, 417,076
32, 936,245
55, 413,663
44, 469,875
23, 628,339
20, 822.271
65, 282,078
26, 603,104
27, 858,592

+ 28.1
+ 21 9
+ 22.3
+ 4.4
+ 0.6

2,468,729
2,082,170
1,364.945
1,415,850
l,200,e33

57,306,798
18,715,700
11,617,618
11.790,810
3,816,443
6,818,108
1,741,055
3,530,606
1.930,034
1,670,312
1,129,515
960.467
792,711

761,795
819,885
650,000

937,353
947,268
480,000

—18.8
—13.5
+ 35.4

937",353
648,766
30,0000

695,208
461,532
225,000

825,801

619,349

+ 33.3

611,432

421,557

+28.7

9,245,115,056

7,620,825,728

+ 21.3

260,823,680

205,463,010

+ 26.9

153,825.317

123.629.474

3,418,530,665 3,045,862,669
450,587,820
121,051,000
173.804,381
125,334,599
38,225,567
56,305,604
22,383,375
28,652,139
18,336,056

'

414,436
957,205
883,278
329,807

,492,020,260
320,357,552
83,887,356
42,716,858
18,755,998
3,948,021
9,763,743
6,920.439
3,394,739
4,606,297

+ 0.6 4,026,272,873 4,008,399,868

+ 18.0

184,607
561,252

1917.

1,249,172
1,702,521
1,310,405
801,500
1,089,499
805,176

1,740,480

+ 21.2

1,915 ,897,614
163 ,469,318
306 .517,025
207 ,929,859
102 ,496,417
55 ,941,000
42 ,155,100
42 ,845,242
17 ,504,188
18 ,338,719
11 ,769,529
12 ,867,424
7 ,790,930
14 ,222,344
5 ,220,730
25 ,388,000
7 ,405,114
3 ,702,796
4 ,781,635
5 ,066,109
14 ,417,616
5 ,647,311
4 ,349J,384
3 ,609,015
4 ,111,325
2 ,321,943
4 ,358,314
1 ,868,589
3 ,553,871
1 ,569,417
381,508
4 ,462,799
2 ,292,331
3 ,485,167
7 ,230,931
957,834
750,547
,235,016
,545,861
,394,797

28, 294,373
75, 073,600
21, 354,096

331,092
967,370
576,119
413,834

1,204,013
2,107,391
1,071,781
699,000

—4.2
+ 18.9

1,107,104,406

+ 53.5
+ 12.2
+ 13.2

105
158
140
70
62
41
33
25
86
21

6,964, 463
3,897, 138
4,119, 181
2,524, 534
3,354, 159
2,296, 509
4,011, 905
3,084, 188

—8.2

1,306,456,191

197 ,167,212
98 ,978,521
146 ,312,792
139 ,497,436
82 ,383,894
70 ,671,314
46 992,193
28, 755,406

—1.9
+2.7
+0

9,075 ,907,901
387 ,750,300
318 ,919,543
193 680,447

13,070, 550

+ 11.9
+ 9.8

2,060 .690,075
237 ,632,062
361 ,376,839
267 ,765,588
120 ,574,616
62 ,498.000
44 ,224,500
44 ,197,261
19 ,436,516
21 ,142,287
17 ,487,233
16 ,426,424
8 ,692,718
16 .635,528
5 ,150,557
19, ,282,000
7, ,782.798
3, ,968,581
5 ,610,257
,575,384
10 ,175,000
4, ,549,992
4, ,451,050
4 ,580,735
4 ,691.354
2 ,310,009
4, ,474,002
2, ,248,878
3, ,924,055
1 ,043,572
358,648
3, ,754,516
2, ,873.746
•3 ,600,000
•7, ,000,000
1, ,412,886
558,144
,000,000
,979.855
,400,000

11,193 064,576
438 ,008,600
310 ,776,139

1918.

%

—6.2
—17.6
—8.4
—0.5

+ 19.8
+ 15.6
+2.9
+ 9.6

ENDING SEPTEMBER 28
Week ending Sept. 28.

947,326.208
36,574.300
30,809,925
19,325,206
11,097,245
14,656,410
13,847,898
5,476,648
6,669,645
4,268,833
3,056,043
3,011,022
8,652,800
2,332,223

Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Boise
Pasadena
Yakima
Reno

Addresses of botb, Office of the Company.

Inc. or
Dec.

1,135.160.376
42.292,300
31,695,690
21,183,655
10,882,064
15,057,834
13,864,922
8,407,750
7,480,322
4,840,537
2.867,043
2,480,559
7.923,500
2,319,639

Spokane

Details of Other West

Secretary.

%

—24.9
—8.8
—5.5

San Francisco
Los Angeles
Seattle
Portland

Total Pacific

,

Nine Months.
Inc. or
Dec.

2 ,526,334

Oranges
Hagerstown

Boston
Providence
Hartford
New Haven
Portland

1917.

$
S
13,663 ,877,129 13,883 .900,956
1,610 ,611,612 1,337 ,772,768
516 ,004,384
306 .649,653
292 ,228,262
176 ,884,844
104 .344,126
74 ,108,984
18 .334,736
18 ,386,242
57 ,897,970
42 ,036,958
30 ,495,795
27 ,131,743
15 ,985,984
13 ,595,942
18 ,250.365
17 ,808,621
10 .540,264
10 ,234,342
13 ,201,231
12 ,786,733
8 .832,423
8 .063,893
18 ,093,901
15 ,181,692
12 .496,640
11 ,244,067
14 ,203,487
10 ,765,765
5 ,287,839
5 ,634,006
8 ,916,961
7 ,658,538
4 .307,914
4 ,887,080
3 .289,700
3 ,552,100
7 ,369,726
4 ,767,567

.

PH.b,i8^ ev®ry Saturday morning by WILLIAM B. DANA COMPANY;
Jacob
Seibert Jr., President and Treasurer; Arnold O. Dana, Vice-President
and

<V7CA

jNU.a/oU

September.
1918.

Lima

mo

1 A1 Q

SEPTEMBER SINCEJAN. 1 AND FOR WEEK

CUmrinffs at—

Holyoke
Bangor
Water bury

K

O JLyio

—1.4

—24.1
+ 5.1
+ 7.2
+ 1/.3
+ 10.0
—29.4
—19.6
+ 2.3
+ 26.9
+ 14.1
—0.5
+ 2.7
+ 20.3
+ 10.4

—33.5
—6.0
—15.9
+ 25.3
+ 3.3
—3.2

+ 47.5
—25.6
—4.5

891 487.967
299 ,385,595

-

855,938,451

,
'

y

58,103,606
227,933,000
59,202,341
32,234.597
42,886,875
45,533,394
132,957,206
47,719,957

—14.3
—8.4
+ 21.2
+ 52.0

+23,3
+ 17.5

25,965,764

792,294
1,301,590
1,274,258
1,601,574

—13.9

29,174,045
62,282,428
7,887,374
5,999,486
46,249,751
14,513,361
23,121,102

33,537,463
35,465,283
23,014,496
41,119,050
16,048,248
31,198,894
13,975,947
3,816,313
43,117,168

4,600,000
3,827,019
3,774,113
1,897,060
4,002,6.50
1,280,962
4,313,000
1,827,599

+ 39.2
+ 16.2
+ 5.9

+ 0.6
+ 17.6
+ 22.7
+ 17.6
+5 5
—2.2
+37.9
+ 13.0
—8.5
—3.1
—11.9
+32.2
+ 17.4
—6.2
+ 20.7
—5.9
+ 11.1
+ 3.6
+ 21.1

40,985,278

4,697,096

967,073
1,036,139
1,086,395
993,647
520,570
511,560
775,000
300,000
93,169
900,000
647,415

3.034,379

4,353,974
2,689,979
2,984,307
1,724,461
3,410,738
1,245,944
6,685,000
1,716,224
916,138
1,097.407
1.127,450
2,277,558
1,527,516
1,005,494
799,840
1,102,200
531,957

—35.5

+0.5
—13.5

+ 18.6
+ 13.0
—29.7
—30.7
+ 3.1
+35.9
—9.9
—2.1

881,347
808,969
2,380.827
1,027,940
826,821
614,221
735,002
499,647

1,697,467
793,902
736,279
527,845
506,603
440.908

1,045,770
401,094

+ 8.5
+0.7
—20.4
—8.1
—2.2
+ 14.0

1,048,191
370,895

274,038
77,783
775,000
279,663

471,448
770,000
377,000
101,358

—6 5

+49.4

279,255
700.000
290,000

82,239

273,030
463,152

"

and Southe m on page 135

S4

Total Other Western.

1,909,051,039

1,377,939,828

+ 38.5

15,270,565,351

11,389,783,409

+ 34.7

444.756.526

338,103,256

+31.3

243.624,534

182,409,016

Total Southern

2,173,973,921

1,620,133.019

+34.2

18,227,647,011

13,767,003.553

+32.4

534.211.882

401,670,370

+31.0

318,809.108

209.370,329

Total al

26.372,958,286 24,029,336,466

i

Outside New York... 12,709.081.177 10,145,435,510

+9.7 240,123,632.343 224,912,394,056
+25.3 110.770.565,337

rings by Telegraph and Canadian Clearings on pages




92,678.540.500

+6.8 6,393,912,234 5,942.990.374
-Mfl 5

3.056 941.543 2,450.970.114

« Partly estimated

+7.6 5,775.522,933 4.645.222,337
4-24.7 2 <V>1 «2? .790 1

5«9.234.37l

THE CHRONICLE

1308

13V

[Vol. 107.

pointed.

THE FINANCIAL SITUATION.

campaign for the Fourth Liberty Loan has
in progress the present week. While
of the subscriptions has not come quite
up to expectations, the most unqualified enthusi¬
asm
has prevailed. The epidemic of influenza,
which appears to be present everywhere through¬
out the country, but particularly in New Eng¬
land, has interfered to some extent with the work
of the campaign, since the health authorities are dis¬
couraging large gatherings which would serve to pro¬
mote the spread of the disease.
It seems to be
thought that the favorable war news, foreshadowing
a much earlier closing of the conflict than was thought
possible even a few months ago, has caused some
The

been actively
the aggregate

relaxation of efforts on behalf of the loan. There
are those who profess to see a tendency on the part
of the public, because of that fact, to subscribe less

liberally for the bonds,

on

In fact the current situation as officially
as looked for, a lowering of the
promise in the eastern section of the cotton belt, in
part ascribable to insect damage, being a feature of
the report, carrying the average condition for the
whole territory devoted to the staple below tfye
mark set in 1916, which up to now had been the
lowest on record. As officially interpreted the con¬
dition of the crop on Sept. 25 was 54,4% of a normal,
and comparing with 60.4 at'the same time last year,
56.3 two years ago’, 60.8 in 1915 and a ten-year
average of 65.
Following its usual plan of fore¬
casting the probable crop from the current data
and the average of that for previous years at the
same time, the Department stated that a condition
of 54.4 on Sept. 25 points to a yield per acre of
154.1 pounds—a moderately higher figure than
arrived at a month earlier—and this applied to the
Government's estimated area of 37,073,000 acres,
allowing l% for abandonment, indicates an aggre¬
gate production of 11,818,000 bales, not including
linters, this being some 700,000 bales greater than
estimated a month ago, but only about 500,000
bales more than the outcome of the previous season.
Most of the States make a poorer showing than on
Aug. 25, according to this final report on condition,
the deterioration during September in the Atlantic
section ranging from 2 points in South Carolina to
4 points in Georgia, along the Gulf from 1 point in
Louisiana to 10 points in Florida, in Arkansas and
California, 2 points, and in Arizona, 3. In Texas,
where condition was already given as very low (43)
an improvement of 1 point is
reported, and to the
outlined is about

the'theory that with

an

early termination of the struggle the Government
will have less need for the money. The authorities
at Washington have thought it proper to sound a
warning, therefore, against undue optimism, inas¬
much as, though the enemy is being everywhere
driven back and has suffered enormous losses in ma¬
terial and men, and is rapidly approaching exhaus¬

tion, he has not yet been absolutely and unquali¬
fiedly defeated, and the war can never be permitted
to end until he has been reduced to that condition.
From one standpoint the prospect of a speedy

Conclusion of the conflict

ought to stinftilate sub¬
scriptions, rather than retard them. When the

conflict is over there will be no further issues of Isame extent the situation is stated to be better in
U. S. Government bonds. The moment that Tennessee and Missouri, while in Oklahoma the
point is reached the existing issues will rise in value status of the crop remains unchanged at the extremely
and the opportunity of getting such a bargain as a low level of 33% of a normal. Contrasted with
U. S. Government bond bearing 434% interest last year, the outlook is less favorable in Texas,
will be a thing of the past. Secretary McAdoo in South Carolina, Florida, Louisiana, Arkansas, Ten¬
his

speech last week touched on the investment
features of the offering and that is a point that
should not be overlooked. He urged that wages
and salaries in America are higher to-day than ever
before and that it is the duty of those profiting by
this situation to save part of their earnings to provide
against the inevitable readjustment of industrial
conditions that must then take place.
He well
said that every dollar saved now and invested in
Liberty bonds will be worth much more when peace
comes again.
Every provident man and woman
in the United States might find their savings worth
twice as much in purchasing power after the war
as now.
Therefore the Secretary put the question,
How can anyone more certainly make money than by
saving it now with assurance of its enormous enhance¬
ment in value when normal conditions

are

restored.

This is an appeal that should prove effective with a
certain class, for those who cannot be induced to
subscribe out of pure patriotism may be moved by
considerations of

pecuniary return.

Cotton, already ruling extremely high in value as
a result of the urffortuitous developments of the
growing season, which have been interpreted both
officially and privately as foreshadowing another
short crop, was but little affected by the report on
condition for Sept. 25, issued on Wednesday. It
had been expected that the report would show stil
further deterioration from the very low condition
of a month earlier, and anticipation was not disap¬




t

Missouri and Oklahoma, but much better in
Virginia, North Carolina, Alabama and California.
In fact the forecasted yield per acre in North Caro¬
lina is 266 pounds, against only 194 pounds last year,
Alabama 164 pounds against 125 pounds, and Cali¬
fornia 418 pounds against 242 pounds.
On the other
hand, the Texas estimate is only 114 pounds, against
135 pounds, Louisiana 143 pounds against 210
pounds and Oklahoma 91 pounds against 165 pounds.
Practically all reports at hand indicate that with
weather conditions mainly favorable, the gathering
of cotton has progressed rapidly and ginning has been
carried on very expeditiously. This latter statement

nessee,

finds confirmation in the statement of amount of

ginned to Sept. 25, issued by the Census
on Wednesday, just prior to the announce¬
ment of the report on condition.
In all, 3,719,915
bales had been ginned from Aug. 1 to the date men¬
tioned, an amount 1,208,257 bales greater than for
the like period of 1917, and second only to the
4,081,989 total of 1916. It is conceivable that with
a late frost the estimate of the Department may be
more or less exceeded, but in any event the crop
will be far short of early expectations.

cotton

Bureau

Bank clearings in the United States for September
1918 make an exhibit differing in no essential par¬
ticular from those for each of a long series of months

In fact they register the effect of the
continuation of marked activity in the commercial
and industrial lines of the country as a whole, notpreceding.

Oct. 5

1918.]

..

THE CHRONICLE

withstanding the extremely high prices at which
almost all classes of commodities are now ruling.

1309

of bonds for the month, therefore, reached the
total of 176 million dollars—the record high

large
for a
War orders on Government account make up a vast
monthly period—against 85 millions last year and
volume of business and in these price is in no sense 97 millions in
1916, and for the nine months were
a controlling factor;
with civilians, however, an 1,200 millions, against 726 millions and 797 millions.
enormous inflation of values
would, under normal At Boston dealings in stocks in September amounted
conditions, mean a contraction of buying but with to 220,160 shares, against 301,189 shares last year,
the earning capacity of much the greater number of and for the nine months
the contrast is between
the wage earners very appreciably increased—in
2,580,330 shares and 4,080,935 shares.
many instances in ratio farv above the advance in
The clearing house returns for the Dominion of
cost of commodities—there has been no
perceptible Canada continue of the same quite generally favorable
tendency to curtail purchases. This being so, the character heretofore noted. For September the
greater outlay for the same quantity this year than totals for Winnipeg and one or two minor
points
last has in itself served to help swell
clearings. The record decreases from last year, but the aggregate
decrease in the volume of speculation this year as for the
twenty-five cities from which we have com¬
compared with last has been of negligible influence, parative results shows an augmentation of
12.2%.
the clearings at New York (where the share sales for
nine
Consequently, for the
months of the current
the month showed an appreciable
contraction) run¬ calendar year, the excess over a year ago reaches
ning only nominally below those of 1917.
5.3%, and over 1916 is 29.5%.
Only 36 of the 174 cities included in our statement
given on the first page of this issue exhibit any loss
The week has witnessed events of stirring import¬
for September, while gains of 40% or more over the ance in
conjunction with the war situation. Bul¬
decidedly heavy aggregates of the month a year ago garia having accepted in toto the demands of the
are quite common.
These latter include Pittsburgh, Allies, the armistice requested last week went into
Baltimore, Cincinnati, Omaha, Atlanta, New Or¬ binding effect at noon on Monday. Andrew Bonar
leans, Memphis, Dallas, Charleston, Chester, Fall Law, the Chancellor of the British Exchequer, at
River, Dayton, Aurora, Fremont, Jacksonville, the Guildhall on Monday explained the convention
Little Rock, Columbia, Muskogee, Newport News,
signed with Bulgaria. Communication between
Vicksburg, Seattle, Portland, Richmond, Buffalo, Germany and the East through Bulgaria had, he
Minneapolis, Duluth, Tacoma, Nashville, Birming¬ said, been cut off and the German dream of a
ham, Lorain, Aberdeen, Montgomery and Columbus German middle eastern empire had gone forever.
(Ga.), and the thirteen last mentioned furnish totals Bulgaria had yielded up completely the control of
the heaviest of any monthly period in their
history. her railroads, giving the control of the country into
Furthermore, two other cities—Houston and Fargo--=- the hands of the Allies. The armistice was purely
also present the highest monthly totals on record, a
military convention. It contained no provision
although exceeding last year by percentages under of a political character. Bulgaria agreed to evacu¬
40.
For the country as a whole the total of
clearings ate all the territory she had occupied in Greece and
naturally sets a new high mark for September, and Serbia. She agreed also to demobilize her army
contrasted with 1917 there is a gain of 9.7%.
For immediately and surrender all means of transport
the nine months since Jan. 1 the current year’s to the
Allies, including her boats and control of
aggregate is 6.8% in excess of a year ago and 15.4% navigation on the Danube and conceding to the
greater than for 1916. At New York the September Allies unhampered passage through Bulgaria for
clearings disclose a slight decline from last year— the development of military operations. All Bul¬
1.6%—this following a loss in 1917 of 3.3% from garian arms and ammunition are to be stored under
1916.
The nine months’* total is, however, only the control of the Allies to whom is conceded the
2.2% less than that of 1917 and 17.3% larger than right to occupy all important strategic points.
the aggregate of 1916.
Outside of New York, the
Press dispatches from London further state that
September result is 25.3% better than a year ago, the military occupation of Bulgaria will be entrusted
and for the longer period there is an augmentation to
British, French and Italian forces, while the evacu¬
of 19.5%. Conspicuous gains for the nine months— ated
portions of Greece and Serbia respectively will
all running above 50%—are shown at Omaha, be
placed in the hands of Greek and Serbian troops.
Seattle, Portland, Tacoma, Lexington, Atlanta, The Allies made no stipulation concerning King
Dallas, Richmond, Muskogee, Augusta, Newport Ferdinand, his position being considered an internal
News, Columbia and Columbus (Ga.).
matter—one for the Bulgarians themselves to deal
Dealings on the New York Stock Exchange in with. The armistice was signed with Ferdinand’s
September, although in excess of those for August, consent.
were of much smaller
There appears a widespread belief among military
aggregate than for the month
a year ago.
Operations in stocks for the month observers at home and abroad that Turkey will be
totaled 7,763,068 shares, against 13,822,775 shares in
prompt in following Bulgaria’s lead, as the Ottoman
1917 and 29,992,582 shares in 1916, while for the Government is now for all
practical purposes cut
nine months they reached 96,869,985 shares,
against off from its allies and is in a vulnerable position.
140,676,380 shares and 138,862,182 shares, respec¬ Official statements have been published by the
tively. Railroad and industrial bonds also were Turkish Government denying any intention of
dealt in less freely during the month, but operations
breaking with its allies.
But such statements
in foreign securities, more particularly the various have in the
past not been noted for their uniform
French issues and the Anglo-French \5s, showed
truthfulness, and there appears in fact a disposition
marked expansion compared with a year ago, and to
regard the current news as adding to the proba¬
trading in Liberty Loan bonds was very heavy, bility that some independent action is actively in
being at 125 million dollars par value—almost three progress. It is known for instance that the Turks
times that of 1917. The transactions in all dasses have made direct and insistent demands
upon Ber-




[Vol. 107.

THE CHRONICLE

1310

=====

>"—=

If way, while meeting the Kaiser's wishes in part, the
not landtag has modified Article 3 of the Electoral
unlikely to be made the basis of a complete rupture Reform Bill which caused the rejection of the
of relations.
Advices on Thursday declared that the measure by the Lower House. This Article provides
lin for aid both in the form of troops and loans.
such appeals are not promptly granted they are

Turkish War Office had recalled all troops

from :ror

Palestine, Persia, and from the Baku oil districts,
thus permitting British troops to regain control of
the latter.
How long Austria-Hungary can afford
to stand out against the new conditions which have
thus arisen is an interesting problem.
It is under¬
stood that Vienna is already making additional peace
overtures through a neutral Power.

one

vote for each man

in Prussia, thus prohibiting

olural voters.
Latest

reports state that Prince Maximilian of

!laden has been named German Imperial Chancellor.
Vice-Chancellor von Payer will probably remain in
:hat

office, but it

seems

unlikejy that General

Minister of War.

Stein will continue as
is described by James W.

von

The Prince

Gerard, former Ambassador
Gemany, as “a regular human being." He is
well known as a Moderate, more especially because
of the speech he made last December at the opening
of the winter session of the Upper Chamber of the
Baden Legislature, in which he impliedly advocated
abandonment of all ideas of conquest and the estab¬
lishment of an Anglo-Saxon peace such as would
make the German Empire serve as bulwark to pre¬
vent the spread of Russian Bolshevism over Western
Europe. For some years the Prince has been recog¬
nized as leader of the Delbrueck group of German
Moderates, and on the fall of Imperial Chancellor
Michaelis Nov. 1 1917, was put forward as their
candidate for the Chancellorship. However, he is
said to have, himself, objected for dynastic reasons,
so his name did not go before the Emperor.

to

Germany itself, it is difficult
satisfying conclusion as to the actual
situation. The censor is obviously permitting a
great amount of matter to cotfie forward, which may
or may not be true.
Chancellor von Hertling and
Foreign Secretary von Hintze early in the week
tendered their resignations, which were accepted
by the Emperor, who, replying to the resignation
of the Chancellor, included the following important
As to conditions in

to reach a

sentence:

“You are certain of the thanks of the Fatherland
for the sacrifices you made in undertaking the Chan¬
cellor's office in grave times and for the services you
rendered. I desire that the German people shall co¬

operate more effectively than heretofore in deciding
the

fate of the Fatherland."

In his letter to Admiral

declared that it

von

Hintze the Emperor

his, the Emperor's, will “that
the men who have been borne up by the people's
trust shall in a wide extent co-operate in the rights
was

and duties of Government."

Meanwhile in

a mes¬

to the Fatherland party the Kaiser exhorted
people to resist the enemy to the “last breath."

sage

his

He said: “I have the confident hope that the whole
German people in these most serious times may

resolutely gather around

me

and give their blood

and wealth until the last breath for the defense of
the Faherland against the shameful enemy plans.
Such a unanimous resolve to exist will and must
with God's help succeed in breaking the enemy's will
to

war

and

secure

for the Fatherland the peace

it is

the people of the world."
Whether sincere or not there is certainly a vast
difference in the Emperor's utterances to-day from
the bullying arrogance of no longer ago than last
spring. He obviously is becoming fearful of the
effect of defeat upon the German people and at last
is determined to satisfy the latter with some form of
representative government. It is, however, diffi¬
cult to repress the thought that the real object of the
new move toward equal suffrage is based not so much
upon fear of consequences at* home as upon the
knowledge which defeat is impressing upon him
that it is time to put his house in order for nego¬
tiations for peace. President Wilson, as well as the
spokesmen for our allies, has made it clear that there
will be no peace negotiations with the military
Government of Germany.
Therefore, necessity

worthy of

among

arises to create

a

new

in circles where “unconditional surrender" is

con¬

sidered the

only basis of peace discussions. Wash¬
ington is taking occasion to warn against too great
optimism especially so far as expressions in this
line may tend to reduce the national incentive for an
oversubscription to the war loan campaigns, which
are in progress simultaneously in England and France
as well as at home here.
The military and political
phases of the war are undoubtedly highly assuring,
but all must agree that this fact in itself imposes
responsibilities in the form of redoubled efforts to
force the advantages to the point of securing the
earliest possible decision. The war must have a
whirlwrind
will

and

irresistible

close.

Another

winter

that the enemy will have oppor¬
tunities to increase his already elaborate and strong
system of home defenses.
merely

mean

Government which will be

accepted by the Allied Powers as representative o
the German people—possibly with a hope of sweeping
it out willy nilly as soon as it has accomplished its
The Prussian Upper
purpose in this direction.
House has already taken action, having passed an
“equal rights suffrage measure in accordance with
the Government bill, with the addition of an extra
vote for persons over fifty years of age."
In this




uninterrupted progress,
taking in virtually all the battlefronts, is to be added
to the long list of Allied successes that followed
the remarkable counterattack ordered by Marshal
Foch in June last.
Blow after blow is being struck
and no time is allowed the enemy to recover between
blows.
Germany now is speaking of a defensive
warfare.
It certainly is beginning to look as though
the invaded portions of France will have been cleared
of the enemy before the winter, with possibly a
substantial portion of Belgium. That the war will
be “ended by Christmas" is a view expressed in
some important financial circles.
But it is a view
that certainly is not entertained in responsible
military quarters and is not entertained moreover
Another week of almost

As to the actual

fighting, the week's develop¬
ments have been so prodigious that it is possible
in a short summary only to speak of the main objec¬
tives that have been attained.
The British troops
under Meld Marshal Haig on Thursday broke

through the last fortified positions of the whole
Hindenburg Line between St. Quentin and Cambria,

outjinto the^open beyond, the Germans retiring be-

Oct. 5

‘

1918.]

fore them
Beaureboir

in

disorder.

some

The

THE CHRONICLE

Fonsomme- the inhabitants of Alsace in
expectation of a FrancoAmerican attack on the frontier. The inhabitants

line, after a terrific struggle lasting three
days, finally is in th,possession of the Allies. These
latter positions were first taken on Tuesday,
recap¬
tured by the enemy on Wednesday and
definitely
won on Thursday,
when the British gathered some
5,000 prisoners and advanced five miles further.
It is becoming apparent that the Germans must
now give up Oise
Valley and the St. Gobain Massif
and retire to the boundary of
France, for the British
are striking toward the
enemy lines of retirement
and envelopment threatens.
The great German
base of Laon

seems

to

be

doomed.

The British

fighting at Montbrehain, nine miles northeast of
°St. Quentin. The whole of Le Catelet to the north
is in the Allies, hands.
are

The

Germans have given up La Bassee, Armentieres and Lens and still are retiring. Lens
is the chief coal city of France,
being the centre of a
district which produced five million tons the year be¬
fore the war.
In a.week on the Western front the
Allies have captured 60,000 men and 1,000
guns,
which does not include
Thursday’s report. From
July 15 to Sept. 30 the Allies took 254,000 men on the
Western front and in all theatres of war between
350,000 and 400,000 men.
It is significant that the rate
at which

prisoners are being taken is constantly in¬
creasing. Continued progress is to be noted by the
French/ and Franco-American forces north of Rheims
and eastward in Champagne, the Germans

slowly

but surely being forced everywhere to give ground,
their vital defenses daily continuing to be eaten

into,
notwithstanding the strong resistance they are show¬
ing in their efforts to nullify the obvious plan of the
Allies to close in on all sides of the great battle arc
from the North Sea to the Swiss border. In Bel¬

gian Flanders the Belgian, French and British troops
keeping up their eastward progress in their en¬
deavors to compel the Germans to give up Ostend
and Zeebrugge, their naval bases on the North Sea.
Roulers, the important junction, with its railroads
radiating to the North Sea and eastward to Ghent,
has been entered by the Belgians, as has also Hooglede to the north. King Albert’s men are virtually
on
the Roulers-Ostend-Bruges railway.
To the
south, Menin and Courtrai are seriously menaced.
Across the border in France the capture of Armentieres brings Lille, capital of the Department of
Nord, within striking distance, and the evacuation
of Lens places Douai, the fortress northeast of
Arras,
and all the territory between Arras and Menin vir¬
tually in the hands of the British.
In the eastern sectors the successes have hardly
been less spectacular than in the West.
The col¬
lapse of Bulgaria has of course produced changes
of a most radical character. Turkish
troops have
been ordered by the War Office at Constantinople
to retire from Palestine and Persia.
Damascus,
the capital of Syria, was occupied by Gen. Allenby’s
(British) forces on Tuesday morning, more than
7,000 Turks being taken prisoner there. The
Austrians are precipitately retiring from Albania
pursued by the Italians and are burning towns and
depots behind them. Large numbers of prisoners
and quantities of war material have been captured.
Reports that German troops under Gen. Mackensen
are proceeding upon Sofia in an endeavor to
prevent
Bulgaria’s control passing to the Allies are not con¬
firmed and are not as a rule credited at Washington.
German military authorities have begun to move
are




1311

of 20

villages have been sent to Bavaria. Fear of
disorder prevails throughout Alsace-Lorraine not
only among the civilians but also among the mili¬
tary forces. Food is particularly scarce there.
An

interesting feature of the week has been the
receipt by our State Department through the Charge
d’Affaires of the Swiss Legation of a protest from
the German Government against the use of shotguns
by the American

The protest calls attention
according to the law of war every
prisoner found to have in his possession such guns
or ammunition
belonging thereto forfeits his life.
The protest is based upon Article 23(e) of The
Hague
Convention respecting laws and customs of war on
land.
Reply by cable was required before Oct. 1
1918.
Secretary Lansing delivered a characteristic
reply to the Swiss Legation. The provision of
The Hague Convention cited in the protest, he said,
did not, in the opinion of the Government of the
United States, forbid the use of this kind of weapon.
Moreover, in view of the history of the shotgun as a
weapon of warfare, and in the light of a comparison
of it with other weapons approved in
warfare, the
shotgun now in use by the American army cannot
be the subject of legitimate or reasonable
protest.
“The Government of the United States,” says Secre¬
tary Lansing in his reply, “notes the threat of the
German Government to execute every prisoner of
war found to have in his
possession shotguns or
ammunition.
shotgun
Notwithstanding this threat,
inasmuch as the weapon is lawful and may be right¬
fully used, its use will not be abandoned by the
American army. Moreover, if the German Govern¬
ment should carry out its threat in a single
instance
it will be the right and duty of the Government of
the United States to make such reprisals as will
best protect the American forces and notice is
hereby
given of the intention of the Government of the
United States to make such reprisals.”
army.

to the view that

On the

there also have been

important develop¬
Wednesday -} the Austrian fleet and
naval base at Durazzo, Albania, was destroyed
by the Allied navies operating in the Adriatic. The
details of the attack have not yet been made public,
but it is believed that the destruction was
complete.
ments.

sea

On

In the Bristol Channel the United States Naval
Patrol Boat Tampa with all on board—118 men—
was sunk on the
night of Sept. 26, having been

torpedoed while escorting a convoy. This is the
greatest single loss thus far suffered by the American
Navy.
Announcement of the formation of an inter-Allied
economic pool has been made this week. The

arrangement has been approved by President Wilson
and by the Premiers of the Entente nations. The

plan in brief is

whereby co-ordination is built
Councils—War, Ship¬
ping, Munitions, Food, and Finance. Under these
special bodies completion of a common economic
and industrial program is now being undertaken,
principally in London and Paris, and limited to the
following cases: “Where two or more Governments
are interested in supplies which must be
transported
overseas to supplement deficiencies in local produc¬
tion, or where several sources of supplies should be
one

around the five Inter-Allied

[Vol. 107.

THE CHRONICLE

1312

together with the allotment and method capital of the company will, in the event of the
of their distribution or utilization, or where there new issue succeeding, become £12,000,000 face
might without agreement be competition between value. The report states that extensive preparations
Governments in procuring supplies or a wasteful lave been made for the carrying out in due time of
die post bellum program and foreshadows the ab¬
duplication of productive effort.”
sorption of subsidiary concerns, including a number

agreed

upon,

The London markets have ruled

firm during the identified with

week in response to the remarkably favorable news
from the war fronts. The pre-war British Consols,
for instance, have advanced to a new high reeded,
since the minimum price was removed in 1915, last

evening’s final figure being ’62%, comparing with
58% a week ago. Meanwhile the new British 5s
have advanced from 95% to 95% and the 4%s from
100% to 100%. This firmness is particularly for¬
tunate, as it accompanies the new war bond cam¬
paign which was inaugurated on Monday. The
campaign is merely a drive and is a part of the policy
of continuous sale. The Chancellor of the Ex¬
chequer, A. Bonar Law, at the Guildhall on the
opening day said that experience had shown that
the policy of continuous borrowing was the best,
as it caused least disturbance of financial conditions.
The only doubt, he added, was whether the system
would be fully successful. He confessed that the
disadvantage of the continuous system was the
difficulty of maintaining prolonged enthusiasm. To
date there were no indications pointing to failure.
Bonds to the amount of £1,200,000,000 had been
raised in the last twelve months, while in the last
eight months the sales have been £881,563,000,
besides £70,000,000 in war savings certificates.
He appealed for a minimum of £25,000,000 weekly,
and remarked that it no doubt can be supplied.
Deposits in the banks before the last loan flotation
in January 1917, he pointed out, totaled £1,400,000,000. The current total was £1,750,000,000.
The Chancellor was confident that there would be
no further big loan in Great Britain during the war.
He added by way of encouragement that since
July 12 troops of the British Empire had captured
1,000 square miles of territory, 250 villages and
made more than 120,000 Germans prisoner.
As is the case at home here the trading in outside
investments is being discouraged in the United
Kingdom during the progress of the loan campaign.
Nevertheless speculative stocks which have recently
been notably buoyant were quoted by one London
correspondent as having on Wednesday, “boiled
over.” The war stocks, such as armament and
munition shares, were under selling pressure but were

The British

case

of actual necessity.
announces

an

£238,664,000.

The

issue of

£650,000 5%% debentures at 99, payable in 192^:
and 1934 to meet £620,000 4%%s maturing Jan. 1,
next.
The munition firm of Vickers, Ltd., has
just issued its annual report for 1915, the statement
having been delayed by protracted negotiations
regarding taxation. The directors propose an issue
of £1,850,000 shares of 20s par value at 30s. The
present price of the £1 shares is 55s. The ordinary




bonds sales last week amounted

£20,930,000,comparing with £16,259,000 the
week preceding and^making the aggregate of sales
to Sept. 28 £1,086,389^000 through the banks.
The
post offices report for/the week ending Sept. 21,
sales of bonds amounting to £463,000, bringing the
;Otal under this head up to £38,494,000. The
previous week’s sales through the post offices were
£400,000. War savings certificates disposed of in
die week of Sept. 21 totaled £2,302,000, making
the aggregate ultimate indebtedness in this direction

and Rumanian oil shares and also mining shares,
and prices of these advanced quite sensationally.
Russian bonds also displayed strength, while other
divisions of the market though showing a gooc
undertone were not marked by excessive exuberance.
New loan flotations are under full control and are

permitted only in

war

pursuits.

to

supported by a belief that an active peace trade is
in sight. Brokers had large orders, following the
gratifying news of Bulgaria’s collapse, to buy Russian

Province of Saskatchewan

peace

-

The British Treasury statement

for the week ended

Sept. 28 made a rather better showing, the Ex¬
chequer balance registering an increase as a result
of the week’s operations of no less than £2,919,000.
Another favorable feature was the gratifying expan¬
sion in the sales of Treasury bills.
The week’s
expenses were

the week

£46,780,000 (against £42,120,000 for

ending Sept. 21, while the total outflow,

including repayments of Treasury bills and other
items, aggregated £340,725,000, compared with
£157,362,000 the week before. Receipts from all
sources amounted to £143,644,000, in comparison
with £155,776,000 last week. Of this total, revenues
contributed £13,394,000, against £18,014,000; War
Savings certificates were £1,200,000, against £2,000,000, and other debts incurred £8,814,000, against
£38,966,000. War bonds totaled £22,182,000, as
contrasted with £18,695,000. New Treasury bills
issued amounted to £75,549,000, against £68,505,000
a week ago.
Treasury bills outstanding aggregate
£1,108,504,000, comparing with £1,093,404,000 last
week.
Exchequer balances total £14,898,000. A
week ago the amount was £11,979,000.
The revenue for the half-year ending Sept. 30 is
reported at £343,420,000, an increase of £88,199,000
over
the previous half-year. Expenditure is re¬
ported at £1,356,342,000, an expansion of £28,290,000.
Revenues for the past twelve months are
shown to have been £842,050,000, and expenditures
at
£2,973,746,000.
Berlin, quoting advices by way of Amsterdam,
the Bulgarian crisis produced a panic on the Stock
Exchange. On Saturday last several stocks dropped
30 points and more and Rumanian oil stocks were
reported to have dropped off 80 points. An article
in the “Vossische Zeitung” of Berlin as reported
by cable says that what has happened in the last
few days on the Berlin Stock Exchange reminds one
of what happened at the outbreak of the war.
Prices, the paper adds, fell sharply, and for many
In

quotations could be estab¬
was completely wanting.
The
German share markets, which only a short time
before displayed imperturbable optimism, appear
suddenly to have been smitten with pessimism. The
first six months of this year the writer said had
shown an extraordinarily strong advance in prices.
It then seemed as if no price were high enough to

of the

popular issues
lished, as the demand

no

Oct. 5 1918.]

THE CHRONICLE

1313

frighten the capitalists from buying. This continued to liabilities declined to
16.91%, against 17.78% a
during the second half of the year, despite all warn¬ week ago and
18.89% last year. The highest per¬
ings, and, notwithstanding the new Stock Exchange centage thus far this
year has been 19.71% in the
war tax, this
tendency persisted unabated except week ending Jan. 10, while the
lowest, 15.18%, was
in the passing depression of
July. Prices rose in the week of July 4th. Public deposits decreased
steadily in August and were not even affected by £1,417,000. Loans
(other securities) were con¬
the German retirement in the West. The
peace tracted £608,000.
Threadneedle Street’s gold hold¬
note of Baron von Burian, the
Austro-Hungarian ings aggregate £72,157,675. A year ago the total
Foreign Secretary, created another situation im¬ was
£55,727,381, and in 1916 £54,630,520. Re¬
mediately. The Berlin Stock Exchange’s nerves serves total
£28,455,000, as against £32,348,421 in
were at high tension
and, while already feeling des¬ 1917 and £36,016,190 the
year previous.
Loans
peration, were not tested until the news came from now stand at
£99,726,000, which compares with
Bulgaria. While this feeling of desperation did £98,371,795 last
year and £109,167,555 in 1916.
not show itself
plainly, capital suddenly abstained Clearings through the London banks for the week
from buying and many owners of securities endeav¬
totaled £455,690,000, in comparison with
£407,ored to realize on their
holdings. Offers fell on a 340,000 last week and £392,260,000 a
yearly. Our
buyerless market, the result being a considerable special
correspondent
is no longer able to give details
fall in prices.
The article adds: “They [the de¬ of the gold movement into and out of
the Bank for
clines] occurred—it cannot be explained away— the Bank week, inasmuch as the Bank
has dis¬
with an abruptness seldom
experienced in the whole continued such reports. We append a tabular
history of the Berlin exchange.” The writer mor¬ statement of
comparisons:
alizes on this phenomenon,
remarking that important
BANK OF ENGLAND’S COMPARATIVE
STATEMENT.
.

considerations connected with German
forbid his enumerating “all the

ing to the

war

finance

shadowings belong¬

constitution of the exchange.”
The second Russian shipment of
gold to Germany
has arrived at the German frontier and has been
taken

war

by an official of the Reichsbank.
amount is not named but
dispatches
over

The

early in Sep¬
shipment stated that
rubles, one half of which

tember reporting on a similar
the amount was 250,000,000

in gold and the remainder in notes.
On the Budapest Bourse

was

the

(Hungary) the

Bulgarian

news

of

responsible for panicky
conditions. Sentiment there had
already been
shaken by the previous Bulgarian defeats. The
Bourse was arbitrarily closed earlier than usual on
Saturday after the crash of many fortunes in a few
minutes. This, coupled with the sudden
interrup¬
tion of communication between the
Budapest and
Vienna Bourses, resulted in a smaller
panic in
Vienna with several important failures. The Buda¬
pest political clubs are holding a series of meetings
to consider the situation whose
gravity all admitted,
peace move was

1918.

1917.

1916.

1916.

Oct. 2.
£

1914.

Oct. 3.

Oct. 4.
£

Oct. 6.

Oct. 7.
£

Circulation...

£

£

62,252,000 41,828,955 37,064,330 32,876,520
34,828.700
30,525,000 42,512,204 52,235,504
81,375,191 17,852,333
137,127.000 128,744,973 117,402,096 98,301,697
146.646,768
Govt, securities
57,671,000 58,735,220 42,188,051
31,286,061 27.971,087
Other securities
99.726,000 98,371,795 109,167,555
119.266,493 113,894,148
Reserve notes & coin 28.355,000
32,348,421 36,016,190 46,823.273 40,378,212
Coin and bullion... 72,157,675
55,727,381 54,630,520 61,249,793 56,756,912
Proportion of reserve
Public deposits
Other deposits

,,

to liabilities

Bank rate

16.90%
5%

18.89%
5%

21.23%

26.06%

6%

5%

’

24.64%
6%

The Bank of France continues to show
gains in its
gold holdings, the increase this week amounting to

748,250 francs. These gold holdings now aggre¬
gate 5,438,629,000 francs, of which 2,037,108,500
francs

held abroad. In 1917 at this time
they
stood at 5,321,227,363 francs
(including 2,037,108,484 francs held abroad), while in 1916
are

they totaled
4,840,446,362 francs (including 674,558,075 francs
held abroad). Other increases in the
various items
occurring during the week were as follows: 50,831,000
francs in bills discounted, 12,983,000 francs in
ad¬
vances and 18,555,000 francs in
Treasury deposits.
Silver, on the other hand, fell off 755,000 francs and
general deposits declined 77,507,000 francs. A fur¬
to formulate some scheme of action to be laid
before
ther expansion was registered in note
Parliament which will soon be opened. It is
circulation, the
pointed amount
out that Hungary now is isolated between two
outstanding
being increased by 302,801,000
neutral
francs. This brings the total
powers, Bulgaria and Russia, with an exposed posi¬
outstanding up to
30,225,175,000
tion to the Entente
francs,
comparing with 21,420,038,troops. Furthermore anxiety
550 francs in 1917 and
for the Magyar army
17,011,143,820 francs in
in Albania adds to the com¬
1916.
On July 30 1914, just
plication.
prior to the outbreak
of war, the total was
6,683,184,785 francs. Com¬
No change has been noted in official discount rates parisons of the various items with the statement of
last week and
at leading European centres from
corresponding dates in 1917 and 1916
5% in London, are
as follows:
Paris, Berlin, Vienna, and Copenhagen; 6% in
BANK OF FRANCE’S
COMPARATIVE STATEMENT.
Petrograd and Norway; 63^% in Sweden and 43^%
Changes
Status
of
in Switzerland, Holland and
for Week.
Oct. 3 1918.
Oct. 4 1917.
Spain. In London the
Oct. 5 1916.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
private bank rate continues to be quoted at 3 17-32% In France
Inc.
748,250 3,401,520.500
3,284,118,878 4,165.888,287
Abroad
No change.
for sixty days and
2,037,108,500 2,037.108.484
674.558,075
ninety days. Call money in
Total
Inc.
748,250 6,438,629,000 5,321.227,363
London is still quoted at 3%. So far as can be
4,840,446.362
Silver
Dec.
755,000
320,052,000
259,7^2,473
336,105,327
learned, no reports have been received by cable of Bills discounted...Inc. 50,831,000 902,103,000 728,320,202
512,155,325
AdvancesInc. 12,983,000
844,441,000 1,109,958,654 1,185,843,886
open market rates at other European centres.
Note circulation...Inc.302,801,000
30,225.175.000 21,420,038,550 17,011,143,82 0
—

Treasury deposits..Inc. 18,555,000

The Bank of

General

deposits...Dec.'77,507,000

as

76,040,000

27,268,926

3,029,352,000

2,899,712,641

;

59,107,913
2,252,167,90

England reports a further increase
£615,315 in its stock of gold, although the total
Last week’s statement of New York
associated
reserve was again
reduced, this time £1,141,000, banks and trust
companies, issued on Saturday,
following an expansion of £1,757,000 in note cir¬ was about as expected. The loan
item showed a
culation. There was an increase of
£3,139,000 in contraction of $14,184,000. Net demand
deposits
“other deposits” and an expansion of
£3,468,000 ip increased $22,020,000 to $3,765,662,000 (Govern¬
Government securities. The proportion of reserve ment
deposits of $171,600,000 deducted), although
of




net

time

671,000.

[Vol. 107.

THE CHRONICLE

1314

deposits declined $1,898,000 to

Cash in vaults (members of

$151,-

the Federal

Bank) was increased $536,000 to $99,986,000
(not counted as reserve). Reserves in the Federal
Reserve Bank of member banks was reduced $15,934,000 to $526,399,000. Reserves in own vaults
(State banks and trust companies) declined $189,000
to $10,960,000, while reserves in other depositories
(State banks and trust companies) expanded $275,000 to $7,879,000.
Circulation was inseased $134,000 to $35,670,000. There was a loss in aggregate
reserves of $15,848,000, which brought down the
total to $545,238,000, and compares with $569,066,000 at the corresponding date in 1917. Reserve
requirements were expanded $2,861,440, hence sur¬
plus was reduced $18,709,440, and now stands at
$46,825,730 (but not counting $99,986,000 cash in
vaults held by these banks). Last year the total
of excess of reserves on hand was $77,012,120, on
the basis in both cases of 13% reserves for member
Reserve

of

$677,362,645,

was

$560,232,938 was
leaving only $117,129,-

which

secured by Government paper
707 commercial paper.

Dealing specifically with rates for money, call
changed from 6%,
and this was again the high and low for the week, as
well as the basis for renewals on each day. This
figure covers the rate for mixed collateral, with
all-industrials at J4
1% higher. For fixed
maturities, the situation remains Unchanged. Nomin¬
ally rates continue to be quoted at 6% for all periods
from sixty days to six months, but as a matter of
fact, no money is available for fixed-date loans and
the market is at a standstill. No improvement is
looked for in bankng circles until the distribution
of the Fourth Liberty Loan has been completed. A
loans this week have not been

sixty and ninety days and four, five and
quoted at 5%@6%.
Commercial paper rates were maintained, with
sixty and ninety days’ endorsed bills receivable and
banks of the Federal Reserve system.
The bank six months’ names of choice character still at 6%,
statement is given in greater detail in a subsequent which is also the rate for names not so well known,
all differentials having been removed for the time
section of the “Chronicle.”
being. The volume of transactions was not large.
Banks’ and bankers’ acceptances were quiet.
The money position shows no important altera¬
tion, rates being held arbitrarily at 6% for both call Dealings involved only small amounts, and here also
and time loans. The remarkable and gratifying no increase in activity is looked for until the Govern¬
news from the war has not unnaturally stimulated
ment’^ financing is out of the way. Rates were
a demand for Stock Exchange securities.
This has practically unchanged. Detailed quotations follow:
Spot Delivery
Delivery
not caused any perceptible. increase in the money
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
strain. Commission houses experienced no difficulty Eligible bills of member banks
4 4 (“4 4 4 4 ("4 4 44« 4
4 4 bid
bills of non-member banks
-4%@-4% 4%^z 4% 44 @44
44 bid
in securing adequate banking accommodation for Eligible
6
bid
Ineligible bills.
64@44 54@44 54@44
their customers. In fact, some of the commission
The Federal Reserve Bank of this city this week,
houses have received semi-official assurances that as noted above, established special rediscount rates
there is no intention to interfere with non-specu- for bankers’ acceptances; for maturities up to 15
lative Stock Exchange transactions and that full days the rate is 4%; for 16 to 60 days the rate is
confidence may be entertained that funds for such 4}4%, and for maturities from 61 to 90 days, in¬
clusive, the rate is 4}4%* Elsewhere we give the
purposes will remain available at 6%.
The order announcement made by the Bank. The Boston
of the Stock Exchange requiring daily reports of Federal Reserve Bank this week reduced from
loans was not promulgated, it is understood, for the 4/4% to 4% its rediscount rate to member banks on
purpose of restricting legitimate and conservative customers’ notes running 16 to 90 days, secured by
business. The real object was to afford access to Fourth Liberty Bonds, where the bank loan rate to
customer is 434%
The rate on customers’ notes
the undertakings of a number of large housesvwhose the
or promissory notes of member banks secured by
loans were said to be mounting steadily to unreason¬
Liberty bonds of any issue or by United States cer¬
able limits. This necessitated a general policy, as tificates of
indebtedness, running 15 days or less,
for obvious reasons individual houses could not remains at 4%.
Prevailing rates for various classes
of paper at the different Reserve banks are shown
very well be singled out.
year ago

six months’ money was

•

The Federal Reserve Bank of New

York in

an

in the

attempt to broaden the market for acceptances has
announced this week the establishment of special
rediscount rate for bankers’ acceptances. Matu¬
rities up to 15 days will be rediscounted at 4%,
those of 16 to 60 days inclusive at 4 34% and those
from 61 to 90 days inclusive at 434% •
The official

departure explained
that “the establishment of special rates for the
rediscount of bankers’ acceptances, as distinguished
from other forms of eligible commercial paper,
under Section 13 of the Act, supplementing the open
market transactions of the bank in bankers’ accept¬
ances, will provide another useful element toward
the broader development and stabilization of the
statement

open

announcing the

new

market in bankers’ acceptance.”

the Federal Reserve Bank of New

Heretofore

York has been

large buyer of acceptances but has, a rule, limited
purchases to acceptances endorsed by a bank.
Local banks in their rediscount operations have
in the past been relying chiefly upon paper secured by
United States obligations. Last Saturday the Fed¬
eral Reserve Bank’s total of rediscounts and advances
a

its




following:
DISCOUNT RATES OF FEDERAL

RE8ERVE BANK8.
*

CLASSES
OF

YNeorwk. Philadep . Clevand. Richmond. Chicago. Louis.
e

DISCOUNTS AND LOANS

3

Bost n.

e

■a

*

Discounts—

Within 15 days. tncl. member
4
4
4
banks’ collateral notes
4M 4 4
16 to 60 days’ maturity
44 4 4 4 4 4 4 5
61 to 90 days’ maturity
44 4% 44 44 6

Agricultural
paper over

and live-stock
5
90 days

5

5

St.

Mineapols. Franciso.
8

8
8
a

k

8

*

Q

San

4
44 44 4
44
4
44 4 4 44 44 54 44 5
5
4 4 44 44 5
54 5

4

5 4 54 5

54 54 54 54 64 54

Secured by U. 8. certificates
of Indebtedness or Lib¬
erty Loan

bonds—

Within 15 days, Including
member banks’ collat¬
eral notes
16 to 90 days’ maturity
Trade Acceptances—
1 to 60 days' maturity
61 to 90 days’ maturity

4
4

4
4
4
4
44 4
4
44 4
44
44 44 44 44 4 4 44 44 44 44 44 44

4

44 44 4* 44 4i26 44 44 44 44 44 44 44a
44 44 44 4* 4H 44 4 4 44 44 44 44 44

*
Rate of 3 to 4*4% for 1-day discounts In connection with tbe loan operations
of the Government.
On Oct. 1 the following special rediscount rates for bankers’
acceptances were established: Maturities up to 18 days, 4%; 16 to 60 days, 44%;
61 to 90 days, 44%.
a 15 days and under 44%.
b Rate for trade acceptances maturing within 15 days 44%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial

paper

of corresponding maturities.

Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dis¬
count rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve
paper of the same class.

banks may charge a rate not exceeding that for OO-day

Oct. 5

1918.]

THE CHRONICLE

1315

Sterling exchange presents no new feature of Christiania remittances
being quoted at recessions
interest, its stabilized character preventing any of from 50 to 90 points. Dutch guilders were
weak,
formal response to the improved

situation. The
Saturday, as compared with Friday of last
week, was steady with demand still at 4 7545@
4 75 7-16, cable transfers at 4
76%@4 76 9-16 and
sixty days at 4 73@4 73%. On Monday, notwith¬
standing the announcement of the collapse of Bul¬
garia and the subsequent violent fluctuations in
neutral exchanges, the situation remained
steady
tone

war

on

and without essential

change; the range w^s again
7545@4 75 7-16 for demand, 4 76%@4 7Bk9-16
for cable transfers and 4 73@4
73% for sixty days;
trading was dull. There was no increase in activi
on
Tuesday and rates, though firm, continued with¬
out variation from the levels of the
previous day.
Wednesday’s dealings were again restricted in vol¬
ume; changes in rates were trivial; demand bills
advanced fractionally to 4 75 7-16,
presumably on
a better
demand; cable transfers, however, were a
shade easier, at 4 76%; sixty days was
pegged at
4 73@4 73%.
Dulness featured trading on Thurs¬
day, though the undertone was a trifle firmer, with
cable transfers higher at 4 76%@4 76
9-16; demand
ruled at 4 75 7-16 and sixty days at 4
73@4 73%.
On Friday the market was firm but
quiet and un¬
changed. Closing quotations were 4 73 @4 73 % for
sixty days, 4 75 7-16@4 7534 for demand and
4 76%@4 76 9-16 for cable transfers.
Commer¬
cial sight bills finished at 4 75%@4
75%, sixty
days at 4 72@4 72%, ninety days at 4 7034®
4 70%, documents for payment
(sixty days) 4 71%
@4 71^4 and seven-day grain bills at 4 74J4@4 74%.
Cotton and grain for payment closed at 4
75%@
4 7524No engagements of gold for either import
or export were
reported.
Movements in the Continental exchanges, so far
as the belligerent nations are
concerned, were rela¬
tively unimportant. Although fairly substantial ad¬
vances were recorded in French
exchange and the
general undertone was firm, the narrowness of trad¬
ing operations, as well as-the restrictions imposed
by Governmental control, militated against wide¬
spread fluctuations in actual rates. Exchange on
4

but declines here
other neutrals.

less spectacular than in the
Spanish pesetas shared in the
general weakness and also established a new low
record, representing a drop of 155 points fo/ the
week.
As a matter of fact, it may be said that
were

complete demoralization prevailed. These move¬
ments, which are looked upon as highly significant
in international banking
circles, were taken to indi¬
cate th&t the discount

on

neutral countries is

the American dollar in

finally disappearing. A cable
dispatch from Amsterdam under date of Oct. 2,
states that all foreign
currency rates at that centre
haver again moved up rapidly. The
pound sterling
made a record jump for one day, while the dollar
advanced from 2.12 to 2.20.
Bankers’ sight on Amsterdam

was

finished at

46

against 47%; cables at 4634, against 48%; com¬
mercial sight at 45 15-16, against 47 11-16, and com¬
mercial sixty days at 45 9-16, against 47 5-16 last
week. Swiss exchange closed at 4 66 for bankers’
sight bills and 4 64 for cables. This compares with
4 4334 and 4 4134 the week
preceding. Copen¬
hagen checks finished at 28.80 and cables at 29.10,
against 29.80 and 30.10. Checks on Sweden closed
at 31.70 and cables at 32.00,
against 33.30 and 33.60,
while checks on Norway finished at
29.00, against
30.70 on Friday of a week ago.
Spanish pesetas

closed at 21.20 for checks and 21.40 for cables.
Last
week the close was 22.75 and 22.95,
respectively.
As to South American quotations, the rate for
checks on Argentina declined to 44.60 and for cables

to

44.75, comparing with 44.85 and 45.00. For
Brazil the check rate was advanced to 23.85 and for
cables to 24.00, against 22.85 and 23.00 last week.
The Chilian rate has not been changed from 15
13-32,
while Peru remains at 57.
Far Eastern rates are as follows:
Hong

Kong,
85%@85%, against 88.85@89; Shanghai, 130@
130%, against 134%@135; Yokohama, 54%@54%
(unchanged); Manila, 50@50% (unchanged); Sin¬
gapore, 56@56% (unchanged); Bombay, 36%@37
(unchanged), and Calcutta (cables), 35.73 (un¬
changed)
.

The New York Clearing House banks, in their
oper¬
ations with interior banking institutions, have gained
$2,800,000 net in cash as a result of the currency

4for the week ending Oct. 4. Their re¬
ceipts
from the interior have aggregated $8,267,000,
Rome continued at the official rates fixed some time
while the shipments have reached $5,467,000.
Add¬
ago.
Francs, as just noted, were strong, moving
ing the Sub-Treasury and Federal Reserve operations,
up to 5 46 for cables, a rise of 134 points for the which
together occasioned a loss of $90,831,000, the
week, though reacting slightly before the close. combined result of the flow of money into and out
As to
Russian rubles,
the quotation is still of the New York banks for the week appears to have
pegged at previous levels, with no transactions been a loss of $88,031,000, as follows:
recorded.
The official London check rate on Paris
finished at 26.07, the same as a week ago. In New
York sight bills on the French centre closed at
547%,

movement

Week

e

idi xg Oct. 4.

Banks’ interior movement.

Sub-Treasury and Federal Reserve
operations

Into
Banks.

1

Out of
Banks.

Net Change in
Ba Jc Holdings.

J8.267.000

$5,467,000 Gain

39,462,000

130,293,000 Loss

$2,800,000

90,831,000
against 5 4834; cables at 546%, against 547%; com¬
Total
S47.729.00Q $135,760.000 Loss $88.031,000
mercial sight at 5 48%, against 5 48%, and com¬
The following table indicates the amount of bullion
mercial sixty days at 5 5334> against 5 53% a week
in the principal European banks:
ago.
L’re finished at 6 37 for bankers’ Sight bills
October 3 1918.
October 4 1917.
and 6 35 for cables.
Rubles continue to be quoted Banks of,

at 14 for checks and 15 for cables.

has not been

Greek

changed from 5 13% for checks and

5

1234 for cables.
In the neutral exchanges the news of
Bulgaria’s
downfall was followed by sharp breaks in rates at
practically all of the neutral centres. Swiss francs,
which were the weakest feature of the week, broke
repeatedly until 4 72 was reached, a total depreci¬
ation since the close of last week of
30

approximately

centimes, though a sharp reaction occurred
yesterday. All of the Scandinavian exchanges
suffered severe declines, Stockholm, Copenhagen and




v

Gold.

exchange

£

Silver.

Total.

Gold.

£

£

72 157,675
72 157,675' 55 727,381
Francea.. 136 060,820 12,792 000 148 852,820131 364,760
117
415,550
Germany
5,907 ,950123 323,500120 200,250
Russia *.. 129 650,000 12,375 ,000142 025,000129 520,000
Aus-Hun c 11 008,000
2,289 ,000 13 297,000 12 978,000
87 805,000 26,088 ,000113 893,000
Spain
422,000
32 728,000!
Italy
3,088 ,000 35 816,000
440,000
Netherl’ds 59 129,000
600 ,000 59 ,729,000
398,000
Nat. Bel .h 15 ,380,000
600 ,000 15 ,980,000
,380,000
Swltz’land 15 ,307,000
.681.000
,.--1 15 ,307,000
Sweden... 14 ,574,000
..—I 14 ,574,000
.360,000
Denmark
10 ,366,000
131 ,000 10 ,497,000
,794,000
6 ,751,000
Norway
.—I 6
142,000

England..
-

.

-

.

Tot.week. 708,332,045
Prev. week 707,470.SOO

,761,000|

Silver.

I

Total.
£

55 727,381
10:360 ,000141 724,760
5,087 ,800125 288,050
12,370 ,000141 890,000
2,870 ,000 15 848,000
29,367 ,000 105 789,000
2,587 ,000 41 027,000
609 ,200 57 007,200
600 ,000; 15 .980,000
13 681,000
11 ,360,000
157 .000, 10 .951,000
7 .142,000
....

....

....

63,870,950772,202,995679,407,391 64.008,000743.415,391

6T7<VM>50 771 .047.750677 705 o>2

64,'<.50.650742. 155.872
Gold holalngs of the oank ol j?rance tins year are exclusive of £sl,484,340
held abroad.
*
No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board of Trade Journal" for Dec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h August 6 1914 In both years.
a

>

OF BULGARIA.
natural sequel to the astounding

sideration. The case of Turkey in relation to
Allies was not the same as that of Bulgaria;

THE SURRENDER
It

was

,Vol. 107.

THE CHRONICLE

1316

a

and

of Bulgaria’s surrender, that the
world’s attention should for the moment have been
diverted even from the military campaign to the
far-reaching political results which the news from
Sofia might be supposed to foreshadow. The first
unexpected

news

the
for

Bulgaria’s own territorial possessions will un¬
doubtedly be recognized by the Allies, whereas the
dismemberment of Turkey is one purpose of the war
on which all the Allies have agreed.
Nevertheless,
Turkey is left, virtually defenseless by the surrender
of Bulgaria, and now has to consider not only the

request for an armistice had left the character of
the Bulgarian move still in some doubt; this was all
removed, however, by the present week’s complete
and unconditional yielding of the Bulgarian Govern¬
ment to the conditions laid down by the Allies.
Those conditions included not only evacuation by
Bulgaria of all Serbian and Greek territory occupied
by her, but also the demobilization of her army,
the surrender to the Allies of all her facilities for

preservation of what may be preserved but the deal¬
ing with its own discontented people.
If Turkey were to give up, and indeed whether she
were to do so or not, the question of the attitude of
the two Central Empires, and of Germany in particu¬
lar, becomes a question of immediate and of the very
highest importance. This week’s resignation of the
Imperial German Ministry was a foregone conclu¬
sion; so was the Kaiser’s public recognition of the

the Danube, the delivery to the Allied
armies of all Bulgarian arms and ammunition and
of important strategic points, and the granting of
free passage through Bulgarian territory for military
operations by the Allies.
Such terms would, perhaps, be regarded as ab¬
normally severe, if they had been proposed as part
as an actual treaty of peace.
But the condition
created by the granting of an armistice to Bulgaria
was very different from a treaty.
At Paris it was
officially stated, this week, that “no diplomatic
negotiation is actually in progress with Bulgaria,
and consequently no political conditions have been

fact that he himself must now

navigation

on

laid down for her.”
This is not the situation

which existed in connec¬

of peace between Germany
Rumania, last May. That agreement was
designed for a final political settlement. It provided
for cession to Bulgaria of all territory acquired by
Rumania after the second Balkan war in 1913;
for large grants to the Central Powers of Rumanian
territory along the Danube, with radical changes in
Rumania’s northern frontier; for very extensive
concessions to the Teutonic Powers of trade privileges
and use of Rumania’s natural resources, and for
maintenance of a Teutonic army of occupation at
Rumania’s expense, until all the terms of the agree¬
ment should have been fulfilled.
Not one of these subjects was touched in this week’s
agreement with Bulgaria, which in fact is purely
military, representing only the conditions on which
General d’Esperey’s army was allowed to suspend its
military campaign against the Bulgarian troops and
its operations against the Bulgarian cities.
Even so,
however, the military surrender is the most complete
since Napoleon’s overthrow of Prussia in 1808 and
of Austria in 1809. It not only causes what amounts
to the physical separation of Turkey from the Central
Powers, but it gives the Allied armies immediate
access on a wide front to Serbia, and thereby open,
full opportunity for an attack on Austria in the flanks
It would easily render impossible continued German
occupation of Rumania.
It was not the question of Bulgaria or Serbia,
however, or even the question of the conditions
under which the military campaign in the East may
henceforth be conducted, which made the foremost
appeal to public interest in the news from Bulgaria.
Consideration of the political consequences of this
enforced withdrawal by Bulgaria from the Teutonic
Alliance opened up such possibilities of immediate
tion with the treaty

and

make the broadest
concessions to Constitutional Government in Ger¬
many.
All the news from the Western front has

progressive collapse of the German resist¬
ance, under an attack by the Allied armies on the
most extensive front of any campaign in this or any
other war. The forced retirement of Ludendorff’s
army from Belgium and Northern France has begun
to come very definitely in sight.
Evidence of panic
among part of the German people and of insubordi¬
nation among others, multiply sufficiently to fore¬
shadow a very different situation from any that has
heretofore existed.
The whole question of the
Kaiser’s own position, as a result of a peace settle¬
ment and of subsequent events, was at stake.
How and in what way Germany would appeal for
peace, was the necessary and immediate question
asked in every direction. It was at once assumed
that recourse to a Parliamentary Government would
be taken, largely on the belief that only in that way
could negotiation with the enemy be possible; and
steps are already under way at Berlin with such a
purpose.
Yet even a representative German Gov¬
ernment would have to fulfill certain stipulations.
President Wilson’s speech on Friday of last week,
ostensibly for the Liberty Loan campaign, was in
reality devoted to that question. One sentence of
the speech summecLup the actual situation in words
which concisely define the issue:

indicated

agreed that there can be no peace
obtained by any kind of bargain or compromise with
the Governments of the Central Empires, because
we have dealt with them already and have seen them
deal with other Governments that were parties to
this struggle, at Brest-Litovsk and Bucharest.
They have convinced us that they are without honor
and do not intend justice. They observe no cov¬
enants, accept no principle but force and their own
“We

are

all

interest.
•
“We cannot ‘come to terms’ with them.
have made it impossible. The German people

They

must —

by this time be fully aware that we cannot accept
the word of those who forced this war upon us. We
do not think the same thoughts or speak the same
language of agreement.”
To this plain intimation Mr. Wilson added his
positive view that a League of Nations must be
“the most essential part of the peace settlement
itself;” because, if formed before that settlement,
it could be only a league against the common enemy,
and because it could hardly be successfully inaug¬
urated after peace terms had been agreed on, when
and epoch-making developments in the larger political guarantees would have to be left “to the voluntary
situation as to supersede almost every other con¬ action of the Governments we have seen destroy




Oct. 5 1918

]
L,

a

;

THE CHRONICLE

Russia and deceive Rumania.” That the peace
must be on a basis of “no special or separate interest
of any single nation or any group of nations,” that
there can be “no special covenants and understand¬

ings” within the League, and that there must be
“no discrimination between those to whom we wish
to be just and to those to whom we do not wish to
be just,” was the further outline of the American
conception of

peace.

Mr.

Balfour,

overture in

1317

spirit, and at least give a
quite apart from any
definite proposition and before there is the slightest
suggestion of any change of purpose or method on
the part of the leaders of the attack, with whom is
a

generous

reasoned answer?” and all this

main business.
The country has given its answer and the President
has spoken with unmistakable emphasis, but it should
our

commenting be understood that these propositions are simply
feelers. Bulgaria’s fall does not change them.
They
there can
are the
counterpart of explorative attacks on the
many finds herself in a position where all her dreams battle front.
The other Allies, either collectively or
of world-domination are torn to
pieces before her eyes separately, can hardly be expected to be such
easy^
and she is left powerful, indeed, as she will be left
game as were the Russians.
The comedy of Brestpowerful doubtless, prosperous doubtless, and Litovsk, such a dreadful
tragedy as it has proved for
wealthy, but no longer a tyrant who can use the Russia, cannot be repeated. But all the
same, it
nations which she is in a position to influence to serve shows the
original game, and it would be the height
her own dreams of world empire.”
of folly to make light of it.
Now that America has
In this view of the necessary conditions of
peace put her strength into the war, and shown her
spirit,
with Germany, much is implied which is not
yet and won her spurs, to which Bulgaria is the indirect
expressed in terms. Reparation and restitution response, nothing would be easier than to move her
must have a hearing as well as repentance and new
through her generosity. She has largeness of soul.
purposes for the future.
Of all this we shall hear What would be nobler than for her to
prove her dis¬
in London

Mr. Wilson’s speech, has added that
be no such League of Peace “until Ger^
on

when the moment

arrives to

discuss terms with

interestedness, and, if

will, her truly^Christian
spirit, by meeting the first real overtures of a Kaiser’s
peace, when they come, with consideratejresponse?
THE DAY OF THE (iPEACE OFFENSIVE.”
That will be the crucial hour; and there will lie the
We have cared little about a “peace offensive,” our supreme peril.
It can only be met by keeping firmly
attention has been so absorbed since the war opened in mind the real issue over which we are
fighting and
with the military attack. We had early intimations of the character of the
enemy. *
an extensive and
meti^iftous system of espionage and Germany has entered the war for the sole purpose
unscrupulous influence by which Germany had pre¬ of gaining a dominion which she believes can be won
pared to open the way for her aggression, but her and held by force. The gauntlet she has thrown
down to the civilized world is the right of a
army and her submarines were the world’s concern.
great
But as time went on, disclosure after disclosure State “to do what she wills.” The claim is an
amazing
came of the persistent
plotting everywhere. Greece, one in this twentieth century. Unfortunately, it is
Bulgaria, Argentina, even Mexico and many oc¬ the bold reaffirmation of a right belonging to days of
currences in our own land, gave evidence of a
powerful barbarism, which has come only slowly to be disal¬
In reasserting it Germany has
agency at work that did not depend upon the force lowed.
only^justified
of arms.
Then came the Russian debacle.
When what Goethe said of her long ago: “We Germans are
three years and a half of war had passed and we were of yesterday.
No doubt in the last hundred years
we
have
and
were
been
actually in it
beginning to feel its pressure,
cultivating ourselves quite diligently;
and anxiety was growing with the increasing number but it may take a few centuries
yet before our
of our boys going to the front, we called attention in countrymen have absorbed sufficient intellect* and
an editorial in our issue for Feb. 9th last to the
ganger higher culture for it to be said of them that it is a
which in such circumstances would he in overtures of long time since they were barbarians.” The world
peace if they should come to us in the form(of a sud¬ did not know them so well as their own great poet
den change of attitude in any one of the hostile States did; therefore the world cannot
get over its amaze¬
offering what would appear liberal concessions in her ment when it sees them introducing into warfare an
claims, especially if these covered the surrender of appalling barbarism, casting aside every pretense of
territory, say Alsace-Lorraine or Belgium, possibly an ethical, not to say Christian, morality, showing a
coupled with some financial compensation. The studied contempt for treaties and practicing “a de¬
hour might easily come when any such concession liberate and obscene terrorism in her
dealing with
would be a small price to pay for a peace that would the small and weak.”
leave the enemy in possession of the chief objects for
The war is the clash of two antagonistic ethical
which he had declared war.
codes. It is a contest as old as human history, the
To-day, with the surrender of Bulgaria, that prob¬ struggle of brute force with moral right, a contest in
ability has greatly increased and the danger become which there can be no compromise. As the victory
the more real. Austria’s proposal of a friendly con¬ has for the hour
gone one way or the other, man has
ference, with Germany’s approval, as is now known, moved upward with civilization or has fallen back
had closer relation to the peace offensive than it into barbarism. What of
permanent progress has
did to the military situation. Its effect upon the been gained has ever been at the
price of struggle
armies of the Allies in the field is negligible, as was and costly sacrifice. The issue has
always to be de¬
well known that it would be; it was intended for moral cided by those who are involved. The
gain cannot
effect in every Allied country. Such moves are the be imposed from without. The bottom truth is that
equivalent of fresh “munitions,” “gas,” and the like, we are not fighting to deliver the Germans from
for use by the propagandists and half-converted themselves; that they alone can
do; we are fighting
to deliver ourselves from the Germans, as happily
pacifists.
At once discussion was started on “Ought we to also the larger part of the world is
doing on its own
forgive Germany?” and “Should we not meet the behalf.

Germany.




you

„

.

.

THE CHRONICLE

1318

[Vol. 107.

primarily concerned with their ac¬ our soldiers are offering their lives. What they fear
cepted rulers, or the form of government under which most of all is an inconclusive peace, and the Bulgarian
they live. However it has come to pass, the fact is surrender brings the danger near.
that there is no evidence that there exists in Germany
PARTISAN CONSIDERATIONS AND THE
any large body of people who desire to free them¬
COMING ELECTIONS.
selves from the government of a military autocracy,
Four weeks from next Tuesday will be our annual
or that does not accept their views of governing and
election
day, at which,, along with State officers in
morality. Our controversy is with their principles,
many States, about a third of the Senate and all of
so far as those principles are accepted by, and govern
the conduct of the nation. For at least two genera¬ the House will be chosen, constituting the 66th
tions the whole people has been taught thoroughly Congress. The still-pending revenue bill is not ex¬
the holiness .of war and the righteousness of brute pected to reach completion in less than a month
force when it is judged desirable.
The war is a more, as the Senate has not yet taken it up in a
mortal combat between those ideals and the ideals, determined manner. The loan campaign will be
imperfect as they may be, yet absolutely distinct, of finished within the month and will undoubtedly be
the Allied nations. Only by the overwhelming de¬ successful, although nobody can do more than guess
feat of the German armies can the foundations of the how far the revenue bill, when finished and taking
hold, will affect his ability to pay taxes and also
German doctrine be destroyed.
loan
money.
It has been unobtrusively said that
The disclosures that are coming out from day to
day establish the conviction that there can he no probably the electioneering would be tacitly allowed
arrangement, no agreement, no parley with/ the to wait until the loan was out of the way, and
powers that rule in Berlin.
They have committed might, therefore, be compressed into some three
themselves to a policy under which any conduct, weeks; perhaps this was an over-statement, for with
however false, however brutal, however arrogant, all the excitement of war news and loan news com¬
however defiant of God or man, that they may think bined the elections campaign may be nomrhal, or
will promote their own end, is justified. The mere be reduced to a “whirlwind” of not many days.
Yet, however the country may ‘Igex’ as indicated
power to do a thing is for them its sufficient warrant,
and the failure to use that power is to them a mark by the party complexion of the State tickets successof stupidity and cowardice. Their allies have to ful, and however any reader may rate the national
break absolutely with them before even they can be importance of haying that part of the result agree
with his own party preferences, the Congressional
trusted.
In the autumn of 1916 President Wilson declared part is of very high importance, and ought not to be
that “the people of the United States want to be sure treated perfunctorily or passed over indifferently.
what they are fighting about, and they want to be The Congress to be made up by the vote on the 5th
will assemble in December of next year, unless sum¬
sure that they are fighting for the things that will
bring the world justice and peace.” When a few moned sooner, and we may hope that it will find the
months later he summoned the country to war after-war arrangements and readjustments awaiting
against Germany he knew that we understood the it. This work will demand statesmanship, and of
issue. Thr' experiences of the months that have the kind that neither thinks' nor cares about the
followed leave no doubt of the correctness of the con¬ political future of any man or any party; it will need
viction. It is the basis of his address in the Metro¬ wisdom, some sagacity of foresight, a firmness in
politan Opera House. We know that we are warring standing for justice, a large modicum of common
against Germany’s attack upon the liberties of the sense, a controlling conviction of public duty, and
world, and that, cost what it may, the war will be an imperturbable coolness of judgment—it will need
won.
There can be no compromise and there should large, full-grown men.
The number of such in the present Congress is de¬
be no misunderstanding. When the enemy finds
that he is doomed to defeat in the field, he must meet plorably small. By the test of its action, and even
as effective an estopal
in the, realm of intrigue. by the shameless admissions of some of its members,
It has initiated
Pacifism has no place in this contest. As Lord this is a “rubber-stamp” Congress.
Macaulay said long ago, “When an extreme case calls little, and in only a very few instances has failed to do
for the remedy of war, which is in its very nature as it was bidden; more than one member has declared
most violent, and which in such cases is a remedy that a pending proposition was contrary to his judg¬
only because it is violent, it is idle to think of miti¬ ment and he felt anxiety about its results, and then
gating or diluting; to act on any other principle is has stultified himself by voting for it. Never has a
not to save life and money, but to squander them.” Congress obeyed so iqrplicitly the Executive man¬
If we would save ourselves from the shame which has date, and <never has an Executive pressed so per¬
fallen upon Russia and those who hailed the Bolshe- sistently in the few instances of holding back.
In
the
remarkable
of
instances,
occurring
most
those
viki as leaders for the new day, we must be on our
guard against what Virgil called “the Greeks bringing this present week and distinctive in that several of
gifts.” The terms which the enemy has intimated the President’s most faithful adherents held out
are sure to be renewed, and will be dangerous as the
against him, one Senator remarked, apparently with
increasing need leads to an increased offering. It a tired indifference, that the Senate has yielded to
Exactly; and
may suddenly appear to be “very near our price.’’ him before and why not do so now?
that
was
an
excellent
for
reason
not
doing
so, other
Pacifism is silenced, but the whisperer is still
considerations being equal, for custom hardens into
with us.
The insistent duty is not “kill or cure”; it is “kil habit and habit becomes control. It is the Execu¬
to cureAnd because the disease is so deep-seated tive’s constitutional duty to “recommend,” but not
the cure is difficult. The need of the hour is steadi¬ to entreat and overrule; the constitutionally arranged
ness and clear vision.
Truth will prevail because it balance is rather in the other direction. The coun¬
insists on justice and enforces judgment. For that try, absorbed in the sight and the stress of the war,
We

are




not

Oct. 5

1918.]

THE CHRONICLE

and

necessarily deeming that the immediate and
paramount business, has gradually become wonted to
this one-sidedness of the Government; but it would
hardly be an over-statement to say that in the ordi¬
and intended sense we have not
and would it be too much to add that
should have one ?

nary

The present

a

Congress,

we

need and

Congress, according to the present

outlook, is to deal with the remainder of the war,
and the next Congress will have before it the
pro)>lems immediately following. Ought
bear

Congress to

part, any considerable and controlling pitrt, in
handling those problems? Making treaties
the
part of the Executive, “by and with the consent of
the Senate;” those problems will involve more than
and reach beyond usual treaty-making. If there is
a

conceived to exist any room for doubt that Con¬

ought in duty, and for the safety of the country
should, bear a part in this work before us, then let
us be frank enough and fearless
enough to raise and
ponder the question whether Congress might not
better be abolished, as an expensive and obstructive
gress

excrescence.

The “Chronicle” has ventured to say that in its

judgment the welfare of the country and the world
will be best furthered by having what is called yet
is not in any narrow or factious sense an “Opposition”
majority in the next Congress. All of us have some
party predilection, and with many this becomes
a controlling habit which does not so much as
pause
to reason why.
Yet why? A party cannot be
anything more than a convenient and necessary
instrument for standing together to carry out cer¬
tain policies; a party is a means, not an end. So is
a saw or a hammer, and a good
workman, a proverb
says, never quarrels with his tools, properly meaning
that he has no occasion to, because he takes care to
keep them in efficiency; yet a carpenter does not
honor his hammer, make his obeisance to it, follow
its directions. Why then should a rational Ameri¬
can, male or female, wait only to learn what selec¬
tions are made for office by a gathering of persons
called “the party” (boss-directed, despite the device
of the primary) and then vote the ticket with the
independence and intelligence which a trained dog
might use? In his last words to the people, 122
years ago, Washington warned against “the baneful
effects of the spirit of party generally,” and why will
anybody persist in giving up to party what belongs
to the country and to mankind?
Why, in the name
of genuine reason, should any President be deemed
(much more, confess himself) “the leader of his
party?”
No policy at present; no difference except that
set

in and want to stay

in,and another are
get in. Yet this is not quite a
fair and full characterization, for the Republicans
in Congress seem on the whole rather the more dis¬
posed to what conservatism remains, or (if that be
too strong a statement) rather less enthusiastic and
ready to rush towards action which tends towards
permanent changes in our Governmental structure.
Many of us have had occasion to know what a muddle
the existing revenue law is and the coming one
threatens to be; and many will cordially agree with
the very outspoken “Sun” that the head of the
House Ways and Means Committee is utterly
incompetent for that position; the way to be rid of
him in that place (although of course not immedi¬
ately), continues the “Sun,” is to elect a Repub¬
one

are

out and want to




1319

lican House. Let it stand so; we state the
suggestion
without enlarging upon it.. “After the States have
been robbed of their right to pass upon the

question
(said Senator Borah of Idaho in a recent
letter) there is no longer any State, it is then simply
a geographical
expression; and you cannot have a
big Federal Union without great and powerful
commonwealths upon which the Union may rest.”
Clearly this seems uncontrovertible, for franchise
lies at the very bottom, and unless a State can
determine the conditions of this fundamental
thing
within its own lines, has it any lines, and does it
exist? Yet, putting by for the moment this
particu¬
lar touchstone suggested by Senator
Borah, the
trend and progress of abandonment and loss of
State independence and State sovereignty (once
deemed worth standing for firmly) have gone on,
insidiously, until the whole is in question. The
ancient “Democracy” has become Federalistic to
the extreme. Cast names by as mere tags; it should
be plain that we have before us, and not
very far
distant, problems which reach to the roots of our
of franchise

Governmental structure and national welfare.

We

need to make

ready for them, and as for the war the
country is at one and a party name is no test of
loyalty.
The “Chronicle’s” belief is that to choose what is
called an “Opposition” Congress will not be or be

taken to be any retreat from earnest support of the
Government in carrying on the war to its end; but
that (as things unhappily are) a change in the

“party” complexion will make for increased inde¬
pendence and ability in treatment of after-war prob¬
lems; furthermore, that this will really aid and not
obstruct the President, by holding up his hands and
clarifying his judgment, however disappointing it
may be to his personal feelings.
The ship of state
is not on the even keel planned by the
founders; it.
need^'^Trhmning,” and the pilot can steer it all the
b/tter if it bhTrimmed, although he may not be able,
j^st now to realize that.
RESTRICTING

TRADE

In this time which

we

BY

REGULATING

IT..

have reached, trade and

production are restrained, restricted, impelled (ac¬
cording to intent, at least) in this direction and
turned back from that.
Once, we had compara¬
tively a minimum of interference by government;
at least, there was a tacit admission (for
perhaps the
extremists did not then speak out their views
frankly)
that a minimum of this interference Was always to
be sought.
But, now it would seem that the maxi¬
mum has been reached; at
least, one would like to
believe that, without feeling certain of it, because
each new step, added to the previous steps, is a
constant invitation to further movement in the

same

direction, and a more serious trouble is that it is
almost impossible to pick out any one of our novel
business conditions and determine exactly what is
its hindering or possibly helping effect.
Yet it will
not harm us—and the day is coming when we shall
be compelled to sit down and make a calm study of
our operative conditions—to note
briefly what was
the original intent of what we call “regulation.”
Just about seven years ago, while nobody outside
of the few who were preparing for it so much as
dreamed of any considerable war, Mr. George F.
Edmunds, the venerable ex-Senator from Vermont,
contributed to the “North American Review”

an

„

THE CHRONICLE

1320

[Vol. 107.

The Clayton law particularly, the Federal Trade
article on the origin and purpose of the Sherman or
Anti-Trust Act of 1890, a document of which Mr. Commission law, and some others, either profess
Edmunds was mainly the author. The originaL^o be amplifications %nd means of enforcement of
the Sherman Act or, at least, to be based upon the

thought and aim of the founders, in writing the
“commerce’1' clause of the Constitution, was to limit authority granted by the commerce clause. The
most elastic definition of “regulate” does not cover
powers of the States rather than to enlarge powers
of the United States. Several years after the docu¬ suppressing; but this is evaded by the claim that to
ment was submitted to the colonies, a batch of squeeze out some trade correspondingly promotes
amendments was framed, apparently relating to some other trade, just as damming a river does not
topics before overlooked or shown by a very brief suppress it but only makes it change its line of flow.
time of national existence to need some modifica¬ Production of material, changing or combining
material into other forms, trading or exchanges, and
tion; but the commerce clause was-4iet\an after¬
thought. It was negative in intent, not positive. transportation—these are parts of one great con¬
The situation of the colonies and the papers in the tinuing process, and it matters little at what stage
“Federalist” show that the intent was to prevent the interference is applied; say (which is a most
setting up vexatious barriers against trade when plausible and therefore very tempting claim) that
seeking to cross State boundary lines; that was all. transportation is a part of the “commerce” that
Mr. Edmunds confirms this by saying that “com¬ may constitutionally be “regulated” and apply the
mercial war already existed between several of the tourniquet to that, and the changing and deform¬
States
and the great fundamental design ing result is attained.
The process in the last dozen or more years is so
and principle was to make the trade of the people
of each State with people of every other State free fresh in mind and still so very much with us that to
and equal, as much so as if, for these purposes, the recount any of its steps would harrow up one’s
feelings rather than serve any useful purpose. But
whole United States were a single sovereignty.”
After all discussion in committee and in open ses¬ if some reformer in Congress should introduce a bill
sion of the Senate of the 1890 measure, said Mr. Ed¬ to exclude from inter-State transportation all pro¬
ducts of any xState where any restriction upon
munds, it was agreed that “the safest and surest way
suffrage exists on account of sex, this might seem
was to denounce disturbance of it [commerce] in the
most extraordinary, yet it would have a pretty close
simplest and all-embracing terms, without qualifica¬
.

.

.

The Act is brief, and its lan¬ parallel in the attempt to suppress child labor in the
States by putting up a barrier against moving its
guage is necessarily general, from which unavoidable
necessity has grown the facility with which it could product.
This is a giant country, unmatched in .natural and
apparently be stretched to cover anything and every¬
thing. The Senate Judiciary Committee, said Mr. geographical advantages, the most powerful poten¬
Edmunds, agreed, after long consideration, “that it tially, if not already, among all nations on the
globe; we are now just about to get into our national
was quite impracticable to include by specific de¬
stride. This (or something resembling it) we are
scriptions all the acts which would come within the
of thinking about ourselves, and we more
meaning and purposes of the words Restrain’ and rather fond
‘commerce’ or ‘trust,’ or the words ‘restrain or monop¬ or less utter it.. Not worth while to analyze it, to
olize,’ by precise and all-inclusive definitions; and justify it, or to criticise it, at present; we are engaged
that these were truly matters for judicial con¬ in a task for titans, and this is no time for selfpraise or even for self-laudatory forecasts. But all
sideration.”
the stories of giants make them somewhat stupid as
Certainly; this is reasonable. But restraint of
as
trading is not necessarily restraint of trade, and that well strong. If our muscles and sinews are mighty,
this is no mere quibble upon words Mr. Edmunds they would gain by being less restrained, would
sought to show by supposing that two persons are they not? And is it not timely, even now, to ask
ourselves whether we have not been putting too many
operating gristmills in a community where the grain
supply allows them to run only half-time, so that withes upon ourselves under the deceptive pretense
they must charge excessive prices, or pay very low of co-ordinating our own movements? Some day—
and the day may come soon—we shall need all our
wages, or fail; so they agree that one mill shall
grind the grist and the other shall turn to sawing strength, all our national resource and sense, and
lumber. Here the “restraint” is for both private why not now begin to consider whether we have not
been getting in our own way?
and public advantage.
*
In 1890, said Mr. Edmunds, the Senate Com¬
THE FIRST WEEK OF THE LOAN CAMPAIGN.
mittee “believed the well-known principles guiding
One week of the campaign for the Fourth War
the courts in the application and construction of
statutes would lead them to give the words of the Loan has passed, and the canvass is now in full
Act a beneficial and remedial meaning, rather than swing. For ourselves, it pleases us to dwell upon the
inspiring spectacle of millions of our citizens devot¬
an injurious and technical one, hurtful to any honest

tion

or

exception.”

the beneficent ing themselves to a common cause with energy,
spirit and policy of the whole Act.” And as re¬ zeal and unity, actuated by an exalted love of coun¬
cently as seven years ago, he was ready to dismiss try. For, after all, the imperative need of fighting a
war to victory is a less noble motive than unselfish
any fear that some literal interpretation of the words
“restraint of trade” might lead to the sacrifice of devotion to our Republic because it is engaged in a
some just and wholesome business arrangements,
great work for the establishment of “liberty under
“for if the principle and purpose of the Constitu¬ law” and the consequent good of the world. This is
tion and Act have any foundation at all there can not chauvinism, but a pure and refined patriotism.
be no such restraint, because such conduct is not We have erected a Government by consent, we have
restraining but is promotive of and beneficial to the delegated to it certain powers; acting within its

trade

as

well

as

out of harmony with

public interest.”




prerogatives it makes certain heavy demands upon us

Oct. 5>
—and

1918.]

p

THE CHRONICLE

respond to the best of our ability, and often
personal sacrifice. And we do this as a people^
eagerly, generously, steadfastly. Some may work
harder than others; but no one bearing the name of
“citizen” opposes the fruition of the plan. If we
can carry this spirit over itatio the times of
peace
that are to come, how calmly we may contemplate
the problems of “reconstruction.”
We do not minimize the appeal that lies in show¬
ing the selfishness and malignity of a militarism fos¬
tered by an autocracy which is making its last des¬
perate effort in a world that loves liberty. The
shadow of that picture, like a huge moving cloud shot
with terrible lightnings, is before our eyes all the
time. It is enough to impel us to do all that is
asked.
Butwhen that autocracy is overcome, we
will need, for the era of “upward and onward” all
the personal dedication to the nation and its welfare
that we now evince in universally subscribing to this
loan. And how beautiful it is that we dwell together
in the harmony of brotherly love. What we do in
this financial venture is for the Republic of the free,
and for ourselves, for we, the people, are the Govern¬
ment and the nation.
We sacrifice our own private
opinions, if in any degree they ever were at variance,
to the common cause, to the prevailing opinion.
It
is a noble and elevating vision we have of ourselves,
moving together as a single unit, to respond to the
at

we

a

demands of

our own

Government because it is

our

very own.

And if any

coming generation shall ask why we
placed a portion of these huge debts upon it—the
answer will be found in the universality
of subscrip¬
tions and the merging strength of a free people. We
may, then; dwell upon this motive and fact, aside
from the other consideration of providing the sinews
of war.
Doing this, we cannot doubt the time will
cone when, in the public estimation, a
citizen will
be tried by this test of his citizenship—and that a
failure now to help his fellows “carry on” the Gov¬
ernment, as well as the war, will be met by the “cold
aversion of averted eyes,” the just condemnation of
the free and true.
If we need a picture to convince
us, we have only to imagine the home-coming of a
victorious army, and the sense of remorse which will
come to him who knows he has done
nothing to tie
him to his fellow-citizens, has contributed nothing
to a common cause.
The acclaims of the multitude,
as men look upon the glad faces of war-worn
troops,
back from danger and death • with peace in their
grasp, will fall like a secret doom upon him who
knows that little, how little it really is to buy a bond,
was asked by his fellows and that little left undone.
The prosecution of the war our Government has
willed, that is enough—but more, far more, it is to
respond to that rallying cry which resounds in every
hamlet, the cry of those whose devotion to country
and Government protects us, who if we do not do
our part, do not join the host who buy and
work,
will fail in a simple duty.
We may carry our exposition a little further.
A
corporation is an “artificial person” with, as we say,
perpetual life and limited liability. It, too, has a
form of citizenship and a corresponding duty.
The duty of corporations to subscribe may be
stressed for the very reasons we have assigned to
individual citizens. There are others.
Corpor¬
ations enjoy the protection of government. In a
way they are artificial but potential citizens.
Ur¬
gency of need should meet with some form of re¬




1321

Duty demands consideration of means
through which to subscribe. Heavy are taxes
levied, and to be levied, heavier than they ought to
be, perhaps, though they must be borne. But
the total of taxes is not enough, else there were no
bond issues. And the more readily bonds are sold,
the less the impending weight of taxes. This
signifies more of, policy than principle, however.
The question is, does not the corporation owe it to
the Government, for its privileges and protection,
that it buy bonds as well as pay taxes.
There is no
other way out. And should a corporation, more
than an individual, be a “slacker”? Looked at in
this light of responsibility, the duty of the corpor¬
sponse.

ation

seems

there

are

rather than diminish. We know
restrictions, interferences, species of
“control,” that tend to take from industrial intergers
this relation of free “citizenship” which we invoke.
That might be regarded as an incentive—arising out
of policy.
Leave that. We want to continue in
business at the old stand in the old way in this country
if we can; and as an earnest of goodwill, as a token
of appreciation and respect to th° republic, should
not every corporation seek to join the masses of
men, citizens in their own right, who are consecrating
to grow

themselves to this cause? Should not the corpor¬
ation endeavor to find some way that will enable it

buy bonds,
ability,
now, and in the
will only obtain
capital invested
to

business

commensurate to its capital and
that it, too, may be found worthy
years to come?
It has power if it

permission. It may be limited in
and volume of going business, but
it is never poor—as an individual may be. It enjoys
“order,” it receives “protection,” it hopes for the
insularity of its “liberty under law,” why may it not
rise to the heights of sacrifice and service as does an
individual citizen?

And should it not do so?

In

“business” is being tried in the
fiery furnace of “disorder” and the domination of
government, whether in every case that be necessary
or not.
It submits loyally.
May it not go beyond
mere submission, and become
aggressive in meeting
this new demand, in averting every disaster which
may befall—and for its own good.
Should private
ownership fail when the air is full of untried theories
of public ownership?
many, many ways

THE TRIUMPH OF LIFE OVER DEATH—WHAT
THE WAR SHALL ACHIEVE.

The recent death of

eminent

dignitary of the
church, at a time when brave young men are being
sacrificed on the altar of country, bids us all to try
to appraise the value of human life.
We are* face
to face with the soldier and the priest.
Of one it
may be said he died for liberty; of the other he lived
for love. Love in the larger spiritual sense cannot
exist without there be liberty; liberty would be of
no

value to

man

an

without love.

And while

we

are

striving to banish tyranny from the world, and its
instrument, war, we must believe that the soldier
who dies for liberty, dies that others may live for
love. When, by the action of our own great nation
in this awful conflict, as we fondly hope, war shall
be no more forever, then in the freedom thus estab¬
lished, life may flower alone in love in which there is
no fighting, and none of the sacrifice of a
premature
and unnecessary death.
Writing under the title “The Great Adventure,”
a

father who has lost

Marne,

says:

a son

*

in

an

air battle at the

“Never yet was a country worth living in,
its sons and daughters were of that stern stuff

unless
which

need; and never yet was a
dying for, unless its sons and

bade them die for it at

worth
daughters thought of life not as something concerned
'only with the selfish evanescence of the individual,
country

but

as

a

[Vol. 107.

THE CHRONICLE

1322

link in the great

chain of creation and

that each person is seen in his true
an essential part of the whole, whose
made to serve the larger and continuing

causation,

so

relations as
life must be
life of the whole.”
As we read these words imagination must run out
into the past and on into the future.
Men have
not lived unselfishly for the whole or there would
be no “need” for war. And it exalts the capse for
which the country now fights that these soldiers
of ours die that the priests of the future may live—

Though it is better that a man live for country
it, he who dies for it lives for it, and by
his death contributes all his potential good to the
good of the whole. And it will therefore be a crimi¬
nal world that does not erect upon the ruins of this
war an everlasting temple of peace.
We make the
need for sacrifice because we make the conditions
of war. The “continuing life” into which these
young lives are poured through the awful agency of
violent death, is in itself a umi. j Those now living
constitute it. And when we place war against peace,
we are able to measure the value of that life, which,
whether in the priestly robes or only in the priestly
character lives for others—and when the unit of
the whole life does this there will be no need for any
to die on the field of battle.
And country (in a sense
of true democracy) can have no more right to live
for war than has an individual. And the citizen
who fails to show the non-need 0} all war fails of duty.
We have great lengths to go, and much rubbish
of thought to clear away, before we can see this
“continuing life” in its^proper perspective. Love
is its essence, not liberty; love alone makes liberty
worth having. Love of country we must have and
follow—but the world is our country when we rightly
appreciate the life of mankind as a whole. We
sacredly preserve it, when we preserve all hearts
from hate, all nations from lust for power, and all
Governments from the right in themselves to make
war.
There would be no war to-day and no more
wars if selfsacrificing men everywhere could follow
their personal convictions. We know better than
to kill each other by wholesale.
But one tyrannous

than die for

the sense of spiritual service shall
and not a soldier. We cannot
conceive of “need” for the soldier’s death existing
in time of universal and lasting peace—we cannot
conceive of his country calling for this heroic sacrifice
when a “League of Nations” shall bring concord and
tranquility everywhere. And as the sins of the
fathers who have not lived for love are now visited
upon the sons of the present in every land where
there is war, so, once victory in its true sense shall
come out of this conflict, shall future sons, the
fathers of the generations to come, visit war upon
the world who do not live for love and peace. The
abiding “need” then is that men shall live rightly
rather than die nobly. And the loss of thousands
whose potential lives might bless the world with
the spiritual self-abnegation typified in the priest and soulless and autocratic Government, not amen¬
becomes the irreparable disaster of all the ages, and able, perhaps, to its own people, makes it necessary
stands forth in eternal condemnation of war as a for peaceful nations to go to war. We must perfect
Governments now warlike, and then need for men
national policy.
We cannot go on dying that others may live—that to die in battle will pass away. For this the war is
presupposes war as a continuing “need” for sacrifice. fought; and for this the future must live.
We should go on living that none need die for their
©tivvent 1?xrents and Biscnssions
fellows, that the fruition of every life may leave its
full influence on “the larger and continuing life of
CONTINUED OFFERING OF BRITISH TREASURY
the whole.” Man is responsible for this war—and
BILLS.
he alone will be responsibile for every war that is to
J. P. Morgan & Co. this week disposed of the usual offer¬
come.
And he who sets the martial spirit over the
ing of ninety-day British Treasury bills on the same discount
priestly will conduce to the state where war is a basis which has prevailed in recent weeks, namely, 6%.
“need” for sacrifice. Our soldiers di§ then to make The bills are dated Sept. 30 and mature Dec. 30.
men better, to teach them how to live, and he who
DEBTS OF THE PRINCIPAL BELLIGERENTS BEFORE
r does not live rightly, freed from the “selfish evan¬
AND AFTER ENTERING THE WAR.
escence of the individual” will negative their heroic
The following table concerning the debts of the Allied
sacrifice, and set up anew the selfish forces which Powers before and since their entry into the war appeared in
culiminate in final conflict. The priest is, therefore, the “Official Bulletin” of Sept. 27:
(In millions of dollars.)
exemplar—not because of his particular creed, not
A. ALLIED POWERS.
-Before Entering War- -At Most Recent Datebecause of certain formal conditions of his priestly
Date.
Amount.
Date.
Amount. Increase.
Great Britain—Aug.
1 1914
$3,458 July 20 1918 $31,669 $28,211
life, but because of his spiritual service for all Australia
June 30 1914
93 Mar. 31 1918
1,212
1,119
that every man in
become a priest

^

mankind.

There can be no question that these abstractions
are concerned with mankind as a whole.
War is
now embraced as a means to an end by our own

country,
so

we

as an

believe.

July 31 1918
Mar. 31 1917
Dec. 31 1917

1,172
611
22,227

Italy.
June 30 1914
2,792 Mar. 31 1918
United States...Mar. 31 1917
1,208 May 31 1918
B. CENTRAL POWERS.

10,328
11.760

Canada
New Zealand

end in itself by an

enemy we oppose, or

We cannot conceive of “the

larger

Prance

Mar. 31 1914
Mar. 31 1914
July 31 1914

11913

Austria

Oct.
July

1 1914

Hungary

July

1 1913

Germany

336
446

6,598

$1,165
2,640
1,345

Apr. 30 1918
July
1918
July
1918
__

__

$28,922
15,422
6,316

836
165
15,629
7.536

10,552
$27,757
12,782
4,971

NEW CREDIT TO BELGIUM.
^
and continuing life” always calling for war to defend
An additional credit of $9,000,000 was extended to
it. When it is lived rightly by all there can be no
Belgium by the United States on Oct. 3, making the total
war.
And we fail in our broad contemplation if we credits established for that
country $166,020,000. The
do not see that this colossal struggle is demanding total credits to the Allies established by the United States
of every country that it, too, live not for self but for since this country’s entry into the war now amount to
the world. We must relinquish much of our chau¬ $7,215,476,666, apportioned as follows: Great Britain,
$3,745,000,000; France, $2,065,000,000; Italy, $860,000,000;
vinism; we must see that we are now fighting for a Russia, $325,000,000; Belgium, $166,020,000; Greece, $15,form of internationalism; we must sense the good 790,000; Cuba, $15,000,000; Serbia, $12,000,000; Rumania,
to flow from an agreement signedJby all.
$6,666,666; Liberia, $5,000,000.




Oct. 5

1918.]

THE CHRONICLE

COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
hanks, under the last two monthly statements, with the

1323

for the issuance of Federal Reserve notes of higher denomi¬
nation than $100, and the provisions extending the penal
features to officers, employees, &c., of Federal Reserve
banks. The following is the full text of the law as passed

by Congress and approved by President Wilson.

return for June 30 1914:
ASSETS.

[H. R. 11283.]

Aug. 31 1918. July 31 1918. June 30 1914.
$
$
$
56,393,697
55,612,205
28.948,841
18,828,682
20,966,054
17,160,111

Gold and subsidiary coin—
In Canada
Elsewhere

Total
Dominion notes

75,222,379
186,256,488

76,578.259
186,520,172

Deposit with Minister of Finance
for security of note circulation
Deposit in central gold reserves

5,845,902
5,848,099
88,870.000
91,470,000
Due from banks
167,497,018
166.098.305
Loans and discounts
1,086,096,829 1,065.911.371
Bonds, securities, &c
456.758.268
487,469,502
Call and short loans In Canada.
73,509,571
74,382,762
Call and short loans elsewhere
than in Canada
Other assets

Total

160,544,990
89,554,051

167,112,836
91.432.524

46.108,952
92,114,482

6,667,568
3.050.000
123,608,936
925.681,966
102,344.120

67,401.484
137,120,167
71,209.738

2,423,466,730 2.379,512,596 1,575,307,413
LIABILITIES.

Capital authorized...
Capital subscribed
Capital paid up

%
183,866,666
111,781,466
111,451,963

Reserve fund

114,141,248

%
183.866,666
111,780.366
111,450,680
114,140.148

200,839,660
107,431,124
779,030,934
1,014,711,865
38,942,068
1,817,891
26,709,969

187.865.833
109.924,975
765,072,455
992,015,137
41.340.016
1,953,595
29,647,456

Circulation
Government deposits
Demand deposits.
Time deposits
Due to banks

l

192,866,666
115.434.666
114,811,775
113,368,898

An Act to amend and re-enact Sections four, eleven, sixteen,
and twenty-two of the Act approved December twenty-third,

nineteen
nineteen

hundred and thirteen, and known as the Federal Reserve Act, and Sections
fifty-two hundred and eight and fifty-two hundred and nine. Revised
Statutes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Section four of the Act approved
December twenty-third, nineteen hundred and thirteen, known as the
Federal Reserve Act, be amended and re-enacted by striking out that part
of such section which reads as follows-^
“Directors of Class A and Class B shall be chosen in the following manner:

“The chairman of the board of directors of the Federal Reserve bank of
the district in which the bank is situated or, pending the appointment of
such chairman, the organization committee shall classify the member
banks of the district into three general groups or divisions.
Each group
shall contain as nearly as may be one-third of the aggregate number of the
memoer banks of the district, and shall consist, as nearly as may be, of
banks of similar capitalization.
The groups shall be designated by number

by the chairman.
“At a regularly called meeting of the board of directors of each member
bank in the district it shall elect by ballot a district reserve elector and
shall certify his name to the chairman of the board of directors of the
Federal Reserve bank of the district.
The chairman shall make lists of
th$ district reserve electors thus named by banks in each of the aforesaid
three groups and shall transmit one list to each elector in each group.
“Each member bank shall be permitted to nominate to the chairman one
candidate for director of Class A and one candidate for director of Class B.
The candidates so nominated shall be listed by the chairman, indicating
by whom nominated, and a copy of said list shall, within fifteen day's after

99,138,029
44,453,738
495,067,832
its completion, be furnished by the chairman to each elector.
663,650,230-1
“Every director shall, within fifteen days after the receipt of the said
32.426,404
list, certify to the chairman his first, second, and other choices of a director
Bills payable
20,096,365
of Class A and Class B, respectively, upon a preferential ballot, on a form
Other liabilities.
12,656,085
furnished by the chairman of the board of directors of the Federal Reserve
bank of the district.
Each elector shall make a cross opposite the name
not
Total,
including capital
of the first, second and other choices for a director of Class A and for a
or reserve fund
2,169,483,511 2,127.819,467 1.330,488.683
director of Class B, but shall not vote more than one choice for any one
Note.—Owing to the omission of the cents in the official reports, the
candidate,” and by substituting therefor the following:
footings in the above do not exactly agree with the total given.
“Directors of Class A and Class B shall be chosen in the following manner:
“The Federal Reserve Board shall classify the member banks of the
district into three general groups or divisions, designating each group by
ENACTMENT OF PHELAN BILL AMENDING FEDERAL number. Each group shall consist as nearly as may be of banks of similar
capitalization.
Each member bank shall be permitted to nominate to the
RESERVE ACT GRANTS FIDUCIARY POWERS TO

NATIONAL BANKS, &C.
The so-called Phelan bill, which materially amends the
Federal Reserve Act, has become a law, President Wilson
having affixed his signature to the bill on Sept. 26 after
Congress had disposed of it. The bill just written on the
statute books is identical with that passed by the House
of Representatives on April 24 last.
On July 2 the Senate,
after striking out a considerable part of the House bill,
passed the measure. With the refusal of the House to ac¬
cede to the Senate amendments the bill went to conference,
and it was not until Sept. 18 that the conference report, in
which the Senate receded from its amendments, was agreed
to by both the Senate and the House.
The action of the
conferees in recommending to their respective houses that
the Senate recede from its amendments, resulted in the
adoption of the bill by Congress in exactly the same form
in which it had passed the House in April.
The bill as then
passed was given in our issue of May 4, while the bill passed
by the Senate July 2 was published in our issue of July
13.
As originally passed by the House and finally enacted,
.

the new law extends to national banks fiduciary powers
exercised by State banks.
Before exercising such powers,
however, a bank must obtain a permit from the Federal
Reserve Board and must have a capital and surplus re¬

quired by the State laws. The Act just passed also amends
requirements of the Federal Reserve Act in the case
of banks of outlying districts of Reserve or Central Reserve
cities. Under the newly enacted measure also the Federal
Reserve Board is given discretion in the grouping of member
reserve

banks in each District for the selection of Class A and B
directors of Reserve banks so as to give a fair representation
to both large and small member banks.
The bill further¬
more authorizes the issuance of Federal Reserve notes in

denominations of $500, $1,000, $5,000 and $10,000. The
largest Federal Reserve note heretofore authorized under
the law was $100.
In amending Section 22 of the Federal
Reserve Act the new law clarifies the language which stipu¬
lates that no officer, director, employee or attorney of any
member bank shall be a beneficiary or-receive directly or
indirectly any fee, commission, gift or other consideration
for or in connection with any transaction or business of a
bank. The new legislation also extends penal provisions
for embezzlement and other offenses against banks to offi¬
cers, directors, agents or employees of Federal Reserve
banks. The Senate in amending the House bill on July 2
had struck out of the latter everything except the provision




chairman of the board of directors of the Federal Reserve bank of the
district one candidate for director of Class A and one candidate for director
of Class B.
The candidates so nominated shall be listed by the chairman,

indicating by whom nominated, and a copy of said list shall, within fifteen
days after its completion, be furnished by the chairman to each member
Each member bank by a resolution of the board or by an amend¬
bank.
ment to its by-laws shall authorize its president, cashier, or some other
officer to cast the vote of the member bank in the elections of Class A and
Class B directors.

“Within fifteen days after receipt of the list of candidates the duly
authorized officer of a member bank shall certify to the chairman his

first, second, and other choices for director of Class A and Class B, re¬
spectively, upon a preferential ballot upon a form furnished by the chair¬
man of the board of directors of the Federal Reserve bank of the district.
Each such officer shall make a crass opposite the name of the first, second,

and other choices for a director of Class A and for a director of Class B,
but shall not vote more than one choice for any one candidate.
No officer
or director of a member bank shall be eligible to serve as a Class A director
unless nominated and elected by banks which are members of the same

the member bank of which he is an officer or director.
“Any person who is an officer or director of more than one member
bank shall not be eligible for nomination as a Class A director except by
banks in the same group as the bank having the largest aggregate resources
of any of those of which such person is an officer or director.”
Sec. 2.
That Section 11 (k) of the Federal Reserve Act be amended
group as

and re-enacted to read
,

as

follows:

“(k) To grant by special permit to national banks

applying^blmreforJ

when not in contravention of State or local law, the right to act as

trustee*

executor, administrator, registrar of stocks and bonds, guardian of estates
assignee, receiver, committee of estates of lunatics, or in any other fiduciary
capacity in which State banks, trust companies, or otner corporations
which come into competition with national banks are permitted to act
under the laws of the State in Which the national bank is located.
“Whenever the laws of such State authorize or permit the exercise of
any or all of the foregoing powers by State banks, trust companies, or other
corporations which compete with national banks, the granting to and the
exercise of such powers by national banks shall not be deemed to be in
contravention of State or local law within the meaning of this Act.
“National banks exercising any or all of the powers enumerated in this
subsection shall segregate all assets held in any fiduciary capacity from the

general assets of the bank and shall keep a separate set of books and records
showing in proper detail all transactions engaged in under authority of this
subsection.
Such books and records shall be open to inspection by the
State authorities to the same extent as the books and records of corpor¬
ations organized under State law which exercise fiduciary powers, but
nothing in this Act shall be construed as authorizing the State authorities
to examine the books, records, and assets of the national bank which are
not held in trust under authority of this subsection.
“No national bank shall receive in its trust department deposits of current
funds, subject to check or the deposit of checks, drafts, bills of exchange,
or other items for collection or exchange purposes.
Funds deposited or
held In trust by the bank awaiting investment shall be carried in a separate
account and bHaII not be used by the bank in the conduct of its business
unless it shall first set aside in the trust department United States bonds
or other securities approved by the Federal Reserve Board.
“In the event of the failure of such bank the owners of the funds held in
trust for investment shall have a lien on the bonds or other securities so
set apart In addition to their claim against the estate of the bank.
“Whenever the laws of a State require corporations acting in a fiduciary
capacity, to deposit securities with the State authorities for the protection
of private or court trusts, national bankB so acting shall be required to
make similar deposits and securities so deposited shall be held for the pro¬
tection of private or court trusts, as provided by the State law.

A

“National banka in such cases shall not

be^required

to execute the bond

usually required of individuals if State corporations under similar circum¬
stances are exempt from this requirement.
“National bank* shall have power to execute such bond when so required
by the laws of the State.
“In any **** in which the laws of a State require that a corporation
acting as trustee, executor, administrator, or in any capacity specif!
t-Ma section, shall take an oath or make an affidavit, the President, Vi
President. Cashier or Trust Officer of such national bank may take the
necessary oath or execute the necessary affidavit.
“It «haii be unlawful for any national banking association to lend any
officer, director, or employee any funds held in trust under the powers
conferred by this section. Any officer, director, or employee making such
loan, or to whom such loan is made, may be fined not more than $5,000,
or imprisoned not more than five years, or may be both fined and imprisoned
in the discretion of the court.
“In passing upon applications

for permission to exercise the'powers

•enumerated in this subsection, the Federal Reserve Board may take into
consideration the amount of capital and surplus of the applying bank,
whether or not such capital and surplus is sufficient under the circum¬
stances of the case, the needs of the community to be served, and any other
facts and circumstances that seem to it proper, and may grant or refuse

application accordingly: Provided, That no permit shall be issued to
national banking association having a capital and surplus less than
the capital and surplus required by State law of State banks, trust com¬
panies, and corporations exercising such powers.”
Sec. 3. That the ninth paragraph of section 16 of the Federal Reserve
Act, as amended by the Acts approved September 7 1916 and June 21 1917
be further amended and re-enacted so as to read as follows:
“In order to furnish suitable notes for circulation as Federal Reserve
notes, the Comptroller of the Currency shall, under the direction of the
Secretary of the Treasury, cause plates and dids to be engraved in the
best manner to guard against counterfeits and fraudulent alterations', and
shall have printed therelrom and numbered such quantities of such notes
of the denominations of $5, $10, $20, $50, $100, $500, $1,000, $5,000,
$10,000 as may be required to supply the Federal Reserve banks. Such
no: es shall be in form and tenor as directed by the Secretary of the Treasury
under the provisions of this Act and shall bear^fee distinctive numbers of
the several Federal Reserve banks through which they are issued.’
Sec. 4. That paragraphs (b) and (c) of section 19 of the Federal Reserve
Act, as amended by the Acts approved August 15 1914 and June 21 1917,
the

any

be further amended and re-enacted to read

“(b) If in

[Vot. 107

THE CHRONICLE

1324

a reserve

city,

as now or

as

follows:

hereafter defined, it shall hold and

maintain with the Federal Reserve bank of its district

an

actual net balance

=t=
their affirmative vote

or

written assent: Provided, however. That nothing

inis subsection contained shall be construed as authorizing member
banks to purchase or sell securities or other property which such banks

in

not otherwise authorized by law to purchase or sell.
“(e) No member bank shall pay to any director, officer, attorney, or
employee a greater rate of interest on the deposits of such director, officer,
attorney, or employee than that paid to other depositors on similar de¬
posits with such member bank.
“(f) If the directors or officers of any member bank shall knowingly
ite or permit any of the agents, officers, or directors of any member
to violate any of the provisions of this section or regulations of the
made under authority thereof, every director and officer participatinAin or assenting to such violation shall be held liable in his personal
and individual capacity for all damages which the member bank, its share¬
holders, or any other persons shall have sustained in consequence of such

are

vilation.”
Sec. 7. That section 5208 of the Revised Statutes as amended by the
Act of July 12 1882, and Section 5209 of the Revised Statutes as amended

by the Acts of April 6 1869 and July 8 1870, be, and the same are hereby,
amended and re-enacted to read as follows:
“Sec. 5208. It shall be unlawful for any officer, director, agent, or
employee of any Federal Reserve Bank, or of any member bank as defined-,
in the Act of Dec. 23 1913, known as the Federal Reserve Act, to certify
any check drawn upon such Federal Reserve bank or member bank unless
the person, firm, or corporation drawing the check has on deposit with
such Federal Reserve bank or member bank, at the times such check is
certified, an amount of money not less than the amount specified in such
check.
Any check so certified by a duly authorized officer, director,
agent, or employee shall be a good and valid obligation against such
Federal Reserve bank or member bank; but the act of any officer, director,
agent, ok employee of any such Federal Reserve bank or member bank
in violation of this section shall, in the discretion of the Federal Reserve
Board, subject such Federal Reserve bank to the penalties imposed by
Section 11, subsection (h), of the Federal Reserve Act, and shall subject
such member bank if a national bank to the liabilities and proceedings
on the part of the Comptroller of the Currency provided for in Section
5234, Revised Statutes, and shall, in the discretion of the Federal Reserve
Board, subject any other member bank to the penalties imposed by Section
9 of said Federal Reserve Act for the violation of any of the provisions of
said Act.
Any officer, director, agent, or employee of any Federal Reserve
bank or member bank who shall willfully violate the provisions of this
section, or who shall resort to any device, or receive any fictitious obliga¬
tion, directly or collaterally, in order to evade the provisions thereof, or
who shall certify a check before the amount thereof shall have been regu¬
larly entered to the credit of the drawer upon the books of the bank, shall
be deemed guilty of a misdemeanor and shall, on conviction thereof in any

equal to not less than 10% of the aggregate amount of its demand deposits
and 3% of its time deposits: Provided, however. That if located in the out¬
lying districts of a reserve city or in territory added to such a city b” tin j ” tri.t court of the United States, bs fined not more than $5,000, or
extension of its corporate charter, it may, upon the affirmative vote >/f
| --null be imprisoned for nor more than five year.-,, or both, in the discretion
five members of the Federal Reserve Board, hold and maintain the res>r\ < : of the court.
'
“Sec. 5209. Any officer, director, agent, or employee of any Federal
balances specified in paragraph (a) hereof.
Reserve bank, or of any member bank as defined in the Act of DbC. 23
“(c) If in a central reserve city, as now or hereafter defined, it shall boM
and maintain with the Federal Reserve bank of its district an actual net
1913, known as the Federal Reserve Act, who embezzles, abstracts, or
balance equal to not less than 13% of the aggregate amount of its demand
willfully misapplies any of the moneys, funds, or credits of such Federal
Reserve bank or member bank, or who, without authority from the direc¬
deposits and 3% of its time deposits: Provided, however, That if located in
tors of such Federal Reserve bank or member bank, issues or puts in cir¬
the outlying districts of a central reserve City or in territory added to such
dty by the extension of its. corporate charter, it may, upon the affirmative culation any of the notes of such Federal Reserve bank or member bank,
vote of five members of the Federal Reserve Board, hold and maintain
or who, without such authority, issues or puts forth any certificate of
the reserve balances speciiicd in paragraphs (a) or (b) thereof.”
deposit, draws any order or bill of exchange, makes any acceptance,
Sec. 5. That section 22 of the Federal Reserve Act, as amended by the
assigns any note, bond, draft, bill of exchange, mortgage, judgment, or
Act of June 21 1917, be further amended and re-enacted to read as follows;
decree, or who makes any false entry in any book, report, or statement
“(a) No member bank and no officer, director, or employee thereof shall of such Federal Reserve bank or member bank, with intent in any case
to injure or defraud such Federal Reserve bank or member bank, or any
hereaiter make any loan or grant any gratuity to any bank examiner. Any
bank officer, director, or employee violating this provision shall be deemed
other company, body politic or corporate, or any individual persen, or to
deceive any officer of such Federal Reserve bank or member bank, or the
guilty of a misdemeanor and shall be imprisoned not exceeding one year
or fined not more than $5,000, or both; and may be fined a further sum
Comptroller of the Currency, or any agent or examiner appointed to
examine the affairs of such Federal Reserve bank or member bank, or the
equal to the money so loaned or gratuity given.
Federal Reserve Board; and every receiver of a national banking associa¬
“Any examiner accepting a loan or gratuity from any bank examined
by him or from an officer, director, or employee thereof shall be deemed tion who, with like intent to defraud or injure, embezzles, abstracts, pur¬
guilty of a misdemeanor and shall be imprisoned one year or fined not loins, or willfully misapplies any of the moneys, funds, or assess of his
more than $5,000, or both, and may be fined a further sum equal to the
trust, and every person who, with like intent, aids or abets any officer,
money §o loaned or gratuity given, and shall forever thereafter be dis¬
director, agent, employee, or receiver in any violation of this section
shall be deemed guilty of a misdemeanor, and upon conviction thereof in
qualified from holding office as a national bank examiner.
“(b) No national bank examiner shall perform any other service for any district court of the United States shall be fined not more than $5,000
or shall be imprisoned for nor more than five years, or both, in the discre¬
compensation whiie holding such office for any bank or officer, director,
tion of the court
or employee thereof:
“No examiner, public or private, shall disclose the names of borrowers
“Any Federal Reserve agent, or any agent or employee of such Federal
or the coallteral for loans of a member bank to other than
tl^ proper officer Reserve agent, or of the Federal Reserve Board, who embezzles, abstracts,
of such bank without first having obtained the expross permission in writing
or willfully misapplies any moneys, funds, or securities entrusted to his
from the Comptroller of the Currency, or from the board of directors of
care, or without complying with or in violation of the provisions of the
Buch bank, except when ordered to do so by a court of
Federal Reserve Act, issues or puts in circulation any Federal Reserve
competent juris¬
diction, or by direction of the Congress of the United States, or of either notes shall be guilty of a misdemeanor and upon conviction in any district
court of the United States shall be fined not more than $5,000 or imprisoned
House thereof, or any committee of Congress, or of either House duly
for not more than five years, or both, in the discretion of the court.”
authorized.
Any bank examiner violating the provisions of this sub¬
section shall be imprisoned not more than one year or fined not more than
Approved, Sept. 26 1918.
$5,000, or both.
“(c) Except as herein provided, any officer, director, employee, or
JOHN SKELTON WILLIAMS ADVISES NATIONAL
attorney of a member bank who stipulates for or receives or consents or
agrees to receive any fee, commission, gift, or thing of value from any
BANKS AS TO LAWGIVING LATTER TRUST POWERS.
person, firm, or corporation, for procuring or endeavoring to procure for
letter hes been addressed to national banks by Comp¬
such person, firm, or corporation, or for any other person, firm, or cor¬
troller
of the Currency John Skelton Williams calling their
poration, any loan from or the purchase or discount of any paper, note,
draft, check, or bill of exchange by such member bank shall be deemed attention to the law just enacted by Congress conferring
guilty of a misdemeanor and shall be imptisoned not more than one year
trust powers on national banks.
In his advices written under
or fined not more than $5,000, or both.
date of Sept. 27 Comptroller Williams says:
“(d) Any member bank may contract for, or purchase from, any of its
I am pleased to advise you that, under the authority of an Act of Con¬
directors or from any firm of which any of its directors is a member, any
gress, approved by the President on Sept. 26 1918, enlarged powers have
securities or other property, when (and not otherwise) such purchase is
been conferred upon national banks which are now authorized (under the
made in the regular course of business upon terms not less favorable to the
limitations prescribed in the Act) to open trust departments, and to act
bank than those offered to others, or when such purchase is authorized
by a majority of the board of directors not interested in the sale of such as trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics, and
securities or property, such authority to be evidenced by the affirmative
vote or written assent of such directors: Provided, however. That when any
“In any otber fiduciary capacity in which State banks, trust companies,
director, or firm of which any director is a member, acting for or on behalf or other corporations which come into competition with national Danks are
permitted to act under the laws of the State in which the national bank is
of others, sells securities or other property to a member bank, the Federal
located.”
Reserve Board by regulation may, in any or all cases, require a full dis¬
As a condition precedent to the exercise of these new powers, it is neces¬
closure to be made, on forms to be prescribed by it, of all commissions or
sary to obtain a permit from the Federal Reserve Board.
National banks
other considerations received, and whenever such director or firm,
acting
obtaining such permits must have capital and surplus required by the
In his or its own behalf, selis securities or other property to the bank the
State law governing State banks, trust companies and corporations exercis¬
Federal Reserve Board, by regulation, may require a full disclosure of all
ing such powers.
profit realized from such sale.
The letter f also gives in full that section of the newly
"Any member bank may sell securities or other property to any of its
directors, or to a firm of which any of its directors is a member, in the
enacted measure (Section 2) empowering national banks
regular course of business on terms not more favorable to such director or
to act in a fiduciary capacity.
firm than those offered to others, or when such sale is authorized by a
The full text of the law will
majority of the board of directors of a member bank to be evidenced by
be found elsewhere in to-day’s issue of our paper.




.

r

-

'

•

Oct. 5

1918.]

THE CHRONICLE

1325

ANNUAL MEETING OF NEW YORK CLEARING HOUSE
—YEARLY FIGURES.

In referring to the action of the Federal
Reserve Bank,
the New York “Times” of Oct. 2 said:

At this week’s annual
meeting (on the 1st
New York Clearing House

Heretofore, if a member bank desired to rediscount bankers’
acceptances
having a maturity of 16 to 90 days, it had to pay
4%%, the rate charged

inst.) of the
Association, Gates W. McGarrah,

President of the Mechanics & Metals National
Bank, was
re-elected President, and Theodore Hetzler, President of
the
Fifth Avenue Bank, was re-elected
Secretary of the Associa¬
tion. Walter E. Frew, President of the Corn
Exchange
Bank, retired from the Clearing House Committee, and is
succeeded as Chairman of that
body by Albert H. Wiggin,
Chairman of the Board of the Chase National Bank. James
A.

Stillman, Chairman of the Board of the National City
Bank, and Otto T. Bannard, Chairman of the Board of the
New York Trust

Company,

were

elected members of the

committee, succeeding Mr. Frew and Seward Prosser,
President of the Bankers Trust
Company. The Clearing
House Committee, with these
changes, now consists of
Mr. Wiggins; Francis L. Hine, President of the First
National
Bank; Lewis E., Pierson, Chairman of the Board of the
Irving National Bank; and Messrs. Stillman and Bannard.
William J. Giplin and Clarence E. Bacon continue as
Manager and Assistant Manager, respectively, of the
Association.

The total Clearing House transactions for the
year ended
Sept. 30 1918 amounted to $191,779,241,670, this comparing
with last year’s total of
$193,681,822,820; for the year
ending Sept. 30 1916 they aggregated $155,742,333,909,
while for the twelve months to Sept. 30 1915
they amounted
to but $96,183,554,464.
The following details regarding
the transactions in the year just ended
(Sept. 30 1918) are
taken from the report presented by the Manager:
The

Clearing House transactions for the
Exchanges

year
__

Balances
Total transactions
The average daily transactions:
Exchanges
:
Balances

have been

as

follows:

__,___$174,524,179,028 72
17,255,062,671 27
$191,779,241,699 99

„

J

$575,987,389 53
56,947,401 55

Total
,$632,934,791 08
Total transactions since organization of Clearing House
(65 years):

Exchanges

$3,103,115,668,654 89

Balances

161,102,465,549 29

Total

_.$3,264,218,134,204
Largest exchanges on any one day during the year
2
(July
1918)---$928,176,124
Largest balnces on any one day during the year
(Nov. 21 1917)
143,091,142
Largest transactions on any one day during the year
(July 2 1918)
1,015,850,789
Smallest exchanges on any one day during the year
(Jan. 28 1918)
329,824,441
Smallest balances on any one day during the year
(Jan. 28 1918)
:
28,374,886
Smallest transactions on any one day during the
year
(Jan. 28 1918)
358,199,328
Largest daily transactions on record, Feb. 6 1917.
Exchanges
$1,218,586,762
„

18

98
68
04

92
35

27

rediscount of commercial paper. In case of
paper not having more
than 15 days to run, the rediscount rate
has been 4%.
It is generally
recognized that bankers’ acceptances having the
indorsement of a member
bank are a higher grade
security than commercial paper bearing a similar
indorsement, and consequently it has been felt that the rediscounting of
bankers’ acceptances should be done at
preferential rates. It is expected
that with the estaDlishment of the
special rates many of the banks will be
willing to indorse acceptances purchased oy them from
brokers and re
discount the bills at the reserve bank. In this
way, it is expected that
banks will be more inclined to make investments
in bankers’ acceptances
and thus the market for the
paper will be broadened.
The Federal Reserve Bank of New
York has been a large buyer of ac¬
ceptances in the open market, but with few
exceptions it has limited its
purchases tto three-name paper; that is, acceptances indorsed
by a bank
Its rate for these bills
vary, the minimum being
4%.

DEATH OF G.

W.

F.

GAUNT, DIRECTOR

FEDERAL

RESERVE BANK OF PHILADELPHIA.
Hon. George W. F. Gaunt, an ex-member of the New
Jersey Senate and a Director of the Reserve Bank of Phila¬
delphia, died at his home at Mullica Hill, N. J., on Sept. 24.
Ex-Senator Gaunt, who was fifty-three years of
age, was
born in Gloucester County, N. J.,
and resided there until

1901, when he removed to Mullica Hill. He devoted much
farming and was the sponsor in the New Jersey Sen¬
ate of considerable legislation in the interests of that
industry.
For the past fifteen years he was Master of the State
Grange
of New Jersey.
He was also an officer of the National
time to

Grange.
CAPITAL ISSUES COMMITTEE NOT TO INTERFERE
WITH BANKING RELATIONS BETWEEN BANKS
AND CUSTOMERS, ACCORDING TO J. B. FORGAN.
*

Concerning the conference held in Washington

on

Sept,

18 between members of the Federal Reserve Board and the
Federal Reserve
Advisory Council, James B. Forgan, one
of the members of the latter, and Chairman of the Board
of the First National Bank of

Chicago is credited in the
Chicago “Herald and Examiner” of Sept. 24 with stating
that contrary to the belief that the
Capital Issues Com¬

mittee will supervise all bank loans the committee has.no
intention of interfering with the private relations between
bankers and their customers. According to the
paper quoted
the committee “asks no enlargement of its
power.
It but
seeks further co-operation of the banks of the nation in
aiding
it to conserve credits for war purposes.” We also take the

following from the

paper

referred to:

The committee, Mr. Forgan declared,
wants to stop corporations
from using capital, materials and labor on
improvements and exten¬
sions before the financing of such
projects has been submitted to the
Capital Issues Committee. The Committee has found that a large num¬
ber of applicants for security issues already have started their

improve¬

ments, and in

17
47,171,287 45

Balances..

for the

plications

instances have half completed them, before their ap¬
have been submitted.
some

“In other

words,” Mr. Forgan said, “a firm intending to make a $300,000
going ahead and financing $100,000
or $150,000 of the improvement out of its cwn
funds, then applying for
a security issue or a bank loan to
complete the work.
“This puts the Capital Issues Committee members in the difficult
posi¬
tion of having to say whether the unfinished construction shall be
aban¬
doned or completed.
It has to determine, if the construction is not en¬
tirely essential, if it is less harmful to go ahead with the work or stop it
summarily, regardless of contracts and the material that may be on hand.”
The Capital Issues Committee made its first plea
for co-operation of the
banks before the Advisory Council of the Federal Reserve Board.
The
Council adopted a resolution recommending that the Federal Reserve Board
send letters urging closer
co-operation in this direction to all the member
extension has been in the habit of

Total

Largest baances, Nov. 21 1917---.
Transactions of the U.
Debit Exchanges
Credit Exchanges
Debit Balances
Credit Balances..,
Excess of Debit Balances

^

$1,265,758,049 62
$143,091,142 68

S. Assistant Treasurer at New York:

j

$1,602,603,711
1,031,520,035
661,954,238
90,870,562
571,083,675

00

35
12

47
65

The report also s&ys:
The Association is

composed of 28 national banks, 13 State banks
The Federal Reserve Bank of New York and the
Assistant Treasurer U. S., at New York, also make their exchanges at the
Clearing House. 1 he Clearing House Collection Department also Ex¬
changes at the Clearing House, making 59 clearing institutions.
There are 19 banks and trust companies in the city and vicinity, not
members of the Association, which make their exchanges through banks
that are members, in accordance with constitutional provisions.
and 15 trust

now

companies.

banks of the Federal Reserve system.
On Wednesday [the 18thJ last the bankers’ conference was held.
At this
meeting a committee of fi ve was created to take the necessary steps to se¬

the desired co-operation.
A. II. Wiggins, Chairman of the Chase
National Bank of New York, was named Chairman and directed to select
the remaining four members.
“The committee gave positive assurance it has no intention of

cure

seeking
ordinary banking relations between banks and their cus¬
tomers,” Mr. Forgan said.
“It is not asking control in any manner over
ordinary bank loans, as distinguished from borrowing for capital purposes
in excess of $100,000.
“Any firm intending improvements of $100,000 and upward would do well
to consult its banker before going ahead.
It is then the duty of the banker
to submit the matter to the Capital Issues Committee.
If the project is
compatible with national interest a license for it will be issued.”
The Capital Issues Committee also warns that business enterprises seek¬
ing to expand will be unable to obtain labor or material until a license has
to interfere

SPECIAL REDISCOUNT
ERS'

RATES NAMED FOR BANK¬
ACCEPTANCES BY NEW YORK
RESERVE BANK.

The creation

acceptances

was

of special rediscount rates for bankers’
announced by the Federal Reserve Bank of

New York on Oct. 1.
In its statement issued in the matter
on the 1st the bank said:
The Federal Reserve Bank of New York announces to-day the estab¬
lishment for the first time of special rediscount rates for bankers’ accep¬
tances as follows:
Maturities up to 15 days
Maturities 16 to 60 days, inclusive
Maturities 61 to 90 days, inclusive

4

It is believed that the establishment of rates for the rediscount of bankers'
acceptances, as distinguished from other forms of eligible commercial paper
under Section 13 of the Act, supplementing the open market transactions
of the bank in bankers’ acceptances, will provide another useful element
toward the broader development and stabilization of the open market in
bankers’ acceptances.




,

been secured.

THE

4%
4lA%

in

WAR

REVENUE BILL—SECRETARY McAD00}S
LETTER URGING MORE SPEED.

In*urging that the Senate Committee
dite its work

the Bending war revenue

on

Finance expe¬

bill, Secretary of
Treasury McAdoo, in a letter this week to Chairman
Simmons of the Committee, states that failure"promptly
to report and pass the bill will “disorganize and endanger
the national finances)” We quote the letter herewith:

the

on

[Vol. 107

THE CHRONICLE

1326

money borrowed to buy tax free bonds of the First
Liberty loan. The limitation, however, would not, it is
stated, apply to bonds of succeeding: issues.
On the 2nd inst. the Committee agreed to a slight change
in the method of computing deductions on account of in¬
come from oil and gas wells.
In place of the provision in
the House bill the Committee decided upon the following
1917 became law. Acting

terest

TREASURY DEPARTMENT,

on

1918.
My Dear Senator.
I am writing In deep solicitude to ask your co-opera¬
tion and that of the Committee on Finance in averting a grave peril to
the successful financial conduct of the war.
I cannot disguise nor refrain
from directing your attention to the fact that failure promptly to report
and pass the new Revenue bill will disorganize and endanger the national
Washington, D. C., Oct. 3

finances.
One year ago to-day the Revenue Act of
thereafter with the greatest practicable dispatch,
ment was unable to frame the regulations essential

the Treasury Depart¬
to its proper interpre¬

tation, prepare the necessary forms, have them printed and properly dis¬
tributed, acquaint taxpayers wlch their duties and responsibilities under
tha law and regulations, and develop the machinery necessary to secure
returns on March 1 1918, the date normally appointed by law.
The new revenue bill when enacted into law will impose a heavier bur¬
den upon a far larger number of objects than the Revenue Act of 1917.
Its
administrative problems will be multiplied in number and necessarily in¬
creased in complexity.
Payment of income and profits taxes will begin
three months earlier than in past years if the provisions of the House
bill relating to installment payments eventually becomes law.
The Department will make every effort to improve the administrative
record of last year, and it is undoubtedly in a better position to handle the
administrative tasks imposed by new tax legislation than it was in the
autumn of 1917.
But it would be idle to deceive ourselves or you by hold¬
ing out the expectation that the new income and profits taxes can be put
into effect in a materially shorter time than was required last year.
After the blank forms and schedules are drafted, printed, and distributed,
and the regulations adopted and promulgated, a considerable interval of
time must be given the taxpayers of the country to make out their returns
and to familiarize themselves with the requirements of the laws under
which they are taxed.
I shall not encumber this letter with any statement of views as to the
character of the tax legislation to be adopted.
My opinions on this sub¬
ject have been fully set forth in my testimony before the Committee on
Ways and Means of the House of Representatives. It seems unnecessary
also to repeat the financial estimate which I have already furnished to the
Ways and Means Committee.
I have on several occasions in the past cited estimates to the effect that
the actual expenditures of the Government during the present fiscal year
will be at least $24,000,000,000.
The actual disbursements of the Treasury
since those estimates were made confirm my belief that if that estimate
errs it understates rather than overstates the actual expenditures which
the Government will be called upon to make during the year ending June
30,1919.
No such burden can be borne, no such financial program carried out,
unless every dollar to be raised by the new revenue bill is actually col¬
lected at the time or times appointed by law.
The demands of the situa¬
tion are such that it would be impossible to postpone the installment dates
fixed in the House bill, and if through Administrative delay the collection
of the income and profits taxes should be deferred beyond those dates, it
would mean financial disaster.
The necessity for revenue legislation at an early date was called to the
attention of the two houses of Congress by the President on May 27 1918.
At this time the urgency of the situation has become such that I am impelled
to take the liberty of urging the gentlemen of the Committee on Finance
to take promptly whatever steps may be necessary for the expeditious
enactment of the Revenue bill, in view of the solemn truths uttered by the

President in hit address

on

that occasion.:

“Definiteness, early definiteness, as to what its tasks are to be, is abso¬
lutely necessary for the successful administration of the Treasury; it cannot
frame fair and workable regulations in haste, and it must frame its regula¬
tions in haste if it L not to know its exact task until the very eve of
its performance.
“I cannot assure the country of a successful administration of the Treas¬
ury In 1918 if tljjQ question of further taxation is to be left undecided until
1919.”
Yours very truly,
W. G. McADOO.

It is stated that upon receipt of Secretary McAdoo’s
letter Chairman Simmons and his committee agreed to work
with all possible speed ; he is said to have stated, however,
that he did not see how it was possible to report the bill
before Oct. 25. The effect of Secretary McAdoo’s letter
was

to upset

plans for

an

adjournment of Congress for

a

month beginning Oct. 20.
The adjournment program had
been announced on the 3rd by Majority Leader Martine,
who is said to have stated that it was framed on the assump¬
tion that the bill could not possibly be disposed of before the
elections. To expedite revision of the bill the Senate

Finance Committee decided

the 3rd to meet

daily at
10 o’clock, earlier than usual, to cut short the luncheon
period and work later each day. Considerable progress
is reported to have been made on the bill by the Committee
on the 3rd.
The House provisions for individual credits
in computing income taxes, including the exemption limits
of $1,000 for single and $2,000 for married persons, with an
additional allowance of $200 for each dependent person un¬
der eighteen years of age, was adopted. Broad principles
to govern taxation of oil producers and prospectors so as to
encourage production and of amortization allowances for
war plants which may be wholly or partially useless after
the war were likewise adopted on the 3rd. On amortiza¬
tion allowances for war plants, the Committee adopted the
Treasury’s suggestion and struck out the maximum allow¬
ance of 25% provided in the House bill to be deducted in
computing income taxes. As revised, the Treasury De¬
partment would be left with discretion to make allowances
deemed proper for amortization. Amending the provisions
for deductions in assessing incomes taxes, the Committee
approved House provisions for deductions of interest, paid
or accrued, but added a clause to prohibit deduction of in¬




on

substitute:

In the case of mines, oil and gas wells, other natural deposits and tim¬
ber, a reasonable allowance for depreciation and for depreciation of im¬
provements according to the peculiar conditions of each case, based upon
cost plus costs of development.
Provided that in the case of such-proper¬
ties acquired prior to March 1 1913, the fair market value of the property
(or of the taxpayer’s interest therein) on that date, shall be taken in lieu
of the cost; such reasonable allowance in all of the above cases to be made
under rules and regulations to be prescribed by the Commissioner with
the approval of the Secretary.
In the case of a non-resident alien, indi¬
vidual deduction under this paragraph shall be allowed only as to prop-

(123)For

within the United States.

The revision of the bill was undertaken by the Senate
inance Committee on Sept. 24, after the bill had passed

Sept. 20. In our issue of Sept. 7, pages 962
975, inclusive, we gave the text of the bill as reported to
the House on Sept. 3 by Chairman Kitchin, of the Ways
and Means Committee.
The bill as passed by the House
on the 23 ult. is essentially the same as that reported to the
House earlier in the month; the comparatively few differences
between the two represent for the most part verbal changes
and do not essentially alter the taxation features.
Among
the changes made by the House are the insertion of a phresa
in Sections 210 and 211, governing the normal and surtaxes
of individuals, making a specific declaration that the pro¬
posed taxes are in lieu of the taxes imposed by subdivisions
(a) and (b) of Section 1 of the Revenue Act of 1916 and by
Sections 1 and 2 of the Revenue Act of 1917. Another
difference between the bill reported to the House and that
.he House

on

230, relating
red by the
latter is contained
in Sectionreprint,
to
corporations.
This section
showing
tax

we

on

in italics the

new

matter inserted

by the House.

PART III.—CORPORATIONS.

Tax

on

Corporations.

Sec. 230. That in lieu of the taxes imposed by Section 10 of the Revenue
Act of 1916 as amended by the Revenue Act of 1917 and by Section A of the
Revenue Act of 1917, there shall be levied, collected and paid for each

taxable year upon the net income of every corporation a tax as

follows:

domestic corporation 18% of the amount of the net
income in excess of the credits provided in section 236: Provided, That the
rate shall be 12% upon so much of this amount as does not exceed the sum
of (1) the amount of dividends paid during the taxable year, plus (2) the
amount paid during the taxable year out of earnings or profits in discharge
of bonds and other interest-bearing obligations outstanding prior to the
beginning of the taxable year, plus (3) the amount paid during the taxable
year in the purchase of obligations of the United States issued after Sept. 1
1918; and
(b) In the case of a foreign corporation 18% of the amount of the net
income in excess of the credits provided in section 236: Provided, That the
rate shall be 12% upon so much of this amount as does not exceed the
rum of (1) the amount of dividends paid during the taxable year to citizens
or residents of the United States or to domestic corporations or partner¬
ships, plus (2) the same proportion of the amount paid during the taxable
year out of earnings or profits in discharge of bonds or other interebtbearing obligations outstanding at the beginning of the taxable year which
the amount of gross income of the corporation from sources within the
United States bears to che amount of its gross income from all sources within
and without the United States, plus (3) the amount paid during the taxable
year in the purchase of obligations of the United States issued after Sept. 1 1918.

(a) In the

case

of

a

We also give herewith the provision carried in the House
bill relating to the allowance on account of depletion in
oil and gas wells, the matter shown in italics indicating the

part added by the House:

new

„

PA^T

V.—NET INCOME.

purpose of this title the net income of a
corporation shall bp ascertained and returned—
M
the calendar years 1911 and 1912 upon the same basis and
in the same manner as provided in Section 38 of the Act entitled “An Act
to provide revenue, equalize duties and encourage the industries of the
United States, and for other purposes,’’ approved Aug. 5 1909, except
that taxes imposed by such section and paid by the corporation within the
year shall be included;
>
the calendar year 1913 upon the same basis and in the same
manner as provided in Section II. of the Act entitled “An Act to reduce
tariff duties and to provide revenue for the Government, and for other
purposes,’’ approved Oct. 3 1913, except that taxes imposed by Section
38 of such Act of Aug. 5 1909 and paid by the corporation within the year
shall be included, and except that the amounts received by it as dividends
upon the stock or from the net earnings of other corporations subject4to
the tax imposed by Section II. of such Act of Oct. 3 1913, shall be deducted;

Sec. 320.

(a) That tqt the

and

the taxable year upon the same basis and in the same manner
provided for income tax purposes in Title II. of this Act, except that in
the case of oil and gas wells there shall be deducted (in lieu of the deduction
provided in clause (a) of paragraph (9) of subdivision (a) of Section 234) a
reasonable allowance for depletion (■including in the case of producers or
prospectors a reasonable allowance for hazard not to exceed 10% of the value
in the ground of the oil withdrawn during the taxable year) such deduction to
be made under rules and regulations to be prescribed by the Commissioner with
the approval of the Secretary.
(b) The average net income for the pre-war period shall be determined
by dividing the number of years within that period during the whole of
which the corporation was in existence into the sum of the net income for
such years, even though there may have been no net income for one or
as

more

of such yean.

\

Oct. 5 1918.]

THE CHRONICLE

As stated in our issue of Sept. 21, perhaps
tant alteration made by the^House was in

the most impor¬
eliminating the
provision which, if retained, would have operated to nullify
the tax-exempt feature of United States bonds, Federal Farm
Loan obligato ns and State and municipal issues. The objectional clause was contained in Sections 214 and 234 of the
measure (the one section
applying to the return of the in¬
dividual taxpayer and the other„to the returns of corpora¬
tions), both sections have been altered so as to free them

the two

succeeding issues (Sept. 21, page 1144, and Sept. 28,
1237) we indicated the changes which the bill had under¬
gone in the various stages through which it passed until its
final enactment. With regard to its
principal features, we
take occasion to restate that the bill
exempts from the pro¬
visions of the income surtax and war excess
profits taxes
until two years after the war the interest on Fourth
liberty
bonds not exceeding $30,000, held by individuals or
corpora¬
tions, and provides for a like exemption in the case pf inter¬
est on a total of $45,000 bonds of
previous Liberty Loan is¬
sues, where a taxpayer holds $30,000 of the Fourth Liberty
page

from the menace embodied in the same.
In other words,
the House amended Sections 214 and 234 of the bill so as
to
permit the deduction of all interest paid or accrued by an
individual or corporation in computing net income
subject
to the income tax.
In the original form the provision in the
bill relative to the deduction of interest limited the
amount
of the deduction to the interest paid
by the taxpayer or cor¬
poration on his or its indebtedness over and above the amount
received

by him

Loan bonds at the time his tax return is made. Where a
less amount of Fourth
Liberty Loan bonds is held, the ex¬

emption for the old bonds is 1 ^ times the amount of new
bonds. The bill also authorizes an increase in the issue of
W&r Savings stamps from'$2,000,000',000 to
$4,000,000,000.
It also empowers the Secretary of the

Treasury to make ar¬
with foreign countries to stabilize foreign
exchange, and it modifies the law limiting the amount of
loans which national banks may make to
any one borrower

it from tax-free securities.

As amended,
the two sections now read—the changes
being in the omis¬
sion of the words we have put in black-faced
type:
or

rangements in

as

deductions:
(1) All the ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business,
including a reason¬
able allowance for salaries or other compensation for
personal services
actually rendered and including rentals or other payments required to be
made as a condition to the continued use or possession, for
purposes of the
trade or business, of property to which the
taxpayer h!hs not taken or is
not taking title or in which he has no equity;,
(2) All interest paid or accrued within the taxable year on indebtedness
(or, in the case of a non-resident alien individual, the proportion of such
interest paid which the amount of his gross income from sources within
the United States bears to the amount of his gross income from all sources
within and without the United States) in excess of interest received free
from taxation under this title.

IH. R. 12923.]

and the

or corporation, shall be exempt from graduated
additional income taxes, commonly knojm as
surtaxes, and excess profits
and war-profits taxes, now or hereafter
imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or

corporations;
(2) The interest received after Jan. 1 1918 on an amount of bonds of
the First Liberty Loan converted, dated either Nov. 15 1917 or
May 9
1918, the Second Liberty Loan, converted and unconverted, and the
Third Liberty Loan, the principal of which does not exceed
$45,000 ha the
aggregate, owned by any individual, partnership, association, or corpora¬
tion, shall be exempt from such taxes: Provided, however, That no owner
of such bonds shall be entitled to such
exemption in respect to the interest
on an aggregate
principal amount of such bonds exceeding one and one-half
times the principal amount of bonds of the Fourth
Liberty Loan originally
subscribed for by such owner and still owned by him at the date of his

as

(2) Ail interest paid or accrued within the taxable year on its indebted¬
(or, in the case of a foreign corporation, the proportion of such in¬
terest paid which the amount of its gross income from
sources within the
United States bears to the amount of its gross inebine from all
sources

tax return; and

ness

A statement in
the work on the

^he/interest

bill be hastened

was

issued

Committee.

The Committee without exception are as anxious to hasten the
Revenue
bill as the Secretary, but we cannot perform impossibilities.
The bill was
four months in the Ways and Means Committee and in the
House.
We
have had the bill twelve days, including two
Sundays and four days spent
on the suffrage
resolution, which made committee meetings impossible, so
that we have only had thus far six days to devote to the
bill
We have been
working very hard on it, but there are many questions of the greatest im¬
portance which we must consider, questions which are
.

TEXT OF LIBERTY BOND EXEMPTION BILL AS
ENACTED INTO LAW.
We

give below the text of the bill, signed by President
on Sept. 24, designed to stimulate the sale of
Liberty
bonds by exempting from the supertaxes and from war excess
profits taxes interest on a certain amount of Liberty bond
holdings. This bill, as heretofore noted, was passed at the
instance of Secretary of the Treasury McAdoo; the latteFs
letter recommending the legislation and the bill proposed by
him were publishedjn our issue of Sept. 14, page lO^T.j^ln
Wilson




(

on

an

,

received

brought before us
by business interests from ail parts of the country.
The representatives of the Treasury before the Committee have a
series of
perfecting amendments, some of great importance and so numerous that one
is offered every few pages.
If the Treasury itself wishes to perfect the
bill and feels that it requires further amendment it is not to be
wondered
at tpdt the Committee
is strongly of the opinion that it would be a mere
dereliction of duty to throw it before the Senate undigested, unconsid<
and unrevised.
We shall do the very best we can, but the bill is an
enormous one;
The Secretary himself did.not approve the enormous rates
placed by the House upon excess profits and war profits; they are so large
that it seems inevitable they will tend to reduce profits to a
point which will
dry up the sources ot income taxes as applied both to corporations and indi¬
viduals and leave the business organizations of the country
in a position
where they will have little money for
dividends, no money for proper
reserves, and their funds to take Liberty bonds will be so depleted
as to
have a very serious effect on placing the loans.
The Committee is sitting ah day long but the bill is an enormous
one.
It puts an amount of taxation on the
country such as has never been
equaled in our history and never been attempted by any other country.
The responsibility of the Committee on Finance of the Senate is
quite as
great as that of the House or of the Department and they cannot
neglect
their duty by negotiating or hurrying the bill to such an extent that it would
not receive the consideration that it
ought to have and which the country
demands.

amount ©f

bonds, the principal of which does
not
exceed.$3p,000, owned by any individual, partnership, association,
or corporation issued
upon conversion of 3 MS % bonds of the First Liberty
Loan in the exercise of any privilege arising as a consequence of the issue
of bonds of the Fourth Liberty Loan, shall be
exempt from such taxes.
The exemptions provided in this section shall be in addition to the
exemption provided in Section 7 of the Second Liberty Bond Act in respect
to the interest on an amount of bonds and certificates, authorized
by such
Act and amendments thereto, the principal of which does not exceed in
the aggregate $5,000, and in addition to all other exemptions
provided In
the Second Liberty Bond Act.
Sec. 2. That Section 6 of the Second Liberty Bond Act is
hereby amended
by striking out the figures “$2,000,000,000,” and inserting in lieu thereof
the figures “$4,000,000,000.”
Such section is further amended by striking
out the words “The amount of war savings certificates sold to any one
person at any one time shall not exceed $100, and It shall not be lawful
for any one person at any one time to hold war savings
certificates to an
aggregate amount exceeding $1,000,“ and inserting in lieu thereof the
words “It shall not be lawful for any one person at any one time to hold
war savings certificates of
any one series to an aggregate amount exceeding

yesterday, the 4th inst., by Senator Lodge, Republican

leader and member of the Senate Finance
Senator Lodge says:

.

(3) The interest

reply to Secretary McAdoo’s request that
war revenue

fixed by proclamation of the

partnership, association,

of"j>roperty

of

as

(1) The interest on an amount of bonds of the Fourth Liherty Loan
the principal of which does not exceed $30,000,
owned by any individual,

(1) All the ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business,
Including a reason¬
able allowance for salaries or other compensation
for personal services
actually rendered, and including rentals or the payments required to be
made as a condition to the continued use or possession
to
which the corporation has not taken or is not
taking titlq^Or in which it
has no equity;

excess

Imperial German Government,

President—

deductions:

within and without the United States) in
free from taxation under this title.

The following is the text of the

AN ACT to supplement the Second
Liberty Bond Act, as amended, and
for other purposes.
Be it enacted by the Senate and Mouse of
Representatives of the United States
of America in Congress assembled, That un«il the expiration of two years
after the date of the termination of the war between the
United States

Deductions Allowed—Corporations.
Sec. 234. (a) That in computing net income there shall be
allowed

or

to one-tenth of the capital.
bill as enacted into law:

Deductions Allowed—Individual Taxpayer.
Sec. 214. (a) That in computing net income there shall be
allowed

1S27

$1,000.’’
Sec. 3. That the provisions of Section 8 of the Second Liberty Bond Act,
as an/ended by the Third
Liberty Bond Act, shall apply to the proceeds
arising from the payment of war-profits taxes as well as income and excess

profj/s taxes.
lec. 4. That the Secretary of the Treasury may, during the war and
for two years after its termination, make arrangements in or with foreign
countries to stabilize the fbreign exchanges and to obtain foreign currencies
and credits in such currencies, and he may use any such credits and
foreign

purpose of stabilizing

currencies for the
and he may designate

or rectifying the foreign exchange?,
depositaries in foreign countries with which may be
determine all or any part of the avails of any foreign

deposited

as he may

credits

foreign currencies.

or

Sec. 5. That subdivision (b) of Section 5 of the
Trading-with-the-Enemy
Act be, and hereby is, amended to read as follows: 0
*

(b) That the President

may investigate, regulate, or prohibit, under
regulations as he may prescribe, by means of licenses or
otherwise, any transactions in foreign exchange and the export, hoarding,
melting, or earmarkings of gold or silver coin or bullion or currency, trans¬
fers of credit in any form (other than credits
relating solely to transactions
to be executed wholly within the United States), and transfer • of evidences
of indebtedness or of the
ownership of property between\the United States
and any foreign country, whether enemy,
ally of enemy, or other vise, or
between residents of one or more foreign countries,
by any person within
the United States; and, for the purpose
of strengthening, sustaining and
broadening the market for bonds and certificates of indebtedness of the
United States, of preventing frauds upon the holders thereof, and of
pro¬
tecting such holders, he may investigate and regulate, by means of licenses
or otherwise (until the expiration of two
years after the date of the ter¬
mination of the present war with the
Imperial German Government, as
fixed by his proclamation), any transactions in such bonds or certificates
by or between any person or persons: Provided, That nothing contained in
this subdivision (b) shall be construed to confer
any power to prohibit
the purchase or sale for cash, or for notes eligible for discount at
any
Federal Reserve Bank, of bonds or certificates of indebtedness of the
Uniced States; and he may require any person engaged in any transaction
referred to in this subdivision to furnish, under oath, complete
information
relative thereto,: including the production of any books
of account, con¬
tracts, letters or other papers, in connection therewith in the custody or
such rules and

[Vol. 107

THE CHRONICLE

1338

completed.”

control of such person, either before or after such transaction Is
Sec. 6. That Section 5200 of the Revised Statutes, as amended,

be, and

hereby is, amended to read as follows:
“Sec. 5200. The total liabilities to any association, of any person, or
of any company, corporation, or firm for money borrowed, including in
the liabilities of a company or firm the liabilities of the several members
thereof, shall at no time exceed 10% of the amount of the capital stock
of such association, actually paid in and unimpaired, and 10% of its
unimpaired surplus fund: Provided, however, That (1) the discount of bills
of exchange drawn in good faith against actually existing values, (2) the
discount of commercial or business paper actually owned by the person,

firm, negotiating the same, and (3) the purchase
notes secured by not less than a like face amount
of bonds of the United States issued since April 24 1917, or certificates of
indebtedness of the United States, shall not be considered as money bor¬
rowed within the meaning of this section; but the total liabilities to any
association, of any person or of any company, corporation, or firm, upon
any note or notes purchased or discounted by such association and secured
by such bonds or certificates of indebtedness, shall not exceed (except to
the extent permitted by rules and regulations prescribed by the Comptroller
of the Currency, with the approval of the Secretary of the Treasury) 10%
of such capital stock and surplus fund of such Association.”
Sec. 7. That the short title of this Act shall be “Supplement to Second
company, corporation, or
or discount of any note or

commonly known as surtaxes, and excess profits
war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or

additional income taxes,
ftnd

corporations;
(2) The interest received after Jan. 1 1918 on an jSaes^ntj>f bonds of the
First Liberty Loan Converted, dated either Nov. 15 1917 or May 9 1918,
the Second Liberty Loan, converted and unconverted, and the Third
Liberty Loan, the principal of which does not exceed $45,000 in the ag¬
gregate; owned by any individual, partnership, association, or corporation,
shall be exempt from such taxes; provided, however, that no owner of such
bonds shall be entitled to such exemption in respect to the interest on
an aggregate principal amount of such bonds exceeding one and one-half
times the principal amount of
subscribed for by such owner

oonds of the Fourth Liberty Loan originally
and still owned by him at the date of his

tax return.

Receivable for Federal Inheritance Taxes.—Any of the bonds which have
been owned by any person continuously for at least six months prior to
the date of his death, and which upon such date constitute part of his

estate, shall, under rules and

regulations prescribed by the Secretary of

Treasury, be receivable by the United States at par and accrued in¬
terest in payment of any estate or inheritance taxes imposed by the United
States, under or by virtue of any present or future law, upon such estate

the

the inheritance

thereof.
<
Purchase^Fund.^fThe Secretary of the Treasury is authorized,
from time to time, until the expiration of one year after the termination of
the war, to purchase bonds of this issue at such prices and upon such terms
"knd conditions as he may prescribe. The par amount of bonds of this
TREASURY DEPARTMENTS CIRCULAR OUTLINING issue which may be purchased in the 12 months’ period beginning on the
date of issue shall not exceed one-twentieth of the par amount of such bonds
DETAILS OF FOURTH LIBERTY LOAN BONDS.
originally issued, and in each 12 months period thereafter, shall not exceed
We give below the Treasury Department’s circular, one-twentieth of the amount of the bonds of such issue outstanding at the
describing in detail the Fourth Liberty Loan offering of beginning of such 12 months’ period. The average cost of the bonds of
$6,000,000,000. Subscriptions to the new loan were opened this issue purchased in any such 12 months’ period shall not exceed par
or

Bond

Liberty Bond Act."
Approved Sept. 24 1918.

Sept. 28 and will close Oct. 19. As stated in these col¬
umns last week, the bonds will be dated Oct. 24 1918 and
will mature Oct. 15 1938. They will bear 434% interest;
the first interest payment, for 173 days, will be made April 15
1919, Thereafter the semi-annual interest periods will be
April 15 and Oct. 15. Both coupon and registered bonds
will be issued; the coupon bonds will be issued in denomina¬
tions of $50, $100, $500, $1,000, $5,000 and $10,000; the
registered bonds will be put out in denominations of $50,
$100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000.
The Government reserves the right to redeem the bonds in
fifteen years, namely in 1933. Subscriptions to the bonds
will be payable 10% with the application on or before-Oct.
19; 20% on Nov. 21; 20% Dec. 19; 20% Jan. 16 and 30%
Jan. 30 1919, with accrued interest from October 24 on the
four deferred installments.
While subscriptions to $6,000,of
bonds
000,000
the
are asked the right is reserved to
allot additional bonds up to the full amount of any over¬
subscription. The following is the Treasury Department’s
circular presenting the offering:

and accrued interest.

on

TREASURY DEPARTMENT.
1918

Department Circular No. 121

Office of the Secretary,
Washington, Sept. 28 1918.

-

Loans and Currency
The Secretary of the Treasury invites subscriptions, at par and accrued
interest, from the people of the United States for $6,000,000,000 of United
States of America Four and One-Quarter Per Cent. Gold bonds of 1933-38,
of an issue authorized by'an Act of Congress approved Sept. 24 1917,
as amended by the Acts of Congress approved April 4 1918, and July 9

1918, and supplemented by

an

Act of Congress approved Sept. 24 1918,
full amount

the right being reserved to allot additional bonds up to the
of any oversubscription.

Description of Bonds.
Denominations.—Bearer bonds with interest coupons attached will be
issued in denominations of $50. $100, $500, $1,000, $5,000, and $10,000.
Bonds registered as to principal and interest will be issued in denomi¬
nations of $50, $100, $500, $1,000. $5,000, $10,000, $50,000, and $100,000.
Provision will be made for the interchange of bonds of different denomi¬
nations and of coupon and registered bonds and for the transfer of regis¬
tered bonds, without charge by the United States, and under rules and
-

regulations prescribed by the Secretary of the Treasury.
Rate of Interest, Date of Bonds, Maturity, and Redemption.—The bonds
will be dated Qct. 24 1918 and will bear interest from that date at the rate
°f 4J£% per annum, payable on April 15 and Oct. 15 in each year.
The
interest payable on April 15 1919 will be for 173 days.
The bonds will
mature Oct. 15 1938, but this issue may be redeemed at the pleasure of
the United States on and after Oct. 15 1933, in whole or in part, at par
and accrued interest, on any interest day or days, on six months’ notice
given in such manner as the Secretary of the Treasury shall prescribe. In
case of partial redemption the bonds to be redeemed will be determined by
such method as may be prescribed by the Secretary of the Treasury.
From
the date of redemption designated in any such notice, interest on bonds
called for redemption shall cease.
The principal and interest of the bonds
are payable in United States gold coin of the present standard of value.
Tax Exemption.—The bonds shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (6) graduated
additional income taxes, commonly known as surtaxes, and excess profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of bonds and certificates author¬
ized by said Act approved Sept. 24 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt from
the taxes provided for in clause (6) above.
In addition to the foregoing exemptions, until the expiration of two years
after the date of the termination of the war between the United States
and the Imperial German Government as fixed by proclamation of the
President—

(1) The interest

,

of bonds of the Fourth Liberty Loan
the principal of which does not exceed $30,000, owned by any individual,
on an amount

partnership, association,




or

corporation, shall be exempt from graduated

Applications.
Official Agencies.—The agencies designated by the Secretary of the
Treasury to receive applications for the bonds now offered are the Treasury
Department in Washington, D. C., and the Federal Reserve banks in Bos¬
ton, New York, Philadelphia, Cleveland (with branches at Cincinnati
and Pittsburgh), Richmond (with branch at Baltimore), Atlanta (with
branches at New Orleans, Birmingham, and Jacksonville), Chicago (with
branch at Detroit), St. Louis (with branches at Louisville and Memphis),
Minneapolis, Kansas City (with branches at Omaha and Denver), Dallas
(with branch at El Paso), and San Francisco (with branches at Salt Lake
City, Portland, Seattle, and Spokane).
The Federal Reserve banks have
been designated as fiscal agents of the United States, to receive applications,
to receive payments, and to make delivery of the bonds allotted.
Sub¬
scribers may send their applications, accompanied by the required pay¬
ment, direct to any of said banks or branches. %
Subscribers’ Agencies.—Large numbers of national banks, State banks,
and trust companies, investment bankers, express companies, news¬
papers, department stores, and other corporations, firms and organiza¬
tions have patriotically offered to receive and transmit applications for
the bonds without expense to the applicants.
The Secretary of the
Treasury appreciates the value of these offers, and will have application
blanks widely distributed through the Federal Reserve banks, to these
institutions throughout the country.
Subscribers’ agencies must transmit
or cover by their own subscriptions all applications received by them.
No commissions will be paid upon subscriptions, and those who receive
and transmit applications are therefore rendering the service to subscribers
as a patriotic duty.
Only the Federal Reserve banks are authorized to
act as fiscal agents of the United States in connection with the operations
of selling and delivering bonds of the Fourth Liberty Loan.'
Form of Application.—Applications must be in the form prescribed by
the Secretary of the Treasury and be accompanied by payment of 10%
of the amount of bonds applied for.» Applications must be for bonds to
an amount of $50 or some multiple thereof.
At the option of the subscriber
payment in full may be made with the application without rebate of in¬
terest, in which case bonds as described herein, dated and bearing interest
from Oct. 24 1918, will be delivered to the subscriber as soon as possible
after the application, accompanied by such payment in full, is received.
If registered bonds are desired the subscriber should fill out the required
form appearing on the application blank, in which case registered bonds,
dated and bearing interest from Oct. 24 1918, will be issued as promptly
as possible, after payment in full, and mailed to the address given.
Time of Closing Application Books.—Applications accompanied by pay¬
ment as aforesaid must reach the Treasury Department or a Federal
Reserve Bank, or one of said branches, or some incorporated bank or trust
company within the United States (not including outlying territories and
possessions), not later than the close of business on Oct. 19 1918, the
right being reserved by the Secretary of the Treasury to close the subscrip¬
tion on any earlier date, to reject any applications, and to allot less than
the amount of bonds applied for.
Applications received by any incor¬
porated bank or trust company on or before Oct. 19 1918, must, by such
bank or trust company, be transmitted to, or covered by its own subscrip¬
tion to, Federal Reserve bank of the district In which it is located, reaching
such Federal Reserve bank not later than the close of business on Oct.
24 1918, accompanied by payment as aforesaid,
Payments.

of Payment.—Unless payment in full is made with application,
payment for bonds allotted, in addition to the first installment of 10%
on application on or before Oct. 19 1918, must be made so as to reach a
Federal Reserve bank or a branch thereof, as follows: 20% on Nov. 21
1918; 20% on Dec. 19 1918; 20% on Jan. 16 1919; 30% on Jan. 30 1919.
with accrued interest from Oct. 24 1918, on the four deferred installments.
Receipt of installment payments made to official agencies prior to payment
in full will be acknowledged by the several Federal Reserve banks.
Pay¬
Terms

ments must be made when and as herein provided under penalty of for¬
feiture of any and all installments previously paid and of all right and in¬
terest in the bonds allotted.
Payment for bonds allotted may be sooner

completed, but only so as to reach a Federal Reserve bank, or a branch
thereof, on Oct. 24 1918, or, with accrued interest from Oct. 24 1918 (the
previous installment or installments having been duly paid), on Nov. 21
1918, Dec. 19 1918, or Jan. 16 1919.
Payment in United States Treasury Certificates of Indebtedness.—Payment
of the first installment of 10% or payment in full with application on or
before Oct. 19 1918, or completion of payment on Oct. 24 1918, may be
made in United States Treasury certificates of indebtedness of Series IV
of any maturity, but not in certificates of the Tax Series of 1919.
Payment on other installment dates may be made in United States
Treasury certificates of indebtedness of the issues, if any, maturing or
called for redemption on said installment dates, respectively.
Such cer¬
tificates will be received at their face value.
The accrued interest thereon
(which, in case of payment of the first installment or payment in full on

Oct. 5 1918.]

THE CHRONICLE

1339

before Oct. 24 1918 will be
computed to Oct. 24), will be paid to the
While enthusiastic reports of the progress of the
subscriber.
Fourth Liberty! Loan
Treasury certificates thus presented must not be of a larger
campaign are being received from many parts of the
face value than the amount then to be
country, subscriptions
paid on the subscription: and sub¬ filed with the
incorporated banks and trust companies and reported tk> the
scribers should obtain certificates in
appropriate denominations in advance.
Treasury Department for the first four business days
How to Make Payments.—It is
of the campaign
strongly recommended that subscribers
total only $626,506,000.
avail themselves of the assistance of their own banks
and trust companies,
In order that the full amount of
in which case they will, of course, make
$6,000,000,000 may be taken, subscrip¬
payment through such institu¬
tions must be received at the
average rate of over $315,000,000 for each
tions.
In cases where they do not do so, subscribers
should make payment,
of the nineteen business
days in the campaign, and yet up to date sub¬
either to the Treasury Department in
Washington or to a Federal Reserve scriptions are
being received at only about one-half this necessary rate.
bank or branch thereof in cash, or by bank
draft, certified check, post
While I am confident that the American
office money order, or express company
people will in the end complete
money order, made payable to
the enormous task now before
them, I desire to urge every one not only to
the order of the Secretary of the
Treasury if the application is filed with the subscribe to the
utmost of his ability, but to subscribe at
the earliest pos¬
Treasury Department in Washington (thus: ‘‘The Secretary of the Treas¬
sible moment in order that his
subscription
ury, Fourth Liberty Loan Account”), or, if the
may serve as an inspiration to
application is filed else¬ others.
where, made payable to the order of the Federal Reserve bank of
the dis¬
The campaign is handicapped
trict in which the application is filed
by two factors, the first being the un¬
(thus: “Federal Reserve bank of fortunate
spread of influenza throughout many of the Eastern States,
Fourth Liberty Loan Account”).
Incorporated banks and necessitating the cancellation of
public meetings, parades and other demon¬
trusteompanies in the United States duly qualified as special
depositaries strations in behalf of the loan. This condition
of public moneys under Department Circular
makes it necessary for the
No. 92, as amended and
people to come forward with their subscriptions without
supplemented Sept. 21 1918, may make payment by credit
waiting to be
for bonds
called upon.
subscribed few for themselves and their customers
up to the amount, for
\
The second unfavorable factor, and
which such depositaries,
by far the most serious one, is the
respectively, shall be qualified in excess of then feeling which is
prevalent in some communities that the glorious news from
existing deposits, when so notified by Federal Reserve
banks; but the-right ythe battlefronts reflects a
is reserved to require that
military situation which warrants a slackening
qualified depositaries make payment by crecmK of our efforts here at
home.
No more insidious propaganda than this could
only to the extent that they cannot make such payment An
J>e
Treasury
certificates of indebtedness maturing or
by the enemy.
called for redemption on the date
is ripe for the final stroke which shall lead to complete victory
the payment on bond subscriptions is due at
Federal Reserve banks.
and enduring peace, but that stroke cannot be
delivered in a day or a week.
Germany is not yet crushed. She has millions of strong
Delivery.
fighting men still
on the battle lines and with invasion
Bonds affdescribed in the circular, dated Oct. 24
of their own territory facing them
they
1918 and bearing interest
will
even
more
fight
from that date, will be delivered
desperately than heretofore.
promptly after due completion of pay¬
The
strength of our military efforts must be multiplied. Our
ment therefor, and may be delivered
fighting
prior to Oct. 24 1918, to subscribers forces must
feel behind them the steadying
who make payment in full in cash on or before
support of the American people.
Oct. 19 1918.
In making
The
supply
of
American
arms
and
deliveries before Oct. 24, the right is reserved to deliver
ammunition must not be interrupted or
bonds of the
diminished. Now is the time for speed—speed and the maximum
largest denomination or denominations, not exceeding
of force
$1,000, contained at the present time mean an
in the respective amounts of bonds subscribed
earlier return of our boys from the bloody
for.
Bonds will be delivered
by the several Federal Reserve banks as fiscal agents of the United States battlefields—mean the saving of American lives and the winning of a
glorious and conclusive victory.
as far as practicable in accordance with
written instructions given by the
subscribers, and, within the United States, its territories and insular
Iowa was the first State to report
to the
possessions, at the expense of the United States.
or

,

.

.

circulated
X^he]time

”

Interest.

As the bonds

dated Oct. 24 1918, no accrued interest will be due on
subscriptions for bonds paid for in full on or before that date. No rebate
of interest will be allowed, either on account of full
payment in advance of
Oct. 24 1918, or on account of the first installment
of
are

10%.

pletion of payment for the bonds

Upon

com¬

Nov. 21 1918, Dec. 19 1918, Jan. 16
1919, or Jan. 30 1919, the subscriber will be required to pay accrued
interest from Oct. 24 1918, on the deferred installment
or installments at
the rate of

434 % per

on

annum.

Further Details.
The bonds will be receivable as
security for deposits of public money,
but will not bear the circulation privilege.
The bonds are not entitled
to any privilege of conversion into bonds
bearing a higher rate of interest.
Coupon bonds will have four interest coupons attached, covering interest
payments up to and including Oct. 15 1920.
On or after that date holders
of these bonds should surrender the same and obtain a
new bond or bonds
having coupons attached thereto covering semi-annual payments from
April 15 1921 to Oct. 15 1938, both inclusive. This is to avoid the in¬
convenience, both to the United States and to subscribers, incident to the
delivery of interim receipts, and to allow sufficient time for the engraving
and printing of bonds with the full number of
coupons attached.
The Secretary of the Treasury may make
special arrangements for sub¬
scriptions for the bonds at not less than par from persons in the military
or naval forces of the United States.
Further details may be announced by the
Secretary of the Treasury
from time to time, information as to which as well as forms for
may be obtained from the
Reserve bank.

Treasury Department
W. G.

or

through

application
Federal

any

McADOO,
Secretary of the Treasury.

THE FOURTH LIBERTY LOAN CAMPAIGN

SUBSCRIPTIONS.
While the Fourth Liberty Loan campaign had

an aus¬

picious opening on Saturday last, Sept. 28, its progress up
to Thursday did not come up to the
expectations of the
Treasury Department, which ascribed this to the prevalence
of Spanish influenza and the slackening of efforts as a result
)of the reassuring accounts of developments on the battlefronts. Subscriptions of $626,506,000 were reported by
the Treasury Department up to the close of business on
the 2d^ this\ included all of the Federal Reserve districts
except' Kansas City, which will not begin its campaign until
Oct. 7.
The following were the subscriptions reported by
the Treasury Department up to the 2d:
Boston
New York

Phlladelpnia

Cleveland
Richmond
Atlanta

;

Chicago.
St.

Louis.

-

-

Minneapolis

Kansas City
Dallas
San Francisco

Total

Quotas.
$500,000,000
1,800.000,000
500,000,000
600,000,000
280,000.000
192.000.000
870.000,000
260.000.000

Subscriptions.
$121,094,000

210,000.000
260,000.000
126,000,000
402,000,000

183.346.000
45.775.250
35,471.450
18,330.400
2,153.850
72,927,850
83,014.350
18,648,750
No report
7,788,150
37,955,950

$6,000,000,000

$626,506,000

Early yesterday the subscriptions officially reported to
the Treasury Department reached a total of $727,383,950.
In the New York Federal Reserve District the total yester¬

day morning

was

announced

as

$215,219,050. The Secretary

of the Treasury—in pointing out on the 3rd that the bond
sales must average more than $315,000,000 daily
during
the campaign if the $6,000,000,000 goal is to be reached,

said:




officially
Treasury
Department that it had oversubscribed its quota of Fourth
Liberty Loan bonds. According to the Treasury Depart¬
ment, a telegram from Chicago said that C. H. McNider,
Federal Reserve Director of Sales for
Iowa, reported that at
8:10 p. m. on the 1st $148,920,500 in
subscriptions had been
reported, coming from virtually every county in the State.
Iowa’s quota was $147,900,000, about twice its
quota for the
Third Liberty Loan.
In furtherance of plans to enlarge its
activities, the Lib¬
erty Loan Committee of the Federal Reserve District of
New York decided on Thursday upon the
appointment of a
special committee which has been delegated to make an in¬
tensive and exhaustive canvas of
wealthy persons of this dis¬
trict.
In announcing the appointment of the
special com¬
mittee, the Liberty Loan Committee stated that an analysis
of subscriptions in past loans had convinced it that “there is
a large number of
prosperous people in this city who have not
taken as many bonds as they ought,
probably because their re¬
sponsibilities have not been made sufficiently clear to them.”
The special committee named on Thursday consists of
Sew¬
ard Prosser, President of the Bankers Trust Co.; James S.
Alexander, President of the National Bank of Commerce,
and Mortimer L. Schiff of Kuhn, Loeb & Co. Members of
the New York Stock Exchange, in response to a
request,
have supplied 240 workers who will aid in the canvass.
It is estimated that about 7,000 persons of means will be
approached. A meeting of these volunteers was held yester¬
day at the Chamber of Commerce, when an appeal that they
put forth their best efforts in the drive was made by J. P.
Morgan.
LIBERTY LOAN TAX-EXEMPTION FEATURES.

The Liberty Loan Committee of the New York Federal
Reserve District on the 22d inst. issued a statement regard¬

ing tax-exemptions on the bonds of the Second, Third and
Fourth Liberty Loans.
The committee points out the great
value of these exemptions in view of the taxes proposed in
the pending revenue bill. At headquarters the exemption
provision in the amendment to the Second Liberty Bond
Act is regarded as one of the principal features making for
a successful subscription
throughout the district to the
Fourth Liberty Loan. The following statement issued
by
the committee shows how the return on a purchase of $30,000
of Fourth Liberty Loan bonds compares with the yield on
taxable bonds:
As regards individuals subject to income tax,
including partners in
business, bonds of the Fourth Liberty Loan, up to $30,000 principal
amount, are exempt from all income taxes. This exemption gives a clear
advantage in income, as contrasted with taxable investments bearing the
same face rate of interest, in the case of individuals subject to
income tax,
ranging from 16% in the case of those subject to the proposed lowest rate
of surtax to 334% in the case of those subject to the
proposed highest rate
of surtax.
In other words, 4)4% tax-exempt income is equivalent to
taxable income ranging from 4.94% when subject to the lowest rate of
surtax to 18.48% when subject to the highest rate of surtax.
This com¬
parison as applied to the various steps of income, based upon the income
taxes proposed in the pending revenue bill, is shown in the
following table:
Interest from an investment of $30,000 in Liberty bonds of the Fourth
Loan is equal to a yield of taxable income:

4B2%|

$4.000
5 BOO
7B00
10.009
15,000
20,000
30.000

[Vol. 107.

THE CHRONICLE

1330

4.94%
5.00%
6.25%
6.45%

140.000
60 B00
60 BOO
70,000
80,000
90,000
00,000

*11.19%
6.25% $200,000
300,000
11.81%
6.75%
12.60%
7.69%, 600,000
14.16%
8.60% 1,000,000
16.18%
9.24% 6,000,000
10.12% Over $6,000,000 18.48%
.

—

10.62%

taxe8

Exemption from all Income taxes and excess profits or war profits
Second and Third liberty Loan bonds in the hands of original
subscribers to Fourth Liberty Loan bonds to an amount equal to one and
is extended to

Standing here, as on Piagafc's Heights, and like Moses of eld, looking
down into a Promised Land, which I cannot hope at my ago to enter, yet
„

my eye can perceive how in times
now will bear rich fruit in making
own

to oonse, the sacrifices we are bringing
this a happier world, will aasure to our

posterity and to mankind in

general great blessings, because the

brotherhood of man shall have become n reality, selfish strife and rises
hatred shad have disappeared
Should we for so lofty a purpose not gladly again and again come for¬
ward to furnish with open hands the great sums needed by the Govern¬
ment? And, withal, no sacrifice is involved in this. We are not asked
to surrender anything we possess—as we would readily do, were it neces¬
sary—but only to lend to our Government at good interest with partial
freedom from taxation.
4
Billions do not frighten us—six billions—what of it, we shall find them—
and when the nineteenth of October comes around, we shall surely have

bonds, but not exceeding
ownership of Fourth Liberty Loan
bonds at the date of tax return.
Making the Second and Third Liberty
Loftn bonds tax-exempt Is equivalent 'to increasing the interest return
therefrom.
Heretofore only $6,000 aggregate principal amount of Liberty gone
ovef\the top.
Loan bonds have been tax-exempt.
The amendment provides additional
exemption on $76,000 principal amount. Thus, an individual, partner¬ ADWCE TO LIBERTY BOND BUYERS CONCERNING
ship or a corporation may now hold $80,000 Liberty Loan bonds—$30,000
NEW YORK SAVINGS BANKS WHICH WILL HOLD
Fourth Loan and $50,000 Second and Third Loans—exempt from all in¬
come taxes and excess profits or war profits txaes.
Such holdings, yield¬
LIBERTY BONDS FOR SAFE KEEPING.
ing 4H% on the subscription price, are, during the period of the war and
Half a million copies of a pamphlet entitled “Stick to Your
for two years thereafter, on a parity, with respect to taxation, with the
Liberty Loan ZlA* now selling above par.
Trench” are to be issued by |he Liberty Loan Committee
The exemption from all income taxes which is obtained by subscribers
of the New York Federal Reserve District.
This booklet
to the Fourth Loan (up to $30,000) on the proportionate amount of their
contains a list of institutions in this district that have agreed
holdings of the Second and Third Loans (up to $45,000), is equivalent to
an additional return on the investment in the Fourth Loan.
With this to accept Liberty bonds in small denominations for safe¬
additional return the subscriber obtains a return on the proportionate
keeping. During the second and third loan campaigns, a
amount of investment in the Fourth Loan equivalent to income from
number of trust companies, safe deposit companies and
taxable securities yielding rates ranging from 6-09%, when subject to the
proposed lowest rate of surtax, to 36.50%, when subject to the proposed national
and^State banks offered to care for Liberty bonds
highest rate of surtax. This comparison as applied to the various steps
of
small
denominations.
Important progress has been made
of income, based upon trie income taxes proposed in the pending revenue
bill shown in the following table:
in the last few weeks in the Government’s campaign to pro¬
Interest from an investment of $30,000 in Liberty bonds of the Fourth
Thirty-nine savings banks
tect the small investor from loss.
Loan is equal to the following yield from taxable bonds (allowing for
in
Greater
New
York
have
been
added
to the list.
a^^utage to previous holding of $45,000), taxa
one-half times the amount of Fourth Liberty Loan

$45,000, provided subscribers retain

_________________

$7,600
10,000

15,000
20,000
30,000
40,000

5.09% $50,000
60,000
70,000
80,000
7.13% 90,000
8.13% 100.000-.-.

—5.23%
5.80%
6.27%

19.57%
9.28% $200,000
300,000
21.01%
11.23%
500,000.
22.63%
13.35%
26.49%
15.06% 1,000,000.
28.84%
17.10% 5,000,000
18.28% Over $5,000,000 36.50%

This advantage to holders of Second and Third Loan bonds is a com
polling inducement to subscribe to bonds of the Fourth Loan.
As regards corporations subject to income taxes and excess profits or
war profits taxes, bonds of the Fourth Liberty Loan, up to $30,000 prin¬
cipal amount, are exempt from the proposed 18% tax on undistributed
profits. In other words, the 4\i% income from Fourth Liberty Loan
bonds purchased with undistributed profits is equivalent to 5.20% return
from taxable securities purchased with the same funds.
In addition, these
bonds are exempt from excess profits or war profits taxes, so that, in the
case of a corporation subject to the proposed highest rate of excess profits
tax, the income from Fourth Liberty Loan bonds is equivalent to a return
from taxable securities yielding over 14%, and. in the case of a corporation
subject to the proposed war profits tax, the income is equivalent to a return
from taxable securities yielding over 21%.
i—*—,

JACOB H. SCHIFF PREDICTS LOAN WILL
OVERSUBSCRIBED.

[BE

Billions do not frighten us and when Oct. 19 comes we
shall have overtopped the six-billion-dollar mark, was the
assurance

given

on

Wednesday by Jacob H. Schiff to a

crowd of several thousand at the Liberty Loan rally at the
Sub-Treasury steps. Mr. Schiffs speech was as follows:
this same spot, I had the privilege of
addressing my fellow-citizens with a view to encouraging Buoscriptions to
the Third Liberty Loan.
I then told those to whom I was speaking, that
my uniform answer to the question frequently put to me as to my opinion
when the war will be over had been “When we have won it.”
How much
nearer have we since come to this and how proud have we a right to be
because of what our gallant Allies, in Unison with our own brave boys,

PRESIDENT

WILSON’S

LIBERTY

FOURTH

LOAN

ADVERTISEMENT.
A full page advertisement in the fac simile of President
Wilson’s handwriting was one of the features of the opening
of the Fourth Liberty Loan campaign. The advertisement
which was an appeal to the people to respond more gener¬

the invest¬

ously than ever to the Government’s request for
ment of their money inLiberty bonds, appeared in
papers

of Saturday last, Sept. 28.

the daily

It said:

WHITE HOUSE,

Washington.
Again the Government comes to the people of the country with the
request that they lend their money, and lend it upon a more liberal scale
than ever before, in order that the great war for the rights of America and
the liberation of the world may be prosecuted with ever-increasing vigor
to a victorious conclusion.
And it makes the appeal with the greatest
confidence becaose it knows that every day it is becoming clearer and
clearer to thinking men throughout the nation that the winning of *he war
is an essential investment.
The money that is held back now will be of
little use or value if the war is not won and the selfish masters of Germany
are permitted to dictate what America may and may not do.
Men in
America, besides, have from the first until now dedicated both their lives
and their fortunes to the vindication and maintenance of the great prin¬
ciples and objects for which our Government was ser- up. They will not
fail now to show the world for what their wealth Was intended.
WOODROW WILSON.

Five months ago, standing on

already accomplished.
Indeed, even if the Kaiser does not yet know it, the war is in effect
already won by our allies and ourselves, or our foes would not again and
agam Bue for the opening of peace negotiations; the fact remains, Germany’s
allies have already begun to lay down arms, the rats are leaving the sinking
ship. We must, however, continue to battle until we shall become as¬
sured of a peace on terms entirely dictated by ourselves and our allies—
not a peace made in Germany, but a peace that shall be lasting, because
of the justness of its terms to ail.
The Kaiser so frequently has insisted that the “good German sword”
will, with the help of his special God, win the war. What a blasphemy
and how little does he know his bible, or he would better appreciate what

have

America, at least, is

fighting for.

The American sword has been drawn to teach the lesson that

right and
might must henceforth govern the nations, that the peace we are
contending for cannot be brought about by “give and take” negotiations,
through which the strong are to gain aggrandizement at the expense of the
weak, but rather to bring nearer the time the Prophets of old have visu¬
alized: “When the sword shall be turned into plow-shares, bayonets into
pruning hooks, all strife shall cease and war shall be no more.”
Thanks to the wonderful organization that has been built up almost
over-night, thanks to the willingness of our people, may their eagerness,
to meet every sacrifice, to foot the bLl without limit, we now have an
army of almost two millions in Europe, and this by next spring will have
grown to double its present size.
With the bravery, the courage and the
intelligence of the American soldier, with his eagerness to do his duty in
its entirety, can there be any doubt as to the outcome?
But you and I and the America ? people in general must likewise do our
duty in full, must supply the large means needed to fight the successful
battles which shall Insure victory over the relentless foe, who knows no
other purpose than aggrandizement and conquest.
It Is not true that the American people are—as our enemies have so
not

APPEAL

TO

HOLLANDERS

TO

SUPPORT LIBERTY

LOAN.

The Holland Liberty Loan
sen

Committee, consisting of repre¬

tativeHollanders active in Dutch mercantile and banking

interest^in America, has issued an appeal to all United States
citizens of Holland descent, and to all Hollanders in this
country to support the Fourth Liberty Loan and thus show
their appreciation of advantages enjoyed here.
The cir¬
cular issued by the committee is headed by an appeal of
Prince William the Silent of

Holland to his people made in

during the war against Spain. This begins: “Let not
of gold be so dear to you that for its sake you will
sacrifice your lives, your wives, your children, and all your
descendants, to the latest generations, that you will bring
sin and shame upon yourselves, and destruction upon us
who have so heartily striven to assist you.” The committee
consists of the following: L. I. Dubourcq, Manager of the
Netherlands Life Insurance Co.; N. C. M. Luykx, A. S.
van Wezel, H. Luden, A. O. Corbin, E. J. Daniels, G. L.
Boissevain, S. Metz, H. R. Jolles, Charles D. Van Rijn,
Joh. H. Duijs and C. van der Hoeven. ’
1572

a sum

BRITAIN’S ENVOY SPEAKS FOR LIBERTY LOAN ON
BRITISH DAY.
The ceremonies for the celebration of British Empire Day
in connection with the Liberty Loan campaign began last

Monday with a reception to Sir Henry Babbington Smith,
British Acting High Commissioner and Minister Plenipoten¬
frequently claimed—materialists, devoted solely to the acquisition of
tiary, at the Waldorf-Astoria. The reception was followed
wealth. To tne contrary: In contrast with the Central Powers, we seek
not aggrandizement and domination, we do not desire to gain anything
by a parade from Thirty-Third to the Altar of Liberty, at
from this war, except the security of the nations and the freedom of the
Madison Square, where Sir Henry delivered an address.
peoples of the earth. To attain this, our soldiers are shedding their blood
The reception at the Waldorf began at 11:30, and^was
and we ourselves are ready, if need be, to sacrifice all our possessions.




Oct. 5

1918.]

THE CHRONICLE

attended by British and American officers. On the recep¬
tion committee were Martin Vogel, Assistant U. S. Treasurer,

with

a

1331

remittance for their value without regard to whom

they have been issued.

The detailed accounting necessary
for the third loan will not be required of the banks, as bonds
will be delivered to the bearer of a book upon its surrender

George T. Wilson, Vice-President of the Equitable Life
Assurance Society, R. A. C. Smith, and Major W. G.
Eliot. Sir Henry Babbington Smith spoke as follows:

after the

I stand here to-day at the Altai1 of liberty to make a solemn
offering of
the Flag of Britain, that it may take its place beside the Stars and
Stripes
and the flags of the allied nations.
This offering of our flag, is a sign
that we have dedicated long since, in the common cause in which we stand

completion of payments.

have and

EVERY LIBERTY LOAN CANVASSER WILL HAVE CRE¬
DENTIALS AND GIVE RECEIPT FOR PAYMENTS,

nothing—a piece of gaily colored bunting—but in its
meaning, in its symbolism, it is everything. It fo the gathering point for

A new feature of the Fottrth Liberty Loan
campaign ili the
New York Federal Reserve district is an army of 10,000 can¬

united, all that the flag signifies—that is, nothing less than

we

are.

The flag itself is

each supplied with an identification card which is
authority to accept cash for first payments upon
subscriptions. All workers who are authorized to take cash

vassers,

some of the noblest feelings of the human mind—for love of
country, for
love of liberty, for dignity, for discipline and self-sacrifice.
For this flag
men have lived, have fought, have died.
If we look more closely, we see that above all the flag is
a symbol of
unity.
“Old Glory,” by its very stars and stripes, marks the union of the
several States in this great country—In the United States of America.
The British flag, the Union Jack, tells by its name and
by its design—
the conjoined crosses of St. George for
England, St. Andrew for Scotland
and St. Patrick for Ireland—of the United Kingdom.
That was its history,
and now ft stands not for the British Isles only, but for the whole British

Empire.

his

official Liberty Loan receipt books. The public is re¬
quested to ask all agents who say they can take cash to show
their identification cards and to obtain receipts for
payments.
Under this new system subscribers will be relieved of the
necessity of going to a bank to make their first payments.
The banking institutions, the staffs of which are under great
pressure of work during Liberty Loan drives, need not get

j

year

in touch with these subscribers and collect first payments as
in previous campaigns. The identification card which is
issued to authorized agents reads as follows:

of the war,

we

Belgian, British and French forces

playing their part, and the gallant
American army, full of energy and determination, magnificent in material
and In promise, is already showing it is no less magnificent in
performance
are

and in results.

*

Nor is It on the West front alone that success follows success. In Pales¬
tine, the Turkish armies are dissolved, and a large part of them are prisoners,
while such remnants as remain will hardly make good their escape.
In
Macedonia, the Bulgarian army is in rout before the Serbian, British,
French and Italian forces, and the Bulgarians not only are suing for peace,
but have immediately surrendered.
Therefore, victory, we hope, is in
Bight, but the road to it may still be long, and this is a moment not to re¬
lax, but to redouble our efforts.
You are asked to subscribe to the Liberty Loan.
America is making
good with her men. It is inconceivable that she should net make good with
her ^dollars.
The cost is heavy, and you have assumed the honorable
charge of bearing a part of the burden cf the allied nations as well as your
own; but for one who sees the spirit in Vhich the people of this country
have set themselves to win the war, there cannot be a doubt that the vast
sum which you are asked to provide will be readily forthcoming, and
that,
so far as money can do it, nothing will be
wanting to secure the final
victory which will restore peace and insure liberty for the world.
fcii

NEW PARTIAL PA YMENT PLAN FOR LIBERTY LOAN.
The Liberty Loan Association of Banks and Trust Com¬

her

carry

The ceremony of to-day and those other national days which have
pre¬
ceded and will follow it, speak for a larger union still—of union in the
great
aims for which we are fighting.
But at last, in this fifth

begin to see the enemy lines crumbling.
On the Western front, unity of command under Marshall Foch is
bearing
its fruits.
The hammer strokes have followed one another in ordered
sequence, giving the enemy no respite and no time for recovery, and now
we are striking on almost the whole line at once—in
Flanders, in Picardy,
in Champagne and in the Argonne.

or

LIBERTY LOAN COMMITTEE.

Second Federal Reserve District.

,

The bearer of this card

signature

hereon, is

whose
an agent

duly authorized to accept the initial
subscription for bonds of the Fourth Liberty Loan uhder

appears

payment on a
Plan B or C and to issue therefor an official receipt of the Liberty Loan
Committee during the period of the campaign beginning Sept. 28 1918 and

terminating midnight Oct. 19 1918.
Plan B is the Government plan of five payments.
weekly payments.

Plan C provides for

The card is
tee

or a

countersigned by the Chairman of a commit¬
department manager, as well as by Benjamin Strong,

Chairman of the Central Committee. In connection with
the drive which is to be conducted by these 10,000 agents,
the Liberty Loan Committee points out that persons who
wish to buy $50 and $100 bonds on an- installment basis

should buy the books issued by the Liberty Loan Associa¬
tion of Banks and Trust Companies. Although the sub¬
scriber to a small denomination bond is not prevented from

making use of the Government plan, the purchase of the book
is recommended.
It was pointed out that those who cannot
buy outright can make their payments on practically the
same basis as the Government plan
by using the book and its
adhesive receipts.

panies of New York City on Sept. 30 made public the new
method of handling partial payment subscriptions to the
Fourth Liberty Loan.
Through the banking institutions
DEPARTMENT STORES TO GIVE PRIZES TO
of the city the association will sell $50 bonds to subscribers
EMPLOYEES WHO SELL BONDS.
who make an initial payment of $4 and $100 bonds to those
Several of the larger department stores, headed by James
who pay $8 down.
Subscribers will agree to continue weekly
McCreery and Son, Lord & Taylor's, and James A. Hearn
payments of $2 for $50 bonds and $4 for $100 bonds for a
& Sons, have worked out a plan by which prizes of Thrift
period of twenty-three weeks. A book of the same size and
stamps will be distributed among their salespeople and other
shape as that which has become familiar to purchasers of
Third Liberty Loan bonds on the installment plan, will be employees who sell Liberty bonds. Each of these stores has
used.
iDstead of a detachable coupon as before, an adhesive appropriated $1,250 which will be divided into 100 prizes,
the largest of which, $250 of War Savings stamps (maturity
receipt will be issued whenever a weekly payment is made.
One of these receipts must be attached to each white sheet value) will be given to the employee who does best in the
Fourth Liberty Loan.
The plan is so arranged that points
in the book.
The book and the contents will be bearer
will be awarded, on which basis the prizes will be given.
obligations, and in case of loss no duplicates can be issued. Each individual
subscription will bring five points, while
The book and its receipts, therefore, must be kept in a safe
one point will be scored for each $50 subscribed.
The stores
place until turned into a bank or the headquarters of the
hope to be able to encourage a policy by which employees
association in return for a bond.
The book will be on sales
will strive to sell bonds first, in preference to other wares.
at three hundred booths, at all the precinct headquarters
Other stores which will utilize the plan, though not offering
of the Metropolitan Canvass Committee and through 10,000
such large prizes are Best & Co., Bloomingdale Bros., and
authorized canvassers.
In addition to the banking insti¬
Koch & Co.
Still others are likely to adopt the plan. This
tutions that will sell the books and receive weekly payments,
action by the stores is in addition to this patriotic offer to
there will be more authorized agencies for this work than
turn over to the Loan Committee practically all of their
there were in the last campaign.
These agencies will be show window
space, for what is expected to be the greatest
found in all parts of the greater city.
display
of
Loan advertising that has ever been
Liberty
A letter sent to banking institutions by the association
seen, and to permit the placing of Liberty Loan booths in
explains the new system and also outlines the part the banks
the most prominent places in their buildings.
will play in the campaign.
The letter says in
'

part:

The books will be delivered to banks on consignment.
Each bank will
be charged with books delivered at the value of the initial payment, and
credited for cash received and for unissued books returned at the same value.
Books will be available for distribution on or before the opening day of

the campaign, Sept. 28 1918, and in order that the distribution may be
made promptly, you are asked kindly to furnish the following information:
Estimated total number of each kind of books required for the campaign,
based on your experience with the Third Loan.
Number of books desired in initial delivery estimated to meet your

requirements for the first four

or

five days.

The association also states in this letter that the work

required of the banks will be simple, being confined to a
report of the number of adhesive receipts received from' the
association, the balance on hand and the number issued,




LIBERTY LOAN PENNANTS FOR BUSINESS HOUSES.
The Industrial Honor Pennant of the Fourth Liberty Loan
will be displayed only by business houses or organizations
where 75% or more of the employees or members have sub¬
scribed to the Fourth Liberty Loan.
It is a development
from the Community Honor Flag. The business house or

organization winning a cardboard emblem for window dis¬
play, showing that 75% or more of its organization has sub¬
scribed, will be permitted to display at the end of the loan
campaign the Industrial Honor Pennant. The field of the
pennant is red, with a blue border and four blue stripes.

THE CHRONICLE

1333

Those entitled to display it can procure one through their
local liberty Loan Committee. Each pennant will bear
the percentage mark of the firm's final standing. J. H.
Burton of New York originated the pennant idea? Mr.
Burton planned the Honor Flag campaign. He is connected
with the Liberty Loan Committee of the Treasury Depart¬
ment in Washington.
He has trade-marked the pennant at
the Patent Office and has assigned all rights thereto to the

This was done so that it may
reproduced or used without permission from the
Liberty Loan Executive Committee of the Federal Reserve
districts. The Community Liberty Honor Flag, used in the
Fourth Loan, will be similar to that of the Third, with the
exception that it will bear four stripes instead of three. It
will be awarded to all communities exceeding their quota,
and a blue star will be given for each 50% oversubscription.
Secretary of the Treasury.
not be

APPEAL TO RAILROAD EMPLOYEES TO SUBSCRIBE
TO FOURTH LIBERTY LOAN.
An appeal to railroad employees to co-operate in securing
100% result oa every railroad in the matter of subscriptions
among officials and employees in the Fourth Liberty Loan
campaign was issued by Director-General of Railroads Mo*
Adoo under date of Sept. 18. With regard to payments by
railroad employees, Mr. MeAdoo states that payments on
subscriptions to the Fourth Liberty Loan may commence
with the moiith of January, 1919, when the subscriber is also
making payments on subscriptions to the Third Liberty
Loan; in cases where employees are not making payments on
subscriptions to Third Liberty Loan bonds, payments on
the Fourth Liberty Loan are to begin with the pay-roll for
the last half of October 1918. The following is Mr. MeAdoo’s
a

circular:
CIRCULAR NO. 56.
The
was

patriotic support of railway employees to the Third Liberty Loan
more than gratifying.
On some railroads practically every employee

became

a

subscriber for

one or more

of the^e bonds.

Now that the Fourth Liberty Loan is about to begin. I earnestly urge
all railroad officials and employees to co-operate in securing a *‘100 per cent”
result on every railroad.
1 believe that where the officials and employees
unite in a patriotic support the response will be even more gratifying than
that to the Third Liberty Loan.
1 realize that there are many instances where railroad employees are not
financially able to assume additional obligations. In such instances there
should be no criticism of the failure of an employee to subscribe to the
Fourth Liberty Loan.
1 believe, however, that when the urgency of the
need is presented to employees that few will fail in their financial support
of the Government.

«

My attention has been called to the fact that in the past loans many
employees have subscribed through their banks and through other agencies
than the railroads. No criticism should be made against employees for
subscribing to bonds in this way, but it is a matter of pride to the Railroad
Administration that the employees on each railroad shall receive the credit
for all subscriptions they make.
Government bonds are the safest investment in the world, and in making
such an investment railroad employees at the same time have an opportu¬
nity to help win the war and give needed support to our noble sons and
brothers who are risking and giving their lives upon the battlefields and
upon the seas.
I hope that 100% of the railroad employees will subscribe to the bonds
of the Fourth Liberty Loan.
I can think of nothing more inspiring than
the great body of railroad employees effectively banded together to wore
for the success of the Fourth Liberty Loan, and 1 urge upon each railroad
employee patriotically to do his share. In this way we can shorten the war,
save many lives, and bring a glorious victory to America and to democracic
principles everywhere.
W. G. McADOGv

Director-Ge^erai of Railroads.
FOURTH LIBERTY LOAN DETAILS.

,

The Fourth Liberty Loan campaign will begin on Sept. 28 and close Oct.
19, and in order to encourage employees to subscribe thereto, Federal Man¬
agers are authorized to take such amount of the bonds as may be necessary
to care for Such subscriptions, and current Federal funds may be used as far
as necessary in paying for such bonds.
Final details of the bonds have not yet been determined, but the law which
authorizes an additional issue of bonds provides that they shall be of the
Bame general character as the bonds of the Third Liberty Loan.
The rate
of interest will be 4)4 %, but the maturity of the bonds will be later determined by the Secretary of the Treasury, as will also the dates on which in¬
terest payments will be made.
The bonds will be issued in denominations
of $50, $100, $500, $1,000, and upwards, and may be obtained in either
registered or coupon form. Interest on registered bonds is paid by check
from the United States Treasury
and interest on coupon bonds
is represented by detachable coupons, collectible through any post office

Department,

or

bank.
Officers and

employees will be permitted to

in installments covering
a period of not exceeding eight months, provision being made so that such
installments may be paid by deduction on the pay-roll.
In connection with the Third Liberty Loan it was permitted that pay¬
ments on new subscriptions might begin at the expiration of the period cov¬
ering installment payments on subscriptions to the Second Liberty Loan,
in order to avoid making payment on both subscriptions at the same time.
For that reason payment to the Third Liberty Loan in many cases will
not be completed until June, 1919.
Since the last loan, however, employees
generally have received substantial increases in wages, and therefore it is
unnecessary to avoid the making of payments on two subscriptions at the
same

pay

time.

Payments on subscriptions to the Fourth Liberty Loan may, however,
when the subscriber is also making payments on subscriptions to the Third
Liberty Loan, commence with the month of January. 1919. the period of
eight months running therefrom. In cases where employees are not mak¬
ing payments on subscriptions to Third Liberty Loan bonds, payments
shall begin with the pay roll for the last half of October, 1918.




[Vol. 107.

Employees will be credited with interest on bonds during the period of in¬
stallment payments, and will be charged interest on deferred payment both
at 4 K %.
When the last installment payment is made the bond will be
delivered to the subscriber. Adjustment of interest will be made in the last
month's installment payment.
Coupon (covering interest which matures
during the period of installment payments) will be detached by the Federal
Treasurer and the interest collected.
Subscribers will, however, receive
proper proportionate credit on account of such coupons in the adjustment
of interest to be made in the last installment payment, as described above.
Should employees leave the service before completion of the payments,
the amount paid will be refunded without interest.
Employees may pay for bonds in full at the time of subscription; or, if
they subscribe on the installment plan, they may at any time pay up the
unpaid installments in full and receive the bonds.
Employees should not hesitate to place their subscription with the Fed¬
eral .Treasurer of the road on which they are employed, for fear that their
local district may not receive credit for subscriptions, for arrangements are
being made bo that the subscriptions of railroad employees will be reported
according to their homes and the local district will in each case receive cor¬
responding credit to apply toward its quota.
\
Instructions are being issued to Regional Directors relative to the forma¬
tion of committees, Ac., to organize and promote this work, with which
committee when appointed all railroad employees are urged to cooperate.
While bonds are being issued in both coupon and registered form, I ad¬
vise and urge that employees subscribe for registered bonds, which in case
of loss or destruction by fire will be replaced by the United States Treasury.

(3).

AGRICULTURAL

ADVISORY COMMITTEE'S RECOM¬
MEND A TIONS CONCERNING HOG AND CORN BRICES.

Recommendations concerning the prices of hogs

and com
by the Agricultural
Advisory Committee, were made public in the “JOfficial
Bulletin” of Sept. 28. The committee recommends that the
“average cost per bushel of com” for the purpose of deter¬
mining the price of hogs be considered as the average “farm
value of com” or the average selling price of com at local
railroad stations, as determined by the Department of Agri¬
culture, and that the general com figures be arrived at by
taking these averages and weighing them, according to
production over the eight leading hog and com producing
States for a period of five months preceding the month the
hogs are marketed or prior to the month for which directions
are given to the packers.
The committee further recom¬
mends that the price of hogs should be calculated on the
average of packers’ droves at Chicago.
The following is the
official announcement concerning the recommendations of

made to the U. S. Food Administration

the committee:
The following members of the subcommittee of the National Agricultural
Advisory Committee on Live Stock, to wit, Messrs. F. J. Hagenbarth,
Spencer, Idaho; H. C. Stuart, Elk Garden, Va.; Eugene Funk, Blooming¬
ton, Ill.; N. H. Gentry, Sedalia, Mo.; W. L. Brown, Kingman, Kans.;
Isaac Lincoln, Aberdeen, S. Dak.; John Grattan, Broomfield, Colo.; C. W.
Hunt, Logan, Iowa, and together with the following gentlemen, invited
by the Chairman, Mr. H. C. Stuart, to sit with them, Jto wit, Messrs.
J. H. Crockett, Wytheville, Va.; J. H. Mercer, State Hbuse, Topeka,
Kans.; W. H. Tomhave, State College, Pa.; J. G. Brown /Monon, Ind.;
J. C. Crawley, Lawson, Mo.; Prof. J. H. Skinner, La Fayette, Ind.; S. P.
Houston, Malta Bend, Mo.; A. Sykes, Ida Grove, Iowa, and Prof. John
Eward, Ames, Iowa, offer the following report:
The committee has been asked by the Agricultural Advisory Board to
meet in conference with the Food Administration in consideration of the
commercial methods to be pursued by the administration in the interpreta¬
tion of the policy outlined on Nov. 3 1917 with regard to the price of hogs,
which was as follows:
“The prices so far as we can effect them will not go below a minimum
of about $15 50 per hundredweight for the average of packer’s droves on
the Chicago market until further notice. ...
As to the hogs farrowed

spring (1918), we will try to stabilize the price so that the farmer can
on getting for each 100 pounds of hog ready for market 13 times the
Let there be no mis¬
average cost per bushel of com fed into the hogs.
understanding of this statement. It is not a guarantee backed by money.
It is not a promise by the packers.
It is a statement of the intention and
policy of the Food Administration which means to do justice to the farmer.”

net

count

The recommendations of the committee were:

(1) It is recognized that the Food Administration has no power to fix
price of hogs or com, and can only influence the hog price so far as the
volume of controlled orders for the army, navy, allies, and export trade
will absorb the surplus production.
If prices should go so high as to curtail
consumption at homeland abroad, then in this event the stablization of
prices during the next winter would be likely to fall, with disaster to the
producer. On the other hand, it must be recognized that the costs of
production are necessarily greatly increased, and that to maintain produc¬
the

tion fair returns must be assured to the farmer.
It is, therefore, in the fun¬
damental interest of the producer and consumer that both extreme high
and low prices should be guarded against.

(2) In order to effectually carry out the above policy of the Food Ad¬
ministration, it is recommended that in dealing with the packer in respect
to the co-ordinated purchase of pork products that directions should if

price basis in advance from month to month
hogs, upon which such orders will be based.
It is recommended by the committee that the “average cost per
bushel of com” for the purpose of determining the price of hogs be considered
as the average “farm value of com,” or the average selling price of com at
local railroad stations, as determined by the Department of Agriculture,
and that the general com figures be arrived at by taking these averages
and weighing them according to production over the eight leading hog
and com producing States for a period of five months preceding the month
the hogs are marketed, or prior to the month for which directions are given
to the packers.
The price of hogs should be calculated on the average of
packers' droves at Chicago.
(4) To illustrate: Based upon the prices of com figured on'the above
basis during the last five months, and a general survey of market and con¬
sumption conditions, it was agreed that a fair price interpretation of the
ratio for the month of October would be an average price, for the average
packers’ droves, of about $18 50 per hundred pounds at Chicago. It
n not be expected that the day-to-day market prices, with the fluctuating
w
of demand and supply, can be maintained at any fixed and definite

necessary include a definite
for the packers’ purchase of

Oct. 5 1918.]

THE CHRONICLE

figures, but that it should

be the aim to maintain about

an

average

the month.

dining

(5) The indication of war demands are that the supply of pork products
for the future should be kept up to the present level of production.
The producers have responded magnificently and are placing at the hands
•f the Government the hogs with which to carry over the allied and domestic
necessities for the next twelve months.
It is obvious that after peace the
world demand for pork products will be greatly increased over the present
5

large

demands. The Food Administration should endeavor during the
war to maintain prices for hogs that will be profitable to the
producer
and fair to the consumer, and to give this assurance to the producer,
the
committee recommends that the Food Administration should at once
announce its intention to maintain the minimum price
of not less than $15 50
war

continuously during the war. '
Special subcommittee: Eugene D. Funk, John M. Eward, John H.
Skinner, A. Sykes, N. H. Gentry.

It

1333

Public highway improvements and street pavements when
expressly
approved in writing by the United States Highway Council.
No building projects not falling within one of the foregoing classes shall
be undertaken without a permit in writing issued by
or under authority
of the Chief of the Non-War Construction Section of the Priorities Division
of the War Industries Board.
A local

representativeJ of the Council of
National Defense will report to the War Industries Board on each
proposed

project requiring permits.
While it is not the policy of the Government, says the War Industries
Board, to interfere unnecessarily with any legitimate business, industry,
or construction project, it must be borne in mind that
there is an imperative
and constantly increasing demand for labor, material and
capital for the
production and distribution of direct and indirect war needs, to satisfy which

much non-war construction must be deferred.
Manufacturers and dealers
may continue to supply materials for buildings or constructions started
and partly completed.

was stated yesterday that the
plan for stabilization
hog prices was discussed at a conference of the five big
packers and 40 smaller firms with the Food Administration PUBLISHERS OF FARM PAPERS REQ UIRED TO RED UCE
PRINT PAPER CONSUMPTION.
officials, the packers opposing the plan but agreeing to
support the administration by leaking an effort to maintain
A reduction of 15%, beginning Oct. 1, in the
consump¬
the minimum of $15 50 per 100 for average droves over the tion of
print paper by agricultural periodicals is called for
heavy packing season. This average, it is stated, is not under regulations for the conservation of print
paper
to include the usually excluded cripples,
boars, stags, little adopted by the War Industries Board. Concerning the
pigs and old sows. The packers agreed to maintain the regulations B. M. Baruch, Chairman of the
Board, says:
October price but to make it more-workable it
The Pulp and Paper Section of the War Industries Board, of which
was^aced Thomas E. Donnelley is chief, has agreed with a committee representing
on a basis of $18 average minimum
which is expected to the publishers
that the saving should come out of the industry as a whole
work out at the figure proposed by the producers of about and has
accepted recommendations to that end made by the committee.
Included in these recommendations are use of lighter body
$18 50.
'
paper, dis¬

of

**

ill.

RULING ON

PRICES OF

SOUTHERN

OR

YELLOW PINE LUMBER.

/

Thd^War Industries Board

on

Sept. 27 announced that

hearing of the manufacturers of Southern or yellow pine
lumber before the price-fixing committee of the War Indus¬
tries Board on Sept. 23, it was agreed that the
ruling of
June 14 1918, fixing maximum f. o. b. mill prices on Southern
or yellow pine lumber should remain in effect from
midnight
Sept. 23 to midnight Dec. 23 1918, inclusive. It was also
decided by the price-fixing committee and the representatives

at

a

of Government

departments that inclusive within these
dates, timber prices on the lumber schedule should apply to
all shipments to Government departments, including the
Emergency Fleet Corporation. It was decided by the price¬
fixing committee that the interpretation of the terms of sale
should be

as

follows:

The usual trade

practices shall continue, including 2% off for cash within
days from date of invoice, to be applied to United States Government
purchases as well as all others (except in special cases where former trade
practice has well-established net cash terms and except as to export ship¬
ments to foreign countries).
In transactions where purchasers do not
avail themselves of cash discounts, the terms shall be 60
days net from
date of invoice, and in such transactions the accounts may be converted
into trade acceptances which do not bear interest before
maturity.
As regards the requirement by the Railroad Administration that
shippers
shall bulkhead the ends of open freight cars, it was decided that an extra
charge for lumber and labor for constructing bulkheads may be made by
the shipper and invoiced to consignee, irrespective of whether
or not for
ten

Government

or

civilian

use.

Readjustment of Item Prices.
On the readjustment of item prices, it was decided that
the director of
lumber, in conference with the war service committee of the manufacturers,
should have discretion to make certain minor changes and corrections
i^
the item prices, which, however, should not affect the
average base price.
As to price concessions made by manufacturers to wholesale
distributors,
it was decided to incorporate in the present announcement a former state¬
ment, to wit:
That in cases where manufacturers make reductions from the maximum
prices to wholesale dealers, the reductions should be considered in the
nature of an allowance to cover the expense and
profit of sales by wholesale
dealers and should not be interpreted as
constituting a general reduction in
the market price of lumber to the trade.
F.

W.

TAUSSIG,
Acting Chairman, Price-Fixing Committee

REGULATION ALLOWING NEW FARM CONSTRUC¬
TION WHEN COST DOES NOT EXCEED $1,000.
B. M. Baruch, Chairman of the War Industries Board,

regulation controlling non-war construction
for the period of the war, adopted by the War Industries
Board, which authorizes new constructions for farm purposes
without permit where the aggregate cost involved does not
exceed $1,000.
Mr. Baruch’s statement says:
announces a new

The exceptions from the general regulation laid down by the priorities
division of the War Industries Board that all non-war construction shall
be done on special permit, include:

Structures, roads and other construction projects falling within the
following classifications: Undertakings, cleared and approved by the War
Industries Board, directly by or under contract with the War Department
or the Navy Department. Shipping Board,
Emergency Fleet Corporation,
the Bureau of Industrial Housing and Transportation of the Department
of Labor, or the United States Housing Corporation.
Repairs of or extensions to existing buildings involving in the aggregate
a cost not exceednig $2,500, and new construction for farm
purposes in¬
volving in the aggregate a cost not exceeding $1,000.
Roadways, buildings and other structures undertaken by or under con¬
tract with the Railroad Administration or a railroad operated by such
administration.
Those directly connected with mines producing coal, metals and ferro¬
alloy minerals.




continuance of subscriptions in arrears, free exchanges to be cut off and
free copies to advertisers and advertising agencies to be
restricted, aban¬
donment of sales at nominal or exceedingly low price, of prize contests for

subscriptions and special or holiday numbers, except such as have been
regularly issued in the past.
Establishment of new papers during the war is prohibited unless the
necessity for them can be shown, and combinations of two or more agri¬
culture periodicals must be reported to the Pulp and Paper Section for a
ruling as to paper tonnage that will be allowed.

The

following is the text of the regulations:

To Publishers

of Agricultural Periodicals.

The Priorities Board of the War Industries Board has listed paper mills
as an essential industry, and has rated them in fourth
class for

coal,

priority for

on

the use

the distinct understanding that the greatest possible economy ig
of paper be exercised, and that the reduction in the use of
paper

by the agricultural periodicals shall be 15%.
Each paper mill will be put upon the priority list for coal, conditional
upon their signing a pledge that they will furnish no paper to any con¬
sumer who will not also sign a pledge in
duplicate that he will exercise the
greatest possible economy in the use of paper, and will observe all rules
and regulations of the conservation division and of the
Pulp and Paper

Section of the War Industries Board.
The war committee of agricultural periodical publishers feels that the
necessary saving of 15% should come out of the industry as a whole, and
in order to accomplish this purpose made the following
recommendations,
which have been accepted by the Pulp and Paper Section of the War In¬

dustries Board and are to be effective Oct. 1 1918.
Should, on Nov. 2,
it be apparent that these regulations do not accomplish the desired reduc¬
tions, further consideration will be given to the question at that time.
The period upon which the combined tonnage of all agricultural periodi¬
cals will be figured is the year July 1 1917, to June 30 1918.
Any periodical

publications combined between the dates of July 1 1917, and Aug. 31 1918,
shall take as the annual tonnage of the combined publication the average
monthly consumption prior to Aug. 31, multiplied by twelve.
The individual publisher will fulfill the present demands of the Pulp
and Paper Section of the War Industries Board if he follows the regulations
printed below and makes the reports promptly as from time to time re¬
quired by this section.

Wasteful Practices to Be Eliminated•
1. No publisher shall use for body stock paper heavier than supercalen-

dered, 25 by 38 inches, 50 pounds; machine finish, 25 by 38 inches. 45
pounds; newsprint, 24 by 3®4n«fies, 36 pounds. For cover stock no paper
heavier than has been used during the past year.
All stock on hand may
be used regardless of weight.
2. Discontinue all subscriptions in arrears as follows:
After Oct. 2, all

subscriptions in

six months; after Nov. 2, all subscriptions in
subscriptions in arrears over four
months; and after Jan. 2 and thereafter, all subscriptions in arrears over
arrears over

arrears over

five months; after Dec. 2, all

three months.
3. No publisher may give free copies of his periodical except for actual
service rendered, except to camp libraries and huts or canteens of organiza¬
tions recognized by the Government, such as the Red Cross, Y. M. C. A.,

Knights of Columbus; except to the Library of Congress and other

or

libraries which will agree to bind for permanent keeping; except for Gov¬
ernment departmental libraries which use said publications in their work;

and except to agricultural institutions, experimental stations, employees
of national and State departments of agriculture, and then only when said

publications

are for public service.
4. Discontinue free copies to advertisers Or

one

copy

for checking

advertising agencies except

purposes.

Stop to All Exchanges.
5. Discontinue all free exchanges.
6. Discontinue printing or circulating free copies except for the above
purposes and except for advertising or subscription purposes.
The total
number of free copies for all purposes shall not exceed the quantity so used
during the past year, and under no circumstances shall exceed more than

5% of the paid-up circulation.
(The paid-up circulation includes only
subscriptions that are not in arrears at all.)
7. Discontinue selling publications at an exceedingly low or nominal rate.
8. Discontinue selling publications to anyone below the subscription
price except in subscription clubs or when clubbed with other publications,
when in either case the price shall not be less than 75% of the regular price.
9. Discontinue selling premiums with subscriptions for periodicals unless
a price is put upon the premium for sale separately and the combined price
is at least the full price of the premium and 75% of the published subscrip¬
tion price of the periodical.
10. No new prize contests for subscriptions shall be started hereafter.
11. Discontinue issuing holiday and other special numbers except as
have been regularly issued in the past.
cash sales and

,

Additional

a

[Vol. 107

THE CHRONICLE

1334
Regulations.

Discontinue selling advertising with a guaranty of circulation requiring
rebate if circulation falls below the guaranteed amount.
Because of the absolute necessity of curtailing the use of paper no new

publications may be established during the period of the war
be shown that such publication is an absolute necessity.

Mr. Donnelley, Chief of the
War Industries Board, says:

unless it can

Pulp and Paper Section of the

Any contemplated combination of two or more

agricultural publications

after Aug. 31 1918 must be referred to the Pulp and Paper Section of the
War Industries Board for a ruling as to the tonnage that will be allowed.
Publishers shall as far as possible procure paper and all their materials
from the nearest available source of supply, provided it is consistent with
the price, quality and service.
,
A sworn statement will be required each month, giving
culation figures.
Blanks will be sent from this office.

last year. This
Anthracite mines

is

an

increase of approximately 16H%.

2,030,000 tons
week, as compared with 1,909,000 tons in the same
period last year. This is an increase of approximately
6 1-3%. In the preparation of the working basis for carry¬
ing to success the weekly quota plan, it is asked that mini¬
mum-production figures be set for the various mining dis¬
tricts, and the district managers have been requested by
James B. Neale, production director, to apportion, in con¬
sultation with their local mine committees, the share of each
mine in supplying the required tonnage of coal each week.
are

called upon to produce

per

tonnage and cir¬

Mr.

Garfield’s message says:

To all persons engaged in

the mining of coal:

growing requirements of the nation’s military program and the
essential domestic demands for the coming winter can be met only by a
large increase in the average weekly production of coal during the next
six months, as compared with the coal mined during the corresponding
period of a year ago.
Both the bituminous tonnage between now and March 31 next must
average 12,234,000 tons per week, and the anthracite tonnage 2,030,000
tons per week.
During the same period lad; year the weekly production
of bituminous was 10,503,000 tons and of anthracite 1,909,000 tons.
I recognize, as you know, that through your patriotic efforts the pro¬
duction of coal during the past three months has far exceeded our earlier
expectations.
The practical response you have made to the urgent appeals of our pro¬
duction director, Mr. James B. Neale, has been particularly gratifying
because the number of miners and the facilities available have naturally
been restricted by other war activities.
Under the circumstances, your increase to date has been splendid, but
the figures now show that, if all necessary demands are to be met, the
time has come when there must be a further intensification of effort on the
part of all of us.
In fact, I believe that the time has come for a definite
The

STORES REQUESTED TO DISCONTINUE
UNNECESSARY WRAPPING OF MERCHANDISE.

RETAIL

retail store to discontinue the
wrapping of merchandise and to reduce its
consumption of wrapping paper, bags, paper boxes, office
stationery, &c., was issued as follows on Sept. 26 by the
An order directing every

unnecessary

War Industries Board:
Paper conservation is essential as a war measure. Every retail store is,
therefore, directed to discontinue the unnecessary wrapping of merchandise,
and to reduce its consumption of wrapping paper, bags, paper boxes, office
stationery, &c., to that which is absolutely necessary.
The officials of the War Industries Board feel confident that the public
will co-operate with the stores in making this order effective.
Economy in
the use of paper will release chemicals, fuel, cars and men—all necessary
to win the war—and will also enable the Government to secure its require¬

which are increasing rapidly.
The necessity for this order became apparent this week when it was
realized that the Government would soon be obliged to divert to the am¬
ments of paper,

a large quantity of chemical pulp formerly used in
making wrapping, tissue, book and other Btrong papers. The increasing
production of anvmunH'on and the short cotton crop make this necessary.
The administn.' ju of this order has been placed in the hands of the

munition manufacturers

section and Dr. E. O. Merchant, in charge of the economy
has prepared a set of instructions for retail merchants and de¬
placard, which will be of assistance to them in complying with the

pulp and

paper

program,

signed

a

Government’s order.

v

,

allotment of individual

responsibility.

If each one of us will get under the

load, voluntarily carrying his portion of it, there will be no difficulty in
reaching our goal.
The mines are an essential part of the nation’s battle line.
It is only by
attaining our objectives at the mines that we can attain completely our
objectives elsewhere.
I have therefore requested the Director of Produc¬
tion, in consultation with the district managers, production committees,
miners, and operators, to figure out and establish weekly production
quotas for each individual mine quota which, added together, will give us
1

all the coal needed this winter.

be assured only by the definite pledging of each miner
equitable portion of his mine’s allotment. It will greatly
hearten our forces abroad to learn that every miner has volunteered to
carry out his part in this definite program and has personally assumed
responsibility for a weekly coal production representing his proper individual
contribution toward the winning of the war.
These quotas can

to assume his

PROPOSED LEGISLA TION LIMITING TIME FOR BRING¬
ING WAR CLAIMS AGAINST UNITED STATES.

According to the “Official Bulletin” of Sept. 26 a limita¬
tion of time for the bringing of certain suits against the
United States for property taken for war purposes has been
recommended to Congress by the Secretary of War, with a
dr^ft of a bill for that purpose.
the “Bulletin”:

We quote

Several of the emergency acts provide that in case
to the value of

as

follows from

of disagreement as

property taken the Government shall pay a certain per¬

centage of the estimated value and that the owner may sue the United
States for Buch sum as 8hall represent the difference between the amount
thus paid and the reasonable value of the property.
The Secretary points out that some of these claimants who are now
reluctant to press their claims in the court, owing to the fact that they would
be open to criticism as exorbitant, would have no such feeling at the end
of the war.
Another reason stated is that such suits ought to be brought
while the Government is able to secure necessary witnesses who are now

temporarily in Government service but will scatter at the end of the war.
Four months from notice of the amount awarded is the time limited in the

proposed bill for the bringing of suit.
It was ascertained to-day from Assistant Attorney-General Huston
Thompson, in charge of the defense of suits against the United States,
that the docket of the Court of Claims is in such condition that prompt
action may be had by plaintiffs.
Although there are many cases pending,
there are none in which the plaintiff must await action by the Government.
This is

a

realization of

a

condition for which the court and the Government

REPORTS OF ISSUANCE OF ORDER DENYING USE OF
OF COAL FOR DOMESTIC HEATING DENIED.
In denying reports of the issuance of an order prohibiting
the use of coal for domestic heating before Nov. 1, U. S.
Fuel Administrator Garfield, in a statement issued on Sept.

27, said:
Neither the United States Fuel Administrator nor the Federal Fuel
Administrator for New York has issued any order that coal be not used
for domestic heating before Nov. 1.
We are advised that a letter has been
sent out over the name of the National Retail Coal Merchants’ Association

asking consumers to refrain from using coal in furnaces or stoves at

speaks the co-operation of the public, it does not insist upon unreasonable re¬
quirements or that its request for conservation be complied with when
compliance would be unreasonable or would result in sickness or injury
to health.

KEROSENE OIL

PRODUCERS URGED

attorneys have been making special effort.
The Civil War cases have been finished within the last few years.

Two
cleared of the last of the French spoliation claims.
In the present year the last of the Indian depredations cases was disposed
of.
With the passing of these various historical classes of cases the way is
clear for prompt action upon current matters.

least

until Nov. 1.
It is recognized that during the coming winter every reasonable effort
must be made to conserve fuel if the available supply is to meet the necessary
needs.
While the Fuel Administration strongly urges conservation and be¬

TO INCREASE

OUTPUT.

of increasing the production of kerosene
possible is pointed out by M. L. Requa,
Director of the Oil Division of the U. S. Fuel Administration,
in a letter addressed to all refineries throughout the country
with a view to forestalling an impending shortage.
The
FUEL ADMINISTRATOR GARFIELD CALLS FOR IN¬
made
letter
public Sept. 27 says:
CREASED OUTPUT OF COAL.

years ago

the docket

An appeal has been made upon operators and miners for
an increased output of coal for the next six months by U. S.
Fuel Administrator Garfield. Mr. Garfield directs atten¬
tion to the enlarged requirements of the country, due to the

necessity of meeting the needs of domestic consumers and
keeping pace with the constantly enlarging fuel demands
due to the expanding military program. The maintenance
of an established set of weekly quotas from now until March
31 is called for by the Fuel Administrator.
Each mine being
asked to produce its equitable share of the weekly quota.
This share is based on present conditions and previous
results at that particular mine. Each miner will be expected
to mine his proper proportion of his mine’s quota.
It is
stated that the necessity for an enlarged supply is particu¬
larly pressing in the bituminous fields. The output re¬
quired of the soft coal mines between now and March 31
next is 12,234,000 tons per week, as compared with a pro¬
duction of 10,503,000 tone per week for the same period of




The necessity

was

to the fullest extent

I am convinced it is absolutely necessary that the kerosene production
of the country should be materially increased.
Statistically, kerosene is
in a more unsatisfactory position than gasoline or fuel oil.
We have not
heretofore felt the acuteness of this situation because of the summer season

through which we have just passed. Now, however, we are approaching
the season of maximum kerosene consumption and unless steps are taken
Immediately to provide increased supply we shall undoubtedly this winter
face a shortage much more acute than we have as yet experienced in any
of the

petroleum products.

The statistics now in hand of your

subcommittee show dearly the de¬

in the percentage output of kerosene
The situation as a whole shows decrease in
crease

by practically all refineries.

barrels produced and a very

large increase in domestic consumption which fortunately has been offset
by decrease in exports due to lack of tonnage for overseas movement. This
export movement is now increasing, and the winter will soon be upon us.
I request, therefore, that you communicate with each refinery, forwarding
them a copy of this letter, and urge upon them the absolute necessity of
Increasing their kerosene production to the fullest extent possible, at least
to a percentage amount equal to that of last year.
Will you please act upon this promptly, and forward me a detailed report
as

to the

replies you receive?
Yours very

truly,
M. L.

REQUA,

General Director, OH Division,

United States Fuel

Administration.

Oct. 5 1918.]
OIL

AND

THE CHRONICLE

GASOLINE SITUATION
DIRECTOR REQUA.

OUTLINED

BY

Before

a public meeting at Copper Union, New York
Sept. 28, held under the auspices of the United
States Fuel Administration, M. L. Requa, Director of the
Oil Division, presented some interesting facts as to the
shortage of gasoline. His plea was for as great a conservaion and lack of waste of gasoline as possible: He said:

City,

on

We will need this year, to meet only a normal Increase In consumption,
25,000,000 barrels of crude oil, more than we used last year.
We used only 16,000,000 barrels in 1897.
This grew to 166,000,000 barrels
in 1907 and to 340,000,000 barrels in 1917.
If we are to meet this normal
rate of growth we must have not less than 365,000,000 barrels in 1918.
This is 66% of the total production of the wo^ld, and yet it is not
not less than

enough.

According to a statement of the Fuel Administration,
Mr. Requa spoke of the difficulties-transportation and
said that, although the pipe lines bringing oil from Oklahoma
had been largely increased, no more oil could be carried than
was

carried at present, unless new pipe lines were built.

Speaking

more

directly of gasoline, he said:

In the first half of 1918 our

gasoline production has increased more than
consumption has more th«.n kept pace with this.
Our stocks of kerosene are 2,000,000 barrels less than on the first of this
year, and our stocks of crude oil are 12,000,000 barrels less.
All demands for exports will continue to be met from the
350,000,000
barrels of crude oil, the 80,000,000 barrels of gasolene, the 40,000,000
barrels of kerosene, and the 170,000,000 barrels of fuel oil, that will probably
be produced this year.
8,000,000 barrels, but

our

With regard to what has been accomplished

through the

“gasolineless Sunday” he said:
“Gasolineless Sunday” is a magnificent success, in that it has made it
possible to load for France 10 cargo boats of gasoline, of 50,000 barrels
each, which otherwise could not have been shipped—and that has been
done by voluntary effort of a free people on the mere request of the Fue.
Administration.

SUSPENSION OF AUTOMOBILE AND MOTOR RACES
DURING WAR REQUESTED.
A request that all automobile, motorcycle, and motorboat racing and speed contests be suspended for the period
of the war is made by United States Fuel Administrator

Garfield.

A statement in the matter made

public Sept. 27

says:
The request comes as a result of the growing need for the conservation
of gasoline and because of the demand for skilled automobile drivers and
mechanics for war service. A strict compliance with the request is earnestly
desired.
The American Automobile Association is co-operating in the movement
and has assured the Fuel Administration that It Is prepared to observe
the request. Chairman Richard Kennerdell of the Association’s Contest

Board, reports that he has practically suspended operations and will issue
sactions for race meets or speed contests.
Sanctions have been previously given, however, for races to be held at
Trenton, N. J., Danbury, Conn., Tucson and Phoenix. Ariz., and at
Los Angeles, Cal., within the next 2 months, but it is expected that the
promoters of these contests will call the events off in order to comply with
no more

the wishes of the Fuel Administration.
Besides the saving of gasoline the cessation of race meets will serve to
supply expert operators and mechanics for service in the army transport
and aeronautic branches of the army.

1335

possible, and therefore these who so desire maty donate platinum to the
collection agency established by tile Red Gross or sell to the Government
at the fixed price of $105 per ounce, troy, either course
being recognised
as patriotic, and
supplies from this source will be of distinct help to the
Government.
Through these channels the platinum section hopes to incretee its reserve
stock by the addition of platinum scrap and platinum
jewelry of little in¬
trinsic or sentimental value.
But the Government’s need for platinum at
this time is not so pressing as to call for or
justify the sacrifice of platinum
heirlooms or modern platimnn jewelry and ornaments, or of the manu¬
factured platinum jewelry stocks now in the tends of jewelers.
The latter
may sell their stocks freely without subjecting themselves to the suspicion
of unpatriotic action.
The War Industries Board announces that it will be its
policy to disturb
little as possible, consistent with the administration of the license System
and the objects to be accomplished, the trades, industries, institutions and
as

affected by the regulations. The *wo main purposes to be effected
a complete survey of the supplies of platinum,
irridium and palladium of the country through inventories of these metals,
which must be furnished with applications for licenses; and
(2) to assist
the Government in developing an adequate supply of these metals
necessary
for war purposes and other essential uses.
The regulations prohibit the use 6f platinum or platinum'scrap, palla¬
dium or palladium scrap, irridium or irridium scrap, and
compounds, in
the further manufacture, alteration or repair of any ornament or article
of Jew dry; and the manufacture for tee in dentistry or any metal dr metal
parts, or alloys containing more than 20% by weight of platinum or 40%
by weight of platinum, irridium or palladium combined, or supplies
persons
are:

(1) The securing of

therefrom.
The license is broadly framed to cover every miner of, dealer in and
manufacturer of platinum, irridium and palladium and their compounds;
all chemical laboratories and manufacturing Industries whofce products
contain one or all of these metals or their compounds.

Authority for the action taken is found in the explosives Act 6f July 1
1918 authorizing the Director of th£ Bureau of Mined, under rules and
regulations approved by the Secretary of the Interior, to limit the sale,
possession and use of platinum, irridium and palladium and compounds
thereof.
The Secretary of the Interior and the Director of the Bureau
of Mines have authorized the platinum section of the War Industries Board
as the agency to carry out the rules and
regulations governing the use of
xhese metals, which were prepared by a committee consisting of Hennen
Jennings and C. L. Parsons, of the Bureau of Mines; C. H. Conner, Chief
of the platinum section of the War Industries Board; J. M. Hill, of the
United States Geological Survey; and W. F. Hildebrand, of the United
States Bureau of Standards.

Explaining the uses of platinum, Mr. Conner says:
“Few people realize the importance of nlatfnum in the War program.
Platinum is one of the agencies employed nn very large quantities m the

{reduction of sulphuric and nitric arid, necessary ingredients of explosives,

t Is also used in the manufacture of scientific and surgical
Instruments,
such as cautery tips, hypodermic needles, Ac.; electrical
measuring Instru¬
ments; X-ray tubes; fuses for firing the charges in guns of large caliber;
contacts for telephone, telegraph and wireless systems;
thermocouples for
the regulation or furnaces in the heat treating of shells, guns, Ae.; and

winding electric furnaces. Iridio-platinum contact points are absolutely
essentia] for magnetos operating aeroplane engines; also for the successful
operation of trucks, tractors and tanks on the battlefield. Chemical
laboratories are dependent on platinum In making
analyses and in further¬
ing scientific development. The dental Industry, which vitally affects
the public health, requires
a large amount of platinum and palladium.
“Russia has been the principal source of supply in the past.
The chaotic
conditions there have practically cut off that source.
It therefore becomes
necessary to develop an internal source of supply.
Large quantities of
platinum have been brought into the country fin the past and have found
their way into trades, industries, chemical laboratories, Ac.
It is from
these sources that the Government must largely depend for its require¬
ments In the future.”

WAR INDUSTRIES CAMPAIGN TO EFFECT
CONSERVATION OF TIN.

With regard to campaigns proposed by the War Industries
Board to effect the conservation of tin

by reductions in
alloys and substitution of other material and mineral, B. M. *
Baruch, Chairman of the Board, says:
SALES OF UNMANUFACTURED PLATINUM EXCEPT
UNDER

LICENSE PROHIBITED—GOVERNMENT
RESTRICTIONS.

In announcing that definite action has been taken by
B. M. Baruch, Chairman of the War Industries Board, with
reference to the control of platinum and to clear away the
confusion existing throughout $he country with respect to
the Government’s need of supplies of this metal and plans
for its conservation and the procurement of reserve* stocks,
the War Board has issued a statement saying:
On and after Oct. 1 the use of platinum, irridium and palladium will be
restricted to war purposes and the essential uses, such as in dentistry and
the sciences, and its use will not be permitted in the arts.
Palladium is
used extensively by dentists as an alternative for platinum and irridium is
used in the hardening of platinum.
Manufacturers and dealers in platinum, irridium and palladium, and

compounds thereof, are to be licensed by the platinum section of the War
Industries Board.
Without such a license no person, other than an auth¬
orized agent of the United States, may purchase, sell or deal in these metals
or possess for more than 90 days after Oct. 1 one ounce troy or more of
unmanufactured platinum, irridium or palladium, or compounds of these
metals.
Platinum jewelry not worn by the owner, or platinum jewelry in the
stores and not sold are not brought within the license regulations.
Such

jewelry is not affected by the Government’s action. The platinum sec¬
tion of the War Industries Board leaves open to jewelers the opportunity
to sell their present stocks of made-up platinum jewelry.
But after Oct. 1
there will be no sales by the metal manufacturers of unmanufactured plati¬
num, Irridium and palladium, and their compounds, except under license,
nd, as a consequence, no manufacture of platinum jewelry.
Last February the platinum section took control of 75% of the unmanu¬
factured platinum in the hands of the manufacturers and has since been
administering the distribution of this proportion of the stock to war pur¬
poses.
The remaining 25% of unmanufactured platinum was left to the
manufacturers to fill civilian orders and supply general trade.
Under the
proposed license system the entire stock of unmanufactured platinum,
irridium, palladium and their compounds is taken over.
While the restrictions now being put in force are expected to build up a
serve, the scarcity of the metals requires the reserve to be as large as




Centralizing efforts for the conservation of tin

as a

prime war essential,

the War Industries Board has campaigns on throughout its subdivisions for
reductions in alloys and suostltutlons of other material and mineral tor tin
wherever such Is possible.
The pulp and paper section has undertaken Its part of this campaign
along two lines—saving of pulp and paper by reduction of supplies to lesser
essential Industries, and encouragement of the greater use of pulp and paper
In the manufacture of cardboard substitutes for containers heretofore
made from tin plate.
It is hoped to have the results of these lines of en¬
deavor balance each other, with the effect of making better provision tor
the soldiers fighting the war, and of protecting and preserving the many
industries dependent on the use of containers to carry products to civilian
consumers.

In their efforts the officials of the pulp and paper section are meeting
with gratifying success through the single plan of bringing together the
users of containers and the makers of paper and cardboard boxes tor con¬
sultation as to the needs of the former. In the character of container re¬

quired, and the ability of the latter to supply such a container from their
material.
Whys and methods of substitution are progressing rapidly.
Complete reports covering all details of their business have been re¬
quested by the Pulp and Paper Section from set-up box manufacturers,
folding-box manufacturers and manufacturers of medical, drug and chemical
boxes, fiber container manufacturers, corrugated container manufacturers,
manufacturers of fiber cans, manufacturers of egg cartons, fiber specialists,
private or consumer plants, and consumers of cardboard not otherwise
classified.
The purpose Is to gain accurate knowledge of the uses to which
the cardboard is put by the box manufacturers.
Board mills are called on also to report complete statistics for the current
and previous month of tonnage shipped and percentage of total tonnage bn
file under this classification:
Bg
Class 1.—Board or board fabricated into containers, boxes, or other

products for shipment to the War and Navy Departments, the Emergency
Fleet Corporation, or the equivalent of Allied Governments.
Class 2.—Board or board fabricated Into containers, boxes, and other
products for shipment to other branches of the United States Government,
Liberty Loan committees, War-Savings Stamp committees, and for war
work of the Red Cross, Y. M. O. A., Knights of Columbus, the Salvation
Army, and other Institutions recognized by the Government in connection
with overseas or other war work.
Class 3.—Board or board fabricated Into containers,

boxes,

or

other

products used for the operation of or transportation of materials required
by railroads, merchant marine, public service companies, coal or other

Vs

mines, oil wells and refineries producing material required
surgical instruments, medical,drug and chemical, foodstuff,
seed concerns.
Class 4.—Board or board fabricated into containers,

for war work,
feed and food

boxes or other

products used in the manufacture and transportation of commodities re¬
quired for the winning of the war or for the public welfare during the war,
such as soaps, laundry supplies, necessary wearing apparel, &c.
fc Class 5.—Board or board fabricated into containers, boxes or other
products required for all other purposes.
Priorities certificates will be issued to the board mills based on these
classifications in the order given as measuring essentiality and shortage
which determines preference treatment by the Priorities Division of the
War Industries Board.
Each mill will report also whether all freight cars leaving its plant have
been loaded to utmost capacity consistent with good delivery; whether
the board machines are supplemented with standard save-all systems kept
in reasonably good condition, and what conservation has been effected
in fuel, labor and raw materials.
These reports are to be made monthly
under the ruling of the Priorities Division placing board mills provisionally
on the preference list for coal and supplies.

CONSERVATION PROGRAM FOR BICYCLE
4
MANUFACTURERS.
In

announcing a conservation program to be put in force
by bicycle manufacturers on Oct. 1, B. M. Baruch, Chair¬
man

of the War Industries

Board, said:

The Conservation Division of the War Industries Board, after con¬
ferences with the manufacturers, has outlined a conservation program for
the bicycle industry to go into effect Oct. 1.
This will result in the saving

during the next year of 2,500 tons of steel, one-third of the quantity used
by the industry in the last 12 months. Additional savings will be made
in other essential materials, production will be simplified, and large amounts
of capital now tied up in manufacturers’ and dealers’ stocks will be released.
These results

[Voi.. 107

THE CHRONICLE

1336

are

to be secured

through^ substantial reduction in the

number of types and models of bicycles and saddles, handle bars, rims,

tires, sprockets, pedals, &c.
The manufacturers are to discontinue, whereever possible, the use of metal, rubber, and leather for all purposes.
The
production of racing and juvenile models is to be discontinued. Drop-side
steel guards, metal stands, metal tanks, and tool boxes are no longer to be
made and tool bags and tools are not to be supplied by the bicycle manu¬
facturers.
There will be no more rubber grips and nickel finish on frames
or forks during the war.
These plans for conservation are very similar
to those that the division has put into effect in many other industries in
order to facilitate the war program.
The manufacturers of bicycles may continue to use partly fabricated

materials, &c., until present stocks are exhausted, providing that no bicycles
are made or equipment used later than Dec. 31 1918 for the manufacture
of models or equipment which are to be dropped in accordance with the
program now announced.
Following is the program in full:
SCHEDULE FOR BICYCLE MANUFACTURERS

Bicycles.
1. The manufacture of racing models, including the so-called light
roadster models of %-inch tubing, to be discontinued.
2. The manufacture of juvenile models to be discontinued.
3. Each manufacturer to reduce his line of bicycles to the following:
Two single bar men’s models '^itheither straight or bend top tube, in two

15. Each manufacturer to confine his line of sprockets to the following:
Front, 26 by 3-16—1 inch pitch; rear hub coaster brake, 8, 9, or 10 tooth,
3-16 inch width—1 ^8-inch chain line—1-inch pitch.
16. Each manufacturer to confine his use of chains to not more than
two qualities block chains—3-16 inch wide—1-inch pitch.

SULPHURIC AND NITRIC ACID MAXIMUM PRICES
IN EFFECT TO DEC. 30.

Price-Fixing Committee of the War Industries Board
that, subject to the President’s approval, the
following maximum prices were agreed upon at a meeting
between the manufacturers of sulphuric and nitric acid and
the Price-Fixing Committee, held on Sept. 26, these prices
taking effect Sept. 30 1918 and expiring Dec. 30 1918:
The

announces

Sulphuric acid, 60 deg. Baume, $16 per ton of 2,000 pounds; sulphuric
acid, 66 deg. Baume, $25 per ton of 2,000 pounds; sulphuric acid, 20%
oleum, $28 per ton of 2,000 pounds, f. o. b. at manufacturers’ works in
sellers’ tank cars.
All strengths less than 66 deg. Baume
for 60 deg. Baume.

strengths above 66 deg. Baume (93.2% H2S04) shall be calculated
price for 66 deg. Baume.
In carboys, in carload lots, one-half cent per pound extra.
In carboys, in less than carload lots, three-fourths cent per pound extra.
In drums, any quantity, one-fourth per cent per pound extra.
Nitric acid, 42 deg. Baume, 8cents per pound, f. o. b. manufac¬
turers’ works in carboys.
In carboys in less-than-carload lots, one-fourth cent per pound extra.
There shall be no additional mixing charge for mixed acids, same being
figured on the acidity content.
All

from the

THE SHIPPING SITUATION AFTER FOUR

shipping situation was summarized in a state¬
by the United States Shipping Board on Sept. 21,
which revealed that after four years of warfare the net ton¬
nage losses (Allied and neutral) from submarines and marine
hazaids aggregated only 3,362,088 deadweight tons. Total
lossr were 21,404,913 tons; total construction, 14,247,825
ton
excess of destruction over construction, 7,157,088 tons;
enemy vessels seized totaled 3,795,000 tons; leaving, as
stated, a net loss to Allied and neutral nations of 3,362,088
tons.
In peace times, however, there is a normal yearly
increase in the world’s total tonnage; with this increase
(estimated for the four year period at 14,700,000 tons)
taken into account, the world’s tonnage to-day shows a net
deficit due to the war of 18,062,088 tons, a sufficiently im¬
pressive figure, in spite of the encouraging improvement,
both in new construction and in combating the submarine
The world’s

ment issued

,

menace.

discontinued.
7. The manufacture of metal tanks or tool boxes to be discontinued.
Manufacturers to discontinue supplying tool bags and tools.
8. Each manufacturer to restrict his line of colors or finishes to not more
than six.
Nickel finish on frames or forks to be discontinued.

Other construction over 1,000 gross

Bicycle Equipment.
use

of handlebars to the following

types: Regular forward extension, regular straight adjustable stems. Tops
may be supplied in either of the following styles: 22-inch wide, 6-inch
drop, no forward bend, or 20-inch wide, 3J^-inch drop, 2>2-inch forward
bend.
10. The use of rubber grips to be discontinued.
The use of grips con¬
sisting in part of nickel, aluminium, or having other metal ferrule to be
discontinued.
Wooden-core leather-wound grips without metal ferrules
may be continued.
11. Each manufacturer to confine his use of pedals to the following:
One type men’s pedal, rubber; one type men’s pedal, rat trap; one type
ladles’ pedal, rubber.
Styles in Saddles.

12. Each manufacturer to confine his use of saddles to the following:
One full-size men’s saddle, padded top with truss spring, tilting clamp;
one medium-size men’s saddle, padded top with truss spring, standard

clamp; one ladies’ saddle, padded top with truss spring, writh two small
spirals, standard clamp. The tree or base of all the above to be made of
wood.
The use of steel for this purpose to be discontinued.
The use of
the so-called all-spring saddles to be eliminated.
13. Each manufacturer to confine his use of rims to the following: One
clincher type, 28 by 1 9-16; one single-tube type, 28 by 1 7-16; both types
to be drilled 36 holes for spokes.
Rims to be supplied only in the following
finishes: Full enamel black, double fine line gold stripes; enamel black base
with red centre, edge with fine line gold stripe; aluminium with double
fine line black stripe; enameled olive-drab with double fine line black
stripes. Front and rear hubs to be drilled 36 holes for spokes.
The Use

of Tires.

14. Each manufacturer to confine his use of tires to the following:
One clincher type in two sizes, either 28 by ty* or 28 by 1%; one single¬
tube type, 28 by 1or 28 by 1 Y%.
Manufacturers may use the different

markings, treads, &c., which are provided by the rubber tire manufacturers
In accordance with their conservation schedule.




YEARS OF

WAR.

sizes, 20 and 22 inch frames only; one ladies’ model—20-inch frames only;
one heavy service model with one extra bar only; each manufacturer to
adopt one type of the latter in one size and frame only—20 inches. This
type to be either motorcycle construction, arch bar, double bar, or such
other reinforced or heavy service construction as may be selected; each
manufacturer to announce the type adopted which in design and construc¬
tion consumes the least practicable amount of steel.
4. The use of the truss-type fork to be discontinued.
Forks to be sup¬
plied with single sides only.
5. The manufacturer of drop-side steel guards to be discontinued en¬
tirely and plain guards only continued. Double-guard braces may be used
on rear wheel, but single brace only to be supplied on front wheel.
No
steel heavier than 24-gauge to be used for mud guards.
6. The use of metal stands, including spring steel clips, and rivets to be

9. Each manufacturer to confine his

shall be calculated from tbs price

To overcome this situation there has been an enormous
increase in shipbuilding facilities, especially in the United
States. Allied monthly construction, the Shipping Board’s

report states, exceeded destruction for the first time in May
of this year.
By August, the new construction in the
United States alone exceeded the total Allied and neutral
The figures for August are

losses for that month.
follows:

Gross

Deliveries to the

as

(actual) Tons.

244,121
16,918

Shipping Board

*261,039

Total

(Allied and neutral)
America alone surpassed losses for month by

259,400
1,630

Losses

The statement issued

given

by the Shipping Board further shows:

jurisdiction of the U. S. Shipping Board at the present time
(Sept. 1 1918) there are 2,185 seagoing vessels, totaling 9,511,915 dead¬
weight tons. Of these, 1,294 totaling 6,596,105 deadweight tons, fly the
American flag.
Under charter to the Shipping Board and to American
citizens there are 891 foreign vessels, totaling 2,915,510 deadweight tons.
At the time the tTnited States entered the war the American merchant
marine included approximately only 2,750,000 deadweight tons of seagoing
vessels of over 1,500 deadweight tons.
The expansion of the fleet within
the jurisdiction of the Shipping Board has come about for the most part
during the last year. The fleet lists as follows on Sept. 1 1918:
Within the

^

Deadweight

B

Number.

Requisitioned American ships
Ex-German and ex-Austrian ships taken
New ships owned by Shipping Board

449
100
256

„

over.

Old Lake steamers transferred

ships not yet requisitioned (of
1,500 deadweight tons)
Dutch steamers requisitioned
Foreign ships chartered to Shipping Board
Foreign ships chartered to American citizens

American merchant

31

Tons.

2,900,525
644,713
1,465,963
117,800

over

377
81

291
600

980,459
486,945
1,208,411
1,707,099

Total

2,185
9,511,915
to-day expanding more rapidly than
any other in the world.
In August of this year the United States took rank
as the leading shipbuilding nation in the world.
It now has more ship¬
yards, more shipways, more shipworkers, more ships under construction,
and is building more ships every month than any other country, not except¬
ing the United Kingdom, hitherto easily the first shipbuilding power.
Prior to the war the United States stood a poor thira among the shipbuilding
The American merchant marine is

nations.

August 1917 more seagoing tonnagf has been launched from Ameri¬
shipyards than was ever launched befrre in a similar period anywhere.
The total, as of Sept. 1 1918, 574 vessels» f 3,017,238 deadweight tons, is
Since

can

Oct. 5

1918.]

THE CHRONICLE

nearly- four times all the seagoing tonnage (of over 1,500 deadweight tons
built in the United States in any four pre-war years.
The total launchings
since the first of this year, 482 vessels, of 2,392,692
deadweight tons, are
more than eight times the
seagoing tonnage (of over 1,500 deadweight tons)
produced in this country in any pre-war year.
(In the four pre-war years, 1913-1916, according to the Bureau of Navi¬
gation of the Department of Commerce, this country built 107 sea-going
steam vessels of over 1,500 dead-weight tons,
totaling 805,037 dead-weight
tons.
The high mark of pre-war production in the United States of sea¬
going vessels of over 1,500 dead-weight tons was reached in 1916, when
there were built 38 vessels of 285,555 dead-weight
tons.)
M ore than 2,000,000 dead-weight tons of new
ships have been completed
and delivered to the Shipping Board during the
past year.
The first deliv¬
ery was made on Aug. 30 1917 by the Toledo Shipbuilding Co. of
Toledo, O.
The first million tons of completed ships were obtained in
May; the second
million in August.
The deliveries to the Shipping Board in August broke
all world’s records in the production of
ocean-going tonnage and established
the United States as the leading
shipbuilding nation of the world. They
totaled 349,783 dead-weight tons.
Those from American shipyards to the
Shipping Board in August totaled 324,180 dead-weight tons, exceeding
the previous world’s record for any month, which had been
made by British
shipyards in May 1918, by 28,669 dead-weight tons. The deliveries to the
Shipping Board by American shipyards from Aug. 30 1917 to and
including
Aug. 31 1918 totaled 327 sea-going vessels of 1,952,675 dead-weight tons.
Adding eight vessels of 66,357 dead-weight tons delivered by
Japanese
shipyards, the grand total of deliveries to the Shipping Board up to Sept. 1
1918 was 335 vessels of 2,019,032 dead-weight tons.
The deliveries to the Shipping Board from American
shipyards in 1918
to date

(Sept. 1) in comparison with the output for the
sarnie period by
British shipyards show up as follows:
Month—

United States.

January

February

United Kingdom.

88,300
123,042
161,226
171,413
254,413
278, lW
236,079
324,180'

L

March

April
May
Jun*

July
August

87,852
150.057
242,511
169,000
295,511
201,238
212,973
187,019

Total
1,636.852
1,546,161
To date American shipyards lead
by 90,691 tons.
Note.—The foregoing table is in dead-weight tons. The deliveries to
the Shipping Board do not embrace all construction in the United States.

They deal only with sea-going vessels of over 2,500 dead-weight tons built
under requisition or contract for the
Shipping Board. The figures of pro¬
duction which properly correspond with those of the British
Admiralty
are compiled by the Bureau of
Navigation, which, like the British, lists
all vessels of over 100 gross tons.
When the present Shipping Board began its work in
there

August 1917
only 61 shipyard* in the United States. There were 37 steel ship¬
yards, with 162 ways. About three-quarters of their capacity had been
pre-empted by the naval construction program, while private orders over¬
flowed the remaining ways.
In the 24 wood shipyards there were only
wer«

73 ways.
The largest shipyards in the world in September 1918 are those of the
United States.
The Clyde River in Scotland, historically famous as the
greatest of all shipbuilding localities, is already surpassed by two ship¬
building districts on the Atlantic Coast and by two on the Pacific Coast—
by Delaware River and Newark Bay in the East and by Oakland Harbor
and Puget Sound in the West.
One yard, Hog Island, on the Delaware,
is equipped to produce more tonnage
annually than the

pre-war output
shipyards of the United Kingdom. It has 50 ways.
There are now 203 shipyards in the United States.
The list comprises
77 steel, 117 wood, 2 composite and 7 concrete
shipyards. Of thjse, 155
are completed, 35 more than half
completed, and only 13 less than half
completed. The great plant at Hog Island is 95% completed—built in
one year.
Its site, when the United States entered the war, was a swampy

of all the

marsh.

Every month of the last yoar has added to the number of American ship¬
ways, until to-day the impressive total is 1,020—more than double the total
of shipways in all the rest of the world.
Of the 927 shipways that are for
the Emergency Fleet Corporation of the

Shipping Board, 810

are listed to¬
410 completed
ways for the construction of steel ships, 400 completed ways for the con¬
struction of wood, composite and concrete
ships.
The records of the United States Shipping Board Emergency Fleet Cor¬
poration show that there are now approximately 386,000 employees in the
shipyards. There were less than 50,000 shipworkers in July 1916. The
weekly pay-roll of the shipyards building ships for the United States
Shipping Board is $10,500,000.
Here is the program of ship construction which the Shipping Board has

day

as

completed and only 117

are to

be added.

There

are

placed with the rapidly expanding shipyards of the country:
•
Dead-weight Tons.
2,24f contract ships, totaling
_i
13,212,712
;■
42 concrete ships, totaling. :
'
301,500
402 requisitioned ships, totaling
2,790,792
'

1337

Whereas the existence of

state of

between the United States and the
it essential to the public safety that
character which would aid the enemy or its allies
a

war

Imperial German Government makes
no communication of
shall be had.

a

Therefore, by virtue of the power vested In me under the Constitution
and by the joint resolution passed by Congress on
April 6 1917, declaring
the existence of a state of war, it is ordered that all
companies or other
persons

owning, controlling,

or

operating telegraph and telephone lines

submarine cables are hereby prohibited from transmitting
messages to
points without the Uillted States or to points on or near the Mexican bor¬
or

der

through which

messages may

be dispatched for the purpose of evading

the censorship herein provided and from, delivering
messages received from
such points, except those permitted under rules and
regulations to be es¬
tablished by the Secretary of War for telegraph and telephone lines,

and
by the Secretary of the Navy for submarine cables.
To these departments, respectively, is delegated the duty of preparing
and enforcing rules and regulations under this order to
accomplish the
purpose mentioned.
Thisi order shall take effect from date.

WOODROW WILSON.
The White House, Sept. 26 1918.

DRAFT LOTTERY

COMPLETED—24,000,000 MEN NOW

STAND IN LINE OF DUTY.

With the drawing by President Wilson, at noon on Sept.30,
of the first number—322—the greatest draft lottery ever
conducted was initiated, and when, twenty hours later, the
last of the 17,000 capsules in the great glass bowl was drawn,
order numbers had been given to all of the 13,000,000 men

registered for service
men

enrolled

on

on

Sept. 12.

With the 9,000,000-odd

June 5 1917,' and the additional million

21-year olds enrolled

on June 5 this year, approximately
24,000,000 American citizens have been enrolled for service
and given an order number.
The system used was the same as that which worked so
successfully in the first draft a year ago last June. Each
enrolled man was given a number by his local draft board.
The numbers drawn in the draft lottery at Washington were
key or series numbers. Thus, when 322 was drawn first at

Washington, No. 322

on every
became No. 1 for service.

local board’s list automatically

Every precaution was taken to check up the numbers as
As fast as announced, they were telephoned to the
Government Printing Office and put in type.
At hourly
intervals the numbers, as far as drawn, were printed and
mailed to the local draft boards, to be released simultaneously
at an agreed time.
This was done to relieve congestion on
telegraph wires, which, it was said, would have been com¬
pletely monopolized for hours, if the lists had been tele¬
graphed. As a check on the figures, each number as drawn
was posted on blackboards and the boards photographed, so
they could be compared with the lists as printed at the
Government Printing Office.
The only speech made on the occasion was delivered by
General Crowder, who, as Provost Marshal-General, has
been primarily responsible for the wonderful success of the
drawn.

whole draft mechanism.
When President and Mrs. Wilson
entered the big Republican caucus room in the Senate Office

Building, where the drawing was held, a little before noon,
arose and explained the function about to
begin. He said:
General Crowder
If

proceeding in historical method

we would be conductimg in
drawing of actual names.
That was the Civil War
method.
It was received throughout the nation with ill grace.
Eachfof
these capsules represents a number.
For example, if 150 is drawn first,
the man who has that number in each of the districts will be given his
priority of obligation, and if passed will be called to a training camp. This
method has worked successfully.
It needs no explanation.
We shall now
v.'e were

each of the districts

a

.

2,693 ships
^...16,305,004
The Shipping Board has also
contracted
construction
of 170 wood
barges, 279 steel, wood and concrete*00 trawlers and 25 harbor
oil barges, totaling 50,000 dead-weight tons.

fajgjlfb

NEW RESTRICTIONS AFFECTING TELEPHONE, TELE¬
GRAPH AND CABLE MESSAGES.
An Executive order issued Sept. 26 prohibits the transmis¬
sion of telephone, telegraph or cable messages “to points

without the United States or to points on or near the Mexi¬
can border through which messages may be dispatched for
the purpose of evading the censorship
except those
.

.

.

permitted under rules and regulations to be established by
the Secretary of War for telegraph and telephone lines and by
the Secretary of the Navy for submarine cables.”
The fol¬

lowing is the

or dsn
EXECUTIVE ORDER.

as

follows:




The President

was

then blindfolded with

a

cloth taken

from the

covering of one of the chairs used at the signing of
the Declaration of Independence, the paper seal on the now
historic glass bowl was broken, and the President drew out
the first number.

Vice-President Marshall drew the second

number, and various Senators, Representatives and puLlic
officials followed. Relays of army officers worked steadily
after that till the whole number was drawn, at 8 o’clock the

following morning. The drawing consumed twenty hours,
which was six or eight hours less than had been estimated.
PRESIDENT WILSON CALLS FOR DRAFTED MEN TO
CHOOSE THE SEA.
With the object of meeting the urgent need for experienced
officers and seamen for our rapidly expanding merchant

marine, President Wilson

Oct. 1 issued an appeal to
filling out their draft questionnaires, to
give full information if they have had experience at sea or
in any line of work that would make them available for
on

enrolled men, in

Censorship of Submarine Cables, Telegraph and Telephone Lines.
Tha Executive order of April 28 1917, No. 2604, relating to the censorr
ship
submarine cabNa, telegraph and talaphone lines, is hereby amended
to raad

proceed.

that

calling. The United States is breaking all records in
building ships, it is pointed out, but is seriously handicapped

by the lack of experienced men to man them.

proclamation reads

dent’s

as

The Presi¬

follows:

American seamanship is a glowing record of patriotism,
cwirsge
achievement unsurpassed by any people anywhere. I, there¬
fore, confidently call upon all
and all men engaged in other occu¬
pations who have heretofore been seamen to give, in connection with the
questionnaires they submit to the local draft boards, full information about
their rating
experience at sea to enable the boards to place them in
their proper classification and to give to the Government a knowledge of
where
seamen may be secured when their services are required.
The MM of skill that makes an efficient seaman can only be obtained
at sea.
There can be no safe, efficient management of vessels that does
not indude a large proportion of officers and crew having skill and experi¬
ence.
It Is indispensable in emergencies such as we must be prepared to
The history of

meet in times

of war.

-

patriotic duty of young men who join in the merchant service
to
every effort to learn their work in the shortest possible time, and
of the skilled men to assist these young men in their efforts.
It is the duty
of owners and managers of vessels to co-operate in this work and to give
to the young men such shipmates and such treatment as will cause them
to respect the service and build up within them a desire to make it their
It is the

life work.
The work of the seamen is so vitally important to the conductfbf the war
that it has become necessary for the Government to provide deferred classi¬
fication for them in its efforts to secure a sufficient supply of skilled men

for the maintenance of speed

and safety.

Having in mind the brilliant record of the American merchant marine,
the honorable position it occupies in economic affairs, and the important
part it plays in winning the war, every seaman should give to the service

th® best there is in him, and should not hesitate to accept deferred

classi¬

fication when the Government has decided that such deferred classification
is necessary, no matter how eager he may be to join the fighting forces
of the army or the navy.

AGREEMENT

REACHED

WITH

GERMANY

AS

TO

CAPTIVE OFFICERS' PAY.

Washington dispatches on Sept. 28 announced that the
United States and Germany, through negotiations con¬
ducted by the Spanish Ambassador at Berlin, have agreed
to pay stated monthly sums to officers held as prisoners of
war.
This agreement may be revised by the conference on
the general subject of prisoners of war how in progress at
Berne, Switzerland. The dispatch further stated:
The agreement followed negotiations lasting nearly a year.
Germany
declined to pay American officers Buth salaries as they received from the
United States, while the American Government was not willing to accept
for Its officers the relative paltry pay of the Germans.
The compromise finally agreed upon provides that first and second lieu¬
tenants and officers of corresponding grade in the German army shall be

paid 350 marks, or $83 35 a month, and captains and officers of higher
grade of either army shall be paid 400 marks, or $95 25 a month. Officers
not included in either of these two classes shall be paid $56 56 a month.
German officers held prisoner by the United States were paid regularly
until November 1917, when the Government learned that American offi¬
cers held prisoners by Germany were not being paid.

MONEYjORDERS FOR MEN IN OVERSEAS

FORCES.

fFThet[ following^ notice ■ regarding^the sending i ofjnoney
orders^ to the! Uni ted [States'forcesabroad has been issued
by the Post Office Department:
r
OFFIOe'oF THIRD ASSISTANT POSTMASTER-GENERAL.
I

Washington, Aug. 281918.
Postmasters are advised that the instructions printed on page 77 of the
United States Official Postal Guide for July are not intended to prohibit
the issue on domestic form of a money order in favor of a member of the
American Expeditionary Forces in France when the remitter furnishes as
the payee’s address the name of an office established under the jurisdiction
of the foreign Government. These instructions apply to cases where the
order is purchased in favor of (1) a civilian resident, or (2) a soldier of one
of the Allied armies fighting on French soil, but a person connected with
any branch of the United States military or naval forces in France in what¬
ever capacity is entitled to benefit from having remittance sent to him by
.

means

of domestic orders.
A. M. DOCKERY.
Third Assistant Postmaster-General.

VOLUNTEER ENLISTMENTS RESUMED FOR SPECIAL
SERVICE IN NAVY.
It

was announced at Washington on Sept. 14th that volun¬
teer enlistment or induction into the navy of men with special

qualifications will be re-opened under

an agreement reached
to-day between Secretary Daniels and Provost MarshalGeneral Crowder regarding the procedure by which the navy
will obtain its personnel under the new draft law. It is
understood the plan provides that the navy shall select the
men needed for its special branches, the remainder to come
through the regular draft process. Navy recruiting stations
will be reopened to co-operate with local boards in obtaining

skilled
men

men and to serve as mobilization centres for drafted
allotted to the navy.

THE

TREMENDOUS PRODUCTION OF WAR
MATERIALS.

“The most tremendous program in the history of man¬
kind has been successfully carried out by the War Depart¬
ment in the last seventeen months,” declared Representa¬
tive George R. Lunn in reviewing in the House on Oct. 1 the

production of




[Vol. 107

THE CHRONICLE

1338

war

supplies since the United States entered

the war.
“Germany’s vaunted efficiency,” Mr. Lunn
said, “has nothing to compare with this achievement.”
As

quoted in

on

that date

a special dispatch to the New York “Times”
Representative Lunn said:

We had in the Regular Army of the United States in April 1917, 127,588
If the nation at that time had said to the War Department: "We

men.

to take your Regular Army of 127,588 men
divide them into companies of ten each, and, by September,
shall expect you

and. In effect,
1918, we shall

expect each of these companies to be recruited up to full strength of 250
men, giving us an army of 3,200,000 men; and, further, we shall expect
these men to be thoroughly equipped with rifles and other munitions,

thoroughly trained as fighting forces, well clothed, sufficient food pro¬
vided; shelter in the form of great cantonments; arrangements for medical
service, with hospital accommodations for thousands; the development of
an air service; the development of ocean transportation, that we may send
hundreds of thousands of troops to France”; I say that if such an order had
been given to the War Department at the declaration of hostilities it would
have seemed an impossible task.
But the nation went further, saying, in
effect, to the War Department:
“We shall expect you to have a fighting force of 3,200,000 men by Sep¬
tember, 1918; and between April, 1917, and August, 1918. we shall expect
you to furnish the following articles:
Shoes, marching and field, 27,276,000: coats, cotton and wool, total 19,537,000; breeches, cotton and wool,
total 29,820,000; shirts, cotton and flannel, total 25,487,000; undershirts,
cotton and winter, total 83,971,000; drawers, cotton and winter, total
83.042,000; stockings, cotton and wool, total 156,672,000; hats, service,
7,779,000, and blankets, 21,005,000. We shall expect you to furnish be¬
tween April 1917, and September, 1918, the following quantities of six
staple food articles: Bacon, 11,451,670 pounds; flour, 625,461,392 pounds;
dry beans, 102,894,742 pounds; rice, 38,421,256 pounds; tomatoes, 72,274,529 cans; sugar, 186,582.316 pounds.
“We shall expect you to purchase 1,064,231 tons of hay and 592,749 tons
of oats.
We shall expect you to purchase 278,732 horses and 131,917
mules.
As a necessity for the transportation of materials and men By
land we expect you to provide 106,000 motor trucks, 10,700 passenger
cars, 54,400 motor cycles, 11,500 bicycles, and 15,000 cargo and tank
trailers.
“In air service we shall expect you to increase your officers from 65 to

7,465, we shall expect an enlargement of your enlisted force from 1,120 to
147,434. Instead of your three small aviation fields we shall expect you
to provide twenty-nine flying fields, thoroughly equipped for the training
of America’8 flying forces.
This will be in addition to the American aero¬
dromes and assembly fields In France and England.
We shall expect you,
by September, 1918, to produce 6,931 training planes, 1,440 De Haviland
planes, 7,647 Liberty motors, and 12,500 ^training engines. By Septem¬
ber, 1918, we shall expect you to have 8,000 aviators training in the United
States, besides 4,000 awaiting assignment to ground schools, and that out
of the total registration up to Sept, 1 1918, we shall expect the fighting
forces under arms to number 3,200,000 men.”
If the nation had called upon the War Department at the declaration of
war to meet this colossal program it would have seemed too staggering for
achievement, and yet it has been done.
If the nation had said to the War Department In April, 1917, “we shall
expect you to transport more than 1,800,000 troops for foreign service by
Oct. 1 1918,” it would have sounded like the weird tale of the Impossible,
and yet it has been done.
The figures I have given are not the figures of estimates, but the figures ~
of accomplishment.
The most tremendous program in the history of man¬
kind has been successfully carried out by the War Department in the last
seventeen months.
Germany’s vaunted efficiency has nothing to com¬
pare with this achievement.

WATER POWER LEASING BILL, PASSED BY HOUSE,
SENT TO CONFERENCE BY SENATE.
After

a

spirited discussion, the Senate

on

Sept. 23 voted

42 to 9 to send the Administration Water Power Bill

passed by the House to conference for consideration in

as

con¬

nection with the Senate bill for which the House substi¬
tuted the measure as drawn by the Secretaries of War, In¬
terior and Agriculture.
Three members each of the Com¬

mittees on Commerce and Public Lands were named as the
Senate managers. Several Senators declared during the
debate that House and Senate differences on policies of water¬

development are so pronounced that a compromise in
impossible without another vote by the Senate.
A motion to accept the House bill was defeated, 48 to 2.
The Water Power Leasing Bill was passed by the House
on Sept. 5 after the decisive rejection of two amendments
designed to carry out a request by President Wilson that
a “fair value” instead of the “net investment” be paid
by the Federal or municipal Governments in taking over
power plants at the end of the fifty-year lease.
The pres¬
ent bill is in effect a substitute for the bill covering the
same subject passed by the Senate on Dec. 14 1917.
It
provides for the creation of a Federal Power Commis¬
sion composed of the Secretaries of War, Interior and
Agriculture, whose work shall be carried on as far as practic¬
able by and through their respective Departments.
The
Commission is empowered to collect and publish data con¬
cerning the power industry and its relation to other in¬
power

conference is

dustries and to issue licenses for the construction of power

plants and transmission lines on or along navigable rivers
or on public lands and reservation.
Such licenses are to
be issued for a period not exceeding 50 years, but may be
extended in the discretion of the Commission.

In

issuing

licenses, the Commission “shall give preference to applica¬
tion therefor by States and municipalities, provided the
plans for the same are deemed by the Commission adapted
to conserve and utilize in the public interest the navigation

Oct. 5

resources of the region;* * and as between other
applicants the Commission “may give preference to the
applicant the plans of which it finds and determines are best
adapted** to that end. No transfer of a license may be made
without approval of the Commission. A clause in Section
10 provides that any earnings in excess of the rate of return
specified in the license shall be set aside as an amortization
fund, to be either held until the termination of the leases
or applied in reduction of the net investment.
Compensa¬
tion to the Government is provided, to be fixed by the Com¬
mission and readjusted at 10-year intervals.
(
The “recapture** provision, in regard to which President
Wilson intervened with a letter to Representative Sims,
urging the substitution of the “fair value** instead of the
“net investment** as the basis of payment in case the power
project should eventually be taken over by the Government,

and water

is contained in Section 14.

This section in full is

as

follows:

Sec. 14. That upon not less than two years' notice in writing from the
commission the United States shall have the right, upon or after the ex¬

piration of any license, co take over and thereafter to maintain and operate
any project or projects, as defined in section three hereof, and covered in
whole or in part by the license, or the right to take over upon mutual
agreement with the licensee all property owned and held by the licensee
then valuable and serviceable in the development, transmission, or dis¬
tribution of power and which is then dependent for its usefulness upon the
continuance of the license, together with any lock or locks or other aids to
navigation constructed at the expense of the licensee, upon the condition
that before taking possession it shall pay the net investment of the licensee
in the project or projects taken, plus such reasonable damages, if any,
to property of the licensee valuable, serviceable, and dependent as above
set forth but not taken, as may be caused by the severance therefrom of
property taken, and shall assume all contracts entered into by the licensee
with the approval of the commission.
The net investment of the licensee
in the project or projects so taken and the amount of such severance dam¬
ages, if any, shall be determined by agreement between the commission
and the licensee, and in case then can not agree, by proceedings in equity
instituted by the United States in the district court of the United States
in the district within which any such property may be located: Provided,
That such net investment shall not include or be affected by the value of
any lands, rights of way, or other property of the United States licensed
by the commission under this Act, by the license, or by good will, going
value, or prospective revenues: Provided further. That the values allowed
for water rights, rights of way, lands, or interest in lands, shall not be in
excess of the actual reasonable cost thereof at the time of acquisition by
the licensee: Provided, That the right of the United States or any State
or municipality to take over, maintain, and operate any project licensed
under this Act at any time by condemnation proceedings upon payment
of just compensation is hereby expressly reserved.

received by the Government for power leases,
50% is to be set aside and used for the development of na¬
Of the money

parks and forests, reclamation work and the improve¬
ment of navigable waters, except that all proceeds from
any Indian reservation shall be placed to the credit of the
tional

Indians of the reservation.
Public utility corporations obtaining licenses are to re¬
main subject to regulation by State commissions where such
have been established, otherwise to be regulated direct by
the Federal Power Commission.
President Wilson’s letter to Representative Sims in regard
to the recapture clause touched upon the point which has
been largely responsible for the wrecking of all previous

the available water power of the country
Four times previously, the President
pointed out, the House had passed a water power bill with
a recapture clause practically identical with that in the
present bill as originally introduced—that is, providing
for the payment of the “fair value’* at the time of taking
over.
The President’s letter, addressed to Representative
Sims as Chairman of the special Committee on Water
Power, read as follows:
efforts to open up
for development.

of the special Water
I am taking too great
a liberty in saying, namely, that inasmuch as the House of Representatives
has four times passed a water bill, each time with a recaptute clause prac¬
tically identical with the pending water power bill as it was originally pro¬
posed by the Administration and agreed upon in informal conference, I
am very much in hope that it will be the judgment of the House to reject
the amendment and recur to the original bill in the form in which
was
I am going to venture to say to you as Chairman
Power Committee what I hope that you will not think

delivered

introduction and con¬
Congress.
concerned about this feature of the bill, and have had

to Mr. Pou of the Rules Committee for

sideration by the
I am very much

the privilege of being so intimately associated with those who have from
time to time conferred about it that I am venturing to make this earnest

suggestion.

1339

THE CHRONICLE

1918.]

Sincerely yours,
WOODROW

WILSON.

In presenting the President’s letter to the House, Chair¬
man Sims explained that he had informed the President
that the changes in the bill had been made after O. C.

*

Notwithstanding the President’s objections, however,
on Sept. 4 rejected by a vote of 96 to 71, an amend¬
ment offered by Representative Ferris of Oklahoma embody¬
ing the change urged, and a substitute covering the same
ground but somewhat broader in scope met a similar fate*
Chairman Sims and Mr. Ferris in urging adoption of the
‘fair valuation’* clause based their argument on the ground
the House

that the “net investment** feature would make
so onerous that private interests would have

recapture

virtually

a

perpetual franchise.
In financial circles, however, it is felt that even with the
present more favorable recapture provisions the Water
Power bill is not likely to attract capital in sufficient amount
to bring about the desired development* On this point a
special dispatch from Washington to the “Wall Street
Journal’* on Sept. 8 said:
The belief that the provisions of the Water Power bill now before the
Hpuse are not sufficiently attractive to interest capital, has been expressed
by some members who are anxious to see the latent power possibilities of
the nation brought into use as quickly as possible.
This same situation was encountered in previous water power measures
and contributed to their defeat, and it is feared that if the Administration
measure now pending is enacted in its present form, the development will
be on a much smaller scale than would follow the passage of a bill offering
greater inducements to capital.
While the Government may more com¬
pletely safeguard the water power sites, and may save money by putting
through the Sims bill, the loss through this excessive caution will be greater
than the sum saved if it results in discouraging capitalists anxious to utilize
the opportunities which lie in power improvements.
If a more liberal policy had been adopted earlier on the question of water
power the Government would already have gained thereby, while vast
advantages and profits would have accrued to the nation in a manner par¬
ticularly desirable during the present emergency.
In the industrial districts the question of more power for the shipyards
and war plants is now serious, and has resulted In the new emergency power
bill providing an appropriation of $200,000,000 for the erection of new
plants and the enlargement of those existing. This lack ,of power at a
critical time, it is widely believed, can be attributed to the short-sighted
policy of the Government on the matter of water power legislation in the

past.

The “Wall Street Journal’’ in a Philadelphia dispatch
dated Aug. 28, also gave the following in regard to the"
available water-power awaiting development, discussing the

subject in connection with Secretary McAdoo’s suggestion
electrifying United States railroads.

for

Mr. McAdoo’s suggestion as to electrifying a large part of the United
States railroad mileage, which is regarded by railroaders as feasible only
in certain districts, calls attention anew to the great water power resources
of North America.
Canada’s water power is incalculable, much of it

being in unsettled areas, but all over the Dominion available water power
is found in abundance where most needed or most likely to be needed.
In
the United States the maximum potential water power is estimated at
60,713,200 h. p., of which only 5,321,699, or 8.8%, has been developed.
The far West, especially the Pacific States, are very much in the lead in
maximum potential water horsepower, the State of Washington being first
on the list, with 9,990,000, followed by California, with 8,865,000 and
Oregon with 7,505,000. The percentage of development in those three
States are 3.2, 8.2, and 2.1 respectively.
Montana ranks fourth with
4,290,000, of which only 4.1 % has been developed. Then comes the State
of New York, with 4,242,000, of which 18.8% has been developed.
Other States exceeding the million mark are as follows: Idaho, 2,910,000:
Arizona, 1,930,000: Colorado, 1,928,000: Utah, 1,490,000; Wyoming,
1,470,000; Alabama, 1,070,000. North Carolina has an even 1,000,000,
and Maine falls below the million mark by 84,000, but is 15,000 ahead
of the combined total for New Hampshire, Vermont, Massachusetts,
Rhode Island and Connecticut.
Montana’s water power is peculiarly adaptable to transportation pur¬

of

poses, and it was the St. Paul’s successful electrification of 440 miles
its mountain divisions, with proposed extension of the electrified system

to the Pacific Coast, and a similar project by the Great Northern, which
impressed the Director-General of Railroads with the possible utilization
of the country’s latent water power for general electrification of all systems
more or less.
Railroad operators say that the water power is not dis¬
tributed throughout the country in proportions suitable to complete elec¬
trification, and that in many section's where it is the cost would be pro¬
hibitive.
The oil burning locomotives of the Southern Pacific and Santa
Fe for illustration, they say, are more economical and, under the circum¬
stances, more effective.
However that may be, there is running to waste 16,000,000 water horse
power in excess of the entire steam engine horse power, including loco¬
motives, or nearly enough, one enthusiast says, to operate every mill,
train, boat and municipal lighting plant in the country—“and then some.’
William H. Hodge of the H. M. Byllesby & Co. says: “If one-fourth of the
estimates of the Government officials are true with respect to the undevel¬
oped water powers of the United States, the development of that quarter
alone would save an amount of coal and transportation and labor, that are
annually represented by a coal train of 50-ton cars which would reach
It saves the labor of 499.000 men.”
around the earth.

The Water Power Leasing bill should not be confused with
the Emergency Power bill now pending before Congress*

providing $175,000,000 to enable the Government to contro*
and extend electric power plants supplying power to war
industries.
__________

Merrill, Chief Engineer of the Forestry Bureau, as the EMERGENCY POWER BILL WOULD GIVE GOVERN¬
MENT CONTROL OF POWER PLANTS DURING WAR.
representative of Secretaries Baker, Houston and Lane, had
submitted amendments said to be in the interest of simplicity
The Emergency Power Bill was passed by the House of
and clarity. Mr. Sims said he supposed the changes had Representatives on Oct. 1 without a roll call, after efforts to
the approval of the President and had the amended bill limit the President’s control over power plants to less than
printed without even reading it. Representative Sims said five years after the termination of the war had been defeated.
it was now evident that the three Secretaries had not thor¬ The measure, which was passed in the same form that it was
eported out of committee, authorizes Government control
oughly considered the amendments.




1340
and extension

THE CHRONICLE
of

electric

plants and appropriates
purpose.
The measure was introduced
in the House on Aug. 19.
It was prepared after a series of
conferences between representatives of the Administration
and of the great power companies, and is entirely distinct
from the Water Power Leasing bill recently passed by the
House.
The Emergency Power bill was made necessary
by the shortage of power in the districts where war work
and shipbuilding are concentrated.
The uncertainty re¬
garding the continuance of war industries and the great
cost of making extensions to existing power plants or build¬
ing new ones under war time conditions, has made it econom¬
ically impossible for manufacturing plants and power com¬
panies to meet the situation. The Government proposes,
therefore, to establish electric power plants in the vicinity
of coal mines, where,, by utilizing low grade coal, it will
not only be possible to furnish electrical power economically
to supplement local supplies, but to save the transportation
of large amounts of coal.
In addition, by equipping the
proposed plants with the most modern coking and other
facilities, large quantities of by-products will be^ produced,
power

$200,000,000 for the

[Vol. 107

ably increase after the war when the country will return to normal condi¬
tions, and can and will compete for the trade of the world.
The plan adopted to solve any one of these problems should primarily
include conservation of transportation and increased production of coal
products and power. The authority and application required for all these
purposes are provided in the bill introduced to-day.

On Aug. 23 Secretary of War Baker, testifying before the
House Inter-State Commerce Committee, explained the

necessity of the Government intervening with financial
assistance in the power situation.
He said that private
concerns were reluctant to enlarge
their plants to meet war
needs because the great expense involved would make a
financial loss almost inevitable, inasmuch as the increased
facilities could be used only during the war period and after
the war ended would be useless.
Continuing, he said:
It is a question of having the Government pay to the
power companies
the difference between the cost now and its value when the war is over.
In illustration: power companies have shown that

improvements which
to-day will cost $100 can be installed in normal periods for about $60.
The companies suggest that the Government should extend them financial
aid by paying the difference, which in such a case would be $40.
The
matter of final adjustment could then be left until after the
war, to bi
determined by proper appraisement.

Incidentally, Secretary Baker let it be known that he
making explo¬ personally favors permanent Government ownership of
I
power plants.
“I do not share the prejudice against Gov¬
The measure provides that the appropriation/ may be ernment ownership of enterprises of this
kind,” Mr. Baker
used “for the purpose of construction, acquisition, main¬ was quoted as saying, “and my natural disposition would
tenance and operation of plants, transmission lines and be to encourage rather than to
discourage Government owner¬
other material and property which the President is hereby ship.”
Replying to a question from a member of the
empowered by the provisions of this Act to construct or committee who opposed Government ownership, Mr. Baker
acquire.” The President is empowered either to take over said:
i
The
hands
of
the
Government
privately owned power plants or to advance funds from
should not be tied to prevent the develop¬
the appropriation to assist in their private operation. The ment of a subsequent peace policy. It should be left within the power of
the Government to determine at a future time what the
permanent policy
measure specifies further that the
power to construct or will be.
acquire any power plant, transmission lines or incidental
Secretary of the Navy Daniels and Chairman Bernard M.
property shall terminate at the end of the war, and that Baruch of the War Industries Board also
appeared before
the power to operate and maintain the plants shall continue the
committee in favor of the bill.
only for such time as the President shall deem necessary
for the public interest.
Compensation when the plants are
UNITED STATES SENATE DEFEATS SUFFRAGE
taken over is to be fixed by the President.
In the event of
AMENDMENT—THE PRESIDENTS ADDRESS.
a dispute, 75% of the amount fixed
by the President shall
Notwithstanding the appeal of President Wilson on behalf
be paid, and the owner has the right to sue for the remainder
of
suffrage as a war measure, made in the United States Sen¬
in dispute.
ate
on Sept. 30, and personal letters sent out
In introducing the measure in the House on Aug. 19,
by him to doubt¬
ful Senators, the Senate on Oct. 1 defeated the woman suf¬
Representative Sims explained its purpose as follows:
frage amendment by 53 affirmative to 31 negative votes
We are facing a power shortage which is and for some time past
has been
The South stood solid on the States’ rights issue and not a
acute and is hampering our program of essential war production.
So
vote was changed as a result of the urgent
this measure, authorizing the President to erect super-power stations at
appeal of the Presi¬
the coal mines and at other points where he may deem them
dent. It is the first time since the declaration of war by the
necessary or to
extend financial aid to persons or corporations about to do so, and there¬
United States that the President has failed in obtaining what
fore designed to secure results of tremendous immediate and ultimate value
he asked for from Congress.
to America, is introduced with the endorsement of the Administration.
The vote was as follows:
It
has been most carefully prepared, has been considered in conferences at¬
27
“for”
Republicans,
to
10
“against”;
Democrats, 26 “for”
tended by representatives of the Administration, by
representatives of the
to 21 “against.”
great power companies and by economists who attack the problems pre¬
such as toluol and other chemicals used in
sives.

,

sented from various viewpoints, and is endorsed by all of them.
This bill mu^t not be understood as in anywise taking the
place of the
"Water Power lull now before the House.
That is in its very nature a

Senator Jones of New Mexico

.

peace time measure, and the provisions for the two do not conflict.
What
is planned is to confer upon the President all
necessary power to deal with
our urgent power situation
promptly and effectively and to place at his

disposal adequate funds with which to begin operations.
At present at least the four following pressing
military needs
nized:
'

,

»

are recog¬

(1) Increased production of power available for war industries and ship¬
yards.
(2) Economy in the consumption of fuel.
(3) Reduction in the railroad freight load, especially in the fuel load.
(4) Increased production of metallurgical coke, toluol and ammooiacal liquor, all recovered from coal.
The greatest immediate need is perhaps that of the munition factories
and shipyards for additional power, which can be
supplied by the existing
supply companies: but the most economical and efficient means of pro¬
ducing power will decrease the amount of fuel to be transported by the
railroads and, in turn, make possible at an early date the electrification
of congested railway lines, which Director-General McAdoo
declared for
only a few days ago. Further, the developments of the proposed super¬
power stations will directly promote the production of explosives, as the
proper utilization of coal will yield by-products which are wasted in the
ordinary method of steam production, by burning coal under the boilers.
Nearly every department of the Government is in some way interested,
either in the power it self or in one or more of the commodities the
production
of which under present circumstances may be secured as
by-products in
the economic development of power, or which in their manufacture give
as by-products the requisites of
power production, such as the waste gases
from by-product coko ovens.
I may say that I am informed that tests of certain
by-product ovens
designed to make metallurgical coke from high volatile bituminous coals
which the Government has been conducting for some
time, with a view
to increasing the supply of coking coals of the country,
considerably
less than 10% of our total coal supply, to between 40 and
50%, are
proceeding satisfactorily.
When it is considered that the quantity of
by-products recovered from high volatile coals is greater than that
yielded ly the heretofore recognized standard coking coals, such as" those
of Connellsville and Birmingham districts, and that the final success of
these would mean coke-coal areas within easy access of nearly every
populous section of our country, our industrial possibilities loom large.
In addition to war needs there is a widespread demand for increased
production and adequate distribution of fuel, light, heat and power for
Gties, rural communities and industries, many not conveniently located
as to existing or possible water power sites, which will continue and inevit¬




Oct. 3 moved that the

on

by which the proposal was defeated on Tuesday be
Although the amendment may now be called
up at any time, it is practically assured, it is thought, that no
move will be made by the suffrage advocates until after elec¬

vote

reconsidered.

tion.
A two-thirds vote is required to pass the amendment, but
under the parliamentary rules it requires only a majority vot«
to restore it to the calendar.

This the Senate did

on

Thurs¬

day by adopting Senator Jones’s motion for reconsideration.
In his address to the Senate urging it to adopt the
suffrage
amendment, President Wilson said:
*

Gentlemen

of the Senate.

The unusual circumstances of

a

world

war

in which we stand and

are

judged in the view not only of

our own people and our own consciences,
but also in the view of all nations and people, will, I hope, justify in your

thought, as it does in mine, the message I have come to bring you.
I regard the concurrence of the Senate in the constitutional
amendment,
proposing the extension to the suffrage to women, as vitally essential to the
successful prosecution of the great war of humanity in which we are en¬
I have come to urge upon you the considerations which have led
gaged.
me to that conclusion.
It is not only my privilege, it is also my duty
t«
apprise you of every circumstance and element involved in this momentous
struggle which seems to me to affect its very processes and its outcomo.
It is my duty to win the war and to ask you to remove every obstacle that
stands in the way of winning it.
I hail assumed that the Senate would
no

concur

disputable principle is involved, but only

which the suffrage is to be extended to

a

in the

amendment, because
question of the method by

women.

There is and

can

be

ne

Both of our great national parties are pledged,
party issue involved in it.
explicitly pledged, to equality of suffrage for-the women of the country.
Neither party, therefore, it seems to me, can justify hesitation as to the
method of obtaining it, can rightfully hesitate to substitute Federal in¬
itiative for State initiative, if the early adoption of this measure is neces¬
sary to the successful prosecution of the war, and if the method of State
action proposed in the party platforms of 1916 is
impracticable, within any

reasonable

length of time, if practical at all. And its adoption is, in my
judgment clearly necessary to the successful prosecution of the war and the
successful realization of Ihe objects for which the war is
being fought.
That judgment, I take the liberty of urging upon
you with solemn
earnestness, for reasons which I shall state very frankly, and which I shall
hope will seem as conclusive to you as they seem to me.
,

*

1918.]

THE CHRONICLE
'

'1

This is a people’s war and the people’s thinking constitutes its atmo¬
sphere and moralq, not the predilections of the drawing room or the politi¬

cal considerations of the caucus.
If we be indeed Democrats and wish to
lead the world to democracy, we can ask other peoples to accept in proof
of our sincerity and our ability to lead them whither they wish to be

led,
nothing less persuasive and convincing than our actions.
Our professions
will not suffice.
Verification must be forthcoming when verification is
asked for.

And in this

case

verification is asked for—asked for in this

particular matter. You ask by whom ? Not through diplomatic channels;
by foreign ministers.
Not by the intimations of parliaments.
It is
asked for by the anxious, expectant, suffering peoples with whom we are
dealing and who are willing to put their destinies in some measure in our
hands, if they are sure that we wish the same things that they do.
I do not speak my conjecture.
It is not alone the voices of statesmen
and of neswpapers that reach me, and the voices of foolish and
intemperate
agitators do not reach me at all.
Through many, many channels I have
been made .aware what the plain, struggling
workaday folk are thinking,
upon whom! the chief terror aiad suffering of this tragic war fall.
They are
looking to the great, powerful! famous democracy of the West to lead them
to the new day for which they kave so long waited; and
they think, in their
logical simplicity, that democracy means that women shall play their part
in affairs alongside men and upon an
qqual footing with them. If we re¬
ject measures like this in ignorantT'defiance of what a new age has brought
forth, of what they have seen, but we have not, they will cease to believe
in us; they will cease to follow or to trust us.
They have seen their own Governments accept this interpretation of
democracy—seen old Governments like that of Great Britain, which did
not profess to be democratic, promise readily and as of course this
justice
to women, though they had before refused it; the strange
revelations of this
war having made
many things new and plain to Governments as well as to
✓
peoples.
not

Are we alone to refuse to learn the lesson ?
Are we alone to ask and take
the utmost that our women can give—service and sacrifice of
every kind—
and still say w e do not see what title that gives them to stand
by our sides
in the guidance of the affairs of their nation and ours?
We have made

partners of the women in this war.
Shall w e admit them only to a part¬
nership of suffering and sacrifice and toil and not to a partnership of privi¬
lege and right?
This war could not have been fought, either by the other nations engaged
or by America, if it had not been for the services of the women—services
rendered in every sphere—not
merely in the‘fields of efforts in which we
have been accustomed to see them work, but wherever men have worked,
and upon the very skirts and edges of the battle kself.
We shall not only
be distrusted, but shall deserve to be distrusted, if we do not enfranchise
them with the fullest possible enfranchisement, as it is now certain that the
other great free nations will enfranchise them.
We cannot isolate our thought and action in such a matter from the
thought of the rest of the world.
We must either conform or deliberately
reject what they propose and resign the leadership of liberal minds to
others.
The

of America

too noble and too intelligent and too devoted
give or withhold this thing that is mere jus¬
tice; but I know the magic it w'ill work in their thoughts and spirits if you
give it to them.
I propose it as I would propose to admit soldiers to the
suffrage, the men fighting in the field for our liberties, and the liberties of
the world, were they excluded.
The tasks of the women lie at the very
heart of the w'ar, and I know how, much stronger that heart will beat if you
do this just thing and show our women that you trust them as much as
you in fact and of necessity depend upon them.
Have I said that the passage of this amendment is a vitally necessary
war measure, and do yetflobed further proof?
Do you stand in need of
the trust of other peoples anjd of ohe trust of our own women?
Is that
trust an asset, or is it not? /I tell you plainly, as the Commander-in-Chief
of our armies and of the
men in our fleets, as the present spokesman
to be

women

slackers, whether

are

you

ga(lant

of this

dealings"with the men and women throughout the
world who are now our partners, as the responsible head of a great Govern¬
ment which stands and is questioned day by day as to its purposes, it prin¬
ciples, its hopes, whether they be serviceable to men everywhere or only
to itself, and who must himself answer these questionings, or be shamed,
as the guide and director of forces caught in the grip of war and
by the same
token in need of every material and spiritual resource this great nation
possesses—I tell you plainly that this measure which I urge upon you is
vital to the winning of the war and to the energies alike of preparation and
of

people in

our

battle.

And not to the winning of the war only.
It is vital to the right solution
of the great problems which we must settle, and settle immediately, when
the w'ar is over.
We shall need them in our vision of affairs, as we have
never needed them before, the sympathy and insight and clear moral
instinct of the women of the world.
The problems of that time will strike

to the roots of many things that w'e have not hitherto questioned, and I for
one believe that our safety in these questioning days, as well as out compre¬

hension of matters that touch society to the quick, will depend upon the
direct and authoritative participation of women in our councils.
We shall need their moral sense to preserve what is right and fine and
worthy in our system or life, as w ell as to discover just what is is that ought
to be purified and reformed.
Without their counsellings we shall be only
half wise.
That is my case.
This is my appeal.
Many may deny its validity
if they choose, but no one can brush aside or answ er the arguments upon
The executive tasks of this war rests upon me.
I ask
that you lighten them and place in my hands instruments, spiritual instru¬
ments, which I do not now possess, which I sorely meed, and which I have
which it is based.

daily to apologize for not being able to employ.

COMMITTEE

*

TO STUDY PEACE PROBLEMS
BY SENATOR WEEKS.

URGED

The creation of a special Congressional committee to study
the problems which will arise with the coming of peace is

proposed in a resolution introduced in the Senate on Sept. 27
by Senator Weeks of Massachusetts. It is proposed in the
resolution that the committee consist of three Republicans
and three Democrats from either House.
was

specific

as

The resolution

to the subjects which should be scrutinized

and studied by the joint

committee, which, as given in a
special dispatch to the New York “Sun,” includes the fol¬
lowing:
Labor, capital and credit, public utilities, demobilization of industrial
and military resources, foreign trade, continuance of existing industries
and establishment of new industries; tariff, agriculture, production and

distribution of coal, gasolene and other fuels; shipping, housing co ditions




1341

'

Oct. 5

and

disposition of temporary structures erected by the Government; war
legislation with reference to its repeal or extension and all activities result¬
ing from the change of war activities to pursuits of peace.

In
as

introducing his resolution Senator Weeks
saying:

was

quoted

At the end of the war we are likely to have a merchant fleet larger
than
that of any country in the world.
We have constructed some of the greatest

shipbuilding plants in the world, and it is probably safe to say that those
will have a capacity under after-war conditions sufficient to build and
repair the merchant fleets of the civilized world. What are we going to
do with these shipyards?
What are we going to do with all the manufacturing plants and other
establishments created for war purposes, the machinery for which may
or may not b’e available for after-war
production? What are we going to
do with the millions of war workers now employed and who will find them¬
selves out of employment at once when peace has been declared?
The
Government must take some action to protect these war workers.
The manufacturing capacity of the country has been increased enor¬
mously since the beginning of the war. If it is to bo operated at its full
capacity, especially when the demand for munitions of war ceases and this
army of workers and vast amount of machinery enter the field of industrial
production, the United States will quite likely have an additional produc¬
tive capacity of from 25 to 50%.
Markets must be found for this surplus production and they must be
foreign markets. If these markets are not obtained there necessarily will
be a slackening in every productive industry in the United States, a
con¬
sequent reduction of employees, unemployment and hard times.

THE CANDIDACY OF HENRY FORD FOR THE

MICHIGAN SENATORSHIP.
In

campaign in which both sides are calling for the
“adjournment of politics” and the fullest support of Presi¬
dent Wilson’s war policies, the candidacy of Henry Ford,
the Detroit automobile manufacturer, for United States
Senator from Michigan, has usurped the centre of the stage,
and furnished a number of incidents unprecedented in
American politics.
Last June the Democratic State Com¬
mittee of Michigan called upon the Republicans of the State
to nominate Mr. Ford for Senator, and offered to endorse
the nomination.
This the Republican committee refused to
do.
At the primary election, however, Mr. Ford’s name
was placed on the
Republican ballot by petition, along
with that of Truman H. Newberry, ex-Secretary of the
Navy, the official candidate of the party. The Democratic
State Committee endorsed the Ford candidacy.
Running
thus as a candidate on both tickets, Mr. Ford was over¬
whelmingly nominated by the Democratic voters, but was
beaten by Mr. Newberry for the Republican nomination.
Mr. Ford, who had never evinced any interest in politics,
consented to enter the race for the Michigan Senatorship
at the personal request of President Wilson.
Although
nominally a Republican, he allowed his name to be placed
upon the ballots of both parties, but declined to make a
personal campaign. When informed of his probable elec¬
tion on*the?Democratie ticket, and asked what he would do
if he won both nominations Mr. Ford is said to have replied:
a

I would pitch a penny to decide which nomination I would accept or
leave to my secretary to decide.
I would give a million dollars to be out
of the matter, and I would not have been in it but for President Wilson’s
request.
*

On

Sept. 25 Mr. Ford sent a letter to the Democratic
meeting at Detroit, in which he informed
that, although nominally their candidate,
he did not intend to be bound by any party considerations,
Democratic or Republican. “I hold myself free to support
such measures, whatever their origin, as commend themselves
to my judgment for the best interests of all the people,”
Mr. Ford wrote.
He added that he had not spent a dollar
to win the nomination at the August primaries and did not
intend to spend a cent to win the election. Mr. Ford did
State convention
the party leaders

not attend the convention.

His letter

was

as

follows:

behalf of your committee, you state: ‘‘They are anxious for
advice and instructions.”
I do not feel myself entitled or competent to
give either, but your very kind letter affords me the opportunity to say
two or three things to the committee and through them to the public.
ThingB which in all good faith should be plainly spoken.
When your committee, some time last June, passed resolutions at Lansing
urging the Republicans of Michigan to nominate Henry Ford for United
States Senator and stating that the Democrats would endorse the selection
and thus make the election non-partisan, I was not consulted.
I had no
knowledge or hint of your proposed action, and when 1 learned of it I had
no thought of consenting, but when soon afterwards President Wilson
sent for me to come to the White House and requested that I accept a
nomination, I took his words as practically a command from the leader of
our whole country in this time of war, and consented to serve if elected.
And now, having been nominated on the Democratic ticket, it Is only
fair that the people who vote for me should understand explicitly that I
am not a party man and do not accept this nomination with any specific
obligation or pledge except to support President Wilson’s war measures
while he continues his present and past wise course in the conduct of the
war, and that I do not bind my&elf to vote for any measure because it is
labeled Democratic or Republican, but that I hold myself free to support
such measures, whatever their origin, as commend themselves to my judg¬
ment for the best interests of all the people.
This war and the great upheaval it has brought about will bring forth
at its conclusion an entirely new order of things—new questions and new
issues.
These must be dealt with, as they arrive, in the broadest ari most
liberal spirit for the good of all mankind.

Speaking

on

1342

THE CHRONICLE

One other thing:
Not a dollar was expended by me or on my behalf,
directly or indirectly, for the nomination. It is only just to the committee
to say (I have not been asked to do so and I shall adhere to this policy)* I
will not expend a penny to be elected.
A purchased place would be a
tainted, worthless bauble. It must be the free choice of a free people.

Despite Mr. Ford’s statement that he had accepted the
Senatorial nomination without specific obligations of any
kind, the convention adopted resolutions pledging complete
support to his candidacy.
At the Republican State convention, held at Grand
Rapids on Sept. 26, Mr. Ford’s candidacy came in for severe
criticism. William II. Hays, Chairman of the Republican
National Committee, and Senator Townsend joined in
denouncing Ford as a pacifist who disbelieved in war and
thought soldiers were murderers.
Charges of the improper use of money in behalf of the
candidacy of Mr. Newberry, running on the Republican
primary ticket in opposition to Mr. Ford, resulted on Sept. 17
in the introduction in the United States Senate of

a

resolution

by Sei(ator Pomerene, of Ohio (Democrat), calling for an
investigation
of campaign expenses of candidates in various
States.
Direct reference was made to the campaign of
Truman H. Newberry against the automobile manufacturer
for the Republican nomination in Michigan, but it is under¬
stood that the Democrats plan broadening the investigation
to include the campaign expenditures of the successful Re¬
publican candidates in West Virginia and Illinois, where
Davis Elkins and Medill McCormick, respectively, were the
winners on the Republican ticket.
Republican leaders were
incensed, and described the resolution as a purely political
move.
In offering his resolution Senator Pomerene filed a
copy of the expense account of Mr. Newberry in his cam¬
paign, which showed total contributions of $178,856, and a
total expenditure of $176,568. Contributions to the fund,
according to the report, ranged from $1 to $99,000.
INFORMATION BUREAUS TO BE ESTABLISHED IN
EUROPEAN CITIES BY AMERICAN SOCIALIST
PATRIOTS.
The establishment of commissions in Milan, Paris and
other European cities to disseminate correct information
in regard to the attitude of the working men of the United
States toward the war, was proposed by Charles Edward
Russell and the other members of a committee who have

just returned from an extensive tour of the Allied countries,
as representatives of the Social Democratic League of the
United States. Plans for this educational campaign were
approved by President Wilson, according to Washington
advices, after Mi*. Russell had made a personal report of
the results of his trip. Members of the commissions, it is
said, are now being selected, subject to the approval of the
State Department.
Mr. Russell’s party was made up of prominent American
Socialists who withdrew from the Socialist party because of
its attitude in opposition to the war. They went abroad
to combat the influence of the anti-war Socialists with the

[Vox,. 107

Uttering language intended to incite, provoke, and encourage resistance
promote the cause of the enemy.

to the United States and to

The

only count left to the discretion of the jury on which
guilty” was the tenth, charging “opposi¬

it found Debs “not
tion to the cause of
the Judge, the jury
6 and 8, charging

the United States.”

At the direction of

returned “not guilty” verdicts to counts
defendant with “uttering language in¬
tended to bring the form of government, Constitution,
military and naval forces, the flag, and the uniform into
contempt, scorn, contumely, and disrepute,” and with
“urging, inciting, and advocating the curtailment of the
production of war necessaries.” The four remaining counts
of the ten originally contained in the indictment had pre¬
viously been nolled on ad\dce of Federal officials.
Debs’s sole defense consisted of a lengthy address by him¬
self in which he explained that he was working for the good
of the whole world, but as to the charges he said: “I deny
nothing; I repudiate nothing; I retract nothing.” Continu¬
ing, he said:
I have no dispute with the evidence presented by the Government, no
criticism for the counsel for the prosecution.
I would not take back a
word of what I believe right to save myself from the penitentiary.
I am
accused of crime, but I look the Court in the face, I look the jury in the

face, I look the world in the face, for in my heart no accusation of wrong
festers.

Debs said that

history showed that minorities had always
right on great questions, and recounted the martyrdom
of men who, like Socrates, thought in advance of their time.
Lincoln and Webster, he said, bitterly opposed the Mexican
War, and criticised the Administration of President Polk.
In imposing sentence, Judge Westenhaver said:

been

I do not regard

the idealism of the defendant as expressed by himself as
than the idealism of thousands of young men I
the streets of Cleveland to defend our country.
I cannot accept the attitude of mind cf any one who claims any right to
dispense anybody from observing the laws of our land for the protection of
peace and safety while thousands of young men are defending the country
against the common enemy.
Any one who strikes the sword from the hand cf these young men or
causes another young man to refuse to do his duty when called to serve, or
any one who obstructs the recruiting service, does just as much injury and
wrong to our country as if he were a soldier in the ranks of the German
any nigher, purer, nobler
have seen marching down

army.

Pending appeal
bail

on

on a

writ of

error,

Debs

t^as

admitted to

condition that he return to his home at Terre Haute,

Ind., and remain there. When infornroa that a movement
on foot by Debs’s followers to circulate his address to
the jury as a pamphlet, Judge Westenhaven said he would
call the matter to the attention of the proper authorities.
Debs first came into prominence in connection with the
railroad strikes precipitated by the American Railway
Union in 1893. As a result of his efforts to tie up the rail¬
roads of the country, Debs served a term in jail, after which
he transferred his activities to politics and the Socialist Party.
was

GERMAN WOMEN MUST SECURE PERMITS UNDER
NEW BARRED ZONE RULING.

By an order issued by Attorney-General Gregory on Sept.
24,-taking effect as of Oct. 5, German women are placed under
the same restrictions as men, and must secure a permit in

pacifist elements in the French, Italian and British labor order to reside in or pass
through the half-mile zone sur¬
Ip newspaper interviews granted since his
rounding forts, camps, arsenals, aircraft stations, Govern¬
return Mr. Russell reported that pacifist and “defeatist”
ment or naval vessels, navy yards, factories or workshops
sentiment among Allied workingmen which at one time as¬
for the manufacture of munitions of war or any products
sumed serious proportions, is now a negligible factor, due
for the use of the army or navy, or places of mobilization or
in part to the recent Allied successes and in part to the
entrainment of troops.
whole-hearted co-operation of the United States in the war.
The announcement of the Department of Justice states
There is now a general disposition, Mr. Russell said, to trust
that it is not intended to disturb unnecessarily the residence
the motives and accept the leadership of President Wilson,
or occupation of German alien women.
Permits to continue
and to stand out for a peace along the lines he has laid down.
to reside or to work within the prohibited areas will be granted
The commissions now proposed are to further this concord
wherever this may be done consistently with the welfare and
and prevent future misunderstandings.
safety of the country and the successful prosecution of the

movements.

war.

EUGENE V. DEBS, SOCIALIST LEADER, CONVICTED
UNDER ESPIONAGE ACT.

Eugene V. Debs, four times candidate of the Socialist
Party for President, and accounted the most eloquent and
influential of the Socialist leaders in this country, was sen¬
tenced to ten years’ imprisonment by Judge Westenhaver
in the Federal Court at Clevealnd, Ohio, on Sept. 14, fol¬

lowing his conviction on three counts of an indictment
charging violation of the Espionage Act. The offense
charged was committed during the course of an address
before the State convention of the Socialist Party of Ohio
on June 16, and the counts of the indictment on which Debs
was found guilty charged:
Attempting to incite insubordination, disloyalty, mutiny, and refusal of
duty in the military and naval forces.
Obstructing and attempting to obstruct the recruiting and enlistment
service.




Issuance of the order makes it unlawful for any

German

alien female 14 years of age and upward to be found within
one-half mile of any of the places mentioned, except on pub¬

lic carriers, without a proper permit from the United States
Marshal.
Those who are natives, citizens, denizens or

subjects of Germany and not actually naturalized as Ameri¬
can

citizens

are

affected.

Applications for permits may be made in the same manner
as applications for similar permits by German alien enemy
males.
Failure to comply with the regulations by refusing
to leave the prohibited area or to procure a permit to remain
may result in the arrest and detention of the person and the
possible internment for the duration of the war.
The new restrictions are said to have been adopted in or¬
der to bring dangerous German women aliens under closer
supervision, and stop espionage by German women spies.

Oct. 5

1918.]

THE CHRONICLE

1343
IT,.

CENSORSHIP OVERRULED BY PRESIDENT IN CASE
INVOLVING VILLARD’S “NATION.”

Following a meeting of the Cabinet on Sept. 17, at which
President Wilson is said to have expressed unqualified
disap¬
proval of the action of Postmaster-General Burleson in
barring from the mails an issue of Oswald Garrison Villard’s
paper “The Nation,’* an order was issued lifting the ban
against the

paper

and permitting the circulation of the

ber which had been held up.
Similar action
the case of “The World To-morrow,” a

was

num¬

taken in

,

PACIFIC NATURE OF FRAN CO-RUSSIAN ALLIANCE
REVEALED IN NEW FRENCH “YELLOW BOOK.”
Documents establishing the pacific and purely defensive
nature of the alliance between France and Russia

were made
“Yellow Book” distributed by the French Gov¬
ernment in the Chamber of Deputies on
Sept. 19. The
early negotiations showed that both Emperor Alexander

public in

a

of Russia and Gen.

Boisdeffre, the French representative,
insisted upon the pacific character of the convention. Em¬
peror Alexander hesitated somewhat at the outset, fearing
that partisans, out of revenge for the war of
1870, might

paper representing
Reconciliation, of which Jane Addams is
president, which paper had been virtually ordered to cease precipitate a new conflict. The first
conversations becom¬
publication. By the President’s direction, the Post Office ing known in
Berlin, the German Emperor became con¬
Department issued an order permitting it to continue.
cerned.
He is reported in one document as
“regretting not
The article in “The Nation” that caused Mr. Lamar to
having attacked France in 1887.”
issue the order is said to have been an
M. Montebello, the French Ambassador to
editorial, criticizing
Russia,
the selection of Samuel Gompers as the representative of the
finally announced the agreement in a dispatch to M. Ribot,
United States to the labor organizations of
England and Foreign Minister, on March 6 1892, saying, “The principle
France. The fact that Gompers has led
laboring men of this of reciprocal assistance and simultaneous mobilization is
country to support the war solidly, it was held by Mr. Burle¬ accepted.” It was
stipulated that France and Russia would
son, entitled him to protection from criticism.
Assistant mobilize their forces only if the triple alliance mobilized
Postmaster-General Lamar had taken the position that if first. The convention was
finally concluded on Dec. 18
the objectionable editorial was cut out of “The Nation” the
1893, and was preceded by the famous reception to the
edition would be

the Fellowship of

passed.

ANHEUSER-BUSCH PLANT TAKEN OVER FOR WAR
PURPOSES.

Following negotiations lasting several days, the War
Department on Sept. 24 took over one of the plants of the
Anheuser-Busch Brewing Association in St. Louis for the
storage of ordnance supplies. The plant has a total area
of about 250,000 sq. ft., for which the
Government, it is
said, is to pay a rental at the rate of approximately 34 cents
a foot, this rental to include heat and
light.

Russian marines in Paris.
The principal document in the work was the text of
the convention between the two nations, which
emphasized
the strictly defensive character of the alliance.
It foll6Wsv:
France and Russia, being animated by an equal desire to
preserve peace,
and having no other aim but to provide for the necessities of a

defensive

war

provoked by an attack of the forces of the Triple Alliance against either the
one or the other, have agreed tor
the following resolutions:
1. If France is attacked

by Germany, or by Italy supported by Ger¬
Russia will employ all the forces at her command in attacking
Germany. If Russia is attacked by Germany, or by Austria supported by
Germany, France will employ all the forces at her command in fighting

many,

Germany.

2. In the

case the forces of the Triple Alliance or of one of the Powers
belong to it should mobilize, France and Russia, upon the first inti¬
mation of the event and without any preliminary
meeting being necessary,
will immediately and simultaneously mobilize the whole of their forces and
will place them near their frontiers.
3. The available forces which can be used against Germany on France’s

which

J. W. DAVIS TO SUCCEED WALTER HINES PAGE AS
\AMBASSADOR TO GREAT BRITAIN.
The

resignation

ill-health of Walter Hines Page,
American Ambassador to England, announced on Aug. 27,
has been accepted by President Wilson, and on Sept. 18
Secretary of State Lansing announced that John William
Davis, at present Solicitor-General of the United States,
had been selected as the new Envoy to the Court of St.
owing to

James.
Ambassador Page was appointed to his post in April
1913.
When he assumed office he was entirely without

diplomatic experience or training, his activities previous to
that time having been in the publishing line. With the out¬
break of the war, in the year following his assumption of
office, Mr. Page was called upon to fulfill difficult and trying
tasks.

*

,

,

-

Under the stress of these tasks the health of Mr. Page,

robust, showed signs of impairment, and nearly
a year ago he sought to
resign his office, but was prevailed
upon to continue on the understanding that his work would
be lightened.
Mr. Page was editor of “The World’s Work” and a mem¬
ber of the firm of Doubleday, Page & Co. before he was
appointed to the Court of St. James in 1913.
Mr. Davis, who is to succeed Ambassador Page at Lon¬
don, is now abroad, having gone as head of the American
delegation to attend the sessions of the American-German
Prisoners of War Conference which opened at Berne, Switz¬
erland, on Sept. 23. It is not proposed to interrupt Mr.
Davis in carrying out his present mission, and, as he is ex¬
pected to return to Washington before taking up his new
duties at London, several months will probably elapse be¬
fore Ambassador Page is relieved.
Mr. Davis was serving his second term in Congress when
President Wilson appointed him Solicitor-General of the
United States in August 1913. He is a lawyer of wide
reputation, and has represented the Government in a num¬
ber of important cases before the Supreme Court, including
those involving the constitutionality of the Selective Service
Act and the Adamson eight-hour law.
The Government
won both cases.
Among the anti-trust suits which he has
argued for the Government were the International Harves¬
ter, United States Steel, and the Anthracite Coal cases.
Other notable Supreme Court cases defended by Mr. Davis
were the railroad mail pay and import customs suits, several
cases involving the constitutionality of the
1913 income
tax law, and the so-called pipe line cases, involving the con¬
stitutionality of the Inter-State Commerce Commission Act.
never

very




part to 1,300,000 men, and on Russia’s part to 700,000.
4. Ways and means of corresponding in time of war will be studied and
provided for In advance.
5. France and Russia shall not conclude a separate peace.
6. The present convention shall continue in force as long as the Triple
Alliance.
7. Ail the clauses enumerated above shall be kept strictly secret.
It is
the determination of France and Russia to unite solely for all speed and
haste so that Germany must fight in the east and west at the same time.
8. The headquarters staffs of the armies of the two countries will hold
the counsel together from time to time in order to prepare and facilitate the
execution of the measure stated above.
They will communicate to each
other in times of peace all the information relating to the armies of the
Triple Alliance.

ADVANCES TO RAILROADS BY GOVERNMENT.
A total of $294,845,170 has been advanced April 1 to
Oct. 1 by the Railroad Administration to the railroads under

Government control.

For the month of

September the

advances amounted to $52,993,750.

Of the total disbursed
during the six months $209,347,910 was taken from the
Revolving Fund of $500,000,000, while $85,497,260 came
from the

surplus earnings of the various roads whose re¬
ceipts exceeded thei meeds. It is announced that in addition
to the sums advanced to the railroad companies directly
the Director-General has provided the further sum of $30,660,255 on account of orders placed for the standard locomo¬

tives and

under construction.

The following is the
by the Railroad Administration’s Divi¬
Finances and Purchases concerning the advances to
cars now

announcement made

sion of
Oct. 1:

Since April 1 1918 the Director-General has advanced to all railroads in
the aggregate sum of $294,845,170, exclusive of the current earnings of the
roads applied directly by the individual roads to their current expenses and

This amount went to 85 different roads or systems.
These advances, by months, have been as follows:

corporate needs.

April
May
June

July

.$90,614,000 August
:

33,700,000 September
36,195,000
Total.
43,205,000

$38,137,370
52,993,750
$294,845,120

Of the total sum disbursed to Oct. 1 $209,347,910 was taken from the

$500,000,000 Revolving Fund and $85,497,260 came from the surplus
earnings of various roads which were turned over to the Director-General
by the limited number of roads whose receipts for the period exceeded their
requirements.
The total amount of money turned over to the Director-General for the
common fund from April 1 to Oct. 1 by roads reporting surplus earnings
was $113,000,000.
To this should be added $10,419,944 received from the
new American Railways Express Company, making the total receipts from
railways and express companies for the period $123,419,944. The receipts
from the railroads by months have been as follows:
32,067,829
April
$15,120,412 August
May
6,157,459 September
50,154,300

June

July....

2,600,000
6,900,000

Total

$113,000,000

Of the $113,000,000 turned over by the roads, $64,507,660 went
to roads temporarily making the deposits with the Director-General,

back
these

same

roads

vances

subsequently calling upon the Railroad

considerably in excess of the deposits which

ily turned over.

[Vol. 107

THE CHRONICLE

1344

with the Director-

McAdoo had indicated that he would decline the request
made by Samuel Untermyer on behalf of the National
Association of Owners of Railroad Securities that a friendly
suit be arranged to test the validity of the contract, and that the

1,000.000

result of the decision of the court be subsequently incorporated
in the contract. We referred in our issue of Sept. 21, page

Administration foe e d-

they had thus temporar¬

The only railroads making deposits

General for the common fund during this period which have not asked for
the return of any portion of the funds thus deposited by them were the fol¬

lowing:

j Pullman Car Lines
.
Louisv. & Nashville..$10,650,000i Ft. Worth & Denver C ty
Duluth Missabe & Nor.
6,400,0001 Spokane Port. & Seattle.
4,600,000 Lehigh & New England.
Atchison Topeka & S. Fe
Duluth & Iron Range
2,900,0001 El Paso & Southwestern.
Northern Pacific
2,500,000j Intemat. & Great Nor..
2,500,000 i Grand Rapids & Ind
Elgin Joliet & Eastern..
Bessemer & Lake Erie.
2,000,000 Staten Island Rap. Tran.
2,000,000 Texarkana & Ft. Smith.
Delaware Lack. & West.
Atlantic Coast Line and

900,000
600,000

(

:.069, to the adoption on Sept. 11 by the Financial Com¬
mittee of Seventy of the National Association of Owners of
Railroad Securities, of a resolution in which it was set out
;hat “in order that there may be no possible disturbance
1,500,000
Central RR. Co. of N. J_
of
credit or in the plans of the Government resulting from
Pere Marquette
1,500,000! Total
$40,850,000
;he
differences that have arisen on questions of law as outThe railroad lines to which advances were made during the month of
September by the Director-General were the following:
ined in the report, the special committees are hereby re¬
$300,000
$5,000,000 Term.RR.Assn, of St. L_
Union Pacific
300,000 quested through counsel to make to the Director-General
St. Louis-San Francisco.
4,490,000 Monongahela Ry
300,000
3,700.000 Denver & Rio Grande..
Southern Pacific
a proposal on the lines of said report for co-operation in
300.000
Penna. RR. Lines
3,300.000 Chicago Junction Ry
300,000 sectirmg an adjudication upon the questions at issue, and
Chicago & North West..
3,300,000 Bangor & Aroostook
Baltimore & Ohio.
3.000,000 Midland Valley Ry
270,000
250,000 to offer meantime that the contract in its present form be
Chicago Burl. & Quincy 2,700,000 Chicago & East. Illinois
200,000
N. Y. Central Lines
2,620,000 Gulf Mobile & Northern
Erie RR
200,000 executed by the carriers other than the carrier with respect
2,500,000 Chicago Peoria & St. L_
Ann
Arbor
RR.
150,000
Southern Ry
2,000,000
to which such adjudication is to be asked.”
The report
150,000
Norfolk & Western
2,000.000 Chic. St. P. M. & O
150,000
Portland
Terminal
1,700,000
referred to above was adopted at the previous week’s meeting
Chicago R. I. & Pac
N. Y. N. N. & Hartford
135,000
1,500,000 Belt RR. of Chicago.__
lSO.OOO of the Committee of Seventy; it indicated that while many
Delaware & Hudson.—
1,500,000 St. Louis Southwestern.
116,000
Illinois Central
1.
1,325,000 Rutland RR
important changes in the contract favorable to the roads
Balt.
&
Ohio
Chic. Term.
100,000
Chesapeake & Ohio
1,300,000
Seaboard Air Line
1.100.000 Chicago-& Western Ind.
100,000 and the security holders had been secured through the ef¬
100,000
Chicago Mil. & St. Paul.
1.000,000 Maine Central
.

_

550,000
500,000
450,000
100,000
100,000
100.000

_

...

1,430,000 Florida East

Maryland
Chicago & Alton.
Western

Missouri Pacific
Boston & Maine
Western Pacific
8. M

Kansas City Southern

53,000

50,250

35,000
30,000

I Norfolk Southern
350,000 Ulster & Delaware
350,000 Louisv. Hend. & St. L..
309,000; Tennessee Central

Minneapolis St. Paul &
& S.

100,000
60,000

Coast

800,000 Richmond Fred. & Poto.
800,000 j Alabama & Vicksburg
550,0001 Chic. Ter. H. & 8. E__
430,000 Western Ry. of Alabama

_ _

Georgia RR

20.000
17,500
15,000
$52,993,750

.

The amounts advanced to all railroad companies April 1 to Oct. 1 1918
were:

N. Y. N. H. & Hartford_$48,464,000 Chicago Junction Ry—
Penna. RR. Lines
43,600,000 Western Maryland
N. Y. Central Lines
42,920,000 Ann Arbor RR

$500,000
500,000
488,000

Western Pacific
N. Y. Ontario & West..
Gulf Mobile & Northern
Minn1. St. P. & S. S. M_

430,000
400,000
400,000

Chicago Mil. & St. P.Ry. 16,725,000
Baltimore & Ohio RR
Illinois Central RR
Erie Railroad.

l6,500.000

13,775,000
10,900,000
Chicago R. I. & Pac. Ry.
7,700,000 Georgia RR
Southern Pacific Lines..
7,500,000 Bangor & Aroostook
Southern Ry. Lines
5,940,000 Central New England Ry
Chic. Burl. & Q. RR5,800,000 Kan. C. Mex. & Or. Ry.
St. Louis-San Francisco.
5,608,000 Belt Ry. of Chicago
Seaboard Air Line
5,450,000 Central Vermont Ry
Chesapeake & Ohio
5,050,000 Chic. Ter. H. & S. E__
Union Pacific Ry
5,000.000 Midland Valley RR
Denver & Rio Grande..
4,400,000 Chicago & Eastern Ill..
Missouri Pacific Ry
3,550,000 Detroit Tol. & Iron. Ry
3,500,000 Chic. & West. Ind. Ry__
Lehigh Valley
Delaware & Hudson
3,500,000 San An. & Aransas Pass.
Chicago & North West. 3,300,000, Chic. Peo. & St. Louis.
Wabash RR
3,225,000' Atlanta Bir. & Atl. Ry__
Mo. Kan. &; Texas Lines.
2,645,000! Illinois Southern Ry
Buff. Roch. & Pitts..
2,600,000 Duluth, S. 8. & Atlantic
Norfolk & Western
2,000,000 Portland Terminal.
Philadelphia & Reading.
1,400,000 Vicks. Shreve. & Pac
Chicago & Alton RR
1,400,000 N. Y. Chgo. & St. L. RR.
Minneapolis & St. Louis.
1,350,000 New Orleans Gt. No
Chgo. St. P. M.&O. Ry.
1,350,000 Rutland RR
Chgo. Indpls. & Louiv..
1,325,000 Pitts. & Shawmut RR...
Western Maryland Ry__
1,099,509 Maine Central
Hudson & Manhattan
1,000,000 Balto. & Ohio Chgo. Ter.
Kansas Cy. Southern
850,000 Old Dominion SS. Co
Ter. RR. Assn, of St. L.
825,000 Alabama & Vicksburg—
Central of Georgia.
750,000 Richmond, Fed. & Pot__
Indiana Harbor Belt
720,000 Wash. Br. & Pt. L. RR.
Wheeling & Lake Erie
700,000 San Anto. Uv. & Gulf Ry.
St. Louis Southwest. Ry.
630,000 Colorado & Southern Ry.
Grand Trunk West. Lines
621,000 Franklin & Pittsylv. Ry.
Florida East Coast
600,000 Western Ry. of Alabama
_

_

.

_:

Norfolk Southern RR
Boston & Maine

570,000 Ulster & Delaware
550,000 Louisville Hend. & St. L_

Chicago Great Western.
Hocking Valley

507,660 Tennessee Central
500,000

350,000
309,000
300,000
300,000
300,000
290,000
285,000
279,451
270,000
250,000
238,775
215,000
200,000
200,000
189,000
160,000
150,000
150,000
136,000
132,275
120,000
116,000
110,000
100,000
100,000
95,000
63,000
60,000
50,000
45,000
41,000
35,000
35,000
20,000
17,500
15.000

$294,845,170
All loans made to the railroads to date have been at the uniform rate of

6%

per annum.
In addition to the above

sums advanced the railroad companies directly
the Director-General has provided on account of orders placed for the
standard locomotives and cars now under construction, the further sum of

$30,660,255.
The payments shown in the above tables are exclusive of very large
were taken out of the earnings of the roads between Jan. 1
1918 and July 1 1918 by the various railroad companies to meet their
Interest and dividend requirements and for other corporate purposes.
The
total funds therefore which the railroad corporations have received since
Jan. 1 1918 from the Director-General and from the operations of the

amounts whicn

properties and current balances will reach approximately ($1,000,000,000)
billion dollars.
The current operating expenditures and taxes of the railroad lines which
the Director-General has also paid during the same nine months
period
is estimated at between $3,000,000,000 and $3,500,000,000.
one

ACCEPTANCE BY CHICAGO & NORTH WESTERN AND
SOME OTHER ROADS OF GOVERNMENT CONTRACTS.
Some of the larger railroads of the country recently
indicated their acceptance of the form of contract which
the Government has agreed to execute with the carriers
under Federal control.
The first of the railroads to notify
the Railroad Administration of its acceptance of the con¬
tract was the

Chicago & North Western RR.;its notification
was sent to Washington on Sept. 17.
Other of the railroac
systems which, it has since been announced, have been
authorized by their directors to sign the contract, include
the New York Central, the Michigan Central and the
Cleveland Cincinnati Chicago & St. Louis. On Sept.
19 it was repor ed that Director-General of Railroads




forts of the committees of the association it

was

still “un¬

satisfactory and unacceptable in certain vital and funda¬
mental particulars.”
One of the objections cited in the
brief presented by Mr. Untermyer had reference to the
acceptance clause; concerning this the brief says:
By its sweeping and drastic terms the carrier is required at this time
the part of
latter to do
with the property, to agree to accept the compensation that was intended
by the statute for the mere use, possession and control of its property

and in advance of any knowledge on its part, or perhaps on
the Government of what it will be finally determined by the

“in full settlement, satisfactory and discharge”
and rights in law or equity which it now has or

compensation for the

use,

(not only “of all claims

hereafter

can

have for

control and operation of the property during

Federal Control” to which we do not object, but further, to which we do
emphatically object) “for any and all loss and damage to its business or traffic

by reason of the diversion thereof OR OTHERWISE” (which would include
the abandonment of operation so long a3 the road Is
has been or may be caused by said taking or by said
trol and operation.”

maintained) “which
possession, use, con¬

WAGES OF RAILROAD EMPLOYEE$ NOT SUBJECT
TO GARNISHEE.

In

order in which it is held that wages of

an

employees

are

railroad

not subject to garnishee, Director-General of

Railroads McAdoo indicates that “if any rules or regulations
become necessary to require employees to provide for their

just debts, the
reads

same

will be issued hereafter,”

The order

follows:

as

Washington. September 5 1918.
General Order No. 43.
Whereas proceedings in garnishment, attachment, or like paoceas by
sought to subject or attach money or property under Federal
control or derived from the operation of carriers under Federal control
under the Act of Congress of March 21 1918 are inconsistent with said
which it is

Act, and with the economical and efficient administration of Federal control
thereunder; and
Whereas such proceedings are frequently commnced, particularly for
the garnishment or attachment of amounts payable, or claimed to be
payable, as wages or salaries of employees, which practice is prejudicial te
the interests of the Railroad Administration in the operation of the lines
and systems of transportation under Federal control, and is not necessary
for the protection of the rights or the just interests ef employees er ethers;
and
Whereas if any rules or regulations become necessary to requiro employees
to provide for their just debts, the same will be issued hereafter;
It is therefore ordered, that no moneys,or other property under Federal
control or derived from the operation of carriers while under Federal eentrol
shall be subject to garnishment, attachment, or like process in the hands
of such carriers, or any of them, or in the hands ef any employee or officer
of the United States Railroad Administration.
W. G.

McADOO,
Director-General of Railroads.

INSTRUCTIONS
RAILROAD
ADMINISTRATIONS
WITH REGARD TO USE OF PASSES BY RAIL¬
ROAD OFFICERS AND EMPLOYES.

Railroad

Aministration, through the Division of
Operation, has issued the following order, effective Jan. 1,
1919, with regard to the use of annual and time passes by
officers and employes of railroads under Government eonThe

trol.
September 1, 1918.
CIRCULAR No. 19.
(Effective January 1, 1919.1

ANNUAL AND TIME PASSES.
1. The issuance of annual and time passes will be
f the Director General, Director of Operation, the
gers on

Wnes where there is

no

confined to the offices
several Federal Man¬
Federal Manager and the Federal Manager

Pullman Car Lines.
2. Annual and time passes issued over the fac-simile signature ef the
Federal Managers (or General Managers on lines where there is no Federal

Manager) and countersigned by the person indicated thereon will be Uni¬
ted to—

(a) For, or on account of, their own officers and employes who do not
require annual or time transportation on lines beyend their jurisdiction.

Oct. 5

1918.]

THE CHRONICLE

(&) For, or on account of, such officers and employes of the corporation
may be specifically authorized by the Director General.
(c) To officers and employes of the American Railway Express Company
whose duties are confined solely to lines under their jurisdiction.
3. Annual and time sleeping or parlor car passes will be issued by the
Federal Manager Pullman Car Lines to officers and employes under his
jurisdiction.
4. Ail annual and time passes not included in paragraphs 2 and 3 will
be issued only by the Director General or Director of Operation.
5. Annual passes bearing the personal signature of the Director General
will be good on all lines under Federal control, on all trains, and for seats
in railroad operated parlor or chair cars.
6. Annual and time passes bearing the fac-simile signature of the Dir¬
ector General will be issued by the Director of Operation, and will be
good on all lines under Federal control or within the territory or over the
lines specified thereon, and will bear express limitation as to certain trains
upon which the pass will not by honored.
Such passes will bear the coun¬
tersignature of C. R. Gray, Director, W. T. Tyler, Senior Assistant Dir¬
ector, or J. H. Keefe, Assistant Director.
7. Annual and time sleeping or parlor car passes, other than for officers
and employes of the Pullman Car Lines, and ahnual and time steamship
passes, bearing the fac-simile signature of the Director General, will be
issued by the Director of Operation with the same countersignature as
provided in preceding paragraph.
8. Federal Managers and General Managers on lines where there is no
Federal Manager, will forward to the Director of Operation, on or before
Nov. 1, a list of annual or time passes (including sleeping car or steam¬
ship passes), required for officers or employes over lines other than those
under their control, indicating the lines or territory over which the
passes

as

are desired.

TRIP PASSES.
9. Trip passes will be issued over the fac-simile signature of the Dir¬
ector General or of the Federal Managers (or of General Managers on
lines where there is no Federal Manager) and the Federal Manager of
Pullman Car Lines, and will be countersigned by the person indicated
thereon.
Trip passes issued by the Federal and General Managers and
Federal Manager Pullman Car Lines will be limited to the lines under their

respective jurisdiction.
10. Trip passes bearing the fac-simile signature of the Director General,
with countersignature of person indicated thereon, will be issued by the
Direction of Operation, Regional~~ and District Directors.
Such trip
passes will be honored for transportaion over the lines indicated thereon.
11. Federal Managers and General Managers on lines where there is
no Federal Manager, and the Federal
Manager of Pullman Car Lines
desiring trip passes for, or on account of, their officers or employes over
other lines under Federal control, 'will make request for same to the Fed¬
eral or General Manager of such railroad in the same manner that exchange
trip passes have heretofore been handled.

GENERAL.
12. Passes will not be issued which include the privilege of free meals
in dining cars, at restaurants, or on steamships.
13. The current regulations of the Interstate Commerce Commission
covering the issuance and record of passes must be observed.
C. R. GRAY,

Director, Division of Operation.

in

1345

My response, that I send through a Bulgarian officer bearing the letter
question, cannot be, by reason of the military situation, other than the

following:
I

can accord neither an armistice nor a suspension of hostilities
tending
interrupt the operations in course. On the other hand, I will receive with
all due courtesy the delegates, duly qualified, of the
Royal Bulgarian
Government, to which your Excellency alludes in the latter. These
delegates to present themselve in the British lines, accompanied by a
parlementaire.
(Signed) FRANCHET D’ESPEREY.

to

The Bulgarian

delegates, Minister of Finance Iiaptoheff
Loukoff, Commander of the Bulgarian Second
Army, arrived at Saloniki on Sept. 28, and the armistice
was signed the
following day, Bulgaria agreeing to all the
conditions laid down by the Entente Powers. General
d’Esperey signed for the Allied Governments and the
Bulgarian delegates for their Government. Hostilities
were to cease by noon on
Sept. 30. The arrangement
thus arrived at is described as a purely military convention,
with no provisions of a political character.
Territorial
readjustments and other like questions are left for the
general peace conference. In the meantime, in accordance
with the conditions imposed, Bulgaria agrees to evacuate
all the territory she now occupies in Greece and Serbia,
demobilize her army and turn over to the Entente forces
all means of transport, including the railways.
Bulgaria
also surrenders her boats and control of navigation on the
Danube and consents to the passage of the Entente forces
through Bulgaria for the development of military operations.
All Bulgarian arms and ammunition are to be stored under
the control of the Entente, to whom is conceded the right to
occupy all important strategic points.
The Associated
Press dispatches further reported that the military occupa¬
tion of Bulgaria was to be entrusted to British, French and
Italian forces, and the evacuated portions of Greece and
Serbia, respectively, to Greek and Serbian troops. The
armistice remains in effect until the conclusion of a general
and General

peace.

Earlier reports, coming through German sources, strove
to create the impression that Bulgaria’s offer of an armistice
was made on the initiative of Premier
Malinoff, without the
consent of Czar Ferdinand and against the popular wishes.
It was even hinted by Admiral von Hintze, the German

Foreign Minister, before the Main Committee of the Reichs¬
tag, that the Premier’s action might be disavowed, and that
some counter action was brewing.
Vienna papers reported
that the Bulgarian ruler had telegraphed to Emperor Charles
BULGARIA QUITS THE WAR— SURRENDERS UN¬
of Austria, assuring him of his loyalty to the Quadruple
CONDITIONALLY TO ALLIED COMMANDER.
Alliance. The fact, however, that a member of the Bulgarian
The unconditional surrender of Bulgaria was the most
Cabinet had been appointed as one of the representatives
important development of a week crowded with great events, of Bulgaria to negotiate the armistice tended to
disprove
all favorable to the Entente countries.
The overwhelming this German
view, and the subsequent publication of an
success of the Entente offensive in Macedonia, which in two
explanatory statement by the leaders of the Ministerial bloc
weeks of furious fighting had smashed the entire Bulgar of
the Bulgarian Parliament, demonstrated that, whatever
front, captured their principal centres of supply and com¬
might be the attitude of Czar Ferdinand, Premier Malinoff
munication, broken their army into three separate fragments had acted in full harmony
with the people’s representatives.
and hurled the defeated remnants in headlong retreat toward
The statement referred to by the Parliamentary leaders
and over their own frontiers, brought the end with dramatic
read as follows:
suddenness. Czar Ferdinand appealed to his Teutonic
In accordance with orders of the leaders of the Ministerial bloc, the
Allies for assistance, and presumably received an' unsatis¬ Government at 5 o’clock Wednesday afternoon made an official offer of
armistice to the adversary.
The leaders of the bloc are In accord that
factory reply. On Monday, Sept. 23, according to Paris
the army and the people must maintain military and public discipline*
dispatches, a meeting was held at Sofia attended by all the which is so necessary for a happy issue in these times which are decisive
political leaden ef Bulgaria, including ex-Premier Rados- for the recently begun work of peace.
Approved:

W. •.

McADOO, Director General of Railroads.

an

lavoff, the Liberal leader, and members of the Cabinet.
The appeal for an armistice followed. An official Bulgarian
statement dated Sept. 24 made the announcement as follows:

Parliament has been summoned to meet

on

Sept. 30.

,

The

Bulgarian Government made an effort to enlist the
good offices of the United States in behalf of Bulgaria’s
In view of the conjuncture of circumstances which have recently arisen,
appeal for an armistice, but the communication arrived after
and after the position hod been jointly discussed with all competent author¬
the armistice was signed and so had no influence on the final
ities, the Bulgarian Government, desiring to put an end to the bloodshed,
result.
The note was delivered to the State Department
authorized the comtocoder-in-chief of the army to propose to
the^generalon Sept. 30 by Stephan Panaretoff, the
issimo of the armies of the Entente of Saloniki a cessation of hostilities
Bulgarian Minister.
and the entering into of negotation for obtaining an armistice and peace.
It was undated, but is believed to have been dispatched
The members of tha Bulgarian delegation left yesterday evening in order
from Sofia on Sept. 24 or 25.
It asked for the good offices
to get into touch with the plenipotentiaries of the Entente belligerents.
of the United States in behalf of Bulgaria, but as the latter
This announcement was transmitted through the German
semi-official Wolff Bureau, and some delay accompanied its had already accepted the Entente terms and signed the
publication. From the Entente side the first intimation armistice, no further action was considered necessary. When
that Bulgaria wa» seeking peace came on Sept. 27, when informed of the acceptance by Bulgaria of the terms imposed
General Franchet d’Esperey, commander of the Allied by the Entente Powers, Minister Panaretoff said:
armies in Macedonia, telegraphed to the French Government
that a high Bulgarian officer had presented himself on behalf
of General Fereodow, commanding the Bulgarian army, and
asked for an armistice for 48 hours to permit the arrival of
two authorized delegates from the Bulgarian Government.
The French commander replied on his own initiative, refusing

suspend hostilities, but agreeing to receive the delegatej
Bulgarian Government. The text of the French
commander’s reply, as forwarded by him to his Government,
to

of the

read:




If my Government has seen fit to take the step which has been taken,
of course I feel highly gratified by their action.
We have confidence In
the just decision of the United States and the associated Governments.

The

wording of Minister Panaretoff’s reply is interpreted
quarters as meaning that the United States is ex¬
pected to take an important part in the ultimate settlement
of the Balkan question.
Much interest was also displayed
in the fact that Dominick J. Murphy, the American ConsulGeneral and acting Charge d’Affaires in Bulgaria, accom¬
panied the Bulgarian delegates to the armistice conference
at Saloniki.
It is said that he went merely as an observer,
in

some

but because he left his post
without permission Secretary of State Lansing cabled to

clothed with
him an

[Vol. 107

THE CHRONICLE

1346
no

official

powers,

order to return to Sofia.

No criticism of Mr. Mur¬

phy has been made in connection with this action, but the
was ordered back to the Bulgarian
capital for having acted without instructions was interpreted
as emphasizing the fact that the American Government is
not participating in the pour-parlers at Saloniki.
As to the general attitude of Bulgaria, Minister Panaretoff
had the following to say, according to press dispatches
on Sept. 28:
circumstance that he

The Bulgarian claims are reconcilable wjth the principles which President
Wilson has repeatedly expressed.
Bulgaria would be willing to allow the
decision of these questions to be according to the principles of justice, as
announced by President Wilson, in the Lands of a country like the United
States, which we know would be perfectly impartial and strictly just to

aU rightful claims.
For me, Bulgaria is practically out of the war.
What I say I know, and
it is based on the opinions of the leading statesmen of Bulgaria and the

quarters that the Kaiser and von Hindenburg may expect him to be of assistance in saving many of
the imperial prerogatives that would be endangered if the
country is granted proposed political reforms. Prince
Maximilian is heir to the throne of the Grand Duchy of
Badfcn. He was born July 10 1867. For some years,
according to the Associated Press dispatches, he has been
recognized as the leader of the Delbruck group of German
Moderates, and upon the fall of Imperial Chancellor
Michaelis, Nov. 11917, he was put forward as the Moderates*
candidate for the Chancellorship. His name, however, did
not go before the Emperor, as Prince Maximilian objected
for dynastic reasons.
At that time there were, it is said,
vague rumors concerning the Prince, to the effect that in
Moderate circles there was under way a movement having
for its ultimate objective the dethronement of Emperor
believed in

some

William and the choice of Prince Maximilian

as

his

successor.

^ These rumors, however, were never confirmed. Early in
In view of present developments, it is being recalled that the
present year Prince Maximilian gave a semi-official

Bulgarian people.

while there have been frequent demands

in Congress for a interview in which he outlined his views on Germany’s peace
by the United States upon Bulgaria and terms. His statement was a rude shock to the Pan-Germans,
Turkey, President Wilson and the State Department have in that he advocated the abandonment of all ideas of con¬
always opposed any such move. No reasons have ever been quest. He favored an Anglo-Saxon peace, in the sense that
made public for maintaining the anomalous situation of be¬ the German
Empire must serve as a bulwark in protecting
ing at war with Germany and Austria and at peace with their the Western nations from the spread of Russian Bolshevikallies, further than vague intimations that there were reasons ism. Prince Maximilian’s wife was formerly Marie Louise,
of an important nature.
Duchess of Brunswick-Luneburg, and bears the title of
That events at home, as well as the military disasters, Princess
Royal of Great Britain and Ireland.
exercised a large part in determining the Bulgarian Govern¬
In line with the political changes hinted at in Emperor
ment to give up the struggle, is indicated in the later dis¬ William’s letter to von
Hertling it was reported on Oct. 2
patches. In this regard an Associated Press dispatch from that plans were under consideration for the reorganization
Paris dated Oct. 1 said:
of both the Imperial German and Prussian Ministries on
It was the fear of revolution at home and the failure of Germany and
the lines of a parliamentary system. Vice-Chancellor von
Austria to send him the military force he required that induced King FerdiPayer received the leaders of all parties on Oct. 1 and dis¬
nand of Bulgaria to turn to the Entente for help, according to the American
Consul-General at Sofia (Dominick Murphy), as quoted in a dispatch to
cussed the contemplated parliamentarization, which, he
the “Matin” from Saloniki.
declared, would extent to the Prussian as well as to the
The Consul-General, the dispatch states, gave interesting details on his
Imperial Ministry. He said, according to the dispatches,
arrival at Saloniki from Sofia, in company with the Bulgarian plenipoten¬
tiaries, of the conditions in the Bulgarian capital leading up to the demand
that the abrogation of portions of Articles IX and XXI of
for an armistice.
King Ferdinand, the account declares, assembled the
the constitution must be taken in hand as soon as possible.
Grand Council on Sept. 23, with the result that a formal demand was made
The
articles referred to relate to the prerogatives of the mem¬
on Berlin and Vienna for immediate assistance.
Despite the urgent tone
declaration of

war

of the demand, Germany and Austria responded with evasive promises for
the future.
That, the account continues, settled the determination of King Ferdi¬
nand to forsake the Powers which had brought only desolation to Bulgaria,
and intrust her destinies to the Entente.
But what impelled the King most, the Consul-General’s account indicates,
was the fear of revolution.
Anarchy was making serious progress in Sofia.
Workmen and soldiers had held meetings and passed laws. Bolshevism
in its most excessive form became the regular order and manifestations were
hOid before the royal palace.

VON HERTLING RESIGNS AS GERM AN CHANCELLORMOVE FOR PARLIAMENTARY GOVERNMENT.

The growing seriousness of Germany’s external situation
has been reflected in an increasing ferment within, culmi¬

Sept. 30 in the resignations of Chancellor von
The resigna¬
tions were accepted by Emperor William, and on Friday
(Oct. 4) it was announced that Prince Maximilian of Baden
had been named as Chancellor in place of Count von Hert¬
ling. Much significance is attached to certain passages in
the Emperor’s letter to the retiring Chancellor, which seemed
to indicate that the German ruler had decided to yield to the
growing demand for a more representative government.
The Emperor accepted the Chancellor’s resignation “with
a heavy heart,” but said: “I desire that the German people
shall co-operate more effectively than heretofore in decid¬
ing the fate of the Fatherland. It is therefore my will that
the men who have been borne up by the people’s trust shall
in a wide extent co-operate in the rights and duties of gov¬

nating

on

Hertling and Foreign Minister ^von Hintz.

ernmentThe letter in full

was as

follows:

\

Your Excellency has reported to me that you no longer find yourself
In a position to remain at the head of the Government.
I will not hide
from myself your reasons, and must with heavy heart deny myself your

further co-operation. :
You are certain of the thanks of the Fatherland for the sacrifices you
made in undertaking the Chancellor’s office in grave times, and for the ser¬
vices you rendered. I desire that the German people shall co-operate
more effectively than hitherto in deciding the fate of the Fatherland.
It is therefore my will that the men who have been borne up by the
people’s trust shall in a wide extent co-operate in the rights and duties of

government, 1 beg of you to terminate your work by continuing to con¬
duct the Government's business and preparing the way for measures de¬
sired by me until 1 have found a successor for you.

Prince Maximilian, the new Chancellor, is rated as a man
of moderate views, and has in the past publicly expressed

himself as being opposed to conquests or annexations and
n favor of a peace by understanding.
He is known to have
considerably influence with the people of the various
doms that go to make up the German empire, and it is




bers of the Federal Council and the relation of officials to
the Diet, and are quoted as follows:
Article IX.

Each member of the Federal Council shall have the right to
in the Diet and shall be heard there at any time when he shall so re¬
quest, to represent the views of his Government, even when the same shall
not have been adopted by the majority of the council.
Nobody shall be at

appear

the

same

time

a

Article XXI.
enter the Diet.

member of the Federal Council and of the Diet.
Officials shall not require a leave of absence in order to
When a member of the Diet accepts a salaried office of the

empire, or a salaried office in one of the States of the confederation, or ac¬
cepts any office of the empire, or of a State, with which a high rank or salary
is connected, he shall forfeit his seat and vote in the Diet, but may recover
his place in the same by a new election.

On Oct. 2, also, Berlin advices reported that the Prus¬
sian Franchise Reform bill, which had been hanging fire in
the Prussian Upper House for many months, had finally
been passed, granting equal and direct suffrage, but with
an

extra vote for persons over

50

years

of

age.

This fran¬

chise reform, if actually carried out in practice, has possi¬
bilities of far-reaching results on the balance of political
forces in Prussia and also in the Empire at large, especially
if it is followed by a redistribution of Reichstag districts

correspond with the present distribution of population.
by an ingenious system
of plural voting, threw all the power into the hands of the
landed aristocracy and big. business interests, and corre¬
spondingly discriminated against the industrial population
of the great cities, which are the strongholds of the Liberal
and Socialist elements. A genuine reform of the franchise,
therefore, would go far toward breaking the dominating
It
power of the Prussian Junkers and the military caste.
is not thought likely that Emperor William and the Prussian
overlords would acquiese in either a genuine parliamentary
system or a really democratic franchise unless their hands
were being forced by a realization of impending disaster.
The long-continued series of German defeats on the west
to

The former Prussian franchise law,

front, however, the Turkish disaster in Palestine and the
Macedonian debacle, followed by defection of Bulgaria,
have all joined in creating a situation of such grave danger
that the German rulers may be more than willing just now
to share the responsibility for further developments.
A

Washington dispatch under date of Oct. 2 discusses that
phase of the situation as follows:
multiplying in reports reaching the State Department from
European countries of the rapid weakening of the
despotic control which the military elements in Germany and Austria have
imposed upon the civilian population. So extensive and consequential are
the events quickly following one another in Berlin and Vienna that AmeriSigns

are

various agencies in neutral

Oct. 5

1918.]

THE CHRONICLE

can officials are
becoming convinced that the Imperial rulers have been
forced, however reluctantly, to the conviction tliat if they are to preserve
their dynasties from destruction they must yield to the growing demands
of the civilian elements for the right of participation in the Government
during this crisis.
The military parties have retained their control only because of their as¬
serted ability to secure a military decision that would confirm German su¬
premacy over Continental Europe and the British Isles as well.
Now that
the German armies are being defeated and driven back into Germany and
the nation is confronted with the painful certainty of an invasion and retri¬
butive justice for the wrongs inflicted upon the French and Belgians, the
influence of pan-Germans and military parties is waning and it is believed
that the two Emperors have decided that if they are to retain the
support
of the people they must turn to the civilian parties that have been demand¬
ing a voice in affairs.
It was pointed out to-day that President Wilson has
repeatedly declared
that, with the military rulers of the Central Powers convicted of broken
faith and deceit, there can be no discussion of the peace for which the Ger¬
manic people apparently are clamoring.
Hence the belated attempts of the
Emperors to erect a structure of real democratic government through, the
creation of cabinets responsible to the parliaments, in the hope
that with
these the Entente statesmen will be willing to confer about
peace.
In this connection the news to-day that the Austrian
Emperor had sum¬
moned to Vienna the three biggest men of
Hungary, Counts Tiza, Andrassy
and Apponyi, was received here with undisguised interest.
This action
Was regarded as very significant, although officials were not certain whether
it had to do with the Bulgarian
withdrawal, from the war, with its direct
threat to the Dual Monarchy, or with internal reforms, or was a definite
move for a separate peace.

naturally he did not

suppose that the Entente would straight¬
declare readiness to enter into peace negotiations.
Continuing, he said:

way

“In

situation like the present, it is sometimes necessary to clarify
things
The note was such a re-agent.
It has already pro¬
duced remarkable phenomena, and will do so still more in the near future.

agree on a program

preliminary to forming

“I don’t suggest that he is insincere,” said the Foreign
Minister, “but
could instance many cases where America herself has offended
against

one

the principles he formulates, for example, the treatment of Colombia and
the seizure of Texas.
But, after ail, large regions were thereby opened to
civilization.
I will only say that it does not do to be always contrasting
our actions with the views expressed
by President Wilson’s points.”
Baron Burian attributed President Wilson’s haste in replying to his de¬
sire to prevent an agreement between Great Britain and France, and de¬
clared that it would serve no purpose to reply to speeches like Mr. Balfour’s
and Premier Clemenceau’s.
With regard to the date of dispatching the note he said:
“There was complete agreement between us and Germany.
There were
certain

divergences of opinion, but they did not concern the date of dis¬
patch. We do not want to reproach ourselves later with having neglected
anything. The note has had the subsidiary effect of dragging into the light
of day the situation in the opposition camp, and its non-success will not pre¬
vent me from further following the road entered soon.
We shall take the
next step when the time seems suitable, and always in the fullest accord

a

with

refusing

to agree

to the terms of the Socialists, and the latter not be¬
ing willing to assume responsibility for a program they did
not approve.
Press reports on Sept. 24 outlined the Social¬
as

follows:

1. The Reichstag majority’s peace resolution of last year must be “abso¬
lutely adhered to.”
2. Germany must consent to a League of Nations.
3. Germany must make an unmistakable and indisputable statement
pledging the restoration of Belgium, Serbia and Montenegro.
4. Germany must agree to indemnify Belgium.
6. The territories occupied by Germany in the east must be evacuated.
7. Autonomy must be granted Alsace-Lorraine.

Meantime, the Kaiser is still talking about victory and call¬
upon the people for further sacrifices.
In a message to
the Fatherland Party, quoted in press dispatches on Oct. 1,

ing

he said:
I have the confident hope that the whole German people in these most seri
times will resolutely gather around me and give their blood and wealth

ous

until the last breadth for the defence of the

Fatherland against the shameful
plans. Such a unanimous resolve to exist will and must, with God’s
help, succeed in breaidng the enemy’s will to war. and secure for the
Fatherland the peace it is worthy of among the people of the world.
enemy

In

a

similar appeal addressed to

a

Westphalian patriotic

society, the Emperor wrote:
Germany is decided to utilize all force
1

war

until

a

to fight this enforced defensive
victorious end is secured and the Fatheriand protected for all

time against foreign oppression.
A glance of the magnificent successes of
our heroic sons and their able leaders ought to
protect the German

people,

even
-

in the changeable fortunes of war, against unworthy discouragement

and unjustified doubt.

In the face, however, of accumulating difficulties on all
fronts, including the “home front,” the press shows a grow¬
ing lack of confidence in the final outcome, and is beginning
to i discuss the possibilities that must ensue in case Turkey

and Austria also

are

forced to capitulate.

AUSTRIAN PEACE OFFER STILL OPEN.

v

.

From reports

S\

received from abroad the rejection of the Austro-Hun¬
garian Government’s suggestion that a preliminary discussion of the peace
question be entered into can hardly be longer doubted.
The official reply to Foreign Minister Burian’s note has not yet been re¬
ceived, and therefore the reason which prompted the attitude of the Govern¬
ments of the Entente cannot be discussed at present.
Only from Secre¬
tary Balfour is an exhaustive discussion of our suggestion available. His
arguments show how correctly Baron Burian’s proposal judged the situa¬
tion, and that only the adoption of Baron Bunan’s line of thinking could
master the confusion of minds prevailing everywhere until to-day.
The peace question as discussed by Secretary Balfour—and the same ap¬
plies to the debates in the French and American Senates—under the pressure
of big catchwords and overmastering passion, can naturally make no favor¬
able progress.
Especially regarding Mr. Balfour’s speech it must be
pointed out that it contains a series of rash conclusions concerning the atti¬
tude of the Central Powers toward concrete peace questions which he
would not have arrived at had he entered into a discussion in the spirit of
Baron Burian’s proposal.
Only if discussed under conditions free from the influences of passion can
the peace question make that progress which is in the interest of humanity
The Austro-Hungarian Government’s offer is still open.
.

In

an

interview with Theodor Wolff in the Berlin

“Tage-

blatt,” reported in Amsterdam dispatches on Sept. 23,
Baron Burian, Austro-Hungarian Foreign Minister, said
he was not surprised at the reception of his peace note;




our

allies.”

A renewal of Austria’s peace

proposals

was

predicted in

Swiss dispatches on Sept. 28.
The new note, according
to the Zurich “Journal,” will be along the same lines, as the

first, but will contain more precise statements, calculated
to modify the terms of the Entente.
Amsterdam dispatches dated Sept. 30 reported that a
proposal that the Presidents and Vice-Presidents of the
Parliaments of belligerent and neutral States be invited
to meet for an unbinding discussion of the basis of peace
had been introduced in the Lower House of the Austrian
Parliament.
The motion was said to have been introduced

by Herr Neumann,

a

Liberal Deputy.

It would

empower

the President of the Chamber of Deputies to convey the
invitation to the Parliaments of the belligerents and of
neutral States.
The meeting would be held at a place

agreed
In

upon.

communication addressed to all the belligerent Pow¬
the Austro-Hungarian Government on Sept. 14 proposed
that the belligerents send delegates to a “confidential and
unbinding discussion on the’basic principles for the conclusion
of peace,” the meeting'to be held at an early date in a neutral
country. Neutral Governments were acquainted with the
step taken and a special communication was sent to the
Pope. It was proposed[that the delegates to the conference
should “make known to one another the conception of their
Governments regarding those principles and to receive
analogous communications, as well as to request and give
frank and candid explanations on all those points which need
to be precisely defined.”
No armistice was suggested, and
the discussions “would only go so far as was considered by
the participants to offer a prospect of success.” Although
the proposal was put forth solely in the name of Austria-Hun¬
gary, an official communication accompanying the formal
a

ers,

note stated that “the constant close accord which exists

Notwithstanding the rejection of the peace overtures
made by the Austro-Hunagarian Government on Sept. 14
the invitation is still open, according to an official statement
that was issued at Vienna on Sept. 20. The statement
said:

of re-agents.

“Very extraordinary, for instance, was the remarkable rapidity of Presi¬
dent Wilson’s reply.
Clearly President Wilson wanted to anticipate the
other Entente Governments.
He always had the ambition to be a world
arbiter, and has not abandoned that ambition.”
Baron Burian said President Wilson had entertained that ambition since
the United States entered the war as a result of the U-boat warfare; hence
he had set out his fourteen points, and, in addition, twice four; that
is,
altogether, twenty-two, which were to be authoritative for the new arrange¬
ment of the world.

coalition Government. The two strongest parties, however
—The Socialists and the Centrists, or Clericals—have been
unable to reach a working agreement, the Clericals

ist demands

a

means

Efforts have been made by the majority parties in the

Reichstag to

1347

between the four allied Powers warrants the assumption
that the allies of Austria-Hungary, to whom the proposal is

being sent in the

same manner,

share the views developed

in that note.” The documents were first made public in
Associated Press dispatches from Amsterdam under date of

Sept. 15. The official text was not received by the State
Department until the afternoon of the next day, when it
was delivered by the representative of the Swedish Govern¬
ment, which has been taking care of American diplomatic
interests at the Austrian capital. It was cabled from Vienna
to Stockholm and thence to Washington.
The Austrian communication was in two parts, the note
proper being accompanied by an explanatory statement
which read

as

follows:

H!

objective and conscientious examination of the situation of all the
belligerent States no longer leaves doubt that all peoples, on whatever side
they may be fighting, long for a speedy end to the bloody struggle. Despite
An

comprehensible desire for peace, it has not so far been pos¬
sible to create those preliminary conditions calculated to oring the peace
efforts nearer to realization and bridge the gap which at present still sepa¬
this natural and

belligerents from one another.
A more effective means must therefore

rates the

be considered whereby the re¬
sponsible factors of all the countries can be offered an opportunity to in¬
vestigate the present possibilities of an understanding.
The first step which Austria-Hungary, in accord with her allies, under¬
took on Dec. 12 1916. for the bringing about of peace did not lead to the
end

hoped for.

The grounds for this lay assuredly in the situation at that time.
order to maintain in their peoples the war spirit, which was steadily

In
do-

application of which is likely to meet with no objection on the part of the
Powers of the Quadruple Alliance also, presupposing that this application
is general and reconcilable with the vital interests of the States concerned.
It is true it must be remembered that an agreement on general principles
is insufficient, but that there remains the further matter of reaching an
accord upon their interpretation and their application to individual con¬
crete war and peace questions.
To an unprejudiced observer there#can be no doubt that in all the belliger¬
ent States, without exception, the desire for a peace of understanding has
been enormously strengthened; that the conviction is increasingly spreading
that the further continuance of the bloody struggle must transform Europe
into ruins and into a state of exhaustion that will mar its development for
decades to come, and this without any guarantee of thereby bringing about
that decision by arms which has been vainly striven after by both sides
in four years filled with enormous sacrifices, sufferings, and exertions.
In what manner, however, can the the way be paved for an under¬
standing, and an understanding finally attained?
Is there any serious
prospect whatever of reaching this aim by continuing the discussion of
tho peace problem in the way hitherto followed ?
We have not the courage to answer the latter question in the affirmative.
The discussion from one public tribune to another, as has hitherto taken
place between statesmen of the various countries, was really only a serious
of monologues.
It lacked, above everything, directness. Speech and
counterspeech did not fit into each other. The speakers spoke over one

dining, the Allied Governments had by the mcst severe means suppressed
even any discussion of the peace idea.
And so it came about that the ground
for a peace understanding was not properly prepared.
The natural tran¬
sition from the wildest war agitation to a condition of conciliation was
lacking.
It would, however, be wrong to believe that the peace step we then took
was entirely without result.
Its fruits consist of something which is not
to be overlooked—that the peace question has not since vanished from the
order of the day.
The discussions whicn have been carried on before the
tribunal of public opinion have disclosed proof of the not slight differences
which to-day still separate the warring Powers in their conception of peace
conditions.

atmosphere has been created which no longer excludes
proolem.
least assuredly may be deduced from the utter¬
ances of responsible statesmen that the uesire to reach an understanding
and not to decide the war exclusively by force of arms is also gradually be¬
ginning to penetrate into Allied States save for some exceptions in the case
of blinded war agitators, which are certainly not to be estimated lightly.
The Austro-Hungarian Government is aware that after the deep-reach¬
ing convulsions which have been caused in the life of the people*, by the
devastating effects of the world war it will not be possible to re-establish
order in the tottering world at a single stroke.
The path that leads to the
restoration of peaceful relations between the peoples is cut by hatred and
embitterment.
It is toilsome and wearisome, yet it is our duty to tread
Nevertheless

an

the discussion of the peace
Without optimism, it at

another’s heads.

the publicity and the ground of these discus¬
possibility of fruitful progress. In all public
statements of this nature a form of eloquence is used which reckons with
the effect at great distances and on the masses.
Consciously or uncon¬
sciously, however, one thereby increases the distance of the opponents’
conception, produces misunderstandings which take root and are not re¬
moved, and makes the frank exchange of ideas more difficult. Every
pronouncement of leading statesmen is, directly after its delivery and before
the authoritative quarters of che opposite side can reply to it, made the
subject of passionate or exaggerated discussion of irresponsible elements.
But anxiety lest they should endanger the interests of their arms by
unfavorably influencing feeling at home, and lest they prematurely betray
their own ultimate intentions, also causes the responsible statesmen them¬
selves to strike a higher tone and stubbornly to adhere to extreme stand¬
points.
If, therefore, an attempt is made to see whether the basis exists for an
understanding calculated to deliver Europe from the catastrophe of the
suicidal continuation of the struggle, then, in any case, another method
should be chosen wnich renders possible a direct, verbal discussion between
the representatives of the Governments, and only between them.
The
opposing conceptions of individual belligerent States would likewise have
to form the subject of such a discussion, for mutual enlightenment, as well
as the general principles that shall serve as the basis for peace and the future
relations of the States to one another, and regarding which, in the first
place, an accord can be sought with a prospect of success.
As soon as an agreement were reached on the fundamental principles,
an attempt would have to be made in the course of the discussions con¬
cretely to apply them to individual peace questions, and thereby bring
On the other hand, it was

path—the path of negotiation—and if there are still such responsible
factors as desire to overcome the opponent by military means and to force
the fill to victory upon him, there can, nevertheless, no longer be doubt
this

sions which robbed them of the

that this aim, even assuming that it is attainable, would first necessitate
a further sanguinary and protracted struggle.
But even a later victorious peace will no longer be able to make good the
consequences of such a
States and peoples of

policy—consequences which will be fatal to all the

Europe. The only peace which could righteously
adjust the still divergent conceptions of the opponents would be a peace
desired by all the peoples.
With this consciousness, and in its unswerving
endeavor to work In the interests of peace, the Austro-Hungarian Govern¬
ment now again comes forward with a suggestion with the object of bring¬
ing aoout a direct discussion between the enemy Powers.
The earnest will to peace of wide classes of the population of all the States
who are jointly suffering through the war—the indisputable rapproche¬
ment in individual controversial questions—as well as the more conciliatory
atmosphere that is general, seem to the Austro-Hungarian Government to
give a certain guarantee that a fresh step in the interests of peace, which
also takes account of past experiences in this domain, might at the present
moment offer the possiDility of success.
The Austro-Hungarian Government has therefore resolved to point out
to all the belligerents, friend and foe, a path considered practicable by it,
and to propose to them jointly to examine in a free exchange of views
whether those prerequisites exist which would make the speedy inauguration
of peace negotiations appear promising.
To this end the Austro-Hungar¬
ian Government has to-day invited the Governments of all the belligerent
States to a confidential and unbinding discussion at a neutral meeting place,
and has addressed to tnem a note drawn up in this sense.,
This step has been brought to the knowledge of the Holy See in a special
note, and an appeal thereby made to the Pope’s interest in peace.
Fur¬
thermore, the Governments of the neutral States have been acquainted
with the step taken.
The constant close accord which exists between the four allied Powers
,

warrants the

[Vol. 107.

THE CHRONICLE

1348

about their solution.
We venture to hope that there will be no objection on the part of any
belligerents to such an exchange of views. The war activities would ex¬
perience no interruption. The discussions, too, would only go so far as
was considered by the participants to offer a prospect of success.
No dis¬
advantages would arise therefrom for the States represented. Far from
harming, such an exchange of views could only be useful to the cause of

assumption that the allies of Austria-Hungary, to whom the

proposal is being sent in the same manner, share the views developed In
the note.

peace.
What did not succeed

has

repeated,
it
The official telegram proceeded to say that the note had
'already at least contributed to the clarification of views. Montains of
been drawn up in French, and ran as follows:
old misunderstandings might be removed and many new things perceived.
The peace offer which the Powers of the Quadruple Alliance addressed
Streams of pent-up human kindness would bo released, in the warmth of
to their opponents on Dec. 12 1916 and the conciliatory basic ideas of
which everything essential would remain, and, on the other hand, much
the first time can be

and perhaps

•

which they have never given up, signifies, despite the rejection which it
experienced, an important stage in the-history of this war. In contrast
to the first two and a half war years, the question of peace has from that
moment been the centre of European, aye, of world discussion, and domi¬

that is antagonistic,
would disappear.

nates it in ever

struggle, the entire course of which points to an understanding, it is possible
to make an end to the terrible grapple.
The Royal and Imperial Government would like, therefore, to propose
to the Governments of all the belligerent States to send delegates to a
confidential and unbinding discussion on the basic principles for the con¬
clusion of peace, in a place in a neutral country and at a near date that
would yet have to be agreed upon—delegates who were charged to make
known to one another the conception of their Governments regarding those
principles and to receive analogous communications, as well as to request
and give frank and candid explanations on all those points which need

increasing measure.

Almost all the belligerent States have in turn again and again expressed
themselves on tne question of peace, its prerequisites and conditions.
The
line of development of this discussion, however, has not been uniform and

steady. The basic standpoint changed under the influence of the military
and political position, and hitherto, at any rate, it has not led to a tangible
general result that could be utilized.
It is true that, independent of all these oscillations, it can be stated that
the distance between the conceptions of the two sides has, on the whole,
grown somewhat less; that despite the indisputable continuance of decided
and hitherto unbridged differences, a partial turning from many of the
most extreme concrete war aims is visible and a certain agreement upon

the relative general basic principles of a world peace manifests itself.
In
both camps there is undoubtedly observable In wide classes of the popula¬
tion a growth of the will to peace and understanding.
Moreover, a com¬

parison of the reception of the peace proposal of the Powers of the Quad¬
ruple Alliance on the part of their opponents with the later utterances of
responsible statesmen of the latter, as well as of the non-responsible but,
in a political respect, nowise uninfluential, personalities confirms this
impression.
While, for example, the reply of the Allies to President Wilson made
demands which amounted to the dismemberment of Austria-Hungary,
to a diminution and a deep internal transformation of the German Empire,
and the destruction of Turkish European ownership, these demands, the
realization of which was based on the supposition of an overwhelming vic¬
tory, were later modified in many declarations from official Entente quar¬
ters or in part were dropped.
Thus, in a declaration made in the British House of Commons a year ago,
Secretary Balfour expressly recognized that Austria-Hungary must itself
solve its internal problems, and that none could impose a Constitution upon
Germany from the outside. Premier Lloyd George declared at the begin¬
ning of this year that it was not one of the Allies’ war aims to partition
Austria-Hungary, to rob the Ottoman Empire of its Turkish provinces,
or to reform Germany internally.
It may also be considered symptomatic
that in Dec. 1917 Mr. Balfour categorically repudiated the assumption
that British policy had ever engaged itself for the creation of an independ¬
ent State out of the territories on the left bank of the Rhine.
The Central Powers leave it in no doubt that they are only waging a war
of defense for the integrity and the security of their territories.
Far more outspoken than in the domain of concrete war aims has the
rapprochement of conceptions proceeded regarding those guiding lines upon
the basis of which peace shall be concluded and the future order of Europe
and the world built up.
In this direction President Wilson in his speeches
of Feb. 12 and July 4 of this year has formulated principles which have not
encountered contradiction on the part of his allies, and the far-reaching

to which excessive importance is still

attrijuted,

According to our conviction, all the belligerents jointly owe to humanity
after so many years of a costly but undecided

to examine w'hether now,

precisely defined.
and Imperial Government has the honor to request the Gov¬
through the kind mediation of your Excellency,
ernment of
to bring this communication to the knowledge of the Government of
[The names of the intermediary Government and of that addressed in
the particular note dispatched are left blam. .]
to be

The Royal

Dispatches from London in announcing the receipt of
the Austrian note by the British Government, also stated
that a proposal had been received (presumably from Ger¬

many) that the troop3 of all nations be withdrawn from the
Russia. This was interpreted in some
quarters as part of a German plan to eliminate the Entente

Murman region of

from Russia in return for

concessions in the West.

proposal of the Austro-Hungarian Government for
had been foreshadowed,
in a measure, by an address delivered by Baron Burian, the
Foreign Minister, to visiting German newspaper men. In
this address the Foreign Minister, as reported in Amster¬
dam dispatches on Sept. 10, said in part:
The

a

conference to discuss peace terms

“This question arises,” said the Foreign Minister: “Isn’t it a crime
against humanity even to think of completely pulling down a structure
which has become historical, and which certainly here and there needs
improvement, but is only capable of improvement, in order to found a
paradise in future on its ruins? The defect in this, however, is that in
accordance with the destructive methods of our enemies it can only be
created with a much too great sacrifice.
“Count the past hecatombs of this war. Think of those to come and ask
whether striving to attain war aims at such a price is justifiable—war
aims in which the principle of justice is put foremost—without investigating

\




a

Oer. 5
whether
that
“

an

1918.]

THE CHRONICLE

understanding could not be reached by

a

fair application of

principle.

It is unthinkable that even the most confident
hopes of final victory
could permit the enemy in the long run to avoid
considering whether the
moat terrific exertions and sacrifices can longer be justified in order to
carry
through principles which are not the enemy’s monopoly or to regulate the
affairs of other peoples who can manage them
quite as well themselves.
“I believe that careful and sincere investigation would
bring many on
the other side to realize that they often are fighting for
imaginary things.
It may be an ungrateful task to want to communicate one’s
own percep¬
tions of things to the enemy.

“The enemy group can, if it wishes, convince itself that in all
questions
humanity and justice and of future international relations it will en¬
counter on the part of our group no opposition and will be in
line with our
existing progressive aspirations. But at the same time it will meet our
determination to continue steadfastly to stand up for our
good right.
“Our adversaries need only provide an
opportunity in a calm exchange
of views—some sort of direct informative discussions is
thinkable which
would be far from being peace negotiations—of
of

discussing and weighing
everything which to-day separates the belligerent parties, and no further
fighting will, perhaps, be needed to bring them closer together.”

AUSTRIA’S

APPEAL

TO

THE

POPE

TO

SUPPORT

PEACE CONFERENCE.
The Austrian Government’s note to the
Pope, calling to
his attention the peace proposals
being sent to all the bellig¬
erent Powers, was sent on Sept. 14
by Baron Burian, the

Austro-Hungarian Foreign Minister, to the Apostolic Nun¬
cio at Vienna, Monsignor di Bonzo,
according to a Vienna
dispatch. The Austrian note urged the Vatican to support
the peace move, and read

as

follows:

After four years of unheard-of struggle and
gigantic sacrifices, the war
which has been devastating Europe has not been able to
bring about a
decision.
Animated by a spirit of reconciliation, which

already has been
expressed in its note of Dec. 12 1916, the Austro-Hungarian Government
has decided to approach all belligerent States and invite
them to pave the
way to a peace which will be honorable for all parties by a confidential and
unbinding exchange of thoughts.
Full of gratitude, the Austro-Hungarian Government
hereby remembers
that touching appeal which His Holiness the Pope sent
to all belligerents
last year with the exhortation that they seek an
understanding and live
again in brotherly concord.
Firmly convinced that the Holy Father
to-day also longs that suffering mankind will soon again enjoy the blessings
of peace, we confidently hope he will
sympathize with our note and support
it with the moral influence which is
recognized all over the world.

Animated by this thought I request Your Excellency to submit the
enclosed text of the note to His Holiness.

A dispatch from Rome on the 16th quoted the semi¬
official Vatican organ, “Corriere d’ltalia” as

saying:

Austria’s invitation should not create dangerous illusions.
It is in¬
teresting as the first official public step taken by any beligerent for peace.
But the peace conception of the two
belligerents is still too divergent to
give hope of conclusive conciliation.
The sincere friends of peace prefer
that the war should continue rather than a truce should be
arranged,
leading to new fighting.
h

1

PRESIDENT WILSON’S REJECTION OF THE
AUSTRIAN PEACE PROPOSALS.
President Wilson’s reply to the proposals of the AustroGovernment for a non-binding confidential
discussion of peace terms has already been discussed in our
editorial columns.
It seems desirable to put in narrative
form the events connected with the reply.
The President’s

Hungarian

answer

was

couched

in

communication

consisting of
only two sentences made public by Secretary of State
Lansing twenty-five minutes after the official text of the
note was delivered by the Swedish Minister, W. A. F.
Ekrengren. The President’s reply, in behalf of the Ameri¬
can people, was a eurt refusal.
The Imperial Government
was

reminded

that

the

a

American

Government

peatedly, and with entire candor, stated the

“has

re¬

terms upon

which the United States would consider peace, and can and
will entertain no proposal for a conference upon a matter

concerning which it has made its position and
plain.”
The

purpose so

President’s note is understood to have been pre¬

pared in advance of the receipt on Sept. 16, of the official
the basis of the press cable¬
grams received the previous day.
Secretary Lansing had
been notified informally by the Swedish
Minister, that the
note had been received, was being
decoded, and would .be
delivered by nightfall.
It was 6.20 o’clock when Minister
Ekengren entered the office of Secretary Lansing, bearing
the translated text. Two minutes later Minister
Ekrengren
left the State Department.
Secretary Lansing received
the representatives of the press at 6:45 o’clock and read
the statement embodying the reply.
Secretary Lansing
said the reply, as made public, would be delivered to the
Swedish Minister on Sept. 17 to be transmitted via Stock¬
text of the Austrian note, on

holm to the Austrian Government.

Secretary Lansing’s statement to the
reply was as follows:

the President’s

press

embodying

I am authorized by the President to state that the
following will be the
reply of this Government to the Austro-Hungarian note proposing an
unofficial eonference of belligerents.




1349

“The Government of the United States feels that there is
only one reply
which it can make to the suggestion of the
Imperial Austro-Hungarian
Government.
It has repeatedly, and with entire candor stated the terms
upon which the United States would consider
peace, and can and will
entertain no proposal for a conference
upon a matter concerning which
it has made its position and purpose so
plain.”

Secretary Lansing

Sept. 18 made public the official
day before to W. A.
F. Ekrengren, the Swedish Minister, in
charge of AustroHungarian interests, conveying President Wilson’s rejec¬
tion of the Austrian peace proposal.
Except for a para¬
graph acknowledging receipt of the Minister’s note trans¬
mitting the Austrian note, the communication did not
on

text of the communication he sent the

differ from Mr. Lansing’s statement of what the
reply
would be, issued on the evening of Sept. 16, less than half
an hour after Mr.
Ekrengren delivered the Austrian

posal. The reply
tion complete was
Sir:

pro¬

was
as

in two sentences.

The communica¬

follows:

I have the honor to

acknowledge

the receipt of your note dated
Sept. 16, communicating to me a note from the Imperial Government of
Austria-Hungary, containing it proposal to the Governments of all the
belligerent States to send delegates to a confidential and unwinding dis¬
cussion on the basic principles for the conclusion of
peace.
Furthermore,
it is proposed that the delegates would be charged to make
known to one
another the conception of their Governments
regarding these principles,
and to receive analogous communications, as well as
to request and give
frank and candid explanations on all those
points which need to be pre¬
cisely defined.
In reply, I beg to say that the substance of
your communication has
been submitted to the President, who now directs me to inform
you that
the Government of the Upited States feels that there is
only one reply
which it can make to the suggestion of the
Imperial Austro-Hungarian
Government.
It has repeatedly, and with entire
candor, stated the
terms upon which the United States would consider
peace, and can and
will entertain no proposal for a conference
upon a matter concerning
which it has made its position and purpose so
plain.
Accept, sir, the renewed assurances of my highest consideration.
ROBERT

LANSING,

Secretary

The peace terms considered

of

State.

fundamental by our Gov¬
ernment were most fully stated in the President’s address
before Congress on Jan. 8 last (given in full in our issue of
Jan. 12, page 148), and were embodied in fourteen
propo¬
as

sitions.
The four general principles for an
enduring peace,
referred to in the statement accompanying the Austrian
note

as having met with no denial in Teutonic
countries,
incorporated in the speech delivered by President Wil¬
son at Mount Vernon on
July 4 (given in full in these col¬
umns on July 6, page 26).
The four principles were set
were

forth

as

follows:

I. The

destruction of every arbitrary power anywhere that can separ¬
ately, secretly, and of its single choice disturb the peace of the world; or,
if it cannot be presently destroyed, at the least its reduction
to virtual
impotence.
II. The settlement of every question, whether of
territory, of sover¬
eignty, of economic arrangement, or of political relationship, upon the basis
of the free acceptance of that settlement by the
people immediately con¬
cerned, and not upon the basis of the material interest or advantage of
any other nation or people which may desire a different settlement for
the

sake of its own exterior influence or mastery.
III. The consent of all nations to be governed in their
conduct toward
each other by the same principles of honor and of

respect for the

common

law of civilized society that govern the individual citizens of all
modern
States in their relations with one another; to the end that all

promises and
be sacredly observed, no private plots or conspiracies
hatched, no selfish injuries wrought with impunity, and a mutual trust
established upon the handsome foundation of a mutual
respect for right.
IV. The establishment of an organization of peace which shall
make it
certain that the combined power of free nations will check
every invasion
of right and serve to make peace and justice the more
secure by affording
a definite tribunal of
opinion to which all must submit and by which every
international readjustment that cannot be amicable agreed
upon by the
peoples directly concerned shall be sanctioned.
covenants

may

President Wilson’s reply to Austria’s peace
proposals met
with almost unanimous approval in the press and in the
halls of Congress. Senator Lodge, of

Massachusetts, the
ranking Republican member of the Foreign Relations Com¬
mittee, took the earliest opportunity to endorse the Presi¬
dent’s position. Speaking in the Senate on Sept.
17, Mr.
Lodge said the President’s prompt and curt refusal was
right and wise, and would receive universal approval. After
reviewing the various steps in the Teutonic “peace offen¬
sive,” Senator Lodge said:
The President’s reply to this stupid note will meet, I am
sure, with
approval. His prompt and curt refusal of the Austro-Hungarian
offer was not only right, but wise, for it will, I
believe, put an end to loose
and feeble talk about these Austro-Hungarians offers—a kind of
talk which
is not only debilitating and confusing, but distinctly
helpful to Germany.
The President, without entering upon any details or
definitions, says
the position and purpose of the United States is
plain.
I think that the
purpose and position of the American people are plain and growing plainer,
clearer, stronger every day. They are becoming so plain that I think even
the Central Powers will soon begin to understand them.
I believe that
universal

they will learn, and the sooner the better, that the American people mean
to have complete victory.
They must be made to know that we have no
intention of arguing with them about terms of peace around a table.
When Prussian militarism is crushed and the Germans throw up their
hands, then the United States and her Allies will tell them the terms of
peace which they are to accept.
In no other way can the world be made
safe against German wars of conquest.
In no other way can we justify
our entrance into the war and our sacrifice of our best and bravest.
Until

complete victory is reached on German soil any negotiations or discussion
with our enemies would meau that the war was lost, our sacrifices in vain,

defeated.

and our high purposes

There is much hard fighting yet

to be

done, many sacrifices still to be made, but the light of victory is shining
upon our armies and upon those of our Allies.
We shall press on until the only end worthy of attainment is fully reached.
Germany has brought unnumbered woes upon an innocent world.
She
must be put in a position where she cannot s rike again.
She has appealed
to the iust of conquest, the dread arbitrament of arms.
By that she must
She shall not now resort to talk and bargain for a decision.
abide.
We mean to put her in physical bonds.
We mean to make the world
safe for all free, law-abiding, decent people so that they may live their
lives in peace, unthreatened and unalarmed.
For
shall not ask more.
We shall never accept less.

Referring to the recent recognition

this we fight.

We
t

200,000,000 for her next war; and the abandonment of her former colonies
would be made only with the hope of recoupment in South America on a
more favorable occasion.
Such a settlement would be a mere truce pending
a strife more fierce thereafter.
So long as predatory militarism is not wholly
destroyed

as

by the United States

slovaks.
But it cannot stop there; it will not stop there.
We must
recognize the Jugo-Slavs, at the head of whom stands Serbia, which has
suffered more than any other country in this war, with the sole exception
of Belgium.
We must recognize the Poles, one of the greatest and most
brilliant people of history and they alone can make a great and powerful
state in Central Europe which will forever guard the eastern movement of
Germany.
These are coming; these are involved in the Jugo-Slavs.

Senator McCumber, of North Dakota, also a Republican,
in strongly endorsing the President’s position, declared if
the Kaiser wants peace he can have it, but “he can have

just and righteous peace.”

Continuing, he said:

that is not both righteous and conclusive, a peace that imposes
punishment on the perpetrator of the most atrocious crime in the history
of the world, a peace that leaves such a criminal with such criminal tenden¬
cies in a position to perpetrate again a like crime, would be worse than a
shame—it would be an act of treason against humanity itself.
If the Kaiser wants peace, let him say to the world he has outraged and
to the nations he has attempted to destroy and enslave:
“We now renounce our hypocrisy; we admit our criminal purpose in
inaugurating this war and our criminal acts in attempting to effectuate
those purposes.
We will restore every foot of foreign territory occupied
by us. We will pay the cost of restoring the cities, villages and farms we
have devastated.
We will return to France Alsace-Lorraine and repay the
war indemnity we exacted from her in 1870.4
ship
We will pay for
and cargo sunk by our submarines contrary to the law of nations and
humanity.
We will surrender for trial those who have wilfully murdered
prisoners and civilians, and will meet such indemnity charges as justice
will warrant.
We will leave the question of the return of our colonies, the
right to which we have forfeited by our own acts, to the judgment of the
great nations of the world, governed and influenced by the desire of the
people of the colonies themselves.
“And, finally, we will agree to such a system of disarmament as will
nsure our future good behavior, and sign with other nations a solemn
compact that will assure every nation, great and small, its territorial and
sovereign rights.”
A peace

no

e^ery

House leaders of both

parties

praise of the President’s reply.

equally outspoken in
Even Meyer London, the

were

sole Socialist member of the House, expressed

approval.

quoted in the New York “Times” on Sept. 18, in a
Washington dispatch dated Sept. 17, Representative London
As

said:
Representative Meyer London to-day expressed himself as in full accord
He said that there could be no real
Austria.
peace conference until Germany had renounced all the spoils of the sword,
and noc having made such an announcement, he believed that it would
be unwise to enter into a parley which should not be binding on the partici¬
with the President’s note to

London, “until she
was ready to renounce all spoils gained by the sword, had withdrawn from
invaded territory, and had tom up the Brest-Litovsk treaty.”

ENDORSEMENT BY LEAGUE TO ENFORCE PEACE OF
REFUSAL OF AUSTRIAN PEACE PROPOSALS.
At a special meeting in this city on Sept. 16 of the League
to Enforce Peace, of which Ex-President Taft is Chairman,
resolutions were adopted strongly commending the Presi¬
dent’s reply to the Austrian Government’s peace proposals,
and urging the American people to resist all overtures for a

The resolution adopted read

as

follows*

The League to Enforce Peace rejoices in the refusal of the President to
accept the invitation of the Austrian and German Governments to a secret
conference as to peace.
The League is pledged to a peace by victory as
the only peace which can achieve the object of the war in the destruction
of German militarism and the creation of a League of Free Nations to
enforce permanent peace.
To take part in a conference with an uncon¬
quered Germany is to confess a failure of our purpose.

The

following

was

stated to be the attitude of the League
and its ending:

with regard to the war

Apprehensive of the lure of an inconclusive peace, which would enable
masters of Germany to continue their domination of Central
Europe and sooner or later to menace again the peace and freedom of the
world, the League feels that our people should be forewarned, in case
Germany should propose to make peace on terms that might well deceive
the unsuspecting.
Suppose she should offer to retire from Belgium and
France, to cede the Trentino to Italy, even to relinquish all claims to her
captured colonies, and to promise some kind of autonomy to the various
races of Central and Eastern Europe.
Such an offer would be highly
seductive, and, if we are not prepared to understand what it means, might
well beguile the Allies into a peace which would be delusive; because unless
the principle of militarism is destroyed the promises would be kept no
better than those broken in the past.
Autonomy of other races would mean their organization for the strength¬
ening of Germany, until she had control of the resources of a population of
the present




ENDORSES

BALFOUR

WILSON’S

VIEWS—VICTORY

OVER GERMANY MUST PRECEDE LEAGUE
OF

NATIONS.

Speaking at the Guildhall at London on Sept. 30, Arthur
endorsed the princi¬
ples enunciated by President Wilson in his latest address,
but emphasized the point that the proposed League of Na¬
tions could only be made to work when Germany had been
thoroughly subdued by military defeat. As quoted in
a special dispatch from London to the New York “Times”
under date of Oct. 1, Mr. Balfour said:

J. Balfour, British Foreign Secretary,

I understood him, which he developed was this:
only to have peace, but is to be sure that it is go¬
ing to have peace, it must come to some arrangement by which the male¬
factors or would-be malefactors are to be kept in order.
Justice, as be¬
tween great and small nations, is to be preserved not merely by pious senti¬
ment, not merely by elaborate treaties, but by some machinery which will
be effective for carrying out the objects for which it was created.
That was
his first proposition, a League of Nations, or some machinery such as is
contemplated in this scheme for a League of Nations.
Some such scheme must be brought into being, if we are to be sure that
our labors in the present war are to bear their full fruit. *
The second proposition, as I understood it, was that, if you are to carry
out this great ideal with all its obvious and immense difficulties, the only
time to do it effectually is the moment when peace itself is being forged
by the labors of the victorious Powers. Allow that moment to pass, and
do you suppose that the world, weary of this tremendous effort, absorbed in
the domestic problems which will crowd upon us, neutrals and belligerents
alike, when this war is over, will have the patience, endurance and resolu¬
tion really to contrive the international machinery which shall carry out
our objects?
The main theme, as

that if the world is not

The President’s opinion is—and personally I am very much of this
mind—that to allow this occasion to sink into the past would be to lose on9

of the gteat opportunities given to mankind permanently
tional relations on a sound, lasting, and moral footing.

These, as I understand it, are the two great pillars of
given eloquent expression.

to put interna¬

the policy to which

he has

evidently something yet further is required. Evidently we are
see that the labors, the work, which you require your new machin¬
ery to do, shall not be greater than any machinery can be asked to do.
In
other words, if you are going to bring into existence an international ma¬
chinery for securing peace, you must so arrange the map of Europe and of
the world that the great occasions for wars will not overwhelm you.
But

bound to

If you perpetuate the state of things which exists in Central
if you render permanent, for example, German domination over

Europe,
Russia,
especially over Western Russia, if you leave no hope to the small peoples
along the Baltic, if you refuse to redress the century or more than century
of wrong to Poland, and leave Poland where she has been for all these gen¬
erations, a reproach to all civilization—if these subordinated peoples who
have for generations been trampled in the Austrian Empire under the heel
minorities, if you leave them still in their pres¬
position, if the Balkans are again to be the scene of bloody wars among
themselves and the occasion of hostilities among their neighbors, if the Turk
is to be allowed to resume his bloody sway over the territories which have
been tom from him, if he is still to massacre at will and to plunder at will,
if Italy is not to have restored to her and added to her those populations
which will really make her indeed Italy Redeemed, if Greece is to be threat¬
ened, as she has been threatened by the domination of the Central Powers,

of the German and Magyar

pants.
“I would not do business with Germany,” said Mr.

premature peace.

quoted in the New York “Times”
making the following comments on the peace note:
was

No conference of any sort can supply the need for a victory.
There are
the suggestion for a conference is something utterly contrary to our poll- y
It is an armed system we are fighting, and nothing short of the destruction
of that system will satisfy us.
The Austrian note is merely the beginnin
of another peace offensive, which should not be dignified by anythin
but a curt refusal to enter into a non-binding, secret discussion.

the Massachusetts Senator, after
paying a glowing tribute to the achievements of the Czecho¬
slovak army in Russia, said:
If any people ever deserved recognition as belligerents it is the Czecho¬

a

lasting peace can be made.

no

Ex-President Taft

of the Czecho-Slovaks,

only

[Vol. 107.

THE CHRONICLE

1350

ent

if Serbia is

nqt to be restored after

all her appalling sacrifices, and after all

glorious gallantry, if France is not to resume her full place in Western
Europe, and if Belgium is not to have restored to her in full measure all
that the abominable brigandage of the Central Powers has tom from her—
if all those evils are not potentially to recur, then you must do something
more than merely establish a League of Nations.

her

these wrongs right before the League of Nations sets t°
give them a clean slate to work upon; you must not bring
great reforming machinery, for a great reforming machinery

You must put

work;

you must

them in as
on

a

those lines I believe to be

impossible.

You must bring them in to show that after you have carried out these
great reforms, after you have freed Europe arom Prussian militarism,
after you have restored Asia as well as Europe to a position in which self¬

development is possible for the various nationalities which occupy them,
then, and then only, will your League of Nations work.
Therefore, in order to make the League of Nations possible, victory,
and complete victory, is absolutely necessary.
The dream of the Germans
that by merely subscribing their names to a petition for . uch a league
they can persuade their enemies that their heart is changed—that is a vain
illusion.
Germany really seems to suppose that when we, the Allies, talk
of a change of heart and the destruction of militarism, all that is required
are a few constitutional modifications of the Prussian State and subscrip¬
tion to the admirable propositions which from time to time President Wilson
has laid

down.

superficial changes are of no value whatever if they stand by
themselves.
Germany can only be a member of the League of Nations
These

has been reformed by a great and wise and
all-embracing peace; and that can never take place until Germany not
merely has been obliged to change her profession of faith, but until Germany
finds herself in a position when all her dreams of world domination are torn
to pieces before her eyes, and when she is left powerful, indeed, as she will
be left powerful, doubtless, prosperous doubtless, and wealthy, but no
longer the tyrant who can use the nations which she is in position to influ¬
ence to subserve her own dreams of world empire.
when the international system

Oct.
MR.
In

519l8i]

THE CHRONICLE

BALFOUR'S REJOINDER TO AUSTRIAN PEACE
PROPOSAL.
address

Sept. 16 to visiting journalists, Arthur J.
Balfour, British Foreign Secretary, took occasion to express
his personal view of the Austrian peace proposals. Mr. Bal¬
four’s views were generally endorsed by the London press
and were accepted as representative of British opinion. We
give the summary of the address as forwarded from London
by the Associated Press:
an

on

“It is incredible that anything can come of this proposal.”
The Foreign Secretary said he agreed with the Austrian note when its
authors pointed out that the whole of civilization was at stake and that the
prolongation of hostilities was a risking or sacrificing of a great deal that
was really dear to everybody interested in the
progress of mankind.
The
terms of peace and war were so tremendous, and the calamities
imposed by
the continuation of hostilities so overwhelming, that he would never
treat
with disrespect any peace proposal.

“But,” he went
to

us as

on, “I cannot honestly see, in the proposals now made
I have been able to study them, the slightest
hope that the goal

we all desire—the goal of a peace which shall be more than a
truce—can
really be attained.”
Coming after the recent speech of Friedrich von Payer, the German
Imperial Vice-Chancellor, Mr. Balfour continued: ‘‘This cynical proposal
of the Austrian Government is not a genuine
attempt to obtain peace.
It is an attempt to divide the Allies.”
No coalition ever had been so strong
as the Allied coalition, and the enemy
would not succeed in breaking it.
Conversations such as were proposed by Austria-Hungary undoubtedly
would have great vaule under certain sircumstances.
They would serve
to smooth out obscurities such as questions of pride, &c
but the ques¬
tions now between the belligerents were definitely defined.
“I am not taking the proposals of two years ago, or of last
year, but of
last week,” Secretary Balfour said.
“The German Vice-Chancellor, speak¬
ing for the German Government, clearly and without obscure verbiage,
showed where Germany stood on the question of Belgium, Alsace-Lorraine,
the German colonies, and the Brest-Litovsk and Bucharest treaties.”
It could not be more clearly set forth than it was by von Payer last
week that Germany intended to pay no indemnity to Belgium.
The
Vice-Chancellor indicated that Germany did not believe in the principle
of indemnities, and yet at the same time she was squeezing millions of
,

dollars out of Russia.

“This,” the speaker went on, “was for the wrongs Russia is supposed
to have done Germany.
How can those wrongs be compared with the
devastation and ruin which Germany is wreaking on Russia now?”
Regarding the question of* colonies, Secretary Balfour said:
“The colonies are one question on which there is no misunderstanding.
We stand on one side and Germany on the other.”
Referring to the lack of concerted effort by the Central Powers, as
emphasized by the von Payer speech and the Austrian note, the Foreign
Secretary commented on the clumsiness of German diplomacy.
“The German,” he added, “excels in direct, simple brutality, but when
he tries to dress in President Wilson’s clothes,
Wilson would act, he is clumsy.”

or

tries to act

as

President

The Foreign Secretary continued:
«
"Take Belgium, for example.
The phrase von Payer uses is a very
curious one, but I suppose it is intended to mean that Germany feels that
she

really must restore Belgian independence.
She does not say what she
going to do to restore Belgian prosperity or that indemnities are to be
given to the country she wasted, brutalized, and ravaged.
“But it seems that if Belgium will consent to make certain modifications
in her internal arrangements she is to be allowed to get back her inde¬
pendence.
Explicit though it be, it explicitly refuses that which we think
obviously just, namely, restoration of and indemnity to Belgium, w'hich
has been so monstrously treated.
“Von Payer stated that the German boundaries should remain intact,
which, of course, means that Germany will keep Alsace-Lorraine. How
are conversations going to set that right ?
There are no misunderstandings
between the belligerents on that score.”
Mr. Balfour recalled that von Payer said the Brest-Litovsk and Bucharest
treaties should stand, and declared: “There is no misunderstanding there.
It is in black and white, without circumspection or fine phrasing.
No
dexterity of dialogue is going to smooth differences of that kind.”
The Secretary said he could hardly conceive of such a note being sent so
soon after the German Government, through its Vice-Chancellor, had so
definitely laid down its policies on subjects which were uppermost in the
minds of all the belligerents.
He considered it one of the plainest state¬
ments ever made by a German diplomat and contended that it made
impossible a settlement by conversations.
“Until the Central Powers are of open mind and are prepared to discuss
our views of what we believe to be right and justice and for the uplift of
civilization,” continued the Secretary, “mere conversations for practical
is

of the

quadruple alliance and the authorized representatives of the
announced.
The reception
which previous similar steps met with from our enemies was not
encourag¬
ing.
The Imperial Government, however, follows the new
attempt to bring
the world nearer to the just and lasting peace which it desires with the
sin¬
cere and earnest wish that the statement of the
Austro-Hungarian Gov¬
ernment, inspired by profound conciliatory ‘ feeling and noble humanity,
men

allies’

(Teutonic) peoples have again and again

will this time evoke the desired echo.
In the name of the Imperial Government the
undersigned has the honor
to declare that Germany is ready to participate
in the proposed exchange
of ideas.

The summary rejection of Austria’s peace proposals by
President Wilson, Premier Clemenceau, Foreign Secretary
Balfour and other Allied statesmen called forth gloomy and
bitter comment in the German press. A surprising number
of papers appear

willing that the Russian and Rumanian

treaties should be reconsidered, but the general sentiment
seems to be that
Germany should fight to the bitter end
rather than give up Alsace-Lorraine and the German colo¬
nies. In this spirit the “Deutsche
Tageszeitung,” dis¬

cussing the colonies and Alsace-Lorraine, said:
What does this mean if not that the Entente intends to dismember and
crush the German Empire?
There is but one thing left for us—
.

victory

or

.

.

destruction.

The Socialist “Vorwaerts” of Berlin was bitter and pes¬
simistic. It declared that the American answer and the
utterances of

Secretary Balfour compelled the conclusion
a peace by agreement,

that the Entente would not hear of
and added i
Mr. Balfour’s speech contains two

points which a great part of the Ger¬
people are ready to discuss and two others which will evoke powerful
opposition from every German. The first two points are Belgium and the
man

Brest-Litovsk.
The other two concern the German colonies and AlsaceLorraine.
If Mr. Balfour wishes that these last two points should be fulfilled, which
would be possible only through a complete military victory by the Entente,
there would be a feeling left among the entire German people that they had
been made the victims of a robbers’ warfare.

The “Vorwaerts” said that even if the Entente did not
admit the justice of the German standpoint its rejection of
the Austrian invitation was nevertheless an “act of stu¬

pidity and brutality.”

1
On the 19th Field Marshal

von Hindenburg issued a
proclamation to the army in the field, alluding to the Austrian
peace offer and saying that it did not involve an interrup¬
tion in the war operations.
The Field Marshal added that
a readiness for peace was not in contradiction with the
spirit
with which Germany is waging the struggle. It is the army’s
duty, he said, to continue the struggle while waiting to see
whether the enemy is sincere and ready for peace negotiations.
The text of the proclamation read:
a

The Austro-Hungarian Government has proposed to all the belligerents
a non-binding discussion of peace.
War operations are

conference for

not

thereby interrupted.
Readiness for a peace is not in contradiction
spirit with which we are waging the struggle for the homeland.
As early as December 1916 the Kaiser, our Supreme War Lord, with his
Allies, offered peace to the enemy. The German Government has often
since then proclaimed its readiness for peace.
The reply of the enemy was scorn and derision.
The enemy Govern¬
ments incited their peoples and armies to continue the annihilating war
against Germany.
We have thus continued our defensive struggle.
Our ally has now made a fresh proposal to hold a discussion.
The fight¬
ing will not be interrupted. The army’s task is to continue the struggle.
In four victorious years of war the German army has energetically pro¬
tected the homeland and proved to the enemy our invincibility.
Only by
this means do we help break the enemy’s will to destruction.
While continuing to fight we have to wait to see whether the enemy is
sincere and this time ready for peace negotiations or whether he will again
reject peace with us, unless we are prepared to buy it on conditions which
would destroy our people’s future.
to the

results

are useless.”
He could not help comparing von Payer’s speech with the note and

wondering what was the central idea of the culpability of the Allied peoples,
adding:
“They evidently think they can embitter whatever differences may exist
between the Allied countries and counteract the present Allied successes
on all fronts.
I cannot bring myself to believe that this Is an honest
attempt at peace by understanding, but I am driven to the opposite
opinion—that it is an attempt to weaken the forces in the field, which are
proving too strong for them.”

1351

VON HERTLING'S ADDRESS ON GERMANY'S
ATTITUDE TOWARD PEACE.
The much discussed address of Chancellor

von

Hertling

(who has since resigned his office), setting forth Germany’s
attitude toward peace, was delivered before the Main Com¬
mittee of the Reichstag on Sept. 24. The Imperial Chan¬
cellor declared that all thoughts of conquest were far from
Germany’s mind. The world war was prepared years ago,
he said, by King Edward’s well-known encircling policy,
GERMANY ACCEPTS AUSTRIA'S INVITATION TO
the war fervor of France and the growth of Pan-Slavism in
PEACE DISCUSSION.
Russia. Referring directly to peace, the Chancellor de¬
An official communication issued in Berlin on Sept. 20
clared he had given his adherence to the idea of a League of
stated that the German Ambassador at Vienna had that day
Nations (with certain reservations), and also accepted “in
presented Germany’s reply to the Austro-Hungarian peace principle” the four peace principles laid down by President
The German note announced the readiness of Ger¬
note.
Wilson, “who, however, has neither then nor since taken
many to participate in the proposed discussion of peace
In defending Germany’s invasion of
any notice of it.”
terms, and was given as follows in dispatches from London
Belgium, the Chancellor admitted that Germany had trans¬
under date of Sept. 20:
gressed the written law, but declared that “as for individuals,
The undersigned Imperial Ambassador has the honor to make the fol¬
so is there also for States, another law.
That is the law of
lowing reply to the highly esteemed note of the royal and imperial Foreign
Minister.
The summons of the Austro-Hungarian Government to eleven belligerent
States to enter into confidential unbinding discussion in a neutral country
of the fundamental principles for the conclusion of peace corresponds to the

self-defense.”
As summarized in Associated Press
sterdam dated Sept. 25, the address of

spirit of peace readiness and conciliatorin ess which the responsible states¬

ling




was as

follows:

dispatches from Am¬
Chancellor von Hert¬

“W# have never concealed the fact,” said Chancellor von Hertling in
the course of his address, ‘‘that all thoughts of conquests were far from
our minds.
But how do things stand on the opposite side?
If one credited
the utterances of the enemy, official and unofficial, they only desire to

repel

a

mony,

Germany which, in criminal arrogance, is striving for world hege¬
to fight for freedom and justice against German imperialism and

Prussian militarism.
“Wo know bettor.
The world war was prepared years ago by the wellknown encircling policy of King Edward.
In France there arose extensive
war literature which referred to impending war with Germany. Austria-

Hungary’s influence in the Balkans was to be eliminated. The Russian
expansion movement and the pan-Slavic idea demanded it. The match
was not put to the powder by the Prussian military party, but while the
German Emperor was, up to the last moment, endeavoring to preserve
peace the Russian military party put through the mobilization against the
will of the weak Czar, and thereby made war unavoidable.
“The official account of the Sukhomlinoff trial made this clear to every¬
one who desired te see.
We can look calmly forward to the judgment of
posterity. For the present, it is true, those who are in power in the enemy
countries have succeeded by an unparalleled campaign of lies and calumny
in obscuring the truth.
When a result was not obtained by the spoken or
written word it was achieved by pictorial representations—productions of
absolutely devilish fantasy, from which one turns with horror and disgust.
But the object has been attained.
A hatred has been raised amongst the
enemy populations against the Central Powers, and particularly against
Germany—a hatred which eschews all moderation and chokes off all just
judgment. *,
“You have all read Premier Clemceau’s last speech, a speech which
seemed. In its fanatical hatred and the coarseness of mind displayed, to
surpass anything hitherto achieved.
But in America it found a many¬
voiced echo, as is proved by the pronouncements that are reaching our ears
from across tho ocean.
The wildest war fury is at present raging in the
United States.
Tho people are intoxicated with the idea that America
must bring tho blessings of modern liberal culture to the enslaved peoples
of Central Europe, while at the same time they are rejoicing at the many
millions of dollars which the war armaments are causing to flow into the
pockets of the business men.
“Theory and practice are two different things.
The old proverb of the
mote in another’s eye and the beam in one’s own finds constant illustration
in the machinations of the Entente.
They are never tired of condemning
our march into Belgium, but they pass over the oppression of Greece, the
interference with that country’s internal affairs, and the enforced abdication
of its King as if they were matters of course.
They assert that they are
fighting to protect eppressed nations, but the century-old sorrows and the
justifiable grievances of Ireland nowhere find a hearing, not even in America,
whore the people are acquainted with them through the numerous Irish
immigrants. The British Government, which is expecially fond of talking
of right and justice, recently found it compatible with those principles
to recognize tho conglomerate rabble of Czecho-Slovaks as a belligerent
Power.
“How will the Berman people have to meet that?
for mercy in fear and trembling?
No, gentlemen,

Will it, forsootn, beg
remembering its great
past and its still greater mission in the future, it will stand erect and not
cringe

or grovel.
“The situation is serious, but

it gives us no ground for deep depression.
The iron wall of the Western front ii not broken, and the U-boat is slowly
but surely fulfilling its task of diminishing tonnage; thus, above all, in¬
creasingly menacing and restricting reinforcements of men and material
from the United States.

because it must come, when our enemies will see
ready to make an end of tho war before half the world is con¬
heap of ruins and tho flower of its manly strength lies dead

“The hour will come,
reason

and be

verted into
on

a

the battlefield.”
Count

von

[Vol. 107

THE CHRONICLE

1352

Hertling said it was the business of the Germans to stand to¬

gether, cool, confident, united, and resolute, with their one aim the protec¬
tion of the fatherland, its independence, and its freedom of movement.
There was no antagonism, he declared, between the Government and the
people. Tho former only desired to work with and for the nation. Al¬
luding to the differences of opinion on political matters, the Chancellor
said:

It has found eloquent advocates in the Swiss President and
Norwegian Premier, Knudsen, both of whom dwell especially on the in¬
terest of neutral States in such an institution.
I also do not hesitate to
express my opinion again to-day on this question and to indicate publicly
the aim and basis of such an association.
It is a question of promoting
universal equal and successive disarmament, the establishment of ob¬
ligatory courts of arbitration, freedom of the seas, and the protection of
action.

an

the

small

nations.

“Regarding the first point, on Feb. 24 I described the idea of restriction
of armaments as thoroughly discussable, adding that the financial position
of all the European States after the war would give the most effective
support to a solution of this question.
Regarding the question of arbitra¬
tion my standpoint has long been history.
I will not go into details, but
interesting material which I have before me shows that Germany in the
past repeatedly suggested arbitration of disputed questions, the carrying
out of which in several cases, however, was prevented by opposition raised
in Great Britain or America.
If an international understanding could be

disputed questions of law between various States must always
obligatory for
members of a league of nations, it would undoubtedly be an important step
toward the attainment of the general aim.
More precise prescriptions,
especially regarding requisite guarantees for the recognition of verdicts
made by arbitration, need careful and thorough consideration.
“I have expressed myself before this on the question of freedom of the
seas, which forms a necessary prerequisite for the unrestricted intercourse
of States and peoples.
Here, however, the greatest difficulties, naturally,
are not raised on our side.
On a former occasion I pointed out that there
must be unhindered access for all nations to the inland seas, no predominant
position of Great Britain at Gibraltar and Malta and in the Suez Canal.
An English newspaper has caked this impudence.
“Finally, there is a protection of small nations. Here we can forthwith
and without reserve state that in this matter we have an entirely clear
conscience.
May, therefore, a league of nations be no mere dream of the
future.
May the idea deepen, and may the people in all countries zealously
concern themselves with the means for its establishment.
The first and
most important prerequisite will be an energetic will to champion peace
reached that

be submitted to arbitration courts, and if this Were made

and

justice.

“Here I will close my remarks. The Foreign Secretary will deal with the
political situation in more detail, and discuss especially in that connection
the well-known Austrian note, and the reception it has met with up to *
this time on the part of the enemy.
Those in power in the so-called
democratic States have, with precipitance and without consulting their
peoples exhibited a curt attitude of rejection. By so doing they once
again show where the passion for conquest, where imperialism and mili¬
tarism are in reality to be sought.”
In vigorously defending Germany’s action toward Belgium, the Chan¬
cellor admitted that in invading Belgium Germany transgressed the written
law, but, he said: “As for individuals, so is there also for States, another
That is the law of self-defense.”

law.

„

fighting, both on the West and the East, the Imperial
Chancellor said, it would be solely a question of defense.
In all future

A GERMAN PLAN FOR THE LEAGUE OF

NATIONS.

specifications of a constitution for a proposed
League of Nations are worked out by Mathias Erzberger,
one of the leaders of the German Centrist Party, in a book
soon to be published, extended extracts from which, as
given in the Berlin “Vossiche Zeitung,” were reported in
press cables from Amsterdam on Sept. 23.
Erzberger’s
ideas have attracted a good deal of notice as being the first
attempt from the German side to go into details in regard
to what is now universally recognized as the first essential
of a peace settlement.
As summarized, Herr Erzberger’s
plans involve the following:
Detailed

constitution, dealing with the organization of
league, says “any sovereign State can enter the league, which shall be
considered to have been formed when the following powers are among those
who have announced adherence:
Germany, Great Britain, France, United
States, and Russia.”
.
The Hague would be the seat of the league, and there the International
Bureau would conduct its business.
Each State, with the approval of its
Parliament, would appoint one delegate. The International Bureau would
be controlled by a permanent administrative council consisting of the
The first section of this

period after the war will also confront us with new domestic prob¬
lems.
I will not speak of these now, but, as I know that the prevailing
discontent is net influenced alone by the sufferings and worries of wartime,
but also by quite definite cares and grievances of a political nature, I will
“The

make some brief remarks

on

the subject.

“Since taking on my shoulders the heavy burden of the Chancellorship I
endeavored energetically to carry out what was still lacking in

have always
this respect.

I

an,

of course, alluding to that great reform bill, which, it is

such

a

„

true, does not fall within the jurisdiction of the Reichstag, but neverthe¬
less engages pelitieal circles in Germany far beyond the Prussian fron¬

representatives of the federated powers, with the Dutch Foreign Minister

tiers."

Dealing with fundamental laws, the second section says:
shall guarantee the territorial possessions of each federated

Beetling asserted that the Prussian Government was firmly
resolved to havo tho bill accepted, and to that end it would not hesitate to
Count

von

He begged his hearers to re¬
any means constitutionally available.
member that this question was one of a far-reaching alteration in the his¬
use

torical structure of tho Prussian State, and that it would be unfair if the

representatives of tho old order were not given the opportunity of defend¬
ing their standpoint in Parliament. There must be no question of pro¬
“Should we, however,” he continued,
crastination, the Chancellor said.
“not succeed ia attaining our contemplated aim by Parliamentary debate,
then another way indicated by the Constitution will be pursued.”
Referring to the question of peace, the Chancellor then said that hu¬
manity shudders at the thought that this war may bring others, and the
question is engaging the attention of more people as to the possibility of
creating an organization among peace-needing nations, which would “set
right in tho place of might and a peaceful solution instead of sanguinary
battles.”
The Chancellor proceeded:
“As is known, the President of the United States laid down in fourteen
points the guiding lines for a conclusion of peace. On Jan. 24 of this year
I discussed in your committee all these points, and, regarding the last,
remarked that the idea of a league of nations, as suggested, had my entire
sympathy, on tho condition that an honest will to peace and the recogni¬
tion of the equal rights of all States of the league were guaranteed.
How
necessary was this reservation was shown by the statements of our enemies,
who, in a league of nations, thought of an alliance directed against Germany
her allies.
“President Wilson,

and

in a message on Feb. 2 (Feb. 11?), took a further
step in the same direction and laid down four points or principles which
in his opinion should be applied in an exchange of views.
In my Reichstag

speech of Feb. 22, I declared myself, in principle, in agreement with the
possibility of discussing a general peace on such a basis. President Wilson,
however, has neither then nor since taken any notice of it.
“Meanwhile, the former idealist and zealous friend of peace seems to have

American Imperalists. But the plan of a
established ia not to be discredited by auch

developed inte the head of the
league ef *atie*s yet to be




as

as

Chairman.

undisturbed possession of

colonies.”

“The league
State, as well
Each State would be independent

and foreign affairs within the limits of the
league’s constitution.
States, whose Governments, with the assent of their Parliaments, de¬
clare their permanent neutralization would be recognized by all members
in the conduct of its internal

of the league as permanently neutral and w ould enjoy
tion.
All available means would be used against any

the league’s protec¬
State outside of the

league which attacked a Federal State or took up arms without having
applied to the arbitration court or awaited its judgment, or which took up
arms, instead of accepting its judgment.
Members of the league would mutually undertake to cut down and
steadily reduce their land, naval and serial forces, according to a fixed
standard to be agreed upon.
They would further undertake not to use
their forces for any other objects than the maintenance of internal order,
defense of their territory against attack and for joint execution of the
league’s mandates.
Figures showing the annual expenditure for armament, the number of
troops under arms, war material in hand and the number of warships in
commission would be communicated annually to The Hague Bureau, which
would publish them.
The constitution provides for economic equality and
tor the principle of the open door, all members of the league granting
aech other most favored nation reatment.
For the first decade after the foundation of the league each State’s sur"
plus of raw materials wrould be divided between the other Federal States’
according to a standard to be agreed upon.
This would be respective of
the imports of the year, the output and the special needs of individual
States due to the war.

Straits,
possession of
fortifications
retained, guarded by a command consisting of contingents from all the Fed¬
erated States and commanded in rotation every three years by a delegate
Members of the

league would recognize freedom of the seas.

canals and connecting seas, both banks of which were not in
the same Federal State, would be internationalized and their

of the States.

Oct. 5

THE CHRONICLE

1918.]

Safety of private property on the high seas would be proclaimed, and the
naval prize law and blockade law abolished.
Exercise of the right of block¬
ade would be reserved to the league, and only to the league, for use against
Federal State which violated the league’s constitution and against any
State not belonging to the league which took up arms against the neu¬
tralized State.
Ships of the Federated States and their cargo would be
treated In each State like its own.
Overseas cables would be controlled by
a commission of the league.
Members of the league would renounce the raising of troops in colonial
territories.
All States with colonies situated in Africa would be perpetually
any

Omsk

Government, said that

1353
an army

of

more

than 200,000

had been formed in Siberia, by conscription, and that
there were 30,000 officers available there to train and lead
it. The army is being organized on the basis of strict mili¬
men

tary discipline, it was said, and will constitute an increasingly
powerful force to co-operate with the Allied and Czecho¬
slovak forces in Siberia.

neutral States.

The third section, dealing with the league’s executive department, pro¬
vides that, in event of offenses, members shall proceed against the violator
of the constitution, first by severance of diplomatic relations; second, com¬

plete isolation of the offender by closing frontiers to imports, exports,
postal and railroad traffic, and, third, in given circumstances by blockade.
The same measures would be taken against any hostile menace of a Federate
State from a non-member.
Should the offending State cross its frontiers
with hostile intent against one or more members of the league, joint military
and marine assistance would be given.

Erzberger invites cirticisms of his plan,
proposals.

as

well

as

practical counter¬

NEW CENTRAL GOVERNMENT FORMED IN RUSSIA,
PLEDGED TO EXPEL GERMANS AND RE-UNITE
COUNTRY.

Encouraging reports from Russia, indicating that order
may soon emerge

from the present chaotic conditions,

was

contained in official dispatches received by the Russian Em¬

CONCLUSION OF CONVENTION OF AMERICAN BANK¬
ERS' ASSOCIATION—RESOLUTIONS, &C.
Before bringing to a close its annual convention at Chicago
last week, the American Bankers’ Association adopted a

number of resolutions. All of these will appear in full in
the detailed report which will be printed in our special edi¬
tion—the American Bankers’ Convention Section—which
will be issued next Saturday, and hence we give here but a
brief outline of them as given in the Chicago “Tribune” of

Sept. 28; to quote therefrom these resolutions commit the
Association:
To

a

pledge of the banking strength of the country to united support

of the President and those associated with him in the great task of the hour.
To have all members do their utmost in placing the Fourth Liberty

Loan, and recommending to members to continue to co-operate fully with
the Secretary of the Treasury in all Government financing.
To having its members urge elimination of waste and extragavance,
that the needed supplies for our armed forces may be made more plentiful
and the purchase of Liberty bonds encouraged, thereby adding t« the
economic stability of the nation.
To urging its members to assist the campaign for the eeven agencies
engaged in aiding the nation’s fighting men, which begins Nov. 11.
To support, by every means in their power, the development of export
trade; to encourage manufacturers to enter upon this field of distribution,
and to provide, as rapidly as possible, adequate facilities for financing
export operations that the nation’s great merchant marine may be profit¬
ably continued after the war.

bassy at Washington and made public on Sept. 26. Pre¬
viously two distinct centres of authority had arisen in the
territory outside the sphere of Bolshevist influence, the Pro¬
visional Siberian Government, with headquarters at Omsk,
in Siberia, and the so-called Government of the North, at
Archangel, on the White Sea, controlling the northern prov¬
inces of European Russia. These two movements have now
been consolidated in a single governing body having its seat
temporarily at Uffa, and a directorate has been appointed
In addition to these purely patriotic resolutions, continues
consisting of five men representing all the revolutionary and the Chicago “Tribune,” the resolutions ask the Senate
democratic elements, from the Social Revolutionaries to the
Finance Committee, in considering the Revenue bill, to
left wing of the Cadets.
Composing the conference at Uffa allow merchants, in invoicing their stocks of goods on hand
which set up the directorate of five were all members of the to
determine their incomes, to make reasonable allowance
Constituent Assembly who had gathered at Samara except
for the rise of prices of commodities.
It adds:
those belonging to the Bolsheviki or to the Social Revolu¬
They also pledge the support of the association to the Capital Issues
tionaries of the Left. The conference was also attended by Committee of the Government to stamp out the sale of fraudulent securities,
delegates of the Siberian Government, the Union of Liberty and to prevent the exchange of Liberty bonds for such securities.
They urge the Government, in view of the decreasing production of
of the People, the Group of the Renaissance, and the So¬
gold, due to the war, to take steps toward maintaining the production of
cial Revolutionary and Social Democratic parties. A for¬ gold on at least its pre-war scale.
They also urge national, State, and local authorities to recognizn the
mal meeting of the Constituent Assembly of All Russia has
unusual and onerous conditions with which public utilities are contending,
been called for Jan. 1, prov ided 250 members can attend, and and to give
prompt and sympathetic hearing to the petitions of such utili¬
to be held if possible at Moscow.
ties for relief.
The committee of five set up as the sovereign authority
The Association has received an invitation from Columbus,
is composed of M. Tohaikovsky of the Government of the Ohio, to hold its next annual convention in that city. The
North at Archangel; M. Vologodsky, head of the Western invitation was referred to the Executive Council. A move¬
Siberian Government; M. Astorf, former Mayor of Moscow, ment among State bankers to secure representation on the
and member of the Constitutional Democratic Party; Lieut.- Association’s Administrative and Legislative Committee
Gen. Boldireff, one of the foremost men of Russia, and M. resulted in the creation of a second vice-presidency, to which
Avksentieff.
post the State bank candidate, John S. Drum, President ef
The dispatch to the Russian Embassy telling of the results the Savings Union Bank of San Francisco, was eleeted.
of the Pan-Russian conference came from the Chief of the Representation of the State bankers on the Administrative
Department of Foreign Affairs of the Uffa Government, and Committee was accorded by the adoption of an amendment
was summarized in the following statement:
to the constitution increasing the membership from three t©
As the separate provinces of Russia are being delivered from the yoke of
seven, and making the Presidents of the various section* ex¬
Bolshevikism, the temporary organs of legal authority are reconstituting
official members.
The Chicago “Tribune” also notes that
and reuniting themselves.
On the territory of European Russia they are
a further concession to State bankers was the acceptance ef
ooncentrating under the authority of a committee of members of the Con¬
stituent Assembly of All Russia, while in Siberia they are rallying under the
a constitutional amendment permitting a section to act
provisional Government of Siberia.
independently of the main body in matters of legislation.
The committee of the members of the Constituent Assembly of All Rus¬
sia consists of all the members of the Con* tituent Assembly which have
Richard S. Hawes, Vice-President of the Third National
gathered in Samara, except those who belong to the factions of the BolsheBank of St. Louis, was elected First Vice-President of the
viki and of the Social Revolutionists of the Left, members of such factions
Robert F. Maddox, President of the Atlanta
being considered as having renounced their titles of members of constitu¬ Association.
ent assemblies and therefore having lost their right to join the committee.
National Bank of Atlanta, is the new President of the Asso¬
ft

The committee of the members of the Constituent Assembly united
political parties which (1) remain loyal to the Allies; (2) reject any idea of
separate peace; (3) do not recognize the treaty of Brest-Litovsk; (4) have
decided to continue the war against the Bolsheviki and Germans in alli¬

with the Czecho-Slovaks.
The committee of the members of the Constituent Assembly, in its aims
to create a united and powerful Government, represents itself as the source
ef authority and considers itself as successor to the late provisional Govern¬
ment of all Russia.
ance

Being deprived until lately of means of communicating with institutions
abroad, the committee was i?ot able to inform in time the Governments of
western Europe and of the East and America of its formation and of the
development of events in Russia.
In Uffa is taking place a “State Conference,” constituted of members of
the Constituent Assembly, delegates of organs of provincial authorities and
ef the Siberian Government, of representatives of the Social Revolutionist
and Social Democratic parties, and of delegates of the Union of Liberty of
the People and of “Group of Renaissance.”
The State Conference has set as its aim to create a united Government
to represent the one lawful authority for all of Russia.
The efforts of the conference have attained success.
The sovereign au¬
thority has been vested in a body of five persons, responsible to the Con¬
stituent Assembly of All Russia, the convocation of which is deferred to
Jan. 1 1919 on condition that 250 members will be present.

A dispatch to the Russian Embassy on Sept. 26 frojn M.
Golovatcheff, Assistant Minister of Foreign Affairs of the




The other officers of the Association are James D.
Hoge, President of the Union Savings & Trust Co., Seattle,
Treasurer; F. E. Farnsworth, New York, General Secretary;
W. G. Fitzwilson, New York, Assistant General Secretary;
and Thomas B. Patton, New York, general counsel. The
Executive Council decided at its meeting on the 27th to
abolish the publicity bureau of the Association, the Depart¬

ciation.

ment of Public Relations.

BANKS, TRUST COMPANIES, AC.
Nine shares of bank stock were sold at the Stook Exchange

ITEMS

ABOUT

this week. No sales of bank or trust company stocks were
made at auction.
Extensive tables reporting bid and asked

quotations, deposits, surplus, &c., of banks and trust eompanies in all important cities in the United States are pubished monthly in the “Bank and Quotation” Sootion, the
October issue of which accompanies to-day’s “Chroniele.”
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another

THE CHRONICLE

1354
department of this

paper,

and will be found to-day

on page

1374.
Shares.
BANK—New York.
Low.
High.
National Bank of Commerce-- 171M 172
9

Close. Last previous sale.
Sept. 1918— 170M
172

The officers and directors of the Battery Park

National

Bank, 2 Broadway, this city, were the guests at a luncheon
at the Whitehall Club Tuesday afternoon to commemorate
the growth of the institution which has necessitated several
increases in capital since its incorporation.
The bank began
business in October 1904 with a capital and surplus of $300,000,'which was raised in July 1916 to $600,000 and last
Tuesday the capital was again increased to $1,500,000,
surplus to $1,400,000, with undivided profits of $125,000,
making combined capital, surplus and profits over $3,000,000.

and

The officers
success

were

felicitated for their effective efforts

in building up the institution’s business to its

present proportions.

The deposits are now $10,000,000,
and resources over $15,000,000.
The bank is in the centre
of the shipping and export district.
The President, Elias
A. de Lima, and the Vice-President, Edwin B. Day, formerly
Cashier, have been identified with the institution since its
inception. The executive staff includes: Richard C. Cor¬
ner and Edward
R. Qarhart,Vice-Presidents; Arthur H.
Merry, Cashier; Arthur S. Baiz and Robert A. McNiehol,
Assistant Cashiers.
•

Henry J. Schuler, formerly loan clerk of the Franklin
Trust Co. of this city, has been appointed Assistant Treas¬
urer of the company.
«

The directors of the Citizens National Bank of this city
have voted to the employees of the bank an extra compen¬
sation for the quarter ended Sept. 30 1918 of 10% and for
the quarter
extra

ended Dec. 31 1918 20%, making a total of 40%
compensation paid on their salaries during the current

year.
»

..,

George F. Baker Jr., Vice-President of the First Nationa
Bank, of this city, has enlisted as a private in the artillery
branch of the army, and is to report for duty at Camp
Zachary Taylor, Ky.
At the special meeting of the stockholders of the Public
National Bank of this city on Sept. 30, mentioned in these
columns in our issue of Sept. 7, the proposition to increase
the capital from $750,000 to $1,000,000 was ratified.
«

Eugene J. Fabens, Manager of the New York office and
member of the firm of Blake Brothers & Co., of Boston and
New York, and President and director of the Naumkeag
Trust Co., of Salem, Mass., died in Salem on Sept. 26 of

pneumonia, following an attack of Spanish influenza. Mr.
Fabens, who wa3 only thirty-five years of age, was a native
of Salem.
His banking career began when as a young man
he entered the employ of Lee, IJigginson & Co., of Boston.
Later he became a partner in the firm of Edgerly & Crocker
of that city, which was subsequently merged with Blake
Brothers & Co.

In addition to the activities enumerated

above, Mr. Fabens at the time of his death was a trustee of
the Salem Savings Bank and a director of the Hood Rubber
Co,, the Holyoke Mutual Fire Insurance Co., the Towle
Manufacturing Co., C. G. Gunthers Sons, Gray & Davis
and the Associated Dry Goods Co.
The Mercantile Bank of the Americas

announces

the

opening of

a branch of its affiliated bank, the Banco Mercantil Americano de Colombia at Cali.
Cali is the com¬
mercial centre of the Pacific Coast and Cauca Valley sec¬
tions of Colombia.
'

♦

The New York office of the Anglo-South American Bank,
Ltd. (John Cone, Agent), recently announced the opening
of

branch in Santa

[Vol. 107.

columns in our issue of June 29) we are advised that at
special meetings of the stockholders of both institutions,
held on Sept. 30, the proposed consolidation wa3 approved
and ratified. We are also advised, however, that the
merger cannot go into effect until after the enactment of
necessary legislation by the Connecticut State Legisla¬
ture which convenes in January 1919.
As no difficulty is
anticipated on that score the merger will in all probability
be carried through early next spring.
Frank C. Sumner is
President of the Hartford Trust Co. and Meigs H. Whaples,
President of the Connecticut Trust & Safe Deposit Co.
♦

On Sept. 25 the First National Bank of Hartford, Conn.,
declared a quarterly dividend of 2% payable Oct. 1 instead
of its usual semi-annual declaration.
ment of

a

seflii-annual

Previous to its pay¬
dividend 4% on July 1 1918 the bank

had declared 3lA%

semi-annually for the past five or six
years.
This is the first quarterly dividend, it is said, de¬
clared by the First National in forty years.
The capital
of the bank is $1,150,000 with surplus and undivided profits
of $1,092,997 and total resources as of Aug. 31 of $11,927,517.
James H. Knight is President.
F. Abbot Goodhue, Vice-President of the First National
Bank of Boston, has been accorded a temporary leave of
absence by the directors of the bank, in order that he may
devote all his attention during the remainder of the war to
the service of the United States Government.
He will
assume his new duties at once.
After about two weeks at
the Treasury Department in Washington Mr. Goodhue
will sail for London, where with Mr. Crosby, Assistant

Secretary of the Treasury, and Paul Cravath of New York
he will represent the United States on the Inter-Allied Com¬
mittee of Finance and War Purchases.
♦

At a meeting of the directors of the Philadelphia National
Bank of Philadelphia on Sept. 24 S. Pemberton Hutchinson,
President of the Westmoreland Coal Co. and G.

Colesberry
Purves, President of the Philadelphia Saving Fund Society,
were

elected members of the board.
«

The formal

opening, of the new building at 6324 Woodland
Avenue, which is to be the new home of the West Philadel¬
phia branch of the Logan Trust Co., of Philadelphia, took
place yesterday, Oct. 4. Exceptional facilities for the
transaction of business have been provided by the Logan
Trust Co. for their clients in that section of Philadelphia.
The main office of the company is at 1431 Chestnut Street.
♦

The voluntary liquidation of the First National Bank of
Georgetown, Del. (capital, $30,000) is reported by the
Comptroller of the Currency. The institution has been
absorbed by the Delaware Trust Co. of Wilmington, Del.

L, Scott Townsend, a Vice-President of th8 Security Tract
& Safe

Deposit Co. of Wilmington, Del., and prominent
political and business circles of that State, died in Balti¬
more on Sept. 28 after a protracted illness.
Mr. Townsend
was bom in Odessa, Del., in 1867.
At the age of twentyone he began his banking career as a clerk in the Security
Trust & Safe Deposit Co. and rose to be a Vice-President
in

of the institution.

Mr. Townsend was also at the time of
his death President of Laird & Co. of Wilmington and a
Vice-President of the Peoples’ National Bank of Middle-

town, Del., besides being prominently identified as director
other interests.

with

Announcement of the resignation of Rudolph A. Koehler,
Vice-President and a director of the Union Savings Bank
& Trust Co. of Cincinnati, was made on Sept. 23 by the
President of the institution, Clifford B. Wright. Mr.
as

Cruz, Argentina. This makes
twenty-three branches of the Anglo-South American Bank,
Ltd., in South America, besides numerous agencies. The

Koehler had been an officer of the Union
Trust Co. since its organization in 1890.

head office of the bank is in London.

The Citizens National Bank of Norwalk, Ohio (capital,
$100,000), has made application to the Comptroller of the
Currency for a charter. The proposed institution will
represent a conversion of the Citizens Banking Co. of Nor¬
walk, Ohio.

a

new

On Sept. 25 Thomas C. Moffatt was elected a director
of the Newark Trust Co. of Newark, N. J.
Mr. Moffatt
is President of T. C. Moffatt & Co., Inc., President of the
New Jersey Fire Underwriters’ Association and Treasurer
of the Salvage Corps of Newark.
*

With reference to the proposed amalgamation of the Hart¬
ford Trust Co. of Hartford, Conn., with the Connecticut
Trust & Safe Deposit Co. of that city (referred to in these




—

The proposal to take

Savings Bank &

♦

the business of Chicagoans
has been made by the Central
Trust Co. of Illinois, at Chicago. With regard to
this
move, W. T. Abbott, Manager of the institution’s trust
department, is quoted as saying:
<•

serving in the

over

army or navy

Oct. 5

1918.]

THE CHRONICLE

1355

The Central Trust Co. of Illinois will, without profit to itself and purely.
a patriotic measure and one of its contributions toward helping win
the war, take over the business in which any soldier or sailor is engaged

We learn that in Austria there is such an abundance of paper money
that their currency is quite discredited, and in certain localities gqpds
can only be obtained by barter.
From a Reuter message of Aug. 27 it

and who may on account of his war service be forced to abandon the same
without other opportunity to arrange for its continuance or liquidation.

appears

as

troleum

that peasants at Cracow are offering butter in exchange for pe¬
or sugar, but they refuse to
accept paper money declaring that

they want “no such rubbish.”

Frank E. Peabody, a member of the

banking house of
Kidder, Peabody & Co. of Boston and this city, died suddenly
Sept. 28 at his summer home at Marblehead Neck, Mass.
Peabody, who was a son of the late Francis H. Peabody,
one of the founders of the banking house, was in his
sixtythird year.
In addition to his interests in the firm of Kidder,
Peabody & Co. he was a director of the Boston Elevated
Railway Co., the Scotia Worsted Mills and the Northern
on

Mr.

Traction Co.
«

At the regular monthly meeting on Sept. 25 of the directors
of the Liberty Bank of St. Louis, Randolph P. Titus was
elected an Assistant Cashier of the bank. Mr. Titus has
been connected with the bank for several years as Secretary
to the President, Manager of the Credit Department, and,
since the war began, Manager of the Liberty Loan Depart¬
ment.
Mr. Titus is twenty-eight years old.
He received
his education in Washington, D. C., and at Columbia

University in New York City. After leaving college in
1911, he became connected with the New York jewelry
concern of Howard & Co. as Manager of their Washington,
D. C., branch store, until the organization of the Federal
Reserve Board in 1914, at which time he took up im¬
portant work in the office of the Governor of the Board.
He left the Federal Reserve Board in 1915 to

come

to the

Liberty Bank.
♦

In order to

provide for the rapid expansion of its business

with the consequent need of larger quarters and greater

facilities, the Houston National Exchange Bank of Houston,
Texas, on Sept. 11 purchased the property on Main Street,
near Franklin Avenue, that city, which adjoins the building
now occupied by the institution.
On the enlarged site'thus
obtained it is planned to erect a modern bank building, but
not, however, we understand, until after the close of the war.
The Houston National Exchange Bank was founded as a
private institution in 1876 by Henry S. Fox, Sr. In 1889
it became a national bank and still later, in 1909, the word
“Exchange” was added to its title. Henry S. Fox, Jr., the
present Chief Executive of the bank, and under whose
management its business has steadily developed, has been
active in its affairs since 1891, becoming its Vice-President
(active) in 1909 and President in 1913. The capital of the
Houston National Exchange Bank is $400,000 with surplus
and undivided profits of $492,470 and gross deposits of over
$9,500,000.
i,

A,

,

-

The stock brokerage firm of H. O’Hara & Co. of Toronto
made an assignment on Sept. 12. The immediate cause of

SILVER.
There is again nothing fresh to report on silver.
The tone of the market
remains firm at the maximum price.
The British trade demand is fairly large, but not being considered
unreasonable is met at 49%d.
The official Shanghai exchange has not varied during the week and
remains at 5s. 0d.
The last three Indian Currency Returns give details as follows—that of
Sept. 7 shows a substantial improvement:
(In Lacs of Rupees—)
Aug. 22. Aug. 31.
Sept. 7.
Notes in circulation
131,41
132,73
^ 130,09
Reserve in silver coin and bullion
•
24,29
24,96
26,30
(within and without India).
Gold coin and bullion in India
20,10
20,33
20.32
Gold coin and bullion out of India
12
12
12
The stock in Shanghai on Sept. 7 consisted of about 26,270,000 ounces
in syCee and 14,000,000 dollars, the same

held on Aug. 31.
Quotations for bar silver per ounce standard:
Sept. 6
cash .49 % d. | Sept. 12
cash_49%d.
Sept. 7
49%d. | Average
49.5d.
Sept. 9
49Hd.IBank rate
5%
Sept. 10
49%d.|Bar gold per oz. standard._77s. 9d.
Sept. 11
•
49%d.| ’
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week
ago.

ENGLISH FINANCIAL MARKETS—PER CABLE.
The
as

daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:

Sept. 28. Sept. 30. Oct. 1.
Oct. 2.
Mon.
Sat.
Tues.
Wed.
Silver, per oz
d. 49%
49%
49%
49%
Consols, 2% per cents
Holiday 58%
59
60%
British 5 per cents
..Holiday 95%
95%
95%
British 4% per cents
Holiday 100%
100%
100%
French Rentes (in Paris).fr
62.50
62.50
62.50

London,

FrenchWarLoan(inParls)_fr.

the failure is said to have been the death

a

business, Henry O’Hara.

In order to

while its assets

are

reported

as

liabilities $182,410,

$88,472.

reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
September 12 1918:
We

GOLD.

The Bank of England gold reserve against its note issue shows an increase
of £783,255. as compared with last week’s return.
For the first time since
the beginning of 1915 the gold reserve has touched £70,000,000, and

approaches the highest amount held since the commencement of the war,
namely, £72,570,142, held on Nov. 19 1914. The lowest held during the
same period was
£49,845,650 on Aug. 2 1917.
The Transvaal gold output toi August 1918 amounted to £3,144,211 as
compared with £3,214,079 for August 1917 and £3,127,174 for July 1918.
Under date of May 8 it was reported from Tokyo that the inflow of gold
having ceased the»national gold holding amounted to 1,076 million yen,
of which 457 were held in Japan, and the remaining 619 million yen abroad.
The issue of notes by the Bank of Japan amounted to 654 million yen,
An issue of
against which a reserve of 644 million yen was held in gold.
50, 20 an 1 10-sen notes, some sixty million yen in all, has been made in
order to remedy the scarcity of small change.
Prices of commodities
continue to mount upward, especially that of rice, rendering the demand
for such currency acute.

....

88.35

101%

101%

101%

101%

GOLD.
Liabilities—

$

773,209,179 60 Gold eertfs outstand’g1,758,203,415 92 Gold settlement fund.

Gold ooin
Gold bullion

937,438,804 0#

Fed Reserve Board. 1,316,345,376 0T
Gold reserve.
152,979,025 63
Avuil gold in gen’l fund
124,649,389 82

Total

2,531,412,595 52

Total

2,531,412,595 52

.».

Note.—Reserved against f346.6Sl.0l6 of U 3 notes and f 1,831,358 of Treasury
notes of 1890 outstanding.
Treasury notes are also secured by silver dollars In
the Treasury.
SILVER DOLLARS.
Liabilities—

Alien—
SUver dollars.

361,302,136 00 Silver certfs. outstand’g
Treasury notes of 1890
outstanding
...

Available silver dollars
In general fund

361,302,136 00

Total

Total

330,701,417 00

1,831,358 0#
28,769,381 00
361,302,136 00

.

GENERAL FUND
Liabilities—

Alien—

Avail, gold (see aboVe).
Aval), silver dollars (see

above)
...

Federal Reserve notes..
Fed. Res. bank notes
National bank notes...
Cert checks on banks..
Minor coin
Silver bullion (available
for 8Ubeld'y coinage)
Unclassified
(unsorted
.

.

Ac.)
Deposits In Fed'l Land
currency.

banks

124,649,389 82 Treasurer’s cheeks

224 605
20,989 884
38 158
5,991 ,787

00
87
31
16

1,555 ,472 38

15,437,120 51
3,101,320 51

tem

(5% reserve)..

8,346,105 68

Comptroller of
the
Currency, agent for
creditors of insol¬
vent
hanks
Postmasters, clerks of
courts. &e_.

of

Fed¬

Reserve

notes

f6% fund).,
Redemption of

Fed’l

Redemption
eral

260,914,614 44

950,488 22
34,692,33# 46

117,085,15# #•

Reserve bank notes

(5% fund)
Redemption

606,976,000 00

tional

2,118,080 •#
of

bank

na¬
notes

25,581,054 S#

(5% fund)

Deposits in Foreign De¬
positaries:

Total

26,489,032 01

Board
of
Trustees,
Postal Savings Sys¬

Deposits tor:

830,000 00

and certificates of in-

To credit of Treasurer
United States
He posits In nat. banks:
To credit of Treas U S
To credit of otherOovemment officers...
Deposit* In Philippine
treasury:
To credit Treas U.8.
To credit other Gov¬
ernment officers—

1,194,07# 77

28,769 361 00 Deposits of Government
officers:
8,271 404 00
Post Office Dept
38,370 746 00

Deposits in Special De¬
positaries account of
sales of Liberty bonds
Indebtedness

out¬

standing

Deposits In Fed. Reserve
banks

THE ENGLISH GOLD AND SILVER MARKETS.




101%

$

Assets—

Subsidiary silver coins..

concern are

62.25

88.35

CURRENT ASSETS AND LIABILITIES.

resented the firm

The liabilities of the failed

Fri.

49%
62%
95%
100%

The cash holdings of the Government as the items stood
Sept. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Sept. 30.

United States notes

Seymour <VHara, the sole surviving mem¬
ber of the firm, advises us that his fatberV-death* combined with other
matters having no connection whatever with the Toronto Stock Exchange,
necessitated the assignment.

49%
62%
95%
100%

TREASURY CASH AND CURRENT LIABILITIES.

The firm of H. O’Hara & Co. has done very little business on the Toronto
Stock Exchange for years, during which period the firm has had no member
on the floor of the exchange representing it, though up to the death of
H. R. O’Hara in the Empress of Irelaikl disaster many years ago, he rep¬
the floor.

88.30

Oct. 4.

Thurs.

The price of silver in N6w York on the same days has been:

few months ago

obviate a false impression being formed as to the assignment
the Secretary of the Toronto Stock Exchange was authorized
to make the following statement:

on

88.30

...

Silver in N.Y., per oz..cts..101%

„

of the founder of the

Ocl.Z.

Week ending Oct. 4.

1,267,836 95
45,924,082 69

Retirement
of addi¬
tional circulating
notes. Act May 30
1908
Exchanges of curren¬
cy,

coin. &c

653,495 0#
13,060,124 28

7,855,532 57
6,257,414 67

* Vet balance.

3,114,878 38
1,180,539,609 26

230,181.730 72

960,357,878 54
Total

1,180,539,609 26

♦The amount to the credit of disbursing officers to-day was $1,530,196,658 56.
Book credits for which obligations of foreign Governments are held by the United
States amount to $220,790,000.
,
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
...

paid into the Treasury as miscellaneous receipts, and thes ©obligations are made
The amount of such obliga¬
under the Acts mentioned a part of the public debt.
tions to-day was $43,524,822.

[VOL. 1U7

THE CHBONICLE

oompilation, 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, Septem¬
ber and October, 1918.

267,152,371
47,408,351
6,194,520
23,474,180
48,402,865
161,505
13,294,197
8,171,781

245.602,753
51,701.811
6,744,783
20,068,477
29,982,400
100,025
14,940,804
6,270,616

Net gold coin and bullion.
Net silver com and bullion
Net United States notes.
Net national bank notes..
Net Fed. Reserve notes..
Net Fed. Res. bank notes
Net subsidiary sliver
Minor ooln, <fco
_

....

Oct. 1 1918.
$

277,628,415
44,206,482
8,271,404
20,989,885
38,370,746
224,605
5,991,787
4,694,951

261,241,260
52,245,028
6,286,424
22,824,090
34,502,755
247,635
10,592,279
9,642,544

Total cash in Sub-Treas
Less gold reserve fund...

375,411,689
152,979.026

414,259,770 *397,582,015
152,979,026
152,979,026

Cash balance In Sub-Treas

222,432,644

261,280,744

*400,378,275
152,979,026

244,602,989

247,399,249

11473 727 000 1,193,085,000
Liberty Loan deposits. /
Cash in Fed. Res. banks.
26,369,250
219,595,645
Cash in Fed. Land batiks
430,000
830,000
Cash in national banks:
To credit Treas. U. 8.
To credit dlsb. officers.
.

Total

Cash In Philippine Isl’ds.
Dep’s. In Foreign Depts.

Ex¬

Im¬

ports.

ports.

782,584,000

606,976,000

213,242,751
830,000

260,914,615
830,000

44,405,337
9,343,074

37,737,160
7,666,139

41,720,401
6,082,558

45,924,083
7,855,532

53,748,411
6,826,539
7,831,223

45,403,299
6,668,371
3,039,492

47,802,959
8,257,410
227,375

53,779,615
9,372,293
1,267,837

l

Excess

|

Im-

Ex¬
ports.

of
Exports.

ports. |

Ex¬
ports.

of

Export*

14

Im¬

ports.

i

$
! $
1918.4,011,5602,060,4101,951,150 31,979 53,892/21,913157,620 47,619110,001
1917.4,149,442 2,046,598:2,102,844 317,636524,161/206525 51,769 27,253 24,516
1916.3,435,5021,667,13611,768,366 87,581290,325/202744 41,194 20,355 20,83*
%

$

%

$

%

1

%

1915.2,230,887:1,150,859; 1,080,028 10,903223,828/212925: 32,193 22,549 9,64*
40,988135,770 37,180 98,5901 33,090 15,927 17,16o
Jl,311,3491,270,361
1913.1,515,182 1,156,300i 358,882 73,583 41,573' 32.010; 43,166 24,332 18,83,

1914

/Excess of Imports.

Similar totals for the month of

July for six

years

make the

following exhibit:
Gold.

Merchandise.

i(ooo*:

Slirer

Mo.

Dep. In special depos’ries:
Account certs, of Indebt

1

Excess

(000*

ted.)
Aug. 1 1918. Sept. 1 1918.
$
$

Silver.

Gold.

Merchandise.

omit¬

July 1 1918.
$

Sub-Treasuries.

8

o mu¬

ted.)
..

Im¬

1

ports.

!

.

|

Excess i

1

Excess

*

Holdings in

gold and silver for eight months:

Totals for merchandise,

following

TREASURY CURRENCY HOLDINGS.—The

1

135633

of
Exports.

Exports.

;

Im¬

$

I

$

of
j
Exports]

\ ports

Excess
Ex-

Im-

P'lr'f.

ports

Of

j Ex ports

1

i
!
$
1918. 1,037,333
1917.
861,414
1916.
954,8811
1915.
529,078
1914 J 264.506,
1913.1 348,900

1

%

$
514,406
493,781
282,039

i

$

$

235.049

289,445
276,713

t

$

12.480
9,101
4,943
6,807
3,338
6,200

6,709 63,343
522,927 10,477
3,768
367,633115,101 45,996 69,105 13,042
672,842 21,175103,346/82,171 10,152
7,344
244,029
3,320 78.904 Z75.584
7,580
24,939 51,795
6,437 45,358
9,844
72,187
9,843' 13,663 /3.315

41,363
3,941
5,209
537

4,242
3,644

/Excess of Imports.
Net cash In banks, SubTreasuries
1,791,365,066 1,729,902,551 1,297,547,484 1,180,539,609
Deduct current liabilities.
206,358,215
222,620,576
214,942,284
230,181,730
1.585.006.851 1.607.281.975 1,082,605,200

Available cash

950,357,879

^Includes Oet. 1, $li,437,120 51 sliver bullion and $$4,694,951 20 minor
Ac., not included in statement “Stock oi Money.”

coin

IMPORTS AND EXPORTS FOR AUGUST.

Clearings by Telegraph—Sales of Stocks, Bonds, &c.
subjoined table, covering clearings for the current
week, usually appears on the first page of each isue, but on
account of the length of the other tables is crowded out
once a month.
The figures are received by telegraph from
other leading cities.
—The

The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for August and from
it and previous statements we have prepared the

following

interesting summaries:

Clearings—Returns by Telegraph.
Week e idixg October 5.

1917.

$3,115,384,729

San Francisco
Pittsburgh
Detroit..
Baltimore
New Orleans

$3,183,528,175
444,874,763
366.448,703
266,749,363
170,737,729
135,430,965
98,199,036
118,618,463
55,000,000
67,512,589
49,010,275

Eleven cities, 5 days..
Other cities, 5 days

$4,956,108,054
887,642,983

$4,630,810,829
791.014,276

+ 7.0
+ 12.2

Total all cities, 5 days
All cities, 1 day

$5,843,751,047
1,105+18,297

$5,421,825,105
1,009,778,7 (5

+ 7.8
+ 9.5

$5,949,169,344

$6,431,603,890

+ 8.0

New York
Chicago

Philadelphia
Boston
Kansas City
St. Louis

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.

(In the following tables three ciphers (000) are in all oases omitted.)
MERCHANDISE.
Imports.

Exports

.r

_

_

1917.

1918.

January
February
March

April
May

$613,325
467.648
553.986
529,928

$504,797
411,362
522.900

...

500.443
550.925

„

June

July
August
September..

$330,036
401.784
410,742

398,569
474,804
464,686
444,714
510.167
614,924
492,814
516.167
523,234

549.674
573,467

483,799
508,054
529.2T8

372.758

488.656
454,607
642,101
487,328
600,135

_.

October
November....
December

1917.

1918.

1916.

$23^,942
207,715

$241,794
199,480

212,162
278,981
322,853

270.257
253,936
280,727
306,623
225.926
267,855
236.197
221.227
220,535
227.911

260.350
241,463

272,943

1916.

$184,351
193.935
213.590
218.236
229.1.89
245,795
182,723
199.316
164.039
178.659
176.968

i

Per
Cent.

1918.

Total all cities for week

The following compilation covers the
since Jan. 1 1918 and 1917:

439,035,752
313,855.899

213,766,936
142,020,462
119,878,330
87,033,837
67,970,555
44,101,818
46,090,149
41,672:362

+ 2.2
+ 1.3
+ 16.8
+ 24.8
+ 20.2
+ 13.0
+ 12.8
+ 74.5
+ 24.7
+ 47.3
+ 17.6

clearings by months

MONTHLY CLEARINGS.

204.834

‘

Total

$6,233,513 $5,482,641

$2,952,468 $2,391,635

Clearings, Total All.

Clearings Outside New York.

Month.
GOLD.

Exports
1918.

January
February

$3,746
5,084
2,809

March

April
May

3,560
3,599
8,704

June

July
August..

1917.

1916.

$20,720
22.068
17.920
16.965
67,164
69,052
46.049
31,333
11.154
7.223
4.538

$10,213
13.685
10.774
11.503
11.919
8.312
9.395
11,780
0.849
7.054
26,335
27,974

$371,884

$155,793

57.698

7,199
‘

Imports.

$.277

September....
October
November....
December
....

1917.

1918.

1916.

$58,926

$4,404
2.549

$15,008
6.016
9,776
6,122
27,322
122.735
62,108
41,239
92.562

103.766
139.499
32.372
52.262

1.912
2.746

6,621
31,892
2,213
1,555

91,339
27.304
18.692
4.172
4.150

2.906
17.066

97.509
46.973
158.620

$552,454

$685,990

1917.

1916.

$

$

%

1915.

1916.

$

$

%

Jan... 26,538,574,018 25,640,505,506
Feb
22,257,358,866 21,629:473,389
Mar.. 26,084,799,579 24.792,414,566

+ 3.6 11,819,506,488 10,513,139,790 + 12.6
+ 2.8 9,998,002,811 8,835,386,145 + 13.2
+4.2 12,244,518,193 10,563,287,30ft + 15.9

1st qu. 74,880,732,462 72,062,393,360

+ 3.9 34,062,027,497 29,911,813,241 + 13.0

26,485,086,036 25,012,249,100
28,269,235,579 20,316,501,561
June.: 27,341,671,217 26,734,347,702

+ 5.9 12,391,579,089 10,360.027,203 + 19.6
+ 7.4 12,709,535,909 10,733,053,558 + 18.4
+ 2.2 12,457,025,697 10,635,269,435 + 17.2

2d qu. 82,068.992,832 78,063,107,363

+ 5.1 37,558,140,895 31,728,350,196 + 18.4

6

+4.6 71,620,168,192 61,640,163,237 + 16.2

..

April
May.

.

.

mos.

156949,725,294 150125,500,723

July.. 28.644,789,823:25,664,326,634 + 11.6 13,243,532,672 10,479,033,048 +26.4
Aug
28,156,158,940,25,093,230,233 + 12.2 13,197,733,316 10,413,908,705 + 26.7
9.7 12,709,081,177 10,145,435,510 +25.2
Sept.. 28,372,958,296j 24,029,336,466
._

Total

SILVER.
Exports
1918.

January
February

April
May

*

12.251

^46,381
8.566

June

July
August
September.

1916

$5,887
7,694

$6,628
6,5t9
13.432

March

Imports.

1917.

40.665
23.178
...

October
November....
December
Total

5.556
4,353
6,272
8,965
5.538
7,504

1918

$4,636
4.947
5,748
4,856
6.212

4,044
4,336
5.815

1917

1916

$5,998

$3,346

4,449
6.963
5.081
7,298

5,351

2.478
2.977
2.376
4.741
2.235

5.214
7,265

3,420
5.681

2.426

$1,852
2.596
2.880
2,176
2.725

3d qr.

83,173,907,049|74,786,893,333

9

240123632.3431224912,394,058

mos.

10.465
6.983
4,789
10.125

0.530
6,016
7.847
9.008

5.796
5.050
9.086
6.155

2.880

$84,131

$70,595

$53,341

$32,263

2.892
2.583
3.553

1917.
Number

$

$

.

April

..

May
June

July
Aug
Sept

...

...

+ 203.647

+280.738
+ 221,462
+223,072
+223,449
+ 256,335
266,331

—

Oct,....
Nov
Dec

+ 371.531
+ 268.168
+ 283.729
+ 275.992

+268.947
+266.844
+ 146.832
+ 220.801
+ 218.310
+ 320 874
+ 266.793

+372,224

Gold.
1916.

Shares.

+ Exports,

.




—

Imports.

Par.

Actual.

j

1

Par.

j Shares.

Actual.

|

$
$
t
$
Jan
13,616,357 1,279,740,700'1,175,427,682 16,939,440 1,537,971,930 1,465,687,290
Feb. 11,418,079 1,083,216,900
996,548,28913,588,465 1,219,280,130 1,170,969,988
Mar. 8,419,477
1,654,197,470 1,588,437,263
1

Silver.

1918.

1917.

1918.

*
$
$
$
4145.685
—658 —38.206
+630
—81
698
+ 207,849
+ 2,535
+2,070
+ 187,152
+ 8.916 —121.579 + 6,469
+ 180.333
+ 814 —15.407 + 7.170
+ 245.615
—3.022
+ 5.436 + 39.083
+ 218,891 —29.188 —24,175 + 3,215
+ 261.991
+4,936 + 41.748 +35,451
+ 310.851
+ 1,722 + 27.357 + 15,913
+ 350.885
427.161
4314.155
47,004
+ 339.199
+ 4,317
+ 318.400
—12.528

+3,281,045'+ 3.091,008

Total

Values.

of

April

+270,855

1 Number«

Values.

.

Merchandise.

Jan....
Feb....
March

1914.

Mth.

lstqr
1917

19.5

SALES OF STOCKS AT THE NEW YORK STOCK EXCH4NGB.

EXCESS OF EXPORTS OR IMPORTS

1918.

6.8 110770 555,357-92,673,515,^57 +

The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1918 and
1917 is indicated in the following:

3.183

2.517

11.2 39,150,397,165 31,038,377,263 +26.1

V

—1S0.57O

1917.

$
+ 2.54!
+ 5.216
+ 2.579
+ 1.977
+ 1,531

+6,730
+ 2,118
+ 1.623
+ 4.669
+ 1.933
—4,297
+ 3,970
+30.790

772,475,950: 710,581,417|18,658,267

33,453,913.3,135,433,550j2,882,557,388 49,186,172 4,411,449,530 4,224,694,541
7,401,174!

687,371,800!

631,497,81414,258,1621,289,483,9501,237,415,208

May 21,139,092 1,984,405,90011,826,464,91719,354,400 1,780,716.4501,709,948,702
June 11,772.2611,087,605,150;

1,010,478,462j 19,092,653 1,787.372,0751,712,444,206

2d qr 40,315,527

3,759,382,8503,468,441,220;52,705,2154.857,572,475 4,659,808,116
6,894,816,400j6,350,998,600101891387 9,269.022,0058.884,502,657
8,449,888 771,723,8901 718,468,917l13,325,3651,273,055,300 1,197,403,416

6 mos 73,769,440

July.
Aug.
Sept.

6,887,589
7,763,068:

651,885,275!
727,457,350'

600.499,81811.636,853 1,109,321,950 1,053,240,109
681,746,982 13,322,775 1,298,464.450 1,158,262,097

3d qr.23,100,545 2,151,066,5152,000,715,717 38,784,993
—_—

!

!

;

3,6S0,841,700 3,388,905,622

9mos96,869,9859,045,882,915 8,351,714,325140676380 12949863 ,701 12253408 ,279

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for the nine months of 1918 and 1917 are given below: ,

Oct. 5

1918.]

THE CHRONICLE

1357

-=*r

Nine Jtenths 1918.
D tier iplien.

Par Value

Actual
Value.

Euanlitg.

or

Nine Months 1917.
Aeer.
Price.

Stock fSh’s

96,859,§53
\Tal. $9,045,882,915 $8,351,714,325
RR. bonds
203.111.00C
176,092,580
U.S. bonds
823.153.50f
795,123,073
State, city*
for’n bds.
174,578,50(
162,942,054
Bank stks.
30,692
15.S0C
Total

Par Value
or

Actual
Value.

Euanlity.

140,676,380
92.3 $12949,863,705 $12253,408,279 94.6
86.7
383.644.500
349,587,309 91.1
96.6
99,692,250
99,683,582 99.9
93.3
200.6

242.658.500
82,400

234,336,864 96.6
153,104 185.8

The course of bank clearings at leading cities of the coun¬
try for the month of September and since Jan. 1 in each of the
last four years ia ahown in the subjoined statement:
CLEARINGS
—

(000,000s
omitted.)

1911
$

New York

1916.
$

Boston

Philadelphia
St. Louis

024

Pittsburgh

510
451
201

San Francisco,,
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleanj

_

Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul

_

_

208
855
381
204
2S4
SO

200
lit
1*1
42
250
104
08
82

..

Indianapolis
Denver
Richmond

100
212
00
174
02
50

Memphis
Seattle
Hartford..
Salt Lake City
_

Total
Other cities.

LEADING

1915.
$

13,604 13,884 14,356
2,001
1,916
1,722
947
775
1,105
1,611
1,333 1,077

Chicago

.

AT

September—

1917.
0

537
307
389
163
177
614
307
145
162
72
208
102
105
37
150

442
272
311
144
160
449
224

74
59
56
79
123
35

66
59
45
61
76
37
72
36
45

109
124
70

1918
$

CITIES.
Jan. 1 to Sept. 301917.
1916.
$
$

9,624 129,353 132,234 110,280
1,314
18,507
19,174
14,596
575
11,193
9,076
7,644
737
14,276
12,546
9,206
322
5,737
4,915
3,740
219
3,993
2,989
2,453
227
4,013
3,465
2,420
103
2,079
1,529
1,263
131
1,667
2,306
1,640
311
7,360
5,148
3,365
127
3,122
2,682
1,659
79
1,913
886
1,305
109
1,239
997
1,141
61
125
63
82
29
84
48
50
36
39
41
18
51
30
29

203
88
108
33
114

93
31
55

1918.

1917.

$

S

1915.
$

73,664
11,666
5,721
6,051
2,946
1,902
1,927
978

1,282
2,692
1,033

872

748

689

678
870
524

2,250
1,071
1,123

2,061

1,585

1,120

438

388

2,105

1,288

828
563
590
861

712
541
512
581
963
384
802
319
484

1,642
507

1,312
311
480

938

1,125

733
924“
385
.897
569
559
402
469
625

282
546
303
335

606
762
290
702
432
452
320
350
352
227
448
253
235

24,81* 22,170 21,283 14,669 220,716 209,050 169,037 118,533
2,054 1,859 1,572 1,094 19,403 15,862
12,984
9,437

Total all
20,870 24,029 22,855 15,763 240,124 224,912
utsldeNew York. 12,700 10,145
8,499 6,139 110,771
92,678

182,021 127,970
71,741
54,305

Kansas City

202,045,706
61,955,603
55,000,000
16,470,692
24,828,051
15,465,170
22,024,201
8,534,235
8,129,704

Clearings brought for¬

September
1918.

1917.

Inc. or
Dec.

S
S
%
$
%
i
City.. 855,040,017 613 ,877,080' + 39.3 7,360,229,638 5,147,717,775 + 43.0
Minneapolis
234,392,195 161 ,585,350' + 45.1 1,239,227.314 1,140,998,393
+ 8.6"
Omaha
255,950,790(149 ,976,2591 + 71.3 2,104,807,603 1,288,344,305 + 63.4
St. Paml
68.201,849) 59 .003,1941 + 15.6 563,493,219 540,784,600 + 4.2
Denver
109,053.169 79 ,349,228 + 37.4 >•60,533,199 580,887,626 + 48.1
St. Joseph
64,684,853 58 ,203,299 + 11.1 672,295,781
559,811,336 + 20.1
Des M nines.
38,20 i,,39! 32 ,608,537 + 17.2 377,184,.543 306,854,172 + 22.9
Sioux City...
35*370,776 27 ,864,999' + 30.5 323,276,787 230,353,940 + 42.5
Wichita
38,685,000 30 ,188,717: + 28.1
351,459,527
237,420,459 + 43.8
Duluth
71,793,320 37 ,047,849 + 93.8 224,598,325 211,941,054
+ 6.0
Lincoln
17,646,432 15 ,796,492! + 11.7
173,214,307
146,554,809 + 18.2
Topeka
12,838,640 11 ,610,504 + 11.4
130,355,068
101,323,173 + 28.6
] all,500.000
9 >,231,661
Davenport
9 ,970,579; + 15.3
91,658,270
+ 8.3
Cedar Rapid?
8,144,931
,608,7481 —15.2
76,676,090
91,167,935 —18.6
Fargo
,800,989! + 13.5
14,527,0701
79,482,782
66,768,180 + 19.0
Sioux Falls...]
8,488,095i
,814,190 + 24.0
76.984,891
59,304,291 + 29.8
Colorado SprgF
3,139,609
,884,267 —19.2
29,889,764
34,059,149 —12.2
Pueblo
3,060,405
,532,017 + 20.9
26,592,865
23,727,706 + 12.1
Fremont
3,139,735
,209,413 + 42.1
31,494,431
24,052,457 + 30.9
Hastings
a2,395,090
.112,857 + 13.4
22,052,533
19,308,378 + 14.2
Aberdeen
9,297,000
,753,039 + 61.6
48,558,129
35,285,503 + 37.6
Helena
8,309,820
,271,642: + 14.3
69,081.410
70,012,763
+ 1.3
Waterloo
,956,038 —32.6
—8.6
6,037,014
81,371,131
89,036,885
Billings
—6.3
40,000,749
39,075,631
+ 2.4
.984,818;
] 4,671,000
—3.6
Joplin
8,544,*s9
,866,270
—0.7
72,654,236
73,133,371
Grand Forks..
5,745,000
,911,000! —2.8
44,168,000
43,188,000
+ 2.3
Lawrence
1,541,808
,409,801' + 9.4
15,935,527
11,846,349 + 34.5
Iowa City
1,674,440
,387,717 + 20.7
15,6*9,070
13,705,094 + 14.5
Oshkosh
1,908.175
,012,239: —5.2
19,211,197
18,124,929
+ 6.0
Kansas City.
a2,000,000
,675,4461 + 19.4
20,061,3.53
17,975,007 + 15.0
Lewistown
—13.2
,667,240: + 14.9
3,063.1M
20,209,807
23,288,159
Kansas

....

—15.5
—3.1
+ 40.0
+ 22.0
—35.2
—6.0
+ 63.1
—2.5
—15.0

Total other West.

444,756,526

338,103,256

+ 31.3

243,624,534

182,409,016

St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Savannah
Fort Worth
Atlanta

152,138,540
53,645,937
20,895,660
23,031,583
8,004,302
52,378,248
8,851,505
15,945,917
57,795,954
18,278,570
17,141,601

133,381,942 + 14.1
40,065,105 + 33.9
17,250,372 + 21.1
15,500,000 +48.6
6,200,000 + 29.1
30,437,148 + 72.1
14,232,155 —37.8
15,787,777
+ 1.0
32,566,063 + 77.5
8,431,351 + 116.8
10,212,807 + 67.8
5,447,813 +42.0

107,615,901
26,729,598
16,601,740
15,820,210
5,903,710
17,843,524
10,048,559
11,966,061
24,721,173
10,596,353
8,009,549

77,889,852
18,977,346
14,519,602
9,640,114
5,466,780
9,687,547
6.827,403
7,995,274
16,070,402
5,031,061
6,125,204
3,747,232
2,719,254
2,628,018
1,756,091
2,406,965
2,043,679
1,047,022
1,879,025
2,677,453
2,373,900
3,667,758
1,437,593
241,636
344,934
1,378,575
790,609

Pueblo
Fremont
Waterloo
Helena
Aberdeen

Hastings
Billings

Memphis
Nashville
Norfolk

Birmingham
Augusta

-

7,737,050
7,777,482
4,349,362
2,600,000
5,629,803

....

Knoxville
Jacksonville

Chattanooga....

3,722,814

Vicksburg
Jackson
Tulsa

Muskogee
Shreveport

a

+38.5:15,276,50535l!ll,339,783,409

+ 34.7
+ 16.7
+ 46.6
+ 16.5
+ 22.4
+ 2.7
+ 70.5
+ 8.0
+ 15.8
+ 80.2
+ 17.9
+ 48.2
+ 40.5
+ 35.9
+ 56.4
+ 14.5
+ 30.0
+ 31.6
+ 11.0
+ 48.1
+ 25.0
+ 35.0
+ 37.9
+ 68.5
+ 15.5
+ 18.6
+ 55.1
+ 38.5
+ 44.6
+ 5.5
+ 9.2
+ 45.7
+ 57.7
+ 51.7
+ 60.8
+ 45.2
+ 21.9
+ 32.3
+ 31.2
+ 37.8

534,211,^82

_

...

!

...

ToC.

Sm




2173973921 1620133019

+ 34.2

18.227.647.01113,767,003,551

+ 32.4

4,193,404

+ 10.9
+ 28.8
+ 21.2
+ 80.5
+ 34.1
+ 15.8
+ 31.4
+ 21.5
+41.7
+ 34.2
+ 35.5
+ 23.4

2,428,462
3,872,140
1,950,000
2,700,000
2,053,423
1,150,000
3,984,142
2,263,272
5,934,241
7,867,514
0,750,000
304,438
374,147
3,308,411
1,902,598

401,670,370

+31.0

compiled

are

15,914,538

on

318,809,108
209.370,329
basis, which destroys

new

Partly estimated.

Canadian Bank Clearings.—The clearings of the Cana¬
dian banks for the month of September 1918 show an increase
over the same month of 1917 of
12.9%, and for the nine
months the gain reaches 5.3%.
.

September.

,

Nine Months.

Clearings at—
1918.

,

$

388,004,868
200,979,193
Winnipeg
133,585,533
Vancouver
52,006,202
Ottawa
27,932,454
Quebec.
18,589,274
Halifax
16,910,383
Hamilton
21,188,578
St. John
9,314,347
Calgary
25,424,094
London
9,986,936
Victoria
8,714,852
Edmonton
13,498,110
Regina
13,797,739
Brandon
2,200,000
Lethbridge
3,923,088
Saskatoon
6,587,699
Moose Jaw
5,750,429
Brantford
3,363,884
Fort William.,
2,764,434
New Westm’er
2,183,178
Medicine Hat.
1,744,211
Peterborough
2,700,443
Sherbrooke
3,548,501
Kitchener
2,536,875
Total Canada

Inc. or
Dec.

1917.

$
Montreal
Toronto

....

..

+ 25.4

4,349,362
2,145,000
3,119,854
4,186,543
1,239,826
3,998,490
2,717,352
8,043,704
1,912,455
2,700,000
333,368
739,271 —14.5
6,058,866 + 24.9
1,815,971 + 50.3
21,914,888 + 32.3
+ 1.0
3,160,073

5,613,492
1,435,162
5,254,087
3,300,000
11,399,758
2,568,258
3,658,001
411,332
632,150
7,568,303
2,728,767
29,000,000
3,190,181

Mobile
Little Rock
Charleston
Oklahoma
Macon
Austin

.

St. Louis..... 624,285 ,762 537 ,115,137 + 16 .25,737,343,9584 915,383, 105
New Or leans
204,310 .•58 144 731,052 + 41 .211,912,507,141 1, 304,876, 041
Louisville
87.613 518 71 ,610,557 + 22 .3 871,829,734, 748,252, 652
Houston
87.614 995 64 ,078,924 + 36 71 567,218,977 463,390, 426
Galveston
32,337 688 26 ,746,643 + 20 9] 192,085,329
186,995, 227
Richmond
212,319 .446 122 ,866,999 + 72 .8,1,642,426,543 963,278 261
Savannah
44,686 .398 50 .811,717' —12 .1: 270,313,485 250,250, 692
Fort Worth..
60,482 .585 54 ,630,339 + 10 ■7i 506,666,912
437,681, 572
Atlanta
217,074 781 129 ,734,456 + 67 .311,671,35+744 927,565, 149
Memphis
55,894 637 35 ,198,059 + 58 .8; 452,658,105 383,959, 249
Nashville
66,788 .164 40 ,357,458: + 65
516,964,970 348,781, 765j
Norfolk
30,453 946 23 ,422,240; + 30
305,869,350 217,627, 926
Birmingham
28,133 480 13 ,786,34lj +104
177,892,725 130,876 516
20,763 110 15 ,444,837; +34
Augusta
133.175.952
85,161 657
9 ,416,904; +21
Knoxville.
11,415 458
104.206.952
91,039 355
Jacksonville
24,527 716 14 ,560,890! +69
191,013,617
146,886 ,777!
16
Chattanooga.. 19,891 918
,995,409: +17
184,726,610 140,386 ,263:
Mobile
5 ,405,324! +25
6,805 630
57,698,117
51,974 014|
Little Rock
22,300 585. 15 ,497,493. +43
186,519,434
125,903 ,363.
9 ,999,0501 + 45
Charleston
14,573 298
121,747,655!
97,436 ,671
Oklahoma City 44,549 6.50 32 ,362,875' + 37
338,612,446! 250,345 ,950
Macon
8 ,283,003! + 17
9,750 ,723
77,206,331!
57,650, 200
Columbia
6 ,078,262; + 75
10,648 ,701
44,342 ,968
74,697,765!
a 12.600 ,000
12 165,646!
Austin
+3
150,241,134' 130,047 ,471
4 ,14o,924! + 23
Beaumont
5,098 ,026
49,810,333!
41,993 ,791
2 ,090,8021+114
Columbus. Ga.
4,481 .951
27,930,451!
18,005 ,909
3 ,476,483! +12
Wllm’ton.N.C.. <z3,9Q0 .000
32,410,49 4
23,399 ,226
1 ,159,631
1,833 ,402
+ 58
Vicksburg
14,486,802;!
10,017 ,789
El Paso.
19,524 ,935 16 ,108,1911 + 21
162,748,257! 154*202 ,661
2 ,555,868; + 28
Jackson
3,282 ,547
21,343.229!
19,538 ,818
Tulsa
32,157 ,153 26 ,031,370! + 23
358,923
248,340 504
7 ,293,335 + 42
10,387 ,000
Muskogee
95,738
60,723 ,264
Dallas
107,789 ,194 69 ,66 4,280; + 54
727,237,711; 479,469 001
2 ,727,373 + 05
Newp’t News. 04,600 ,000
35,790,333
22,251 755
5
7,922 ,609
,049,273 + 57
Montgomery..
57,527,555
39,356, 542
3
Tampa
+37
5,327 ,363
,878,522
53,410,998
43,809, 654
Texarkana
| 3,282 ,914 2 ,834,871 + 15
24,141,512
18,246, 258
2 .816,481
Raleigh
+ 30
3,684 ,582
32.965,675
25,132, 033
9 ,000,000 + 22
Shreveport
011,000 ,000
88.199,151
64,02?, 088

2,323,599
1,363,518
1,509,343
1,852,766
450,000
323,180
309,345
1,585,516
1,130,454
811,030
222,348
490,537

2,713,866
2,076,645
1,604,668
1,823,456
750,000
532,311
508,380
1,854,562
1,507,914
875,473
460,340
818,333

.

.

+ 9.0
—8.2

0

4,035,644
2,887,451
2,233,516
2,062,170
700,000
557,648
581,686
2,166,827
1,865,815
1,271,885
461,704
1,243,958

Topeka
Fargo
Cedar Rapids
Colorado Springs

comparison,

Nine Months.
Inc. or
Dec.

75,379,250
28,064,109
20,174,705
11,117,334
10,185,027
6,590,324
5,183,313
5,493,371
3,702,001
3,539.046

4,400,000
2,651,325
2,800,000
1,742,123
678,351
780,816
709,486
1,403,997
1,758,470
2,073,526
450,000
1,057,370

Davenport*
Lincoln

Total Southern

Clearies al-

Tot.oth.Wcst 1909051019 1377939 828

1915.

$
108,849,221
30,984,353
26,581,399
14,757,610
14,589,539
9,545,867
6,734,785
5,795,293
4,772,620
5,487,899

9,803,000

Omaha
St. Paul..
Denver
St. Joseph
Duluth
Des Molne3
Sioux City
Wichita

♦Omitted from table, as returns

1917.

1916.

%
+ 28.8
+ 56.6
+ 39.1
+ 18.5
+ 18.2
+ 4.8
+ 106.0
+ 12.8
+ 20.3
+ 32.4

156,844,907
39,563,342
39,543,068
13,898,579
21,005,232
14,758,926
10,693,225
7,564,362
6,759.290
7,404,021

Minneapolis

Dallas

Other Western and Southern
ward from first page:

mi.

Inc. 'or
Dec.

*

$10246,741,215 $9,485,902,724 92.6 $13675,941,355 $12937,169,138 94.6

BANK

Week ending Sept. 28.

Clearings at—
Aver.
Price.

319,972,597
228,809,207
160,202,884
39,130,527
22,558,701
15,953,035
11,900,985
19,532,783
7,377,827
23,657,230
8,900,572
7,225,051
10,715,366
13,609,369
2,476,644
3,544,189
7,159,430
4,688,660
3,370,882
2,456,348
1,641,990
2,250,895
2,550,818
2,626,427
2,357,895

1037235305924.679.372

191 +

Inc. or
Dec.

1917.

$
•S
%
%
+ 21.3 3,294,734,907 3,097,016,142
+ 6.4
+ 14.1 2,418,895,071 2,222,359,874 + 10.2
—16.6 1,469,156,713 1,710,810,519 —14.1
+ 32.9
391,731,608 292,866,149 + 33.8
+ 23.8
241,242,321 214,370,204 + 12.5
+ 16.5
167,189,520
155,915,194
+ 7.2
+ 42.1
156,395,081 110 ,909,469 + 41.0
+ 8.5
190,950,097
177,456,817
+ 7.6
+ 26.3
80,272,358
78,307,007 + 10.2
+ 7.5
231,114,347 224,256,205
+ 3.1
+ 12.2
90,472,229
82,709,823
+ 9.4
+ 20 6
74,523,279
61,272,745 + 21.6
+ 26.0
122,663,358
96,777,500 + 26.8
+ 1.4
118,464,861
108,316,213
+ 9.4
—11.2
2i ,304,090
19,025,326
+ 8.6
+ 10.7
—1.6
29,617,716
30,098,855
—8.0
61,864,738
—0.8
62,385,011
+ 22.7
47,589,088
41,883,531 + 13.6
—0.2
34,605,359
30,441,142 + 13.9
+ 12.5
25,387,184
22,615,288 + 12.3
+ 33.0
16,692,619
12,310,641 + 35.6
—22.5

17,216,136
25,841,056
30,905,890
23,138,633

+ 5.5
+ 35.1
+ 7.6

21,522,852 —20.0
23,516,867
+ 9.9
24,987,746 + 23.7
22,015,596
+ 5.1

+ 12.2 9,418,0 i8,259 00 CO 4*

+1 4k Si +1 (O to

+ 5.3

The clearings for the week ending Sept. 26 in comparison
with the same week of 1917 show an increase in the aggre-

gate of 7.2%.
Week

1918.
Canada—
Montreal
Toronto

$

Winnipeg
Vancouver
Ottawa

Quebec

4,323,568

Halifax

3,778,178
5,581,855
2,222,094
7,496,685
2,380,661
1,931,662
3,529,945
3,679,779
523,557
1,148,054
1,737,875
1,492,274
878,205
707,842

Hamilton
St. John

Calgary
London
Victoria

1917.
$

91,798.313
61,872,214
36,885,049
11,986,045
5,742,623

-

.

Edmonton
Regina
-

Brandon

Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
__

Peterborough

75,328,374
56,829,091
48,667,674
10,146,943
5,329,025
4,173,325
2,676,927
4,704,284
1,907,189
6,853,266
1,822,625
1,827,475
2,670,873
3,717,537
581.500

1,040,077
1,889,038
1,294,532
750,655
635,262
495,990
708,421

Total Canada.

—24.2

+ 18.1
+ 7.7
+ 3.6
+ 41.2
+ 18.6
+ 16.5
+ 9.4
+ 30.9
+ 5.7
+ 32.2
—1.0
—10.0

$ *
72,711,118

48,339,996
36,503,409
7,410,833
5,730,796

3,440,990
2,015,022
3,958,727
1,734,564
3,689,992
1,667,598
1,520,920
1,948,105
2,926,597
487,894

+ 10.4

656,472

—8.0

1,322,531
1,153,542

+ 15.3
+ 17.0
+ 11.3
+ 17.8
—28.4

702,595

—0.9

547,653

+9 8
+ 16.5

235,901,931

+ 7.2

200,591,806

507,183
695,972

252,781,388

%
+ 21.9
+ 8.9

1916.

691 650

478,121

638+00

September 26.

Inc. or
Dec.

603.430
546,311
296.415
407,152
555,600
519,654
438,132

759 668

Kitchener

ending

'»

1915.

$

49,316,236
33,881,818
32,719.468
5,664,801
5.461,703
3,073,467
1,811,684
3,239,106
1.301,200
2,785,316
1,401,630
1,170,492
1,750,291
1,800,783
410,138
332,728
1,134,286
707,187
509,803
373,534
285,483
322,616
376,833

149,916,603

/

[Vol. 107

THE CHRONICLE

1358

Commercial atidllXiscellaueoits |Jems
Breadstuff8 figures brought from page 1396.—The
tatements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Bariev.

Oat*.

Corn.

Wheat.

Flow.

Receipt*

Rye.

bbls.l96lbs. bush. 60 lbs. bush 56 lbs. bush 32 lb* bushASlbs bush.&Qlbs.
220,000
315,000
2,297, ,000) 1,656,000
3,564, ,000
273,000
Chicago
1
634,000
375, ,000
1,693,000 1,200,000
4,462,,000
Minneapolis
144,000
402,000
244,000
3, ,000
7,058,,000
Duluth
40,000
650,000
751,000
197, ,000
1,208,,000
Milwaukee
17,000
000
59,
160,000
126,,000
Toledo
000
,000
163,
80.000
43,
7,000
Detroit
3,000
2,000
75, ,000
77,000
61, 000
16,000
Cleveland
1,000
240,000
10,000
280, ,000
411, 000
St. Louis
64,000
38,000
8,000
188,000
111, ,000
39, 000
Peoria
76,000
157, ,000
310,000
258,,000
Kansas City.
534, ,000
276,000
264, ,000
Omaha
630
,000
,000
360,000
196,
Indianapolis .
.

National Banks.—The following information regarding
-national banks is from the office of the Comptroller of the

Currency, Treasury Department:
APPLICATIONS FOR CHARTER.

442,000 17,680,000
6,898,000
341,000
334,000 11,442,000

Same wk. *16
Since Aug.11918
1917
1916

5,934,000 2,460,000 1,308,000
7,849,(8X5 3,869,000 1,291,000
7,729,000 3,745,000 1,064,000

4,781,000
2,402,000
3,891,000

3,012,000 161,891,000 39,840,000 79,270,00011,331,000 5,796,000
2,545,000 45,702,000 21,396,000 69,775,000 19,903,000 5,967,000
3,289,000 102,725,0001 33,699,000! 68,519,000!20,577,000 6,009,000

Total receipts of flour and grain at
the week ended Sept. 28 1918 follow:

-

CHARTERS EXTENDED.

Bushels.

Barrel*.

New York-..

Philadelphla

.

Baltimore

83,000
26,000
43,000

2,109,000
1,068,000
776,000

93,000
13,000
47,000

98,000
477,000
235,000

Bushel*.

Bushels.
8,000
3,000
63,000

672,000
107,000
197,000
70,000
58,000
752,000
63,000

N’port NewsNew Orleans*
Montreal....
Boston

Barley.

29,000
6,000

Bushels.

55,000
22,000
6,000

88,000
4,000

4,000

175.000
1,909,000
18,000
109,000
4,763,000
305,000
Since Jan.1’18 12,635,000 46.689,000 18,133,000 77,459,000 7,960,000 3,441,000

Total wk. *18

199,000
528,000
158,000
4,134,000
1,569,000
426,000
Slnce Jan.ri71 16,069,000 157,568,0001 44,967,000 113,136,000 14,210,000 8,344,000
Week 1917-.

*

•n

Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.

The exports from the several seaboard ports for the week
ending Sept. 28 are shown in the annexed statement:
Reports from

Rye.

Wheat.

Corn.

Flour.

Oat*.

Bushels.

Bushels.

Barrels.

Bushels.

335,671

551,013
184,704
458,722

New York
Boston
Baltimore

Peas.

Barley,

Bushels. Bushels. Bushels.

479,907

37,985

549,907
37,985
68,674 1,075,311 665,747 138,415

335,571
171,391

1,194,439
1,076,538

Total week
Week 1917

The destination of these exports for

July 1 1918 is

as

the week and since

below:
Wheat.

Flour.

Corn.

'

Export* for Week,
and Since
July 1 to—

Since

Week

Since

Week

Since

Week

Sept. 28

July 1.

Sept. 28

July 1

Sept. 28

July 1

Barrels.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

,

4,895,954
8,381,784

335,571

1,477,691
542,130
1,220
13,510

950,486

1,194,439! 13,277,738

1,503,301

1,076,538! 21,071,215

335,571
171,391

20,36,591
5,412,747

United Kingdom.
Continent
So. A Cent.Amer.
West Indies
Brit.No.Am.Cois.
Other Countries..

13,339
24,646

236,706
658,128
6,942
35,102

Total
Total 1917

37,985
68,674

305,458
888,981

Amount.
The Lee County National Bank of Marianna, Ark., capital in¬
creased from $50.000..to $80,000
$30,000
The Battery Park National Bank of New York, N. Y. capital
Increased from $400,000 to $1,500.000
1,100,000
The National Bank of Orange, Va.
Capital increased from $75,000 to $100,000
25.000
The First National Bank of Brainerd, Minn.
Capital increased
from

50.000

$50,000 to $100,000

2,040

13,608

The world’s shipments of wheat and corn for the week

ending Sept. 28 1918 and since July 1 1918 and 1917
shown in the following:

are

VOLUNTARY LIQUIDATIONS.

Capital.

Dela

The First National Bank of Georgetown,

---

$30,000

Absorbed by the Dela¬

Liquidating agent: Harry R. Dobler.
ware Trust Co. of Wilmington.

securities, the following

Auction Sales.—Among other

usually dealt in at the Stock Exchange were recently
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not

Shares.
Stocks. '
Per cent.
50 Hlrsch Lumber, 1st preferred..100
5 United Gas & Elec. (Conn.),
1st preferred
i 40
2 Guardian Life Ins. of Am_$68per sh.

Stocks.
Shares.
1 Clinton Hall Association

sold

Per cent.
$34

100 Finance A Trading Corp., com.,
$5 per
$50 each

sh.

By Messrs. Millett, Roe & Hagen, Boston:
Shares.
Stocks.
20 North Boston

Lighting
erties, preferred

$ per sh.

Prop¬

77 X

Shares.
$ per sh.
Stocks.
25. Hood Rubber, preferred
97 X
50 Merrimac Chemical, $50 each__ 99

By Messrs. R. L. Day & Co., Boston
$ per sh.
186 X

160
199
181X
156
70

Stocks.
$ per sh.
52 Merrimac Chemical, $50 each.. 99
10 Glnter Grocery, pref., $10 each- 10
5 Draper Corporation
107 X
10 Hood Rubber, preferred
99X
13-20ths U. 8. Worsted, 1st pref
3.66
Shares.

By Messrs. Barnes & Lofland, Philadelphia:
Per cent.
Shares.
Stocks.
$ per sh. Bonds.
$2,000 Caddo Oil & Ref. Co. 1st 6s,
15 Real Estate Trust, pref
96
1927
81X
12 National Bank, Germantown.-14034
5,000 Falrmount Coal Co. 1st 5s,
24 Germantown Trust Co
217 X
1931--.'.
90H
10 Franklin National Bank
481
5,000 Augusta-Alken Ry. & Elec.
15 Kensington National Bank.... 105
Corp. 1st 5s, 1935
59 X
10 Middle City Bank
52 H
2,000 Laurentide Power Co., Ltd.,
10 Quaker City National Bank—130 X
1st 5s, 1946
80 X
1 Land Title & Trust
499 X
5,000 Metro. Edison Co. 1st 5s,’22 86X
4 Fidelity Trust
500
1,000 Mississippi Vail. Gas. & Elec
315 Penn Bank warrants
68H-69J4
Co. coll. 5s, 1922
79M
15 Finance Co., first preferred
100
4,000 Beech Creek RR. 1st 4s,
2 Finance Co., second preferred.105X
1936
--.80K-81J*
15 Colonial First
105
1,000 Peoria Gas & Elec. Co. 1st
10 Guarantee First
117
5s 1923
88 yi
20 Lansdowne Dally Sav. Fund.-151
1,000 Syracuse Gas Co. 1st 58,1946 81 X
30 First National Bank, Darby...230
1,000 Columbus A Toledo RR. Co.
3 Union Gas & Elec., 1st pref
40
1st 4s, 1955.
72 X
4 Philadelphia Bourse.
6X
1,000 Ches. A Ohio Grain Elevator
40 People's National Fire Insur__ 16
Co. 1st 4s. 1938
76X
18 Phlla. & Darby Passenger Ry__ 32
1,000 New York A Richmond Gas
4 Balt. & Phlla. Steamboat
28X-30
Co. 1st 5s, 1921
72X
2 Delaware RR
42 X
3,000 Market St. Elevated Pass.
42 Westlnghouse Airbrake
46 X
Ry. Co. 1st 4s, 1955
80>*
1 Library Co
10
1,000 Mahoning A Shenango Ry.
A Light Co. 1st 5s, 1920..

c—

Wheat.

$1,205,000

-

-

Shares.
Stocks.
2 Nut’l Shawmut Bank
20 Naumkeag Steam Cotton
1 Pepperell Manufacturing
4 Androscoggin Mills
10 Farr Alpaca
6 Pemlgewassett Valley RR

70,000

Newport News.

INCREASES OF CAPITAL APPROVED.
»

Rye.

Bushels.
7,000
3,000
4,000

Charter extended until

Va.

The First National Bank of Abingdon,
close of business on Oct. 4 1938.

Total
Oats.

Corn.

Wheat.

Flour.

Receipt* at—

the seaboard ports for

$100,000

CHARTERS ISSUED.
Original organizations:
The First National Bank of Conyers, Ga
75.000
The First National Bank of Longville, La
25,000
For conversion of State banks:
The American National Bank of Longmont, Colo
50,000
Conversion of The Emerson & Buckingham Bank & Trust
Co., Longmont.
Total
$150,000

—

Total wk. *18
Same wk. *17

Capital.

For conversion of State banks:
The Citizens National Bank of Norwalk, Ohio
Conversion of the Citizens Banking Co., Norwalk.

Corn.

86H

Exports.
1918.

,

1918.

al917.

Week

Since

Since

Week

Sept. 28.

July 1.

July 1.

Sept. 28.

Bushels.

Bushels.

Bushels.

Bushels.

al917.

Since
July 1.

July 1.

Since

DIVIDENDS.
The following shows all the dividends announced for
future by large or important corporations.
Dividends announced this week are printed in italics.

Bushels.

Bushels.

366,000

4,545,000

9,038,000

3,06S',655 1,059",566

5,163‘,666

4,484,666

704,000

1,078,000

8,771,000 105,631,000 107,362,000 1,503,000 10,412,000

14,600,000

Railroads (Steam).
Atch. Topeka A Santa Fe, com. (quar.)
Bell RR. A Stk. Yds. Ind., com. (quar.)..

North America.—The Canadian Government hds officially prohibited the
issuance of both manifests and exports until after ten days.
This is effective
during the continuance of the war. a Revised.

Buffalo A Susquehanna, common (qu.)_
Cleve. Cln. Chic. A St. L.,pref. (quar.).
Delaware Lack. A West, (quar.)

North Amer* 5,783,000 45,840,000 78,414,000
Russia
Danube

Argentina
Australia
India
Oth.countr’s
Total

2,104,000
640,000
180,000
64,000

46,224',000

9,800,000 17,982,000
3,225,000
7,330,000
542,000
568,000

'

7§,000

•

The

quantity of wheat and

mentioned

was as

afloat for Europe

corn
'

—

"

Wheat.

Corn.

United

Kingdom.

28
21
29
30

1918191819171916.

dates

follows:

1

Sept.
Sept.
Sept.
Sept.

on

United
Continent.

Bushels.
Bushels.
Not avail able
Not avail able
Not avail able

Total.

Kingdom.

Bushels.

Bushels.

Continent.
Bushels.

Total.

Bushels.

i
>

45.472.000

19.576.000

Name of Company.

Preferred (quar.)

Fitchburg, Pref. (quar.)
Georgia RR. A Banking (quar.)
Great Northern (quar.)
tKansas City Southern, pref. (quar.)..
Lehigh Valley, com. A pref. (quar.)
Maine Central, com. (quar.)
Minn. St. Paul A S. S. M. com. A preftNew York Central RR. (quar.)
Norfolk A Western, adj. pref. (quar.)..
Northern Pacific (quar.)
Philadelphia A Trenton (quar.)
Pittsb. Ft. W. A Chic., ref. gu. (quar.).
Reading Company, common (quar.)..
Reading. 2nd pref. (quar.)
United N. J. RR. A Canal Cos. (quar.).
Warren RR

Per
Cent.

When

Books Closed.

Payable.

Day* Inclusive.

Dec.
Oct.
ix Oct.
1X Oct.
IX Oct.
Oct.
5
IX Oct.
Oct.
3
IX Nov.
1
Oct.
$1.25 Oct.
IX Oct.
3X Oct.
IX Nov.
Nov.
1
IX Nov.
2X Oct.
IX Oct.
$1 Nov.
Oct.
50c.
2X Oct.
$ 1.75 Oct.

ix

3

2
1
1
10
21
21
1
15
1
15
5
1
15
1

4

to

Oct.

2

to

Oct. 14

Sept.

9

to

Oct. 10

Sept. 26

10
10
15

<r

Sept. 10

Sept.

1
8
14

31a

Holders of rec. Sept. 30a
Holders of rec. Oct.
la
Holders of rec. Oct.
5s

19

b




Holders of rec. Oct.

Holders
Holders
Holders
Holders
Holders
Holders

10

the

of
of
of
of
of
of

rec. Sept.
rec. Sept.
rec. Sept.
rec. Sept.
rec. Oct.
rec. Oct.

to

30a
14a
14a
20a
r8a
31a

Oct. 25

1
Oct.
to
Oct.
Holders of rec. Sept.
Holders of rec. Oct.
Holders of Tec. Sept.
Sept. 21
to
Sept.
Holders of rec. Oct.

10
10a
25a

24a
30
5a

Oct. 5 1918.]
Name of

THE CHRONICLE
When

Per
Cent.

Company.

Payable.

Books Closed.
Days Inclusive.

Name of

25c.

x
X
X

1X
1X
92

62KC.
2

31*c.
37Hc.

*1H
75c.

91.50

62*0.
1H
1

IX

Scioto Valley Traction, common.....
<1
United Rys. A Elec. (Balt.), com. (qu.).
50c
Virginia Railway A Power, common..? 92.51 X
York (Pa.) Rys., pref. (guar.)
*1X

s

Banks.
Atlantic National (quar.)

City, National (Brooklyn) (quar.)
Mechanics A Metals National (quar.)..
Produce Exchange, New York
Miscellaneous.
Air Reduction, com. (quar.) (No. 6.)
Com. (extra pay in 2d L.L.4X % bds.)
Preferred (quar.)
Alabama Co., 1st & 2d pref. (quar.)..
Alliance Realty (quar.)
Allis Chalmers Mfg., pref. (quar.)...
Preferred (acc’t of accumulated dlvs.)
Am. Agricul. Chem.,com. (qu.) (No.28)
Preferred (quar.) (No. 53)
American Bank Note, com. (quar.)..
Amer. Beet A Sugar, com. (quar.)
American Fork A Hoe, preferred
Amer. Gas A El. pref. (quar. (No. 47)Amer. Ice, pref. (quar.)
Preferred (extra)
Am. La France Fire Eng.,Inc..com.(qu.)
Amer. Laundry Mach., common
Preferred (quar.)
Amer. Light A Tract., com. (quar.)
Common (payable in common stock)...

Oct.
Oct.
IX Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
75c Nov.
Oct.
2
3X Oct.
IX Nov.
IX Oct.
1
Oct.
IX NOV.
IX Deo.
IX Oct.
2X Nov.

91

450c.

$
*8

\x

f2X
IX
IX

3

IX
IX
2

Ordinary preferred (quar.)
IX
Central Ills. Public Service, pref. (quar.).
IX
Central Leather, common (quar.)
IX
Common (extra)
2
Central A S. A. Teleg. (quar.)
* ix
Chicago Pneumatic Tool (quar.)
IX
Colorado Fuel A Iron, com. (quar.)
X
Preferred (quar.)
2
Colorado Power, common (quar.)
X
Commonwealth-Edlson (quar.)
*2
Commonwealth Light A Pow., pref. (qu.).
IX
Computing-Tabul’g-Itecord.. com. (qu.)
1
Consol. Interstate-Callahan Min. (quar.).
75c.
Continental Motors Corp., pref. (quar.)..
IX
Cora Products Refining, pref. (quar.)..
IX
Creamery Package, common (quar.)
IX
Preferred (quar.)
IX
Cresson Cons. Gold M. & M. (monthly)
10c.
Delaware Lac. A West. Coal (quar.)
91-25
Detroit Edison (auar.)
2
Detroit Iron & Steel, com. (quar.)
25c.
Preferred (quar.)
17XC.
Distillers Securities Corp. (quar.)
X
Extra
IX
Dominion Textile. Ltd., pref. (quar.)..
IX
duPont (E .1.) deN em ACo. ,deb .stk. (qu.)
IX
'du Pont (E.I.)de Nem.Powd.,com.(qu.) *IX
Preferred (quar.)
*IX
Eastern Steel, com. (quar.)..
2X
Edison Elec. 111., Boston (qu.) (No. 118).
3
Electrical Securities, preferred (quar.)..
IX
Electrical Utilities Corp.pf. (qu.)(No.34)
IX
Emerson-Brantingham Co., pref
*ix
Eureka Pipe line (quar.)
5
Everett, Heaney A Co., Inc. (quar.)..
50c.
Fajardo Sugar (quar.)
2X
Finance A Trading Corp., pref. (quar.)..
IX
Firestone Tire A Rubber, pref. (quar.)..
IX
General Electric (quar.)
2
General Motors, common (quar.)
3
Preferred (quar.)
IX
Gillette Safety Razor (quar.)
92
—

.

Extra
Globe Oil (monthly)

91

•lXc
IX

Globe-Wernicke, pref. (quar.)
Goodrich (B. F.) Co., common (quar.).

1

Granby Cons. Min., Sm. A Pow. (quar.)
Harblson-Walker Refract., pref. (quar.)
Hotly Sugar Corp., pref. (quar.)
HomestaXe Mining (monthly) (No. 530)
Houston Gas A Fuel, pref. (quar.)
Howe Sound Co. (quar.)
Indiana Pipe Line (quar.)
Inspiration Consol. Copper Co. (quar.)
Int. Agricultural Corp., pref. (quar.)_r

2X
IX
IX




—

—

9 Holders of
15 Holders of
15 ♦Holders of
15 Holders of

Oct.
Oct.

*4
4

Preferred (quar.)
American Locomotive, preferred (quar.)
American Rolling Mill, common (quar.)
50c.
Common (extra)
25c.
Preferred (quar.)
IX
Amer. Seeding Mach., com. (quar.)
1
Preferred (quar.)
IX
American Shipbuilding, com. (quar.)..
IX
Com. (extra pay. in 3X % L. L. bds.). <10
Preferred (quar.)
oix
Amer. Teleph. A Telegraph (quar.)
2
Amer. Type Founders, com. (quar.)
1
Preferred (quar.)
IX
Amer. Window Glass Mach., common.. mb
American Woolen, common (quar.)
IX
Preferred (quar.)...
IX
Anaconda Copper Mining (quar.).
92
Asbestos Corp. of Can., Ltd., pref.(qu.)
IX
Associated Oil (quar.)
IX
Atlas Powder, pref. (quar.)
IX
Barnhart Bros. A Splndler—
First and second preferred (quar.)
IX
Barrett Co., preferred (quar.)
IX
Bell Telephone of Canada (quar.)
2
Bell Telephone of Penn, (quar.)
IX
Borne, Scrymser Co
20
Brown Shoe, pref. (quar.)
IX
Bush Terminal Bldg., pref. (quar.)
*1X
Canada Cement, Ltd., com. (quar.)
IX
Carbon Steel, common (quar.)
2
Extra
Central Coal A Coke, common (quar.).
Preferred (quar.):
Central Foundry, first preferred (quar.)

Oct. 15 Oct.
3
to
Oct. 15
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
Oct. 10 Sept. 26
to
Sept. 30
Nov. 1 Holders of rec. Oct.
1
Oct. 20 Holders of rec. Oct. 10a
30
Sept
Sept. 26
to
Oct. 16
to
Oct. 16
Sept 30 Sept. 26
Oct. 15 Holders of rec. Oct.
la
Oct. 14 Holders of rec. Sept. 30a
7 Holders of rec. Sept. 30a
Oct.
Oct. 15 •Holders of rec. Sept. 30
Oct. 31 Holders of rec. Oct.
la
Nov. 1 Holders of rec. Oct.
la
Oct. 15 Holders of rec. Sept. 30a
1 Holders of rec. Sept. 20
Oct.
Oct. 15 Holders of rec. Oct. 10a
15
Holders of rec. Sept. 30a
Oct.
Oct. 16 Holders of rec. Oct. 10
Oct. 15 Holders of rec. Sept. 28a
Oct. 21 Holders of rec. Sept. 30a
Oct. 31 ♦Holders of rec. Oct. 21a

2X Oct.
91.75 Oct.

♦50c.

%lX
5c.
92
92

IX

15
15
15
10
16
15
15
15
15
15
31
15

25
25
15
5
15

Nov.
Nov. 1
Oct. 21

Oct.
Oct.
Oct.
Oct.

15
15
15

Oct.
Nov.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct
Oct.
Oct.
Nov.
Oct.
Oct.
Nov

15
15
1
1
1
15
15
15

Holders of

Holders
Holden
Holden
Holden
Holden
Holders
Holden
Holden
Holders
Holden
Holden
Holders

15
15
25
15
15

Sept. 17
Sept. 17

1

Holden
Holden
Holden
Holden

—

Kress (S. H.) A Co., com. (quar.)
Lake of the Woods MUling, com. (quar.)..
Common (extra)

Preferred (quar.)
MacAndrews A Forbes, com. (quar.)—
Preferred (quar.).
Manufacturers’ Lt. A Ht., Pitts, (qu.).

Maple Leaf Milling,Ltd.,com. (quar.)..
Common (extra)
Preferred (quar.)
Massachusetts Gas Cos., com. (quar.)..
Massachusetts lighting Cos., pf. (qu.).
Mexican Petroleum, common (quar.)
Common (payable in Lib. Loan bonds)
Mexican Telegraph (quar.)
Michigan Limestone A Chem, pf. (qu.).*
Midvale Steel A Ordnance (quar.)
Midwest Oil, pref. (quar.)
Midwest Refining (quar.) (No. 16)
Mohawk Mining (quar.)
Montreal Telegraph (quar.)

7
la
8
10

Sept.
Sept.
Sept.
Sept.

30a
30a
30a
30

Oct.

10

New York Transit (quar.).

Sept.
Sept.
Sept.
Sept.

30a
30a
26a
26a

Nipissing Mines Co., Ltd. (quar.)

Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.
Oct.

la
11
5a
18
15
15
9a
5
15
27
27
27
15

Sept.
Sept.
Sept.
Sept.
Sept.

30a
30a
30a
30a
30a

rec.

Oct.
Oct.
Oct.

15a
15a
15a

rec.

Sept. 20a

rec.

Oct.
Oct.

rec.
rec.

rec.

rec.

to

of
of
of
of
of
of
of
of
of
of
of
of

Kayser (Julius) A Co., 1st A 2d pf. (qu.)
Kelly-Springfield Tire, com. (quar.)

Oct.
Oct.
Oct.
Oct.

rec.

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holden of rec.
Holden of rec.
Holden of rec.
Holden of rec.
Holders of rec.
Holden of rec.
Holders of rec.
Holden of rec.
Holden of rec.
Holden of rec.
Nov. 26
to
Oct.
6
to
Oct. 12
to
to
Oct. 12
Oct. 12
to

Sept. 17

Per
Cent.

Company.

Miscellaneous (Concluded).
Inter. Button Hole Sewing Mach.,(qu.)
Int .Harvester (new company) .corn. (qu.)
International Paper, pref. (quar.)
Jones Bros. Tea, Inc. (quar.)

Street Jc Electric Railways.

Brooklyn City RR. (quar.)
Cities Service, com. A pref. (monthly).
Common (payable in common stock).
Columbia (S .C.) Ry.,Gas* El. .com. (qu.)
Duquesne Light, prel. (qu.) (No. 15)—
Georgia Ry. A Power, 1st pref. (guar.)..
Lancaster Co. Ry. A Light, common—
Preferred
c
Manchester Trac., light A Power (qu.).
Monongahela Vai. Tract., common (qu.)
Preferred (quar.)—
Ottumwa Ry. A Light, pref. (guar.)
Philadelphia Co., com. (qu.) (No. 148)
6% preferred (quar.) (No. 12)
Philadelphia A Western Ry.. Pref. (qu.)
Porto Rico Rye., Ltd., pref. (guar.)
Public Service Corp. of N. J. (quar.)..
Republic Ry. A light, pref. (quar.)

1359

rec.
rec.

rec.
rec.

rec.
rec.
rec.

rec.
rec.

to
to

Holden of rec.
Holden of rec.
Holden of rec.
Oct. 20
to

Bonus
National Biscuit, oom. (quar.) (No. 81)
Nat. Cloak A Suit, com. (qu.) (No. 7)..
National Fuel Gas (quar.)
National Oil, pref. (quar.)
National Paper A Type, com. (quar.)..
Preferred (quar.)

Nevada-California Elec. Corp

Penmans, Limited,
Preferred (quar.)

com.

(quar.)

Preferred (quar.)
Pittsb. Coal of N. J., pref. (quar.)
Pittsburgh Rolls Corp., common
Prairie Oil A Gas (quar.)
Extra
Prairie Pipe Line (quar.)
Procter A Gamble, pref. (quar.)

Quaker Oats, common (quar.)
Common (special).—
Preferred (quar.)
Reece Button-Hole Mach.(qu.)(No.130)
Reece Folding Mach, (quar.) (No. 38)..
Republic Iron A St., com.(qu.)(No. 8)
Russell Motor Car, pref. (quar.)
St. L. Rocky Mt. A Pac. Co., com. (qu.)
Sharon Steel Hoop (quar.)
Sbattuck-Arizona Copper (quar.)
Capital distribution (quar.)
Shawinigan Water A Power (quar.)
Smith (Howard) Pap. Mills, Ltd. ,Df. (qu.)
Spring Valley Water (quar.)
Standard Underground Cable (quar.)
....

10a
10a

Sept. 26

—

19a
1

Sept. 30a
Oct. 31

...

Nov
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.1
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
.

\l

of
of
of

rec.

Oct. 26a

rec.

Sept. 26a
Sept. 30a

rec.

of rec. Oct.
5a
to
Sept. 14
Oct. 14
Holden Of rec. Oct. 21
Holden of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Oct. 10
Holders of rec. Oct. 10
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holden of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Oct. 101
Holders of rec. Oct. 10a
Holders of rec. Oct.
5a
Holders of rec. Oct. 15
Holders of rec. Oct.
5a
Holders of rec. Oct.
5a
Holden of rec. Sept. 30a
♦Holden of rec. Oct. 15
Holders of rec. Sept. 27
Holders of rec. Sept. 25a
Holden of rec. Oct. 14a
Holden of rec. Oct. 15
Holden of rec. Oct.
7a
Oct.
1
to
Oct. 10
Oct.
1
to
Oct. 10
Holden of rec. Sept. 30
Holders of rec. Oct.
la
Holders of rec. Sept. 30a
6
Oct.
to
Oct. 15
Oct.
6
to
Oct. 15
Holders of rec. Oct.
2a
Holden of rec. Oct.
2a
Holden of rec. Sept. 30
Holden of rec. Oct. 10a

15
15
15
15
15
15
1
1
10
25
25
25
15
Nov. 1
1
Oct.
Oct. 10
Oct. 21
Oct. 15
Oct. 15
Oct. 10
Oct. 10
Oct. 10
Oct. 15
Oct. 15
Oct. 15
Oct. 15
Oct. 18
Oct. 18
Oct. 15
Oct. 25
Nov. 1 ♦Holders
Nov. 1 ♦Holden
Oct. 15 Holden
Nov. 1 Holders
Nov. 1 Holden
Oct. 15 Holden
Nov. 1 ♦Holders
Nov. 1 Holden
1
Oct. 10 Oct.
Nov. 1 Holden
1
Holders
Oct.
Oct. 15 Holden
Oct. 15 Holden
Nov. 1 Holden
Nov. 1 Holden
Nov. 30 Holden
Nov. 30 Holden
Oct. 10 ♦Holden
Oct. 15 Holders
Nov. 15 Holden
Nov. 1 Holden
Oct. 19 Holden
Nov. 1 Holden
Oct. 25 ♦Holden
Sept. 30 Holden
Oct. 15 Holden
Nov. 15 Holden
Oct. 28 Holden
Oct. 15 Holders

of rec. Oct.
of rec. Oct.
of rec. Oct.
of rec. Oct.
of rec. Oct.
of rec. Oct.
of rec. Oct.
of rec. Oct.
to

of
of
of
of
of
of
of
of

of

19
19
1
15
22a
5
18
15
10
19

rec.

Oct.
Oct.

rec.

Sept. 30a

rec.

Oct.

rec.

Sept. 14a

rec.

rec.
rec.
rec.
rec.

la

Oct. 18a
Oct. 18 a
Nov. 1
Nov. 1
Sept. 20

of rec. Sept. 30
of rec. Nov. 5a
of rec. Oct. 18a
of rec. Oct.
9a
of rec. Oct. 15
of rec. Oct. 19
of rec. Sept. 27
of rec. Oct.
1
of rec. Oct. 23
of rec. Oct. 11a
of rec. Oct.
7a

Extra
Steel Co. of Canada, com.

(quar.)

Preferred (quar.)
Superior Steel, common (quar.)
First and second preferred (quar.)

•

Swan A Finch Co
Texas Pacific Coal A Oil (extra)
Tonopah Mining of Nevada (quar.)
Transue A Williams Steel Forg. (quar.).
Tuckett Tobacco, Ltd., pref. (quar.)
Union Natural Gas Corp. (quar.).
Union Oil of California (quar.)
Extra
United Alloy Steel Corp. (quar.)
United Cigar Stores, com. (quar.) (No. 24)
United Coal Corp., pref. (quar.)
United Drug first pre. (quar.) (No. 11)
Second preferred (quar.)
United Fruit (quar.) (No. 77)
United Gas Improvement (quar.)
United Paperboard, preferred (auar.)..
United Shoe Machinery, com. (quar.)..
Preferred (quar.)
United Verde Extension Mining (quar.)
Extra..
U. S. Industrial Alcohol, pref. (quar.).
U. 8. Rubber, 1st pref. (quar.)
U. S. Smelt.,Ref.AMinlng.com. (quar.).
Preferred (quar.)
•
U. S. Steamship (bi-monthly)
Extra
Vacuum Oil
Extra..
Victor Talking Machine, com. (quar.)..
Preferred (quar.)
Va.-Carollna Chem.,com.(qu.) (No. 45)
Preferred (quar.) (No. 92)
Western Power Corp., pref. (quar.)
Western States Gas A Elec., pref. (qu.)
Western Union Tel. (quar.) (No. 198).
Westinghouse Air Brake (quar.)
Weating house El. A Mfg., com. (quar.).
Preferred (quar.)

Wheeling Mould A Fdy., com. (quar.)..
Common (extra)
Willys-Overland Co., common (quar.)
Yale ATowneMfg., com. 1 special)..
*

From unofficial

1

Oct. 15 Holders of rec. Oct.
1
Oct. 25 Holden of rec. Oct. 10
Oct. 15 Holden of rec. Oct.
7«
50c. Oct. 15 Holden of rec. Oct.
1
IX Nov. 1 Holden of rec. Oct. 21a
91
Nov. 1 Holden of rec. Oct. 15
1
Nov. 1 Holders of rec. Oct. 19a
*3
Dec.- 2 ♦Holden of rec. Nov. 23
*2
Oct. 14 ♦Holden of rec. Oct.
9
•IX Dec. 2 ♦Holden of rec. Nov. 23
2X Oct. 15 Holden of rec. Sept. 80a
IX Oct. 15 Holders of ree. Sept .80a
2
Oct. 15 Holden Of rec. Sept. 30a
2X Oct. 18 Holden of rec. Oct. 3
1
Oct. 18 Holders of reo. Oct.
3
IX Oct. 18 Holders of reo. Oct. 3
IX Nov. 1 Holden of ree. Oct. 19
IX Oct. 15 Holden of reo. Sept 25a
1
Oct. 10 Holden of rec. Sept. 14a
il
Oct. 10 Holden of ree. Sept. 14a
2X Oct.
Holden of rec. Oct.
5a
43tfc Oct.
91.50 Nov. 1 Holders of rec. Oct. 15
*2c.
Oct. 20 ♦Holden of rec. Oct.
1
*91
Nov. 1 ♦Holders of rec. Oct. 16
*92
Nov. 1 ♦Holders of rec. Oct. 11
2
Oct. 15 Holders of ree. Sept. 30a
X Oct. 15 Holden of rec. Sept. 30a
IX Oct. 15 Holders of reo. Sept. 30a
IX Oct. 15 Holders of rec. Oct. 8a
*2X Oct. 15 ♦Holders of ree. Sept. 30a
•2
Oct. 15 ♦Holden of rec. Oct.
1
2
Oct. 15 Holden of rec. Sept. 30a
IX Oct. 15 Holden of rec. Sept. 30a
IX Oct. 30 Holden of rec. Sept. 30
4
Oct. 15 Holden of rec. Sept. 21
25c. Oct. 21 Oct.
1
to
Oct. 17
25c. Oct. 21 Oct.
1
to
Oct. 17
25c. Oct. 28 Holden of rec. Oct. 11a
Oct.
21
*1X
•Holden of reo. Sept. 30
IX Oct. 15 Holders of rec. Sept. 30a
2
Oct. 15 Holden of rec. Sept.30a
62Xc Oct. 15 Holden of rec. Sept 30a
50c Oct.
5 Holden of rec. Sept. 20a
IX Oct. 15 Holden of rec. Sept. 30
IX Oct. 15 Holden of rec. Sept. 30
IX Oct. 15 Oct.
1
to
Oct. 15
62 He Oct. 10 Holden of rec. Sept. 14a
162 HO. Oct. 10 Holden of rec. Sept. 14a
1H Nov 15 Holden of rec. Nov. 5
1H Nov
Holden of ree. Oct. 21
91.25 Oct.
Holders of rec. Sept. 30a
91.25 Nov
Holders of rec. Oct. 15a
1H Oct.
Holden of rec. Oct. 10a
Holders of rec. Oct. 10a
IX Oct.
IX Oct.
Holden of rec. Oct. 10a
1
Jan.
Dec. 21
to
Jan.
1
3
Oct.
Holden of rec. Sept. 80a
2
Oct.
Holden of ree. Sept. 30a
5
Oct.
Holden of rec. Sept. 30a
2
Oct.
9
Oct.
Sept. 22
to
3
Oct.
Holden of reo. Oct.
la
1
Oct.
Holders of rec. Oct.
la
IH Nov.
Holders of rec. Nov. la
30c.
Oct.
Holden of rec. Oct.
1
100.
Oct.
Holden of rec. Oct.
1
1H Nov.
Holden of rec. Oct. 16a
IX Nov.
Oct. 11
to
Oct. 31
1
Oct.
Holden of ree. Sept. 30a
Oct.
91
25c. Oct.
Holden of reo. 8ept. 80a
25c. Oct.
Holden of rec. Sept. 30a
IX Oct.
Holden of rec. Sept. 26
Holders of rec. Oct. 10
IX Oct.
1
Sept
8ept. 18
to
Sept. 30
•3
Oct.
♦Holden of rec. Oct.
4
•3
Oct.
♦Holden of rec. Oct.
4
IX Nov
Holden of reo. Oct. 10
IX Nov
Holden of rec. Oct. 10
IX Nov
Holden of rec. Oct. 15a
2
Nov
Holden of rec. Nov. la
2X Nov
Holden of rec. Oct.
1
5
Oct.
Holden of rec. Oct. 19a
15c.
Oct.
Oct.
to
1
Oct.
6
91.25 Oct.
Holders of rec. Sept. 30a
Oct.
IX
Holden of rec. Sept. 30
2X Oct.
Holden of rec. Sept. 30a
*1H Oct.
♦Oct. 10
to
Oct. 19
•1
Oct.
♦Oct. 10
to
Oct. 19
Oct.
*91
♦Holden of rec. Oct.
9
Holders of rec. Oct. 30a
2X Nov,
Oct.
*1X
♦Holden of rec. Oct. 15
87Hc. Nov.
Holders of rec. Oct. 15
1H Dec.
Holden of rec. Nov. 15
2
Oct.
Holden of rec. Sept. 20a
Oct.
91
Holden of rec. Sept. 30a
1H Oct.
Holden of reo. Oct.
la
50c. Oct.
Holders of rec. Sept. 17
37Hc Oct.
Holden of rec. Sept.17
50c. Nov,
Holden of rec. Oct.
3a
25c. Nov.
3a
Holden of rec. Oct.
Holden of rec. Sept. 30a
IX Oct.
2
Oct.
Holders of rec. Oct. 15
91.25 Oct.
4
Holden of rec. Oct.
4
Holders of rec. Oct.
87Hc Oct.
10c. Nov.
Holden of reo. Oct. 18
5c. Nov,
Holden of rec. Oct. 18
3
Oct.
Holders of rec. Oct. 15
2
Oct.
Holden of rec. Oct. 15
5
Oct.
Oct.
to
5
1
Oct.
Oct.
IX Oct.
to
5
1
Oct.
1
Nov
Holders of rec. Oct. 15a
2
Oct.
Holders of rec. Oct.
7a
1
Oct.
Holden of rec. Sept. 30a
Oct.
♦Holders of rec, Sept. 30
*1X
Holders of rec, Sept.20a
IX Oct.
91.75 Oct.
Holders of rec, Oct. 10
87 He. Oct.
Holden of rec, Oct.
4a
4a
Holders of rec. Oct.
87Hc. Oct.
1
Nov
to
Nov. 1
Oct. 22
3
Nov
Oct. 22
Nov. 1
to
25C. Nov
Holden of rec. Oct. 21
5
Oct. 10 Holden of rec. Oct.
1

IX
IX

\l

.

Transfer books not closed for this dividend,
b Less
d Correction,
e Payable In stock.
/Payable in common

sources,

British Income tax.

Book* Closed.
Days Inclusive.

.

Pennsylvania Salt Mfg
Pierce-Arrow Motor Car, com. (quar.)
Pittsb. Coal of Pa., com. (quar.)

Sept. 20a
Sept. 26
Oct.
Oct.

;

Extra
North Butte Mining (quar.) (No. 48).
Northern States Power, pref. (quar.)
Nova Scotia Steel A Coal,Ltd.,ord.(qu.)
Preferred (quar.)
Ohio Fuel Supply (quar.)
Ontario Silver Mining (quar.)
Otis Elevator, common (quar.)
Preferred (quar.)
Pacific Telep. A Teleg., pref. (quar.)..
Pan-Amer. Petrol. A Transp., com. (qu.)
Common (payable in Lib. Loan bonds)

When

Payable.

a

stock,

g Payable in scrip,
h On account of accumulated dividends, i Payable in
Liberty Loan bonds. I Red Cross dividend, m Payable in U. 8. Liberty Loan
4 X % bonds,
o Declared 7 % payable in quarterly Installments of 1X % each on
Nov. 1 1918, Feb. 1, May 1 and Aug. 1 1919, to holders of record on Oct. 15
1918, Jan. 15 1919, April 15 1919 and July 15 1919, respectively, p Payable In
stock of Old Dominion Iron A 8teel Corp. at rate of one share of Old Dominion
Iron A Steel Corp., par value 93, for each share ol Virginia Ry. A Nav. common

«*tock.
t Payment of dividend contingent upon the receipt of sufficient money from the
U. 8. Government,
r The New York Stock Exchange has ruled that stock will not
be quoted ex-dividend on this date and not until further notice.
s

i

Erroneously reported last week

as on

1st pref. and pref. stock.

[Vol. 107

THE CHRONICLE

1360

Member Banks of the Federal Reserve System.—Following is the weekly statement issued b>
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the
tained m the statement were given in the weekly statement issued under date of Dec. 14 1917 and which
"Chronicle” of Dec. 29 1917, page 2523.
STATEMENT
SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS
blAlfcmtwi anU
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER

he Federal Reserve

different items con*
s

published in the

LOCATED IN CENTRAL RESERVE
20 1918.

holdings following the 600 million dollar issue of Treasury certificates dated Sept. 17 and in Government
deposits accompanied by some curtailment of other loans and investments are indicated by the Board’s consolidated weekly statement showing con¬
dition on Sept. 20 of 738 member banks in leading cities.
United States bonds on hand show but little change, while Treasury certificate holdings show an increase for the week of 272.3 millions, of which
180 9 millions represents the increase at banks in the three central reserve cities.
Aggregate loans secured by United States war obligations went
wo it 9 millions, largely outside the central reserve cities.
All other loans and investments fell off 16.5 millions, liquidation being confined however
to Greater New York banks.
Of the total loans and investments the combined share of United States war obligations and loans secured by such obli¬
gations constitutes 18.2%, as against 16.4% the week before.
For the central reserve city banks a rise in this percentage from 18 to 20.1% is noted.
Government deposits show a gain of 198.9 millions, of which 108 millions represent the Increase at central reserve city banks, and 77.7 millions
the increase at banks in other reserve cities.
Net demand deposits declined about 2.3 millions, though the New York bank reports a decrease under
tfcia head of about 33 millions.
Time deposits went up 32.2 millions, all outside of the central reserve cities. Reserve balances with the Federal Re¬
serve hanks increased 54.6 millions, largely in Greater New York, while cash in vault gained 8.9 millions.
For all reporting banks the ratio of investments to deposits remained unchanged at 125.9%, while for the banks in the central reserve cities this
ratio shows a rise from 116.7 to 117.5%.
The ratio of combined reserve balances and cash to deposits shows an increase from 14.7 to 15% for all
reporting banks and from 15.8 to 16.3% for the banks in the central reserve cities.
“Excess reserves” of all reporting banks work out at 100.9 millions,
as against 46.1 millions the week before.
For the central reserve city banks an increase in this item from 29.7 to 77.7 millions is noted.
Largo Increases in Treasury certificates

.

.......

1. Data for aU

42

102

U. 9. bonds to secure cireulat’n
Other U. 8. bonds, including

14,352,0

%
50,873,0

Liberty bonds
V. 8. cert Ifg. of Indebtedness..

11,625,0
91,900,0
117,877,0

Nambor of reporting banks...
S

Total U. 8. securities..

Loans

sec.

by U. 8. bonds, Ac.

)

77

45

98

24,251,0

$
15,465,0

$
18,461,0

85

51
S

S

S

11,492,0

42,489,0

St. LouU. M inneap. Kan. City

Chicago.

46,022,0

102,122,0
62,709,0

6,382,0

.

Chicago. St. LouU. Total Central Ret. Cities.

73$

53
$

$

13,730,0

Total.

17,929,0

$

34,480,0

267,580,$

479,334,$
7,876,0 13,211,0 14,914,0 23,620,0
22,121,0 44,831,0 19,806,0 76,450,0 1,449,010,$
36,379,0 71,772,0 52,649,0 134,550,0 2,195,924,$
486,039,$
4,948,0
8,477,0
12,231,0
5,985,0
285,881,0 463,780,0 183,886,0 533,916,0 10,584,569,$
19,797,0 49,495,0 16,380,0 45,141,0 1,221,158,$
363,853,$
8,910,0 15,844,0 12,571,0 21,525,0
187,646,0 369,289,0 150,606,0 407,370,0 9,449,274,$
45,939,0| 62,521,0 25,097,0 123,247,0 1,494,325,$
639,948,$
6,748,0
11,252,0 24,183,0
—

Data for hanks In each Cenrral Reserve city, hanks In all other Reserve cities and other

Sew York.

*

San Fran

45

$

S

17,676,0

Dallat.

73

35

32
S

47,333,0 14,026,0
220,089,0 30,010,0 47,683,0 26,842,0 22,105,0
164,965,0 42,620,0
727,662,0 73,440,0 105,611,0 39,339,0 40,265,0
230,759,0 74,322,0
998,624,0 114,942,0 195,783,0 90,432,0 77,835,0
9,785,0
62,620,0 14,824,0
218,038,0 46,995,0 36,400,0 19,714,0
4,291,147,0 615,145,0 972,363,0 366,955,0 300,885,0 1,431,992,0 374,704,0
146,321,0 35,059,0
644,923,0 57,299,0 80,147,0 31,505,0 24,188,0
57,790,0 12,053,0
124,359,0 20,848,0 33,499,0 17,087,0 14,353,0
4,441,477,0 613,710,0 728,200,0 308,457,0 217,935,0 1,077,299,0 265,143,0
371,656,0 75,213,0
288,407,0 16,554,0 237,183,0 54,686,0 91,700,0
69,130,0 20,943,0
316,892,0 37,897,0! 63,313,0 12,771,0 14,110,0

All other loans A investments. 763,915,0
Reserve with Fed. Res. Bank. 70,903,0
Cash In vault
*.
25,014,0
Net demand deposits
682,142,0

Time deposits
Government deposits..

Atlanta.

....

,

Two ciphers (00) omitted.

reporting banks In each district.

Phttodel. Cleveland. Richtn’d.

Neva York.

Boston.

Member Banka.

„

reporting banks
Total.

Country Banks.

Other Reserve Cities.

Tree ciphers (00) emitted.

Sept. 20.
Number of reporting banks...

Sept. 13.

$

V. 8. bonds to secure drculat’n
Other U. S. bonds, including
Liberty bonds
V. S. eertifs. of Indebtedness..

Sept. 20.

68

69

$

Sept. 20.

Sept. 20.

Sept. 20.

Sept. 13.

$

t

$

48,241,0

36,679,0

36,609,0

1,132,0

10,576,0

48,387,0

48,317,0

170,573,0

170,773.0

48,620,0

198,722,0
690,314,0

197,773,0
553,266,0

19,701,0
88,858,0

8,665‘;0
32,848,0

227,088,0
812,020,0

227,030,0
651,153,0

205,187,0
542,732,0

205,803,0
447,642,0

47,333,0
77,935,0
173,509,0
25,468,0
816,738,0
58,555,0
37,564,0
680,889,0
192,978,0
41,515,0 28,327,0

47,079,0
94,258,0

288,642,0

203,208,0

42,218,0

17,061,0

347,921,0

239,923,0

250,512,0

172,785,0

16.3

15.5

17.2

14.6

16.3

15.8

13.9

13.9

Ratio of combined reserve and
Oftsh to total net deposits

Sept. 13.
737

738

$

Total U. S. securities
918,472,0
824,218,0 189,957,0
925,715,0
787,648,0 109,691,0 52,089,0 1,087,495,0
926,500,0
Loans sec. by U. S. bonds, Ac.
255,906,0
195,408,0 39,703,0
199,291,0
195,468,0 44,817,0 11,798,0
252,260,0
199,430,0
All other loans A investments. 3,949,669,0 3,970,040,0 873,646,0 270,467,0 5,093,782.0 5,118,249,0 4,668,073,0 4,666,101,0 822,714,0
Reserve with Fed. Res. Bank.
744,803,0
615,371,0
572,886,0 102,842,0 26,590,0
700,169,0
415,172,0
407,841,0 61,183,0
Cash in vault
111,638,0
109,364,0 34,084,0
5,708,0
151,430,0
150,566,0
174,513,0
166,777,0 37,910,0
Net demand deposits
4,156.256,0
5,038,124,0
3,722,791,0
123.290,0
723,213,0 191,621,0
5,063,089,0
3.707,554,0 688,359,0
Time deposits
406,415,0
210,801,0
216,921,0 141,377,0 54,237,0
410,138,0
868,^45,0 859,020,0 219,165,0

Government, deposits

Sept. 20.

165

165

$

$

Sept. 13.

Sept. 20.

449

449

123

$

$

$

Sept. 13.

124

14

41

$

276,580,0

267,331,0

4/9,334,0
480,166,$
1,449,010,0 1.176,730,$
2,195,924,0 1,924,227,$
473,136.$
486.039.0
10584 569,0 10,601,088,$
1,221,158,0 1,166,565,$
363,853,0
354,907,$
9,449,274,0 9,451,532,$
1,494,325,0 1,462,126,$
441,035,$
639,948,0
14.7

15.0

The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Sept. 28:
Oontinuing borrowing by member banks in connection with the 6th issue* of Treasury certificates in anticipation of the Foutrh Liberty Loan,
as at close of business on
September 27 1918.
INVESTMENTS: Holdings of war loan paper, i. e., member banks’ notes secured by Treasury certificates and Liberty bonds also customers

alsa considerable purchases of acceptances are indicated by the Federal Reserve Board’s weekly bank statement issued

Sapor
similarly
75.2 millions,
banks
except
Minneapolis
substantial
tounder
their
oldings
of this secured
class of went
discountsall
millions, the
New York and
and Kansas
ChicagoCity,
banksshowing
reporting
the largestadditions
decreases
paper.up Other
on the
hand
fell off
21.9 Cleveland,

this head.
Acceptances of hand gained 38;4 millions, New York alone reporting an increase of 23.6 millions of bills purchased in open market .Am
increase of 8.2 millions in Government short-term obligations represents largely 2% Treasury certificates deposited with the U. S. Treasurer
secure Federal Reserve bank note circulation.
Total earning assets show a combined increase for the week of 99.4 millions.
DEPOSITS: Government deposits were 22.5 millions larger than the week before.
Member banks’ reserve deposits show an increase for the
week of about 11 millions, while net deposits work out at about 37.8 millions in excess of the previous week’s total.
RESERVES: The week saw considerable shifting of reserves through the Gold Settlement Fund from New York to banks in the interior.
Total
reserves show a decrease of 3.9 millions, of which 2.7 millions represents a decrease in gold.
The banks’ reserve percentage shows a decline for the
week from 52.9 to 51.6%.
NOTE CIRCULATION: Federal Reserve Agents report a net addition of 48 millions to the total of Federal Reserve notes outstanding.
The
banks show an increase for the week of 54.3 millions of Federal Reserve notes in circulation besides an increase of 2.6 millions in their aggregate lia¬
bilities on Federal Reserve bank notes in circulation.
CAPITAL: Payment for Federal Reserve bank stock by newly admitted members, largely in the Boston, Cleveland, Chicago and Dallas districts is

mainly responsible for

an

increase of $113,000 in the total paid-in capital shown in this week’s statement.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thu«

furnishing

a

useful comparison.

Federal Reserve banks.

In the seoond table

we

show the

resources

and liabilities separately for each of the twelve

The statement of Federal Reserve Agents* Accounts (the third table following) gives details re¬
garding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.

FEDERAL RESERVE BANK OF NEW YORK.—The weekly statement issued by the bank sub-divides some certain items that are included,
mider a more general classification in the statement prepared at Washington.
Tims, “Other deposits, &c., as of Sept. 27, consisted of “Foreign Govern¬
ment deposits,” 892.435.070; “Non-member banks deposits.” $4,469,223; and “Due to War Finance Corporation,” $2,103,061.

Combined Resources

and

Liabilities

of the

Federal Reserve Banks

at

the

Close

of

Business Sept. 27 1918

Sept. 27 1918 Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Sept. 28 1917
RESOURCES.
Gold in vault and In transit..
Gold settlement fund—F. R. Board
Gold with foreign agencies

$
370,220,000
437,319,000

5,829,000

$
367,660.000
459,997,000
5,829,000

$

386,214,090
465,298.000
5,82^,090

$

383,228,000
496,531,000
5,830,000

$

384,009,000
520,926,000
5,829,000

$
385,072,000
553,060.000
5,829,000

S

$

$

395,410.000
606.354.000
9,696,000

445,597,0$$
342,337,00$
52,500,00$

990,929,000 1,011,460.000
940,692,000
961,498.000
38.149,000
40,116,000

840,434,000
558,227,000
9,809,000

385,017,000
600,083,000
5,829,000

Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund

813,368,000
833,486,000
857.341,000
885,589,000
910,764,000
943,961,000
1,161,731,000 1,145.950.000 1,123,132,000 1.087,760,000 1,061,597,000 1,018,767,000
45,714,000
44.122,000
44,086,000
43,634,000
41,433,000
40,323,000

Total gold reserves
Legal tender notes, silver, Ac

2,020,813,000 2,023,558.000 2,024,559.000 2,016,983,000 2,013,794,000 2,003.051,000 1,992,543,000 1,990.301,000 1,408,470,000
51,363,000
49,089,000
52,481,000
53,173,000
54.222.000
53,511.000
53,168,000
52,215,000
52,980,000

Total reserves
2,072,176,000 2,076,039,000 2,077,732,000 2.070.494,000
Bills discounted: Secured by Govern¬
ment war

obligations

2,066,9Q2,000 2,055,266,000 2,045,523,000 2,044,523.000 1,457,559,000

1,221,533,000 1,146,357,000 \
491,897,000
513,789,000 /1613 247 000 1,541.999,000 1,428,235,000 1,393,795.000 1,285,368,000 1,332.473,000
288,391,000
208,557.000
212,204.00
250,032,00q 239,750.000 233,741,000 232,563,000 236,526.000

233,539,000
176,169,000

Total bills on hand
2,001,821,000 1,910,178,000 1,852.997,000 1.775,740,000 1,660,798,000 1,630.321,000 1,497,572,000 1,541.030.000
IT. S. Government long-term securities.
28,545,000
29,022,000
29,563,000
34.931,000
29,768.000
30,350,000
30.624.000
31,497,000
U. S. Government short-term securities
50,098,000
41,878.< 00
33.777,000
25,772,000
28,030.000
17,404.000
23.479.000
32.546.000
AU other earning assets
102,000
81,000
84,000
102,000
75,000
67,000
62,000
82.000

409,708,000
55,129,000
39,876,000
224,000

Total earning assets
2,080,566,000 1,981,162,000 1,916.418.000 1,833,613,000 1,716,987,000 1.684.486.000 1.561.697,000 1.593.467.000
Uncollected items (deduct from gross
649,448,000
654,843,000
697,225,000
584.758.000
642.377.000
568,655,000
deposits).
601.983,000
623,495,000

504,937,000

All other
Bills bought in open market

5% rederap. fund agst. F. R. bank notes
Alt other resources.

Total resources.

2,447,000
12,858,000

2,112,000
12,610,000

1,405,000
13.013,000

4,817,495,000 4,726,766,000 4,705,793,000

735.000
11.410.000

500,000

*4,559.873.000 4,365.555.,000 4.353.987.000 4.242.384.000 4.234.893.000

2.203,673,000

1,313,000
12,076,000

1,164,000
11,787.000

Includes amount formerly shown against Items due from or doe to otner Federal Reserve hanks not




240,290,000

958,000
11.294,000

866.000

10,803,000

387,000

Oct. 5 1918.]

THE CHRONICLE

1361

Sept. 27 1918. Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918.
Aug. 9 1918. Sept. 281917
LIABILITIES.

8
8
8
8
8
8
8
8
78,802,000
78,689,000
78,553.000
78,359,000
78,168,000
77,750,000
76,960,000
76,876.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
191,623,000
169,141,000
206,733,000
197,325,000
104,729,000
173,027,000
95.555,000
179,978,000
Due to members—reserve account
1,535,490,000 1,524,528,000 1,469,603,000 1,465,102,000 1,478,639,000 1,459,480,000
1.464,011.000
1,420,705,000
Collection Items
485,059,000
490,265,000
527,752,000 461,640,000 437,885,000 450,947,000 461,202,000 433,347,000
Other deposits, incl. lor. Gov’t credits.
104,385,000
100,173,000
115,302,000
119,960,000
120,300,000
112,597,000 115,234,000
127,050,000

Capital paid in
Surplus
Government deposits

Total gross deposits
F. R. notes in actual circulation
F. R. bank notes In circulation, net liab
All other liabilities

2,316,557,000 2,284,107,000 2,319.390.000 2,244,027,000 2,141,553,000 2,196,051.000
2,136,002,000 2,161,080,000
2,349,326,000 2,295,031,000 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000
1,985,419,000 1,955,276,000
35,819,000
33,208,000
27,672,000
23,964,000
20,687,000
16,864,000
15,167,000
13,716,000
35,857,000
34,597,000
33,615,000
31,710,000
31,305,000
29,351,000
27,702,000
26,811,000

Total liabilities
4,817,495.000 4,726,766,000 4,705,793,000
Gold reserve against net deposit liab
48.8%
51.1%
52.9%
Gold res. agst. F. R. notes in act. clrc’n
51.4%
51.9%
51.9%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined
50.3%
51.6%
52.4%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined..
51.6%
52.9%
53.7%
Ratio of gold reserves to F. R. notes in
actual circulation, after setting aside
35% against net deposit liabilities..
63.4%
65.6%
67.2%

4,559,873,000 4,365.555,000 4,353,987,000 4,242,384,000 4,234,893,000
55.3%
57.9%
59.2%
59.2%
59.5%
51.9%
52.7%
52.1%
50.5%
60.1%

71.289.666
,136,936,666
157,524,666
68.433.666

700,212,666
8,606,666
1,966.666

70.4%
81.1%

53i3 %

55.3%

56.7%

57.0%

56.4%

74.4%

54.9%

56.4%

58.7%

58.5%

57.9%

77.0%

69.6%

72.5%

73.7%

76.4%

Distribution by MaturitUs—
8
8
8
8
8
5
1-15 days bills discounted and bought. 1,323,052,000 1,245,724,000
1,172,359,000 1,159,716,000 1,047,516,000 1,006,967,000
1-15 days U. S. Govt, short-term secs.
14,300,000
13,161,000
7.182,000
5,388,000
4,945,000
4,660,000
1-15 days municipal warrants
10,000
10,000
16-30 days bills discounted and bought.
192,414.000
194,084,000
184,223,000
144,517,000
141,558,000
169,570,000
16-30 days U. S. Govt, short-term secs.
10,000
298,000
4,414,000
3,722,000
16-30 days municipal warrants
31,000
34,000
10,000
31-60 days bills discounted and bought.
302,709,000
285,806,000
294,595,000
248,807,556 219,928,666 223,723,666
31-60 days U. S. Govt, short-term secs.
467,000
197,000
901,000
1,046,000
4,690,000
4,685,000
31-60 days municipal warrants
9,000
1,000
33,000
41,000
41,000
41,000
61-90 days bills discounted and bought
171,434,000
171,718,000
187,668,000 207,398,000 223,655,000
216,473,000
61-90 days U. S. Govt, short-term secs
669,000
728,000
1.716,000
1,527,000
798,000
771.000
61-90 days municipal warrants
11,000
11,000
11,000
10,000
.5,000
5,000
Over 90 days bills disc’ted and bought.
12,212,000
12,846.000
14,152,000
15,302,000
28ML000
22,588,000
Over 90 days U.S.Govt .short-term secs.
34,652,000
27,494,000
19,564.000
16,347,000
13,365,000
Over 90 days municipal warrants
10,000
10,000
16,000
16,000
21,000
16,000
Federal Reserve Notes—
Issued to the banks
^
2,494,205,000 2,446,194.000 2.388.863,000 2,319,772,000 2,218,938,000 2,163,837,000
Held by banks
144,879,000
151,163,000
143.434,000
126,230,000
139,093,000
131,000,000

76.3%

8

8

901,700,000
17,235,000

946,126.000
2,085,000
4,000
178,593,000
750,000

178,321,666

23*1,550",666

2*23,11*0*,666

97,625,666

4,358,000
56,000
187,626,000
2,123,000
6,000
25,056,000
8,830,000
20,000

3,491,000
56,000

151,740,000

146,666
63,663,666

164,347,000

69,614,666

1,669,000
1,000
28,854,000
9,409,000
16,000

5,666
1,468,666

2,118,948,000 2,088,473,000
133,529,000
133,197.000

754,088,666
54,745,666

2,349,326,000 2,295,031,000 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,985,419,000
1,955,276,000

699.343.666

isSBftoo

In circulation

59,379,6(6

73*666

3,286,140,000 3,229,400,000 3,153,080,000 3,057,280,000 2,995.480,000 2,940,240,000 2,895,020,000
2,832,740,000 1,167,326,666
546,315,000
542,126,000
533,070,000
520,568,000
516,032,000
497,152,000
499,862,000
489,092,000
197.957.666
In hands of Agent.

*1
How Secured—

By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund

969,363,066
215,275,660

2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000
2,088,473,000

754,088,606

214,239,000

With Federal Reserve Board

06

2,739,825,000 2,687,274,000 2,620,010,000 2,536,712,000 2,479,448,000 2.443,088,000 2,395,158,000
2,343,648,000
245,620,000
241,080,000
231,165,000
216,940,000
260,510,000 l 279,251,000
276,210.000
255,175,000

Total

217,240,000

217,240,000

219,240,000

1,332,474,000 1,300,244,000 1,265,713,000
73,363,000
70,608,000
65,788,000
874,129,000
858,102,000
840,104,000

1,232,012,500

219,239,000

220,239,000

1,157,341,000 1,145,070,000
61,690,000
61,708,000
63,419,000
806,830,000
780,650,000
735,109,000

217,238,000

212,240,000

1*1^.4*50,660 1,1*47,7*81,666
60,959,000

60,296,000

276.645.666

198,649",666

683,301,000

668.156,000|

28,046,066
250.554.666

2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2.218,938.000 2,163,837,000 2,118,948,000

2,088,473,000j

754,088,666

1,699,364.000 1,864,987,000 1,797,546,000 1,719,854,000 1,613.814,000 1.573.109.000 1,463,844,000 1,480.179.000
t Revised figures.

204,467,066

]

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS
Sept. 27 1918.
Two ciphers (00) omitted.

Boston.

New York.

RESOURCES.
Gold coin and certifs. In vault..
Gold settlement fund
Gold with foreign agencies

8

8

3,630,0
67,241,0
408,0

273,296,0
14,760,0
2,011,0

27,862,0
70,877,0
525,0

6,198,0
28,088,0
204,0

6,733,0
17,042,0
175,0

26,109,0
72,022,0
816,0

1,067,0
16,812,0
233,0

8,179,0
22,804,0
233,0

216,0
27,783,0
291,0

Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund

71,279,0
58,925,0
5,017,0

290,067,0 58,329,0 99,264,0
286,671,0 110,208,0 153,479,0
14,893,0
5,500,0
1,231,0

34,490,0
47,293,0
614,0

23,950,0 98,947,0
36,340,0 206,111,0
3,259,0
5,577,0

18,112,0
56,615,0
2,820,0

31,216,0
29,378,0
2,900,0

28,290,0
57,489,0
1,247,0

691,631,0 174,037,0 253,974,0
791,0
310,0

82,397,0
628,0

63,549,0 310,635,0
183,0
1,272,0

77,547,0
705,0

63,494,0
64,0

87,026,0
142,0

685,562,0 174,828,0 254.284,0

83,025.0

63,732,0 311,097,0

78,252,0

63,558,0

87,168,0

38,674,0 143,376,0 2,072,176,0

50,597,0
34,382,0
32,016,0

48,751,0
18,921,0
4,586,0

45,133,0 169,044,0
31,051,0 72,618,0
6,104,0 20,272,0

50,293,0
26,888,0
2,000.0

25.262,0
41,940,0
133,0

28,344,0
45,460,0
136,0

30,815,0
25,193,0
1,300,0

122,632,0
538,0
1,416,0

832,937,0 115,806,0 116,995,0
1,410,0
1,348,0
1,291,0
26,099,0
4,257,0
3,760,0

72,258,0
1,233,0
1,510,0

82,288,0 261,934,0
631,0
4,519,0
1,991,0
5,112,0

79,181,0
1,153,0
1,321,0

67,335,0
974,0

73,940,0
8,868,0
1,344,0

57,308,0 119,157,0 2,001,821,6
3,977,0
3,461,0
28,545,0
1,152,0
1,162,0
60,098,6
31,0
102,6

Total earning assets....,
124,636,0
Uncollected items (deducted from

860,446,0 121,411,0 122,046,0

75,001,0

84,981,0 271,565,0

81,655,0

68,425,0

84,152,0

62,437,0 123,811,0 2,080,566,6

40,973,0

155,649,0

71,399,0

56,364,0

45,540,0

32,643,0

73,153,0

50,483,0

17,884,0

54,521,0

17,328,0 .33,511,0

34,0
1,052,0

1,024,0
2,000,0

200,0
1,643,0

62,0
569,0

50,0
920,0

47,0
789,0

305,0
1,300,0

22,0
565,0

.50,0
186,0

412,0
945,0

Total gold reserves
Legal-tender notes, silver, &c

135,221,
2,589,0

Total reserves
137,810,0
Bills discounted: Secured by Govt
war obligations
71,246,0
All other
15,594,0
Bills bought In open market.... 35,842,0

gross

8

266,0
57,655,0
408,0

v.

564,288,0
-113,074,0
155,575,0

86,718,0
21,112,0
7,976,0

Richm'd.

Atlanta

Chicago.

X

S

X

f

\ 43,931,0

w

Total bills on hand—
U. S. long-term securities.
U. S. short-term securities
All other earning assets

Philadel. Cleveland

S

S

116,0

Dallas.

t

71,0

*

deposits)

St. Louis. M inneap. Kan. City

San Fran.

X

%

7,097,0
4,392,0
204,0
f

11,693,0
24,286,0
2,146,0

9,567,0
37,843,0
321,0

Total.
9

370,220,6
437,319,0
5,829,6

47,731,0
813,368,6
94,936,0 1,161,731,0
510,0
45,714,0

38,125,0 143,177,0 2,020,813,0
549,0
199,0
51,363,6

51,042,0 1,221,533,0
45,664,0
491,897,0
22,451,0
288,391,0

649,448,0

5% redemption fund against Federal Reserve bank notes

All other
Total

*..

resources

144,0
1,635,0

97,0
1,254,0

2,447,0
12,858,6

304,505,0 1,654,681,0 369,481,0 433,325,0 204,536.0 182,192,0 658,230,0 210,977,0 15Q,103,0 227,198,0 120,218,0
302,049,0 4,817,495,0

resources

*

LIABILITIES.

Capital paid In
Surplus
Government deposits—
Due to members—Reserve acc’t.
Collection Items
Oth. deposits incl. for Gov’t ered.

6,580,0
75,0
22,388,0
92,044,0
32,062,0

Total gross deposits
146,494,0
F. R. notes in actual circulation. 148,053,0
F. R. bank notes In clrc’n—Net.
684,0
All other liabilities
2,619,0
Total liabilities

20,184,0
649,0
24,645,0
666,021,0
119,441,0
99,007,0

7,353,0

8,785,0

14,020,0 22,586,0
98,008,0 109,992,0
46,436,0 59,982,0
295,0

3,996,0
116,0
8,103,0
49,827,0
35,198,0

909,114,0 158,464,0 192,855,0 93,128,0
699,650,0 199,772,0 228,082,0 105,499,0
11,777,0
2,109,0
1,083,0
151,0
13,307,0
1,783,0
2,520,0
1,646,0

3,143,0 10,906,0
40,0
216,0
12,370,0 22,513,0
39,284,0 202,039,0
27,720,0 50,972,0
34,0
2,026,0

3,732,0
9,560,0
52,234,0
43,011,0
412,0

79,408,0 277,550,0 105,217,0
97,941,0 358,816,0 100,170,0
615,0
6,060,0
436,0
1,045,0
4,682,0
1,422,0

2,896,0
38,0
14,587,0
44,971,0
9,722,0
21,0

3,600,0

3,104,0

11,433,0
75,658,0
29,070,0

10,338,0
34,424,0
11,006,0

STATEMENT OF
Two ciphers (00) omitted.

Boston.

FEDERAL RESERVE AGENTS’

New York.

•

Net

78,802,0
1 134 6

69,301,0 116,161,0
76,421,0 97,350,0
73,0
7,927,0
1,374,0
2,160,0

amount due to other Federal

19,080,0
19L623.0
70,988,0 1,536,490,0
20,439,0
485,059,0
2,590,0
104,385,0

55,768,0 113,097,0 2,316,657,0
57,191,0 180,381,0 2,349,326,0
2,969,0
1,935,0
35,819,0
1,186,0
2,113,0
35,857,0

304,505,0 1,654,681.0 369,481,0 433,325,0 204,536,0 182,192,0 658,230,0 210,977,0 150,103,0 227,198,0 120,218,0

'Difference between net amounts due lrom and net amounts due to other Federal Reserve banks.

4,523,0

302,649,0

4,817,495.0

Reserve banka.

ACCOUNTS AT CLOSE OF BUSINESS Sept. 27 1918.

Philadel. Cleveland. Richm'd.

Atlanta.

Chicago. St. Louis. M inneap.

S
S
X
X
Federal Reserve notes—
%
%
%
9
Received from Comptroller— 210,300,0 1,121,520,0 268,500,0 276,400,0 149,780,0 151,340,0 447,680,0 132,920,0
Returned to Comptroller
40,292,0
256,143,0 48,825,0 24,141,0 29,617,0 22,743,0 31,515,0 22,483,0

%

Kan. City

Dallas.

San Fran.

Total

%

*

t

X

97,040,0 133,700,0
16,586,0 21,638,0

91,020,0 205,940,0 3,286,140,0
18,472,0 13,860,0
546,315,0

Chargeable to F. R. Agent
In hands of F. R. Agent

170,008,0
18,960,0

865,377.0 219,675,0 252,259,0 120,163,0 128,597,0 416,165,0 110,437,0
95,200,0
8,920,0 14,900,0
6,600,0 27,255,0 45,180,0
3,120,0

80,454,0 112,062,0
2,440,0
8,720,0

72,548,0 192,080.0 2,739,825,0
14,325,0
245,620,0

® IssuedF.to R.F. R. Bank

151,048,0

770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0

78,014,0 103,342,0

58,223,0

163,740,0
18,813,0
12,931,0 10,744,0 14,666,0
110,000,0 99,464,0 120,000,0
483,506.0 100,547,0 83,880,0

13,102,0
1,976,0
14,300,0
48,636,0

11,081,0
3,020,0
10,185.0

Held by
Agent—
Gold coin and certificates
Gold redemption fund
Gold Sett. Fd., F. R. Board..

Eligible paper, min. req’d

F.[R. notes held by banks

2,985,0
53,630,0
50,702,0

3*, 12*9,6
54,360,0
45,853,0

33,937,0

78,014,0 103,342,0

58,223,0

192,080,0'2,494,205,0
10,235.0

214,239,0
73,363,0

84,701,0)

874,129,0

97,144,0^,332,474,0

192,080,0*2,494,205,0

151,048,0

770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0

122,682,0
151,048,0
2,995,0

832,937,0 105,528,0 114,792,0 71,158,0 66,433,0 261,933,0; 58,598,0 61,582,0 73,940,0 57,308,0 107.480,0 1,699,364,0
770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0, 78,014,0 103,342,0 58,223,0 192,080,0 2,494,205,0
*
70,527,0 10,983,0j 9,277,0
8,084,0
3,401,0 12,169,0]
1,593,0
7,147,0
5,992,0
1,032,0

deliv¬

F. R. notes in actual drcula’n. 148,053,0




1,293,0
46,000,0
66,270,0

2,503,0
2,567,0
1,892,0
31,270,0 204,219,0
65,002,0 164,874,0

ll,699,0j 144,879,0

699,650,0 199,772,0 228,082,0

105,499.0'

.

'

Total
Amount of eligible paper
ered to F. R. Agent
F.*R. notes outstanding

5,000,0
7,925,0
46,000,0
92,123,0

97;941,0 358,816,0 100,170,0

76,421,0

97,350,o'

57,191.0 180,381,0 2,349,320,6

[Vol. 107.

THE CHRONICLE

1363

York City Clearing House Banks and Trust Companies.—The following detailed statement
the New York City Clearing House members for the week ending Sept. 28. The figures for the sep¬
the averages of the daily results. In the case of totals, actual figures at end of the week are also given.

Statement of New
shows the condition of
arate banks are

NEW YORK WEEKLY CLEARING
Net

CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 28 1918.

Loans,
Discounts,
Investments,
Ac.

Profits.

Capital.

(Nat. Banka June 29

State Banka June 20
Trust Co’s June 20

Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co.
Merchants’ National.
Mech A Metals Nat.
Bank of America....
National City
Chemical National..
Atlantic National
Nat Butch* Drovers
American Exch Nat.
Nat Bank of Comm..
Pacific
Chat A Phenlx Nat.’.
Hanover National—
Citizens' National...

Average.
%
97,000
293,000
81,000
125,000
169,000

Average.
$

Average.
%

104,000
24,000
43,425,000
476,000
55,852,000
305,000
262,000
27,539.000
75,000
169,283,000 7,743,000
2,096,000
337,000
260,000
30,123,000
839,000
672,023,000 8,221,000 3,055,000
302,000
288,000
171,000
82,248,000
209,000
116,000
17,795,000
85,000
55,000
55,000
12,000
3.843,000
441,000
151,000
556.000
123,783,000
555.000
133,000
229,000
369,716,000
279,000
304,000
49,000
15,292,000
929,000
476,000
455,000
95,700,000
515,000
240.000
133,531,000 4,133,000
644.000
30,000
42,742.000
110,000
466,000
220,000
643,000
28.553,000
754,000
186,000 2,075,000
118,531,000
47,000
411,000
70,000
37,142.000
285,000
373,000
31.000
203,313,000
122,000
16,000
2,000
2,789,000
271,000
13,000
19,035,000
58,000
705,000
623,000
11,000
282,702,000
373,000 2,162,000
990,000
96,975,000
140,000
36,000
50,000
10,618,000
14,000
23,000
29,000
6,296,000
318,966,000 2,600,000 2,284,000 1,616,000
418,000
160,000
63,000
16,500,000
76,000
36,000
50,000
5,717,000
172,000
40,000
39,000
6,732,000
245,000
278,000
123,000
16,851,000
174,000
1,000
4,000
12,060.000
63,000
22,000
43,000
7,697.000
112,000
338,000
271,000
45,898,000
14,000
151,000
19,000
68,503,000
128,000
6,000
48,000
13,474,000
288,000
41,000
15,217,000
12,000
134,000
31,000
53,000
36,331,000
157,000
100,000
99,000
240,459,000
84,000
350,000
76,000
61.482,000
312,000
121,000
492,948,000 1,777,000
60,000
41,000
11.074,000
90,000
210,000
18,000
33,000
85,460,000
46,000
72,000
256,000
25,730,000
17,000
52,000
88,614,000
159,000
76,000
34,666
19,140,000
15,000
15,000
61,000
15,490,000
70,000
55,379,000
114,000
40,000
184,000
70,000
13,430,000
4,000
292,000
482,000
40,737,000
109,000
22,000
61,000
142,302,000 3,750,000

5.267.600
2.000.000
6.769.400
2,600,000
2.630.400
2.000.000
6.000,000 10.526.100
6.744.200
1,500,000
25.000.000 49.578.000
9.222.500
3,000.000
850.700
1,000,000

—

Silver.

Tenders.

Gold.

Average.
$

8

$

Legal

300,000
95,900
5,753,000
5,000.000
25.000,000 22.187.700
1,055,300
500,000
2.735.100
3,500,000
3,000,000 17.710.700
2.861.200
2,550,GOO
2.207.700
2,000,000
Metropolitan
3,500,000
7.892.800
Corn Exchange
7.698.300
1,500,000
Importers A Trad Nat
17.544.900
5.000.000
National Park
74,800
250,000
East River National.
3.886.300
1,000,000
Second National
10,000.000 30.492.500
Pint National
4,500,000
6.609.700
Irving National
.342,600
1,000,000
N Y County National
669,000
1,000,000
Continental
10,000.000 12.863.300
Chase National....
2.347.800
200,000
Fifth Avenue
880.700
Commercial Exch..
200,000
811.700
Commonwealth
400,000
1.969.300
Lincoln National
1,000,000
1.337.600
1,000,000
Garfield National..
421.700
250.000
Filth National
3.607.600
1,000,000
Seaboard National..
3.985.400
3,000.000
Liberty National....
932.100
Coal A Iron National
1,000,000
1.247.100
Union Exchange Nat.
1,000,000
2.227.500
1,500,000
Brooklyn Trust Co.
11,250,000 14.842.300
Bankers Trust Co..
4,791,000
2.000.000
U S Mtge A Trust Co
25,000.000 26.725.700
Guaranty Trust Co.
1.288.600
1.000,000
Fldelity Trust Co..
6,693,200
6,000.000
Columbia Trust Co..
1.274.400
1,000,000
Peoples Trust Co
New York Trust Co.
3,000,000 10.510.700
1,106,900
1,000,000
Franklin Trust Co
652.100
Lincoln Trust Co.
1,000,000
4,312,600
2,000,000
Metropolitan Trust..
1.170.100
1,000.000
Nassau Nat, B’klyn.
1.100.700
1,600,000
Irving Trust Co
6,000,000 10,965,200
Farmers Loan A Tr_.
...

HOUSE RETURN.

National
Bank
and
Federal

Additional
Reserve
with

Deposits

Legal

with

Reserve
Notes.

Deposi¬

Legal
Deposi¬

taries.

taries.

Average

Average.
%

Average.
$

.

$

actual condltl

on

actual condltl
actual condltl
actual condltl

on
on
on

600,000
250,000
Bowery
N Y Produce Exch..
1,000,000
d
State
2.000.000
avge

on

Totals, actual condltl

on

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

34,113,000
33,317,000
33,451,000
30.725,000

526,399,000
542,333,000
499.398,000
537,906,000

of Fed oral Reserve Bank.
1,403,400
14,864,000
800,000
280.000
810,900
4,978.000
1,159,800
19,948,000 1,122,000
d434.200
32,123,000 2,005,000

130,000
24,000
519,000
686,000

225,000
9,000
395,000
391,000

1,120,000
259,000
644,000
978,000

585,000
277,000
1,259,000
1,672,000

for wk

oondltl
oondltl
condltl
oondltl

Grand ag'gate. actual

398,000
11,057,000

1.832,000
3,755,000

11,353,000
4,359.000
650,000

1,445,000
439.000
149,000
290,000
4,938,000

t

788,000

5,763,000
5,099,000
50,000
7,604,000

2,217,000
200,000
983,000

258,000

51,000
3,850,000 4,952,000
50.000
3,102,000
650,000
14,271,000
142,169,000
1,550,000 8.355,000
770,000
866,000
95,008,000
174,000
199,000
10,304,000
5,217,000
283,285,000 11,661,000 1,100,000
17,054,000
5,251,000
6,953,000
210,000
101,000
16,344,000
399,000
24,000
9,358,000
248,000
194,000
6,152,000
70,000
43,776,000
26,000
800,000
2,202,000
60,801,000
415,000
424,000
13,955,000
399,000
12,792,000
475,000
4,906,000
26,445,000
16,278,000
204,843,000
7,013,000
45,871,000
371,951,000 21,084,000
465,000
8,565,000
61,856,000 11,652,000
1,656,000
22,711,000
3,454,000
52,217,000
1,682,000
14,376,000
1,733,000
12,557,000
1,199,000
32,520,000
50,000
705,000
9,714,000
1,127,000
36,504,000
8,970,000
115,398,000

3,636,778,000 151,831,000 35,754,000
3,655,672,000
3,634,803,000
3,609,812,000
3,651,278,000

150,564,000
152,496,000
163,567,000
158,526,000

67,000
148,000
109,000

15,388,000
4,608,000
20,843,000
30,456,000

4,000
5,000

34,666

4,207,000

1,259,000

1,020,000

2,901,000

3,693,000

324,000

71,295,000

43,000

71,989,000
72,350,000
71,183,000
76,219,000

4,172,000
4,285,000
4,361,000
4,457,000

1,137,000
1,167,000
1,190,000
1,284,000

985,000
978.000
930,000
1,053,000

2,917,000
2,870,000
3,012,000
3,060,000

3,945,000
3,876,000
3,333,000
4.047,000

315,000
249,000
183,000
288.000

71,983,000
70,857,000
71,767,000
75,658,000

43.000

6.000,000
4.000.000

Bank.
of Fed eral Reserve
11,834,800
96,000
38,807,000
6,205,300
450,000
23,936,000

144,000
189,000

163,000
66,000

497,000
170,000

2,536,000
1,261,000

346,000
160,000

22,915,000
14,694,000

604.000
435,000

9,000,000

17,040,100

3,868,300

Sept. 28
Sept. 21
Sept. 14
Sept. 7

on
on

on
on
on
on

Sept. 28
Sept. 21
Sept. 14
Sept. 7

condition

on

condition
condition
oondltlon
condition

Sept. 21.
Sept. 14.
Sept. 7.
Aug. 31.

Comparison prev wk.

n

Average.

■

156,360,000

35,670.000
35,536.000
35.658,000
35.613.000

38,000
38,000
42,000

62,743,000

546,000

333,000

229,000

667,000

3,797,000

506,000

37,609,000

1,039,000

62.735,000
62,887,000
63.319.000
62,063,000

545,000
541.000
643,000
537.000

328,000
330,000
321,000
332,000

216,000
204,000
262,000
258.000

660,000
774,000
736,000
620,000

3,934,000
3,728,000
3.924,000
3,927,000

224,000
191,000
58,000
713,000

38,007,000
37,982,000
39,701,000
38,168.000

1,064,000
1,035,000
917,000
918,000

830,000 a3,745,682,000 152,913,000 35,754,000
+ 18,070,000 —2,683,000 + 159,000
+ 125,000

Grand aggregate.avge 205.650.000 359,281,000 4,579,336,000 39,693,000 13,887,000 20,969,000 38,245,000 525,810,000
Comparison prev wk
+ 5,139,000
5,589,000
-207,000 + 125,000 +485,000 +998,000

Grand
Grand
Grand
Grand

Average.
f
1,769,000

Not Mem bers

Tract Companies.

Title Guar A Trust..
Lawyers Title A Tr__
avge

18,439,000
19,086,000
19,206,000
18,081,000

Average.

71,913,000

3,750,000

for wk

Totals, actual oondltl
Totals, actual oondltl
Totals, actual condltl

Totals,

12,536,000
12,072,000
12,650,000
11.896,000

4,440,114,000
4,453,785,000
4,381,872,000
4,409,882,000

Deposits.

Not Mem bers

State Banks.
Greenwich

Totals,

34,898,000
34,975,000
35,160,000
35.196.000

Sept. 28
Sept. 21
Sept. 14
Sept. 7

Deposits.

31,441,000
50,956,000
21,559,000
136,227,000
25,319,000
572,772,000
59,807,000
14,197,000
2,234,000
85,218,000
316,769,000
12,608,000
77,014,000
126,655,000
30,840,000
23,899,000
107,047,000
24,536,000

Average for week.. 192,900,000 338,372,600 4,444,680,000 34,940,000 12,295,000 19,720,000 34,677,000 518,320,000

Totals,
Totals,
Totals,
Totals,

Net
Time

%

4,667,000
130,000
6.553,000
838.000
2.901,000
141,000
497,000 20,722,000
3,388,000
315,000
1,767,000 99,543,000
8,491,000
715,000
1,940,000
111,000
565.000
4,000
11,560,000
887,000
1,613,000 40,229.000
1,601,000
295,000
3,207,000 11,853,000
617,000 18,808,000
4,608,000
296,000
3,440,000
724,000
4,112,000 14,285,000
3,395,000
250,000
1,234,000 21,091,000
608,000
37,000
2,090,000
463,000
16,667,000
469,000
1,479,000 12,333,000
1,360,000
552,000
811,000
108,000
1,011,000 40,335,000
2,128,COO
533,000
697,000
112,000
1,079,000
130,000
2,367,000
728,000
1,278,000
172,000
804,000
168,000
6,449,000
408,000
8,902,000
570,000
1,968,000
516,000
1,811,000
169,000
3,391,000
348,000
654,000 27,858,000
5,860,000
340,000
2,964,000 50,261,000
1,192,000
165,000
8,996,000
673,000
2,345,000
523,000
7,428,000
227,000
2,031,000
177,000
1,613,000
292,000
4,070,000
547,000
1,324,000
106,000
4,632,000
2,028,000
255,000 15,992,000

National
Bank
Circula¬
tion.

Net
Demand

ag'gate. actual
ag’gate, actual
ag'gate, actual
ag’gate, actual

539,000 b3,765,662,000 151,671,000 35,670,000
+ 22,020,000 —1,898,000 + 134,000
+99,000

Sept. 28 4,574,838,000 39,615,000 14,001,000 19,640.000 37.690,000 534.278,000
-14,184,000
-186,000 +432,000 —628,000 + 729,000 —15659000

U. 8. deposits deducted, $218,755,000.

4,589,022,000 39,801,000 13,569.000 20,268,000
4.516.374.000 40.064.000 14.161,000 20.398,000
4,548.164,000 40,190,000 13,512.000 119,392.000
4,428.325,000 39.796.000112.873,000120,119.000

b U. 8. deposits deducted, $171,600,000.

c

36,961,000
37,199.000
34,405.000
33,702,000

440.000
241,000
1,001.000

549,937,000
506,655.000
545,880,000
532.005,000

720.000

3,743,642,000 153,569,000 35.536,000
3,721,280,000 164,522,000 35,658,000
3,765,104.000 159.486.000 35.613.000
3.682.421.000 159.403.000 35.705.000

Includes capital set aside for foreign branches,

$6,000,000.

d As of Aug. 311918-

STATEMENTS OF RESERVE POSITION.

Actual Figures.

Averages.

Members Federal
Reserve Bank.
State Bank
Trust companies*
Total
Total
Total
Total
•

Sept. 28.
Sept. 21.
Sept. 14Sept. 7.

Cash
Reserve
In Vault.

$

Reserve
in

Reserve

Surplus

from

Depositaries

Required.

Reserve.

PreviousWeek

$

$

$

518,320,000 518,320,000 477,336,070
9,387,000
3,693,000 13.080,000 12,833,100
1,775,000
3,797,000
5.572,000
5,641,350
11,162,000
11,271,000
11.273,000
11,601,000

Inc. or Dee.

a

Total
Reserve.

525,810,000
531,399,000
510.563.000
545,880,000

536,972,000 495,810,520
542,670,000 493,557,340
521,836,000 492.096,370
557,481,000 '498,765,560

$

$

40,983,930

—7,939,130

246,900
def.69,350

—44,700
+ 32,650

41.161.480 —7,951,180
49,112.660 + 19,373.030
29,739,630 —18,708,340
58,715,440 +3,387,690

Cash
Reserve
in Vault.
$

b
Reserve

Surplus

Depositaries

Required.

Reserve.

$

$

$

528,399,000 526,399,000 479,754,280
3,945,000 13,156,000 12,956,940
9,211,000
3,934,000
5,701,050
1,749,000
5,683,000
b

10,960,000
11,149,000
11,355,000
11,320,000

Inc. or Dee.

Total
Reserve.

Reserve
in

534,278.000
549,937.000
506,655.000
536,495,000

545,238,000
561,086,000
518.010,000
547,815,000

from
PreviousWeek
$

$

46,644,720 —18,689,010
199,060
def.18,050

—222,680
+ 102,250

498,412,270 46.825.730 —18,709,440
495.550.830 65,535,170 +40,580,950
493.055,780 24.954.220 —33,761.220
499,367,030 48.447,970 +3,631,280

Not members of Federal Reserve Bank.

This Is the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Banks.
Indudes also amount of reserve required on net time deposits, which was as follows: Sept. 28, $4,554,930; Sept. 21, $4,636,380; Sept. 14, $4,832,580; Sept. 7, $4,748,700.
a

b This Is the reserve required on net demand deposits In the ease of State banks and trust companies, but In the case of members of the Federal Reserve Bank
also amount of reserve required on net time deposits, which was as follows: Sept. 28, $4,516,920; Sept. 21, $4,574,880; Sept. 14, $4,907,010; Sept. 7, $4,755,780.
c Amount of cash In vault, which la no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Seot. 28, $101,632,000; Sept. 21, $100,122,000; Sept. 14, $101,234,000; Sept. 7. $95,898,000.

d Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was
Sept. 28, $99,988,000; Sept. 21, $99,450,000; Sept. 14, $100,467,000; Sept. 7, $95,898,000.

4




as

follows:

"

Includes

Oct. 5 1918.]

THE CHRONICLE

The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:

1363

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.

Sept. 28

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.

CFigures Furnished by State Banking Department.

767,634,800

Differences from
previous week.
Dec. 92.462,500
Inc.
65,900
Inc.
359,700
Dec. 2,288,400
Dec. 3,730,500

704,530,900
129,085,400

Inc.
Inc.

Sept. 28.
6717,624.100

Loans and investments

Specie
Currency and bank notes
:
Deposits with the F. R. Bank of New York
Total deposits
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies In N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 20.9%.

10,164,000
14,890,000
62,278,100

Specie

Currency A bk. notes
Deposits with the F.
R. Bank of N. Y__

State Banks

Cash in vaults
cos

Total

314,319,700
13,777,900

11.19%
10.77%

$28,099,600

21.96%

Trust Companies
$73,002,400 14.91%
27.983,400
5.72%

$100,985,800

20.63%

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
(Two ciphers omitted.)

—

Loans
and

Demand

Investments

Deposits.

.

5.290.958.7
6,255,139.0
5.293.378.3
5.242,919.0

4.422.114.8
4.454,909,7
4.473.266.6
4.433.580.1
4.401.117.1
4.335.634.9
4.328.256.7
4.308,018,7
4.239.295.8
4.295.324.2
4.297.646.1
4.317.718.7
4.314.490.2
4,406,150,0
4.475.183.9
4.418.249.8
4,427,043,3
4.450.212.9

5,147,055,5
6.107.950.8
5.143.094.5
5,089,497,1
5,058,802,7
5,137,068,5
5,231.510,0
5,281.063,9
5.230.921.4
5,173,081,5
5.249.106.5
5.233,177,2
5.294.283.6
5,296,960,1

July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.

6..
13..
20..
27..
3..
10..
17..
24..
31..
7..
14..
Sept. 21..
Sept. 28_.

Total
Cash in
VattU.

Reserve in

169.572.6
169.318.8
168.403.9
169.238.3
169.846.8
167.175.8
167.681.9
163.146.5
162.573.7
162.490.7
160,390,0
162.708.1
158.979.5
158.188.3
158.412.2
159.383.9
167,004,9
165,439,1

575,891,0

Legal
Specie

Tenders

9
June 1
June 8..
June 15..
June 22..
June 29..

85.129.9
81.694,4
82.146.6
80.450.7
80.119.9
78.499.8
78.372.1
76,008,0
75,037.7
74.037,6
73.349.2
72,650,0
72.410.2
71.853.1
70.700.1
71,038,6
70.472.1

70,816,0

9
84.442.7
87.724.4
86.257.3
88.787,6
89,726,9
88,676,0
89.309.8
87.138.5
87,536,0
88.453.1
87,040,8
90.058.1
86.569.3
86.335.2
87.712.1
88.345.3
96.532.8
94.623.1

Deposi¬
taries.

570.049.4
581.941.7
594.047.9
669.593.9
586.136.5
570,046.4
563,383.2
561.439.9
578,552,0
557,064.2
549.748.1
551.742.5
558,574,4
583.554.8
554.898.2
571.118.2
567.573.3

•included with "Legal Tenders** are national bank notes and Fed. Reserve notes
«eid by State banks and trust cos., but not those held by Fed. Reserve members.

In addition to the returns of “State banks and trust

by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items

made up, see “Chronicle,” V. 98, p. 1661.

The provisions of the law governing the reserve require¬
ments of State banking institutions as amended May 22
1917 were published in the “Chronicle” May 19 1917 (V.

104,

The regulations relating to calculating the
p. 1975).
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “Chronicle”

April 4 1914 (V. 98,

Differences from
previous week.

9

%

99,050,000

163,387,000
6,718,400 1,934,322,300 Dec. 15,640,000
149,400
14,195,200 Inc.
5,500
468,200
17,526,700 Deo.
85,800

36.728.700 Dec.

1,018,700

555.493,400 Dec.
93,311,100 Dec.

1

198,799,000 Deo.

6,642,100 1,913,618,400
2,137,400
0.3%

20.8% Dec.

4,883,100

Dec. 20,647.800

288,743,100 Dee.

2,029,000

18.8% Inc.

0.1%

Boston

Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

p.

BOSTON CLEARING HOUSE MEMBERS.

Sept. 28

Change from

Sept. 21

1918.

Sept. 14

previous week.

1918.

1918.

9

S

S

t

Circulation
i
4,763,000 Inc.
Loans, dlso’ts A investments. 504,912,000 Inc.
Individual deposits, inel.U.S. 437,001,000 Dec.
Due to banks.
115,754,000 Dec.
Time deposits
14,717,000 Dec.
Exchanges for Clear. House
13,846,000 Dec.
Due from other banks
79,140,000 Dec.
Cash in bank A in F.R. Bank 61,604,000 Dec.
Reserve excess In bank and
Federal Reserve Bank
15,186,000 Dec.

13,000
4,750,000
4,758,000
1,813,000 503,099,000 490,167,000
6,954,000 443,955,000 428,494,000
762,000 116,516,000 114,202,000
320,000 15,037,000 15.682,000
703,000 14,549,000 14,819,000
4,148,000 83,288,000^72,160.000

2,787,0001 64,371,000 62,027,000
2,470.000* 17,656,000

15,985,000

Philadelphia Banks.—The Philadelphia Clearing House
ending Sept. 28, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and
3% on time deposits, all
to be kept with the Federal Reserve Bank.
“Cash in
vaults” is not a part of legal reserve. For trust companies
statement for the week

not members of the Federal

Reserve system the reserve
demand deposits and includes “Reserve
legal depositaries” and “Cash in vaults.”

required is 15%

wifh

Two ciphers

on

Week ending Sept. 28 1918.

(00) omitted.
Memb’n of
F. R. Syst.

com¬

panies in New York City not in the Clearing House” furnished

are

9

Sept. 28
1918.

mary

The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:

Week
Ended

9

23.718.700
41.842.100
475,490,200 Dec.
11.593.100 Inc.
24,460,000 Ino.

Loans and investm’ts

Reserve on deposits.
P. C. reserve to dep.

1918.

Differences from
precious week.

RESERVE.

,

Deposits in banks and trust

Capital as of June 20
Surplus as of June 20

Deposits..-

5,099,600
181,300

Trust Companies.

Week ended Sept. 28.

Capital
Surplus and profits
Loans, dlso’ts A investm’ts
Exchanges for Clear .House
Due from banka

Bank deposits
Individual deposits
Time deposits
Total deposits
U.8. deposlts(not Included)
Res've with Fed. Res. BkRes’ve with legal deposit’s
Cash In vault*..
Total reserve A.cash held.
Reserve required
Exoees res. A cash In vault

1045).

___

927,975,0

75,991,0
605,274,0
22,777,0

130,235,0
168,431,0
454,007,0
5,007,0
627,445,0
51,634,0
67,716,0
47,092,0
20,624,0

93,000,0
7,464,0
25,217,0
484,0
12,0
438,0
.

15,562,0
16,000,0

787,0
2,515,0
2,325,0
190,0

as reserve

Sept. 21

Sept. 14

1918.

1918.

Total.

’"1,728,6

16,082,6

*Caah In vault la not counted

Trust
Cos.

930,975,0 930,975.0 930,975,0
83,455,0
83.326,0
83.183,0
830,491,0 624,260,0 612,420.0
23,261,0
23,478,0
22,138,0
130,247,0 140,416,0 133,320.0
168,839,0 172,617,0 168,097,0
469,569,0 466,284,0 459,395,0
5,007,0
5,103,0
5,096,0
643,415,0 644,004,0 632.588.0
23,347,0
30,977,0
21.516.0
51,634,0
50,639,0
50,355,0
1,728,0
1,843,0
1,911,0
16,869,0
17,263,0
16,800,0
70,231,0
69,745,0
69,066,0
49,417,0
48,442,0
48,147,0
20,814,0
21,303,0
20,919,0

for F. R. bank members.

Non-Member Banks and Trust Companies.—Following is the
report made to the
member institution* which are not inoluded in the “Clearing House return? on the

Clearing House by clearing
preceding page:

non-

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net

CLEARING
NON-MEMBERS.
Week ending Sept. 28 1918.

Members of
Federal Reserve Bank.

Capital.

•

[Nat.
banks June 29
State

banks June 20
[Trust cos. June 20

9

Battery Park Nat. Bank

400,000

New Netherlund Bank
W. R. Grace A Co.’s bank...
YorkvHle Bank.
First Nat Bank, Brooklyn.
Nat. City Bank, Brooklyn
Flrsi Nat. Bank, Jersey City
Hudson Co Nat.. Jersey City

200.000
500,000

.

Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank
Columbia Bank.
International Bank
Mutual Bank
Mechanics’ Bank. Brooklyn.
North Side Bank. Brooklyn..
Total

Trust Companies.
Not Members of the
Federal Reserve Bank.
Bam on Trust Co..Brooklyn
Mechanics’ Tr Co.. Bayonne
Total

Grand aggregate

Comparison previous week.
Grand aggregate Sept. 21...
Grand aggregate Sept.14
Grand aggregate Sept. 7
Grand »erw»*i> Anar. 31..
a

U. 8. deposits




Loans,
Discounts,

Investments,
'

<kc.

QOld.

Average.

Average.
9

Additional
Deposits

Legal
Deposi¬

with Legal

Deposi¬

Net
Demand

Net
Time

taries.

taries.

Deposits.

Deposits.

Average.

Average.
9

39,000
103,000
55,000
48,000
58,000

67,000
136,000
308,000
146,000

64,792,000

178,000

422,000

360,000

1,085,000

5.928.000

2,488,000
10,077,000
13,526.000
5,632,000
8.257,000
25,202,000
204.600
5,489,000

71,000
366,000
664,000
150,000
1,000
122,000
14,000

6,000

65,000
257,000
337,000
43,000

133,000

137,000
413,000
633,000
417,000
327,000

569,000

1.286.000

2,450,000

6,366,200

100,000
500,000

478,000
1,040.300

1,000,000

627.100
168,800
554.600
833.900

600,000
200,000
1,600,000
200,000

Reserve
with

1,000
81,000
59,000

250,000

400.000

Silver.

National
Bank
A Federal
Reserve
Notes.

Average.
9
31,000

9

10,865,000
3,771,000
6.176.000
7,859,000
7,763,000
5,981,000
8,655,000
4.722.000

100,000
300,000
300,000

Legal
Tenders.

Average.
9
15,000
6,000
2,000
170,000
17,000
23,000
185,000
4,000

9

561,000
204,600
664,500
573.900
665,000
603.900
1,308,200
785,100

4,100,000

-

Profits.

8,907,300

12,000
14,000
3,000

”8,000

319,000
11,000
83,000
347,000
15,000

Average.
9

143,000
164,000

Average.
9

Average.
9
114,000
217,000

962,000
640,000
‘620,000
989,000
723,000
809.000
468,000
736,000
616,000
890,000 2,641,000
929,000
282,000

9

Nationa
Bank
Circula¬
tion.

Average.
S

7,320,000
4,064,000
3,304.000
4,609,000
6,939,000
5,874,000
7,671.000
3,660,000

76,000
102,000
720,000
3,569,000
603,000
429,000

514”,666

120,000
398,000
196,000

5,708,000

42,441.000

5,913,000

1,202,000

13,000
274,000
366,000

,106,000

283,000

127,000
637,000
755,000
279,000
937,000
1,548,000
267,000

47,000
61,000
167,000

2,234,000
10,623,000
12,579,000
6,092,000
8,135,000
25,802,000
4,967,000

351,000
417,000
114,000
76,000
419,000

26,000

12Y.000

70.671,000

1,388,000

780,000

1,510,000

3,396,000

4,540,000

928,000

69,432,000

1,377,000

8,154,000

193,000

295’,666

:::::
—

500,000
200,000

1,012,400
368,600

8,088,000

364,000
16,000

11,000
24,000

18,000
80,000

62,000
87,000

282,000
525,000

365,000
117,000

5,649,000
4,772,000

1,300,000
3,287,000

700,000

1,381,000

16.242.000

380,000

35,000

98,000

149,000

807,000

482,000

10,421,000

4,587,000

7,250,000 10,654,500 141,705,000
+ 764,000
9380,010 decrease
7,250,000 10,654.600 140.941,000
7,696.000 11,569,700 139.583,000
7.595.000 11,466,300 138.220.000

1,946,000
—48,000

1,237,000 1,968,000
+ 53,000 —253,000

4,630,000 11,275,000 7,118,000 al22.294.000 11,877,000
+ 532,000
—76,000 -1,344,000 + 3,731,000
+ 10,000

1,202,000
+ 59,000

1,994.000
2,259,000
2,249,000

1,184,000
1.111.000
1.164.000

2.221.000
2.775.000
2,798,000

2.255.000

4,098,000 11,351,000
4.336.000 10.989.000
3.987,000 10,676.000

8,462,000
7,392,000
7,113,000

1.089.000

2.793.000

3.957.000 10.675.000

7.309.000

1,143,000
1.202.000
1,204.000
1,200,000

7 fiQ* non It 466 300

deducted, $4,663,000.

137.300.000

118,563,000
122,701.000
121,648,000
121,174,000

1,867,000
8,241,000
7,958,000
7,809.000

—-—

fiktnh ers'
Money Market and

freely sold

e.

Wall Street,
The

[Vol 107

THE CHRONICLE

1364

.

on a

declining scale and other few have been bid

from

on a movement which has steadily carried them up
2 to nearly 10 points, according as these
are
to be affected by an end of the war.
Among the former

for

likely

shares

Friday Night, Oct. 4

1918.

Financial Situation.—The

week-end news from abroad, including that of the uncondi¬
tional surrender of Bulgaria to the Allies and further im¬

portant advance of the Allied and American armies all along
the line from near the British Channel to almost the Swiss
border, was to most people a great and glad surprise. It

are

Baldwin Locomotive, Beth. Steel, Cruc. Steel, and U. S. Steel
and in the latter class are Can. Pac., Gen. Motors, Inter.
Mer. Mar. and Studebaker.
The motor companies, it is
easy

to see, can improve

their earnings when restrictions are

removed from raw material and coal and, equally obvious,
the profits on steel will diminish when the demand ceases
to be abnormal.
With the exception of Canadian Pacifie,

mentioned above, the railway list has been steady, with a
purely logical effect in Wall Street, where, as else¬ tendency to firmness.
For daily volume of business see page 1372.
where, it was regarded as a matter of vital importance at
The following sales have occurred this week of shares «ot
the present juncture.
That this surrender will be followed
represented in our detailed list on the pages which follow:
by similar action on the part of other allies of the Central
1
Powers is regarded as probable, and thus the ultimate out¬
Sales
Range since Jan. 1.
Range for Week.
STOCKS.
had

a

struggle assured. Business at the Stock
Exchange has reflected this general belief, and securities
which will be benefited by the return of peace have substan¬
tially advanced, while those which have profited by the war
come

of the great

have declined.

Perhaps the most convincing evidence

of public feeling in

this matter is seen in the advance in values of French na¬
tional and municipal bonds, dealt in on this market, and of
British Consols in London.
All other events of the week have attracted meagre atten¬

tion, otherwise the widespread activities of the Fourth
Liberty Loan Committee would have stood out more conspic¬
uously than they now do. These activities far exceed any¬
thing before attempted and are sure to jiroduce the desired

result.
If there is any change
the direction of slightly

in the local money market it is in
easier conditions. At least it was
reported on one day of the week that call loans were a little
more freely offered, but rates therefor have remained un¬
changed at the long-established 6 to 6% per cent.
The Bank of England’s weekly statement shows addition
to its gold holdings so that the latter are very near the largest
ever reported.
Foreign

Exchange.—Sterling exchange remained pegged
The neutral exchanges have contin¬
the influence of the improved outlook
Belligerent exchanges (Continental)

at recent quotations.
ued to decline under
for ending the war.

Spanish pesetas were especially weak.
To-day’s (Friday’s) actual rates for sterling exchange were
4 73 @4 73% for sixty days, 4 75 7-16@4 75% for checks
and 4 76%@4 76 9-16 for cables.
Commercial on banks,
sight 4 75 % @4 75%, 60 days at 4 72 @4 72%, 90 days
at 4 70% @4 70%, and documents for payment (sixty days)
4 71%@4 71%.
Cotton for payment 4 75%@4 75% and
grain for payment 4 75% ©4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 53%©5 53% for long and 5 48%©5 48% for short.
Germany bankers’ marks were not quoted. Amsterdam
bankers’ guilders were 45 13-16@45 9-16 for long, and
46 3-16@45 15-16 for short.
Exchange at Paris on London, 26.07 fr.; week’s range,
26.07 fr. high and also 26.07 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:

have ruled steady.

High for the week

Sixty Days.
4 7334

Checks.
4 75%

Cables.
4 76 9-16
4 7634

High for the week

5 52 %

5 47

5 46
5 4734

Sterling Actual—

Low for the week
4 73
Paris Bankers’ Francs—■

Low for the week
5 53%
Amsterdam Bankers' Guilders—

High for the week___
Low for the week

4713-16
45 34

4 7545

5 4834

47 %
46

Domestic Exchange.—Chicago, par.

48 %
46 %

Boston, par. St.
San Francisco, par.

Louis, 25c.© 15c. per S1,000 discount.
Montreal, $21 45 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board include $175,000 Virginia 6s, def., tr. rects., at 69
to 71, and $10,000 New York 4%s, at 107%.
The bond market has participated in the general activity
and strength which has characterized other departments at
the Stock Exchange. United States bonds and the various
foreign issues dealt in on this market have quite over¬
shadowed all others, in the matter of volume, but railways
and industrials have broadened and in some cases made
quite an exceptional record.
Among these are Am. Tel. & Tel. 6s, which show a net
gain of 2% points. Inter. Mer. Mar. 6s, and Inter. Rap.
Transit are between 1 and 2 points higher and New York
Central, Northern Pacific and Reading have been strong
features, while none of a list of 16 prominent issues has
declined.
United States Bonds.—Sales of Government bonds at
the Board include: $10,000 4s, reg., at 106%; Liberty Loan

3%s, at 100.20 to 100.94; L. L. 1st 4s, at 95.60 to 96.50;
L. L. 2d 4s, at 95.48 to 96.60; L. L. 1st 4%s, at 95.56 to
96.58; L. L. 2d 4%s, at 95.40 to 96.64; and 3rd 4%s, at
95.66 to 96.98.
For to-day's prices of all the different issues
and for the week's range see third page following.

for

Week ending Oct. 4.

j

Week.

Par. Shares
650
100>

Adams Express
Am Smelters Securities:

pref series A
American Snuff
100i
Am Sumatra Tob pf.100
Am Teleg A Cable
10C
Associated Oil
100

100
20
100

Barrett, pref
Batopilas Mining
Bklyn Union Gas

100;
Brunswick Terminal. 100:
Butterick
100
Calumet A Arizona
10;
Chic Pneumat Tool. 100:
Chic St PM AOm_.100
Cluett, Peab’y A Co. 100
100,
Preferred
Brown Shoe Inc

Comp-Tab-Record’g 100

100
100
200
10
100
100
200
100
45

$ per share.
Oct

3

8934 Oct

4
1
1

52

85

82% Oct
55

_

r

Savage Arms Corp.. 100
Sloss-Sheffield pref..100
So Porto Rico Sugar. 100'
Stutz Motor Car no pari
Third Avenue Ry
100
Tidewater Oil
lOOj

Underwood
100
Preferred
100,
United Drug 1st pref.50;
Wells, Fargo Express 100
Weyman-Bruton pf.100

Oct

61% Oct

101
1
90
65
1,500 12 %
100 11
600 66
100 68
100 71
200 51
100 99
300 3314
9 J4
700

Cons Interstate Call. .10;
200:100
Continental Can pref 100
3 J4
100
Duluth S 8 A Atl
100
100 2834
Elk Horn Coal...
50
300 39 3*
Federal MAS pref. 100
300 35
Fisher Body Corp no par
General Chemical
100
20017734
General Cigar Inc
100 1,200 46
100 46
Hartman Corp.
100:
54100
Helme (G W) pref...100
200 75
Homestake Mining. .100
100406
Int Harvester N J pf 100
300 66
Int Harvester Corp. .100
100
Iowa Central
100!
4%
100 28
Jewel Tea, Inc
100
100 86
Kelsey Wheel pref
100
75 8734
Kings Co EILt A P..100
140102 34
Kress (S H) A Co pf.100
400171
Liggett A Myers
100
300103
Preferred
100
100 8534
Loose-Wiles 1st pref. 100
Lorillard (P)
100 7,700145
125101
Preferred
•.
100:
800 94
Manhattan (Elev)RylOO
53
300
May Dept Stores
100
100 31
National Acme.
50
400 9134
Natl Biscuit
j
100
100 106*4
Preferred
100
250 100
Nat Cloak A Suit pf.100
5
Nat Rys Mex 2d pref 100 2,300
500 2334
N O Tex A Mex vtc. 100
200 1334
N Y Chic A St Louis. 100
100 2034
New York Dock
100
100 47
Preferred
100
100 16
Norfolk Southern
100
100 71
Norfolk A West pref. 100
100 6234
Nova Scotia S A C..100
200
40
Ohio Fuel Supply
25
900 5634
Owens Bottle-Mach.,25
Pacific Tel A Tel
100
500, 20
200 28
St L-S Fran pref A.. 100
.

Oct

Oct

1,000

85
87
55

Oct
Oct

134 Oct

89
85
81

634 Jan
734 May
6334 Jan

1634 June
1134 Feb
71

May

2

68
69
45
95
30

June

70%

June

Sept

74
56

2

68

Oct

Sept 30

71

Sept 30

2
3
4
1

51
99

Oct
Oct

Oct
Oct

1334 Oct
Oct
Sept 30
Sept 30 11
1
Oct
2! 6734 Oct
Oct
Oct
Oct

3
3

May

9434

Oct 100
Jan 103
Jan 60
Apr 65

51
54

May
June
Feb

Aug
June
9934 June 102
Jan
1
1% Mar
78
62

Aug
June

Jan
Jan
Jan

90
68

Oct
.

July

July
Feb

99% Mar
39

July
35
Sept 28
Oct
June
2
10
Oct
734 Sept 13
Oct
Mar
105
99
July
100
Sept
30
Sept 28
Feb
3
2 34
3 34 Oct
434 May
3
Oct
3
22
Jan 30%
3 28 34 Oct
Aug
Oct
Jan 43 34 Aug
Sept 30 27
Sept 30 40
43
June
Jan
2 26
3 3534 Oct
Oct
4 165
Jan 185
Aug
4180
Oct
Oct
June
Jan 58
3 34
1 4734 Oct
Oct
Mar 48
2
37
Sept
Oct
Oct
2 46
-

Oct

4100

Sept 28; 80
Sept 30106

Oct

4 100

2
68
Oct
Sept 30 104

Oct

1! 6834 Oct

Oct

1
1

434 Oct

1
1
1

53

234

28
Sept 28 81
Sept 28
3 87
Oct
Sept 30
3 100
310234 Oct
Oct
3 164 34
Oct
Sept 30180
2 10034
2 103
Oct
Oct
2
2 8534 Oct
8234
Oct
3 14434
Sept 3015634 Oct
4 98
4101
Oct
Oct
4
94
Oct
Sept 30 96
4
47
3 54
Oct
Oct
1
1 31
Oct
Oct
26%
1
90
3 9134 Oct
Oct

Oct

28
86
90

Sept 28106
Sept 28 100
2
Oct
734
1 24
Oct
4 13 34
Oct
4 2034
Oct
Oct
Oct

1
1

Sept 30
2
Oct
Oct

2
4

Oct
Sept 28
Oct
Oct

1
2
3

47
16
71

Oct

Sept 28 106%

Sept 30 100
4
4%
Sept 30 17
4
13%
Oct
4
1834
Oct

Oct

Oct
Oct

1
1

Sept 30
2
6234 Oct
3
4134 Oct
60
22

Oct
Oct

1
3
1

2834 Oct
6234 Sept 30
90

Oct

3

42
16
69

Oct 100

Oct
89
Jan
112
July
Sept
Feb
Mar 72
Oet
Jan
4%
Feb
Oct 40
Mar
Jan 90
Feb
Aug 94
Jan 103 34 June
Feb
Aug 195%
June 107 34 Mar
Jan 87
Aug
Mar
Aug 200
Mar
105
Jan
Mar 100
May
Jan 54 34 Sept
Jan 33
May
Jan
Aug 100
Mar
Sept 114
Feb
Jan 102 34
May
7% Oct

June

Apr

24% May

Oct
Jan
Jan

16
27
48
21
79
70

May
Sept
5634 July
40

55%
18%
21
53
81

Oct
Oct

49

Oct

Oct

6434 Oct
Oct

3
2
2
3
2
4

190
106
106
49
65
100

Oct
Oct
Oct
Oct

3 178
2 100
2 104
3 46

Sept 28
Oct

Feb
Mar

Aug

4634 June
70% Aug

Apr

30

Jan
Feb

8034 May
93% July

26

Jan 190
Apr 106
July 112
Jan

63% Sept

4 100

Jan

May
May

Oct
Jan
Feb

Sept 162
Sept 30 120
Sept 30 120
Oct 47%
4
37
4 3834 Oct
Oct
4
4 1934 Oct
15% Sept 21%
1734 Oct

62100

Mar

4
1
2
3
1
2
1
4
4
2

90
65

40190
100106
25; 106
100
200

8934 Oct

4
4
1

Oct
Oct

Highest.

$ per share. $ per share. S per shore.
Jan
3
55
Oct
48
Sept 80

3
Oct
1 6134 Oct
1 101
Oct

Sept 30

1.100; 59% Oct
200 90
100 120
820j 37

Lowest.

Highest.

Lowest.

50

83%

Oct 100

Feb
Jan

Jan
Feb
Jan
Mar
Oct
Feb
Mar
Jan
Oct

“curb” market this
mixed
character, strength and weakness being shown in different
parts of the list at the same time. Aetna Explosives com.
was under pressure and dropped from 11% to 9, closing to¬
day at 9%. Burns Bros. Ice in the fore part of the week
gained about three points to 44% but reacted subsequently,
the final figure to-day being 43.
Chevrolet Motor sold
up from 128 to 135, down finally to 134.
United Motors
was erratic and sold as low as 30% and up to 32%, the close
to-day being at 31%. Standard Motor Const, went down
from 13% to 10.
Curtiss Aeropl. & Motor Com. was up
over two points to 36% and sold finally at 35.
Submarine
Boat lost 3 % points to 13 with the close to-day at 13 %.
Wright-Martin Aire. Com. receded from 8 to 6%, finishing
to-day at 6%. Oil stocks were generally firm. Houston
Outside Market.—Trading in the

week while

Oil

com.

on

a

after an

somewhat broader scale was of a

early advance from 77% to 79%,

dropped

final reaction to
78.
Midwest Refining was active and sold up some seven
points to 119, the close to-day being at 117. Royal Dutch
Co. new after early loss, from 64 to 61% jumped to 69, the
final transaction being at 68. Mining stocks dull. One of
the principal features in the trading was the heavy demand
for Russian Government bonds which rose to new high
figures, the 6%s advancing from 60 to 70 and the 5%s from
55% to 64. The close to-day for the former was 68 and for
the latter at 62.
Elsewhere in this department prices were
to

77, then sold up to-day to 81% with a

QgRailroad and Miscellaneous Stocks.—The stock market
ha3 been decidedly irregular under the influences noted fractionally higher.
A complete record of “curb” market transaction for the
above.
The volume of business has been larger than for
several months past, chiefly because a few issues have been week will be found on page 1373.




New York Stock

Exchange—Stock
Record. Daily, Weekly and Yearly
OCCUPYING
J

1365

TWO PAGES

p— r*cord

*h« w««k of stocks usually Inactive, sas prscsdlny
pays.

HIGH AND LOW SALE PRICES—PER
SHARE, NOT PER CENT.

Saturday
Sept 28

Monday
Sept 30

Tuesday

Wednesday

Thursday

Friday

Oct 1

Oct 2

Oct. 3

Oct. 4

5 per share

% per share

8 per share

86
*81

9534
534
*54

86

814
9534

534
544
405s

401a
16314 164
6778 58
*7
74
*22

48i2
773s
*94
*120

251a
*76i4
*66
*32

*6218
*2U2
*49
*42
*108
*149
*4
*7

154
314

24

4834
7778
95
140

86
*81
*95
53

66l2
35
80

23
52
48
110
180

5i2
8i2
154
31*8
24
91

*31*4
•944
7*8

3178

7
23

7
23

484
77l2
94i2

485s
787g
95

97V.

66i2
*31
*60
*22
*49
*42
*107

*53
*7
*20

55
9
22

*52
*7
*20

*11478 116

116
10

*9

10

*5U

5i2

*36
*11
*19

19
54
9
22

60
1164
10

41

1U2

20i2 21
10378 1044
87i2 87i2
4334 4378
134 134

23

*31l2
8I4
21i8
8634
2612
67i2
*1434
*42i2

37l2
8I4
21i8
8678
27i8
6784
15i2
45

125U
70i4
84

34
80
88

37
80

*354

36

*36

394
1134

*19

*314
83s
21
87
27

674

*1434
*42i2
125
70
*8

8978

23

374
878
2134
884
28i4
684
1512
45

1274
70

84

*134
94
394
•23*4
*134

94
394
244
144

*24
*18

30
19

*59

604

13
*24
*18
59

84
18
37

*17
35

20
36

17*8
494

*16
49

17
49

15

84
*15

*344
*164
*48

34
1*4
314
84i2
984
*904

34
1*4
314
844
984
92
69
95

69
*85

*134
94

384
*234

*84

3

1*4
304
x8234
9838
*904
68l2
*85

15

94
39
24
13
30
20
59

84

34
24
314
82*4
983s
92

454

4478

454

92

92

92

92

*81

90

205s
9134
344

2078
934
35
54

*53

534
424
774
674

5334
42U
774
6778
99i8

*98

2*8 25g
138* 138"
„

.

774 78
•102l2 103
904 92
108
•108

108
111

1104 11034
*974 984
*160
*92

164
95

*554

56*4

*95

96

36i2
15>4
•50

365s
1534
52*4
693s

8712 884
1114 11U2
424 43
*81
.90
204 214
92i4 9434
343s 35
53i2 54
*5314 54
42
424
774 774
6634 675s
994 99i8
2l2
2*4
1394
774
103i2
884
107*4
10914
1074
974
163i8
*92

554
*94l2
35*4
153s

140
79

103l2
91*4
10734
1094
1104
984
165
94
55*4

95l2
36

154

68*4
’684
105
1047g 10478 *102
•63

90*4
*99

94<4

65

923s
102
96

"82*

8278

•251”*

2fll2

1878
*55
*7
*20
60

*63
89
*99

35

194
65
9
22

6034
11534 II6I4
*9

5i2
*10
24

11

54
1034
25

574
7538
40
4214
21
214
104i2 10514
89
9014
4334 4378
13i2 144

574
7412

3634
80
89
36
*36

1134
*19

*314
84
22

877g

60
41

384
807g
914
36

3912
1178
23

69

45*
1284
70

84
14

94
393s

100

964 964
79*4 814
787g 82*8
103U 1034
*254 28

907g
304
9614
*7

334
183s
*52
*7
*20

24

913s
314
964
74
334
19
55
9
22

604
1164
§94
94
*54
578

59*4
116

10
24
57
74

404
*20*4

10

244
57

744
41

*50
36

794
884
*354
*36
11
19

60

344
53
54

414
774
6614
*99
3

90

205s

94
39
*24
13
*20
*18

*584
*84
*184
*34

34
14
28

34
14
294
9934

*904
6812

6834

*80

95

83

94

444

455s

92

92

5212
53i2
4H8
*76

66I4
*99

*25g

77

66I4
100

3l2

22

400

91

30

304
964
83s
38
184

5.100
7.100

*33
*18
*52
9
*20

35
19
56
9

*52
*8
*20

22

60
116
*94 11

594

*58i2

116

54
*10
24
*56

744
404

116

54
1034
244
59

744
41

*59
40

*912
*514
*10
24
*55

94*4
334
154
514
69
104

95
55

94*4
36

1578
514
704
106

*93
54
*94

68
*15
51

3078
15ig

74U
39i2

74l2
40i2
21’>4
10414 104U
88U 8812
43*8 4334
21

353s

15ig
52*4
7014
104l2 105U
*51
69

80

*3512
*37i2
1034

37
39

*20
*30

21

*63

*8i2
2078

374
834
2078

87

88

284

*15
*47

28
20
62

84

174
494

174

^

M

34
14
284

_

_

34
14
2834
824

*81
*91

100
*904 93
68
68
*80
95
44
44U
92
92

90

18l8

18*4

89
33

90

33l4
5234
5434
4214
77l2
66l2
99i2

5234
533*
41

*76l2
66

9912
*25g

867g
99U

8912
99U
95
96l2
78i2 7812
77*8 79
103ig 103*4

8514
*94
75

69*4
104l2
64l2
84*4

96
75

*94
75

7414 78
103i2 103*8
26
261«

1034

68
16
52

344

65
88

8834

68

*34

*15
*51

357g

*77io
88

2734

16
51

*47

3

1264 127
70

84
14

858
384

Clev Cin Chic A St Louis.. 100
Do
pref
100
Colorado A Southern
100
Do
1st pref
100
Do
2d pref
100
Delaware A Hudson
100
Delaware Lack A Western..50
Denver A Rio Grande..-.100
Do
pref
100
Erie
100
Do
1st pref
100
Do
2d pref
100
Great Northern pref
100
Iron Ore properties..No par
Illinois Central
1 -0
Inter boro Cons Corp
No p°r

9,500
Do
1,200
pref
1,620 Kansas City Southern
Do
pref
100 Lake Erie A Western

pref
2.500 Lehigh Valley
1,000 Louisville A Nashville
525 Mlnneap A St L (new)
400
100

10.300
13,600
1,200
2.500
6.100
7,380

95i2
75

73*8 75ig
103*8 103*4
26i4 26l4

94
16
9

38*8

700

47,900
100
100

800

22.300
500
300

1.600
2.100
4,175

25

200

13

2,700

*22
*18
60
*8
*17
*34

28
20
604

*47
55

49
55

84
20
38

33s

34

2

2

284

2834

83
*97
*91
70
*75
44

*914
854

83
100
94
71
95

400
377
100
700

544
424
774
664

414
774
66

53

100
100

Texas A Pacific
100
Twin City Rapid Transit. .100
Union Pacific
100
Do
100
pref
United Railways Invest.. 100
Do
100
pref
100
Wabash
Do
pref A
100
Do
pref B.
100
Western Maryland (new). 100
Do
2d pref
100
Western Pacific
100
Do
preferred.
100
...

Wheeling A Lake E Ry__100
Do
preferred
100

100

American Can
Do

8534

54

100
100
100
50
50

preferred v t c
100
Agricultural Chem_.100
100
pref
American Beet Sugar
100
Do
pref
100

93

354

100

pref v t c
Pittsburgh A West Va
Do
pref
Reading
Do
1st pref

Do
Amer
Do

100

pref

American Car A Foundry. 100

111
*41
*79

324
524

prior pref v t c

Wisconsin Central
100
Industrial & Miscellaneous
1,800 Advance Rurnely
100
800
Do
pref
100
450 Ajax Rubberlnc
60
15,525 Alaska Gold Mines
10
4,300: Alaska Juneau Gold Min’g.10
7.100 Allls-Chalmer8 Mfg v t O..100

444

111
43
90
174 18
864 90

50
100

62.200 Southern Railway
3.600
Do
pref

Do

15,000
19.100
9,000
1,700
10,400
7.200
400

5,400

■’..100

pref

100
American Cotton Ol
Do
pref
100
American Hide A Leather. 100
Do
100
pref
American Ice
100,
Do
preferred
100
Amer International Corp. 100
American Linseed
100
Do
100
pref
American Locmotlve
100

*983s 100

53*8
*944
*32

154
*51

694
107
*63

85*8
*93
74

734
1034
26

300
Do
pref
100
1,700 American Malting
100
Do
1st pref
100
145" "‘"425 American Shipbuilding
100
7934 22.100 Amer Smelting A Refining. 100
104
300
Do
pref
100
87
100
21,000 Amer Steel Foundries
11034
6,600 American Sugar Refining.. 100
110
300
Do
100
pref
1103s 30,000 Am Sumatra Tobacco.... 100
104*4 12,356 Amer Telephone A Teleg.100
172*4
100
1.200 American Tobacco
95
Do
pref (new)
100
53*4
2.800 Am Woolen of Mass
100
200
954
Do
pref
100
3434
2,700 Am Writing Paper pref
100
154
1,400 Am Zinc Lead A 8
25
52
100
Do
25
pref
704 77,250 Anaconda Copper Mining.60
1104 22,500 Atl Gulf A W I 88 Line... 100
100
644
Do
pref
100
867g 105,600 Baldwin Locomotive Wks.100
100
Do
pref
_.__100
96
1,600 Barrett Co (The)
100
74
1,600 Bethlehem Steel Corp.... 100
744 165,985
Do
class B common.. 100
10341
1.500
Do
cum oonv 8% pref
900
264
Booth Fisheries
.No par
3

§ Uu tnan loo thane,

.

e Wi-41t,

...

and rlghta.

i

49
53
36
135

Jan24

Apr25
June26
Mar25

49*« JanlS
6
Apr 9
184 Apr 9
374 Apr22
664 April
894 Mar25
125
JulylS
18
Apr22
56*4 Janl5
46
26

JanlS
Feb21

58*4 May 7
18
Apr22
47
Apr 3
40
Apr 4
1004 April
160
Aprl7
24 Jan 4
5
Apr 2 3
14
Aprl7
234 Janl6
184 Jan25
86

Janl5

254 Janl5
92

Jan 7

64 Sept20
Septl6
154 Aprl7
74 Aug22
18
Apr23

Do
2d pref
5
1,625 St Louls-San Fran tr ctfs. 100
100 St Louis Southwestern....100
800
Do
pref
100
100
2.100 Seaboard Air Line
1.500
Do
pref
100
13,100 Southern Pacific Co
100

1278

*93

9512
34*4
15i2
52*4
7014
107*4
64l2
86*s

70

28.400

89*s Apr22

45

100

t c

Mar23
Jan30

lOO

New York Central
..100
N Y N H & Hartford
100
N Y Ontario A Western
100
Norfolk A Western
100
Northern Pacific
100
v

81
80

lOO

100

Do

$ per share.

29

Missouri Kansas A Texas. 100

Pennsylvania
800 Pere Marquette

Highest.

lOO
lOO

100
50

Do

*234

3

95
54

S Kwignva.

Par
Atch Topeka A Santa Fe._ 100
Do
100
pref
Atlantic Coast Line RR..100
Baltimore A Ohio
100
Do
pref
.100

Do
pref
100
2414 ‘11,600 Missouri Pacific tr ctfs._ .100
58
300
Do
pref tr ctfs
100

28

20

53U
*94l2
343g

96
33

10*8
578
1034

6S4

*84
*184

*93

59i2
116

200

PER SHARE

Range for Previous

Lowest.

E|o

1264 1274
*694 70
*8
84
1434 1434
*9
94
384 384
*234 25
*1234 1334

55i8

22

2,800

300

364

84

95

55
10

60
40

354

*22
*18
.*58

*944
734
354
184

*1264 138*2 *12612 145
*126l"2 145 *1264
775s 793g
77i2 78U
7714 79
784
1035s 10412 *103l2 104 *103l2 104 *103
87
84
894
87i4
85i2 87l4
864
107*4 10812 108tg 10812 108
109
1094
111
*108
111
1094 1094 *108
110
107i2 110
107ig 110*8 11018 11212 109
9812 995s 100
102l2 102U 104l2 1044
*164
170
171
16512 165i2 170
172
*93
55

100
100
100
100
4.350

22
91

*78

33

200

91
304
964
734

*81
19

19l2
9U4
3458
53i2
5414
4U2

2314

22

8514 8534
11U2 11H2
41
42i4

90

*22i2

500

9078
304
96i8
73s

84l2 86l2
nu2 nn2
41l8 4134
893s

100
3 4

84
20
38

*81
99

34U
53*4
4218
77i2
66i2

13
28
20
62

80

PER SHARE

Range since Jan. 1.
On basis 0/ 100-share lots.

6.800
2.400
16.200 Brooklyn Rapid Transit.. 100
17,000 Canadian Pacific
100
3.500 Chesapeake A Ohio
100
800 Chicago Great Western. .100
600
Do
pref
100
16,700 Chicago MUw A St Paul..100
9,000
Do
pref
100
700 Chicago A Northwestern. .100
Do
100
pref
7,700 Chic Rock Ial A Pac temp ctfs.
1,000
7% preferred temp ctfs
2,200
6% preferred temp ctfs....

31
22

874
274

94

33

550
400

153s
3078

883g

394
244

33

*624

5.500

154
3078

374
834
2134
884

284

2584
774
6634

STOCKS
NEW YORK 8TOCK
EXCHANGE

Railroads

154
31i8

21

68
16
*15
50*4 51
1264 128
*694 70
*8
84
*134 15

91

55

15U

314
9

135

253s
77*8
6634

52
*50
*42
48
10934 10934 *108
110
*173
185
*173
180
5
5
*4i2
512
*75s
8
8
8

214

174

4234

52
48

21

48
55

417g

*49
*42

*30

17

*81
19
90

33

*18

55

86

*126

264
774
665s

104

474

46
924
874

135

104

55

44i2
92i4

48
7678
9414

11
19

1778
494

30
*81
834
98l2 100
*90i2 92

464
754
944

38

55

29l8

494
773s
9438

68
2314

884
*354

174
484

2

24

394

19
36

378

33

24

*6212
*22l2

90
37

19
36

35s

2534
774
665s

24

80
89
37
38

*584
84

2

*126

*77

61

84

76l2
944

374
794

24
13
30

194

*23
48

21
21
214
105
104
10434 *104
884 884
884 8884
434 434
434 434

•UK and awed petmk no tales on tbit day.




1534
3H2

24
13
*20
*18

65

914

*22

28

684

94
3834

154
314

*84
214
874
274
674

28

126
70
*8
14

52
*42
48
*108
111
*173
185
5
*4l2
*7
8

37l2

8912
294

-45‘

*49

9
22

69
95

454

874 88
1104 1104
424 4234

*33

*58
40

1034

78
67i4

23
52
48

40

36
39

135
26

77i8
66i2

23
*49
*42

52
48

744

893s

*126
26

23l2

7314

88l2
*35i2

944

80
234

73i2
3934

80

78

944

35

57

343s

76

*31

1878

*10

49

*62l2
*224

33

54

484

35

57

34
*77

68

24

80

61
41

*38l2

674

24

*624

59

21

*58

•8

8

2378
49
7878

*32

2334

*10312 104
88
88I4
4334 4334
*1234 13i2

70U

*7

2334
48i2
774

the
Week
Shares

$ per share % per share • $ per share
863s 867g
863s 865s
864 8634
82
82
814 814 (82
82
96
96
*95i2 964
9578 9578
53
535s
534 533s
533s 53i2
53
534 535s
54
5378
54
42
4034 4134
404 4134
43
165
166
166U 16778 16734 169*4
574 6734
57i2 5734
574 574
8
8
74
77g
*714
8

35
80

5U
1034
245*

1034
24i8

21

6634

33

5934

125

96

110i2
17278 1727g *175
185
5
*4l2
5
*44
8
8
8
*7i8
15i2 1534
154 1534
3114 3134
314 32
22i2 22i2
22i2 224
91
90i2 92
923g
3H2 3U2
3078 3H2
*94i2 96i2 *944 964
*7
7i8
75s
74

*1734

2378
*56l2
733s
395s

874
814

96
53

53i2
534
5378 5412I
534 5378
41
405s 4U2i
414
16234 17012 166i2 1694
58
5712 58
5384

7*4
35i2
18i2

*10

86i2
814

*93
95
*120
140
*120
125
253s
26
2514 2634
27
77
77
77i2
7838 79

•22
91

*31

87
83
96

Salesfor

Jan

55
110

Janl5
Jan 2

74 Aprl7
44 Jan 6
64 Jan29
20
41

Janl5
JanlS

JanlS
April
184 Jan22

674
27

102

814
434
94
524

Jan24

Jan24
June27
May
Apr 3

30

224

Apr 5
Jan 2

61

JanlO

704 JanlS
35
35

Janl2
Mar 30

9*8 Apr 3
19
28
7

Oct 2
Oct 2

Aprl7
154 Aprl9
804 Jan24
204 Apr30
57
14

Jan21
May 4
394 Junel3
109*4 Jan 15
69

Jan 3

S per share:
88 Mayl5
85

June26

98*4 Sept 3
57*4 Sept 4
574 Jan 5
484 Jan 2
17278 Aug24
604 Marl4
8*4 Jan 2
254 Aug29
544 Sept 7
814 Sept 3
954 Sept 5
137

Jan29

274 Sept 5
824 Sept 5
694 Sept 3
38 Mayl4
67
Aug28
234 May29
51
Sept 3
45

Marl4

1154 Feb 1
185 Sept 4
6

Jan 3

134 Jan 2

17*8Mayl5
35

Mayl4

24*4Mayl4
934 Aug27
34*8 Mayl6
98‘8 Aug 13
94 Jan 3
474 Jan 3
20 Mayl6
554 Augl4
104 Feb 19
23' Sept 4
6278 Mar 11
118

Marl4

1178 Sept 3
64 Jan 2
12
Sept 4
264 Sept 5
59*4 Sept 4
764 Sept 3
4578 May29
23
July 9
108*8 Mayl4
914 Sept 3
474 Jan 2
164 June27
61
Sept 3
41

Oct 1

384 June21
81
Aug 13
95
39
40
14

June27

MaylS
July 6
Jan 2

234 MaylS
404 Jan 3
94 Sept 3
23
Sept 3
894 Oct 1
294 Oct 1
694 Sept 4
1978 Feb20
654 Jan31
129
Aug31
744 Mar 11

4*4 JanlS
104 Apr 9
7
Apr26
37
Aug 2
204 Janl5
1278 Oct 4

12
20

June27

20
13
46
8

Jan29
Jan 2
Jan 3

32

June22

11

Janl9

Apr22
174 Apr 17
34 May 2

2578 Jan 9
49

Jan 2

14
14
17*4
724

Apr27
Apr 1
JanlS
Jan 4
Jan 2

78

894 Janl7
64
z82

JunelO

106
25
78

Jan 3
Janl6

Septl3
344 JanlS
894 Jan23
684 Janl4
Maylp
1178 JanlO

Jan 2
114 Jen 2
38*4 Janl6
514 Septl3

50

27

Jan 7

694 Jan 7
534 JanlS
z95

Jan 4

2*8 Sept28
Sept25

39
90
73
103
58
98

May28
Sept25

1084
60*4
904
1404
924
444

Mar23
Jan 5
Aug 5
Jan 5
Septl4
JanlS

92

Jan 4

Feb21

JanlS
Janl6

204 April
127g Jan 18

May 7
11*4 July 8
444 Jan 2
264 June26
17*4 Feb 15
244 June20
64

18

49*4
654
4*8
34

June21

May24
864 May24
100
Septl8
101
Aug27
84

Feb27

914 May 8
60*4 Mayl7
97
Apr30
88*s Sept27
1114 Sept30
43*4 Aug29
84
May22
224 Sept 4
9478 Aug24
364 Sept27
54
Sept30
684 Feb 1
43
Aug 10
814Junel3
71*4 Mayl6
100

Feb18

134 Feb 6
684 Feb 6
144 Mayl4
864 Feb 19
106*4 Mar 2

92*4 Sept27
MaylS
1134 May 8
145 May 24
116

1094 Feb 1
172*4 Oct 4
99
Feb23

607s
9578
39*8
21*8
534
714
1204

Jan 2

z594
97*4

Janl8
Jan 5

58

Jan 6

65

664

Janl5

101*4

93
85
74

Jan 2
Jan 4
Oct 4

102

72*8
964

94
JanlS
JanlS 10678
Jan21l 284

21

Julyl8
Sept27
Julyl8
July 5

37

41

Ra-dividend.

June27

104 Jan 2
22*4 Febl8
394 Jan 3

964
96

Year 1917

Lowest.

$ per share
Dec 107* Jan
Deo 1004 Feb

75
76

*7978 Deo
384 Dec
484 Dec
36
126
42
6

Dec
Deo
Nov

35

Nov

Dec
174 Dec

Jan
Jan

119
85

767s Jan
82

Jan

167*8
65*4
144
41*4

Mar
Jan
Jan
Jan

92

Jan

r

624 Dec

1254 Jan
85
Dec 1244 Jan
1374 Dec 1724 Feb
16
Dec
384 Jnna
44
Dec
844 Apr
35*4 Dec
71
Apr
24
Nov
51
Jan
Jan
61*4 Oct
80
18
Nov
30
Jan
447g Nov
574 Jan
41
46
Mar(
Sept
87
Nov 15178 Jan
1674 Dec 238
Mar
5
Dec
17
Jan
97g Deo
41
Jan
Dec
134
34*4 Jan
18*4 Dec
494 Jan
154 Dec
39*4 Jan
794 Dec 1184 Jan
22-4 Nov
384 Mar
85*4 Dec 106*8 Jan
5*4 Dec
394 Dec
134 Nov
40

Nov

84 Nov
23

Oct

50*8 Dec
103

Dec

678 Dec
34 Deo
7

Nov
Nov
Dec
Dec

1978
374
624
214

Sept

17

Nov

92*8 Dec
75

Deo

404 Dec
12
45
37

Dec
Nov
Oct

IDs
724
2578
684
254
53*4
794
133*4
3214

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

11

Jan

204

Jan

34
61

Jan
Jan

103*8
527g
294
138*8
1104
57*8
36*4
734

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

57 June
18*4 Dec - 35*4 June
53*8 Apr
68
Jan
604 Nov 1044 Jan
34
Nov
Jan
45
337g Dec
454 Jan
12
Dec
26*8 June
22
Dec
32
Jan
34
Dec
83
Jan
18
Jan
74 Dec
1678 Dec
394 Jan
75*4 Dec
j984 Mar
214 Dec
3*8 Jan
61*s May
704 Jan
11*8 Nov
19*4 Jan
62
Dec
95
Jan
1014 Dec 1494 Jan
Jan
694 Dec
85
44 Dec
11*8 Jan
114 Dec
23*4 Jan
7
Nov
15*4 Jan
364 Dec
58
Jan
18
Dec
304 Jan
12
Dec
23
Apr
20
Dec
41
Mar
104 Dec
184 May
354 Dec
48
July
74 Dec
227S Jan
164 Nov
50*8 Jan
33
Dec
544 Jan

74 Nov
19

Oct

454 Dec
1

Dec

1*4 Dec
15
65
72
91
63

Dec
Dec
Dec
Dec
Dec
784 Dec
294 Nov
87
Dec
Feb
57
Nov
100
21
Dec
Dec
80
10
Feb
434 Dec

87g July
Dec
Oct

35
46

15*4 Feb
48

Feb

46*8 Dec
93

Dec

84 Dec
50
88

67*8
*994
604
894
106
30

Dec
Nov
Dec
Nov
Dec
Nov
Dec

May
95*4 Dec

123
89

May24

374

Marl2

87
17

Aug28
July 3
July 1
Mayl6
Feb 18
July 9
Mayl8
Sept 7
Sept30
Mayl6
Mayl6
Apr29
Sept 5

Highest.

% per share

Dec
Dec
Feb
Nov
Nov
Dec
Dec
Nov

104
394
514
87*s Sept
Feb
Feb
Dec
Dec
664 Dec
Dec
*664
Dec
93
54
43
93
82

b Before payment of first

184 Jan
374 Jan
Jan
80
114 Jan
84 Mar
324 May
8078 Mar
954 May
1034 Jan
1024 Feb
98
Jan
63
May
1114 June
80*8 June
118*4 May
504 Jan
1014 Jan
174 Mar
75
Jan
167g Aug
55
July
62*4 Aug
294 Aug
75
Nov
82*4 Jan
1064 Jan
19*4 Mar
714 July
93
Nov
112*4 June
1174 Jan
75 June
126*8 June
1214 Jan
624 Deo
1284 Jan
220
Mar
109*4 Jan
58*4 June
100 June
544 Mar
41*s Jan
724 Jan
87
May
1214 Jan
66
Jan
764 July
1024 Jan
136
Jan
Jan
515
156 June
1014 Oct

Installment.

Record—Concluded—Page 2

New York Stock

1366

For foot'd of ooloo daring tbo v««k ot ttock<

ur/<?H and row falf

Saturday
Stpt 28

Monday
Sept 30

« mr thara

X nor share

153

155
154
*1014 10*4
•26

"

*4012
20%
•62

’

70%
*ito

~

10%
25%
*40%
20%

27

41%
20*8
63%
71%

154%
10*4
26%
41%
20%

65
69% 71
105

63

in*

Tuesday

Wednesday

Oct 1

Oct 2

t per

*10%
26

*40%
20%
6412
69%
*103

34*4
88%
17%
39%

34%
89%
17%

45

36
94
89% 89*4
70
*67
*67 " 68
43% 44%
44% 44%
103
103
*102
*102
67
64
66lg 67%

35*4
93%

46%
36%
94*4

47
•36

’

34*4

34%

86
17
40
47
36

86

16%
40

46*8
35*4
89%

89%

30%
*79

63%
10%

30
79

30%

79*4
54%
10%

53%
9%
28
147
118
78

29
146% 146%
119
117
281?.

78%
46%

78%
46%

46%
*98

•98

83%
48%
*78%
*

54*4
16%
61*4

*49
78

80

99%
46

83%

83%
49%
*

54%
*15%

16%
62%
127
127%
27% 2812
104*4 ioe%
30
36
*62

28
81
79
65

*64

*27%
*57%
•21

*61
46

64

*27
*78

33%
80*4

83

19
28
*78

19%

*72%
*64
28

28%

59

59
22

28’%

52*4

53%

*68
*98
*16

50*4
*92

57*8

*101%
20%
124
*41

70

95

57%
*101%
20% *20%
121

124

94%

95%

48

48

27*8

27%
39%

42%

48%
27*4
39%
*98

99

17

17%
51*8
83%
72%

51%
83%
71
*95
95
113

99

119"

6934

70%

71*4
100%
23% 24%
92% 93
*99% 100

*98
24

*100

32%
49%

96

43%

67%

100
94
6

28 ‘
81
79
65

*27
*78
*73
*64

19%

29%
59%

29*4
60

23

48%
42

§98
16%

98
17
174

*9434

96
75
39

*66

*66%
*37%
101% 101*4

*93

58%
*101%
20%
20*4
122

42%
38%
7%
31*4
97

50%
27*4
40%
98%
17%
51%

83%
71*4
99

96%
114

71%
101%
24%
93
100
94

31%
97

49%
z26%
40
*98

16%
51

*83%
69%
*95%
87
114

67*4
*98

23%
90%‘
100
98

6%

30
79

60%

63%

89

89

29%
79%
z47*4

53%
11

10

28%

28%

*

46
56

49%

34%
81%
19%

61*4
89%
29*4
79%
49%
10%

63

49%
33%
79
20
*27
*78
*72
*64

20
29
81
79
65

*

71

62%

23%
116% 123%
98
98%
28
28%
49% 50?g
71% 71%
17%

17

28

497g
70%

95

58%

*92

*57%
*101%

*101%
20

32%
97%

*31*4
97%
49

51

*25*4

27%
40%
99

.

17%
51%

16*4

48*4
95
59

69

*95%
85
117
67
*99

24

237$

91%

89

104
*6
147

6%

56%
96

41%
100

16%
179% 188
69

*68

43%
43%

40%

98
17

98

98

167g
50

96

*86

147

70%
95
75

16%
68*4
94*4
71

104

44%
43%

109% 112%

147g
33
59

38*4

41%
186

71%
947g

.71

37%
101*4
107
140

14%
44

112
94%

92
39

108% 109
*93% 98
62% 63%
104% 104%

617g
44%

*46%
20*8
*80%
55

20%
81%
55

•111% 113
*110
63
*86
*66

114

63%
68

65

*59

46%
20%

46%
21%

82

82

46%
20*4 21%
*81% 83%
56% 56%
113% 115

*60

55% 56%
*111% 113
*110
62
*85
66

114
91




61%
*85

63*4

66%

•Bid and *3feed prices.
Ex -dividend;

*110

62%

uo

65
47

114

61*4
91

63*4

dated oa

*59
47

20%
82
56

65

47%
21%
82

79%
50
72
•

1

55%
*14
61
134

72
45

55%
16%
61
134

28% 29%
110% 112%
30

35%
*63
50
34
78
*19

27%
*78
*72
*64

30%
35%
64

5034
34%
78*4
20

27%
81
79
65

29% 31%
61% 62
23% 24%
119% 123
*99

28*g
49*4
73%

*16%
44%
*92

*57%
*101%

100

28%
50%
74%

44

44

*42%

44%
110%
110% 110*4
84%
?4
117g 13%
109

*59
47

65
47

20*4
*81%

21%
83%

*52

56

95
59

20%
11734 11734
*45
40

7%
*31

*98

*98%
53
28

40%
16%
50%
*83
69
88

50
41

7%
32

99%
55

30%
41%
98*4
17%
51

83%
69

89

121% 121%
68
68%
*98% 101%
24
24%
893g 90*4
*9934 101
106

110
7
6%
149
152%
32

57

58%
*91

39%

106
*93

63%
104%
*43%
*41%
108%
110*8
83%
13%
54*4
109%
70
84
*43
*59
_

20*4

p««

PER SHAMT
/or
Yoar 1017

PER SHARE
Rang* tinea Jan 1.
0» ftarii o/ 100-fAarg lota.

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest.

Lowest.

39,000 Midvale Steel A Ordnance.50
100
4,000 Montana Power
Do
pref
100
800

43% M ar23
64
95

June25
Mar 19
13% Apr 8
7
37% Jan
92
Sept25
43% Jan
7
99*4 Mar 2

Nat Conduit A Cable No par

9,600 Nat Enam’g A Stamp’g

100

Do

1,000
2,600
1,000
400

pref
100
National Lead
:__100
Do
pref
100
Nevada Consol Copper
6
New York Air Brake
100
North American Co
100
Ohio Cities Gas (The).... 25
Ontario Silver Mining
100
Pacific Mall SS
6
Pan-Am Pet A Trans, pref. 100

17*4
117%
37*2
35%
4%
23%

44,600
1,200
1,700
3,400
17,310 People's G L A C (Chic).. 100
8,200 Philadelphia Co (Plttsb).. 50
14,500 Pierce-Arrow M Car...No par
100
Do
pref
100
26,500 Pierce Oil Corporation
25
3,100 Pittsburgh Coal of Pa
100
400
Do
pref
100
100
2,150 Pressed Steel Car
Do
pref
100
1,000 Public Serv Corp of N J..100
1,600 Pullman Company
100
10,100 Railway Steel Spring
100
Do
pref
100
4,410 Ray Consolidated Copper. 10
31,000 Republic Iron A Steel....100
400
Do
pref
100
6,270 Royal Dutch Co ctfs dep
Saxon
Motor
Car
1,100
Corp
100
3400 Sears. Roebuck A Co
100
900; Shattuck Ariz Copper
10
28,700 Sinclair Oil A Ref’g
No par

8
Jan
39% Jan 2
21
Apr 12
34 Jan 16
86

89*4 Jan 26
15
SeptlS

4001

64%
t

Ex-rights

Dref A

_

.

_

_

a

Sx-dtv

gad

rights.

13

Junel7

33 U Aug
99% Oct
55
31

43%
98%
17*4
68*4
84
73
100

3
3

Jan 31

May24
Mar 1
Sept 6
8ept23
Feb 28
Feb 19

Augl3
Aug 5

39% Dec
*58*4 Dec
13% Dec
24

Feb

90% May
37% Dec
99

i6
98
39

Dec
Nov
Nov
Dec

31% Oct
3% Nov
18
87
35

Feb
Nov
Dec

25% Dec
33% Nov
33% Nov

48% Mar25
*87% Mar 19
65 Jan 24
37

Jan

2

83*4 Mar28
101% Jan 5
116% Jan 16
11% Apr 6
41
106
94%
51
*95

Mar26
Oct
4

Septl7
Jan 15
Jan 15

32% Apr 12
42% Apr 12
86% Mar25
Mar25

108

76*4 M ar25
11
Septl6
33*4 Jan 2
Jan 16
Jan
5

98
50

77% Aug 2
38% Jan 17
59

Jan 11

36*4 Jan 2
15% Jan 15
75
45%
110
111
34

3
Jan
Jan
2
Mar2 5
Oct
2
4
Jan

85*8 Feb 5
59 Jan 18
• Par

Junel7
Jan 31
Feb 15

Feb

5

71% May24
60% Oct 4

j 106% Dec
36% Nov
88% Dec
19% Nov
60
89
59

Mar21

65% Oct 4
106% Julyl3
48*4 Feb 19
45*4 Feb 1
116% Aug 28
112% Jan 31
87% Mayl6
15% Feb 18
56% Aug 26
109% July 6
73% July27
95% Apr 15
47^2 May 16
64*2 Feb 20
47% Oct 2
22

Jan

3

July23
66% May24
120% Jan
3
115
Sept 9
69 Aug 28
91% Apr 6
70*8 July26
83

610 par snare.

Feb
Dec

May
4% Nov
123% Dec

95 Feb 6
85
45% May 3
30%
100 Sept27
96
21
11
July 6
188
Sept30
114*4
72% Aug 14
42%
98 Aug
*86
1
80 Mayl3
59%
44% May 10
34%
105% June24
81%
110 Jutyl8
98%
145% Oct 3 *105
19
10
May 7
42
47*4 Feb 1
137
98%
May24
99

Jan
Jan
Jana
Jan

41
Feb
104*4 Mar
27% Mar
63% Mar

June
477* Apr

58

134% Jan
103% June
37% July
112% Jan

91%
117*4
55%
94%
44%
24*4
41%
171*4
146%

July
Jan
Jan
Jan
Oct
Jan
Aug
Jan
Jan

93

Jan

61%

Jan
Jan

112

92%

Jan
Jan
Jan
June
June

47
137
110
40

66% June

21% May
60% July
Jan
36% Mar
106% Oct
47% Mar
123

49%

Jan

77% June
64% Jan
50% May
103% June
30
Jan
27% Jan
Jan
64
89*4 Feb
67% Jan
61% Jan
74% Jan
40
Jan
106% Jan
97% June
43% Apr
671s June
109% Jan
117% Mar
39 June
46*4
99*4 July
63% Mar
Jan
114
26% June
156

Mar

72%
143%
7*4
3012

Mar
Apr
Sept
June

90
Aug
Dec
Dec
83% Jan
Jan
Nov *107
Jan
Dec 131

39

117
11
156

Jan
Aug

62%
42%
30is
62%
101%
115%

54% Sept

74
49
*90
99

15

10212 Sept 17

share

37% Dec

25
88

18% Feb 19

May 16

per

125% Apr

Dec
Nov

24% Dec

*14*4 Sept30
25% Apr 11

96

|

98
Jan
106% Jan
42
Jan
41*4 June
9812 Aug

109% Mar 5
121% Oct 4
71*4 Sept28
102% Aug 29
26% May 16

Jan 24
33% Apr 24
80% July 3
34% Mar25
95 Feb 16
12% Jan 2
136% Jan 7

,

Mayl6
74% Oct 4
101% July26
21*8 July 5
54% May20
99% Feb 20
61*4 Apr 4
105% Mayl8
21% May 16
139
May22
46% Feb 23
42*4 Mayl6

85 Oct
2
100% Jan
7
45% Jan 7
95 Jan
2
22*8 Jan 15
*72%Jan 15
92%Jan 2
70% Mar23
4*4 Aug22
133*4 June 8

39

100

pref B....100

15

79*4 Jan 2
56% May28
93
Apr 27

..

Do
Do

Jan

42

fe

90

Mar25
Jan 12
Augl6
Mar25
Jan 22
Jan 21

61

Biyhy*.

|

1

32%
900 Bloss-Sheffleld Steel A IronlOO
57%
60% 110,900 Studebaker Corp (The)..100
96
Do
100
pref
39%
1,600 Superior* Steel Corp’n
100
100
150
Do
1st
100
pref
17
7,100 Tenn Copp A C tr ctfs.No par
186
6,360 Texas Company (The)....100
71
33,700 Tobacco Products Corp.. 100
95
200
Do
pref
100
75
300 Union Bag A Paper Corp .400
500 United Alloy Steel
37%
No par
103
18,100 United Cigar Stores
100
On
107
100
pref
2,200 United Fruit
100
142%
15
U S Cast I Pipe A Fdy
100
44
370
Do
pref
.100
109*4 27,400 U S Industrial Alcohol.. 100
96
200
Do
pref
100
100
65% 11,300 United States Rubber
500
104%
Do
1st preferred
100
43%
1,600 U S Smelting Ref AM
50
100
Do
42%
50
pref
109*4 788,400 United States Steel Corp.100
Do
110%
3,500
pref
100
84%
9,500 Utah Copper
10
13*4
2,800 Utah Securitiesvtc
100
55% 10,300 Vlrglnla-Carollna Chem..l00
100
109%
Do
pref
100
70
600 Virginia Iron C A C
100
88
1,900 Western Union Telegraph. 100
44
11,100 Westlnghouse Elec A Mfg_50
65
Do
1st preferred._
50
50
1,900 White Motor
21% 60,600' Wlllya—Overland (The).. 25
500*
83%
Do
Dref (new)
100
55
1,300 Wilson A Co, Inc, v t e
100
117
1,900 Wool worth (F W)
...100
117
300
Do
pref
100
57%
2.300 Worthington P A M v t c.100

1 Lead tnan 100 dnared

preceding.

t per share
$ per share ;
IndustrialJtMlac. (Con.) Par $ per share.
89
Jan
5 158% Oct
4
108 Feb
100
15,100 Burns Bros
12% July 10
900 Butte Copper A Zinc v t c..5
8% Apr 25
12*4
Dec
33%
Mayl4
16i* Jan 2
2,600 Butte A Superior Mining.. 10
33*4 Nov
45% May 10
100 California Packing....No par
36% Jan 3
12 Jan
7
22% Oct 1
10% Dec
100
14,300 CallfomaJ Petroleum
36 Jan
5
29% Nov
Do
65% Oct 1
4,500
pref
100
55
Dec
73% Feb 27
100
61‘2 Jan 15
23,800 Central Leather..
97
Dec
Do
pref
100 102% Marl4 *107 Mar 8
25
Dec
35%
Mayl6
Cerro
de
Pasco Cop...No par
29% Mar 6
2,100
95
Feb 25
56
Nov
100
68% Jan 2
5,600 Chandler Motor Car
20 Oct
4
11% Nov
14% Apr 4
31,700 Ch.Ie Copper
25
35% Nov
47% Mayl6
36% JunelO
6,100 Chino Copper
5
54% May24
29*4 Nov
34*4 Jan 29
5,300 Colorado Fuel A Iron....100
25% Nov
37% Oct 4
100
28*4 Mar25
7,050 Columbia Gas A Elec
101
4
Oct
82*4
76% Dec
July 15
17,400 Consolidated Gas (NY).. 100
95
Feb 19
76
Nov
500 Continental Can, Inc
66*4 8eptl3
100
18
Feb
45% Julylx
29% Jan 15
26,900 Corn Products Refining.. 100
88% Nov
Do
1,100
pref
100 *90*2 Jan 7 103 Oct 3
52 Jan 12
74% Mayl6
45*4 Dec
47,900 Crucible Steel of America. 100
86 Jan 31
91*4 June 4
83
Dec
Do
500
pref
100
33%
Feb
20
Cuba
24% Nov
Cane
271*
Apr
10
12,250
Sugar....No Par
83
Feb 18
74% Dec
Do
78% Mar25
pref
100
1,400
2
*33 Jan
64*4 May 24
11*4 May
36,800 Distillers’ Securities Corp.100
11
Oct
1
6 Junel9
6% Nov
10
12,100 Dome Mines. Ltd.
39
Feb 13
28
Feb
26*4 Junel9
4,025 Gaston W A W Inc..No par
153
Mayl6
118
Dec
100
127*4 Jan
7
3,250 General Electric
164
Aug.ll
74%
Nov
General
Motors
106*4
Jan
15
15,500
Corp
100
88 Feb
1
77
Do
72*4 Dec
Sept17
2,330
pref
100
38 Jan
2
52% Oct 4
32% Dec
100
12,075 Goodrich Co (B F)
96 Jan 10 100% Sept 5
*91% Dec
Do
pref
100
84
65
Nov
Sept 5
74 Jan 25
1,500 Granby Cons MSA P
100
52%
Oct
1
34
Nov
Greene
Cananea
381* Jan 17
2,900
Copper. .100
Nov
77
Gulf
tr
ctfs__100
111%
Apr
25
States
Steel
70*4
Oct
3
1,800
Do
1st pref tr ctfs
99% Aug 1 102 Jan 10| 101% Nov
100
34 Jan
5
49% July30
27% Nov
1,100 Haskell A Barker Car..No par
56*4 May 16
38
Nov
42% Jan 15
33,200 Inspiration Cons Copper..20
19
June20
300 Internet Agrlcul Corp....100
10 Jan
8
7*4 Nov
65
Junel8
5
Do
38
Jan
26% Nov
4,900
pref
100
100*4 Nov
111%Jan 2 135*4 Oct 1
2,515 Intern Harvester of N J..100
21
Jan 15
31*4 Feb 23
17% Dec
39,900 Int Mercantile Marine.. 100
Do
62% Feb
83*gJan 2 112% Oct 4
302,100
pref
100
27
Jan 15
31% July 8
24% Dec
9,100 International Nickel (Tbe)25
45% Mayl5
24% Jan 15
1812 Nov
9,700 International Paper
100
Do
300
58
Jan
22
65%
Jan
3
60% Nov
stamped pref
100
41
51*4 July30
Apr 2
36% Dec
2,800 Kelly-Sprlngfleld Tire
25
26
Nov
29
Mar25
34% May 16
16,000 Kennecott Copper
No par
68
Nov
100
73*4 Jan 12
91% Mayl6
5,500 Lackawanna Steel
500 Lee Rubber A Tire
12
No par
Apr 2
22*4 July30
10% Nov
31
Aug 1
200 Loose-Wiles Biscuit tr ctfs. 100
17%Jan 8
12% Nov
Do
2d pref
53
Feb 15
77% Septl3
100
70
Nov
78% Feb 28
71*4 Junel8
Mackay Companies
100
65 May28
Do
57 Jan
4
pref
..100
67% Dec
32% Feb 19
23% Jan 15
12,100 Maxwell Motor, Inc.
100
19% Nov
49
Dec
Do
1st pref
51 Apr 24
64*4 Feb 8
5,600
100
Feb
5
26
19
13
Nov
Do
2d pref
May27
4,325
100
Jan
Oct
2
Mexican
79
5
123%
67
Dec
296,400
100
petroleum
600
Do
87 Jan 15
98% Oct 2
84% Nov
pref
100
25
Nov
26% June 7
33% Jan 31
4,130 Miami Copper
5

17

47%

20

*82
55
56*4
114*4 114*4 114% 115% 116
111
113
*111
114
*112
56
59
59% 59%
56
*85
91
*85
91
*84
*63% 66
*63% 66
64%

tnid day

79%
50%
99%

45

100
*96
16% 17
16%
oc
181% vH $ 183
70
72
70
*93
94% *92
*71
75
*71
37
37% *37%
102
103% 101%
*100
107
*100
142
145% 142%
*13
15
*13
*41
44
*41%

16%

108% 110%

30%
79%
50%
10%

♦95

100

103% 104
43% 44

*42%

67*4
101%

57*4

7%

179

69
99

237g 24
89% 91
100% 100%
107
113%
*6
7%
146*4 147%
147g 14%
31% 32%
58*4 58%
57% 5934

106

29%

*9934 101

17%

68%
*96%

*98

24

90

9*4
27% 28
148% 151%
123% 125%
78% 78%
50% 52%

51

83%

67%

68%

32
59
54
*86
39
*95

'

*83

8634 86*4
120
118

101%

*3712

104

40%

99
85
117

147g

16%

*94*4

50
27

91%
100% 100%

100
107

52*4

50
27

32%
99%
54%
28%
41%

51*4
83%
69%

83%

69*4
101%

60

41%

40
98

51%'

84
70
99
92
116

*31%
98%

32%
98%

90

79
49

74

20

20

35

88*4 90*4
18% 20
3934 40
*43% 43%
36*g 37%
97% 101
*65
67%
43*g 44%
102*4 103
58% 60

28%
50%

17

47%

95
59

697*

*98

*98
17

17%
49%

49
*93
*58

107

*99

*98

50%

80
20
29
81
79
65

30%
61
61%
23
23%
119% 1217*

23

28%
51*4

34%

297g

30%

60*4

64
50

110*4 H0*4 110*4 110% 110% 110*4 110% 110*4
84
85%
83% 84%
83% 85
83% 83%
11
13
13%
*10% 11
*9% 11
13%
55
54
54*4 55%
55
54% 55*4
54*4 55%
55%
*108
*109
109
110
110
*109
110
*108% 109% *108
70
*71
73
73
71
*68
73
72% 72% *71
82
82
82
82
82%
84
84
83*4 85
82%
44
44
44
44*4
43*4
43%
44*4
43*4
44%
43%
65
47

35

*45

80%

38%
37%
101 * 102% 101
*100
107
*100
*100
107
*100% 107
134
134
*131
134
137% 139
138%
*13
*12% 14% *12% 14% *12% 15
*42
44
43% 43% *41
43% 43%
112
116
*115
116
110% 114
108%
*93
96
95
95
*92% 96
94%
61
61%
62*4
60*4 61%
61% 61%

*60

68%

25

*1031? 108

28%

•

63
50
34

*19
*27
*78
*73
*64
29

65
31
61
23%

33%

*95

*103
104
104
4212 42%
43% 43%
*43
44% *43
44*4
112% 113% 111% 113%

43%
103

99%
46%
56
55% 55%
16
*15
16
16%
62
63
61% 61%
131
134% *131% 134
27
29
27*4 28%
106
108** 106% 111%
30
30
30%
30%
33
35
34
34*4
33*4
79*4

29
81
79

60

98

*103

34%
88%
18%
39%
44%
36%
97*4
67

*78%
47*4
10
28

99%
45%

*61
*46

63

32%
*86

*37%
101% 102%

70%

59%
89%
29%

29*4
79%
50%
10%
28*4

45%
65%

147
*14% 15

53%

95
75
39

89%

142

96
42

17%

691*

20
20%
120
121
*112% 120 *112% 120
*44
44
50
50
44% *43
377g 40
37*4 38%
37*4 38
7
7%
6%
7%
7%
7%

6%

174% 188
67*4 70

68%

16%
49%

58*4

142
2:14*4 15
32% 34
*60
62
*85

70
*98

16%
95

21
64

93
67
43
103

43%
102% 102%

116% 121%

50%

*140

50

*41%

*94

90%

33%
62%

•86
98
16
172

80

28

96

*61

34

82%
19%

49%

57%

97
6
141
15

48%
33*4

53
70

16
50
*92

7*4

*94
6
*139
15

*61

46%

*98

16%
61%

35*4
93%
67%

93
67
427.

16%
63
63%
133*4 135*4
27*s 28%
104% 108
30
30%
33% 34%

28%

32

16%

54%
16%

27%
51%
68%

32

51%

55'4

63

21
*61

347*
88%
17%
39%
43%
35%

40
45

35%

99%

97

38

*83
72
*96
*92
*112

*

97

37*4

39
*98

46%
100%

17
631?

21
64

25

149
*148
148%
1487* *145
127
122% 125% 123% 124
79
77% 78%
777g 78%
78%
47
49*4 51%
48% 50
49%
*996. ini
*993* 101
*98
101
79
80
80% 80*4
82% 82*4
49
50
50
49% 52%
507g
77
73
76
70*4 72
76%

149
124
78

22%
112% 121%

42%
37*4
*7%
31%

*

10
28
149
122

10%
28%

22

110*4 112%
28

79
54%

128% 132i2
27*8 27%
103% 106%
30
30%
34% 35%

36%
46%
34%

*72%

63

30

46%
33%
82%
*18%

.

89%
29%
78%
51%

21
64

*1031? 110

347g
89%
17%

44

68
44
43
102% 102%
62
64%

46

47
55

40

68

89%
30%

83%
50
78%
99%

34*4
88%
17%
39*4

158*4
10% 10%
41%

10%
25

70*4
6912
*103
105
105

155

*40%

10%

257*
41%
21%
64%
70%

64

% per thare

407*

10%
25

*407*
20%

Oct. 4

107g
25%
407g

10*4
26

41%
22%
65%

the
Week
Shares

Friday

Thursday
Oct. 3

t ver share S per share
148
155% 15H2 155

share

150% 154

34*4
89%
17%
40%
47%

34s4
86%
16*4
397,

Saltafor

prices—per share, hot per cent.

Mcond

asaally inteti**,

88
45
91
40
43%

Dec

Nov

Nov
Dec
Nov

32%
9412
105%
73%

Apr
June
May
Nov

68

Jan

238%

Jan

29*4 Mar

59*4
74*4
110%
108%
51*4
102%
19%
105
112

Dec
Nov
Dec

Nov
Nov
Dec
Dec
Dec

26
97
46
*76

Nov
Dec
Feb
Dec

33*4 Dec
52% Dec
33*4 Nov
Nov
Nov
Nov
99% Dec
113
Dec
15
69
42

23% Feb
Nov
May

Mar
Mar
Jan
Jan
June
July
June

Jan
80% Aug
Mar
Jan
49% June
1277s Aug
120*4 Mar
154% Jan
2412 June

243

Nov
Dec
Dec
Dec
Dec

■

June
Jan

Dec

Dec
Dec
Nov
Dec

Jan

58
101

Dec
Dec

79%
102*4
70%
9%

88
50

16712

Jan

63

171% June
106
June
Aug

67

Jan
Jan
Jan
May
Jan
May
Jan
May
Jan
Mar
99% Jan
56
May
70% Jan
5212 Jan
38% Jan
100
Mar
84% Mar
151
Jan
126% Jan
37% JunA
97% Jun®

114*4
67%
52%
136%
121%
116%
24*4
46
112%
77

63

Par f 100 per

Jun®

share

New York Stock
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4.

H

Exchange—Bond Record, Friday, Weekly and Yearly 1387
now—"and interest”—except for interest and defaulted bonds.

of guotine bonds mas changed and prices

In Jan. 1909 the tetom method

Price

Week's

Fridas
Oct. 4.

Range or
Last Sale

U|Sj4a converted from 1st Lib-

erty Loan
1932-47 J
U 8 4s 2d Liberty Loan.. 1927-42 M
U 8 434s converted
from 1st
Liberty T-oan
1932-47 J
U 8 434s
converted from 2d
liberty Titian
1927-42 M
O 8 434a 3d Liberty Loan.. 1928 M
IT ft 2a rainanl rwlfftfTWi.. <11930 Q
_

coupon

No. Low

Wash Ending djc. 4.

1

D 100.08

Sale 100.02

D
N

96.50
96.54

Sale 95.60
Sale 95.48

96 50 449 93.00 98.40
95.60 2687 13.00 98.01*

D

96.50

Sale )5.Si

96.58 1319

N 96.50
S 96.90
98
J
98
J

Bale 15.40
Sale 95.66
9834
98%
99%
99%

<11930 Q
Q F
Q F
Q F
Q F
Q F
Q N
Q M
1961 Q M
Registered
U 8 Philippine Island 4s. 1914-34 Q F

IT ft 2« ftnnanl

Jan.

Ask Low

U
0
U
U
U

8 3s registered
*1918
8 3a coupon
*1918
8 4s registered
1925
8 4s coupon
1925
8 Pan Canal 10-30-yr 2a.*1936
U 8 Pan Canal 10-30-yr 2s reg ’38
U 8 Panama Canal 3a g
1961

....

....
...

85
85

100.94 4282

....

....

....

High

17.20 102.5<>

93.90 97.10

Chesapeake A Ohio (Con)—
General gold 4J4s..
199
4
Registered
19' 2 4
20-year convertible 4)4s__193
r
30-year conv secured fie..194
%
■
Big Bandy lot 4a
104
Co il River Ry 1st gu 4S..194
1

97is
99'
98%

May’13

98
99
85
89

June 18

100

Feb ’15

----

10 105
105
98

—

July’18
Sept’18

107
107
98

....

June 18

—

....

98%
99%
9934

97%

99

85
83

85
89

Foreign Government.
Foreign Secur 5s
1919
Anglo-French 5-yr 5s Ex ter loan.
Argentine Internal 5a of 1909....
Bordeaux (City of) 3-yr 6s._1919

F A
975s
A O
95
M 8
84
M N
93*4
J D X 67
Cuba—External debt 5e of 1904. M S
v
A
Exter dt 59 of 1914 ser A. .1949 F
External loan 4U{a
74
.1949 F A
TVtmlninn nf Canada g 5a
95%
1921 A O
Do
do
~
..1926 A O
9478
DO
..1931 A O
94
do
French Repub
secured loan.
101%
F
A t 8512
J t 86%
Second series 4V$s
.1925 J
Do
do
"Gennan stamp”.
8134
J t 7412
fttM-lln); loan 4a
1931 3
M
N
Lyons (City of) 3-yr 6s
1919
98%
Marseilles (City of) 3-yr 69.. 1919 M N
9834
Mexico—Exter loan £ 5s of 1899 Q
J J 52
D
Gold debt 4s of 1904
35i2
1954 J
97
Paris (City of) 5-year 6s
1921 A O
M S
Tokyo City 5s loan of 1912
76t2
UKofGt Brit A Irel 2-yr 5s 1918 M S
M
N
99%
3-year 5 34 % notes
1919
97
5-year 5 34% notes
1921 M N
A
Convertible 5H% notes.. 1919 F
9978
_These are prices on the basis of $5to£
'

_

State and'Clty Securities.
N Y City—4^s Corp stock 1960 M
434t Corporate stock
1964 M

434s Corporate stock....1966 A
434s Corporate stock....1965 J
434s Corporate stock....1963 M

97

Sale
86

94%
95t4
85% Aug’18

Sale
70%

98%

96%
9212

95%
92%

82

"

Sale

70

84

95%

94
Sale 94
101
Sale

Sale

89>2
Sale
Sale
75
Sale
Sale
40
Sale

79%

98

99%
Sept’18
Sept’18
July’18
Apr ’18
95 (4
94%
94%
101%
85%
86%
81%

85%
86%
80%
73's June 18
98%
99%
98%
99%
49%
50
33% Dec 17
97
30

....

...

30
23

93%

100

36
89

9018
90l2

19;

88%

892;

100
87

Sale

9934
100

89%
Sale
102

101%
92%
92%
77
804
73% 76
84' 99%
84
99%

291

263;
12

1

-«*

441

40
m

81%
68
97

80% 802 80%
99
96l2
97i2 101
98%
98%
96l2
9612 ---- 95
107)2
10612 108
10 •%
98 ~
107
107%
100
100%
787s 74
6978 Sale 69
—

....

....

...

....

v

11
10
2

100

80%
July’18
July IS
Aug’18

....

....

May |s

Sept’18
June 18

98
82%
100

99

99

94%
98*2
94%

98%
98%
96

108%
101% 104%
10 104% 107%
100% 101%
105

....

107%
June 18
Dec ’17
71

_

8734 96%
87% 96%
87% 96%
93% 101%
93
101%
85
91%
85
91%
85
91%
85
90%
93% 101%
93% 101%
76
82%

1
4
2
7
5
3

89 4
90%
89 ‘4 Aug’18
94%
100

^

95% 99%
91% 97%
97% 100

7

QO,

50

.

....

100

95

80%
83%

-1

89%
90%

100

96%

94

2
1
12

93

891*

84

19i 90% 95%

Sept’18
99% Aug’18 ----1
Sale 98%
99ig 500
399
Sale 96%
97
635
100
3ale 99%

9934100

'

....

1

_

170

71

44

Railroad.
Ann Arbor 1st g 4a

51995
Atchison Topeka A Santa Fe—
Gen g 4s."
1995
Registered
1995
Adjustment gold 4s
51995
.51995

Registered

Conv gold 4s
1955
Conv 4s Issue of 1910
1960
East Okla Dlv 1st g 4s
1928
1965
Rocky Mtn Dlv 1st 4s
Trans Con Short L 1st 4s 1958

£ Cal-Arts 1st A ref 4 34s‘ A” 1962
8 Fe Pres A Ph 1st g 58...1942
Atl Coast L 1st gold 4s....51952
Gen unified 434s
1964
Ala Mid 1st gu gold 5s
1928
Bruns A W 1st gu gold 4s. 1938
Charles A Sav 1st gold js.1936
L A N coll gold 4s
01952
8avF*W 1st gold 5s
1934
1st gold 5s
1934
811 Sp Oca <fc G gu g 4s....1918
Balt A Ohio prior 3349
1925

Registered
51925
1st 50-year gold 4s
51948
Registered
51948
10-yr conv 4 *4s
1933
Refund A gen 5a Series A. 1995
Pitts June 1st gold 6s._-.1922
P June Ar. M Dlv let g 3 34s 1925
P L E A W Va 3ys ref 4s~ 1941
Southw Dlv 1st gold 334s 1925
Cent Ohio R 1st c g 4 343. .1930
Cl Lor A W con 1st g 5s..1933
Monon River 1st gu g 5s. .1919
Ohio River RR 1st g 5s...1936
General gold 5s
1937
Pitts Clev A To! 1st g 6S..1922
Buffalo RAP gen g 5s.... 1937
Consol 4 34*
.1957
All A West 1st g 4s gu.__.1998
Clear A Mah 1st gu g 5e__1943
Roch A Pitts 1st gold 6s. .1921
Consol 1st g 6s
.1922
Canada Sou coos gu A 5s
1962
Car Clinch A Ohio 1st 30-yr 5s *3$
Central of Ca 1 at gold fie
pl945
Consol gold 5s
1945
Chatt Dlv pur money g 4s 1951
Mac A Nor Dlv lBt g 5S..1946

Q

Registered

Sale

71

72

80%
Apr 18
Aug’18
June 18
71%
Sept’18
85%
Aug’18
June 18
77

b

72

73

7012

72

82
83

90
91

79%
80%
74%
73%
71%
71%
85%
91%

76%

79
77

79

*

7612

82% 100
80*8 Sale
76%

....

110

69i4
102%

8578
73*2

J

J
M

J
J
M

J
J
J
9

Q

F

J
M

J

M

•No price Friday; latest Mm week

N
N
a

88

87

O

l3

9612

83% July’18
99% July 17
80%
'80s
76
Sept’lS
95% Aug’18
35
Sept 17
129% Aug 15
69%
69%
115
July’17
105
July 15
99% May 1

\

i

Sale

....

J

j

98
78

957g
76i2

Q

.51987 Q

Registered”1939

7978

A O
A
O
Nov
Nov
M N
J
D
D
J
M
8
i
J
J
J
M
8
M S
M 8
i
D
M N
J
J
J
J
M N
A O
A O
J
J
J
J

-

Am Dock A Imp gu 5s...1921
Leh A Hud RIv gen gu 5s ’2C
N Y A Long Br gen g 4s..1941
Cent Vermont 1st gu g 4s __el920
Cheea A O fund A Impt 5s ..1929

51% July’18

60s

J
N
M N
J
J
M S
A
O
A
F
J
D
A O
A
O
M S
M N
A
O
J
J
F
A
D
J
A
O
D
J
F
A
M N
i
D
1
J
Mid Oa A Atl Dlv 5s
1947 J
J
Mobile Dlv 1st g 5s
J
1946 J
RR A B of Ga coll g 5s. 1937 M N
j
j

'

56

J

....

Sale

*

Sale
Sale

767s
7634
97i2
8CP8

Sale

7flU

7*1

fil

85

...

s

55
....

.....

5

io
3

92-4 Mar’17
76%
77
75%
77%
112
Jan 12
80'*

80

2

Ralfl

81
100

Apr

59
85%

79%
7134
73%

80
76
73%

70

78

71%
82

87
87%

91%

91%

79

79

76%

80%

85

„

84%
82%
9534

77
75

«...

95%

....

....

33

....

1

.

90

99%
89%

,73%

78%

12
21

'75%

80%
83%

_

75%

_

ail*

am*

20

31
17

73%

24

3

<>

69%

85%

/ <5

t "r

an

fit*

93%

....

....

88

88

99%

99%
99%

'

99

_.

‘

96%

~

-

—

—

-

—

....

101

innia

M’rt.v’ik

inni« 101

85
78
ggi«
86
65

1

J

70%
62%
65%

1949 v
195< i
Chicago Burlington A Quincy—

o
J

52%
38%

Denver Dlv 4s
192'. F
Illinois Dlv 344s
194' r
Illinois Dlv 4«_
194*' f
Iowa Dlv sinking fund 58.1919 \

A
j
J
o
o

99% 100

198'.

Chic A Alton RR ref g 3s
Railway 1st lien 3*$s

_

__

85%
85%
841*
81%
101

Registered
General 4s

.

1919 \
1927 M
1927 14
195* 14

Chic A E Ill ref A Imp 4s g_.1955 r
U S Mtg A Tr Co ctfs of dep..
1st consol gold 6s
1934 \

85

Sept’18

84
9914
87

«4

n»n

QQIi

Aont*1S

80
....

....

i

84% Aug’18

87
84

83

Juoe 18

J

Mllw A Nor 1st ext 4)^8.. 1934
Cons extended 4^8.... 1934
Chic A Nor West Ex 4s 1886-1926
Registered
.1886-1928
General gold 3>4s
1987
Registered
pl987
General 4s
1987

102%

82%

80%
....

....

81%

90

79
28
28
100

J

96%

99%

O Ind A W lnt nref Sa

85

90

90

90

84%

84%

83

83

Peoria A East 1st cons 4S.194C
Income 4s
199C
Cleve Short L 1st gu 4V4S...1961
Colorado A Sou 1st g 4s._._ 1929
Refund A Ext 4 4a
1935
Ft W A Den C 1st g 6s...1921

104

inn

2

97%

9»%
100

100

67%

65
80

....

....

K

94

Cifba RR 1st 50-year 5a g
1052
Del Lack A Western—
Morris A Ess 1st gu 34s.200(
N Y Lack A W 1st 6s
1921
Construction 5s
..1923
A
Term
Improvt 4s....1923

94% 100%

89% Sept’18

Sale
30

....

O

.1

A

0

n
0
C
J

J
J
F
M
F

D
J
A
N
*

78%

79
Aug’18
Sept’18

d Dm Apr.L

« Due




47%

....I

97%
70*

99%
76

80
98
97

87%
99%
98

89%

94%

7!
3
5
----

4
____

_

_

_

70

91
84%
30
30
101
72
70

54
98

60%
100%

91
78
25
22
98
72

_

Mart 7

83
....

....

m

^

70

^

Ntvifi

76*2

78

96% Jan ’17
97% Deo ’16

71

Sale

71

81

81%

67%

Sale
78%
75

/8
*

7 734
64 a

79
71
Sale
98
92
98

75%
94%
89%
96

8

70%
99

....

98% 108
103%
95
96%

mm am mm

71%!

92% Feb ’16
81% Sept’18
673s
6734
78%
79
66
Sept’18
77%
79 %
70

43

75%

....

12
17

9
!

Jan ’18

92

July’18
Sept’18

97

74% Sept’18
97*2 Aug’18
101% 8ept’17
98
95

19

75%

97

--

-

-

....

85

*89
84 >8

68

-

....

69
83

80
80
89
101

85
81
89

July’18
4

85*a Auv’18
67%
67%
81

4

904
96

a

2

2

82%

6

79 <4
80 1
104% 101
Sept’18

10

....

92

100
....

100

104

May 18

10*412
91%
10312
95%

4nr

97

97
92
95*2

97
94

j

98%
74%
991*
98
100

85**
671*

85 -i
81%
89 i
85**
73%

79

85%

1

,

821*
99% 103
79%

....

104

104

....

)0

July’18
A ir 16l
M iy’18
Jan ’18

100
92% 93
Aug’18
92
97
94% May’ 1
77
101% Oct ’16
103% 104
105
Apr is
53
88
Jan ’ 1 *

....

84%
74
78

89

....

82%

98%

771*
66%
71%

81%
....

Oct ’16

Sale

80
66 1

85

Fab ’18

Sept’18

70

74
66

‘98
95

....

977« M iv’ I S!

82
81

64*4

71%
97*2

....

Jan ’18

Sept’18

79

70%

---J 76% 83%

Sept’18

....

94%

94%

....

92

96%

95
100
93

100
97

94%

94%

....

....

105

101

....

----

100% 101

95%
102

____

....

74

7234

Sale
-

69

•

-

-

.

10012 Aug’18
98
Aug’18
111% Dec 15

72%
71

-

■h

Sale

68%

6534

67*8

86

96

80
66
96

95

....

92
64
67

—_

102% Mav is
74
Sept’18
92
Aug’18

89
92

....

_

67%

72%
May’18

»

69
Aug 18

97%

Feb ’18
June’17

97

May’0

93
63

Mavis

....

It-

99% 100
86

...

j

102%

....

98

....

95*8

'73
12

77%

72
71%

....

21

76%
93

92

713,
69%

62*2
! 66

80%

67%
96

62

98
....

....

100
93
63
69
106%

95
93
57
59
|0*>

....

i

88
90%

81*2
85%

....

1

Nov’16

9934

98

102% 102%
....

6

Sept’18
68
68*2 Sept’18
103% 105% 103%
103%
79
88
Sept’18
88
88^2 88
88
100 >8

.

66

.

1

9934

_

_

95

67
100% 103

58

....

58

58

105

....

103

105

....

64

61

‘

62%

1

-

July’18
July’ 18
65% Sept’18

69%

90

M »v' 17

75
65

88
96
64

Mr’11
Jan 17
64

....

66

77%

78%

75

* 1

65%

81%
6334
83U

62%
66%
63%

77*2 Sept’18
86% Aug’18
83% M ’17

63%

63%

68%

Jun« 18
73% June’17
■s4
Nov* If
99% 99
Sept’18
87
Dec ’17
88% Mav 15
102% Jan ’17
107% Apr *17
94
July’08

52%
11%

60
12ij

83

85

84%
71%

85'i
Salt

____

99

77%
85*4
104

A

Mav

97
85

w —...

_

99% 100%

96

4

53*

95

U5

„

6
....

66%

59

64%

65%
80

77%
86%

62
63

65
68

.

1

....

1

_

J 99

----

99

....

..

...»

....

98

50%

Aug’18

12% Sept’18
83% Sept’18
85% Sept’IS
71%
71%
97
Sept’18

40

♦0

51%

12%
83%
82%

13
90
86%

66
96

73%
981*

....

85

94

Feb ’16

71
74% 74% 8ept’18
101
Sept’18
100% 103
95

96

95

88%

....

Aug 18

93% Jan *18
102% Ker. ’08

....

....

....

—

73% 75%
100% 102%
95

98

93%

93%

-

May.

? Diw Juae.

A Due July.

* Due Aug.

o

Due Oct

* Due

Nov. * Due Dec. « Option tale

t

b

b

6

52

35%

’18!

Sale 56%
57
100% 100
Sept’18
100% Apr 17
84% Apr ’17

104% J.n *i7
Due Jan.

50

Aug’18

32

56)2

_

32

June’18
Feb

_

July’17
97% Feb ’13

....

100
80

Apr
A 0
F
m
J
A
J

Mar 18

_

....

mm — —

91

30
29% 29
101
100
84% 72
73" 70
75
76

56
12

i

J
0

Nox’17
Oct ’17

99% July’18
72
71%
8)%
80%
99 >4
9934
9734 Sept’18

Sale

79%
99%
98%

73
71

73
88% Sept’16
97% 113% Feb T5
51
53
Sept’18
Sale 37%
39

72

J
J
F

C C C A I gen cons g 6s..1934 J
Ind B A W 1st pref 4s
191f A

....

os?,

---.

J

D
D
A
F
A
M N
Q
F
M N
Stamped 4s
1987 M N
General 5s stamped
1987 M N
Sinking fund 6sl
1879-1929 A O
Registered
1879-1929 A
O
Sinking fund 5s
1879-1929 A O
Registered
.1879-1929 A O
Debenture 5s
**
1921 A
O
Registered
n
1921 a
Sinking fund deb 5a
1933 M N
Registered
1933 M N
Des Plaines Val 1st. cm 4 Us *4.7 M
S
Frem Elk A Mo V 1st 6s.Il933 A O
Man G B A N W 1st 3^8 1941 J
J
Mllw AS L 1st gu 3 34s'
J
1941 J
MU L8 A West 1st g 6s... 1921 M S
Ext A Imp s f gold 5s... 1929 F
A
Ashland Dlv lat g 6s
1925 M S
Mich Dlv lnt gold 6s
1924 J
3
MU Spar A N W 1st gu 4s. 1947 M S
St L Peo A N W 1st gu 5s.1948 J
J
Chicago Rock Lsl A Pac—
J
Railway general gold 4s
1988 J
Registered
’
J
1988 J
Refunding gold 4s
1934 A O
20-year debenture 5s
1932 J
J
R I Ark A Louis 1st 44S..1934 M S
Burl C RAN lat g 5s....1934 A O
CRIFANW 1st gu 58..1921 A O
Choc Okla A G gen g 5a__<;1919 J
J
Consol gold 5s
1952 M N
Keok A Des Moines 1st 5s 1923 A O
St Paul A K C Sh L 1st 4V*s *41 F
A
Chic St P M A O cons 6s
D
1930 J
Cons 8s reduced to 3Ma.. 1930 J
D
Debenture 5s
s
1930 rvi
North Wise.main 1st 6s
J
J
1930
St P A S City 1st g 6s
1919 A O
Superior Short L 1st 5a g el930 M 8
Chic T H A So East 1st 5S..1960 J
o
Chic A West Ind gen g 6s..?1932 Q M
Consol 50-year 4s
J
1952 J
Cln H A D 2d gold 4t$s
j
1937 j
M N
J
J
Clev Cln Ch A St L gen 4s.. 1993 3
D
J
20-year deb 4*^s
1931 J
General 5s Series B
E
199/ J
Cairo Dlv 1st gold 4s
J
J
1939
Cln W A M Dlv 1st g 4s. .1991 J
J
St L Dlv 1st coll tr g 4s
199(] m n
Spr A Col Dlv 1st g 4s.__.194C M S
J
J
C I St L A C consol 6 <
1920 M N
1st gold 4s
*1930 Q F
Q
F

2

100
flept’18
97% 99
97%
97%
96% 100% 100 Apr 18
*93
100% Jin *13
66
66
Sept’18
80
90% Aug’18

o

High No. Low High
25 72
78
74*4
75
1
8634 Mar’17
28
76%
76%
65% 771*
79
155
80
76
82%
84 Apr ’17
85% Nov’16
96% Feb ’16
84*4 Jan ’13
_

....

904

85

17

86
86
78
Aug 17
90
May 18
97% June’ 17

N
N
S
j

U S Mtg & Tr Co ctfs of dep.
fiiiftp Tr Co et.fa f}f dep
Purch money 1st coal As
1942 F A
Chic A Ind C Ry 1st 5p
J
1936 J
Chicago Great West 1st 4s__1959 M S
Chic Ind A Loulsv—Ref 6s. 1947 J
J
Refunding gold As
1947 J
J
T
|
Refunding 4« Series C
1947
Ind A Loulsv 1st gu 4s ..1956 j
j
Chic Ind A Sou 50-yr 4s
1956 j
j
Chic L S A East 1st 4 yin
1969 J D
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
el989 j
j
Registered
el 989 Q
J
Permanent 4a
1925 J
D
Gen A ref Ser A 4 9$ 8
u'2014 A O
Gea ref conv 3er B 5s
a2014 F
A
Gen’l gold 3 4 * Ser B
el9S9 J
J
General 49$s Series C____el989 J
J
25-year debenture 4a
1934 J
J
Convertible 4 >43
1932 J D
Chic A L Sup Dlv g 5s....1921 J
J
Chic A Mo Riv Dlv 5s.. .1926 J
J
Chic A P W 1st g 5s
1921 J
J
C M A Puget Sd 1st gu 4s. 1949 J
J
Dubuque Dlv 1st s f 6s... 1920 J
J
Fargo A Sou assum g 6s 1924 J
J
La Crosse A D 1st 5S...I.1919 J
J
Wl8 A Minn Dlv g 5s
1921 J
J

QQIa IftfiU

86i2

78

“

....

>0

....

51%
79

79

88%
88%
90% Sept’17
' 73%
73%

93% Aug'18
101% Nov’16
99%
Oct ’17
8918
88
85 " 88
May’18
99
99% Mar’13
99% June 18
991* 107
85
87% 99% Oct '17
97
Nov’16
7434
103% Feb ’16
8012

90*4

....

66*4

D

.

1

Sale

T

Sinking fund 4a_

85%
99%
53% 70
90% 100
90% 94%

237

Sale

80

j

2d consol gold 4s

Range
Since
Jan. 1

mmmm

76%

fl

_

78
84

....

....

iy|

73

n

or

Ask Low

741* 76

r

194'

_

94% 98%i
88% 9534

2053j

94
93i2 94% 94
94% Sept’18
93i2
93%
93i2 Sale 93%
99% 100 4 100%
100 8

S

8
O
D
8

N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate rtock reg..1956 M N
New 4 34s.
1957 M H
434% Corporate stock
1957 M N
3Vf% Corporate stock
1954 M N
N Y'State—is
1961 M 8
J
Canal Improvement 4s
1961 J
J
Canal Improvement 4s
1962 J
J
Canal Improvement 4s
1960 J
Canal Tmorovemcnt 414s i964 J
J
Canal Improvement 4 34s. 1965 J
J
Highway Improv’t 4 34s
1963 M S
Highway Improv’t 4)4s._1965 51 8
J
.1931 J
Virginia funded debt 2-3s
6s deferred Brown Bros ctfs

219

Sale

Last Sale

r

Potts Creek Br 1st 4s

Nebraska Extension 4s
Amer

Oct. 4.

*

_____

Aug’18

Range

Bid
S
S
A
O

tl

West’s

Friday

■

96.64 12077 93.10 98.00
96.98 12873 94.70 99.10
97
99
Aug* 18

Mav’18
106%
106%
106
Sept’18

106%
1061*
98
98

High

Pries

■BONDS

N*Y|flTnQ1C EXCHANGE

Bid

U. S. Government.
U 8 ZHb Liberty Loan.. 1932-47 X

3l

art

New York Bond

1368
BONDS
Y. STOCK EXCI
Week ending Oct.

GE

4.

Price

s?

Week's

}

Delaware A Hudson—
1st A ref 4s.

Denver A Rio Grande—
1st cons g 4s

,

.1922
1943
1935
1946
1921

J
M
A
A
M

J
N

1936
.1936
.1928
1955
.1939
.1940
1940

J
J
J
F
J
J
J
J
A
J
J
M
J
A

J
J
D

O
O
N

A
D
J
J
J
1939
O
Mtge A coll trust 4a A. 1949
D
1995
D
1995
N
Det RJvTun Ter Tun 4*48-. 1961
J
1941
1937
O
1937
A
O
Registered.
1937 J
J
1941 M N
1920 M S
1947 M N
1919 M S
1923 M
S
1920 A O
1928 J
D
1920 M S
Erie 1st cons g 4s prior.
1996 J
J
1996 J
J
Registered
1996 J
J
1996 1
j
1951 F A
1953 A O
do
1953 A O
1953 A O
Chic A Erie 1st gold 5s.
1982 l¥l N
1938 J
J
1955 J
J
1957 J
J
1935 A O
Coal A RR 1st cur gu 6s. .1922 M N
1943 J
J
.1946 M N
.1937 J
J
A
1937 F
.1940 F A
Terminal 1st gold 5s.. .1943 M N
1940 A O
.1942 J
D
.1926 J
J
.1921 J
J
1942 A O
.1923 A O
.1930 A O
.1959 J
D
.1941 J
J
.1928 J
J
.1933 A O
Great Nor C B A Q coll 4s...1921 J
J
M921 Q
J
.1961 J
J
.1961 J
J
1933 J
J
1st consol g 6s.
1933 J
J
.1933 J
J
.1933 J
J
1933 J
J
.1937 J
D
.1937 J
D
Pacific ext guar 4s
.1940 J
J
.194* A O
1922 J
J
1937 J
J
.1937 J
J
.1937 J
J
.1938 J
D
Green Bay A W deb ctfs "A”__
Feb
Debenture ctfs “B”__
Feb
Gulf A S I 1st ref A t g 5s..61952 J
J
1st
Hocking Val
cons g 4^s 1999 J
Registered
i
1999 J
Col A H V lstext g 4s
1948 A
Col A Tol 1st ext 4s
1955 F
Houston Belt A Term 1st 6s. 1937 J
Illinois Central 1st gold 4s.. 1951 J
Registered
1951 J
1st gold 3 *4s
1951 J
Registered
1951 J
Extended 1st gold 3*4s._.1951 A
Registered
1951 A
1st gold 3s sterling
1951 M
Registered
.1951 M
Collateral trust gold 4s... 1952 A
Registered
1952 A
1st refunding 4s
1955 M
Purchased lines 3V4s
1952 J
L N O A Texas gold 4s...1953 M
Registered.
...1953 M
Cairo Bridge gold 4s... 1950 J
Litchfield Dlv 1st gold 3s. 1951 J
Loulsv Dlv A Term g 3 Ha 1953 J
Registered
1953 J
Middle Dlv reg 5s
1921 F
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s. 1951 J
Gold 3*4s
1951 J
Registered
1951 J
Sprlngf Dlv 1st g 3Hs.__.1951 J
Western lines 1st g 4s....1951 F
Registered
1951 F
Bellev A Car 1st 6s
..1923 J
Carb A Shaw 1st gold 4s.. 1932 M
Chic St L A N O gold 5s
1951 J
Registered
1951 J
Gold 3*4s
1951 J
Registered
1951 J
Joint 1st ref 5s Series A. 1963 J
Mempb Dlv 1st g 4s._.1951 J
Registered
1951 J
St Louis Sou 1st gu g 4s..1931 M
Ind Ill A Iowa 1st g 4s
1950 J
Int * Great Nor 1st g 6s
1919 M
James Frank A Clear 1st 4s. 1959 J
Kansas City Sou 1st gold 3s. 1950 A
Registered
1950 A
Ref A Impt 5s
Apr 1950 J
Kansas City Term 1st 4s... 1960 J
Lake Erie A West 1st g 5s..1937 J
2d gold 5s
1941 J
North Ohio 1st guar g5 S..1945 A
Leb Val N Y 1st gu g 4*4s..l940 J
Registered
1940 J
Lehigh Val (Pa) cons g 4s_.2003 M
General cons 4 *4 a
2003iM
*

94

94
79

96%
79%
86%
72%

86
69

102%

56%

Sale

65

90




94

79

86%

85%

90
76

Registered

I

60%
68
70

----

9

48%

39

62
50

63%

63%

55

51
82

70

75

73%
92%

....

92

85 %
•

Dec T6

1!

IIIJ

69
72

Long laid 1st

76%
56%

87

i

Mar’18

93*2 June’ 18
87%
100% Sept’18
100% 101
78% Sale 78%
78%
96% June 18
94%
93% Jan 18
84
99% July’17
94% 96
94% Nov'15
100% 100% July’18
65% 66% 66% Sept’18

79"%

78%
47%
47%
49%

48%
Sale
51%

84

86

96
105

73

80
70

78%
48

47%
51%
Sept’18

50
82

Jan

....

102% July’17

76%
86

Jan '18

100%

06
June 18
Jan T7
Jan ’17

....

....

64%
90

78%
96%
95

69

65

49%

60
108
108

1
16
17
22

75%

‘57%
79
50

42%

48%

49%
56

82

93

July’18

100

96

96

103

103

85
74

85
80

67

65% Sept’18
23% Jan ’17

94

97

~

66

62

Nov’17

85% June* 17
108
95

1

1

1

1

Nov’11
June’12

81% July’18
92
Aug'10
56% Oct ’17

82%

78

85% June‘16
93%
Sal® 93%
Sale 93
93%
85%
8£% 85%
96
June’16
89% Apr ’18
108
113
Apr ’18
118
Apr ’17
91% Aug’18
92

81

81%

85
i
105
99%

91%
85%
81%
80%

1

1

1

89

——

75

127
11
1

_

102%
81%
95%
85%

....

85

90

89%
108

91%

95

81%

85

Mar’16
Nov’15
80% Dec ’17

100% 100%
104% 105%

....

92%

95

7212
71 'a
80%
91
69
70

61%
63>4
615s

75
---

....

....

93
....

..

—-

...

74

75

76

77%

78

64

67

73%

Sale

70%
58

63%
95%
58%
62

64%
64%
....

....

76

‘

73%

67%

75

89
92
77
84
80

87

95

77

77

Sept’18
Sept 17

July’181
Nov’15
June’17

July’09

77% July’18
95% Sepi’12
77%
77%
71
May’18
73
73%
Feb ’18

....

89

Apr ’17

....

79

Feb ’ 14

....

9%
83
78

73%

72

70

7
75
74

73% June’18
82% Aug 17
75
Feb ’18'
90% Apr ’17|

80

12

64% Sept’18

....

72%

78%

77%

83

70

71

71%

76%

72

72

64%

71

58%

58%

62
63

62

65a4

....

7834 Aug’18
92

78%

79

Nov’10

117% May'lO
90

96

84%
68%

---■

87
....

’17

94% Sept’18
114

63%

Jan

65%

65%

86

85%

91

80

80

90

93%

58

62%

86

70% Nov’17
Nov’17
Feb ’18
Apr ’17
93% May’18
82% June’17

95%

58%

61%

59% Sept' 18

78

Sale

78
78

71%

Sale

71%

85

Sale
80
80
89

85

79%
75

77

81%

85

98

65% July’18

94
76

84

94%

Feb’ll

65
89
89

76%
64%

Oct ’09
78

71%

85
80% Feb ’17

80%
84%
89
76
88

80%
84%

3
41
3

73»4
71%
78

80
78
92

1

80%
84%

80%
9434

20

Sept’18

74%

78

Aug’18

87

90%

Jan.

s

71% Aug’18
97

Sale

74%
74%
72% Aug ’18

—

95

95
95
82
85*2

J
N
D
N

98
88

100
90

_

_

_

—

_

IDu rife,

g

g

,

ft Due July,

_

...

....

95
95

85

71
97
70

71%

72%

79%

92%

92%

87%
109
93
81

90
110%
94%
88%

93

99

97
75

100% 100%
87

100

87
101

100% 101%
571* 58%
74
80%
95% 95%
102
103%
73
90

75
96

83%
67%

83%
68%

95

96*4

1101% 102*2
I 99

....

99

93%

931*

60

60

101

104

"4

77

75

101
—

—

70

....

98
74

101
103
72

44*2

45%

45%

42

45

41
60

70
46
78

July’18
Oct ’16
72

71%

79*4

41
40

46
46

7 5*4

80

81%
46%
86%

Sept’18|

60%

641*

Mav’18

28
32
40
41

35
32
45
42
34

45%
Sept’18
Feb’15

78% Sept’18
45%
46%

76%
Sale
81

80
92

4012

Sept’18

Jan ’17i.
85% N<*' ’ 17t-

88
....

Mar’ 10
Nov’10

91% June’17

80

95

90

64

65

31%

34%

30

32
40

Dec’16i.
Sept’18
Sept’18---Aug’18'

38%
27

30

26% Sept’18:

27%

31%

40

30

40

25%

Nov’16

69% Apr ’17
59

62

58
36
60

49%

52%

49% Aue ’18

50

51
40

....

60

36%

82

’so"
57

98%

63
79
85
90

75%
68%
86

101

92%
61

J

84
90

Jan

*18

J
A

J
A
J
J

A

Sept’18|

Dec’16—
Jan ’18

61*4

F

F

....

....

81

84%

40

79

90

90

89%
85%
55%

86
92
90

....

85% Sept’18
56%
57%
9834 98% Sept’18
60
60
july’17
82
Apr *17
100
Feb ’13
70
97% Dec’13
80
79% July l8
100% Apr ’18
93% 93
93%
102
Jiily’14
75% Sept’18
77
80% Oct ’17
69% 68%
68%
78
Sept’15
102
101% Sept’18
106% 95 May’18
65
Aug ’18
93
July’17
90
87
Aug ’17

68

93%
69
78

69

78%

94
69
78

70

Sept’18
66% Aug ’18
77% Sept’18

81

65%

61*4

61
60

61

98

59*4
9912
at£

78%
16

80

"90*2 "95%
72%

76*4

66%

72

69%

75

....

92

102%
95

65%

95% 101

13
14
153
5
4

21
60
92
40

21
64

91%

95
75
85

69
77

69

94%
51

66%
74*4

74*4
71%
81%

61
61

61

62%

68%

72

79%

95%

95%

65%

Marl 7

96% Apr ’17
95*4 Nov’16
104
May’16

89

Nov’16

72

Sept’18
89% Feb ’16
80
May* 17
95% Jone’18

76
....

Dae Oot.

101
92
65

Deo ’16

61*4
May’18
63** Aug’18

64%
92*4
0

107

....

70

72*4

56*4

40

92

F

58
37
60

83*4

87%

70

*66%
77%

58
36
60
49

8334

Sale

94 ’ Sale

"77“

....

Apr’18

83%
77
73% 78
Dec ’17
93% 95% 95%
95%
99% 103% 110% Mar 17
30
30
May’17
35
30
Aug’16
967* Feb ’13
21
21
Aug’18
63
Aug ’18
91% 92% 92
92
48
48% 49
50%

J
A
J

Sept.*

72%

85

....

5s. 1947 F

Dae

71%

|

Feb’05

89%
Aug’18
83%
97% May’16
100% 108% 101*2 July’18
99
Apr ’18
93% 100
93% Jan ’18
84%
60
61%
July’18

1949jJ

n

Aug’18;

....

Registered
1998 F
Battle Cr A Stur 1st gu 3s. 1989 J
Beech Creek 1st gu g 4s..l936 J
Registered
1936 J
2d guar gold 5a
1936 J
Registered
1936 J
Beech Cr Ext 1st g 3 *4s.ftl951 A
Cart A Ad 1st gu g 4s....1981 J
Gouv A Oswe 1st gu g 5e._1942 J
Moh A Mai 1st gu g 4s
1991 iM
N J June R guar 1st 4s...l986;F
NY4 Harlem g 3 Ha
2000 M
N Y A Northern 1st g 5s. 1923 A

Doe June,

95

Au« ’16

_

1941 M

St Louis Dlv 5s
1927
St L A Cairo guar g 4s....1931
Nashv Chatt A St L 1st 5s..1928
Jasper Branch 1st g 6s._. 1923
Nat Rys of Mex pr lien 4 *4s. 1957
Guaranteed general 4s
1977
Nat of Mex prior lien 4 H s_:_ 1926
1st consol 4s
1951
New Orleans Term 1st 4s
1953
N O Tex A Mexico 1st 6s
1925
Non-cum Income 5s A
1935
New York Central RR—
Conv deb 6s
1935
Consol 4s Series A
1998
Ref A Imp 4*$s “A”
2013
New York Cent A Hud Rlv—
Mortgage 3 4s
1997
Registered
1997
Debenture gold 4s
1934
Registered
1934
Lake Shore coll g 3 Ha
1998
Registered
1998
Mich Cent coll gold 3 Hs._1998

91*4

Jan ’ll

103% Apr ’18
92% Apr ’18

__

1951 M

f 4s

Jan ’18

106% 107% 110% July’18
93
93
92%
82% Sale 81
83%
96% Jan ’17
95
95*4 93
Sept’18:
100% Aug’18j
100%
93% 95% 87
Apr ’18
100
100
104
100
93%
104% Feb ’17
72%
I 90% Aor ’12!
|
101% Aug’18
100%
57
57% July'18
74% 77% 74%
74%'
2
91%
95% July'18 —J
101% 103% 103% Sept’18
78% 77%, 75
8eptT8,
90% Sept’18
90% 93
1
83%
85
80%
Aug’18
68
67% Sept’18

N
J

Missouri Kansas & Texas—
1st gold 4s
1990 J
2d gold 4s
01990 F
1st ext gold 5s
1944 M
1st A refunding 4s
2004 M
Trust Co certfs of dep
Gen sinking fund 4t$s
1936
St Louis Dlv 1st ref g 4s. .2001
6% secured notes “ext”.*16
Dali A Waco 1st gu g 5s. .1940 M
Kan City <fe Pac 1st g 4s__1990 F
Mo K A E 1st gu g 5s
1942 A
M K «fe Okla 1st guar 5s.. 1942
M K A T of T 1st gu g 58.1942 M
Sher 8b A So 1st gu g
Texas A Okla 1st gu g 5s._1943;M
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A__1965,F
1st A refunding 5s 8er Ba.l923 F
1st & refunding 5s Ser C..1926 F
General 4s
1975 M
Missouri Pac 1st cons g 6s__1920 M
40-year gold loan 4s
1945 M
3d 7s extended at 4%._..1938|M
Boonv St L A 8 1st 5s gu. 1951:1 F A
Cent Br U P 1st g 4s
1948! J D
Pac R of Mo 1st ext g 4s_.1938|F A
2d extended gold 5s..._1938;J
J
St L Ir M A S gen con g 5s. 19311A O
Gen con stamp gu g 5s. .19311A O
Unified A ref gold 4s... 1929JJ
J
J
1929 J
Registered
Rlv A G Dlv 1st g 4s...1933 M
Verdi V I A W 1st g 5s...1926 M
Mob & Ohio new gold 6s
1927; J
1st ext gold 6s
ftl927 Q
General gold 4s
1938 M

Oct’17

a Das

71

MSSM<feAlstg4s lntgu.’26 J

Montgomery Dlv 1st

83
Aug 12
102
June'16
58% Sept’18
Sale 62
62
65
6534 Aug’18
80
June'16
79% 80% Nov 16

78%

74%

78

86%

5s._1942|J

....

74

1st Chic Term

—

^

Pensac A Atl 1st gu g 6s..l921|F
8 A N Ala cons gu g 5s
1936IF
Gen cons gu 50-year 58.1963! A
L A Jeff Bdge Co gu g 4s
1945 M
Manila RR—Sou lines 4s
1936 M
Mex Internat 1st cons g 4s__1977 M
Stamped guaranteed
1977 M
Midland Term—1st s f g 58.1925 J
Minneapolis A St Louis—
1st gold 7s
1927 J
Pacific Ext 1st gold 6s..-.1921 A
1st consol gold 5s
1934 M
1st A refunding gold 4s.__1949,Hil
Ref A ext 50-yr 5s Ser
A..1962|Q
Des M & Ft D 1st gu 4s..1935; J
Iowa Central 1st gold 5S..1938 J

Mississippi Central 1st 5s

\1av'!6

100% May’18
105
105
Sept’18
104
136% Mav 06
95
92
Sept’18
109% Aug '16
92% 95
79% 69% Dec ’16
7%
71* 10
7%
73
Aug’18
7578 76

100%

94%
93%

108

Sept’18

70

D
N
S
S
O
s
J
s
D

MStPASSMcong4slntgU-1938 J

92

91%
86%

1

....

1949, M

Refunding gold 4s

88

93*4
93%

1934 J
1937 W
1949 M

Apr '18
94% June’16
71% Aug’18
85
8ept’18
99% Oct ’06

Bdge 1st s f g 6s__193l!M
Kentucky Central gold 4s. 1987 i J
Lex A East 1st 50-yr 5s gu 1965'A
L<fcN<kM<feMl8tg4**9 1945 M
L A N-South M Joint 4s. .1952 J
Registered
ft 1952 Q
N Fla A S 1st gu g 5s
1937 jF
N A C Bdge gen gu g 4*^3.1945 J

61

60

Since
Jan. 1

95

93
87

801*
72
85

Hender

Dec

Last Sale

91

_

42

'98%

’18

Jan

85
75

69

101

J
J
J
S
s
J
J

1932 J D
1949 M S

N Y A R B 1st gold 5s....1927 M
Nor Sb B 1st con g gu 5s.ol932 Q
Louisiana A Ark 1st g 5s
1927 M
Louisville A Nashv gen 6a..1930 J
Gold 5s
1937 M
Unified gold 4s
1940 J
1940 J
Registered
Collateral trust gold 5s
1931 M
E H A Nash 1st g 6s
1919 J
L Cin A Lex gold 4**s___i931 M
N O <fe M 1st gold 6s
1930 J
2d gold 6s
1930 J
Paducah A Mem Dlv 4s_.1946iF
St Louis Dlv 1st gold 6s._192l|M
2d gold 3s
1980 M
Atl Knox A Cin Dlv 4s... 1955 IB
Atl Knox A Nor 1st g 5s. 1946 J

17

103

80

87

93%

100* 100%

May’18
Aug T8
Nov’17

....

....

97

96%
93%

53%

78%
47%
47%

....

82%

97

Oct. 4

or

—

gold 5s._ftl93l Q
ftl931 Q
1938 J D
1922 j Hi S

NYBAMBlstcong 56.1935 A

June’lG

106%
99% 100
103% 96
110%

99

96*4

77*2
97%

Deo T6

52%

Sale

cons

Registered
73

j 90
i 100
2
78

....

53%

67%
55

82
___

....

84

63
50

Range

Range

Ask Low
High No.\ Low High
99
96
96
102
Sept’18
113
Mar 17
99‘% Sale 97%
99% 1039 97% 99%
99
97% 102
Aug’18:
! 96% 101
105
Oct ’13
79
70
72%
70
70
July’18

OO

1941

1st consol gold 4s
General gold 4s
Ferry gold 4 *4 s
!■
Gold 4s
Unified gold 4s
Debenture gold 5s
20-year p m deb 5s
Guar refunding gold 4s

1

75% July*16
73
Sept’18
96% June’18
97
May’18
105% Mar '08

....

_

July 17
63%
Sept’18

5s..1941

Leh Val RR lOyr coll 6s__*1928
Leh Val Coal Co 1st gu g 58.1933
1933
Registered
1st lnt reduced to 4s
1933
Leh A N Y 1st guar g 4s.__.1945
Registered
1945 M

61% Apr ’11

No price Friday; latest bid and asked this week.

i)

93%

WeeXs

Fridag
Bid

Leh V Term Ry 1st gu g

3!
5

23

64%
Sept’18
70% Sept 18
56
56's
37
Aug ’17

....

High

l!

71
10 101% 103%

64
71

Sale
71%

69
*71

94

79'2
86U
86%
72U Aug’18
103%
103%

....

64*4

No: Low

High

Price

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 4,

Since
Jan. 1

£

Last Sale

Ask Lout

Bid

Range

Range or

Friday
Oct. 4

[Voi.. 107.

Record—Continued—Page 2

3

Option sale.

Oct. 5 1918.]

New York Bond

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4.

N Y Cent ft H R RR (Con.)—
N Y ft Pu 1st cone gu g 4a.1993
Pine Creek reg guar 6s....1932
R W ft O eon 1st ext 5a
A1922
Rutland 1st con g 4 He
1941
Og A LCham lat gu4ag-1948
Rut-Canada 1st gu g 48.1949
St Lawr ft Adir 1st g 5a—1996
2d gold 6s
1996
Utica ft Blk Rlv gu g 4s..1922
Lake Shore gold 3)48
1997

Registered
Debenture gold 4s

26-year gold 4s
Registered

Week's

Range

Range or

Oct. 4

Last Sale

iSince
Jan. 1

113

95H
691*

A

60
55

....

....

70
65

71
71

85%
8212
90

911*
10U*
IOOI4
88*s

4s

1940 J

Registered

1940 J

1947
Non-conv deben 4s
Non-conv deben 3 Ha
1947
Non-conv deben 3 Ha
1954
Non-conv deben 4s
1955
Non-conv deben 4s
1956
Conv debenture 3Ha
1956
Conv debenture 6s
1948
Cons Ry non-conv 4s
1930
1954
Non-conv deben 4s
1955
Non-conv deben 4s
Non-conv deben 4s
1955
Non-conv deben 4s
1956
Ches
1st
4s.
Harlem R-Pt
1954
B ft N Y Air Line 1st 4s.. 1955
Cent New Eng 1st gu 4s. .1961
Hartford St Ry 1st 4s
1930
Housatonlc R cons g 5s
1937

IN

...
....

...

98

70

781* Sale
76is 80
751*

"64*4

62
72
70

73
71

77

IN
A

....

J
IN

....

....

J

....

8578

J
J

....

J
A
J
IN
F

59
59
57

Sale

92
70

944

724

73
874
864

75

82

81*4

8378 Nov’17
1041* Deo ’15
103
May’17
130i8 Jan '09
123% Mar’12
991* Aug’17
92
Apr ’18
741* Aug T8

92

92

744

75

72*4
754

804
82

Feb 14
June’08

79% July’17
78i2
781*
76
85

6312

78
Nov’17

64i2

61

65

714

80
76*4

72
70

56
55
59
59
55
60

8578

70

774

Sept’17
Sept’18
Sept’18
Sept’18

55

55

504

62
614

52
55

55

Sept’18
857s

88

61

514
82

60

Aug’18
794 Dec 17
74

'89* IIII
Sale

55

60

73

7178
55

Oct ’17
9112 Jan ’12
60
July’18

60
90

60

May" 15

87
83
55

July’14
Aug ’13

73

60

'60 ’

Sept’13

1064

69

55

60

60

45

A
81
68

J
J
IN

N

....

4478

J
IN

General 4s
1955 J
Norfolk Sou 1st ft ref A 5s. .1961 F
Norf ft Sou 1st gold 5s
1941 IN
Norf ft West gen gold 6s.... 1931 IN
Improvement ft ext g 6s..1934 F
New River 1st gold 68....1932 A
N ft W Ry 1st cons g 4S..1996 A

1996 A
J

Div’l 1st lien ft gen g 4s. 1944
10-25 year conv 4s
1932

J
1932 M
1938 M
J

J
M
Q
Q
Q
Q
J
J
F
Q
F

J
Q
J
J
J
J
IN
M
Q
IN
IN
F
J
IN
F
M
J
J

70
57

Sept’17
Apr 16
994 Deo ’13
884 Feb ’14

634 Sept’18
924 Juue’12
60
50
65
Apr ’18
654
65*4 Sale
654
814 June’18
82*4
10512 106 106
Sept’18
122
Nov'16
10512
105
105
1024 106
79
794
794 Sale
9312 Dec ’16
73
764 Sept’18
1234 May’17
1174 May’17
1044 Sept’18
1044
764 Sept’18
761* 78
103
95*4
Sept’16
72
774 Aug ’18
77
631*

654

79

Sale
Sale
Sale
59

7934

80%

79
58

79

594
614 June'17
824 83
July’18
"734 814 74 Aug ’18
101
1014 July’18
102
103*4 Sept’17
1005s 104
107
Oct *16
934
887s Mar’17
674
59
364 Dec T6
83
105*8 1084 106*4 July’18
594

56

71

”65”

Sale

71

834

844
1004
934
100

July’18
Aug ’18

88
83

July’18
Sept’18

100

95
99

684

60
60

60

834
94%
864

Sale

82

84*4

964

81*s
824

784

71

1034 105*2
764 854

29
4
8

774

794

79

844

78*4
564

80

614
854

83
74

75

1004 103

....

71

106*4 108*8

1

75
95

70
82

May’18
Feb ’17

934
88

4
39

934
100

100

934
94*4
854
864
894 Nov’17
844 Sep ’16
92
Aug *17
102

105
85

105
79

97*2
83

65*4
84*2

105% 106

....

804

634

81*2

....

” “88'"

83

90

924
854

99
92

794
86

92

J
J
M
F
J
J
A
M
M
M
J

97
95
76

974 Sept’18
974 July’18

A

894
864
804
K04
724
72*8
814

734

A

M
F
J

744
824
784

79
86

80
85
93

87*4

84
86

June’18
Oct 17

964
96*4
104
964
904
884

May’17
May’18

J

88

78

78
93

No prlee Friday; latest bid and asked

90*4
894
894

70

84

82%

96*4

984
971*
78

84
84

96*4

Deo '15
Feb ’12

Oot ’12
Feb 17
Apr ’17

904 July’12
81
Aug *18

934
824
824
774
*92

964
95*4

....

Keb ’17

July’18
814 July’17
37*4 Deo *16
824 July’18

74

754
754

87
78

Dec *17

81
78

78

81
78

May i0
98*4 Apr ’17
92

Dec ’17

934

884 Sept’17
931* Sept’18

934

914 June’18:

June’171

99

99

921*
904

90*8 Sept’18
901* Sept’18
91
Sept’18

a Doe Jaa.

._

9 Due Feb.

g

904
914

934
914

88
87
91

91

904
91

Du* June.

1369

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4
P C C ft St L (Cim.)
Series G 4s guar
1957
Series I cons gu 4HS...1963
O St L ft P 1st oons g 5S..1932
Peoria ft Pekin Un 1st 6s g..l921
2d gold 4Ha
61921
Pere Marquette 1st Ser A 5s. 1956
1st Series B 4s
1956

Price

Week’s

Range

Friday

Range or

Oct. 4

Last Sale

Since
Jan. 1

Bid

M
F
A
Q
M

Ask Low
91
93
93

89*2

N
A
O
F
N

79*8
65i8

80

Mortgage gold 4s

1945

Rich ft Dan deb 5s stihpd.1927
Rich ft Meek 1st gu 4s
1948
So Car ft Ga 1st g 5s
1919

Virginia Mid Ser D 4-5S..1921
Series E 5s
1926
Series F 5s
1926
General 5s
1936
Va ft So’w’n 1st gu 5s. .2003
1st cons 50-year 5s__1958
W O ft W 1st cy gu 4s
1924
g

5s.. 1955

Term Assn of St L 1st g 4 Hs-1992
1st cons gold 5s
1894-1944
Gen refund s f g 4s
1953
St L M Bridge Ter gu g 5s. 1930
Texas ft Pac 1st gold 5s....2000
2d gold Income 5s
02000
La Dlv B L 1st g 5s
.1931
W Min W ft N W lstgu 5s 1930
Tol ft Ohio Cent 1st gu 5s.. 1935
Western Dlv 1st g 5s
1935
General gold 5s
1935
Kan ft M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P ft W 1st gold 4s
1917
Tol St L ft W pr lien g 3 H8-1925

O
s
J
J
J
J
J
J
J
D
D
S
D
A
A
D
O
N
J
N
N
N
J
O
N
J
J
J
O
J
N
J
O
J
J
J
J
o

50

831*
83

J

50-year gold 4s
1950
Coll trust 4s g Ser A
1917
Trust 00 ctfs of deposit
Tor Ham ft Buff 1st g 4s..61948
Ulster ft Del 1st oons g 5s..1928
1st refunding g 4s
1952
Union Pacific 1st g 4s
1947
Registered
1947
1927
20-year conv 4s
1st ft refunding 4s
02008
Temp secured 63 July
1928
Ore RR ft Nav con g 4s..1946
Ore Short Line 1st g 6s
1922
1st consol g 5s
1946
1929
Guar refund 4s
Utah ft Nor gold 5s....1926
1st extended 4s.....1933
Vandalla oons g 4s Ser A...1955
Consols 4s Series B
1957
Vera Cruz ft P 1st gu 4He.. 1934

* Die faly.

* Due Aug.
i

0

Sale
Sale

Due Oot.

45
Jan ’18
52

Aug’18

57*4

59

71

71*2
69*4
52*2

Sale
Sale

48
42
14
105

68i2
4578
100*8 Sept’18
95
93
Sept’18
78
May’16
90
May’17
101*2 99*8 Sept’18
Sale

65

Sale

5478
61

59*8
57*4
98*2
5578

Sale
Sale

66

Aug ’18
59*4
57*4
Jan ’14
56*2

100
67
72*4 70
Sale 54
80

79*8

82%

62
44
99

66
50
99

80*4
81>s
8U4

86
81*2
86

63

63

55*2

61

66
60
44

75
70
54

99*8 1061*

65

66
55

100*2

100*2 101*4
91
97*s

85<s Aug ’18

....

62

69

85*s
637s
50*2

85*8
68**

57
52
31

55
64

59*2

54*2* 60*2

June’18

100

100
67

58i2

July’18
Sept’18
5478
57*2
57*2

51*4

76
75

75
75

7H*
7U*
57*8
57%

7*
75

75
77

86 >4 100*8

92*2 Sept’18
90*2 June’18

92*2
90*2

93*4
90*2

87*4

94

94

94

95

87

95

91*4

91*4

70

76

58
70

90

__

92*2

9578

72

72*4

78

Sale
Sale
Sale

91*2
75*2

84*8
85

95
92

49

June’18
91*4 June’18
72
90

72
Feb ’14
77*4
78

53
85
37

90*4

91*2
75
76*8
87*2 8ept’16
85
Sept’18
74% Sept’18

'85'“

87
7012 75
90
101
97
95

68*2

Mar’18
June’18
99U June’17
101
Dec ’15

75**
86%
75
85
71

80%
95
82

' ’88”
96

100

Oct 17
96*4 Jan 18
100*4 Jan ’10

96*4

96*4

85** July’18

85*2

85*2

87

92*2

100

Oct ’16

103*2 Auk 17
9214 104
8914 92% 92
May’18
109*2 Nov’15
93
101*2 Deo '16
98%
100*4 Oct ’17
104% 100
Apr ’18
91*4 93*2 102*8 Oct ’17
90%
96*4 Feb ’18
107*2 Sept’16
91*2 96
90 s
93** Aug ’17
71*2 Sale 71*2
72

——

....

94

85

76*2
88*2
62%
84*4
65
79

70

75*4
87*2
100*4
Sale 62
65
65*2
92
66% 64*2
87%
8212
92*4 92
70
80
81*2

Sale
Sale

....

...

75

O

J
IN
S
o
J
J
J
J
J
A o
N
M
IN N
IN S
W S
IN s
IN N
J
J
A O
F A
J
J
A O
A
F
J
J
A O
J D
Mar
J
J

June‘17
Mar'16
80

63

...

91
93

93
100

Sept’18
,

High

887s

97U Dec ’17
80*4
81*8
81*2 June’18
8H2 Sept’18

Sale

63
J
J
D
J
J
J

65
45
99

....

.

1959 A

79*8

....

....

Atl Birm 30-yr 1st g 4s._el933 M
Caro Cent 1st con g 4s
1949 J
Fla Cent ft Pen 1st g 5s
1918 J
1st land grant ext g 5S..1930 J
Consol gold 5s
1943 J
Ga ft Ala Ry 1st con 5s._ol945 J
Ga Car ft No 1st gu g 5S..1929 J
Seaboard ft Roan 1st 5s_. 1926 |J
Southern Pacific Co—
Gold 4s (Cent Pac coll)..*1949 J
Registered
*1949 J
20-year conv 4s
01929 M
20-year conv 5s
1934 J
Cent Pac 1st ref gu g 4s
1949 F
Registered
1949 F
Mort guar gold 3He..*1929 J
Through St L 1st gu 4s. 1954 A
QHASAM&P 1st 58..1931 IN
2d exten 5s guar
1931 J
Gila V G ft N 1st gu g 5s
1924 IN
Hous E ft W T 1st g 5s...1933 IN
1st guar 5s red
1933 IN
H ft T C 1st g 5s Int gu._.1937 J
Gen gold 4s int guar
1921 A
Waco ft N W dlv 1st g 6s *30 IN
A ft N W 1st gu g 5s
1941 J
Louisiana West 1st 6s.... 1921 J
Morgan’s La ft T 1st 6s__1920 J
No of Cal guar g 5s
19a8 A
Ore ft Cal 1st guar g 5s
1927 J
So Pac of Cal—Gu g 5s
1937 M
So Pac Coast 1st gu 4s g__1937 J
San Fraa Terral 1st 4s... 1950 A
Tex ft N O con gold 5s
1943 J
So Pac RR 1st ref 4s
1955 J
Southern—1st cons g 5s
1994 J
Registered
1994 J
Develop ft gen 4s Ser A
1956 A
Mob ft Ohio coll tr g 4s
1938 M
Mem Dlv 1st g 4H8-5S...1996 J
St Louis dlv 1st g 4s
1951 J
Ala Gt Sou 1st oons A 5s__1943 J
Atl-ft Chari A L 1st A 4Hal944 J
1st ,30-year 5s Ser B
1944 J
Atl ft Danv 1st g 4s
1948 J
2d 4s
.*1948 J
Atl ft Yad 1st g «uar 4s..1949 A
E T Va A Ga Div g 6a...1930 J
Cons 1st gold 5s
1956 M
E Tenn reorg lien g 5s
1938 IN
Ga Midland 1st 3s.
1946 A
Ga Pac Ry 1st g 6s
1922 J
Knoxv ft Ohib 1st g 6s
1925 J
Mob ft Blr prior lien g 5s. 1945 J

No. Low

Sept’18
Sept’18

100
87

Philippine Ry 1st 30-yr a f 4sl937

Refunding 4s

High

92

97*2 104*8 1001* May’18

Pitts Sh ft L E 1st g 5s
921*
1940
1st consol gold 5s
1943
Reading Co gen gold 4s....1997
8H2
Registered
1997
751*
75
Jersey Central coll g 4s...1951
Atlantic City guar 4a g
60
1951
St Jos ft Green Isl 1st g 4s.. 1947
617s
St Louis ft San Fran (reorg Co) —
Prior lien Ser A 4s
59
J
1950
71
Prior lien Ser B 5s
J
1950
Cum adjust Ser A 6s
61955 A O
68*4
Income Series A 6s
61960 Oct
46i2
St Louis ft San Frah gen 6s. 1931 J
J 101
J
General gold 5s
90
1931 J
St L ft S F RR cons g 4s..1996 J
J
80
Southw Dlv 1st g 5s
1947 A O
K C Ft 8 ft M cons g 63.1928 IN N 100
65
K C Ft S ft M Ry ref g 4sl936 A
O
87
K C ft M R ft B 1st gu 58.1929 A O
St L S W 1st g 4s bond ctfs«ul989 M N
66
2d g 4s Income bond ctfs.pl989 J
J
Consol gold 4s
D
59%
1932 J
1st terminal ft unifying 5s. 1952 J
J
57*4
D
Gray's Pt Ter 1st gu g 5S..1947 J
S A ft A Pass 1st gu g 4s....1943 J
56
J
S F ft N P 1st sk fd g 5s....1919 J
J
Seaboard Air Line g 4s
..1950 A O
Gold 4s stamped
67*4
1950 A O
54*2
Adjustment 5s
ol949 F •A

Spokane Intemat 1st

Jan ’93

M

Gr R ft I ex 1st gu g 4H&.1941 J
Ohio Connect 1st gu 4s—1943 M
Pitts Y ft Ash 1st cons 58.1927 M
Tol W V ft O gu 4Ha A..1931 J
Series B 4 Ha
.1933 J
Series C 4s
1942 M
P C C ft St L gu 4Ha A..1940 A
Series B guar
,
1942 A
Series C guar
1942 M
Series D 4s guar
1945 M
Series E 3 Hs guar gold-1949 F
Series F guar 4s gold
1953 J




82

674
63
70

60
70

May’18
85U
82%

81

F

J
M
Registered $5,000 only..01992 M

*

73

"984

50

NYW,chesftBlstserI4Hal946 J

10-20-year conv 4s
10-25-year conv 4Hs
Pocah C ft C Joint 4s
1941
C C ft T 1st guar gold 5s. 1922
Solo V ft N E 1st gu g 4s..1989
Northern Pacific prior lien
railway ft land grant g 4s. 1997
Registered
1997
General lien gold 3s
a2047
Registered
a2047
Ref ft Imp 4 Ha ser A
2047
St Paul-Duluth Dlv g 4s. .1996
St P ft N P gen gold 6s... 1923
Registered certificates.. 1923
St Paul ft Duluth 1st 5s._ 1931
1st consol gold 4s
1968
Wash Cent 1st gold 4s.... 1948
Nor Pac Term Co 1st g 6s..1933
Oregon-Wash 1st ft ref 4s—1961
Pacific Coast Co 1st g 5s....1946
Paducah ft Ills 1st s f 4H8..1955
Pennsylvania RR 1st g 4s.. 1923
Consol gold 5s
1919
Registered
1919
Consol gold 4s
1943
Consol gold 4s
1948
Consol 4 Ha
I960
General 4 Ha
1965
1942
Alleg Val gen guar g 4s
D R RR ft B'ge 1st gu 4s g. 1936
Phi la Balt ft W 1st g 4s.. 1943
Sodua Bay ft Sou 1st g 58.1924
Sunbury ft Lewis 1st g 4s. 1936
U N J RR ft Can gen 4S..1944
Pennsylvania Co—
Guar 1st gold 4Ha
1921
Registered
1921
Guar 3 Ha coll trust reg A. 1937
Guar 3 Ha coll trust ser B.1941
Guar 3Ha trust ctfs C—1942
Guar 3H8 trust ctfs D—1944
Guar 15-25-year gold 4s..1931
40-year guar 4s ctfs Ser E.1952
Cin Leb ft Nor gu 4s g
1942
Cl ft Mar 1st gu g 4H8...1935
Cl ft P gen gu 4 Ha ser A. 1942
Series B
1942
Int reduced to 3H8..1942
Series C 3 Ha
1948
Series D 3 Ha
1950
Erie ft Pitts gu g 3 Ha B..1940
Series C
1940

101
103
94
71

98% July’17
81
Sept’18

58i2

954
674

June’18
Jan 18
N0VI6
Nov’16
Apr T8
71

100

N Y Prov ft Boston 4s.-.1942 A

Registered

60
70

72
70
10012 Jan ’17

55

52

J
M
M
Naugatuck RR 1st 4s....1954 M

Boston Terminal 1st 4s... 1939
New England cons 5S....1945
Consol 4s
1945
Providence Secur deb 4s..1957
Prov ft Springfield 1st 5s. 1922
Providence Term 1st 4s
1956
W ft Con East 1st 4Ha... 1943
N Y O ft W ref 1st g 4s
01992

95i2
9512
67U June'18

87
90

1931 M

J
J
M
J
F

83*8
84ig

72i2

3H8...1951 M
1952 M
20-year debenture 4s
1929 A
N Y Chic ft St L 1st g 4s .1937 A
Registered
1937 A

May’15

85%

...

....

J L ft S 1st gold
1st gold 3Hs

2361
Registered
2361
NYC Lines eq tr 5S..1918-22
Equip trust 4Ha..1919-1925
N Y Connect 1st gu 4Ha A..1953
N Y N H ft Hartford—

82

91%

A
J
J

M
1931 Q

Sale
....

J

Registered

High No. Low High
741* Mar’18
724 744

Asft Low

70%
101

J
J
J
J
A
J
J
1997 J
1928 M
1931 M
1931 IN
1938 J

Ka A ft G R lat gu o 6s
Mahon C’l RR 1st 5s
1934
Pitts ft L Erie 2d g 58...01928
Pitts McK ft Y 1st gu 6s
1932
2d guaranteed 6s
1934
Michigan Central 5s
1931

Debenture 4s
West Shore 1st 4s guar

Pries

Friday
Bid

A
J

Record—Continued—Page 3

92*8
89*4
83i2
45
99

99*2
91%
88

103
98*2 100
-s

....

95

98

....

99
....

102
82

83%
82%

95

66

60

~80
41

99*2
80*2
45
93

90*2

76

96
80
70
88
50
80

49

49*4

*73*8
69

':?5 "

32
22
87
85
70

86*4
80
84

79*2
103*2
78*8
100
92
81

90**
80*s

96*2

17j

71*4

81**

62
92

75%
86%

82%
93*4

‘65

59
65
87

Aug’18!....
Mar’18|
Sept’18
92
70
Mar 18
Feb 17
Mar’18

"64”
68**
92

64*8
87%
82*2

69*2
87%
82*2

91
70

95

96

96

70*4

.___

68
95
73

l»j
*l*j

Jau

Jan

95

68
95

96%

98*2

93

93

94*2
81%

68

Sept’12
98*8 Aug *18;
102*2

June’lll

94

July’18l...

98

81%
67%
93%
95%

Sept’18;

81%
67*4

Sept’18

80*2

85*2
_

80*2

Sept’18:.

86

May’lal.

100

90

95
61

86
95

82*4

_

41

93

72*2

Mar’17
Mar’17

86
July’18
Keh ’18
95
61
Sept’18;
95*2 July'17

106%

88%

76*2
88*4
Aug ’16
62%
Aug ’18
July’18

93*8

93
Apr ’ 18]
101*2 n«* ’161

82*4
61

Nov’16

100

92% Sept’18
91*4 97*t
86
86
Aug 18
86
51
Mar 181--.51
63
100
100
Sept’18
100*2
98*4 Sept’18
98*4 101*4
106
Sept’16

72*2
89*8 102
98
93
92
91

100

41

86%
46%

S6

86

90

93

67*2

69

79%

j

Suv’04
Apr ’18'
Jan ’17
Feb *1 r!

67*2 Sept’18
91 ;,4 Dec 171
52
Aug’17
77*2 July’18'
49
Sept’18
18% Mar’06

1
i 671*

Ml

A pr

88
>8
85
83

flept’18'
Sept’17!....
86*2! 31

45

80
53

88

88

17

84
89
Sale
86
83
Aug ’18
85*2
25
89
Sale 83%
84*2
15
75
80%
Sale 77*2
79%
166
Sale 102*8
101%
103%
103%
78% 82**
79
78%
78% |
101
100*2
100*2
1; 100% 104
98
<.»5% July’18;
j 94% 97*i
Sale 80%
81*4'
44; 80% 85*2
9*
Dec
98
*17j
89
89
Feb ’18
i 89
89
80
80
Jan *18...J 80

79*2

!

80% June’18!..
35

9 Due Nov.

Sept’17

* Due Dec.

| 80%

80*s

jo

s Option sal •

New York Bond

1370
BONDS
N. ¥. STOCK EXCHANGE
Week ending Oct. 4.

Pries

West's

Fridas

Banos or
Last Sals

Oct. 4

Ask hue
Hidi
88
85*2
86*2
Sale 91
91
Sale 80
80U
90
Aug *18
98
98
Sept’18
65
Sept’18

Bid

N
N
A
J
8
J
j
j
o
8
A

054

A

84

O
J
O

5712

M
M
F
j
M
1921
1954 J

Wabash let gold fie
Sd gold fie
Debenture series B
let lien equip e fd g fie
let Lien 50-yr g term 4a

I

J

Om Dlv let g 3 He.
1941
Tol * Ch Dlv let g 4a
1941
Wash Term I let gu 3 He
1945
let 40- yr guar 4s
1945
West Maryland 1st g 4s
1952
West N Y A Pa 1st g fie
1937
Gen gold 4s
1943
Income 5e
pi943
Western Pac 1st ser A fie—1946
Wheeling A L E 1st g fie
1926
Wbeel Dlv 1st gold 5s
1928
Ex ten A Impt gold fie....1930

A

M
F
F
A
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864
91
80
96
96

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87U 105!

Sale
LOO

85*s
45
Sale
98

81

s
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F
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Refunding 4 He series A..1966 M s
RR 1st consol 4s..
1949 M s
J
Winston-Salem 8 B let 4s..I960 J
J
Wis Cent 50-yr 1st gen 4s
1949 J
Sup A Dul dlv A term 1st 4s ’36 M N
M
A

88is

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57*8

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82

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93
60

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99
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36
80

24
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578
90
60

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17
82

82
62
99
70

82

mmmm

22

100*4 Apr *17

99*4 100 ' Feb 17
98*4 995g Mar* 17
60
60
52
Sept’18
Sale
604
6012
6012
67i2 82
67U Aug *18
71*4 Sept’18
724
76
09ia 73
May’18

—

-

-

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60

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5512
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694

604
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72

774

73

Street Railway
o
J
J
J
J

A
J
J
J
J

Brooklyn Rapid Tran g fie..1945
let refund conv gold 4e
2002
6-year secured notes 5a
1918
Ctf* 3-yr sec 7% notes op A1921
Ctfs3-yrsec7%no,esop B1921
3-yr 7% secured notes..*1921
Bk Cty 1st cons 4s..1916-1941 j
J
Bk Q Co A 8 con gu g fie..1941 M N
Bklyn Q Co A 8 1st 5e
J
1941 J
F
A
Bklyn Un El 1st g 4-5e._.
F
F
F
J
F
J
J
J

81*4

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79“
81

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61

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804
86
86

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5912
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Montreal Tram 1st A ref fie. 1941 J
J
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Portland Ry 1st A ref 5s.
M
F
J
M
J
J
A
MO

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Income 6s
1948
United Rys Inv 5a Pitts lss..l926 M
rnlted Rys St L 1st g 4gr..1934 J
St Louis Transit gu 5a
1924 A
A
J

Gas and Electric Light
Atlanta G L Co 1st g fis
1947
Bklyn Un Gas 1st cons g 5s. 1945
Buffalo City Gas 1st g 5s... 1947
Cindn Gas A Elec lstAref 5s 1956
Columbia G A E 1st 5s
1927
Columbus Gas 1st gold 5s.. 1932
Consol Gas conv deb 6a
1920
Cons Gas ELAP of Balt 5-yr 5s '21
Detroit City Gas gold 5s... 1923
Detroit Edison 1st coll tr 5s. 1933
1st A ref 5s ser A
ftl940
Eq G L N Y 1st cons g 5s..1932
Gas A Elec Berg Co c g 5s.. 1949
Havana Elec consol g 5s
1952
Hudson Co Gas 1st g fis
Kan City (Mo) Gas 1st g 5s.
Kings Co El L A P g 5s

Ed Elec Ill 1st

5s..l
g 5s.1
Pacific O A El Co—Cal G A
Corp unifying A ref 5s...1
Pacific G A E gen A ref 5s..l
Pac Pow A Lt 1st A ref 20-yr
cons g

NYAQ El LAP 1st

con

Mu Fuel Gas 1st gu g fis.

*No price Friday,

*




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----

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Mtge Bond (N Y) 4s ser 2..
10-20-yr 5s series 3
N Y Dock 50-yr 1st g 4s
Niagara Falls Power 1st 5s..
Ref A gen fis..
a
Niag Lock A O Pow 1st 5s..
Nor States Power 25-yr 5s A

624

68

17*4

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384

91
71
66
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95
96
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73

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85

734
984
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864

86
68

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73

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974
884

86*4
76*s

924
80*4

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100

3

984 100
714 81

Apr *17
Mar’17
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Mar’17

2
_

78
90

84

91

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824
94
_

80

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914

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1

80

84

824

83

1094
79
80
79
94
94
85
100

1940
1941
1943

_

854
75

1939
1966
1932

66

1951

1932
1932
1954
1941
Ontario Power N F 1st 5s... 1943
Ontario Transmission 5s
1945
Pub Serv Corp N J gen 5S..1959
Tennessee Cop 1st conv 6s._ 1925
Wash Water Power 1st 5e__1939
Wilson A Co 1st 25-yr s f 6s. 1941

_

_

_

_

High

824

•*|

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vi.

_

_

704

90*4
91

_

_

_

_

_

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90
93
83

754

8412

74

81
58
90

2
62 1024 1094
137
73
804
20
77
904
784 83
98
91
97
91
904 94
1261 90 1024
11
854 92
75
75

85
80
80

8ept’l8
Sept’18
Sept'18
Sept’18
100*4
874

_

Sept’18
Air 14
June’16

874

90

68
86

_

1094

____

8ept’18
Sept’18

84

954
_

_

81*«
7U

_

65
91

67

83'

874
87*2

98*2

_____

_

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2

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95
77

95

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1004 105‘2 Oct ’10
934 894 Oct ’ 17
84*4 85
Sept’ 18
86 s
864
864
_

_

80
88

894

_____

_

High
66*4

18

38

83

924 Sept’18
83
Sept’18
804 Sept’18
81
Sept’18

58
85
85
Sale 107
Sale 774
Sale 79
83
804
94
984 97
90
93
Sale 974
Sale 854
794 75
83
94
69
67
91
92

Sines
Jan. 1

No. Lorn
7 60
8
18

60
25
25

98
83
83

Ju*i< 1
76%
77
95
8ept’18

854

>

13
|
1

90*4 Aug *18
914

91

38

734

82*2

88

96

90*4
904

904
964

I

Manufacturing

A

!

Industrial

Am Ag

Cbem 1st c 5s
1928
Conv deben 5s
1924
Am Cot Oil debenture 5s
1931
Am Hide A L 1st » f g 6s
1919
Am 8m A R 1st 30-yr 5s ser A d '47
Am Thread 1st coll tr 4s....1919
Am Tobacco 40-year g 6«...1944
Gold 4s...
1951
Am Writ Paper 1st s f 5s...1919
Baldw Loco Works 1st 5s..1940
Cent Foundry 1st s f 6«. j__ 1931
Cent Leather 20 year g 6s.. 1925
Consol Tobacco g 4s
1951
Corn Prod Ref s 1 g 5s
1931
1934
()lst 25-year s f fis
Distil 8ec Cor conv 1st g 5s. 1927
E I du Pont Powder 4H»--. 1938
General Baking 1st Jfc-jr fis. 1936
Gen Electric deb g 3 He
1942
Debenture 5s
1952
Ingersoll-Rand 1st 5s
1935 J
Int Agrlcui Corp 1st 20-yr fis 1932
Int Paper Co—
Consol conv s f g 5s
1935 J
Liggett A Myers Tobac 7s.. 1944
6e
1951
Lorillard Co (P) 7s
1944
6b
1951
Mexican Petrol Ltd con fis A 1921
1st lien A ref fis series C..1921
Nat Enam A 8tpg 1st fie
1929 J
Nat Starch 20-yr deb 5s
1930 J
National Tube 1st 5s
1952 M
N Y Air Brake 1st conv fis.. 1928 M
Pierce OJ 5-year conv fis.01920
10-year conv deb fis
51924
Railway St Spring 1st s f fis. 1931 A
Sinclair OH A Refining—
1st s f 7s 1920 warrants attach
do
without warrants attach .‘.
Standard Milling 1st 5e
1930 M
The Texas Co conv deb fis.. 1931 "
Union Bag A Paper 1st 5s. .1930
Stamped
1930 J
Union Oil Co of Cal 1st 5s.. 1931 J
U 8 Realty A I conv deb g fis 1924 J
U S Rubber 10-yr col tr fis.. 1918 J
1st A ref 5e series A
1947 J
U S Smelt Ref A M conv fis. 1926 F
V-Car Cbem 1st 15-yr 5e...l923 J
Conv deb fis
el924 A
West Electric 1st fis Dec
1922 J

944
984
82
100

Coal, Iron A Stool
Beth Steel 1st ext s f 5s
1st A ref 5s guar A

864
714
864
99

1004
864
Sept’18
1174
Sept’18
864

99

74i8
944

Sale
82
Sale

.84 Aug ’18
934 v
944

65

804

81

994
994

994 Sept’18
994
994
874 87
874
994 104
Ma> *17

_

85
_

_

_

664

72

96
80

974

754

Sale

75
73
96

100

86
109
84

_

_

_

_

_

96
Oct ’13

_

_

924
904
994

_

85
87

864

54
100
80
95

Sale

94

90

944
964
96

Sale
Sale

97*4
954

75
71
94*4

_

2

88
....

_

75
74

100

1

...

9

75*2

08*2

.

1
934 99
10 107*4 117
5
95
86
115
11 107
1
834 93
23 105*4 122
120
8 106
98
E 914 924
93
97*2

934
109

95*4

.

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85
1047s

974
944
93*4

86

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84*2

39

904 101*8

88

83

83

56
45
4 100
101
113
81
76
13
924 98
2
90
974

54

11

1004
80
95

94

!

141

June’18
994
82*4 auk ’17
83
Aug ’18
54

97*4 100
984

1 95*4
149 1 83

904
924

92
98
99

1004 100
Sale 79*4

.

__

_■

97
Sale
98
Sale

95
75

7
_

99*8
994

974

!J

974 Sept’18
974 Sept’18
Sale 83
844
1044 8ept’lH

96

_

i

16

754

974
994 101
83

1014
84*2
974

I

Mu' ’18

754

87

79
99
80
93

29

_

_

_

3
6

86

_

_

Mai’18

July’18

83

80

_

_

99

Sale
864
Sale 1084
109
85
8312
834
125 * 116
122
115
117
120
98
97
M>. *18
94
934
Aug ’18
974 974 97
Sept’18

_

_

924 100*2
904 100

98*4 101
844 89*2
964 994
10 117
1174
71
744

_

934 Sale 934
1074 109
1084

944
944
964 Sept’18
944
95*8

i

984

94*4
944

6

98

j
92

1926 J
1942 M

904
804

A imp s f 5s... 1936 J
Buff A Susq Iron s f 5s....1932 J
p m

Telegraph A Telephone
Terep A Tel coU tr 4s
1929 J
Convertible 4a_.
...1936 M
20-yr convertible 4 He
1933 M
30-yr temp coll tr 5s
1948 J
Sub recta full pd com fis. 1925 J
Cent Diet Tel 1st 30-yr 5s..1943 Q
Commercial Cable 1st g 4a..2397 Q
Registered
2397 |J
CumbT AT 1st A gen 5s. ..1937; J
Keystone Telephone 1st 5e._1935 F
Micb 8Late Telepb 1st 5s._. 1924! M
N Y A N J Telephone fie g..l92oj M
N Y Telep 1st A gen s f 4 H«-1939 M
Pacific Tel A Tel 1st 5s
1937. J
South BeU Tel AT lets f fis. 1941' j
West Union coUtr cur fis ...1938 j
Fd and real est 8 4 H>
1950 m
Mut Un Tel gu ext 5s
1941 M
Northwest Tel gu 4Hs g —1934, J
Am

864
994
1174
774 714
864 864

9
21
3
9
30

95
99
82

82

994

117

_

944
984

Sale

----

J
N
J
D
Debenture fis
al926 M S
Cahaba C M Co 1st gu fis.. 1922 J
D
Col F A I Co gen s f 58. J'...194
F A
Col Indus 1st A coll 5s gu..l934 F A
Cons Coal of Md lstAref 5s. 1950 J
D
Elk Horn Coal conv fis
1925 J
D
Gr Rlv Coal A C 1st g fis..51919 A O
Ill Steel deb 4 Hs
1940 A O
Indiana 8teel 1st 5s
1952 M N
Jeff A Clear C A I 2d 5s
1926 J
D
Lackaw Steel 1st g 5s
1923 A O
1st cons 5s series A
1950 M S
Midvale Steel A O conv s f 5sl936 M S
Pleasant Val Coal 1st s f 5s. 1928 ,J
J
Pocah Con Collier 1st s f 5s. 19571J
J
Repub I A S 10-30-yr 5s s f.1940 A O
St L Rock Mt A P fis stmpd.1955 J
J
Tenn Coal I A RR gen 5s..1951 J
J
U S Steel Corp— 1 coup...dl963 M N
s f 10-60-yr 5s reg
dl963 M N
Utah Fuel 1st s f 5s
1931 M N
Victor Fuel 1st s f 5s
1953 J
J
Va Iron Coal A Coke 1st g 5s 1949 M S

20-yr

Sale
Sale
Sale

1004100

904

75

97

824

794

..

25

23

Ask Low
Sale 60
30
23
25
25

90
79
77

..

59

524
274
904

Last Sals

Range

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90

85
_

_

_

_

Sale
Sale
Sale
96

914

92
90

90

844
734

93i2
744

85
95

90

82
92

Sale
Sale

11
6
22

94

904
814

804

May’18

8ft4 July’18
101

_

_

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90
85

90

83
73
83
95
94
81
92

86
76
90
95
94

94*4
88

96*2
96*2

80*2

92

864

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Feb

1 *

824
924

14
8
10
5
11

95

95

894
854
764
864
92*4

894
864

894

g5
90

86

864

77

81
94
Sale

924
974

934
83*t

784

_

834 July’18
734 Sept’18
87
Aug’18
05
Allg ’18
94
82
92

99

92
86

_____

85*2
97

1

954
94

..._

90

864

864

944

94
80

95

1
3

Apr ’18

954 8ept’18
96
98

180

974

Sept’18

!

_

_

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87*s
984

85*2
924
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80

80

92*2

97*2

96
96

100

994

87
75

Jao ’17

84

105

54
24
70

46

894

87*4
774

July’17
994 Nov’15
78
Sept’18
91

03

_____

747s Sept’18
90
Sept’17
100
89
94

Great Falls Pow 1st s f 5s...
Int Mercan Marine s 1 fis
Montana Power 1st 5s A
Morris A Co 1st s f 4 He—..

Bangs

Oet. 4

254

_

Apr’17
87

974 Mav .7
July’17
98*s Oct *17
92*4
84
10158 Nov* 16
9812 92
Aug’18
83
814
814
101 June IT
96
Aux
*17
89H

75*s

82

.

87*4

92
95
90
100
Sale 100

*

.

25
90

Feb *15

684 Sept’18
947s Sept’18
964 Aug ’*7

88
Sale

87i2
7712

_

624

73*2
744

Alaska Gold M deb fie A
1925
Conv deb fie series B
1926
Am 83 of W Va 1st fie
1920
Armour A Co 1st real est 4 He *39
Booth Fisheries deb s f fie
1920
Braden Cop M coll tr s f fie. 1931
Bush Terminal 1st 4s
1952
Consol fie
1955
Bldgs fis guar tax ex
I960
Chic C A Conn Rys s f fis.. 1927
Chic Un Stat’n l«t gu 4 He A 1903
Chile Copper 10-yr conv 7s. 1923
Recta (pirt pa<d) conv fis ser A
Coll tr A conv fis ser A__ 1932

_

87
June’13
Imi* ’18

Feb ’ 18
Fer ’13
9058 924 No' ’17
95
904 Deo ’17
904 D«* ’16
90
D« ’17
97
100
Aug 18
100
110
JU!>*
77
734
734
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98
90'4 89
Aug’18
84
854 June 18

86
_

77

.

Sept’18

103
994
914 Aug *18
93*4 Sept’18
90
Sept’18
914 Ap. ’18

1044
_

85
68

814

2U2

794 Sept’18

80

Sale

_

854
86i2

_

654
864
854
85*4

804
854

1948

West’s

Fridas
Bid
60

Miscellaneous

Adams Ex coll tr g 4s

..

May’17
48

Sept* 15

95 >8

85

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94
100

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Aug 'P

103
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54
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May 13
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9012 Feb 17
95
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Sale
564
66-8
504
33*4 Sals 304
34
90
84
104
Aug’18
91
91
92
Sept’18

_

964
944

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Sale
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63
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484
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69
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92*2 i 90
Sale 5012
55
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80’s
7312
Sept’18
74i2
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Sept’18
80
July'18
77
85
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724

r

N Y A Jersey 1st fie.

'

J
J
J
8

8312 Sept’18
65
Sept’18

977$

Sale
94
92
80
90
101
90
80
821$
Sale 80
70i2 60
72*4 78
63
63
81
8012
88
8512

95U

A
A
A

69

82i2

_

95^4

Pries

Computing-Tab-Rec s f 65.. 1941
Granby Cons M 8 A P con fis A *28
Stamped
1928

84

794

[Vol. 107.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4.

Sines
Jan. I

No. Low High
6
844 93
954
0, 90
5 80
864
90
90
96
1004
65
65

"

^

Rants

]l

99ly Sept’17
80 ~ Aug *12
75
Apr *17
844 Jan 17

77
70
80
80

Nnv

Record—Concluded—Page 4

J
S
S
D
D

8212

894

794

Sale
81
Sale
Sale
Sale

87

904
97*4

80
86

Dec’16

Sept’18

41

84
90

11
87
66
90*4
984 1615

794
854 Feb ’18
954
994 May’18

684

73

J

86

90

A
N

87’

684 ■»•*»* ’18
86
Sept’18
98
Apr ’16

Sale

N

95

N
J
j
j
N
N

8512 Sale
88*4 904
87
874
89
89ia
784 804
_

_

__

964

99

-—

78

J
J
J

964

_

87
97

Nov l7

_

_

_

_

_

_

_

_

1

_J

Aug *18
854
854
89
89
87*2
87*2
89*2
89*a
80

68
4
1
3
1

80

1014 Sept’17

_

774
814

834
85*2
91*2
954
98*4
99*2

93*4
984
— —

684

87

_

86

82
86

■V

_____

_

83

85

_

_

_

_

684
934

854

90

97
84
87
86

98
89

874

93*2

80

88

924
95

—-1

J

4 Dos April, e Dim May. # Dos June. 5 Due July, t Due Aug. • Due Oet. 9 Dim Mot. « Dim Dee.

s

Optica

cale

V

Oct.

61918.]

BOSTON STOCK EXCHANGE—Stock Record

SHARE PRICES—NOT PER CENTUM PRICES.

Saturday

Monday
Sept 30

Sept. 28

•125
69
85

Tuesday
Oct 1

126

125

691*

69i2

85
331* 34
169
169
•
3
•14
30

*85

33*4
*160
*

*14

•271*
*137
•83
•105
*52
*105
*72
80

*1*4
12U
4014

•27
•137
*83

145
....

*

115
55
109

54

•105
•72
79

80
2

*1*4

12i2
4014

12
4012

i

*80

*80
94
*22
*83

*931*
*21

471*

*531*
981*
92
.95
4

23

471*

4712
53ig

54
99
92
.95

412
*10714 IO8I4
109

975*
*55

95U
*79
*79
*14
*104
*63

251*
137g
12i2
*4*4
145

109

9814
56

9512
81
82
15
106
64

•881*
*

.

_

87
*64
*112

2512
13V
12i2
512

363*
*13
110
*51

CEXLCOHASNEGD

....

106
54
109
79
2

STOCK

Oct. 4.

125

69*4
85

34i2
*160

•ii
*27
*137
*83
*

*15g
4012

92
1

109

24"
96
48

4712
5312
99l2
92
1
*4
108

*80
*79

*63
26

64

*63

148

*30*4
*412
*1512
3*8
8812

89
84
64

84
•63
115

11312
90

*8812
*

89U

1
1

86*4
*62
*115

36*4

112

1
76

*.60
*75

1
76
4
.40

.30

497g
*15i2

497g

*.15
*49

50

16

*155s

I6I4

48iz

53*4

*54

9912

99

100U
*90l2 92

92
1

*.80
*4

41z

3

*82
50

11*4
47
3

514
97g
4U
84
51

*60

*.60

.80

5312
7912
*2512
*5*4

5312

*2512
*5*4

.80
55
80
26
6

*.80

VAs

*.99

*.50
*.75
*39
*53
17
65
*24

48lg
.60

*312
.50
*.12

5
3
4

2*4
3

5512
20U
U2

*20

15
15
75

*14
*12
*68

*8*8
13*4

14
.80
1
41
55
17
66

*.50
*.75
*39

*5212
I6I2
*65

*2312
48
*.60
4
*1
*.12

.60
4
.50
.16
5

4*4

3
.94

3
.94

42iz
4212
•1H
9i*
*841*
1*4

43i2
42*4
l7*
91*
84**
1*4
21*
H*

4*8
4*8
25s
.95
43
43

*1*4

97|
85*8
1*1

*21*
•1

23

•1*




*1V

812

*4l2
4U

*2
*1
23

*5

*2i2
*3i2
412
2U
*2l2
5512

4l2

24U
481s

227*
*1*

*4

price*,

110

IIOI2
llOlz HOI2
104
104*4
*53
54
5312 53l2
95
9512
94*4 95
81
Last Sale 81
Sept’18
82
Last Sale 80
Sept’18
15
14*4 1484
105
*106
107
1073s 108
64
Last Sale 62*4 July’18
26i4
2612 26i2
2512 26*8
135s 1384
1378
135, 14
12
12
12i2 12i2
1212
5
5
5U
10912 10912
10214 10412

e

Amoskeag Manufacturing
Do
pref

11212 11312

140*4 143
40is 41

26*8 2612
26*8 263g
IO8I2 HOI4 10918 llOig
110*4 110V *11014 in
7*8
7*4
75g
7*4
*.60
76

*33g
*.15

*49U
1512

1
76

3*4
.30
50

15i2

—

—

T*

1081, 109V
110V 110U
7*4
77g

Last Sale 60 Sept’18
*75
76
-■*75
76
.

*3U

80

2612
6

1'A
6
3

4*2
412
214
3

*24i2
67
450

3*4

*3V
3V
Last Sale .25 Sept’18
*4914 50
4914 49U
15V 15i2
15V 15V
Sent,’IS

450
*1H2 12
*46
47
3
*2*4
*5
5U
10
10

*3*4
*80
50

*514
*.60
*54
*80
*25

*5*4
*1
*5

*2l2
*3l2
*4
*2

27g
55*8

55l2
20*8

*20

2
15
15
75

*14
*12
*68

8*4
14
.60

1*2
41
55
17
66
24
48
.75
4

*DZ

414
84
50

584
.80
56

8Uz
26
6

ivr.
5lz
3

41z
5

*23l2
*3lz

5

10V
*495g
*5*8

*55
*80
Last
Last
Last
Last
Last
Last
*4

214
*2i2

•1*2
14

5,995
50
75

12
47
3

iou

lOV

505s
5*4

56
82
Sale
Sale
Sale
Sale

55
55
*80
82
25
Sept’18

5*4
,90
5

Sale 3
Sale 3 V
5
*4
*2

Sept’18
Sept’18
Sept’18
Sept’18
Sept’18
5

214'

2V
3

l7s
14

1

•IV
2
13U 13V
Aug’18
68
Sept’18
8V
8V
•13V 14
.25 Sept’18
*4
Aug’18

Last Sale

83s
1312

8*s
13*4

Last Sale
Last Sale
39
3912

40

39
52

39
52

16V

16V

52l2
1612
6512

53 I
16V
651z

*46
*60

48 i
.70

46
*.60

65
H-* 00
46
.70

3iz

4U!

*3V

4

65
toto

.17

*4l2
414
212

414
21z

.95

.95

.95

44ig
43 U
178
9Vg
85*8
1*4
212
IV
227*
*4

*43l2
4312
*1*4
912
*83*2
1*4
•21$

437g
43i2
Vt
9iz
8414
1*4
21z
IV

43*4
4312
*1*4
97,
•84U
1*4

IV

*1

_

1

pref

Adventure Con
30 Ahmeek
110 Alaska Gold

25
25
10

Algomab Mining

25

35 Alloues
25
180 Amer Zinc, Lead A Smelt. 25
Do
pref
25
1,530 Arizona Commercial
5
200 Butte-Balaklava Copper.. 10
Butte A Sup Cop (Ltd)... 10
270 Calumet A Arizona
10
38 Calumet A Hecla
25
83 Centennial
25
315 Copper Range Co
25
335 Daly-West
20
525 Davie-Daly Copper
10
2,175 East Butte Copper Min
10
Franklin
25
10 Granby Consolidated
100
82 Greene Cananea
100
40 Hancock Consolidated
25
Indiana Mining
25
20 Island Creek Coal
1
24
Do
pref
1

Isle Royale Copper
Kerr Lake
Keweenaw Copper
Lake Copper Co
La Salle Copper
Mason Valley Mine
210 Mass Consol
130 Mayflower-Old Colony...
100 Michigan
371 Mohwak
Nevada Consolidated
55 New Arcadian Copper....
67 New Idrla Quicksilver....
Do

100I1
75|1
6,20511

212

25,

5
4V
2*4

*.95

.97

*.93

.97

1,950’

44*4 *42*4 42*4
44
Z42V 43
1*4
1*4
l7s
9V
9V
97,
85
*84*, 85
2
17,
2V
2U
2U)
*2V
2V
Last Sale 1
Sept’18

435 1
448
2001
210,
1001

e

» Ex

821* Aprl8
104
53
106
70

Febl9
Jan22

Septl9
Oct

3

77i*Junel8
lt« Sept 6
81* Jan22
27
Feb26
90
JanlO
z88V Junel4
20
80
37
47

Jan 2

Aug 6
Feb20
JanlO

781* Jan 2
885* Jan 2
.40 July 1
4
8ept30
99
107

Jan 2
June 4

90*4 Aug 5
451* Jan 8
90

Jan 3

76
11
98

Jan 7
Feb21
JanlS
681* Janl7
21
Jan25

IOI4 Mayl8
12
4
134

Jan29
Jan31
June21
271* June27
128
Janl6
27
Aug29
5
Apr
12
Apr23

135
100
40
170
3

15
30
147
85
120
65
81
85

Highest

July 9
Aug 9
Mar25
Mar25
Jan 2

15
150

Dec
Deo

2

July

9

June

Mar 6

30
148

Aug

Aprl7
Jan30
Mar 6
Jan 3
Feb25
Jan 3

Nov

83»* Deo
1021* Nov
44
116
83
78
1
6

Dec
Dec
June
Dec
Deo
Dec

pref

*47

Junel4

12*8 Mar23
41
Jan 2
11
Jan 5
.22 Sept 3
17
Mar25

621* JanlS
427

Feb28

10*4 June27
43*8 Mar25
11* AprlO
5

Jan 2

51* Mar25
3

June21
7312 June14
39
Janl7

6*8 June21
.40 July23
50
Jan14
7912 Oct 1

191* Janl4
5
Jan 2
.80 Septll
5
Mar25
2
Jan 2

25
25
25
5
25

25
25
25
5

25
5

.100

31* Sept20
3*4 Septl7
.65
Mar26
.40 June28
55
Aug 20

Copper
Do

pref

3701
OR

Jan
Mar

781* Mar
133

Jah

21*4 Sept
901* Oct

Sept 3

921* Jan
1001* Mar
6*b June
311* July
62*4 Jan
105
Apr

85

135

Jan 8
Oct
4

16i* Dec

JanlO

Deo

Jan

84i* Feb
110

1001* Aug27
951* May21
21* Mar 2
15*8 Mar 4

73
88
1

Dec
Dec
Dec

94*4 May
1031* Jan
2*8 Jan

115i2Mayl5

90
105
96

July 5
Apr 1

113*4 May 9
109

Feb 5

60*8 May24
96*4 Mar 12
84
Septl8
82
18

Jan 3
Jan31

891* May 16
Jan 3
Jan 2

1191* Mayl6
Oct

3

137s Marl6
146U Apr 9
521* Aug 7
145

Oct

3

60
75
6
88

May28
Aug28
July 17
Aug 9

Dec
Dec
Dec

Sept
55i* Feb
9

Dec

54

Feb27

2D4 July 3
54
July 6
16>4 Aug24
.45 Jan 7
33 May 14

731* Mayl6
465 May27
141* Febl9
50 May 16
3
Sept30
678 Mar 8
101* Jan 2
6

Feb 18

83*4 Sept 5
51

Oct

1

10i8 Jan 2
1
70
84
29
6

Feb 19

1*4 MaylS
8*4 Mayl4
314 Mar 5
6
7

Febl3
Jan 2

3i* July 8
3
SeptlO
Mayl6
Mayl4
July 1
Mar 7

6612
201*
21*
1714

58

June

100U June
75
July
971* Jan
14*4 Deo
1211* Jan
66

Jan

20tg June

170V Jan

4

10

Dec
Dec

92i* Dec
71
63
110
35
60
93
*59
107
29
10
116
40
*105

Dec
Dec
Dec
Jan
Jan
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Dec

371* Dec
25

Oct

79** Dec
103*4 Dec
4U Dec

*

1
70
1

Oct
Dec
Dec

14 Sept
45
11
40

Dec
Dec
Nov
8*8 Nov
.25 Dec

12*8 Dec
65
411
11

Dec

Dec
Dec
39U Dec

li* Apr
314 Nov
8U Dec
4
66
35
7

Jan 3

Mayl5
Febl8
July 3

Mar

126U June
12H* Jan
128U Jan

118*4 Deo

Jan

412 July 5
.45 Mayl3

14

Jan

10
226

1*4 Jan25
83

74

37* Dec
133is Dec

48i2Mayl6
26*2
1161*
H2I4
8*4

Nov
Dec
Dec

387| Nov
*87U Dec

June

July 8
120U Febl6
64
Julyl9
28i* Sept 5
141* Augl9
17i* May 1
6*4 MaylS
15412 Jan 2
58*4 Oct 3
151*4 Mayl6
35
Aug30
61* Feb 6
18
Julyl9
5V Marl8
921* Feb28
91 Mayl6

39

712 Dec

Jan

561* Mar

Dec
Dec
Nov
Dec

*4 Dec
62
80
20

Nov
Nov
Dec

4U Apr
114 June
5

Oct

1U Dec
4ig Nov
5
1

Nov
Nov

1*8 Aug
57
16

Jan
Jan

18i* Jan
33i* Jan
102

Jan

1001* Mar
81
169
95

Mar
Jan
Mar

921* Aug

1241* Mar
112

Jan

166U Jan
46
16

Jan
Mar

1627* Apr
68

June

155i* Jan
581* Jan
30ig Mar
135

May

121

Jan

87g Jan

414 Jan
108

Jan

111* Jan
U4 Jan
70

Mar

411* Jan
73

Jan

15U June

214 Jan
52

Jan

85U Jan
590

Feb

27U Jan
68
3

Jan
Jan

7t* Jan
16
9
92

Jan
Mar
Jan

461* Jan
20i* Jan
4

Mar

761* June
94
36
6

Apr

18
5

Jan
Jan

Jan

Aug
4*4 Jan

8*8 Aug
15i* Jan
3 May
51* Mar

Jan31

1312 Aprl7

6*4 July
11*4 Oct

.25 Feb 14

.95 Marl9

i* June21

U* Mar30
45i* Jan 3

.30 Nov
.98 Dec
33
Nov

65

9214
9*8
2414
2*4
27g
67*4

531* Dec

95

16
60
20
48
.68

28*4 June
94i* Feb
32ig Apr
89*4 Mar

May28

20
80

Jan 2

Jan 9

21*4 Mar22

20U Feb20
78 Mayl6
25*4 May23

46

57

65

Lake.

Feb
Jan

97s April
17*sMayl6

Janll

4612 Junell
16i2Oct 1
10
25
10
10
25
5
25
10
25
1
50
50
5
5
10
1

July
July

Dec
Nov
11* Dec
10
Nov
22
Jan
65
Dec

181* Jan30
U4 Aug29
13U Jan 2
12
Aug29
65
Aug29

39

280’

4,715ii
lOOh

Junel3

1*8 Apr25
.15 July 11

38
150
108
140

Jan
Jan
Mar
Mar
Jan

Dec
Dec
Dec

100
69

Jan29
Janl7

Aug 9

175
79
133
45
213
3
30

83
34
z45

July30
July 5

Aug30

Sept 9

Dec
Dec

70i* Deo

June 5
Junel7

71* May 16
Mayl6
May29

33
46
90
99
25
90
50
62

120
27

Jan 2

116U Jan 9

70
124

Jan 7
Jan 3
Jan29

June24

761* May29

Junel7
Junell
JanlS

i*June27
71

S'As

145
100.1
151
2001

.12

23
23
23
Tiost X-’g’*
Sent’18

July 19
July 2

5

290
145
172
140

*4*8

23

Jaa23

Aprl5

25

71
610

*.10

*4

Lowest

Mining

5
4U
25g

23

July 11

25
138

...

.12

4

Jan 2

Jan26
10U Mar 1

^

.12

*4

37
80
19
150
2

31* Aug23
88 Sept30
i77U JanlS

■a

U2

1221* Aprl7

36 Me El wain (W H) 1st pref. 100
893 Massachusetts Gas Cos...100
121
Do
62
pref
100
102 Mergenthaler Linotype
100 107
New Eng Cotton Yam
88
100
Do
pref
100
300 New England Telephone.. 100
821*
Nova Scotia Steel A C
56
100
2 Pullman Company
100 102
1,085 Punta Allegre Sugar
29
50
11
10
3 Reece Bu ton-Hole
3,346 Swift A Co
100 102
50 Torrington
45
1. 25
1,228 United Fruit
100 1151*
1,885 United Shoe Mach Corp._ 25
381*
105
Do
pref
25
24*4
4,349 U S Steel Corporation....100
87
5
Do
pref
.100 108
2,035 Ventura Consol Oil Fields. 5
5

*412

.17
5

Ex-dividend and rights,

Do

2,755

Last Sale 12

4*8
45s
25*

•1
23
*lt

•11V
46*4
*2*4

12
46*4
3
5U
10U

3 | * *2V
55
55U 55U
55*8
Last Sale 19*4 Aug’18

*1
*.12

IV

460

*49*4 505s
5V
5V
Last Sale .80 Sept’18

IV
55
17
66
24
48
.70
4

460

67V

Last Sale 4
Sept’18
*80
84
*79
83

15
75

.80

*46
*.60

*2*4

17S
1512

*.50
*.75
40
17
65

46

5512
2012

8iz
1334

460

*1U2

214
27g

*8*8
13*4

*52l2

455

67V

67i2

Banff* for Prestons
Year 1917

Highest.

601* Jan 2

105 Art Metal Construe Inc
10
45 Atl Gulf A W I 8 S Lines..100
Do
100
pref
980 Booth Fisheries
no par
815 Century steel of Amer Inc. 10
400 Cuban Port Cement
10
150 East Boston Land
10
169 Edison Electric Ilium....100
6,215 Fairbanks Co
25
10 General Electric
100

i

6712

978
*3*4

4
83
50

_

4ig

108L *108U 109

■

67l2

*5

514
10V

92
1

15
15
15
'15U
.35
.35
*.25
.35
Last Sale 26 V Sept’18

512

x8*s
13*4

92
*.80

1

.45
26

512

U*

99*4 100

15i2

11*4
46i2
*2*4

46i2

4712

1514

512

*14
*12
*68

4712

*.35

*5U

*20

49
....

.50
*25i2 27
67
67
457
455

15U
*35

*412
*2i2
*312
3*4
*2l4
*2i2
55i2

41

1*4
10*4
40>8

15i2

1512

*79

40U

1*4
101g

Last Sale 49

.35
.35
*25
26i2
67
67*4
450
460
12
12

*

l7g
IU2

Georgia By A Elec stampd 100

8
Do
pref
100
129 Maine Central
100
200 Mass Electric Cos
ioo
1,726
Do
pref stamped
100
830 N Y N H A Hartford
100
Northern New Hampshire. 100
30 Old Colony
100
J
Rutland, pref
100
70 Vermont A Massachusetts. 100
407 West End Street
60
332
Do
pref
60
Miscellaneous
460 Amer Agricul Chemical
100
168
Do
pref
.100
200 Amer Pneumatic Service.
25
65
Do
60
pref
240 Amer Sugar Refining
100
65
Do
100
pref
3,753 Amer Telep A Teleg
100
15 American Woolen of Mass. 100
115
Do
100
pref

40
Last Sale 90
Jftn’18
*96
99
Last Sale 21
Sept’18
*82
91
90
90

Q

83
*49

Aug’18

38V

*.15

10

Sebt’18

....

*3l2

*334

Sept’i8

,

312

46U
2*4
5U

14i2 July* 18
4i£ Nov’16
28
Sept’18

*115
119
119
*38
38
39
38*2
*13
1312 *13
13l2< 13
13
110l2 11212 111
1127g 11212 11312
*51
53
62
52
*61
52
142
13412 139
145
13812 143
39i2 40U
40
3912 40
40*8

3612
1312

100
100
10 Boston A Lowell
100
463 Boston A Maine
100
25 Boston A Providence
100
Boston Suburban Elee_.no par
Do
pref
no par
Boston A Wore Eleo no par
Do
pref
no par
Chic June Ry A U 8 Y____100
Do
pref
100
Connecticut River
ioo
42 Fitchburg pref
100

2612
26l4
137g
137*
1212 *12
5l2
5U
151
150
150
1497s 149
152
152
54*4 58
55U
57U 58*4
5612 6712
*146
148
14812 *14712 14812
149U 14914
31
30
31
31
325s
325, 33
5
5
5
*412
5
*412
5
16
16
16
*1512 I6I2
3%,
3*8
38g
3*8
312
3V
314
*88
88l2 *88i8
84.
*83
8312
8312 84
83*4 86'
64
63
63
63
63
6312
63*4
115
115
115
117
115
117
117
95
Last Sale 89
*88i2 95
Sept’18
Last Sale 92V Aug’17
8914 *
89U
87
87
88
90 1
90
91
88I2
66
*62
65
Last Sale 64
Sept’18

3ig

15*8

10

Lowest.

3,459 Boston Elevated

June’18

138
83
110

Banpe Sinee Jan. 1.

151

72
87
34

55

*1*4

IO8I2 10912
9912 102
*53l2 5412
95U 9512

81
82
15

3

12512

Last Sale 108 Sept’18
70
70
*78
80

I2I4
4012

*83

34l2

53*4

80
2

*22

*79
*79
*14

53*4

3312

•160
170
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale

*80
*95

99U
5512
9514

149

34l2

88

STOCKS
BOSTON STOCK
EXCHANGE

th§
Week
Shares.

1371

Railroad*

125
71
87
34

72i2

*85

106
54
109

*52
*105
*72
*78

126

7Uz

_

42

4712
5312

125

145'

11V

94
24
96

125
72
85
170
3
30

•

1214

13112 135
3912 40
*2614 261*
26*8 26*8
1113s 113
10912 1123s
*11012 111
*11014 110*4
7*8
714
7U
7*8
*.60
76

Oct. 3.

9814
*5414
94*4

137g
12l2
*4*4

145

87
66
114

Oct 2

1414
1055* 1055s *104

5U2 5414
*14612 14712
301* 31
5
•41*
*1512 16i2
3%
3*8
88
84
64
113

145

4lg
41g
10812 IO8I2

109

Friday

34*4

99l4 100
92
*.80

Wednesday

126
70
88
170
3
30

Salesfor

Thursday

BONDS
Bee Next Pat*

3

Sept30
Oct

4

Jan 2

i* June21
AprlO

1U Feb21
5*4 Jan 2

1* Sept30

2
.20

.11 Jan23
4
Feb 19

1U Augl3
212 Sept23
.85 May 1
36
AprlS
42
July24

Nov
Nov
Nov
Dec
Dec

5*8 Oct

98

Jan

261* Mar
6

Jan

171* Apr
30

2
19

Mar

Mar

Sept
Mar
Jan
Jan
Mar
Mar

Jan
Jan

Jan 3
Jan 8

.89 Dec
.10 Deo

6I4 Jan

6i*Mayl5
4*4 Sept27
41* Feb 13

3U Dec
3*8 Dec

16** Mar
8U Jan

1% Aug20

1<4 May31
8*4 June25
771* Mar23
1*8 June 6
2i* Aug26

49U Feb 19
46
Jan 2
2** Feb 8
12
Janl6
85*8 Oct 1
3J4 Apr 8
3
Jan 3

1
JanlO
22
Augl6
40Mav19

2
Jan 3
36
Jan 3
1Mar 7

dividend, h Ex-rights. # Kx-dtWJend. w Half-paid.

3
1

Nov

May

40'g Dec
431* Nov
17* Mar
91* Dec
71

Dec

21* Dec
2
2 «
31
.15

Oct

Oct
Deo
Aux

.31

Jan

8i* July

2*/£

Jan
67*4 Jan
52i* Jan
87* Sept
2U* Feb
118** May
6** Jan
6

Jan

5i* Jan
58t* Mar
218 Jan

Outside Stock Exchanges
Record.—Transactions in bonds at Bos¬
Stock Exchange Sept. 28 to Oct. 4, both inclusive:

Bonds—

Week’s Range

Sales

of Prices.
Low.
High.

for

98
75
83

95
91
i".

96.52 Jan
93
June
92.84 June
93.64 July
93.04 July
94.54 Aug

77* Aug
94* Sept
74* Sept
77
91
93

Stocks—

High.

Low.

Week.

May
Jan
July

102.50 Aug
Jan
98
97.90 Mar
97
Sept
Oct
96.44
101
May
83
Jan
Oct
98
79
Jan
Oct
83
95
July

97* June
Jan

96* 8ept

99*

80

94

May

90*

Mar

Jan

82* June

Stock Exchange.—The complete record of
transactions at the Chicago Stock Exchange from Sept. 28
to Oct. 4, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Chicago

Sales

Friday
Last
Sale
Price.

Par.

Stocks—

Amer Shipbuilding....100
Preferred
100

Armour A Co pref
Booth Fish com
Preferred

(no par
100
Chic City A C Ry pt sh—
Preferred
Chic Pneumatic Tool. .100
Chic Rys part ctf “2”
Commonwealth-Edlson 100
new

138

97*
) 26

Cudahy Pack Co com.. 100
Deere A Co pref..
100
Diamond Match
Hartman Corp.
Hart Shaf A Marx
Illinois Brick.

Week’s Range
of Prices.

Lindsay Light.
Mid West Util com
Preferred
Mitchell Motor Co

86*
97*

87

26
79

26
82

14*

14*
67*

97*
,

11

100* 105

116*

111

95
107
46

100

46

57*
45

45

21*

15*
21*

16*
21*

40
30

41
30

49*

54*

41

54*

100
100
100

151
Sears-Roebuck com
Shaw W W common
Stew War Speed com.. 100
63
Swift A Co
100 112*
Union Carb A Carb (no par ) 56*
United Paper B’d com. 100
Ward, Mont A Co pref
Wilson A Co com
55
100

83*

Liberty Loan 2d 4s 1927-42
Liberty Loan 2d 4*s
Liberty Loan 3d 4*s
Pub Serv Co 1st ref'g 5s '56
Swift A Co 1st g 5s... 1944

82
245
95
152

62* 62*
57* 64*
108* 113*
55
57*
19* ‘20
103
55

103
56
94

93

.100

Bonds—
Armour A Co 4*s
Chic City A Con Rys 5s '27
Chic Rys 48 ser “B”_

45

82
235
95
142

91*

83*
55*
55*

430
100
200
70
93
30
420
75
510

1,741

117
95

100
100

Peoples’ G L A Coke. 100
Pub Serv of No Ill pref .100
Quaker Oats Co.
100

Preferred

139

107*
46*
57* 57*

100
.100

Preferred

133

105

10

Week.

High. Shares.

68
11

100
com.

Low.

Range since Jan. 1.

for

83*
55*
55*

95.20 95.34
95.30 95.30
95.54 95.76
77
77
91
91*

84*
96* Sept
18* Jan
79

86

Oct

12

47*
8
100

107*
92
102
30
53
45

2,221

133

50

75
23
95
47

<1,000
41,000
11,000
2,100
50

4,100
1,000
19,500

144 *

May
93* May
98* Sept
28
Sept

Jan
Mar

10
15
76
25
85
150
227
216
30
667
5
44
6

4,688
11,179
4,842

High.

Low.
87

June
Jan
Jan
June
Jan
June
Jan
Jan
Jan
Oct

15* Sept
18
Sept
40
Sept
30

Feb

40*

Apr

79
235

Sept
Oct

92*
53*
47
102

Aug

18*
71*
16

108
117

Sept

146
59

Feb
Jan

Sept

83
Apr
52
Jan
50
Jan
93
June
93.76 Sept
94.70 Aug
77
Aug
90
Sept

Jan

May
Sept

69

64*

Feb
Jan
Jan
Jan
Jan
Oct
Jan
Jan
Mar
Jan
Feb
Mar
Oct

Apr
July
22* May

110

Stocks—

Par.

American Sewer Pipe. .100
Am Wind Glass Mach. 100
Preferred
100
Columbia Gas & Elec. .100
Crucible Steel, pref
100
Harb Walker Refrac pf 100

Last
Sals
Price.

Feb

85*

90
99

1*
4*

189

47*
42 *
29

Pittsburgh Coal com.. 100
Pittsburgh Jerome Cop__l
Pitts & Mt Shasta Cop
1

Pittsburgh Oil & Gas.. 100
Pittsb Plate Glass com. 100
Ross Mining & Milling.
1
San Toy Mining
1
100
US Glass
U S Steel Corp com
100
Preferred
100
West’house Air Brake..50
West’house Elec & Mfg.50
.

62
74

36,

Indep Brewing com....50
Preferred
50
Lone Star Gas.
100
Mfrs Light & Heat
50
Nat Fireproofing pref. .50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Natural Gas.25
Pittsb Brewing com....50

Week.
of Prices.
High. Shares.

17c

108

.

"‘8c’

74
36
90
99

1*

5
178
189
48
47 *
10 *
10 *
14 Vs
14*
42 ^
*40 %
29
29 *
2*
2*

50
17c
28c

”_6*

13*
63*

6*
108
7c
7c
34

51*
20c
29c

6*
108
7c
9c

92
43 *

3,042
45

285
10

457
991
100
260

16,625
4,000
100
50

1,000
9,800

93

100
210
10
462

44*

742

34*

109* 113
110* 110*
43 *

100
490
25
25
20
115
185
55

12*

62*

59*
97.52

Jan
Jan

98.10 Mav

96.20 Sept
81* Jan
Jan
95*

40
99

28*
89
99

95

15*
68
101

36*
92

Sept •102*

1* Jan
4* Sept

3*
9*

Jan

Sept
Feb

Jan

Aug

53

Jan

13*

Aug

23
1*
45
17c
21c

5*
107
7c
7c
31

87*

July
Mar
Jan
Oct
Jan
Jan

Sept
Aug
Aug

Sept
Mar

110

May
92* Aug
39

Jan

1943
Indep Brewing 6S....1955

Pitts June RR 68




1922

97
34

97
34

100

97
34
100

<5,000
6,000
4,000

97
34
100

Oct
Apr

Sept

63*
108*

1930

*

16

7*
117
16c
16c

90*
95

56

80*

95*
81*

56

56

92*

92*

Jan
Jan
Jan
Jan

23*

100

2,500
16,650
1,000
4,000
1,000
1,000
4,000
64,000
3,000

1,000:
1,000;
15,000
21,000 |
1,800

Jan

21* July
70
63

July
Mar

59* May
75
85

Sept

90*

Feb
Jan
Mar

47*

Jan

Apr

30

Oct

Mar
June
Mar

34
26
30

May
May
•Jan

Sept
Sept

71* Feb
4* Jan
94* June
3* Mar

21*

<100

95
76
91

9

Aug

29
24

Oct

z65*
2
71

Jan

86*
7*

4

Jan
Jan
Jan

Apr

42*
72*
116*
8*

Mar

Jan

95*

June

Mar

74

93
June
92.80 June
94.44 Sept
94.3( Sept
98* Sept
67
Sept
101* May
36
July
Jan
47*

Aug

97.90 Jan

97.60May
95.90 Sept
98.52May
101

May

73* May
102* Aug
*

42

Jan

59* Aug
98* Sept
97* Sept
101* Apr 101* Oct
96
Apr
94* Oct
95
Sept
85* Feb i
73
82
May
Apr !
Jan
89* Sept 96

11,0001
10,000'
2,000

93

July 1

80*
54
91

Sept

Apr i
Feb

May

97
85

Jan

Jan
60
95* June

Ex-divldend.

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Sept. 28
to Oct. 4, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales

Friday

Stocks—

Par.

Preferred
100
Consol G E L & Pow__100
Consolidation Coal
100
Cosden & Co
5
Davison Chemical.no par
Elkhorn Coal Corp
50
Preferred
50
Houston Oil pref tr ctfs 100
Merch & Min Trans
100
Mer & Min Trans V T.100
Mt V-W’b’y Mills v t r. 100
Preferred v t r
100
Northern Central
50
Penn Water & Power. .100
Poole Engineer & MachlOO
United Ry & Elec
50
Wash B & Annap
50
Preferred
50
>

Week.
Shares.

of Prices.
Low.
High.

103 *

72*
82*

72*

5

82*
103*

82
94

44
72
67
67
17
72
70

15
194
71
226
210
450
25
100
18
10
10
15
50

74*

364

60
53

85*
6*

85*

6
37
29
44

36* ^37*
29
29*

6

44

72

'

67
67
17
72
70
72
62
20

5

62

20*

1,850

5

3

3

224
33
100

Ala Cons C & I 5s
1933
Consol Gas gen 4*s..l954
Consol G E L & P 4*sl935

86
84
78
92
95
79
91

86
84
78

<2,000
1,000
3,000

92*

96*

96*

88
80

88
80
72
52*

5,000
16,000
3,000
1,000
1,000
1,000
1,000
4,000

29*

29*
39*

......

80

85

85*

20

30

Low.

85

102

72*

Range since Jan. 1.

for

Week’s Range

Last
Sale
Price.

Atlan Coast L (Conn). 100
Baltimore Tube
100

5% notes
6% notes.

Monon V Trac 5s
United Ry & E 4s
Income 4s

30

39*

High.

May
Oct

72*

Sept
Jan

July

83*
5* Sept
30

Jan
Jan
Mar

22*
39*
64
56

106

8*
39*
30*
44

80*
92
90

Oct
Jan
Jan
Aug
Aug
Oct
June
Jan
Mar

17* Sept
July

76
74

June

Apr

Oct
74*
63* June
24* Feb
31* Sept
41* Jan
Jan
3*

Jan

86

Jan

May

17* June
Jan

35* June
3

Apr

103*

Jan

Aug
14* June
Jan
68
69
Aug

24

May

Apr

62*

■

Jan

90
87
86

95

1942

1949

71*

1949

52

95
79
91

3.000

79*
84
78
90
94
77

95*
87*
80
71
52

Feb
Feb

88*

Oct
June

84
95

Sept

97* June
82* Feb
92* Apr
98* June

June
Oct

91

Sept

Sept

Apr
Jan

Sept
Sept
Aug

92
85

77*
58*

Jan

Feb
Feb
Feb
Jan

Feb
Mar
Mar
Jan
Feb
Feb

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW
DAILY.

Week ending

WEEKLY

YORK STOCK EXCHANGE
AND YEARLY

Shocks

Oct. 4 1918
Shares

37* Sept
116

90*

Oct
72*
27* July

Jan

46* June
31* Aug
4* Aug
58* Feb
1
48c

76

95
76

37

Feb
Oct
80*
43* June

70
100

Mar
Jan

55* July

Jan
Jan

67
80

10,000

98*
101* 101*
94* 94*

43
136

47
24
7
12

850 1 15-16 Sept
430
2* July
232
36* Aug
Oct
798 z62*

68
102
36
57

100* May
101
Sept

14* May

43*

1,224

77

99*

Jan
Mar

55

495
7
80

99*

July

61*

2,247

27
67

95.50
95.20
95.72
96.68

102
36

ioi*
Penn RR PW&B ctfs 4s ’21
Phila Co 1st 5s stpd..l949
Cons & coll tr 5s stpd ’51
Phila Elec 1st 5s
1966
do
small
1966

Welsbach Co 5s

245
8

95.50
95.20
95.72
95.30

57
98

1997 j
1926

30
33

2
91

68

68
102

Reading gen 4s.
United Rys Inv 5s

1,964

77

96.68

Kirby Lumber Contr 6s ’23
Md Electric Ry 1st 5s 1931

197

June

2*
37*

Bonds.
U S Lib Loan 4s. .1932-47
2d Lib Loan 4s.. 1927-42
2d Lib Loan 4*s 1927-42

Feb

Aug

Jan

7

1

44

88*
2* 2 5-16
2*
2*
37* 37*
z62* 63*
108* 113*
8*
8*

„

Union Traction
50
United Gas Improvt
50
U S Steel Corporation. 100
Warwick Iron & Steel.. 10
Wm Cramp & Sons
100

465
133
92
110
3
37

24*

67
2

88*

1

3,580

80*

24*
26*

27
67

320
250

80

33

24*

456

6,367
1,618

18*
69*
60*
51*
70*

80*
43*
27*

30
33

Cosden & Co ser A 6s. 1932
Ga Sou & Florida 5s. .1945

Par Value

Railroad.
Ac.,
Bonds

Stale, Mun
A Foreign
Bonds

V

S.

Bonds

Aug

111* June
97* May
47
May

t

Bonds—
Cent Dist Telep 5s

Tonopah Mining

68
60
50
70
80

44

Philadelphia Traction..50
Railways Co General
10
1
50
Reading
Tono-Belmont Devel

68

70
80

Aug
May

46* Sept

13* Sept
z40* Sept

50
50

17*

38
115
48

12

26
7

Jan
Jan

58*
95*

Jan
Feb

89
80

Aug
Oct

Bonds—

High.

Jan
Jan
June
Mar
Mar

....

17*

50
58

8
179

72*

7

7

50
100
50
50

91*
101
38
130
54
37

65*
25*

.

Phila Electric of Pa....25
Phila R T vot tr recta..50

Wayland Oil & Gas

Low.

35
70

50
Pennsylvania Salt Mfg..50
Pennsylvania
50
Phila Co (Pittsb)
50
Pref (cumulative 6%) 50

Range since Jan. 1.

Low.

13*
62 *

for

M id vale Steel & Ord
Northern Central
North Pennsylvania

Feb
Aug

Sales
Week’s Range

Keystone Telephone
Lake Superior Corp
Lehigh Navigation
Lehigh Valley

53*

65* May
99* Mar

Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Sept. 28
to Oct. 4, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday

50
Cambria Steel
Elec Storage Battery. .100
General Asphalt
100
.100
Preferred
A
10
Insurance Co of N

July
Apr

97
114
49
67
58
28
28
65
30
55
90
290
100

Aug
Apr
Aug

84*

High.

Low.

6
22
400

54
58

100
38
130
53
29

38

June
Feb

157

100
46
92

58

Feb

June
Jan
Jan

47*
14*

54
58

American Gas of N J..100
American Rys, pref
100
Baldwin Locomotive.. 100
Preferred
100
50
Cambria Iron

Range since Jan. 1.

for
Week.
of Prices.
Shares.
Low.
High.
Week's Range

Last
Sale
Price.
Par.

Range since Jan. 1.

99.84 100.14 <40,100
95.44 95.98 31,200
95.44 96.04 71,850
95.44 96.20 25,950
95.44 96.44 24,050
95.54 96.90 63,100
78
3,000
78*
98
98
2,000
75
75
1,000
79
83
19,000
95
95
1,000
95
95
5,000
97
97
2,000
91
91
1,000
83
83*
4,000

US Lib Loan 3^0-1932-47
1st Lib Loan 4s_ 1932-47
2d Lib Loan 4s. .1927-42
1st Lib Loan 4*81932-47
2d Lib Loan 4*s 1927-42
3d Lib Loan 4*s_..1928
Am Tel A Tel coll 4S..1928
Convertible 6s
1925
AtlGA W I S3 L 58. .1959
Punta Alegre Sugar 6s 1931
United Fruit 4*s._..1925
U S Smelt RAM conv 6s.
U S Steel Corp 5s
1963
Ventura Oil conv 7s. .1922
Western Tel A Tel 5s. 1932

Sales

Friday

Friday
Last
Sale
Price.

Philadelphia Stock Exchange.—The complete record
Philadelphia Stock Exchange from
Sept. 28 to Oct. 4, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent.
For bonds the quotations
are per cent of par value.

of transactions at the

Boston Bond
ton

[Vol. 107.

THE CHRONICLE

1373

98* June
40

Jan

100

Sept

Saturday
Monday.
Tuesday.

Wednesday
Thursday
Friday
Total

78,721,000
60,035,800
51,625,250
53,737,750

<522,000
1,006,000
1,439,000
1,353JMX)
2,333,000
2,483,500

<■3,568,488 3336,491,550

<9,136,550

228,375
752,220
847,950
625,652
540,835
573,456

<21,471,000

70,900,750:

<851,000
1,308,000
1,613,000
1,304,000
743,000
561,000

<3,174,000
5,795,000
5,636,000
6,658,000
6,250,000
5,991,000

$6,380,000 <33,504,000

Oct. 5

1918.]

THE CHRONICLE

sale* at

Week ending Oct. 4.

Friday

Jan. 1 to Oct. 4.

Last

Sew York Stock

Exchange.

1918.

Stocks—No. shares

$33,504,000
6,380,000
9,136,500

_

Total bonds
DULY

1917.

1918.

3,568,488
3.644,155
$336,491,550 $342,621,950
$900
$3,800

Par value
Bank shares, par
Bonds.
Government bonds
State, man., Ac., bonds
RR. and misc. bonds.

TRANSACTIONS

Other Oil
Stocks (.Con.)

1917.

$847,688,500
188,799,500
210,720,000

$109,642,250
245,629,500
388,546,500

$1,247,208,000!

$20,707,000
THE

AT

|

99,457,878
144,113,335
$9,289,502,315 $13,272,753,155
$16,700.
$86,200

$12,244,000
3,100,000
5,363,000

$49,020,500

BOSTON.

$743,818,250

PHILADELPHIA

AND

BALTIMORE EXCHANGES.

Boston.
Week ending
Oct. 4 1918.

Shares,

Saturday
Monday
Tuesday.
Wednesday
Thursday
Friday

Philadelphia.

HOLI DAY

12,473]
16,400!

3,000
4,982
7,791
7,807
4,561
6,254

$77,400
81,150
57,750
79,800
10,000

15,590.

17,090'
15,775

77,328! $306,1001

Total

Baltimore.

1 Bond Sales

Shares

j Bond Sale*

34,395

Shares.

$21,000
22,200
31,100
30,000
32,350
23,000

Bond Sale*.

162
664
758
910
229

$159,6501

$4,000
1,000
12,100
10,900

1,588

16,000

4,3111

$44,000

New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from Sept. 28
to Oct. 4, both inclusive.
It covers the week ending

Friday afternoon.

It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the
regularly

organized stock exchanges.

On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
Is, securities where the companies responsible for them have

complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the “tape,” or reported
In the official list at the end of the day, are authentic.
On the “Curb,” on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
1t is out of the question for any one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Week’s Range

Sales
for

of Prices.
Low.
High.

Week.
Shares.

Friday
Week ending Oct. 1.
Stocks—

Par.

Aetna Explo-t.r
(no par)
Amer & Brit Mfg com. 100
Brit-Am Tobac ord
£1
Ordinary bearer
£1
Bumrite Coal Briq.r
1
Burns Bros Ice com r 100
Carbon Steel com.r
100
Car Ltg & Power.r
25
Chevrolet Motor
100
Cities Service com.r
100
Curtiss Aeropl & M com (f)
General Asphalt com.r. 100
Gillette Safety Razor r (t)
Grape Ola common
1
Preferred
1
Intercontinental Rubb.100
Hntemat Harvester new
Keyst Tire & Rub com.. 10
LakeTdrpeio Boat.r
10
Lima Locom com.r
100
.

Last
Sale.
Price.

„i

18 %

5
Wayne Coal r
Wrlght-Martln Alrc r..O)
Preferred

r.

43

2

118

1%
128
216

18%
18%
3%
44%

16

3

17,700
300
700

7,900
3,400
14,700

120

60

2
135
216

1,500
6,600

33%
3 5%
102

25

36%

2,100
5,600

102
11-16 13-16
2 5-16 2 7-16
11
10
99
99
16
17
4
4%
*44
41

250
300
300
350
100
500
500
310

3%

16,000

36%

29
101

%

3%

3%
43%
3%

12%

50
12%

44

400

3%
50

2,900

12%

2,350
5,800
5,825
5,000
28,000

"

7-16
10

%

%
10
13

13%
31%

.

30%
1%
5%

6

3

3%
6%

6%
63

100

...

11%

18%
17%
3%
41%

18%
3%

__

Marconi Wirel Tel of Am.5
N Y Shipbuilding (no par)
North Am Pulp A Pap (t)
Penn Seaboard Steel
(+)
Relc Equipment r
10
Smith Motor Truck r
10
Standard Mot Constr.r.10
Submarine Boat v t o..(t)
United Motors r..(no par)
U S Lt & Heat com ....10
U 8 Steamship
10

9
1

9%

.

13%
16%
32%
1%
6

3%
8
63

400

600

10,800
13,600
15,800
100

Range since Jan. 1.
Low.

6%
1

14%
14%.
1%
18%
77

1%
100
200
25

High.
Feb
Oct

16% May

Apr
Apr

18%
18%

5

Aug
June

8
98

133

Oct
Jan

144

3%

Jan

June

11
99

Aug
Sept
Oct

2% July
39
2
43

Feb

Apr
May
10% July
%
Sept
8% Jan
11% Mar
19% Jan
1

Mar
Jan

4%
3% Sept
6% Jan
45

Feb

Jan

Sept
20% June
6
May
50% May
3% Mar
47% Aug
4% Aug
56% June

Jan

Apr

June
Mar

June
219% Jan
42
June
37
July
102
Oct
15-16 Aug
2 7-16 Sept

Feb

41

Oct

44% Sept

Jan

12%
2%

Aug

5% Sept

23% June
77% Mar
% June

1%

Feb

’

12% Oct
2% Apr
13% June
20% May
34% June
2% May
7% May

3% Sept
11% May
69

June

Oil

£1

Eureka

Pipe Line r
Illinois Pipe Line.r
Indiana Pipe Line r

'

100
100
50

Ohio Oil.r.
.25
Penn-Mex Fuel r
25
Prairie Oil & Gas r
100
Prairie Pipe Line.r
100
Southern Pipe Line r
South Penn Oil r
100
Standard OH of N J.r.100
Standard Oil of N Y.r.100
Other Oil Stocks.
Amer Ventura Oil r
1
Barnett Oil A Gas r
1

Boston-Wyoming Oil.r..1
Coeden A Co common r._5
Crystal OH A Ref r
1

37

168

262

Houston OH

100

com r

X
------

6%

4c

2%
3X

78
X

Imperial Con OH 1. r....l
Tnt.prn at.

Petrol

£1

r

Island OH A Trans r
Merritt OH Corp.r

10

10
Metropolitan Petroleum.5
Midwest Oil

com

r

Midwest Refining.r
l
Northwestern Oil com




_

50
r

3%
21
*

_1

117
—

15
190
147
91

303

38%
506
253
170
256
522

265

7C
6c
3-16
X
17c
18c
6
6%

7C

Elk Basin Petroleum r—5

Esmeralda OH Corp r____l
Federal Oil r
5
Glenrock OH r
10
Globe Oil r
1

14%
190
146
91
299
26
498
249
167
250
512
252

1%
5%

1%
5%

3c
2

4o

2%
3%

3%
15-16
1
77
81%
7-16
%
13% 13%
3%
3%
20% 21%
1
1%
93c
112
48c

96c
119
52c

1,800
20
50
15
201

6,080
120
130
33
82

270
320

5,000
3,900
7,500
2,300
115

1,800
12.200
3.800
10,700
2,300
4,900
2,100
1,100
8,600
3,000
3,800
3,200
7,020
7,500

Sale*
Wesk’t

Oklahoma Prod dc Ref...5
Okmulgee Prod A Ref
5
Pan Amer Petrol com.r.50
Royal Dutch Co new r

7%
2%

6%

5

6%

5
1
1
1
1
1

7-16
34c
1%

Southwest Oil r
8 tanton Oil.r
Texana OH A Ref.r
Tuxpam Star Oil.r
United Western Oil, new.r
Victoria Oil.r—
10
Wayland Oil A Gas com. .5

Atlanta Mines
.1
Big Ledge Copper
5
Boston A Montana Dev..5
Butte-Det Cop A Zinc...]
Caledonia Mining
1
Calumet A Jerome Cop.r 1
Canada Copper Co Ltd..5
Candal&rla Silver.r
1
Cash Boy.
1
Cerbat Silver M A M_r_.l
Consol Arizona Smelt....5
Consol Copper Mines
5
Consol-Homestead r
1
Cresson Cons Gold MAM 1
Denbigh Mines.r
1
Dundee-Arizona Copper. 1
East Butte
10
Eureka Croesus Min r
1
First Nat Copper
5

Conii'r.

_

Louisiana

%

r

Consol

2%
3

3

3

41c
85c

40c
81c

43c
85c

5%
3%c
%

5%
6%
3%c 3%c

13-16 15-16
41c
47c
4c
7c
49c
45?
1
%
1 % 1 15-16
2
44c
43c
45c
3c
4c
3%c
1
1%
1%
1%
1% 1 9-16
5
5
5%

X
4%
%

1%
1%

2%
------

21c

Mother Lode.r
Mutual Min A Leas pf r 1
Nat Zinc A Lead.r
1
5
Nlpisslng Mines
Nixon Nevada
1
Ohio Copper.r
....1
Onoudago. Mines.r
1
Pacific Tungsten r
1
Ray Hercules Mining.r_.5
Red Warrior Mining.r.
1
Rochester Combined r
1
Rocnester Mines.r
1
San Toy Mining
1

63c

4%
------

49c

34c
2
14c

%
2%
%

11 %

88"

Feb
Mar

138
90
290

Sept
Sept
Sept

26

Oct
Jan

418
249
167
245
490
248
6o

Sept
Oct

Sept
Sept
Sept
Jan

Aug

Sept
5% Sept

15c
1

June

5%

July
Sept
1% Aug
2% Sept
3c

15-16 Aue

Jan
39%
X June
12% Feb
Jan
1%
17% Mar
H Jan
870
Apr

97
420

Mar

Sept

17% Jan
" May

200
192
99
365

38%
526
279
182
290
579

285

35c
33c
8c

10%

12%

1

12
73c

71c

74c

Silver King of Arizona
Silver Pick Cons.r
Standard Sliver-Lead
Stewart
Success Mining

1

%

3-16

%
15c

14c
lie
12c
1 7-16 1 7-16 1 9-16

1

1%

3 11-16

U S Lead A Zinc i r_ ...1
Ward Min A Milling.r...l

13c
12c

12c
10c

Washington Gold Quartz. 1
West End Consolidated..5
Western Utah Exten i r_. 1
White Caps Mining
10c

77c
96c
18c

73c
94c
14c
9c

Bonds—
Am Tel A Tel 1-yr 6s r 1919
Armour & Co deb 6s r. 1919
Debenture 6s r
1920
Debenture 6s.r
1921
Debenture 6s.r
1922
Debenture 6s r
1923
Debenture 6s.r
1924
ser
Beth Steel
7s.r...l920
Serial 7s.r
1921
8erial 7s.r
1922
Serial 7«.r
1923

l%c Oct
Feb
28c

98

97
97

100%
99 %
99 "

100

Canada (Dom of) 5S..1919
Cities Service deb 7s r i ’66
Cudahy Packing 7s w 1 *23
Federal Farm Loan 5s
Gen Elec 6% notes.. 1920
6% notes
1919
Interboro R T 7s
1921
Phlla Electric 6s..._ 1920
Russian Govt 6%s r._1919
5%s r
1921
—

98%
97%

97%
102

% July

99% $31,000
99% 51,000
98%
3,000
8,000
97%
97% 29,000!
98
2,000
97%
3,000
100% 10,000
100
18,000
99
5,000
100
139,000
97% 76,000
5,000

68,000
22.000

104% 104%
99% 100% 27,000
99% 100
16,000
98
98% 107,000
98% 98%
2,000
655,000
60% 70
56
64
330,000

100

99%
98
68
62

Oct
Jan

%

3%
3-16 July
35c
Aug
27c
Jan
7c

6% Jan
56o
Apr
2% Sept
38c
Feb
9
May
IX Mar
.

l*As July
July
2% July
4% Jan
% Mar
43c
July
54c
May
6

18c
Jan

7%

60c
Sept
X Mar
7-32 Apr

12% May
Sept

74c
1

Aug
% June

7c

Jan

7o

1% Jan
2% Sept,
70
Sept
3
July
9c
4o

%
X

Aug
Ang

%
lie

*

Feb

42

Aug

X

Jan
25o
1
Feb
13c
July
#
31c
Oct
% June
Jan
2

100

102
102
97% 98%

98%

Jan
Jan

16c

1%
4

24c

5%

Feb

60c

May

25c

Oct
Jan

76c

Sept

23c

73c
65c
13c

8%c Sept

Feb

Apr
Jan

Apr
Jan
Jan

May
Feb
Mar
June

Sept
1% June
Sept
% Jan

,

99%
99%
98%
97%
96%

97%

Tati

%

July
% May

27
3

Jan

11.1 A

90c
24c
9c
62c

Tulv

S,

99%

nr

7-16 July
47c
Sept

6,000
4,000
8,500

8,000
4,400
6,400
14,900
16,800

Tulv

33o
June
Jan
2%

3,900

3%
16c
13c
77c
1-32
19c
10c

30c
1% Aug
% June
3-16 June
2%c
Sept

A

Mar

19c
Feb
1% July
Jan
2%
*7% May
% Mar
5% Jan
2% July
16-16 June
inu
Feb
2% June
2%
46c
3
Sept
1
Sept
7-16 Jan
10c
Feb
1
860
Sept
Aug

Feb
Feb

?U1fi

Feb

1% Mar
2% Jan
460
Sept

%
7-16 July

7 1K

May
Sept
Aug

H Mar

Feb
Mar
Oct

4%

700

2% 2%
10c" 10c'

10c

Aug

800

% 15-16
15-32
%

X

56o

June
Mar
Mar
Mar
Feb
Mar
Feb

1% Mar

Oct

4%

9,400
1,000
4,700
15,500
7,800
6,700
2,000
2,300
8,500

2Uc SWii

1
1
1

Tonopah Extension
1
Tonopah Mining
1
1
Troy-Arizona r
United Eastern Mining. .1

98%

Aug

99

June

97% July
96

95%

Aug
July

95
95

June
June

98% July
98
97

96%
94%

July
July
July

Jan
102
Oct
97% Aug
101 W June
98% Jan
Jan
99
98
Sept

97%
38
32

'

Aug
Mar
Apr

99% May
100% July
98% Sept
97% Oct

97%
98

Oct
Oct

97% Sept
100% Sept
100

99%
100

97%
102%
98%
106%
101%
100%
98%
99%
70
64

Aug
Aug
Oct

Aug
Sept
Oct

Aug
May
Apr
Sept
May
Oct
Oct

*
Odd lots,
t No par value. . i Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found, o New stock,

Jan

r

Unlisted,

Apr

c

Ex-rlghts.

Ex-cash and stock dividends,
2‘Ex-stock dividend.

u

Jan
Oct
June

CURRENT

w

When Issued,

x

Ex-dlvidend.

NOTICE

May
Feb
Jan
Feb
Feb

21o
June
Jan
1 3-16
Jan
330
8% Feb

1%

%
3%
1%
4%

34c

960

40
390

22c

8,500
3,100
9,500
2,300
5,500
7,700
7,600
6,500
2,600
1,600

8%

X

70o
85c
6
13o

6-16 Apr
a*< July
*
July
3C
July
H Jan
38c
Sept

Oct
Jan
Feb

100
300

33c

4

4%
------

2%
6%
3%

Feb

3c
42o
1 6-16

5,600
2,000
4,000
3,850
2,000

3c

34c
2
16c

%
2%
%

'

1%
22o

May
*% Sept
1% Api
37o
Aug

100

4

8%

15-16

900

1,500
2,000
2,900

56c
%
34

31c

2%

450

3,000
4,400
4,050

10ft

14c

W H-A O

68o

1* Sept
3

%

450

1%

9% Jan
X Sept
1% Mar

June
Aug

q i/i

4,910

%

10
%

9,900

%
7-16
50c

34
4
33c

Oct
Oct
10% May

69

Oct

100

4%

%
4

8
May
11% Mar

54%

% Sept
H Sept
250
Sept
% Sept
30c
July

4,600
5,900
1,300

%
7-16
48c

53c

6
6

600
200

4%

1%C

53c

1

6,500
3,300

65c

9c

2%c

par)

July
Sept

14,400
10,450
2,100
1,000
19,100
52,300
62,000
12,400
44,500
2,400
14,200
5,500

2%c 2%c
%
%

65c

Beneca Cop Corp (no
Sliver Canon
j.
Silver Tissue Sliver

56

100

1
22c

5-16
35c
35c
8c

..

3,100
1,550

7,900

2%

20c

2%c

1

Jan

44,000
6,000
4,210

45c'

1%
%

6% Apr
1% Sept

270

1%
1%

High.

40

2,500
16,200
3,950
15,500

X
5
4%
% 13-16
11-16
%
10
10

1%

Low.

100

X

13-16

5
5
1

—

2%

44c
4c
48c
11-16

1

Magma Copper
Mason Valley

2c
1

%
1%

43c

Gibson Cons Copper.r__l
Golden Rule Mines r
1
Goldiield Consolidated .10
Great Bend.r
1
Green Monster r._
50c
Hartie Gold Mln.t.r
1
Hecla Mining
25c
Iron Blossom _r.
10c
Jerome-Verde Copper
1
Jim Butler.r
1
Jumbo Extension
.1
Kewanus r
1

Liberty Silver (prospt)

1%
X

2c

1

.

38c

1%

%

Mining Stocks.
Alaaka-Brit Col Metals.. 1
America Mines.r
1
Arizona Bing Cop
5

Fortuna

34c

2c
1

1

6%
6%
X
%

%
%

......

Rang* since Jan. I.

6,600
12,200

69

6

6

5

7%
2%
54%

2

64%
61%
6%

......

..

Sapulpa Refining_r
Savoy Oil
Security Prod A Refg
Sequoyah Oil A Ref

Range

for
of Price*.
Week.
Low. High. Shares.

Sal*.
Par. Price.

.

&

Former Standard
Subsidiaries.
Anglo-Amer Oil.r

1373

July

7
Feb
Jan
6-16
4
Feb
5
Jan
*1% June

86% June
% Sept
14% July
5% Mar
29% June
1% July
1.24 Jan
120
June
89o
Feb

INVESTMENT
Nichols of this city,

COPPER

who for

,

STOCK

STATISTICS.—William

E.

past has made a specialty of copper
stock statistics, has sent the “Chronicle” an elaborate table corrected to
Aug. 30, covering for a long list of leading copper companies t .e amounts
of their

some years

outstanding share capital, dividends, earnings, output and other
1917 and the first half of 1918.

data for the year

—Robert Garrett & Sons of Baltimore have

prepared

convenient and permanent source of reference regarding
of Fourth Liberty Loan bonds and a comparison of Its
bonds of

a pamphlet as a
the pending issue
features with the

It is their view that from a casual glance the
easily and satisfactorily to obtain the desired
information than can be done from any other available data on the subject.
The pamphlet is ready for distribution and the firm will be glad to supply
copies upon request to inquirers.
—Haliburton Fales Jr. of Hartshorne & Picabia, members of the New
York Stock Exchange, 7 Wall Street, this city, has prepared a letter en¬
titled “Victory Markets—Then and Now,” in wJch he discusses the pres¬
ent stock market in comparison with the victory markets of the Civil
and Russo-Japanese wars.
'

preceding issues.

Investor will be able

more

[Vol. 107

THE CHRONICLE

1374

that their business

—John Burnham A Company of Chicago announce
heretofore conducted as a corporation, will hereafter

trust, under a trust agreement.
tion will be unchanged.

be carried on as a

The name and personnel of the

Investment Bankers, 60 Broadway. N. Y., in
Indicator” of Sept. 16 1918. describe various issues of
terminal bonds, such as Boston Terminal. Birmingham Terminal, Ac.
—Morris Brothers. Inc., of Portlahd, Ore., announce their removal on
Sept. 30 to their new building, 309 and 311 Stark Street, Portland.
—J. B. Harris & Co..

EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for September 1918
and 1917 and for the three months of the fiscal years 1918-19

Alliance R’lty
Amer 8urety.
Bond A M G.

Casualty Co.
City Investing
Preferred..

Sept. 1917. *3 Mos. 1918. 3 Mos. 1917.

Sept. 1918.

$

S

I

Receipts.
Ordinary—
Customs
Interna! revenue:
Income and exc. prof. tax.
Miscellaneous
Miscellaneous revenue

$

12,719,024

15,201,389

42,732,717

46,908,775

36,308,166
89,005,938

6,026,475
41,265,394
12,967,317

564,600,209
278,690,127

19,753,448

13,757,135

Total
151,790,263
Panama Canal—
94,391
Tolls. Ac
Public Debt—
First Liberty Loan bonds..
0361,650
Second Liberty Loan bonds
01,448
5,087,024
Third Liberty Loan bonds.
Fourth Liberty Loan bonds
1,639,500
Certificates of Indebtedness: ,367,392,200
97,614,582
War savings A thrift st'ps.
Postal Savings bonds

Lawyers Mtge
Mtge Bond..

82
80

4ft
87
85

Nat Surety..
N Y Title A

180

188

55

65

Bid

4 9k

65
59
1»3
75

Mtge

19

14
65

944,399.998

233,128,578

648,788

1,613,824

1,404,951

146,459.249

2,664,306

499,689,394

All hood price* are

Deposits for the purchase of
1-year Treas. notes (sec.
18, Fed. Res. Act, ap¬
proved Dec. 23 1913)-..
Deposlts for retirement of

Standard Oil Stock* Pi
Fai

r Share

Angio-Amerle&n Oil new. £1
Borne-Scrymser Co

Buckeye Pipe Line Co...

Crescent Pipe Line Co...

Preferred old
Preferred new..
Illinois Pit/'
me
Indiana Pip^ Line Co
International Petroleum.

£1

Prairie Oil A Gaa.
Prairie Pipe Line.
Southern Pipe Line Co..

national bank notes and
Fed. Reserve bank notes

(Acts of July 14 1890 and

412,198

1,328,550

1,078,497

11,510,067

Total

1,472,698,758 652,213,447 5.214,761,351 1,561,613,691

Grand total receipts

1,624,583,412 728,322,809 6,160,775,174 1,796,147.221

Disbursements.

Ordinary—
Checks and warrants paid
(less bals. repaid, Ac.). .1,258,983,690
Int. on public debt paid...
15,522,155

Washington Oil

828,869.927
5,880,410

348,579,259 4,006,955,507
52,234,715
434,046

282,150,000 396,000,000

4,896,169

3,447,612

904,885,000 1,326,500,000

Babcock A

Loan bonds:

Accrued interest.
Total
Public Debt—
Bonds. Int .-bearing notes
and certificates retired..
One-year Treas. notes re¬
deemed (sec. 18, Fed. Re¬
serve Act approved Dec.
23 1913)
National bank notes and
Fed. Reserve bank notes
retired (Acts of July 14
1890 and Dec. 23 1913).

282,758,440 397,364,980

total

e

282,916,111

4,785,000

4,785,000

2,090,875

4,860,277

7,469,770

16,293,460 1,824,363,984

295,170,881

2*310,382

6,795,424,147 2,461,317,377

disburse¬

ments over total

receipts

Carbon Steel common
100
let preferred
100
2d preferred
100
Colt a Patent Fire Anna

132,247,321

34,348,937

665,170,156

634,648,973

•Receipts and disbursements for June reaching the Treasury in July are
Counter entry (deduct).

All price* now

Banks—N. Y
America*
Amer Exch..
Atlantic

Battery Park.
Bowery •
Bronx Boro*.
Bronx Nat...

Bryant Park*
Butch A Drov
Chase
Chat A Phen.
Chelsea Ex *.
Chemical....
Citizens

City

Bid.
485
215
167
190
400
125
150
DO
18
345
235
120
385
212
378
205
1400
155

_

175
165
23
■*60
245

395*
222

385
215

Coal A Iron..
Colonial*
Columbia*..
115
Commerce
tl71«8 tm
410
Comm’l Ex*. 390
Common180
190
wealth •
|O0
106
Continental •
Corn Exch*.. 305
315
95
86
Coamoptitan •
Cuba (Bk of). 177
187
16
East River...
18
Firth Ave*... 11800 2200
216
230
Fifth
First
890
915
IK5
170
Garfield
200
Gotham
225
350
Greenwich*.. 830
Hanover
660
245
Harrtman
235
490
Imp A Trad.. 475
...

t Irving (tr
certificates)
Liberty
•

Lincoln
Manhattan •_
Mech A Met.
Merchants*..

160
287
123

165
Mutual*
376
New Neth*.. 200
New York Co 130
New York... 425
Pacific *
135
Park
495
Prod Exch*.. 200
Public
200
450
Seaboard
400
Second
Sherman
125
State*
100
23d Ward*... 115
Union Exch.. 145
United States* 500
Wash H'ts*.. 275
Westcb Ave*
160
York vllle •
1275

Metropolitan*

....

..

Brooklyn
Coney Island*
First
Flatbush

Greenpoint

..

Hillside •
Homestead *.
Mechanics’ •_
Montauk •__.
Nassau....
National City
North 81de*._

People’s
270
390

Bid.
280




Trust Co’s.
New York.
Bankers Trust
Central Union
Columbia...
Commercial..

215

Empire
Equitable Tr.

140

Farm L A Tr.

.

Fidelity
Fulton

.

510

4*7*0*
425
135
108
130

155

Irving

57
87
200
133
175
130

275
405

Bid.

Ask

350
380
240
90
290
325
350
205
225
309

360
385
245
100
too
335
360
215
255
314
145

135

Hudson

Trust

jSee Irving
\Nat Bank

Ijiw Tit A Tr

90
95

Lincoln Trust
Mercantile Tr

07

Deposit
Metropolitan.

105

Preferred
60
Amer Lt A Trao oom
100
Preferred
100
Amer Power A Lt com.. .100
Preferred
100
Amer Public Utilities oom 100
Preferred
100
Cities Service Co oom
100
Preferred
100
Com’w’ltb Pow Ry A L. 100
Preferred
100
Elec Bond A Share pref..l00
Federal Light A Traction 100
Preferred
100
Great West Pow 6s 1948. JAJ
Mississippi Rlv Pow oom. 100
Preferred
100
First Mtge 56 1951... JAJ
North’n States Pow oom. 100
Preferred
100
North Texas Elec Co oom 100
Preferred..
UK)
Paoiflc Gas A Elec oom. .100

17*5
825

155
270
165
120
110
62
95
207
138
200
140

.

Preferred

Mutual (West-

Chester)

105

125

590*

900
600

Title Gu A Tr

265
212

222

Transatlantic
U 8 Mtg ATr
United States
Westchester..

400
875
130

410
900

485
Franklin
225
Hamilton
240
Kings County 620
Manufacturers 160
People’s
270
Queens Co...
65

500
235
260
650

N

Life Ins
A Trust
N Y Trust...
Y

175

Brooklyn.
Brooklyn Tr.

t Sale at auction
t Includes one-third share Irving Trust Go.

140

75

Stock Ex¬
I New stock

or at

Equipment 4Hs..
Equipment 4s
Hocking Valley 4s
Equipment 5s

6.251
6.25
6.30
6.30
7.00
6.22
6.50
6.40
7.50
7.50
7.00
7-00
6.50
6.50
6.60
6.25
6.20
6.20
6.20
7.40
7.40
7.00
7.00
6.40
6.70
7.00

Equipment 4 Ha
Kanawha A Michigan 4Ha
Louisville A Nashville 6s.
Michigan Central 5s
Minn StPASSM 4Hb...
Missouri Kansas A Texas 5a.
Missouri Paoiflc 5s
Mobile A Ohio 5s

Equipment 4Ha
New York Central Lines 5s

Equipment 4Ha
N Y Ontario A West 4H>Norfolk A Western 4Ha..

Equipment 4s

Pennsylvania RR 4H»--Equipment 4s
St Louis Iron Mt A Sou 5e
St Louis A San Franctsoo fc
Seaboard Air Line 5«
Southern Paoiflc Co 4H>Southern Railway 4H«
Toledo A Ohio Centra! 4s.
Tobacco Stocks—Per Ska

108
97
70

103
93
67

9712
51
280
410
30
625
55

100

Republic Ry A Light....100
Preferred
100
South Calif Edison com.. 100
Preferred
100
Standard Gas A E! (Del). 60
Preferred...
60
Tennessee Ry L A P oom 100
Preferred
100
United On* A Elec Corp. 100
1st preferred
100
2d preferred
100
United Lt A Ry* com
100
1st preferred
loo
Western Power common. 100
Preferred....
100

80

187
93
43
75
18
40
223 225
73
72
21
23
41
39
92
d88
10
7
Oft
41
71*4 73
15
12
46
42
72
46
43
80
82l2
57
62
75
Z70
34
35
79
77
12
15
43
46
16
18
58
56
76
72
95
92
6
•4
*20
2112
3
2
10
13
5
7
38
40
_

___

7

28
60
12
49

10

100
100

100
100

Bid.
97
*0
60
*18
*18
180
60

155
80
275
220
101
95
94

110
90

Ask.
103
90
70

18*4
19
210
90
170
90

300

|250

104
98
98
140
95

Short-Term Notes—Per Cent.
Am Cot Oil 5s 1919 ...MAS
9712 977*
AmerTelATel 6* 1919 .FAA
9912 99*4
Balto A Ohio 6s 1Q10
JAJ
Betb Steel 5s 1919
FAA D.
Canadian Pac 6s 1924.MAS 2
Del A Hudson fie 1920 FAA
97U 97*4
96
A-O
Erie RR 5e 1919
9612
96
97
Fed Sug Rfg 5s 1920...JAJ
Gen Elec 6s 1920
99’s 1001*
JAJ
99*4 100
6% notes (2-yr) ’19. JAD
995* 997*
General Rubber 5s 1918.JAD
9634 9714
Great Nor fie 1920
MAI

_

Hocking Valley 6e 1918 MAN
K C Term Ry 4H« '18-MAN
JAJ
4Hs 1921
Laclede Gas L 5s 1919.

FA A
18
N Y Cent 5s 1919...MAS15
Penn Co 4H« 1921.. JAD 16
Pub Ser Corp N J 6s ’19.MAS
Rem Arms U.M.C 5s’19PAA
Southern Ry 5s 1919
M-S 2
Utah See Corp 6s ’22 M-S 15
W’house El A M 6s ’19.FAA
Winches RepArms7s’l9.MAS

MorganAWright 6s Dec 1

Industrial
and Miscellaneous
American Brass
American Chicle oom
Preferred
American Hardware
Amer Typefounders oom.
Preferred
Borden’s Cond Milk com
Preferred
Celluloid Company

_

95

100

36
80
92
94
143

100

mm

®a

_

_

_

97

97*4 98*4
9“1* 98**
821* 84
991? 9934
9914 9958

212
33
58

100
100
100

«•

99*8 99*4
99
99*8
93«2 95
98
981*
9912
985* 991*
95*4 96**

100
100
100
100

125

218
36
63
127
40
85
95
98
148

Columbia Graphoph Mfg (t)
Preferred
100
Freeport Texas Co
(♦)
Havana Tobeooo Co
100
Preferred
100
1st g 6e June 1 1922.. J-D
Rubb
oom.
Interoontinen
100
Internet Banking Co.... 100
International Salt
100
1st gold 6e 1961
A-O
International Silver pref.100

*6U* 641*

Lehigh Valley Coal Sales. 50

*85
50
74

29U Otis Elevator common... 100
Preferred
—100
6H*
13
53

6.00
5.75
5.75
5.60
5.60
6.60
6.60
6.50
6.50
6.00
6.00
6.00

••

*3912 4012

—

£)
100
Johnson Tin Foil A Met. 100
Mac Andrews A Forbes. .100
Preferred
100
Reynolds (R J) Tobacco. 100

A dividend scrip
B dividend scrip
Young (J 8) Co
Preferred

185
91
39
70
_

bearer

B oom stock
Preferred

45
78
230
109
121

*76

Ordinary,
Conley Foil

6.00
6.20
6.50
6.00
6-00
6.50
7.00
7.00
6.20
6.00
6.00
6.00
6.40
6.20
6.20
6.20
5.90
5.90
6.00
6.00
6.25
6.00
6.00
6.00
6.50
6.50
6.00
6.00

re.

Pa
American Cigar common. 10*
Preferred
1(0
Amer Machine A Fdry..lOt>
British-Amer Tobao ord..£!

Public Utilities

1st preferred
100
Puget Sd Tr L A P oom. 100

195
305

Chicago R I A Pac 4H*-~Colorado A Southern 6s..
Erie 5s

Illinois Central 5s

66
6
35
170
89
112
350

58

,

A

Scandinavian
140
260
150
150
110

Bank* marked with a (•) are State banka,

change this week,
sRx-rlghla.

Ask.
300
167
295
128
175

6.5C
6.70
7.50
6.75
6.75
7.25
7.40
7.40
7.00
6.25
6.50
7.00
6.90
6.80
6.80
6.80

Chic Ind A Louisv 4Hs
Chic St Louis A N O 5s
Chicago A N W 4Ha

305
38
505
255
315
172
260
93
ill
560
465
310
425
523
264
410
95
96
333
36

I

Bid. Ask.
6.50 6.00
6.50 6.00

-

•13U 13*4
13
*12
185 190
103
li'8

285
89
92

25

Amer Gaa A Elec oom... 50

and Trust Companies

Equipments—PerCt Bas\s

Equipment 4Ha
Chicago A Alton 4a
Chicago A Eastern £21 5H»
Equipment 4Hs

92

*54

Included,

dollar* per share

Banks.

Ask.
495
222
175
200

40

duPoot (E I) de Nemours
A Co common
100
Debenture stock
100
100
Eastern Steel

...

Now York City Banks

170

_

415
38
140
190
92
115
105
152

280
88
90
35
Empire Steel A Iron oom. 100
74
Preferred
100
Hercules Powder oom
100 225
Preferred
100 mo
Niles-Bement-Pond oom. 100 119
95
Preferred
100
Penn Seaboard Steel (no par) *48
Pbelpe-Dodge Corp
100 270
Soovill Manufacturing
100 400
Thomas Iron
60 *22
Winchester Repeat Arms.100 575
50
Woodward Iron
100

Mfg

Grand total disbursements.1,756,830,733 762,671,746
of

911,869,941 1,331,396,159

13,983,078 1,814,718,707

197,475,573

199,566,448

Total

Excess

37,329

-

150

Canadian Pacific 4 Hs.
Caro Cllnchfleid A Ohio C?
Central of Georgia 5s.

2051s 20612

3,500,000

Principal

65
190
40

15i2 Baltimore A Ohio 4H«-.
Buff Rooh A Pittsburgh 4 H
Equipment 4s

20
167
87
110
*300
•75

Preferred.

1,364,980

RR.

960
440
90
330

3

Special—

608,440

60
176
35

Equipment 4Ha

Panama Canal: Checks paid

(less bals. repaid, Ac.)..
Purchase of obligations of
foreign Governments
Purchase of Federal Farm

15
940
420
*88
315
10
390
*34
130
185
88
105
95
148
*90

Bare.
60

Ordnance Stock*—Per

834,750,337

1,274,505,845 349,013,305 4,059,190,222

Total

Aft

Atk

Bid

300
*36
495
250
305
167
250
90
213
550
445
300
410
618
260
400
90
94
328
*32

4,785,000

Dec. 23 1913)

0 8T1 tie Guar
West A Bronx
Title A M G

Bid

“and interest” except where marked “f',

0486.

933,008,359
1,639,500
3,827,664,700
1,055,342,000
605,342,000
438,076,725
718,800
198,180

Realty Assoc
(Brooklyn)
U S Casualty.

70

136,083,952
30,382,403

58,376,945

75,460,575

_

Bid
65
54
178

Quotations for Sundry Securities

GOVERNMENT REVENUE AND

and 1917-18.

prices now dollars per share.

All

organiza¬

their “Investment

Realty and Surety Companies

New York City

Remington

Typewriter—

Common
1st preferred
2d preferred...
...

100

100
100
Royal Baking Pow eom..l00
PreferM'd.

....

—100

Singer Mfg

10O

TexTar Coal A Oil

100

62

•30
1
2

/38
10
160
60
66

25
95
78
120
88
157
880

65
32
3
5
43
11

621*
681*
70
87
54
76

27
98
80

125
90
162

920

•Per share. I Baals.
d Purchaser also pays accrued dividend, a New stock.
Flat price.
■ Nominal,
a Ex-dlvIdend.
y Ex-rights,
(tt Without par value

Oct.5

THE CHRONICLE

1918.]

1375 1

\nmz\mm\ and jifoitoaxl JuMIigetw*,
RAILROAD

GROSS

EARNINGS

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric rail¬
ways are

brought together separately

on a

subsequent

Latest Gross Earnings.

ROADS.

Week or
Month.
Alabama Sc Vicksb- August
Ann Arbor
2d wk Sept
Atcb Topeka & S Fe August
Gulf Colo & S Fe August
Panhandle Sc S Fe August
Atlanta Birm Sc At! August
Atlanta Sc West Pt_ August
Atlantic City
July
Atlantic Coast Line August
Atlantic Sc St Lawr_ June
Baltimore Sc Ohio.. August
B&OChTer RR July

page.

Jan. 1 to Latest Date.

Latest Gross Earnings.

Jan. 1 to Latest Date.

ROADS.
Current
Year.

S'
213,537
62,790

Previous
Year.

S
175,326
56,976

Current
Year.

Previous
Year.

%

S

1,518,520
2,274.471

1,300.998
2,223.220
15461214 12374162 102780780 91,263,165
1,647,095 1,381,397 12,900.290 10.834.487
530,198
630,842 3,880,693 4,524,160
420,373
318,227 2,843,681 2.539,976
213,123
160,037 1,538,464 1,688,739
496,692 1,978.178 1.698,912
477,324
5,444,024 3,355,674 36,526,374 28,618,672
197.384
122,364
986.133
926,429
19559118 12869706 106225192 85,960,497
189,446
171,459 1,011,222 1.151.638
Bangor Sc Aroostook August
430,640
297,104 3,037,841 2,962,004
Belt Ry of Chicago. August
350.520 2,604.763 2,563,756
395,027
Bessemer Sc L Erie. August
1,589,825 1,524.039 8,297,340 7,942,889
Bingham Sc Garfield July
360.848 280,867 1,958,761 1,793,724
Birmingham South. August
94.085 1.049.811
757,793
128,713
Boston & Maine
‘August
7,674,120 5,599.912 44,825,716 38,867.210
Buff Roch Sc Pittsb. 4th wkSept
440,527 13,618,150 11,084,802
594,978
Buffalo & Susq RR. July
146.701 1,284,058
205,056
977.012
Canadian Nor Syst- 3d wk Sept
916.100
770.200 30.957.500 29,100.600
Canadian Pacific. 4th wkSept 4,210,000 3,631,000 109097883 107418646
Caro Clinch Sc Ohio August
466,756
386,553 2.965.102 2,677,049
Central of Georgia. August
1.888,066 1,318,030 13,204,681 9,837,343
Central RR of N J_ August
4,913,656 ,3520.261 28,842,129 24.476*974
Cent New England. August
612,573
490,707 4,004,845 3,635,058
Central Vermont.. August
401.200 3,258,982 2,904,583
457,971
Charleston Sc W Car July
234,677
180,234 1,555,228 1,258,467
Ches Sc Ohio Lines. August
7,546,976 4,735,959 44,506.790 35,209,723
Chicago Sc Alton
August
2,752,476 1,910.441 15,234,094 13,421,541
Chic Burl Sc Quincy August
14592194 10956606 90,015,508 79,935,814
Ch Det Sc C G Trk. July
163,436
748,485
122,207
800,805
Chicago Sc East Ill. July
2.599.950 1.813.348113.850.186 11,860,667
Chicago Great West Aumist
10,682.061
2,092,818 1,469.080,12.216,138
Chic Ind Sc Louisv. August
1,199,781
822,096 6,860,861 5,961,596
Chicago June RR.. August
325,474
283,116 ! 2,393,649 2.152,290
Chic Milw & St P__ August
13308111 10500802 80.980.099 72,978,913
Chic Sc North West. August
13334147 10153 927i78,082.132 69.432.152
Chic Peoria Sc St L_ August
196,480
163,573! 1.234,512 1.206.951
Chic R1& Pacific. August
10154796 7,519,819 62,861,462 54,790,108
Chic R I Sc Gulf. August
417,351
298,963 2,865,265 2,421,284
ChicStPM& Om_ Au ust
2,367,356 1,916.079 15,332,700 13.569.152
Chic Terre H Sc S E August
557,255
344,096 3,105,900 2,409,211
Cin Ind Sc Western. August
311,295
218,324 2,027,500 1,779,921
Coal Sc Coke
August
858,361
149,424
109,794
913,606
Colorado Midland. July
127,930
126,522
920,402
Colorado A South. 31 wk Sept
252,356
212,033 8.697,818 7,654",360
Ft W Sc Den City August
722,018
566,747 4,819,947 4,001,116
Trin Sc Brazos Val July
637.828
531,711
93.057
68,969
Colo Sc Wyoming.. July
705,728
97.791
634,231
93,439
Crip Crk Sc Col Spgs July
546,700
647,887
36,602
84,312
Cuba Railroad
July
1,078,676
743,774 8,172.257 4,029,958
Delaware Sc Hudson August
3.817,632 2,946,281 22,276.983 19,6h0,o91
Del Lack Sc West.. August
6,900,082 5,097.696 43.195.651 37,775.422
Deny Sc Rio Grande August
3,096,025 2.438,395 19,061,497 18,033,832
Denver Sc Salt Lake August
237,144 230,785 1,374,932 1,344,172
Detroit Sc Mackinac 3d wk Sept
946,423
24,953 1,022,588
29,211
Detroit Tol Sc Iront July
252.341 1,586,334 1.675,407
377,254
Det Sc Tol Shore L. August
166,554
159,358 1.269,091 1,252,705
Duluth Sc Iron R
August
1,561,640 1,128,599 6.061,025 4,423.645
Dul Missabe Sc Nor August
3,757,830 2,518.205 13.327,616 8,933,556
Dul So Shore Sc Atl. 3d wk Sept
85,430 3,290,301 3,111,971
102,161
Duluth Winn Sc Pac August
164,800
162,606J 1,141,833 1,445,916
East St Louis Conn July
590.488
91,933
597,295
99,877
Elgin Joliet Sc East. August
2.073,588 1,498,266 12.233,195 10,583.460
El Paso Sc So West. August
1,262,876
957,037 9,844,866 9,300,262
Erie
August
9,818,517 6.426,236 53,857,115 46,141,826
Chicago Sc Erie
August
1,093,307
767.792 6.643,206 5,785.805
Florida East Coast. August
595,607
475,858 6,214,149 5,864,948
Fonda Johns Sc Glov July
607.305
97.963
616.952
96,205
Ft Smith Sc Western August
665,080
114,806
810,688
93,626
Galveston Wharf. August
51,705
717,612
763,769
87,064
569,709
Georgia Railroad. August
371,886 3.946,947 2.405.639
Grand Trunk Pac__ 1st wk Sept
105.334 3,819,582 3,651,638
112.848
Grand Trunk Syst- 4th wkSept 2,126,177 1,855,133 52,096,659 45,980,789
Grand Trunk Ry 1st wk Sept 1.248,116 1,059,640 39,171,708 34.900.487
Grand Trk West. July
1,051,756
856.801 5,332,557 5.549.902
Det G H Sc Milw. July
265,944
274,888 1.759.411 2.015,444
Great North System August
9,087.418 8,175,031 57,598,909 56,377,774
Gulf Mobile Sc Nor. August
228,292
247,723 1,546,856 1,495,002
Gulf Sc Ship Island. August
258,668
246,739 1,748.488 1,430,773
August
Hocking Valley
1,606.675 1,093.533 8,332,765 6.841.351
Illinois Central.... July
10654111 7.334.961 58.175.231 48.954,124
Internat Sc Gt Nor. August
1,172,264 1,037,152 8,449,386 7,563,735
Kan City Mez Sc Ori August
118,827
112,839
781,861
805,321
K C Mez Sl O of Tex June
550,160
92,227
119.671
498,893
Kansas City South. August
1,226,967 1,066,863 9,561.842 7,954,675
Texark Sc Ft Sm. August
108,999
790,354
724,203
93,880
Kansas City Term. June
107.593
557,812
91,135
575.883
Lehigh Sc Hud Riv. August
237,030
221,485 1,521,320 1,520,403
Lehigh Sc New Eng. August
‘
607,294 360.302 2,831,071 2,405,005
7,051.975 4.866.857 40.977.960 35.261.606
Lehigh Valley
August
Los Ang Sc Salt L
August
1,309,734 1,043.699 9,196.874 8,342,635
Louisiana Sc Arkan_ August
145.428
160.287 1,127,259
990,760
Louisiana Ry Sc Nav July
286,162
182.727 1,667,681 1,266,762
Louisville Sc Nashv. August
10873686 6,771,278 63,377,202 49,244,083
Lou Hend Sc St L__ August
270,708 203.304 1,760,713 1.435.639
Maine Central
1,728,257 1,292,510 10,481,258 9,329,582
August
Midland Valley
292.907
270.247 1.891.394 1,593.122
July
Mineral Range.... 3d wk Sept
27,355
22,339
821.776
886,263
M inneap Sc St Louis August
1,127,144
961,371 7,481.419 7,027,206
Minn St P *S8M. August
3.529.864 3.088,470 20,311,451 22,320,179
Mississippi Central. July
148,207
71.673!
718.944!
449.344
Missouri Kan Sc Tex August
3.175,057 2,371,388 20.307,283 16.627.308
Mo KAT Ry of Tex August
1.769,621 1,350,871 12,294,465. 9.636.927
Mo Sc North Arkan. August
154,953
934,222
963,994
934.222
Mo Okla Sc Gulf... July
170,070
170.623 1.030.117! 1,081,597
Missouri Pacific— August
8.507.547 6.894.566 56.334,002 50,978,116
_

_

_

_

_

_

Week or
Month.

Current
Year.

%
299.928 ,181,738
July
Monongahela Conn. July
130,386
245.127
Nashv Chatt Sc St L August
2,264,739 1,305,209
6.761
10.521
Nevada-Cal-Oregon 2d wk Sept
Nevada Northern-_ August
290,685 212,024
92.624
Newburg Sc Sou Sh_ July
149,394
New Orl Great Nor. July
226.939
195,747
New Orl Sc Nor East August
697,620
395,237
N O Texas Sc Mex.. I August
145,890
108,800
Beaum S L Sc WJ August
121,610
77,780
St L Browns & M August
560,593
269,607
New York Central- August
31102238 21634298

Monongahela

Current
Year.

Previous
Year.

Previous
Year.

8
$
1,648,246 1,229.615
1,302,331 1.118.385
13,438,395 9.615.385
244.946

188.421
1,720,016
674,992
1,234.528
4.155,303
1,313,236
948,627
2,714,349

Norfolk Sc Western. August
Norfolk Southern. July
Northern Pacific
August
Minn Sc Internat. July
Northwest’n Pacific, August
Pacific Coast Co
August

1,599.921
563.095
1,029,425
3,062.408
894.884
627,235
2.583.844
180114566 155306443
2.045.392 1,872,719 6.997.425 6,755.467
942,297
724,957 5,925,172
7,111,090 4.643,172 42,920.224 33.889
7,933,327 5,014,065 44,319.039 34,054,367
287,477
237,490 1,722,699 1,561,579
3,415,464 2,470.518 20.660.672 16,659,945
1,116,479
831,227 6,315,509 5,032,099
649,354
364,175 3,663,733 2,329,339
2,341.173 1.532,528 13.403,856 11,169,521
11113939 7,600,871 65,695,038 56,045,098
1,303,077 1,113,636 7.393.590 6.181,345
344,724
316,830 2,193,415 2,065.908
8,610,301 6,021,972 51,310,742 42.645,801
508,532
428.294 3,144,887 3,119,801
9,804,525 7,533,664 60,302,799 57,340.415
107,079
85,123
644,243
661.035
682,398
501,636 3,732,457 3,117,913
497,111
528,405

Pennsylvania RR

36975640 26908690 226180291 190686863

Boston Sc Albany April
Lake Erie Sc W__ August
Michigan Central August
Cleve C C Sc St L August
Cincinnati North August
Pitts Sc Lake Erie August
Tol Sc Ohio Cent. August
Kanawha Sc Mich August
N Y Chic Sc St Louis August
N Y N H Sc Hartf. J August
N Y Ont Sc Western August
N Y

5.427.17<J
.

Susq Sc West-_ July
_

August

Balt Ches Sc Atl. August
'Cumberland Vail August

197,934
699,904
2,628,653
139,603
775,211
1,291,458
9,832,456
744,922
8,806,666

-

Long Island
August
Mary’d Del Sc Va July
N Y Phila Sc Norf August
W Jersey Sc Seasn July
Penn Western Lines August
Grand Rap Sc Ind August
PRts O C Sc St L. August
Penn System—
Lines East
May
Lines West
May
Lines E Sc W__
May
Peoria Sc Pekin Un. July
Pere Marquette
August
Pitts Sc Shawmut-- July
Pittsb Shaw Sc Nor. July
Pittsb Sc West Va
July
Port Reading
July
Reading Co—
Phila Sc Reading. July
Coal Sc Iron Co_. May
Total both cos
May

189,732
857,014
811,673
441,218 3,484,422 3,197.182
1,993,966 14,742.531 10,928,221
495,266
510,062
108,135
537,363 4,631,075 3,607.107
1,072,328 5,266,033 4.610,793
7,714,591 57.670,586 51,397,150
676,300 4,607,411 4,324,650
6,557,430 54,856 567 48,657,920

34178634 28200869 137033977 126673981
15109144 14030228 62,878.383 61,431,347
49287779 42231 098 199912360 188105327
112.575
105.007
695.922
725.882

__

2.756,665 2,087,351 17,624,281 157403,002
136.095
100,622
753,926
657.245
782,080
120,788
97,618
720,822
140,463 1,065.307
208,591
255,032
172,428 1.301.753 1.0997610

8,836,862 £.692,192 44.409.406 38,046,834
.757.138
4.543,357 4,175,608 21,411.789
11462818 10062833 50,263,813 45.511.853
Rich Fred & Potom June
642.089
430.967 2,844.886 2,374.740
Wash Southern-. July
314,677
212,055 1,896,283 1.398,028
Rutland
•_
August
452,079
403,450 2,948,242 2.843,225
St Jos Sc Grand Isl. August
165,793 1,744,759 1.542.070
217.851
St Louis-San Fran. August
6,791,512 5.252.903 43,462,857 36,715,480
Ft W Sc Rio Gran July
486,617
94,489
614,563
79,427
St L S W of Texas August
650,561
472,613 4,496,880 3.405.648
St Louis Southwest. 3d wk Sept
359,000
364.000 13,969,000 11,764,000
St L S W of Texas August
650,561
472,613 4,496,880 3.405.648
San Ant Sc Ar Pass. August
365,223
375,702 2,599,812 2,493,798
Seaboard Air Line. August
3,724,774 2.293.844 24,633,261 19,447,605
South Buffalo
150,680
835.925.
August
85,731 1,050.791
Southern Pacific
15745887 11619281 96,710.305 83,323,27$
August
Arizona & East.. August
273,878 2,930,806 2,947.934
352,414
Galv Hous Sc S A_ August
2,062,184 1,664,765 13,829,624 12,580,115
Hous Sc Tex Cent August
944,616
645,808 5,812,721 4.838.238
Hous E Sc W Tex. August
203,726
149,016 1,318,480 1,174.989
Louisiana West-- August
420,858
300.599 2,833,058 2,214,754
703,376
Morgans La Sc Tex July
497,431 4,499.629 3.665,564
Texas Sc New Orl August
680,612
550,318 4,871,424 4,037,993
13218912 7,853,628 79,715,755 56.477,775
Southern Ry Syst
August
Ala Great South. August
997,653
631,833 5.749,576 4,518,443
Cin N O Sc Tex P. August
1,761,597 1,163,125 9,819,043 8,590.088
New Orl Sc Nor E July
580,690
372.295 3.457.683 2,667,171
Mobile Sc Ohio. July
1,353,270 1.148.904 8.038.856 7,791,188
308,201
231,281 2,283,024 1,805,004
Georgia Sou Sc Fla August
South Ry in Miss July
730.595
663.277
107,460
99.199
651,523
87,345
88,323
591,872
Spokane Internat!. August
738,963
645,712 4,544.909 3.765.975
Spok Port Sc Seattle July
Staten Island R T
980.091
865.995
July
216,965
159.631
Tenn Ala Sc Georgia 3d wk Sept
97.194
3,569
2.769
91,281
Tennessee Central. August
384,427
165,349 I,924,890
1,158.514
Term Assn of St L. July
316.852
322,767 2.062,252 2.242.842
251.624 1,942,049 1,744,366
St L Mer Bdge T July
334,076
Texas Sc Pacific
3d wk Sept
577,969
425,858 18,069,012 15.282.445
Toledo Poor Sc West August
117,103 1,014,278
163.281
843,268
Toledo St L Sc West August
897,769
657,521 5,244,516 4.593,357
Ulster Sc Delaware. July
550,505
556,116
136,246
124,866
10570269 6,874,184 59.330,927 47,141,945
Union Pacific.
August 3,306.089 2,598,091 21.334,801 19,545^290
Oregon Short L.. August
Ore-Wash RRAN August
2,726,068 1,801,087 16,685,085 14,039,112
482.099
Union RR (Balt)
173.599
March
476.971
178.987
Union RR (Pa)
595.388 3.631.410 3.230.239
781,801
July
Utah
890,382
159,079
August
Vicks Shreve Sc Pac August
169,259 1,617,166 1,298,213
219,983
967,754
7.499,158
6,931.895
1,256,449
Virginian RR
August
Wabash RR
5,160,001 3,526.219 29.801,084 26.179.859
August
Western Maryland August
1,507,616 1,205,505 9.614,107 8,733,445
Western Pacific.... August
1,286,680 1,002,909 7,311,475 6,270,577
Western Ry of Ala. July
127,365 1,319.203
871,715
183.718
Wheel Sc Lake Erie. August
1,446,966 1,146,957 8,558.730 6,949.404
Wich Falls Sc N W_ August
653,236
667,929
86,803
104,353
Yazoo Sc Miss Vail. July
9,628,579
1,914,784 1,474,860 II.669.005
,

.

_

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Current
*

Weekly Summaries.

|S gS il l

• Method




17 roads)
19 roads)
11 roads)
12 roads)
15 roads)
14

roads)

14 roads)
16 roads)

15 roads).
14 roads)
6 roads)
of reporting

t

Year.

9,723.974
9,777.522

8.716,679

5.812.844
6.168.850
6.102.758
9.306.598
7.102.544
6.484.655

7,230.476
6,931,155

Previous
Year.

%
8.778.254
8.935.100
7.973.165
5.045.973
5.610.287
5.299.050
7.916.611
5.908.578
5.564.164

6.251,935
5.926.660

Increase or
Decrease.

8
+945.720
+ 842.422
+742.514
+766.871
+565.260
+803.708
+ 1.389.987
+ 1.193.966
+920.491
+978.541
+1,004,495

Current

%
10.77
9.43
8.17
15.19
9.96
15.17
17.56
20.21
16.54
1565
16.95

*

Monthly Summaries.

Year.

Previous
Year.

Increase or :
Decrease, j

%

Cur. Yr. Pres. Yr.
Mileage.
October
.247.048
245.967
November. .242.407
241.621
December. .247,988
247.265
.240.046 239.885
January
.230.336 228.835
February
March.... .238.891
237.463
_ _

April
May..

June

iZa::::

.233.734
.230.355
.220.303
.231.700
..

32,766

389.017.309 345.079.977 +43.937.332 12.73
360.062.052 326.757.147 +33.304,905 10.19
343.875.052 317.836.386, +26.038.666 8.18
282.894.665 294.002.7911 —11.608.126 8.95
362.761.238 312.276.881 +50.484.357 16.22
285.776.203 260.627.752 + 25.148.451 9.65
232.255 369.409.895 319 274.981 +50.134.914 15.70

228.892 374.237 097
219.294 363.165.528

342.146.096

+ 32.091.001

9.88

23.163.161 +40.002.412 12.38
230,570 463,684,172 346.022.857 +117661315 34.00
82,271 28,574,242i 24,810,154 +3.764.088 15.17

Ranged figures are now for the Colorado St Southern Railway Company only.

[Vol. 107.

THE CHRONICLE

1376

Latest Gross Earnings by Weeks.—In the
follows we sum up separately the earnings for the

fourth week
and shows 16.95%

September. The table covers 6 roaas
increase in the aggregate over the same week

of

year.

4,210,000

440.527
3.631,000

%
154,451
579,000

2,126,177

1,855,133

271,044

594.978

Buffalo Rochester & Pittsburgh
Canadian Pacific
Grand Trunk of Canada.
Grand Trunk Western
Detroit Gr Hav Sc Milw
Canada Atlantic.

last

Increase.

1917.

1918.

Fourth Week of September.

Gross
Current

table which

Decrease.

Earnings

Year.
%

Roads.

Colorado & Southern ...Aug 1,208,248
Jan 1 to Aug 31.
7,987,598
Ft Worth & Den Clty.Aug
Jan 1 to Aug 31

722,018
4,819,947

Net Earnings

Previous

Current

Previous

Year.
%

Year.
%

Year.
%

1,008,220

7,017,555
566,746
4,001,110

Delaware & Hudson ...Aug 3,817,632
2,946,280
Jan 1 to Aug 31
22,276,983 19.630,590

402,252
2,047,724
256,840
1,078,431
1,109,957

2,521,517
1.861,246

Aug 6,900,082 5,097.695
43,195,651 37.775,422 11,291,154

Del Lack & West
Jan 1 to Aug 31

Denver & Rio Grande..Aug 3,096,024
2,438,394
Jan 1 to Aug 31
19,061,497 18,033,831

251,043

3,447.400

444,112
2,675,451
220,125
1,496,433
1.066.862
4,829,274
1,952,400
13,531,790
722,747
5,761,348

,

6,931,155

Total (6 roads)
Net increase (16.95%)

Jan

For the third week of September our final statement
covers 14 roads and shows 15.65% increase in the aggregate
over the same week last year.
Third Week

5,329,355
24,953
85,430
22,339

%
805,425
4,258
16,731
5,016

364,000
425,858

152,111

6,251,935

983.541
978.541

S

$

6,134.780

Previously reported (9 roads)..
Detroit & Mackinac
Duluth South Shore & Atlantic
Mineral Range
St Louis Southwestern
Texas & Pacific

'

29,211
102,161
27,355
359,000
577,969

7,230,476

Total (14 roads)

Increase. Decrease.

1917.

1918.

of September.

Net increase (15.65%).

%

5,000
5,000

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this wreek:
-Gross
Current
Year.

Roads.

Alabama & Vicksburg..Aug
213,537
Jan 1 to Aug 31.
1,518,520
Ann Arbor
Jan 1 to

348,013
2,193,738'

Aug
Aug 31

-Net EarningsCurrent
Previous
Year.
Year.

EarningsPrevious
Year.

175,325
1,300,998

$
55,193
288,706

$
49,424
340,485

293,093
2,100,266

82,263
208,335

102,589
530,729

Aug 15,461,214 12,374,162 6,015,893 4,828,392
102,780,780 91,263,165 34,119,316 34,509,076
363,290
Gulf Colo & Santa Fe.Aug 1,647,094
351,595
1,381,396
Jan 1 to Aug 31
12,090,288 10,834,485 2,921,318 2,939,060
Panhandle & Santa Fe.Aug
295.568
80,928
530,198
630,842
Jan 1 to Aug 31
738,445 1,806,429
3,880,693 4,524,161

Atch Top & Santa Fe
Jan 1 to Aug 31

Atlanta & West Point. .Aug
Jan

1

to

Atlanta Birm & Atlantic.Aug
Jan

1

to

213,122
1,538,464

160,036
1,088,739

420,372
2,843,680

318,227
2,539,977

Aug 31
Aug 31

Atlantic Coast Line
Jan 1 to Aug 31

Aug 5,444,023 3,355,674
36,615,395 28,618,672

Baltimore & Ohio
Jan 1 to Aug 31

Aug 19,559,118 12,869,705
106,225,193 85,960,496

■

69,543

484,771

53,419
302,737

defl6,387 defl57,203
398,031
39,114

1,899,759
9,333,727

823,893

8,999,857

5,471,207 3,066,878
9,709,853 20,596,287

Bangor & Aroostook
Jan 1 to Aug 31

Aug

430,640
3,037,841

297,103
2,962,004

90,275
397,539

73,972
943,495

Belt Ry of Chicago
Jan 1 to Aug 31

Aug

395,026

2,604,762

350,520
2,563,756

59,290
209,001

106,334
716,006

Bessemer & Lake Erie._Aug 1,589,825
Jan 1 to Aug 31—.*— 8,297,341

1,524,038
7,942,889

804,532
2,648,678

651,741
2,510,846

Birmingham Southern__Aug
128,713
Jan 1 to Aug 31
1,049,810

94,084
757,791

71,834
227,329

def6,282
22,866

2,615,746
4,881,109

1,617,823
8,334,897

Boston & Maine—„
Jan 1 to Aug 31

Aug 7,674,120 5,599,912
44,825,716 38,867,209

,

Buffalo Roch & Pittsb..Aug 1,985,119
Jan 1 to Aug 31
11,879,395

1,455,186
9,616,378

424,011
850,075

388,815
2,068,517

Canadian Northern
July 1 to Aug 31

Aug 3,933,300
7,672,700

7',250,100

3,405,200

499,600
776.300

1,498,100

Canadian Pacific

3,817,538
Augl3,109,753 12,414,537 3,208,630
97,496,204 97,149,174 20.085,627 28,574,994

Jan 1 to

Aug 31

593,200

Oar Clinch & Ohio
Aug
466,755
Jan 1 to Aug 31.1
2,965,101

386,553
2,677,049

140,634
723,433

Central of Georgia
Jan 1 to Aug 31

13,204,581

1,318,029
9,837,343

554,260
3,221,021

1,155.840
334,544
2,662,982

Central New England..Aug
612,572
Jau 1 to Aug 31
4,004,844

490,707
3,635,058

144,359
581,764

184,826
1,342,680

Aug 4,913.656 3,520,260
28,842,119 24,476,975

1,867,717
6,152,653

1,265,937
7,850,348

401,199
7,401
2,904,583 defl40,813

52,656
534,357

Aug 1,888,066

Central RR of N J
Jan 1 to Aug 31.
Central Vermont.
Jan 1 to Aug 31

.Aug

Chesapeake & Ohio
Jan 1 to Aug 31
Chicago & Alton
Jan 1 to Aug 31

457,970
3,258,981

182,011

Aug 7,546,976

4,735,959 3,071,361
1,578,319
44,560,789 35,209,723 10,496,795 10,417,376
Aug 2.752,476
1,910,441
642.251
951,737
15,234,094 13,421,541
2,628;048 4,046.851

Chic & North Western. Aug 13.334,147 10,153,927
2,579,397
3,055,839
Jan 1 to Aug 31
78,082,132 69,432,153 10.194,032 18,159,104
Chic Burl & Quincy...Aug 14,592,194 10,956,605
4.882,776 3,870,895
Jan 1 to Aug 31
90,015.508 79.935,814 20,209,461 27,988,575
_

Chic Great Western
Jan 1 to Aug 31

Aug 2,092,818 1,469,080
12,216,138 10,682,061

594,929
1,423.153

363,833
2,524,054

Chic Ind & Louisville.__Aug 1,199,781
Jan 1 to Aug 31
6,860,861

822,096
5,961,597

348,280
1.043,262

233,558
1,840,973

Chicago Junction.
Jan 1 to Aug 31

283,115 def79.257
2,152,289 defl86,443

54,674
279.568

Aug

325,474
2.393,649

Chic Milw & St Paul...Aug 13,308,110 10,500,802
Jan 1 to Aug 31
80,980,098 72,978,913

Chic Rock Isl & Pac.__Aug 10,154,796
Jan

1 to

7,519,819
62,861,462 54,790,107

Aug 31

Chic Rock Isl &
Jan 1 to Aug

Gulf.Aug
417,350
31
2,865,264

298,962

2,421,284
Chic St Paul Minn & O.Aug 2,367,356
1,916,079
Jan 1 to Aug 31
15,332,700 13,569,153
Chic T H & So East
Jan 1 to Aug 31

Aug

Cine Ind & Western
Jan 1 to Aug 31

Aug

557,225
3,105,899

344,096
2,409,211

311,295
2,027,500

218,323
1,779,922

Cin N Orl & Tex Pac —Aug 1,761,597
Jan 1 to Aug 31
9.819.044

1,163,124
8,590,037

Coal & Coke.
Jan 1 to Aug 31.




Aug

149,424
913,606

3,552,992 2,819,765
7,535,668 19,714,501
973,205
1,956,893
8,556,459 13,145,585
100,318
769,896

103,532
764,744

677,358
2,412,596

488,681
3,665,173

188,541

78,251
635,789

293,445

Aug

Denver & Salt Lake

5,926,660 1,004,495

def50,746
defl6,258
470,820
2,048,508

418,989
2,874,164

109,793
def3,306
858,360 defl40,530

13,051
116,762

44,557
391,516

1 to Aug

Aug

Detroit & Mackinac
Jan 1 to Aug 31
1 to Aug

159,081

1,016,062

Detroit & Toledo Shore.Aug
Jan

237,143

1,374,931

31

31

166,554
1,269,091

def8,186

19,149

1,344,172 def281,619

def53,952
26,054,
195,379

230,785

125,892
883,401
159,358

1,252,705
1,128,598
4,423,645

38,228

109,198
62,738
537,475

1,561,640
1,088,927
6,061,025
2,972,290
Duluth Missabe* North Aug 3,757,830
2,518,205 2,916,010
Jan 1 to Aug 31
.13,327,615 8,933,556 8,214,648
Duluth Winnipeg & Pac.Aug
164,799
162,605
38,009
Jan 1 to Aug 31
1,141,833 1,445,916
133,506
Elgin Joliet & Eastern._Aug 2,073,588 1,498,266
819,265
Jan 1 to Aug 31
12,233,195 10,583,460 3,276,406
El Paso & Southwestern Aug 1,262,875
957.036
630,081
Jan 1 to Aug 31
9.844,865 9,300,261 4,162,005
Erie
6,426,235
741,404
Aug 9,818,517
Jan 1 to Aug 31
53,857,115 46,141,825def2583.550
767,791
226,096
Chicago & Erie
Aug 1,093,306
Jan 1 to Aug 31
6,643,206 5,785,804
211,821
Florida East Coast
Aug
595,607
475,857
47,898
Jan 1 to Aug 31
6,214,149 5,864,947 2,097,218
Fort Smith & Western..Aug
114,806
T9,783
93,625
Jan 1 to Aug 31
80,131
810,688
665,080
Duluth & Iron Range—Aug
Jan 1 to Aug 31.

Galveston Wharf
Jan 1 to Aug 31

Aug

51,705
717,612

87,064
763,768

defl6,907
271,986

Georgia.

Aug

569,708
3,946,947

371,885
2,405,638

243,412
1,375,126

Jan

1

to

Aug 31

Great Northern
Jan 1 to Aug 31

Aug 9,087,418 8,175,030
57,598,908 56,377,773

Gulf & Ship Island
Jan 1 to Aug 31

Aug

246,739
1,430,772

55,310
434,718

228,291
1,546,855

247,722
1,495,001

29,633
264,520

Aug 1,606,675
8,332,765

1,093,532
6,841,350

Internat Great North.._Aug 1,172,264
Jan 1 to Aug 31
8,449,385

1,037,151
7,563,734

653,499
1,808,664
214,489
1,222,549

Hocking Valley
Jan 1 to Aug 31

Kan

112,839 def28,914
781,860 def230,734

City Mex & Orient .Aug
1 to Aug 31

118,827
805,321

Kansas City Southern..Aug
Jan 1 to Aug 31

1,226,966
9,561,841

1,066,862
7,954,673

2,708,173

Kansas City Southern System—
Texarkana & FtSmith.Aug
108,998
Jan 1 to Aug 31
790,355

93,880
724,203

34,993
231,042

607,294
2,831,071

360,302
2,405,005

320,468
953,882

Lehigh & Hudson River.Aug
237,030
Jan 1 to Aug 31
1,521,319

221,485
1,520,403

37,028
.264,387
1,757,830
4,649,824

Jan

Lehigh & New England Aug
Jan 1 to Aug 31

Lehigh Valley

Aug 7,051,975
.40,977,960
Los Angeles & Salt Lake.Aug 1,309,733
Jan 1 to Aug 31
9,196,874
Louisiana & Arkansas. .Aug
145,428
Jan 1 to Aug 31
1,127,259
Louisville & Nashville..Aug 10,873,686
Jan 1 to Aug 31
63.377,202
Louisv Hend & St Louis.Aug
270,708
Jan 1 to Aug 31
1,760,712
Maine Central
Aug 1,728,257
Jan 1 to Aug 31
10,481,258
Minneapolis &! St Louis.Aug 1,127,144
Jan 1 to Aug 31
7,481,419
Minn St Paul & S S M__Aug 3,529,864
Jan 1 to Aug 31
20,311,451
Missouri Kan & Texas..Aug 3,175,056
Jan 1 to Aug 31
20,307,283
Mo Kan & Tex of Tex._Aug 1,769,620
Jan 1 to Aug 31
12,294,464
Missouri & Nor Arkan..Aug
154,953
Jan 1 to Aug 31
963,994
Missouri Pacific
Aug 8,507,546
Jan 1 to Aug 31
56,334,001
Nashv Cliatt & St Louis.Aug 2,264,738
Jan 1 to Aug 31
13,438,395
Nevada Northern
Aug
290,684
Jan 1 to Aug 31
1,720,015
New Orl & Northest ...Aug
697,620
Jan 1 to Aug 31
4,155,302
Beaumont S L & West Aug
121,609
Jan 1 to Aug 31
948,626
St L Brownsv & Mex.Aug
560,593
Jan 1 to Aug 31
2,714,349
New Orl Tex & Mex
Aug
145,890
Jan

1 to Aug 31

Jan 1

to

Aug 31

1,313,235

New York Central
Aug31,102.237
Jan 1 to Aug 31
180,114,566
Cincinnati Northern._Aug
287,476
Jan 1 to Aug 31
1,722,698
Cl Cin Chi & St L
Jan 1 to Aug 31

4,669,787
37,588
425,122
596,363
3,094,740
396,208
4,396,145
1,261,178
7.719,591
170,864
1,603,275
138,342
2,914,648
15,186
56,922
39,786
327,469

120,667

627,993
2,151,588 3,086,462
6,667,342 18,008,622

258,667
1,748,487

Gulf Mobile & Northern. Aug
Jan 1 to Aug 31

85,031

670,677
697,180
1,687,795
1,788,396

231,949

4.866,856
35,261.606
1,043,698
‘345,834
8,342,634 2,121,746
160,287 defl7,504
990,759
201,322
6,771,278 4,072,617
49,244,092 15,164,491
203,304
97,596
1,435,639
476,209
1,292,510
366,080
9,329,582
429,463

961,370 defl41,300
7,027,205
163,613
3,088,469 1,127,576
22,320,178 2,330,988
2,371,388
270,724
16,627,308 2,466,461
1,350,870
212,196
9,636,926
512,281
138,224,
34,107
934,222
97,934
6,894,565 2,414,012
11,158,061
1,305,208
640,721
9,615,384 2,906,519
212,023
165,303
1,599,921
873,078
395,237
154,514
3,062,409 1,001,631
77,780
27,443
308,090
627,234
236,654
269,606
741,037
2,583,843
def5,728
108,799
894,883
315,038
21,634,297
8,399,895
155306,442 29,142.265
25,536
237,490
1,561,579
212,029
5.014,064 3,505,033
34.054,367 12,346,186
447,798
25,333
3,518,097 def335,709
364,174
238,368
2,329,337 1,134,707
724,956
170,135
5,421,170
767,937
4,643,172
1,940,973
33,889.492 9,923.323
2,470,518 1,508,475
16,659,945 6,593,047

113,860
491,851

88,746
469,108
427,581
2,267,337
327,367
2,117,842
7,744

def22,297
418,522
3,072,049

48,245
344,916
159,670
934,671
85,473
525,765
1,268,650
8,490,303
417,182
3,298,123
57,494
267,995
2,133,668
15.274,819
73,005
521,911
362,754

2,445,507
272,645
1,990,599
1,047,323
7,541,552
814,967
4,989,965
392,918

834,800
40,403
194,968
2,321,021
308,827

2,232,102
123,915
935,569
74,239
946,339
23,552
202,495
89,527
1,010,299
24,993
263,505
6,484.133
41,927.859
95,363
399,193
1,732,338

Aug 7,933,326
44,319,038
9,625,977
Ind Harbor Belt
Aug
527,282
127,344
Jan 1 to Aug 31
3,523.862
883,516
Kanawha & Michigan.Aug
649,353
137,369
Jan 1 to Aug 31
3,663,731
683,986
Lake Erie & Western.Aug
942,296
175,103
Jan 1 to Aug 31
5,925,171
1,573,978
Michigan Central ...Aug 7,111,089
1,457,027
Jan 1 to Aug 31
42,920,223
8,630,489
Pittsb & Lake Erie...Aug 3,415,464
981,498
Jan 1 to Aug 31
20,660,673
5,790,419
N Y Central System—
Toledo & Ohio Cent..Aug 1,116,478
831,226
382,310
299,217
Jan 1 to Aug 31
776,226 1,201,537
6,315,508 5,032,097
N Y Chicago & St Louis.Aug 2,341,172
928,644
448,204
1,532,527
Jan 1 to Aug 31
13,403,856 11,169,520 2,763,212 2,518,450
N Y New Hav & Hartf.Aug 11,113,939
7,600,871 3,672,016 2,301,511
Jan 1 to Aug 31.
65,695,038 56,045,098 10,888,935 16,156,361
...

Oct. 5 1918.]

THE CHRONICLE
-Gross
Current

Roads.

-Net EarningsCurrent
Previous
Year.
Year.

Eamings-

Year.

Previous
Year.

%
$
*
Aug 1,303,077 1.113,635
391,034
7,393,590 6,181,345 1,183,756
Aug 8,610,301 6,021,972 3,418,865
51,310,742 42,645,800 12,315,230
Aug 9,804,524
7,533,664 3,806,046
60,302,798 57,340,415 15,785,199
Aug
682,398
501,636
303,346
Jan 1 to Aug 31-3,732,457 3,117,913
1,276,379
Pennsylvania RR
Aug36,975,639 26,908,690 8,600,124
Jan 1 to Aug 31
226.180,290 190686,863 22,129,407
Cumberland Valley.-Aug
699,903
441,218
360,783
Jan 1 to Aug 31
3,484.421 3,197,182 1,256,641
Grand Rapids & Ind__Aug
744,922
676,300
192,338
Jan 1 to Aug 31
4,607,411 4,324,650
585,276
Long Island
Aug 2,628,652 1,993,966 1,149,502
Jan 1 to Aug 31
14,742,531 10.928,221 4,490.746
N Y Phila & Norf ...Aug
775,210
537,363
234,380
Jan 1 to Aug 31
4,631.075 3,607,106
851,572
Pennsylvania Co
Aug 9,832.455 7.714.590 1,802,506
Jan 1 to Aug 31
57.670,585 51,397.149 4,997,439
Pittsb Cin Chi & St L_Aug 8,806,666
6,557,429 2,142,412
Jan 1 to Aug 31
54,856,567 48,657,919 6,396,055
Pennsylvania System—
Balt Ohes & Atl
Aug
197,934
189,731
47,714
Jan 1 to Aug 31
857,014
811,673
30,528
Toledo Peoria & W--_Aug
163,281
117,102
30,457
Jan 1 to Aug 31
1,014,279
843,267
3,529
Pere Marquette
Aug 2,756,665 2,087,351
138,3 59
Jan 1 to Aug 31
17,624,281 15,403,002 2,594,191
Rutland
Aug
452,078
403,449
96,292
Jan 1 to Aug 31
2,948,241
2,843,225
207,391
St Louis-San Francisco-.Aug 6,791,511
5,252,903
1,068.260
Jan 1 to Aug 31
43,462,857 36.715,580 8,046,000
St Louis Southwestern..Aug 1,246,813
938,701
514,587
Jan 1 to Aug 31
7,339,919 3,132,752
8,520,941
St Louis S W of Tex..Aug
650,560
472,613
123,060
Jan 1 to Aug 31
4,496,880 3,405,649
168,279
San Antonio A Aran PassAug
365,223
375,702 defl22,514
Jan 1 to Aug 31
2,599,811
2,493,797 def275,327
Seaboard Air Line
Aug 3,724,774 2,293,843
251,329
Jan 1 to Aug 31
24,633,261 19,447,605 3,943,696
Southern Pacific
Augl5,745,886 11,619,281 6,659,557
Jan 1 to Aug 31
96,710,305 83,323,277 24,268,179
Arizona Eastern
Aug
352,414
273,877
103,981
Jan 1 to Aug 31
2,930,806 2,947,934 1,019.284
Galv Harris & San Ant Aug 2,062,184
1,664,735
911,487
Jan 1 to Aug 31.
13,829,623 12,580,114 4,591,478
Hous & Texas Cent__Aug
944,615
645,807
517,601
Jan 1 to Aug 31
5,812,720 4,838,238 1,823,274
Houston E & W Tex..Aug
203,726
95,838
149,016
Jan 1 to Aug 31
1,318,480 1,174,989
386,206
Louisiana Western
Aug
420,857
300,599
246,285
Jan 1 to Aug 31
2,833,057 2,214,753 1,417,166
Texas & New Orleans.Aug
680,612
550,317
292,064
Jan 1 to Aug 31
4,871,423 4,037,992 1,515,685
Southern Railway
Augl3.218,911 - 7,853.628 3,387,477
Jan 1 to Aug 31
79,715,755 56,577,775 22,012,473
Alabama Gt South
997,653
Aug
631,833
293,640
Jan 1 to Aug 31-5,749,575 4,518,444 1,549,931
Georgia Sou & Fla—Aug
308,200
231,280
22,626
Jan 1 to Aug 31
2,283,023 1,805,003
295,208
Spokane International._Aug
87,344
88,322
34,900
Jan 1 to Aug 31
651,522
591,871
224,723
Tennessee Central
Aug
384,426
165,348
138,099
Jan 1 to Aug 31
1.924,890 1,158,513 * 351,767
Texas & Pacific...Aug 2,522,194
1,793,602
405,065
Jan 1 to Aug 31
16,437,768 14,029,170 3,268,424
Tol St L & Western
Aug
897,678
657,521
348,554
Jan 1 to Aug 31
5,244,515 4,593,356 1,225,475
Union Pacific
Aug 10,570,268 6,874,183 4,806,551
Jan 1 to Aug 31
59,330,927 47,141,944 22,371,599
Oregon Short Line
Aug 3,306,088 2,598,090
1,429,654
Jan 1 to Aug 31
21,334,800 19,545,290 7,831,902
St Joseph & Grand Isl.Aug
217,851
165,792 def23,302
Jan 1 to Aug 31.
1,744,759 1,542,068
109,788
Union Pacific System—
Ore-Wash RR & Nav.Aug 2,726,067
1,801,087
1,060,003
Jan 1 to Aug 31
16,685,085 14,039,111 4,424,761
Utah
.Aug
159,079
89,276
Jan 1 to Aug 31
890,382
477,489
Vicks Shreve & Pac
Aug
219,982
169,258 defl3,118
Jan 1 to Aug 31
1,617,166 1,298,212
304,895
Virginian
Aug 1,256,448
967,753
480,856
Jan 1 to Aug 31
7,499,156 6,931,894 2,044,622
Wabash
Aug 5,160,000 3,526,218 1,345,306
Jan 1 to Aug 31——29,801,083 26,179.859
4,857,833
Western Maryland
Aug 1,507,616 1,205,504
84.223
Jan 1 to Aug 31
9,514,107 8,733,444
232,641
Western Pacific
Aug 1,286,679 1,002,908
632,402
Jan 1 to Aug 31
7,311,474 6,270,576 2,499,016
Wheeling Sc Lake Erie__Aug 1,446,966 1,146,957
215,375
Jan 1 to Aug 31
8,558,729 6,949,404
1,434,538
Wichita Falls Sc N W__Aug
104,353
86,802
def7,213
Jan 1 to Aug 31
653,235
667,929 defl92,380
N Y Ontario A West
Jan 1 to Aug 31
Norfolk 9c Western
Jan 1 to Aug 31
Northern Pacific
Jan 1 to Aug 31
Northwestern Pacific

— -

— —

^

...

——

Net after

Earnings.

Taxes.

I
I
Buffalo Rochester & Pittsburgh—
,

8

Aug ’18

1,985,119

390,357

77

1,455,186

355,656

’18 11,879.395
’17 9,616,378

581,837
1,820,314

mos

Other
Income.

Gross
Income.

%
26,906
121,538
681,969
861,017

Fixed

Charges.
%

%

417,263
477,194
1,263,806
2,681,331

%
486,663
1,866,941
2,376.894
16.106.857
3,050,606
23,179,215
239,203
1,076.930
7,397,246
44.432,947
205,414
1,549,479
233,309
819,984
949,896
3,460,208
165,010
980,565

2,448,889
11,047,757
1,949,986
12,169,003
46,629
105,119
10,684
68,742
699,201
3,994,187
122,427
696,393
2,106,805
12,879,361
438,453
3,234,110
95,791
276,923
81,038
163,026
599,336
5,686,201
5,030,862
32,035,734
101,201

1,497,416
721,092
4,716,923
245,208

1,634,324
66,438
467,154
172,796
1,136,414
238,061
1,563,517
2,448,821
18,226,398
196,984

1,445,086
38,119
318,863
38,275
181,406
48,067
261,245
531,802
4,061,529
227,994
1,355,618
2,898,465
18,210,493
1,265,035
8,838,334
def51,664
140,643
519,870
4,683,829
-

56,655
413.752
482,869
3,242,147
1,074,756
7,895,828
387,912
2.502,500
400,392
2,435,443
405,839
2,263.963
15,301

10,167
Balance,
Surplus.

Name of Road
or

Week or
Month.

Company.

Alabama Power Co. August
Amer Power A Lt Co June
Atlantic Shore Ry
July
_

Bangor Ry A Electric July
Baton Rouge Elec Ry August
Blackstone VGA El_ August
Brazilian Trac, LAP July
Brock A Plym St Ry_ August
Bldyn Rap Tran Syst May
Cape Breton Elec Co August
Cent Miss V El Prop. July
Chattanooga Ry A Lt Juiy
Cities Service Co
August
Cleve Palnesv A East July
g Columbia Gas A El August




Jan. 1 to Latest

l^Ue!

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

269,049
1029,205
20.097
77,978
23,413
197,612

186,070
860.265
23,326
71,350
18,122
158,136

1,884,557
6,410.710

1,313,352
5,541.570
152,547
487,735
150,814
1,267,446

98.600

519,099
171,235
1,529,918

or

Week or
Month.

Company.

July
July
July
August
July
Cumb Co (Me) PAL July
Dayton Pow Sc Light August
Q Detroit Edison
August
(/Detroit United Lines August
Duluth-Superior Trac August
East St Louis Sc Sub- July
Eastern Texas Elec. July
El Paso Electric Co_. July
a Federal Lt & Trac.
July
_

.

.

July
August
June

July
July
Harrisburg Railways. July
Havana El Ry, L Sc P July

Honolulu R T & Land June
Houghton Co El Co_ [August
Houghton Co Tr Co.!August

b Hud Sc Manhat RRIMay
Illinois Traction
I August
Interboro Rap Tran. May
Jacksonville Trac Co. August
Keokuk Electric Co_ August

Key West Electric Co August

Lake Shore Elec Ry. July
Lewist Aug Sc Waterv July
Long Island Electric. May
Louisville Railway-. May
Manhat Bdge 3c Line May
Milw El Ry Sc Lt Co. August
Milw Lt Bit & Tr Co August
Nashville Ry Sc Light July

Newp NAH Ry.GAE July
Nevada-Cal El Corp. August
N Y & Long Island
May
N Y & North Shore.. May
N Y & Queens Co
May
New York Railways. May

Niag Lockp't Sc Ont. June
Northampton Trac__ July

Northern Ohio Elee__
North Texas Electric
Ocean Electric (L I)_
Pacific Gas Sc Electric
Pacific Pow & Light.
o Paducah Tr & Lt Co
Pensacola Electric Co
Phila Rapid Transit.
Phila Sc Western
Portland Gas & Coke

Port(Ore) Ry.LAPCo.
Porto Rico Railways.
Puget Sd Tr, LAP
(/Republic Ry A Light
g

Richmond Lt A RR_
Rocky Mt A Pac

St L

Santiago El Lt A Tr.
Savannah Electric Co
Second Avenue (Rec)
Southern Boulevard
Southern Cal Edison.
Staten Isl Midland..
Tampa Electric Co._

/9465000 /7795000 /59158.000 /52441.000
12,290
15,509
73,105
85,683
2761,039 2607,401 12,466.574 12.201.995
44,716
39,683
323,175
292,145
28.981
26,196
190.036
173.802
145.541 139.345 1,010.368
714,164
1696,060 1366,660 14,961,561 12,552,768
57,657
56.773
313,850
300,094
185,153 135,193 1,482,307 1,163.355

Previous
Year.

Jan. 1 to Latest Date.
Previous
Year.

Current
Year.

%

I

97,806
87,492
689,834
321,805 320,953 2,446.337
1793,536 1586,891 12,132.535
86,563
72.222
626,688
519,544 443,626 3,573,081
313,326 308,571 1,780.017
779,688 719,936 7,660,976
1011,279 901,576 8,763,624
1700,390 1544,248 12,393,560
143,302 139,688 1,132,868
377,497 314,202 2,293,437
105,879
84,332
644,000
99,958 103,172
730,202
278.321 222,773 2,006,798
100,550
79,980
254,354 183,598 1,743,374
95,163
589,417
81,960
109.280 113,390
736,752
409,300 320,959 2,475,841

_

Ft Worth Pow Sc Lt.
Galv-Hous Elec Co.
Georgia Lt Pow & Rys
Grand Rapids Ry Co
Great West Pow Sys

Current
Year.

%

Columbus (Ga) El Co
Colum (O) Ry, P Sc L
Com’w’th P, Ry Sc Lt
Connecticut Power Co
Consum Pow (Mich)

June

August
May

August
July
August
August
August
May
July
July
July
August
August
May
August
July
August
May
May
August
May
August
July
July
May
May
May
May
May

Tenn Ry, Lt A P Co_
Texas Power A Lt Co
Third Avenue Ry
D D E B A B RR.
42dStMAStNA Ry
Union RyCo(NYC)
Yonkers Railroad.
N Y City Inter Ry(May
Belt Line Ry Corp. [May
Third Avenue System .July
Twin City Rap Tran. August

Virginia Ry A Power. I August

Wash Balt A AnnapJJuly
Westchester Electric. May
York Railways
August

Youngstown A Ohio. July

597,191
1,240.299
10,859,627
556,468
3,199.885
1,715,554
7,150,015
7,776.363
11,654,834
1.042,867

2,058,696

542,399
744,877
1.568.505

1,298,706
509,480
758,634
2,282,646
665,607
3,826,484
346,942
270,301
231,321

118,677 105,457
742,445
694,089 575,442 4,614,173
67.737
60,182
348.658
32,234
29,991
267,837
27,544
29.134
221.658
421,724 366,582 2.073.755 1,858,718
1267,346 1114,511 9,550,762 8,677,624
3524,432 3511,496 17,539.100 17.585,883
84.255
53,176
584,972
453,054
23,330
21,480
172,068
160,525
17,970
12,405
123,998
92,071
220.269 171,234 1,179,111
985,156
94,087
99,449
480,889
498,716
19,131
21,111
80,330
88,297
326.156 268.675 1.465.288 1.271.788
12,417
10,542
57.575
50,817
720,070 609,745 5,741,843 5,107,470
286,606 205,708 1,885,237 1,438,220
248.491 197,671 1,560,222 1,400,846
204,947 125,358 1,149,795
679,005
196.206 185,726 1,481,894 1,335.700
40,928
36,654
166,154
159,837
13,618
14,525
54.141
60,954
83,921
97,584
358,846
490,349
1017,842 1045,802 4,679,714 5,042,054
251,264 192,839 1,497,502 1.134.729
21,578
19,059
130,577
122,831
593,513 527.232 3,468,309 3,121,605
224,382 210,459 2,036,848 1,465,566
11.854
10.134
36.896
34.856
1991,397 1614,988 14,536,535 12,980,396
154.809 139,597
26,280
23,298
204,534
198,993
48,779
34,399
319,921
226,042
2725,191 2436,681 20,864,946 19,570,543
52,109
47,778
144,119 117,812
659,379 511,624 4,317,018 3,374,684
87.255
84,791
594,001
529.771
1000,340 586,369 6,608,432 5,136,058
*145.649 426,115 3,707,282 3,043,584
39,705
36,881
167,111
563.598
467,825 377,990 3,484,371 2,489,142
57,590
51,390
382.668
31-8,380
103,477
86.570
756,682
616,608
77,890
69.222
312,004
31T.010
18,639
18,841
83,010
86,764
834,007 700,165 5,200,496 5,260,176
25.600
29,128
104,205
122.195
89,567
79,321
693,673
672,895
533,025 471,941
234.491 185,971
330,733 350,327 1,593,223 1,706,118
40,461
37,730
189,439
180,225
149,763 150,474
658,863
715,193
237,919 250.676 1,047,046 1,165,959
72.069
72.489
323,046
315,513
60,725
64,502
280,371
307,661
54,282
60,290
250,417
287,556
888,579 983,315 3,907,722 4.187,820
808,224 848,477 6,472.755 6,882,599
665,656 592,903 5,245.663 4.221,470
272,987 113,622 1,472,655
608,611
50.632
44.570
217,326
204,998
85.985
93,253
38,607
31,835
233,112
195.806

a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach. Me.
b Repre¬
c These figures are for consolidated com¬

sents income from all sources,
pany.
/ Earnings now given in

milreis.

g

Includes constituent companies.

Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC

railway and other public utility gross and net earnings with
charges and surplus reported this week;
Gross

Net

Earnings.

Earnings.
$

Harrisburg Rys

July ’18
7

Detroit United
Lines

mos

8
*

’17
*18
’17

Aug ’18
mos

%

196,485
220,778
188,296
288,898
1,569,661 def305,855
1,443,627 1,237,704

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.

Latest Gross Earnings.

Name of Road

—

Gross

1377

*17
’18
’17

118,677
105,457
742,445
665,607
1,700,390
1,544,248
12,393,560
11.654.834

%
34,873
32,877
238,120
226,337
245.894
201,740

Balance,
Surplus.
12,513

14,548
71,701
91.366
*145,520

*182,281
1,802,930 *1,376,141
1,589,033 *1,734,235

After allowing for other income received.
Gross

Earnings.
Adirondack El Pow Aug ’18
157,000
*17
133,795
12 mos ’18 1,758,539
'17 1.583,079
Milw El Ry A Lt
Aug ’18
720,070
’17
609,745
8 mos ’18 5,741,483
•17 5,107,470
Milw Lt Ht A Trac Aug '18
286,606
*17
205,708
8 mos '18 1,885,237
*17 1,438,220
Phila Rapid Trans
Aug '18 2,725,191
'17 2,436,681
2 mos '18 5,451,454
'17 4,874,075

Santiago El Lt A Tr July’18

57,590
51,390

mos

'17
’18
*17

Wash Balt A Annap July

[18

7

7
*

47,386
47,425
309,821
317,703
361,072
339,069
2,905,381
3,074,743

Fixed Ctigs.
& Taxes.

After

mos

382,668
318,380
272,987

113,622
’18 1,472.655
*17
608,611

Net after
Taxes.

*

Fixed

Charges.
$

539
9,691

21,124
21,103

318,136
449,923
130,132
163,117
1,090,211
1,188,910
54,447
59,977
337,111
323,964

255,941
256,958

881,951

1,031.714
1,927,666
2,039,634
23,917
18,335
154.033
99.342
72,793
51,807
633,335

230,868

allowing for other income received.

Balance,
Surplus.

108,032
90,738
811,019
634,091
50,209
40,144

349,899
312,740
818,358
812,440
1,632,645
1,623,771
12,264
12,864
85.947
88,604
24,613
22,962
160,024
157.642

def20,585
defll,412
62,195
192,965
*32,211
*79,560
*355,549
*616,193
*4,533
*20,032
*defl2,089
*11,754
63,593
219,271
295,021
415,863
11,653
5,471

68,086
10.738

*48,774
*30,054
*482.996
*81,217

1,269.424

100,339

1,137,337

61,603
727,600

t
59,151
633,263

Aug 1,267,346

1,114,511
8,677.624

335.042
2,619,237

347,432
3,019,963

Colorado Power.a
Aug 1 to Aug 31

Aug

Illinois Traction.a
Jan 1 to Aug 31

Northampton Trac_a
Jan 1 to July 31

July

%

S

$

107,470

9.550,762
9,078
7,894
21,578
19,059
54,206
51,350
130.578
122,831
283.538
287,036
Utah Securities Corp—Aug
572,652
554,841
Jan 1 to Aug 31--- 4,597,102
4.221.735 2,495,908 2,250.562
1,402,135 1,875,624
Western Union Tel.a_.-Aug 7,102,098 6,444.690
Jan 1 to Aug 31
48,824.798 42,157,081 10,856,139 12,759,187

1918.
*

1917.
$

1918.
$
Baton Rouge Electric Co—
23,413
August..
12 mos
252,385

1917.
%

1917.
$

1918.
f

12

August
12 mos

48,687
678,848

48,585
671,158

26,554
415,492

27,417
418,789

Plymouth Street Ry. Co.—
670
15,509
12,290
125,442 defl0,005
111,736

3,904
3,989

def770

def26,262

2,651
defl0,085

18,122
225,493

Gas A Electric Co—
158,136
197,612
2,254,316 1,885,275

„

.

10,970
139,076

13,016
170.943

4,434
60,692

,6,464
92,225

Connecticut Power Co.—
86,563
August
12 mos
940,842

21,555
364,632

27,866
402,422

1,192
131,439

10,271
202,181

16,206
255,732

4,548
196,686

11,849
.227,147

72,222
839,780

Edison Electric Illuminating Co.

of Brockton—
10,960
57,492

63,209
772,002

mos

266,699

693,538

Electric Light A Power Co.
21,497
August
12 mos
217,931

of Ablngton and Rockland205,743

5,205
51,001

2,849
45,759

4,572
44,805

2.520
43,038

Galveston-Houston Electric Co.—
August
254,354
183,598
12 mos—.. 2,532.790
1,976,953

89,788
885,469

66,883
663,010

50,640
417,578

28,975
218,390

3,098
34,026

3,446
79,829

2,777
30,875

3,441
79,211
3,172
121,072

18,203

Haverhill Gas Light Co.—
August
26,096
12 mos
318.368

24,484
304.047

32.234

29,991

418,088

416,752

9,113
146,570

9,454
194,572

2,276
66,068

Houghton County Traction Co.—
29,134
27,544
August....
333,469
339,876
12 mos

9,381
113,619

9,891
136,363

2.362.
29,108

2,807
51,228

Jacksonville Traction Co.—■
84,255
53,176
August....
663,524
12 mos
830,039

20,079

240,8^6

16,194
218,811

3,493
46,219

31,327

5,108
65,311

5,559
74,169

2,385
34,191

3,240
48,494

7,580
68,721

4.323
45,220

5,081
39,350

1,844
15,158

16,700
247,717

17,261
269,182

15,312
234,066

16.568

260,522

158,383
1,731,332

144,792
1,517,913

37,872
282,596

22,856
215,832

Keokuk Electric Co.—
23,330
August.
260,090
12 mos

Key West Electric Co.—
17,970
August.
178,013
12 mos

12,405
132,090
Lowell Electric Light Corporation—
August
80,543
55,287
805,002
690,145
12 mos
Mississippi River Power Co.—

.

...

173,467

192,703

August
12 mos

380

‘

21,480
242,987

...

2,156,539 1,899,217
Northern Texas Electric Co.—

210,459

August
12 mos

224,382

August
12 mos

26,280

23,298

310,221

305,834

Pensacola Electric Co.—
August
48,779
12 mos....
443,339

319,398

3,153,395 2,178,387
Paducah Traction A Light Co.—

34,399

Savannah Electric Co.—
August
103.477
12 mos
1,108,248

12

mos

86,570
914,212

64,066

58,960

720,668

660,587

Tampa Electric Co.—
August
12 mos

89,567

79,321

1,022,091

1,006,862

76,357
1,435,446

86,921
906,711

48,185
1,093,769

57,772
556,772

6,357
78,796

4,636

77,952

defl ,994
del 17,263

def2,911
def9,937

15,876
157,332

14,468
134,060

7,475
60,969

40,838

6,635

32,640
359,188

28,990
308,777

7,147
61,011

4,621
21,150

35,262
386,236

29,790
368,428

28,375
303,242

23,005
287,201

36,223
426,614

31,015
454,949

31,129
364,755

26,364
402,468

United Qas & Electric Corporation.
Gross Earnings—
Current
Previous
Year.
Year.

Companies.
Citizens' Gas &
Aug ’18
Fuel Co (Terre
'17
Haute, Ind)
12 mos '18
’17
"

Colorado Springs1
Aug ’18
.LtHtAPowCo
*17
12 mos ’18
’17

Aug '18

Columbia (Pa)
Gas

(Jo

12 mos

Conestoga Trac Co Aug

(Lancaster, Pa)

’17
'18
’17

'18
’17

12 mos *18
’17

Aug '18
'17
12 mos *18

Consumers El Lt
& Pow Co (New

•^Ori, La)

23,677
22,399
312,127
288,525
54,877
53,136
593.290
559.591
3,683
3,329
35.584
29.464
129.876
115.152
1,244.488

1,183,703
31,019
29,954
380.884
364,174
65,875
54.673

’17

Aug '18

Edison Elec Co

(Lancaster, Pa)

’17

12 mos ’18
’17

772,162

Elmira (N Y)
Aug '18
W. L A RR Co
*17
12 mos *18
’i7

114,177
102.189
1,344,828
1,243.465
68,425
60,816
976,946
852,674
46,557
38,172
643,018
566,301
2,908
2,665
31,954
28.940

Aug '18

Harrisburg Lt A

'17

Power Co

Houston Gas A

12 mos ’18
\
>17
\Aug ’18

I

Fuel Co

*17

12 mos '18
*17
Houston Hts Wat
A Lt Aas’n
,




Aug ’18

*17

12 mos *18
*17

Richmond (Va)

‘

Aug

682,835

7

12 mos

Net Earnings
Current
Previous

Year.
S

8,525
9,529
135,276
124,462
24.101
19.408
215,325

146.527

207,531

149,516

828
981

337
312
4,021

7,190
6,479
54.504
51,467
489.802
535,368
8.489
14,410
157,741
175,315
29,006
21,510
351,753
323,070
37,702
44,366
455,561
514,884

24,613
30.247

401,051
470,204
10,305
13,244
204.484
236,719
1,389
1.430
15.784

14.613

Aug

(Bloomington, Ill)

'17
'18
’17
’18
'17
*18
*17
’18
'17
’18
*17
’18
’17
’18
'17
*18
’17
’18
’17
'18
’17

12 mos '18

8,163,948
25,909
20,149
'

272,584
239,176
17,795
17,998
255.945
227,189
28,711
25.126
426,631
362,477
9,040
8.293
181,423
185,361
16,770
13,786
203.330
179,436
71,859
54,857
918,776
778,626

’17
Wilkes-Barre (Pa)
Aug ’18
'17
Co
12 mos ’18
'17
Total
Aug ’18 1,477.552
’17 1,375,503
12 mos ’18 16,558,583
’17 15,935.893

Year.
%

38,161

170.730

208,891
310,922

1,819.673
3.065,089
8,343
6.846

79,987
96,139
def 451

2,765
14,991
52,318
11,203
8,124
99,474
103,429
1,659
1,599
56,023
50,223
5,649
3,064
56,440
59,774
28.385
25.974
354,342
381,521
463,150
565,894
4,914,903
6,417.144

164,209
146,713
2,071,340 def251.667
1,833,253
1,231.836
6,078
2,265
4,754
2,092
53,653
26.334
70,901
25.238
def3.263
2,812
def 47
2,812
,

34,608
34,595
5,319
5.670
82,832
66,908
3,748
3.931

55,445
57,220
2.558

def 19.617

17.723
5,884
2,454
16,642
36,521
def2.089
def2,332
577
def6,997

3,091

2,752

312

42.822
42,019
21,432
20,407
254,174
241.462

13,618
17.755
6.953
5,567
100,168
140,059
155,851
287.004

307.299.
278.890
3.800,223
3,490,757

1,114,680
2,926.387

FINANCIAL REPORTS
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which

published during the preceding month will be given

the last Saturday of each month. This index will not
include reports in the issue of the “Chronicle” in which it is

on

published. The latest index will be found in the issue
Sept. 28. The next will appear in that of Oct. 26.

of

Baltimore & Ohio" Railroad.

(Eight Years' Development—Balance Sheet Dec. 31 1917.)
President Daniel Willard in the annual report for 1917
(V. 107, p. 1283), summarizes substantially as follows
the development of the company’s system during the
eight years between Jan. 1 1910 and Dec. 31 1917, in which
period there was expended $139,000,000 for additions, bet¬
terments, extensions and new equipment.
Locomotives.—During these eight years we added 813 heavy locomotives,
with a total tractive capacity of 42,933,660 lbs., to the company's equip¬
ment, while 366 of obsolete type, having a combined tractive capacity of
6.868,130 lbs., were dismantled.
The net Increase in tractive capacity
of locomotives owned by the company was 37,964.350 pounds, or 65.5%.
New Cars, Ac.—Within the same period 44.641 freight cars, of all-steel
or semi-steel construction, having a total carrying capacity of 2.297,348
tons, were purchased, and 16,961 freight cars, of an average age of 19.5
years,

were

dismantled because unfit for modern service requirements.
owned by the com¬

The net increase in carrying capacity of the freight cars

Sierra Pacific Electric Co.—

August

12 mos

have been

Houghton County Electric Light Co.August
12 mos

Aug

Union Gas A ElCo

Cape Breton Electric Co., Ltd.—
39,683
44,716
August....
437,604
12 mos....
495,112

12

Leavenworth (Kan) Aug
L H A P Co
12 mos

4,744
72,089

7,488
77,090

August

Aug
12 mso

L H A P Co

8,350
114,522

mos

Brockton A

Lancaster (Pa)
G L A F Co

H

11,396
122,174

....

12 mos

L H A P Co

Blackstone Valley

August

8ystem
(Buffalo, N Y)

766,386
752,803
7,964,608

Aug *18

Internat

—Surp. after Chges.—

-Net-

Gross

Year.
$

Companies.

Lockport (N Y)

after the deduction of taxes.

Net earnings here given are

-Net EarningsPrevious
Current
Year.
Year.
$
$

-Cross EarningsPrevious
Current

Net Earnings
Previous
Current
Year.
Year.

Gross Earnings—
Current
Previous
Year.
Year.

Companies.

a

[Vol. 107

THE CHRONICLE

1378

Year.

4.938
5.796
90,257
77,796
13,323
7,992
65,798
58,015

3,587
3,733
45,019
46.666
10,788
11,416

491
669

3,169
2.596
27.561
24,539
163.907
211,505
1.720

3,883
26,943
26,928
325.895
323.863
6,769
6,635
81.733
79,853
9,613
8,888
114,759
103.084
16,927

7,775

15.979

243.449
234.200
16,687
13,771
184,474
164,892
6.657
6.714

-

82,230
82,578
130
130

1,560
1.529

t

76.008
95,462
19,393
12,622
236,994
219,986
20,775
28.387
212,112
280,684
7,926
16,476
216,577
305.312
3,648
6.530
122.254
154.141
1,259

1,300
14,224

13.084

pany was 1.098.695 tons, or 34.9%.
stant betterment program under which

The company also pursued a con¬
13,488

cars

of original wooden con¬

struction were rebuilt and strengthened with steel underframes,
draft gear. Ac., to meet modern service requirements.
On Jan.

friction
1 1918

93% of the freight-car equipment owned by the company was either of
all-steel construction or was equipped with steel underframes or centre
sills and thoroughly adapted to present service requirements.
Passenger equipment purchased included 400 pieces, all steel, while
many cars

originally of wood construction were strengthened by steel ends

and centre sills.
About 74 % of the total passenger business on the system
is now carried in cars of all-steel construction.
Other additions embraced new electric motors in Baltimore, new tugs, Ac.

Road, Ac.—Eight milas of 4th main track. 47 miles of 3d main track,
152 m. of 2djnain track and 111 m. of 1st main track were constructed.

double-track line from Philadelphia
100-lb. steel rail, and the remaining
portion with rail weighing not less than 90 lbs. per yard, all in good, ser¬
Approximately 72% of same has stone ballast.
viceable condition.
In the aggregate, 610 miles of main track have been equipped with mod¬
ern electric automatic signals, and an additional section of 129 miles of
double track is now being similarly equipped and will be finished during
1918, and on the entire system, including branch lines all passenger trains
are now being operatei under positive block, manual or otherwise.
Two long, double-track, low-grade tunnels have been built at the main
crossings of,the Allegheny Mountains, and the Magnolia Cut-Off on the
Cumberland Division was completed at a cost of approximately $6,000,000,
giving a four-track line for 13 miles where the tonnage density is the great¬
est on the entire system.
These particular improvements, together with
The company now has a continuous
to Chicago, 82% of which is laid with

the eastbound third track constructed over the

mountain grades

on

the

end of the Cumberland Division, have increased the carrying capacity
of the line from the West Virginia and Connellsville regions east fully 40%.
Much has been done in the way of providing addi.ional passing tracks
and terminal facilities where needed, and 330.5 mile* of track have been
constructed for such purposes.
During the eight-year period 837 miles of main track were relaid with
90-lb. and 1,729 miles with 100-lb. steel rail, and the average weight of all
rail in B. A O. main line tracks to-day is 95.6 lbs. per yard, compared with
87.5 lbs. per yard in 1910.
Commercial Development Department.—This department aided in estab¬
lishing 2,443 new industries along the line of road, exclusive of new coal
developments. Estim ites prepared by our traffic officers at the time when
these industries were located showed that the gross earnings expected
therefrom would in the aggregate amount to more than $32,000,000 per
annum to the B. A O. RR. Co.
To serve these industries, 232 miles of
new side tracks have been constructed.
west

Cumulative Effect of Improvements and Development.—As a result, the
total ton miles (including company's material) carried by the company,
which during the fiscal year ended June 30 1910 was 12,675,482,892, for
the year ended Dec. 31 1917 was 18,053,294,172, an increase of 5,377,811,280 ton miles, or 42%.
During the eight-year period the average total freight-train load was
raised from 466 tons in 1910 to 818 tons for the year 1917. an increase of
350 tons, or 75%.
This improvement enabled the company during the
last fiscal year to handle 42% more ton miles with an actual decrease of

5.081.681 train miles, a reduction of 19%.
To have handled the business
of 1917 with the train-load of 1910 would have necessitated the operation
of over 16,000,000 more train miles than actually were run.
Earnings.—Exclusive of the Toledo Division, which did not become a
part of the system until the last half of the last fiscal year, the company
earned during the years 1917 and 1910 the following amounts:
Years ending—
Dec. 31 ’17. June 30 *10.
Freight earnings
$98,189,800
$69,408,113

Passenger earnings.i
earnings
Express earnings

Mail

Miscellaneous
Gross earnings

19,380.634
1.553.857

14,485.585
1.176.844

6.865.819

2.115.553

$128,164,355

$88,901,252

3,174.245

1.715,157

Oct. 5

1918.]

THE CHRONICLE

The freight and passenger rates remained substantially stationary from
1910 until 1916, when there was an increase of about 3% on freight rates,
ana in 1917 a further increase of 15% on about 50% of the freight traffic
handled, but effective during only a short portion of the year.
It is esti¬
mated that these increases added about $7,000,000 to the gross freight earn¬
ings in the fiscal year 1917.

Wages.—The

average wage

paid labor in 1917

was

fully 40% higher than

In 1910, and the total wage payments of the company in the last fiscal year,
due to wage advances only, were approximately $18,000,000 greater than

they would have been on the 1910 basis.
During the same period all ma¬
terial increased greatly in prices.
A test on 43 principal items showed an
increase of more than 76% above the prices in 1910, while the price of fuel
increased more than 100%.
The comparative income account, Ac., were given in V. 107i p. 1283.
TRAFFIC STATISTICS (x 000 omitted.).
'

Years ended—
Miles operated

Dec. 31 *17. Dec. 31 T6. June 30 ’15. June 30 ’14.

4,724

4,712

4,535

Operations—

4,515

Tonsfrt. carr. (rev.only) 87.435,160
87,785,876 64.375,595 72,267.060
xTonsfrt. carr’d 1 mile. 17,163.579
17,004,704
12.970.895
14.054.422
Av. rate per ton per mile
0.562 cts.
0.596 cts.
0-546 cts.
0.544 cts.
Passengers carried.
23.798.314
23.194.347
20.581.992
22.748,070
Pass, carried one mile..950.274,669 833,567,192 714,368.423 827.278.616
Av. rate per pass,
2.009 cts.
1.968 cts.
1.921 cts.
per m. 2.104 cts.

Average train-load (tons)
(revenue only)
Earns, per pass. tr. mile
Earns, perfrt. tr. mile
(revenue only)
Gros earnings per mile,
incl. outside opera’s..

777
$1.4552

760
$1.1872

692

645

$0.8943

$0.9716

$4.6318

$4.2722

$3.7781

$3.5082

$28,285

$25,848

$20,245

$21,961

(a) Staten Island Rapid Transit Co. (Including Staten Island Ry.).
Calendar
Grass
Net after
Other
Interest,
Balance,
Years—
Tates.
Income.
Earnings.
Rents, Ac.
Sur. or Def.
1917
.$1,493,513
$223,173
$13,734
$284,083 def.$47.176
1916
1,554.480
359,074
18.770
290.452
sur.87.392
1915
1,584.955
536,443
32,659
275,799 sur.293.302
(&) Sandy Valley A Elkhorn Ry.
$318,622
$13,135
$602,048
$252,514 sur.$362.668

1917
1916
1915

318,946
265,432

52,358
80,013

375,448
262,905

272.729
206.896

sur.155.077
sur.136,023

(c) Baltimore A Ohio Chicago Terminal RR.
$1.940.093def$318,916 $1,522,211 $1,614,083 def.$410.788
1,862.357
90,264
1,493,061
1,608.595
def.25.269
1,608.528
286,167
1,429,514
1.472.211
sur .243.470

1917
1916
1915

GENERAL BALANCE SHEET DEC. 31.
1917.
$

Assets—
Road and

1916.
$

equipment, $362,793,348; investments
below), $343,683,714; miscel. physical
prop., $8.50(3,202: sk. fds., Ac., $577,450; total x715.554,714 669,021,541
Cash, $11,539,369; special deposits, Ac., $3,445,861; total
14,985,230 15,490,091
Traffic, Ac., bal., $2,652,738: agts. A conductors,
$9,613,735; miscellaneous, $11,313,516; total... 23,579,989
15,094,338
Materials and supplies
14.677,747 11,024,997
Secur. of carriers’ own issue, $391,000; other de¬
ferred, &c.. assets, $335,694; total.
726.690
1,631,527
Other unadjusted debits
2,640,953
1,676,019
Unpledged securities in treasury—bonds, $430,350;
stocks, $1,508,670: total
1,939,020
3,682,143
Pledged secur. Wash. Branch stock (contra), $1,650,000; bonds, $10,000,000; total
11.650.000
1,650.000
(see

Total

x

785,754,343 719,270,658

assets

Liabilities—
Common stock,

$152,317,468; preferred stock,
$60,000,000: and separate stock Wash, branch
(contra), $1,650,000; total..
213,967,468 213,967,468

Funded debt—Equip, obligations, $26,700,000;
mortgage bonds, $311,119,180: collateral trust
bonds, $71,250,500; miscellaneous obligations,
$66,384,993: total
..475,454.673 425,942,573
Loans and bills payable
7,656,215
Traffic, Ac., bal., $3,357,400; accounts and wages,
$11,797,767: miscellaneous, $3,670,689; total.._ 18,825,856
11,911,609
Matured int., divs., &c., $3,560,281; unmatured
int., divs., Ac.. $4,198,733: total
;
7,759,014
6,725,745
Accrued depreciation. $22,199,745; insur. reserve,
$623,292; tax liability. $1,039,039; unadjusted
credits, $2,504,612; total
26,366,688 22,076.957

yards, shops, engine-house. Sec., have been located at Alturas, Cal., and a
some general office building erected.
An apportionment of earnings and
expenses between tne line retained
and that disposed of, prepared for the Cal RR. Comm., shows that what¬
ever loss of business may result from the sale of the portion of the line above
mentioned will be more than made up by tne consequent decrease in oper¬
nan

ating

3,765,292
and surplus,
$7,105,257; profit and loss, $24,853,880; total.. 31.959,137

Total
x

liabiiities

RESULTS FOR FISCAL YEARS.
Years ended—
Dec. 31 ’17. Dec. 31 ’16. June 30 ’15. June 30 ’14.
Miles oper. end of year.
273
254
.
275
238
_

Operations—
Tons carried
88,388
Tons carried one mile
7,252.802
Revenue per ton per mile 3.554 cts.

Passengers carried
22.524
Passengers carried 1 mile. 1,734,326
Rev. per pass, per mile.. 5.008 cts.
Earnings—
Freight...
$257,741
86,851
Passenger
Mail, express and misc__
35.081
Incidental
Total oper. revenues__
Maintenance of way. Ac.
Maintenance of equip’t..
Traffic expenses

Transportation
General

Total oper. expenses..
Net earnings
Other income
Total net income

Interest

Pledged.

Unpledged.

Investments—

$
$
Stocks
10,312,547x14,745.840
Bonds
710,748
Notes
35,944
Advances
176,735
Miscellaneous.
307,227

Pledged.
$
55,587.975
199,165.830

Unpledged.

Sinking fund
Other interest. &c
Extinguishment of
count

$
2.946.826

Total
$
58.534,801

2,918,151 202,083.980

15,015,409 41,760,484

56,775,893

Total
10.312,547 1 5,976,493 269.769,214 47.625.46 ’ 317.394,674
The stocks owned other than those deposited with trustees of mortgages
securing mortgage debt for the year ended Dec. 31 1917 had an aggre¬
gate ledger value of $29,513,883, and a total par value of $57,633,359, the
latter figure including chiefly the following: B. & O. RR. Co. preferred,

$371,850; Calumet Grain & Elevator Co.. $200,000;
$10,000,000, common, $8,960,900; ConnellsRR. Co., $750,000; Reading Co. 1st pref.,
$6,065,000; 2d pref., $14,265,000; common. $10,002,500; RiehmondWashington Co., $445,000; 8andy Vahey & Elkhorn Ry. Co., $500,000;
Union Stock Yards Co. common, $400,000; and Valley RR. Co. of Virginia,
$1,704,800.
The bonds owned other than those deposited with trustees of mortgages
securing mortgage debt for the year ended Dec. 31 1917 had an aggregate
ledger value of $14,059,249, and a total par value of $15,251,800, the latter
figure including chiefly the following: B. & O. RR. Refunding and General
Mortgage bonds, $10,000,000; Toledo-Cincinnati Division 1st Lien and
Refunding Mortgage bonds, $276,500; Chesapeake & Ohio Canal Co.
bonds of 1844. $1,329,500; Sandy Valley & Elkhorn Ry. Co. 1st M. bonds,
$2,200,000; and Valley RR. Co. of Virginia 1st M. bonds, $750,000.—
V. 107. p. 1283.
$1,136,821;

common,

Coal & Coke Ry. Co. pref.,
ville Uniontown A Wheeling

Nevada^California-Oregon Railway.
(24th Annual Report—Year ended Dec. 31 1917.)
President Charles Moran, writing from the American
Legation, Lima, Peru, May 20, says in substance:
Sale of Portion of Road.—The sale to the Western Pacific RR. of 103.82
miles of your road, comprising all of the line south of Hackstaff, Cal.,
including the Sierra Sc Mohawk branch, reduced the mileage of the road
from 275.11 to 171.29 miles.
The mileage disposed of was carried on the
books at $1,161,429.
The purchase price obtained was $700,000- The line
lost much of its usefulness to us through the completion of the Western Pac.
RR. and the Fernly and Lassen branch of the Southern Pac. *o Westwood.
The two connections thus offered to your company enable it to excnange
freight on very favorable terms, while avoiding the haul from Hackstaff
or Wendel to Reno.
The main value of tne property ceded to the Western
Pacific lay In the Reno terminals, and it is believed that not only was a

good consideration obtained for this property but also for whatever value
the entry into Reno had for the purchasers.
New an 1 spacious terminals.




on

50.496

5.471,643

46,703
5,672,215

4.061 cts.

3.877 cts.

23,173
1,931,196
5.639 cts.

23,747
2,028.039

$258,968

$222,212
108,897
41,049
5,590

$219,886

Total deductions

5.910 cts.

4,201

$383,873
$70,637
68,192
6,050
160,610
37,518
3,283

$391,726
$107,410
51,040
8,689
127,623
26.702
1,885

$377,749
$15-4,425

$372,510

48,758
8,091

54.489
10,629
103,613

3,605

26,639
2,846

$346,290

$323,349
$68,377
4,171

$367,559
$10,190
2,578

$302,421
$70,090
4,098

$72,548
$64,009

$12,768
$55,527

$74,188
$50,508

$37,583
4.643

119.852
27,430
5,343

$104,206

129,475
23,204

762

441

212

23,697

21,615
13,795
3,018

20,988
13,940
4,313

790

83

$95,185
$82,417

$90,044

6,780
507

1,729
dis¬

bonds

Balance, deficit

$87,435

,

$45,209

$95,755
$23,207

$15,856

BALANCE SHEET,
2>6C.31’17 June30’16
Dec.31’17 J«ne30’16
Assets—
LiaMtities—
$
$
$
$
Road & equipment..;3,198,616 4,236.789 Stock, common
.1,450,000 1,450,000
Notes
14,178
16,133 Stock, preferred
750,000
750.000
Investment stocks._
Bonds
24,997
853,000 1,277,000
Misc. phys. property
16,447 Accrued interest
8,525
10,642
Accounts
180
& wages..
Sinking fund
47,129
35.467
Cash
35,690
24.849 Traffic balances
14,250
10,640
Due trom agents,Ac.
6.002
4,068 Miscellaneous
12,217
22,184
Material A supplies.
42.070
24,936 Accrued deprec’n
190,404
217,347
Traffic balances
7,546
10,321 Appropriated surplus 418,189
418,189
Matured interest
185
Special deposits
43,350
Loans Sc. bills recelv.
500
Deferred liabilities..
1,904
Int. A divs. recelv..
476
Funded debt retired
Deferred assets
thru.inc.&surp..
98,870
1,287
98,870
Rents Sc ins. prepaid
565
Sinking fund reserve
6,980
Profit and los s—deb .431,900
Unadjusted deben
6,143
52,533
Miscell. accounts...
16,130
31,353
..

Total

—V.

104,

...3,412,773 4,349,851
p.

3.412.773 4,349,851

Total

2184.

United Railways Investment Company.

(16th Annual Report—Year ended June 30 1918.)

34.773.282

of All.

on

70,457
6,419,394
4.034 cts.
23.869
1,765,631
4.919 cts.
86,851
40,613
5,294

$42,226
$59,440
1,316
24,950

bonds
Rents paid, Ac
Taxes, Ac

Pres. Mason B. Starring, Sept. 5, wrote

785,754,343 719,270,658

-In Other Companies- In Constit. A Affil. Cos.

expenses.
expenses

Miscellaneous operations.

3,873,023

Investments at book value as of Dec. 31 1917, included:

expenses.

Another result of the negotiations which brought about the sale under
consideration was the refunding of the bonded debt due May 1 1919.
In
view of the present state of the money market, the result obtained was
particularly ortunate, the Increase In the interest charge to 6% being in
conformity with the prevailing rate and more than offset by the reduction
of the amount outstanding to $850,000, due May 1 1967.
The present world conflict is having a disturbing effect on the earnings
and expenses of your property, the attitude of the Director of Railways
towards short lines has not been as helpful as might have been wished, but
the management is doing all that can be expected to harmonize what it
considers its duty to the security holders, with its duty to the nation in the
present war.
[While the sale of 103.82 miles of the company’s road was
consummated in June 1917, the company continued to operate over the
entire line until early in 1918.]

Liability for provident loan, $3,433,047; other de¬
ferred accouots, $332,246; total
Additions to property through income

1379

in brief:

Financial.—During the year the trustee acquired for the sinking fund an
additional $479,000 bonds, being by far the largest.amount so acquired
during any similar period, so that the trustee holds in the sinking fund $2,226.000 face value of said bonds, leaving outstanding $15,924,000 out of
an original issue of $18,150,000.
*
The loans and notes payable have been reduced by $375,000.
The last of the “6% Serial Notes of 1908” was paid in August 1917.
United Railroads of San Francisco has paid the last $50,000 of its equip¬
ment notes which were guaranteed by United Railways Investment Co.,
and said obligations have been ended.
Contingent Obligation Ceases.—The agreement of April 24 1917 between
the California Railway & Power Co. and the reorganization committee of
United Railroads of San Francisco is no longer an actuality on account of
the changes which the comittees find it necessary to make in the reor¬
ganization plan, owing, amongst other things, to the drain up9n the rail¬
roads’ cash resources caused by a four months’ strike on its lines during
the latter part of 1917; therefore, this company’s contingent obligation of
$100,000 in connection therewith similarly has ceased.
The reorganization
committees of the United Railroads of San Francisco bondholders are now
considering the changes necessitated with regard to the plan.
(Compare
California Railway & Power Co. below.)
Special Reserve.—The reserve account, amounting to $714,803, started
last year, toward meeting the loss which your company has sustained
through the United Railroads of San Francisco, has been augmented by
the addition of $540,715 set aside for this purpose during this fiscal year;
at June 30 1918 “reserve for losses on securities owned” amounted to
$1,255,518.
Income Account.—Similarly, as in the previous fiscal year, no interest on
United Railroads of San Francisco’s $1,695,000 notes, nor on the company’s
6% gold bonds of 1910. has been taken into the company’s accounts.
[The remainder of President Starring’s report consists of extracts from
the annual reports of the company’s principal subsidiaries, as separately
published and cited in the “Chronicle. ’ Compare Philadelphia Company
in V. 106. p. 2656; Duquesne Light Co., V. 106, p. 2657; Pittsburgh Rail¬
ways. V. 107, p. 77; California Railway & Power Co., including United
Railroads of San Francisco and other companies, in this issue.]
,

INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1917-18.
1916-17.
1915-16.
Dividends on stocks owned
$1,534,687 $1,718,850 $1,590,686
Interest on bonds, loans, Ac
168,821
172,733
175,540
-

Total income
Deductions—
Directors’ fees, taxes, Ac
Interest on bonds
Interest on 6% notes
-Interest on 5% notes
Interest on dividend certificates
Interest on loans, Ac
Prov’n toward losses on secure, owned.

Total
Net income for year

,703,508

$1,891,583

$90,270
907.500

$84,441
935,150
15,000
20,833
80,242
41,114

750

50.000
80.227
34.046
540.715

714,803

$1,703,508

$1,891,583

None

None

$1,766,226
$73,743
954,900
39,000

80.240
41,181
$1,189,064

4577,162

I

July 31 1918-.-

368,325

50,000

65,122,365 65,098,559

♦Investments Include

16,000,000
20,400,000
16,403.000

790,000
100,000
1,000,000
712,500
750,000
900,000
12,944

714,803

190,194
Interest
184,946
50,000
69,402
287,874
1,130 Miscellaneous....
7,264,236 <17,055,715
19,770 Profit and loss

2,194
2,207

Unadjusted accts.

Common stock...20,400,000
Coll.tr. sk.fd. 5s.15,924,000
6% conv.bds. 1910
790,000

6% notes of 1908.
14,801 4-year 6% notes.. 1,000,000
35,800 Pref. stk. dlv. ctfs.:
6%
712,500
5%
750,000
Loans Sc notes pay.
525,000
Coupons due
28,291
Res’ve for losses on
securities owned 1,255,518
429,712
Accrued bond,dec..

Phlla.Co.com. stk.
dlv. of lJi % de¬
clared J'ne 17’18
for quar. ended
June 30, payable
Unlted RRs .of San
Francisco
Other companies..

Liabilities—
Preferred stock...16,000,000

1,695,000

1,695,000
14,521
Sinking fund
18,776
Interest accrued..
35,800
notes receivable.

Phlla .Co.notes rec.

1917.
%

1918.
%

1917.
1918.
$
AtHU—
S
Investments *....62,787,665 62,687,665
164,679
Cash
147,878
Un. RRs. of San F.

Total

CO. JUNE 30.

UNITED RAILWAYS INVEST.

BALANCE SHEET

65,122,365 65,098,559

Total

stock;

(1) Philadelphia Co., $24,555,000 com.

Co., $5,134,400 pref., $34,160,700 com.; and
(3) Railroads & Power Development Co., capital stock, $5,500,000; total,
$61,726,439; other securities, $1,061,227.
(2) California Ry. Sc Power

California Railway & Power Co., Inc.

(5th Annual Report—Year ended June 30

1918.)

Pre3. Mason B. Starring, Sept. 5, wrote in substance:
Reorganization Plan to Be Modified.—The agreement of April 24 1917

between tne California Railway Sc Power Co. and the reorganization com¬
mittee of United Railroads of San Francisco (see plan, V. 104, p. 1144,
2012] is no longer an actuality on account of the changes which the com¬
mittees find it necessary to make in the reorganization plan, owing, among
other things, to the drain upon the United Railroads’ cash resources causea
by a four months’ strike on its lines during the latter part of 1917. The

reorganization committees of the United Railroads of San Francisco bond¬
holders are now Considering the changes necessitated with regard to the plan.
No Income from United Railroads of San Francisco.—The inability of
United Railroads of San Francisco to pay, during the pending reorganiza¬
tion, either interest or dividends to this company has continued, rendering
necessary a continuance of the policy of not taking into the company’s
accounts the interest on United Railroads’ notes.
The decrease in the net income of the United Railroads for the year as
compared with the previous year is due principally to the loss in passenger
receipts occasioned by the strike and the heavy expenditures incident
thereto.

track and roadway. This amount ($225,953) has been charged
to reserve for depreciation as heretofore.
Sierra & San Francisco Power Co.—The annual gross earnings, amounting
to $1,694,474, were a record for the companv, showing an increase over the
previous year of $256,428, or 18%. Operating expenses and taxes in¬
creased $218,464, or 47%, the large increase in expenses being due pricipally to the greatly increased consumption of oil for fuel for steam generating
purposes which was occasioned by a failure throughout Central California
of an adequate supply of water for hydro-electric generating purposes.
This shortage of water was the greatest recorded in tnat State during the
past 49 years.
Increases in cost of labor and materials and supplies added
substantially to the increased operating cost; taxes increased nearly 15%.
on

the largest
of $55,275,

Coast Valleys Gas & Electric Co.—The gross earnings were
in
the company’ s history, amounting to $326,190, an increase
or
20%, over the previous year. There was an Increase in operating expenses
and taxes of $37,013, or 21 %, over previous year; taxes increased nearly 20%.

Rates.—In view of the large Increases in expenses all along the line,
seems inevitable that the companies must be permitted sooner or later

it

to

CALIFORNIA RAILWAY & POWER
1917-18.
$222

June 30 Years—
Total income

10,278

Expenses, taxes, &c_
on

were

1916-17.

1915-16.

1914-15.

$92,425
73,881

$203,328
36,947

$141,268

x$28,000

,,

$166,380
x$196,000

,

$127,196
x$199,500

deducted by the company from profit and loss surplus.

1918.
1917.
Assets—
$
$
a Securs. owned..47,739,469 47,739,469
Notes rec., United
1,925,000
RRs. of San Fr. 1,925,000
Coast Valley Gas
Sc Electric Co..
7
bll,783
Cash on deposit..
1,394
37,572
41,982
Un. RRs. of S. Fr.
60
Accrued lnt., Sec..
60
117
Sierra Sc S.F.P.Co.
Profit Sc loss, def..
5,498
Total

49,713,527 49,713,885

1918.
1917.
Liabilities—
$
$
Prior pref. stock.. 2,800,000
2,800,000
Preferred stock.._ 6,874,400
6,874,400
Common stock
40,000,000 40,000,000
RRs. Sc Power De¬

5,000
34,127

velopment Co__
Unadjust, credits.
Prior pref. stock
for redemption.
Profit and loss

Total

34,127
800

4,558

49,713,527 49,713,885

a Includes (1) United RRs. of San Francisco stock, $5,000,000 first pref.,
$20,000,000 pref. and $7,950,000 com.; (2) Sierra & San Francisco Power

$19,999,000 capital stock; (3) Coast Valleys Gas & Elec. Co. stock,

$2,000,000 pref. and $2,999,500 com.; (4) San Francisco Elec. Rys., $9,997,500 capital stock; and (5) other securities, $1,240.
*iVofe.—Pursuant to the .terms of the certificate of incorporation, prior

June
would
be redeemable
at
reference
30 1918,
stockplusof accumulated
the par value
of $460,000
dividends
thereon,
providing
the surplus
of the company were

adequate for such purpose.

SUBSID. COMPANIES' INCOME ACCT. FOR YEARS END. JUNE 30.

Sierra & S.F.P.Co.- Coast V. G. A El.
1916-17. 1917-18 1916-17
$$$$$$
earnings.6,261,999 7,458.142 1.694,474 1,438,047 326,190 270,914
—U. RRs.

of S. F.

1916-17.

1917-18.

Op.exp.A taxes.6,006,823 5,252,202

684,364

1917-18.

Gross

earnings..$2,330,509 $2,757,171 $3,289,357 $3,430,219 $3,514,374
7,686
xl0,783
12,329
3,232
21,426
—

$3,437,905 $3,535,800

depr. Sc divs.$2,341,292 $2,769,501 $3,292,589

Excluding interest, $39,435, and sinking fund earnings, $128,307.

x

OF SAN FRANCISCO—BALANCE SHEET

UNITED RRS.

Railroads, proper¬
ties Sc franchlses.81,247,341
Trust equipment700,468

sinking

Mortgage

funds
Investment In se¬
curities.
Funds for redemp¬
tion of bonds
For acquirement of

outstdg. stks. of
underlying cos..
Cash
Notes receivable..
Accounts receiv’le.
M Iscellaneous
Discount on fund.
debt
Materials & supp.
Accrued Interest..
Profit & loss, def.
_

2,318,870
799,925
26,400

81,354,539
860,468

1917.

Liabilities—
%
First pref. stock.. 5,000,000
5,000,000
Preferred stock
20,000,000 20,000,000
Common stock
17,948,600 17,948,600

Mortgage bonds.c36,152,000 36,152,000
200,000
2,172,870 Equipment trusts.
120,000
1,000,000
5% promls’y notes 1,000,000
Indome
derd
notes
740,000
740,000
855,700
Notes payable Cal.
1,925,000
Ry. Sc Pow. Co. 1,925,000
26,400
Notes payable...
15,120
95,120
Accounts payable.
376,147
649,492
90,406
108,512
1,834 Wages* salaries.
495,688
458,215
1,076,085 Accrued Interest._
169,380
191,371
5,231 Accrued taxes
348,218 Bond Interest due
960,665
and unpaid
1,914,160
53,507
64,490
Deposits rec’d, &c.
62,792
500,587
733,065 Mtge .sk.fd .res’ve.
523,677
500,557 Depres’n reserve
1,400,996 1,313,413
104,992
129,048
44,622 Other reserves
992,091
Profit and loss..
_

1,834
428,437
5,408
433,231

26,002
661,307

451,826
64,047
1,269,368

_

88,434,465 88,033,096

Total

JUNE 30.

1918.
%

1917.
$

1918.
$

Assets—

.88,434,465 88,033.096

Total

c Includes sinking fund 4% bonds, $23,854,000,
assumed, $12,298,000.

Note.—The company guarantees
San Francisco Electric Rys. bonds

-Sierra A S. F. Pow. Co.1917

1918

Property

Mtge. “B” bonds and
scrip in treasury

and underlying bonds

both principal and interest of $1,416,000
and $45,000 Gough Street Co. bonds.

BALANCE SHEETS JUNE 30 OF OTHER
Assets—

SUBSIDIARIES.
-Coast Va
1918

.

G. A E .Co.-

1918

$5,868,350

$5,810,567

72,753
5L046
19,204

29,240
39,852
24,885

246,667
13,173
11,000

247,341
19,225

$6,282,193

$6,171,110

$20 000,000 $20,000,000 k$5, 000,000

$36,574,726 $35,652,599

Net earnings.
Other income..

255,176 2,205,940 1,010.110
170,408
163,121
20,831

465,899 215,128 178.115
972,147 111,062
30,086
1,335

92,799

112,397

93,656

Gross income. 425,584 2,369,061 1,030,941 1,002,234
Bond interest.bl,591,863 1,594,364

857

334,519
176,700

*859,357

845,778

58,546

59,440

Bal., sur.def. 1,677,692sr.263,479

171,584

156,456

53,851

34,216

Otherint.,&c_.
Rentals & leases

333,813
177.600

b Includes in 1917-18 interest on
and on underlying bonds. $651,863,

United Railroads 4% bonds, $940,000,
against $941,454 and $652,910, respec¬

tively, in 1917-18.
* Interest charges
in 1917-18 Include interest on First Mortgage bonds,
$375,000, against $358,333; interest on 2d Mtge. Series “A” bonds, $60,000
yearly; interest on 2d M. Series “B” bonds. $423,150, against $423,150;
and miscellaneous deductions, $1,207, against $4,294.


f


2d M. “B” bonds & scrip
for matured int. on 2d

Mtge. “B” bonds

37,000

37,000

50,084

183,937

52,459
1,106,307
413,408
191,364

143,174

147,995

1

410,909

Notes & accts. receiv
Materials and supplies. _
Unamortized discount &
expense on securities.
Miscellaneous

382,721

Cash

53,483

Sinking fund

34,301
263.938

Profit and loss

$37,836,034 $37,899,372

Total

Liabilities—

Capital stock
First Mortgage bonds..
2d M. bonds, Series “A”
2d M. bonds, Series “B”
Accounts payable, &c__
Mat’d int. pay. in cash.
Accrued int., taxes, Ac.
Mat’d int. 2d M. “B”

Miscellaneous
Profit and loss

7 500,000
1 ,000,000
8 ,500,000

174,746
263,675
190,326

50,084
156,242
960

7,500,000

900,000

$5,000,000
900,000

1,000,000
8,500,000
110,488
260,110
193,943

146,267

92,847

480
32,297

28,913

84,269

63,799

118.879

84,891

$6,282,193

$6,171,110

52,459
279,492
2,880

—

$37,836,034 $37,899,372

Total

14,072

CALIFORNIA RY. & POWER CO.—BALANCE SHEET JUNE 30.

Co.,

Net

Other income...
Total available
for int., s. f.,

k Includes $2,000,000 pref. stock
p. 1299.—V. 105, p. 2542.

660

and $3,000,000 com.—Compare V.

103,

Montreal Tramways Co.

def.$9,456 def.$29,620 def.$72,304

Balance, sur. or def__def.$10,056
Dividends

CO.—INCOME ACCOUNT.

$18,544

def.$10,056
prior pref._

Net income

x

SAN FRAN. (.Inserted by Ed.)

[As compiled by public accountants for reot'g. purposes, v . 103, p. 1299].
1914-15.
1912-13.
1912.
June 30 Years. 1915-16.
1913-14.
Operating rev...$7,751.743 $8,030,998 $8,515,894 $8,589,248 $8,173,114
Operating exp... 4,905,234 4,757,827 4,722.737 4,705,829 4.256,739
Taxes
516,000
516,000
503,800
453.200
402,000

payable in bonds
Deprec’n, &c., reserves.

substantially increase their rates.

Dividend

EARLIER EARNINGS OF UNITED RRS. OF

2d

Assets, Ac., of United Railroads of San Francisco.—During the year there
has been a decrease of $107,197 In “railroads, property and franchises,”
due to sundry sales of property, See.
On the other hand, additions and
betterments to property were made, amounting to $225,953, notably

$158,532

[Vol.107.

THE CHRONICLE

1380

(Report for Fiscal Year ended June 30
President E. A. Robert says in substance:

1918.)

Results.—It will be noticed that the gross earnings of the company from
July 1 1917 to Feb. 9 1918, the date of the termination of the old contract
[amounting to $4,652,748], are shown separately from the allowance [of
$874,049] made to the company under the new franchise. The gross
items aforesaid amount to $5,526,796; the surplus carried over from
June 30 1917 was $856,449, making the total credits $6,383,245.
The total
charges against this sum aggregate $5,830,787, leaving a balance to, the
credit of surplus account of $552,458. a reduction from 1917 of $303,991.
New Contract with City.—On Jan. 28 191$ a contract was executed with
the City of Montreal, and later assented to by an Act of the Legislature
of the Province of Quebec, granting the company a 35-year franchise on
the Island of Montreal.
Under this contract the rates of fare to be charged are to be fixed by

the Tramways Commission, appointed by the Lieutenant-Governor in
Council to administer the contract, and must oe sufficient to produce a

viz.: (a) Operating expenses
renewals; (6) 6% per annum
by the contract: (c) 7% per
annum on additional capital supplied during the continuance of the present
world war, and for two years after its close, to be received over a period
not exceeding five years beyond the close of the war; (d) 6% per annum
on worn ,ng capital furnished by the company for the operation of its
system; (e) H of 1% per annum on the sum or $36,286,295, or $181,431,
for the purpose of covering the expenses incurred by the company in pro¬
curing additional capital; (f) a rental of $500,000 per annum to be paid to
the city during the period of the contract; la) a sum equal to 1% per
annum of the gross revenue to be paid annually into a contingent reserve

revenue

that will meet the following allowances,

and taxes, operating profit, maintenance and
on the amount of $36,286,295, as established

fund, until such fund shall amount to $500,000.
All gross revenues remaining after the payment of said charges sha
constitute the divisible surplus, and shall at the end of each year be dis¬
tributed as follows: To the city, 30%; to the company, 20%, and to the
tolls reduction fund, 50%.
The tolls reduction fund shall be held in trust for the patrons of the

1

_

company

for the reduction of tolls, and shall be

administered by the
the end
exceed $1.000.000,

Commission as provided for under the contract.
Whenever at
of any year the amount in the tolls reduction fund shall
the Commission may, and whenever the amount in said fund shall

exceed

$2,500,000, the Commission shall reduce the fares on the Tramways system.
Land.—We purchased land on Mount Royal Ave. for car barns, and
also sold unneeded land in the Parish of Pointe aux Trembles.
Contract.—An exclusive 36-year franchise was granted us in St. Laurent.
Wages.—A general demand from our employees for an increase m wages
was acceded to after many deliberations, including meetings with the
Tramways Commission and the representatives of the City of Montreal, Ac.
Munitions.—During the past year the company received an additional
contract for the machining of shells. This is proceeding satisfactorily.
Dividend Deferred.—The Board decided to defer the declaration of the
regular quarterly dividend of 2H% on the common stock, payable Aug. 1
last, owing to the fact that the new fares and allowances provided for
under the contract had not as yet become operative, an appeal having
been taken to the Quebec Public Utilities Commission.

Oct. 5

THE CHRONICLE

1918.]

CONSOLIDATED BALANCE SHEET JUNE 30.

RESULTS FOB YEARS ENDING JUNE 30.

Passengers carried

1

153,576,271

Not
/179.974.549
passenger! reported. \
4.10 cts.

156,408,303

$7,725,499

$6,609,765

53,416.530
$6,525,232

$5,526,797

$7,725,499

$6,609,765

$6,525,232

3,148,004

4,601,772

3,707,053

3,713,996

$2,378,793

$3,123,727

$2,902,712

$2,811,235

$250,509
940,242

$491,431
858,542
800,000

$418,083

$414,149
825,415

Car earns, per
Transfers
Gross earnings
Allowance under
contract. Ac

j

$4,652,748

l

4.012 cts.
55,542 397

4.13 cts.

.

63,451,272

new

874,049

Total income..

Operating

1914-15.

1915-16.

1916-17.

1917-18.

expenses

Net earnings
Deduct—

City percentage
Bond and loan int., Ac_

806,721

Int. on debenture stock800,000
800,000
Taxes
92,474
98,400
93,600
Dividends_(7H%)254,638 (10)337,881 (10)323,871

Prop’n disc, bonds sold.

223,112
106,808

Contingent account
War tax (estimated)
Amt. pd. 1st Tram.Oom.
Balance,

sur. or

Previous surplus

800,000
92,800

“275,666

“275,666

$856,449

$849,602

equipment

1918.
1917.
LiabUUies—
$
$
Common stock
*3 ,403,330
3,394,300
Debenture stock.*16 ,000,000 16,000,000
Bonds and mtges.19 613,996 19,618,996
Accounts Sc wages. 1 461,114
570,530
Accrued interest..
231,206
230,814
Acer, tax on earns.
129,693
377.848
Unred’m’d tickets.
168,487
239,738
Suspense account
517,710
90,921
Dividend Aug. 1-84,871

39 ,052,875 37,543,386
New construction- 1 ,946,677
1,509,489
Investments
276,588
341,588
Accounts receiv’le.
311,238
553,352
Stores
814,441
480,911
Cash'on hand and
on loan
349,917
764,465
Underlying securi¬
ties redemption
Capital reserve
fund..
3,550 Contingent acc’t..
3,550
War tax
Cash on special de¬
posit
1,063,985 Miscellaneous
Balance due under
Surplus
new contract
343,535
_

.

.

Total

43,098,820 42,260,725

.

600,000
291,882
105,686
23,257
552,458

600,000
24,241
147,581
24,440
856,449

43,098,820 42,260,725

Total

*Includes amount due on shares not yet exchanged.—V. 107, p. 1287.

American Ship

Building Co., Cleveland, Ohio.
{Report for Fiscal Year ending June 30 1918.)
President M. E. Farr says in substance:
just closed has been very active in new construction
The gross earnings have been large and derived princi¬
pally from contracts entered into with private interests before our entry
Into the war.
The policy of the company, fixed before any contracts were
entered into with the U. S. Shipping Board Emergency Fleet Corporation,
limits the profit on ships contracted directly with any Government depart¬
ment or agency to an amount that is fair and equitable to the Govern¬
Earnings.—The

year

and repair work.

ment and to the company.

Construction.—During the fiscal year 45 cargo ships
168,800 gross tons
carrying capacity, and two special steamers for the U. S..Navy, were com¬
pleted and delivered. The company has contracts with the U. S. Shipping
Board Emergency Fleet Corporation for the delivery of 172 standard type
ocean cargo ships, of 678,700 gross tons carrying capacity, between July 1
1918 and the close of Lake navigation (Nov. 15) in 1919.
Construction
work is

now

well ahead of schedule.

Additions.—During the year appropriations for plant extensions, equip¬
improvements necessary to obtain increased production, aggre¬
gating $6,125,058, were authorized and $4,781,993 expended. The cost
of plant extensions has been abnormally high, due to prevailing high labor
and material costs, excessive costs for quick delivery of equipment and com¬
pletion of buildings, and construction during the winter months of 1917-18.

ment and

conditions has been unavoidable.
Provision to be Made for Return of Normal Conditions.—These additional
facilities are for the purpose of assisting in carrying out the vast national
Waste under such

program for ocean cargo ships, and are not necessary for the construction
of vessels intended for service on the Great Lakes.
Such extensions may
eventually prove liabilities rather than assets. The operation of plants
under high pressure has resulted in a marked increase in the cost of main¬
tenance and greater wear and tear.
The time will come when our present

organization must be decreased, plants reduced to normal capacity for
Lake business and values of materials on hand adjusted to normal prices.
Proper and adequate provision will be made to meet these contingencies.
No Encumbrances.—The property is free from encumbrances and there
are no known contingent liabilities.
All indebtedness shown in the annual
balance sheet is current.
Inventories.—These have been taken on the basis of actual net cost at
the time of purchase, but not in excess of prevailing market prices and
standard ship steel at prices fixed by the War Industries Board.

Liability Insurance Department.—The company is now carrying its own
compensation and public liability insurance.
Liberty Bonds.—The company has, during the year, participated in loans1
to the Government as follows: Second Liberty Loan, 4%, $1,713,700;
Third Liberty Loan, 414%, $2,000,000.. Our workmen subscribed for
$603,750 of these issues.
The sum of $410,000 also has been distributed by your company among
the patriotic war funds in the communities where our plants are located.
The contributions of workmen in three of these plants where campaigns
were conducted aggregated $127,000.
War Taxes.—The high Federal income tax has added an increased burden,
which should be borne cheerfully, even though the greater part or all of
the company’s earnings are absorbed.
workmen’s

CONSOLIDATED RESULTS FOR FISCAL YEAR ENDING JUNE 30.
1917-18.
Net earns, all properties after deducting mfg. exp_$16,206,662
Add—Divs. from outside investments, $38,500;
interest earned, $375,681; profit on secure, sold,

$3,543; miscellaneous (net), $442,806

1916-17.

$4,866,012
751.973

Total income..
$17,067,191
Deduct—General, Ac., exp., incl. insur., Ac
1,931,641
State, county and miscellaneous taxes
207,924
Federal taxes in excess of previous appropriation.
1,736,240
Depreciation
693,847
Maintenance of buildings and docks, $220,051; of
machinery and equipment, $1,246,367; miscel.
maintenance, $257,041
1,723,459
Special allowance for excess profits taxes, est
4,000,000
Amortization of permanent assets to pre-war val_
147,815
Interest on bonds and notes payable

$5,617,985
424,310
150,110
122.308

603,040

750,876
400,000

_

Net income for year ending June 30

$6,626x266

PROFIT AND LOSS ACCOUNT FOR

Net income
Previous surplus

$6,626,266

5,147,564




$9,947,830

19.301

$3,148,040

YEARS ENDING JUNE 30.

1916-17.

$3,148,040

3,361,024

1915-16.

$579,307
3.058,217

Total
$11,773,830 $6,509,064 $3,637,524
Preferred dividends-.-(7%)553.000(10M)829500(3H)276,500
Common dividendsT (16^)1,273,000
(7)532,000

Balance, forward

60,230,770 33,661,243

$148,752, for construction, contingencies, Ac., $252,913; for
profits taxes (est.), $4,000,000; for workmen’s compensation in
surance, $100,516; and for scrap and inventory adjustments $85,741.—
V. 107, p. 1289.

$5,147,564

$3,361,024

American Water-Works & Electric Co.

{Results for

Fiscal

Years ended

June 30.)

The pamphlet report will be cited another week.
An adbertisement on a preceding page shows results as follows:
1917-18.
Co.’s proportion of the net earns,
sub.

cos.

1916-17.

(excl. of West Penn Trac.

$688,357

$618,953
Divs. declared on pref. stock of West
PennTrac. A Wat. Pow. Co. (9mos.)
861,426
Inc. from bonds, pf. stks., Ac., owned
Total.
$1,480,379
Expenses A taxes, less proportion con¬
tributed by sub. cos. for admin, exp.
and incl. in oper. exp. of such cos.
84,120

Collateral trust notes
Balances due subsidiary cos
Bank loans of cefaulting coal and

companies

Miscellaneous

$653,156

139,266

710,393
$1,538,016

713.655
$1,366,811

75.434

67,720

$1,396,259

$1,462,582

$1,299,091

$787,144

$746,508

$719,341
12,000
29,930

_

Net earn
Interest on-

power

1915-16.

of

12,000

19,133

26,933

4,119

19,676
9,231

677

28.688

$585,185
$648,235
$509,133
dividends of 1 % % each paid on the 1st pref. stock from
Aug. 25 to May 15 1918, both inclusive, called for $381,500.—V. 106,p.2124.
Net income
Four quarterly

Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands, India.
(Report for Fiscal Year ending Dec. 31 1917.)
The

Managing Directors, H. W. A. Deterding, General

Managing Director; Jhr. H. Loudon and Dr. A. J. Cohen
Stuart, The Hague, July 1918, wrote in substance:

Business Returns.—The financial returns for 1917 are very satisfactory.
The Bataafsche Petroleum Maatschappij distributed 43,000,000 florins,

equal to 30 5-7%

on

its capital of 140,600,000 florins.

The Anglo-Saxon Petroleum Co. will probably distribute for
dend of £860,060, or
%. on its capital of £8,000,000. *
As in

1916, owing to

1917

a

divi¬

prevailing conditions and the slow postal commu¬

nications resulting therefrom, the balance sheet of the Anglo-Saxon Petro¬
leum Co. and likewise those of the Russian companies, could not be closed
so that the figures of profit entered in our balance sheet are again based on
estimates.
The total profit of our company for 1917 amounts to 44,373,569 florins.
This profit allows of the payment of a dividend of 4% on the preference
shards, 4f4% on the priority shares and 48% on the ordinary shares, of
which 30% has already been paid as interim dividend.
A balance is then
left of 737,716 florins, which we propose to carry forward to new account.
War Conditions.—During 1917 the war had a very disturbing effect.
Whereas in 1916 part of our producing fields,
notably those in

and

Rumania, had been drawn into the war zone, causing great damage to the
business, this year our Russian interests have likewise undergone the bur¬

den of prevailing conditions. Nevertheless up till now no actual destruc¬
tion worth mentioning has befallen our oil business in Russia, but the in¬
ternal conditions of that country are of a nature to damage seriously the
prosperity of Russian business houses.
The lack of tonnage made itself felt constantly and seriously.
Another

prejudicial effect has arisen through the impossibility of devel¬

oping certain valuable oil territories during the war.
This applies notably
to our interests in Mexico where there is a very promising future, but where,
owing to lack of facilities for export, our production nas had to be con¬
siderably curtailed.
Our constantly increasing cash resources of foreign moneys must not be
regarded in too favorable a light. Our withdrawals of pounds sterling and
dollars to Holland, result in a considerable loss when compared with the
normal rate of exchange.
As against the damage due to the war, there has been one outstanding
advantage derived therefrom and which will probably be maintained in
the future.
This is the substitution of liquid fuel for coal.
Capital Stock.—During 1917 the share capital of our company remained
unaltered at 150.066,000 florins—divided brio 1,600 preference shares,
28,560 priority shares and 120,000 ordinary^shares of 1,000 florins each.
In Jan. 1917 ordinary shares to an amount of 7,400,000 florins, divided
into 74,000 sub-shares, were sold to the firm of Kuhn, Loeb A Co. in New
York. (V. 107, p. 1105 ) The value of the shares at present unissued
amounts to 34,472.800 florins.
„ JThe company
recently offered to its ordinary shareholders the right to
subscribe at par for an amount of new ordinary stock to the extent of 50%
of their present holdings.
See V. 107, p. 1105.]

Sunk

Holdings.—Our holding of shares in the Shell Transport A Trading

Co., Ltd., was increased by £120,933 nominal on account of the issue in
June of 1,006,066 shares of £1 each at par, with a preferential right for
shareholders of 4 old shares to 1 new share; payment could be effected by

which was exactly 25%. We thus increased
holdings in the Shell to £604,665 ordinary shares.
No delivery has as yet been passible of the Astra Romana shares, which
formed part of the dividend for 1915.
In Jan. 1917 our company and the Shell transferred their holdings in
the Russian companies to the Bataafsche Petroleum Maatschappij at cost
price. Owing to this the shares in the Mazout, Standard Russe, Bnito
and Participants (the latter formerly mentioned under the heading “shares
in various companies’’) no longer appear in our balance sheet.
Sumatra.—The production of oil in North Sumatra increased as a result
of oil being struck on May 5 1917 in a newly discovered oil strata in the
Pangkalan Soesoe field, which until then had only yielded gas, and where
a well started with an initial production of 1,200 tons per day of 24 hours.
On Dec. 31 1917 this well still yielded about 175 tons per day of 24 hours,
the total oil production of the well up to that date being about 185,000 tons.
Borneo.—The smaller production in Borneo is solely due to the fact that
for some time past it has had to be curtailed owing to shipping difficulties,
which were largely overcome towards Dec. 31.
Egypt.—The extension of the refinery at Suez was completed, as was also
an installation for converting the thick residues of Hurghada oil into fuel.
Russia.—Notwithstanding great difficulties, the production of our Rus¬
sian cos. amounted to 1,561,186 tons as against 1,539,681 in 1916.viz.:
retaining the final dividend,

860,529

1917-18.

Total

hand and

on
on deposit, $6,250,476, and interestbearing certificates of deposit, $4,050,000. b Includes in 1918; fire in¬

$664,166

BALANCE SHEET JUNE 30.
1917.
$

60,230,770 33,661,243

Includes in 1918 cash

excess

def_def.$303,990 sur.$77,473sur.$185,436sur.$124,991
856,449
778,976
664,166
539,175

1918.
$

Total

1918.
1917.
LiabUUies—
S
$
$
9,635,298 Stock, preferred.. 7,900,000 7,900,000
5,489,516 Stock, common
7,600,000 7,600,000
550,000 Accounts payable- 3,129,892 1,011,018
Interest
1,091,177 Accrued
12,000
taxes, Ac
127,714
199,468
Unpaid pref. divs.
138,250
138,250
do
com. stock.
240,510
513,000
418,000
1,693,441 Adv. rec’d oh constre. contracts. .26,286,163 10,573.595
1,375,546
8,194,756 Reserve funds
b4,587,922
673,348
Surplus
9,947,830 5,147,564
502,336
4,683,116
193,546

surance,

15,000

$552,459

Assets—
Cost of road and

Good-will, patents 5,492,166
Scott SS. Go. stk550,000
Liberty bonds, Ac. 4,989,711
Securities owned..
63,454
Unp’d bal. on ship
construction
170,435
Inventory
4,814,984
Accts. & notes rec. 2,946,186
Cash.
al0,300.476
U. 8. Treasury cer¬
tificates, Ac
Work under const. 16,790,045
Def., Ac., accts.. 5,145,874

1917.

(10)278,880

110,000

Total surplus

1918.
Assets—
$
Plants, prop., Ac. 8,967,439

a

“350,566

1381

1914-15.
$5,406

2,965,829
$2,971,235

$2,971,235

our

1917.

1916.

752,555 tons
662,685 tons
Baku territory
689.311 tons
744,340 tons
Ural territoryi:
119.326 tons
132,056 tons
The lack of materials and means of conveyance, the shortage of labor
and the entire dislocation of traffic resulting from the political troubles
Grosny territory

have rendered operations almost impossible.
The prices of various ma¬
terials have increased to ten times those paid formerly.
Wages are about
five times as high as before the war, and the demands of laborers are becom¬
ing more and more unreasonable. For some of our companies the taxes
amount to 90% of the net profit.
All this. and. the general uncertainty attending legal matters threatens
to destroy the basis of economic life in Russia.
The so-called “nationalza-

iion”ofbnk*.iniistrial establishments, steamship companies, Ac., with¬

out indemnification to shareholders,

is

a menace

to all industry in Russia.

The maximum price of crude oil at Baku was increased in 1917 from 60
copeks per pood but in many cases this increase was not sufficient to
No financial results for 1917 are yet to hand, but the

to 89

cover expenses.

prevailing circumstances will prevent results from approaching those
obtained hitherto.
Owing, too, to lack of communication with Russia
since late in 1917, we are unable to determine the amount of damage which
establishments have sustained.
The Netherlands Bank has expressed its

our

willingness to compile statements
regarding the position of Dutch interests in Russia so as to be able to pro¬
tect them in due time and place.
We immediately furnished them with
all data pertaining to our own interests.
Rumania.—Late in 1916 the installations of the Astra Romana were
working under British control.
the occupying force in Rumania
to start restoration.
Whilst we were originally under the impression that
In addition to our properties on the surface, all our existing wells had been
almost irreparably destroyed, the production was re-established more
quickly than anticipated, so that by Dec. 31 1917 it had already reached
700-750 tons daily, i. e., about 60% of the normal output.
The crude oil
produced had to be sold to the German military authorities, and the prices
paid for it were satisfactoirAt frequent intervals, however, our business was hampered by the
requisition of materials, including drilling pipes, for German oil concerns.
For the destruction wrought in Dec. 1916 a provisional claim was lodged
by us with the British Government, and we are assured that our claim
thoroughly destroyed by
In April 1917 instructoins

a commission
were given by

will be de? It with in the same manner as those of other non-German cos.
The stocks of oil products In Rumania, belonging to the Astra at the time
«f the German invasion, were seized.
These products represented a value
of about 9.350.000 lei.
In spite of our repeated efforts we have not yet
succeeded In receiving payment for same.

Mid-Continent of North America.—In 1917 the Roxana Petroleum Co.
acquired various exploration territories, and is now vigorously proceeding
with exploration work.
The production (in bbls.) amounted in 1917 to 3,410,000, against
4.684.000 in 1916 and 1,784,000 in 1915.
The decrease in 1917 is due to a
considerably lower output from our Cushing territories. There was an
increase in the production'of the Yale and Healdton fields.
In 1917 the pipeline from Healdton to Cushing (134 miles) became
oper¬
ative, and 1,483,250 bbls. were pumped through it.
It" was resolved to
extend the capacity of this pipeline to 12,000 bbls. daily.
The pipeline
from Cushing to St. Louis will be put into operation in 1918.
Many new
tank cars were purchased.
•
In March 1917 the refinery at Cushing became operative, and now treats
5,000 to 6.000 bbls. daily. The refinery at 8t. Louis will be completed
this ye-’r.
The storage facilities for crude oil and its products now aggre¬
gate 2.127.000 bbls.
^
California.—The Shell Co. of California, acquired in 1917 certain oilbearing territories in the Coalinga field, adjoining their exploitations, and
also exploration territories in Santa Barbara County.
On the Ventura
properties 4 wells were drilled, 2 being producers with 20 to 25 bbls. daily.
This oil has a larger percentage of benzine than most California oil.
The production compares as follows, the increase in 1917 being due to
extensive drilling on the Coalinga fields:

1917.

V

1916.

1915.

Barrels produced

.___6.357.000
4.809,000
3.187.000
The pipeline from Coalinga to the refinery at Martinez transported in
1917 6,399,900 bbls. as against 5,266,550 bbls. in 1916.
Some new tank
ears were purchased.
Railway traffic diff kilties fifeGfd tli] n erls.
The capacity of the refinery at Martinez was increased to 24,000 bbls.
daily. The storage facilities for crude oil and products of the Shell Co.
now aggregates 4,525.000 bbls.
Mexico.—On account of certain provisions of the new Mexican Constitu¬
tion which came into force on Feb. 5, we floated a company on May 11,
the Campania Mexicana de Petroleo, La Corona, to hold and acquire proper¬
ties and concessions on behalf of the Dutch Co. bearing the same name.
The original capital of 100,000 pesos has since been increased to 1,000,000
pesos: all shares are held by the Dutch Co. “La Corona.”
The statutes of the Tampico Panuco Petroleum Maatschappij, whose
foundation was mentioned last year, have since been approved, and the
definite agreement has been closed with the Tampico Panuco Oilfields* Ltd.,
and the “Chyoles Oil, Ltd.”
Well Panuco 5, which in Jan. 1914 struck oil and the production of which
was then estimated at about 100,000 bbls., gave a
production of 38,000
bbls. per day of 24 hours during a trial made in July 1917.
In well Topila
14, oil was struck with a production of about 14,000 bbls. daily.
The last
trial in Jan. 1918 yielded 20,000 bbls.
This year as in 1916 production had to be artificially curtailed as a result
of the export difficulties.
Owing to war conditions the
amount to

The

5,000 bbls. daily, but
a 10-inch, pipe line

laying of

capable of an extension to 20,000 bbls.
from Panuco to Tampico was started.
were sold and delivered by

the Corona.
The stock on Dec. 31 1917 amounted to 1,467,145 bbls.
The storage facilities in Mexico in steel tanks now amount to 1,550,000
bbls.: storage in earthen tanks, 1,543,000 bbls.
This year has not seen the end of the political troubles in Mexico, and a
was

particularly experienced in connection with the in¬

tended exploration work in the southern oil lands.

By decree of the President of the Mexican Republic, instead of the ex¬
isting duty on production of Pes. 0.60 per ton. an export duty of 10% ad
valorem was instituted on crude oil and liquid fuel, while for petroleum dis¬
tillates the export duty was fixed at 3 to 6% ad valorem.
The assessable
value of the products is-fixed every 2 months by Government decree.
Curacao.—The completion of the refinery of the Curacaosche Petroleum
Maatschappij has been unavoidable delayed. The Curacaosche Scheepvaart Maatschappij has been organized to work the fleet for the transport
of the crude oil from Venezuela; of the share capital of 2,000,000 florins,
500,000 florins was issued to the Curacaosche Petroleum Maatschappij for
lighters and tugs.
Venezuela.—The examination of our vast concessions was systematically
continued.
Owing to the fact that the various treating and distributing
facilities were not completed, the production had to be cut down to 575
bbls. daily.
The products of our refinery already supply nearly half the
requirements of Venezuela.
The refinery at San Lorenzo, on Lake Maracaibo, was brought into oper¬
ation, its capacity being increased to 2,500 bbls. daily.
The storage capacity was increased from 165,000 bbls. to 330,000 bbls.
some

,

■

W Fleet and

Freights.—Since the beginning of the war we have lost approxi¬
mately 68,000 tons of shipping. In addition, vessels with a loading acpacity of approximately 58,000 tons were torpedoed or mined but could be
salved and repaired.
In 1917 no new keels were laid down for us, though a few vessels already
chartered became our property by purchase, while by buying various sail¬
ing vessels equipped with motors the decreased tonnage was to some ex¬
tent replaced.
Prices.—The high cost of material, transport and insurance in many
cases necessitated an increase of prices.
In cases where these items were
of no great importance prices of kerosene and benzine were only raised to
a small extent, and in some cases remained unaltered.
Prices of liquid fuel,
however, had to follow those of coal, as sufficient of the former product
cannot be produced fully to replace the latter.
We were even obliged to
refuse contracts for supply of liquid fuel.
Insurance.—The insurance fund on Jan. 1 1917, including the fund for
amortization of war risk, amounted to 27,000,000 florins.
In 1917 we
only entered an amount of 537,300 florins inder fire and sea damages, while
as regards war risk, owing to our reinsurances, the damage only amounted
to 1.725,000 florins, making together about 2,262,300 florins.
During the year under review the risk was considerably increased, bring¬
ing the amount Insured on Dec. 31 last to over 450,000,000 florins. In con¬
nection herewith 4he whole balance of premium was transferred by us to
the insurance fund, so that on Dec. 31 this fund amounted to approximately
38,200,000 florins.
Trotylfactory Hembrug.—For account of the Dutch Government, we
erected and have been operating a factory near the Hembrug Zaandam for
the manufacture of trinitrotoluol (trotyl).
The contracted quantity of
Of trotyl has already been delivered to the Government.




PETROLEUM PRODUCTION OF ROYAL DUTCH CO. AND SUBSID'S.
1916.
1917.
1915.
Calendar Years—
No. Tons.
No. Tons.
No. Tons.
(1) Nether lands-India284,522
240,396
266.050
(a) South-Sumatra
206,024
223,958
317,334
(&) North-Sumatra
957,025
893,674
869,123
Borneo
228.025
235,424
232,636
Java
3,263
1,101
2,248
(e) Ceram
,

U

1,687,391

1,678,859

(2) Serawak (tons)..
76,738
(3) Egypt (tons)
134,700
(4) Russia (tons)
i_^__ 1,561,186
(5) Astra Romana (11 mos. each year) See text
(6) North America—
(bbls.)
(ai Roxana Petroleum Co., Okla— 3,410,000
(6) Shell Co of California...
6,357.000

89.000

Total all___

<6

56,800

1,539,081
x366,000

1,594.553

67,000

34,961

1,520,064
311,000

4,684,000
1.784,000
3,186,800
4,809.403
(7) Mexico (bbls.)
737.200
552,495
564,828
x Only 11 months in 1916, owing to German invasion of Rumania.

ROYAL DUTCH CO—PROFIT AND LOSS ACCOUNT.
1917.
1916.
1915.
Dividends from Shares—
In Florins. In Florins. In Florins.
20,400.000
Bataafsche Petr. Mij
21,000,000
a41,793,125
1,968,118
919,502
Shell Transportation & Trading Co_.
2,181,297
5,559.120
4,021,842
Anglo-Saxon Petroleum Co. (est.)—
Shares Shell Co. of Calif, and Roxana
Petroleum Co
1,447,853
2.323,826
Other companies (est.)
3,063,270
140,878
1,916,239
Interest and difference in exchange..
724,808
4,050,675
39.735
48,195
Exploitation of office buildings
616,088
641,092
126,246
Sundry revenues
Income from investments, &c
49,740,074 32.823.126 30,418,709
193,201
439,791
Administration, &c., expenses
5,366,505

32,629,925
60,000
1,282,500
4,687,632
706,951

29,978,918
60,000

37,899,437

25,892,843

24,699,126

35.246,477
5.131,632

24,080,344
4,687,632
201,332
825,714

22.970,187
3,398,724
810,702
777,965

44,373.569
Preference shares (4%).

60,000

Priority shares (4
Ordinary shares (6%)
Government income tax

1,282,500
5,131,632

Available

on

above—

for Ordinary Dividends-

—

106,685

Undivided surplus carried forward—
yl,305,978
Commissaries’ excess
Total

Ordinary dividend

_

1,282.500
3.398,724
538.567

41,790,772
29,795,021
27,957,578
(48 % )41,053,056 (38) 29688336 (49) 2775624 6

201,332

106,685

737,716

Undivided balance...

The report for 1917 says that on account of the above dividend
an Interim dividend of 15% was distributed on Jan. 15 and May
leaving 18% still to be paid on dividend coupon No. 39.
a

Includes dividends on Anglo-Saxon Petroleum Co.,

Petroleum Co.. Ltd.
Note.—In 1917 the Dutch florin had an average
as

of 48%

6 1918,

Ltd., and Asiatic

value of about 46 rents,

against 40.2 cents, the normal rate of exchange.
BALANCE SHEET DECEMBER 31.
1917.
In Florins.

'

Assets—
Unlssuel shares 34.472,800
Sh's foreign cos. 105,231.081
Sh’s Amer’n cos 36,279,806
Office bull lings.
Cash
36,187,665
Securities
4,494 561
Debtors
73,645,763
Interest account

Dlv.priority stk.
Claim

on new

641,250

sh’i 9

Astra Romana

179.651

1916.
In Florins.

41,872.800
127,781,633
34,653,834

1917.
1916.
In Florins.
Liabilities—
In Florins.
Share capital
120,000.000 120,000,000
Pref. share cap.
1,500,000
1,500,000
Priority sh. cap. 28,500.000 28,500,000
Creditors
6,979,247
30,468,697
Relief fund
48,877
Unclaimed div.,^

182,175
32,306,185
4,704,067
349,871
33,986,703
priority stock
41,777 Unclaimed divs. 14,241,339
Undivided
div_.
106,685
641,250
Interest acct...
58,149
179,651 Reserve....... 75,023.716
Prof. & loss acct 44,373,569

257,742
9,522,680
201,332
53,220,821
32,629,925

Total
291.132 577 276,350,075
: 291,132,577 276,350,075
Includes in 1917 shares in the Bataafsche Petroleum Maatschappij,
84,000,000 florins; Anglo Saxon Petroleum Co. (£4,800,000), 57,600,000
florins; Shell Transport & Trading Co., Ltd. (£604,665), 7,255,980 florins;
Asiatic Petroleum Co., Ltd. (£600,000), 7,200,000 florins; Societate Anonima, Astra J’omana (Lei 4,110,300), 1,972,944 florins, and other petroleum
Total
x

companies, 1,969,357 florins; total all shares, 159,998,281 florins, less
54,767,200 fl wins reserved difference between par and book values; bal¬
ance as above, 105,231,081 florins.

BATAAFSCHE PETROLEM MIJ—BALANCE SHEET DECEMBER 31.
1917.

capacity of the refinery will for the present

During 1917 about 225,000 bbls. of crude oil

retarding effect

[Vol. 107

THE CHRONICLE

1383

In Florins.

Assets—

123,937,210 117,276,792

Properties and rights

Shares—Geconsolideerde Hollandsche Petrol Mij.
5,317,001
do
Dord <che Petroleum Mij
31,650,000
do
Nederlandsche-Indische Industrie & Han¬
del Mij
20.000,000
do
Nederland.-Indische Tank-stoomboot Mij 10.000,000
Pe roleum-Mij, La Corona
do
20,000.000
do
Curacaosche^Petroleum Mij
4.000,000
do
Go ernment (Dutch) bonds
57,015
New office b’dgs., F.l .768,821; office fur., F. 161,810 1,930,631
149,987
Ca^h in bank and at bankers
Debtors
101.309.583
Materials ashore and afloat
7,967,110
Products in s ock on Dec. 31
8,400.218
Netherlands -India administrations
19.824,011
Interest in Russian companies
o3.0O6.456
Interim dividend
40,000.000
...

5,317,001
31,650,000

20,000,000
10,000,000
10.000,000

4,000,000
57,015
1,097,786
23,598,328
64,678,963
12.094,880
13,301,038
14,784,505

17",500.000

447 549,222 345.356,308

Total
Liabilities—
Share capital

140 000.000 140,000,000
18 ,000,000
8 ,705.147
56 ,681,452

5% debentures
Advances on consigned products

Creditor^

1916.
In Florins.

.

Insur. fund

(own risk) in 1917: Ordinary, F.27,200.000: war risk, F.l 1,000.000
38 200,000
Provision for losses on Russian interests, loss of
exchange, Ac
47 500,000
Provision for local charges, taxes, tantiemes and
bonuses to staff, &c
8 701,498
Depreciation since 1907
86 533.003
Dividend
43 000,000
Carried forward
228,121

19,000,000
9,256,755

21,321,171
27,000,000

,

Total
—V. 107,

13,602,987
80.788,236
34,000,000
387,159

.447,549,222 345.356,308

p»1197.

Poole

Engineering & Machine Co. of Delaware.

Covering Operations of Poole Eng. & Machine Co. of Maryland.

(Report for Fiscal Year ended June 30 1918.)
Brady, as of Aug. 31, wrote in substance:

Pres. S. Proctor

The company started the year with its contracts for foreign governments
practically completed, and with a considerable volume of unfilled contracts
with the U. S. Government for ordnance, of a similar nature to that wnich
we had been producing.
Due to the necessity of increasing equipment and enlarging our organiza¬
tion, and due to delays caused by the acts of the U. S. Government in
changing specifications and in supplying material, &c., we were not able
to feel the full benefit of these contracts until early in 1918.
The last six
months of 19i7 was largely a preparatory period.
,,
In view of the large amount of contracts on hand, all of which are for
work similar to that which we are carrying to a successful conclusion, it is
desirable that our working capital be augmented, and the directors are at
this, time considering a plan to accomplish this.
As soon as a definite plan
can be formulated, you will be advised.
‘

Oct. 5

Your company has been able materially to assist the Maryland Pressed
Steel Co. during the past year, by using its facilities for the part execution
of contracts taken by the company, but it would be a great advantage to
both companies if a still closer application could be consummated.
We have secured the manufacturing rights on a straight line reduction

drive, which is now being satisfactorily produced, and which has been
standardized by the Navy Department for the propulsion of its smallersized destroyers.
It is our belief that this will prove very valuable for
after-the-war business.
Organization and equipment are being provided
with the end in view of working into its manufacture, a*nd the manufacture
of gears, as we work out of our ordnance lines after the war.

entire outstanding capital stock of the
operating company [and itself has out¬
standing $3,000,000 capital stock v. t. c., par $100 each, on which dividends
have been paid as follows: April 2 1917 to July 1918, both incl., 1
% quar.
(6% p. a.), with extra 3H% in April 1917.1
POOLE E. & M. CO. OF MD—INCOME ACCT. YEAR END. JUNE 30.
(Maryland Co.’s $500,000 stock is owned by the Delaware Co.)
1917.
,
1918.
The Delaware company owns the
Poole Co. of Maryland, which is the

$674,515

$2,279,778

$55,406
180,000

$337,261
200,000
55,202

$439,109
2.243,497

$1,687,315
556,182

$2,682,606
•
for war taxes, year 1916-17437,142
Adjustment of accounts with foreign countries
154,861

$2,243,497

$2,090,603

$2,243,497

Net income
Income and excess
Dividends-

profits taxes

Goodwill and transportation contract written off -

Surplus income for year...
Surplus at beginning of year.

_

Gross surplus
Additional provision

Balance, surplus

POOLE ENG. & MACH. CO. OF MARYLAND 'BAL. SHEET JUNE 30.
1917.
1918.
1918.
1917.
Liabilities—
$
$
Assets—
$
$
500,000
500,000
Plant, equipm’t, Ac.2,677,913 2,181,633 Common stock
498,000
Organization
10,483
10,483 First mortgage bonds 495,000
500,000
Securities ownei
75,784 1st Ref. Mtge. 6s... 500,000
85,644
Vouchers
and
wages.
913,295
247,622
Cash sinking fund-.
4,000
1,424,320
Sink, fund for bonds
66,000
33,000 Notes payable
Accounts payable...
139,187
384,601
Bonds in treasury
100,000
KK838
Supplies, Ac
1,674,809 1,470,548 Liberty I,oan bonds.
Dlv.
pay. July 12
45,000
40,000
Cash in banks, &c__
394,704
302,501
int__
Matured
bond
25,770
27,450
Cash for bond coup.
25,770
27,450
72,564
11,019
Notes & accounts
911,968 Accrued taxes, &c._
1,617,803
Advance collections.
25,600
Liberty bonds, &c._ 171,540
— —
Deprec., taxes, Ac.,
Advance payments..
63,761
reserves
786,904
691,741
Insurance premiums.
37,445
12,278
Deferred charges
112,494
129,556 Deferred credit items
Profit and loss
2,090,603 2,243,497
,

Total
—V. 106, p.

___7,004,920 5,180,368

Total

7,004,921 5,180,368

928.

Marlin-Rockwell Corporation, New York.

{Official Statement to N. Y. Stock Exchange Sept. 5 1918.)
The statement made to the N. Y. Stock Exchange upon
the listing of the capital stock (v.t.c.) affords substantially
the following data:
Organization.—Incorporated in N. Y. Dec. 8 1915 as Marlin Arms Cor¬
poration; name changed as now in Mar. 1917; charter perpetual. Is en¬
gaged, among other things, in the manufacture of iron and steel articles
and particularly machine guns, ball and roller bearings, wire wheels and
automobile and airplane radiators.

Stock.—Voting Trust.—The entire capital stock is deposited under the
voting trust agreement, dated Dec. 10 1916. This voting trust agreement
was to expire Dec. 1 l9l7, but on Mar. 14 1917 was extended to continue
so long as any of the two-year convertible- 6% notes, due Mar.
1 1919,
shall remain outstanding, but not beyond Mar. 14 1922, subject to termin¬
ation by the voting trustees at any time before that date.
Voting trustees,
O. B. Willcox, A. F. Rockwell and G. Hermann Kinnicutt.
In Dec. 1916 the authorized capital stock included $3,500,000 pref.
stock; also 60,000 shares of common stock of no par value, all issued and
outstanding.
The $3,500,000 pref. stock was retired at par and divs. out
of the earnings by Jan. 1 1917.
Subsequently on Mar. 13 1917 the author¬
ized capital stock was increased from 60,000 to 81,136 shares, all of common
stock of no par value.
Trust certificates representing 13,636 shares of the
increased stock were deposited with the Bankers Trust Co., as against the
conversion of two-year 6% Convertible notes.
Of this amount 12,991
shares are still in the hands of the Bankers Trust Co., and 645 shares have
been delivered in exchange for $71,000 of notes converted: 7,500 suares
v.t.c. were used for the acquisition of additional properties,. &c.
No dividends have yet been paid on the common shares (v.t.c.)
Fundeo Debt o1 Corporation.—This includes: (t) Standard Roller Bearing
Oo. 5% mortgage $64,000, date Nov. 15 190*, maturing 1922—annual

redemption $12,000.
(2) Mayo plant at New Haven $140,000 6% mortgage
dated J917, due.Feb. 2 1920; and two notes, viz.: $50,000 Feb. 2 19’9;
$50,000 Feb. 2 1920; (3) $1,500,000 Marlin two-year 6% convertible notes
of 1917, due Mar. 1 1919; Bankers Trust Co., trustee.
Sinking fund pay¬
ments ot $225 000 each Sept. 1 1917 and Mar. 1 1918 have been used Li
the edemption of $435,000 notes and a further $225,000 will be similarly
used after Sept. J 1918; $71,000 also have been converted, leaving out¬
standing as of Mar. 31 1918, $994,000.
I. The Marlin Plant.—At organization, Dec. 8 1916, the entire capita]
stock ($3,500,000 pref.) and 60.000 shares of common was issued in exchange
ior (a) the total capital stock of the Marlin Fire Arms Co., incorporated in
1881 (b) a patent license permitting the new corporation to manufacture
Colt machine guns: (c) a contract with the British Government for the
manufacture of 12,000 Col* machine guns; (d) $1,300,000 cash.
All of
the assets of the Marl n Fire Arms Co., including its plant, goods in process,
raw material, good will, &c., were thereupon conveyed directly to MarlinRockwell Corporation, and at the same time its liabilities were assumed.
The Marlin Fire Arms Co. has since been dissolved and its stock cattceled.
The Marlin plant greatly extended by the Marlin-Rockwell Corporation,
consists of 7H acres land in New Haven, Conn., practically covered with
buildings carried at a nominal value of $547,545. It is devoted principally
to the manufacture of machine guns and accessories for army, navy and
aircraft uses.
About 2,500 men are employed there.
During 1917 the company devoted a large part of its efforts to equipping
itself to manufacture machine guns on a large scale in view cf the anticipated

requirements of the U. 8. Government—and towards the latte.- part of the
year the company employed its efforts in the production of machine guns
and accessories, so that the total output amounted for the year to $9,437,904.
During the first six months of 1918 the volume of business on
machine guns and accessories of the corporation amounted to $13,252,301,
and it now has upon its books orders for machine guns and accessories
valued at $23,233,654.
The unfilled orders comprise largely the contracts
for light Brown in
and heavy Browning guns.
(II) The Philadelphia Plant.—Early in March 1917, desiring to extend
our business into other branches of manufacturing and particularly into
the business of manufacturing automobile accessories, we acquired at a
receivership sale the business and substantially the entire assets of the
Standard Roller Bearing Co. (without assuming its liabilities) paying there¬
for $1,995,000 cash and 2,000 shares of its common stock v.t.c.
The
Standard Roller Bearing Co. was one of the largest producers of roller
bearings and ball bearings in the United States; it also manufactured wire
wheels for automobile and other uses.
Its manufacturing plant at West
Philadelphia, Pa., now operated by Marlin-Rockwell Corporation, com¬
prises approximately seven acres in extent, on the Pennsylvania RR.,
It employs about 2,500 men.
substantially covered with factory buildings.
Its output for the year 1917 was valued at $3,091,215. V. 104, p. 458, 869.
(III) The Plainville Plant.—In March 1917 we acquired the entire capital
stock of the Rockwell Drake Corporation of Plainville, Conn., giving in
payment $270,000 in cash and 1,350 shares of Marlin stock v.t.c.
The

Slant
and Corporation.
assets were shortly
thereafter
directly
to Marlinlock well
The plant
consistsconveyed
of 18 acres
with 75-6/feet
of
railroad frontage.
The two factory buildings, both of brick and steel
construction, are utilized for manufacturing ball and roller bearings.
This

Output for calendar year 1917, roller and ball
$109,364. ,The capacity L» being largely extehded.

plant employs 315 men.

bearings, valued at




1383

THE CHRONICLE

1918.]

(IV) The Mayo Plant.—As part of the plan for extension into other lines

automobile accessories, we purchased in
$190,000 the entire capital stock of the
Mayo Radiator Co. at New Haven, Conn., manufacturers of nigh quality
radiators for automobiles and also for airplanes.
This business has been
increased and continued by Marlin-Rockwell Corporation, which has
taken over all the assets.
Early in 1918 it was deemed advisable to move
the business from New Haven to a building at 143rd St. and Southern
Boulevard, N. Y. City, where under a five-year lease, with privilege of
renewal, the Mayo Radiator business is now being carried on occupying a
floor space of about 80.000 sq. ft. and employing 250 men.
During the
year ending Mar. 31 1918 the value of its output, consisting entirely of
automobile and airplane radiators, was $282,390, and its production is

of business, and particularly
Mar. 1917, for approximately

(VI)Braebun

rapidly increasing.
(V) Hamden Plant.—The Mayo plant at New. Haven (now called the
Hamden plant), having been altered and extensively developed for the
manufacture of Browning machine guns, is to-day equal in capacity for
producing machine guns and accessories to the original Marlin plant at
New Haven.
It employs 2,500 to 3,000 workers.
(VI) Norwich Plant.—About Aug. 24 1917 we entered into an agreement
with the Belgian Government respecting the completion of a certain con¬
tract between the Belgian Government and Hopkins & Allen Arms Co. of
Norwich, Conn., for 140,000 rifles and 10,000 carbines, of which approxi¬
mately 12,000 had been delivered. Under the terms of this contract the
Belgian Government had advanced large sums of money to Hopkins &
Allen Arms Co., partly secured by mortgages on the Hopkins & Allen

Co.,
giant
and financially
partly on unsecured
The Hopkins
& Allen
ecoming
involved, notes.
was unable
to complete
theArms
contract.

arrangement was made whereby Marlin-Rockwell Corporation on
completion of this contract and the repayment of the various advances
made by the Belgian Government to Hopkins & Allen Arms Co. will
receive the entire plant of the Hopkins & Allen Arms Co. at Norwich
(hereinafter called the Norwich plant) together with all machinery.
This agreement became effective Nov. 3 1917 when the sale of the
Norwich plant was authorized by the U. S. District Court on the terms
above described.
11 J,024 rifles had been delivered to the Belgian Govern¬
ment by Marlin-Rockwell Corporation up to Aug. 26 1918. and the re¬
mainder of tne contract is being rapidly completed.
Upon the completion
of the Belgian contract it is contemplated that the Norwich plant will be
turned over to the manufacture of Browning machine guns.
On each rifle or carbine delivered the Belgian Government credits a
sufficient part of the purchase price so that upon completion of the contract
the entire amount of its advances will have been repaid.
The balance
ot the purchase price is paid to Marlin-Rockwed Corporation in cash.
An

Marlin-Rockwell Corporation, however, assumes no liability for the pay¬
above-mentioned advances or the completion of the rifles and
carbines other than its agreement to use its best endeavors to complete
said deliveries on or before Nov. 2 1918, after which the Norwich plant
will be absorbed in the Marlin-Rockwell Corporation’s assets subject to an
underlying mortgage of approximately $200,000
The Norwich plant consists of about 2 Vx acres of land, with a modern

ment of the

building thereon of reinforced concrete construction, fully equipped with
tools, machinery, &c., capable of accommodating 5.000 workmen.
The
replacement value is conservatively estimated at $2,500,000, which amount
will not appear in our assets until the Belgian contract has been completed.
The floor space and equipment will be equal to the capacity of the Marlin
Division and the Hamden Division for the manufacture of machine guns
and accessories.

Plant.—During the spring of 1918, in continuance of its
plan for extension into lines of business other than the manufacture of
war munitions, the stock of tne Braeburn Steel Co. (a Pennsylvania cor¬
poration, organized April 12 1897, duration of charter, 99 years) was
acquired through purchase by the Marlin-Rockwell Corporation. The
plant, located at Braeburn, Pa., in the Pittsburgh district, has a total
tonnage of about 30 tons per day of high grade steel suitable for tool and
bearing manufacture, and will be a valuable adjunct to the roller and ball
bearing business of the Marlin-Rockwell Corporation.
The Braeburn
Steel Co. is still operating its properties^ under Marlin-Rockwell control.
CONSOL.

INCOME, PROFIT & LOSS ACCOUNT FOR HALF YEAR

ENDED JUNE 30 1918 AND ENTIRE YEAR

Income from sales
Cost of goods sold: material .labor and supplies.
do

Departmental

burden

1917.

,§mos. 1918. Year 1917.

-$13,252,301 $12,525,291
_1 9,519,416/
5,555,235
/
\
3,676,078
$3,732,885

$3,293,978
1,067,443

Gross income, partly estimated in 1918
$2,989,087
Net additions to income
35,209
Net charges to profP and loss
none shown
Provision made for 1917 inc. & excess profits tax., none shown

$2,226,535

Gross

profit on sales
Administrative, selling and general

Net profit (for
end of year)

743,797

expenses^

12,884

564,921
700,000

1918 subject to adjustment at

$3,024,296

$974,498

MARLIN-ROCKWELL CORPORATION
CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1918.

(Subject to adjustment at end of fisca] year.
Assets—

'

,,

June 39 ’18. Dec.31 ’17
$
$

Prop’ty & plant._x7,900,534
U. S. Lib. L. bds.
,723,685
Patent* Exp.Corp.
103,185
Seubert Bear’g Co.
50,206

5,746,763
1,341,476

92,647
2,779
415,900

Shares in oth. corp.
Norwich division.
Braeburn Steel Co.
759,351
Cash
331,506
*Notes and accts.
receivable
a3,094,858
Accrd. int. receiv.
18,663

Mat’l, supp’l’s, &c. 5,634.153
Patent rights
83,436
Deferred charges.
148,212
Developt. expens.

2,949

221,565

June 30 ’18. Dec. 31 ’17.
$
S

405,680

337,200

due Mar. 1919848,000
Real estate mtges. xl40,071
Notes secured
3,950,205
Notes unsecured.. 3,170,000
U. S. advances
444.496
agst. contracts
Accounts payable- 1,468 579
70,000
Royaltles accrued.

1.190.900
186,371
3.196.900
440,000

__

shares,
par value)

(81,136

no
103,185
50,047 2-year 6%

Marlin-Rockwell

Loading Co

Liabilities—
Declared capital

notes,

.

2,819,744
taxes,
56,633 Interest,
208,992
4cc., accrued
4,387,838
369,383
82 207 Reserve for taxes.
146,618 Liberty Loan—
98,805
Employees
4 11,948
Approx, surplus.. 9,184,902

1,000,000
1,300,977
255,163
69,299
846,125

....

6,148,041

20.359,114 14,970,975

20.359,114 14,970.975

buildings, $2,558,149; machinery, $3,876,938,
tools, $1,863,633; and equipment, $435,007; less reserve for depreciation,
$1,298,900.
* After deducting $170,012 as reserve for doubtful items.
b Since the date of this balance sheet, the sinking fund payment of $225,000 due Sept. 1 1918, has been made and arrangements are being effected
to reduce tne outstanding amount of notes accordingly.
Officers.—Albert F. Rockwell, President: Edgar Park, Louis E. Stod¬
dard, and Errol Kerr, Vice-Presidents; Thomas W. Farnam, Treasurer;
Albert Newcombe, Secretary.
Principal office, 347 Madison Ave., N. Y.C.
Directors.—Albert F. Rockwell, Bristol, Conn.; Edgar Park, Larchmont, N. Y.; Louis E. Stoddard and G. Hermann Kinnicutt, .N Y. City;
Errol Kerr, Pelham Manor, N. Y.; C. H. Conner, Port Chester, N. Y.;
Alfred L. Ferguson, Greenwich, Conn.; E. E. Neall and F. M. Germane,
Phila., Pa.; Hugh M. Rockwell and George L. 8anford, New Haven, Conn.
Transfer Agent (v. t. c.), Bankers Trust Co., 14 Wall St., N. Y. Regis¬
trar (v. t. c.). Guaranty Trust Co., 140 Broadway, N. Y.—V. 107, p. 1104.
x

Includes land, $465,707;

GENERAL INVESTMENT NEWS

ROADS.
Roads.—Opening Postponed.—

RAILROADS, INCLUDING ELECTRIC
Alaska Government

Owing to severe storms the opening of this recently completed railway
between Seward and Anchorage, Alaska, has been postponed.
Compare
V. 107, p. 1098.

Atlanta & West Point

RR.—President.

Charles A. Wickersham, Federal Manager
Western Railway of Alabama, has resigned and

corporate interests of

both companies.

of this company and the
been made President of the

V. 107, p. 400, 179.

THE CHRONICLE

1384

Baltimore & Ohio RR.—Notes Extended.—The following
has been approved officially:
This company on Sept. 30 arranged for a four-month ex¬
tension of $22,500,000, made up of two issues of notes,

Georgia Railway & Power Co.—Decision.—

Judge Z. A. Littlejonn in the Superior Court at Atlanta on Sept. 27
handedf down the ruling denying the order restraining the company from
enforcing the 33 1-3% increase In rates for electric light, gas and power.
The court held that the Railway Commission had the right to instruct such
increase.* and to change rates even where a contract existed.—V. 107. d.
1003, 905.

$10,500,000 and $8,000,000, and bank loans totaling approxi¬
mately $4,000,000.
On June 26 it was announced that the Baltimore & Ohio
had sold $10,500,000 three-month notes to a syndicate

Grand Trunk Ry. of Canada.—Issue of 3- Year 6%
Notes.—Announcement has already been made of the sale
at 99 and int. of this company’s new issue of £3,000,000
Three-Year 6% Secured Notes which are dated Oct. 1 1918,

headed by Kuhn, Loeb & Co. and Speyer & Co. The
$8,000,000 issue was originally dated July 29, but was ex¬
tended. The same syndicate purchased and later extended

repayable at par Oct. 1 1921 and issuable for the purpose
redeeming £2,000,000 of 5% Secured notes falling due
Oct. 11918, and of providing additional funds for the general
An advertisement in London
purposes of the company.
dated Sept. 14 says:
of

that issue.
In announcing on Oct. 3 that bankers had extended the $22,5(0,000
short-term collateral notes due Oct. 1 at 6% without the usual bankers’

commission. Director-General McAdoo issued the following:

“My duties as Secretary of the Treasury and Director-General of
Railroads, involving as they do the raising of enormous sums of money,
have been greatly lightened by the reliance that I have come to feel upon
the wholesome public spirit of the American banking fraternity.
With
but few exceptions they have shown themselves willing and eager to help
in distributing the financial bu den of the war that is now being carried
with an ease that surprised the world.”—V. 107, p. 1283, 1002.

Advances by Government.—
preceding

See

pages

In this issue.—V. 107,

p.

1002, 1283.

Bay State Street Ry.—Coupons Paid.—

Judge Martin in tae U. S. District Court on Oct. 4 authorized Receiver
Donham to pay certain coupons representing interest on the bonds of the
Brockton Street Ry. and bonds of the Newport Illuminating Co. and also
to pay dividends at the rate of 6% on the stock of the Chelsea a Boston
RR.—V. 107, p. 1286, 1191.

Boston Elevated Ry.—Fare Schedule.—

In order to meet the requirements of the statute providing for the public

operation of the railway, which calls upon the trustees within 60 days
after the establishment of the original rate of fare under the Act to adopt
and publish a schedule of eight grades of fare containing four rates above
and four rates below the existing rate, the trustees have established the
following schedule of grades of fare, but wish the public clearly to under¬
stand that the action involves merely a literal compliance with the provi¬
sions of the statute and does not change the present seven-cent fare:
1st grade below
6c. 14th grade below
3c. 13rd grade above
10c.
2nd grade below.
5c. 11st grade above
8c. 14thgrade above
11c.
3rd grade below
4c. [2nd grade above
9c. | —v. 107, p. 500, 400.

Boston & Lowell

RR.—Refunding of Maturing Notes.—

We are officially informed that this company’s 4% bond issue of $214,000
due in Oct. 1918 is to be taken care of by a demand note at 6% dated

Sept. 26 1918.

provided for by

a

The $200,000 6% bonds issue due 8ept. 18 1918 was
demand note for $200,000 at current rates, the new note

Issue being dated Sept. 18 1918.—V. 107, p. 1191. 1098.

The

would be filed immediately.—V. 107, p. 1191, 1099.
Canadian Northern Ry.—Officers.—
The officers of this company are as follows:

.

granted for dealing in the notes.
Interest payable A. & O.
Denominations (to bearer) £500, £200 and
£100 (c*). To be secured by deposit with the trustee of £5.000.000 Grand
Trunk Perpetual 4% Consolidated Debenture stock.
Trustee, National
Provincial and Union Bank of England. Ltd.
The holders of the existing 5-Year 5% notes maturing on the Oct. 1 may
convert the whole or any part of their holdings into a like amount of the
6% notes now offered, receiving in addition a cash payment of £1%, on
application to Secretary of company, 9 New Broad St.. London. E. C. 2.
Chairman Alfred W. Smithers Sept. *0 1918 wrote: “The company during
1917 and for the first hplf-year of 1918 was compelled to work under un¬
paralleled conditions. The working expenses owing to the war were
enormously increased, and, notwithstanding the most strenuous and con¬
tinued efforts on the part of the company, no increase in rates could be
obtained to meet the increased expenses.
This position has now changed.
On the 15th March 1918 an increase of 15% in rates was granted, and on
The

working
receipts for
the last ten days of August, that being the first period in which the 40%
increase was fully effective.’’
Compare V. 107, p. 1287, 1192.
Not to Pay Dividends
A cable from London states that the company will not pay any dividends
for the half-year ended June 30 on its guaranteed and preference stocks.
Tne net earnings of the road for that period decreased £955,000, but current
results

Mgr. Canada Cement Co.; Vice-Chairman of the War Trade Board. E. R.
Wood, Pres. Dominion Securities Corporation, Lts.; Pres. Central Canada
Loan & Savings Co.; Director Canadian Bank of Commerce, Toronto.
R. T. Riley, V.-Pres. & Chmn. Exec. Comm. Great West Life Assurance
Co.; Director Union Bank of Canada.

Mt. Royal Tunnel

Opened.—

The Mount Royal tunnel at Montreal, the last link of the Canadian
Northern Ry. system between that city and Vancouver, was officially
declared open to traffic Sept. 21.
The tunnel, which is double track and
three miles long, was six years under construction.—V. 107, p. 1286, 1191.

Carolina Clinchfield & Ohio Ry.—Vice-Pres. & Treas.

I. McQuilkin, Vice-Pres., has been elected Vice-Pres. and Treas. of the

corporate organization, and E. C. Bailly, Sec.—V. 107, p. 290.

Central RR. of Pennsylvania.—Discontinuance.—

In connection with the recent notice of discontinuance of operations of
this company's property, it is stated that motor bus lines operating in com¬

petition with the railroad were responsible for a falling-off in passenger
rafficn.
Some years ago mail, express and passenger revenues amounted to
$18,000 a year. This has dwindled to $4,000 or $5,000 annually, the motor
bus lines having taken the passenger business, freight trucks having sup¬
planted the express service, and rural delivery route extensions having
absorbed the mail revenues.
Compare V. 107, p. 1286, 694, 603.

Chicago, Burlington & Quincy RR.—Advances by Govt.
See

preceding pages in this issue.—V. 107,

p.

802, 1003.

Chicago Indianapolis & Louisville Ry.—

F. S.

Wynn has been appointed Sec. & Asst. Treas.—V. 107,

p.

1191.

Chicago Local Transportation Co.—Ordinance Data.—

A statement issued by Alderman Capitain, Chairman of the Chicago
City Council Committee on Local Transportation, in support of the trustee
traction and subway ordinance, is published in pamphlet form.
For de¬
tails of ordinance see V. 107, p. 1292, 1286.

Chicago & North Western Ry.—Advances by Govt.—

See

preceding

pages

in this issue.—V. 107,

p.

1003, 1191.

Chicago Rock Island & Pacific Ry.—Advances by Govt.—

See

preceding

pages

in this issue.—V. 107i

p.

180, 603.

Chicago & West Towns Ry.—Rate Advance.—

This company Has applied to the Illinois P. S. Commission for an in¬
crease in interurban fares from 5 to 7 cents.—V. 106, p. 2345.

City Lt. & Trac. Co. of Sedalia, Mo.—Gas Rate Increase.

This company

has been authorized to increase its

20%. effective Oct. x.—V. 99,

p.

gas

1299.

rates by about

Connecticut Company.—Rate Increase Granted.—

The Massachusetts P. S. Commission has granted this company permis¬
sion to increase its freight rates.
The company’s petition proposed an
increase such a^ w< uld produce a surplus of about *180,000, after allowing

5% for depreciation and 8% for interest

on

investments.—V. 107,

p.

1099.

Davenport Rock Isl. & Northw. RR.—Fed’l Manager.—

The jurisdiction of Federal Manager C. G. Burnham has been extended
over

all departments of this company.—V. 104,

p.

1898.

Delaware & Hudson Co.—Dividend Paid.—
The dividend declared by this company, payable Sept. 20 to holders of
record Aug. 28, subject to release of funds by the U. S. Government, has
been paid.

Advances by Government.—

See

preceding

pages

better.
company

calls attention to the fact that “every Obliga¬

tion of this company for the past 63 years has been paid when due, and that
the company has never been through a receivership.”
In order to show the
excellent credit enjoyed by the Grand Trunk, he mentions the aforesaid
issue in London of £3,000,000 3-Year 6% notes at the price of 99, the issue

having been oversubscribed.]—V. 107,

p.

291, 802.

preceding pages in this issue.—V. 107,

901, 1003.

p.

1287, 1192.

Green & Coates Sts. Pass. Ry., (Phila.)—Reduction.—

A

quarterly dividend of $1 30

share has been declared, payable

per

Oct. 7, as registered Sept. 21.
The regular payment is $1 50 quarterly
and the 20c. a share is deducted for payment of Federal taxes.

Hartford &

Springfield Street Ry.—Receiver Appointed.

Judge W. S. Case In the Superior Court at Hartford, Conn., on Sept. 30
appointed Harrison B. Freeman receiver for this company. Compare
V. 107. p. 1287.
^

Holyoke Street Ry.—Fare Petition.—

This company on Oct. 2 filed with the Massachusetts P. S. Commission
petition for the right to substitute for the present zone-fare system, one
based on mileage calling for 2c. a mile by the use of tickets and 2 He. a
mile cash fare with a minimum charge of 5c.
The zone system has been in
operation for less than six months. The proposed change would take
effect NoV. 1.—V. 107, p. 291.
a

Huntington & Broad Top Mtn. RR.—Coupons Not Paid.

The funds to pay about $46.000 interest on the company’s First Mfcge.
4s and about $22,000 interest and principal of 5% car trusts of the company,
due Oct. 1, are not in the uands of the trustees and will not be paid until
a later date.
President Carl M. Gage is quoted as saying that the company has been
advised from Washington that there is no objection to the company bor¬
rowing the month outside or the Government will loan it to the company
at the rate of 6% per annum.
The delay is stated to be due to the Govern¬
ment not turning over the funds until all accounts are in and adjusted,
which may require 30 or 60 days.
It Is expected that tne company will
borrow the necessary funds of the Government.—(Philadelphia “News
Bureau.”)—V. 1Q7, p. 696.

Illinois Traction

Co.—Earnings of System.—-

Earnings of Operating Companies for August and the 8 Mos. ended Aug. 31.
(1) August—
1918.
1917.
1916.
1915.
1914.
Gross earnings..$1,267,346 $1,114,511
$971,934
$892,805
$891,542
Yearly increase.
13.70%
0.15%
14.67%
8.86%
1.31%
Net over exp. &
taxes
$335,042
$347,432
$333,437
$339*085
$351,725
(2) 8Mos. to Aug. 31—
Interurban rys_.$3,081,251 $2,946,285 $2,569,593 $2,259,823 $2,412,168
City properties—
Electric lighting. 3.455.419 2,713,280 2,375.433
2,128,917 1,914,369
8team heating..
236,881
214,896
160,950
197,381
186,791
City rail ways..
1,868,472 2.092.527 2,051,245 1,911.012 2,038,965
Gas
823.475
648,101
598,646
586,917
564.824
Ice
14,198
10,648
9.992
7,456
4,135
_

Water
Miscellaneous

_.

10,191
60,875

9,885
42,002

9.539

9,477

20,810

5.848

9,358
15.425

Tot. city prop.$6.469,511 $5,731,339 $5,263,047 $4,836,418 $4,708,026
Tot. gross earns_$9.550,762 $8,677,624 $7,832,640 $7,096,241 $7,120,194

Yearly increase.
10.06%
10.79%
10.38% dec.0.34% inc.5.81%
Expenses
$6,524,159 $5,295,001 $4,637,271 $4,113,194 $4,107,742
Taxes, Federal._
__t
64,211
Taxes, local
343,155
362,661
296.085
294,152
281,527
T—

Tot.exp.& tax.$6.931,525 $5,657,661 $4,933,356 $4,407,346 $4,389,269
$2,619,237 $3,019,962 $2,899,284 $2,688,895 $2,730,925
Yearly increase-dec.13.25% inc.4.16% inc.7.82% dec.1.56% Inc.1.47%
—V. 107, p. 1287.
Net earnings

Interborough Rapid Transit Co., N. Y.—Explanation
of Items in Income Account—“Accruals■” on New Lines.—
The company’s income account which was published in the “Chronicle”
last week (p. 1284) contains credit items of $2,508,50s for 1917-18, of $217,296 for 1916-17 and $178,688 for 1915-16.
In the official report for the

last named this item appeared under the heading “Queensboro Sub¬
way” as repeated in last week’s issue of the “Chronicle.” The company,
however, now uses the more general appellation “Accruals under contract
year

No. 3 and related certificates.”
These accruals under the agreements
with the city are payable from future earnings, together with interest
thereon and
they represent, we learn, the amounts bv which the
revenue of the new lines has thus far fallen below the preferential to which
the company is entitled before any benefits under the agreements insure to
the city.
Compare V. 107, p. 1284. paragr&pn headed “Subway contract

—city deficits,’ and full statement

in this issue.—V. 107,

Erie RR.—Advances by Government.—
See

are

[An official of the

p. m.

D. B. Hanna, Pres.
A. J. Mitchell, V.-Pres. of Finance and Accounts.
Robert Hobson, Pres. Steel Co., Ltd.
Frank P. Jones, V.-Pres. & Gen.

[British] Treasury has been consulted under the notification of Jan.

18 1915 and raises no objection to this issue.
The special permission of the Committee of the Stock Exchange has been

Brooklyn Rapid Transit Co.—Commutation Rates.—

The counsel for this company has informed the New York P. S. Com¬
mission that the cancellation of the commutation rates to and from Coney
Island from Sept. 15 to May 15 had been due to a misunderstanding, ana
that the new tariff restoring the 5c. fare between 6 and 9 a. m. and 2 to 8

[Vol. 107

V. 107, p. 1284.

International Railway,

Justice Marcus in

as

to contract No. 3 in V. 97, p. 453.—

Buffalo.—Litigation—Strike.—

a special term of the Supreme Court on Sept. 23
granted an order discontinuing the action started by the company against
Freight Rates.—Canadian Freight Tariffs Filed.—
the city of Buffalo more than a year ago in which the company sought to
The Canadian Board of Railway Commissioners on Aug. 31 ordered
restrain the P. S. Commission from taking jurisdiction of tne complaint of
approved the standard freight tariffs of maximum charges for Canadian the city against the company, in proceedings started by the city, to get the
railroads, such tariffs having been filed July 27 last.—V. 107, p. 501, 82.
1 reduction of the 5-cent rare charged by the company.




p.

l

i

t
it

Oct. 5 1918.]

THE CHRONICLE

The New York P. 8. Commission

on Oct. 3 adopted a resolution calling
proceed in the Supreme Court to compel the company to
of its can.
Motormen. conductors and electricians employed by this company on
Oct. 3 struck for increased wages.
The company takes the stand that it
cannot increase wages unless the increase in fares is allowed.
The voters
of Buffalo recently voted down a proposition to increase fares from 5c. to
6c.
Compare V.- 107, p. 398.
Under police protection a few cars were operated here yesterday on the
lines of the company.—Y. 107, p. 395.

on its counsel to
resume operation

Interstate Railways of

See United Power Sc

Philadelphia.—Bond Data.—

Transportation Co. below.—V. 106,

p.

2757.

Joliet & Eastern Traction Co.—Rate Increase.—
The P. S. Commission of Illinois has granted this company an increase
In passenger and freight rates, effective Sept. 16, to continue until 6 months
after the dose of the war.—Y. 99, p. 1832.

Kentucky Traction & Term. Co.—Wage Adjustment.—

This company and its employees have arrived at an agreement on the
wage question, by which a new scale is to be effective from July 1 last
until 6 months after the conclusion of peace.
The agreement represents
an advance of 5c. per hour, and the union employees authorized the com¬
pany to buy bonds of the Fourth Liberty Loan in multiples of $50 with
the money due the men for back pay from July 1.—V. 107, p. 696.

Las Vegas &

Tonopah Ry.—Abandonment.—

According to the announcement of the Nevada RR. Commission, this
company, operating between Las Vegas and Beatty, Nev., has made
arrangements to

remove

its tracks and retire from business.

The

com¬

pany, it is understood, claims that the Railroad Administration in routing
all freight over the adjusting line makes the operations of this property
unprofitable.—V. 99, p. 538.

Louisville (Ky.) Ry.—Common Dividend Omitted.—

Press reports state that the directors have omitted the quarterly dividen d
of IH%, due Oct. 1 on the common stock.
The wage increase, recently
granted amounted to $450,000 a year and is probably the cause of the
omission.—V. 107, p. 1101.

Marshall & East Texas Ry.—Status.—Receiver Bryan
Snyder, Marshall, Tex., answering the “Chronicle,M says:
The road passed into the hands of a receiver on Jan. 25 1917, on which
date the undersigned was appointed by the U. S. District Court for the
Eastern District of Texas and is still incumbent.
There is no Federal
*

Manager

or

General Manager, the road having been relinquished from

Government control on July 1 1918.
Operation of that portion of the line
between Marshall and Winnsboro was discontinued under a decree of the
U. 8. Court on Aug. 15 1917, and that portion of the line between Marshall
and Elysian Fields on Aug. 3 1918.
Application has now been made to
the Federal Court for authority to dismantle the property and sell such
material and appurtenances as may be possible, and a hearing with that
end in view will be had at an early date.—V. 107, p. 1101.

Memphis Dallas & Gulf RR .—Government Control.—

This company

has been placed under Federal control and is added to the
jurisdiction of Fed’l Mgr. A. Robertson, of St. Louis, Mo.—V. 97, p. 887.

Midland Valley RR .—Dividend.—
The directors have declared a dividend of 4% out of earnings of the year
ended June 30 on the adjustment mortgage, series “A” bonds, payable on
and after Oct. 4 at the Fidelity Trust Co., trustee.—V. 107, p. 182.

Missouri & No. Ark. RR.—Federal Control—Wage Settled.

This company has been placed under Federal control.
Prior to this
action the company’s shopmen had struck for higher wages, but afterwards
resumed work and agreed to abide by the decision of the Government’s

Wage Board.—V. 105,

p.

1209.

National Railways of Mexico.—Meeting.—

The ordinary general meeting of the shareholders,
current year, convened in the
Dec. 4.—V. 107, p. 802.

corresponding to the
city of Mexico yesterday and adjourned until

the usual

of the Director-General of Railroads.
Charles T. Lewis, a director of ths company, passed away on Sept. 29.

in this issue.—V. 107, p. 1004, 1192.

New York New Haven & Hartford RR.—Advances.
preceding

pages

substantially correct:

This company will be one of the first companies that will be financed
under the provisions of the charter of the Essential Industries Finance Cor¬
poration.
The company has $4,000,000 of notes which mature on Nov. 1
next.
These notes matured on May 1 of this year but an extension was
obtained for 6 months at 6%.
Originally they matured on May 1 1917,
but at that time were extended for one year.
It is not the intention of the organizers of the new
corporation to take
any steps looking towardfthe financing of corporations until after the present
Loan
Liberty
In the meantime, the various details in
campaign is over.
connection with the formation of the concern will be worked out and
whipped
into shape for active operations as soon as the Government loan work is

completed.—V. 107,

preceding

pages

Portland Terminal Co.—Notes Extended.—

“Chronicle” is informed officially that this company’s issue of
$750,000 5% 1-Year notes due Sept. 15 1918 has been extended to March
15 1919 at 7% per annum.—V. 106, p. 1462.

Public Service Corp. of N. J .—Dividend Cut in Half.—

A

quarterly dividend of 1% on the $29,999,600 capital stock
declared by the directors on Monday, Sept. 30.
In
referring to the action taken, Pres. Thomas N. McCarter said:
was

[The company has been paying 8% per annum on its capital since June
1916.
The dividend record follows:
Year—
1907. 1908. 1909. 1910. 1911-14. 1915. 1916. 1917. 1918.
Per cent
4
3
4M
5
6
6#
7^
8
2.2.2.1
“In declaring the dividend of 1% the board was governed by existing
and
conditions
by a desire to conserve the resources of the corporation to
as great an extent as possible in these unsettled times.
The corporation
depends upon the earnings of tne electric, gas and railway companies,
together with smaller revenues from certain other sources, for funds to meet
dividend payments, and while all three of the operating companies have
been showing increases in the gross amount of business done, the steadily
increasing cost of labor and materials have made the operating expenses
unusually heavy. This, together with the fact the railway company has
not been able to contribute one dollar toward payment of dividends this
year, prompted the directors to meet the present situation in a manner
which, in their judgment, was dictated by Dusiness prudence.
“The dividend will be paid Oct. 15 to holders of record Oct. 10.
This
makes 5% paid thus far this year.
The action of Monday covers the past
quarter only; the future will be dealt with as conditions warrant.”—
V.

107,

The R. I. Co. on Sept. 28
paid into the City Treasury of Providence, R. I., the sum of $30,642,
its quarterly payment on its franchise tax for the quarter ending July 1.
The payment was due July 1 but time extension was granted to date.—
V. 107, 1193, 906.

This company has secured from the city of Mansfield, O., a 25-year
traction franchise providing for the straight 5c. fare until Jan. 1 1920, at
which time, if fare regulation is deemed necessary, such action can be taken

by mutual agreement.—V. 106,

in this issue.—V. 107, p. 697, 1004.

The United States

Philadelphia Stock Exchange on Sept. 27 struck off the regular list
$20,000 1st M. Guaranteed S. F. 4% gold bonds, purchased and canceled
for the sinking fund, leaving the amount listed $1,907,000, Nos. 1 to 2,000
tncl. for $1.000 each, excepting $93,000 redeemed by sk. fd.—V. 82. p. 752.

Ry.—Rate Increase.—

mile

Pennsylvania Company.—Reduced by Sinking Fund.—

Philadelphia Stock Exchange on 8ept. 17 struck off the regular list

$62,000 3H% Guaranteed Trust Certificates, Series “A,” retired and can¬

operation of the sinking fund, leaving the amount of said certifi¬

$4,095,000 (Nos. 1 to 5,000, incl.), excepting num¬
bers of $905,000 retired and canceled by operation of the sinking fund to
Sept. 1 1918.—V. 107, p. 1288.

Rockford (Ill.)

City
Traction Co.24

-Fare

Application

s P. U. Commission 1for
applied to the Illinois
permission to raise street railway fares in Rockford from 5c. to 6c.- V.107,
p. 604.

This company on Sept.

St. Louis

Rocky Mtn. & Pacific Co.—Annual Figures.—

The company’s fiscal year has been changed to conform with the

preceding pages in this issue.—V. 107, p. 906, 1004.

Pere Marquette

Ry.—Officers—Dividends.—

formerly General Auditor, has been elected Vice-Presi¬
dent, E. M. Heberd Secretary, and W. E. Martin Treasurer.
Mr. Sikes
will be located in Detroit and Mr. Heberd and Mr. Martin in New York.
No action has been taken in regard to the dividend on the prior prefer¬
ence stock, or the Government contract.—V. 107, p. 1004.
Clarence S. Sikes,

Philadelphia Co.—Addition to Philadelphia List.—

The Phila. Stock Exchange has added to the regular list $10,000 additional
Cons. M. & Coll. Trust 5% bonds, due 1951. stamped under sinking fund
and redemption plan, dated July 10 1917, making the total amount so

stamped and listed at this date $13,484,000 and
bonds listed to

$1,330,000.—V. 107. p. 604, 291.

reducing the unstamped

Philadelphia Electric Co.—Government Aid.—

It is understood that the U. S. Shipping Board has determined that

$20,000,000 from the $150,000,000 revolving fund in the Power Plant Bill
shall be used to aid this company, which
with power.—V. 107, p. 408, 186.

is serving the Hog Island shipyard

Pittsburgh Rys.—Wage Settlement.—

employed by this company have accepted the
proposal to increase wages from the maximum of 45c. to 48c. an hour, and
changes in working conditions during the period of the war. Compare
V. 107, p. 1288, 1193.
Motormen and conductors




I

calendar

No report has been issued for the 12 mos. ended Dec. 31, but the
“Chronicle” has been favored with the following for the last five calendar
1913
years
to 1917, inclusive:

year.

1917.
1916.
1915.
1914.
1913.
$
$
$
$
$
earnings.
3,783,642 2,279343 2,317,333 2.371,327 2,050,604
Cost, expenses &taxes.2.860,030 1,890,868 1,840,871 1,804,843 1,572,718
Calendar Years—

~923,612

162,408

388.975
290,262

476,462
235,188

268,408

Total net income...1,086.020
Deduc., int. chgs., &c. 372,906

679,237
312,534

711,650

834,892

713,114
350.000

366,703
250,000

363,114
1,905
235,787

116,703
4,782
14,843

Net earnings.
Other revenue

566,484

Net income..
Less dividends

Balance, surplus...
P. & L., surp. credits.
P. & L. surp. debits.__

477,886
342,289

408,586 * 466,775

820.175
638,427

303,064
200,000

368,117
150,000

181,748
100,000

103,063
1,232
18,091

218,116
3.029
2,186

81.748
2,950
21,357

at that date

Pennsylvania RR.—Advances by Government.—

See

Housing Corp. has purchased for $118,148 the prop¬
Compare V. 106, p. 191.

Gross

The I.-S. C. Commission has authorized an increase to 2H cents per
between points on the company’s lines.—V. 107, p. 604, 402.

listed

1582, 1132.

erty of this company.

(

The

cates

p.

Richmond & Seven Pines Ry.—Transfer.—

Ohio Connecting Ry.—Reduction in Bonds Listed.—

The

1288.

Rhode Island Co.—Rentals Not Paid.—

Oakland Antioch & Eastern Ry.—Note Renewal.—

celed by

p.

In testimony before the Rhode Island P. U. Commission, Treasurer of
the Board of Federal Trustees John Ames on Sept. 30 stated that on Sept.
24 the trustees voted not to pay rentals, and that on Sept. 26 three of the
leased lines made formal demand for payment.
These three companies are the United Traction & Electric Co. (see below)*
the Union Street Ry. Co. and the Pawtucket St. Ry. Co.
Compare
pages 74 and 75 of “Electric Railway Section.”
Mr. Ames is quoted further as saying that unless the rentals are paid
within 30 days from the date of suen notice, or on Oct. 26, the properties
will revert to those companies in accord with the terms of the leases, and
the transportation
system be disrupted.
Mr. Ames also said that he was of the opinion that the Rhode Island
Co. can borrow more money from tne New Haven road only if an increase
in fare is allowed.
And if such fare increase is given before Oct. 26 by the
theory worked out, the New Haven would probably loan enough money
at once to pay rentals before Oct. 26, thus preventing the violation of the
lease and keeping the Rhode Island Co. intact.

in this issue.—V. 107, p. 604, 906.

This company has applied to the California RR. Comm, for permission
to issue a note at 7% for $40,000 for not less than one year, in order to renew
the 90-day note bearing the same interest when due at the California Nat.
Bank.
The money was used in the construction of the company’s railway.
—V. 106, p. 1127, 822.

Ohio Electric

803.

The

Norfolk & Western Ry.—Advances by Government.—
See

p.

Richland (Public Service) Co.—Franchise.—

Advances by Government.—

See

Portland (Ore.) Ry. Light & Power Co.—Note Maturity.
The following published statement has been
pronounced

Rental Not Paid—Tax.—

quarterly dividend of 1H%,
payable Nov. 1 to stockholders of record Oct. 8, conditional upon approval

—V. 107, p. 1192.
See preceding pages

Pittsburgh & West Virginia Ry.—General Manager.—

This company and the West Side Belt Line RR., beginning Oct. 1, will
be under the Jurisdiction of General Manager J. B. Yohe of the Pittsburgh
& Lake Erie RR.—V. 107, p. 402.

See United Traction & Electric Co. below.

New York Central RR.—Dividend—Obituary.—
The directors have declared

1385

Balance
129,232
86,204
218,958
106,642
Tot. p. & 1. sur., Jan.1.1,397,217 1,290,575 1,204,370
985,412
do
do Dec.31.1,526,449 1.397,217 1,290.575 1,204,370
The dividends here include $50,000 paid on $1,000,000 5%

63,340

922,071

985.412
non-cum.

Sref.1915,
and1%
in 1917
3%and
on $10,000,000
in 1916,
in 1914
105, p.2%
2461.
H of 1% in common,
1913.—V.against
2370. 114%
\

St. Louis-San Francisco RR.See

preceding

pages

dvances by Govt.—

in this issue.—V. 10V, p. 1005, 1288.

San Antonio & Aransas Pass

Ry.—General Manager.—

H. F. Anderson has been appointed General Manager of this company and
the San Antonio Uvalde & Gulf RR., succeeding J. S. Peter, resigned, to

accept service with the corporate interests.—V.

107, p. 604.

Schenectady Railway.—Fare Situation.—

This company has filed

with the New York Public Service Commission a

proposed schedule of increased rates, which it seeks permission to put
effect Nov. 1.—V. 107, p. 502.

Seattle & Rainier Valley
Pres. Marshall E. Sampsell, It
the sale of the property to the

Traction, Light ac

Ry.—Sale Negotiations.—

into

is stated, has commenced negotiations

for

oity of Seattle. (Compare Puget Sound
Power Co. in V. 107. p. 1193.)—-V. 102. p. 2343.

Second Avenue RR.—Interest—Receiver's

said certificates shall bear interest coupons and the terms of the certifi¬
cates shall be properly modified so as to refer to such coupons.
Exchange
may be effected at the Guaranty Trust Co., N. Y., on and after Oct. 1 1918.
—V. 106, p. 1578.

Power & Rys.—Description of
Leach & Co., Inc., who, it is
understood, will shortly make an offering of the issue at
about 97% and int., have issued a circular describing the
company's new $450,000 3-year 7 % gold notes dated Sept. 1
1918, due Sept. 1 1921. The circular shows:
“Passed by the Capital Issues Committee as not incompatible, &c.
South Carolina Light,
Three-Year Notes.—A. B.

Redeemable, all or part, on any interest day at 103 in 1918
102 In 192C and 101 until June 1 1921.
Int. Q.-M. in N. Y.

and 1919,

Denom.

Trustee, The New York Trust Co., N. Y.

Financial Statement—
First Mortgage 5% bonds,

‘

Authorized.

$5,000,000

due 1937

Outstanding.

750,000

3-year 7% notes (this issue)
Preferred stock (6% cumulative)

3,500,000

its transmission lines.

Properties.—These include a large modern hydro-electric power plant
a generating capacity of 12,000 h.p., auxiliary steam plant with gen¬
erating capacity of 4,500 h.p., 70 miles of transmission lines. 9 sub stations
with a combined capacity or 14,100 k.w., complete gas-manufacturing plant
and distribution system, city and interurban street railway system com¬
prising 21 track miles of standard gauge road, together with ample rolling
stock, undeveloped lands and riparian rights, &c.
Statement of Earnings for the 12 Months ended July 31 1918.
Gross earnings
$640,5051 Int. on 1st M. 5s
.$174,850
Net, after taxes
288,0531 Int. on 7% notes requires.. 31.500
Franchises.—These are favorable, running beyond the life of the bonds.
-Y. 107, p. 1288.
or being of unlimited duration.
with

Southern Pacific Co.

-Advances

by Government.-

preceding pages in this issue.—Y. 107. p. 1005,

1194.

Southern Ry.—Advances

by Governments—

pages

p.

See

preceding

in this

Tennessee Valley

issue.—V. 107,

The following notice has been sent to this company’s
“Your ljoard of directors regrets to announce that because of

This company’s service will be resumed after the passage of the ordinance
by Mi* City Council in which the city agreed to tne terms by which the
six tickets

Toledo & Ohio Central RR.—Joint Construction.—
This company and the Kanawha & Michigan have started construction
of a 5-mile cut-off along Leading Creek in Gallia County, which will make
accessible a number of coal areas.—V. 106, p. 2758.

Union Pacific RR.—Advances by Government.—
107,

p.

1194, 1102.

United Gas & Electric Corporation.—Earnings.—

v

Summary Statement of Earnings for tfie 12 Months ended Aug. 31 1918.
Aug. 31.
July 31.
June 20.
Balance of subsidiary operating cos.
$1,365,012 $1,368,008 $1,406,013
Deduct—Res. for renewals & repl’ts.
237,820
233,230
404,750
Earnings applicable to stock of sub.
297,259
392,936
owned
294,407
companies
by public
_

.

Balance net
Net income from bond investments
and other sources

.Total..Deduet—1 nterest on the United Gas
and Electric Corporation bondsInt. on the United G. & El. Corp.
Certificates of Indebtedness
Amortization of debt discount

$832,785

$837,519

$608,317

$204,412

$177,828

$208,117

$1,037,197

$1,015,347

$816,434

$558,000

$558,000

$558,000

135,150
57,488

135,209
57,125

135,948
56,750

Balance for 12 months
$286,558
$265,013
$65,736
For sub. co. earnings, see “Earnings Dept,
above.—V.107,p.1288,1102.

United Power & Transportation Co.—Reduction

on

List.

The Stock List Committee of the Phila. Stock Exchange has stricken
from the regular list $222,200 Gold Trust Certificates 4s and $27,700 Dela-

County Rys. Gold Trust Certificates 4s acquired by purenase by the
United Power & Transportation Co., and canceled by the tri stees, pursuant
to the terms of agreement dated July 26 1917 between Interstate Ry. Co.
(Y* i06jP* 2757), the United Power & Transportation Co .and the Real
Estate Title Insurance & Trust Co., for the withdrawal of 9,975 shares of
stock of Scauylkill Valley Traction Co. and 1,600 shares of stock of the
Media Glen Riddle & Rockdale Electric Street Ry. Co., which shares, so
withdrawn, are in the treasury of the United Power & Transportation Co.
This leaves the amount or United Rys. Gold Trust Ctfs. listed at this
date $5,383,600 and the amount of Delaware County Gold Trust Ctfs.
listed at this date $931,800.—-V. 107, p. 1102.
sare

United Rys. Co. of St. Louis.—August Income, &c.—
I*1*®®* Richard McCulloch has issued the following showing the earnings
insufficient for

stockholders:
failure on the

since made, be forfeited to the United Traction Sc
are not paid within 30 days after written
Compare Rhode Island Co. in V. 105, p. 2090; V. 106, p. 1689;
803, 906. 1193.—V. 105, p. 2095; V. 99. p. 1599.

with all improvements
Electric Co., if rentals

demand.]
V. 107, p.

in default

Washington Ry. &4 Electric Co.—Fare Application.—

This company has applied to the P. U. Commission of the District of
Columbia for an increase in fares from the present rate of 5c. or 6c. tickets
for 25c. to a straight 5c. fare.
A hearing has been fixed for Oct. T.—
V. 107, p. 1288, 803.

INDUSTRIAL AND MISCELLANEOUS.

.

Air Reduction Co., Inc.—Extra Liberty Bond Dividend.—

The directors have declared an extra dividend of 50c. per share in Liberty
bonds of the 2nd issue along with the quarterly dividends of $1 per share
on the common stock and IX % on the preferred stock, all payable Oct.
15 to holders of record Sept. 30.—V. 106, p. 926.
-

American Brake Shoe & Foundry Co.—Annual Meet¬

ing—Statement, &c.—

This company anounces that the fiscal year beginning with the present
year will end Dec. 31 instead of Sept. 30, and that
annual meeting
will hereafter be held on the 4th Tuesday of March.
The meeting in De¬

the

cember of this year is to be dispensed with.
Stockholders also are notified that the statement
fiscal year ended Sept. 30 last will not be mailed in
but that a report for the 15 months ending Dec. 31

of the company- for the

December of this year,

1918 will be distributed
immediately preceding the annual meeting in March.
President William G. Pearce in his notice to
“In the year 1916 a Federal tax statute was

the stockholders says:

enacted, on Sept. 8, retro¬
actively taxing the net income of the company for the 9 months of the fiscal
year then ending.
In the year 1917 a similar statute was enacted on Oct. 3,
retroactively taxing the same period of the net income of our previous fiscal
year, and there is now in course of preparation another Federal tax statute
whose provisions will not become definitely known for several weeks, but
which will undoubtedly tax our net income for the fiscal year just ending.
The continued enactment of these statutes about or after the close of each
fiscal year has made it exceedingly difficult for your officers to determine
before the close of each such fiscal year what provision should be made for
Federal taxes, in computing net profits for that year.”—V. 106, p. 1128.

American Can Co.—Pig Tin,

far* is raised from a 5-cent straight fare to a 10-cent cash fare, or
for 40 cents, for a trial period of 90 days.—V. 107, p. 1102.

p. 907.

part of the Rhode Island Co. to pay the rentals due Sept. 24 1918, it be¬
comes necessary to defer consideration of the usual Oct. dividend.
In
accordance with the leases, a written formal demand has been made upon
the Rhode Island Co. for payment of the rentals in default."
[Under the terms of the lease of the United company to the Rhode
Island Co., made in 1902 for 999 years, the property so leased shall, together

Ii02, 1288.

Tiffin Fostoria & Eastern Ry.—Service Resumption.—

S** preceding pages in this issue.—V.

inaugurated the six-cent fare.—V. 107,

Deferred—Rental Due From Rhode Island Remains Unpaid.—

Govt. Control.—

1253 in last week’s issue.—V. 107, p. 907, 503.

See p.

Iron & Railroad Co.—Receivers.—

Judge E. T. Sanford in the U. S. District Court at Nashville, Tenn., on
Sept. 24 appointed John H. De Witt, of Nashville, and W. H. Matthews,
of Memphis, Tenn., as receivers for this company.
It is stated that the
company has a contract with the Federal Government involving the erec¬
tion of a blast furnace and an alcohol plant to cost $1,000,000, the status
of which will in no way be affected.
Compare Y. 107, p. 1291.

1288.

United Traction & Electric Co., Providence.—Dividend

2,500.000

obligation of the company, were
provide funds for the payment of floating indebtedness (created
through expenditures made for additions and betterments to the company’s
properties) and for new working capital.
Business.—The company does the entire electric light and power, gas
and street railway business in Spartanburg, S. C., and supplies electric
light and power in Gaffney, Cowpens, Woodruff. Blacksburg, Pacolet,
Among the principal con¬
See., serving a population of at least 60,000.
sumers are large cotton mills in or near places served.
There is located also
near Spartanburg Camp Wadsworth, to which the company has extended

p.

Electric Co. of Balto.—Fare Increase.—

This company on Oct. 1

700,000

Purpose of Issue.—These notes, a direct

& Power Co. under “Reports” above.—V. 107,

United Rys. &

450,000

issued to

See

See California Ry.

$3,497,000

1,500.000

Common stock

United RRs. of San Francisco.—Annual Figures.—

Certificates.—

The receiver for thi-, company is authorized to pay the interest on $3,140,000 outstanding of receiver’s certificates at the rate of 6% per annum for
the 6 months’ period ending Oct. 1 at the Guaranty Trust Co. of N,. Y.
The receiver is also authorized to issue new certificates to such holders
of the old certificates as desire to exchange.
New certificates will be dated
Oct. 1 1918 and due Oct. 1 J919, but will be redeemable at option of re¬
ceiver on April 1 1919 at par and int.
If the receiver finds it advisable,

$l,000c.

[Vol. 107

THE CHRONICLE

1386

American Felt Co.—Government Restrictions.—
1249 in last week’s issue.—Y. 107, p. 503.
American Ice Co., New York.—Status.—President

See p.

is

quoted

as

Oler

saying:

This extra dividend [of 1%, payable Oct. 25] is declared to as to bring
the total amount paid to stockholders in the present fiscal year up to 6%,
the rate to which the stock is entitled.,
During the first three-fourths of
the year the company paid IX % quarterly or at the rate Qf 5% per annum.
The company has shown steady progress in earnings for a number of
years and its returns are now entirely satisfactory.
During the so-called
transition in which the company was bring brought up to its present stand¬
ard of efficiency it was necessary to take the stockholders’ money to effect
the necessary changes.
The stockholders are now reaping the benefit of the conservative policy

You will note that during the past five years

pursued during that period.

between $500,000 and $600,000 have been allowed for maintenance and
charged to operating expenses. Our business Is not a war business. As a
matter of fact the war has hurt rather than benefited us.
We are a strictly

The outlook for the

peace proposition.
—V. 107*, p. 1289.

American

is highly favorable.

company

Pipe &Construction Co.—Receivership toOct.
End.

Vice-Chancellor Lane in the New Jersey Court of Chancery on
issued an order to show cause why the New Jersey receiver should

1
not be

discharged. The receiver appointed by the Pennsylvania courts has
already been discharged contingent upon the discharge of the receiver in
New Jersey.
Compare V. 107, p. 1194, 1103.

American Steel Foundries Co.—No Plan for New

Stock—

Referring to reports of this company’s proposal to issue new shares of
in exchange for the present stock, in ratio of 3 shares
and to pay $4 per share annually on the new issue.
Acting President R. H. Ripley is quoted as saying:
“No such plan has been considered by officers and directors.
It is possi¬
ble that interests in the company, outside the directorate, think it would be
a good thing to do, but if so, I have heard nothing of it.
We have not even
informally discussed any recapitalization plan.
I do not know who is do¬
ing present buying of the stock, but it appears to be based on recognition
that it has been selling below its value.
•
“Later on, but not this year, some plan of recapitalization may be
deemed advisable.
The company’s position has improved greatly, as offi¬
cial statements show and its prospects continue to improve, althougu
there is nothing special to report at this time beyond what is generally

stock of no par value
of new for 1 of old,

known.—V. 107, p. 1006, 504.

Amoskeag Manufacturing Co., Boston.—Report.—
May 31 ’16. May 31 ’15.

Years ending—
June 1 ’18. June 2 ’17.
Cotton & worsted cloth:

171,515,440 202,872,976 200,576,754 213,983,728
183,694.346 200,223,653 201,552,242 217,683,396
1,491,042
1,713,339
1,227,102
1,203,335
1,487,466
1,715,817
1,199,868
1,209,553

Cotton bags produced
do
do
sold
Results—
.

Increase in inventory

.

$49,458,081 $30,439,215 $20,684,294 $19,124,682
17,856,943
19.354.641
43,922,956
29,569,372
$5,535,125
—482,443

$869,843
+463,767

$1,329,653
—150,472

$1,267,739

$5,052,681
$518,400
518,400

$1,333,609
$518,400
518,400

$1,179,181
$518,400

$1,079,413

—188,326

,

interest:

Operating revenues of the company for Aug. were $1,249,435, an increase
of $135,622 over last year.
Operating expenses and taxes were $1,194,315,
an increase of $344,710.
The net earnings available for the payment of

Interest charges were $65,170, an amount which is $207,471 less than Aug.
1917.
The company failed to earn its interest charges of $210,760 per
month by $145,590.
Included in operating expenses for Aug. are $116,920
of back wages for May, payable in accordance with the recommendation
or the P. S. Commission and the agreement made with the
employees.
For the eight months of the year to date the company failed to earn
its Interest charges and accumulated a deficit of $389,624.
The decrease
in the amount available for the payment of interest charges for the eight
months compared with last year is $896,185.

The net earnings for the eight months of the current year to date were
or about 2% upon the valuation of $60,000,000.
August is a month of large earnings as a rule, but this year the net
earnings for the month were equivalent to about l-10th of 1% upon the
^

$1,295,267,

valuation of

$60,000,000.

This company has refused to accede to the proposal made by the carmen’s
union that the wage scale now in existence be abrogated, and that a hearing
be held before the War Labor Board to determine if the men are entitled
to am increase in salary.—V. 107, p. 1298, 1194.




Net

profits

518.400

$518,400
518,400

def.sur$4,015,881 sur$296,809 sur$142,381

sur$42,613

Preferred divs. ($4X)-~
Common divs.

Balance,

($3)

sur. or

GENERAL
Assets—
Real estate and

BALANCE

SHEET.
June

1

’18. June 2 ’17.

$3,000,000

machinery

Merchandise, cash and accounts receivable

20,417,358

$3,000,000

15,952,545

Total
Liabilities—
Notes and accounts payable
Profit and Loss and reserves

$23,417,358 $18,952,545

Total
—V. 107, p.

$23,417,358 $18,952,545

$515,130

22,902,228

21,800,000

13.543.603

1289.

Anaconda Copper Mining Co.—Output
1918-

$5,408,942

-September-

-1917.

1918-

2.800,0001229,884,000

(in Lbs.).-

-9 Months-

Itl7.

189,025 .#00

Oct. 5

1918.)

THE CHRONICLE

The decrease in output in September was due to I. W. W. disturbances,
labor conditions have improved since, it is stated.
In 1917 mines were shut
down for the greater part of the month.—V. 107, p. 1103, 1006.

Crex Carpet Co.—New Director.—

Walter E. Edge has been elected a director to succeed Stanly G.
—V. 107. p. 1097.

.Atlantic City Gas Co.—July Coupon Paid.—

This company has deposited with the Girard Trust Co.. as trustee, funds
with which to pay interest coupons which matured July 1
1918 on its
First Mortgage 5% Gold bonds.
The Bondholders’ Committee will shortly mail to depositing bondholders
checks for the July coupon.
Over 80% of the 5% bonds have been de¬

The total issue outstanding is $3,374,000.

posited with the committee.

the semi-annual interest on which is $84,350.
Compare V. 107. p. 504, 404.
A circular signed by A. A. Jackson, Chairman of the bondholders’ Com¬

mittee Sept. 30 reports:
“While the earnings for the past six months have
not been sufficient to meet the operating expenses and all the fixed charges,
the company, through the efforts of Mr. Geist, its President, has obtained
the necessary financial assistance to pay the interest due July 1.
“The Public Utility Commission of New Jersey has now before it the
application of the company for an increase in rates and we nope for such
favorable action on the part of the Commission as will place the company
in a position within the next# six months only to meet its operating
expenses, but also to earn its mortgage interest. Its condition may also
be improved by a possible reduction in the cost of supplies.
In view, how¬

of the uncertainty prevailing, the Committee has decided not to
terminate the deposit agreement at this time.”—V. 107. p. 504, 404.
ever,

1387
Mtter.

Cuban Ports Co.—New Certificates—Official Quotation.—

Klein wort. Sons & Co., London, give notice tftat holders of certificates
of deposit relative to the 5% First Mortgage 25-Year gold bonds, $6,000,000

(London issue) should present same at their offices, 20 Fenchurch Street,
E. C., to be exchanged for temporary certificates representing the Republic
of Cuba 5% Treasury bonds, which have been delivered in Havana in
provisional form.

The

certificates will be in denominations of $500,

new

and will bear numbers corresponding to the definitive bonds.
The London Stock Exchange Committee has admitted to the

quotation interim certificates for the aforesaid 5%

financial

Cuban Treasury bonds,

in lieu of certificates of deposit of 1st M. bonds (London series) of the Cuban
Ports Co.—Y. 106, p. 2013.

Curtiss Aeroplane & Motor Corporation.—Order.—

It is reported that this company has received a contract from the Federal
Government for the manufacture of 4,000 De Haviland planes with 80%
spare parts.
This is equivalent to a direct order for 7,200 planes.—▼.

107,

p.

406.

Daly-West Mining Co.—Stock Increases.—

The shareholders at their adjourned meeting on Sept. 12 voted to in¬
the capital stock from 180,000 shares to 250,000 shares.
An official circular at Salt Lake City on Aug. 1*6 said in substance:
“The proposed increase in the capital stock from 180.000 to 250,000 shares
the most feasible plan for raising money at this time, as outlined in our
circular report of April 4, was made with the full sanction of the protective
committee, who voted the present management into power last February

(E. W.) Bliss Co.—Extra Liberty Bond Dividend.—

crease

Borden’s Condensed Milk Co.—Prices Advanced.—-

without cost to the company, and the proceeds will not only provide means

The directors have declared an extra dividend of $5 a share in Liberty
bonds of the fourth issue along with the quarterly divid 'uds of 1W %
on the common and of 2% on the preferred stocks, all payable to holders
of record Sent. 25.
The cash dividends will be paid on Oct. 1 and the
Liberty bond distribution about Nov. 1.—V. 106, p. 2759.
See previous pages in this issue.—V. 106, p. 1798.

1918

1918—9 Mos.—1917.
Sept.
1917.
9,500,000 11,000.000 112.500,000 93,615.000
180,000
210,000
2.070.000
1,713,000

California Wine Assn.—Dividend Declaration—Decision.
The directors at their meeting on Aug. 29 last declared a dividend of

$20 per share from the surplus profits of this corporation on the common
stock, payable on Sept. 3 1918 to holders of record Aug. 29.
Judge George E. Crothers on Sept. 23 handed down a decision denying
an injunction restraining the Association from
proceeding with the dis¬
bursement of this dividend.
The payment, therefore, was made forthwith.
The San Francisco “Chronicle” quotes the decision as follows:
“Two questions are involved in the suit.
The first is whether the Asso¬
ciation is in the process of dissolution or winding up.
If so, the preferred
stockholders should receive their entire capital stock before the common
stock receives any regular or special dividends.
“It does appear that the Association contemplates having to go out of
the wine-making business in the near future and has sold some of its un¬
profitable wine properties: but it has added about $100,000 to its wine
warehouse at Winehaven and has added extensively to its investment in
raisins and table grapes and Zante currants, and has perfected a grape
juice which is being widely advertised and sold. At present these are
minor activities of the Association, but if prohibition should prevail they
will become major operations.
“As the bonded debt is not due until 1925, and the California law does
not permit a corporation voluntarily to dissolve until all debts are paid,
and It has been held in California that the mere sale of property does not
affect the status of the corporatiin, it is held that the Association is not in
a process of dissolution or winding up in any' legal sense.”
As to the question whether after tne payment of this dividend there
would remain a surplus sufficient to take care of the preferred shares and
all obligations, the Court, after analyzing the company’s assets, decided in
the affirmative.—V. 107, p. 179.

Corporation.—Plan Ratified.—

The shareholders of this company on Oct. 1 ratified the plan calling
for the reduction of the company’s capital stock from $7,060,000 to $6,400,000. T *e stock of the company is now composed of 400,000 shares
of common stock, having no par value and 44,000 shares of preferred stock
par $100.
Compare V. 107, p. 1194, 609.
t

Charlestown (Mass.) Gas

& fciec. Co.—Rate Increase.

The Mass. Board of Gas & Electric Light Commissioners on Oct. 3
authorized this company to charge $1 10 net per 1,000 cubic feet for gas

delivered for the duration of the war.—V. 86, p. 796.

*“Chesapeake""&"’belaware
Announcement is made that

Canal.—Govt. Purchase.—

steps are being taken by the U. 8. Govern¬
ment for the purchase of this property so that it can be converted into a
deep free waterway for military and commercial purposes.—V. 107,
p. 504, 406.

Chino Copper Co.—Approximate Output {in Lbs.).—
1918—Sept.—1917.
7,936,000
7,719,496
—V. 107, p. 1195, 699.

Increase. I
1918—9 Mos.—1917.
216,504159,602,412
61,659,094

Coast Valley Gas &

Decrease
2,056,682.

Elec. Co.—Annual Figures.—

See California Ry. & Power Co. under “Reports” above.—V. 105, p.1423.

Columbia Gas & Electric Co .—Gasoline Production.—
Gasoline production of this company, as reported by A. B. Leach &
Co., Inc., shows a total output for the week ended Sept. 20 of 220,710

Sallods,
1 to compared
gal. ingallons,
1917. compared
Total production
from
with 181,582
Sept. 20 amounted
to 8,367,130
with 7,650,080
an.

gallons for last year.-—V. 107,

p.

1290, 1195.

W>

Consol. Gas, Elec. Lt. & Pow. Co. of
Results for Fiscal Years ended
Gross income
Operating expenses and taxes

Net earnings
Fixed charges
Preferred dividends.x
Common dividends..

June 30. 1917-18.

Balance, available for deprec’n, &c.
x

1915-16.
$7,431,769

6,415,684
$4,203,904
$2,071,340

$4,018,644
$1,672,223

$3,583,692

1,150,864

1,079,158

$1,580,058
246,225
885,578

$981,700

$1,040,675

$871,831

226,588

—

Preferred stock retired

April 2 1917.—V. 106,

p.

3,848,076

1194.

Consol. Interstate-Call. Min. Co.—Div. Raised to 75c.—
The directors have declared a quarterly dividend of 75 cents per share
the $4,649,900 outstanding capital (par $10) stock, payable Oct. 21 to
holders of record Oct. 14.
In June and January last 50 cents per share
on

was

paid.

Corn Products

Refining Co.—Bonds Called.—

has called for payment on Nov. 1 114 of its 25-year 5%
sinking fund gold bonds due Nov. 1 1931, ranging in number from 5 to
The company

'■ImwTitle Guarantee & Trust Co., N. Y.—V. 107, p. 505.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
Note Renewal—Redemption.—
Replying to our inquiry, we are advised that the $1,500,000 5% notes

to which we referred were due for payment or renewal on June 27 1918.
At that time the company redeemed $500,000 of the notes and renewed
in accordance with the agreement $1,000,000 for another term of 6 mos.
—V. 107. p. 77




The

new

stock will be subscribed

Dy

the shareholders

Lambourne:
The property is situate in the Park City, Utah, mining district, and em¬
braces In all about 275 acres of patented lode mining claims, covering ap¬

proximately 3,100 feet on the strike of the veins, and located between those
of the Daly Mining Co. and the Judge Mining & Smelting Co. on the other.
The ore contains silver, lead, some gold, copper and zinc, and includes
a shipping grade with sufficient values to be sold dircet to the lead smelters
and a milling grade requiring treatment in a concentrating mill.
The
milling grade ore yields both lead and zinc concentrates which are sold to
the lead and zinc smelters.
At the annual meeting in

Denver on Feb. 18 1918 there were represented
134,000 shares out of a total issue of 180,000 shares; 4,903 shares rep¬
resented by proxy were not allowed to vote because of irregularities in
probate papers and improper signatures. Of the remaining 129,097 shares,
128,772 shares were voted for and elected the following directors: H. Otto
Hanke, George G. Brooks, G. W. Lambourne, Harry M. Stonemetz and
O. N. Friendly.
The directors have since elected H. Otto Hanke, Pres.;
some

George G. Brooks, V.-Pres.; G. W. Lambourne', Treas. & Gen. Mgr.;

A. H. Peabody. Sec.; O. N. Friendly, Gen. Supt.
The affairs of the
company and the mine were turned over to the new management March I
1918.—V. 106, p. 1464.

Dayton Power & Light Co.—Application to List.—

This company has made application to the New York Stock Exchange far
the listing of $535,500 additional cum. pref. stock.—V. 107, p. 1195, 104.

Denver Reservoir

Irrigation Co.—Status.—

Through the courtesy of Mr. Robert G. Dill, financial editor of Mae
"Denver Post," the “Financial World” has the following:
“Early this summer a committee was formed in Chicago to take steps W
collect the Denver Reservoir & Irrigation Co. debt, amounting to about
$2,300,000, and which is now due. Recently a committee of Denver bank¬
ers, headed by Harold Kountze of the Colorado National Bank, John C.
Mitchell, President of the Denver National, and John Evans, President of
the International Trust Co., and others, was formed in the belief that being
closer to the property, it could effect a plan which was more readily apt to
bring about a proper and satisfactory settlement. There is no conflict
between this committee and the Chicago committee, but every effort is be¬
ing made to work in close harmony with the Chicago committee.
“Under the direction of both committees an appraisement of the lands of
the company is being made by one of the most competent experts on farm
values in the irrigated West.
It is hoped that when his report is received,
in a few weeks, the committees will be able to agree upon a valuation which
will sell this land, which has hitherto been too high in price to be attractive.
When this appraisement has been made, the committees will foreclose on
the collateral, which consists of bonds of various municipal irrigation dis¬
tricts embraced in the project, and proceed to sell the land.
This will not
afreet the bonds.
[The bonds in question are $2,000,000 of Denver-Greeley

Valley Irrigation District. $400,000; North Denver Municipal Irrigation
District, and $1,250,000 Denver-St. Vrain Municipal Irrigation District.
The Denver Reservoir Irrigation Co. also issued $1,306,200 bonds.”]
“It is believed that most of these bonds can be sold to purchasers of the
land, the coupons to be used in payment for their water.
If this plan is
carried out, the committees will be able to give title to the land, something
which the Chicago Title & Trust Co., which has been trying to sell the
land, has never been able to do. This inability to give clear title has ham¬
pered the Chicago Title & Trust Co. in its extremely vigorous efforts even
more than the high price at which the lands were held.
“The company’s notes are scattered all over the ocuntry.
Itisbelievea
that when the titles are cleared and the prices fixed at a fair figure, it will
be possible to sell the land to farmers who will promptly cultivate themj
and that the proceeds will be sufficient to retire the notes, if not at par,
at least at a slight discount.
Frank N. Bancroft, trust officer of the
Colorado National Bank, is handling the negotiations for the local com¬
mittee.”
(Compare V. 101, p. 925; V. 99, p. 471; V. 97, p. 368, 889.)"

Balt.—Earnings.

1916-17.
$8,498,809
4,480,165

$10,619,588

400;.

fully to develop and improve the property, but hasten the time when
proper earnings can be made. Operations are practically at a stands til
because of lack of funds for essential improvements.
“Conclusions reached, we believe, can be satisfactorily put into effect
regarding the cancelation of the lease given by the former management,
which encumbers certain parts of your mining property for a period ending
in January 1922.. With this lease out of the way we shall have a free hand
to operate the mine for the exclusive benefit of the shareholders.
At pres¬
ent, under this lease, we receive only royalties on the ore sold.
“[Signed: H. Otto Hanke, President, and G. W, Lambourne, Gen. Mgr4*’
The aforesaid report of April 4 contains a statement by mining engineers
regarding the property and substantially the following from Gen. Mgr.

Canada Cement Co., Ltd.-—Proposals—Orders.—

The Royal Trust Co. of Montreal, as trustee, up to Sept. 18 received
tenders from the holders of the 6% First M. bonds for purchase on account
•f the sinking fund, as an investment, for the sum of $216,695.
The company, it Is stated, has received from the U. 8. Government an
order for munition business to the value of about $10,000,000.—V.106.p.931.

Chalmers Motor

p.

more

Butte & Superior Mining Co.—Production.—
Zinc (in lbs.)
Silver (in ounces)
—V. 107, p. 1194, 805.

(V. 106,

Distillers Securities Corporation.—Sale Postponed.—
plants of this company, scheduled for Oct. 1,

The sale at auction of 19
at

Louisville, Ky., has been postponed for a few

weeks, it is stated, pending

readvertisement of sale.
The date of the forthcoming sale
announced.—V. 107, p. 1289, 1195.

Dominion Steel Corporation.—Extension
Plans

are

under way for the enlargement of this

has not yet been

of Plants.—

company’s plants at

Sidney, N. S., involving thp expenditure of about $15,000,000 and several
These plans include a plate mill, coke ovens and plants foe
from by-products, such as benzol, toluol and
sulphate of ammonia, and the Wabana iron ore mines will be more fully
developed.
The construction of the new plate mill, which has been guar¬
anteed orders by the Canadian Government for five years, is well under
way, and it will be in a position to furnish plates for Canadian shipbuilding
before the end of 1919.
The cost of this plant alone will be in the neigh¬
borhood of $5,000,000 and the building will be a quarter of a mile long.
One of the newer products of the company is benzol, the output of which
now runs about 50,000 gallons per month.
This is now used extensively
as motor fuel in Nova Scotia, and is claimed to give 33% more mileage
than gasoline.
Sulphate of ammonia is also produced at the plant as a
fertilizer. (“Iron Age”).—V. 107, p. 85.
years’ time.

the manufacture of coal gas

E. I. du Pont de Nemours &

Co.—Transfer Agent.—

The Mercantile Trust & Deposit Co. has
for this company’s stock.—V. 107, p. 1103,

East Butte Copper
1918—Sept.—1917.
2,203,300
5,134.776
—Y. 107 .D. 1006. 608.

been appointed transfer ageht
294.

Mining Co.—Production {in Lbs.).—

Decrease. \ 1918—9 Mos.—1917.
68,524119.239,134
14,025,340

5,21$,Tt4

[Vol. 107.

THE CHRONICLE

1388
Fairbanks Company,

General Motors

Jewel Tea Co., Inc.—Sales—4

Boston.—Sales, &c.~

-A press report from Boston states
gross sales were nearly $10,000,000.
$3,500,000 over the same period of

that for the eight months since Sept. 1
which represents a gain of practically
1917.—V. 106, p. 2563.

$6,3371 $10,445,539

$1,125,169
$1,131,506
107, p. 1290, 609.

—V.

Decrease.

$45,153

$10,490,693

Kansas Electric Utilities Co.—Dismantlement.—

Corporation.—Government Work.—

All of this company’s plants, it is
on Government orders.—V. 107, p.

and 36 Weeks to Sept. 7.—

1918—36 Weeks—1917.

Increase. 1

1918—4 Weeks—1917.

stated, are now working to capacity
1195, 1006.

Goodyear Tire & Rubber Co.—Status—Business.—

Application has been made to the Kansas P. U. Commission asking
authority for the junking of the entire property of the company at Parsons,
Kansas.
A hearing .ias been called ror Oct. 8.—V. 107, p. 1004.

Kentucky Distilleries & Warehouse Co.—Purchase.—

This company, said to be the second largest manufacturer of rubber
goods in the world, is expected to do a business in the current fiscal year,
which closes Oct. 31. of better than $150,000,000, according to press reports.
Sales in 1917 amounted to about $111,000,000.
A published statement
says in part: “The company is building immense dirigibles at a cost of

This company is reported to have negotiated the purchase of the Globe
Distilleries of Pekin, Ill., for $635,000.
The plant, which was recently
closed owing to the ban on whiskey manufacturing, will be opened for the
manufacture of denatured alcohol.—V. 70, p. 378.

war work includes besides these dirigible ballons, which are used to patrol
coasts and harbors, kite balloons, tires and ruboer bumpers for aeroplanes,
tire equipment for motor truck transports, dispatch bearers and machine

Lake Superior Corporation.—Annual Meeting.—Chair¬
J. Fra ter Taylor, at the annual meeting in Camden,
N. J., on Oct. 2, it is reported, said in part:

42 miles an hour.

$50,000 each and capable of attaining a speed of

Other

motorcycles, thousands of gas masks, air-hose for pneumatic riveting

gun

hammers used in the construction of ships, bridges and docks, and mechan¬
ical rubber goods which have many war uses.
To take care of its immense
war orders. Goodyear is now running on a 24-hour schedule.”
[A detailed
statement of the company’s growth for the 10-year period 1908-1917 incl.
may be found in V. 106, p. 293.]

Regulations Governing the Manufacture of Rubber Footwear.

See p.

1249 In last week’s issup.—V. 107, p. 699.

Granby Consol. Mining, Smelting & Power Co.—
Results

Fiscal Years ended June 30.

for

1917-18.
1916-17.
$1J ,644,310 $12,259,185

Gross income
Operating expenses

7,519,491

Depreciation, Ac

6.909,854

582,195

324,079

2,015,491

1,256,267

Interest, Ac

1915-16.

1914-15.

$9,299,337

$4,086,441

5,191,717

2,745,883

411,393

288,325

$929,165

$2,919,384

$929,165

3,402,326

$2,616,248
230,320
6,587,471

3,668.087

2,738,921

$3,429,417

$9,434,039

$6,587,471

$3,668,087

$27,091

Balance, surplus.
Profits 1916

Figures.—The results for the fiscal year to June 30 last indicate a
high-water mark of progress and hold out still furtner encouragement.
Tne better results obtained must not blind us, however, to the fact that the
foundation of the present-day prosperity is largely due to the war and taat
there will come a time when orders for munitions of war will cease.
It is uoped and believed that an effort will be made, with Government
co-operation probably, to insure that basic industries, suc.i as tne steel
industry, shall emerge from the war in such shape that they can carry on.
Algoma Central Ry.—The results for July and August compared wita the
same two months of 1917 show a substantial improvement; in fact, after
deducting full bond interest and depreciation, the Algoma Central Ry. in
these two months shows a clear surplus of over $50,000.
There are un¬
certainties to face, but traffic* independent of our associated industries, is
developing, notably in lumber products and in ore. The great demand
Record

new

for

94,564 tons of ingots were produced, as against 73,985 tons for the same
period of 1917. August alone contributed practically 49,000 tons, which is
a tonnage within 1,000 tons of the maximum.
The liquid position generally
is strong.
As the balance sheet snows, current assets amounted to over
$11,000,000, while current liabilities were slightly in excess of $3,000,000.
The present program of new construction on nand entails expenditures
of roughly $800,000. ' The order book is filled up well into the middle of
next year.

Great Western Power

System.—Earnings.—Bonbright
Co., Inc., N. Y. City, report as follows:

Comparative Income Account for August and the 12 Months ended Aug. 31.

1918-v4uflr.-1917. Inc. % 1918-12 Afos.-1917/*c%
$331,825 36.6 $4,319,432 $3,932,063 9 8

Gross earnings
$449,509
Oper. exp. & taxes... 175,002

Net earnings
Other income

Total income.
Int. on funded debt

121,997 43.5

$269,324 $208,332 29.2 $2,621,194 $2,595,411
...

applicable to depreciation, Ac

1,664,410

1,684,200

$956,784

$911,211

15C^000

150,000

$806,784.

$761,211

1.0
...

5.0

5.9

ing last winter, is somewhat limited.
The foregoing statement includes, with intercompany business eliminated,
Great Western Power Co., California Electric Generating Co., City Elec¬
tric Co., Great Western Power Co. of California and Consolidated Elec¬
tric Co.—V. 107, p. 1286.
1917.

following is official: The directors have declared an extra dividend of
5% along with the regular payment of 5%, both payable Oct. 15 to holders
of record Sept.

20.—V. 106,

Lone Star Gas
Listed on Pittsburgh

p.

927.

Co., Fort Worth, Tex.—New Stock
Stock Exchange—Earnings.—

Pittsburgh Stock Exchange on Aug. 31 authorized the listing of the
new stock offered at par to shareholders of record July 2. and
all subscribed for, increasing the issue to $6,000,000.
The dividend rate
was increased from 1H% to 2% quarterly in June 1917.
Year 1917.
Year 1916.
6 Mos. T8.
Earnings Calendar Years—
Gross earnings
$1,519,386
These
$1,913..503
Details
577,114
377,960
Details
Expenses, taxes and interest
Not
Gas purchased
33,471
Not
Shown.
590,710
525,823
Depreciation and canceled leases
Shown.
The

...

1915.

1916.

$4,906,350
$1,277,088
210,630

_

.

..

Other

4,465

30,996

$732,872
200,000

$772,630
400.000

$517,720
325,000

$532,872
.-$1,414,184

$372,630

$881,312

$192,720
$508,682

charges

.J
Dividends paid

.

Surplus for period

Hercules Powder Co.—Half Yearly Earnings.—
$26,692,312 $27,720,650
$3,351,117 $9,824,659
187.250
187,250

Lanett Cotton Mills.—Extra Dividend.—
The

$1,000,000

Note.—“Other income” shows a decrease as compared with last year,
due to the elimination of “Interest charged to constructkm.”
The increase in operating expense in August as compared with previous
months, it is stated, is due to present excessive use of fuel oil in the conser¬
vation of water, which, owing to unprecedented weather conditions dur¬

6 Mos. to June 30—
1918.
Gross receipts
..$19,880,967
Net earns, (all sources). $2,624,050
Bond Int. A pref. div...
187,250

806, 902, 1007.

p.

T ie directors nave declared an extra dividend of 2% on the common
stock, payable Oct. 14 to holders of record Oct. 9
This stock has been
placed on a 12% basis with the declaration of aquar. div. of 3%, payable
Dec. 2 to holders of record Nov. 23.
That compares with the 10% rate
in effect through 1917-18, and the 8% rate in effect for seven years prior
to that.—V. 107, p. 610.

1,428,768 18.2

...

Net income
Accrued divs. on C. E. Q. preferred stock

Balance

1,686,084

.$274,507 $209,828 30.8 $2,633,348 $2,503,2951 5.2
deb5,183 debl,496
deb 12.154
92,116

Compare V. 107,

Lake of the Woods Milling Co.—Extra Div.—Increase.—

ther income.-—V. 107, p. 1104, 407.

A

pyrites is working out to the distinct advantage of the railway.

Algoma Steel Corporation.—For the two months ending Aug. 31 last

$3,819,295
899,911

$1,527,133 x$3,966,210
1,349,962
1,500,042

man

Total surplus as per
—V. 107, p. 85.

-

balance sheet.

Luckenbach Steamship Co., Inc.—Merger Co. Incorp.—

incorporated under Delaware laws on Sept. 21 with
capital stock of $25,000,000 as the merger of the Luckenbach SS. Co.,
Inc., and the Luckenbach Co., Inc. The capital stock which is all of one
class is also all outstanding.
Compare V. 107, p. 1196.
This company was

a

Available for impts. or
for common divs... $2,436,800
$3,163,867 $9,637,409 $1,066,458
The net earnings, as above, are stated after deducting all expenses
incident to manufacture and sale, ordinary and extraordinary repairs,
maintenance of plants, accidents, depreciation, Ac.
From the earings
of the six months ended June 30 1918 provision has been made for war
taxes under existing laws.
The company during the present calendar

ha3 been paying on its $7,150,000 common stock 4% quarterly (2%
regular and 2% extra) with a further 1 % for Red Cross in May, amounting
in the aggregate for the six months to $643,500.
The balance sheet of June 1918 shows relatively small changes, as com¬
pared with March 31 1918 outside of an Increase in “Reserves and contract
advances” (presumably by U. S. Govt.) from $1,885,912 to $11,602,448,
offset among assets by an increase in “plants and property” from $14,467,000 to $17,764,266 and in cash from $1,438,214 to $7,061,604.
Profit and
loss surplus June 30 1918, $17,048,697, against $16,203,838 March 31 1918.
—V. 107, p. 1007, 295.
v
year

Hollinger Consol. Gold Mines.—Dividend.—

The following is pronounced substantially correct: “The directors have
declared a dividend of 1 %, payable Oct. 7 to shareholders of record 8ept.25.

Generally speaking, the winter months have always found

a

better

labor supply at tne mines than during the summer. This, with the Hol¬
linger mine, having been sufficiently prosperous to pay two dividends
during the summer months, having previously built up a surplus of not
far under $2,000,000, the outlook for the immediate future, when improve¬
ment in working forces may be experienced, may be considered satisfac¬
tory."—V. 106, p. 2563.
1

International Harvester Co.—Common Dividends.—
In connection with the declaration of the dividend of $1 50 per share
payable Oct. 25 on the common stock of this new consolidated company,
this company announces that it is planned that future dividends declared
on the common stock will be payable on the 15th days of January, April,

July and October.—V. 107,

p.

1290, 1195.

Island Oil & Transport Co.—Notes.—A. B. Leach &

Co., Inc., early in 1918 brought out an issue of $750,000
2K-year 7% gold notes, dated Mar. 1 1918, due Sept. 1
1920. Auth. issue, $1,500,000. A circular shows:
Int. M. A 8., in N .Y.
Denom. $1,000 and $500 c*.
Callable, all or
part, on 60 days’ notice at 110 and int.
N. Y. Trust Co.. N. Y., trustee.
Company.—Incorporated in Va.: was formed for the purpose of producing
and transporting oil from the fields bordering on the Caribbean Sea and
in Mexico.
Through stock ownership it owns and controls large acreages
in Mexico, Cuba, Colombia and Venezuela.
Purpose of Issue.—The sale of these notes will provide funds for the pur¬
chase of. towboats, barges and other equipment for the purpose of trans¬
porting oil to market and for the further development of co’s properties.
A sinking fund of 5 cents per barrel of all oil sold is provided by the terms
of the note indenture.

A description of this co’s property, Ac., may be found in V. 106, p. 301.

Operations, &c.—

This

corporation announces that 3 whaleback tank barges with a carry¬
ing capacity of 16,000 barrels each, recently purchased, are expected to
be In full operation not later than Nov. 1.
The barges are expected to
average

three trips each per month.

The corporation reports that Its well now drilling on lot 162, Chinampa,
has reached a depth of 1,760 ft. and has shown oil at different points.
Its
well on lot 1, at Comales, has reached a depth of 1,730 ft. ana is showing
oil at this depth of 300 barrels daily of 22 deg. B. or better.—V. 107, p. 1007.




11

Lukens<Steel Co.—Second Preferred Stock to Be Retired.—

This company on Oct. 30 will redeem all outstanding 7% cum. second
(now first) pref. stock at $103 per share and dividends.
The Commercial
Trust Co., Phila., as trustee, will receive tenders for this stock at not ex¬
ceeding $103 per share and div. The outstanding amount is $6,000,000.
See V. 106, p. 2014.

Manufacturers*

Light & Heat Co.—Govt. Control.—

dispatches on Oct. 1 stated that the control of this company, which
supplies fuel to West Virginia, western Pennsylvania and eastern Ohio
cities, on Oct. 1 was taken over by the U. S. Government.—V. 107, p. 506.
Press

Mason Tire & Rubber Co.—Government Contract.—
This company,

it is stated, has received

a

contract for rubberized rain¬

coats, and, it is stated, expects tosfae turning out 1,000 coats per day by
Jan. 1 next.—V. 106, p. 91.
^

Massachusetts Gas Cos.—New Director.—
Cnarles S. Davis has been elected a director of this
number of others, namely Boston Consol. Gas Co., New

company and a
England Fuel A
Transp. Co., New England Coal A Coke Co., and New England Mfg. Co.
On tne latter board Mr. Davis succeeds the late C. Minot Weld, and on the
preceding ones succeeds Robert C. Pruyn, resigned.—V. 107, p. 909.

Maxwell Motor Co.—Income Statement.—The following
statement stands

approved:

Net income of this company for the fiscal year ended July 31 1918, be¬
fore providing for excess profits tax or for corporation income tax in excess
of 6%, will be in the neighborhood of $2,400,000, and that the final figures
should not vary more than $100,000 in either direction from this amount.
The full balance sheet of the company, it Is understood, will be published
within the next ten days or two weeks.—V. 107, p. 1007, 909.

Miami Copper Co.—Output (in
Output—
Monta of September.__
Nine montns
—V. 107, p.

1918.
5.012.865
44,273,450

Lbs.).—

1917.
1,900,000
32,061,611

1916.
4,381.367
38,843,159

1915.
4.081.444
30.782,736

1007, 506.

Midway Gas Co.—Dividend Record.—

has favored the “Chronicle” -with the following data, cover¬
ing dividends Nos. 1 to 6 on pref. stuck and Nos. 1 to 5 on common stock
Dividends
Pref. Divs.— —Com. Dips.—
Per Sh. Total.
Total.
Per Sh
Payable.
Period Covered.
July 15 T7 June 30 ’15 to June 30 T7 $14 00a $96,929
Oct. 15 T7 July
12,116 $1 50a $34,896
1 75a
1 T7 to Sept. 30 T7
The company

-

Jan.

15 T8

Oct.

Apr. 15 ’18 Jan.
July i5 ’18 Apr.
Oct. 15 T8 July

1 ’17 to Dec. 31 T7
1 T8 to Mar. 31 ’18
1 ’18 to June 30 T8
1 ’18 to Sept. 30 T8

a Earned in 1917; b earned M
—V. 106, p. 1235.

1
1
1
1

75a

75b
75c
75c

12,116
12,116
12.116
12,116

50a
50c
50c
50c

11,632
11,632
11,632
11,632

in 1917 and % in 1918; c earned in

1918.

Midwest Oil Co.—No Action Taken.—
Announcement Is made that the directors have not taken any action on
the common stock dividend due in the near future.
The quarterly dividend
on the preferred stock payable Oct. 20 to holders
of record Oct. 1.—V. 107, p. 178.

qf 2% has been declared

Oct. 5

1918.]

THE CHRONICLE

Minneapolis General Electric Co.—Rate Increase.—

This company has placed in effect an increase in the electric rates of
about 10%.—V. 105. p. 2099.

Moline

Plow

Co.—Sale to

Willys Organization.—Pres.
Stephens in a letter to the common shareholders of the
Moline company is quoted as follows:
The Stepnens interest, except F. O. Allen and family and F. G. Allen
remaining in charge of the business, have sold their holdings.in common
stock to John N. Willys for $150 per share and will receive in payment
therefor, stocks paying 7% cumulative preferred dividends quarterly,
in following proportions of the following companies: Willys-Overland,
55%; Electric Auto-Lite, 30%; Curtiss Aeroplane & Motor Corp., 15%.
The Stephens family has arranged with the purchaser of their stoCk that
the opportunity is offered to all holders of Plow Co. common stock to
exchange their stock for tne above stocks in the proportion mentioned and
to receive the above stocks in the ratio of 1H % for their common stock.
The Willys-Overland Co. reserves the rignt in the case of fractional shares
to pay either scrip or cash.
It is part of this agreement tnat dividends
on the three preferred stocks mentioned shall accrue from the date of
agree¬
ment, Sept. 6.
We are advised that the policy of the new management
will not be to pay cash dividends on the common for a period of years in
order to permit improvements of plants, to take care of the largely increased
output and the building up of sufficient reserve and to safeguard this ex¬
tended business.
See Willys-Overland Co. below.—V. 107, p. 1290, 806.

National Ice & Cold Storage Co. of Cal.—Bonds.—

A

meeting of the nolders of the First M. 6% 30-year gold bonds was
on Sept. 30 for the purpose of authorizing the execution of a
supple¬
mental trust deed under which (a) the company will be authorized up to
and including Dec. 1 1922 to expend for any of the purposes for which bonds
may be authenticated the whole or any part of any sums which otherwise
would have been payable by tne company to the sinking fund: (ft) to author¬
ize the trustees to pay over to the company the sum of $40,608, which
about Dec. 1916 was deposited by the ocmpany with the trustees. (London
“Stock Exchange Weekly Official Intelligence.”)—V. 107, p. 1104.

other than the usual current accounts.
The balance sheet as of Oct. 1
is expected to show net liquid assets of approximately $5,000,000 and net
tangible assets of about $75 per share on the $10,000,006 capital stock,
exclusive of patents, trade marks and good will.
More than 50% of the

output is now devoted to Government work, which is being materially
increased as the volume of regular business is being anticipated.—V. 107,
p. 1008, 508.

Sullivan Machinery Co.—Extra Dividend.—

The directors have declared

an extra dividend of 1% on the $4,862,900
outstanding capital stock, along with the quarterly payment of 114%,
both payable Oct. 15 to holders of record Oct. 1.—V. 107, p. 178.

(T. H.) Symington Co.—Dividend.—

Holders of the preferred stock have received another distribution of 2%

to be

National Utility Co. (of

Delaware).—Merger.—

Nevada Consol.

Copper Co.—Approx. Output (in Lbs.).

1918—Sept.—1917.
6.670,415
—V. 107. p.

Increase. I

1918—9 Mos.—1917.
59,887,350

Decrease.
356,935

146,063159,530,415

6,524,352

1196, 700.

applied to accumulated dividends.

This deferred dividend, which

declared, in addition to the regular quarterly dividend of 2%, for the
period ended June 30 last, covers the quarter ended Dec. 31 1912.—V.
107, p. 576.

was

Tennessee Copper Co.—No Dividend Action.—

The directors nave again
the $5,000,000 outstanding
have been made about Oct.
have been paid since April

deferred action on the quarterly dividend on
capital stock (par $25).
The payment would
20 had any action been taken.
No dividends
15 1916.—-V. 107, p. 409.

Tennessee Copper & Chem. Corp.—Acid Prices Continue

President Wilson has approved the prices fixed for sulphuric and nitric
acid, which were announced Sept. 26 and will continue in force until
Dec. 31.—V. 106, p. 2226.

Texas Co.—Pipe Line Construction.—

held

A certificate was filed on Sept. 28 in Delaware of the consolidation of
this company and the Oil & Gas Utility Co. under the name of National
Utility Co., with an auth. capital stock of $5,000,000.—V. 104, p. 2016.

1389

•

This company’s 8-inch pipe line from Ranger to Dallas is
completed as
far as Fort Worth and has been tested;
Pipe for the balance or the dis¬
tance to Dallas has been laid, and it is expected that the line will be running
oil by Oct. 15.
From Ranger, or, to be exact, Tiffin, the company is
building a 6-in. spur to Breckenridge. and a 4-in. connection With tne spur
from Cado, in Stephens County.
It already has a 3-in. line from Brecken¬

ridge to Moran.
The company has a 6-in. line from the Electra fields running into Fort
Worth, and an 8-in. line from Fort Worth to Dallas.. It will Increase the
capacity of its tunk line from Dallas to Port Arthur by connecting up the
loops, putting in 225 miles of new 8-in. between Dallas and Garrison and
10-in. from Garrison to Port Arthur.
When completed this will give the
company a daily capacity of about 34,000 bbls. a day from Dallas South.
At Dallas, the company will have crude converging from three divisions—
Oklahoma, Wichita Falls and Ranger.
At Garrison, the main line will be
receiving crude Oklahoma, North Louisiana, Vinton, La., and the North
Texas and South Texas fields at the rate of over 50,000 bbls. per day.
(“Oil Trade Journal,” Oct.).—V. 107, p. 1096.
*

United Cigar Stores

Oklahoma Natural Gas Co.—To Build New Line.—
This company has authorized the expenditure of $2,000,000, entirely
taken care of by the stockholders, to finance the construction of a new sys¬
tem of pipe lines into the new gas territory south of Chickasha.
It is
stated that no bonds will be Issued.—V. 107, p. 1291, 1007.

Phelps Dodge Corp.—Copper Output (in Lbs.)—

1918—Sept.—1917.

15,500,623
i5,93i.435
—V. 107, p. 1104, 1008.

Decrease, f
Increase.
1918—9 Mos.—i9i7.
430.8l21164,094,265 149,902,886 14,191,379

published a story to the
capital for this company
being informally discussed and that this accounted for the rather
active trading in the stock.
It is said that the company’s financial policy
has called for a dollar of capital for each dollar of business and that If this
policy were now followed out it would result in doubling the present stock
issue to conform more closely with current sales.
An officer of the company, when questioned by the “Chronicle” in this
regard, declared that he was not informed on the subject.—V*, 107, p. 1292,
A financial news agency during the past week
effect that plans for a possible readjustment of

were

1198.

Public Service Co. of No. HI .—Rate Increase Asked.—
This company has applied to the Illinois P. S. Commission for
to increase gas rates from 95c. to $1 14.—V. 107, p. 1197.

permission

Ray Consol. Copper Co.—Approx. Output (in Lbs.).—
Decrease. I
1918—9 Mos.—1917.
Decrease.
163,881166,397,559 70,256,679 3,859,120

1918—Sept.—1917.
7,250,000
7,413.881
—V. 107, p. 1197, 700.

River Plate Commercial Co.—Initial Dividend.—
The directors have declared

an

initial dividend

on

the $75,000 outstand¬

ing common stock (par $5), amounting to $1 per share, along with the
regular semi-annual dividend of 4% on the $300,000 outstanding preferred
stock (par $100), both payable Nov. 1 to holders of record Oct. 1.—V. 106,
p. 302.

Royal Dutch Co.—Purpose of New Stock.—Report.—

The issue of the new ordinary shares is made in order to increase the cash
resources in Holland, which is desirable because the products sold are paid
for in pounds sterling, and at the present rates or excnange on London
the withdrawals would cause a considerable loss in excnange.
In accord¬
ance with tie desire of the Treasury the company has agreed to invest,
In British Government bonds, the proceeds of the London subscriptions.
Compare report on a proceeding page and |see V. 107, p. 1197, 1105, 807.

Sears, Roebuck & Co., Chicago.—Sales.1918—Sept.—1917.
$
$
15,218,036
11,231,442
—V. 107, p. 1008, 508.

1918—9 Mos.—1917.
Increase
$
$
$
3,986,594 131,148,356 119,155,827

Sh&ttuck-Arizona Copper Co,. Inc., N.
—Month of September—
1918.
1917.

Copper (lbs.)...

Lead (lbs.)
Silver (ozs.)_
Gold (ounces)
—V. 107, p. 1197. 1105.

711,924

686,844

325,496
8,261
105.09

41,362
3,631
84.76

Sierra & San Francisco Power

Increase.
$

11,992,529

Y.—Output.—
Nine Months

1918.

1917.

7,247.903

9,722.571

969,961
108,721
924.60

1,840,795
124.478
1,286.89

Co.—Report.—

See California Ry. & Power Co. under “Reports” above.—V. 106, p.2763.

South Porto Rico ^Sugar Co.—Production.—

This company’s production for the season just ended is reported to be
about 575,000 bags, against 585,000 bags for preceding year.—V.107.P.910.

Spring Valley Water Co.—Water Rates.—

On Sept. 5 a new schedule of rates based on metered service was put into
effect in San Francisco under the authority of the California RR. Com¬
mission.
The new rates require the payment of a service charge from 65c.
a month for each % -in. meter to $40 a month for 8-in. meters.
The charge
for the water delivered is fixed at 24c. per 100 cu. ft. up to 3,300 cu. ft.,
21c. up to 33,300 cu. ft. and 18c. per 100 cu. ft. for all above 33,360 cu. ft.
—V. 107, p. 1008.

Standard Oil Co. (N. J.).—Wage Advance.—
This company announces a

further increase of 10% in wages for its em¬
ployees. This makes the sixth increase in wages whicn the company has
put into effect since the outbreak of the war.—V. 107, p. 808, 409.

Standard Sanitary Mfg. Co.—Secretary-Treas.
This company announces the election of Samuel H. Moon as SecretaryTreasurer of the company, succeeding the late W. A. Myler.—V. 106, p.
1905.

Standard Steel Car Co.—New Plant, &c.—
company’s subsidiary, the Baltimore Car & Foundry Co., it is
stated, is planning an immediate establishment of a new steel fabricating
plant at Curtis Bay, Md., to cost about $1.000,,000. The plant, it is
understood, will specialize in steel plates for shipbuilding.
The “Railway Age” in its issue of Sept. 28 published an illustrated
article describing the construction, in 51 days, of a fire-proof paint shop,
1,250 feet long and 80 feet wide for this company.—V. 107, p. 1008.
This

Standard Underground Cable Co.—Extra Dividend.—

The directors have declared

dividend of 3%

an extra

on

the outstanding

capital stock along with the quarterly payment of 3%, both payable Oct. 10

toholders of record Oct. 4.—V. 106, p. 2763.

Stewart-Waraer Speedometer Co.—Notes Liquidated.—

John Burnham & Co., Chicago, state that all of the remaining notes of
this company have just been liquidated, leaving the stock free or all debts




Co.—Possibility of Readjustment.—

United Cigar Stores, Ltd., Canada.—Earnings.—
Results for Fiscal Years ended June 30.
1917-18.
1916-17.
1917-18.
1916-17.
Gross sales—$1,566,493 $1,309,451 [Increase in taxes $15,000
Net bef. taxes
64,285
48,749[Customers
8,702,740 7,762.811
President W. B. Reid, writing Aug. 19, says:
“Notwithstanding the
difficulties we have had to contend with since we presented our last re¬
port, the net earnings of the various subsidiray companies are more than
enough to pay tne dividends for the year, and we feel that, provided no
serious changes occur in conditions as they stand at present, we see no
reason why the payment of dividends should not be resumed at the be¬
ginning of 1919.”
Dividends previously 7% pit a. on the $1,450,000 (paid up) pref. stock,
were, it is understood, suspended after the quarterly payment Oct. 15 1917.
There is also $2,000,000 common stock.

The Cigar Store Operating Co. reports “that the number of branch
in operation has increased from 114 to 124.”—V. 104, p. 1806.

stores

United States Steel Corp.—New Iron & Steel Prices
in

Effect Until Dec. 31 —Other Data.-

See p.

1252 in last week’s issue.—V. 107,

Utah Copper

p.

1298, 1105.

Co.—Approximate Output (in Lbs.).—

1918—Sept.-—1917.
17,785,000
17,839.378
—V. 107, p. 1198, 702.

Decrease.)

1918—9 Mos.—1917.

54,378 148,898,596

154,052,325

Decrease.
5,153,729

Vacuum Oil Co.—Extra Dividend.—
The directors have declared an extra dividend of 2%, along with the
regular semi-annual payment of 3%, both payable Oct. 31 to holders of
record Oct. 15.
Record of dividends follows:
Dividends—
1912. 1913. 1914. 1915. 1916. 1917.
1918.
Since 1911
6
6
6
6
6
6
3
3
Extra in May
2
2
2
2 (Oct.)2
The company has paid $2 extra in the first half of the year since 1915,
but this is tne first time it has paid an extra dividend in the final period.
The total distribution for 1918 therefore is $10 a share, compared with $8
in the three previous years, and $6 in the first three years succeeding the
dissolution—V. 106, p. 2127, 2121.
—

Wages.—Adjustment of Wages for Anthracite

Miners—

An adjustment of the wage scale of anthracite coal miners will be made
with the approval of the General Wage Board of the Department of Labor,
conferences having already been called.—V. 107. p. 910, 702.

Western States Gas & Electric Co.—Rate Increase.—
This company has been authorized to increase and readjust its rates
for Humboldt and Trinity Counties so as to produce a sufficient amount
to make up for the deficit caused by increased costs, &c.—V. 107, p.
1009, 612.

Willys-Overland Co.—Acquisition of Moline Plow.—

Referring to the notice in these columns last week of the sale of the con¬
trol of the Moline Plow Co. to the Willys-Overland organization, an official
notice states that the Willys-Overland Co. has simply purchased control
of the common stock and that no merger is thought of and no change in
the financial status of the Moline Co. is contemplated.
At last accounts the common stock outstanding of the
amounted to $9,996.090.—V. 107, p. 1292, 1105, 1009.

Moline Plow Co.

Wisconsin Gas & Electric Co.—6lA% Five-Year Notes.

This company, a subsidiary of the Wisconsin Edison Co., has sold to
the public by direct advertising $276,150, face amount of 6 Yx % Five-Year
notes, secured by collateral deposit of First Mortgage bonds.
These
notes were sold to the public at par and were taken by investors not or¬

dinarily reached in the sale of public utility securities.—V. 106, p. 2458.

Wright-Martin Aircraft Corp.—Business.—

meeting Oct. 2. adjourned for 4 weeks due to lack of a
stated that Government orders on the company’s books
totaled between $40,000,000 and $50,000,000.
This constitutes large
numbers of 150 and 180-horse-power motors at the New Brunswick plant
and 300-h. p. motors at Long Island City.
Under terms of the agreement with the Government, the company bor¬
rowed $7,500,000 for working capital from the War Finance Board, the
Government paying tne interest on the loan.
The $2,000,000 expected to
be collected by the company under the cross-license af-reement with other
manufacturers has been cut to $1,500,000, with the balance collectible
after the war.
Practically all of this amount has already been collected.
Before making allowances for taxes, the company has turned its deficit
How much will be needed to meet taxes, how¬
into a substantial surplus.
ever, remains for the future to determine: hence preferred dividends do not
At the annual
it was

quorum,

_

appear as an

immediate possibility.—V. 107, p. 87.

7

i
i

[Vol. 107.

THE CHRONICLE

1390

$hx (^uimtuemal Times
COMMERCIAL EPITOME
Friday Night, Oct. 4 1918.
Everything still bends to Government orders in a wide
sweep of trade activity.
Civilian work, necessarily, is rele¬
gated to the background. Here in the East the big Loan
campaign hurts general trade to some extent, as it arouses
great popular interest. Influenza has also curtailed business
on the Atlantic seaboard, especially in war industries.
But
despite the preponderance of Government business, civilian
trade is brisk at the West and the South, which, needless to
say, are favored by very high prices for their products.
Even the drought at the Southwest, which was supposed to
have hurt business, it turns out, has had less effect than was
supposed. The buying power of the agricultural community
of this country is probably greater than ever before in
American history. Meanwhile there is some ameliora¬
tion of prices of food and other crops,
owing to
the favorable war news and the possibility of peace

The high cost of living is still one of the outstanding facts
of the times.
The Bureau of Labor reports that the cost in
the New York District is 62.07% greater than in December

1914, and 17.39% greater than in December 1917. Clothing
103.39% here since December 1914; food
65.40%; furniture and furnishings 104.65%; fuel and light
25.20% and housing 5.52%. Reports show that living costs
had advanced 67% in Philadelphia during the same season
and 65.24% in Boston.
The War Industries Board has
has advanced

agreed with shoe manufacturers on a standardization of
shoes as to quality and style, at prices ranging from $3 to
$12 a pair for men and women.
The new schedule will
begin Oct. 15. The scarcity of labor, of course, continues;
that is to be expected.
The draft threatens, equally, of
course, to make it more acute.
Women are being more
and more extensively employed.
Now there are even
women lumberjacks
at Philadelphia; 75 Polish women
are now loading cars for one company there.
And now
cotton manufacturers want the immigration laws relaxed so
as to increase the supply of labor.
They have already
been suspended as regards Mexican labor for the duration
of the war.
But this, the cotton companies think, is
not enough.
They consider the labor situation critical.
As regards restaurant prices, the Food Administration has
intimated to a chain of popular restaurants in Washington,
at an earlier date than has heretofore seemed prob¬ also well known in New York, that because of an alleged
able. The United States Government authorities deprecate increase in prices of from 59 to 109% the Government was
undue optimism on the subject, however, as it is likely to likely to take over the places unless the prices were lowered.
They were largely patronized by war workers, especially
have pernicious effects in more ways than one, including a women and girls. The Food Administrator at Washington
possible slowing up of the Fourth Liberty Loan campaign. has declared that no attempt to raise prices of food unjustly
Prices of corn and cotton have declined sharply.
The South there would be permitted. It is significant that under the
apparently has given up hopes of getting $200 a bale for threats that the Government could commandeer these
ootton.
Corn has fallen 10 cents per bushel within a week,
places they quickly returned to their old scale of prices.
cotton falling nearly 2 cents per pound.
Not only the high
LARD declined; prime Western, 27.25@27.35c.; refined
prices for grain and cotton, however, but the high wages to the Continent, 28.75c.; South American, 29.15c.; Brazil,
which workmen are receiving all over the country help re¬
30.15c.
Futures advanced at one time on covering of shorts,
tail and wholesale trade. Already there is activity in Christ¬
but reacted sharply later with com on the war news and
mas goods at the West.
Spring trade is also larger, at both heavy
liquidation. The stock of contract grade at Chicago
the West and the Northwest.
Railroad cars, it is hoped,
on Oct. 1 was 15,193,446 lbs., against 16,098,492 on Sept. 1
will be more plentiful in the future to facilitate the movement
and
on Oct. 1 1917.
The stock of all kinds on
of merchandise from congested points of the West.
The Oct. 40,637,327
1 was 33,228,966 lbs., against 34,722,929 on S8pt., 1
crop news is good.
The winter wheat acreage is the largest and
47,165,658 on Oct. 1 last year. To-day prices ad¬
on record, and for the most part it looks well, although
vanced.
They are a shade higher for the week. The fixing
here and there more rain is needed. Collections are good.
of a minimum price for hogs at $15 50 per cwt. and some
Failures
are
remarkably few.
Merchants are in¬
note
that
terested
to
the
stock market
on
the good buying to take off hedges caused a rally in lard after
an early decline.
whole has been more active and latterly firmer and
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
that there has been a significant advance in foreign bonds.
Fri.
Thurs.
Tues.
Wad.
Sat.
Mon.
26.65
26.75
26.60
26.57
26.40
In the great manufacturing centres of the country retail October delivery._cts_26.55
26.07
25.95
26.12
25.82
25.70
26.12
trade is good, on the whole, although trade in mens goods November delivery
suffers from the draft.
PORK lower on the war news and lower hogs; mess,
An epidemic of Spanish influenza
in this country has spread, and affects camps, munition $44.50@45; clear, $44@$52.
Beef products steady; mess,
plants, shipyards and colleges. It has invaded 36 of our 48 $35@$36; extra India mess, $58@$59. Cut meata firm;
In Boston the question of closing the churches is pickled hams, 10 to 20 lbs., 29J^@30^gC.; pickled bellies,
States.
being discussed as a means of checking the epidemic. In 37@39