Full text of Commercial and Financial Chronicle : October 5, 1918, Vol. 107, No. 2780 [Copy 2]

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financial

The
OflhiThtC
VOL.107

litantde

OCTOBER 5 1918

NO.2780

;
Published every Saturday morning by WILLIAM B. DANA COMPANY
ent
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-Presid
and Secretary. Addresses of both, Office of the Company.

G SEPTEMBER 28
CLEARINGS-FOR SEPTEMBER, SINCE JAN. 1, AND FOR WEEK ENDIN
1917.

1913.

Total 1.11(1(1lo
Boston
Providence
Hartford
New Haven
Portland
Springfield
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Waterbury
Stamford

1 Inc. or
' Dec.

Total Pacific

1

1917.

Week ending Sept. 28.
1913.

1917.

$
$
%
-1.6 129,353,067,0061 132,233,853,556
+20.4 14,276.449,4691 12,546,160,406
, ,
,
'
+64.3 3,992,711,399I
+65.2 2,305,748,120 1,666,747,426
711,512,342
827,928,371
+40.8
187,596,410
184,183,528
-0.3
409,360,735
514,362,499
+37.7
265,968,398
287,544,370
+12.4
134,048,446
147,163,472
+17.0
162,535.303
173,497,100
+2.5
101.643,048
104,271,919
+3.0
123,257,594
122,002,378
+3.2
75,248,101
81,596,983
+9.5
144.190,824
154,297,784
+6.0
98,022,200
106,054,379
+11.1
92,621,547
115,461,234
+31.9
47,176,398
-6.2
50,722,500
67,065,805
79,126,472
+16.4
39,052,807
44,452,842
-11.9
35,964,200
-7.4
33,026,360
52,490,562
58,732,732
+54.6
26,836,940
29,460.551
+18.8
17,377,563
16,653,134
+13.1
17,405,199
20,699,357
+26.3
83,269,796
106,974,793
+9.1
27,419,053
26,629,346
-4.9
23,188,486
27,982,939
+21.8
19,170,363
15,991,829
-24.9
36,318,173
36,485,400
-8.8
24,682,706
27,138,079
-5.5

%
-2.2 3,336,970,692 3,492,020,260
396,358,475 320,357,552
+13.8
83,887,356
136.000,000
+33.6
42,716,858
73,804,381
+38.3
13,755,998
24,989,588
+16.4
3,048,021
4,418,846
-1.8
9,763.743
13,070,550
+25.7
5,920.439
6,964.463
+8.1
3,394,739
3,897,138
+9.8
4,606,297
4,119,181
+6.7
2,434,996
2,524,534
+2.6
2,995.908
3,354,159
-1.0
1,904,155
2.296,506
+8.4
3,708,299
4,011,905
+7.0
2,252,831
3.034,188
+8.2
+24.8
1,249,172
1,201,013
+7.5
1,702,521
2,107,391
+18.0
1,310,405
1,071,781
+13.8
801,500
699.600
-8.2
1,089,499
1,740,480
+11.9
865,176
913,633
+9.8
-4.2
+18.9
2,278,627
2,300,000
+21.2
-2.9
+20.7
435,516
371,364
-16.6
+0.5
+9.9

16,463,456,135 16,022,358,093

+2.7 153,320,421,3.15 152,464,483,627

+0.6 4,026,272,873 4,003,399,868

1,135,160,378
42.292,300
31,695,690
21,183,654
10,882,064
15,057,834
13,864,922
8,407,750
7,430,'322
4,810,537
2,867,04:3
2,480,559
7,923,500
2,319,639

947,326,208
36,574,300
30,809,925
19,025,206
11,097,245
14,656,410
13,847,898
5,476,643
6,669,645
4,268,833
3,056,01:3
3,011,022
8,652,800
2,332,223

+19.8 11;193,064,576
438,008,600
+15.6
310,776,139
+2.9
197,167,212
+9.6
-1.9
98.978,521
146,312,792
+2.7
139,497,436
+0.1
82,383,894
+53.5
70,671.314
+12.2
45,902,193
+13.2
28,755,406
-6.2
28,294,373
-17.8
-8.4
75,073,600
21,354.096
-0.5

06
Total New England 1,305,453,191 1,107,104,4
2,060,690,075 1,915,397,614
Chicago
183,469,318
237,632,062
Cincinnati
361,376,8:39
:306,517,025
Cleveland
207,929,859
267,765,538
Detroit
102,496,417
120,574,616
Milwaukee
55,941,000
62,498,000
Indianapolis
44,224,500
42,155,100
Columbus
44,197,261
42,845,242
Toledo
17,504,188
19,436,516
Peoria
18,338,719
21,142,287
Grand Rapids
11,769,529
17,437,233
Dayton
12,867,424
16,426,424
Evansville
7,790,930
8,692,718
Springfield, Iii
14,222,344
16.635,528
Youngs:own
5,220,730
5,150,557
For. Wayne
19,282,000
25..388,000
Akron
7,405,114
7,782,798
Rockford
3,702,796
3,968,581
Lexington
4,781,1335
5,610,257
Quincy
5,060,109
5.575,384
Bloomington
10,175,000
14,417,616
Canton
5,617,311
4,549,992
Springfield, Ohio_ _ _
4,349.:384
4,451,050
South Bond
3,609,015
4,580,735
Decatur
4,111,325
4,691,354
Mans(Ickl
2,321,943
2,310,009
Danville
4,358,314
4,474,002
Jackson
1,863,589
2,248,878
Jacksonville, Ill
:3,55:3,871
3,924,055
Lima
1,569,417
1,043,572
Ann Arbor
358,648
381,508
Adrian
3,754,516
4,462,799
Lansing
2,873,746
2,292,331
Owensboro
43.600,000
3,485,167
Gary
47.000,000
7,230,931
Flint
957,834
1,412,886
Lorain
553,144
750,547
New Albany
45,000,000
5,235,016
Paducah
1,545,861
1.979,855
Hamilton
2,394,797
83,400,000
Aurora
Total Mid. Western 3,418,530,665 3,015.862,669
San Francisco
Los Angeles
Seattle.
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Boise
Pasadena
Yakima
Reno
Ogden
Long Beach
Be ktrefielli

1918.

Inc. or
1 Dec.

3
13,883,900,956
1,337,772,768
306,649,653
176,884,844
74,103,984
18,386,242
42,036,953
27,131,74:3
13,590,942
17,808,621
10,234,342
12,786,733
8,063,893
15,181,692
11,244,067
10,765,765
5,634,006
7,658,538
4,887,080
3,552,100
4,767,567
3,019,295
1,600,481
1,843,187
9,138,540
2,982,960
2,595,244
1,889,593
3,703,959
2,526,334

t4.14..4.4b1wa.mcA4.wcaocc4cDoocAo-aw......7=o;4

New York
Philadelpnitt
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes 13arre
Wheeling
Trenton
Ifarrisburg
York
Erie
Greensburg
Binghamton
Chester
Altoona
Franklin
Frederick
Lancaster
Beaver CountY, Pa
Norristown
Montclair
Oranges
Hagerstown

11

Nine Months.

September.
Clearings al-

450,587,820
121,051,000
173,804,381
125,334,599
38,225,567
56,305,604
22,383,375
28,652,139
18,336,050
8,187,843
12,005,416
7,984,679
4,759,015
67,500,000
3,301,796
3,907,104
a3,500,000
eS,700,000
a,937,677
2.963,264

389,294,953
105,180,000
98,205,111
66,743,769
27,481,000
54,875,241
14,724,542
21.326,499
15,469,677
8,73(1,507
9,241,730
7,304,856
4,550,550
8,334,280
3,752,052
3,077,369
11,141,102
8,457,990
2,860,742
3,180,441

1,101,485,335

855,938,451

9,075,907,901
387,750,300
318,919,543
193,630.447
105,331,092
158,967,370
140.576,119
70,413,834
62,184,607
41,561,252
33,414,436
25,957,205
86,883,278
21,329,807

+23.3
+12.9
-2.5
+1.8
-6.0
-8.0
-0.8
+17.0
+13.6
+10.7
-13.9
+9.0
-13.6
+0.1
+20.1

267,549,924
10,389,200
7,443.311
5,224,090
2.331,944
3,517,272
3,400,000
2,035.833
1,651,838
1,081,099
800.000
519,288

Inc. or
Dec.

227,869,405
8,695,300
8,759,440
4,185,424
2,405,000
3,809,845
3,213,978
1,329,566
1,167,729
983,733
825,499
636,716

1916.

1915.

$
-4.4 3,773,699,213 3,055,987,968
+23.7 263,964,694 245,187,883
57,858,377
69,092,721
+62.1
35,949,820
'36,448,180
+70.4
12,654,691
16,273,032
+33.2
3,840,184
+11.9
4,282,191
7,630,437
7,965,681
+33.9
5,563,974
5,560,485
+17.6
3,014,132
3,239,003
+14.8
3,853,858
3,515,194
-10.6
1,968,200
2,097,042
+3.7
2,804,630
3,403,669
+12.0
1,410,907
1,609,932
+20.6
2,312,844
2,773,893
+8.2
2.090,789
1,861,534
+36.9
-3.6
+23.8
-18.2
-12.7
+59.8
+5.6

1,035,770
1,404,667
928.998
779,900
1,159,015
678,104

840,656
1,123,851
1,000.362
666,600
897,533
539.201

+0.9

1,802,375

1,945,698

-14.7

494,140

369,960

+0.4 4,201,069,433 3,449,512,555
+17.4
+19.5
-15.0
+24.8
-3.0
-2.5
+5.8
+53.1
+41.4
+10.0
-3.1
-18.4

192,004,402
9,360,400
9,479,134
4,285,7:16
2.400,000
3,526.574
3,555,975
1,503,655
1,258,710
928,623
918,074
738.175

168,763,816
7,777,800
9,729,874
3,636,204
2,232,805
3,363,774
2,894,613
1,200,950
980,425
816,802
800,342
435,000

+18.0 12,876,330,152 10,722,957,191
+7.6 19,173,759,312 18,506,862,830
1,529,289,502
+45.4 2,078,740,3:19
2,682,044,297
+17.9 :3,121,930,471
+28.8 2,250,362,607 2,060,923,280
937,978,918
+17.6 1,071.410,202
511,552,764
590,465,000
+11.7
392,407,400
401,823,600
+4.9
401,306,234
389,499,964
+3.2
201,209.501
181,260,706
+11.0
182,902,621
195,997,962
+15.1
134,413,457
154,123,393
+48.6
103,623.451
144,266,470
+27.7
74,770.755
86,879,147
+11.0
134,012,761
141,970,703
+20.5
58,103,606
49,776,827
-1.4
227,933,000
208,747,000
-21.1
59,202,341
71,775,124
+5.1
32,234,597
49,011,088
+7.2
42,836,875
52,86i,243
+1/.3
45,533,394
53,487,586
+10.0
132,957,206
114,532,061
-29.4
47,719,957
48,015,060
-19.6
40,985,278
48,182,232
+2.3
33,537,463
41,159,282
+26.9
35,465,283
41,714,846
+14.1
23,014,496
24,286,913
-0.5
41,119,050
40,195,911
+2.7
16,048,248
22,123,463
+20.3
31,198,894
35,260,931
+10.4
13,975,947
12,791.674
-33.5
3,816,313
:3,697,100
-6.0
43,117,168
37,994,945
-15.9
25,965,764
34,315.613
+25.3
29,174,045
34,26:1,868
+3.3
62,282,428
58,302.827
-3.2
7,887,374
9,517,334
+47.5
5,999,486
5,648,425
-25.6
46,249,751
51,368,933
-4.5
14,513,361
15,034,828
+28.1
23,121,102
28,001,420
+42.0

+3.6
+35.9
+16.4
+9.2
+14.2
+15.4
+3.2
-2.9
-9.9
+7.2
+14.7
+39.2
+16.2
+5.9
-14.3
-8.4
+21.2
+52.0
+23.3
+17.5
-13.9
+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
+36
+21.1

+12.2 31,177,553,428 28,997,340,547
+15.7 4,018,259,787 3,465,194,468
1,123,439,000 1,125.079,900
+15.1
802,332,453
+77.0 1,311,856,179
581,937,570
891,487,907
+87.8
231,536,270
299,385,595
+39.1
483,900,750
480,450,770
+2.6
111.290,094
173,864,48:3
+52.0
197,469,754
236,874,491
+34.3
106,305,708
142,792,517
+18.5
89,132,000
80,464,471
-6.3
66,165,512
84,917,350
+30.0
63,417.076
74,353,071
+9.3
32,936,245
39,919,605
+4.6
55,413,663
56,336,255
-10.0
44,409,875
37,722,101
-11.9
23,628,339
29,164,138
+27.0
20,822,271
23,279,684
+11.4
65,282,078
68,497,534
+2.9
26,603,101
38,807,6:31
+39.4
27,853.592
33,238,427
-6.7

+7.5

821,903,494

725,872,235

+13.3

825.237.033

477,488,558

+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
30.824,000
40,202,305
30,519,407
9,282.614
12,742,035
4,76(3,704
7,353,781
4,618,793
2,614,289
3.034.379
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
2,144.662
2,480,697
1,913,019
1,067,823

+11.1
+20 7
+75.9
+88.4
+36.5
-6 5
+49.4
+42.9
+28.1
+21.9
+22.3
+4.4
+0.6

74,281,670
25,,9,703
16,543,593
14,315,801
5,223,924
10,631,537
2,168,720
3,932.491
2,468,729
2,082.170
1,364,945
1,415,350
1,200,633

57,306,798
18,715,700
11,617,618
11.790,810
3,816,443
6,818,108
1,741,055
3,536,606
1,930,034
1,670,312
1,129,515
960.467
792,711

761,795
819,385
650,000

937.353 -18.8
947,268 -13.5
480,000 +35.4

937.353
648,766
30,0000

695,208
461,532
225,000

825,801

619.349 +33.3

511,432

421.557

7,620,825,728 +21..3

260,823,680

201„463,010 +26.9

15;3,825.317

123,629,474

+28.7

9,245,115,056

263,681,635 +16.0 229,957,458 202,832,405
+8.6 409,967,897 323,953,130
508.137,961 467,731,403
27,314,700
33,222.500
37,560,128 +41.7
53,360,228
29,138,742
52,510,421
+20.8
74,168,113
39,621,750
28,300,596
47,523.085
48,455.926 +33.9
64,392,430
15,052.924
19.226,071
23,058,700 +2:3.2
29,134,813
8,615,695
10.396,199
12,835.000 +12.0
14,377,000
7.130,000
9,629,800
+3.1
9,701,800
10.000,000
6,387,800
8,182,685
9,638,504
9,359,129
3,100,000
+35.8
3,000,000
3,459.864
4,697,096
3,779,390
3.793,084
+5.7
4,353,974
4,600,000
1,915.806
2,773.579
2,689,979 +42.3
3,827,019
1,724,182
2,068,426
+26.5
2,984,307
3,774,113
993,174
1,450,000
1,724,461 +10.0
1.897,080
1,684,827
3.079,973
3,410,738 +14.4
4,002,650
1,252,810
1,624,778
+2.8
1,245,944
1,280,962
2,312,000
4,454.000
e,685,000 -35.5
4,313,000
788,994
+6.5
1,277,048
1,718,224
1,827,599
867,621
501,183
916,133 -13.5
792,294
721,591
881,347
1.097,407 +18.6
1,301,590
688,340
808,969
1.127,450 +13.0
1.274,258
1,597.467
2,380,827
2,277,553 -29.7
1,801,574
793,982
1,027,940
1,527,516 -36.7
967,073
736,279
826,821
+3.1
1,005,494
1,036,139
527,845
614,221
+35.9
799,840
1,086.395
506.603
735,002
1,102.200 -9.9
993,647
440,908
499,647
531,957
520,570
273,036
279,2.55
+8.5
471,448
511,560
463,152
700,000
+0.7
770,000
775.000
274,038
290,000
377,000 -20.4
300,000
77,783
82,239
101,358 -8.1
93,169
775.000
1,043,191
-2.2
1,015,770
900,000
279,663
376,895
401,094 +14.0
647,415

305,943,779

Southe rn on page 135 7.
DeWitt of Other West ern and
444,756.526 338,103,256 +31.31 243,624,534 182,409,016
+34.7
39 1,377,939,828 +38.5 15,276,565,351 11,389,783,409
1.009.051.0
Western_
Total Other
534,211.882 401,670,370 +31.0 318,809.108 209.370,329
553 +32.4
13,767,003,
011
18,227,647,
19
+34.2
2,173,973,921 1,620,133,0
Total Southern
34 5,942,990,3741 +7.6 5,775.522,933 4.645,222,337
+6.8
6,393,912.2
,056
+9.7 240,123,632,343 224,912,394
26,372,953,280 24,029,336,466
Total all
3.016 911.543 2.450.970.114 +24.7 2.no1 .Q•rt.79n i5Q9.234.371
510 -3-25.3 110.770.585.337 02.678.540.500 +19 5
Ou Pride New York_ _ - 12.709.081.177 10.145.435.
a Partly estimated.
13:4,-IsD7.
pages
on
Canadian
Clearings
and
a_Allearings by Telegraph




1308

THE CHRONICLE

[Vol,. 107.

pointed. In fact the current situation as officially
THE FINANCIAL SITUATION.
outlined is about as looked for, a lowering of the
The campaign for the Fourth Liberty Loan has promise in
the eastern section of the cotton belt, in
been actively in progress the present week. While part ascrib
able to insect damage, being a feature of
the aggregate of the subscriptions has not come quite the report
, carrying the average condition for the
up to expectations, the most unqualified enthusi- whole territo
ry devoted to the staple below the
asm has prevailed. The epidemic of influenza, mark set in
1916, which up to now had been the
which appears to be present everywhere through- lowest on
record. As officially interpreted the conout the country, but particularly in New Eng- dition of
the crop on Sept. 25 was 54.4% of a normal,
land, has interfered to some extent with the work and compar
ing with 60.4 at the same time last year,
of the campaign, since the health authorities are dis- 56.3 two
years ago, 60.8 in 1915 and a ten-year
couraging large gatherings which would serve to pro- average of
65. Following its usual plan of foremote the spread of the disease. It seems to be casting the
probable crop from the current data
thought that the favorable war news, foreshadowing and the averag
e of that for previous years at the
a much earlier closing of the conflict than was thought same time,
the Department stated that a condition
possible even a few months ago, has caused some of 54.4 on
Sept. 25 points to a yield per acre of
relaxation of efforts on behalf of the loan. There 154.1
pounds—a moderately higher figure than
are those who profess to see a tendency on the part arrived
at a month earlier—and this applied to the
of the public, because of that fact, to subscribe less Government's
estimated area of 37,073,000 acres,
liberally for the bonds, on the theory that with an allowing 1%
for abandonment, indicates an aggreearly termination of the struggle the Government gate produe
tion of 11,818,000 bales, not including
will have less need for the money. The authorities linters, this
being some 700,000 bales greater than
at Washington have thought it proper to sound a estimated
a month ago, but only about 500,000
warning, therefore, against undue optimism, inas- bales more
than the outcome of the previous season.
much as, though the enemy is being everywhere
Most of the States make a poorer showing than on
driven back and has suffered enormous losses in ma- Aug. 25, accord
ing to this final report on condition,
terial and men, and is rapidly approaching exhaus- the deterio
ration during September in the Atlantic
tion, he has not yet been absolutely and unquali- section rangin
g from 2 points in South Carolina to
fiedly defeated, and the war can never be permitted 4 points in
Georgia, along the Gulf from 1 point in
to end until he has been reduced to that condition.
Louisiana to 10 points in Florida, in Arkansas and
From one standpoint the prospect of a speedy California,
2 points, and in Arizona, 3. In Texas,
conclusion of the conflict ought to stimulate sub- where
condition was already given as very low (43)
scriptions, rather than retard them. When the an impro
vement of 1 point is reported, and to the
conflict is over there will be no further issues of same extent
the situation is stated to be better in
U. S. Government bonds. The moment that Tennes
see and Missouri, while in Oklahoma the
point is reached the existing issues will rise in value statueof
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 414% 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, Tenhis speech last week touched on the investment nessee, Missou
ri and Oklahoma, but much better in
features of the offering and that is a point that Virginia,
North Carolina, Alabama and California.
should not be overlooked. He urged that wages In fact the
forecasted yield per acre in North Caroand salaries in America are higher to-day than ever lina is 266
pounds, against only 194 pounds last year,
before and that it is the duty of those profiting by Alabama 164
pounds against 125 pounds, and Calithis situation to save part of their earnings to provide fornia 418
pounds against 242 pounds. On the other
against the inevitable readjustment of industrial hand, the Texas
estimate is only 114 pounds, against
conditions that must then take place. He well 135 pounds,
Louisiana 143 pounds against 210
said that every dollar saved now and invested in pounds and
Oklahoma 91 pounds against 165 pounds.
Liberty bonds will be worth much more when peace
Practically all reports at hand indicate that with
comes again. Every provident man and woman weather condit
ions mainly favorable, the gathering
in the United States might find their savings worth of cotton has
progressed rapidly and ginning has been
twice as much in purchasing power after the war carried on very
expeditiously. This latter statement
as now. Therefore the Secretary put the question, finds confirmation
in the statement of amount of
How can anyone more certainly make money than by cotton ginned
to Sept. 25, issued by the Census
saving it now with assurance of its enormous enhance- Bureau on Wedne
sday, just prior to the announcement in value when normal conditions are restored. ment of the
report on condition. In all, 3,719,915
This is an appeal that should prove effective with a bales had
been ginned from Aug. 1 to the date mencertain class, for those who cannot be induced to tioned,
an amount 1,208,257 bales greater than for
subscribe out of pure patriotism may be moved by the like
period of 1917, and second only to the
considerations of pecuniary return.
4,081,989 total of 1916. It is conceivable that with
a late frost the estimate of the Department may be
Cotton,already ruling extremely high in value as more or less
exceeded, but in any event the crop
a result • of the unfortuitous developments of the will be far
short of early expectations.
growing season, which have been interpreted both
officially and privately as foreshadowing another
Bank clearings in the United States for September
short crop, was but little affected by the report on 1918
make an exhibit differing in no essential parcondition for Sept. 25, issued on Wednesday. It ticular
from those for each of a long series of months
had been expected that the report would show still preced
ing. In fact they register the effect of the
further deterioration from the very low condition contin
uation of marked activity in the commercial
of a month earlier, and anticipation was not disap- and industr
ial lines of the country as a whole, not-




OCT. 5 1918.]

THE CHRONICLE

1309

e, reached the large
withstanding the extremely high prices at which of bonds for the month, therefor
record high for a
the
dollars—
million
176
of
total
ruling.
almost all classes of commodities are now
last year and
millions
85
gainst
period—a
monthly
vast
a
up
make
account
ent
War orders on Governm
months were
nine
the
volume of business and in these price is in no sense 97 millions in 1916, and for
797 millions.
and
millions
726
against
a controlling factor; with civilians, however, an 1,200 millions,
amounted
er
Septemb
in
in
stocks
dealings
Boston
enormous inflation of values would, under normal At
last year,
shares
301,189
against
glares,
220,160
to
with
conditions, mean a contraction of buying but
between
is
contrast
the
months
nine
the
for
and
of
number
the
greater
the earning capacity of much
shares.
5
4,080,93
and
0
shares
2,580,33
d—in
increase
bly
apprecia
the wage earners very
The clearing house returns for the Dominion of
many instances in ratio far above the advance in
same quite generally favorable
cost of commodities—there has been no perceptible Canada continue of the
re
noted. For September the
heretofo
tendency to curtail purchases. This being so, the character
one or two minor points
and
g
Winnipe
for
than
totals
greater outlay for the same quantity this year
year, but the aggregate
last
from
s
decrease
record
The
.
last has in itself served to help swell clearings
which we have comfrom
cities
ive
twenty-f
for
the
as
year
this
ion
decrease in the volume of speCulat
ation of 12.2%.
augment
an
shows
results
,
parative
influence
e
negligibl
of
been
compared with last has
months of the current
the clearings at New York (where the share sales for Consequently, for the nine
a year ago reaches
over
the month showed an appreciable contraction) run- calendar year, the excess
is
29.5%.
1916
5.3%, and over
ning only nominally below those of 1917.
Only 36 of the 174 cities included in our statement
The week has witnessed events of stirring importgiven on the first page of this issue exhibit any loss
in conjunction with the war situation. Bulthe
ance
over
more
or
40%
of
gains
for September, *hile
demands of the
decidedly heavy aggregates of the month a year ago garia having accepted in toto the
week went into
last
d
e
are quite common. These latter include Pittsburgh, Allies, the armistic requeste
Andrew Bonar
.
Monday
on
noon
at
Baltimore, Cincinnati, Omaha, Atlanta, New Or- binding effect
Exchequer, at
British
the
of
or
Chancell
the
Fall
Law,
leans, Memphis, Dallas, Charleston, Chester,
convention
the
d
explaine
Monday
on
l
ille,
Guildhal
the
Jacksonv
,
River, Dayton, Aurora, Fremont
between
cation
Communi
.
Bulgaria
with
News,
signed
Newport
e,
Little Rock, Columbia, Muskoge
had, he
Bulgaria
through
East
the
and
Germany
d,
Buffalo,
Richmon
,
Portland
Vicksburg, Seattle,
of a
dream
German
Minneapolis, Duluth, Tacoma, Nashville, Birming- said, been cut off and the
forever.
gone
had
empire
ham, Lorain, Aberdeen, Montgomery and Columbus German middle eastern
ly the control of
(Ga.), and the thirteen last mentioned furnish totals Bulgaria had yielded up complete
the country into
of
control
the
giving
,
the heaviest of any monthly period in their history. her railroads
e was purely
armistic
The
Allies.
the
of
hands
Furthermore, two other cities—Houston and Fargo— the
no provision
d
containe
It
on.
conventi
a
record,
military
on
also Present the highest monthly totals
to evacualthough exceeding last year by percentages under of a political character. Bulgaria agreed
and
Greece
in
occupied
40. For the country as a whole the total of clearings ate all the territory she had
army
her
ze
demobili
to
naturally sets a new high mark for September, and Serbia. She agreed also
means of transport
contrasted with 1917 there is a gain of 9.7%. For immediately and surrender all
and control of
boats
her
g
includin
Allies,
the
to
the nine months since Jan. 1 the current year's
g to the
concedin
and
Danube
the
on
on
15.4%
navigati
and
ago
aggregate is 6.8% in excess of a year
for
Bulgaria
greater than for 1916. At New York the September Allies unhampered passage through
BulAll
ns.
operatio
clearings disclose a slight decline from last year- the development of military
stored under
1.6%—this following a loss in 1917 of 3.3% from garian arms and ammunition are to be
the
conceded
is
whom
to
Allies
the
1916. The nine months' total is, however, only the control of
points.
strategic
nt
importa
all
occupy
to
2.2% less than that of 1917 and 17.3% larger than right
Press dispatches from London further state that
the aggregate of 1916. Outside of New York, the
military occupation of Bulgaria will be entrusted
ago,
the
year
a
September result is 25.3% better than
while the evacuand for the longer period there is an augmentation to British, French and Italian forces,
ely will
respectiv
Serbia
of 19.5%. Conspicuous gains for the nine months— ated portions of Greece and
troops.
Serbian
and
Greek
all running above 50%—are shown at Omaha, be placed in the hands of
King
ng
concerni
on
stipulati
Seattle, Portland, Tacoma, Lexington, Atlanta, The Allies made no
internal
an
ed
consider
being
position
his
Dallas, Richmond, Muskogee, Augusta, Newport Ferdinand,
matter—one for the Bulgarians themselves to deal
News, Columbia and Columbus (Ga.).
in
e
with. The armistice was signed with Ferdinand's
Dealings on the New York Stock Exchang
consent.
August,
for
those
September, although in excess of
There appears a widespread belief among military
were of much smaller aggregate than for the month
that Turkey will be
a year ago. Operations in stocks for the month observers at home and abroad
as the Ottoman
lead,
's
Bulgaria
g
followin
in
totaled 7,763,068 shares, against 13,822,775 shares in prompt
purposes cut
practical
all
for
now
is
ent
Governm
the
1917 and 29,992,582 shares in 1916, while for
le position.
vulnerab
a
in
is
and
allies
its
from
off
against
shares,
85
nine months they reached 96,869,9
d by the
publishe
been
have
ts
statemen
Official
respecshares,
182
shares
and
138,862,
140,676,380
n of
intentio
any
tively. Railroad and industrial bonds also were Turkish Government denying
ts
statemen
such
But
dealt in less freely during the month, but operations breaking with its allies.
uniform
their
for
noted
been
not
in foreign securities, more particularly the various have in the past
a disposition
French issues and the Anglo-French 5s, showed truthfulness,and there appears in fact
the probato
adding
as
news
current
the
and
regard
to
marked expansion compared with a year ago,
in
actively
is
action
ent
independ
some
that
heavy,
bility
very
trading in Liberty Loan bonds was
Turks
that the
being at 125 million dollars par value—almost three progress. It is known for instance
upon Berdemands
insistent
and
direct
made
classes
have
all
in
ions
The
transact
1917.
of
times that




1310

THE CHRONICLE

lin for aid both in the form of troops and loans. If
such appeals are not promptly granted they are not
unlikely to be made the basis of a complete rupture
of relations. Advices on Thursday declared that the
Turkish War Office had recalled all troops from
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 understood that Vienna is already making additional peace
overtures through a neutral Power.

[VOL. 107.

way, while meeting the Kaiser's wishes in part, the
Landtag has modified Article 3 of the Electoral
Reform Bill which caused the rejection of the
measure by the Lower House. This Article provides
for one vote for each man in Prussia, thus prohibiting
plural voters.
Latest reports state that Prince Maximilian of
Baden has been named German Imperial Chancellor.
Vice-Chancellor von Payer will probably remain in
that office, but it seems unlikely that General von
Stein will continue as Minister of War. The Prince
is described by James W.Gerard,former Ambassador
to 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 establishment of an Anglo-Saxon peace such as would
make the German Empire serve as bulwark to prevent the spread of Russian Bolshevism over Western
Europe. For some years the Prince has been recognized 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.

As to conditions in Germany itself, it is difficult
to reach a satisfying conclusion as to the actual
situation. The censor is obviously permitting a
great amount of matter to come forward, which may
or may not be true. Chancellor von Herding 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
sentence:
"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 services you
rendered. I desire that the German people shall cooperate more effectively than heretofore in deciding
the fate of the Fatherland."
In his letter to Admiral von Hintze the Emperor
Another week of almost uninterrupted progress,
declared that it was his, the Emperor's, will "that taking in virtuall
y all the battlefronts, is to be added
the men who have been borne up by the people's to the long list of Allied
successes that followed
trust shall in a wide extent co-operate in the rights the remarkable counter
attack ordered by Marshal
and duties of Government." Meanwhile in a mes- Foch in June last. Blow
after blow is being struck
sage to the Fatherland party the Kaiser exhorted and no time is allowed
the enemy to recover between
his people to resist the enemy to the "last breath." blows. Germany
now is speaking of a defensive
He said: "I have the confident hope that the whole warfare. It certainl
y is beginning to look as though
German people in these most serious times may the invaded portion
s of France will have been cleared
resolutely gather around me and give their blood of the enemy before
the winter, with possibly a
and wealth until the last breath for the defense of substantial portion
of Belgium. That the war will
the Faherland against the shameful enemy plans. be "ended by Christ
mas" is a view expressed in
Such a unanimous resolve to exist will and must some important financia
l circles. But it is a view
with God's help succeed in breaking the enemy's will that certainly is
not entertained in responsible
to war and secure for the Fatherland the peace it is military quarters and
is not entertained moreover
worthy of among the people of the world."
in circles where "unconditional surrender" is conWhether sincere or not there is certainly a vast sidered the only basis
of peace discussions. Washdifference in the Emperor's utterances to-day from ington is taking
occasion to warn against too great
the bullying arrogance of no longer ago than last optimism especially
so far as expressions in this
spring. He obviously is becoming fearful of the line may tend to
reduce the national incentive for an
effect of defeat upon the German people and at last oversubscription
to the war loan campaigns, which
is determined to satisfy the latter with some form of are in progress
simultaneously in England and France
representative government. It is, however, diffi- as well as at home
here. The military and political
cult to repress the thought that the real object of the phases of the war
are undoubtedly highly assuring,
new move toward equal suffrage is based not so much but all must agree
that this fact in itself imposes
upon fear of consequences at home as upon the responsibilities
in the form of redoubled efforts to
knowledge which defeat is impressing upon him force the advanta
ges to the point of securing the
that it is time to put his house in order for nego- earliest possible
decision. The war must have a
tiations for peace. President Wilson, as well as the whirlwind and irresist
ible close. Another - winter
spokesmen for our allies, has made it clear that there will merely mean
that the enemy will have opporwill be no peace negotiations with the military tunities to increas
e his already elaborate and strong
Government of Germany.
Therefore, necessity system of home defenses.
arises to create a new Government which will be
accepted by the Allied Powers as representative of
As to the actual fighting, the week's developthe German people—possibly with a hope of sweeping ments have been
so prodigious that it is possible
it out .willy nilly as soon as it has accomplished its in a short summar
y only to speak of the main objecpurpose in this direction. The Prussian Upper tives that have been
attained. The British troops
House has already taken action, having passed an under Field Marsha
l Haig on Thursday broke
"equal rights suffrage measure in accordance with through the last
fortified positions of the whole
the Government bill, with the addition of an extra Hindenburg Line
between St. Quentin and Cambria,
vote for persons over fifty years of age." In this outlinto the.open
beyond, the Germans retiring be-




OCT. 5 1918.]

THE CHRONICLE

1311

on of a Francofore them in some disorder. The Fonsomme- the inhabitants of Alsace in expectati
The
inhabitants
frontier.
Beaureboir line, after a terrific struggle lasting three American attack on the
Fear of
Bavaria.
to
sent
been
have
days, finally is in th,possession of the Allies. These of 20 villages
not
rraine
Alsace-Lo
out
-through
prevails
latter positions were first taken on Tuesday, recap- disorder
milithe
among
also
but
civilians
the
among
definitely
only
and
tured by the enemy on Wednesday
there.
won on Thursday, when the British gathered some tary forces. Food is particularly scarce
further.
miles
five
advanced
5,000 prisoners and
An interesting feature of the week has been the
It is becoming apparent that the Germans must
the Charge
now give up Oise Valley and the St. Gobain Massif receipt by our State Department through
from
protest
a
of
Legation
Swiss
and retire to the boundary of France, for the British d'Affaires of the
shotguns
of
use
the
against
ent
Governm
are striking toward the enemy lines of retirement the German
protest calls attention
and envelopment threatens. The great German by the American army. The
the law of war every
to
according
that
view
the
British
to
base of Laon seems to be doomed. The
possession such guns
his
in
have
to
found
of
prisoner
northeast
nine
miles
are fighting at Montbrehain,
forfeits his life.
thereto
belonging
on
ammuniti
or
north
the
to
Catelet
of
Le
whole
St. Quentin. The
of The Hague
23(e)
Article
The protest is based upon
is in the Allies' hands.
of war on
customs
and
laws
g
respectin
The Germans have given up La Bassee, Ar- Convention
Oct. 1
before
required
was
cable
by
Reply
land.
mentieres and Lens and still are retiring. Lens
stic
characteri
a
delivered
Lansing
Secretary
1918.
a
of
centre
is the chief coal city of France, being the
of
provision
The
.
Legation
Swiss
the
to
reply
beyear
the
tons
million
five
district which produced
said,
he
protest,
fore the war. In a week on the Western front the The Hague Convention cited in the
ent of the
Allies have captured 60,000 men and 1,000 guns, did not, in the opinion of the Governm
weapon.
of
kind
this
of
use
the
forbid
which does not include Thursday's report. From United States,
as a
shotgun
the
of
the
history
of
view
in
,
July 15 to Sept. 30 the Allies took 254,000 men on the Moreover
on
comparis
a
of
light
the
in
and
of
warfare,
weapon
Western front and in all theatres of war between 350,the
in
warfare,
approved
weapons
other
with
it
of
rate
the
that
nt
000 and 400,000 men. It is significa
army cannot
at which prisoners are being taken is constantly in- shotgun now in use by the American
e protest.
reasonabl
e
or
legitimat
of
subject
the
be
the
by
be
is
to
noted
progress
d
creasing. Continue
says
SecreStates,"
French and Franco-American forces north of Rheims "The Government of the United
the
of
the
threat
"notes
and eastward in Champagne, the Germans slowly tary Lansing in his reply,
of
prisoner
every
execute
to
ent
but surely being forced everywhere to give ground, German Governm
or
n
shotguns
possessio
his
in
have
to
their vital defenses daily continuing to be eaten into, war found
tanding this threat,
notwithstanding the strong resistance they are show- shotgun ammunition. Notwiths
and may be rightlawful
is
weapon
the
as
inasmuch
of
the
plan
the
obvious
ing in their efforts to nullify
d by the
abandone
be
not
will
use
its
used,
fully
arc
great
battle
the
of
sides
all
on
Allies to close in
GovernGerman
the
if
,
from the North Sea to the Swiss border. In Bel- American army. Moreover
single
a
instance
in
threat
its
out
gian Flanders the Belgian, French and British troops ment should carry
of the Government of
are keeping up their eastward progress in their en- it will be the right and duty
reprisals as will
such
make
to
States
United
the
deavors to compel the Germans to give up Ostend
notice is hereby
and
forces
American
the
protect
best
Sea.
North
and Zeebrugge, their naval bases on the
ent of the
Governm
the
of
intention
the
of
given
its
railroads
with
Roulers, the important junction,
radiating to the North Sea and eastward to Ghent, United States to make such reprisals."
has been entered by the Belgians, as has also HooOn the sea there also have been important developglede to the north. King Albert's men are virtually
and
on the Roulers-Ostend-Bruges railway. To the ments. On Wednesday, the Austrian fleet
destroyed
was
Albania,
Durazzo,
at
south, Menin and Courtrai are seriously menaced. naval base
The
Across the border in France the capture of Armen- by the Allied navies operating in the Adriatic.
public,
made
been
yet
not
have
attack
the
of
of
details
ent
tieres brings Lille, capital of the Departm
.
Nord, within striking distance, and the evacuation but it is believed that the destruction was complete
Naval
States
United
the
Channel
Bristol
the
Arras,
In
of
the
Douai,
fortress
northeast
of Lens places
8 men—
and all the territory between Arras and Menin vir- Patrol Boat Tampa with all on board-11
been
having
26,
was sunk on. the night of Sept.
tually in the hands of the British.
the
is
This
convoy.
a
escorting
In the eastern sectors the successes have hardly torpedoed while
American
the
by
suffered
far
thus
loss
single
greatest
been less spectacular than in the West. The collapse of Bulgaria has of course produced changes Navy.
of a most radical character. Turkish troops have
Announcement of the formation of an inter-Allied
been ordered by the War Office at Constantinople
made this week. The
to retire from Palestine and Persia. Damascus, economic pool has been
by President Wilson
approved
the capital of Syria, was occupied by Gen. Allenby's arrangement has been
nations. The
Entente
the
of
Premiers
(British) forces on Tuesday morning, more than and by the
tion is built
co-ordina
whereby
one
is
brief
in
7,000 Turks being taken prisoner there. The plan
Ships—War,
Council
ied
Inter-All
five
the
around
Austrians are precipitately retiring from Albania
these
Under
Finance.
and
Food,
s,
Munition
ping,
and
towns
pursued by the Italians and are burning
economic
a common
depots behind them. Large numbers of prisoners special bodies completion of
being undertaken,
now
is
program
l
industria
and
.
captured
been
war
have
of
material
s
and quantitie
and limited to the
Paris,
and
Reports that German troops under Gen. Mackensen principally in London
Governments
more
or
two
"Where
are proceeding upon Sofia in an endeavor to prevent following cases:
be
transported
must
which
supplies
in
d
Bulgaria's control passing to the Allies are not con- are intereste
produclocal
in
es
deficienci
nt
suppleme
to
firmed and are not as a rule credited at Washington. overseas
be
should
of
supplies
sources
several
where
or
tion,
German military authorities have begun to move




1312

THE CHRONICLE

agreed upon, together with the allotment and method
of their distribution or utilization, or where there
might without agreement be competition between
Governments in procuring supplies or a wasteful
duplication of productive effort."

[VoL. 107.

capital of the company will, in the event of the
new issue succeeding, become £12,000,000 face
value. The report states that extensive preparations
have been made for the carrying out in due time of
the post bellum program and foreshadows the absorption of subsidiary concerns, including a number
The London markets have ruled firm during the identified with peace pursuits.
week in response to the remarkably favorable news
from the war fronts. The pre-war British Consols,
The British war bonds sales last week amounted
for instance, have advanced to a new high record, to £20,930,000, comparing with £16,259,000
the
since the minimum price was removed in 1915, last week preceding and making the aggregate
of sales
evening's final figure being 62%, comparing with to Sept. 28 £1,086,389,000 through the banks.
The
58% a week ago. Meanwhile the new British 5s post offices report for the week ending
Sept. 21,
have advanced from 953 to 95% and the 432s from sales of bonds amounting to £463,000, bringing
the
1001
4 to 1009.. This firmness is particularly for- total under this head up to £38,494,000. The
tunate, as it accompanies the new war bond cam- previous week's sales through the post offices
were
paign which was inaugurated on Monday. The £400,000. War savings certificates disposed
of in
campaign is merely a drive and is a part of the policy the week of Sept. 21 totaled £2,302,000, making
of continuous sale. The Chancellor of the Ex- the aggregate ultimate indebtedness in this direction
chequer, A. Bonar Law, at the Guildhall on the £238,664,000.
opening day said that experience had shown that
the policy of continuous borrowing was the best,
The British Treasury statement for the week ended
as it caused least disturbance of financial conditions. Sept. 28 made a rather better showing, the ExThe only doubt, he added, was whether the system chequer balance registering an increase as a result
would be fully successful. He confessed that the of the week's operations of no less than £2,919,000.
disadvantage of the continuous system was the Another favorable feature was the gratifying expandifficulty of maintaining prolonged enthusiasm. To sion in the sales of Treasury bills. The week's
date there were no indications pointing to failure. expenses were £46,780,000 (against £42,120,000 for
Bonds to the amount of £1,200,000,000 had been the week ending Sept. 21, while the total outflow,
raised in the last twelve months, while in the last including repayments of Treasury bills and other
eight months the sales have been £881,563,000, items, aggregated £340,725,000, compared with
besides £70,000,000 in war savings certificates. £157,362,000 the week before. Receipts from all
He appealed for a minimum of £25,000,000 weekly, sources amounted to £143,644,000, in comparison
and remarked that it no doubt can be supplied. with £155,776,000 last week. Of this total, revenues
Deposits in the banks before the last loan flotation contributed £13,394,000, against £18,014,000; War,
in. January 1917, _he pointed out, totaled £1,400,- Savings certificates were £1,200,000, against £2,000,000. The current total was £1,750,000,000. 000,000, and other debts incurred £8,814,000, against
The Chancellor was confident that there would be £38,966,000. War bonds totaled £22,182,000, as
no further big loan in Great Britain during the war. contrasted with £18,695,000. New Treasury bills
He added by way of encouragement that since issued.amounted to £75,549,000, against £68,505,000
July 12 troops of the British Empire had captured a week ago. Treasury bills outstanding aggregate
1,000 square miles of territory, 250 villages and £1,108,504,000, comparing with £1,093,404,000 last
made more than 120,000 Germans prisoner.
week. Exchequer balances total £14,898,000. A
As is the case at home here the trading in outside week ago the amount was £11,979,000.
investments is being discouraged in the United
The revenue for the half-year ending Sept. 30 is
Kingdom during the progress of the loan campaign. reported at £343,420,000, an increase of £88,199,000
Nevertheless speculative stocks which have recently over the previous half-year. Expenditure is re• been notably buoyant were quoted by one London ported at £1,356,342,000, an expansion of £28,correspondent as having on Wednesday "boiled 290,000. Revenues for the past twelve months are
over." The war stocks, such as armament and shown to have been £842,050,000, and expenditures
munition shares, were under selling pressure but were at £2,973,746,000.
supported by a belief that an active peace trade is
in sight. Brokers had large orders, following the
In Berlin, quoting advices by way of Amsterdam,
gratifying news of Bulgaria's collapse,to buy Russian the Bulgarian crisis produced a panic on the Stock
and Rumanian oil shares and, also mining shares, Exchange. On Saturday last several stocks dropped
and prices of these advanced quite sensationally. 30 points and more and Rumanian oil stocks were
Russian bonds also displayed strength, while other reported to have dropped off 80 points. An article
divisions of the market though showing a good in the "Vossische Zeitung" of Berlin as reported
undertone were not marked by excessive exuberance. by cable says that what has happened in the last
New loan flotations are under full control and are few days on the Berlin Stock Exchange reminds one
permitted only in case of actual necessity. The of what happened at the outbreak of the war.
Province of Saskatchewan announces an issue of Prices, the paper adds, fell sharply, and for many
£650,000 5%% debentures at 99, payable in 1924 of the popular issues no quotations could be estaband 1934 to meet £620,000 432%s maturing Jan. 1, lished, as the demand was completely wanting. The
next. The munition firm of Vickers, Ltd., has German share markets, which only a short time
just issued its annual report for 1915, the statement before displayed imperturbable optimism, appear
having been delayed by protracted negotiations suddenly to have been smitten with pessimism. The
regarding taxation. The directors propose an issue first six months of this year the writer said had
of £1,850,000 shares of 20s par value at 30s. The shown an extraordinarily strong advance in prices.
present price of the £1 shares is 55s. The ordinary It then seemed as if no price were high enough to




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 perings, 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 conthe German retirement in the West. The peace tracted £608,000. Threadneedle Street's gold holdnote 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. Remediately. 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 year ago. 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 diswith 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:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
alizes on this phenomenon, remarking that important
1918.
1917.
1916.
191b.
1914.
considerations connected with German war finance
Oct. 3.
Oct. 2.
Oct. 4.
Oct. 6.
Oct. 7.
forbid his enumerating "all the shadowings belong- Circulation
62,252,000 41,828,955 87,064,330 32,876,520 34,828.700
Public deposits
30,525,000 42,512,204 52,235,504 81,375,191 17,852,333
ing to the war constitution of the exchange."
137,127,000 128,744,973 117,402,096 98,301,697 146,646,768
Other deposits
Germany
The second Russian shipment of gold to
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
has arrived at the German frontier and has been Reserve
notes & coin 28.355,000 32,348,421 36,016,190 46,823.273 40,378.212
taken over by an official of the Reichsbank. The Coln and bullion 72,157,675 55,727,381 54,630,520 61,249,793 56,756,912
Proportion of reserve
amount is not named but dispatches early in Sep- to liabilities
21.23%
26.06%
24.54%
16.90%
18.89%
6%
5%
5%
5%
5%
tember reporting on a similar shipment stated that Bank rate
the amount was 250,000,000 rubles, one half of which
The Bank of France continues to show gains in its
was in gold and the remainder in notes.
gold holdings, the increase this week amounting to
On the Budapest Bourse (Hungary) the news of 748,250 francs. These gold holdings now aggrethe Bulgarian peace move was responsible for panicky gate 5,438,629,000 francs, of which 2,037,108,500
conditions. Sentiment there had already been francs are held abroad. In 1917 at this time they
shaken by the previous Bulgarian defeats. The stood at 5,321,227,363 francs (including 2,037,108,Bourse was arbitrarily closed earlier than usual on 484 francs held abroad), while in 1916 they totaled
Saturday after the crash of many fortunes in a few 4,840,446,362 francs (including 674,558,075 francs
minutes. This, coupled with the sudden interrup- held abroad). Other increases in the various items
tion of communication between the Budapest and occurring during the week were as follows: 50,831,000
Vienna Bourses, resulted in a smaller panic in francs in bills discounted, 12,983,000 francs in adVienna with several important failures. The Buda- vances and 18,555,000 francs in Treasury deposits.
pest political clubs are holding a series of meetings Silver, on the other hand, fell off 755,000 francs and
to consider the situation whose gravity all admitted, general deposits declined 77,507,000 francs. A furto formulate some scheme of action to be laid before ther expansion was registered in note circulation, the
Parliament which will soon be opened. It is pointed amount outstanding being
increased by 302,801,000
out that Hungary now is isolated between two neutral francs. This brings the total outstanding up to
powers, Bulgaria and Russia, with an exposed posi- 30,225,175,000 francs, comparing
with 21,420,038,tion to the Entente troops. Furthermore anxiety 550 francs in 1917 and 17,011,143,820 francs in
for the Magyar army in Albania adds to the com- 1916. On July 30 1914, just prior to the outbreak
plication.
of war, the total was 6,683,184,785 francs. Comparisons of the various items with the statement of
No change has been noted in official discount rates last week and corresponding dates in 1917 and
1916
at leading European centres from 5% in London, are as follows:
Paris, Berlin, Vienna, and Copenhagen; 6% in
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Petrograd and Norway; 63/2% in Sweden and 432%
Changes
Status as of
Week.
Oct. 3 1918.
Oct. 4 1917.
Oct. 5 1916,
in Switzerland, Holland and Spain. In London the Gold Holdings— for
Francs.
Francs.
Francs.
Francs.
In
Inc.
France
748,250
3,401,520,500 3,284,118,878 4,165,888,287
private bank rate continues to be quoted at 3 17-32%
Abroad
No change.
2,037,108,500 2,037,108,484
674.558.075
for sixty days and ninety days. Call money in Total
Inc.
748,250 5,438,629,000 5,321,227,363 4,840,446,362
still
quoted
at
is
3%.
London
So far as can be Silver
Dec.
755,000
320,052,000
259,782,473
335,105,327
discounted
Inc. 50,831,000
902,103,000
728,320,202
512,155,325
learned, no reports have been received by cable of Bills
Advances
Inc. 12.983.000
844,441,000 1,109,958,654 1,185.843,886
Note circulation_ _Inc.302.801,000 30,225,175,000 21,420,038,550 17,011,143,820
open market rates at other European centres.
Treasury deposits_ _Inc. 18,555,000
76,040,000
27,268.926
59,107,913
General deposits ....Dec. 77,507,000 3,029,352,000 2,899,712,641 2,252,167,90

The Bank of England reports a further increase
of £615,315 in its, stock of gold, although the total
reserve was again reduced, this time £1,141,000,
following an expansion of £1,757,000 in note circulation. There was an increase of £3,139,000 in
"other deposits" and an expansion of £3,468,000 in
Government securities. The proportion of reserve




Last week's statement of New York associated
banks and trust companies, issued on Saturday,
was about as expected. The loan item showed a
contraction of $14,184,000. Net demand deposits
increased $22,020,000 to $3,765,662,000 (Government deposits of $171,600,000 deducted), although

1314

THE CHRONICLE

net time deposits declined $1,898,000 to $151,671,000. Cash in vaults (members of the Federal
Reserve 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 surplus 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
banks of the Federal Reserve system. The bank
statement is given in greater detail in a subsequent
section of the "Chronicle."

[Vol,. 107.

was $677,362,645, of which $560,232,938 was
secured by Government paper leaving only $117,129,707 commercial paper.
Dealing specifically with rates for money, call
loans this week have not been 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 M of 1% higher. For fixed
maturities, the situation remains unchanged. Nominally 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
year ago sixty and ninety days and four, five and
six months' money was quoted at 5@6%•
Commercial paper rates were maintained, with
sixty and ninety days' endorsed bills receivable and
six months' names of choice character still at 6%,
which is also the rate for names not so well known,
all differentials having been removed for the time
being. The volume of transactions was not large.
Banks' and bankers' acceptances were quiet.
Dealings involved only small amounts, and here also
no increase in activity is looked for until the Government's financing is out of the way. Rates were
practically unchanged. Detailed quotations follow:
Do




Kansas City.

Minneapolis.

Richmond.

The money position shows no important alteration, rates being held arbitrarily at 6% for both call
and time loans. The remarkable and gratifying
news from the war has not unnaturally stimulated
a demand for Stock Exchange securities. This has
not caused any perceptible increase in the money
Spot Delivery
Ninety
Sixty
Thirty
within
strain. Commission houses experienced no difficulty
Days.
Days.
Days.
30 Days.
Eligible bills of member banks
44(.43j 4340 44 414, 4
434 bid
in securing adequate banking accommodation for Eligible bills of non-member banks......4%44% 440( 4'48 4%(4)44 434 bid
Ineligible bills
5404% 54(a43( 53(et441
6
bid
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 414%, and for maturities from 61 to 90 days, inpurposes will remain available at 6%. The order clusive, the rate is 432%. Elsewhere we give the
of the Stock Exchange requiring daily reports of announcement made by the Bank. The Boston
Federal Reserve Bank
loans was not promulgated, it is understood, for the 434% to 4% its rediscountthis week reduced from
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
the undertakings of a number of large houses whose the customer is 434%. The rate on customers' notes
loans were said to be mounting steadily to unreason- or promissory notes of member banks secured by
able limits. This necessitated a general policy, as Liberty bonds of any issue or by United States certificates of indebtedness, running 15 days or less,
for obvious reasons individual houses could not remains at
4%. Prevailing rates for various classes
very well be singled out.
of paper at the different Reserve banks are shown
The Federal Reserve Bank of New York in an in the following:
attempt to broaden the market for acceptances has
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
announced this week the establishment of special
6
rediscount rate for bankers' acceptances. MatuCLASSES
1
rities up to 15 days will be rediscounted at 4%, DISCOUNTS AND LOANS 1 t
c
those of 16 to 60 days inclusive at'434% and those
1 g
from 61 to 90 days inclusive at 432%. The official Divcowas—
•
15 days. Incl. member
I
statement announcing the new departure explained Within
banks' collateral notes__ -- 4 4 4 434 4% 4
4
4 434 44 4 4%
16 to 60 days' maturity
4% 434 4% 44 5 44 434 44 434 64 4% 5
establishment
of special rates for the 61 to 90 days' maturity__ 4%
that "the
4% 4% 4% 5 434 43-4 4% 5 , 54 5 5
and live-stock
I
rediscount of bankers' acceptances, as distinguished Agricultural
paper over 90(lays
5 5 5 54 534 5 54 54 534 54 5% 534
Secured by U. B. certificates
from other forms of eligible commercial paper,
of indebtedness or Liberty Loan bonds-under Section 13 of the Act, supplementing the open Within 15 days,
including
member banks' collateral notes
market transactions of the bank in bankers' accept4 4 4 4 43( 4 4
4
4
43( 4 434
16 to 00(lays' maturity— 4 4% 434 434 43,4 434 434 44 434 431 434 434
Acceptancesances, will provide another useful element toward 1 Trade
to 60 days' maturity
44 434 434 44 4123 44 44 44 4% 434 44 454a
44 44 44 44 434 44 44 44 434 441 43,4454
the broader development and stabilization of the 61 to 00 days' maturity
Rate of 3 to 44% for 1-day discounts in connection with the loan operation
open market in bankers' acceptance." Heretofore of•the
Government. On Oct. 1 the following special rediscount rates for bankers'
acceptances were established: Maturities up to 16 days, 4%; 16 to 60 days, 44%;
the Federal Reserve Bank of New York has been 61
to 90 days, 44%.
days and under 44%.
a large buyer of acceptances but has, a rule, limited a 15
Rate for trade aeceptt nces maturing within 15 days 44%.
1 Acceptances purchased in open market, minimuni rate 4%.
its purchases to acceptances endorsed by a bank. Note
Note 2. Rates for commodity paper have been merged with those for commercial
of corresponding maturities.
Local banks in their rediscount operations have paper
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day disrate, trade acceptances maturing within 15 days will be taken at the lower rate.
in the past been relying chiefly upon paper secured by count
Note 4. Whenever application is made by member banks for renewal of 15-day
paper,
Reserve banks may charge a rate not exceeding that for 00-day
United States obligations. Last Saturday the Fed- Paper ofthetheFederal
same class.
eral Reserve Bank's total of rediscounts and advances

OCT. 5 1918.]

•

THE CHRONICLE

1315

Sterling exchange presents no new feature of Christiania remittances being quoted at recessions
were weak,
interest, its stabilized character preventing any of from 50 to 90 points. Dutch guildersthan
in the
spectacular
less
were
here
declines
but
formal response to the improved war situation. The other neutrals. Spanish pesetas shared in the
tone on Saturday, as compared with Friday of last general weakness and also established a new low
week, was steady with demand still at 4 7545@ record, representing a drop of 155 points for the
4 75 7-16, cable transfers at 4 763'j@4 76 9-16 and week. As a matter of fact, it may be said that
/. On Monday, notwith- complete demoralization prevailed. These movesixty days at 4 73@4 731
standing the announcement of the collapse of Bul- ments, which are looked upon as highly significant
banking circles, were taken to indigaria and the subsequent violent fluctuations in in internationaldiscount on the American dollar in
the
that
cate
neutral exchanges, the situation remained steady neutral countries is finally disappearing. A cable
and without essential change; the range was again dispatch from Amsterdam under date of Oct. 2,
4 7545@4 75 7-16 for demand, 4 763'2@4 76 9-16 states'that all foreign currency rates at that centre
for cable transfers and 4 73@4 733' for sixty days; have again moved up rapidly. The pound sterling
trading was dull. There was no increase in activity made a record jump for one day, while the dollar
on Tuesday and rates, though firm, continued with- was advanced from 2.12 to 2.20.
Bankers' sight on Amsterdam finished at 46
out variation from the levels of the previous day. against
3 cables at 463', against 483.; com47%;
Wednesday's dealings were again restricted in vol- mercial sight at 45 15-16, against 47 11-16, and comume; changes in rates were trivial; demand bills mercial sixty days at 45 9-16, against 47 5-16 last
advanced fractionally to 4 75 7-16, presumably on week. Swiss exchange closed at 4 66 for bankers'
a better demand; cable transfers, however, were a sight bills and 4 64 for cables. This compares with
shade easier, at 4 763'; sixty days was pegged at 4 433 and 4 413' the week preceding. Copen4 73@4 733/g. Dulness featured trading on Thurs- hagen checks finished at 28.80 and cables at 29.10,
against 29.80 and 30.10. Checks on Sweden closed
day, though the undertone was a trifle firmer, with at 31.70 and cables at 32.00, against 33.30 and 33.60,
1 2@4 76 9-16; demand while checks on Norway finished at 29.00, against
cable transfers higher at 4 76/
1
days at 4 73@4 73.4.
sixty
and
7-16
75
4
at
ruled
30.70 on Friday of a week ago. Spanish pesetas
On Friday the market was firm but quiet and un- closed at 21.20 for checks and 21.40 for cables. Last
1 3 for week the close was 22.75 and 22.95, respectively.
changed. Closing quotations were 4 73@4 73/
As to South American quotations, the rate for
sixty days, 4 75 7-16@4 753' for demand and
on Argentina declined to 44.60 and for cables
checks
Commer4 763'@4 76 9-16 for cable transfers.
comparing with 44.85 and 45.00. For
44.75,
to
3
sixty
%,
75
753/8@4
cial sight bills finished at 4
the check rate was advanced to 23.85 and for
Brazil
8, ninety days at 4 703/s@ cables to 24.00, against 22.85 and 23.00 last week.
days at 4 72@4 723/
payment (sixty days) 4 713 The Chilian rate has not been changed from 15 13-32,
for
4 70%, documents
grain bills at 4 74%@4 74%. while Peru remains at 57.
seven-day
@4 71% and
Far Eastern rates are as follows: Hong Kong,
Cotton and grain for payment closed at 4 7538@
3 . No engagements of gold for either import 853'@85%, against 88.85@89; Shanghai 130@
4 75%
2@135; Yokohama, 5432@54
1303', against 1343/
or export were reported.
(unchanged); Manila, 50@503 (unchanged); Sinso
far
exchanges,
Continental
the
in
Movements
gapore, 56@563 (unchanged); Bombay, 36@37
as the belligerent nations are concerned, were rela- (unchanged), and Calcutta (cables), 35.73 (untively unimportant. Although fairly substantial ad- changed).
vances were recorded in French exchange and the
The New York Clearing House banks,in their opergeneral undertone was firm, the narrowness of tradwith interior banking institutions, have gained
ations
imposed
ing operations, as well as the restrictions
net in cash as a result of the currency
$2,800,000
wideagainst
by Governmental control, militated
the week ending Oct. 4. Their refor
movement
spread fluctuations in actual rates. Exchange on 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. Addago. Francs, as just noted, were strong, moving ing the Sub-Treasury and Federal Reserve operations,
up to 5 46 for cables, a rise of PA 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
banks for the week appears to have
As to Russian rubles, the quotation is still of the New York
as follows:
$88,031,000,
of
loss
a
been
pegged at previous levels, with no transactions
Out of
Net Change in
Into
Week eldilg Oct. 4.
recorded. The official London check rate on Paris
Ba ft Holdings,
Banks.
Banks.
New
In
a
as
same
the
ago.
week
finished at 26.07,
E5,467,000i Gain $2,800,000
S8,267.0001
Banks' interior movement
and Federal Reserve
York sight bills on the French centre closed at 547%, Bub-Treasury
39,462,000 130.293,000 Loss 90.831,000
operations
7 , against 547%
1 ;c3m- Total
against 548/; cables at 5464
$47.729,000 3135,760.000 Loss S88.031,000
7 , and commercial sight at 5 48%, against 5 484
The following table indicates the amount of bullion
mercial sixty days at 5 533', against 5 533 a week in the principal European banks:
ago. L're finished at 6 37 for bankers' sight bills
October 4 1917.
October 3 1918.
and 6 35 for cables. Rubles continue to be quoted Banks of
Total.
Gold.
Total.
Silver. I
Gold.
at 14 for checks and 15 for cables. Greek exchange
£
£ 11
£ 1 72,157,675
£1
55,727,381
55,727,381
72,157,675
has not been changed from 5 13% for checks and England__
Frances_ - 136,060,820 12,792,000148,852,820 131,364,760 10,360,000 141,724,760
5,907,950123,323.500120,200,250 5,087.800125.288,050
117,415.550;
Germany
5 123'2 for cables.
Russia *__ 129,650,000; 12,375,000142.025,000129.520.000 12,370,000 141.890,000
Aus-Iiun c 11,008,000 2,289,000 13,297,000 12.978,000 2,870,000 15,848,000
In the neutral exchanges the news of Bulgaria's Spain
..- -- 87,805,000 26,088.000113,893.000 76,422,000 29,367,000105,789,000
32,728,000 3,088,000 35,816,000, 38.440.000 2,587,000 41.027,000
Italy
609,200 57,007,200
59.729,000, 56,398.000
downfall was followed by sharp breaks in rates at Netheri'd 59,129,000 600,000
600.000 15,980,000
600,000 15,980,000, 15,380,000
Nat. Bel.h 15,380,00
13,681,000
15,307,000 13,681,000
15,307,000
practically all of the neutral'centres. Swiss francs, Switz'land
11,360,000
11,360,000
14,574.000,
14,574,000
Sweden.-157.000 10,951,000
131,000 10,497,000, 10,794.000
- 10,366,000
which were the weakest feature of the week, broke Denmark
7,142,000
I 6,751,000 7,142.000,
Norway.- 6,751,000
repeatedly until 4 72 was reached, a total depreci- Tot.week- 708,332,045 63,870,950772,202.995679,407,391 64,008000743.415,391
59.(150 741.15%.872
,
771.147.7s0677 '7.1s.*12 014.
ation since the close of last week of approximately Prey.week 707.470.800 83.747.950
a Guist holiings if the walk ot krauce this year are exclusive of ts1,484,340
a
occurred
sharp
though
reaction
centimes,
30
held abroad.
No figures reported since October 29 1917.
those given by "British Board of Trade Journal" for Dec. 7
yesterday. All of the Scandinavian exchanges c Figures forfor1918
1917 estimated on the basis of the Dec. 7 1917 totals.
1917: figures
suffered severe declines, Stockholm, Copenhagen and h August 6 1914 In both years.




j

1316

THE CHRONICLE

yoL. 107.

sideration. The case of Turkey in relation to the
THE SURRENDER OF BULGARIA.
Allies was not the same as that of Bulgaria; for
It was a natural sequel to the astounding and Bulgaria's own territorial possessions will ununexpected news of Bulgaria's surrender, that the doubtedly be recognized by the Allies, whereas the
world's attention should for the moment have been dismemberment of Turkey is one purpose of the war
diverted even from the military campaign to the on which all the Allies have agreed. Nevertheless,
far-reaching political results which the news from Turkey is left virtually defenseless by the surrender
Sofia might be supposed to foreshadow. The first of Bulgaria, and now has to consider not only the
request for an armistice had left the character of preservation of what may be preserved but the dealthe Bulgarian move still in some doubt; this was all ing with its own discontented people.
removed, however, by the present week's complete
If Turkey were to give up, and indeed whether she
and unconditional yielding of the Bulgarian Govern- were to do so or not, the question of the attitude of
ment to the conditions laid down by the Allies. the two Central Empires, and of Germany in particuThose conditions included not only evacuation by lar, becomes a question of immediate and of the very
Bulgaria of all Serbian and Greek territory occupied highest importance. This week's resignation of the
by her, but also the demobilization of her army, Imperial German Ministry was a foregone concluthe surrender to the Allies of all her facilities for sion; so was the Kaiser's public recognition of the
navigation on the Danube, the delivery to the Allied fact that he himself must now make the broadest
armies of all Bulgarian arms and ammunition and concessions to Constitutional Government in Gerof important strategic points, and the granting of many. All the news from the Western front has
free passage through Bulgarian territory for military indicated progressive collapse of the German resistoperations by the Allies.
ance, under an attack by the Allied armies on the
Such terms would, perhaps, be regarded as ab- most extensive front of any campaign in this or any
normally severe, if they had been proposed as part other war. The forced retirement of Ludendorff's
as an actual treaty of peace. But the condition army from Belgium and Northern France has begun
created by the granting of an armistice to Bulgaria to come very definitely in sight. Evidence of panic
was very different from a treaty. At Paris it was among part of the German people and of insubordiofficially stated, this week, that "no diplomatic nation among others, multiply sufficiently to forenegotiation is actually in progress with Bulgaria, shadow a very different situation from any that has
and consequently no political conditions have been heretofore existed. The whole question of the
laid down for her."
Kaiser's own position, as a result of a peace settleThis is not the situation which existed in connec- ment and of subsequent events, was at stake.
tion with the treaty of peace between Germany
How and in what way Germany would appeal for
and Rumania, last May. That agreement was peace, was the necessary and immediate question
designed for a final political settlement. It provided asked in every direction. It was at once assumed
for cession to Bulgaria of'all territory acquired by that recourse to a Parliamentary Government would
Rumania after theY second Balkan war in 1913; be taken, largely on the belief that only in that way
for large grants to the Central Powers of Rumanian could negotiation with the enemy be possible; and
territory along the Danube, with radical changes in steps are already under way at Berlin with such a
Rumania's northern frontier; for very extensive purpose. Yet even a representative German Govconcessions to the Teutonic Powers of trade privileges ernment would have to fulfill certain stipulations.
and use of Rumania's natural resources, and for President Wilson's speech on Friday of last week,
maintenance of a Teutonic army of occupation at ostensibly for the Liberty Loan campaign, was in
Rumania's expense, until all the terms of the agree- reality devoted to that question. One sentence of
ment should have been fulfilled.
the speech summed up the actual situation in words
Not one of these subjects was touched in this week's which concisely define the issue:
agreement with Bulgaria, which in fact is purely
"We are all agreed that there can be no peace
military, representing only the conditions on which obtained by any kind of
bargain or compromise with
General d'Esperey's army was allowed to suspend its the Governments
of the Central Empires, because
military campaign against the Bulgarian troops and we have dealt with
them already and have seen them
its operations against the Bulgarian cities. Even so, deal with other
Governments that were parties to
however, the military surrender is the most complete this struggle, at Brest-Litovsk and
Bucharest.
since Napoleon's overthrow of Prussia in 1808 and They have convinced us that they are without honor
of Austria in 1809. It not only causes what amounts and do not intend justice. They observe no covto the physical separation of Turkey from the Central enants, accept no principle but force and their own
Powers, but it gives the Allied armies immediate interest.
"We cannot 'come to terms' with them. They
access on a wide front to Serbia, and thereby open. have
made it impossible. The German people must
full opportunity for an attack on Austria in the flanks by this time be fully aware
that we cannot accept
It would easily render impossible continued German the word of those who forced this war upon us. We
occupation of Rumania.
do not think the same thoughts or speak the same
It was not the question of Bulgaria or Serbia, language of agreement."
however, or even the question of the conditions
To this plain intimation Mr. Wilson added his
under which the military campaign in the East may positive view that a League of Nations must be
henceforth be conducted, which made the foremost "the most essential part of the peace settlement
appeal to public interest in the news from Bulgaria. itself;" because, if formed before that settlement,
Consideration of the political consequences of this it could be only a league against the common enemy,
enforced withdrawal by Bulgaria from the Teutonic and because it could hardly be successfully inaugAlliance opened up such possibilities of immediate 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.]

THE CHRONICLE

1317

overture in a generous spirit, and at least give a
reasoned answer?" and all this 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
•
our main business.
The country has given its answer and the President
has spoken with unmistakable emphasis, but it should
be understood that these propositions are simply
feelers. Bulgaria's fall does not change them. They
are the counterpart of explorative attacks on the
battle front. The other Allies, either collectively or
separately, can hardly be expected to be such easy
game as were the Russians. The comedy of BrestLitovsk, such a dreadful tragedy as it has proved for
Russia, cannot be repeated. But all the same, it
shows the original game, and it would be the height
of folly to make light of it. Now that America has
put her.strength into the.war, and shown her spirit,
and won her spurs, to which Bulgaria is the indirect
response, nothing would be easier than to move her
through her generosity. She has largeness of soul.
What would be nobler than for her to prove her disinterestedness, and, if you will, her trulylrhristian
spirit, by meeting the first real overtures of a Kaiser's
peace, when they come, with consideratelresponse?
there will lie the
• THE DAY OF THE "PEACE OFFENSIVE." • That will be the crucial hour; and
keeping firmly
by
met
be
only
can
It
peril.
supreme
We have cared little about a "peace offensive," our
fighting and
are
we
which
over
issue
real
the
mind
in
attention has been so absorbed since the war opened
enemy.
the
of
character
the
with the military attack. We had early intimations of
Germany has entered the war for the sole purpose
an extensive and meticulous system of espionage and
she believes can be won
unscrupulous influence by which Germany had pre- of gaining a dominion which
force. The gauntlet she has thrown
pared to open the way for her aggression, but her and held by
world is the right of a great
civilized
down to the
army and her submarines were the world's concern.
The claim is an amazing
*ills."
she
what
do
"to
But as time went on, disclosure after disclosure State
Unfortunately, it is
century.
twentieth
in
this
one
came of the persistent plotting everywhere. Greece,
to days of
belonging
right
a
of
tion
reaffirma
bold
the
ocBulgaria, Argentina, even Mexico and many
be disalto
has come only slowly
m,
currences in our own land,gave evidence of a powerful barbaris which
fied
has
onlyljusti
Germany
it
ng
agency at work that did not depend upon the force lowed. In reasserti
are
Germans
"We
ago:
long
her
of
said
of arms. Then came the Russian debacle. When what Goethe
years
hundred
last
the
in
doubt
No
.
three years and a half of war had passed and we were of yesterday
ourselves quite diligently;
actually in it and were beginning to feel its pressure, we have been cultivating
centuries yet before our
a
few
take
may
it
but
and anxiety was growing with the increasing number
sufficient intellect and
absorbed
have
en
countrym
in
of our boys going to the front, we called attention
of them that it is a
said
be
to
it
for
culture
higher
danger
the
to
an editorial in our issue for Feb.9th last
s." The world
barbarian
they were
which in such circumstances would lie in overtures of long time since
own great poet
their
as
well
so
peace if they should come to us in the form of a sud- did not know them
its amazeover
get
cannot
world
the
den change of attitude in any one of the hostile States did; therefore
an
ng
into
warfare
introduci
them
sees
it
offering what would appear liberal concessions in her ment when
of
pretense
every
aside
casting
m,
barbaris
claims, especially if these covered the surrender of appalling
a
,
showing
morality,
Christian
say
to
not
ethical,
an
territory, say Alsace-Lorraine or Belgium, possibly
g
de"a
practicin
and
treaties
for
contempt
studied
coupled with some financial compensation. The
obscene terrorism in her dealing with
hour might easily come when any such concession liberate and
weak."
would be a small price to pay for a peace that would the small and
clash of two antagonistic ethical
the
is
war
The
for
n
of
chief
objects
the
in
possessio
enemy
the
leave
as old as human history, the
contest
a
is
It
codes.
which he had declared war.
moral right, a contest in
with
force
brute
of
struggle
To-day, with the surrender of Bulgaria, that probse. As the victory
compromi
no
be
can
there
which
and
the
danger become
ability has greatly increased
the other, man has
or
way
one
gone
hour
the
for
has
of
a
conproposal
Austria's
friendly
the more real.
or has fallen back
on
ference, with Germany's approval, as is now known, moved upward with civilizati
t progress has
permanen
of
had closer relation to the peace offensive than it into barbarism. What
of struggle
price
the
at
been
ever
did to the military situation. Its effect upon the been gained has
to be dealways
has
issue
The
sacrifice.
armies of the Allies in the field is negligible, as was and costly
cannot
gain
The
.
involved
are
who
those
well known that it would be;it was intended for moral cided by
is that
truth
bottom
The
without.
from
imposed
be
effect in every Allied country. Such moves are the
from
Germans
the
deliver
to
fighting
not
are
we
equivalent of fresh "munitions," "gas," and the like,
fighting
are
we
do;
can
alone
they
that
s;
themselve
ists
and half-converted
for use by the propagand
to deliver ourselves from the Germans, as happily
pacifists.
world is doing on its own
At once discussion was started on "Ought we to also the larger part of the
forgive Germany?" and "Should we not meet the behalf.

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 understandings" 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, commenting
in London on Mr. Wilson's speech, has added that
there can be no such League of Peace "until Germany finds herself in a position where all her dreams
of world-domination are torn to pieces before her eyes
and she is left powerful, indeed, as she will be left
powerful doubtless, prosperous doubtless, and
wealthy, but no longer a tyrant who can• use the
nations which she is in a position to influence to serve
her own dreams of world empire."
In this view of the necessary conditions of peace
with Germany, much is implied which is not yet
expressed in terms. Reparation and restitution
must have a hearing as well as repentance and new
purposes for the future. Of all this we shall hear
when the moment arrives to discuss terms with
Germany.




1318

THE CHRONICLE

[VoL. 107.

We are not 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
any large body of people who desire to free themPARTISAN CONSIDERATIONS AND THE
selves from the government of a military autocracy,
COMING ELECTIONS.
or that does not accept their views of governing and
Four weeks from next Tuesday will be our annual
morality. Our controversy is with their principles, election day, at which, along with State officers in
so far as those principles are accepted by,and govern many States, about a third of the Senate and all of
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 exthe 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
German doctrine be destroyed.
hold, will affect his ability to pay taxes and also
The disclosures that are coming out from •day to loan money. It has been unobtrusively said that
day establish the conviction that there can be 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 comhowever defiant of God or man, that they may think bined the elections campaign may be nominal, or
will promote their own end, is justified. The mere be reduced to a "whirlwind" of not many days.
power to do a thing is for them its sufficient warrant,
Yet, however the country may "go," as indicated
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 having that part of the result agree
trusted.
with his own party preferences, the Congressional
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
sure that they are fighting for the things that will will assemble in December of next year, unless sumbring 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. The 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.
be no misunderstanding. When the enemy finds
The number of such in the present Congress is dethat 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,
Pacifism has no place in this contest. As Lord this is a "rubber-stamp" Congress. It has initiated
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 judgonly 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 implicitly the Executive manIf we would save ourselves from the shame which has date, and never has an Executive pressed so perfallen upon Russia and those who hailed the Bolshe- sistently in the few instances of holding back. In
viki as leaders for the new day, we must be on our the most remarkable of those instances, occurring
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
may suddenly appear to be "very near our price." him before and why not do so now? Exactly; and
Pacifism is silenced, but the whisperer is still that was an excellent reason for not doing so, other
with us.
considerations being equal, for custom hardens into
The insistent duty is not "kill or cure"; it is "kil habit and habit becomes control. It is the Executo cure." And 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 couninsists on justice and enforces judgment. For that try, absorbed in the sight and the stress of the war,



OCT. 5 1918.]

TIIE CHRONICLE

1319

so; we state the suggestion.
and necessarily deeming that the immediate and lican House. Let it stand
"After the States have
it.
upon
enlarging
paramount business,has gradually become wonted to without
pass upon the question
to
right
their
of
been
robbed
this one-sidedness of the Government: but it would
of Idaho in a recent
Borah
Senator
(said
of
franchise
ordithe
in
hardly be an over-statement to say that
it is then simply
State,
any
longer
no
is
there
letter)
Congress,
a
not
have
nary and intended sense we
cannot have a
you
and
expression;
al
a
geographic
and
need
we
that
add
to
much
and would it be too
big Federal Union without great and powerful
should have one?
the Union may rest."
The present Congress, according to the present commonwealths upon which
rtible, for franchise
outlook, is to deal with the remainder of the war, Clearly this seems uncontrove
unless a State can
and
bottom,
very
and the next Congress will have before it the prob- lies at the
this
fundamental thing
of
conditions
the
lems immediately following. Ought Congress to determine
lines, and does it
any,
it
has
lines,
own
its
within
in
bear a part, any considerable and controlling part,
this particumoment
the
for
by
putting
Yet,
exist?
the
is
Making
treaties
handling those problems?
Borah, the
Senator
by
suggested
lar
touchstone
of
consent
the
with
and
"by
part of the Executive,
loss of
and
nt
of abandonme
the Senate;" those problems will involve more than trend and progress
y
(once
sovereignt
State
and
ce
. independen
and reach beyond usual treaty-making. If there is State
on,
gone
have
firmly)
for
standing
worth
deemed
conceived to exist any room for doubt that ConThequestion.
in
is
whole
the
until
,
insidiously
gress ought in duty, and for the safety of the country
Federalistic to
should, bear a part in this work before us, then let ancient "Democracy" has become
tags; it should
mere
as
by
names
Cast
extreme.
the
and
to
raise
enough
fearless
us be frank enough and
not very far
and
us,
before
have
we
that
plain
be
not
might
Congress
whether
ponder the question
roots of our
the
to
better be abolished, as an expensive and obstructive distant, problems which reach
We
welfare.
national
and
Governmental structure
excrescence.
as
the
war
for
and
the
them,
for
ready
The "Chronicle" has ventured to say that in its need to make
is no test of
judgment the welfare of the country and the world country is at one and a party name
loyalty.
will be best furthered by having what is called yet
The "Chronicle's" belief is that to choose what is
is not in any narrow or factious sense an "Opposition"
an "Opposition" Congress will not be or be
called
some
majority in the next Congress. All of us have
be any retreat from earnest support of the
to
taken
becomes
many
with
this
party predilection, and
t in carrying on the war to its end; but
Governmen
pause
as
much
so
not
which
does
habit
a controlling
unhappily are) a change in the
things
(as
that
be
A
cannot
why?
party
Yet
why.
to reason
anything more than a convenient and necessary "party" complexion will make for increased indeinstrument for standing together to carry out cer- pendence and ability in treatment of after-war probtain policies; a party is a means, not an end. So is lems; furthermore, that this will really aid and not
up his hands and
a saw or a hammer, and a good workman, a proverb obstruct the President, by holding
disappointing it
however
judgment,
his
clarifying
meaning
properly
his
tools,
with
says, never quarrels
that he has no occasion to, because he takes care to may be to his personal feelings. The ship of state
keep them in efficiency; yet a carpenter does not is not on the even keel planned by the founders; it
honor his hammer, make his obeisance to it, follow needs "trimming," and the pilot can steer it all the
its directions. Why then should a rational Ameri- better if it be trimmed, although he may not be able
can, male or female, wait only to learn what selec- just now to realize that.
tions are made for office by a gathering of persons
called "the party" (boss-directed, despite the device
BY REGULATING IT.
of the primary) and then vote the ticket with the RESTRICTING TRADE
In this time which we have reached, trade and
independence and intelligence which a trained dog
are restrained, restricted, impelled (ac122
to
production
last
his
words
the
people,
In
use?
might
years ago, Washington warned against "the baneful cording to intent, at least) in this direction and
effects of the spirit of party generally," and why will turned back from that. Once, we had comparaanybody persist in giving up to party what belongs tively a minimum of interference by government;
to the country and to mankind? Why, in the name at least, there was a tacit admission (for perhaps the
of genuine reason, should any President be deemed extremists did not then speak out their views frankly)
(much more, confess himself) "the leader of his that a minimum of this interference was always to
be sought. But, now it would seem that the maxiparty?"
No policy at present; no difference except that mum has been reached; at least, one would like,to
one set are in and want to stay in,and another are believe that, without feeling certain of it, because
out and want to get in. Yet this is not quite a each new step, added to the previous steps, is a
fair and full ,characterization, for the Republicans constant invitation to further movement in the same
in Congress seem on the whole rather the more dis- direction, and a more serious trouble is that it is
posed to what conservatism remains, or (if that be almost impossible to pick out any one of our novel
too strong a statement) rather less enthusiastic and business conditions and determine exactly what is
ready to rush towards action which tends towards its hindering or possibly helping effect. Yet it will
permanent changes in our Governmental structure. not harm us—and the day is coming when we shall
Many of us have had occasion to know what a muddle be compelled to sit down and make a calm study of
the existing revenue law is and the coming one our operative conditions—to note briefly what was
threatens to be; and many will cordially agree with the original intent of what we call "regulation."
Just about seven years ago, while nobody outside
the very outspoken "Sun" that the head of the
the few who were preparing for it so much as
utterly
of
House Ways and Means Committee is
of any considerable war, Mr. George F.
of
rid
be
dreamed
to
that
way
the
position;
for
incompetent
the venerable ex-Senator from Vermo nt,
immediEdmunds,
of
not
course
place
(although
that
him in
ately), continues the "Sun," is to elect a Repub- contributed to the "North American Review" an



1320

THE CHRONICLE

[VOL. 107.

article on the origin and purpose of the Sherman or
The Clayton law particularly, the Federal Trade
Anti-Trust Act of 1890, a document of which Mr. Commission law, and some others, either profess
Edmunds was mainly the author. The original to be amplifications and means of enforcement of
thought and aim of the founders, in writing the the Sherman Act or, at least, to be based upon the
"commerce" clause of the Constitution, was to limit authority granted by the commerce clause. The
powers of the States rather than to enlarge powers most elastic definition of "regulate" does not cover
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 r:ver 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
tion; but the commerce clause was not an after- material into other forms, trading or exchanges, and
thought. It was negative in intent, not positive. transportation—these are parts of one great conThe 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 deformStates . . . and the great fundamental design ing result is attained.
and principle was to make the trade of the people
The process in the last dozen or more years is so
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
whole United States were a single sovereignty."
feelings rather than serve any useful purpose. But
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 promunds,it was agreed that "the safest and surest way ducts of any State where any restriction upon
was to denounce disturbance of it [commerce] in the suffrage exists on account of sex, this might seem
simplest and all-embracing terms, without qualifica- most extraordinary, yet it would have a pretty close
tion or exception." The Act is brief, and its lan- parallel in the attempt to suppress child labor in the
guage is necessarily general, from which unavoidable States by putting up a barrier against moving its
hecessity has grown the facility with which it could product.
apparently be stretched to cover anything and everyThis is a giant country, unmatched in natural and
thing. The Senate Judiciary Committee, said Mr. geographical advantages, the most powerful potenEdmunds, agreed, after long consideration, "that it tially, if not already, among all nations on the
was quite impracticable to include by specific de- globe; we are now just about to get into our national
scriptions all the acts which would come within the stride. This (or something resembling it) we are
meaning and purposes of the words 'restrain' and rather fond of thinking about ourselves; and we more
'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 selfsideration."
praise or even for self-laudatory forecasts. But all
Certainly; this is reasonable. But restraint of the stories of giants make them somewhat stupid as
trading is not necessarily restraint of trade, and that well as 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
operating gristmills in a community where the grain ourselves whether we have not been putting too many
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—
wages, or fail; so they agree that one mill shall and the day may come soon—we shall need all our
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
and public advantage.
been getting in our own way?
In 1890, said Mr. Edmunds, the Senate Committee "believed the well-known principles guiding THE FIRST WEEK OF THE LOAN CAMPAIGN.
the courts in the application and construction of
One week of the campaign for the Fourth War
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
an injurious and technical one, hurtful to any honest inspiring spectacle of millions of our citizens devottrade as well as out of harmony with 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 councently as seven years ago, he was ready to dismiss try. For, after all, the imperative need of fighting a
any fear that some literal interpretation of the words war to victory is a less noble motive than unselfish
"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
public interest."
prerogatives it makes certain heavy demands upon us



OCT. 5 1918.]

THE CHRONICLE

1321

Duty demands consideration of means
—and we respond to the best of our ability, and often sponse.
which to subscribe. Heavy are taxes
at a personal sacrifice. And we do this as a people, through
to be levied, heavier than they ought to
eagerly, generously, steadfastly. Some may work levied, and
, though they must be borne. But
harder than others; but no one bearing the name of be, perhaps
taxes is not enough, else there were no
"citizen" opposes the fruition of the plan. If we the total of
And the more readily bonds are sold,
issues.
bond
can carry this spirit over hitfo the times of peace
impending weight of taxes. This
the
the
less
late
that are to come, how calmly we may contemp
signifies more of policy than principle, however.
the problems of "reconstruction."
n is, does not the corporation owe it to
We do not minimize the appeal that lies in show- The questio
ment, for its privileges and protection,
ing the selfishness and malignity of a militarism fos- the Govern
bonds as well as pay taxes. There is no
tered by an autocracy which is making its last des- that it buy
out. And should a corporation, more
perate effort in a world that loves liberty. The other way
ual, be a "slacker"? Looked at in
individ
an
shadow of that picture, like a huge moving cloud shot than
bility, the duty of the corporresponsi
of
light
this
with terrible lightnings, is before our eyes all the
than diminish. We know
rather
grow
to
seems
ation
is
that
all
do
to
time. It is enough to impel us
ences, species of
interfer
restrictions,
asked. Butwhen that autocracy is overcome, we there are
al intergers
industri
from
take
to
l," that tend
will need, for the era of "upward and onward" all "contro
we invoke.
which
nship"
"citize
free
of
the personal dedication to the nation and its welfare this relation
ing out
ve—aris
incenti
an
as
d
regarde
be
might
that we now evince in universally subscribing to this That
e in
continu
to
want
We
that.
Leave
policy.
of
r
loan. And how beautiful it is that we dwell togethe
country
the old stand in the old way in this
in the harmony of brotherly love. What we do in business at
as an earnest of goodwill, as a token
and
can;
if
we
free,
the
of
c
this financial venture is for the Republi
and respect to the republic, should
and for ourselves, for we, the people, are the Govern- of appreciation
tion seek to join the masses of
ment and the nation. We sacrifice our own private not every corpora
own right, who are consecrating
their
in
opinions, if in any degree they ever were at variance, men, citizens
Should not the corporcause?
this
to
to the common cause, to the prevailing opinion. It themselves
way that will enable it
some
find
to
r
endeavo
is a noble and elevating vision we have of ourselves, ation
to its capital and
surate
commen
bonds,
buy
to
moving together'as a single unit, to respond to the
be found worthy
may
too,
it,
that
ability,
s
busines
our
demands of our own Government because it is
come? It has power if it
to
years
the
in
and
now,
very own.
will only obtain permission. It may be limited in
And if any coming generation shall ask why we
capital invested and volume of going business, but
placed a portion of these huge debts upon it—the
it is never poor—as an individual may be. It enjoys
answer will be found in the universality of subscrip"order," it receives "protection," it hopes for the
tions and the merging strength of a free people. We
insularity of its "liberty under law," why may it not
may, then, dwell upon this motive and fact, aside
rise to the heights of sacrifice and service as does an
from the other consideration of providing the sinews
individual citizen? And should it not do so? In
of war. Doing this, we cannot doubt the time will
many, many ways "business" is being tried in the
cone when, in the public estimation, a citizen will
fiery furnace of "disorder" and the domination of
be tried by this test of his citizenship—and that a
government, whether in every case that be necessary
failure now to help his fellows "carry on" the Govor not. It submits loyally. May it not go beyond
ernment, as well as the war, will be met by the "cold
mere submission, and become aggressive in meeting
aversion of averted eyes," the just condemnation of
new demand, in averting every disaster which
this
the free and true. If we need a picture to convince
befall—and for its own good. Should private
may
us, we have only to imagine the home-coming of a
ip fail when the air is full of untried theories
victorious army, and the sense of remorse which will ownersh
of public ownership?
come to him who knows he has done nothing to tie
him to his fellow-citizens, has contributed nothing
THE TRIUMPH OF LIFE OVER DEATH—WHAT
to a common cause. The acclaims of the multitude,
THE WAR SHALL ACHIEVE.
as men look upon the glad faces of war-worn troops,
The recent death of an eminent dignitary of the
back from danger and death with peace in their
brave young men are being
grasp, will fall like a secret doom upon him who church, at a time when
country, bids us all to try
of
altar
the
on
knows that little, how little it really is to buy a bond, sacrificed
human life. We are face
of
value
the
e
to
apprais
.
was asked by his fellows and that little left undone
the priest. Of one it
and
soldier
the
with
to
face
has
ment
The prosecution of the war our Govern
of the other he lived
for
liberty;
died
he
said
to
be
is
may
it
far
more,
more,
—but
willed, that is enough
l sense cannot
respond to that rallying cry which resounds in every for love. Love in the larger spiritua
would be of
liberty
liberty;
hamlet, the cry of those whose devotion to country exist without there be
we are
while
And
love.
without
man
and Government protects us, who if we do not do no value to
its
and
world,
the
y
from
tyrann
banish
to
our part, do not join the host who buy and work, striving
soldier
the
that
believe
must
we
war,
ent,
instrum
will fail in a simple duty.
others may live for
We may carry our exposition a little further. A who dies for liberty, dies that
own great nation
our
of
action
the
by
When,
love.
say,
ial
we
as
person"
with,
corporation is an "artific
fondly
hope, war shall
we
as
,
conflict
awful
in
this
a
has
y.
It,
too,
limited
liabilit
perpetual life and
in the freedom thus estabform of citizenship and a corresponding duty. be no more forever, then
in which there is
The duty of corporations to subscribe may be lished, life may flower alone in love
e of a premature
sacrific
the
of
stressed for the very reasons we have assigned to no fighting, and none
death.
individual citizens. There are others. Corpor- and unnecessary
Writing under the title "The Great Adventure,"
ations enjoy the protection of government. In a
who has lost a son in an air battle at the
a
father
way they are artificial but potential citizens. Ursays:
reMarne,
of
gency of need should meet with some form




1322

THE CHRONICLE

[VoL. 107.

"Never yet was a country worth living in, unless • Though it is better that a man live for country
its sons and daughters were of that stern stuff which than die for it, he who dies for it lives for it, and by
bade them die for it at need; and never yet was a his death contributes all his potential good to the
country worth dying for, unless its sons and good of the whole. And it will therefore be a crimidaughters thought of life not as something concerned nal world that does not erect upon the ruins of this
only with the selfish evanescence of the individual, war an everlasting temple of peace. We make the
but as a link in the great chain of creation and need for sacrifice because we make the conditions
causation, so that each person is seen in his true of war. The "continuing life" into which these
relations as an essential part of the whole, whose young lives are poured through the awful,agency of
life must be made to serve the larger and continuing violent death, is in itself a unit. Those now living
life of the whole."
constitute it. And when we place war against peace,
' As we read these words imagination must run out we are able to measure the value of that life, which,
into the past and on into the future. Men have whether in the priestly robes or only in the priestly
not lived unselfishly for the whole or there would character lives for others—and when the unit of
be no "need" for war. And it exalts the cause for the whole life does this there will be no need for any
which the country now fights that these soldiers to die on the field of battle. And country (in a sense
of ours die that the priests of the future may live— of true democracy) can have no more right to live
that every man in the sense of spiritual service shall for war than has an individual. And the citizen
become a priest and not a soldier. We cannot who fails to show the non-need of all war fails of duty.
conceive of "need" for the soldier's death existing
We have great lengths to go, and much rubbish
in time of universal and lasting peace—we cannot of thought to clear away, before we can see this
conceive of his country calling for this heroic sacrifice "continuing life" in its proper perspective. Love
when a "League of Nations" shall bring concord and is its essence, not liberty; love alone makes liberty
tranquility everywhere. And as the sins of the worth having. Love of country we must have and
fathers who have not lived for love are now visited follow—but the world is our country when we rightly
upon the sons of the present in every land where appreciate the life of mankind as a whole. We
there is war, so, once victory in its true sense shall sacredly preserve it, when we preserve all hearts
come out of this conflict, shall future sons, the from hate, all nations from lust fOr power, and all
fathers of the generations to come, visit war upon Governments from the right in themselves to make
the world who do not live for love and peace. The war. There would be no war to-day and no more
abiding "need" then is that men shall live rightly wars if selfsacrificing men everywhere could follow
rather than die nobly. And the loss of thousands their personal convictions. We know better than
whose potential lives might bless the world with to kill each other by wholesale. But one tyrannous
the spiritual self-abnegation typified in the priest and soulless and autocratic Government, not.amenbecomes 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
national policy.
Governments now warlike, and then need for men
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
fellows, that the fruition of every life may leave its
Tuxrcnt guents and Ptscusstons
full influence on "the larger and continuing life of
the whole." Man is responsible for this war—and
CONTINUED OFFERING OF BRITISH TREASURY
he alone will be responsibile for every war that is to
BILLS.
J. P. Morgan & Co. this week disposed of the usual offercome. And he who sets the martial spirit over the
priestly will conduce to the state where war is a ing of ninety-day British Treasury bills on the same discount
basis which has prevailed in recent weeks, namely, 6%.
"need" for sacrifice. Our soldiers die then to make The bills
are dated Sept. 30 and mature Dec. 30.
men better, to teach them how to live, and he who
floes not live rightly, freed from the "selfish evan- DEBTS OF THE PRINCIPAL BELLIGERENTS BEFORE
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:
exemplar—not because of his particular creed, not
(In millions of dollars.)
A. ALLIED POWERS.
because of certain formal conditions of his priestly
—Before Entering War— —At Most Recent Date—
Date
Date
• Amount. Increase.
life, but because of his spiritual service for all Great Britain___Aug. 1 1914 Amount.
$3,458 July 20 1918 $31,669 $28,211
Australia
June 30 1914
93 Mar. 31 1918
1,212
1,119
mankind.
Canada
Mar. 31 1914
336 July 31 1918
1,172
836
New Zealand_
Mar. 31 1914
446 Mar. 31 1917
611
165
There can be no question that these abstractions Prance
July 31 1914 6,598 Dec. 31 1917 22,227
15,629
Juno 30 1914
2,792 Mar. 31 1918
10,328
7,536
are concerned with mankind as a whole. War is Italy
United States
Mar. 31 1917
1.208 May 31 1918
11,760
10,552
B. CENTRAL POWERS.
now embraced as a means to an end by our own Germany
Oct. 1 1913 $1,165 Apr. 30 1918 $28,022 $27.757
July 1 1914
2,640 July __ 1918
country, as an end in itself by an enemy we oppose, or Austria
15,422
12,782
Hungary
July 1 1913
1,345 July _- 1918
6,316
4,971
so we believe. We cannot conceive of "the larger
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
war. And we fail in our broad contemplation if we Belgium by the United States on Oct. 3, maldng the total
established for that country $166,020,000. The
do not see that this colossal struggle is demanding credits
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,
vinism; we must see that we are now fighting for a $3,745,000,000; France, $2,065,000,000; Italy, $860,000,000;
form of internationalism; we must sense the good Russia, $325,000,000; Belgium, $166,020,000; Greece, $15,790,000; Cuba, $15,000,000; Serbia, $12,000,000; Rumania,
to flow from an agreement signekby all.
$6,666,666; Liberia, $5,000,000.




OCT..5 1918.]

THE CHRONICLE

COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
n
In the following we compare the condition of the Canadia
banks, under the last two monthly statements, with the
return for June 30 1914:

1323

for the issuance of Federal Reserve notes of higher denomination 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.

, 11283.]
[H. R.
nineteen
An Act to amend and re-enact Sections four, eleven, sixteen,
the Act approved December twenty-third, nineteen
of
wo
twenty-t
and
Gold and subsidiary coin—
28,948,841 hundred and thirteen, and known as the Federal Reserve Act, and Sections
55,612,205
56,393,697
In Canada
17,160,111 fifty-two hundred and eight and fifty-two hundred and nine, Revised
4
20,966,05
2
18,828,68
Elsewhere
Statutes.
States
46,108.952
Be it enacted by the Senate and House of Representatives of the United
76.578,259
75,222,379
Total
2 of America in Congress assembled, That Section four of the Act approved
92,114,48
72
186,520,1
88
186,256,4
as the
Dominion notes
December twenty-third, nineteen hundred and thirteen, known
part
Deposit with Minister of Finance
6,667,568 Federal Reserve Act, be amended and re-enacted by striking out that
5.848.099
5,845,002
for security of note circulation
reads as follows:
which
3,050.000
section
0
such
of
88,870.00
0
91,470,00
Deposit in central gold reserves
be chosen in the following manner:
167,497,018 166,098.305 123.608,936 , "Directors of Class A and Class B shall
bank of
Due from banks
"The chairman of the board of directors of the Federal Reserve
,371 925.681,966
1,065,911
,829
1,086,096
discounts
and
Loans
or, pending the appointment of
487,469,502 456.758.268 102,344,120 the district in which the bank is situated
Bonds. securities, &c
member
the
classify
shall
e
67,401,484 such chairman, the organi7ation committe
74,382,762
73,509,571
Cali and short loans in Canada_
Each group
banks of the district into three general groups or divisions.
Call and short loans elsewhere
67 shall contain as nearly as may be one-third of the aggregate number of the
137,120,1
160,544,990 167,112,836
than in Canada
71,209,738 memoer banks of the district, and shall consist, as nearly as may be, of
91.432,524
89,554.051
Other assets
d by number
banks of similar capitalization. The groups shall be designate
1,575,307,413 by the chairman.
,596
2,379,512
,730
2,423.466
Total
member
"At a regularly called meeting of the board of directors of each
and
LIABILITIES.
bank in the district it shall elect by ballot a district reserve elector
of the
directors
of
board
the
of
$
chairman
shall certify his name to the
183,866,666 183.866,666 192,866,666 Federal Reserve bank of the district. The chairman shall make lists of
Capital authorized
111,781,466 111,780,366 115,434,666 the district reserve electors thus named by banks in each of the aforesaid
Capital subscribed
111,451,963 111,450,680 114,811,775 three groups and shall transmit one list to each elector in each group.
Capital paid up
the chairman one
114,141,248 114,140,148 113,368,898
"Each member bank shall be permitted to nominate to
Reserve fund
for director of Class B.
candidate for director of Class A and one cardidate
indicating
9
chairman,
99,138,02
200,839,660 187,865,833
The candidates so nominated shall be listed by the
Circulation
44,453.738 by whom nominated, and a copy of said list shall, within fifteen days after
107,431,124 109.924,975
Government deposits
779,030,934 765.072,455 495,067,832 its completion, be furnished by the chairman to each elector.
Demand deposits
of the said
1,014,711,865 992,015,137 663,650,230
"Every director shall, within fifteen days after the •receipt
Time deposits
32,426.404 list, certify to the chairman his first, second, and other choices of a director
41,340,016
38,942,068
Due to banks
on a form
5
ballot,
al
20,096,36
a
preferenti
1,953,595
1,817,891
of' Class A and Class B, respectively, upon
Bills payable
12,656,085 furnished by the chairman of the board of directors of the Federal Reserve
29,647,456
26,709,969
Other liabilities
the name
bank of the district. Each elector shall make a cross opposite
Class A and for a
of the first, second and other choices for a director of
Total, not including capital
any one
for
choice
,683
one
1,330,488
than
more
,467
2,169,483,511 2,127,819
director of Class 13, but shall not vote
or reserve Nfld.,.
reports, the candidate," and by substituting therefor the following:
Note.—Owing to the omission of the cents in the official
manner:
given.
"Directors of Class A and Class B shall be chosen in the following of the
footings in the above do not exactly agree with the total
banks
"The Federal Reserve Board shall classify the member
by
group
each
g
designatin
divisions,
district into three general groups or
of similar
AL
Each group shall consist as nearly as may be of banks
FEDER
number.
ING
AMEND
BILL
N
PHELA
to nominate to the
ENACTMENT OF
capitalization. Each member bank shall be permitted
bank of the
RESERVE ACT GRANTS FIDUCIARY POWERS TO
chairman of the board of directors of the Federal Reserve
for director
candidate
one
A
and
district one candidate for director of Class
NATIONAL BANKS, &C.
chairman,
Class B. The candidates so nominated shall be listed by the
of
the
amends
ly
shall, within fifteen
The so-called Phelan bill, which material
indicating by whom nominated, and a copy of said list
member
to
each
Wilson
days after its completion, be furnished by the chairman
Federal Reserve Act, has become a law, President
bank by a resolution of the board or by an amendmember
Each
26
after
bank.
Sept.
on
bill
the
to
e
signatur
or some other
having affixed his
ment to its by-laws shall authorize its president, cashier,
Congress had disposed of it. The bill just written on the officer to cast the vote of the member bank in the elections of Class A and
statute books is identical with that passed by the House Class B directors. days after receipt of the list of candidates the duly
"Within fifteen
of Representatives on April 24 last. On July 2 the Senate, authorized officer of a member bank shall certify to the chairman his
bill, first, second, and other choices for director of Class A and Class B. reafter striking out a considerable part of the House
the chair, upon a preferential ballot upon a form furnished by
passed the measure. With the refusal of the House to ac- spectively
of the district.
the board of directors of the Federal Reserve bank
of
man
ce,
conferen
to
went
bill
the
ents
of the first, second,
cede to the Senate amendm
Each such officer shall make a cross opposite the name
and for a director of Class B,
and it was not until Sept. 18 that the conference report, in and pther choices for a director of ClassforA any
. No officer
candidate
one
but shall not vote more than one choice
which the Senate receded from its amendments, was agreed or
director
of a member bank shall be eligible to serve as a Class A
director
the
of
action
The
House.
the
of the same
to by both the Senate and
unless nominated and elected by banks which are members
director.
is an officer or
conferees in recommending to their respective houses that group as the member bank of whichorhedirector
of more than one member
"Any person who is an officer
the Senate recede from its amendments, resulted in the bank
n as a Class A director except by
nominatio
for
eligible
shall not be
form
same
the
in
s
exactly
aggregate resources
adoption of the bill by Congres
banks in the same group as the bank having the largest
person is an officer or director."
in which it had passed the House in April. The bill as then of any of those of which such
Act be amended
Reserve
Federal
the
Sec. 2. That Section 11 (k) of
passed was given in our issue of May 4, while the bill passed and
re-enacted to road as follows:
July
of
applying therefore
by the Senate July 2 was published in our issue
"(k) To grant by special permit to national banks
act as trustee+
in contravention of State or local law, the right to
13. As originally passed by the House and finally enacted, when not administr
of estates
guardian
bonds,
and
registrar of stocks
ator,
executor,
powers
y
fiduciar
banks
fiduciary
the new law extends to national
receiver, committee of estates of lunatics, or in any other
assignee,
, or otner corporations
exercised by State banks. Before exercising such powers, capacity in which State banks, trust companies
to act
permitted
come into competition with national banks are
however, a bank must obtain a permit from the Federal which the
in which the national bank is located.
State
the
of
laws
under
resurplus
the exercise of
Reserve Board and must have a capital and
"Whenever the laws of such State authorize or permit
State banks, trust companies, or other
quired by the State laws. The Act just passed also amends any or all of the foregoing powers by
to and the
granting
the
ons which compete with national banks,
be in
reserve requirements of the Federal Reserve Act in the case corporati
such powers by national banks shall not be deemed to
of
exercise
Reserve
or
Central
of this Act.
of banks of outlying districts of Reserve
contravention of State or local law within the meaning
this
in
ed
"National banks exercising any or all of the powers enumerat front the
cities. Under the newly enacted measure also the Federal
all assets held in any fiduciary capacity
segregate
shall
n
member
subsectio
g
of
groupin
on
in
the
discreti
given
is
Reserve Board
of books and records
general assets of the bank and shall keep a separate set
banks in each District for the selection of Class A and B showing in proper detail all transactions engaged in under authority of this
shall be open to inspection by the
directors of Reserve banks so as to give a fair representation subsection. Such books and records
the same extent as the books and records of corporto
s
authoritie
State
furtherThe
bill
banks.
member
small
powers, but
to both largo and
ations organized under State law which exercise fiduciary authorities
ng the State
more authorizes the issuance of Federal Reserve notes in nothing in this Act shall be construed as authorizinational
which are
bank
records, and assets of the
denominations of $500, $1,000, $5,000 and $10,000. The to examine the books,
under authority of this subsection.
trust
in
held
not
under
ed
re
note
authoriz
heretofo
deposits of current
largest Federal Reserve
"No national bank shall receive in its trust department
bills of exchange,
the law was $100. In amending Section 22 of the Federal funds, subject to check or the deposit of checks, drafts,
deposited or
Funds
for collection or exchange purposes.
Reserve Act the new law clarifies the language which stipu- or other items
in a separate
carried
be
t
shall
investmen
awaiting
bank
the
by
trust
in
held
any
of
y
of its business
lates that no officer, director, employee or attorne
account and shall not be used by the bank in the conduct
nt United States bonds
member bank shall be a beneficiary or receive directly or unless it shall first set aside in the trust departme
other secuntles approved by the Federal Reserve Board.
indirectly any fee, commission, gift or other consideration or"In
funds held in
the event of the failure of such bank the owners of the
a
of
business
or
any
ion
with
transact
so
ion
connect
in
or
for
trust for investment shall have a lien on the bonds or other securities
claim against the estate of the bank.
bank. The new legislation also extends penal provisions set apart in addition to their
fiduciary
in
a
"Whenever the laws of a State require corporations acting
protection
for embezzlement and other offenses against banks to offi- capacity,
to deposit securities with the State authorities for the
Reserve
es
of
Federal
to
employe
or
agents
s,
director
cers,
of private or court trusts, national banks so acting shall be required
2 make similar deposits and securities so deposited shall be held for the probanks. The Senate in amending the House bill on July
provision tection of private or court trusts, as provided by the State law.
ASSETS.
Aug. 31 1918. July 311918. June 30 1914.

had struck out of the latter everything except the




1324

THE CHRONICLE

[VoL. 107.

"National banks in such cases shall not betrequired to execute
the bond their affirmative vote or written assent: Provided, however,
That nothing
usually required of individuals if State corporations under similar
circum- in this subsection contained shall be construed as authorizin
stances are exempt from this requirement. .
g member
banks to purchase or sell securities or other property which such
"National banks shall have power to execute such bond when so required
banks
are not otherwise authorized by law to purchase or sell.
by the laws of the State.
"(e)
No
member
bank
shall
pay
to
any
director,
officer, attorney, or
"In any ease in which the laws of a State require that a corporatio
n employee a greater rate of interest on the deposits of such
director, officer,
acting as trustee, executor, administrator, or in any capacity specified
in attorney, or employee than that paid to other depositors
on similar dethis section, shall take an oath or make an affidavit, the President
, Vice- posits with such member bank.
President, Cashier or Trust Officer of such national bank may
take the
"(f) If the directors or officers of any member bank shall
necessary oath or execute the necessary affidavit.
knowingly
violate or permit any of the agents, officers, or directors of any
member
"It shall be unlawful for any national banking association to lend
any bank to violate any of the provisions of this section or
regulations of the
officer, director, or employee any funds held in trust under the powers
board made under authority thereof, every director and officer
particiconferred by this section. Any officer, director, or employee making
such pating in or a,s-enting to such violation shall be held liable
in his personal
loan, or to whom such loan is made, may be fined not more
than $5,000, and individual capacity for all damages which the member
bank,
its shareor imprisoned not more than five years, or may be both fined and imprisone
d holders, or any other persons shall have sustained in consequence
of such
in the discretion of the court.
vilation."
"In passing upon applications for permission to exercise the
powers
Sec.
7.
That
section
5208
the
of
Revised
Statutes as amended by the
enumerated in this subsection, the Federal Reserve Board may
take into Act of July 12 1882, and Section 5209 of the Revised
Statutes as amended
consideration the amount of capital and surplus of the applying
bank, by the Acts of April 6 1869 and July 8 1870, be, and the
same are hereby,
whether or not such capital and surplus is sufficient under the
circum- amended and re-enacted to read as follows:
stances of the case, the needs of the community to be served, and
any other
"Sec. 5208. It shall be unlawful for any officer, director, agent,
facts and circumstances that seem to it proper, and may grant
or
or refuse employee of any Federal Reserve Bank, or of any member
bank as defined
the application accordingly: Provided, That no permit shall be
issued to in the Act of Dec. 23 1913, known as the Federal Reserve Act,
to certify
any national banking association having a capital and surplus
less than any check drawn upon such Federal Reserve bank or member
bank unless
the capital and surplus required by State law of State banks, trust
com- the person, firm, or corporation drawing the check has
on deposit with
panies, and corporations exercising such powers."
such Federal Reserve bank or member bank, at the times such
check is
Sec. 3. That the ninth paragraph of section 16 of the Federal Reserve
certified, an amount of money not less than the amount specified
Act, as amended by the Acts approved September 7 1916 and
in such
June 21 1917 check. Any check so cortilled by a duly authorize
d officer, director,
be further amended and re-enacted so as to read as follows:
agent, or employee shall be a good and valid obligation against
such
"In order to furnish suitable notes for circulation as Federal Reserve
Federal Reserve bank or member bank; but the act of any officer,
notes, the Comptroller of the Currency shall, under the direction
director,
of the agent, or employee of any such Federal Reserve bank
or member bank
Secretary of the Treasury, cause plates and dies to be engraved
in the in violation of this section shall, in the discretion of
the Federal Reserve
best manner to guard against counterfeits and fraudulent alteration
s, and Board, subject such Federal Reserve bank to the penalties
shall have printed therefrom and numbered such quantities
imposed by
of such notes Section 11, subsection (h), of the Federal Reserve
Act, and shall subject
of the denominations of $5, *10, $20, $50, $100, $500,
$1,000, $5,000, such member bank if a national bank to the liabilities
and proceedings
$10,000 as may be required to supply the Federal Reserve banks.
Such on the part of the Comptroller of the Currency provided
nixes shall be in form and tencr as directed by the Secretary
for in Section
of the Treasury 5234, Revised Statutes, and shall, in the discretion
of the Federal Reserve
under the provisions of this Act and shall bear the distinctiv
e numbers of Board, subject any other member bank to the penalties
imposed by Section
the several Federal Reserve banks through which they are
issued."
9 of said Federal Reserve Act for the violation of any of the provisions
Sec. 4. That paragraphs (b) and (c) of section 19 of the Federal
of
Reserve said Act. Any officer, director, agent, or employee of any
Federal Reserve
Act, as amended by the Acts approved August 15 1914 and
Juno 21 1917, bank or member bank who shall willfully violate
provisions
the
be further amended and re-enacted to read as follows:
of this
section, or who shall resort to any device, or receive any fictitious
"(b) If in a reserve city, as now or hereafter defined, it shall hold
obligaand tion, directly or collaterally, in order to evade the provisions
thereof, or
maintain with the Federal Reserve bank of its district an actual
net balance who shall certify a check before the amount thereof
shall have been reguequal to not less than 10% of the aggregate amount of its demand
deposits larly entered to the credit of the drawer upon the books
of the bank, shall
and 3% of its time deposits: Provided, however, That if
located in .the out- be deemed guilty of a misdemeanor and shall,
on conviction thereof in any
lying districts of a reserve city or in territory added to such
a city by the district court of the United States, b3 fined
not more than $5,000, or
extension of its corporate charter, it may, upon the
affirmative vote of shall be imprisoiied for nor more than
five years, or both, in the discretion
five members of the Federal Reserve Board, hold and maintain
the reserve of the court.
balances specified in paragraph (a) hereof.
"Sec. 5209. Any officer, director, agent, or employee of any Federal
"(c) If in a central reserve city, as now or hereafter defined,
it shall hold Reserve bank, or of any member bank as defined
and maintain with the Federal Reserve bank of its
in the Act of Dec. 23
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
deposits and 3% of its time deposits: Provided, however, That
if located in Reserve bank or member bank, or who, without authority
from tho directhe outlying districts of a central reserve city or in territory
added to such tors of such Federal Reserve bank or member bank,
issues or puts in circity 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 specified in paragraphs (a) or (b)
thereof."
deposit, draws any order or bill of exchange, makes any acceptanc
Sec. 5. That section 22 of the Federal Reserve Act,
e,
as amended by the assigns any note, bond, draft, bill of exchange, mortgage,
judgment, or
Act of Juno 21 1917, be further amended and reenacted
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
hereafter make any loan or grant any gratuity to any bank examiner.
Any to injure or defraud such Federal Reserve bank or member bank,
bank officer, director, or employee violating this
or any
provision shall be deemed other company, body politic or corporate, or any individual
person, or to
guilty of a misdemeanor and shall be imprisoned
not exceeding one year deceive any officer of such Federal Reserve bank
or member bank, or the
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
equal to the money so loaned or gratuity given.
examine the affairs of such Federal Reserve bank or member banlc,
or the
"Any examiner accepting a loan or gratuity from
any bank examined Federal Reserve Board; and every receiver of a national
banking associaby him or from an officer, director, or employee thereof
shall be deemed tion who, with like intent to defraud or injure, ombezzlas, abstracts,
purguilty of a misdemeanor and shall be imprisoned ono
year or fined not loins, or willfully misapplies any of the moneys, funds,
or assets 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 so loaned or gratuity given, and shall forever
thereafter be dis- director, agent, employee, or receiver in any violation
of this section
qualified from holding office as a national bank examiner.
shall be deemed guilty of a misdemeanor, and upon conviction thereof
in
"(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
compensation while holding such office for any bank or
officer, director, or shall be imprisoned for nor more than five years, or both,
in the discreor employee thereof.
tion of the court.
"No examiner, public or private, shall disclose the names
"Any Federal Reserve agent, or any agent or employee of such
of borrowers
Federal
or the coaliteral for loans of a member bank to
other than the proper officer Reserve agent, or of the Federal Reserve Board,
who embezzles, abstracts,
of such bank without first having obtained the express
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
such bank, except when ordered to do so by a court
of competent juris- Federal Reserve Act, issues or puts in circulation any Federal
Reserve
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
House thereof, or any conunittee of Congress, or of
either house duly court of the United States shall be fined not more than $5,000 or imprisone
d
authorized. Any bank examiner violating the provisions
of this sub- for not more than five years, or both, in the discretion of the court."
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
attorney of a member bank who stipulates for or receives
or consents or JOHN SKELTON WILLIAMS ADVISES NATIONAL
agrees to receive any fee, commission, gift, or thing
of value from any
BANKS AS TO LAW GIVING LATTER TRUST POWERS.
person, firm, or corporation, for procuring or endeavori
ng to procure for
A letter has been addressed to national banks by Compsuch person, firm, or corporation, or for any other
person, firm, or corporation, any loan from or the purchase or discount of
any paper, note, troller of the Currency John Skelton Williams calling their
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 impiisoned
not moro than one year trust
powers on national banks. In his advices written under
or fined not more than $5,000, or both.
"(d) Any member bank may contract for, or purchase from,
any of its date of Sept. 27 Comptroller Williams says:
direAors or from any firm of which any of its directors is a
I am pleased to advise you that, under the authority of an Act
member, any
of Consecurities or other property, when (and not otherwise) such
purchase is gress, approved by the President on Sept. 26 1918, enlarged powers have
made in the regular course of business upon terms not less
favorable to the been conferred upon national banks which are now authorized (under the
bank than those offered to others, or when such purchase
is authorized limitations prescribed in the Act) to open trust departments, and to act
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
securities or property, such authority to be evidenced by the
affirmative of estates, assignee, receiver, committee of estates of lunatics, and
vote or written assent of such directors: Provided, however,
"In any other fiduciary capacity in which State banks,
That when any
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 minks are
of others, sells securities or other property to a member
permitted to act under the laws of the State in which the national bank
bank, the Federal located."
is
Reserve Board by regulation may, in any or all cases, require
a full disAs a condition precedent to the exercise of these new powers,
closure to be made, on forms to be prescribed by it, of all
it is necescommissions or
sary to obtain a permit from the Federal Reserve Board. National
other considerations received, and whenever such director
banks
or firm, acting
obtaining such permits must have capital and surplus required
in his or its own behalf, sells securities or other property
by the
to the bank the
State law governing State banks, trust companies and corporations
Federal Reserve Board, by regulation, may require full
a
exercisdisclosure of all
ing such powers.
profit realized from such sale.
"Any member bank may sell securities or other property
The letter also gives in full that section of the newly
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
firm than those offered to others, or when such sale
is authorized by a to act in a fiduciary capacity. 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.




OCT. 5 1918d

THE CHRONICLE

1325

In referring to the action of the Federal Reserve Bank,
ANNUAL MEETING OF NEW YORK CLEARING HOUSE
the
New York "Times" of Oct. 2 said:
—YEARLY FIGURES.
Heretofore, if a member bank desired to rediscount bankers' acceptances
the
of
At this week's annual meeting (on the 1st inst.)
having a maturity of 16 to po days, it had to pay 43 %,the rate charged
not having more
New York Clearing House Association, Gates W.McGarrah, for the rediscount of commercial paper. In case of paper
15 days to run, the rediscount rate has been 4%. It is generally
President of the Mechanics & Metals National Bank, was than
recognized that bankers' acceptances having the indorsement of a member
re-elected President, and Theodore Hetzler, President of the bank are a higher grade security than commercial paper bearing a similar
Fifth Avenue Bank, was re-elected Secretary of the Associa- indorsement, and consequently it has been felt that the rediscounting of
bankers' acceptances should be done at preferential rates. It is expected
tion. Walter E. Frew, President of the Corn Exchange that with the estarolishment of the special rates many of the banks will be
Bank, retired from the Clearing House Committee, and is willing to indorse acceptances purchased oy them from brokers and re
it is expected that
succeeded as Chairman of that body by Albert H. Wiggin, discount the bills at the reserve bank. In this way,
banks will be more inclined to make investments in bankers' acceptances
Chairman of the Board of the Chase National Bank. James and thus the market for the paper will be broadened.
The Federal Reserve Bank of New York has been a large buyer of acA. Stillman, Chairman of the Board of the National City
few exceptions It has limited its
Bank, and Otto T. Bannard, Chairman of the Board of the ceptances in the open market, but with
purchases to three-name paper; that is, acceptances indorsed by a bank
New York Trust Company, were elected members of the Its rate for these bills vary, the minimum being 4%.
committee, succeeding Mr. Frew and Seward Prosser,
President of the Bankers Trust Company. The Clearing
DEATH OF G. W. F. GAUNT, DIRECTOR FEDERAL
House Committee, with these changes, now consists of
RESERVE BANK OF PHILADELPHIA.
Mr.Wiggins;Francis L.Hine,President of the First National
W. P. Gaunt, an ex-member of the New
George
Hon.
the
of
Board
of
the
Bank; Lewis E. Pierson, Chairman
the Reserve Bank of PhilaIrving National Bank; and Messrs. Stillman and Bannard. Jersey Senate and a Director of
Hill, N. J., on Sept. 24.
William J. Giplin and Clarence E. Bacon continue as delphia, died at his home at Mullica
years of age, was
was
fifty-three
who
Gaunt,
Ex-Senator
the
of
Manager and Assistant Manager, respectively,
there until
resided
and
.,
.
J
N.
County,
Gloucester
in
born
Association.
Hill. He devoted much
The total Clearing House transactions for the year ended 1901, when he removed to Muffles,
sponsor in the New Jersey SenSept. 30 1918 amounted to $191,779,241,670, this comparing time to farming and was the
in the interests of that industry.
legislation
considerable
of
ate
with last year's total of $193,681,822,820; for the year
Master of the State Grange
was
he
years
fifteen
past
the
For
9,
$155,742,333,90
aggregated
they
1916
30
Sept.
ending
officer of the National
an
also
He
was
Jersey.
New
of
amounted
while for the twelve months to Sept. 30 1915 they
to but $96,183,554,464. The following details regarding Grange.
the transactions in the year just ended (Sept. 30 1918) are
CAPITAL ISSUES COMMITTEE NOT TO INTERFERE
taken from the report presented by the Manager:
WITH BANKING RELATIONS BETWEEN BANKS
The Clearing house transactions for the year have been as follows:
AND CUSTOMERS,ACCORDING TO J. B.FORGAN.
$174,524,179,028 72
Exchanges
17,255,062,671 27
Balances
Concerning the conference held in Washington on Sept.
$191,779,241,699 99 18 between members of the Federal Reserve Board and the
Total transactions
The average daily transactions:
Federal Reserve Advisory Council, James B. Forgan, one
$575,987,389 53
Exchanges
of the members of the latter, and Chairman of the Board
55
56,947,401
Balances
of the First National Bank of Chicago is credited in the
$632,934,791 08 Chicago "Herald and Examiner" of Sept. 24 with stating
Total
of
Clearing
organization
House (65 years):
Total transactions since
Issues Com$3,103,115,668,654 89 that contrary to the belief that the Capital
Exchanges
161,102,465,549 29 mittee will supervise all bank loans the committee has no
Balances
intention of interfering with the private relations between
$3,264,218,134,204 18
Total
bankers and their customers. According to the paper quoted
Largest exchanges on any one day during the year
$928,176,124 98 the committee "asks no enlargement of its power. It but
(July 2 1918)
Largest balnces on any one day during the year
further co-operation of the banks of the nation in aiding
143,091,142 68 seeks
(Nov. 21 1917)
it to conserve credits for war purposes." We also take the
Largest transactions on any one day during the year
1,015,850,789 04 following from the paper referred to:
(July 2 1918)

Smallest exchanges on any one day during the year
The committee, Mr. Forgan declared, wants to stop corporations
329,824,441 92
(Jan. 28 1918)
from using capital, materials and labor on improvements and extenSmallest balances on any one day during the year
the financing of such projects has been submitted to the
28,374,886 35 sions before
(Jan. 28 1918)
Capital Issues Committee. The Committee has found that a large numyear
the
during
day
one
any
on
Smallest transactions
security issues already have started their improve358,199,38 27 ber of applicants for
(Jan. 28 1918)
ments, and in some instances have halt completed them, before their apLargest daily transactions on record, Feb. 6 1917.
$1,218,586,762 17 plications have been submitted.
Exchanges
"In other words," Mr. Forgan said,"a firm intending to make a $300,000
47,171,287 45
Balances
extension has been in the habit of going ahead and financing $100,000
out of its own funds, then applying for
$1,265,758,049 62 or $150,000 of the improvement
Total
loan to complete the work.
$143,091,142 68 a security issue or a bank
Largest baances, Nov. 21 1917
"'This puts the Capital Issues Committee members in the difficult posiTransactions of the U. S. Assistant Treasurer at New York:
construction shall be aban$1,602,603,711 00 tion of having to say whether the unfinished
Debit Exchanges
is not en1,031,520,035 35 doned or completed. It has to determine, if the construction
Credit Exchanges
with the work or stop it
661,954,238 12 tirely essential,if it is less harmful to go ahead
Debit Balances
hand."
on
be
90,870,562 47 summarily, regardless of contracts and the material that may
Credit Balances
The Capital Issues Committee made its first plea for co-operation of the
65
571,083,675
Balances
Debit
of
Excess
banks before the Advisory Council of the Federal Reserve Board. The
The report also says:
Council adopted a resolution rezonunending that the Federal Reserve Board
banks
send letters urging closer co-operation in this direction to all the member
The Association is now composed of 28 national banks, 13 State
and 15 trust companies. The Federal Reserve Bank of New York and the banks of the Federal Reserve system.
On Wednesday [the 18th1 last the bankers' conference was held. At this
Assistant Treasurer U. S., at New York, also make their exchanges at the
Clearing House. 'I he Clearing House Collection Department also Ex- meeting a committee of five was created to take the necessary steps to sechanges at the Clearing House, making 59 clearing institutions.
cure the desired co-operation. A. H. Wiggins, Chairman of the Chase
Thep are 19 banks and trust companies in the city and vicinity, not National Bank of New York, was named Chairman and directed to select
members of the Association, which make their exchanges through banks the remaining four members.
that are members, in accordance with constitutional provisions.
"The committee gave positive assurance it has no intention of seeking
to interfere in ordinary banking relations between banks and their customers," Mr. Forgan said. "It is not asking control in any manner over
SPECIAL REDISCOUNT RATES NAMED FOR BANK- ordinary
bank loans, as distinguished from borrowing for capital purposes
BY
NEW
YORK
ACCEPTANCES
ERS'
in excess of $100,000.
RESERVE BANK.
"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
bankers'
special
rediscount rates for
The creation of
to submit the matter to the Capital Issues Committee. If the project is
acceptances was announced by the Federal Reserve Bank of compatible with national interest, a license for it will be issued."
Capital Issues Committee also warns that business enterprises seekNew York on Oct. 1. In its statement issued in the matter ingThe
to expand will be unable to obtain labor or material until a license has
on the 1st the bank said:
been secured.
The Federal Reserve Dank of New York announces to-day the estabaccepbankers'
of
for
special
time
rates
rediscount
first
lishment for the
THE WAR REVENUE BILL—SECRETARY McADOO'S
tances as follows:
LETTER URGING MORE SPEED.
%
4
Maturities up to 15 days •
Maturities lii to 60 days, inclusive
that the Senate Committee on Finance expeIeurging
4 %
Maturities 61 to 90 days, inclusive
on the Bending war revenue bill, Secretary of
work
its
dite
It is believed that the establishment of rates for the rediscount of bankers'
McAdoo, in a letter this week to Chairman
Treasury
the
paper
commercial
eligible
forms
of
from
other
acceptances, as distinguished
transactions
Committee, states that failure promptly
market
the
open
of
the
supplementing
Simmons
Act,
the
of
13
under Section
of the bank in bankers' acceptances, will provide another useful element to report and pass the bill will "disorganize and endanger
in
toward the broader development and stabilization of the open market
the national finances." We quote the letter herewith:
bankers' acceptances.




1326

THE CHRONICLE
TREASURY DEPARTMENT,

Washington, D. C., Oct. 3 1918.
My Dear Senator. I am writing in deep solicitude to ask your co-operation 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
finances.
One year ago to-day the Revenue Act of 1917 became law. Acting
thereafter with the greatest practicable dispatch, the Treasury Department was unable to frame the regulations essential to its proper interpretation, prepare the necessary forms, have them printed and properly distributed, acquaint taxpayers with their duties and responsibilities under
the law and regulations, and develop the machinery necessary to secure
returns on March 11918, the date normally appointed by law.
The new revenue bill when enacted into law will impose a heavier burden upon a far larger number of objects than the Revenue Act of 1917. Its
administrative problems will be multiplied in number and necessarily increased in complexity. Payment of income and profi:s 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 now tax legislation than it was in the
autumn of 1917. But it would be idle to deceive ourselves or you by holding 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 subject 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 collected at the time or times appointed by law. The demands of the situation 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 foe 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 his address on that occasion.:
"Definiteness, early definiteness, as to what its tasks are to be, is absolutely necessary for the successful administration of the Treasury; It cannot
frame fair and workable regulations in haste, and it must frame its regulations in haste if it I. not to know its exact task until the very eve of
Its performance.
"I cannot assure the country of a successful administration of the Treasury in 1918 if the question of further taxation is to be left undecided until
1919."
Yours very truly,
W. G. McADOO.

[VOL. 107.

terest on 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 income from oil and gas wells. In place of the provision in
the House bill the Committee decided upon the following
substitute:
In the case of mines, oil and gas wells, other natural deposits and timber, a reasonable allowance for depreciation and for depreciation of improvtments according to the peculiar conditions of each case, based upon
cost plus costs of development. Provided that in the case of such properties acquired prior to March 11913, 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, individual deduction under this paragraph shall be allowed only as to property within the United States.

The revision of the bill was undertaken by the Senate
Finance Committee on Sept. 24, after the bill had passed
the House on Sept. 20. In our issue of Sept. 7, pages 962
to 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 proposed 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
passed by the latter is contained in Section 230, relating to
the tax on corporations. This section we reprint, showing
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 4 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:
(a) In the case of a 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
Film of (1) the amount of dividends paid during the taxable year to citizens
or residents of the United States or to domestic corporations or partnerships, plus (2) the same proportion of the amount paid during the taxable
Year out of earnings or profits in discharge of bonds or other interestbearing 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 the 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. 11918.

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
We also give herewith the provision carried in the House
month beginning Oct. 20. The adjournment program had
been announced on the 3rd by Majority Leader Martine, bill relating to the allowance on account of depletion in
who is said to have stated that it was framed on the assump- oil and gas wells, the matter shown in italics indicating the
tion that the bill could not possibly be disposed of before the new part added by the House:
PART V.—NET INCOME.
elections. To expedite revhion of the bill the Senate
Sec. 320. (a) That for the purpose of this title the net income of a
Finance Committee decided on the 3rd to meet daily at corporation shall be ascertained and returned—
(1) For the calendar years 1911 and 1912 upon the same basis and
10 o'clock, earlier than usual, to cut short the luncheon
the same manner as provided in Section 38 of the Act entitled "An Act
period and work later each day. Considerable progress in
to provide revenue, equalize duties and encourage the industries of the
is reported to have been made on the bill by the Committee United States, and for other purposes," approved Aug. 5 1909, except
on the 3rd. The House provisions for individual credits that taxes imposed by such section and paid by the corporation within the
year shall be included;
in computing income taxes, including the exemption limits
(2) For the calendar year 1913 upon the same basis and in the same
of $1,000 for single and $2,000 for married persons, with an manner as provided in Section II. of the Act entitled "An Act to reduce
duties and to provide revenue for the Government, and for other
additional allowance of $200 for each dependent person un- tariff
purposes," approved
3 1913, except that taxes imposed by Section
der eighteen years of age, was adopted. Broad principles 38 of such Act of Aug.Oct.
5 1909 and paid by the corporation within the year
to govern taxation of oil producers and prospectors so as to shall be included, and except that the amounts received by it as dividends
upon the stock or from the net earnings of other corporations subject„;.to
encourage production and of amortization allowances for the
tax imposed by Section II. of such Act of Oct. 3 1913,shall be deducted:
war plants which may be wholly or partially useless after and
(3) For the taxable year upon the same basis and in the same manner
the war were likewise adopted on the 3rd. On amortizaprovided for income tax purposes in Title II, of this Act, except that in
tion allowances for war plants, the Committee adopted the as
the case of oil and gas wells there shall be deducted (in lieu of the deduction
Treasury's suggestion and struck out the maximum allow- provided in clause (a) of paragraph (9) of subdivision (a) of Section 234) a
ance of 25% provided in the House bill to be deducted in reasonable allowance for depletion (including in the case of producers or
prospectors a reasonable allowance for hazard not to exceed 10% of the value
computing income taxes. As revised, the Treasury De- in
the ground of the oil withdrawn during the taxable year) such deduction to
partment would be left with discretion to make allowances be made under rules and regulations to be prescribed by the Commissioner with
the
approval of the Secretary.
deemed proper for amortization. Amending the provisions
(b) The average net income for the pre-war period shall be determined
for deductions in assessing incomes taxes, the Committee by dividing
the number of years within that period during the whole of
approved House provisions for deductions of interest, paid which the corporation was in existence into the suns of the net income for
such
years,
even
though there may have been no net income for one or
or accrued, but added a clause to prohibit deduction of inmore of such years.



OCT. 5 1918.]

THE CHRONICLE

As stated in our issue of Sept.'21, perhaps the most important alteration made by thelHouse was in eliminating the
provision which, if retained, would have operated to nullify
the tax-exempt feature of United States bonds, Federal Farm
Loan obligatons and State and municipal issues. The ob. jectional clause was contained in Sections 214 and 234 of the
measure (the one section applying to the return of the individual taxpayer and the other_ to the returns of corporations), both sections have been altered so as to free them
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 corporation on his or its indebtedness over and above the amount
received by him or it from tax-free securities. As amended,
the two sections now read—the changes being in the omission of the words we have put in black-faced type:
Deductions Allowed—Individual Taxpayer.
Sec. 214. (a) That in computing net income there shall be allowed 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 reasonable 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 has not taken or is
not taking title or in which no 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.
Deductions Allowed—Corporations.
Sec. 234. (a) That in computing net income there shall be allowed 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 reasonable 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 of property to
which the corporation has not taken or is not taking title, or in which it
has no equity;
(2) All interest paid or accrued within the taxable year on its indebtedness (or, in the case of a foreign corporation, the proportion of such intefest paid which the amount of its gross income from sources within the
United States bears to the amount of its gross income from all sources
within and without the United States) in excess of the interest received
free from taxation under this title.

A statement in reply to Secretary McAdoo's request that
the work on the war revenue bill be hastened was issued
yesterday, the 4th inst., by Senator Lodge, Republican
leader and member of the Senate Finance Committee.
Senator Lodge says:
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 inpenance which we must consider, questions which are brought before us
by business interests from all 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 that the Committee is strongly of the opinion that it would be a mere
dereliction of duty to throw it before the Senate undigested, unconsidered
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 largo
that it seems inevitable they will tend to reduce profits to a point which will
dry up the sources of income taxes as applied both to corporations and individuals and leave the business organizations of the country in a position
whore 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 ali 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 LS quite as
groat 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.

TEXT OF LIBERTY BOND EXEMPTION BILL AS
ENACTED INTO LAW.
We give below the text of the bill, signed by President
Wilson 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 latter's
letter recommending the legislation and the bill proposed Ty
hiiicivere published,in_our issue of Sept. 14, page 1050.30n



1327

the two succeeding issues (Sept. 21, page 1144, and Sept. 28,
page 1237) we indicated the changes which the bill had undergone 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 provisions 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 corporations, and provides for a like exemption in the case of interest on a total of $45,000 bonds of previous Liberty Loan issues, where a taxpayer holds $30,000 of the Fourth Liberty
Loan bonds at the time his tax return is made. Where a
less amount of Fourth Liberty Loan bonds is held, the exemption for the old bonds is 13/2 times the amount of new
bonds. The bill also authorizes an increase in the issue of
War Savings stamps from'$2,000,000,000 to $4,000,000,000.
It also empowers the Secretary of the Treasury to make arrangements in or 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
to one-tenth of the capital. The following is the text of the
bill as enacted into law:
(11. R. 12923.]
AN ACT to supplement the Second Liberty Bond Act, as amended, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the United Slates
of America in Congress assembled, That unal 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 on an amount of bonds of the Fourth Liberty Loan
the principal of which doed not exceed $30,000, owned by any individual,
partnership, association, or corporation, shall be exempt from graduated
-s profits
additional income taxes, commonly known as surtaxes, and excet
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 in the
aggregate, 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 bonds of the Fourth Liberty Loan originally
subscribed for by such owner and still owned by him at the date of his
tax return; and
(3) The interest on an amount of bonds, the principal of which does
not exceed $30,000, owned by any individual, partnership, association,
or corporation, issued upon conversion of 3% bonds of the First Liberty
Loan in the exercise of any privilego 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 '12,000,000,000," 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
$1,000."
Soc. 3. That the provisions of Section 8 of the Second Liberty Bond Act,
as amended 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
profits taxes.
Sec. 4. That the Secretary of the Treasury may, during tho war and
for two years after its termination, make arrangements in or with foreign
countries to stabilize the foreign exchanges and to obtain foreign currencies
and credits in such currencies, and he may use any such credits and foreign
currencies for the purpose of stabilizing or rectifying the foreign exchanges,
and he may designate depositaries in foreign countries with which may be
deposited as he may determine all or any part of the avails of any foreign
credits or foreign currencies.
Sec. 5. That subdivision (b) of Section 6 of the Trading-with-the-Enemy
Act be, and hereby is, amended to road as follows:
(b) That the President may investigate, regulate, or prohibit, under
such rules and 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, transfers 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 Asa, 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 protecting such holders, he may investigate and regulate, by means of licenses
or otherwise (until the expiration of two years after the date of the termination 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
United 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, contracts, letters or other papers, in connection therewith in the custody or

1328

THE CHRONICLE

[VOL. 107.

control of such person, either before or after such transaction is completed." additional income taxes, commonly known as surtaxes, and excess profits
Sec. 6. That Section 5200 of the Revised Statutes, as amended, be, and and war-profits taxes, now or hereafter imposed by the United States,
hereby is, amended to read as follows:
upon the income or profits of individuals, partnerships, associations, or
"Sec. 5200. The total liabilities to any association, of any person, or corporations;
of any company, corporation, or firm for money borrowed, including in
(2) The interest received after Jan. 1 1918 on an amount of bonds of the
the liabilities of a company or firm the liabilities of the several members First Liberty Loan Converted, dated either Nov. 15 1917 or May 9
1918,
.thereof, shall at no time exceed 10% of the amount of the capital stock the Second Liberty Loan, converted and unconverted, and the Third
of such association, actually paid in and unimpaired, and 10% of its Liberty Loan, the principal of which does not exceed $45,000 in the agunimpaired surplus fund: Provided, however, That (1) the discount of bills gregate, owned by any individual, partnership, association, or corporation,
of exchange drawn in good faith against actually existing values, (2) the shall be exempt from such taxes; provided, however, that no owner of such
discount of commercial or business paper actually owned by the person, bonds shall be entitled to such exemption in respect to the interest on
company, corporation, or firm, negotiating the same, and (3) the purchase an aggregate principal amount of such bonds exceeding one and one-half
or discount of any note or notes secured by not less than a like face amount times the principal amount of oonds of the Fourth Liberty Loan originally
of bonds of the United States issued since April 24 1917, or certificates of subscribed for by such owner and still owned by him at the date of his
indebtedness of the United States, shall not be considered as money bor- tax return.
rowed within the meaning of this section; but the total liabilities to any
Receivable for Federal Inheritance Taxes.-Any of the bonds which have
association, of any person or of any company, corporation, or firm, upon been owned by any person continuously for at least six months prior to
any note or notes purchased or discounted by such association and secured the date of his death, and which upon such date constitute part of his
by such bonds or certificates of indebtedness, shall not exceed (except to estate, shall, under rules and regulations prescribed by the Secretary
of
the extent permitted by rules and regulations proscribed by the Comptroller the Treasury, be receivable by the United States
at par and accrued inof the Currency, with the approval of the Secretary of the Treasury) 10% terest in payment of any estate or inheritance taxes imposed
by the United
of such capital stock and surplus fund of such Association."
States, under or by virtue of any present or future law, upon such estate
Sec. 7. That the short title of this Act shall be "Supplement to Second or the inheritance thereof.
Liberty Bond Act."
Bond Purchase Fund.-The Secretary of the Treasury is authorized,
Approved Sept. 24 1918.
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
TREASURY DEPARTMENT'S CIRCULAR OUTLINING and conditions as he may prescribe. The par amount of bonds of this
issue which may be purchased in the 12 months' period beginning on the
DETAILS OF FOURTH LIBERTY LOAN BONDS.
date of issue shall not exceed one-twentieth of the par amount of such bonds
We give below the Treasury Department's circular, originally issued, and in each 12 months period thereafter, shall not exceed
of the amount of the bonds of such issue outstanding at the
describing in detail the Fourth Liberty Loan offering of one-twentieth
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
on Sept. 28 and will close Oct. 19. As stated in these col- and accrued interest.
Applications.
umns last week, the bonds will be dated Oct. 24 1918 and
Official Agencies.-The agencies designated
the Secretary of the
will mature Oct. 15 1938. They will bear 434% interest; Treasury to receive applications for the bonds nowbyoffered
are the Treasury
the first interest payment,for 173 days,will be made April 15 Department in Washington, D. C., and the Federal Reserve banks in Boston, New York, Philadelphia, Cleveland (with branches at Cincinnati
1919. Thereafter the semi-annual interest periods will be and Pittsburgh), Richmond (with branch at Baltimore),
Atlanta (with
April 15 and Oct. 15. Both coupon and registered bonds branches at New Orleans, Birmingham, and Jacksonville), Chicago (with
will be issued; the coupon bonds will be issued in denomina- branch at Detroit), St. Louis (with branches at Louisville and Memphis),
Minneapolis, Kansas City (with branches at Omaha and Denver), Dallas
tions of $50, $100, $500, $1,000, $5,000 and $10,000; the (with
branch at El Paso), and San Francisco (with branches at Salt Lake
registered bonds will be put out in denominations of $50, City, Portland, Seattle, and Spokane). The Federal Reserve banks have
$100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000. been designated as fiscal agents of the United States, to receive applications,
to receive payments, and to make delivery of the bonds allotted. SubThe Government reserves the right to redeem the bonds in scribers
may send their applications, accompanied by the required payfifteen years, namely in 1933. Subscriptions to the bonds ment, direct to any of said banks or branches.
Subscribers'
Agencies.-Large numbers of national banks, State banks,
will be payable 10% with the application on or before Oct.
and trust companies, investment bankers, express companies, news19; 20% on Nov. 21; 20% Dec. 19; 20% Jan. 16 and 30% papers, department stores,
and other corporations, firms and organizaJan. 30 1919, with accrued interest from October 24 on the tions have patriotically offered to receive and transmit applications for
the
bonds
without
expense
to the applicants. The Secretary of the
four deferred installments. While subscriptions to $6,000,- Treasury appreciates
the value of tnese offers, and will have application
000,000 of the bonds are asked the right is reserved to blanks widely distributed through the Federal Reserve
banks, to those
allot additional bonds up to the full amount of any over- institutions throughout the country. Subscribers' agencies must transmit
or cover by their own subscriptions all applications received by them.
subscription. The following is the Treasury Department's No commissions will be paid upon subscriptions, and those who receive
circular presenting the offering:
and transmit applications are therefore rendering the service to subscribers
as a patriotic duty. Only the Federal Reserve banks are authorized to
TREASURY DEPARTMENT.
act as fiscal agents of the United States in connection with the operations
1918
of selling and delivering bonds of the Fourth Liberty Loan.
Department Circular No. 121
Office of the Sdcretary,
Form of Application.-Applications must be in the form prescribed by
Washington, Sept. 28 1918.
the
Secretary of the Treasury and be accompanied by payment of 10%
Loans and Currency
of
the amount of bonds applied for. Applications must be for bonds to
The Secretary of the Treasury invites subscriptions, at par and accrued
an
amount
of $50 or some multiple thereof. At the option of the subscriber
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, payment in full may be made with the application without rebate of interest,
in
which
case bonds as described herein, dated and bearing interest
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 from Oct. 24 1918, will be delivered to the subscriber as soon as possible
1918, and supplemented by an Act of Congress approved Sept. 24 1918, after the application, accompanied by such payment in full, is received.
the right being reserved to allot additional bonds up to the full amount If registered bonds are desired the subscriber should fill out the required
form appearing on the application blank, in which case registered bonds,
of any oversubscription.
dated and bearing interest from Oct. 24 1918, will be issued as promptly
Description of Bonds.
as possible, after payment in full, and mailed to the address given.
Denominations.-Bearer bonds with interest coupons attached will be
Time of Closing Application Books.-Applications accompanied by payissued in denominations of $50, $100, $500, $1,000, $5,000, and $10,000. ment as aforesaid must
reach the Treasury Department or a Federal
Bonds registered as to principal and interest will be issued in denomi- Reserve Bank,
or one of said branches, or some incorporated bank or trust
nations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. company within the
United States (not including outlying territories and
Provision will be made for the interchange of bonds of different denomi- possessions), not later than the close of
business on Oct. 19 1918, the
nations and of coupon and registered bonds and for the transfer of regis- right being reserved by the Secretary of
the Treasury to close the subscriptered bonds, without charge by the United States, and under rules and tion on any earlier date,
to reject any applications, and to allot less than
regulations prescribed by the Secretary of the Treasury.
the amount of bonds applied for. Applications received by any incorRate of Interest, Date of Bonds, Maturity, and Redemption.-The bonds porated bank
or trust company on or before Oct. 19 1918, must, by such
will be dated Oct. 24 1918 and will bear interest from that date at the rate bank or trust
company, be transmitted to, or covered by its own subscripof 4X% per annum, payable on April 15 and Oct. 15 in each year. The tion to,
Federal Reserve bank of the district in which it is located, mashing
Interest payable on April 15 1919 will be for 173 days. The bonds will such
Federal Reserve bank not later than the close of business on Oct.
mature Oct. 15 1938, but this issue may be redeemed at the pleasure of 24 1918, accompanied
by payment as aforesaid.
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
Payments.
given in such manner as the Secretary of the Treasury shall prescribe. In
Terms of Payment.-Unless payment in full is made with application,
case of partial redemption the bonds to be redeemed will be determined by payment for bonds allotted, in addition to the first installment of 10%
such method as may be proscribed by the Secretary of the Treasury. From on application on or before Oct. 19 1918, must be made so
as to reach a
the date of redemption designated in any such notice, interest on bonds Federal Reserve bank or a branch thereof, as follows: 20% on Nov. 21
called for redemption shall cease. The principal and interest of the bonds 1918; 20% on Dec. 19 1918; 20% on Jan. 16 1919; 30% on Jan. 30 1919.
are payable in United States gold coin of the present standard of value.
m ith accrued interest from Oct. 24 1918, on the four deferred installments,
Tax Exemption.-The bonds shall be exempt, both as to principal and Receipt of installment payments made to official agencies prior to payment
interest, from all taxation now or hereafter imposed by the United States, in full will be acknowledged by the several Federal Reserve banks. Payany State, or any of the possessions of the United States, or by any local ments must be made when and as heroin provided under penalty of fortaxing authority, except (n) estate or inheritance taxes, and (b) graduated feiture of any and all installments previously paid and of all right and inadditional income taxes, commonly known as surtaxes, and excess profits terest in the bonds allotted. Payment for bonds allotted may be sooner
and war-profits taxes, now or hereafter imposed by the United States, completed, but only so as to roach a Federal Reserve bank, or a branch
upon the income or profits of individuals, partnerships, associations, or thereof, on Oct. 24 1918, or, with accrued interest from Oct. 24 1918 (the
corporations, The interest on an amount of bonds and certificates author- previous installment or installments having been duly paid), on Nov. 21
ized by said Act approved Sept. 24 1917, and amendments thereto, the 1918, Dec. 19 1918, or Jan. 16 1919.
principal of which does not exceed in the aggregate $5,000, owned by any
Payment in United States Treasury Certificates of Indebtedness.-Payment
Individual, partnership, association, or corporation, shall be exempt from of the first installment of 10% or payment in full with application on or
the taxes provided for in clause (b) above.
before Oct. 19 1018, or completion of payment on Oct. 24 1918, may be
In addition to the foregoing exemp.ions, until the expiration of two years made in United States Treasury certificates of indebtedness of Series IV
after the date of the termination of the war between the United States of any maturity, but not in certificates of the Tax Series of 1919.
and the Imperial German Government as fixed by proclamation of the Payment on other installment dates may be made in United
States
PresidentTreasury certificates of indebtedness of the issues, if any, maturing or
(1) The interest on an amount of bonds of the Fourth Liberty Loan called for redemption on said installment dates, respectively. Such certhe principal of which does not exceed $30,000, owned by any individual, tificates will be received at their face value. The accrued interest thereon
partnership, association, or corporation, shall be exempt from graduated (which, in case of payment of the first installment or payment in full on




THE CHRONICLE

OCT. 5 1918.]

or before Oct. 24 1918 will be computed to Oct. 24), will be paid to the
subscriber. Treasury certificates thus presented must not be of a larger
face value than the amount then to be paid on the subscription; and subscribers should obtain certificates in appropriate denominations in advance.
How to Make Payments.—It is strongly recommended that subscribers
avail themselves of the assistance of their own banks and trust companies,
in which case they will, of course, make payment through such institutions. In cases where they do not do so, subscribers should make payment,
either to the Treasury Department in Washington or to a Federal Reserve
bank or branch thereof in cash, or by bank draft, certified check, post
office money order, or express company money order, made payable to
the order of the Secretary of the Treasury if the application is filed with the
Treasury Department in Washington (thus: "The Secretary of the Treasury, Fourth Liberty Loan Account"), or, if the application is filed elsewhere, made payable to the order of the Federal Reserve bank of the district in which the application is filed (thus: "Federal Reserve bank of
, Fourth Liberty Loan Account"). Incorporated banks and
trust companies in the United States duly qualified as special depositaries
of public moneys under Department Circular No. 92, as amended and
supplemented Sept. 21 1918, may make payment by credit for bonds
subscribed for for themselves and their customers up to the amount for
which such deposicaries, respectively, shall be qualified in excess of then
existing deposits, when so notified by Federal Reserve banks; but the right
Is reserved to require that qualified depositaries make payment by credit
only to the extent that they cannot make such payment in Treasury
certificates of indebtedness maturing or called for redemption on the date
the payment on bond subscriptions is due at Federal Reserve banks.
Delivery.
Bonds as described in the circular, dated Oct. 24 1918 and bearing interest
from that date, will be delivered promptly after due completion of payment therefor, and may be delivered prior to Oct. 24 1918, to subscribers
who make payment in full in cash on or before Oct. 19 1918. In making
deliveries before Oct. 24, the right is reserved to deliver bonds of the
largest denomination or denominations, not exceeding $1,000, contained
in the respective amounts of bonds subscribed for. Bonds will be delivered
by the several Federal Reserve banks as fiscal agents of the United States
as far as practicable in accordance with written instructions given by the
subscribers, and, within the United States, its territories and insular
possessions, at the expense of the United States.

1329

While enthusiastic reports of the progrets of the Fourth Liberty Loan
campaign are being received from many parts of the country, subscriptions
filed with the incorporated banks and trust companies and reported to the
Treasury Department for the first four business days of the campaign
total only $626,506,000.
In order that the full amount of $6,000,000,000 may be taken, subscriptions must be received at the average rate of over $315,000,000 for each
of the nineteen business days in the campaign, and yet up to due subscriptions are being received at only about one-half this necessary rate.
While I am confident that the American people will in the end complete
the enormous task now before them, I desire to urge every one not only to
subscribe to the utmost of his ability, but to subscribe at the earliest possible moment in order that his subscription may serve as an inspiration to
others.
The campaign is handicapped by two factors, the first being the unfortunate spread of influenza throughout many of the Eastern States,
necessitating the cancellation of public meetings, parades and other demonstrations in behalf of the loan. This condition makes it necessary for the
people to come forward with their subscriptions without waiting to be
called upon.
The second unfavorable factor, and by far the most serious one, is the
feeling which is prevalent in some communities that the glorious news from
the battlefronts reflects a military situation which warrants a slackening
of our efforts here at home. No more insidious propaganda than this could
be circulated by the enemy.
The time is ripe for the final stroke which shall lead to complete victory
and enduring peace, bit that stroke cannot be delivered in a day or a week.
Germany is not yet crushed. She has millions of strong fighting men still
on the battle lines and with invasion of their own territory facing them they
will fight even more desperately than heretofore.
The szength of our military efforts must be multiplied. Our fighting
forces must feel behind them the steadying support of the American people.
The supply of American arms and ammunition must not be interrupted or
diminished. Now is the time for speed—speed and the maximum of force
at the present time mean an earlier return of our boys from the bloody
battlefields—mean the saving of American lives and the winning of a
glorious and conclusive victory.

Iowa was the first State to report officially to the Treasur'y
Department that it had oversubscribed its quota of Fourth
Liberty Loan bonds. According to the Treasury DepartInterest.
a telegram from Chicagg said that C. H. McNider,
ment,
on
no
due
be
accrued
1918,
will
interest
24
As the bonds are dated Oct.
subscriptions for bonds paid for in full on or before that date. No rebate Federal Reserve Director.of.Sales for Iowa, reported that at
of interest will be allowed, either on account of full payment in advance of 8:10 p. m. on the 1st $148,920,500 in subscriptions had been
Oct. 24 1918, or on account of the first installment of 10%. Upon comin the State.
pletion of payment for the bonds on Nov. 211918, Dec. 19 1918, Jan. 16 reported, coming from virtually every county
1919, or Jan. 30 1919, the subscriber will be required to pay accrued Iowa's quota was $147,900,000, about twice its quota for the
Interest from Oct. 24 1918, on the deferred installment or installments at Third Liberty Loan.
the rate of 4j% per annum.
In furtherance of plans to enlarge its activities, the LibFurther Details.
Reserve District of
The bonds will be receivable as security for deposits of public money, erty. Loan Committee of the Federal
but will not bear the circulation privilege. The bonds are not entitled New York decided on Thursday upon the appointment of a
to any privilege of conversion into bonds bearing a higher rate of interest.
special committee which has been delegated to.make an inCoupon bonds will have four interest coupons attached, covering interest
payments up to and including Oct. 15 1920. On or after that date holders tensive and exhaustive canvas of wealthy persons of this disof these bonds should surrender the same and obtain a new bond or bonds trict. In announcing the appointment of the special comhaving coupons attached thereto covering semi-annual payments from
mittee, the Liberty Loan Committee stated that an analysis
April 15 1921 to Oct. 15 1938, both inclusive. This is to avoid the inconvenience, both to the United States and to subscribers, incident to the of subscriptions in past loans had convinced it that "there is
delivery of interim receipts, and to allow sufficient time for the engraving a large number of prosperous people in this city who have not
and printing of bonds with the full number of coupons attached.
taken as many bonds as they ought,probably because their reThe Secretary of the Treasury may make special arrangements for subscriptions for the bonds at not less than par from persons in the military sponsibilities have not been made sufficiently clear to them."
or naval forces of the United States.
The special committee named on Thursday consists of SewFurther details may be announced by the Secretary of the treasury
Prosser, President of the Bankers Trust Co.; James S.
from time to time, information as to which as well as forms for application ard
may be obtained from the Treasury Department or through any Federal Alexander, President of the National Bank of Commerce,
Reserve bank.
and Mortimer L. Schiff of Kuhn, Loeb & Co. Members of
W. G. McADOO,
the New York Stock Exchange, in response to a request,
Secretary of the Treasury.
have supplied 240 workers who will aid in the canvass.
It is estimated that about 7,000 persons of means will be
THE FOURTH LIBERTY LOAN CAMPAIGN
approached. A meeting of these volunteers was held yesterSUBSCRIPTIONS.
of Commerce, when an appeal that they
While the Fourth Liberty Loan campaign had an aus- day at the Chamber
best
efforts in the drive was made by J. P.
their
forth
put
up
progress
last,
Sept.
its
Saturday
28,
on
picious opening
Morgan.
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
LIBERTY LOAN TAX-EXEMPTION FEATURES.
of the reassuring accounts of developments on the battleLiberty Loan Committee of the New York Federal
The
fronts. Subscriptions of $626,506,000 were reported by Reserve District on the 22d inst. issued a statement regardon
business
up
to
the
Department
close of
the Treasury
ing tax-exemptions on the bonds of the Second, Third and
the 2d; this included all of the Federal Reserve districts Fourth Liberty Loans. The committee points out the great
until
which
campaign
will
City,
not
its
begin
Kansas
except
value of these exemptions in view of the taxes proposed in
Oct. 7. The following were the subscriptions reported by
the pending revenue bill. At headquarters the exemption
the Treasury Department up to the 2d:
in the amendment to the Second Liberty Bond
Subscriptions. provision
Quotas.
$121,094,000 Act is regarded as one of the principal features making for
$500,000,000
Boston
183.346,000
1,800.000,000
New York
45,775,250 a successful subscription throughout the district to the
500.000,000
Philadelpnia
35,471.450
600.000.000
Cleveland
The following statement issued by
18,330,400 Fourth Liberty Loan.
280.000,000
Richmond
2,153,850 the committee shows how the return on a purchase of $30,000
192,000,000
Atlanta
72,927,850
870,000,000
Chicago
83,014,350 of Fourth Liberty Loan bonds compares with the yield on
260.000.000
St. Louis
18,648.750
210,000.000
Minneapolis
No report taxable bonds:
260,000,000
Kansas City
Dallas
San Francisco
Total

126,000,000
402.000,000

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 yesterday 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:




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, 43(% 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 comparison 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 330.000 in Liberty bonds of the Fourth
Loan is equal to a yield of taxable income:

1330
$4,000
5.000
7,500
10.000
15,000
20,000
30.000

THE CHRONICLE
4.52%
4.83%
4.04%
5.00%
5.25%
5.45%
5.82%

$40,000
6.25% $200,000
11.19%
6.75% 300,000
50.000
11.81%
60.000
7.59%
500,000
12.50%
70,000
8.50% 1,000,000
14.16%
80,000
9.24% 5,000,000
15.18%
10.12% Over $5,000,000 18.48%
90,000
100.000
10.62%
Exemption from all Income taxes and excess profits or war profits taxes
Is extended to Second and Third Liberty Loan bonds in the hands of original
subscribers to Fourth Liberty Loan bonds to an amount equal to one and
one-half times the amount of Fourth Liberty Loan bonds, but not exceeding
$45,000, provided subscribers retain ownership of Fourth Liberty Loan
bonds at the date of tax return. Making the Second and Third Liberty
Loan bonds tax-exempt is equivalent to increasing the interest return
therefrom. Heretofore only $5,000 aggregate principal amount of Liberty
Loan bonds have been tax-exempt. The amendment provides additional
exemption on $75,000 principal amount. Thus, an individual, partnership or a corporation may now hold $80,000 Liberty Loan bonds—$30,000
Fourth Loan and $50,000 Second and Third Loans—exempt from all income taxes and excess profits or war profits txaes. Such holdings, yielding 43 % on the subscription price, are, during the period of the war and
for two years thereafter, on a parity, with respect to taxation, with the
Liberty Loan 3s now selling above par.
The exemption from all income taxes which is obtained by subscribers
to the Fourth Loan (up to $30,000) on the proportionate amount of their
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
additional return the subscriber obtains a return on the proportionate
amount of investment in the Fourth Loan equivalent to income from
taxable securities yielding rates ranging from 5.09%, when subject to the
proposed lowest rate of surtax, to 36.50%, when subject to the proposed
highest rate of surtax. This comparison as applied to the various steps
of income, based upon the income taxes proposed in the pending revenue
bill shown in the following table:
Interest from an investment of $30,000 in Liberty bonds of the Fourth
Loan is equal to the foliqwing yield from taxable bonds (allowing for
s,'-^ntassi to previous holding of $45,000), taxable income:
$i,o00
5.09% $50,000
9.28% $200,000
10.57%
10,000
5.23% 60,000
11.23%
300.000
21.01%
15,000......
5.80% 70,000
13.35%
22.63%
500,000
20,000
6.27% 80,000
15.06% 1,000,000
26.49%
30,000
7.13% 90,000-.st
17.10% 5,000,000
28.84%
40,000
8.13% 100,000
1.28% Over $5,000,000 36.60%
This advantage to holders of Second and Third Loan beads is a corn
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 principal amount, are exempt from the proposed 18% tax on undistributed
profits. In other words, the 43% 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 becurities 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%.

JACOB H. SCHIFF PREDICTS LOAN TVILL [BE
OVERSUBSCRIBED.
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. Schiff's speech was as follows:
Five months ago, standing on this same spot, I had the privilege of
addressing my fellow-citizens with a view to encouraging suoscriptions to
the Third Liberty Loan. I then told these 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,
have 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
again suo 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 assured 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 ad.
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 bettor appreciate what
America. at least, is fighting for.
The American sword has been drawn to teach the lesson that right and
not 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 visualized: "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 bid '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 Amer.can 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 American 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
frequently claimed—materialists, devoted solely to the acquisition of
wealth. To tne contrary: In contrast with the Central Powers, we seek
not aggrandizement and domination, we do not desire to gain anything
from this war, except the security of the nations and the freedom of the
peoples of the earth. To attain this, our soldiers are shedding their blood
and we ourselves are ready, if need be. to sacrifice all our pos.sessions.




[VoL. 107.

Standing here, as on Pisgah's Heights, and like Moses of old, looking
down into a Promised Land, which I cannot hope at my age to enter, yet
my eye can perceive how in times to come, the sacrifices we are bringing
now will bear rich fruit in making this a happier world, will assure to our
own posterity and to mankind in general groat blessings, because the
brotherhood of man shall have become a reality, selfish strife and class
hatred shall have disappeared
Should we for so lofty a purpose not gladly again and again come forward to furnish with open hands the great sums needed by the Government? And, withal, no sacrifice is involved in this. We are not asked
to surrender anything we possess—as we would readily do, were it necessary—but only to lend to our Government at good interest with partial
freedom from taxation.
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
gone over the top.

ADVICE TO LIBERTY BOND BUYERS CONCERNING
NEW YORK SAVINGS BANKS WHICH WILL HOLD
LIBERTY BONDS FOR SAFE KEEPING.
Half a million copies of a pamphlet entitled "Stick to Your
Trench" are to be issued by the Liberty Loan Committee
of the New York Federal Reserve District. This booklet
contains a list of institutions in this district that have agreed
to accept Liberty bonds in small denominations for safekeeping. During the second and third loan campaigns, a
number of trust companies, safe deposit companies and
national a,ndState banks offered to care for Liberty bonds
of small denomipations. Important progress has been made
in the last few weeks in the Government's campaign to protect the small investor from loss. Thirty-nine savings banks
in Greater New York have been added to the list.
PRESIDENT

WILSON'S FOURTH LIBERTY 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 generously than over to the Government's request for the investment of their money in Liberty bonds, appeared in the daily
papers of Saturday last, Sept. 28. 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 groat war for the rights of America and
the liberation of the world may be prosecuted with over-increasing vigor
to a victorious conclusion. And it makes the appeal with the greatest
confidence becaise 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 selfi.sh masters of Germany
are permitted to dictate what America may and may not do. Mon in
America, besides, have from the first until now dedicated both their lives
and their fortunes to the vindication and maintenance of the great principles and objects for which our Government was s0:1 up. They will not
fail now to show the world for what their wealth was intended.
WOODROW WILSON.

APPEAL TO HOLLANDERS TO SUPPORT LIBERTY
LOAN.
The Holland Liberty Loan Committee, consisting of representative Hollanders active in Dutch mercantile and banking
interests 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 hero. The circular issued by the committee is headed by an appeal of
Prince William the Silent of Holland to his people made in
1572 during the war against Spain. This begins: "Let not
a sum 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. 0. Corbin, E. J. Daniels, G. L.
Boissevain, S. Metz, H. R. Jolles, Charles D. Van Rijn,
Joh. H. Duijs and C. van der Hoeven.
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 Plenipotentiary, at the Waldorf-Astoria. The reception was followed
by a parade from Thirty-Third to the Altar of Liberty, at
Madison Square, where Sir Henry delivered an address.
The recdption at the Waldorf began at 11:30, andAwas

OCT. 5 1918.]

THE CHRONICLE

attended by British and American officers. On the reception committee were Martin Vogel, Assistant U.S. Treasurer,
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:
I stand here to-day at the Altar of Liberty to make a solemn offering of

the Flag of Britain, that it may take its place beside the Stara 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
united, all that the flag signifies—that is, nothing less than we have and
are.
The flag itself is nothing—a piece of gaily colored bunting—but in its
meaning, in its symbolism, it is everything. It 1. the gathering point for
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. l'atrick for Ireland—of the United Kingdom. That was its history,
and now it stands not for the British Isles only, but for the whole British
Empire.
The ceremony of to-day and those other national days which have preceded 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 year of the war,
we 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.
Belgian, British and French forces are 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
and in results.
Nor is it on the West front alone that success follows success. In Palestine, the Turkish armies are dissolved,and a large part of them are prisoners,
while such romnints 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
sight, btu the road to it may still be long, and this is a moment not to relax, 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 of the allied nations as well as your
own; but for one who sees the spirit in which 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,
secure the final
so far as money can do it, nothing will be wanting to
blu
victory which will restore peace and insure liberty for the world.

1331

with a 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
after the completion of payments.
EVERY LIBERTY LOAN CANVASSER WILL HAVE CREDENTIALS AND GIVE RECEIPT FOR PAYMENTS.
A new feature of the Fourth Liberty Loan campaign in the
New York Federal Reserve district is an army of 10,000 canvassers, each supplied with an identification card which is
his or her authority to accept cash for first payments upon
subscriptions. All workers who are authorized to take cash
carry official Liberty Loan receipt books. The public is requested 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
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:
LIBERTY LOAN COMMITTEE.
Second Federal Reserve District.
whose
The bearer of this card
signature appears hereon, is an agent duly auttorized to accept the initial
payment on a subscription for bonds of the Fourth Liberty Loan under
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. Plan C provides for
weekly payments.

The card is countersigned by the Chairman of a committee or a 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 Association of Banks and Trust Companies. Although the subscriber 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
NEW PARTIAL PAYMENT PLAN FOR LIBERTY LOAN. buy outright can make their payments on practically the
The Liberty Loan Association of Banks and Trust Com- same basis as the Government plan by using the book and its
panies of New York City on Sept. 30 made public the new adhesive receipts.
method of handling partial payment subscriptions to the
Fourth Liberty Loan. Through the banking institutions
DEPARTMENT STORES TO GIVE PRIZES TO
EMPLOYEES WHO 'SELL BONDS.
of the city the association will sell $50 bonds to subscribers
who make an initial payment of $4 and $100 bonds to those
$everal 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
for $100 bonds for a & Sons, have worked out a plan by which prizes of Thrift
payments of $2 for $50 bonds and
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 employees who sell Liberty bonds. Each of these stores has
Third Liberty Loan bonds on the installment plan, will be appropriated $1,250 which will be divided into 100 prizes,
used. Instead of a detachable coupon as before, an adhesive the largest of which, $250 of War Savings stamps (maturity
receipt will be issued whenever a weekly payment is made. value) will be .given to the employee who does best in the
One of these receipts must be attached to each white sheet 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
In addition to the banking insti- Koch & Co. Still others are likely to adopt the plane This
authorized canvassers.
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 Liberty Loan advertising that has ever been
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 tho 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 subscribed 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.

1332

THE CHRONICLE

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 Department in Washington. He has trade-marked the pennant at
the Patent Office and has assigned all rights thereto to the
Secretary of the Treasury. This was done so that it may
not be 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.
APPEAL TO RAILROAD EMPLOYEES TO SUBSCRIBE
TO FOURTH LIBERTY LOAN.
An appeal to railroad employees to co-operate in securing
a 100% result on every railroad in the matter of subscriptions
among officials and employees in the Fourth Liberty Loan
campaign was issued by Director-General of Railroads McAdoo under date of Sept. 18. With regard to paymenti by
railroad employees, Mr. McAdoo states that payments on
subscriptions to the Fourth Liberty Loan may commence
with the month 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.McAdoo's
circular:
CIRCULAR NO. 56.
The patriotic support of railway employees to the Third Liberty Loan
was more than gratifying. On some railroads practically every employee
became a subscriber for one or more of these 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. I 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.
I 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. I 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 La 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 opportunity 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 won(
for the success of the Fourth Liberty Loan, and I 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 democrackk
principles everywhere.
W. G. McADOO,
Director-General 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 Managers 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
same general character as the bonds of the Third Liberty Loan. The rate
of interest will be 4Y,%, but the maturity of the bonds will be later determined by the Secretary of the Treasury, as will also the dates on which interest 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 Department,and interest on coupon bonds
is represented by detachable coupons, collectible through any post office
or bank.
Officers and employees will be permitted to pay 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 payments on new subscriptions might begin at the expiration of the period covering 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 Juno, 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 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 making 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 installment payments,and will be charged interest on deferred
payment both
at 44%. 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
ofinterest 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 Federal 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 so that the subscriptions of railroad employees will be
reported
according to their homes and the local district will in each case receive
corresponding tredit to apply toward its quota.
Instructions are being issued to Regional Directors relative to the formation of committees, &c., to organize and promote this work, with
which
committee when appointed all railroad employees are urged to co-operate.
While bonds are being issued in both coupon and registered form, I
advise 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.

AGRICULTURAL ADVISORY COMMITTEE'S RECOMMENDATIONS CONCERNING HOG AND CORN PRICES.
Recommendations concerning the prices of hogs and corn
made to the U. S. Food Administration by the Agricultural
Advisory Committee, were made public in the "Official
Bulletin" of Sept. 28. The committee recommends that the
"average cost per bushel of corn" for the purpose of determining the price of hogs be considered as the average "farm
value of corn" or the average selling price of corn at local
railroad stations, as determined by the Deparfment of Agriculture, and that the general corn figures be arrived at by
taking these averages and weighing them, according to
production over the eight leading hog and corn 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 recommends 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
the committee:
The following members of the subcommittee of the National Agricultural
Advisory Committee on Live Stock, to wit, Messrs. F. J. IIagenbarth,
Spencer, Idaho; H. C. Stuart, Elk Garden, Va.; Eugene Funk,
Bloomington, 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. II. C. Stuart, to sit with them, to wit, Messrs.
J. H. Crockett, Wytheville, Va.; J. H. Mercer, State House, Topeka,
Kans.; W. II. Tomhave, State College, Pa.; J. G. Brown, Monon, Ind.;
J. C. Crawley, Lawson, Mo.; Prof. J. H. Skinner, LaFayette, Ind.; S. P.
Houston, Malta Bend, Mo.; A. Sykes, Ida Grove, Iowa, and Prof. John
Evvard, 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 interpretation 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
net spring (1918), we will try to stabilize the price so that the farmer can
count on getting for each 100 pounds of hog ready for market 13 times the
average cost per bushel of corn fed into the hogs. Let there be no misunderstanding 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."
The recommendations of the committee were:
(1) It is recognized that the Food Administration has no power to fix
the price of hogs or corn, 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 home and abroad, then in this event the stablization of
prices during the next winter would be likely to fail, 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 production fair returns must be assured to the farmer. It is, therefore, in the fundamental 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 Administration, it is recommended that in dealing with the packer in respect
to the co-ordinated purchase of pork products that directions should if
necessary include a definite price basis in advance from month to month
for the packers' purchase of hogs, upon which such orders will be based.
(3). It is recommended by the committee that the "average cost per
bushel of corn" for the purpose of determining the price of hogs be considered
as the average "farm value of corn," or the average selling price of corn at
local railroad stations, as determined by the Department of Agriculture,
and that the general corn figures be arrived at by taking these averages
and weighing them according to production over the eight leading hog
and corn 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 corn figured on the above
basis during the last five months, and a general survey of market and consumption 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
of demand and supply, can be maintained at any fixed and definite
et

OCT. 5 1918.)

THE CHRONICLE

during
figures, but that it should be the aim to maintain about an average
the month.
that the supply of pork products
(5) The indication of war demands are
production.
for the future should be kept up to the present level of
hands
The producers have responded magnificently and are placing at the
and domestic
the
allied
over
carry
to
of the Government the hogs with which
the
aece.ssitias for the next twelve months. It is obvious that after peace
the present
world demand for pork products will be greatly increased over
the
during
large war demands. The Food Administration should endeavor
producer
war to maintain prices for hogs that will be profitable to the
producer, the
and fair to the consumer, and to give this assurance to the
once
committee recommends that the Food Administration should at
than $15 50
less
announce its intention to maintain the minimum price of not
continuously during the war.
John M. Evvard, John H.
to Special subcommittee: Eugene D. Funk,
Skinner, A. Sykes, N. H. Gentry.

It was stated yesterday that the plan for stabilization
of hog prices was discussed at a conference of the five big
packers and 40 smaller firms with the Food Administration
officials, the packers opposing the plan but agreeing to
support the administration by making an effort to maintain
the minimum of $15 50 per 100 for average droves over the
heavy packing season. This average, it is stated, is not
to include the usually excluded cripples, boars, stags, little
pigs and old sows. The packers agreed to maintain the
October price but to make it more workable it ,was placed
on a basis of $18 average minimum which is expected to
work out at the figure proposed by the producers of about
$18 50.
•
RULING ON PRICES OF SOUTHER* OR
•
YELLOW PINE LUMBER.
Board on Sept. 27 announced that
Industries
War
The
at a hearing of the manufacturers of Southern or yellow pine
lumber before the price-fixing committee of the War Industries 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
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 pricefixing committee that the interpretation of the terms of sale
should be as follows:

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 representative 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 Ihdustries
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.

PUBLISHERS OF FARM PAPERS REQUIRED TO REDUCE
PRINT PAPER CONSUMPTION.
A reduction of 15%, beginning Oct. 1, in the consumption of print. paper by agricultural periodicals is called for
under regulations for the conservation of print paper
adopted by the War Industries Board. Concerning the
regulations B. M. Baruch, Chairman of the Board, says:
The Pulp and Paper Section of the War Industries Board, of which
Thomas E. Donnelley is chief, has agreed with a committee representing
the publishers that the saving should come out of the industry as a whole
and has accepted recommendations to that end made by the committee.
Included in these recommendations are use of lighter body paper, discontinuance of subscriptions in arrears, free exchanges to be cut off and
free copies to advertisers and advertising agencies to be restricted, abandonment 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 agriculture 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 Agrtcultural 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 priority for
coal, on the distinct understanding that the greatest possible economy in
the use 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 consumer 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
cash
for
within
off
2%
including
continue,
necessary saving of 15% should come out of the industry as a whole, and
The usual trade practices shall
recommendations,
ten days from date of invoice, to be applied to United States Government in order to accomplish this purpose made the following
the War Inpurchases as well as all others (except in special cases whore former trade which have been accepted by the Pulp and Paper Section of
as to export ship- dustries Board and are to be effective Oct. 1 1918. Should, on Nov. 2,
practice has well-established net cash terms and except
reducdo
desired
the
purchasers
not
accomplish
where
not
do
It be apparent that these regulations
ments to foreign countries). In transactions
be 60 days net from tions, further consideration will be given to the question at that time.
avail themselves of cash discounts, the terms shall
may be converted
The period upon which the combined tonnage of all agricultural periodidate of invoice, and in such transactions the accounts
maturity.
cals will be figured is the year July 11917, to June 30 1918. Any periodical
Into trade acceptances which do not bear interest before
that
on
shippers
publications combined between the dates of July 11917, and Aug. 311918,
As regards the requirement by the Railroad Administrati
that an extra shall take as the annual tonnage of the combined publication the average
shall bulkhead the ends of open freight cars, it was decided
may be made by monthly consumption prior to Aug. 31, multiplied by twelve.
charge for lumber and labor for constructing bulkheads
Pulp
of whether or not for
The individual publisher will fulfill the present demands of the
the shipper and invoiced to consignee, irrespective
and Paper Section of the War Industries Board if he follows the regulations
Government or civilian use.
reReadjustment of Item Prices.
printed below and makes the reports promptly as from time to time
On the readjustment of item prices, it was decided that the director of quired by this section.
lumber, in conference with the war service conunittee of the manufacturers,
Wasteful Practices to Be Eliminated.
should have discretion to make certain minor changes and corrections in
supercalen1. No publisher shall use for body stock paper heavier than
the item prices, which, however, should not affect the average base price.
pounds; machine finish, 25 by 38 inches, 45
As to price concessions made by manufacturers to wholesale distributors, dered, 25 by 38 inches, 50
no paper
stock
cover
36 pounds. For
it was decided to incorporate in the present announcement a former state- pounds; newsprint, 24 by 36 inches,
on hand may
heavier than has been used during the past year. All stock
ment, to wit:
That in cases where manufacturers make reductions from the maximum be used regardless of weight.
After Oct. 2, all
2. Discontinue all subscriptions in arrears as follows:
prices to wholesale dealers, the reductions should be considered in the
months; after Nov. 2, all subscriptions in
nature of an allowance to cover the expense and profit of sales by wholesale subscriptions in arrears over six
Dec. 2, all subscriptions in arrears over four
dealers and should not be interpreted as constituting a general reduction in arrears over five months; after
in arrears over
months; and after Jan. 2 and thereafter, all subscriptions
the market price of lumber to the trade.
F. W. TAUSSIG,
three months.
for actual
except
his
periodical
of
copies
free
give
Acting Chairman, Price-Fixing Committee.
3. No publisher may
service rendered, except to camp libraries and huts or canteens of organizathe Red Cross, Y. M.C. A.,
tions recognized by the Government, such as
to the Library of Congress and other
REGULATION ALLOWING NEW FARM CONSTRUC- or Knights of Columbus; except for
keeping; except for Govpermanent
bind
to
agree
libraries which will
TION WHEN COST DOES NOT EXCEED $1,000.
work;
ernment departmental libraries which use said publications in their
B. M. Baruch, Chairman of the War Industries Board, and except to agricultural institutions, experimental stations, employees
said
when
only
of
agriculture, and then
national and State departments
announces a new regulation controlling non-war construction of
publications are for public service.
agencies except
for the period of the war, adopted by the War Industries
4. Discontinue free copies to advertisers or advertising
Board, which authorizes new constructions for farm purposes one copy for checking purposes.

without permit where the aggregate cost involved does not
exceed $1,090: Mr. Baruch's statement says:

Stop to All Exchanges.
5. Discontinue all free exchanges.
except for the above
6. Discontinue printing or circulating free copies
The exceptions from the general regulation laid down by the priorities
and except for advertising or subscription purposes. The total
shall
purposes
all
that
Board
non-war
Industries
construction
War
the
of
division
the quantity so used
number of free copies for all purposes shall not exceed
be done on special permit, include:
past year, and under no circumstances shall exceed more than
Structures, roads and other construction projects falling within the during the
paid-up circulation. (The paid-up circulation includes only
following classifications: Undertakings, cleared and appreVed by the War 5% of the
and subscriptions that are not in arrears at all.)
sales
cash
under
Department
with
or
the
contract
War
by
directly
Board,
Industries
or nominal rate.
7. Discontinue selling publjcations at an exceedingly low
or the Navy Department, Shipping Board, Emergency Fleet Corporation,
the subscription
8. Discontinue selling publications to anyone below
the Bureau of Industrial Housing and Transportation of the Department
publications,
price except in subscription clubs or when clubbed with other
price.
of Labor, or the United States Housing Corporation.
case the price shall not be less than 75% of the regular
either
in
when
aggregate
in
the
existing
involving
buildings
to
extensions
Repairs of or
periodicals unless
9. Discontinue selling premiums with subscriptions for combined price
a cost not exceednig $2,500, and new construction for farm purposes ina price is put upon the premium for sale separately and the
volving in the aggregate a cost not exceeding $1,000.
published subscripthe full price of the premium and 75% of the
Roadways, buildings and other structures undertaken by or under con- Is at least
periodical.
tract with the Railroad Administration or a railroad operated by such tion price of the
be started hereafter.
10. No new prize contests for subscriptions shall
administration.
special numbers except as
11. Discontinue issuing holiday and other
Those directly connected with mines producing coal, metals and ferrohave been regularly issued in the past.
alloy minerals. .




1331

THE CHRONICLE

[VOL. 107.

Additional Regulations.
Discontinue selling advertising with a guaranty of circulation requiring
a 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 unless it can
be shown that such publication Is an absolute necessity.

last year. This is an increase of approximately 163/2%.
Anthracite mines are called upon to produce 2,030,000 tons
per 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 carryMr. Donnelley, Chief of the Pulp and Paper Section of the
ing to success the weekly quota plan, it is asked that miniWar Industries Board, says:
Any contemplated combination of two or more agricultural publications mum-production figures be set for the various mining disafter Aug. 31 1918 must be referred to the Pulp and Paper Section of the tricts, and the district managers have been requested by
War Industries Board for a ruling as to the tonnage that will be allowed.
James B. Neale, production director, to apportion, in conPublishers shall as far as possible procure paper and all their materials
from the nearest available source of supply, provided It is consistent with sultation with their local mine committees, the share of each
the price, quality and service.
mine in supplying the required tonnage of coal each week.
A sworn statement will be required each month, giving tonnage and cirMr. Garfield's message says:
culation figures. Blanks will be sent from this office.
RETAIL STORES REQUESTED TO DISCONTINUE
UNNECESSARY WRAPPING OF MERCHANDISE.
An order directing every retail store to discontinue the
unnecessary 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
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 requirements of paper, 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 ammunition manufacturers a large quantity of chemical pulp formerly used in
making wrapping, tissue, book and other strong papers. The increasing
production of ammunition and the short cotton crop make this necessary.
The administration of this order has been placed in the hands of the
pulp and paper section and Dr. E. 0. Merchant, in charge of the economy
program, has prepared a set of instructions for retail merchants and designed a placard, which will be of assistance to them in complying with the
Government's order.

To all persons engaged in the mining of coal:
The 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 last 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 production 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 production 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
allotment of individual responsibility. If each one of us will got 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 Production, 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
all the coal needed this winter.
These quotas can be assured only by the definite pledging of each miner
to assume his 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.

PROPOSED LEGISLATION LIMITING TIME FOR BRINGING WAR CLAIMS AGAINST UNITED STATES.
According to the "Official Bulletin" of Sept. 26 a limitation 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 REPORTS OF ISSUANCE-OF ORDER DENYING USE OF
OF COAL FOR DOMESTIC HEATING DENIED.
draft of a bill for that purpose. We quote as follows from
In denying reports of the issuance of an order prohibiting
the "Bulletin":
Several of the emergency acts provide that in case of disagreement as the use of coal for domestic heating before Nov. 1, U. S.
to the value of property taken the Government shall pay a certain per- Fuel Administrator Garfield, in a statement issued on
Sept.
centage of the estimated value and that the owner may sue the United
27, said:
States for such sum as shall represent the difference between the

amount
Neither the United States Fuel Administrator nor the Federal Fuel
thus paid and the reasonable value of the property.
The Secretary points out that some of these claimants who are now Administrator for New York has issued any order that coal be not used
reluctant to press their claims in the court,owing to the fact that they would for domestbz. heating before Nov. 1. We are advised that a letter has been
be open to criticism as exorbitant, would have no such feeling at the end sent out over the name of the National Retail Coal Merchants' Association
of the war. Another reason stated is that such suits ought to be brought asking consumers to refrain from using coal in furnaces or stoves at least
while the Government is able to secure necessary witnesses who are now until Nov. 1.
It is recognized that during the coming winter every reasonable effort
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 must be made to conserve fuel if the available supply is to meet the necessary
needs. While the Fuel Administration strongly urges conservation and beproposed bill for the, bringing of suit.
It was ascertained to-day from Assistant Attorney-General Huston speaks the co-operation of the public, it does not insist upon unreasonable reThompson, In charge of the defense of suits against the United States, quirements or that its request for conservation be complied with when
that the docket of the Court of Claims is in such condition that prompt compliance would be unreasonable or would result in sickness or injury
action may be had by plaintiffs. Although there are many cases pending, to health.
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
KEROSENE OIL PRODUCERS URGED TO INCREASE
attorneys have been making special effort.
The Civil War cases have been finished within the last few years. Two
OUTPUT.
years ago the docket was cleared of the last of the French spoliation claims.
necessity
The
increasing
of
the production of kerosene
In the present year the last of the Indian depredations cases was disposed
of. With the passing of those various historical classes of cases the way is to the fullest extent possible is pointed out by M.L. Requa,
clear for prompt action upon current matters.
Director of the Oil Division of the U.S. Fuel Administration,

in a letter addressed to all refineries throughout the country
FUEL ADMINISTRATOR GARFIELD CALLS FOR IN- with a view to forestalling an impending shortage. The
letter made public Sept. 27 says:
CREASED OUTPUT OF COAL.
I am convinced it is absolutely necessary that tho kerosene production
An appeal has been made upon operators and miners for of the country should be materially increased.
Statistically, kerosene is
an increased output of coal for the next six months by U. S. In a more unsatisfactory position than gasoline or fuel oil. Wo have not
heretofore
felt
the
acuteness
of
this
situation
because
of the summer season
Fuel Administrator Garfield. Mr. Garfield directs attenthrough which we have just passed. Now, however, we are approaching
tion to the enlarged requirements of the country, due to the the season of maximum kerosene consumption and unless
stops are taken
necessity of meeting the needs of domestic consumers and Immediately to provide increased supply we shall undoubtedly this winter
shortage
face
a
much
more
than
acute
experienced
we
yet
have
as
in any
keeping pace with the constantly enlarging fuel demands of the petroleum products.
due to the expanding military program. The maintenance
The statistics now in hand of your subcommittee show clearly the deof an established set of weekly quotas from now until March crease in the percentage output of kerosene by practically all refineries.
The situation as a whole shows decrease in barrels produced and a very'
31 is called for by the Fuel Administrator. Each mine being large increase in domestic consumption which fortunately
has been offset
asked to produce its equitable share of the weekly quota. by decrease in exports due to lack of tonnage for overseas movement. This
increasing,
movement
is
export
now
and
the
winter will soon bo upon us.
This share is based on present conditions and previous
I request, therefore, that you communicate with each refinery, forwarding
results at that particular mine. Each miner will be expected them
a copy of this letter, and urge upon them the absolute necessity of
to mine his proper proportion of his mine's quota. It is increasing their kerosene production to the fullest extent possible, at least
stated that the necessity for an enlarged supply is particu- to a percentage amount equal to that of last year.
you please act upon this promptly, and forward me a detailed report
larly pressing in the bituminous fields. The output re- as Will
to the repiles you receive?
quired of the soft coal mines between now and March 31
Yours very truly,
M. L. REQUA,
next is 12,234,000 tons per week, as compared with a proGeneral Director, Oil Division.
duction of 10,503,000 tone per week for the same period of
United Slates Fuel Administration.




OCT. 5 1018.1

THE CHRONICLE

OIL AND GASOLINE SITUATION OUTLINED BY
DIRECTOR REQUA.
Before a public meeting at Copper Union, New York
City, on 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 gascline as possible: He said:

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

According to a statement of the Fuel Administration,
Mr. Requa spoke of the difficulties of 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
8,000,000 barrels, but our consumption has more than 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 offuel oil, that will probably
be produced this year.

possible, and therefore those who so desire may donate platinum to the
collection agency established by the Red Cross or sell to the Government
at the fixed price of $105 per ounce, troy, either course being recognized
as patriotic, and supplies from this source will be of distinct help to the
Government.
Through these channels the platinum section hopes to increase its reserve
stock by the addition of platinum scrap and platinum jewelry of little intrinsic 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 platinum jewelry and ornaments, or of the manufactured platinum Jewelry stocks now in the hands 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
as little as possible, consistent with the administration of the license system
and the objects to be accomplished, the trades, industries, institutions and
persons affected by the regulations. The two main purposes to be effected
are: (1) The securing of 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 of platinum or platinum scrap, palladium or palladium scrap, 'iridium or'iridium scrap, and compounds, in
the further manufacture, alteration or repair of any ornament or article
of jewelry; and the manufacture for use in dentistry or any metal or metal.
parts, or alloys containing more than 20% by weight of platinum or 40%
by weight of platinum, "iridium or palladium combined, or supplies

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
been
each, which otherwise could not have been shipped—and that has
done by voluntary effort of a free people on the mere request of the Fuo.
Administration.

SUSPENSION OF AUTOMOBILE AND MOTOR RACES
DURING WAR REQUESTED.
all automobile, motorcycle, and motorthat
request
A
boat 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 ho has practically suspended operations and will issue
no more sections for race meets or speed contests.
Sanctions have been previously given, however, for races to be held at
at
Trenton, N. J., Danbury, Conn., Tucson and Phoenix, Ariz., and
thht the
Los Angeles, Cal., within the next 2 months, but it is expected
with
comply
to
call
in
tho
order
off
events
promoters of these contests will
the wishes of the Fuel Administration.
of race meets will serve to
the
cessation
gasoline
of
saving
the
Besides
supply expert operators and mechanics for service in the army transport
army.
and aeronautic branches of the

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 the 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:
will be
On and after Oct. 1 the use of platinum, irridium and palladium
restricted to war purposes and the essential uses, such as in dentistry and
is
Palladium
the sciences, and its use will not be permitted in the arts.
irridium is
used extensively by dentists as an alternative for platinum and
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 authmetals
orized agent of the United States, may purchase, sell or deal in these
1 one ounce troy or more of
or possess for more than 90 days after Oct.
unmahufacturixl platinum, irridium or palladium, or compounds of those

metals.
Platinum Jewelry not worn by the owner, or platinum jewelry in the
Such
stores and not sold are not brought within the license regulations.
jewelry is not affected by the Government's action. The platinum secopportunity
the
loaves
to
open
jewelers
Board
Industries
tion of the War
after Oct. 1
to soli their present stocks of made-up platinum jewelry. But
red platithere will be no sales by the metal manufacturers of unmanufactu
license,
num, irridium and palladium, and their compounds, except under
jewelry.
of
platinum
manufacture
• nd, as a consequence, no
the unmanuLast February the platinum section took control of 75% of
been
factured platinum in the hands of the manufacturers and has since
puradministering the distribution of this proportion of the stock to war
the
to
left
was
platinum
rod
poses. The remaining 25% of unmanufactu
the
manufacturers to fill civilian orders and supply general trade. Under
proposed license system the entire stock of unmanufacturod platinum,
iridium, palladium and their compounds is taken over.
While the restrictions now being put in force are expected to build up a
as largo as
Fcry°, the scarcity of the metals requires the reserve to be




1335

therefrom.
The license is broadly framed to cover every miner of, dealer in and
manufacturer of platinum, 'iridium and palladium and their compounds;
all chemical laboratories and manufacturing industries whose products
contain one or all of these metals or their compounds.
Authority for the action taken is found in the explosives Act of July 1
1918 authorizing the Director of the Bureau of Mines, under rules and
sale,
regulations approved by the Secretary of the Interior, to limit the
possession and use of platinum, irridium and palladium and compounds
Bureau
the
of
Director
the
thereof. The Secretary of the Interior and
Board
of Mines have authorized the platinum section of the War Industries
use of
as the agency to carry out the rules and regulations governing the
Brennen
those metals, which were prepared by a committee consisting of
Chief
Conner,
H.
C.
of
Mines;
Jennings and C. L. Parsons, of the Bureau
of the platinum section of the War Industries Board; J. M. Hill, of thd
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 platinum in the war program.
Platinum is one of the agencies employed in very large quantities in the
production of sulphuric and nitric acid, necessary ingredients of explosives.
It is also used in the manufacture of scientific and surgical instruments,
such as cautery tips, hypodermic needles, &c.; electrical measuring instruments; X-ray tubes; fuses for firing the charges in guns of large caliber;
contacts for telephone, telegraph and wireless systems; thermocouples for
and
the regulation of furnaces In the heat treating of shells, guns,
dic.•'
winding electric furnaces. Iridio-platinum contact points are absolutely
essential for magnetos operating aeroplane engines; also for the successful
operation of trucks, tractors and tanks on the battlefield. inChemical
furtherlaboratories are dependent on platinum in making analyses and
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
of
necessary to develop an internal source of supply. Large quantities
platinum have been brought into the country in the past and have found
their way into trades, industries, chemical laboratories, &c. 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.
campaigns proposed by the War Industries
to
regard
With
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:
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 substitutions of other material and mineral for 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 endeavor balance each other, with the effect of making better provision for
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 for consultation as to the needs of the former, in the character of container required, 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 requested 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 on
kitti
file under this classification:
Class 1.—Board or board fabricated into containers, boxes, or other
Emergency
products for shipment to the War and Navy Departments, the
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
the Salvation
work of the Red Cross, Y. M.(:). A., Knights of Columbus,
Army, and other institutions recognized by the Government in connection
with overseas or other war work.
or other
Class 3.—Board or board fabricated into containers, boxes,
required
products used for the operation of or transportation of materials
or other
coal
companies,
service
by railroads, merchant marine, public

1336

THE CHRONICLE

[VOL. 107.

mines, oil wells and refineries producing material required for war work,
15. Each manufacturer to confine his line of sprockets to the following:
surgical instruments, medical,drug and chemical, foodstuff, feed and food Front,
26 by 3-16-1 inch pitch; rear hub coaster brake, 8, 9, or 10 tooth,
seed concerns.
3-16 inch width-1%-inch chain line—l-inch pitch.
Class 4.—Board or board fabricated into containers, boxes or other
16. Each manufacturer to confine his use of chains to not more than
products used in the manufacture and transportation of commodities re- two
qualities block chains-3-16 inch wide—l-inch pitch.
quired for the winning of the war or for the public welfare during the war,
_
such as soaps, laundry supplies, necessary wearing apparel, &c.
Class 5.—Board or board fabricated into containers, boxes or other
SULPHURIC AND NITRIC ACID MAXIMUM PRICES
products required for all other purposes.
Priorities certificates will be issued to the board mills based on these
IN EFFECT TO DEC. 30.
classifications in the order given as measuring essentiality and shortage
The Price-Fixing Committee of the War Industries Board
which determines preference treatment by the Priorities Division of the
announces that, subject to the President's approval, the
War Industries Board.
Each mill will report also whether all freight cars leaving its plant have following maximum prices
were agreed upon at a meeting
been loaded to utmost capacity consistent with good delivery; whether
the board machines are supplemented with standard save-all systems kept between the manufacturers of sulphuric and nitric acid and
in reasonably good condition, and what conservation has been effected the Price-Fixing Committee, held on Sept. 26, these prices
in fuel, labor and raw materials. These reports are to be made monthly taking effect Sept.
30 1918 and expiring Dec. 30 1918:
under the ruling of the Priorities Division placing board mills provisionally
Sulphuric acid, 60 deg. Baume, $16 per ton of 2,000 pounds; sulphuric
on the preference list for coal and supplies.
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.
CONSERVATION PROGRAM FOR BICYCLE
All strengths less than 66 deg. Baume shall be calculated from the price
MANUFACTURERS.
for 60 deg. Baume.
All strengths above 66 deg. Baume (93.2% 112804) shall be calculated
In announcing a conservation program to be put in force
the price for 66 deg. Baume.
by bicycle manufacturers on Oct. 1, B. M. Baruch, Chair- from
In carboys,in carload lots, one-half cent per pound extra.
man of the War Industries Board, said:
In carboys, in less than carload lots, three-fourths cent per pound extra.
In drums, any quantity, one-fourth per cent per pound extra.
The Conservation Division of the War Industries Board, after conferences with the manufacturers, has outlined a conservation program for
Nitric acid, 42 deg. Baume, 8% cents per pound, f. o. b. manufacthe bicycle industry to go into effect Oct. 1. This will result in the saving turers' works in carboys.
during the next year of 2,500 tons of steel, one-third of the quantity used
In carboys in less-than-carload lots, one-fourth cent per pound extra.
by the industry in the last 12 months. Additional savings will be made
There shall be no additional mixing charge for mixed acids, same being
in other essential materials, production will be simplified, and large amounts figured on the acidity content.
of capital now tied up in manufacturers' and dealers' stocks will be released.
These results are to be secured through a substantial reduction in the
number of types and models of bicycles and saddles, handle bars, rims, THE SHIPPING SITUATION AFTER POUR YEARS OF
tires, sprockets, pedals, &c. The manufacturers are to discontinue, whereWAR.
ever possible, the use of metal, rubber, and leather for all purposes. The
The world's shipping situation was summarized in a stateproduction 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 ment issued by the United States Shipping Board on Sept.
21,
made and tool bags and tools are not to be supplied by the bicycle manu- which
revealed that after four years of warfare the net tonfacturers. There will be no more rubber grips and nickel finish on frames
or forks during the war. These plans for conservation are very similar nage losses (Allied and neutral)from submarines and marine
to those that the division has put into effect in many other industries in hazards aggregated only 3,362,088 deadweight tons.
Total
order to facilitate the war program.
The manufacturers of bicycles may continue to use partly fabricated losses were 21,404,913 tons; total construction, 14,247,825
materials, &c., until present stocks are exhausted, providing that no bicycles tons; excess of destruction7over construction, 7,157,088 tons;
are made or equipment used later than Dec. 31 1918 for the manufacture enemy vessels seized totaled 3,795,000
tons; leaving, as
of models or equipment which are to be dropped in accordance with the
stated, a net loss to Allied and neutral nations of 3,362,088
program now announced.
Following is the program in full:
tons. In peace times, however, there is a normal yearly
increase in the world's total tonnage; with this increase
SCHEDULE FOR BICYCLE MANUFACTURERS.
(estimated for the four year period at 14,700,000 tons)
Bicycles.
1. The manufacture of racing models, including the so-called light taken into account, the world's tonnage to-day shows a
net
roadster models of 78-inch tubing, to be discontinued.
deficit due to the war of 18,062,088 tons, a sufficiently im2. The manufacture of juvenile models to be discontinued.
3. Each manufacturer to reduce his line of bicycles to the following: pressive figure, in spite of the encouraging improvement,
Two single bar men's models with either straight or bend top tube, in two both in new construction and in combating
the submarine
sizes, 20 and-22 inch frames only; one ladles' model-20-inch frames only;
one heavy service model with one extra bar only; each manufacturer to menace.
To overcome this situation there has been an enormous
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 increase in shipbuilding facilities, especially
in the United
other reinforced or heavy service construction as may be selected; each
manufacturer to announce the type adopted which in design and construc- States. Allied monthly construction, the Shipping Board's
tion consumes the least practicable amount of steel.
report states, exceeded destruction for the first time in May
4. The use of the truss-type fork to be discontinued. Forks to be sup- of this year. By August,
the new construction in the
plied with single sides only.
5. The manufacturer of drop-side steel guards to be discontinued en- United States alone exceeded the total Allied and neutral
tirely and plain guards only continued. Double-guard braces may be used losses for that month. The figures for August are given as
on rear wheel, but single brace only to be supplied on front wheel. No follows:
steel heavier than 24-gauge to be used for mud guards.
Gross (actual) Tons.
6. The use of metal stands, including spring steel clips, and rivets to be
Deliveries to the Shipping Board
244,121
discontinued.
Other
construction
gross
1,000
over
16,918
7. The manufacture of metal tanks or tool boxes to be discontinued.
Manufacturers to discontinue supplying tool bags and tools.
Total
261,039
8. Each manufacturer to restrict his line of colors or finishes to not more
Losses (Allied and neutral)
259,400
than six. Nickel finish on frames or forks to be discontinued.
America alone surpassed losses for month by
1 830
Bicycle Equipment.
The statement issued by the Shipping Board further shows:
9. Each manufacturer to confine his use of handlebars to the following
Within the jurisdiction of the U. S. Shipping Board at the present time
types: Regular forward extension, regular straight adjustable stems. Tops (Sept. 1 1918) there are 2,185 seagoing vessels,
totaling 9,511,915 deadmay be supplied in either of the following styles: 22-inch wide, 6-inch weight tons. Of these, 1,294 totaling
drop, no forward bend, or 20-inch wide, 33 -inch drop, 2 -inch forward American flag. Under charter to the 6,596,105 deadweight tons, fly the
Shipping Board and to American
bend.
citizens there are 891 foreign vessels, totaling 2,915,510 deadweight tons.
10. The use of rubber grips to be discontinued. The use of grips conAt the time the United States entered the war the American merchant
sisting in part of nickel, aluminium, or having other metal ferrule to be marine included approximately only 2,750,000
deadweight tons of seagoing
discontinued. Wooden-core leather-wound grips without metal ferrules vessels of over 1,500 deadweight tons. The
expansion of the fleet within
may be continued.
the jurisdiction of the Shipping Board has come about for the most part
.
11. Each manufacturer to confine his use of pedals to the following: during the last year. The fleet lists as follows
on Sept. 1 1918:
One type men's pedal, rubber; one type men's pedal, rat trap; one type
Deadweight
ladies' pedal, rubber.
Number.
Tons.
Styles in Saddles.
Requisitioned American ships
2,900,525
449
12. Each manufacturer to confine his use of saddles to the following: Ex-German and ex-Austrian ships taken over
100
• 644,713
One full-size men'b saddle, padded top with truss spring, tilting clamp; New ships owned by Shipping Board
1,46p,963
256
one medium-size men's saddle, padded top with truss spring, standard Old Lake steamers transferred
31
117,800
clamp; one ladies' saddle, padded top with truss spring, with two small American merchant ships not yet requisitioned (of over
spirals, standard clamp. The tree or base of all the above to be made of
1,500 deadweight tons)
377
980,459
wood. The use of steel for this purpose to be discontinued. The use of Dutch steamers requisitioned
81
486,945
the so-called all-spring saddles to be eliminated.
Foreign ships chartered to Shipping Board
291
3,208,411
13. Each manufacturer to confine his use of rims to the following: One Foreign ships chartered to American citizens
600
1,707,099
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
Total
2,185
9,511,915
finishes: Full enamel black, double fine line gold stripes; enamel black base
The American merchant marine is to-day expanding more rapidly than
with red centre, edge with fine line gold stripe; aluminium with double any other in the world. In August of this year the United States took rank
fine line black stripe; enameled olive-drab with double fine line black as the leading shipbuilding nation in the world. It now has more shipstripes. Front and rear hubs to be drilled 36 holes for spokes.
yards, more shipvtays, more shipworkers, more ships under construction.
and is building more ships every month than any other country, not exceptThe Use of Tires;
ing the United Kingdom, hitherto easily the first shipbuilding power.
14. Each manufacturer to confine his use of tires to the following:
Prior to the war the United States stood a poor third arming the shipbuilding
One clincher type in two sizes, elates 28 by 13 or 28 by 1%; one single- nations.
tube type, 28 by 1M or 28 by 1%. Manufacturers may use the different
Since August 1917 more seagoing toonagf has been launched from Amerimarkings, treads, &c., which are provided by the rubber tire manufacturers
can shipyards than was ever launched bet!re in a similar period anywhere.
in accordance with their conservation schedule.
The total, as of Sept. 11918. 574 vessels, 1' 3,017,238 deadweight tens, is




OCT. 5 1918.]

THE CHRONICLE

1337

the
Whereas the existence of a state of war between the United States and
nearly four times all the seagoing tonnage (of over 1,500 deadweight tons
German Government makes it essential to the public safety that
built in the United States in any four pro-war years. The total launchings Imperial
no communication of a character which would aid the enemy or its allies
since the first of this year, 482 vessels, of 2,392,692 deadweight tons, are
tons) shall be had.
more than eight times the seagoing tonnage (of over 1,500 deadweight
n
Therefore, by virtue of the power vested in me under the Constitutio
produced in this country in any pre-war year.
the joint resolution passed by Congress on April 6 1917, declaring
(In the four pre-war years, 1013-1916, according to the Bureau of Navi- and by
other
ng the existence of a state of war, it is ordered that all companies or
gation of the Department of Commerce, this country built 107 sea-goi
persons owning, controlling, or operating telegraph and telephone lines
steam vessels of over 1,600 dead-weight tons, totaling 805,037 dead-weight
to
or submarine cables are hereby prohibited from transmitting messages
seaof
in
the
States
United
production
pre-war
of
mark
high
The
tons.
borwhen points without the United States or to points on or near the Mexican
'going vessels of over 1,500 dead-weight tons was reached in 1916,
evading
der through which messages may be dispatched for the purpose of
there were built 38 vessels of 285,555 dead-weight tons.)
herein provided and from delivering messages received from
M ore than 2.000,000 dead-weight tons of new ships have been completed the censorship
such points, except those permitted under rules and regulations to be esand delivered to the Shipping Board during the past year. The first delivand
tablished by the Secretary of War for telegraph and telephone lines,
ery was made on Aug. 30 1917 by the Toledo Shipbuilding Co. of Toledo,0.
by the Secretary of the Navy for submarine cables.
The first million tons of completed ships were obtained in May; the second
preparing
of
duty
the
To these departments, respectively, is delegated
million in August. The deliveries to the Shipping Board in August broke
and enforcing rules and regulations under this order to accomplish the
all world's records in the production of ocean-going tonnage and established
purpose mentioned.
the United States OA the loading shipbuilding nation of the world. They
This order shall take effect from date.
totaled 349,783 dead-weight tons. Those from American shipyards to the
WOODROW WILSON.
Shipping Board in August totaled 324,180 dead-weight tons, exceeding
The White House, Sept. 26 1918.
British
by
made
had
which
been
month,
any
for
record
world's
the previous
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
MEN NOW
Aug. 31 1918 totaled 327 sea-going vessels of 1,952,675 dead-weight tons. DRAFT LOTTERY COMPLETED-24,000,000
OF DUTY.
Adding eight vessels of 66,357 dead-weight tons delivered by Japanese
LINE
IN
STAND
shipyards, the grand total of deliveries to the Shipping Board Up to Sept. 1
With the drawing by President Wilson, at noon on Sept.30,
1918 was 335 vessels of 2,019,032 dead-weight tons.
The deliveries to the Shipping Board from American shipyards in 1918 of the first number-322-the greatest draft lottery ever
to date (Sept. 1) in comparison with the output for the same period by
conducted was initiated, and when, twenty hours later, the
British shipyards show up as follows:
United Kingdom,
United States.
last of the 17,000 capsules in the great glass bowl was drawn,
Month87,852
88,300
January
order numbers had been given to all of the 13,000,000 men
150,057
123,042
February
for service on Sept. 12. With the 9,000,000-odd
registered
242,511
161,226
March
169,000
171,413
April
men enrolled on June 5 1917, and the additional million
295,511
254,413
May
21-year olds enrolled on June 5 this year, approximately
201,238
278,199
June
24,000,000 American citizens have been enrolled for service
212,973
236,079
July
187,019
324,180
August
and given an order number.
•
The system used was•the same as that which worked so
1,546,161
1,636,852
Total
,
successfully in the first draft a year ago last June. Each
To date American shipyards lead by 90,691 tons.
Note.-The foregoing table is in dead-weight tons. The deliveries to enrolled man was given a number by his local draft board.
the Shipping Board do not embrace all construction in the United States.
The numbers drawn in the draft lottery at Washington were
They deal only with sea-going vessels of over 2,500 dead-weight tons built
when 322 was drawn first at
under requisition or contract for the Shipping Board. The figures of pro- key or series numbers. Thus,
duction which properly correspond with those of the British Admiralty Washington, No.322 on every local board's list automatically
are compiled bY.,the Bureau of Navigation, which, like tho British, lists
became No. 1 for service.
all vessels of over 100 gross tons.
Every precaution was taken to check up the numbers as
When the present Shipping Board began its work in August 1917 there
were only 61 shipyards in the United States. There were 37 steel ship- drawn. As fast as announced, they were telephoned to the •
yards, with 162 ways. About three-quarters of their capacity had been
Printing Office and put in type. At hourly
pre-empted by the naval construction program, while private orders over- Government
printed and
flowed the remaining ways. In the 24 wood shipyards there were only intervals the numbers, as far as drawn, were
released simultaneously
be
to
73 ways.
boards,
draft
local
the
to
mailed
The largest shipyards in the world in September 1918 aro those of the
This was done to relieve congestion on
United States. The Clyde River in Scotland, historically famous as the at an agreed time.
comgreatest of all shipbuilding localities, is already surpassed by two ship- telegraph wires, which, it was said, would have been
. cific Coasthad been telebuilding districts on the Atlantic Coast and by two on the 1)
lists
the
if
hours,
for
ed
monopoliz
pletely
by Delaware River and Newark Bay in the East and by Oakland Harbor
on the figures, each number as drawn
and Puget Sound in the West. One yard, Hog Island, on the Delaware, graphed. As a check
so
is equipped to produce more tonnage annually than the pre-war output was posted on blackboards and the boards photographed,
at the
printed
of all the shipyards of the United Kingdom. It has 50 ways.
as
lists
the
with
compared
be
could
they
There are now 203 shipyards in the United States. The list comprises
Office.
77 steel, 117 wood, 2 composite and 7 concrete shipyards. Of thsso, 155 Government Printing
on the occasion was delivered by
made
are completed, 35 more than half completed, and only 13 less than half
speech
only
The
in
completed. The groat plant at Hog Island is 95% completed-built
Provost Marshal-General, has
as
who,
Crowder,
General
one year. Its site, when the United States entered the war, was a swampy

wonderful success of the

been primarily responsible for the
marsh.
Every month of the last year has added to the number of American ship- whole draft mechanism. When President and Mrs. Wilson
ways, until to-day the impressive total is 1,020-more than double the total
the big Republican caucus room in the Senate Office
of shipways in all the rest of the world. Of the 927 shipways that are for entered
before noon,
the Emergency Fleet Corporation of the Shipping Board, 810 are listed to- Building, where the drawing was held, a little
day as completed and only 117 are to be added. There are 410 completed General Crowder arose and explained the function about to
ways for the construction of steel ships, 400 completed ways for the conbegin. He said:
struction of wood, composite and concrete ships.
conducting in
If we were proceeding in historical method we would be
The records of the United States Shipping Board Emergency Fleet CorCivil War
the
in
employees
each of the districts a drawing of actual names. That was the
poration show that there are now approximately 386,000
Eachfof
shipyards. There were less than 50,000 shipworkers in July 1916. The method. It was received throughout the nation with ill grace.
is drawn first,
weekly pay-roll of the shipyards building ships for the United States these capsules represents a number. For example, if 150
his
given
be
will
the man who has that number in each of the districts
Shipping Board is $10;500.000.
training camp. This
Here is the program of ship construction which the Shipping Board has priority of obligation, and if passed will be called to a
We shall now
method has worked successfully. It needs no explanation.
placed with the rapidly expanding shipyards of the country:
Dead-weight Tons. proceed.
13,212,712
2,249 contract ships, totaling
The President was then blindfolded with a cloth taken
301,500
42 concrete ships, totaling
2,790,792
the covering of one of the chairs used at the signing of
from
totaling
Airs,
d
402 requisitione

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 put.lic
officials followed. Relays of army officers worked steadily
NEW RESTRICTIONS AFFECTING TELEPHONE, TELE- after that till the whole number was drawn, at 8 o'clock the
GRAPH AND CABLE MESSAGES.
following morning. The drawing consumed twerity hours,
estimated.
An Executive order issued Sept. 26 prohibits the transmis- which was six or eight hours less than had been
•
points
"to
or
cable
messages
telegraph
,
sion of telephone
without the United States or to points on or near the MexiWILSON CALLS FOR DRAFTED MEN TO
can' border through which messages may be dispatched for PRESIDENT
CHOOSE THE SEA.
•
p
those
.
.
except
censorshi
the purpose of evading the
With the object of meeting the urgent need for experienced
permitted under rules and regulations to be established by
expanding merchant
the Secretary of War for telegraph and telephone lines and by officers and seamen for our rapidly
an appeal to
the Secretary of the Navy for submarine cables." The fol- marine, President Wilson on Oct. 1 issued
aires, to
questionn
draft
their
out
in
filling
men,
enrolled
ordos
the
is
lowing'
at
sea or
e
experienc
had
have
if
they
on
informati
full
give
EXECUTIVE ORDER.
in any line of work that would make them available for
Censorship of Submarine Cables, Telegraph and Telephone Lines.
The Executive order of April 28 1917, No. 2604, relating to the comer- that calling. The United States is breaking all records in
ship of submarine cables, telegraph and telephone linos, is hereby amended building ships, it is pointed out, but is seriously handicapped
as follows:

16,305.001
2,693 ships
The Shipping Board has also contracted for the construction of 170 wood
barges, 279 steel, wood and concrete tugs, 100 trawlers and 25 harbor
oil barges, totaling 50,000 dead-weight tons.

to read




1338

THE CHRONICLE

[VOL. 107.

by the lack of experienced men to man them. The Presi- the war. "Germany's vaunted
efficiency," Mr. Lunn
dent's proclamation reads as follows:
said, "has nothing to compare with this achievement."
The history of American seamanship is a glowing record of patriotism,
As quoted in a special dispatch to the New York "Times"
courage and achievement unsurpassed by any people anywhere. I, therefore, confidently call upon all seamen and all men engaged in other occu- on that date Representative Lunn said:

pations who have heretofore been seamen to give, in connection with the
questionnaires thoy submit to the local draft boards, full information about
their rating and experience at sea to enable the boards to place them in
their proper classification and to give to the Government a knowledge of
where experienced seamen may be secured when their services are required.
The kind 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 include a large proportion of officers and crew having skill and experience. It is indispensable in emergencies such as we must bo prepared
to
meet in times of war.
It is the patriotic duty of young men who join in the merchant service
to make 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
life work.
The work of the seamen is so vitally important to the conduct of the war
that it has become necessary for the Government to provide deferred classification 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, eveey seaman should give to the service
the best thero is in him, and should not hesitate to accept deferred classification 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 conducted 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 now in progress at
Borne, Switzerland. The dispatch further stated:
•ta.••••

••••••

•

.1.•••••••.

IRO.

•••

•

The agreement followed negotiations lasting nearly a year. Germany
declined to pay American officers such salaries as thby received faun
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 lieutenants 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 355
56 a month.
German officers held prisoner by the United States were paid regularly
until November 1917, when the Government learned that American
officers hold prisoners by Germany were not being paid.

We had in the Regular Army of the United States in April 1917, 127,588
men. If the nation at that time had said to the War Department: "We
shall expect you to take your Regular Army of 127,588 men and, in effect,
divide them into companies of ten each, and, by September, 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 provided; 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 tmnsportation,that we may send
hundreds of thousands of troops to France";Isay 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 September, 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 between 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's flying forces. This will be in addition to the American aerodromes and assembly fields in Franco 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 September, 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. 11918," 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 mankind has been successfully carried out by the War Department in the last
seventeen months. Germany's vaunted efficiency has nothing to compare with this achievement.

MONEYfORDERS FOR MEN IN OVERSEAS FORCES.
.•
FTh—e7fo
-llowiltg nottce regardingXthe sending! of money
ord—
ehT3TUnitedTStates forces abroad has been issued WATER POWER LEASING BILL, PASSED BY HOUSE,
by the Post Office Department:
SENT TO CONFERENCE BY SENATE.
OFFICE OF THIRD ASSISTANT POSTMASTER-GENERAL.
After a spirited discussion, the Senate on Sept. 23 voted
Washington. Aug.28 1918.
Postmasters are advised that the instructions printed on page 77 of the 42 to 9 to send the Administration Water Power Bill as
United States Official Postal Guide for July are not intended to prohibit passed by the House to conference for
consideration in conthe issue on domestic form of a money order in favor eta member of the
American Expeditionary Forces in France when the remitter furnishes as nection with the Senate bill for which the House substithe payee's address the name of an office established under the jurisdiction tuted the measure as drawn by the Secretaries of War, Inof the foreign Government. Theso instructions apply to cases where the terior and Agriculture. Three
members each of the Comorder is purchased in favor of(1) a civilian resident,of (2) a soldier of
one
of the Allied armies fighting on French soil, but a person connected with mittees on Commerce and Public Lands were named as the
any branch of the United States military or naval forces in France in what- Senate managers. Several Senators declared during the
ever capacity is entitled to benefit from having remittance sent to him by debate that House
and Senate differences on policies of watermeans of domestic orders.
power development are so pronounced that a compromise in
A. M. DOCKERY,
conference is impossible without another vote by the Senate.
Third Assistant Postmaster-General.
A motion to accept the House bill was defeated, 48 to 2.
The Water Power Leasing Bill was passed by the House
VOLUNTEER ENLISTMENTS RESUMED FOR SPECIAL
on Sept. 5 after the decisive rejection of two amendments
SERVICE IN NAVY.
It was announced at Washington on Sept.14th that volun- designed to carry out a request by President Wilson that
teer enlistment or induction into the navy of men with special a "fair value" instead of the "net investment" be paid
qualifications will be re-opened under an agreement reached by the Federal or municipal Governments in taking over
to-day between Secretary Daniels and Provost Marshal- power plants at the end of the fifty-year lease. The presGeneral Crowder regarding the procedure by which the navy ent bill is in effect a substitute for the bill covering the
will obtain its personnel under the new draft law. It is same subject passed by the Senate on Dec. 14 1917. It
understood the plan provides that the navy shall select the provides for the creation of a Federal Power Commismen needed for its special branches, the remainder to come sion composed of the Secretaries of War, Interior and
*trough the regular draft process. Navy recruiting stations Agriculture, whose work shall be carried on as far as practicwill be reopened to co-operate with local boards in obtaining able by and through their respective Departments. The
skilled men and .to serve as mobilization centres for drafted Commission is empowered to collect and publish data concerning the power industry and its relation to other inmen allotted to the navy.
dustries and to issue licenses for the construction of power
plants and transmission lines on or along navigable rivers
THE TREMENDOUS PRODUCTION OF WAR
or on public lands and reservation. Such licenses are to
MATERIALS.
be issued for a period not exceeding 50 years, but may be
"The most tremendous program in the history of man- extended in the
discretion of the Commission. In issuing
kind has been successfully carried out by the War Depart- licenses, the
Commission "shall give preference to applicament in the last seventeen months," declared Representa- tion therefor
by
tive George R. Lunn in reviewing in the House on Oct. 1 the plans for the sameStates and municipalities, provided the
are deemed by the Commission adapted
production of war supplies since the United States entered to conserve and
utilize in the public interest the navigatior




/MP

//81,..

•

•

• ...

'WOO.•••••IND

OCT. 5 1918.1

THE CHRONICLE

1339

ent's objections, however,
between other . Notwithstanding the Presid
and water resources of the region:" and as
a vote of 96 to 71,an amendby
ed
ence to the the House on Sept.4 reject
applicants the Commission "may give prefer
Ferris of Oklahoma embodytive
senta
Repre
by
d
offere
ment
mines are best
tute covering the same
applicant the plans of which it finds and deter
substi
a
and
,
urged
e
may be made ing the chang
met a Similar fate.
adapted" to that end. No transfer of a license
scope
in
er
in Section ground but somewhat broad
without approval of the Commission. A clause of return Chairman Sims and Mr. Ferris in urging adoption of the
rate
10 provides that any earnings in excess of the
argument on the ground
an amortization 'fair valuation" clause based their
specified in the license shall be set aside as
would make recapture
e
n of the leases that the "net investment" featur
have virtually a
fund, to be either held until the terminatio
would
sts
intere
e
privat
that
us
onero
. Compensa- so
or applied in reduction of the net investment
ise.
be fixed by the Com- perpetual franch
the
tion to the Government is provided, to
In financial circles, however, it is felt that even with
als.
interv
ar
10-ye
at
sted
readju
Watei
the
ions
mission and
provis
ture
recap
able
favor
more
President present
The "recapture" provision, in regard to which
l in sufficient amount
tive Sims, Power bill is not likely to attract capita
senta
to
Repre
letter
a
with
vened
inter
n
t. On this point a
Wilso
opmen
d
devel
desire
the
about
bring
to
" instead of the
the "Wall Street
urging the substitution of the "fair value
to
ngton
Washi
from
in case the power special dispatch
"net investment" as the basis of payment
said:
8
Sept.
on
al"
Journ
,
nment
Gover
Power bill now before the
project should eventually be taken over by the
The belief that the provisions of the Water
is as follows:
t capital, has been expressed
is contained in Section 14. This section in full
House are not sufficiently attractive to interes
of
two years' notice in writing from the
Sec. 14. That upon not less than
shall have the right, upoa or after the excommission the United States
and thereafter to maintain and operate
piration of any license, co take over
in section three hereof, and covered in
any project or projects, as defiled
, or the right to take over upon mutual
whole or in part by the license
y owned and held by the licensee
agreement with the licensee all propert
in the development, transmission, or disable
service
and
e
valuabl
then
dependent for its usefulness upon the
tribution of power and which is then
r with any lock or locks or other aids to
continuance of the license, togethe
expense of the licensee, upon the condition
navigation constructed at the
it shall pay tho net investment of the licensee
that before taking possession
plus such reasonable damages, if any,
in the project or projects taken,
e, serviceable, and dependent as above
to property of the licensee valuabl
be caused by the severance therefrom of
set forth but not taken, as may
all contracts entered into by the licensee
property taken, and shall assume
sion. The net investment of the licensee
with the approval of the commis
and the amount of such severance damin the project or projects so taken
ined by agreement between the commission
ages, if any, shall be determ
then can not agree, by proecedings in equity
and the licensee, and in case
in the district court of the United States
Instituted by the United States
such property may be located: Provided,
In the district within which any
not include or be affected by the value of
That such net investment shall
other property of.the United States licensed
any lands, rights of way, or
Act, by the license, or by good will, going
by the commission under this
ed further, That the values allowed
value, or prospective revenues: Provid
or interest in lands, shall not be in
for water rights, rights of way, lands,
at the time of acquisition by
excess of the actual reasonable cost thereof
of the United States or any State
the licensee: Provided, That the right
in, and operate any project licensed
or municipality to take over, mainta
proceedings upon payment
under this Act at any time by condemnation
ly reserved.
express
is
hereby
sation
compen
just
of

leases,
Of the money received by the Government for power
opment of nadevel
the
for
used
and
aside
set
be
to
is
50%
the improve-.
tional parks and forests, reclamation work and
eds from
ment of navigable waters, except that all proce
of the
credit
to
the
d
place
be
shall
ation
reserv
n
any India
ation.
Indians of the reserv
es are to rePublic utility corporations obtaining licens
s where such
ssion
commi
State
by
tion
regula
main subject to
be regulated direct by
have been established, otherwise to
the Federal Power Commission.
in regard
President Wilson's letter to Representative Sims
ed upon the point which has
to the recapture clause touchthe
wrecking of all previous
been largely responsible for
power of the country
water
ble
availa
the
up
open
efforts to
usly, the President
previo
times
Four
for development.
with
pointed out, the House had passed a water power bill
the
in
that
with
cal
identi
cally
practi
clause
a recapture
ding
present bill as originally introduced—that is, provi
taking
for the payment of the "fair value" at the time of
tive
senta
Repre
to
ssed
,
addre
letter
ent's
over. The Presid
on Water
Sims as Chairman of the special Committee
Power, read as follows:
an of the special Water
I am going to venture to say to you as Chairm
will not think I am taking too groat
Power Committee what I hope that you
ch as the House of Representatives
a liberty in saying, namely, that inasmu
with a recaptute clause prachas four times passed a water bill, each time
bill as it was originally protically identical with the pending water power
in informal conference, I
posed by the Administration and agreed upon
of the House to reject
am very much in hope that it will be the Judgment
in which was
the amendment and recur to the original bill in the form
ction and condelivered to Mr. Pou of the Rules Committee for introdu
sideration by the Congress.
about this feature of the bill, and have had
I am very much concerned
ely associated with those who have from
the privilege of being so intimat
it that I am venturing to make this earnest
time to time conferred about
yours,
suggestion. Sincerely
WOODROW WILSON.

the latent power possibilities
by some members who are anxious to see
possible.
the nation brought into use as quickly as
s water power measures
This same Eituation was encountered in previou if the Administration
feared that
and contributed to their defeat, and it is
form, the development will
measure now pending is enacted in its present
the passage of a bill offering
be on a much smaller scale than would follow
Government may more comgreater inducements to capital. While the
and may save money by putting
pletely safeguard the water power sites,
excessive caution will be greater
through the Sims bill, the loss through this
aging capitalists anxious to utilize
than the sum saved if it results in discour
ements.
the opportunities which lie in power improv
earlier on the question of water
If a more liberal policy had been adopted
have gained thereby, while vast
power the Government would already
to the nation in a manner paradvantages and profits would have accrued
ncy.
ticularly desirable during the present emerge
power for the shipyards
In the industrial districts the question of more
d in the new emergency power
resulte
has
and
,
serious
now
is
plants
and war
0,000 for the erection of new
bill providing an appropriation of $200,00
g. This lack of power at a
plants and the enlargement of those existin
be attributed to the short-sighted
critical time, it is widely believed, can
matter of water power legislation in the
policy of the Government on the
past.

ia dispatch
The "Wall Street Journal" in a Philadelph
regard to the
dated Aug. 28, also gave the following in
t, discussing the
available water-power awaiting developmen
o's suggestion
McAdo
ary
Secret
subject in connection with
ads.
railro
States
d
Unite
ifying
electr
for
fying a large part of the United

Mr. McAdoo's suggestion as to electri
d by railroaders as feasible only
States railroad mileage, which is regarde
the great water power resources
in certain districts, calls attention anew to
is incalculable, much of it
power
water
's
Canada
a.
Americ
of North
Dominion available water power
being in unsettled areas, but all over the
or most likely to be needed. In
is found in abundance where most needed
al water power is estimated at
potehti
um
maxim
the
States
the United
99, or 8.8%, has been developed.
60,713,200 h. p., of which only 5,321,6
States, are very much in the lead in
The far West, especially the Pacific
State of Washington being first
maximum potential water horsepower, the
California, with 8,865,000 and
on the list, with 9,990,000, followed by
of development in those three
Oregon with 7.505,000. The percentage
ively. Montana ranks fourth with
States are 3.2. 8.2, and 2.1 respect
developed. Then comes the State
4,290,000, of which only 4.1% has been
18.8% has been developed.
of Now York, with 4,242,000, of which
are as follows: Idaho, 2,910,000;
Other States exceeding the million mark
00; Utah, 1,490,000; Wyoming,
Arizona, 1,930,000; Colorado, 1,928,0
Carolina has an even 1,000,000,
1,470,000; Alabama, 1,070,000. North
by 84,000, but is 15,000 ahead
and Maine falls below the million mark
ire, Vermont, Massachusetts,
of the combined total for New Hampsh
Rhode Island and Connecticut.
rly adaptable to transportation purMontana's water power is peculia
electrification of 440 miles of
poses, and it was the St. Paul's successful
on of the electrified system
extensi
ed
propos
with
ns,
divisio
in
mounta
its
ny the Great Northern, which
to the Pacific Coast, and a similar project
ds with the possible utilization
impressed the Director-General of Railroa
general electrification of all systems
of the country's latent water power for
say that the water power is not dismore or less. Railroad operators
in proportions suitable to complete electributed throughout the country
s where it is the cost would be protrification, and that in many section
Southern Pacific and Santa
The oil burning locomotives of the
hibitive.
economical and, under the circummore
are
say,
they
tion,
illustra
Fe for
stances, more effective.
g to waste 16,000,000 water horse
However that may be,there is runnin
engine horse power, including locopower in excess of the entire steam
enthusiast says, to operate every mill,
motives, or nearly enough, one
plant in the country—"and then some.'
train, boat and municipal lighting
Byliesby & Co. says: "If one-fourth of the
William H. Hodge of the H. M.
s are true with respect to the undevelestimates of the Government official
the development of that quarter
oped water powers of the United States,
rtation and labor, that are
alone would save an amount of coal and transpo
of 50-ton cars which would reach
annually represented by a coal train
0 men."
around the earth. It saves the labor of 499.00

confused with
The Water Power Leasing bill should not be
!
before Congress
ng
pendi
now
bill
Power
ency
Emerg
the
l
contro
to
nment
Gover
the.
e
enabl
to
00
providing $175,000,0
ying power to war
suppl
plants
power
ic
electr
d
exten
and
Chair
,
In presenting the President's letter to the House
President industries.
man Sims explained that he had informed the
0. C.
D GIVE GOVERNthat the changes in the bill had been made after
the EMERGENCY POWER BILL WOUL
as
u,
try
the
Burea
of
eer
Fores
Engin
Chief
Merrill,
TS
DURING WAR.
PLAN
R
POWE
OF
ROL
CONT
had MENT
representative of Secretaries Baker, Houston and Lane,
House of
d
The Emergency Power Bill was passe by the
submitted amendments said to be in the interest of simplicity
s to
effort
after
.call,
rail
a
ut
witho
1
Oct.
on
ves
es had Representati
and clarity. Mr. Sims said he supposed the chang
plants to less than
power
over
l
contro
ent's
Presid
the
bill
ed
limit
amend
the
had
ed.
the approval of the President and
after the termination of the war had been defeat
printed without even reading it. Representative Sims said five years re, which was pas.ed in the same form that it was
measu
it was now evident that the three Secretaries had not thor- The
nment control
eported out of committee, authorizes Gover
.
ments
amend
the
ered
consid
y
oughl




1340

THE CHRONICLE
[VoL. 107.
• and extension of electric power plants and approp
riates ably increase after the war when the country will return to normal
1200,000,000 for the purpose. The measure was introd
condiuced tions, and can and will compote for the trade of the world.
in the House on Aug. 19. It was prepared after a
The
adopted to solve any one of these problems should
primarily
series of includeplan
conservation of transportation
conferences between representatives of the Admini
increased production of coal
stration products and power. The authority andand
application required for all these
.and of the great power companies, and is entirel
purpose
s
are
provide
d in the bill introduced to-day.
y distinct
from the Water Power Leasing bill recently passed
On Aug. 23 Secretary of War Baker, testifying before
by the
the
House. The Emergency Power bill was made necess
ary House Inter-State Commerce Committee, explained the
by the shortage of power in the districts where
necessi
ty of the Government intervening with financial
war work
and shipbuilding are concentrated. The uncert
ainty re- assistance in the power situation. He said that private
garding the continuance of war industries and
the great concerns were reluctant to enlarge their plants to meet war
cost of making extensions to existing power plants or
build- needs because the great expense involved would make a
ing new ones under war time conditions, has made it
econom- financial loss almost inevitable, inasmuch as the increased
ically impossible for manufacturing plants and power
corn- facilities could be used only during the war period and after
panics to meet the situation. The Government
proposes, the war ended would be useless. Continuing, ho said:
therefore, to establish electric power plants in the
It is a question of having the Government pay to the power compani
vicinity
es
the difference between the cost now and its value
of coal mines, where, by utilizing low grade coal,
when the war is over.
it will In illustration:
power companies have shown that improvements
not only be possible to furnish electrical power econom
ically to-day will cost $100 can be installed in normal periods for aboutwhich
$60.
to supplement local supplies, but to save the transp
The companies suggest that the Government
ortation aid
should extend thorn financial
by paying the difference, which in such a
of large imounts of coal. In addition, by equipp
case would be $40. The
ing the matter of final adjustment could then
be left until after the war, to be
proposed plants with the most modern coking
and other determined by proper appraisemont.
facilities, large quantities of by-products will be
produced,
Incidentally, Secretary. Baker let it be known that
he
such as toluol and other chemicals used in makin
g explo- personally favors permanent Government ownership
of
sives.
power plants. "I do not share the prejudice agains
t GovThe 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 ownerother 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 constr
uct or committee who opposed Government ownership, Mr. Baker
acquire." The President is empowered either to take
over said:
privately owned power plants or to advance funds
The hands of the Government should not be
from
tied to prevent the developthe appropriation to assist in their private operation.
ment of a subsequent peace policy. It should
The the
be left within the power of
Government to determine at a future time what
measure specifies further that the power to constr
the permanent policy
uct or will be.
acquire any power plant, transmission lines or incide
ntal
Secretary of the Navy Daniels and Chairman Bernar
property shall terminate at the end of the war,
d M.
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
taken over is to be fixed by the President. In the
UNITED STATES SENATE DEFEATS SUFF
event of
RAGE
a dispute, 75% of the amount fixed by the Presid
AMENDMENT—THE PRESIDENT'S ADDRESS.
ent shall
be paid, and the owner has the right to sue for the
Notwithstanding the appeal of President Wilson
remainder
on behalf
in dispute.
of suffrage as a war measure, made in the United
States SenIn introducing the measure in the House on
ate on Sept.30,and personal letters sent out by him
Aug.
to doubtRepresentative Sims explained its purpose as follows 19, ful Senators, the Senate on Oct. 1
defeated the woman suf:
frage
amend
ment
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
acute and is hampering our program of essentia
l war production. So
and not a
this measure, authorizing the President to
erect super-power stations at vote was changed as a result of the urgent appeal
of the Presithe coal mines and at other points where he
may deem them necessary or to dent. It is the first
time since the declaration of war by the
extend financial aid to persons or corporat
ions about to do so, And therefore designed to secure results of tremendous
immediate and ultimate value United States that the President has failed in obtaining what
to America, is introduced with the endorse
ment of the Administration. It he asked for from Congress. The vote
was as follows:
has been most carefully prepared, has been
considered In conferences at- Republicans,
27 "for" to 10 "against"; Democrats, 26 "for"
tended by representatives of the Administration,
by representatives of the
groat power companie, and by economists
who attack the problems pre- to 21 "against."
sented from various viewpoints, and is endorse
d by all of them.
Senator Jones of New Mexico on Oct. 3 moved that
This bill must not be understood as in anywise
the
taking the place of the vote by
Water Power bill now before the House.
which the proposal was defeated on Tuesday be
That is in its very nature a
peace time measure, and the provisions for the
two do not conflict. What reconsidered. Although the amendment may now be called
is planned is to confer upon the President
all necessary power to deal with up at any time, it is practic
ally assured,it is thought, that no
our urgent power situation promptly and
effectively and to place at his
move will be made by the suffrage advocates until after
disposal adequate funds with which to begin
operations.
elecAt present at least the four following pressing
military needs are recog- tion.
nized:
A two-thirds vote is required to pass the amendment,
(1) Increased production of power available for
but
war industries and shipyards.
under the parliamentary rules it requires only a majori
ty vote
(2) Economy in the consumption of fuel.
restore
to
it
to the calendar. This the Senate did on Thurs(3) Reduction in the railroad freight load, especial
ly in the fuel load.
day by adopting Senator Jones's motion for reconsiderat
(4) Increased production of metallurgical coke,
ion.
toluol and ammoniacal liquor, all recovered from coal.
In his address to the Senate urging it to adopt the
suffrage
The greatest immediate need is perhaps
that of the munition factories amendment, President Wilson said:
and shipyards for additional power, which can
be supplied

by the existing
supply companies; but the most economical
and efficient means of producing 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-Genera
l McAdoo declared for
only a few days ago. Further, the developments
of the proposed superpower stations will directly promoto the producti
on 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 itself 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 producti
on, such as the waste gases
from by-product coke 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 conduct
ing 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 boi,ween 40 and 50%, are
proceeding satisfactorily. When it is consider
ed that the quantity of
by-products recovered from high volatile coals
is greater than that
Yielded 1 y the heretofore recognized standar
d coking coals, such as those
of Connellsville and Birmingham districts,
and that the final success of
thee° would moan coke-coal areas within
easy access of nearly every
populous section of our country, our industrial possibili
ties loom large.
In addition to war needs there is a widespr
ead demand for increased
production and adequate distribution of fuel,
light, heat and power for
0:ties, rural comnittnities and industries, many
not conveniently located
as to existing or possible water power sites,
which will continue and inevit-




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 vital's% essential to the
successful prosecution of the great war of humanit
y
gaged. I have come to urge upon you the consider in which we are enations which have led
me to that conclusion. It is not only my privileg
e, it is also my duty te
apprise you of every circumstance and element
involved in this momentous
struggle which seems to me to affect its very
processes and its outcome.
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 had assumed that the Senate would concur in
the amendment, because
no disputable principle is involved, but only a
question of the method by
which the suffrage is to be extended to women.
There is and can be ne
party issue involved in it. Both of our great
national parties are pledged,
explicitly pledged, to equality of suffrage for
tho 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 initiative for State initiative, if the early adoption
of this measure is necessary 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 he objects for which
tho war is being fought.
That Judgment, I take the liberty of urging
upon
earnestness, for reasons which I shall state very frankly, you with solemn
and which I shall
hope will seem as conclusive to you as they seem
to me.

OCT. 5 1918.]

THE CHRONICLE

s its atmoThis is a people's war and the people's thinking constitute
room or the politisphere and morale, not the predileetions of the drawing
and wish to
cal considerations of the caucus. If we be indeed Democrats
accept in proof
lead the world to democracy, we can ask other peoples to
to be led,
wish
they
whither
them
lead
to
of our sincerity ;lid our ability
Our professions
nothing less persuasive and convincing than our actions.
verification is
will not suffice. Verification must be forthcoming when
for in this
asked for. And in this case verification is asked for—asked
channels;
particular matter. You ask by whom? Not through diplomatic
s. It is
not by foreign ministers. Not by the intimations of parliament
we are
asked for by the anxious, expectant, suffering peoples with whom
in our
measure
in
some
destinies
dealing and who are willing to put their
hands, if they are sure that we wish the same things that they do.
statesmen
I do not speak my conjecture. It is not alone the voices of
intemperate
and of noswpapers that reach me, and the voices of foolish and
I have
channels
many
many,
Through
agitators do not reach me at ail.
thinking,
been made aware what the plain, struggling workaday folk are
They are
upon whom the chief terror and suffering of this tragic war fall.
them
looking to the groat, powerful, famous democracy of the West to lead
in their
think,
they
and
to the new day for which they have so long waited;
their part
logical simplicity, that democracy means that women shall play
If we rein affairs alongside men and upon an equal footing with them.
brought
ject measures like this in ignorant defiance of what a now age has
believe
to
cease
will
they
not,
have
forth, of what they have seen, but we
in us; they will cease to follow or to trust us.
interpretation of
They have seen their own Governments accept this
which did
democracy—seen old Governments like that of Great Britain,
this justice
course
of
as
and
readily
promise
,
not profess to be democratic
s of this
to women,though they had before refused it;the strange revelation
ts as well as to
war having made many things new and plain to Governmen

1311

t; war
and disposition of temporary structures erected by the Governmen
resultlegislation with reference to its repeal or extension and all activities
ing from the change of war activities to pursuits of peace.

In introducing his resolution Senator Weeks was quoted
as saying:

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

THE CANDIDACY OF HENRY FORD FOR THE
MICHIGAN SENATORSHIP.
In a campaign in which both sides are calling for the
"adjournment of polities" and the fullest support of President 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 Committee 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 Paced on the Republican ballot by petition, along
others.
devoted
too
and
that of Truman H. Newberry, ex-Secretary of the
intelligent
too
and
with
noble
too
The women of America are
jusmore
is
that
thing
this
or
withhold
give
you
whether
slackers,
to be
Navy, the official candidate of the party. The Democratic
if you
tice; but I know tno magic it will work in their thoughts and spirits
Committee endorsed the Ford candidacy. Running
State
the
to
soldiers
give it to them. I propose it as I would propose to admit
of
the
liberties
and
liberties,
a candidate on both tickets, Mr. Ford was overour
as
for
thus
field
suffrage, the men fighting in the
at the very
lie
women
the
of
tasks
The
they
excluded.
were
world,
the
ly nominated by the Democratic voters, but was
beat if you whelming
heart of the war, and I know how much stronger that heart will
Mr. Newberry for the Republican nomination.
by
beaten
as
as
much
them
trust
you
that
do this just thing and show our women
who had never evinced any interest in politics,
them.
Ford,
upon
Mr.
depend
of
necessity
you in fact and
Have I said that the passage of this amendment is a vitally necessary consented to enter the race for the Michigan Senatorship
of
in
need
stand
war measure, and do you need further proof? Do you
Although
Is that at the personal request of President Wilson.
the trust of other peoples and of he trust of our own women?
placed
be
to
name
-in-Ohlef
his
Commander
allowed
the
he
as
an,
plainly,
you
Republic
tell
a
I
y
not?
it
nominall
trust an asset, or is
spokesman
parties, but declined to make a
of our armies and of the gallant men in our fleets, as the present
both
of
ballots
the
upon
t
the
throughou
women
of this people in our dealings with the men and
elecof a groat Govern- personal campaign. When informed of his probable
world who are now our partners, as the responsible head
do
would
it prinhe
purposes,
what
its
to
asked
as
and
day
ticket,
by
c
day
mocrati
questioned
is
and
ontheMe
tion
ment which stands
e or only
both nominations Mr. Ford is said to have replied:
ciples, its hopes, whether they be serviceable to mon everywher
won
he
if
shamed,
be
or
gs,
these
questionin
answer

peoples.
take
Are we alone to refuse to learn the lesson? Are we alone to ask and
the utmost that our women can give—service and sacrifice of every kind—
sides
our
by
and still say we do not see what title that gives them to stand
made
in the guidance of the affairs of their nation and ours? We have
partpartners of the women in this war. Shall we admit them only to a
privinership of suffering and sacrifice and toil and not to a partnership of
lege and right?
This war could not have been fought, either by the other nations engaged
vices
or by America, if it had not been for the services of the women—ser
rendered in every sphere—not merely in the fields of efforts in which we
worked,
have
have been accustomed to see them work, but wherever men
not only
and upon the very skirts and edges of the battle itself. Wo shall
e
be distrusted, but shall deserve to be distrusted, if we do not enfranchis
them with the fullest possible enfranchisement, as it is now certain that the
other groat free nations will enfranchise them.
We cannot isolate our thought and action in such a .matter from the
ly
thought of the rest of the world. We must either conform or deliberate
to
reject what they propose and resign the leadership of liberal minds

accept or
to itself, and who must himself
I would pitch a penny to decide which nomination I would
and by the same
as the guide and director of forces caught in the grip of war
million dollars to be out
nation leave to my secretary to decide. I would give a
groat
this
resource
spiritual
and
material
every
of
need
President Wilson's
token in
is of the matter, and I would not have been in it but for
possesses—I tell you plainly that this measure which I urge upon you
request.
n
and
preparatio
of
alike
vital to the winning of the war and to the energies
On Sept. 25 Mr. Ford sent a letter to the Democratic
of battle.
solution
And not to the winning of the war only. It is vital to the right
convention meeting at Detroit, in which he informed
State
when
ly,
et' the great problems which we must settle, and settle immediate
have
we
leaders that, although nominally their candidate,
as
party
of
affairs,
vision
our
in
the
them
the war is over. We shall need
moral
clear
and
insight
and
sympathy
the
before,
never needed them
he did not intend to be bound by any party considerations,
strike
instinct of the women of the world. The problems of that time will
Democratic or Republican. "I hold myself free to support
for
I
and
to the roots of many things that we have not hitherto questioned,
compreout
as
well
as
g
such nieasures, whatever their origin, as commend themselves
one believe that our safety in these questionin days,
upon the
hension of matters that touch society to the quick, will depend
to my judgment for the best interests of all the people,"
councils.
direct and authoritative participation of women in our
Mr. Ford wrote. He added that he had not spent a dollar
and
fino
and
We shall need their moral sense to preserve what is right
ought
is
that
is
what
just
as
to discover
to win the nomination at the August primaries and did not
worthy in our system or life, as well
gs we shall be only
to be purified and reformed. Without their counsellin
intend to spend a cent to win the election. Mr. Ford did
half wise.
was as follows:
its validity not attend the convention. His letter
That is my case. This is my appeal. Many may deny
"They are anxious for
state:
you
,
upon
committee
your
of
arguments
the
behalf
answer
or
on
brush
aside
can
one
Speaking
if they choose, but no
upon me. I ask advice and instructions." I do not feel myself entitled or competent to
which it Is based. The executive tasks of this war rests
opportunity to say
the
me
affords
instruletter
spiritual
give either, but your very kind
that you lighten them and place in my hands instruments,
I have two or three things to the committee and through them to the public.
ments, which I do not now possess, which I sorely need, and which
Things which in all good faith should be plainly spoken.
daily to apologize for not being able to employ.
at Lansing
When your committee,some time last June, passed resolutions
for United
urging the Republicans of Michigan to nominate Henry Ford
would endorse the selection
COMMITTEE TO STUDY PEACE PROBLEMS URGED States Senator and stating that the Democrats
I had no
and thus make the election non-partisan, I was not consulted.
BY SENATOR WEEKS.
when I learned of it I had
and
knowledge or hint of your proposed action,
President Wilson
The creation of a special Congressional committee to study no thought of consenting, but when soon afterwards
that I accept a
for me to come to the White House and requested
the problems which will arise with the coming of peace is sent
from the leader of
nomination, I took his words as practically a command
27
Sept.
on
in
on
ed
the
Senate
resoluti
introduc
if elected.
a
serve
in
to
proposed
our whole country in this time of war, and consented
ticket, it is only
And now, having been nominated on the Democratic
by Senator Weeks of Massachusetts. It is proposed in the
d explicitly that I
that the people who vote for me should understan
resolution that the committee consist of three Republicans fair
with any specific
am not a party man and do not accept this nomination
n
resolutio
The
from
ts
either
House.
war measures
Democra
Wilson's
and three
obligation or pledge except to support President
conduct of the
the
in
zed
course
wise
scrutini
past
while he continues his present and
was specific as to the subjects which should be
because it is
war, and that I do not bind myeelf to vote for any measure
support
and studied by the joint committee, which, as given in a labeled
Democratic or Republican, but that I hold myself free to
folthe
includes
New
to my judgs
"Sun,"
York
the
special dispatch to
such measures, whatever their origin, as commend themselve
people.
ment for the best interests of all the
lowing:
will bring forth
This war and the great upheaval it has brought about
Labor, capital and credit, public utilities, demobilization of industrial
ew questions and new
industries at its conclusion an entirely new order of things—n
existing
of
ce
trade,
continuan
foreign
resources,
military
and
arrive, in the broadest ar.1 most
production and Issues. These must be dealt with, as they
and establishment of now industries; tariff, agriculture,
good of all mankind.
the
for
spirit
liberal
ditions
co
housing
fuels;
shipping,
other
distribution of coal, gasolene and




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 H. 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 Senator 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 understood that the Democrats plan broadening thel investigation
to include the campaign expenditures of the successful Republican candidates in West Virginia and Illinois, where
Davis Elkins and Medi11 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 campaign, 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.

[vol.. 107.

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

The only count left to the discretion of the jury on which
it found Debs "not guilty" was the tenth, charging "opposition to the cause of the United States." At the direction
of
the Judge, the jury returned "not guilty" verdicts to counts
6 and 8, charging defendant with "uttering language
intended 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
previously been nolled on advice of Federal officials.
Debs's sole defense consisted of a lengthy address by himself 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." Continuing, 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 penitentiar
y. 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
been right on great questions, and recounted the martyrdom
of men who, like Socrates, thought in advance of their time.
Lincoln and Webster, ho said, bitterly opposed the Mexican
War, and criticised the Administration of President Polk.
In imposing sentence, Judge Westenhaver said:

I do not regard the idealism cf tht defendant as expressed by
himself as
any nigher, purer, nobler than the idealism of thousands of young
men I
have seen marching down the streets of Cleveland to defend our
country.
I cannot accOpt 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 of 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
army.

INFORMATION BUREAUS TO BE ESTABLISHED IN
EUROPEAN CITIES BY AMERICAN SOCIALIST
PATRIOTS.
The establishment of commissions in Milan, Paris and
Pending appeal on a writ of error, Debs was admitted to
other European cities to disseminate correct information bail on condition that he return to his home
at Terre Haute,
in regard to the attitude of the working men of the United Ind., and remain there. When
informed that a movement
States toward the war, was proposed by Charles Edward was on foot ,by Debs's followers to circulate
his address to
Russell and the other members of a committee who have the jury as at pamphlet, Judge
Westenhaven said ho would
just returned from an extensive tour of the Allied countries, call the matter to the attention of the
proper authorities.
as representatives of the Social Democratic League of the
Debs first came into prominence in connection with the
United States. Plans for this educational campaign were railroad strikes precipitated by the
American Railway
approved by President Wilson, according to Washington Union in 1893. As a result of his efforts
to tie up the railadvices, after Mr. Russell had made a personal report of roads of the country, Debs served a term
in jail, after which
the results of his trip. Members of the commissions, it is ,he transferred his activities to politics
and the Socialist Party.
said, are now being selected, subject to the approval of the
State Department.
Mr. Russell's party was made up of prominent American GERMAN WOMEN MUST SECURE PERMITS UNDER
NEW BARRED ZONE RULING.
Socialists who withdrew from the Socialist party because of
By an order issued by Attorney-General Gregory on Sept.
its attitude in opposition to the war. They went abroad
to combat the influence of the anti-war Socialists with the 24,taking effect as of Oct. 5,German women are placed under
pacifist elements in the French, Italian and British labor the same restrictions as men, and must secure a permit in
movements. In newspaper interviews granted since his order to reside in or pass through the half-mile zone surreturn Mr. Russell reported that pacifist and "defeatist" rounding forts, camps, arsenals, aircraft stations, Governsentiment among Allied workingmen which at one time as- ment or naval vessels, navy yards, factories or workshops
sumed serious proportions, is now a negligible facttr, due for the manufacture of munitions of war or any products
in part to the recent Allied successes and in part to the for the use of the army or navy, or places of mobilization or
whole-hearted co-operation of the United States in the war. entrainment of troops.
The announcement of the Department of Justice states
There is now a general disposition, Mr. Russell said, to trust
the motives and accept the leadership of President Wilson, that it is not intended to disturb unnecessarily the residence
and to stand out for a peace along the lines ho has laid down. or occupation of German alien women. Permits to continue
The commissions now proposed are to further this concord to reside or to work within the prohibited areas will be granted
wherever this may be done consistently with the welfare and
and prevent future misunderstandings.
safety of the country and the successful prosecution of the
1
war.
EUGENE V. DEBS, SOCIALIST LEADER, CONVICTED
Issuance of the order makes it unlawful for any German
UNDER ESPIONAGE ACT.
alien female 14 years of age and upward to be found within
Eugene V. Debs, four times candidate of the Socialist one-half mile of any of the places mentione
d, except on pubParty for President, and accounted the most eloquent and lic carriers, without a proper permit
from the United States
influential of the Socialist leaders in this country, was sen- Marshal. Those who are natives,
citizens, denizens or
tenced to ton years' imprisonment by Judge Westenhaver subjects of Germany and not actually
naturalized as Ameriin the Federal Court at Clevealnd, Ohio, on Sept. 14, fol- can citizens aro affected.
lowing his conviction on three counts of an indictment
Applications for permits may. be made in the same manner
charging violation of the Espionage Act. The offense as applications for similar permits by
German alien enemy
charged was committed during the course of an address males. Failure to comply with the regulatio
ns by refusing
before the State convention of the Socialist Party of Ohio to leave the prohibited area or to procure a
permit to
on June 16, and the counts of the indictment on which Debs may result in the arrest and detention of the person remain
and the
was found guilty charged:
possible internment for the duration of the war.
Attempting to incite insubordination, disloyalty, mutiny, anti refusal
of
The new restrictions are said to have boon adopted in drduty in the military and naval forces.
Obstructing and attempting to obstruct the recruiting and enlistment der to bring dangerous German women aliens under
closer
service.
supervision, and stop espionage by German women spies.




OCT. 5 1918.]

THE CHRONICLE

1343

PACIFIC NATURE OF FRANCO-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
public in a "Yellow Book" distributed by the French Government in the Chamber of Deputies on Sept. 19. The
early negotiations showed that both Emperor Alexander
of Russia and Gen. Boisdeffre, the French representative,
insisted upon the pacific character of the convention. Emperor Alexander hesitated somewhat at the outset, fearing
that partisans, out of revenge for the war of 1870, might
precipitate a new conflict. The first conversations becoming known in Berlin, the German Emperor became concerned. He is reported in one document as "regretting not
having attacked France in 1887."
• M. Montebello, the French Ambassador to Russia,
finally announced the agreement in a dispatch to M. Ribot,
Foreign Minister, on March 6 1892, saying, "The principle
of reciprocal assistance and simultaneous mobilization is
accepted." It was stipulated that France and Russia would
mobilize their forces only if the triple alliance mobilized
first. The convention was finally concluded on Dec. 18
1893, and was preceded by the famous reception to the
Russian marines in Paris.
The principal document in the work was the text of
the convention between the two nations, which emphasized
ANHEUSER-BUSCH PLANT TAKEN OVER FOR WAR the strictly defensive character of the alliance. It follows:
PURPOSES.
France and Russia, being animated by an equal desire to preserve peace,
having no other aim but to provide for the necessities of a defensive war
Following negotiations lasting several days, the War and
provoked by an attack of the forces of the Triple Alliance against either the
the
of
plants
of
the
one
over
took
24
Sept.
on
ent
Departm
one or the other, have agreed to the following resolutions:
1. If France is attacked by Germany, or by Italy supported by GerAnheuser-Busch Brewing Association in St. Louis for the
many, Russia will employ all the forces at her command in attacking
storage of ordnance supplies. The plant has a total area Germany. If Russia is attacked by Germany, or by Austria supported by
of about 250,000 sq. ft., for which the Government, it is Germany, Franco will employ all the forces at her command in fighting
said, is to pay a rental at the rate of approximately 34 cents Germany.
2. In the case the forces of the Triple Alliance or of one of the Powers
a foot, this rental to include heat and light.
which belong to it should mobilize, France and Russia, upon the first inti-

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 disapproval 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 number which had been held up. Similar action was taken in
the case of "The World To-morrow," a paper representing
the Fellowship of Reconciliation, of which Jane Addams is
president, which paper had been virtually ordered to cease
publication. By the President's direction, the Post Office
Department issued an order permitting it to continue.
The article in "The Nation" that caused Mr. Lamar to
issue the order is said to have been an editorial, criticizing
the selection of Samuel Gompers as the representative of the
United States to the labor organizations of England and
France. The fact that Gompers has led laboring men of this
country to support the war solidly, it was held by Mr. Burleson, entitled him to protection from criticism. Assistant
Postmaster-General Lamar had taken the position that if
the objectionable editorial was cut out of "The Nation" the
edition would be passed.

J. W. DAVIS TO SUCCEED WALTER HINES PAGE AS
AMBASSADOR TO GREAT BRITAIN.
The resignation owing to 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.
James.
Ambassador Page was appointed to his post in April
1913. When ho assumed office he was entirely without
diplomatic experience or training, his activities previous to
that time having been in the publishing lino. With the outbreak 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,
never very 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 member 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 London, 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, Switzerland, on Sept. 23. It is not proposed to interrupt Mr.
Davis in carrying out his present mission, and, as he is expected to return to Washington before taking up his now
duties at London, several months will probably elapse before 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 number 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 Harvester, 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 constitutionality of the Inter-State Commerce Commission Act.




mation of the event and without any preliminary mooting being necessary,
will inunediately and simultaneously mobilize the whole of their forces and
will place thorn near their frontiers.
3. The available forces which can be used against Germany on France's
part to 1,300,000 men, and on Russia's part to 700,000.
and
4. Ways and mans of corresponding in time of war will be studied
provided for in advance.
peace.
5. Franco and Russia shall not conclude a separate
the Triple
6. The present convention shall continue in force as long as
Alliance.
It is
7. All the clauses enumerated above shall be kept strictly secret.
and
the determination of France and Russia to unite solely for all speed
time.
haste so that Germany must fight in the east and west at the same
hold
8. The headquarters staffs of the armies of the two countries will
the counsel together from time to time in order to preparo and facilitate the
each
to
te
communica
will
They
execution of the measure stated above.
of the
other in times of peace all tho information relating to the armies
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 receipts exceeded thei rneeds. 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 locomotives and cars now under construction. The following is the
announcement made by the Railroad Administration's Division of Finances and Purchases concerning the advances to
Oct. 1:

railroads in
Since April 1 1918 the Director-General has advanced to all
of the
the aggregate sum of $294.845,170, exclusive of the current earnings and
expenses
current
their
to
roads applied directly by the individual roads
or systems.
corporate needs. This amount went to 85 different roads
These advances, by months, have been as follows:
$38,137,370
$90,614,000 August
April
52,993,750
33,700,000 September
May
36,195,000
June
$294,845,120
Total
43,205,000
July
taken from the
Of the total sum disbursed to Oct. 1 $209,347,910 was
from the surplus
$500,000,000 Revolving Fund and $85,497,260 came
Director-General
earnings of various roads which were turned over to the
exceeded their
by the limited number of roads whose receipts for the period
requirements.
al for the
The total amount of money turned over to the Director-Gener
surplus earnings
common fund from April 1 to Oct. 1 by roads reporting
from the
received
4
was $113,000,000. To this should be added $10,419,94
receipts from
new American Railways Express Company, making the total
The receipts
railways and express companies for the period $123,419,944.
from the railroads by months!Pave been as follows:
32,067,829
$15.120,412 August
April
50,154,300
6,157,459 September
May
2.600,000
Juno
00
$113,000,0
Total
6,900,000
July
0 went back
Of the $113,000,000 turned over by the roads, $64,507,66 neral, these
the Director-Ge
to roads temporarily making the deposits with

1344

THE CHRONICLE

same roads subsequently calling upon the Railroad Administration
for advances considerably in excess of the deposits which they had thus temporarily turned over. The only railroads making deposits with the DirectorGeneral 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 following:
Atlantic Coast Lino and
Pullman Car Lines
1,000,000
Louisv. & Nashville..-$10,650,000 Ft. Worth & Denver
City
900,000
Duluth Missabe & Nor__ 6,400,000 Spokane Port.
Seattle_
600,000
Atchison Topeka & S. Fe 4,600,000 Lehigh & New&
England..
550,000
Duluth & Iron Range.... _ 2,900,000 El Paso & Southwestern..
500,000
Northern Pacific
2,500,000 Internat. & Great Nor.._
450,000
Elgin Joliet & Eastern.... 2,500,000 Grand Rapids
_ __
100,000
Bessemer & Lake Erie.. _ - 2,000,000 Staten Island & Ind_
Tran_
100,000
Delaware Lack. & West.. 2,000,000 Texarkana & Rap.
Ft. Smith_
100,000
Central RR. Co. of N. J.. 1,500,000
Pere Marquette
1.500,000
Total
$40,850,000
The railroad lines to which advances were made during the
month of
September by the Director-General were the following:
Union Pacific
$5,000,000 Term.RR.Assn. of St. L.. $300,000
St. Louis-San Francisco_ 4,490,000 Monongahela Ry
300,000
Southern Pacific
3,700,000 Denver & Rio Grande
300,000
Penna. RR. Lines
3,300.000 Chicago
Ry_ _ _
300.000
Chicago & North West.._ 3,300;000 Bangor &Junction
Aroostook
____
300,000
Baltimore & Ohio
3.000,000 Midland Valley By
270,000
Chicago Burl. & Quincy 2,700,000 Chicago &
East. Illinois
250,000
N. Y. Central Lines_ -_ _ 2,620,000 Gulf Mobile
& Northern
200,000
Erie RR
2,500,000 Chicago Peoria & St. L_
200,000
Southern Ry
2,000,000 Ann Arbor RR
150,000
Norfolk & Western
2,000,000 Chic. St. P. M. & O........
150,000
Chicago R. I. & Pac_ _ _ _ 1,700,000 Portland
Terminal
150,000
N. Y. N. N. & Hartford 1,500,000 Belt RR. of Chicago.....
135,000
Delaware & Hudson_ _ - 1,500,000 St. Louis Southwestern_.
130,000
Illinois Central
1,325,000 Rutland RR
116,000
Chesapeake & Ohio
1,300,000 Bait.& Ohio Chic. Term.
100,000
Seaboard Air Line
1.100.000 Chicago & Western Ind_
100,000
Chicago Mil. & St. Paul_ 1,000,000 Maine Central
100,000
Western Maryland
1,430,000 Florida East Coast
100,000
Chicago & Alton
800,000 Richmond Fred. & Foto_
60,000
Missouri Pacific
800,000 Alabama & Vicksburg.. _ _
53,000
Boston & Maine
.000 Chic. Ter. II. & S.
50,250
Western Pacific
430,000 Western By. of Alabama
35,000
Minneapolis St. Paul &
Norfolk Southern
30,000
& S. S M
350,000 Ulster & Delaware
20.000
Kansas City Southern_ _
350,000 LouLsv. Hend. & St. L.._
17,500
Georgia RR
309,000 Tennessee Central
15,000
$52,093,750
The amounts advanced to all railroad companies April 1 to Oct.
1 1918
were:
N. Y. N.H.& Hartford..$48,464,000 Chicago Junction
_
_
$500,000
By..
Penna. RR. Lines
43,600,000 Western Maryland
500,000
N. Y. Central Lines.. _
42,920,000 Ann Arbor RR
488,000
Chicago Mil. & St. P.Ry. 16,725,000 Western Pacific
430,000
Baltimore & Ohio RR__ _ 16,500.000 N. Y. Ontario & West_
_
400,000
Illinois Central RR
13,775,000 Gulf Mobile & Northern
400,000
Erie Railroad
10,900.000 Minn.
P. & S. S. M..
350,000
Chicago R. I. & Pac. By.. 7,700,000 GeorgiaSt.
309,000
Southern Pacific Lines__ 7,500,000 Bangor &RR
Aroostook _ _ _ _
300,000
Southern By. Lines
5,940,000 Central New England By
300,000
Chic. Burl. & Q. RR
5,800,000 Kan.0. Mex. & Or. Ry_
300,000
St. Louis-San Francisco_ 5,608,000 Belt By. of Chicago.._2410,000
Seaboard Air Line
5,450,000 Central Vermont By.._ _ _
285,000
Chesapeake & Ohio
5,050,000 Chic. Ter. II. & S. E_
279,451
Union Pacific Ry
5,000,000 Midland Valley RR
270,000
Denver & Rio Grande.._ 4.400.000 Chicago &
Eastern Ill_
250,000
Missouri Pacific Ry
3,550,000 Detroit Tol.& Iron. Ry _
238,775
Lehigh Valley
3,500,000 Chic. & West. Ind. Ry_ _
215,000
Delaware & Hudson_ _ _ _ 3,500,000 San An. & Aransas Pass..
200,000
Ohicago & North West.. 3,300.000 Chic. Peo. & St. Louis_
_
200,000
Wabash RR
3,225,000 Atlanta B.& Atl. By.._
189,000
Mo. Kan.& Texas Linos_ 2.645,000 Illinois Southern
Ry_ _ _ 160.000
Buff. Roch. & Pitts
2,600,000 Duluth, S. S. & Atlantic_
150,000
Norfolk & Western
2,000,000 Portland Terminal
150,000
Philadelphia & Reading_ 1,400,000 Vicks. Shreve. & Pac_
__
136,000
Chicago & Alton RR_ ___ 1,400,000 N. Y.Chgo.& St. L. RR.
132,275
Minneapolis & St. Louis_ 1,350,000 New Orleans Gt. No.. _ _
_
120,000
Chgo. St. P. M.& 0. Ry. 1.350,000 Rutland RR
116,000
Indpls. & Louiv__ 1,325,000 Pitts. & Shawmut RR_ _ _
110,000
Western Maryland Ry__ 1,099,509 Maine Central
100,000
Hudson & Manhattan...._ 1,000,000 Balto. & Ohio Chgo.
Ter.
100,000
Kansas Cy. Southern.. _ _
850,000 Old Dominion SS. Co.._ _
95,000
Ter. RR..Assn. of St. L..
825,000 Alabama & Vicksburg_ _
63,000
Central of Georgia
750,000 Richmond, Fed. & Pot_ _
60,000
Indiana Harbor Belt_ _ _ _
720,000 Wash. Br. & Pt. L. RR_
50,000
Wheeling & Lake Erie..
700,000 San Anto. Uv.& Gulf Ry.
45,000
St. Louis Southwest. By..
630,000 Colorado & Southern By.
41,000
Grand Trunk West. Lines
621,000 Franklin & Pittsylv. By..
35,000
Florida East Coast
600,000 Western By. of Alabama
35,000
Norfolk Southern RR _ _
570,000 Ulster & Delaware
20,000
Boston & Maine
550,000 Louisville Bend. & St. L..
17,500
Chicago Great Western..
507.660 Tennessee Central
15,000
Hocking Talley
500,000
1294,845.170
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
amounts which 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
properties and current balances will reach approximately
($1,000,000,000)
one 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.

[VoL. 107.

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
result of the decision of the court be subsequently incorporated
in the contract. We referred in our issue of Sept. 21, page
1069, to the adoption on Sept. 11 by the Financial Committee of Seventy of the National Association of Owners of
Railroad Securities, of a resolution in which it was set out
that "in order that there may be no possible disturbance
of credit or in the plans of the Government resulting from
the differences that have arisen on questions of law as outlined in the report, the special committees are hereby requested through counsel to make to the Director-General
a proposal on the lines of said report for co-operation in
securing an adjudication upon the questions at issue, and
to offer meantime that the contract in its present form be
executed by the carriers other than the carrier with respect
to which such adjudication is to be asked." The report
referred to above was adopted at the previous week's meeting
of the Committee of Seventy; it indicated that while many
important changes in the contract favorable to the roads
and the security holders had been secured through the efforts of the committees of the association it was still "unsatisfactory and unacceptable in certain vital and fundamental 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
and in advance of any knowledge on its part, or perhaps on
the part of
the Government of what it will be finally determined by the
latter to do
with the property, to agree to accept the compensation that MIS
intended
by the statute for the mere uso, possession and control of its property
"in full settlement, satisfactory and discharge" (not only "a
all claims
and rights in law or equity which it now has or
can have for
compensation for the use, control and operation hereafter
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"
would include
the abandonment of operation so long as the road is(which
maintaine
d)
"which
has been or may be caused by said taking or by said possession
, use, control and operation."

WAGES OF RAILROAD EMPLOYEES NOT SUBJECT
TO GARNISHEE.
In an order in which it is held that wages of railroad
employees are not subject to garnishee, Director-General of
Railroads McAdoo indicatea that "if any rules or regulations
become necessary to require employees to provide for their
just debts, the same will be issued hereafter," The order
reads as follows:
Washington, September 5 1918.
General Order No. 43.
Whereas proceedings in garnishment, attachment, or like process
by
which it is 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
Act, and with the economical and efficient administration of Federal
control
thereunder; and
Whereas such proceedings are frequently commenced, particularl
y for
tho 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
or ethers;
and
Whereas if any rules or regulations become necessary to require
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
control
shall be subject to garnishment, attachment, or like process
in the hands
of such carriers, or any of them, or in the hands if any employee
or officer
of the United States Railroad Administration.
W. 0. McADOO.
Director-General of Railroads.

RAILROAD
ADMINISTRATIONS
INSTRUCTIONS
WITH REGARD TO USE OF PASSES BY RAILROAD OFFICERS AND EMPLOYES.
The Railroad Aministration, through the Division of
ACCEPTANCE BY CHICAGO & NORTH WESTERN AND Operation, has issued the following order, effective Jan. 1,
SOME OTHER ROADS OF GOVERNMENT CONTRACTS. 1919,.with regard to the use of annual and time passes by
Some of the larger railroads of the country recently officers and employes of railroads under Government conindicated their acceptance of the form of contract which trol.
September 1, 1918.
the Government has agreed to execute with the carriers
CIRCULAR No. 19.
under Federal control. The first of the railroads to notify
(Effective January 1, 1919.)
the Railroad Administration of its acceptance of the conANNUAL AND TIME PASSES.
1. The issuance of annual and time passes will be confined to the offices
tract was the Chicako &North Western RR.iits notification
1' the Director General, Director of Operation, the several Federal Manwas sent to Washington on Sept. 17. Other of the railroad gers on Vines whore there
is no Federal Manager and the Federal Manager
systems which, it has since been announced, have been Pullman Car Lines.
Annual
2.
and
time
passes issued over the fac-simile signature of the
authorized by their directors to sign the contract, include
Federal Managers (or General Managers on lines where there is no
Federal
the New York Central, the Michigan Central and the Manager)
and countersigned by the person indicated thereon will be HinCleveland Cincinnati Chicago &. St. Louis. On Sept. ted to(a) Per, or on account of, their own officers and employes who do
19 it was roper ed that Director-General of Railroads
not
require annual or time transportation on lines beyond their
jurisdictio




n.

Om.5 1918.]

THE CHRONICLE

(b) For, or on account of, such officers and employes of the corporation
as 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. All 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 Director 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 boar express limitation as to certain trains
upon which the pass will not by honored. Such passes will bear the countersignature of C. R. Gray, Director, W. T. Tyler, Senior Assistant Director, 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 annual 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 steamship passes), required for officers or employes over lines other than those
under their control, indicating the lines or territory over which the passes
are desired.
TRIP PASSES.
9. Trip passes will be issued over the fac-simile signature of the DirManagers (or of General Managers on
Federal
the
ector General or of
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 Federal 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.
Approved:
W. 0. McADOO, Director General of Railroads.

1345

My response, that I send through a Bulgarian officer bearing the letter
in question, cannot be, by reason of the military situation, other than the
following:
I can accord neither an armistice nor a suspension of hottilities tending
to interrupt the operations in course. On the other hand,I will receive with
all duo courtesy the delegates, duly qualified, of the Royal Bulgarian
Government, to which your Excellency alludes in the latter. These
delegates to present themseive in the British lines, accompanied by a
parlementaire.
(Signed) FRANOHET D'ESPEREY.

The Bulgarian delegates, Minister of Finance Liaptoheff
and General Loukoff, Commander of the Bulgarian Second
Army, arrived at Salonild 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 AssociatO
Press dispatches further reported that the military °coups,:
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
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 Reichstag, 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
of Austria, assuring him of his loyalty to the Quadruple
Alliance. The fact, however,that a member of the Bulgarian
Cabinet had been appointed ah one of the representatives
of Bulgaria to negotiate the armistice tended to disprove
this German view, and the subsequent publication of an
explanatory statement by the leaders of the Ministerial bloc
of the Bulgarian Parliament, demonstrated that, whatever
might be the attitude of Czar Ferdinand, Premier Malinoff
had acted in full harmony with the people's representatives.
The statement referred to by the Parliamentary leaders
read as follows:

BULGARIA QUITS THE WAR—SURRENDERS UNCONDITIONALLY TO ALLIED COMMANDER.
The unconditional surrender of Bulgaria was the most
important development of a week crowded with great events,
all favorable to the Entente countries. The overwhelming
success of the Entente offensive in Macedonia, which in two
weeks of furious fighting had smashed the entire Bulgar
front, captured their principal centres of supply and communication, broken their army into three separate fragments
and hurled the defeated remnants in headlong retreat toward
and over their own frontiers, brought the end with dramatic
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
an 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 publio 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 leaders of Bulgaria, including ex-Premier Rados- for tho recently begun work of peace.
Parliament has been summoned to meet on Sept. 30.
layoff, the Liberal leader, and members of the Cabinet.
The Bulgarian Government made an effort to enlist tip)
The appeal for an armistice followed. An official Bulgarian
statement dated Sept.24 made the announcement as follows: good offices of the United States in behalf of Bulgariut's
arrived afeer
In view of the conjuncture of circumstances which have recently arisen, appeal for an armistice, but the communication
and after the position had been jointly discussed with all competent author- the armistice was signed and so had no influence on the final
Mos, the Bulgarian Government, desiring to put an end to the bloodshed, result. The note was delivered to the State Department
authorized the conunander-in-chief of the army to propose to the generalissimo of the armies of the Entente of Saioniki a cessation of hostilities on Sept. 30 by Stephan Panaretoff, the 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 the Bulgarian delegation left yesterday evening in order from Sofia on Sept. 24 or 25. It asked for the good offices
to got 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
had already accepted the Entente terms and signed the
and
some
Bureau,
Wolff
delay
semi-official
accompanied its
no further action was considered necessary. Whop
armistice,
publication. From the Entente side the first intimation
informed of the acceptance by Bulgaria of the terms imposed
that Bulgaria was seeking peace came on Sept. 27, when by the
Entente Powers, Minister Panaretoff said:
General Franchet d'Esperey, commander of the Allied
If my Government has seen fit to take the step which has been taken,
armies in Macedonia, telegraphed to the French Government of course I feel highly gratified by their action. We have confidence in
that a high Bulgarian officer had presented himself on behalf tho just decision of the United States and the associated Governments.
The wording of Minister Panaretoff's reply is interpreted
of General Foreodow,commanding the Bulgarian army, and
asked for an armistice for 48 hours to permit the arrival of in some quarters as meaning that the United States is ektwo authorized delegates from the Bulgarian Government, pected to take an important part in the ultimate settlement
The French commander replied on his own initiative, refusing of the Balkan question. Much interest was also displayed
to suspend hostilities, but agreeing to receive the delegate3 in the fact that Dominick J. Murphy, the American Consulof the Bulgarian Government. The text of the French General and acting Charge d'Affaires in Bulgaria, accomcommander's reply, as forwarded by him to his Government, panied the Bulgarian delegates to the armistice conference
read:
at Saloniki. It is said that he went merely as an observer,




1346

THE CHRONICLE

clothed with no official powers, but because he left his post
without permission Secretary of State Lansing cabled to
him an order to return to Sofia. No criticism of Mr. Murphy has been made in connection with this action, but the
circumstance that he 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-parlors at Saloniki.
As to the general attitude of Bulgaria, Minister Panaretoff
had the following to say, according to press dispatches
on Sept. 28:
The Bulgarian claims are reconcilable with 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
all 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
Bulgarian people.

In view of present developments, it is being recalled that
while there have been frequent demands in Congress for a
declaration of war by the United States upon Bulgaria and
Turkey, President Wilson and the State Department have
, always opposed any such move. No reasons have ever been
made public for maintaining the anomalous situation of being at war with Germany and Austria and at peace with their
allies, further than vague intimations that there were reasons
of an important nature.
That events at home, as well as the military disasters,
exercised a large part in determining the Bulgarian Government to give up the struggle, is indicated in the later dispatches. In this regard an Associated Press dispatch from
Paris dated Oct. 1 said:
It was the fear of revolution at home and the failure of Germany and
Austria to send him the military force he required that induced King Ferdinand 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
the "Matin" from Saloniki.
The Consul-General, the dispatch states, gave interesting details on his
arrival at Saloniki from Sofia, in company with the Bulgarian plenipotentiaries, of the conditions in the Bulgarian capital leading up to the demand
for an armistice. King Ferdinand, the account declares, assembled the
Grand Council on Sept. 23, with the result that a formal demand was'made
on Berlin and Vienna for immediate a.ss!stance. Despite the urgent tone
of the demand, Germatiy and Austria re3ponded with evasive promises for
the future.
That, the account continues, settled the determination of King Ferdinand to forsake the Powers which had brought only desolation to Bulgaria,
and intrust her destinies to the Entento.
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. Bolshevikism
In its most excessive form became the regular order and manifestations were
held before the royal palace.

VON HERTLING RESIGNS AS GERMAN CHANCELLOR—
MOVE FOR PARLIAMENTARY GOVERNMENT.
The growing seriousness of Germany's external situation
has been reflected in an increasing ferment within, culminating on Sept. 30 in the resignations of Chancellor von
Baffling and Foreign Minister von Hintz. The resignations 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 Hertling. 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 deciding the fate of the Fatherland. It is therefore my will that
the men who have been borne up by the peoples trust shall
in a wide extent co-operate in the rights and duties of government." The letter in full was as follows:

[VOL. 107.

believed in some 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
Baden. 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.1 1917, he was putforward 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
William and the choice of Prince Maximilian as his successor.
These rumors, however, were never confirmed. Early in
the present year Prince Maximilian gave a semi-official
interview in which he outlined his views on Germany's peace
terms. His statement was a rude shock to the Pan-Germans,
in that he advocated the abandonment of all ideas of conquest. He favored an Anglo-Saxon peace, in the sense that
the German Empire must serve as a bulwark in protecting
the Western nations from the spread of Russian Bolshevikism. Prince Maximilian's wife was formerly Marie Louise,
Duchess of Brunswick-Luneburg, and bears the title of
Princess Royal of Great Britain and Ireland.
In line with the political changes hinted at in Emperor
William's letter to von Hertling it was reported on Oct. 2
that plans were under consideration for the reorganization
of both the Imperial German and Prussian Ministries on
the lines of a parliamentary system. Vice-Chancellor von
Payer received the leaders of all parties on Oct. 1 and discussed the contemplated parliamentarization, which, he
declared, would extent to the Prussian as well as to the
Imperial Ministry. He said, according to the dispatches,
that the abrogation of portions of Articles IX and XXI of
the constitution must be taken in hand as soon as possible.
The articles referred to relate to the prerogatives of the members 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
appear in the Diet and shall be heard there at any time when he shall so request, to represent the views of his Government, oven when the same shall
not have been adopted by the majority of the council. Nobody shall be at
the same time a member of the Federal Council and of the Diet.
Article XXI. Officials shall not require a leave of absence in order to
enter the Diet. 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 accepts 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 Prussian 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 franchise reform, if actually carried out in practice, has possibilities 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
to correspond with the present distribution of population.
The former Prussian franchise law, by an ingenious system
of plural voting, threw all the power into the hands of the
landed aristocracy and big business interests, and correspondingly 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
power of the Prussian Junkers and the military caste. It
is not thought likely that Emperor William and the Prussian
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 overlords would acquiese in either a genuine parliamentary
from myself your reasons, and must with heavy heart deny myself your system or a really democratic franchise unless their
hands
further co-operation.
You are certain of the thanks of the Fatherland for the sacrifices you were being forced by a realization of impending disaster.
made in undertaking the Chancellor's office in grave times, and for the ser- The long-continued series of German defeats on the west
vices you rendered. I desire that the German people shall co-operate front, however, the Turkish disaster
in Palestine and the
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 Macedonian debacle, followed by defection of Bulgaria,
people's trust shall in a wide extent co-operate in the rights and duties of have all joined in creating a situation of such grave danger
government. I beg of you to terminate your work by continuing to conthat the German rulers may be more than willing just now
duct the Government's business and preparing the way for measures deto share the responsibility for further developments. A
sired by me until I have found a successor for you.
Prince Maximilian, the new Chancellor, is rated as a man Washington dispatch under date of Oct. 2 discusses that
of moderate views, and has in the past publicly expressed phase of the situation as follows:
Signs are multiplying in reports reaching the State Department from
himself as being opposed to conquests or annexations and
various agencies in neutral European countries of the rapid weakening of the
n favor of a peace by understanding. He is known to have despotic control which
the military elements in Germany and Austria have
considerably influence with the people of the various imposed upon the civilian
population. So extensive and consequential are
doms that go to make up the German empire, and it is the events quickly following one another in Berlin and Vienna
that Ameri-




OCT. 5 1918.] ,

THE CHRONICLE

can officials are becoming convinced that the Imperial ruler* have boon
forced, however reluctantly, to the conviction that 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 asserted ability to secure a military decision that would confirm German supremacy 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 retributive 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 demanding 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 Germanic 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 summoned to Vienna the throe biggest men of Hungary, Counts Tiza, Andrassy
and Apponyi, was received hero with undisguised interest. This action
was regarded as very eignificant, although officials were not certain whether
it hadeto 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.

•

Efforts have been made by the majority parties in the
Reichstag to agree on a program preliminary to forming a
coalition Government. The two strongest parties, however
—The Socialists and the Centrists, or Clericals—have been
unable to reach a working agreement, the Clericals refusing
to agree to the terms of the Socialists, and the latter not being willing to assume responsibility for a program they did
not approve. Press reports on Sept. 24 outlined the Socialist demands as follows:

1347

naturally he did not suppose that the Entente would straightway declare readiness to enter into peace negotiations.
Continuing, he said:
"In a situation like the present, it is sometimes necessary to clarify things
means of re-agents. The note was such a re-agent. It has already produced remarkable phenomena,and will do so still more in the near future.
"Very extraordinary, for instance, was the remarkable rapidity of President 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 Burl= 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 addit:on, twice four; that is,
altogether, twenty-two, which were to be authoritative for the new arrangement of the world.
"I don't suggest that he is insincere," said the Foreign Minister, "but
one could instance many cases where America herself has offended against
the principles he formulates, for example, the treatment of Colombia and
the seizure of Texas. But, after all, large regions were thereby opened to
civilization. I will only say chat 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 desire to prevent an agreement between Great Britain and France, and declared 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 dispatch. 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 preWe shall take the
vent me from further following the road entered soon.
next stop when the time seems suitable, and always in the fullest accord
with 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.
1. The Reichstag majority's peace resolution of last year must be "absoAmsterdam dispatches dated Sept. 30 reported that a
lutely adhered to."
that the Presidents and Vice-Presidents of the
proposal
Nations.
of
a
League
2. Germany must consent to
3. Germany must make an unmistakable and indisputable statement Parliaments of belligerent and neutral States be invited
pledging the restoration of Belgium, Serbia and Montenegro.
to meet for an unbinding discussion of the basis of peace
4. Germany must agree to indemnify Belgium.
had been introduced in the Lower House of the Austrian
6. The territories occupied by Germany in the oast must be evacuated.
7. Autonomy must be granted Alsace-Lorraine.
Parliament. The motion was said to have been introduced
Meantime,the Kaiser is still talking about victory and call- by Herr Neumann, a Liberal Deputy. It would empower
ing upon the people for further sacrifices. In a message to the President of the Chamber of Deputies to convey the
the Fatherland Party, quoted in press dispatches on Oct. 1, invitation to the Parliaments of the belligerents and of
neutral States. The meeting would be held at a place
he said:
I have the confident hope that the whole German people in these most seri agreed upon.
ous times will resolutely gather around me and give their blood and wealth
In a communication addressed to all the belligerent Powuntil the last breadth for the defence of the Fatherland against the shameful
and
with
must,
will
God's
exist
to
resolve
the Austro-Hungarian Government on Sept. 14 proposed
ers,
unanimous
a
Such
enemy plans.
help, succeed in breaicing the enemy's will to war, and secure for the that the belligerents send delegates to a "confidential and
Fatherland the peace it is worthy of among the people of the world.
unbinding discussion on the'basic principles for the conclusion
In a similar appeal addressed to a, Westphalian patriotic of peace," the meetineto be held at an early date in a neutral
society, the Emperor wrote:
country. Neutral Governments were acquainted with the
Germany is decided to utilize. all force to fight this enforced defensive step ,taken and a special communication was sent to the
war until a victorious end is secured and the Fatherland protected for all
Pope. It was proposed:that the delegates to the conference
time against foreign oppression. A glance of the magnificent successes of
of their
our heroic sons and their able leaders ought to protect the German people, should "make known to one another the conception
even in the changeable fortunes of war, against unworthy discouragement Governments regarding those principles and to receive
and unjustified doubt.
analogous communications, as well as to request and give
In the face, however, of accumulating difficulties on all frank and candid explanations on all those points which need
fronts, including the "home front," the press shows a grow- to be precisely defined." No armistice was suggested, and
ing lack of confidence in the final outcome, and is beginning the discussions "would only go so far as was considered by
to discuss the possibilities that must ensue in case Turkey the participants to offer a prospect of success." Although
and Austria also are forced to capitulate.
the proposal was put forth solely in the name of Austria-Hungary, an official communication accompanying the formal
AUSTRIAN PEACE OFFER STILL OPEN.
note stated that "the constant close accord which exists
Notwithstanding the rejection of the peace overtures between the four allied Powers warrants the assumption
made by the Austro-Hunagarian Government on Sept. 14 that the allies of Austria-Hungary, to whom the proposal is
the invitation is still open, according to an official statement being sent in the same manner, share the views developed
that was issued at Vienna on Sept. 20. The statement in that note." The documents were first made public in
Associated Press dispatches from Amsterdam under date of
said:
received
from
Austro-Hunthe
abroad
of
the
15. The official text was not received by the State
rejection
reports
Sept.
From
garian Government's suggestion that a preliminary discussion of the peace Department until the afternoon of the next day, when it
question be entered into can hardly be longer doubted.
delivered by the representative of the Swedish GovernThe official reply to Foreign Minister 13urian's note has not yet been re- was
ceived, and therefore the reason which prompted the attitude of the Govern- ment, which has been taking care of American diplomatic
ments of the Entente cannot be discussed at present. Only from Secre- interests at the Austrian capital. It was cabled from Vienna
tary Balfour is an exhaustive discussion of our suggestion rcvailable. His
and thence to Washington.
arguments show how correctly Baron Burian's proposal judged the situa- to Stockholm
The Austrian communication was in two parts, the note
tion, and that only the adoption of Baron Burian's line of thinking could
master the confusion of minds prevailing everywhere until to-day.
proper being accompanied by an explanatory statement
The peace question as discussed by Secretary Balfour—and the same ap- which read as follows:
Pal
and
the
French
pressure
American
in
the
debates

Senates—under
plies to the
An objective and conscientious examination of the situation of all the
of big catchwords and overmastering passion, can naturally make no favor- belligerent States no longer leaves doubt that all peoples, on whatever side
able progress. Especially regarding Mr. 13alfour's speech it must be they may be fivhting,long for a speedy end to the bloody struggle. Despite
pointed out that it contains a series of rash conclusions concerning the atti- this natural and comprehensiolo desire for peace, it has not so far been postude of the Central Powers toward concrete peace questions which he sible to create those preliminary conditions calculated to .ring the peace
would not have arrived at had ho entered into a discussion in tho spirit of efforts nearer to realization and bridge the gap which at present still sepaBaron Burian's proposal.
rates the belligerents from one another.
Only if discussed under conditions free from the influences of passion can
A more effective means must therefore be considered whereby the rethe peace question make that progress which is in the interest of humanity. sponsiole factcrs of all the countries can be offered an opportunity to inoffer
is
Government's
still
open.
an
Austro-Hungari
k,The
vestigate the present possibilities of an understanding.
The first stop which Austria-Hungary, in accord with her allies, underIn an interview with Theodor Wolff in the Berlin "Tageon Dec. 12 1916, for the bringing about c f peace did not lead to the
took
23,
Amsterdam
on
Sept.
dispatches
in
reported
blatt,"
end hoped for.
Baron Burian, Austro-Hungarian Foreign Minister, said
The grounds for this lay assuredly in the situation at that time. In
not surprised at the reception of his peace note; order to maintain in their peoples the war spirit, which was steadily de-

he was




1348

THE CHRONICLE

[Vol,. 107.

dining, the,Allied Governments had by the most severe means suppressed application of which
is likely to meet with no objection on the part of the
even any discussion of the peace idea. And so it came about that the ground Powers of the Quadruple
Alliance also, presupposing that this application
for a peace understanding was not properly prepared. The natural tran- is general and reconcilable
with the vital interests of the States concerned.
sition from the wildest war agitation to a condition of conciliation was
It is true it must be remembered that an agreement on general principles
lacking.
is insufficient, bilt that there remains the further matter of reaching an
It would, however, be wrong to believe that the peace step we then took accord upon their interpretation
and their application to individual conwas entirely without result. Its fruits consist of something which is not crete war and peace
questions.
to be overlooked—that the peace question has not since vanished from the
To an unprejudiced observer there can be no doubt that in all the belligerorder of the day. The discussions whicn have been carried on before the ent States, without exception,
the desire for a peace of understanding has
tribunal of public opinion have disclosed proof of the not slight differences been enormously strengthened;
that the conviction is increasingly spreading
which to-day still separate the warring Powers in their conception of peace that the further continuance of
the bloody struggle must transform Europe
conditions.
into ruins and into a state of exhaustion that will mar its development for
Nevertheless an atmosphere has been crested which no longer excludes decades to come, and this
without any guarantee of thereby bringing about
the discussion of the peace proolern.
that decision by arms which has been vainly striven after by both sides
Without optimism, it at least assuredly may be deduced from the utter- in four years filled with enormous
sacrifices, sufferings, and exertions.
ances of responsible statesmen that the desire to reach an understanding
In what manner, however, can the the way be paved for an underand not to decide the war exclusively by force of arms is also gradually be- standing, and an understanding
finally attained? Is there any serious
ginning to penetrate into Allied States save for some exceptions in the case prospect whatever of reaching
this aim by continuing the discussion of
of blinded war agitators, which are certainly not to be estimated lightly.
the peace problem in the way hitherto followed?
The Austre-Hungarian Government is aware that after the deep-reachWe have not the courage to answer the latter question in the affirmative.
ing convulsions which have been caused in the life of the peoples by the The discussion from one
public tribune to another, as has hitherto taken
devastating effects of the world war it will not be possible to re-establish place between statesmen
of the various countries, was really only a serious
order in the tottering world at a single stroke. The path that leads to the of monologues. It
lacked, above everything, directness. Speech and
restoration of peaceful relations between the peoples is cut by hatred and counterspeech did not
fit into each other. The speakers spoke over one
embitterment. It is toilsome and wearisome, yet it is our duty to tread another's heads.
this path—the path of negotiation—and if there are still such responsible
On the other hand, it was the publicity and the ground of these discusfactors as desire to overcome the opponent by military means and to force sions which robbed them
of the possibility of freitful progress. In all pualic
the .sill to victory upon him, there can, nevertheless, no longer be doubt statements of this nature
a form of eloquence is used which reckons with
that this aim, even assuming that it is attainable, would first necessitate the effect at great distances
and on the masses. Consciously or uncona further sanguinary and protracted struggle.
sciously, however, one thereby increases the distance of the opponents'
But even a later victorious peace will no longer be able to make good the conception, produces misunderstandings
which take root and are not reconsequences of such a pclicy—consequences which will be fatal to all the moved, and makes the frank
exchange of ideas more difficult. Every
States and peoples of Europe. The only peace which could righteously pronouncement of leading
statesmen is, directly after its delivery and before
adjust the still divergent conceptions of the opponents would be a peace the authoritative quarters
of the opposite side can reply to it, made the
desired by all the peoples. With this consciousness, and in its unswerving suoject of passionate
or exaggerated discussion of irresponsible elements.
endeavor to work in the interests of peace, the Austro-Hungarian GovernBut anxiety lest they should endanger the interests of their arms by ,
ment now again comes forward with a suggestion with the object of bring- unfavorably influencinst
feeling at home, and lest they prematurely betray
ing anent a direct discussion between the enemy Powers.
their own ultimate intentions, also causes the responsible statesmen themThe earnest will to peace of wide classes of the population of all the States selves to strike a higher tone
and stubbornly to adhere to extreme standwho are jointly suffering through the war—the indisputable rapproche- points.
ment in individual controversial questions—as well as the more consiliatory
If, therefore, an attempt is made to see whether the basis exists for an
atmosphere that is general. seem to the Austro-Hungarian Government to understanding calculated to
deliver Europe from the catastrophe of the
give a certain guarantee that a fresh step in the interests of peace, which suicidal continuation of the
struggle, then, in any case, another method
also takes account of past experiences in this domain, might at the present should be chosen wnich renders
possible a direct, verbal discussion between
moment offer the possioility of success.
the representatives of the Governments, and only between them. The
The Austro-Hungarian Government has therefore resolved to point out opposing conceptions of individual
belligerent States would likewise have
to all the belligerents, friend and foe, a path considered practicable by it, to form the subject of
such a discussion, for mutual enlightenment, as well
and to propose to them jointly' to examine in a free exchange of views as the general principles that shall
serve as the basis for peace and the future
whether those prerequisites exist which would make the speedy inauguration relations of the States to
one another, and regarding which, In the first
of peace negotiations appear promising. To this end the Austro-Hungar- place, an accord can be
sought with a prospect of success.
ian Government has to-day invited the Governments of all the belligerent
As soon as an agreement were reached on the fundamental principles,
States to a confidential and unbinding discussion at a neutral meeting place, an attempt would
have to be made in the course of the discussions conand has addressed to them a note drawn up in this sense.
cretely to apply them to individual peace questions, and thereby bring
This step has been brought to the knowledge of the Holy See in a spwial about their solution.
note, and an appeal thereby made to the Pope's interest in peace. FurWe venture to hope that there will be no objection on the part of any
thermore, the Governments of the neutral States have been acquainted belligerents to such an
exchange of views. The war activities would exwith the step taken.
perience no interruption. The discussions, too, would only go so far as
The constant close accord which exists between the four allied Powers was considered
by the participants to offer a prospect of success. No diswarrants the assumption that the allies of Austria-Hungary, to whom the advantages would arise
therefrom for the States represented. Far from
proposal is being sent in the same manner, share the views developed in harming, such an
exchange of views could only be useful to the cause of
the note.
peace.
What did not succeed the first time can be repeated, and perhaps it has
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 be 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
which the; have never given up, signifies, despite the rejection which it
that is antagonistic, to which excessive importance is still attri
experienced, an important stage in the history of this war. In contrast would
disappear.
to the first two and a half war years, the question of peace has from that
According to our conviction, all the bellrgerents jointly owe to humanity
moment been the centre of European, aye, of world discussion, and domi- to
examine whether now, after so many years of a costly but undecided
nates it in ever increasing measure.
struggle, the entire course of which points to an understanding, it is possible
Almost all the belligerent States have in turn again and again expressed to make
an end to the terrible grapple.
themselves on the question of peace, its prerequisites and conditions. The
The Royal and Imperial Government would like, therefore, to propose
line of development of this discussion, however, has not been uniform and
to the Governments of all the belligerent States to send delegates to a
steady. The basic standpoint changed under the influence of the military confidential
and unbinding discussion on the basic principles for the conand political position, and hitherto, at any rate, it has not led to a tangible
clusion of peace, in a place in a neutral country and at a near date that
general result that could be utilized.
would yet have to be agreed upon—delegates who were charged to make
It is true that, independent of all these oscillations, it can be stated that
known to one another the conception of their Governments regarding those
the distance between the conceptions of the two sides has, on the whole,
principles and to receive analogous communications, as well as to request
grown somewhat loss; that despite the indisputable continuance of decided
and give frank and candid explanations on all those points which need
and hitherto unbridged differences, a partial turning from many of the
to be precisely defined.
most extreme concrete war aims is visible and a certain agreement upon
The Royal and Imperial Government has the honor to request the Govthe relative general basic principles of a world peace manifests itself. In
ernment of
, through the kind mediation of your Excellency,
both camps there is undoubtedly observable in wide classes of the populabring this communication to the knowledge of the Government of
tion a growth of the will to peace and understanding. Moreover, a com- to
[The names of the intermediary Government and of that addressed in
parison of the reception of the peace proposal of the Powers of the Quadthe particular note dispatched are left Man.:A
ruple Alliance on she part of their opponents with the later utterances of
responsible statesmen of the latter, as well as of the non-responsible but,
Dispatches from London in announcing the receipt of
in a political respect, nowise uninfluential, personalities confirms this
the Austrian note by the British Government, also stated
impression.
While, for example, the reply of the Allies to President Wilson made that a proposal had been received (presumably from Gerdemands which amounted to the dismemberment of Austria-Hungary,
many) that the troops of all nations be withdrawn from the
to a diminution and a deep internal transformation of the German Empire,
and the destruction of Turkish European ownership, those demands, the Murman region of Russia. This was interpreted in some
realization of which was based on the supposition of an overwhelming vic- quarters as part of a German plan to eliminate
the Entente
tory, were later modified in many declarations from official Entente quarfrom Russia in return for concessions in the West.
ters or in part were dropped.
Thus, in a declaration made in the British House of Commons a year ago,
The proposal of the Austro-Hungarian Government for
Secretary Balfour expressly recognized that Austria-Hungary must itself
conference
to discuss peace terms had been foreshadowed,
a
solve its internal problems, and that none could impose a Constitution upon
Germany from the outside. Premier Lloyd George declared at the begin- in a measure, by an address delivered by Baron Burian, the
ning of this year that it was not one of the Allies' war aims to partition Foreign Minister, to visiting German newspaper
men. In
Austria-Hungary, to rob the Ottoman Empire of its Turkish provinces,
or to reform Germany internally. It may also be considered symptomatic this address the Foreign Minister, as reported in Amsterthat in Dec. 1917 Mr. Balfour categorically repudiated the assumption dam dispatches on Sept. 10, said in part:
that British policy had ever engaged itself for the creation of an independ"This question arises," said the Foreign Minister: "Isn't it, a crime
ent State out of the territories on the left bank of the Rhino.
against humanity even to think of completely pulling down a structure
The Central Powers leave it in no doubt that they are only waging a war which has become historical, and which certainly hero and there needs
of defense for the integrity and the security of their torric.ories.
improvement, but is only capable of improvement, in ordor to found a
Far more outspoken'than in the domain of concrete war alms has the paradise in future on its ruins? The defect in this, however, is that in
rapprochement of conceptions proceeded regarding those guiding lines upon accordance with the destructive methods of our enemies it can only be
the basis of which peace shall be concluded and the future order of Europe created with a much too great sacrifice.
and the world built up. In this direction President Wilson in his speeches
"Count the past hecatombs of this war. Think of those to come and ask
of Feb. 12 and July 4 of this year has formulated principles which have not whether striving to attain war aims at such a price is justifiable—war
encountered contradiction on the part of his anise, and the far-reaching aims in which the principle of justice is put foremost—without investigating




06T. 5

1918.1

THE CHRONICLE

•

1349

"The Government of the United States feels that there is only one reply
of
whether an understanding could not be reached by a fair application
which it can make to the suggestion of the Imperial Austro-Hungarian
that principle.
Government. It has repeatedly, and with entire candor stated the terms
It is unthinkable that oven the most confident hopes of final victory
upon which the United States would consider peace, and can and will
could permit the enemy in the long run to avoid considering whether the
carry entertain no proposal for a conference upon a matter concerning which
most terrific exertions and sacrifices can longer be justified in order to
It has made its position and purpose so plain."
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.
Secretary Lansing on Sept. 18 made public the official
on
"I believe that careful and sincere investigation would bring many
things. text of the communication he sent the day before to W. A.
the other side to realize that they often are fighting for imaginary
It may be an ungrateful task to want to communicate one's own percep- F. Ekrengren, the Swedish Minister, in charge of Austrotions of things to oho enemy.
rejecquestions Hungarian interests, conveying President Wilson's
"The enemy group can, if it wishes, convince itself that in all
will en- tion of the Austrian peace proposal. Except for a paraof humanity and justice and of future international relations it
our
counter on the part of our group no opposition and will be in line with
graph acknowledging receipt of the Minister's note transour
existing progressive aspirations. But at the same time it will meet
mitting the Austrian note, the communication did not
right.
good
our
for
up
stand
to
steadfastly
continue
to
determination
exchange differ from Mr. Lansing's statement of what the reply
"Our adversaries need only provide an opportunity in a calm
which
would be, issued on the evening of Sept. 16, less than half
of views--some sort of direct informative discussions is thinkable
weighing
would be far from being peace negotiations—of discussing and
further an hour after Mr. Ekrengren delivered the Austrian prono
and
parties,
belligerent
the
separates
to-day
which
everything
posal. The reply was in two sentences. The communicafighting will, perhaps, be needed to bring them closer together."

tion complete was as follows:
Sir: 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 a proposal to the Governments of all the
belligerent States to send delegates to a confidential and unoinding discussion 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 precisely 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 United States feels that there is only one reply
After four years of unheard-of struggle and gigantic sacrifices, the war which it can make to the suggestion of the Imperial Austro-Hungarian
a
about
bring
to
able
been
not
has
Europe
Government. It has repeatedly, and with entire candor, stated the
which has been devastating
decision. Animated by a spirit of reconciliation, which already has been terms upon which the United States would consider peace, and can and
expressed in its note of Dec. 12 1916, the Austro-Hungarian Government will entertain no proposal for a conference upon a matter concerning
has decided to approach all belligerent States and invite them to pave the which it has made its position and purpose so plain.
Accept, sir, the renewed assurances of my highest consideration.
way to a peace which will be honorable for all parties by a confidential and
ROBER1 LANSING,
unbinding exchange of thoughts.
Secretary of State.
Full of gratitude, the Austro-Hungarian Government hereby remembers
all
belligerents
to
sent
Pope
that touching appeal which His Holiness the
by our Govas
fundamental
considered
live
and
an
terms
seek
understanding
they
The
peace
that
last year with the exhortation
again in brotherly concord. Firmly convinced that the Holy Father ernment were most fully stated in the President's address
to-day also longs that suffering mankind will soon again enjoy the blessings before Congress on Jan. 8 last (given in full in our issue of
of peace, we confidently hope he will sympathize with our note and support
Ian. 12, page 148), and were embodied in fourteen propoIt with the moral influence which is recognized all over the world.
Animated by this thought I request Your Excellency to submit the sitions. The four general principles for an enduring peace,
enclosed text of the note to His Holiness.

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 belligerent Powers, was sent on Sept. 14 by Baron Burian, the
Austro-Hungarian Foreign Minister, to the Apostolic Nuncio 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:

referred to in the statement accompanying the Austrian
A dispatch from Rome on the 16th quoted the semi- note as having met with no denial in Teutonic countries,
official Vatican organ, "Corriere d'Italia" as saying:
were incorporated in the speech delivered by President WilAustria's invitation should not create dangerous illusions. It is in- son at Mount Vernon on July 4 (given in full in these colteresting 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 umns on July 6, page 26). The four principles were set
give hope of conclusive conciliation. The sincere friends of peace prefer forth as follows:
than a truce should be arranged,
that the war should continue rather
leading to now fighting.

I. The destruction of every arbitrary power anywhere that can separately, secretly, and of its single choice disturb the peace of the world; or,
if it cannot be presently destroyed, at the least its reduction to virtual
Impotence.
II. The settlement of every question, whether of territory, of sovereignty, of economic arrangement, or of political relationship, upon the basis
of the, free acceptance of that settlement by the people immediately concerned, 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
covenants may 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.

PRESIDENT WILSON'S REJECTION OF THE
AUSTRIAN PEACE PROPOSALS.
President Wilson's reply to the proposals of the AustroHungarian Government 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
answer was couched in a 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 American people, was a curt refusal. The Imperial Government
was reminded that the American Government "has repeatedly, and with entire candor, stated the terms upon
President Wilson's reply to Austria's peace proposals met
which the United States would consider peace, and can and
almost unanimous approval in the press and in the
with
a
proposal
for
a
matter
no
upon
conference
entertain
will
concerning which it has made its position and purpose so halls of Congress. Senator Lodge, of Massachusetts, the
ranking Republican member of the Foreign Relations Committee, took the earliest opportunity to endorse the Presiis
note
preto
been
President's
have
understood
The
pared in advance of the receipt on Sept. 16, of the official dent's position. Speaking in the Senate on Sept. 17, Mr.
text of the Austrian note, on the basis of the press cable- Lodge said the President's prompt and curt refusal was
grams received the previous day. Secretary Lansing had right and wise, and would receive universal approval. After
be0a aotified informally by the Swedish Minister, that the reviewing the various steps in the Teutonic "peace offennote had been received, was being decoded, and would be sive," Senator Lodge said:
The President's reply to this stupid note will Ineet, I am sure, with
delivered by nightfall. It was 6.20 o'clock when Minister
universal approval. His prompt and curt refusal of the Austro-Hungarian
Ekengren entered the office of Secretary Lansing, bearing offer
was not only right, but wise, for It will, I believe, put an end to loose
the translated text. Two minutes later Minister Ekrengren and feeble talk about these Austro-Hungarians offers—a kind of talk which
not
is
only debilitating and confusing, but distinctly helpful to Germany.
loft the State Department. Secretary Lansing received
The President, without entering upon any details or definitions, says
the representatives of the press at 6:45 o'clock and read the position and purpose of the United States is plain. I think that the
the statement embodying the reply. Secretary Lansing 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
said the. reply, as made public, would be delivered to the the
Central Powers will soon begin to understand them. I believe that
Swedish Minister on Sept. 17 to be transmitted via Stock- they will learn, and the sooner the better, that the American people mean
.know that we have no
Austrian
Government.
to have complete victory. They must be made tq
holm to the
of arguing with them about terms of pea,ce around a table.
Secretary Lansing's statement to the press embodying intention
When Prussian militarism is crushed and tb,e Germans throw up their
the President's reply was as follows:
hands, then the United States and her Allies will tell them the terms of
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 conference of belligerents.




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

1350

•

THE CHRONICLE

complete victory is reached on German soil any negotiations or discussion
with our enemies would mean that the war was lost, our sacrifices In vain,
and our high purposes defeated. 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 lust of conquest, the dread arbitrament of arms. By that she must
abide. She shall not now resort to talk and bargain for a decision.
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 this we fight. We
shall not ask more. We shall never accept less.

[VOL. 107.

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 more truce pending
a strife more fierce thereafter. So long as predatory militarism is not wholly
destroyed no lasting peace can be made.

Ex-President Taft was quoted in the New York "Times"
as making the following comments on the peace note:
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 boginnin
of another peace offensive, which should not be dignified by anythin •
but a curt refusal to enter into a non-binding, secret discussion.

Referring to the recent recognition by the United States
of the Czecho-Slovaks, the Massachusetts Senator, after
paying a glowing tribute to the achievements of the Czecho- BALFOUR ENDORSES WILSON'S VIEWS—VICTORY
OVER GERMANY MUST PRECEDE LEAGUE
Slovak army in Russia, said:
If any people ever deserved recognition as belligerents it is the CzechoOF NATIONS.
Slovaks. But it cannot stop there; it will not stop there. We must
Speaking at the Guildhall at London on Sept. 30, Arthur
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 J. Balfour, British Foreign Secretary, endorsed the princiof Belgium. We must recognize the Poles, one of the greatest and most ples enunciated by President Wilson in his latest
address,
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 but emphasized the point that the proposed League of Nations could only be made to work when Germany had been
Germany. These are coming; these are involved in the Jugo-Slavs.
Senator McCumber, of North Dakota, also a Republican, thoroughly subdued by military defeat. As quoted in
in strongly endorsing the President's position, declared if a special dispatch from London to the New York "Times"
the Kaiser wants peace he can have it, but "he can have under date of Oct. 1, Mr. Balfour said:
The main theme, as I understood him, which he developed was this:•
only a just and righteous peace." Continuing, he said:
that if the world is not only to have peace,

A peace that is not both righteous and conclusive, a peace that imposes
no 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 tendencies 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. We will pay for every ship
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."

House leaders of both parties were equally outspoken in
praise of the President's reply. Even Meyer London, the
sole Socialist member of the House, expressed approval.
As quoted in the New York "Times" on Sept. 18, in a
Washington dispatch dated Sept. 17, Representative London
said:
Representative Meyer London to-day expressed himself as in full accord
with the President's aote to Austria. He said that there could be no real
peace conference until Germany had renounced all the spoils of the sword,
and no.; having made such an announcement, he believed that it would
be unwise to enter into a parley which should not be binding on the participants.
"I would not do business with Germany," said Mr. London. "until she
was ready to renounce all spoils gained by the sword, had withdrawn from
Invaded territory, and had torn 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 President's reply to the Austrian Government's peace proposals,
and urging the American people to resist all overtures for a
premature peace. 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 Gorman militarism and the creation of a League of Free Nations to
enforce permanent peace. To take part in a conference with an unconquered Germany Is to confess a failure of our purpose.

The following was stated to be the attitude of the League
with regard to the war and its ending:
Apprehensive of the lure of an inconclusive peace, which would enable
the present 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 fools 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 te 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 strengthening of Germany, until she had control of the resources of a population of




but is to be sure that it is going to have peace, it must come to some arrangement by which the malefactors or would-be malefactors are to be kept in order. Justice, as between great and small nations, is to be preserved not merely by pious sentiment, 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 resolution really to contrive the international machinery which shall carry out
our objects?
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 ono
of the gtoat opportunities given to mankind permanently to put international relations on a sound, lasting, and moral footing.
These, as I understand it, are the two great pillars of the policy to which
he has given eloquent expression.
But evidently something yet further is required. Evidently we are
bound to see that/the labors, the work, which you require your now machinery 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 machinery 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.
If you perpetuate the state of things which exists in Central Europe,
if you render permanent, for example, German domination over 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 generations, a reproach to all civilization—if these subordinated peoples who
have for generations been trampled in the Austrian Empire under the heel
of the German and Magyar minorities, if you leave them still in their present 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 torn 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 threatened as she has been threatened by the dominacion of the Central Powers,
if Serbia is not to be restored after all her appalling sacrifices, and after all
her 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 torn from her—
if all those evils are not potentially to recur, then you must do something
more than merely establish a League of Nations.
You must put these wrongs right before the League of Nations sets to
work; you must give them a clean slate to work upon; you must not bring
them in as a great reforming machinery, for a groat reforming machinery
on 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 selfdevelopment Is passible 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 subscription to the admirable propositions which from time to time President Wilson
has laid down.
These superficial changes are of no value whatever if they stand by
themselves. Germany can only be a member of the League of Nations
when the international system 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 tho nations which she is in position to infruonce to subserve her own dreams of world empire.

OCT. 5 19181]

TIIE CHRONICLE

MR. BALFOUR'S REJOINDER TO AUSTRIAN PEACE
PROPOSAL.
16 to visiting journalists, Arthur J.
Sept.
on
address
In an
Balfour, British Foreign Secretary, took occasion to express
his personal view of the Austrian peace proposals. Mr. Balfour'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:
"It is incredible that anything can come of this proposal."
with the Austrian note when its
The Foreign Secretary said he agreed
that the
authors pointed out that the whole of civilization was at stake and
of a great deal that
prolongation of hostilities was a risking or sacrificing
The
mankind.
of
in
the
progress
was really dear to everybody interested
imposed by
terms of peace and war were so tremendous, and the calamities
never treat
the continuation of hostilities so overwhelming, that he would
with disrespect any peace proposal.
now made
in
proposals
the
see,
honestly
"But," he went on, "I cannot
that the goal
to us as I have been able to study them, the slightest hope
a truce—can
we all desire—the goal of a peace which shall be more than

1351

men of the quadruple alliance and the authorized representatives of the
allies' (Teutonic) peoples have again and again announced. The reception
which previous similar steps met with from our enemies was not encouraging.
The Imperial Government, however, follows the new attempt to bring
the world nearer to the just and lasting peace which it desires with the sincere and earnest wish that the statement of the Austro-Hungarian Government, inspired by profound conciliatory feeling and noble humanity,
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 Clemeneeau, 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 colonies. In • this spirit the "Deutsche Tageszeitung," discussing the colonies and Alsace-Lorraine, said:

really be attained."
the German
Coming after the recent speech of Friedrich von Payer,
cynical proposal
What does this mean if not that the Entente intends to dismember and
Imperial vice-Chancellor, Mr. Balfour continued: "This
peace. crush the German Empire? . . . There is but one thing left for us—
to
obtain
genuine attempt
of the Austrian Government is not a
ever had been so strong victory or destruction.
It is an attempt to divide the Allies." No coalition
not succeed in breaking it.
as the Allied coalition, and the enemy would
The Socialist "Vorwaerts" of Berlin was bitter and pesundoubtedly
Conversations such as wore proposed by Austria-Hungary
It declared that the American answer and the
serve
simistic.
would
They
certain sircumstances.
would have great vaule under
questions of pride, &c , but the ques- utterances of Secretary Balfour compelled the conclusion
to smooth out obscurities such as
were definitely defined.
tions now between the belligerents
would not hear of a peace by agreement,
years ago, or of last year, but of that the Entente
"I am not taking the proposals of two
speakadded:
Vice-Chancellor,
and
last week," Secretary Balfour said. "The Gorman
clearly and without obscure verbiage,
Mr. Balfour's speech contains two points which a great part of the Gering for the German Government,
of Belgium, Alsace-Lorraine, man people are ready to discuss and two others which will evoke powerful
showed whore Germany stood on the question
the
vsk and Bucharest treaties."
opposition from every German. The first two points are Belgium and
the German colonies, and the Brost-Lito
by von Payer last Brest-Litovsk. The other two concern the German colonies and AlsaceIt could not be more clearly set forth than it was
The
to
Belgium.
no
pay
indemnity
to
intended
Lorraine.
week that Germany
believe in tho principle
If Mr.Balfour wishes that these last two points should be fulfilled, which
Vice-Chancellor indicated that Germany did not
time she was squeezing millions of would be possible only through a complete military victory by the Entente,
same
the
at
yet
and
,
indemnities
of
they had
there would be a feeling left among the entire German people that
dollars out of Russia.
"This," the speaker went on, "was for the wrongs Russia is supposed been made the victims of a robbers' warfare.
be compared with the
to have done Germany. How can those wrongs
The "Vorwaerts" said that even if the Entente did not
now?"
devastation and ruin which Germany is wreaking on Russia
said:
Balfour
admit the justice of the German standpoint its rejection'of •
Regarding the question of colonies, Secretary
no misunderstanding.
"The colonies arc one question on which there is
the Austrian invitation was nevertheless an "act of stuWe stand on one side and Germany on the other."
the Central Powers, as pidity and brutality."
Referring to the lack of concerted effort by
Austrian note, the Foreign
On the 19th Field Marshal von Hindenburg issued a
emphasized by the von Payer speech and the
German diplomacy.
Secretary commented on the clumsiness of
tion to the army in the field, alluding to the Austrian
proclama
simple brutality, but when
"The German," he added, "excels in direct,
and saying that it did not involve an interrupas
offer
act
President
to
peace
or tries
he tries to dress in President Wilson's clothes
tion in the war operations. The Field Marshal added that
Wilson would act, he is clumsy."
The Foreign Secretary continued:
not in contradiction with the spirit
Payer uses is a very a readiness for peace was
"Take Belgium, for example. The phrase von
the struggle. It is the army's
waging
is
feels
that
Germany
that
Germany
moan
to
which
with
curious one, but I suppose it is intended
not say what she
the struggle while waiting to see
continue
to
said,
he
she really must restore Belgian independence. Site does
duty,
or that indemnities are to be
is going to do to restore Belgian prosperity
whether the enemy is sincere ahd ready for peace negotiations.
and ravaged.
given to the country she wasted, brutalized,
to make certain modifications The text of the proclamation read:
consent
will
"But it seems that if Belgium
to get back her indebelligerents
in her internal arrangements she is to be allowed
• The Austro-Hungarian Government has proposed to all the
that which we think
are
pendence. Explicit though it be, it explicitly refuses
conference for a non-binding discussion of peace. War operations
a
to Belgium, which
in contradiction
obviously just, namely, restoration of and indemnity
not thereby interrupted. Readiness for a peace is not
homeland.
has been so monstrously treated.
to the spirit with which we are waging the struggle for the
remain intact,
Lord, with his
"Von Payer stated that the German boundaries should
As early as December 1916 the Kaiser, our Supreme War
how
aine.
keep
will
t has often
Alsace-Lorr
Germany
that
Governmen
moans
German
The
enemy.
course,
the
to
offered peace
which, of
Allies,
are no misunderstandings
are conversations going to set that right? There
since then proclaimed its readiness for peace.
Governscore."
that
between the belligerents on
The reply of the enemy was scorn and derision. The enemy
Bucharest
g war
Mr. Balfour recalled that von Payer said the Brost-Litovsk and
ments incited their peoples and armies to continue the annihilatin
there.
treaties should stand, and declared: "There is no misunderstanding
against Germany. We have thus continued our defensive struggle.
No
The fightIt is in black and white, without circumspection or fine phrasing.
Our ally has now made a fresh proposal to hold a discussion.
struggle.
dexterity of dialogue is going to smooth differences of that kind."
ing will not be interrupted. The army's task is to continue the
so
sent
being
ly pronote
a
of
such
energetical
hardly
conceive
could
he
has
The Secretary said
In four victorious years of war the German army
r, had so
y. Only by
soon after the German Government, through its Vice-Chancello
tected the homeland and proved to the enemy our invincibilit
in the
definitely laid down its policies on subjects which were uppermost
do we help break the enemy's will to destruction.
state- this means
the enemy is
minds of all the belligerents. He considered it one of the plainest
While continuing to fight we have to wait to see whether
made
it
that
he will again
and
contended
German
diplomat
a
by
ments over made
sincere and this time ready for peace negotiations or whether
which
impassible a settlement by conversations.
reject peace with us, unless we are prepared to buy it on conditions
discuss
"Until the Central Powers are of open mind and are prepared to
would destroy our people's future.
of
uplift
the
for
and
justice
and
be
right
our views of what we believe to
practical
civilization," continued the Secretary, "mere conversations for
VON HERTLING'S ADDRESS ON GERMANY'S
results are useless."
and
note
the
with
ATTITUDE TOWARD PEACE.
He could not help comparing von Payer's speech
peoples,
wondering what was the central idea of the culpability of the Allied
The much discussed address of Chancellor von Hertling
adding:
exist (who has since resigned his office), setting forth Germany's
"They evidently think they can embitter whatever differences may
successes
between the Allied countries and counteract the present Allied
peace, was delivered before the Main Coman honest attitude toward
on all fronts. I cannot bring myself to believe that this is
opposite mittee of the Reichstag on Sept. 24. The Imperial Chanthe
to
I
but
am
ing,
driven
understand
bY
peace
at
attempt
are
cellor declared that all thoughts of conquest were far from
opinion—that it is an attempt to weaken the forces in the field, which
proving too strong for them."
mind. The world war was prepared years ago,

GERMANY ACCEPTS AUSTRIA'S INVITATION TO
PEACE DISCUSSION.
An official communication issued in Berlin on Sept. 20
stated that the German Ambassador at Vienna had that day
presented Germany's reply to the Austro-Hungarian peace
note: The German note announced the readiness of Germany to participate in the proposed discussion of peace
terms, and was given as follows in dispatches from London
under date of Sept. 20:
has the honor to make the folThe undersigned Imperial Ambassador
royal and imperial Foreign
lowing reply to the highly esteemed note of the
Minister.
belligerent
The summons of the Austro-Hungarian Government to eleven
neutral country
States to enter into confidential unbinding discussion in a
s to the
of the fundamental principles for the conclusion of peace correspond
statesspirit of peace readiness and concillatoriness which the responsible




Germany's
he said, by King Edward's well-known encircling policy,
the war fervor of France and the growth of Pan-Slavism in
Russia. Referring directly to peace, the Chancellor declared he had given his adherence to the idea of a League of
Nations (with certain reservations), and also accepted "in
principle" the four peace principles laid down by President
Wilson, "who, however, has neither then nor since taken
any notice of it." In defending. Germany's invasion of
Belgium, the Chancellor admitted that Germany had transgressed the written law, but declared that'"as for individuals,
so is there also for States, another law. That is the law of
self-defense."
As summarized in Associated Press dispatches from Amsterdam dated Sept. 25, the address of Chancellor von Hortling was as follows:

1352

THE CHRONICLE

[VOL. 107.

"We have never concealed the fact," said Chancellor von Hertling
in an action. It has found eloquent advocates in the Swiss
President and
the course of his address, "that all thoughts of conquests were far
from the Norwegian Premier, Knudsen, both of whom dwell especially
on the inour minds. But how do things stand on the opposite side? If one credited
terest of neutral States in such an institution. I also do not
hesitate to
the utterances of the enemy, official and unofficial, they only desire
to express my opinion again to-day on this question and to indicate
publicly
repel a Germany which, in criminal arrogance, is striving for world
hege- the aim and basis of such an association. It is a question
of promoting
mony, to fight for freedom and justice against German imperialism and
universal equal and successive disarmament, the establishment
Prussian militarism.
of obligatory courts of arbitration, freedom of the seas, and the
protection of
"We know better. The world war was prepared years ago by
the well- small nations.
known encircling policy of King Edward. In France there arose extensive
"Regarding the first point, on Feb. 24 I described the idea of restriction
war literature which referred to impending war with Germany. Austriaof armaments as thoroughly discussable, adding that the financial
position
Hungary's influence in the Balkans was to be eliminated. The Russian
of all the European States after the war would give the
most effective
expansion movement and the pan-Slavic idea demanded it. The match
support to a solution of this question. Regarding the question
of arbitrawas not put to the powder by the Prussian military party, but while
the tion my standpoint has long been history. I will not
go into details, but
German Emperor was, up to the last moment, endeavoring to preserve
interesting material which I have before me shows that Germany
in the
peace the Ruemian military party put through the mobilization against the
past repeatedly suggested arbitration of disputed questions, the
carrying
will of the weak Czar, and thereby made war unavoidable.
out of which in several cases, however, was prevented by opposition
raised
"The official account of the Sukhomlinoff trial made this clear to everyin Great Britain or America. If an international understanding
could be
one who desired to see. We can look calmly forward to the judgment of
reached that disputed questions of law between various States must
always
posterity. For the present, it is true, those who are in power in the enemy
be submitted to arbitration courts, and if this were made
obligatory for
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 members of a league of nations, it would undoubtedly be an important step
toward
the
attainment
of
the
general
aim.
More
precise
written word it was achieved by pictorial representations—productions
prescriptiens,
of
absolutely devilish fantasy, from witch one turns with horror and disgust. especially regarding requisite guarantees for the recognition of verdicts
made by arbitration, need careful and thorough consideration.
But the object has been attained. A hatred has been raised amongst
the
"I have expressed myself before this on the question
enemy populations against the Central Powers, and particularly against
of freedom of the
seas, which forms a necessary prerequisite for the unrestricted
Germany—a hatred which eschews all moderation and chokes off all
intercourse
just of States and peoples. Here, however, the
greatest difficulties, naturally,
judgment.
"You have an read Premier Clemceau's last _speech, a speech which are not raised on our side. On a former occasion I pointed out that there
seemed, in its fanatical hatred and the coarseness of mind displayed, to must be unhindered access for all nations to the inland seas, no predominant
surpass anything hitherto achieved. But in America it found a many- position of Great Britain at Gibraltar and Malta and in the Suez Canal.
voiced echo, as is proved by the pronouncements that are reaching our ears An English newspaper has called this impudence.
"Finally, there is a protection of small nations. Here we can forthwith
from across the ocean. The wildest war fury is at present raging in the
United States. The people are intoxicated with the idea that America and without reserve state that in this matter we have an entirely clear
must bring the blessings of modern liberal culture to the enslaved peoples conscience. May, therefore, a league of nations be no mere dream of the
of Central Europe, while at the same time they are rejoicing at the many future. May the idea deepen, and may the people in all countries zealously
millions of dollars which the war armaments are causing to flow into the concern themselves with the means for its establishment. The first and
most important prerequisite will be an energetic will to champion
pockets of the business men.
peace
and justice.
"Theory and practice are two different things. The old proverb of the
"Here I will close my remarks. The Foreign Secretary will deal with 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 political situation in more detail, and discuss especially in that connection
our march into Belgium, but they pass over the oppression of Greece, the the well-known Austrian note, and the reception it has met with up to
interference with that country's internal affairs, and the enforced abdication this time on the part of the enemy. Those in power in the so-called
of its King as if they were matters of course. They assert that they are democratic States have, with precipitance and without consulting their
fighting to protect eppressed nations, but the century-old sorrows and the peoples exhibited a curt attitude of rejection. By so doing they once
justifiable grievances of Ireland nowhere find a hearing, not even in America, again show where the passion for conquest, where imperialism and miliwhere the people are acquainted with them through the numerous Irish tarism are in reality to be sought."
In vigorously defending Germany's action toward Belgium, the ChanImmigrants. The British Government, which is especially fond of talking
of right and justice, recently found it compatible with those principles cellor admitted that in invading Belgium Germany transgressed the written
to recognize the conglomerate rabble of Czecho-Slovaks as a belligerent law, but, he said: "As for individuals, so is there also for States, another
law. That is the law of self-defense."
Power.
In all future fighting, both on the West and the East, the Imperial
"How will the cierman people have to meet that? Will it, forsooth, beg
for mercy in fear and trembling? No, gentlemen, remembering its great Chancellor said, it would be solely a question of defense.
past and its still greater mission in the future, it will stand erect and not
cringe or grovel.
A GERMAN PLAN FOR THE LEAGUE OF NATIONS.
"The situation is serious, but it gives us no ground for deep depression.•
Detailed specifications of a constitution for a proposed
The iron wall of the Western front it not broken, and the U-boat is slowly
but surely fulfilling its task of diminishing tonnage; thus, above all, in- League of Nations are worked out by Mathias Erzberger,
creasingly menacing and restricting reinforcements of men and material one
of the leaders of the German Centrist Party, in a book
from the United States.
"The hour will come, because it must come, when our enemies will see soon to be published, extended extracts from which, as
reason and be ready to make an end of the war before half the world is con- given in the Berlin "Vossiche Zeitung,"
were reported in
verted into a heap of ruins and the flower of its manly strength lies dead
press cables from Amsterdam on Sept. 23. Erzberger's
en the battlefield."
Count von Horning said it was the business of the Germans to stand to- ideas have attracted a good deal of notice as being the first
gether, cool, confident, united, and resolute, with their one aim the protec- attempt from the German side to go into
details in regard
tion of the fatherland, its independence, and its freedom of movement.
to what is now universally recognized as the first essential
There was no antagonism, he declared, between the Government and the
people. The former only desired to work with and for the nation. Al- of a peace settlement. As summarized, Herr Erzberger's
luding to the differences of opinion on political matters, the Chancellor plans involve the following:
said:
The first section of this constitution, dealing with the organization of
"The period after the war will also confront us with new domestic problems, I will not speak of those now, but, as I know that the prevailing such a league, says "any sovereign State can enter the league, which shall be
considered
to have been formed when the following powers are among those
disconwint is not influenced alone by the sufferings and worries of wartime,
but also by quite definite cares and grievances of a political nature, I will who have announced adherence: Germany, Great Britain, Franco, United
States,
and
Russia."
make some brief remarks on the subject.
The Hague would be the seat of the league, and there the International
"Since taking on my shoulders the heavy burden of the Chancellorship I
have always endeavored energetically to cairy out what was still lacking in Bureau would conduct its business. Each State, with the approval of its
this respect. I am,of course, alluding to that great reform bill, which, it is Parliament, would appoint one delegate. The International Bureau would
true, does not fall within the jurisdiction of the Reichstag, but neverthe- be controlled by a permanent administrative council consisting of the
less engages politieal circles in Germany far beyond the Prussian fron- representatives of the federated powers, with the Dutch Foreign Minister
as Chairman.
tiers."
Dealing with fundamental laws, the second section says: "The league
Count von Hertling asserted that the Prussian Government was firmly
shall
guarantee the territorial possessions of each federated State, as well
resolved to have the bill accepted, and to that end it would not hesitate to
use any means constitutionally available. He begged his hearers to re- as undisturbed possession of colonies." Each State would be independent
in
conduct of its internal and foreign affairs within the limits of the
the
member that this question was one of a far-reaching alteration in the historical structure of the Prussian State, and that it would be unfair if the league's constitution.
States, whose Governments, with the assent of their Parliaments, derepresentatives of the old order were not given the opportunity of defending their standpoint in Parliament. There must be no question of pro- clare their permanent neutralization would be recognized by all members
of
the league as permanently neutral and would enjoy the league's proteccrastination, the Chancellor said. "Should we, however," he continued,
"not succeed in attaining our contemplated aim by Parliamentary debate, tion. All available means would be used against any State outside of the
league which attacked a Federal State or took up arms without having
then anothes way indicated by the Constitution will be pursued."
Referring to the question of peace, the Chancellor then said that hu- applied to the arbitration court or awaited its judgment, or which took up
•
manity shudders at the thought that this war may bring others, and the arms, instead of accepting its judgment.
Members of the league would mutually undertake to cut down and
question is engaging the attention of more people as to the possibility of
creating an organisation among peace-needing nations, which would "set steadily reduce their land, naval and serial forces, according to a fixed
right in tho place of might and a peaceful solution instead of sanguinary standard to be agreed upon. They would further undertake not to use
their forces for any other objects than the maintenance of Internal order,
battles." The Chancellor proceeded:
defense of their territory against attack and for joint execution of the
"As-is known, the President of the United States laid down in fourteen
league's mandates.
points the guiding lines for a conclusion of peace. On Jan. 24 of this year
Figures showing the annual expenditure for armament, the number of
I discussed in you, committee all these points, and, regarding the last,
remarked that the idea of a league of nations, as suggested, had my entire troops under arms, war material in hand and the number of warships in
sympathy, on the condition that an honest will to peace and the recogni- commission would be communicated annually to The Hague Bureau, which
tion of the equal rights of all States of the league were guaranteed. How Would publish them. The constitution provides for economic equality and
necessary was this reservation was shown by the statements of our enemies, tor the principle of the open door, all members of the league granting
who, in a league ef nations, thought of an alliance directed against Germany aech other most favored nation reatmont.
For the first decade after the foundation of the league each State's surand her allies.
plus of raw materials would be divided between the other Federal States,
"President Wilson, in a message on Feb. 2 (Feb. 11?), took a further
according to a standard to be agreed upon. This would be respective of
step in the same direction and laid down four points or principles which
the imports of the year, the output and the special needs of individual
in his opinion should be applied in an exchange of views. In my Reichstag
States due to the war.
speech of Feb. 22, I declared myself, in principle, in agreement with the
Members of the league would recognize freedom of the seas. Straits,
possibility of discussing a general peace on such a basis. President Wilson,
canals and connecting seas, both banks of which were not in possession of
however, has neither then nor since taken any notice of it.
same Federal State, would be internationalized and their fortifications
the
"Meanwhile,the former idealist and zealous friend of peace seems to have
retained, guarded by a command consisting of contingents from all the Feddeveloped into the head of the American Imperalists. But the plan of a erated States and commanded in
rotation every three years by a delegate
league ef nations yet to be established is not to be discredited by such of the States.




OCT. 5 1918.]

THE CHRONICLE

the
Safety of private property on the high seas would be proclaimed, and
naval prize law and blockade law abolished. Exercise of the right of blockade would bo reserved to the league, and only to the league, for use against
any
any Federal State which violated the league's constitution and against
State not belonging to the league which took up arms against the neutralized 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
neutral States.
The third section, dealing with the league's executive department, provides that, in event of offenses, members shall proceed against the violator
comof the constitution, first by severance of diplomatic relations; second,
exports,
plete isolation of the offender by closing frontiers to imports,
blockade.
by
given
in
circumstances
postal and railroad traffic, and, third,
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, as well as practical counterproposals.

1353

Omsk Government, said that an army of more than 200,000
men 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 military discipline, it was said,and will constitute an increasingly
powerful force to co-operate with the Allied and CzechoSlovak forces in Siberia.

CONCLUSION OF CONVENTION OF AMERICAN BANKERS' 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 edition—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
NEW CENTRAL GOVERNMENT FORMED IN RUSSIA, Sept. 28; to quote therefrom these resolutions commit the
PLEDGED TO EXPEL GERMANS AND RE-UNITE
Association:
COUNTRY.
To a pledge of the banking strength of the country to united support
the President and those associated with him in the great task of the hour.
Encouraging reports from Russia, indicating that order ofTo
have all members do their utmost in placing the Fourth Liberty
was
may soon emerge from the present chaotic conditions,
Loan, and recommending to members to continue to co-operate fully with
financing.
contained in official dispatches received by the Russian Em- the Secretary of the Treasury in all Government
To having its members urge elimination of waste and extragavance,
bassy at Washington and made public on Sept. 26. Pre- that
be made more plentiful
may
forces
armed
our
for
the needed supplies
viously two distinct centres'of authority had arisen in the and the purchase of Liberty bonds encouraged, thereby adding to the
of the nation.
territory outside the sphere of Bolshevist influence, the Pro- economic stabilitymembers
to assist the campaign for the seven agencies
To urging its
visional Siberian Government, with headquarters at Omsk, engaged in aiding the nation's fighting men, which begins Nov. 11.
To support, by every means in their power, the development of export
in Siberia, and the so-called Government of the North, at
manufacturers to enter upon this field of distribution,
Archangel, on the White Sea, controlling the northern prov- trade; to encourage
and to provide, as rapidly as possible, adequate facilities for financing
inces of European Russia. These two movements have now export operations that the nation's great merchant marine may be profitbeen consolidated in a single governing body having its seat ably continued after the war.
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 sot 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 RevoluThey also pledge the support of the association to the Capital Issues.
Government to stardp out the sale of fraudulent securities,
tionaries of the Left. The conference was also attended by Committee of the
and to prevent the exchange of Liberty bonds for such securities.
of
Union
Liberty
the
,
Government
delegates of the Siberian
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
its pre-war scale.
oial Revolutionary and Social Democratic parties. A for- gold on at least
They also urge national, State, and local authorities to recognize 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 ;tied 250 members can attend,and and to give prompt and sympathetic hearing to the petitions of such utilities for relief.
to be held if possible at Moscow.
The Association has received an invitation from Columbus,
The committee of five set up as the sovereign authority
The
is composed of M. Tohaikovsky of the Government of the Ohio, to hold its next annual convention in that city.
moveA
Council.
Executive
the
to
referred
was
of
the
Western
head
invitation
M.
Vologodsky,
Archangel;
at
North
the
Siberian Government; M.Astorf, former Mayor of Moscow; ment among State bankers to secure representation on
Committee
and member 9f the Constitutional Democratic Party; Lieut.- Association's Administrative and Legislative
which
Gen. Boldireff, one of the foremost men of Russia, and M. resulted in the creation of a second vice-presidency, to
post the State bank candidate, John S. Drum, President of
Avksentieff.
The dispatch to the Russian Embassy telling of the results the Savings Union Bank of San Francisco, was elected.
Administrative
of the Pan-Russian conference came from the Chief of the Representation of the State bankers on the
Department of Foreign Affairs of the Uffa Government, and Committee was accorded by the adoption of an amendment
to the constitution increasing the membership from three to
was summarized in the following statement:
of
yoke
the
Russia
of
aro
from
being
provinces
delivered
separate
the
As
seven, and making the Presidents of the various sections exBolshovikism, 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
Conthe
further concession to. State bankers was the acceptance of
of
a
of
a
the
of
members
authority
under
committee
concentrating
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 Rushave
which
the
of
the
Assembly
all
Comtituent
members
Richard S. Hawes, Vice-President of the Third National
of
sia consists
gathered in Samara, except those who belong to the factions of the Bolshe- Bank of St. Louis, was elected First Vice-President of the
viki and of the Social Revolutionists of the Left, members of such factions
Association. Robert F. Maddox, President of the Atlanta
being considered as having renounced their titles of members of constitucommittee.
the
to
join
lost
right
their
therefore
having
Bank of Atlanta, is the new President of the Assoand
National
assemblies
ent
The committee of the members of the Constituent Assembly united ciation. The other officers of the Association are James D.
of
political parties which (1) remain loyal to the Allies; (2) reject any idea
of the Union Savings & Trust Co., Seattle,
separate peace; (3) do not recognize the treaty of Brost-Litovsk; (4) have Hoge, President
decided to continue the war against the Bolsheviki and Germans in alli- Treasurer; F. E. Farnsworth, New York, General Secretary;
ance with the Czocho-Slovaks.
W. G. Fitzwilson, New York, Assistant General Secretary;
The committee of the members of the Constituent Assembly, in its aims
Thomas B. Patton, New York, general counsel. The
and
source
the
as
powerful
Government,
itself
represents
and
united
to create a
as
to
itself
the
Governsuccessor
late
considers
provisional
and
Council decided at its meeting on the 27th to
authority
Executive
if
ment of all Russia.
publicity bureau of the Association, the Departthe
abolish
of
moans
institutions
of
with
communicating
Being deprived until lately
Relations.
Public
of
of
to
in
ment
ot
inform
Governments
able
the
time
was
committee
abroad, the
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
if tho 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 authority hiss been vested in a body of five persons, responsible to tho Constituent Assembly of All Russia, the convocation of which is deferred to
Jan. 1 1919 on condition that 250 members will be present.

ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Nine shares of bank stock were sold at the Stook Exchange
this week. No sales of bank or trust company stooks were
made at auction. Extensive tables reporting bid and aaked
quotations, deposits, surplus, &c., of banks and trust companies in all important cities in the United States are pubished monthly in the "Bank and Quotation" Section, the
October issue of which accompanies to-day's "Chronicle."
and asked quotations for all New York City bank and
Bid
M.
from
26
on
Sept.
Embassy
Russian
A dispatch to the
company stocks are also published weekly in another
trust
Golovatcheff, Assistant Minister of Foreign Affairs of the




1354

THE CHRONICLE

[VOL. 107.

department of this paper, and will be found to-day on page columns in our issue of June 29) we are advised that at
1374.
special meetings of the stockholders of both institutions,
Shares. BANK—New York.
Low. High. Close. Last previous sale. held on Sept. 30, the proposed
consolidation was approved
9 National Bank of Commerce__ 171M 172 172
Sept. 1918— 17034.
and ratified. We are also advised, however, that the
The officers and directors of the Battery Park National merger cannot go into effect until after the enactment of
Bank, 2 Broadway, this city, were.the guests at a luncheon necessary legislation by the Connecticut State Legislaat the Whitehall Club Tuesday afternoon to commemorate ture which convenes in January 1919. As no difficulty is
the growth of the institution which has necessitated several anticipated on that score the merger will in all probability
increases in capital since its incorporation. The bank began be carried through early next spring. Frank C. Sumner is
business in October 1904 with a capital and surplus of $300,- President of the Hartford Trust Co. and Meigs H. Whaples,
000, which was raised in July 1916 to $600,000 and last President of the Connecticut Trust & Safe Deposit Co.
Tuesday the capital was again increased to $1,500,000,
On Sept. 25 the First National Bank of Hartford, Conn.,
surplus to $1,400,000, with undivided profits of $125,000,
making combined capital, surplus and profits over $3,000,- declared a quarterly dividend of 2% payable Oct. 1 instead
000. The officers were felicitated for their effective efforts of its usual semi-annual declaration. Previous to its payand success in building up the institution's business to its ment of a semi-annual dividend 4% on July 1 1918 the bank
present proportions. The deposits are now $10,000,000, had declared 33/2% semi-annually for the past five or six
and resources over $15,000,000. The bank is in the centre years. This is the first quarterly dividend, it is said, deof the shipping and export district. The President, Elias clared by the First National in forty years. The capital
A.de Lima,and the Vice-President, Edwin B. Day,formerly of the bank is $1,150,000 with surplus and undivided profits
Cashier, have been identified with the institution since its of $1,092,997 and total resources as of Aug.31 of $11,927,517.
inception. The executive staff includes: Richard C. Cor- James-H. Knight is President.
ner and Edward R. Carhart,Vice-Presidents; Arthur H.
Merry, Cashier; Arthur S. Baiz and Robert A. McNichol,
F. Abbot Goodhue, Vice-President of the First National
Bank of Boston, has been accorded a temporary leave of
Assistant Cashiers.
absence by the directors of the'bank, in order that he may
Henry J. Schuler, formerly loan'clerk of the Franklin, devote all his attention during
the remainder of the war to
Trust Co. of this city, has been appointed Assistant Treas- the service of the United
States Government. He will
urer of the company.
assume his new duties at once. After about two weeks at
The directors of the Citizens National Bank of this city the Treasury Department in Washington Mr. Goodhue
have voted to the employees of the bank an extra- compen- will sail for London, where with Mr. Crosby, Assistant
sation for the quarter ended Sept. 30 1918 of 10% and for Secretary of the Treasury, and Paul Cravath of New York
the quarter ended Dec. 31 1918 20%, making a total of 40% he will represent the United States on the Inter-Allied Comextra compensation paid on their salaries during the current mittee of Finance and War Purchases.
year.
At a meeting of the directors of the Philadelphia National
George F. Baker Jr., Vice-President of the First Nationa Bank of Philadelphia on Sept.24 S.Pemberton Hutchinson,
Bank, of this city, has enlisted as a private in the artillery President of the Westmoreland Coal Co. and G. Colesberry
branch of the army, and is to report for duty at Camp Purves, President of the Philadelphia Saving Fund Society,
Zachary Taylor, Ky.
were elected members of the board.
At the special meeting of the stockholders of the Public
The formal opening of the new building at 6324 Woodland
National Bank of this city on Sept. 30, mentioned in these Avenue, which is to be the new home of the West Philadelcolumns in our issue of Sept. 7, the proposition to increase phia branch of the Logan Trust Co., of Philadelphia, took
the capital from $750,000 to $1,000,000 was ratified.
place yesterday, Oct. 4. Exceptional facilities for the
transaction of business have been provided by the Logan
Eugene J. Fabens, Manager of the New York office and Trust Co. for their clients in
that section of Philadelphia.
member of the firm of Blake Brothers & Co., of Boston and The main office of the company is
at 1431 Chestnut Street.
New York, and President and director of the Naumkeag
Trust Co., of Salem, Mass., died in Salem on Sept. 26 of
The voluntary liquidation of the First National Bank of
pneumonia, following an attack of Spanish influenza. Mr. Georgetown, Del. (capital,
$30,000) is reported by the
Fabens, who was only thirty-five years of age, was a native Comptroller of the Currency.
The institution has been
of Salem. His banking career began when as a young man absorbed by the Delavve
Trust Co. of Wilmington, Del.
he entered the employ of Lee, Higginson & Co., of Boston.
Later he became a partner in the firm of Edgerly & Crocker
L. Scott Townsend, a Vice-President of the Security Trust
of that city, which was subsequently merged with Blake & Safe Deposit Co. of Wilmingtbn
, Del., and prominent
Brothers & Co. In addition to the activities enumerated in political and business circles
of that State, died in Baltiabove, Mr. Fabens at the time of his death was a trustee of more on Sept. 28 after a protracted
illness. Mr. Townsend
the Salem Savings Bank and a director of the Hood Rubber was born in Odessa, Del., in 1867.
At the age of twentyCo., the Holyoke Mutual Fire Insurance Co., the Towle one he began his banking career
as a clerk in the Security
Manufacturing Co., C. G. Gunthers Sons, Gray & Davis Trust & Safe Deposit Co. and
rose to be a Vice-President
and the Associated Dry Goods Co.
of the institution. Mr. Townsend was also at the time of
his death President of Laird & Co. of Wilmington and a
The Miveantile Bank of the Americas announces the Vice-Pre
sident of the Peoples' National Bank of Middleopening of a branch of its affiliated bank, the Banco Mertown, Del., besides being prominently identified as director
cantil Americano de Colombia at Cali. Cali is the comwith other interests.
mercial centre of the Pacific Coast and Cauca Valley sections of Colombia.
Announcement of the resignation of Rudolph A. Koehler,
as Vice-President and a director of the Union Savings Bank
The New York office of the Anglo-South American Bank, & Trust Co. of Cincinnati, was made on Sept. 23 by the
Ltd. (John Cone, Agent), recently announced the opening President of the institution, Clifford B. Wright. Mr.
of a new branch in Santa Cruz, Argentina. This makes Koehler had been an officer of the Union Savings Bank &
twenty-three branches of the Anglo-South American Bank, Trust Co. since its organization in 1890.
Ltd., in South America, besides numerous agencies. The
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
On Sept. 25 Thomas C. Moffatt was elected a director Currency for a charter.
The proposed institution will
of the Newark Trust Co. of Newark, N. J. Mr. Moffatt represent a conversion
of the Citizens Banking Co. of Noris President of T. C. Moffatt & Co., Inc., President of the walk, Ohio.
New Jersey Fire Underwriters' Association and Treasurer
of the Salvage Corps of Netrark.
The proposal to take over the business of Chicagoans
serving in the army or navy has been made by the Central
With reference to the proposed amalgamation of the Hart- Trust Co. of Illinois, at
Chicago. With regard to this
ford Trust Co. of Hartford, Conn., with the Connecticut move, W. T. Abbott,
Manager of the institution's trust
Trust & Safe Deposit Co. of that city (referred to in these department, is quoted
as saying:




OCT. 5 1918.]

1355

THE CHRONICLE

The Central Trust Co. of Illinois will, without profit to itself and purely
as 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/
and who may on account of his war service be forced to abandon the same
• withou:', other opportunity to arrange for its continuance or liquidation.

Frank E. Peabody, a member of the banking house of
Kidder,Peabody 86 Co.of Boston and this city, died suddenly
on Sept. 28 at his summer home at Marblehead Neck, Mass.
Mr.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
Traction Co.

We learn that in Austria there is such an abundance of paper money
that their currency is quite discredited, and in certain localities goods
can only be obtained by barter. From a Reuter message of Aug. 27 it
appears that peasants at Cracow are offering butter in exchange for petroleum or sugar, but they refuse to accept paper money declaring that
they want "no such rubbish."
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 493.d.
The official Shanghai exchange has not varied during the week and
remains at 5s. Od.
The last three Indian Currency Returns give details as follows-that of
Sept. 7 shows a substantial improvement:
Sept. 7.
Aug.22, Aug. 31.
(In Lacs of Rupees-)
132,73
131,41
130,09
Notes in Circulation
26,30
24,96
24,29
Reserve in silver coin and bullion
(within and without India).
20.32
20,33
20,10
Gold coin: and bullion in India
12
12
12
Gold coin and bullion out of India
The stock in Shanghai on Sept. 7 consisted of about 26,270,000 ounces
In sycee and 14,000,000 dollars, the same as held on Aug. 31.
Quotations for bar silver per ounce standard:
cash_49
cash_493.4d. Sept. 12
Sept. 6
49.5d.
d Average
Sept. 7
5%
49 d 1Bank rate
Sept. 9
. lid.
oz.
standard__778
per
gold
Bar
49%d.
Sept. 10
Sept. 11
49%(21.1
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week
ago.

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
I
been connected with the bank for several years as Secretary
493.4
to the President, Manager of the Credit Department, and,
since the war began, Manager of the Liberty Loan Departmellt. 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
ENGLISH FINANCIAL MARKETS-PER CABLE.
concern of Howard & Co. as Manager of their Washington,
Federal
the
of
daily closing quotations for securities, &c., at London,
The
organization
the
until
D. C., branch store,
Reserve Board in 1914, at which time he took up im- as reported by cable, have been as follows the past3.week:
Oct. 4.
Sept. 28. Sept. 30. Oct. 1. Oct. 2. Oct.
London,
portant work in the office of the Governor of the Board.
Frt.
Wed. Thurs.
Tues.
Scu.
Mon.
Week ending Oct. 4.
the
to
come
to
1915
in
Board
Reserve
493-4
He left the Federal
4934
493.4
4934
d 493.4
Silver, per oz
493-4
6234
59
6234
6034
Holiday 5834
Consols, 23.4 per cents
Liberty Bank.
British 5 per cents
per cents
British

Holiday 9514
Holiday 1003-4

9534
10034

9534
10034

9574
10034

9574
10034

434
In order to provide for the rapid expansion of its business French Rentes (in Paris)_fr_
62.25
62.50
62.50
62.50
greater
and
-__
quarters
88.35
88.35
88.30
88.30
with the consequent need of larger
FrenehlVarLoan(inParis).fr.
The price of silver in New York on the same days has been:
facilities, the Houston National Exchange Bank of Houston,
Texas, on Sept. 11 purchased the property on Main Street, Silver in N.Y., per oz_ _ets_ _101% 10134 10134 1013.4 10134 10134
near Franklin Avenue, that city, which adjoins the building
TREASURY CASH AND CURRENT LIABILITIES.
now occupied by the institution. On the enlarged site thus
but
building,
bank
modern
The cash holdings of the Government as the items stood
obtained it is planned to erect a
not,however,we understand, until after the close of the war. Sept. 30 are set out in the following. The figures are taken
The Houston National Exchange Bank was founded as a entirely from the daily statement of the U. S. Treasury for
private institution in 1876 by Henry S. Fox, Sr. In 1889 Sept. 30.
CURRENT ASSETS AND LIABILITIES.
it became a national bank and still later, in 1909, the word
GOLD.
the
Jr.,
Fox,
S.
Henry
title.
its
to
added
was
"Exchange"
Linhuttles'
Assetsunder
whose
60 Gold certfs. outetancrg. 937,438,804 00
and
773,209,179
bank,
coin
the
Gold
present Chief Executive of
1,758,203,415 92 Gold settlement fund.
bullion
Gold
Fed Reserve Board_ 1,316,345,376 07
management its business has steadily developed, has been
152,979,025 63
Gold reserve
active in its affairs since 1891, becoming its Vice-President
Avail. gold In gen', fund 124,649,389 82
of
the
capital
The
(active) in 1909 and President in 1913.
2.531,412,595 52
Total
2,531,412,595 52
Total
Treasury
Houston National Exchange Bank is $400,000 with surplus
Note.-Iteserved against 4346.681.016 of U. S notes and 11.831.358 ofdollars
in
ailver
by
secured
MAO
are
notes
notes of 1890 outstanding. Treasury
and undivided profits of $492,470 and gross deposits of over tue
Treasury. .
DOLLARS.
SILVER
$9,500,000.
Liabilities-

The stock brokerage firm of H. O'Hara & Co. of Toronto
made an assignment on Sept. 12. The immediate cause of
the failure is said to have been the death a few months ago
of the founder of the business, Henry O'Hara. In order to
obviate a false impression being formed as to the assignment
the Secretary of the Toronto Stock Exchange was authorized
to make the following statement:

AssetsSliver dollars

Total

$
361,302,136 00 Silver cents. outstand'g 330,701,417 00
Treasury notes of 1890
1,831,358 00
outstanding
Available silver olla
.
.... 28,769,361 00
In general fund
361,302,136 00
Total
361,302,135 00
GENERAL FUND
LiabilUies5
124,649,389 82 Treasurer's checks out1,194.970 77
standing
28,769,361 00 Deposits of Government
officers:
8,271,404 00
26,489,933 01
Post Office Dept
38,370,746 00
Board of Trustees,
224,605 00
SysSavings
Postal
87
20,989,884
8,316,196 68
tem (5% reserve)...
38,158 31
Comptroller of the
5,991,787 16
for
agent
Currency,
1,555,472 38
creditors of insol959,488 22
vent banks
15,437,120 51
Postmasters, clerks of
34,692,339 46
courts. ite
3,101,320 51
Deposits for:
Redemption of Fed830,000 00
eral Reserve notes
117,085,160 00
(5% fund)
260,914,614 44
Redemption of Fedi
Reserve bank notes
2,118,080 00
(5% fund)
Redemption of national bank notes
606,976,000 00
25,581,054 30
(5% fund)
Retirement of additional cireulating
notes. Act May 30
1,267,836 95
653,496 00
1908
of currenExchanges
45,924,082 69
13,060,124 28
cy,coin. ke
7,855,532 57

Assets-Avail. gold (see above)
Avail, sliver dollars (see
above)
The firm of H. O'Hara & Co. has done very little business on the Toronto United States notes
Reserve notes__
Federal
member
no
had
has
the
firm
period
which
during
years,
Stock Exchange for
Fed. Res, bank notes_ __
on the floor of the exchange representing it, though up to the death of National bank notes_ _
H. R. O'Hara in the Empress of Ireland disaster many years ago, he rep- Cert. checks on banks._
resented the firm on the floor. Seymour O'Hara, the sole surviving mein- Subsidiary silver coins_
Minor coin
her of the firm, advises us that his father's death, combined with other aliver bullion (available
matters having no connection whatever with the Toronto Stock Exchange,
for subsidy coinage).
Unclassified (unsorted
necessitated the assignment.
currency, &e.)
The liabilities of the failed concern are liabilities $182,410, Deposits In Fed, Land
banks
while its assets are reported as $88,472.
Deposits In Fed. Reserve
banks
Deposits In Special Depositaries account of
THE ENGLISH GOLD AND SILVER MARKETS.
sales of Liberty bonds
and certificates of InWe reprint the following from the weekly circular of
Indebtedness
Samuel Montagu & Co. of London, written under date of Deposits
in Foreign Depositaries:
September 12 1918:
To credit of Treasurer
GOLD.
• United States
The Bank of England gold reserve against its note issue shows an increase Pepositit in nat. banks:
To credit of Treas.0 S
of £783,255, as compared with last week's return. For the first time since
To credit of otherGovthe beginning of 1915 the gold reserve has touched £70,000,000, and
ernmrnt officers
war,.
the
of
the
since
commencement
held
Deposits In Philippine
approaches the highest amount
treat:airy:
namely, £72,570,142, held on Nov. 19 1914. The lowest held during the
230,181,130 72
6,257,414 67 *Net balance
To credit Trees U.S.
same period was £49,845,650 on Aug. 2 1917.
To
credit other Govas
38
The Transvaal gold output for August 1918 amounted to £3,144,211
3,114,878
officers...
ernment
950,357.878 64
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
26
1,180,539,609
Total
26
.1,180,539,609
Total
having ceased the:national gold holding amounted to 1,076 million yen,
81,530,196,658 56.
of which 457 were hold in Japan, and the remaining 619 million yen abroad.
*The amount to the credit of disbursing officers to-day was held
by the United
are
The iss.ue of notes by the Bank of Japan amounted to 654 million yen, Book credits for which obligations of foreign Governments
of States amount to 5220,790,000.
lawful money for
against which a reserve of 644 million yen was held in gold. An issue
of
deposits
1913
23
Dec.
1890
and
14
July
of
Acts
Under the
made in
Reserve bank notes are
50, 20 an 1 10-sen notes, some sixty million yen in all, has been
the retirement of outstanding national bank and Federal eobligations are made
order to remedy the scarcity of small change. Prices of commodities paid into the Treasury as miscellaneous receipts, and thesamount
of such obligaThe
debt.
public
the
of
part
demand
a
under the Acts mentioned
continue to mount upward, especially that of rice, rendering the
tions to-day was $43,524,822.
for such currency acute.




1356

THE CHRONICLE

TREASURY CURRENCY HOLDINGS.-The following
oompilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of July, August, September and October, 1918.
Holdings in
Sub-Treasuries.

July 1 1918. Aug. 1 1918. Sept. 1 1918. Oct. 11918.
$
$
$
$

Net gold coin and bullion.
Net sliver coin and bullion
Net United States notes_ _
Net national bank notes__
Net Fed. Reserve notes...
Net Fed. Res. bank notes
Net subsidiary silver._ _ _
Minor coin, deo

245,602,753
51,701,811
6,744,783
20,068,477
29,982,400
100,025
14,940,804
6,270,616

Total cash in Sub-Tress
Less gold reserve fund_ _ _

375,411,669 '414,259,770 *397,582,015 *400,378,275
152,979,026 152,979,026 152,979,026 152,979,026

267,152,371
47,408,351
6,194,520
23,474,180
48,402,865
161,505
13,294,197
8,171,781

261,241,260
52,245,028
6,236,424
22,824,090
34,502,755
247,635
10,592,279
9,642,511

Cash balance in Sub-Treas 222,432,641 261,280,744
Dep. in special depos'rles: •
Account certs. of indebt 11473 727 000 1,193,085,000
Liberty Loan deposits_ f
Cash in Fed. Res. banks_
26,369,250 219,595,645
Cash in Fed. Laud banks
430,000
830,000
Cash in national banks:
To ore,itt Treas. U. S..
44,405,337
37,737,160
To credit dish. officers_
9,343,074
7,666,139
Total
Cash in Philippine Isrds.
Dep's. In Foreign Depts.

53,748,411
0,826,539
7,831,223

277,628,415
44,206,482
8,271,404
20,989,885
38,370,746
224,605
5,991,787
4,694,951

244,602,989

247,399,249

782,584,000

606,976,000

213,242,751
830,000

260,914,615
830,000

41,720,401
6,032,558

45,924,083
7,855,532

47,802,959
8,257,410
227,375

53,770,615
9,372,293
1,267,837

45.403,299
6,668,371
3,039.492

Net cash in banks,SubTreasuries
1,791,365,066 1,729,002,551 1,297,547,484 1,180,539,600
Deduct current liabilities.. 206,358,215 222,620,576 214,942,284 230,181,730
Available cash bsia,,. 1 585 nn5 R51 1 An7 281 07A 1 ns19 An% onn Q503573174
*Includes Oct. 1, $16,437,120 51 sliver bullion and $34,694,951 20 minor coin
dec.. not Included in statement 'Stock of Money."

IMPORTS AND EXPORTS FOR AUGUST.
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:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
Er pirts
1918.
January
February
March .
April .....
May
June
July
August
September_
October
November.
December

$504.797
411,362
512,900
500,413
550,925
483,799
308,054
629,278

Total

Imports.

1917.

1916.

9613.325
467,618
553,986
529,924
549.674
573,467
372.758
488,656
454,507
542,101
487,328
600.135

5330.030
401.784
410,742
398,560
474.801
404,680
444,714
510,167
514.924
492,814
516,167
523.234

1918.

1917.

$231,912
207,715
212,162
278,981
322.853
260,350
241,463
272,943

$6,233.513 $5,482,641

1916.

6241.794
199,430
270,257
253.936
280,727
306,023
225,926
267.855
230.197
221,227
220.535
227.911

$184,351
193,935
213,590
218.236
229.189
245,795
182.723
199.316
164.039
178.659
170.948
204,834

83,746
5.084
2.809
3,500
3.599
2,704
7,199
3,277

Total _

1917.

1916.

$20.720
22.068
17.920
16.965
57.698
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
6.349
7.054
26,335
27,974

1918.
$4,404
2.549
1,012
2.746
6.621
31,892
2,213
1,555
----

einc7nq

1917.

1910.

558.926
103,766
130,409
32,372
52.262
91,339
27,304
1.8,692
4.172
4.150
2.906
17.066

315.008
6,016
9,770
6,122
27,322
122,735
62,108
41.239
92,502
97.509
46.973
153.620

ecco AMA

!ROM nnn

SILVER.

February _ ._ ._
March
April
May
June
July
August_ _ _ ._ ._
September_
October .
November_
December __ _ _

36,623
6,519
13.432
12,251
46,381
8.565
40,665
23,178

Total

1917.

Imports.
1916

$5,987
7,691
5,556
4,353
6.272
8,965
5,338
7,501
10.465
6.983
4,789
10.125
tqA I'll

1918

91,036
4,947
5,748
4,956
6,212
4,644
4,336
5,415
6.530
6.016
7.847
9.008

1917

96,993
4,449
6,963
5.031
7,298
5,351
5.114
7,265

$3,346
2.478
2.977
2.376
4.741
2.235
3,420
6,641
5.706
5.050
9.086
6.155

61.852
2.596
2.880
2,176
2.725

591 I.

5/0 4,19

......

570 KOk

1916

Merchandise.

Jan....
Feb...
March _
April
May
June__ _
July _ _
Aug _
Sept _
Oct.....
Nov
Dee _
Total

1917.

+270,857
+203,647
+2°0.733
+221,4,32
+223,072
+223.449
+256,335
266,391

+371.531
+268,168
+233.72.
+275.91h.
+268.947
+266.844
+146,83'
4-290.801
+218.310
+120.87
+206.793
+372.224

Gold.
1916.

2,426
2.017
2.880
2.992
2.543
3.553




1918.

1917

Sitter.
1918. 1 1917.

$
S
4- 115.680
-658 -38.200
+630 +2.511
+207,810 +2.535 --A1,69s +2,070 +5,216
+137,152 +8.918 -121,579 +6.4%1 +2,579
+130,333
+814 -15.407 +7,17 +1.977
4-243.615 -3.022 4-5.436 +39.043 +1,531
+218,891 -29.18 -24,17.5 +3.215 +6.730
+261.991 +4,946 +41.748 +35,451 +2,114
4-310,851 +1,722 +27.337 +15,913 +1,321
+350.885
4-27.161
+4.609
+314.155
+7.004
4- 1,93:1
+339,199
+4,317
.- -4,297
+318.400
-12,528
4-3,970

+3,231.015 +3.091,006

+ Exports. -Imports.

• 1mports.

Gold.

Sitter.

Excess
Itoof
Exports. Esport, ports.

Excess
trtof
ports. Exports

S
$
a
$
1918.4,011,560 2,060,410 1,951,150 31,979 53.892f21,913 157,620
1917 4,149,442 2,046,598 2,102,844 317,636 524,1611'206525 51,769
1916.3.435,5021,667.136 1,768,366 87,581 290,3251202744 41,194
1915.2,230,8871,150,859 1,030,028 10,903223,828/212925 32,193
„1,311,349i1,270,361
40,988 135,7701 37.180 98,690 33,090
1913 _11,515,182;1,156,30
358,882 73,583 41,573 32.010 43,166
f Excess of imports.

47,619 110,001
27,253 24,516
20,355 20,839
22,549 0,644
15,927 17,103
24,332 18,83
4

Similar totals for the month of July for six years make the
following exhibit:
2
Merchandise.
Mo.
(000,
Excess
omitEsinof
Exted.)
ports.
plrts. Ex ports. ports.
$
1
1918. 1,037,333
1917. 861,414
1916. 954,8311
1915. 529,078
1014 _ 264,506,
1913. 348,9001

$
514,406
493,781
232,039
285.049
280,445
276,713

Gold.

Silver.

Excess I
finof I Exports. Exports p ,'os.

3
3
3
$ i
522,927 10,477 3,768 6,709
367,633115,101 45,996 69,105
672,842, 21,175 103,346 /82,171
244,029, 3,320. 78,904f75,584
24,939, 51,7951 6,437 45,358
72,187. 9,8481 13,663 /3,815

$
63,843
13,012
10,152
7,341
7.580,
9,844'

Excess

linof
ports Ex ports
8
3
12,480 41,363
9,101 3,941
4,943 5,209
6,807
537
:, .
4,242
6,200 3,644

f Excess of imports.

Clearings by Telegraph-Sales of Stocks, Bonds, ezc.
-The 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.
Clearings-Returns by Telegraph.
Week e Kling October 5.

1918.

1917.

Per
Cleat.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$3,183,520,175
444,874,763
366,448,706
265,749,363
170,737,729
135,430,965
98,199,036
118,618,463
55,000,000
67.512,589
49,010,275

$3,115,384,729
430,035,752
313,855,899
213,706,936
142,020,402
119,878,330
87,033,837
67,070,555
44,101,818
40,090,149
41,672,362

+2.2
+1.3
+16.8
+24.8
+20.2
+13.0
+12.8
+74.6
+24.7
+47.3
+17.6

Eleven cities, 5 days
Other cities, 5 days

34,956,108,064
887,642,983

64,630,810,829
791,014,276

+7.0
+12.2

Total all cities, 5 days
All cities, 1 day •

$5,813,751,047
1,105.418,297

$5,421,825,105
1,009,778,745

+7.8
+9.5

$3,949,169,314

V3.4:11,603,890

+8.0

Total all cities for week

The following compilation covers the clearings by months
since Jan. 1 1918 and. 1917:
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

1916.

1915.

1916.

-180.570

Jan.._ 26,533,574,018 25,640,505,506 +3.6 11,819,506,488 10,513,139,790 +12.6
Feb _ _ 22,257,358,866 21,629,473,389 +2.8 9,998,002,811 8,835,380,145 +13.2
Mar._ 26,084,799,579 24,792,414,566 +4.2 12,244,518,198 10,563,287,306 +15.9
1st qu. 74,880,732,462 72,062,393,360 +3.9 34,062,027,497 29,911,813,241 +13.0
April _ 26,435,080,036 25,012,249,100 +5.9 12,391,579,089 10,360,027,203 +19.6
May.. 28,269,235,570 26,316,501,561 +7.4 12,709,535,909 10,733,053,558 +18.4
June_ _ 27,341,071,217 26,734,347,702 +2.2 12,457,025,697 10,635,260,435 +17.2
2d qu_ 82,068,992,832 78,063.107,303 +5.1 37,558,140,695 31,728,350,196 +18.4
6 mos. 156949,725,204 150125,500,723 +4.6 71,620,168,192 61,040.163,237 +16.2
July_ _ 28,644,789,823 25,664,326,634 +11.6 13,243,532,672 10,470,033,048 +26.4
Aug _ 28,156,158,940 25,093,230,233 +12.2 13,197,733,316 10,413,908,705 +26.7
Sept.. 26,372,958,298 24,029,336,466
9.7 12,709,081,177 10,145,4'35,510 +25.2
3d qr. 83,173,907,049 74,786,893,333

11.2 39,150,397,165 31,033,377,263 +26.1

9 mos_ 24012'1632.343 224912.394,055

0.8 110770 535,357 92,674,535,357 +19.5

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:
SALES OF STOCKS AT THE NEW YORE S POCK l3COItANU.

1.181

EXCESS OF EKPORTS OR IMPORTS

1918.

Exports.

Excess
of
EsExports. pouts.

1917.

Exports

January

Merchandise.

Imports.

*171 OCIA

1918.

8
Mos.
(000s
omitted.)

Month.

15.:ports
1918.

Totals for merchandise, gold and silver for eight months:

52,952.468 32.391.636

GOLD.

January
February
March
April
May
June
July
August
September....
October
November...._
December _

[VOL. 107.

4-30.790

1917.

1914.

M'th.
Number I
of
'
Shares. I

Values,
Par.

I

Actual.

Number
of
Shares.

Values.
Per.

Actual.

$
$
$
$
I
Jan. 13,616,35711,279,7
40,70011,175,427,632 16,939,440 1,537,971,930 1,405,687,290
Feb _ 11,418,079 1,083,216,900 096,548,289 13,588,465 1,210,280,130 1,170,569,988
Mar_ 8,419,477 772,475,950 710,581,417 18,658,267 1,054,197,470 1,588,437,263
lstqr 33,453,913,3,135,433,5502,882,557,388 49,186,1724,411,449,530 4,224,694,541
April 7,401,1741 687,371,800 631,497,81414,253.162 1,289,483,950 1,237,415,208
May 21.139,09211,984,405,990 1,826,464,917 19,354,403 1,789,716.4501,709,948,702
Jun 11,772,260,087,605,150 1,010,473,482 19,092,653 1,787,372,075 1,712,444,206
2d q 40,315,527,3,759,382,8503,468,441,220 52,705,245 4,857,572,475 4,659,808,116
1
Om 73,769,440,6,894,816,4006.350,998,6001101891 38710,269,022.005 3.884,502,657
July_ 8,449,888; 771,723,890 718,468,017113,325,36511 1,273,055,300 1,197,403,416
Aug. 6,887,589, 651,885,275 600,499,818!11,636,853 1,100,321,050 1,053,240,109
Sept 7,763,0681 727,457,350 681,746,982113,822,77511,298,404,450 1,158,262,097
3d q 23,100,5452,151.066,515 2,000,715,717 38,784,003'3,680,841,70d3,368,005,622
,
1
1
:

9mo

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:

Ater. Par Value
Price. or Euantity.

Actual
Value.

Par Value
or E/mashy.

TVeek ending Sept. 28.

Nine Months 1917.

Niss Motths 1918.
Deserip
nen.

Clearings atAver.
Price.

Actual
Value.

140,676,380
06,869,18
Stock f Sh's
1Val- $9,045,832,91• $8,351,714,325 92.3$12949,863,705512253,408,279 94.6
349,587,309 91.1
176,092,5530 86.7 383,644,500
203,111,00
RR. bond.
99,883,582 99.9
99,692,250
795,123,073 96.6
823,153,50
U.S. bond
State,olty&
234,336,864 96.6
242,658,500
162,942,054 93.3
174,578,50
for'n bds.
153,104 185.8
82,400
30,692200.6
15,80
Bank atks..
Total_ ..._ 810246,741,215 $9,485,902,724 92.6$13675,041,355$12937,169,13S 94.6
The course of bank clearings at leading cities of the country for the month of September and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Sept. 30
September
1915.
1916.
1917.
19111 1917. 1916. 1915. 1918
(000,0609
$
$
$
$
$
$
$
$
omitted.)
13,684 13,884 14,356 9,624 129,353 132,234 110,280 73,664
New York
2,061 1,916 1,722 1,314 19,174 18,507 14,596 11,666
Chleagot
5,721
7,644
575 11,193 9,076
775
947
1,1S5
Bostoa
6,051
9,206
737 14,276 12,540
1,611 1,333 1,077
Pistiadelphla
2,948
3,740
322
5,737
4,915
442
537
314
St. Louts
1,902
2,453
3,993
2,989
219
272
307
511
Pittsburgk
1,927
2,420
3,465
227 4,018
311
389
451
San Francisco
978
1,263
2,079
1,529
108
144
163
218
Cincinnati
1,282
2,306_ 1,667
1,640
131
160
177
291
Baltimore
2,692
5,148
3,365
311
7,360
449
614
826
Kansas City
1,083
127
3,122
1,659
2,682
224
307
311
Cleveland
678
886
1,913
1,305
79
109
145
204
New Orie Ins
870
109
997
1,239
1,141
124
162
214.
Minneapolis
872
524
748
689
61
70
72
it
Louisville
2,250
1,120
125
2,061
1,585
203
208
211
Detroit
808
938
733
1,071
63
83
102
181
Milwauke3
924
782
1,123
1,125
82
103
105
1St
TM Angeles
438
388
365
290
29
33
37
48
Provideace
702
84
897
2,11)5
1,288
114
150
2136
Omaha
432
828
712
569
48
66
74
104
Buffalo
452
563
541
559
50
59
59
08
St. Paul
590
512
402
320
36
45
56
08
Indianapolis
39
861
581
469
350
61
79
100
Denver
352
963
625
1,642
41
78
123
218
Riohmoad
ga
35
37
18
507
384
282
227
Memphis
1,312
51
802
546
448
72
98
174
Seattle
311
319
308
253
30
36
31
St
Hartford
235
29
480
335
484
45
55
511
Salt Lake City_ _ _ Total
Other cities

24,011 22,170 21,28'3 14,669 220,716 209,050 169,037 118,533
2,854 1,859 1,572 1,094 19,403 15,862 12,984 9,437

26,378 24,029 22,855 15,763 240,124 224,912 182,021 127,9713
Total all
utside New York_12,7011 10,145 8,499 6,139 110,771 92,678 71,741 54,306

Other Western and Southern Clearings

brought for-

Nine Mont/ms.

depiensber
Clearllys at
1917.

1018.

1

Inc. or
Dec.

$
$
Kansas City__ 855,010,)171513,877,080
Minne sp.sits _ _ 234,392,10. 101,585,360i
255,950,7951149,976.259
Omaha
68,201,8459,003,194
St. Paul
109,053.26 79,349,228
Denver
04,681.85 58,203,299
St. Joseph
Des Moines... 38,20 1,,i) :32,008,537
Sioux City-- 35,370.771 27,864,999
38.685,001 30,188,717
Wichita
71,793,325 37,017,849
Duluth
17,646,43 15,796,492
Lincoln
12,838,64 11,610,504
Topeka
9,970,579
Davenport... a 11,500,00
9,608,748
8,144,93
Cedar Rapid?
14,527,07 12,800,989
Fargo
8,488,09. 6,814,100
Sioux Falls_ _
3,884,267
3,139.60
Colorado Sprg
2,532,017
3,030.40
Pueblo
2,209,413
3,139,73
Fremont
2,112,857
a2,395,0$
Hastings
5,753,039
9,297.00
Aberdeen
8,309.62' 7,271,642
Helena
6,037,014 8,956,038
Waterloo....
4,981,818
4,671.00
Billings
8,866,270
8,544,18
Joplin
5,745,00' 5,911,000
Grand Forks
1,541.808 1,409,801
Lawrence
1,387,717
Iowa City.... 1,074,44f
2,012,239
1,908,17
Oshkosk
1,675,448
Kansas city_ a2,000,0
2,667,24
Lewistown.... 3,063.10

1918.

1917.

Inc. pr
Dec.

5
$
%
+39.3 7,360,229,638 5,147,717,775
+45.1 1,239,227,314 1,140,998,393
+71.32,104,807,003 1,288,344,30r
+15.6 563,493,219 540,784,60
+37.4 s•69,533,199 580,887,628
+11.1 672,295,781 559,811,336
+17.2 377,184,543 308,85,1,172
+30.5 328,276,787 230,353,041
+28.1 351,459,527 237,420,459
+93.8 224,598,325 211,911,054
+11.7 173,214,307 146,554,809
+11.4 130,355,068 101,328,173
91,231,601
+15.3
91,658,270
91,167,935
76,676,096
-15.2
+13.5 79,482,782
66,768,180
+24.6
76,984,891
59,304,294
29,889,764
-19.2
34,059,149
+20.9
26,592,865
23,727,706
+42.1
31,494,431
24,052,457
+13.4
22,052,588
19,308,378
+81.6
35,285,513
48,558,129
+14.3
69,081,410
70,012,763
-32.6
81,371,131
89,036,885
-6.3
39,075,631
40,000,749
-1.6
72,654,236
73,133,371
-2.8
43,188,000
44,168,000
+9.4
15.935,527
11,846,349
+20.7
15,610,070
13,705,094
-5.2
18,124,920
19,211,197
+19.4
17,975,007
20,601,353
+14.9
20,209,807
23,288,159

%
+43.0
+8.6
+63.4
+4.2
+48.1
+20.1
+22.9
+42.5
+43.8
+6.0
+18.2
+28.6
+8.3
-18.6
+19.0
+29.8
-12.2
+12.1
+30.9
+14.2
+37.6
+1.3
-8.6
+2.4
-0.7
+2.3
+34.5
+14.5
+6.0
+16.0
-13.2

Tototls.West 1909051009 1377939828 +38.5 15,276,50535111,339,783,409 +31.7

1917.

Inc. or
Dec.

1915.

1916.
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

$
75,379,250
28,664,109
20,174,705
11.117,334
10,185,027
6,590,324
5,183,313
5,493,371
3,702,001
3,539.046

+9.0
-8.2
+25.4
-15.5
-3.1
+40.0
+22.0
-35.2
-6.0
+63.1
-2.5
-15.0

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

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

444,756,526

338,103,256 +31.3

243,624,534

182,409,016

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
7,737,050
7,777,482
4,349,362
2,600,000
5,629,803
5,613,492
1,435,162
5,254,087
3,300,000
11,399,758
2,508,258
3,658,001
411,332
832,150
7,568,303
2,728,767
29,000,000
3,190,181

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
30,437,143 +72.1
14,232,155 -37.8
15,787,777 +1.0
32,566,063 +77.5
8,431,351 +110.8
10,212,807 +87.8
5,447,813 +42.0
3,722,814 +10.9
4,349,362 +28.8
2,145,000 +21.2
3,119,854 +80.5
4,186,543 +34.1
1,239,826 +15.8
3,998,490 +31.4
2,717,352 +21.5
8,043,704 +41.7
1,912,455 +31.2
2,700,000 +35.5
333,368 +23.4
739,271 -14.5
6,058,868 +24.9
1,815,971 +50.3
21,914,888 +32.3
3,160,073 +1.0

107,615,901
26,729,598
16,601,740
15,820,210
5,903,710
17,843,524
10,048,559
11,986,081
24,721,173
10,596,353
8,009,549
4,193,404
2,428,482
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
2,750,000
304,438
374,147
3,308,411
1,902,598
15,014,538

77,889,852
18,977,346
14,519,602
9,640,114
5,468,780
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

Kansas City_ _ _ _
_
MinneapolLs
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City
Wichita
Davenport*
Lincoln
Topeka
Fargo
Cedar Rapids._ _
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings

202,045,706
61,955,503
55,000,000
16,470,692
24,828,051
15,465,170
22,024,201
8,534,235
8,129,704
9,803,000

Total other West.
St. Louis
New Orleans_ _ _ _
Louisville
Houston
Galveston
Richmond
Savannah
Fort Worth
Atlanta
Memphis
Nashville
Norfolk
Birmingham _ _ _ _
Augusta
Knoxville
Jacksonville _ _ _
Chattanooga..-Mobile
Little Rock
Charleston
Oklahoma
Macon
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas
Shreveport

4,400,000
2,651,325
2,800,000
1,742,123
678,351
780,816
709,486
1,403,997
1,751,470
2,073,526
450,000
1,057,370

156,844,907 +28.8
39,563,342. +56.6
39,543,068 +39.1
13,898,579 +18.5
21,005,232 +18.2
+4.8
14,758,926
10,693,225 +106.0
7,564,362 +12.8
6,759.290 +20.3
7,404,021 +32.4
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

Canadian Bank Clearings.-The cleaxings of the Canadian banks for the month of September 1918 show an inoreas0
over the same month of 1917 of 12.9%, and for the nine
months the gain reaches 5.3%.
Nine Months.

Sepiember.
1918.

I

Inc. or
Dec.

1917.

Inc. or
Dec.

1917.

1913.

$
I
$
388,004,863 319,972,597
Montreal
260,979,193228,809,207
Toronto
133,585,533160,202,884
Winnipeg
Vancouver _ _ _ _ 52,006,202 39,130,527
27,932,454 22,558,764
Ottawa
18,589,274+ 15,953,035
Quebec
16,910,383 11,900,985
Halifax
21,188,578 19,532,783
Hamilton
9,314,347 7,377,827
St. John
25,424,094 23,657,230
Calgary
8,900,572
9,986,936
London
8,714,852 7,2?5,051
Victoria
Edmonton.... 13,498,110 10,715,366
13,797,739 13.609,369
Regina
2,200,000 2,476,644
Brandon
Lethbridge _ _ _ 3,923,088 3,544,189
6,587,699 7,159,430
Saskatoon
Moose Jaw_._ 5,750,429 4,688,6601
3,363,884 3,370,882
Brantford
2,764,434 2,456,348
Fort William
New Westm'er 2,183,178 1,641,990
Melicine That. 1,744,211 2,250,895
Peterborough. 2,700,443 2,550,818
3,548,501 2,626,427
Sherbrooke _
Kitchener ___ _ 2,536,875 2,357,895

S
$
,
,o
±21.33,294,731.907 3,097,010,142
+14.1 2,448,895,071 2,222,359,874
-18.81.409,1513.713 1,710,810,519
+32.0 391,731,608 292,866,149
+23.8 241,242,321 214,370,204
+16.5 167,189,520 155,915,194
+42.1 156,395,081 110 ,909,469
+8.5 190,960,097 177,456,817
78,307,007
+26.3 86,272,358
+7.5 231,114,347 224,256,205
82,709,823
+12.2 90,472,229
61,272,745
74,523,279
+20.6
96,777,506
+26.0 122,663,358
+1.4 118,464,861 108,316,213
19,625,326
-11.2
21,30.1,090
30,098,855
29,617,716
+10.7
62,385,011
-8.0 61,864,738
41,883,531
47,589,088
+22.7
30,441,142
34,6135,359
-0.2
22,615,288
25,387,184
+12.
12,310,641
16,692,619
+33.
21,522,852
17.216,138
-22.
23,516,867
25,841,056
+5.5
24,987,746
30,905.890
+35.1
22,015,596
23,133,633
+7.6

%
+6.4
+10.2
-14.1
+33.8
+12.5
+7.2
+41.0
+7.6
+10.2
+3.1
+9.4
+21.8
+26.8
+9.4
+8.6
-1.6
-0.8
+13.6
+13.9
+12.3
+35.6
-20.0
+9.9
+23.7
+5.1

Tntal CIATirvirt 1112792 AROA Q14 1170 :172

4-12 29.41H OIR.219R 944.74R.722

4-S:3

+16.7
+46.6
+10.5
+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
+48.2
+21.9
+32.3
+31.2
+37.8

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William... _ _
Now Westminster
Medicine Hat_ _ _
Peterborough .- Sherbrooke
Kltchenor

1173973921 1623133019 +34.218.227.647.01113.757.003.553 4-32.4

Total Canada..

The clearings for the week ending Sept. 26 in comparison.
with the same week of 1917 show an increase in the aggregate of 7.2%.
Week e -Wing Serember 26.
Clearings at1913.
OCM.

..ttl.00,t0ONCeWCCW6
fre.1 ,
>ONMW.7N ,
MN.N.I*MO!..0t...OnutM
OCNC,01,
,
.
0.5)
.-WW.t.NI
0.tsVOCCOC.CD
*0,
N.WOCCMN.C10),

624,285S6'537,115,137 +16.2 5,737,343,958 4,915,383,105
Xt. Louis
New Orleans_.204.310.011 141,731,052 +41.2 1,912,507,141 1,301,876,041
87,613.51 71,610,557 +22.3 871.829,734 748,252,652
Louisville
87,614.99. 81,078,924 +38.7 567,218,977 463,390,426
Houston
Galveston __ _ 32,337.68 26,746,643 +20.9 192,085,329 186,995,227
212,311,44 122,866,999 +72.8 1,642,426,543 963,278,261
Richmond _
Savannsk _ _ _ 44,666,30. 50,811,717 -12.1 270.313,485 250,250,892
60,482,58. 54,630,339 +10. 506,666,912 437,681,572
Fort Worth
217,074.781 129,734,456 +67.31,671,351,744 927,566,149
Atlanta
55,894,63 35,198,059 +58.8 452,658.105 383,959,219
Memphis
66,78836 40,357,453 +65.5 516,964,970 348,781,765
Nashville
30,453,94. 23,422,24' +30.0 305,889,350 217,627,926
Norfolk
Birmingham .. 28,133,48' 13,786,341 +104.1 177,892,725 130,876,516
85,161,657
20,763.110 15,444.837 +34.4 133,175,95'2
Augusta
91,039,355
11,415,458 0,410,904 +21.2 101,206,952
Knoxville
24,527,716 14,560,890 +69.1 191,013,617 140,880,777
_
.
Jacksonville
+17.0
19,891,918
16,996,40
184,726,010 140,386,263
Chattanooga- 5,405,324 +25.9
57,698,117
51,974,014
6,805,63
Mobile
Little Rock... 22,300,585 15,497,493 +43.9 186,519,434 125,903,363
97,436,671
Charleston_ ... 14,573,208 9,999,05 +45.7 121,747,655
Oklahoma City 44,549.651 32,362,875 +37.7 338,612,446 250,345,950
57,650,200
77,206,331
0,750,723 8,283,003 +17.7
Macon
74,097,705
44.342,968
10,648,701 6,078,262 +75.2
Columbia
+3.6
12,165,646
150,241,134
130,047,471
212,600,000
Austin
49,810,333
41,993,791
Beaumont.... 5,098,026 4,145,924 +23.0
27,930,451
18,005,909
Columbus, Ga.. 4,181,951 2,090,802 +114.4
32,410,493
23,399,226
Wilmlon,N.C.. a3,900,000 3,476,483 +12.2
14,486,802
1,833,402 1,159,631 +58.1
10,017,789
Vicksburg _
19,524,935 16,108,191 +21.2 162,748,257 154,202,661
El Paso
21,34:1,229
19,5:38,818
3,282,517 2,5.55,868 +28.4
Jacksion
32,157,153 26,031,370 +23.. 353,923,930 246,340,501
TI1133
95,738,285 60,723,264
Muskogee _ _ _ 10,387,000 7,293,335 +42.4
- 107,789,191 69,6131,280 +54.7 727.237,711 479,460,001
Dallas
35,790,333
22,251,755
Newp't News_ a4,500,000 2,727,37:3 +85.
57,527,555
39,358,512
7,922,609 5,049,273 +57.
Montgomery
43,809,654
5,327,083 3,878,522 +37. . 53,410,998
Tampa
24,141,512
18,246,258
3,282,914 2,834,871 +15.:
Texarkana .._
32,935,675 25,132,033
3(181,582 2.816,481 +30..
Raleigh
64,02?,088
88,199,151
Shreveport _ _ _ a 1 1,010,000 9,000,000 +22.




1

1918.

Total Southern 534.211,882 401,670,370 +31.0 318,809,1031 209.370,329
*Omitte I from table, as returns are compiled on new basis, which destroys
comparison. a Partly estimated.

ward from first page:

Tot. Rooth_

1357

THE CHRONICLE

OCT. 5 1918.]

252.751.388

1917.

Inc. or
I Dcc.

$
1
75,328,374
56,829,0911
48,687,674
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
1,889,033
1,294,532
750,655
835,262
405,990
708,421
702,595
891,659
547,853
235.901.981.

1916.

1915.

%
+21.9
+8.9
-24.2
+18.1
+7.7
+3.6
+41.2
+18.6
+18.5
+9.4
+30.9
+5.7
+32.2
-1.0
-10.0
+10.4
-8.0
+15.3
+17.0
+11.3
+17.8
-28.4
-0.9
+9.8
+16.5

$
72,711,118
48,339,996
36,503,409
7,410,833
5,730,796
3,440,990
2,015,022
3,958,727
1,734,561
3,689,992
1,667,598
1,523,920
1,918,105
2,926,597
487,891
656,472
1,322.531
1,153,542
603.430
545,311
296,415
407,152
555,600
519,654
438,132

3
49,316,236
33,881,818
32,719,468
5,664,801
5.461,703
3,073,487
1,811,684
3,239,106
1,301,200
2,785,316
1,401,630
1,170,492
1,759,291
1,806,783
410,138
332,728
1,1'34,286
767,187
599,803
373,534
285,483
322,616
376,833

+7.2

200.591.808

149.916.603

1358

THE CHRONIcLE

Commercial,andriXtsceIlantonsgems
Breadstuffs figures brought from page 1396.-The
tatements below are prepared by us from figures collected by
the Now 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:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.1981bs.bush.60 lbs.bush 56 lbs.bush 32 lbs.bush.481bs.bush.581bs.
Chicago
273,000 3,554,000 2,297,001 1,656,000
315,000
220,000
Minneapolis
4,462,000
375,001 1,693,000 1,200,000
634,000
Duluth
7,058,000
3,000
244,000
144,000
402,000
Milwaukee _
17,000 1,208.000
197.000
650,00
751,000
40,000
Toledo
126,001
59,001
160.000
Detroit
7,000
43,001
163,001
80,00'
Cleveland _
15,000
61,001
75,000
77,000
2,000
3,000
St. Louis_ _ _.
54,000
411,000
280,000
240,001
10,000
1,000
Peoria
76,000
39,000
111,000
188,000
38,000
8,000
Kansas City
258,000
157,001
310,000
Omaha
264,000
534,001
276,000
Indianapolis
196.000
530,001
360,001
Total wk.'1:
Same wk. '1
Same wk. '1.

442,000 17,680,000
341,000 6,898,001
334,001 11,442,001

Since Aug.1
1918
1917
101R

4,781,000
2,402,000
3,891,001

5,934,000 2,460,000 1,308.000
7.849,001 3,869,000 1,291,000
7,729,000 3,745,000 1,064,000

3,012,000161,891,001 39,840,001 79,270,001 11,331,000 5,796,000
2,545,0.' 45,702,00' 21,396,001 69,775,00019,903.000 5,967,000
a 2R0 000 102 72c nnn :VI 1100 nn RR 510 nnn 20 577.000 fl ono ono

Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 28 1918 follow:
Receipts al-

Flour.

New York _ _.
Philadelphia.
Baltimore ___
N'port News_
New Orleans*
Montreal _ __.
Boston

Wheat.

Corn.

Barrels.
83,001
26,000
43,000

Bushels.
2,109,000
1,068,000
776,001

93,00
13,001
47,001

98,000
477,000
235,000

Oats.

Bushels.
8,001
3,00
63,001
29,00
6.00

Barley.

Rye.

Bushels.
Bushels. Bushels.
672,001
7,000
55,000
107,000
3,000
22,000
197,000
4,000
6,000
70,000
58,000
752,001
4,000
88,000
53,000
4,000

Total wk. '1'
305,000 4,763,000
109,001 1,909,001
18,000
175,000
Since Jan.1'l 12,635,001 46.689,000 18,133,001 77,459,000 7,960,000 3,441,000
Week 1917_ _ _
426,001 1,569,001
158,001 4,134,001
199,000
528,000
Since Jan.1'17 16.069.000 157.568.000 44.967.001 113.136.000 14.210.000 8.344.000
*Receipts do not include grain passing through New Orleans for foreign ports
on 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
Now York
Boston
Baltimore
Newport News_
Total week
Week 1917

Wheal.

Corn.

Flour.

Oats.

Rye.

Barley, Peas.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
551,013 335,571 37,985 479,907
184,704
458,722
70,000
1,194,439
1.076.538

335,571 37,985 549,907
171.391 68.674 1.075.311 685.747 138.415

The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
and Since
Week
Since
July 1 toSept. 28 July 1

Wheat.
Week
Sept. 28

Corn.

I

Since
July 1

Week
Sept. 28

Since
July 1

Barrels. Barrels.
Bushels.' Bushels.
Bushels. Bushels.
United Kingdom.. 13,339
238,706
305,458 4,895,954 335,571 1,477,691
Continent
24,646
658,128
888,981 8,381,784
542,130
So.& Cent.Amer_
6,942
1,220
West Indies
35,102
13,510
Brit.No.Am.Cols.
Other Countries__
13,608
2,040
Total
Total 1917

37,985
950,486 1,194,439 13,277,738
68,674 1,503,301 1,076,538 21,071,215

335,571 20,36,591
171,391 5,412,747

The world's shipments of wheat and corn for the week
ending Sept. 28 1918 and since July 1 1918 and 1917 are
shown in the following:
Wheat.

Week
Sept. 28.
Bushels.
Worth A mer 5,783,00
Russia
Danube
Argentina.-- 2,104.11
Australia__ _
640,
India
180,00
0th.countr'
64,00

a1917.

1918.

a1917.

Since
July 1.

Since
July 1.

Week
Sept. 28.

Since
AO 1.

Since
July 1.

Bushels.
45,840,00

Bushels.
78,414,0

Bushels.

Bushels.
4,545,000

Bushels.
9,038,000

46,224,000 3,065,000 1,059,00
9,800,000 17,982,0
3,225,000 7,330,000
542,000
568,00

5,163,I I I

4,484,000

Total _-__ 8,771,000105,631,0001107,362,0

704,011

1,078,000

1.503,0001 10,412,000 14,600,000

•North America.-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.

Corn.
Total.

United
Kingdom. Continent.

Bushels. I Bushels.
Bushels.
Bushels.
Sept. 28 1918_ Not avail able.
Sept. 21 1918_ Not avail able
Sept. 29 1917_ Not avail able
Sept. 30 1916
45.472.000




National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For conversion of State banks:
The Citizens National Bank of Norwalk. Ohio
Conversion of the Citizens Banking Co., Norwalk.

Bushels.

Total.
Bushels.

19.576.000

Capital.
$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
CHARTERS EXTENDED.
• The First National Bank of Abingdon, Va. Charter extended until
close of business on Oct. 4 1938.
INCREASES OF CAPITAL APPROVED.
Amount.
The Lee County National Bank of Marianna, Ark., capital increased 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 to $100,000
50,000
Total

$1,205,000
VOLUNTARY LIQUIDATIONS.

Capital.
The First National Bank of Georgetown, Dela
$30,000
Liquidating agent: Harry R. Dobler. Absorbed by the Delaware Trust Co. of Wilmington.

Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
50 Hirsch Lumber, 1st preferred. 100
1 Clinton Hall Association
$34
5 United Gas & Elec. (Conn.),
100 Finance & Trading Corp., coin.,
1st preferred
40
$50 each
$5 per sit.
2 Guardian Life Ins. of Am_ $68per sh.

By Messrs. Millott, Roe & Hagen, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
20 North Boston Lighting Prop25 Hood Rubber, preferred
973.
erties, preferred
7734 50 Merrimac Chemical, $50 each__ 99
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
2 Nat'l Shawmut Bank
20 Naumkeag Steam Cotton
1 Pepperell Manufacturing
4 Androscoggin Mills
10 Farr Alpaca
6 Pemigewassett Valley RR

$ per sh.
18634
160
199
1813
156
70

Shares. Stocks.
$ per sh.
52 Merrimac Chemical, $50 each, 99
10 Ginter Grocery, prof., $10 each 10
5 Draper Corporation
10734
10 Hood Rubber, preferred
99X
13-20ths U.S. Worsted, 1st pref_ _ _ 3.66

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
15 Real Estate Trust, pref
96
12 National Bank, Germantown....140X
24 Germantown Trust Co
21734
10 Franklin National Bank
481
15 Kensington National Bank_ _ _ -105
10 Middle City Bank
5234
10 Quaker City National Bank
13034
1 Land Title & Trust
49934
4 Fidellty Trust
500
315 Penn Bank warrants
683.4-6934
15 Finance Co., first preferred_ __100
2 Finance Co., second preferred_105g
15 Colonial First
105
10 Guarantee First
117
20 Lansdowne Daily Say. Fund_151
30 First National Bank,Darby.._230
3 Union Gas & Elec., let pref__ - 40
4 Philadelphia Bourse
634
40 People's National Fire Insur_ 16
18 Phila.& Darby Passenger Ry
32
4 Ball. & Phila. Steamboat__ _2834-36
2 Delaware RR
4234
42 Westinghouse Airbrako
4634
1 Library Co
10

Corn.

Reports.
1918.

[vol.. 107.

Bonds.
Percent.
$2,000 Caddo 011 & Ref. Co. let 6s,
1927
81%
5,000 Fairmount Coal Co. 1st 5s,
1931
90%
5,000 Augusta-Aiken Ry. & Elea.
Corp. 1st 5s, 1935
593.(
2,000 Laurentido Power Co.,Ltd.,
1st 5s, 1040
8054
5,000 Metro. Edison Co. 1st 5s,'22 8634
1,000 Mississippi Vail. Gas.& Elco
Co. coll. 55, 1922
7934
4,000 Beech Creek RR. 1st 4s,
1930
8034-8134
1,000 Peoria Gas & Elec. Co. 1st
5s, 1923
8834
1,000 Syracuse Gas Co. 1st 53,1946 8134
1,000 Columbua & Toledo RR.Co.
let 48, 1955
7234
1,000 Ches.& Ohio Grain Elevator
Co. 1st 45, 1938
7634
1,000 New York dr Richmond Gas
Co. 1st 5s, 1921
7234
3,000 Market St. Elevated Pass.
fly. Co. 1st 48, 1955
8054
1,000 Mahoning & Slienango fly.
& Light Co. 1st 5s, 1920._ 8654

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atch. Topeka & Santa Fe, corn. (quar.) 13.4 Dec. 2 Holders of reo. Oct. 31a
Belt RR. Stk. Yds. Ind., coin. (guar.)._
Oct. 1
3
Preferred (guar.)
1% Oct. 1
Buffalo & Susquehanna, common (qu.). 1 X Oct. 10 Holders of roc. Sept. 30a
Cleve. Cin.Chic.& St. L., pref.(quar.)_
154 Oct. 21 Holders of reo. Oct. la
Delaware Lack. & West.(quar.)
5
Oct. 21 holders of rec. Oct. Si
Fitchburg, Pref. (guar.)
154 Oct. 1 Sept. 4 to Sept. 10
Georgia RR.& llanking (quar.)
3
Oct. 15 Ocr. 2 to Oct. 14
Great Northern (guar.)
134 Nov. 1 Sept. 9 to Oct. 10
tKansus City Southern, pref. (quar.)_. 1
Oct. 15 Holders of rec. Sept.30a
Lehigh Valley, corn. Sr pref. (quar.)_ _ _
$1.25 Oct. 5 Holders of rec. Sept. 14a
Maine Central, coin. (quar.)
134 Oct. 1 Holders of reo. Sept. 14a
Minn. St. Paul A: S. S. M.corn. & pref. 334 Oct. 15 Holders of rec. Sept.20a
tNew York Central RR. (guar.)
134 Nov. 1 Holders of rec. Oct. r8a
Norfolk & Western, ad). pref. (guar.)_ _
1
Nov. 19 Holders 01 rec. Oct. 31a
Northern Pacific (guar.)
134 Nov. 1 Sept.26 to Oct. 25
Philadelphia & Trenton (guar.)
23.4 Oct. 10 Oct. 1 to Oct. 10
Pittsb. Ft. W.& Chic., ref. gu. (quar.). 13( Oct. 8 Holders of reo. Sept. 10a
Reading Company, common (guar.)..
31 Nov. 14 Holders of rec. Oct. 25a
Reading. 2nd pref. (guar.)
50c. Oct. 10 Holders of roe. Sept.24a
United N.J. RR.& Canal Cos.(guar.)
._
234 Oct. 10 Sept.21 to Sept.30
Warren RR
$1.75 Oct. 15. Holders of reo. Oct. 5a

Name of Company.

1359

THE CHRONICLE

OCT. 5 1918.]
iVhen
Per
Cent. Payable.,

Books Closed.
Days Inclusive.

:
Name of Company

When
Per
Cent. Payable.

Books Closed.
Daps Inclusive.

Miscellaneous (Concluded).
Oct. 15 Holders of rec. Oct. 1
Inter. Button Hole Sewing Mach.,(qu.) 1
Int.Harvester(new company),com.(qu.) 134 Oct. 25 Holders of rec. Oct. 10
134 Oct. 15 Holders of tee. Oct. 7a
International Paper, pref. (guar.)
50c. Oct. 15 Holders of rec. Oct. 1
Jones Bros. Tea, Inc.(guar.)
Kayser (Julius) & Co., 1st dr 2d pf.(qu.) 134 Nov. 1 Holders of rec. Oct. 21a
Nov. 1 Holders of rec. Oct. 15
$1
Kelly-SpringfieId Tire, corn. (guar.)
Nov. 1 Holders of rec. Oct. 19a
1
Kress (S. H.) de Co., corn. (guar.)
Dec.- 2 *Holders of rec. Nov.23
Lake of the Woods Milling, com.(guar.).- *3
Oct. 14 *Holders of rec. Oct. 9
*2
Common (extra)
2 *Holders of rec. Nov. 23
Dec.
*134
Preferred (guar.)
234 Oct. 15 Holders of ree. Sept.30a
MacAndrews dr Forbes, com. (guar.)._
Holders of rec. Sept.30a
15
134
Oct.
(guar.)
Preferred
Oct. 15 Holders of rec. Sept. 30a
Manufacturers' Lt. & Ht., Pitts. (qu.)_ 2
Maple Leaf Milling,Ltd,com- (guar-)-- 254 Oct. 18 Holders of rec. Oct. 3
Oct. 18 Holders of rec. Oct. 3
1
Common (extra)
134 Oct. 18 Holders of rec. Oct. 3
Preferred (goar.)
134 Nov. 1 Holders of rec. Oct. 15
Massachusetts Gas Cos. coin.(qua.r.)
134 Oct. 15 Holders of rec. Sept 25a
Cos., pf. (qu.)
Massachusetts Lighting'
Oct. 10 Holders of rec. Sept.14a
1
Mexican Petroleum, common (quar.)
41
Oct. 10 Holders of rec. Sept.144
bonds)
Loan
Lib.
in
(payable
Common
23.4 Oct. 15 Holders of rec. Oct. 511
Mexican Telegraph (guar.)
Michigan Limestone & Chens, pf. (qu.).* 4354c Oct. 15
51.50 Nov. 1 Holders of rec. Oct. 15
Midvale Steel & Ordnance (quar.)
52c. Oct. 20 *Holders of rec. Oct. 1
Midwest Oil, pref. (guar.)
Nov. 1 *Holders of tee. Oct. 15
16)
*21
(No.
(guar.)
Refining
Midwest
Banks.
Nov. 1 *Holders of rec. Oct. 11
*52
Mining (quar.)
Mohawk
Oct.
7
rec.
of
9
Holders
Oct.
2%
Atlantic National (guar.)
2
Oct. 15 Holders of rec. Sept. 304
(guar.)
Telegraph
Montreal
la
Oct.
$1.75 Oct. 15 Holders of reo.
City, National (Brooklyn) (quar.)
15 Holders of rec. Sept. 30a
Oct.
g
Bonus
Oct. 15 *Holders of rec. Oct. 8
Mechanics & Metals National (guar.)_ *4
National Biscuit, corn. (quar.) (No. 81) 144 Oct. 15 Holders of rue. Sept.3041
Oct. 15 Holders of rec. Oct. 10
4
Produce Exchange, New York
Nat. Cloak & Suit, corn.(qu.)(No.7)-- 134 Oct. 15 Holders of rec. Oct. Sc
*234 Oct. 15 *Holders of rec. Sept. 300
National Fuel Gas (guar-)
Miscellaneous.
*2
Oct. 15 *Holders of rec. Oct. 1
Oct. 15 Holders of ree. Sept. 30a National Oil, pref. (quar.)
Air Reduction, corn. (quar.) (No. 6.) $1
_
_
2
Oct. 15 Holders of rec. Sept.300
(guar.)
com.
Type,
&
Paper
National
30a
Holders of rec. Sept.
Corn.(extra pay.in 2d L.L.44% bds.) 4500. Oct. 15
Oct.
15 Holders of rec. Sept. 300
144
Preferred (guar-)
1% Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
13.4 Oct. 30 Holders of rec. Sept. 30
Corp
Elec.
Nevada-California
30
Sept.
ree.
10
of
(quar.)_
Holders
Oct.
1%
Alabama Co., 1st & 2d pref.
15
Holders of rec. Sept.21'
4
Oct.
(guar.)
New
York
Transit
1% Oct. 16 Holders of rec. Oct. 10
Alliance Realty (guar.)
25c. Oct. 21 Oct. 1 to Oct. 17
1% Oct. 15 Holders of roe. Sept.30a Niplasing Mines Co.. Ltd.(guar-)
Allis Chalmers Mfg., pref. (guar.)
Oct. 1 to Oct. 17
21
Oct.
25e.
Extra
30a
Sept.
of
ree.
15
Holders
Oct.
h%
diva.)
Preferred (acc't of accumulated
25c. Oct. 28 Holders of rec. Oct. lie
Oct. 15 Holders of rec. Sept.26a North Butte Mining (guar.)(No. 48)
Am. Agricul. Chem.,00m.(MO (No.28) 2
Sept. 30
1% Oct. 15 Holders of rec. Sept.26a Northern States Power, pref. (guar.)-- *I% Oct. 21 *Holders of rec. Sept. 30a
Preferred (guar.) (No. 53)
154 Oct. 15 Holders of rec.
Coal,Ltd.,ord.(qu.)
&
Steel
Scotia
Nova
la
Nov.
Nov.
rec.
15 Holders of
no
American Bank Note, corn.(quara_ _
Sept.30a
rec.
of
Holders
15
Oct.
2
Preferred (guar.)
Oct. 31 Holders of rec. Oct. 11
2
Amer. Beet & Sugar, com. (guar.)
62340 Oct. 15 Holders of rec. Sept 300
3% Oct. 15 Holders of rec. Oct. 5a Ohio Fuel Supply (guar.)
American Fork & Hoe, preferred
20a
Sept.
rec.
of
Holders
5
Oct.
50c.
(guar.)
Silver
Mining
Ontario
Amer. Gas & El. pref. (guar.(No. 47). 1% Nov. I Holders of rec. Oct. 18
154 Oct. 15 Holders of rec. Sept.30
Otis Elevator, common (guar.)
1% Oct. 25 Holders of rec. Oct. 15
Amer. Ice, pref. (guar.)
" 134 Oct. 15 Holders of rec. Sept.30
Preferred
(guar.)
of
15
rec.
25
Oct.
Holders
1
Oct.
Preferred •(extra)
134 Oct. 15 Oct. 1 to Oct. 15
Pacific Telep. & Teleg., pref. (guar.)
Am.La France Fire Eng.,Inc.,com.(qu.) 1% Nov. 15 Holders of rec. Nov. Oa Pan-Amer. Petrol. & Transp., corn.(qu.) 6234c Oct. 10 Holders of rec. Sept. 14a
1% Dee. 5 Nov. 26 to Dec. 5
Amer. Laundry Mach.,common
Oct. 10 Holders of rec. Sept. 140
1132340.
bonds)
Loan
Lib.
in
(payable
Common
1% Oct. 15 Oct. 6 to Oct. 15
Preferred (quar.)
134 Nov. 15 Holders of rec. Nov. 5
Pent/ions, Limited, corn. (guar.)
2% Nov. 1 Oct. 12 -to Oct. 27
Amer. Ifight & Tract., com. (guar.)
Nov. 1 Holders of ree. Oct. 21
134
(guar.)
Preferred
1
to
27
Oct.
12
Nov.
_
Oct.
_
j2%
stock).
Common (payable in common
$1.25 Oct. 15 Holders of rec. Sept. 30a
Pennsylvania Salt Mfg
1% Nov. 1 Oct. 12 to Oct. 27
Preferred (guar.)
Pierce-Arrow Motor Car,corn.(guar.) _ $1.25 Nov. 1 Holders of rec. Oct. 15a
17
to
21
Oct.
15
Sept.
(guar.)
preferred
4
3
1
.
t
c
O
Locomotive,
American
134 Oct. 25 Holders of rec. Oct. 10a
500. Oct. 15 Holders of ree. Sept.30a Pittsb. Coal of Pa.,com.(guar.)
American Rolling Mill, common (guar.)
13.4 Oct. 25 Holders of rec. Oct. 10a
Preferred (quar.)
25e. Oct. 15 Holders of rec. Sept.30a
Common (extra)
(guar.)
134 Oct. 25 Holders of rec. Oct. 100
pref.
of
Coal
J.,
N.
Pittsb.
15
of
Oct.
rec.
30a
Holders
Sept.
1%
Preferred (guar.)
1
Jan. 1 Dec. 21 to Jan. 1
Corp.,
common
Rolls
Pittsburgh
Oct. 15 Holders of rec. Sept.30a
1
Amer. Seeding Mach., com.(guar.)_ _ _
Oct. 31 Holders of rec. Sept. 30a
3
1% Oct. 15 Holders of rec. Sept.30a Prairie Oil & Gas (guar.)
Preferred (quar.)
Oct. 31 Holders of rec. Sept. 300
2
Extra
1
Holders
Nov.
of
1%e
rec.
Oct.
15a
American Shipbuilding, coin. (quar.)....
31 Holders of rec. Sept.30a
Oct.
5
1 Holders of ree. Oct. 15a Prairie Pipe Line (guar.)
Corn.(extra pay.in 3) % L. L. bds.)_ 410 Nov.
2
Oct. 12 Sept.22 to Oct. 9
& Gamble, pref. (guar.)
Procter
1
Nov.
of
rec.
Oct.
15a
Holders
el%
Preferred (quar.)
15 Holders of rec. Oct. la
Oct.
3
(guar.)
common
Oats,
Quaker
15
Oct.
Holders of roe. Sept. 20t
Amer. Teleph. & Telegraph (guar.).- -- 2
1
Oct. 15 Holders of rec. Oct. la
Common (special)
Oct. 15 Holders of roc. Oct. 10a
1
Amer.Typo Founders,com.(guar.) _ _
134 Nov.30 Holders of ree. Nov. la
(guar.)
15
I'referred
Oct.
of
Holders
1%
rec.
Oct.
10a
Preferred (guar.)
Oct. 1
Oct. 5 Holders of ree. Sept.20a Reece Button-Hole Mach.(qu.)(No.130) 300. Oct. 15 Holders of rec.
Amer. Window Glass Mach.,common.. tn5
Reece Folding Mach.(oust.)(No.38)._ 100. Oct. 15 Holders of tee Oct. 1
134 Oct. 15 Sept. 17 to Sept. 26
American Woolen, common (guar.)._
134 Nov. 1 Holders of rec. Oct. 16a
Iron & St., com.(qu.)(No.8).
Republic
1%
15
Oct.
to
17
Sept.
26
Sept.
Preferred (guar.)
154 Nov. 1 Oct. 11. to Oct. 31
$2 Nov. 25 Holders of rec. Oct. 19s Russell Motor Car, pref.(guar.)
Anaconda Copper Mining (quar.)
1
Oct. 10 Holders of rec. Sept.304
St. L. Rocky Mt.& Pac. Co.,com.(qua
of rec. Oct. 1
Asbestos Corp. of Can., Ltd., pref.(qua 1% Oct. 15 Holders of
Oct. 10
$1
Hoop
(guar.)
Steel
Sharon
roe.
15
Sept.
30a
Holders
Oct.
1%
Associated Oil (guar.)
Oct. 19 Holders of roe. Sept. 304
25c.
(guar.)
Copper
zona
Shattuck-Ari
1% Nov. 1. Oct. 20 to Oct. 31
Atlas Powder, pref. (guar.)
25c. Oct. 19 Holders of rec. Sept.30a
Capital distribution (guar.)
Spindler
&
Bros.
Barnhart
13.4
(guar.)._
Oct. 10 Holders of ree. Sept.26
Power
dr
Water
Shawinigan
of
_
_
rec.
Oct.
26s
Holders
(quara_
13.4 Nov. 1
First and second preferred
144 Oct. 15 Holders of rec. Oct. 10
144 Oct. 15 Holders of roe. Sept. 26a Smith(lloward)Pap.MilLs,Ltd.0.(qu.)
Barrett Co., preferred (guar.)
1
Sept. 30 Sept. 18 to Sept.30
(guar.)
Water
Valley
Spring
of
Holders
15
30a
Oct.
rec.
(quar.)
Sept.
2.
Canada
Bell Telephone of
Oct. 10 *Holders of rec. Oct. 4
Cable (guar.)____ *3
134 Oct. 15 Holders of ree. Oct. 5a Standard Underground
Bell Telephone of Penn. (guar.)
Oct. 10 *Holders of rec. Oct. 4
*3
Extra
14
to
14
Sept.
15
Oct.
Oct.
20
Co
Scrymier
Borne,
Nov. 1 Holders of rec. Oct. 10
134
(guar.)
corn.
Canada,
of
Co.
Steel
rec.
of
21
Holders
Oct.
1
Nov.
13.4
Brown Shoe, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 10
Preferred (guar.)
*134 Oct. 2 Holders of rec. Sept. 30
Bush Terminal Bldg., Pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 15a
common (guar.)
Steel,
Superior
30
Sept.
rec.
of
Holders
(quar.)
16
Oct.
corn.
Ltd.,
134
Canada Cement,
Nov. 15 Holders of rec. Nov. la
First and second preferred (quar.).._ _ _ 2
Oct. 15 Holders of rec. Oct. 10
2
Carbon Steel, common (guar.)
23-4 Nov. I Holders of rec. Oct. 1
Oct. 15 Holders of rec. Oct. 10 Swan dr Finch Co
3
Extra
5
Oct. 30 Holders of rec. Oct. 19a
(extra)
Oil
&
Coal
Texas
Pacific
15
of
Oct.
rec.
(quar.)_
Sept.
30a
Holders
common
134
Central Coal d-r Coke,
6
134 Oct. 15 Holders of rec. Sept.30d Tonopah Mining of Nevada (guar.). _- 150. Oct. 21 Oct. 1 to Oct. 300
Preferred (guar.)
Oct. 15 -Holders of rec. Sept.30a Transue & Williams Steel Forg.(quar-.)- $1.25 Oct. 15 Holders of rec. Sept.
Central Foundry, first preferred (quar.) 2
(quar.)_... 1% Oct. 15 Holders of rec. Sept.30
pref.
Ltd.,
Tobacco,
Tuckett
15
30a
(guar.)
Oct.
rec.
Sept.
of
Holders
134
Ordinary preferred
234 Oct. 15 Holders of rec. Sept.30a
Union Natural Gas Corp. (guar-)
Central Ills. Public Service, pref. (guar.). 134 Oct. 15 Holders of rec. Sept. 30a
*134 Oct. 19 *Oct. 10 to Oct. 19
(guar.)
13-4 Nov. 1 Holders of rec. Oct. 101 Union Oil of California
Central Leather, common (quar.)
Oct. 19 *Oct. 10 to Oct. 19
*1
Extra
Nov. 1 Holders of ree. Oct. 10a
2
Common (extra)
Oct. 19 *Holders of rec. Oct. 9
411
(guar.)
134 Oct. 10 Holders of rec. Oct. 5a United Alloy Steel Corp.
Central & S. A.Teleg.(guar.)
(No.24) 254 Nov. 15 Holders of rec. Oct. 30a
(guar.)
com.
Cigar
Bores,
United
25
(quar.)
of
15
Holdets
Oct.
Oct.
rec.
Tool
13-i
Chicago Pneumatic
Oct. 25 *Holders of rec. Oct. 15
(guar.)
pref.
Coal
United
*13.-4
54 Oct. 25 Holders of rec. Oct. 5a United DrugCorp..
Colorado Fuel & Iron, com.(quar.)_ _ _
first pre. (guar.)(No.11) 873-4e. Nov. 1 Holders of rec. Oct. 15
Oct. 25 Holders of rec. Oct. Sc
2
Preferred (quar.)
Dec. 2 Holders of rec. Nov. 15
134
preferred
Second
(guar.)
of
rec. Sept.30a
% Oct. 15 Holders
Colorado Power,common (guar.)
Oct. 15 Holders of rec. Sept.20/1
2
United Fruit (quar.) (No. 77)
*2
Nov. 1 *Holders of rec. Oct. 15
Commonwealth-Edison (guar.)
Oct. 15 Holders of rec. Sept.306
$1
United Gas Improvement (guar.)
1
of
Holders
Oct.
(qu.).
27
pref.
13.4
rec.
Sept.
Pow.,
&
Light
Commonwealth
134 Oct. 15 Holders of rec. Oct. its
Oct. 10 Holders of rec. Sept. 25a United Paperboard, preferred (Guar.)._
ComputIng-Tabol'g-Record., com.(qu.) 1
50c. Oct. 5 Holders of rec. Sept.17
75c. Oct. 21 Holders of rec. Oct. 14a United Shoe Machinery, com. (quar.).._
Consol. Interstate-Callahan Min.(guar.)_
3734c
Oct. 5 Holders of rec. Sept.17
Preferred
(guar.)
of
Holders
15
(guar.)-15
134
Oct.
ree. Oct.
Continental Motors Corp., pref.
(guar.)
50c. Nov. 1 Holders of rec. Oct. Sc
Mining
134 Oct. 15 Holders of rec. Oct. 7a United Verde Extension
Corn Prod ucts Refilling, pref. (guar.)._
25e. Nov. 1 Holders of rec. Oct. 3a
Extra
_
Oct.
1
to
10
10
(guar.)
Oct.
Oct.
134
common
Creamery Package,
134 Oct. 15 Holders of rec. Sept.300
U. S. Industrial Alcohol. pref. (quara_
13-i Oct. 10 Oct. 1 to Oct. 10
Preferred (guar.)
2
Oct. 31 Holders of rec. Oct. 15
U. S. Rubber, 1st pref.(guar.)
Cresson Cons. Gold M.& M.(monthly) 10e. Oct. 10 Holders of rec. Sept. 30
(gust.)_ $1.25 Oct. 15 Holders of rec. Oct. 4
Mining,com.
&
Smelt.,Ref
U.S.
_
_
_
15
in
of
Holders
Oct.
rec.
Oct.
(quar.)
Coal
$1.25
Delaware Lac. & West.
8734c
Oct. 15 Holders of rec. Oct. 4
(guar.)
Preferred
Oct. 15 Holders of rec. Sept. 30a
2
Detroit Edison (quar.)
10c. Nov. 1 Holders of rec. Oct. 18
U. S. Steamship (bi-monthly)
25e. Oct. 15 Oct. 6 to Oct. 15
Detroit Iron de Steel, com. (guar.).
Sc. Nov. 1 Holders of ree. Oct. 18
Extra
6
to
Oct. 16
1714c. Oct. 15 Oct.
Preferrea (guar-)
Oct. 31 Holders of rec. Oct. 15
3
Vacuum 011
% Oct. 18 Holders of rec. Oct. 2
Distillers Securities Corp. (guar.)
Oct. 31 Holders of rec. Oct. 15
2
Extra
131 Oct. 18 Holders of rec. Oct. 2a Victor
Extra
Oct. 15 Oct. 1 to Oct. 5
_
5
(guar.)
com.
Machine,
Talking
Dominion Textile, Ltd., pref. (quar.)... 134 Oct. 15 Holders of rec. Sept.30
Oct. 15 Oct. 1 to Oct. 5
134
Preferred (guar.)
duPont(0.1.)deNem.&C0.,deb.stk.(qu-) 411I% Oct. 25 Holders of ree. Oct. 10
Nov. 1 Holders of rec. Oct. 15a
Va.-Carolina Chem.,com.(qu.)(No. 45) 1
Nov. 1 Holders of rec. Oct. 19
du Pont (E.I.)de Nem.Powd.,com.(qua
Oct. 15 Holders of rec. Oct. 70
2
(No.
92)
(guar.)
Preferred
Nov. 1 *Holders of tee. Oct. 19
Preferred (guar.)
15 Holders of rec. Sept. 30a
Oct.
1
(guara_
pref.
Western Power Corp.,
234 Oct. 15 Holders of rec. Oct. 1
Eastern Steel. corn. (quar.)
Western States Gas & Elec., pref. (gu.)__ _ *134 Oct. 15 *Holders of rec. Sept. 30
Nov. 1 Holders of rec. Oct. 15
Edison Elec. Ill., Boston (qu.) (No. 118). 3
Oct.
15 Holders of rec. Sept.200
134
(No.
(guar.)
Tel.
198)
Union
Western
1% Nov. 1 Holders of rec. Oct. 22a
Electrical Securities, preferred (quar.)__
$1.75 Oct. 31 Holders of rec. Oct. 10
Westinghouse Air Brake (guar.)
13.4 Oct. 15 Holders of rec. Oct. 5
Electrical Utilities Corp.,pf. (qu.)(No.34) *134
873.4c. Oct. 31 Holders of rec. Oct. 40
(guar.).
corn.
.,
Mfg
dr
El.
Westinghouse
1
of
*Holders
Nov.
rec.
Oct.
18
Emerson-Brantingham Co., pref
8734c. Oct. 15 Holders of lee. Oct. 4a
Preferred (guar.)
5
Nov. 1 Holders of rec. Oct. 15
Eureka Pipe Line (guar.)
Nov. 1 Oct. 22 to Nov. 1
Wheeling Mould & Fdy., corn.(guar.)... 1
50c. Oct. 10 Oct. 1 to Oct. 10
Everett, Heaney & Co., Inc. (guar.)._
Nov. 1 Oct. 22 to Nov. 1
3
(extra)
Common
1
-Holders of rec. Oct. 19
234 Nov.
Fajardo Sugar (guar.)
Nov. 1 Holders of rec. Oct. 21
25c.
(guar.).
common
Co.,
134 Oct. 1 Holders of ree. Sept. 30a 1Villys-Overland
Finance & Trading Corp., pref. (guar.)._
Oct. 10 Holders of rec. Oct. 1
5
(special)
coin.
Mfg.,
Towne
dr
Yale
Oct.
15
134
ree.
la
of
(quar.)_.
Holders
Oct.
pref.
Firestone Tire & Rubber,
2
Oct. 15 Holders of toe. Sept. 14a
General Electric (guar.)
• From unofficial sources. a Transfer books not closed for this dividend. b Lees
3
Nov. 1 Holders of rec. Oct. 18a
General Motors, common (quar.)
f Payable in common
134 Nov. 1 Holders of rec. Oct. 18/ British income tax. d Correction. e Payable in stock.
Preferred (guar.)
Nov.30 Holden] of too. Nov. 1
$2
stock. p Payable in scrip. h On account of accumulated dividends. i Payable in
Gillette Safety Razor (guar.)
30
Nov.
of
Holders
rec.
1
Nov.
$1.
in
U. S. Liberty Loan
Extra
Liberty Loan bonds. 1 Red Cross dividend. to Payable
.1%c Oct. 10 *Holders of rec. Sent. 20
on
Globe Oil (monthly)
454% bonds. o Declared 7% payable in quarterly installments of 154% each
15
of
Holders
Oct.
30
Sept.
roe.
134
(guar.)
pref.
Globe-lVernicke,
Nov. 15 Holders of tee. Nov. 5a Nov. 1 1918, Feb. 1, May 1 and Aug. 1 1919. to holders of record on Oct. 15
Goodrich (B. F.) Co.. common (guar.). 1
p Payable in
Granby Cons. Min.,Sin.& Pow.(guar.) 23-4 Nov. 1 Holders of rec. Oct. 1811 1918, Jan. 15 1919, April 15 1919 and July 15 1919, respectively.
Holders of ree. Oct. On
Harbison-Walker ltefract., prof. (guar.) 1% Oct. 19
stock of Old Dominion Iron & Steel Corp. at rate of one share of Old Dominion
134 Nov. 1 Holders of rec. Oct. 15
common
Holly Sugar Cotp., pref. (guar.)
Nay.
&
Ry.
ca
Virginia
share
$3,
for
value
each
par
Iron At Steel Corp.,
*50c. Oct. 25 *Holders of rec. Oct. 19
Homeslake Afiliqg (monthly)(No. 53O).
utock.
13.4 Sept.30 Holders of rec. Sept. 27
Houston Gas & Fuel, pref.(guar.)
the
50. Oct. 15 Holders of roe. Oct. 1
t Payment of dividend contingent upon the receipt of sufficient money from
Howe Sound Co. (guar.)
$2 Nov. 15 Holders of rec. Oct. 23
Indiana Pipe Line (guar-)
r The New York Stock Exchange has ruled that stock will not
Government.
S.
U.
la
1
Oct.
Holders
rec.
of
Oct. 28
Inspiration Consol. Copper Co. (guar.) $2
134 Oct. 15 Holders of rec. Oct. 7a be quoted ex-dividend on this date and not until further notice.
Int. Agricultural Corp., pref. (guar.)._
a Erroneously reported last week as on bat pref. and pref. stock.

Street & Electric Railways.
25c. Oct. 15 Oct. 3 to Oct. 15
Brooklyn City RR. (guar.)
Nov. 1 Holders of rec. Oct. 150
Cities Service, corn. dr pref. (monthly)_
34 Nov. 1 Holders of rec. Oct. 15a
Common (payable in common stock) _
10 Sept.26 to Sept.30
Oct.
)
.,Gas&EL,com.(qu.
Columbia(S.0.)Ry
1
Duquesne Light, pref. (qu.)(No. l5)-- 1% Nov. 1 Holders of rec. Oct.
Holders of rec. Oct. 10a
20
1%
Oct.
(guar.)_
pref.
1st
Power,
cfe
By.
Georgia
16
Oct.
to
26
30
Sept.
Sept.
$2
Lancaster Co. By. & Light, common
62%e. Sept.30 Sept.26 to Oct. 16
Preferred
Oct. 15 Holders of rec. Oct. la
2
Manchester Tree., Light & Power (qu.)_
30a
Monongahela Val.Tract.,common (qu.) 3134c. Oct. 14 Holders of rec. Sept.30a
37%c. Oct. 7 Holders of rec. Sept.
Preferred (guar.)
4.1%
30
Sept.
rec.
of
15
*Holders
Oct.
(guar.)
Ottumwa By. cfc Light, pref.
(No. 148)- 750. Oct. 31 Holders of rec. Oct. la
Philadelphia Co., corn.
in
Oct.
rec.
1
of
Holders
Nov.
$1.50
12)
(No.
(guar.)
6% preferred
300
Philadelphia dr Western Ry.. Pref. (qu.) 62%e. Oct. 15 Holders of rec. Sept.
ig Oct. 1 Holders of rec. Sept. 20
Porto Rico By:., Ltd., pref. (guar.)
Oct. 15 Holders of rec. Oct. 10a
Public Service Corp. of N. J. (guar.)__
Oct. 15 Holders of rec. Sept.30a
Republic Ry.& Light, pref. (guar.) ___Oct. 15 Holders of rec. Oct. 10
41
common
Traaion,
Valley
Scioto
s
Oct. 15 Holders of rec. Sept.28a
50c.
(qu.).
United Rys.& Elec.(Balt.), com.
30a
Virginia Railway & Power, common..p $2.51% Oct. 21 Holders of rec. Sept. 21a
Oct. 31 *Holders of rec. Oct.
(guar.)
pref.
York (Pa.) Rys.,

OW




1360

THE CHRONICLE

[VOL. 107.

Member Banks of the Federal Reserve System.-Following is the weekly statement issued
he Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of b.\
the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which
s published in the
"Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER
BANKS
IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER LOCATED
20 1918.
Large increases in Treasury certificates holdings following the 600 million dollar issue
deposits accompanied by some curtailment of other loans and investments are indicated of Treasury certificates dated Sept. 17 and in Government
by the Board's consolidated weekly statement showing condition on Sept. 20 of 738 member banks in leading cities.
United States bonds on hand show but little change, while Treasury
holdings show an increase for the week of 272.3 millions, of which
160.9 millions represents the increase at banks in the three central reservecertificate
cities. Aggregate loans secured by United States war obligations went
up 12.9 millions, largely outside the central reserve cities. All other loans and
fell off 16.5 millions, liquidation being confined however
to Greater New York banks. Of the total loans and investments the combined investments
of United States war obligations and loans secured by such obligations constitutes 18.2%, as against 16.4% the week before. For the centralshare
reserve
city
Government deposits show a gain of 198.9 millions, of which 108 millions represent the banks a rise in this percentage from 18 to 20.1%, is noted.
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
this head of about 33 millions. Time deposits went up 32.2 millions, all outside
serve banks increased 54.6 millions, largely in Greater New York, while cash in of the central reserve cities. Reserve balances with the Federal Revault 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
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% forthis
reporting banks and from 15.8 to 16.3% for the banks in the central
all
reserve
"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 cities.
an increase In this item from 29.7 to 77.7 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00) omitted
Member Banks.

I Boston.

Number of reporting banks...

New York. Philadel. Cleveland. Richni'd. Atlanta.

42

Chicago. St. Louis. Miasma. Kan. City

102

51
85
77
45
3
$
50,873,0 11,492,0 42,489,0 24,251,0 15,465,0

98

32

35

•
Dallas. San Fran

73

45

Total.

53

731
$
U. M. bonds to secure ciroulat'n 14,352,0
18,461,0 17,676,0 6,382,0 13,730,0 17,929,0 34,480,0
267,580,1
Other U. S. bonds, including
Liberty bonds
11,625,0 220,089,0 30,010,0 47,683,0 26,842,0 22,105,0
47,333,0 14,026,0 7,876,0 13,211,0 14,914,0 23,620,0
479,334,0
U. S. certifs. of Indebtedness- 91,900,0 727,662,0 73,440,0 105,611,0 39,339,0 40,265,0
164,965,0 42,620,0 22,121,0 44,831,0 19,806,0 76,450,0 1,449,010,0
Total U. S. securities
117,877,0 998,624,0 114,942,0 195,783,0 90,432,0 77,835,0 230,759,0 74,322,0 36,379,0
71,772,0 52,649,0 134,550,0 2,195,924,0
beans see. by U.S. bonds, &c 46,022,0 218,038,0 46,995,0 36,400,0 19,714,0 9,785,0
62,620,0 14,824,0 12,231,0 5,985,0 4,948,0 8,477,0
486,039,1
All other loans & investments. 763,915,0 4,291,147,0 615,145,0 972,363,0
300,885,0 1,431,992,0 374,704,0 285,881,0 463,780,0 183,886,0 533,916,0 10,584,569,1
Reservewith Fed. Res. Bank_ 70,903,0 644,923,0 57,299,0 80,147,0 366,955,0
31,505,0 24,188,0 146,321,0 35,059,0 19,797,0 49,495,0 16,380,0 45,141,0 1,221,158,0
Cash In vault
25,014,0 124,359,0 20,848,0 33,499,0 17,087,0 14,353,0
57,790,0 12,053,0 8,910,0 15,844,0 12,571,0 21,525,0
363,853,0
Net demand deposits
882,142,0 4,441,477,0 613,710,0 728,200,0 303,457,0 217,935,0 1,077,299,0 265,143,0 187,646,0:369,28
9,0 150,606,0 407,370,0 9,449,274,0
Time deposits
102,122,0 288,407,0 16,554,07, .54,686,0
45,939,0 62,521,0 25,097,0 123,247,0 1,494,325,0
.
Government deposits
82,709,0 318,892,0 37,897,0 63,313,0' 12,771,0 14,110,0
69,130,0 20,943,0 11,252,0 24,183,0 6,748,0
639,948,0
9

I

9

5. f)ara for nanka In each Conceal Reserve eity, banks In all other Reserve cities and other reporting
banks.
New York.

Two ciphers (00) omitted.

Sept. 20.

Sept. 13.

Chicago. St. Louis. Total Central Res. Cities.

Other Reserve Cities,

Sept. 20. Sept. 20.

Sept. 20.

Sept. 20.

Sept. 13.

Sept. 13.

Country Banks.
Sept. 20. Sept. 13.

Total.
Sept. 20.

Sept. 13.

69
68
41
14
124
123
449
449
165
165
738
737
$
$
$
$
$
$
$
a
a
U.S. bonds to secure etreulat'n
$
$
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
48,241,0 276,580,0
Other U. S. bonds, Including
267,331,1
Liberty bonds
198,722,0 197,773,0 19,701,0 8,665,0 227,088,0 227,030,0 205,167,0 205,803,0 47,079,0 47,333,0 4/9,334,0 480,166,0
V.S. certifs. of indebtedness 690,314,0
553,2136,0 88,858,0 32,848,0 812,020,0 651,153,0 542,732,0 447,642,0 94,258,0 77,935,0 1,449,010,0 1.176,730,1
Total 17. S. securities
925,715.0
787,648,0 109,691,0
1,087,495,0 926,500,0
824,218,0 189,957,0
2,195,924,0 1,924,227,0
Loans see. by U. S. bonds. ilso_ 199,291,0 195,468,0 44,817,0 52,089,0
11,798,0 255,906,0 252,260,0 918,472,0
199,430.0 195,408,0 39,703,0 173,509,0
25,468,0 486,039,0 473,136.1
All other loans Sr investments_ 3,949,689,0 3,970,040,0 873,646,0 270,467,0
5,093,782,0
4,668,073,0 4,666,1010 822,714,0
816,738,0
10584569,0 10,601,088,0
Reserve with Fed. Res. Bank_ 615,371,0 572,886,0 102,842,0 26,590,0 744,803,0 5,118,249,0
700,169,0
407,841,0 61,183,0
1,221,158,0 1,166,565,0
Cash in vault
111,638,0 109,384,0 34,081,0 5,708,0 151,430,0 150,560,0 415,172,0
174,513,0 166,777,0 37,910,0 58,555,0
37,564,0 363,853,0 354,907,0
Net demand deposits
123,290,0
4,156.256,0
723,213,0
191,621,0
5,038,124,0
5,063,089,0
3,722,791,0
3,707,554,0
688,359,0
680,889,0
9,449,274,0
Time deposits
210,801,0 216,921,0 141,377,0 54,237,0
410,138,0 868,745,0
219,165,0 192,978,0 1,494,325,0 9,451,532,0
Government deposits
288,642,0 203,208,0 42,218,0 17,061,0 406,415,0
347,921,0 239,923,0 250,512,0 859,020,0
172,785,0 41,515,0 28,327,0 639,948,0 1,462,126,1
441,035,1
Ratio of combined reserve and
cash to total net deposits
16.3
15.5
17.2
14.6
16.3
15.8
43.9
13.9
15.0
14.7
Number of reporting banks...

$

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board

on Sept. 28:

Continuing borrowing by member banks in connection with, the 6th issue of Trea.sury
certificates in anticipation of the Foutrh Liberty Loan,
also considerable purchases of acceptances are indicated by the Federal
Reserve Board's weekly bank statement issued 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
paper similarly secured went up 75.2 millions, all the banks except Cleveland,
Minneapolis and Kansas City, showing substantial additions to their
holdings of this class of paper. Other discounts on hand fell off 21.9
millions,
the
New
York
and Chicago banks reporting the largest decreases under
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.An
increase of 8.2 millions In Government short-term obligations represents
2% Treasury certificates deposited with the U. S. Treasurer
secure Federal Reserve bank note circulation. Total earning assets show alargely
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
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 net
Reserve notes in circulation besides an increase of 2.6 millions in their
aggregate liabilities on Federal Reserve bank notes in circulation.
OAPITAL:Payment for Federal Reserve bank stock by newly
members, largely in the Boston, Cleveland, Chicago and Dallas districts is
mainly responsible for an increase of $113,000 in the total paid-1n admitted
capital shown in this week's statement.

The figures of the consolidated statement for the system as a whole
given in the following table, and in addition we
present the results for each of the seven preceding weeks, together withare
those of the corresponding week of last year, thus
furnishing a useful comparison. In the second table we show the resources
and
separately for each of the twelve
Federal Reserve banks. The statement of Federal Reserve Agents' Accounts liabilities
third table following) gives details regarding the transactions in Federal Reserye notes between the Comptroller and(the
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,
under a more general classification in the statement prepared at Washington.
Thus,"Other deposits, &c., as of Sept. 27
,, consisted of."Foreign GovernMeat deposits.' $92,435,070; "Non-member banks deposits.' $4.469,223; and
'Due to War Finance Corporation, $2,103,061.

COMBINED

RESOrffiegt4 AND

LIABILITIES OP THE FEDERAL RESERVE BANKS

AT THE CLOsfli OP

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.
$
$
4
$
a
a
a
a
a
3old in vault and in transit
370,220,000 387,680,000
3o15 settlement fund-F. R. Board... 437,319,000 459,997.000 386,214,000 383,228,000 384,009,000 331,072.000 385,017,000 395,410.000 445,597,0e0
465,298,000 498,531.000 520,926,090 553,060,000 600,083,000 606,354,000 342,337,000
3o15 with 'foreign agencies
5,829,000
5.829.000
5,82..000
5,830,000
5,829.000
5,829,000
5,829.000
52,500,000
9.690,000
Total gold held by banks
813,368,000 833,486,000 857,341,000 885,589,090 910,764,000 943,981.000 990,929,000 1,011,460,000 840,434,000
3old with Federal Reserve Agents__
1,161,731,000 1,145,950,000 1,123,132,000 1,087,760,000 1,0131.597.000 1,018.767,000
961,498,000 940,692,000 558,227,001
3old redemption fund
45,714,000
44,122.000
44,086,000
43,634,000
41.433,000
40,323,000
40,116,000
9,809,000
38,149,000
Total gold reserves
2,020,813,000 2,023,553.000 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
Legal tender notes, silver, &c
51,363,000
52,481.000
53,173.000
53,511,000
53,168,000
52.215,000
52,980.000
49,089,000
54,222,000
Total reserves
2,072,176,000 2.076,039,000 2,077,732,000 2.070,494,000 2,066,962.000 2,055,266,000 2,045,523,000 2.044,523,000 1,457,559,000
3111s discounted: Secured by Government war Obligations,...
1,221,533,000 1,146,357,000
All other
491,897,000 513,789,000 11613 247 000 1,541,999,000 1,428,235,000 1,393.795,000
1.332,473,00(1 233,539,001
3111a bought in open market
288,391,000 250,032,000 239,750,000 233.741,000 232,583,000 236,526,000 1,285,368,000
212,204,00 208,557,000 176,169,000
Total bills on hand
2,031,821,000 1,910,178,000 1,852.997,000 1.775.740.000 1,660,798.000 1,630,321,000
1.497.572,000 1,541,030,000 409,708,000
5.5. Government long-term securities_
28,545,000
29,022,000
29,563.000
29,763,000
30,350.000
34,931,001)
30,624.000
55,129,000
31.497,000
J. S. Government short-term securities
50,098,090
41,878.1 00
33,777,000
28,030,000
25.772.000
17,401,000
32,546,000
39,876,000
23.479.000
kil other earning assets
102,000
84,000
81,000
75,000
67,000
62,000
102,000
82,000
224,000
Total earning assets
2,080,566,000 1,981,162,000 1,916,418,000 1,833,613,000 1,716,937.000 1.684,486,000 1,561,697,000 1,593,467,000
Jncollecte 1 items (deduct from gross
504,937,00*
deposits)
649,443,000 654,843.000 697,225,000 642,377.000 568.655.000 601.983,000 623,495,000
584,758.000 210,290,001
i% redemp.fund asst. F.R.bank notes
2,447,000
2,112,000
1.405,000
1,313,000
1,164,000
866,000
958.000
735,000
kll other resources
500,000
12,853,000
12,610,000
13.013,000
12,076,000
11,787,000
11.291.000
10,803,000
11,410,000
387,000
Total resources
4A17.495.e00 4.726.766.000 4.705 703 nnn 4 pine R72 non 4.566 snx non 4.
057 nen A 942 554 nen 4 234 Sill nnti 2.20:1.1.7LOU
Includes amount formerly shown against items due from or due to other Fe,
eral Reserve banks nit




1

1361

THE CHRONICLE

OCT. 51918.]

Aug. 16 1918. Aug. 9 1918. Sept. 281917
Sept. 27 1918. Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918.
S
$
$
$
$
$
$
$
$
LIABILITIES.
59,379,000
76,876,000
76,960,000
77,750,000
78,168,000
78,359,000
78,553.000
78,089,000
78,802,000
1,134,000
Capital paid in
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
71,289,000
Surplus
95,555,000 179,978,000
191,623,000 169,141,000 206,733,000 197,325,000 104,729,000 173,027,000 1,464,011,000 1,420,705,000 1,136,930,000
Government deposits
1,469,603,000 1,465,102,000 1,478,639,000 1,459,480,000
157,524,000
Duo to members-reserve account_ _ _ _ 1,535,490,000 1,524,528,000
461,640,000 437,885,000 450,947,000 461,202,000 433,347,000
527,752,000
490,265,000
485,059,000
68,433,000
Collection items
115,302,000 119,960,000 120,300,000 112,597,000 115,234,000 127,050,000
Other deposits, incl. for. Gov't credits_ 104,385,000 100,173,000
2,161,080,000 1,434,176,00*
2,136,002,000
2,196,051,000
2,141,553,000
2,244,027,000
2,319,390.000
2,284,107,000
2,316,557,000
700,212,000
Total gross deposits
1,955,276,000
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
8,000,000
13,716,000
F. It. notes in actual circulation
15,167,000
16,861,000
20,637,000
23,964,000
27,072,000
33,208,000
35,819,000
1,906,000
26.811,000
F.R. bank notes in circulation, net nab.
27,702,000
29,351,000
31,305,000
31,710,000
33,615,000
34,597,000
35,857,000
All other liabilities
4,559,873,000 4,365,555,000 4,353,987,000 4,242,384,000 4,234.893,000 2,203,673,000
4,705,793,000
4,726,766,000
4,817,495.000
70.4%
Total liabilities
59.2%
59.5%
59.2%
57.9%
55.3%
52.9%
51.1%
48.8%
81.1%
Gold reserve against net deposit nab
50.1%
52.1%
50.5%
52.7%
51.9%
51.9%
51.9%
51.4%
Gold res. agst. F. It. notes in act. eirc'n
74.4%
Ratio of gold reserves to net deposit and
57.0%
56.7%
56.4%
55.3%
53.3%
52.4%
51.6%
50.3%
F(1. Res. note liabilities combined.. _ _
77.0%
Ratio of total reserves to net deposit and
57.9%
50.7%
58.5%
56.4%
54.9%
53.7%
52.9%
51.6%
Fed. Res. note liabilities combined.. _
Ratio of gold reserves to F. It. notes in
76.3%
actual circulation, after setting aside
76.4%
73.7%
72.5%
69.6%
67.2%
65.6%
63.4%
35% against net deposit liabilities_ _ _
o
0
a
o
1
aa
0
1 178,321,000
a
Distribution by Maturities
1,245,724,000 1,172,359,000 1,159,;16,000 1,047,516,000 1,006,967,000 901,700,000 946,126,000,
2,085,0001
1-15 (lays bills discounted and bought- 1,323,052,000
17,235,000
4,600,000
4,945,000
5,388,000
7,182,000
13,161,000
14,300,000
146,010
4,000
1-15 (lays U.S. Govt. short-term secs_
10,000
10,000
63,663,000
1-15 (lays municipal warrants
194,084,000 184,223,000 144,517,000 141,558,000 169,570,000 151,740,000 178,593,0001
16-30 (lays bills discounted and bought. 192,414.000
750,000,
3,722,000
4,414,000
293,000
10,000
16-30 (lays U.S. Govt.short-term secs_
10,000
34,000
31,000
97,025,000
16-30 (lays municipal warrants
285,806,000 294,595,000 248,807,000 219,928,000 223,723,000 231,550,000 223,110,0001
31-60 (lays bills discounted and bought_ 302,709,000
3,491,000,
4,358,000
4,685,000
4,690.000
901,000
1,046,000
197,000
467,000
31-60 (lays U.S. Govt. short-term sees.
56.000
50,000
41,000
41,000
'
41,000
33,000
1,000
9,000
69,614,000
31-60 (lays municipal warrants
171,718,000 187,668,000 207,398,000 223,655,000 210,473.000 187,526,000 164,347,0110
61-90 days bills discounted and bought 171,434,000
1,669,000
2,123,000
771,000
798,000
1,527,000
1,716,000
728,000
669,000
5,000
01-90 (lays U.S. Govt. short-term sees.
1,000
6,000
5,000
5,000
10,000
11,000
11,000
11,000
1,468,000
61-90 days municipal warrants
28,854,000
25,056,000
22,588,000
28,141,000
15,302,000
14,152,000
12,846,000
12,212,000
Over 90(lays bills disc'ted and bought_
9,409,000
8,830,000
13,365,000
15,339,000
16,347,000
19,564,000
27,494,000
34,652,000
secs.
rm
U.S.Govt.short-te
73,0011
Over 00(lays
10,000
20,000
16,000
21,000
16,000
16,000
10,000
10,000
Over 00(lays municipal warrants
Federal Reserve Notes2.388.863,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000 2,088,473,000 754,083,000
2,446,194,000
2,494,205,000
54,745,000
Issued to the banks
144,879,000 151,163,000 143,434,000 139,093,000 126,230,000 131,000,000 133,529,000 133,197.000
Held by banks
2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,985,419,000 1,955,276,000 699,343,000
2,295,031,000
2,349,326,000
In circulation
Fed. Res. Notes (Agents Accounts)
1,167,320,000
3,286,140,000 3,229,400,000 3,153,080,000 3,057,280,000 2,995,480,000 2,940,240,000 2,895,020,000 2,832,740,000 197,957,000
Received from the Comptroller
546,315,000 542,126,000 533,070,000 520,568,000 516,032,000 497,152,000 499.862,000 489,092,000
Returned to the Comptroller
969,363,000
2,739,825,000 2,687,274,000 2,620,010,000 2,536,712,000 2,479,448,000 2,443,038,000 2,395,133,000 2.343,648,000 215,275,000
Amount chargeable to Agent
245,620,000 241,080,000 231,1135,000 216,940,000 260,510,000 279,251,000 276,210,000 255,175,000,
In hands of Agent
2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948.000 2,088,473,0001 754,088,000
Issued to Federal Reserve banks 2,494,205,000 2,446,194,000
How Secured217,240,000 219,240,001) 219,239,000 220,239,000 217,238,000 212,240,0001 11 276,645,000
217,240,000
214,239,000
By gold coin and certificates
By lawful money
1,2(15,713,000 1,232,012,000 1,157,341,000 1,145,070,000 1,157,450,000 1,147,781,000, 198,049,000
1,300,244,000
1,332,474,000
28,040,000
By eligible paper
60,296,000;
60,959,000
03,419,000
61,708,000
61,690,000
65,788,000
70,608,000
73,363,000
250,554,000
Gold redemption fund
874,129,000 858,102,000 840,104,000 800,830,000 780,650,000 735,109,000 683.301,000 668,156,0001)
With Federal Reserve Board
1 754,088,000
;#1
2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,0002,118,948.000 2,088,473,0001
Total
'IAA AK, nes
1 inn Ann' 1 401 05.4 nnn 1 Ann 170 (um'
.
..7
007 nnn 1_707_540.1)00 1 710 5mA non 1 015 01.0 nnn 1 ,
001
1
nnn
50.0
non
-i
Agent_
Eligible Paper delivered to F.It.
includes foreign Government credits t Revised figures.
Rem
This
b
banks.
Reserve
Federal
other
to
a Net amount due
of EACH of time 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS Sept. 27 1911,•
WEEKLY STATEMENT of RESOURCES and LIABILITIES

1

Kan City*
New York. l'attadel. Cleveland Richnea. itionin Chicago. St Louis. Ifinneap.
- ------ S
$
$
S
$
$
$
2
S
$
$
RESOURCES.
216,0
8,179,0
1,067,0
26,109,0
6,733,0
6,108,0
27,862,0
266,0
3,030,0 273,296,0
Gold coin and certifs. in vault__
70,877,0 28,088,0 17,042,0 72,022,0 16,812,0 22,804,0 27,783,0
57,655,0
14,760,0
67,241,0
fund
settlement
Gold
291,0
233,0
233,0
816,0
175,0
204,0
525,0
408,0
2,011,0
408,0
Gold with foreign agencies
71,270,0 290,067,0 58,329,0 99,264,0 34,490,0 23,950,0 98,947,0 18,112,0 31,216,0 28,290,0
Total gold held by banks
58,925,1) 286,071,0 110,208,0 153,479,0 47,293,0 36,340,0 206,111,0 56,615,0 29,378,0 57,489,0
Gold with Federal Res. Agents
614,0 3,259,0 5,577,0 2,820,0 2,900,0 1,247,0
14,893,0 5,500,0 1,231,0
5,017,0
fund
redemption
Gold
63,549;0 310,635,0 77,547,0 63,494,0 87,026,0
253,974,0
82,397,0
135,221,0 591,631,0 174,037,0
Total gold reserves
142,0
64,0
705,0
183,0 1,272,0
628,0
310,0
791,0
2,589,0
43,931,0
Legal-tender notes, silver, &c._ _
87,168,0
63,558,0
78,252,0
137,810,0 635,562,0 174,828,0 254,284,0 83,025,0 63,732,0 311,097,0
Total reserves
Bills discounted: Secured by Govt 71,246,0 564,288,0 80,718,0 50,597,0 48,751,0 45,133,0 169,044,0 50,293,0 25.262,0 28,344,0
war obligations
15,594,0 113,074,0 21,112,0 34,382,0 18,921,0 :31,051,0 72,618,0 26,888,0 41,940,0 45,460,0
All other
136,0
133,0
35,842,11 155,575,0 7,976,0 32,016,0 4,586,0 6,104,0 20,272,0 2,000,0
Bills bought In open market
261,934,0 79,181,0 67,335,0 73,940,0
82,288,0
72,258,0
116,995,0
122,632,0
832,937,0
115,806,0
hand
on
Total bills
116,0 8,868,0
631,0 4,519,0 1,153,0
1,410,0 1,348,0 1,291,0 1,233,0
538,0
U. S. long-term. securities
974,0. 1,344,0
1,416,0
26,099,0 4,257,0 3,760,0 1,510,0 1,991,0 5,112,0 1,321,0
U. S. short-term securities
71,0
assets
All other earning
124,636,0 860,446,0 121,411,0 122,046,0 75,001,0 84,981,0 271,565,0 81,655,0 68,425,0 84,152,0
Total earning assets
.
Uncollected items(deducted from
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
.
gross deposits)
Two ciphers (00) omitted.

5% redemption fund against Federal Reserve bank notes
All other resources
Total resources

Boston.

34,0
1,052,0

1,024,0
2,000,0

200,0
1,043,0

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

Dallas.

can Fran.

$
$
7,097,0 9,507,0
4,392,0 37,843,0
321,0
204,0

Total.
S
370,220,0
437,319,0
5,829,0

11,693,0 47,731,0 813,368,0
24,286,0 94,936,0 1,161,731,0
45,714,0
510,0
2,146,0
38,125,0 143,177,0 2,020,813,0
51,363,0
199,0
549,0
38,674,0 143,376,0 2,072,176,0
30,815,0 51,042,0 1,221,533,0
25,193,0 45,664,0 491,897,0
1,300,0 22,451,0 288,391,0
57,308,0 119,157,0 2,001,821,0
28,545,0
3,977,0 3,461,0
50,098,0
1,152,0 1,162,0
102,0
31,0
62,437,0 123,811,0 2,080,566,0
17,328,0 33,511,0

649,448,0

97,0
1,254,0

2,447,0
12,858,0

144,0
1,635,0

304,505,0 1,654,681,0 369,481,0 433,325,0 201,536,0 182,192,0 658,230,0 210,977,0 150,103,0 227,198,0 120,218,0 302,049,0 4,817,495,8

LIABILITIES.
6,580,0
Capital paid in
75,0
Surplus
22,338,0
Government deposits
02,044,0
ace't_
-Reserve
members
Due to
32,062,0
Collection Items
0th. deposits incl. for Gov't cred.146,401,0
Total gross deposits
F. It. notes In actual circulation. 148,053,0
684,0
F. It. bank notes in circ'n-Net.
2,619,0
All other liabilities

78,802,0
20,184,0 7,353,0 8,785,0 3,996,0 3,143,0 10,906,0 3,732,0 2,896,0 3,600,0 3,104,0 4,523,0
1,134,0
38,0
216,0
40,0
116,0
649,0
191,623,0
14,587,0
11,433,0
10,338,0
19,080,0
9,560,0
22,513,0
12,370,0
24,645,0 14,020,0 22,586,0 8,103,0
660,021,0 98,008,0 109,992,0 49,327,0 30,284,0 202,039,0 52,234,0 44,971,0 75,658,0 34,424,0 70,988,0 1,535,490,0
119,441,0 46,430,0 59,082,0 35,198,0 27,720,0 50,972,0 43,011,0 9,722,0 29,070,0 11,006,0 20,430,0 485,059,0
21,0
2,590,0 104,385,0
412,0
34,0 2,026,0
295,0
99,007,0
2,316,557,0
55,768,0
116,161,0
69,301,0
113,097,0
105,217,0
277,550,0
79,408,0
93,128,0
909,114,0 158,464,0 192,855,0
699,650,0 199,772,0 228,082,0 105,499,0 97,941,0 358,816,0 100,170,0 76,421,0 97,350,0 57,191,0 180,381,0 2,349,326,0
35,819,0
73,0 7,927,0 2,069,0 1,935,0
436,0
615,0 6,060,0
151,0
11,777,0 2,109,0 1,033,0
35,857,0
13,307,0 1,783,0 2,520,0 , 1,646,0 1,045,0 4,682,0 1,422,0 1,374,0 2,160,0 1,180,0 2,113,0
500 (0
421.7
A
n I90 oln loans fun n
304.505.0 1.654.61,41 0300 451 (54105 non n 91)4 AlA A 159.1(52 A AM 930 n 210 077 0 Inn 1n3 0 227 195
TrAtn11141‘111110f1
• Net amount due to other Federal Reserve hanks
banks.
Reserve
(me
from
amounts
Federal
awl
uet
net
due
to
amounto
other
between
•t diligence
STATEMENT 01? FF,DERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS Sept. 27 1918.

Todd
Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
New York. Philadel. Cleveland.
--------S
$
$
$
Federal Reserve notes1,121,520,0 268,500,0 276,400,0 149,780,0 151,340,0 447,680,0 132,920,0 97,040,0 133,700,0 91,020,0 205,940,0 3,286,140,0
Received from Comptroller... 210,300,0
40,292,0 250,143,0 48,825,0 24,141,0 29,617,0 22,743,0 31,515,0 22,483,0 16,586,0 21,638,0 18,472,0 13,860,0 546,315,0
Returned to Comptroller
Two ciphers (00) omitted.

Boston.

170,003,0
18,060,0

865,377,0 219,675,0 252,259,0 120,163,0 128,597,0 416,165,0 110,437,0 80,451,0 112,062,0 72,518,0 192,080,02,739,825,0
245,020,0
95,200,0 8,920,0 14.900,0 6,600,0 27,255,0 45,180,0 3,120,0 2,440,0 8,720,0 14,325,0

151,048,0
PR Issued to F. It. hank
Held by F. It. Agent5,000,0
_
_
certificates_
Gold coin and
7,925,0
Gold redemption fund
46,000,0
_
Board_
It.
F.
RI.,
Sett.
Gold
92,123,0
req'dEligible paper, min.

770,177,0 210,755,0 237,359,0 113,503,0 101,342,0 370,935,0 107,317,0 78,014,0 103,342,0 58,223,0 192,080,02,494,205,0
214,239,0
13,102,0
11,081,0
2,503,0
103,740,0
18,813,0
73,363,0
12,931,0 10,744,0 14,666,0 1,29:3,0 2,567,0 1,892,0 2,985,0 1,976,0 3,129,0 3,020,0 10,235,0. 874,129,0
84,701,0;
10,185,0
11,300,0
54,360,0
53,630,0
110,000,0 99,464,0 120,000,0 4(3,000,0 31,270,0 204,219,0
97,144,0 1,332,474,0
483,506,0 100,547,0 83,880,0 60,270,0 65,002,0 164,874,0 50,702,0 48,636,0 45,853,0 33,937,0
192,080,0,2,494,205,0
770,177,0 210,755,0 237,359,0 113,503,0 101,342,0 370,985,0 107,317,0 78,014,0,103,342,0 58,223,0
4,0
107,480,03,699.38
57,308,0
73,940,0
58,598,0
61,582,01
832,937,0 105,528,0 114,792,0 71,158,0 66,433,0 261,033,0
192,080,0 2,494,20.5,0
770,177,0 210,755,0 237,359,0 11:3,563,0 101,342,0 370,985,0 107,317,0 78,014,0 103,342,0 58,223,0
11,699,0 144,879,0
1,032,0;
5,992,0
1,593.0;
7,147,0
12,169,0
3,401,0;
8,004,0
70,527,0 10,983,0; 9,277,0
97,350,0 57,191,0.180,381,0 2,349,328,0
699,650,0 199,772,0228,082,0 105,409,0 97,941,0 358,810,0 100,170,0 70.421,0'

Chargeable to F. It. Agent
In hands of F. R. Agent

pg

151,048,0
Total
Amount of eligible paper deliv122,682,0
ered to F. It. Agent
151,048,0
F.'R. notes outstanding
2,995,0
KR.notes held by banks
F.II. notes In actual olreuln'n_ 148,053,0




1362

THE CHRONICLE

[VOL. 107.

Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Sept. 28. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 28 1918.
Members of Federal
Reserve Bank.
Bank of N Y, N B A.
Bank of Manhat Co_
Merchants' National_
Mech & Metals Nat_
Bank of America__
National City
Chemical National_ _
Atlantic National
_
Nat Butch & Drovers
American Exch Nat_
Nat Bank of Comm
Pacific
Chat & Phenix Nat
Hanover National_ _ _
Citizens' National__ _
Metropolitan
Corn Exchange
Importers&'Traci Nat
National Park
East River National.
Second National
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch
Commonwealth
Lincoln National___ _
Garfield National_
Fifth National
Seaboard National
Liberty National_ _
Coal dr Iron National
Union Exchange Nat.
Brooklyn Trust Co
Bankers Trust Co
IJ 5 Mtge Jr Trust Co
Guaranty Trust Co
Fidelity Trust ('o
Columbia Trust Co
Peoples Trust Co_ _
New York Trust Co_
Franklin Trust Co
Lincoln Trust Co__ _ _
Metropolitan Trust. _
Nassau Nat, B'klyn_
Irving Trust Co
Farmers Loan & Tr

Capital.

Net
Profits.

Loans,
Discounts,
Nat. Banks June 201 Investments,
State Banks June 20
Trust Co's June 201

Gold.

{

2,000,000
2,500,000
2,000.000
6,000,000
1,500,01)0
25.000.000
3,000.000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500.000
5.000,000
250,000
1,000,000
10,000.000
4,500,000
1,000,000
1,000.000
10,000,000
200,000
200,000
400,000
1,000,000
1.000,000
250.000
1,000,000
3,000.001)
1,000.000
1,000.000
1,500,000
11,250.000
2,000,000
25.000,000
1.000,000
5,000,000
1,000.000
3,000.000
1.000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000

Legal
Tenders.

Average.
Average.
Average.
$
$
5,267,600
43,425,000
24,000
97,000
6,769,400
55,852,000
305,000
293,000
2,630,400
27,539,000
75,000
81,000
10,526,100 169,283,000 7,743,000
125,000
6,744,200
30,123,000
260,000
169,000
49,578,000 572,023,000 8,221,000 3,055,000
9,222,500
82,248,000
171,000
288,000
850,700
17,795,000
85,000
116,000
95,900
3,843,000
12,000
55,000
5,753,000 123,783,000
556,000
151,000
22,187,700 369,716,000
13:3,000
229,000
1,055,300
15,292,000
49,000
304,000
2.735.100
95,700,000
455,000
176,000
17,710,700 133,531,000 4,133,000
240,000
2,861,200
42,742,000
110,000
30,000
2.207,700
28,553,000
613,00
220,000
7,892,800 118,531,000
754,000
186,000
7,698,300
37,142,000
70,000
411,000
17,544,900 203,313,000
31,00
373,000
74,800
2,789,000
2,000
122.000
3,836,300
19,0:35,000
58,000
13,000
30,492,500 282,702,000
11,001)
623,000
5,609,700
96,975,000
990,000
373,000
342,600
10,618,000
50,000
36,000
669,000
6,296,000
29,000
23,000
12,863,300 318,966,000 2,600,000 2,284,000
2,347,800
16,500,000
5:3,000
160,000
880,700
5,717,000
50,000
36,000
811,700
6,732,000
40,000
39,000
1,969.309
16,851.000
123,000
278,000
1,337.600
12,060.000
1,000
4,000
421,700
7,697,000
43,000
22,000
3,607,600
45,898,000
338.000
271,000
3,985.400
68,50:3,000
151,000
19,000
932,100
13,474,000
6,000
48,000
15,217,000
1,247,100
12,000
41,000
2,227,500
36,331,000
53,000
31,000
14,842,300 240,459,000
99,000
157,000
4,791,000
61,482,000
350,01)0
76,000
26,725,700 492,918,000 1,777,000
121,000
1.288.600
11,071,000
90,000
41,000
6,693,200
85,460,000
18,000
33,000
1,274,400
25,730,000
46,000
72,000
10,510,700
88,614,000
52,000
1,106.900
19,140,000
76,000
34,000
552,100
15,490,000
15,000
15,000
4,312,600
55,379,000
114,000
40,000
1,170,100
13,430,000
4,000
70,000
1,100,700
40,737,000
109,000
292,000
10,965,200 142,302,000 3,750,000
22,000

Silver.

National
Bank
and
Federal
Reserve
Notes.

Average.

Average.

101,000
476,000
262,000
2,096,000
337,000
839,000
302,000
209,000
55,000
441,000
555,000
279.000
929,000
515,000
644,000
466,000
2,075,000
47,000
285,000
16,000
271,000
705,000
2,162,01)0
140,000
14,000
1,616,000
418,000
76,000
172,000
245,000
174,000
63,000
112,000
14,000
128,000
288,000
134,000
100,000
84,000
312,000
60,000
210,000
256,000
17,000
159,000
61,000
70,000
184,000
482,001)
61,000

130,000
838,000
141,000
497,000
315,000
1,767,000
715,000
111,000
4,000
887,000
1,613,000
295,000
3,207,000
617,000
296,000
724,000
4,112,000
250,000
1,234,000
37,000
463,000
469,000
1,479,000
552,000
108,000
1,011,000
533,000
112,000
130,000
728,000
172,000
168,000
408,000
570,000
516,000
169,000
348,000
654,000
340,000
2,964,000
165,000
673,000
523,000
227,000
177,000
292,000
547,000
106,000
2,028,000
255,000

Reserve
with
Legal
Depositaries.

Additional
Deposits
WW1

Legal
Depositaries.

Average.
Average.
$
4,667,000
6,553,000
2,901,000
20,722,000
3,388,000
99,543,000
8,491,000
1,910,000
565,000
11,560,000
40,229,000
1,601,000
11,853,000
18,808,000
4,608,000
3,440,000
14.285,000
3,395,000
21,091,000
1308,000
2,000,000
16,667,000
12,33:3,000
1,360,000
811,000
40,335,000
2,128,000
697,000
1,079,000
2,367,000
1,278,000
801,000
6,449,000
8,902,000
1,968,000
1,811,000
3,391,000
27,858,000
5,860,000
50,261,000
1,102,000
8,996,000
2,345,000
7,428,000
2,031,000
1,613,000
4,070,000
1,324,000
4,632,000
15,992,000

Average for week__ 192.900,000 338,372,600 4,444,680,000 31,940,000 12,295,000 19,720,000
31,677,000 513,320,000
Totals, actual
Totals, actual
Totals, actual
'Totals, actual

conditi on
comilti on
conditi on
conditi on

Sept. 28
Sept. 21
Sept. 14
Sept. 7

Totals, avge for wk

3,750,000

Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditl on
Totals, actual condlti on
Trust Companies.
Title Guar & Trust_ _
Lawyers Title & Tr__
Totals, avge for wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual

3,868,300

Sept. 28
Sept. 21
Sept. 14
Sept. 7

conditi on
conditi on
conditi on
conditi on

Sept. 28
Sept. 21
Sept. 14
Sept. 7

Acerage.
$
31,441,000
50,956,000
21,559,000
136,227,000
25,319,000
572,772,000
59,807,000
14,197,000
2,234,001)
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
156,360,01)f)
3,102,000
14,271,000
142,169,000
95,008,000
10,304,000
5,217,000
283,285,000
17,054,000
5,251,000
6,953,000
16,344,000
9,358,000
6,152,000
43,776,001)
60,801,000
13,955,000
12,792,000
26,445,000
204,843,000
45,871,000
371,951,000
8,565.000
61,856,000
22,711,000
52,217,000
14,376,000
12,557,000
32,520,000
9,714.000
36,504,001)
115,398,000

Average.
$
1,769,000

11,661,000 1,100,000

101,000
24,000
104,000
26,000
2,202,000
424,000
475.000
4,906,000
16,278,000
7,013,000
21,084,000
465,000
11,652,000
1,656,000
3,454,000
1,682,000
1,733,000
1,199,000
705,000
1,127,000
8,970,000

34,000

71,913,000 4,207,000 1,259,000 1,020,000 2,901,000

3,693,000

321,000

71,205,000

43,000

71,989,000
72,350,000
71,183,000
76,219,000

2,917,000
2,870,000
3,012,000
3,060,000

3,945,000
3,876,000
3,333,000
4,017,000

315,000
249,000
183,000
288,000

71,983,000
70,857,000
71,767,000
75,658,000

43.000
38,000
38.000
42,000

497,000
170,000

2,536,000
1,261,000

346,000
160,000

22,915,000
14,694,000

604,000
435,000
1,039,000

163,000
66,000

210,000
399,000
248,000
70,000
800,000
415,000
399,000

50,000

3,655,672,000 150,561,000 35,670.000
3,634,803,000 152,496,000 35,536,000
3,609,812,000 163,567,000 35.658,000
3,651,278,000 158,526,000 35,613,000
15,388,000
4,608,000
20,843,000
30,456,000

144,000
189,000

788.000

51,000
3,850,000 4,952,000
50,000
650,000
1,550,000 8,355,000
866,000
770,000
174.000
199,000

67,000
148,000
109,000

1,137,000
985,000
1,167,000
978,000
1,190,000
930.000
1,284,000 1,053,000

Average.

11,353,000 1,445,000
4,359,000
439,000
650,000
149,000
290,000
5,763,000 4,938,000
5,099,000
50,000
7,601,000 2,217,000
200,000
258,000
983,000

585,000
277,000
1,259,000
1,572,000

4,172,000
4.285,000
4,361,000
4,457,000

National
Bank
Circula(ion.

398,000 1,832,000
11,057,000 3,755,000

225,000 1,120,000
9,000
259,000
395,000
544,000
391,000
978,000

Not Mem hers of Fed era) Reserve Bank.
5,000,000 11.834.800
38,807,000
96,000
4,000,000 5,205,300
23,936,000
450,000
9,000,000 17,040,100

130,000
24,000
519,000
586,000

Net
Time
Deposits.

3,636,778,000 151,831,000 35,754,000

4,440,114,000 31,898,000 12,536,000 18,439,000 34,113,000 526,399,000
4,453,785,000 34,975,000 12,072,000 19.086,000 33,317,000 542,333,000
4,381,872,000 35,160,000 12,650,000 19,206,000 33,451,000 499,398,000
4,409,882,000 35,196,000 11,896,000 18,081,000 30,725,000 537,906,000

State Banks.
Not Mem bers of Fed era; Reserve Bank.
Greenwich
500,000 1,403.400
800.000
14,864,000
Bowery
250.000
810,900
4,978.000
280.000
N Y Produce Exch._
1.000,000
1,159.800
19,948,000 1,122,000
State
d 2.000,000
d434,200
32,123,000 2,005,000

Net
Demand
Deposits.

4,000
5,000

62,743,000

546,000

333,000

229,000

667,000

3,797,000

506,000

37,609,000

62,735,000
62,887,000
63,319,000
62,063,000

545,000
541,000
543,000
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 1,064,000
37,982,000 • 1,035,000
39,701.000
917,000
38,168,000
918,000

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
830,000 a3,745,682,000 152,91:3,000 35.754.000
Comparison prey wk.
+5,139,000 -207,000 +125,000 +485,000 +998,000 -5,589,000 +125,000 +18,070,000 -2,683,000 +159.000
Grand ag'gate. actual condition on Sept. 28 4,574,838.000 39,615,000
14,001,000
19,640,000
37,690,000 534,278.000
539,000 b3.765,662,000 151,671,000 35,670,000
Comparison prey wk_
-14,184,000 -186,000 +432,000 -628,000 +729,000 -15659000 +99,000 +22,020,000
-1,898,000 +134,000
Grand negate, actual condition Sept. 21... 4,589,022,000 39,801,000
13,5139,000
440,000 3,743,642.000 153,560,000 35,536,000
Grand ag'gate, actual condition Sept. 14._ 4,516,374.000 40.064.000 14,161,000 20,268,000 36,961,000 549,937,000
20,398,000 37,199,000 506,655,000
241,000 3,721,280,000 164,522,000 35,658,000
Grand ag'gate, actual condition Sept. 7___ 4,548,161,000 40,190,000
Grand ag'gate. actual condition Aug. 3L.. 4.428,325,000 39.796,000 13,512.000 19,392,000 34,405,000 545,880,000 1.001.000 3,765,101.000 159.486.000 35,613.000
12.873,001) 20.119,000 33,702.000 532.005.000
720.000 3.682,421,000 159,403,000 35.705,000
a U. S. deposits deducted, $218,755,000. b U. S. deposits deducted, $171,600,000.
c Includes capital set aside for foreign branches, $6,000,000. d As of Aug. 311918.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank_
State Bank
Trust companies,
'
Total Sept. 28_
Total Sept. 21_
Total Sept. 14_
Total Sept. 7_

Reserve
in
Depositaries

Total
Reserve.

a
Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
from
PrectousiVeek

$
$
a
518,320,000 518,320,000 477,336,070 40,983,930 -7,939,130
9,387,000 3,693,000 13.080,000 12,833,100
246,900
-44,700
1,775,000 3,797,000 5,572,000 5,641,350 del.69,350
+32,650
11,162,000 525,810,000 536,972,000 495,810,520
11,271,000531,309,000 542,670,000 493,557,340
11.273.000 51.0.563,000 521,836.000 492.096.370
11,601,000 515,880.000 557,481,000 498,765,560

41,161,480 -7,951,180
49,112,660 +19,373.030
29,739,630 -18,708,340
53,715,440 +3,387,690

Cash
Reserve
In Vault.

Reserve
In
Depositaries

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviOUSIVeek

S

9,211,000
1,749,000

526,399.000 526,399,000 .179,754,280 46,614,720 -18,589,010
3,945,000 13,156,000 12,956,910
199,060
-222,680
3,934,000 5,683,000 5,701,050 def.18,050
+102,250

10,960,000 534,278,000 515,238,000 498,412,270
11,149,000 549,937,000 561.086,000 495,550,830
11,355,000 506,655,000 518,010,000 493,055,780
11,320,000 536,495,000 547,815,000 499,367,030

46,825,730 -18,709,440
65,535,170 +40,580,950
24.954,220 -33,761.220
48.447,970 +3,631,280

• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the cue Of State banks
and trust companies, but in the case of members of the Federal Reserve Banks.
Includes also amount of reserve required on net time deposits, which was as follows: Sept.
28, $4,554,930; Sept. 21, $1,636,380; Sept. 14, 34,832,580; Sept. 7, $1,718,700.
b This is the reserve required on net demand deposits In the case of State banks and
trust companies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Sept.
28, $1,516,920; Sept. 21, $4,574,880; Sept. 14, $4,907,010; Sept. 7, $4,755,780.
c Amount of cash in vault, which Is no longer counted as reserve for members
of the Federal Reserve Bank, was as follows:
Sept. 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 as follows:
Sept. 28, $99,986,000: Sept. 21, $99,450,000; Sept. 14, $100,467,000; Sept. 7, $95,898,000.




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:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING IIOUSE STATEMENT.
Differences from
(Figures Furnished by State Banking Department.
previous week.
Sept. 28.
$717,624,100 Dec. $2,462,500
Loans and investments
65,900
10,154,000 Inc.
Specie
359,700
14,890,000 Inc.
Currency and bank notes
62,278,100 Dec. 2,288,400
Deposits with the F. R. Bank of New York
767,634,800 Dec. 3,730,500
Total deposits
Deposits, eliminating amounts duo from reserve depositaries and from other banks and trust companies in N. Y. City,exchanges and U.S.deposits 704,530,900 Inc. 5,099,600
181,300
129,085,400 Inc.
Reserve on deposits
Percentage of reserve, 20.9%.
RESERVE.
- -Trust Companies
-State Banks
$73,002,400 14.91%
$14,319,700 11.19%
Cash in vaults
5.72%
27.983,400
Deposits in banks and trust cos_ _ _ 13,777,900 10.77%
528,099,600

Total

21.96%

$100,985,800

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.

Sept. 28
1918.
Capital as of June 20
Surplus as of June 20
Loans and luvestm'ts
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y
Deposits
Reserve on deposits_
P. C. reserve to dep.

Demand
Deposits.

5,290,9551.7 4,422,114,8
5,255,139.0 4,454,909,7
5,293,378,3 4,473,266,6
5,242,919.0 4,433,580,1
5,147,055,5 4,401,117,1
5,107,950,8 4,335,634,9
5,143,094,5 4,328.250,7
5,089,497,1 4,303,018,7
5,058,802.7 4,239,295,8
5,137.0(18,5 4,295,324,2
5,231,510,0 4,297.646,1
5,281,06:3,9 4,317,718,7
5,230,921,4 4,314,490,2
5,173,081.5 4.406,150,0
5,249,106,5 4,475,183,9
5.233,177,2 4,418,219,8
5,294,283,6 4,427,013,3
5,296,960,1 4,450,212.9

June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28_ _

'Differences from
previous week.

Differences from
previous week.

Sept..28
1918.

99,050,000
23,718,700
163,387,000
41,842,100,
475,490,200 Dec. 6,718,400 1,934,322,300 Dec. 15,640,000
5,500
14,195,200 Inc.
149,400
11,593,100 Inc.
85,800
17,526,700 Dec.
468,200
24,460,000 Inc.
36,728,700 Dec. 1,018,700 198.799,000 Dec. 4,833,100
555,493,400 Dec. 6,642,100 1,013,618,400 Dec. 20,647.800
93,311,100 Dec. 2,137,400 288,743,100 Dec. 2,029,000
0.1%
18.8% Inc.
0.3%
20.8%IDec.

Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

20.63%

coMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Loans
and
Investments

Trust Companies.

State Banks.
Week ended Sept. 28.

BOSTON CLEARING HOUSE MEMBERS.

The averages of the Now York City Clearing House banks
and tru3t companies combined with those for the State banks
and trust companies in Greater Now York City outside of
the Clearing House are as follows:

Week
Faded

1363

THE CHRONICLE

Our. 51918.]

Specie

•
Legal
Tenders

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
73,319,2
72.650,0
72,410,2
71,853,1
70,700,1
71,038,6
70,472,1
70,816,0

84,442,7 109,572,0 575,891,0
37,724,4 169,318,8 570,049.4
86,257,3 168.403,9 581.941,7
88.787,6 169,238,3 594,047,9
89,726,9 169,846,8 669,593,9
88.676,0 167,175.8 586,136,5
89,309,8 167,681,9 570,0413,4
87.133.5 163.146,5 563,383,2
87,536,0 162.573.7 561,439,9
88,453,1 162,490,7 578,552,0
87.010,8 160,390.0 557,061.2
90,058,1 162,708,1 549,748,1
86,569,3 158,979,5 551,742,5
86,335,2 1553,188,3 558,574,4
87,712,1 158,412,2 583,554,8
88,315,3 159.383,9 554.898,2
913,532,8 167,004,9 571,118,2
91,623,1 165,439,1 5,17,573,3

Reserve in
Total
Cash in
Depositaries.
Vault.

. are national bank notes and Fed. Reserve notes
•lnemeed with "Legal Tenders'
mud by sittitP banks and trust cos., but not those held by Fed. Reserve members.

In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of Now York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 wore published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1014 (V. 98, p. 1045).

Sept. 28
1918.

Change from
previous week.

4,763,000 Inc.
Circulation.
Loans,diso'ts & Investments_ 501,912,000 Inc.
Individual deposits, Inel.U.S. 437,001,000 Dec.
115,754,000 Dec.
Due to banks.
14,717,000 Dec.
Time deposits_
Exchanges for Clear. House_ 13,816,000 Dec.
Due from other banks. __ _ _ 79,140,000 Dec.
Cash in hank & in F.R. Bank 61,601,000 Dec.
Reserve excess in bank and
15,186,000 Dec.
Federal Reserve Bank

Sept. 21
1018.

Sept. 14
1918.

13,0005 4,750,000 4,758.000
1,813,000 503.099.000 490,167,000
6,954,000 443,055.000 428,494.000
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 83,288,0001 72,160,000
2,767,000i 64,371,0001 62,027,000
2,470,000 17,650,0001 15,985,000

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week 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
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept. 28 1918.
Two ciphers (00) omitted.

Capital
Surplus and profits
Loans. diso'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not included)
Res've with Fed. Res. Ilk_
Reeve with legal deposit's
Cash in vault*
Total reserve &.cash held_
Reserve required
Excess res. & cash in vault

Memb'rs of
F. R. Syst.
527,975,0
75,991,0
605,274,0
22.777,0
130,235,0
163,431,0
451,007,0
5,007,0
627,445,0

Trust
Cos.
53,000,0
7,464.0
25,217,0
484,0
12,0
438,0
15,562,0
16,000,0

51,634,0
16,082,0
67,716,0
47,092,0
20,624,0

1,728,0
787,0
2,515,0
2,325,0
190,0

Sept. 21
1918.

Sept. 14
1.918.

$30,975,0
83,326,0
624,260,0
23,478,0
140,416,0
172.617,0
466,284,0
5.103.0
644,004,0
30,977,0
50,639,0
1,843,0
17,263,0
69,745,0
48,442,0
21,303,0

$30,975,0
83.183,0
612,420,0
22.138,0
133,320,0
168,097,0
459,395,0
5,096,0
632,588.0
21.516,0
50,355,0
1,911,0
16,800,0
69,066,0
48,147,0
20,919,0

Total.
$30,975,0
83,455.0
630,491,0
23,261,0
130,247,0
168,839,0
469,569,0
5,007,0
643,415,0
23,347,0
51,634,0
1,728,0
16,869,0
70,231,0
49,417,0
20,814,0

;Cash in vault is not counted as reserve for F. R. bank members.

Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
_______

Net
Capital. I Profits.

Loans,
Discounts,
(Nat. banks Juno 29 Investments,
&c,
Veek ending Sept. 28 1918. State banks June 20
Trust cos. Juno 20
CLEARING
NON-MEMBERS.

?itemisers of
Federal Reserve Bank.
Iattery Park Nat 13ank_ .
4ew Netherland Bank ___
V. It. Grace & Co.': bank__
. . ..
i'orivville Bank_
'Inn Nat Bank, Brooklyn
Sat, City Bank, Brooklyn.
Cyst Nat. Batik. Jersey City
ludson Co Nat.. Jersey City
Total. _ _ ...
State Banks.
Not Members of the
Federal Reserve Bank.
lank of Washington Heights.
.1olonial Bank
CJohimbla Bank
1nternational Bank
...
dutual Bank.. ... _ _ .
,1eetuinies Bank. Brooklyn
ilorth Side Bank, Brooklyn_
Total . - -

-

Trust Companies.
Not Members of the
Federal Reserve Bank.
3ain on Trust Co.,Brooklyn
ideehanles' Tr Co.. Bayonne
Total_
Rand aggregate.
"Joinparlson previous week_
Excess reserve
3rand aggregate Sept. 21._ _
mm1 aggregate 5ept.14
)
;rand aggregate Sept. 7_
1,,,ad a,,,,,,,,,re Aim 31

Silver,

National
Bank
& Federal
Reserve
Notes.

Reserve
with
Legal
Deposilanes.

Additional
DeposUs
with Legal
Depositaries.

Net
Demand
DeposUs.

Net
Time
Deposits.

Nationa
Bank
Circulalion.

Average. Average. Average. Average.
Average.
Average. Average.
$
$
$I
$
$
$
$
$
$
114,000
962,000
143,000
400,000
31,000
12,000
15,000
561,000 10,865,000
217,000
(340,000
164,000
200.000
204,600 3,771,000
26,000
0,000
14,000
620.000
500,000
2,000
664,500 5,176,000
3,000
723,000
989,000
121,000
39,000
170,000
573,900 7,859.000
100,000
468,000
809.000
67,000
103,000
300,000
17,000
665.000 7,76:3,000
8,000
616,000
736,000
136,000
55,000
300,000
23,000
603,900 5,981,000
1,000
890,000 2,641,000
308,000
185,000
48,000
400,000 1,308,200 3,655,000
81,000
929,000
282,000
146,000
58,000
4,000
785,100 4,722,000
250,000
59,000

Average.
Average. Average.
$
$S
$
193,000
76,000
7,320,000
102,000
4,064,000
720.000
3,304,000
4,609,000 3,569,000
295,000
503,000
5,939,000
120.000
429,000
5,874,000
398,000
7,671.000
196,000
514,000
3,660,000
42,441,000 5,913,000 1,202,000

2,450,000 5,366,200 51,792,000

178,000

422,000

360,000 1,035,000 5,928,000 5,708,000

100,000
478,000 2,488,000
500,000 1,040,300 10,077,000
1,000,000
627.100 13,526,000
168,800 5,632,000
500.000
200,000
554,600 8,257,000
1,600,000
833.900 25,202,000
204,600 5,489.000
200,000

71,000
366,000
664,000
150,000
1,000
122,000
14,000

5,000
319,000

127,000
137,000
65,000
637,000
413,000
257,000
755,000
533,000
337,000
279,000
417,000
43,000
937,000
327,000
133,000
569,000 1,286,000 1,548,000
257,000
283,000
106,000

13,000
274,000
366,000
47,000
61,000
167,000

2,234,000
10,623,000
12,579.000
5,092,000
8,135,000
25,802,000
4,967,000

780,000 1,510,000 3,396,000 4,540.000
-

928,000

69,432,000 1,377,000

4.100,000 3,907,300 70.671,000 1,388,000
-

600,000 1,012,400
200,000
368,600

8,154,000
8,088,000

700,000 1,381,000 16,242,000
7,250,000 10,054,500 141,705,000
+764,000
$380,010 decrease
7,250,000 10,654,500 140,911,000
7,595.000 11.569.700 139.583,000
7,595.000 11,466,300 138,220.000
7 Anc non 11 4613.300 137,300.000

a U. S. deposits deducted, 64,663,000.




Gold.

Legal
Tenders.

11,000
83,000
347,000
15,000

11,000
364,000
24,000
16,000
35,000
380,000

351,000
417,000
114,000
76,000
419,000

18,000
80,000

62,000
87,000

282,000
525,000

365,000
117,000

5.649,000 1,300,000
4,772.000 3,287,000

98,000

149,000

807.000

482,000

10,421,000 4,587,000

1,946.000 1,237,000 1,968,000 4,630,000 11,275,000 7,118,000 a122,294,000 11,877,000 1,202,000
-48,000 +53,000 -253,000 +532,000 -76,000 -1,344,000 +3,731,000 +10,000 +59,000
1,994,000
2,259,000
2,249,000
2.255.000

1,184,000
1.111,000
1.164,000
1.039.000

2,221.000
2,775,000
2,798,000
2.793.000

4,098,000
4,336,000
3.987,000
3.957.000

11,351.000
10.989.000
10,676.000
10.675.000

8,462.000
7.392.000
7,113,000
7.309.000

118.563,000
122,701.000
121.648,000
121.174.000

1,867,000
8.241,000
7,958,000
7.809.000

1,143,000
1.202.000
1.204.000
1.200.000

1364

THE CHRONICLE

;413anhers- 054zet1e,

•

[voL 107.

freely sold on a declining scale and other kw have been bid
for on a movement which has steadily carried them up from
2 to nearly 10 points, according as these shares are likely
to be affected by an end of the war. Among the former 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 Pacific,
mentioned above, the railway list has been steady, with a
tendency to firmness.
For daily volume of business see page 1372.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

Wall Street, Friday Night, Oct. 4 1918.
The Money Market and Financial Situation.—The
week-end new from abroad, including that of the unconditional surrender of Bulgaria to the Allies and further important 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
had a purely logical effect in Wall Street, where, as elsewhere, it was regarded as a matter of vital importance at
the present juncture. That this surrender will be followed
by similar action on the part of other allies of the Central
Powers is regarded as probable, and thus the ultimate outSTOCKS.
Sales
Range for Week.
Range since Jan. 1.
come of the great struggle assured. Business at the Stock
IVeek ending Oct. 4.
for
Week.
Lowest.
Highest.
Exchange has reflected this general belief, and securities
Lowest.
Ltighott.
which will be benefited by the return of peace have substanPar. Shares $ per share. $ per share. $ per share.$ per shore.
Adams Express
100 65 52 Oct 3 55 Oct 3 48
tially advanced, while those which have profited by the war Am
Sept 80
Jan
Smelters Securities
have declined.
pref series A
100 8954 Oct 4 8954 Oct 4 89
May 9454 Mar
100
Perhaps the most convincing evidence of public feeling in American Snuff
100 85 Oct 1 85 Oct 1 85
Oct 100
May
Am Sumatra Tob pf_100
200 8234 Oct 1 87 Oct 2 81
Jan 103 June
this matter is seen in the advance in values of French na- Am
Teleg & Cable_ _ _100
It 55 Oct 3 55 Oct 31 Si
Jan 60
Feb
tional and municipal bonds, dealt in on this market, and of Associated 011
100
iii 613( Oct 1 61% Oct 1 54
Apr 65
Aug
Barrett, pre(
iii 101 Oct 1 101 Oct 2 9954 June 102 June
100
British Consols in London.
Batopilas Mining.._ ...20
200 1 Sept 30 1H Oct 1
1
Jan 1% Mar
All other events of the week have attracted meagre atten- Bklyn Union Gas_ _ _1
100 90 Oct 4 90 Oct 4 78
Aug 90
Oct
Brown Shoe Inc.._ _ _100
45 65 Oct 4 65 Oct 4 62 Jun 68
tion, otherwise the widespread activities of the Fourth Brunswick
July
Terminal_100 1,5001 1234 Oct 1 1334 Oct 2 634 Jan 16% June
Liberty Loan Committee would have stood out more conspic- Butterick
100
1001 11 Sept 30 11 Sept 30 755 May 1134 Feb
Calumet & Arizona.._1
6001 66 Oct 2 6734 Oct 1 6334 Jan 71
uously than they now do. These activities far exceed any- Chic
May
Pneumat Tooi.1Ou
1001 68 Oct 2 68 Oct 2 68 June 70% June
thing before attempted and are sure to produce the desired Chic St P M & Om_.111 1001 71 Sept 30 71 Sept 30 69 Sept 74 July
Ciuett,Peab'y&Co..li.
20 51 Oct 2 Si Oct 3 45
result.
Jan 56
Feb
Preferred
1001 99 Oct 3 99 Oct 3 95
100
Jan 99% Mar
If there is any change in the local money market it is in Comp-Tab-Record'ic
100
3001 3315 Oct 4 35 Sept 28 30
Jan 39
July
the direction of slightly easier conditions. At least it was Cons Interstate Call_ A0 7001 954 Oct 1 10 Oct 2 754 Sept 13 June
Can pref 100
2 100 Sept 28 100 Sept 30 99
July 105
Mar
reported on one day of the week that call loans were a little Continental
Duluth S S & Atl_ _ _ _100
100 334 Oct 3 334 Oct 3 234 Feb 455 May
more freely offered, but rates therefor have remained un- Elk Horn Coal
50
100 2854 Oct 3 2854 Oct 3 22
Jan mg Aug
Federal
M
&
S
pref_
_100
300
Sept
30
40
Sept 30 27
Jan 4354 Aug
3934
changed at the long-established 6 to 63/b per cont.
Fisher Body Corp no par
300 35 Oct 3 3555 Oct 2 26
Jan 43 June
The Bank of England's weekly statement shows addition General Chemical__..100 20017734
Oct 4 180 Oct 4 165
Jan 185
Aug
General
Cigar
Inc__
A00
1,2001
46
Oct
1 4754 Oct 3 34
Jan 58 June
to its gold holdings so that the latter are very near the largest Hartman Corp
100 100 46 Oct 2 46 Oct 2 37
Mar 48
Sept
ever reported.
Helme(OW)prof__.100/
54 100 Oct 4 100 Oct 4 100
Oct 100
Oct
Homestake Mining_ _100 200 75 Sept 28 80 Oct 2 68 June 89
Jan
Foreign Exchange.—Sterling exchange remained pegged Int Harvester
N J pf 100
100 106 Sept 30 106 Sept 30 104
Sept 112
July
Int
Harvester
Corp_
_100
300
66
Oct
1
6834 Oct 1 63
Mar 72
at recent quotations. The neutral exchanges have contin- Iowa Central
Feb
100
100 434 Oct 1 454 Oct 1 234 Jan 4% Oct
ued to decline under the influence of the improved outlook Jewel
Tea, Inc
100
100 28 Oct 1 28 Oct 1 28
Oct 40
Feb
Kelsey
Wheel
pref
_
....100
100 86 Sept 28 86 Sept 28 81
for ending the war. Belligerent exchanges (Continental)
Jan 90
Mar
Kings Co El Lt & P_ _100
75 8734 Sept 30 90 Oct 3 87
Aug 1)4
Feb
have ruled steady. Spanish pesetas were especially weak.
Kress(S H)& Co pf..100
14 10254 Oct 3 10234 Oct 3 100
Jan 10315 Juno
Liggett
&
Myers...
To-day's (Friday's) actual rates for sterling exchange were
..100 4 171 Sept 30 180 Oct 3 16434 Aug 195% Feb
Preferred
100 300 103 Oct 2 103 Oct 2 10034 June 10734 Mar
4 73@4 733/i for sixty days, 4 75 7-16@4 754 for checks Loose-Wiles
1st pref.
_100
100 8554 Oct 2 85% Oct 2 8254 Jan 87
Aug
and 4 763/2@4 76 9-16 for cables. Commercial on banks, Lorillard (P)
1001 7,70 145 Sept 30 5654 Oct 3 14455 Aug 00
Mar
Preferred
lOOj 125 101 Oct 4 01 Oct 4 98
Jan 105
Mar
sight 4 7538@4 75%, 60 days at 4 72@4 724, 90 days Manhattan
(Elev)RyiOOl 800 94 Sept 3 96 Oct 4 94
100
May
at 4 70% ©4 703
%,and documents for payment (sixty days) May Dept Stores_ _ .1001 300 53 Oct 3 54 Oct 4 47 Mar
Jan 543-4 Sept
National Acme
31 Oct 1 31 Oct 1 2694 Jan 33
3 and Natl
501 1
4 713j4 713
May
%. Cotton for payment 4 75%©4 75%
Biscuit
1001
4
9154
Oct
3
9154 Oct 1 90
Aug 100
Jan
3
grain for payment 4 75 @4 75%.
Preferred
1001 10010654 Sept 28 wog Sept 28 10634 Sept 114
Mar
Nat Cloak & Suit pf _100
25 100 Sept 28 100 Sept 30 100
To-day's (Friday's) actual rates for Paris bankers' francs Nat
Jan 10255 Feb
Rys Mex 2d prof 100 2,300 5 Oct 2 734 Oct 4 434 May 7% Oct
were 5 533/©5 533/b for long and 5 4834@5 48% for short. NOTox&Mexvtc.i001 500 2354 Oct 1 24 Sept 30 17 Apr 24% May
Germany bankers' marks were not quoted. Amsterdam NYChic&stLouls.1001 200 13% Oct 4 1334 Oct 4 1334 Oct 16 Jan
York Dock_ _ _.1001 100 2034 Oct 4 2034 Oct 4 1854 Jan 27
May
bankers' guilders were 45 13-16@45 9-16 for long and New
Preferred
100
100 47 Oct 1 47 Oct 1 42
Jan 48
May
Norfolk Southern_ _ _1
46 3-16@45 15-16 for short. ••
100 16 Oct 1 16 Oct 1 16
May 21
Feb
Norfolk & West pref_100
100, 71 Sept 30 71 Sept 30 69
Sept 79
Mar
Exchange at Paris on London, 26.07 fr.; week's range, Nova
Scotia S & C...100
100 6234 Oct 2 6234 Oct 2 5634 July 70
Aug
26.07 fr. high and also 26.07 fr. low.
Ohio Fuel Supply__ ...25
200 40 Oct 2 4154 Oct 3 40
Oct 46% June
Owens Bottle-Mach...25
900 5634 Oct 4 60 Oct 1 554 Jan 70% Aug
Exchange at Berlin on London, not quotable.
Pacific Tel & Tel_ _ _ _100 500 20 Sept 28 22 Oct 31 1834 Feb 26
Feb
The range for foreign exchange for the week follows:
St L-S Fran prof A_ ..100
200 28 Oct 1 2834 Oct 1 21
Apr 30
Jan
Sterling Actual—
Sixty Days.
High for the week.. _ - 4 7334
Low for the week__ _ 4 73
Paris Bankers' Francs—
High for the week_ -- 5 5241
Low for the week__ - 5 53'/,
Amsterdam Bankers' Guilders—
High for tho week_ _ _
4713-16
Low for the week..- 4534

Checks.
4 7534
4 7545

Cables.
4 76 9-16
4 764

5 47
5 4854

5 46
5 4734

474
46

4834
4634

Domestic Exchange.—Chicago, par. Boston, par. St.
Louis, 25c.@,15c. per $1,000 discount. San Francisco, par.
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 43/28, at 1073/9.
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 overshadowed 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 1064; Liberty Loan
33/25, 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 43.s, at 95.56 to
96.58; L. L. 2d 43s, at 95.40 to 96.64; and 3rd 43s, 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.
RiRailroad and Miscellaneous Stocks.—The stock market
has been decidedly irregular under the influences noted
above. The volume of business has been larger than for
several months past, chiefly because a few issues have been




Savage Arms Corp_ _100 1,100 5934 Oct 2 6234 Sept 30 53
Sloss-Sheffield pref._100 200 90 Oct 3 90 Oct 3 81
So Porto Rico Sugar_100
100 120 Sept 3 120 Sept 30 120
Stutz Motor Car no par
820 37 Oct 4 3834 Oct 4 37
Third Avenue Ry__ _100 1,000 1734 Oct 4 1934 Oct 4 1534
Tidewater 011
100
40 190 Oct 3 190 Oct 3 178
Underwood
100
100 106 Oct 2 106 Oct 2 100
Preferred
100
25 106 Oct 2 106 Oct 2 104
United Drug 1st pref-50
100 49 Oct 3 49 Oct 3 46
Wells,Fargo Express 100 200 6455 Oct 2 65 Sept 28 6334
Weyman-Bruton pf_100
62 100 Oct 4 100 Oct 4 100

Jan 8034
Feb 9354
Sept 162
Oct 47%
Sept 21%
Jan 100
Apr 06
July 12
Jan 50
Sept 83%
Oct 100

May
July
Jan .
Feb
Jan
Mar
Oct
Feb
Mar
Jan
Oct

Outside Market.—Trading in the "curb" market this
week while on a somewhat broader scale was of a mixed
character, strength and weakness being shown in different
parts of the list at the same time. Aetna Explosives corn.
was under pressure and dropped from 113/9 to 9, closing today at 94. Burns Bros. Ice in the fore part of the week
gained about three points to 4434 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 3034 and up to 324, the close
to-day being at 313/2. Standard Motor Const. went down
from 133/9 to 10. Curtiss Aeropl. & Motor Corn. was up
over two points to 363/i and sold finally at 35. Submarine
Boat lost 33/i points to 13 with the close to-day at 1334.
Wright-Martin Aire. Corn. receded from 8 to 634, finishing
to-day at 63/2. Oil stocks were generally firm. Houston
Oil corn. after an early advance from 77% to 7932, dropped
to 77, then sold up to-day to 813/9 with a 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 613/ 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 63/25 advancing from 60 to 70 and the 532s from
554 to 64. The close to-day for the former was 68 and for
the latter at 62. Elsewhere in this department prices were
fractionally higher.
A complete record of "curb" market transaction for the
week will be found on page 1373.

Record, Daily, Weekly and Yearly
--StockTWO
New York Stock ExchangeOCCUPYING
PAGES

1365

see preceding page.
For record of sales during the week of stocks usually inactive,
PER SHARE
PER SHARE
Range for Previous
Range since Jan. 1.
STOCKS
Salesfor
Year 1917
H1011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
On basis of 100-share lots.
NEW YORK STOCK
the
EXCHANGE
Week
Friday
Thursday
MondayI Tuesday1Werci:s2day
Saturday
sept28
Lowest, I Highest.
Highest.
Lowest,
Shares
4
Oct.
3
Oct.
Oct 1
Sept 6" I
per share. $ per share. $ per share s per share
Par
Railroads
$ per share
75 Dec 107,2 Jan
$ Per share $ per share $ per share $ per share $ per share
81 Mar23 88 May15
Topeka & Santa Fe .J00
8612 8718 8638 8678 864 8658 8612 8634 5,500 Atch
87
86
86
86
75 Dec 10012 Feb
Jan30 85 June26
80
100
prof
Do
550
82
82
82
Jan
8112 8112 8112 8112 §82
83
8114 *81
.81
3
4
8 Dec 119
983
Sept
2797
Apr22
8938
400 Atlantic Coast Line 1/cR-100
9578 9578
96
*9512 9612 96
96
96
Jan
06
384 Dec 85
Jan24 5734 Sept 4
9534 9534 *95
49
100
Ohio
St
Baltimore
6,800
534
533
5318
2
8
,
53
5353
5312 53
5312 5353 53
5312 53
5
Jan
4814
Dec
5712
764
Jan
Apr25
53
100
pref
Do
2,400
54
534 54
Jan
5412 5378 5412 5312 534 5314 534 53
82
*54
2
36
Dee
Jan
36 June26 4814
16,200 Brooklyn Rapid Transit..,.100
43
4114 4034 4134 4018 4134 42
4018 4058 4058 4112 41
100 135 Mar25 17278 Aug24 126 Dec 16738 Mar
16614 16778 16734 16934 17,000 Canadian Pacific
6534 Jan
16234 170,2 16612 16912 165 166
16314 164
42 Nov
4934 Jan15 6038 Mar14
100
3,500 Chesapeake & 01110
5712
5714
5734
5712
5734
5714
4
583
58
58
5712
5778 58
6 Dec
1418 Jan
834 Jan 2
6 Apr 9
800 Chicago Great Western 100
*714 8
8
8
712 778
8
*7
7
7
4134 Jan
712
*7
174
Dec
Aug29
2518
9
Apr
1812
100
pref
Do
600
24
24
24
*23
24
2334 2378 24
Jan
23
23
24
*22
35 Nov 92
3714 Apr22 5414 Sept 7
Milw & St Paul _100
Chicago
16,700
48
4918
48
4614
49
4814
49
1
4812 4834 48 8 4858 4812
6212 Dee 12512 Jan
6614 Aprll 8112 Sept 3
100
prof
Do
7612. 7738 7512 7678 9,000
78
Jan
12414
7738 7778 7712 7878 7714 7878 76
9514
Sept
5
Dec
85
Mar25
8912
00
Northwestern_1
700 Chicago &
9414 9414 9414 9438 9414 9414
95
9412 95
*93
95
*94
Jan29 13712 Deo 17212 Feb
100 125 July15 137
prof
Do
135
3812 June
*120 140 *120 140 *120 125 *126 135 *126 135 *126
2712
Sept
5
16
Dec
Apr22
18
ctfs.
temp
Pac
&
isl
Rock
Chic
7,700
2534 2518 2533 2531
26
26
27
2518 2538 2514 2634 26
44 Dec 8414 A3,
5634 Jan15 8214 Sept 5
7% preferred temp ctf8____
7718 7718 7718 7713 1,000
7718 78
7838 79
Apr
77
*7614 7712 77
3534 Dec 71
46
Jan15 6914 Sept 3
6% preferred temp ctfs____
6612 6714 6658 6658 6634 6634 2,200
6612 6612 60% 6714 68
*66
51
Jan
24 Nov
38
May14
26
Feb21
100
Louls
St
&
Chic
On
500 Clev
33
33
33
33
35
*31
35
*32
35
*31
35
*32
80
Jan
Oct
4
67
Aug28
613
5834 May 7
100
prof
Do
*6212 80
*6212 68
*6212 80
*6212 80
Jan
80
*60
*6218 80
30
18
Nov
2314
Apr22
May29
18
100
Southern
&
Colorado
2314
200
*2212
*2212
2314
*2213 2314
23
2312 23
*22
*2112 23
3
Sept
4478
51
Nov
3
5712
Jan
47
Apr
100
Do 1st prof
52
*50
52
*49
52
*49
52
*49
52
*49
52
*49
41 Sept 46 Mar
40 Apr 4 45 Mar14
100
prof
2d
Do
48
*42
48
*42
48
48*42
_
*42
48
*42
8 Jan
48
*42
1517
Feb
1
87
Nov
11518
Aprll
10012
100
Hudson
&
Delaware
100
10934 10934 *108 110
*108 111
_
Mar
*108 110 *107 110,2 --100 Delaware Lack & Western_-50 160 Apr17 185 Sept 4 16712 Dec 238
*173 185 *173 185 *173 180
Jan
17278 17278 *175- 185
*149 180
5 Dec1 17
6 Jan 3
214 Jan 4
100
100 Denver & Rio Grande
*412 512
5
5
r
*412
Jan
*412 5
512 *412 5
*4
41
s
97
2
Dec
Jan
8
135
Apr23
5
100
prof
Do
100
8
*758 8
8
8
*7
8
Jan
8
3434
812 *718 8
*7
1318
Dec
1738 May15
14 Apr17
1514 1512 1518 1538 4.350 Erie
1512 1512 1512 1534 1512 1534 1512 1534 31
1834 Dec 4914 Jan
35
May14
Jan16
2318
11
00
prof
1st
Do
2,800
3118
3078
3112
304
3112
Jan
3934.
3114 3138 3114 3134 3112 32
1518
Dec
2434
May14
Jan25
184
100
pref
Do 2d
22
400
22
22
22
24
2212 2212 2212 2212 *22
24
4'22
7914 Dec 11814 Jan
Jan15 9312 Aug27
86
100
5,100 Great Northern prof
91
91
0238 9078 914 9078 91
01
9012 92
91
91
2238 Nov 3848 Mar
8
343
May16
Jan15
2518
par
properties_No
Ore
Iron
7,100
3014
30
3012
3014
3112 3112 3078 3112 3012 3114
*3134 317
8534 Dec 1063s Jan
92 Jan 7 988 Aug13
1 :0
203 Illinois Central
*9112 9612 *9412 9612 9614 9614 9618 9618 *9412 9012
*9412 97
534 Dec 1718 Jan
912 Jan 3
614 Sept20
838 9,500 Interboro Cons Corp__No par
734
738 734
712
712 *7
718 758 *7
753 734
3
3912 Dec 7214 Jan
4712
Jan
Sept16
29
100
prof
Do
38
35
*33
1,200
3312
3312
35,2
35
*33
2578 Jan
33
3512 33
*31
1312
Nov
100
May16
20
Apr17
1518
1
19
*18
1,620 Kansas City Southern
1818 1814
1878 1914 184 19
1878 19
*1734 1812
40 Nov 5813 Jan
45
Jan 5 5518 Aug14
prof
Do
55
*52
56
*52
55
*52
65
*55
54
*52
2514 Jan
55
*53
Nov
812
100
1012
Feb19
Aug22
712
Western
&
Erie
10
100 Lake
*8
9
9
9
*7
*7
9
*7
9
9
*7
23 Oct 5334 Jan
Apr23 23 Sept 4
100
18
prof
22
Do
22
*20
*20
22
4'20
22
*20
22
*20
22
*20
5038 Dec 7912 Jan
50
Marll
8
627
55
Jan15
Valley
Lehigh
5912
60
1
2,500
5912
6012
2
*58
6034 5934
60
5934 60
Jan 2 118 Mar14 103 Dec 13334 Jan
110 116
11614 116 116
1,000 Louisville & Nashvillo____100 110
712 Apr17 1178 Sept 3
*iiii8 116 - 116 11611 11534 11614 116
678 Dec 3214 Jan
525 Mtnneap & St L (ne(o)___100
*912 1058
§912 912 *912 11
11
*9
Jan
10
10
10
*9
312 Dec 11
612 Jan 2
438
Jan 5
100
57
Texas.
578
&
Kansas
*514
400
Missouri
*514
512
4
5,4 5,
512
51,,
514
512
*514
2012 Jan
12
Sept
7 Nov
4
Jan29
612
100
pref
Do
*10
1034
1034 *10
100
10
1034 10
Jan
1034 *10
1014 *10
*10
197 Nov 34
Jan15 2618 Sept 5
20
100
ctfs
tr
Pacific
24
2412
24
Missouri
2414
2414
11,600
24
25
Jan
2378 2418 2334 2453 24
Jau15 5934 Sept 4' 3712 Dec 61
41
100
59
*56
300
58
*55
Do prof tr ctfs
57
5712 5712 57
57
57
*5612 59
Dec
3'
6212
Sept
Jan
1033
3
7612
Jan15
6712
100
7478 7438 744 7414 7412 10,300 New York Central
734 7312 7314 7412 7412 754 74
2112 Sept 5278 Jan
27 Aprll 457g Niay29
100
Hartford_
NYNH&
13,000
4012
3912
41
4018
41
4014
4214
40
Jan
41
2914
3958 3931 40
Nov
17
23
July
9
Jan22
1814
Western_100
2114
21
21
1,200 .11 Y Ontario &
2114 *2034 2112 21
21
2012 21
21
21
9258 Dec, 13858 Jan
Jan24 1084 May14
100 102
'101 105
10414 2,500 Norfolk & Western
10378 10412 10412 10514 104 10434 8858 884 10414
*10312 104
75 Dec 11014 Jan
Sept 3
9112
Jan24
811s
100
Pacific
8812
Northern
0,100
8814
4
883
0014 8818
8814 8712 8712 89
4014 Dec 57$8 Jan
88
4314 June27 4714 Jan 2
50
8 4358 4378 4358 4378 434 4334 7,380 Pennsylvania
4334 4334 4334 4378 4334 437
12 Dec 3634 Jan
1614 June27
912 May 1
100
800 Pero Marquette v t c
---- ---1312 141
7312 Jan
*1234 1312 1314 1314
45 Nov
61
3
3
Sept
Apr
5212
100
c
t
v
prof
iiiiprior
Do
;Flo" -66" ;:i5---- ---- -----60
_ _ _ _ *58
61
*58
Oct 57 June
1
37
Oct
41
5
30 Apr
100
40
40
300
_
Do pref v t c
41
40
-*3812 41
1834 Dec 3534 June
-r-- 171; 3538 3618 -353 -8-5-78 28,400 Pittsburgh & West Va
2238 Jan 2 3812June21
100
36
3634 3812
Jan
37 3438 34
34
5338 Apr 68
61
Jan10 81 Aug13
100
prof
Do
700
*7712 80
80
8078 7938 7938 *77
80
80
80
80
*77
604 Nov 11;414 Jan
704 Jan15 95 June27
50
8834 47,900 Reading
88
884 89
Oils 884 90
8978 89
8812 894 88
Jan
45
34
Nov
39
May15
Jan12
37
35
50
*3512
37
pref
12
*35
1st
100
Do
*3512 37
36
36
*3512 36
.3512 36
3378 Dec 4512 Jan
35 Niar30 40 July 6
5
38
*3712 39
100
Do 2d prof
3912 38
3912 *36
3912 *36
*36
39
*36
12 Dec 2638 June
Jan 2
8 Apr 3 14
93
etfs_100
tr
Fran
8
1034
1034
105
1012
St
1,625
Louts-San
11
11
1134 1178
Jan
1034 1134
1112
*11
22 Dee 32
19
Oct 2 2314 May15
112
0
112 ;
37
2
20
3
8
10
27
3
3
1912 :
10
8
00 St Louis Southwestern____100
19
23
23 •19
*19
23
*19
34 Dec 53 Jan
28 Oct 2 4012 Jan 3
100
31
Jan
*3112 3712 *3112 3712 *3112 3712 28
714 Dec 18
3
Sept
94
7
Apr17
100
Line
Air
4
2,100
83
*812
Seaboard
4
83
9
812
*1312
812 0
833 878
814 814
1678 Dec 3912 Jan
1518 Apr19 23 Sept 3
100
2134 2078 2078
prof
Do
1,500
2158 2158 21
22
2134 22
211g 2118 21
7534 Dec 9812 Mar
8012 Jan24 8912 Oct 1
100
88
13.100 Southern Pacific Co
8814 8778 8912 8714 8838 8712 8838 87
8634 8678 87
2112 Dec 3338 Jan
I
Oct
2914
2038
Apr30
100
2818
28
2778
2858
62,200
Southern
Railway
2734
2914 2733
2814 28
2612 2718 27
6914
4
Sept
5l58 May 7012 Jan
Jan21
57
10))
68
pref
6814 68
68
Do
3,600
6712 68
1934 Jan
6712 6734 6712 138% 6812 69
1158 Nov
) 14 May 4 1978 Feb20
10%
16
16
*15
*15
Texas & Pacific
16
1434 1512 *1434 1512 ---- -- *15
Jan
62 Dec 95
39i8June13 6514 Jan31
52
*47
51
51
800 Twin City Rauld Transit 100
5034 51
45
45
Jan
*4212 45
14918
4'4212 45
Dec
10114
129
Aug31
Jan15
10034
100
12612 12712 12614 127
128
22,300 Union Pacific
125 12514 125 12714 12(3 12812 1264 70
6914 Dec 85 Jan
Jan 3 7414 Marll
100
69
70
70
500
70
prof
*6312
Do
*6912
70
70
Jan
70
1138
7014 704 70
Dec
414
June27
434
.12
Jan15
100
Invest_
812
912
812
300
United Railways
833
812 *8
812 *8
812 *8
*8
1114 Dec 2334 Jan
1012 Apr 9 20 May 7
100
16
1434 1434 14
prof
*1312 15
14
14
*1312 15
*1312 15
7 Nov
1534 Jan
Apr20 1134 July 8
7
100
1
2
10
6
:
9
)
0
3
0
8
85
91
*9
Wabash
918
018
912
918
8
94 93
Jan
918 918
364 Dec 58
37 Aug 2 4412 jou 2
100
Do pref A
394 384 %858 3812 3858 4,175
3834 3938 39
3914 3914 384 39
18 Dec 3012 Jan
2014 Jan15 2612 June26
100
2412 *2312 25
200
*2312 '25
Do prof 13
*24
24
24
*2334 241,1 *2312 24
12 Dec 23 Apr
1734 Feb15
4
Oct
127a
(new)_100
1334
13
*1234
1278
2,700
13
Maryland
Western
13
13
13
13
13
*1314 1414
20 Dec 41 Mar
20 Jan29 32 June22
100
28
*22
28
*22
28
Do 2d pref..
*20
30
*20
30
.24
30
*24
1012 Dec 1812 May
13 Jan 2 2412 June20
100
*18
20
20
*18
20
Western Pacific
1912 *18
*18
20
*18
19
*18
3512 Dec 48 July
June27
64
3
Jan
46
100
*58
62
62
60
60,8
Do preferred
400
*5814
*5812 61
59
712 Dec 2278 Jan
6012 59
4'59
2
Jan
1014
Apr22
8
371 Wheeling & I.ake E Ry 100
812
858 *814 858 *8
*814
814
814
812 812 *814 85s
1638 Nov 5038 Jan
1712 Apr17 2234 Feb18
100
*1812 20
100
20
*17
Do
preferred
*1812 20
19
19
20
*17
18
.15
3
33
Dec 5414 Jan
Jan
2
3912
34
May
100
3412
*34
38
*34
38
700 Wisconsin Central
*34
36
36
3(5
35
*3412 37
Industrial & Miscellaneous
1812 Jan
712 Nov
11
18
July18
Jan19
100
____
Rumely
3
173
1714
17
1,800
1714
Advance
1778
1718
17
*1653 174 *16
19
Oct 374 Jan
2578 Jan 9 4934 Sept27
100
*47
Do pref
800
49,2 *47 -,fo-4818 4914 4714 48
49
Jan
4912' 49
*48
4518 Dec 80
49
Jan 2 6514 July18
50
55
450 Ajax RubberIne
55
55
55
55
55
--45s July 5
1 Dec 1112 Jan
114 Apr27
10
31 --5T4 --3-5-2
338 312 15,525 Alaska Gold Mines
314
358 378
8
3 --3-731-4
314 Mar
84
Dec
4
13
June21
112
12
1
3
Apr
2
2
178
178
178
173
2
4,300 Alaska Juneau Gold hiln'g_10
2
218
134
131
134
15 Dec 3238 May
1734 Jan15 37 May24
2918 2818 2834 2812 2834 7,100 Allis-Chalmers Mfg v t c_100
28
3112 3112 3018 3112 2018 30
65 Dec 8678 Mar
7214 Jan 4 8612 May24
*81
83
8212 83
83
Do preferred v t c____100
700
8312 *81
8412 8412 28234 8234 *81
72 Dec 9512 May
Jan 2 100 Sept18
78
Chem_ 100
100
*91
993
09
100
*97
Agricultural
Amer
1,500
100
9812
9838
984
9812 9812
91 Dec 10312 Jan
8918 Jan17 101 Aug27
100
04
pref
*9012 03
*0012 94
*91
Do
*0012 92
*9012 92
*9012 92
63 Dec 10212 Feb
Feb27
64 June10 84
100
68
6812 6834 68
71
70
__
___ __ _
2,420 American Beet Sugar
6812 69
69
69
Jan
7812 Dec 98
z82 Sept13 911 May 8
100
95
*80
*75
95
.80
95
prof
Do
95
*85
95
*85
53 May
2912 Nov
4
3
50
Niay17
8
345
Jan15
100
44
4414 4558
4414 44
4412 10,475 American Can
4514 4512 4478 4512 -4i1.2 -4-(3
87 Dec 11112 June
Apr30
8914 Jan23 97
100
*9114 93
92
92
92
92
prof
Do
600
9214
021.1
02
92
92
02
57 Feb 8038 June
6814 Jan14 8858 Sept27
8714 8412 8612 8514 8534 8518 8534 7,255 American Car & Foundry.100
8712 8812 86
8712 88
Jan 3 11112 Sept30 100 Nov 11834 MaY
100 106
11112 1111 11112 11112 111 111
prof
Do
500
11012 11012 11112 11112
21 Dec 5012 Jan
25
Jan16 4334 Aug29
100
41
41$
4214
4118
01
1
*41
-37
12
43
Cotton
American
3,300
is
i
4
7
43
4212 4234 4214
Dec 10112 Jan
11)0 78 hlaylo 84 May22 80
*78
90
00
*81
pref
*79
00
90
Do
*81
90
*81
90
*81
1714 Star
10 Feb
2218
4
Sept
Jan10
1178
1913 1818 1834
1718 18
2058 19
15,000 American Ilido & Leather_ 100
19
Jan
2058 2078 2018 2118
4314 Dec 75
50 Jan 2 9478 Aug24
100
90
8
prof
Do
89
9114
893
91
19,100
90
8612
90
1678 Aug
9134 0314 9214 9434
July
878
3618
Sept27
2
Jrn
1112
100
3458 33
3314 3212 3512 9,000 American Ice
3414 3414 33
July
344 35
55
3418 35
Dec
35
Sept30
54
384 Jan16
5212 53
100
.....-4 5234
preferred
Do
1,700
5334 5212 5313 fon
53
5312 54
54
Oct 624 Aug
*53
46
5112 Sept13 5812 Feb 1
5312 5414 5333 5434 54
55
5412 10,400 Amer International Corp_100
54
5312 5334 *5314 54
1534 Feb 2918 Aug
27
Jan 7 43 Aug10
100
4214 41 12 4214 7,200 American Linseed
4212 4112 4218 4113 4112 41
4214 4214 42
75 Nov
Feb
48
June13
8112
6914 Jan 7
100
*7612 7712 7712 7712
77
prof
Do
400
7714 7714 7714 7714 7712 7712 *76
464 Dec 8234 Jan
5312 Jan15 7134 May16
100
15614 5,400 American Locmottve
6612 66
6714 674 6634 675s 6614 6612 6614 6614 66
Dec
s Jan
93
1067
Feb18
100
4
Jan
295
100
prof
9912 9912 *9838 100
*09 100
300
Do
0018 994 9918 *09 100
*98
814 Dec 1934 Mar
233 Sept28 1312 Feb 6
100
*Vs 312 *233 3
1,700 American Malting
3
3
3
3
212 23.1
238 258
50 Dec 7112 July
39 Sept25 5818 Feb 6
100
Do 1st prof
88 Nov 93 Nov
90 Feb2I 144 Nlay14
100
.*HU?. fig - 4.1,i5i2 fig - ---al') American Shipbutiding
-- iioT2 fiii *12613 iiii2 *i2oT2 1-4-3
15A- 1-38
6738 Dec 11234 June
7814 7934 22,100 Amer Smelting & Refining.100
73 May28 8612 Feb19
7758 793s 7712 7814 7714 79
7718 79
7712 78
Nov 1171g Jan
29918
2
1063
4
Sept25
Mar
103
100
104
104
*10312
prof
Do
*103 104
3()0
10312 10312 10358 10412 .10312
•10212 103
5018 Dec 75 June
923
Sept27
4
58
Jan15
100
8714 8512 8714 8618 87
8914 84
21,000 Amer Steel Foundries
8818 9134 87
0012 92
8918 Nov 12638June
Jan16 116 S1ay15
98
100
liellning
108
10812
109
10818
Sugar
4
6,600
10812
1103
10918
American
4
1073
10734 10734
108 108
100 10814 hiar23 11312 May 8 106 Dec 12112 Jan
prof
110 110
Do
300
10914 10914 10912 10912 *108 111 .108 111
*108 111
30 May 6212 Dec
6034 Jan 5 145 May24
100
10718 11038 11018 11212 109 11038 30,000 Am Sumatra Tobacco
11014 11034 10712 1101 1 10712 110
954 Dec 12812 Jan
00:4 Aug 5 10914 Feb 1
Teleg_100
10214
&
10212
10412
100
Telephone
1043
10418
4
Amer
12,356
1
Dec 220 Mar
123
*9712 9814 9712 98,2 98 2 094 16512 16512 170 171
4
Oct
5
17214
Jan
14012
100
172 17234
1,200 American Tobacco
10318 165 *164 170
*160 164
89 Dec 10934 Jan
9218 Sept14 99 Feb23
100
95
*93
95
*93
Do prof (new)
95
95
*93
*93
04
.92
95
*92
Feb 5834June
374
hlay24
s
607
44
Jan15
5314
's
1
100
5518
54
of
Mass
54
5338 5334 2,800 Am Woolen
55
*5512 5614 5518 5534 55
87 Nov 100 June
Jan 4 9578 Mar12
92
100
96
*9412 9512 *9412 9512
pref
Do
200
*9412 9512 9434 9434 *94
06
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5412 Niar
17 Nov
2014 Aprll 3933 Aug28
100
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ap
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i
307
36
3312
3612 364 3534 36
1012 Dec 4158 Jan
1278 Jan18 2138 July 3
1512 1512 V5312 1,4
25
1518 1518 *15
728 Am Zinc
1538 1512 1512 1578
7212 Jan
1534 1534
Dec
3912
Jar 2 5314 July 1
41
25
5234 *51
5234 *51
52
prof
Do
100
514 5114 *51
_
*50
5234---5118 Nov 87 May
7014 0934 7014 6912 7018 77,250 Anaconda Copper Mining_50 25913 Jan18 7112 May16
7012 60
- -58 69
Jan
12112
6834 6938 6812 -69
Sept
874
Feb18
12014
5
9734
Jan
10.113 10514 10412 10734 107 11018 22,500 Atl Gulf & W 1 SS Llne___100
104 106
Jan
10478 10478 *102 105
54 Feb 66
Jan 5 65 July 9
58
100
6412 6412 *63
65
prof
*63
Do
100
64121
65
*63
65
Feb 7612 July
*63
43
Slay18
10134
Jan15
5618
Wke.100
2 8514 88
8434 8638 8538 8678 105,600 Baldwin Locomotive
1
9112 - WIig -89
89
Jan
10212
0034 923
Dec
93
7
Sept
Jan 2 102
93
100
prof
Do
. _66._ .7,6:1_ ..6.,..2 ;55. i;‘,..._
100
9914 .9914 .7,5i
Jan
*99 100
*99 102
82 Dec 136
Jan 4 9612 Sept30
85
9612
1,600 Barrett Co (The)
Jan
9612 93512 95
515
• 9434 96
Dec
6614
May16
96
4
Oct
74
100
75
75
74
74
75
1,600 Bethlehem Steel Corp..
9 4 8118 7812 7812 75
73
June
156
Dec
26618
---7238 Jan15 94 May16
734 7518 7312 744 165,985
7414 78
Do class B common.. 100
78711 8238 77$8 70
82 -82-7g
Dec 1O1'2 Oct
93
Apr29
s
1067
Jan15
9612
prof__
8
8%
Do cum cony
10:318 10334 10312 1035 10358 10334 10313 103121 1,500
10314
----Jan211 2812 Sept 5
21
2618 261, 26i, 211
2612
231
000 Booth Fisheries . . . _No par
__ ____
28
iiiii2 2612 •2513 10312-_
b Before payment of first installment.
•Elz-dle, and r1ghte, s
*Ma and mead odoes: no sales on 11213 day. $ Es.rigncs. I Ladd Luau 10U shares.




1366

New York Stock Record-Concluded--Page 2

For record of sales during the week of stocks usually Inactive. •••
second page preceding.
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
PER SHARE
Salesfor
STOCKS
Range since Jan 1.
Range for Previous
the
NEW YORK STOCK
On basis of 100-share lots.
Monday
Tuesday
Wednesday Thursday
Year 1917
Friday
Week
EXCHAN
GE
Sept 30
Oct 1
Oct 2
Oct. 3
Oct. 4
Shares
Lowest.
Highest.
Lowest
Highest.
per
share
$
Per share 5 per share 3 per share $ per share $ Per share
Industrial&Misc.(Con.) Par $ per share. $ per share
154 155
153 15412 15012 154
$ per share
per share
148 15514 15112 155
155 15834 15,100 Burns Bros
100 108 Feb 5 15834 Oct 4
*1014 1034 1012 1034 *1012 1034 1014 1014 1012 1078 1012 1012
89 Jan 12514 Apr
900 Butte Copper & Zinc v t c__15
8% Apr 25 127g July10
.26
27
2512 2614 26
26
25
257
25
2518 25
25
2,600
Butte
& Superior Mlning--10
1612Jan 2 3312 May14
*4012 4114 *4012 4114 *4012 4114 *4078 4114 407g 4078 *4078 4114
l23 Dee 5214 Jan
100 California Packing____No par , 3612Jan 3 4512 May10
2038 2033 2018 2012 2078 2218 2012 2112 21
333 Nov 4214 Aug
21
21
21
14,300 Californal Petroleum
100
12 Jan 7 221g Oct 1
*62
6312 63
65
1014
6412 6514 64
Dec 3012 Jan
6412 64
64
*61
64
4,500
Do prof
100
36 Jan 5 .6514 Oct 1
7012 7114 6914 71
2912 Nov 6214 Jan
6912 7034 6912 7012 6912 7014 6814 6978 23,800 Central Leather
100
61,2Jan 15 7338 Feb 27
*103 105 *103 105 *103 105 *103 105 *10312 110 *10312 108
55
Dec
10112 June
Do
pref
100 10212 M ar14 x107 Mar 8
34% 3434 3412 3434 3434 348 3434 3478 3478 347
97 Dec 11578 Jan
35
35
2,100 Cerro de
Cop...No par
2914 Mar 6 3512 May16
8512 86
86
25 Dec 41 Feb
8912 8814 8933 8812 8912 881a 8812 8834 9034 5,600 Chandler Pasco
Motor
Car100
6814Jan 2 95 Feb 25
1634 17
1678 1758 1714 1778 171s 1712 1718 1812 1812 20
56 Nov 1044 Mar
31,700 Chia Copper
25
1412 Apr 4 20 Oct 4
3978 40
40
1114 Nov 2733 Mar
4032 39121 40
3934 40
3933 393* 3934 40
6,100 Chino Copper
5
3638 June10 4714 May16
47
47
46% 4714 45
3512 Nov 6334 Mar
4614 44
45
4312 4418 5431s 4312 5,300 Colorado Fuel & Iron.....100
3434Jan 29 5412 May24
*35
36
3534 36
293 Nov 58 June
35% 3612 3512 3534 3512 3612 3633 3712 7,050 Columbia
Gas StElec
100
2834 M ar25 3712 Oct 4
9313 9434 93
8912 8934 8912 94
253* Nov 477 Apr
9312 93
9734 9712 101
17,400 Consolidated Gas( N Y) 100
8234July15 101 Oct 4
*87
68
*67
63
70
7612 Dec 13433 Jan
68
67
6712 67
67
*65
6712
500 Continental Can, Inc
100
663
Sept13
4
Feb
95
4418 4412 4318 4414 43
19
76
Nov 10314 June
44
4272 4312 43
4314 4333 448 26,900 Corn Products Refining..100
2973Jan 15 4578July14
*102 103 .102 103
18 Feb 3714 July
10214 10212 10212 10213 103 103
10234 103
1,100
Do prof
.100 591)12 Jan 7 103 Oct 3
8612 6714 64
67
8812 Nov 11238 Jan
62
6458 6033 6314 5933 6134 5312 60 47,900 Crucible Steel
of America_ 100
52 Jan 12 74% May16
8914 8914 8914 8914 89
4534 Dec 917 July
89
8914 8914 90
90
500
Do pref
100
86 Jan 31 9134 June 4
3058 2933 30
3033 1012 30
2918 2934 2914 2934 2958 3012 12,250 Cuba Cane
83 Dec 1178 Jan
Sugar.
.......No Par
2712 Apr 10 3378 Feb 20
*79
7934 79
79
787 79
2478
Nov 5514 Jan
7914 7914 *7812 7914 79
7918 1,400
Do pref
100
7818 M ar25
5378 5414 5318 5412 5112 5314 54734 5014 4734 495
18
747 Dec 9413 Jan
49
5058 36,800 Distillers' Securities Corp_100 533 Jan 2 83 Feb
1018 1018
6434 May24
978 1078 10
1134 May4414 Oct
11
10
1014 10
1038
93
4
1018
12,100
Dome
Mines.
Ltd
10
6 Junel9 11 Oct 1
2812 29
28
2812 28
2812 2812 2834 28
612 Nov 2484 Jan
2814 2714 23
4,025 Gaston
2634 June19 39 Feb 13
14678 14678 147 149
149 149 *148 14878 *145 14812 14812 15114 3,250 General W dc W Ine....No par
28 Feb 4112
Electric
100 12734Jan 7 153 May16 118 Dec 17134 Aug
117 119
118 124
122 127
12212 12512 12314 124
Jan
12314 1257 15,500 General Motors Corp
100 1063s Jan 15 164 A itg21
7812 7812 78
78
7814 79
7412 Nov 14618 Jan
7714 7812 778 7812 7814 7814 2,330
Do
prat
100
77 Sept17 88 Feb 1
4678 4678 4618 4678 47
723 Dec 93 Jan
4958 4312 50
4934 5112 5012 5278 12,07' Goodrich Co (B F)
100
38 Jan 2 52%Oct 4
*98. 101
*98 10012 *98 101
3214 Dec 6114 Jan
*9934 101
101
*9934 101
Do prof
100
96 Jan 10 10012 Sept 5 5913* Dec 112
83r4 8314 8314 8314 8212 8234 *998
Jan
8033 8034 79
80
7912 7933 1,500 Granby Cons M El dc P....100
74 Jan 25 84 Sept 5
4878 4912 *49
4914 5212 49
50
65 Nov 9238 Jan
5078 50
50
50
2,900
Greene
5033
Cananea
Copper
100
3812Jan 17 5212 Oct 1
.7812 80
78
7812 7613 77
34
Nov
Jan
73
47
76
7034 72
72
72
1,800 Gulf States Steel tr ctfs 100
7034 Oct 3 11112 Apr 25
9918
77 Nov 137 Jan
9914 t____ 9918 *____ 0913 .__ __ 9914 *____ 9914
Do 1st pref tr ctfa____100
994 Aug 1 102 Jan 10 10112 Nov 110 June
46
47
46
46
4513 4513 *45
4814 45
45
1,100 Haskell & Barker Car__No par
34 Jan 5 4914 July30
5434 55
-EVis 'FS; 547 58
3
28
712 Nov 40 June
5518 56
5514 558 5513 5512 33,200 Inspiration Cons Copper..20
4258Jan 15 5634 Nlayiti
1612 1612 *1512 17
Nov 6612 June
1614 1614 16
16
*15
1612 *14
1612
300 Internat Agricul Corp....100
10 Jan 8 19 June20
73 Nov 2178 May
6134 6214 63
6312 62
6312 63
63
6114 6114 61
61
4,900
Do
pref
100
38 Jan 5 65 Juneig 100
127 12712 12818 13212 13334 13534 131 13414 *13112 134
261
3
8
4
N
De
oev
v
o 1,
6
363
07
182 NI
ly
Jj
uabar
134 134
2,515 Intern Harvester of N J...100 11112Jan 2 13534 Oct 1
2778 2812 2733 2778 2733 2833 2734 2833 27
29
2812 2933 39,900 Int Mercantile Marine.-100
21 Jan 15 3134 Feb 23
10434 10038 1035g 10618 10418 108
1718
106 1083* 10533 11112 11012 1123* 302,100
Do pref
100
8338Jan 2 11233 Oct 4
30
30
30
3014 30
3012 30
3018 30
3033 30
3018 9,100 international Nickel (The)25
27 Jan 15 3158July 8' 6
36
3612 3414 3512 3312 3414 33
24
21% eeb
c 176
732
4M
3434 34
Oa
ct
35
r
353* 3512 9,700 •International Paper
2412Jan 15 4512 Mity15
*62
64
.61
63
*61
1812 Nov 491 Jan
63
*61
63
63
64
*63
64
300
Do stamped pref
0
0
1
00
58
Jan 22 6512Jan 3
4612 4612 46
4812
5014 Nov 7712 June
4914 *48
4812
50
4912 50
50
5034 2,800 Kelly-Springfield Tire_ __25
41
3
Apr
2 5134 July30
3378 341
3312 34
3
26
678 N
Doev
e 6
3334 3414 3334 34
6401 Jan
335* 3418 34
3414 16,000 Kennecott Copper_...No par
29 M ar25 34% May16
8212 83
26
8034 8212 80
May
8114 7934 801,1 79
80
78
7834 5,500 Lackawanna Steel
733 Jan 12 91% May16
100
*1812 1912 19
68
1038 Nov 10378 June
1914 1912 1912 *19
20
20
20
*19. 20
500
Lee
Rubber
Tire_
dr
__No
par
12 Apr 2 2234 J u I y30
*27
28
28
1•ov
23
124
*27
:
,
‘
30
2718
/ev
29
*27
29
*27
29
2713 2718
200 Loose-Wiles Biscuit tr 002_100
1712Jan 8 31 Aug. 1
*78
81
*78
Jan
81
*78
81
*73
81
*78
81
*78
31
Do 26 pref
100
53 Feb 15 7712 Sept13
*7212 79
*7212 73
55 Jan 64 Jan
*73
79
*73
79
*72
79
*72
79
Mackay Companies
100
71%
Junel8
781.2
Feb
28
*64
65
*64
70
Nov
Feb
8934
65
*64
65
*64
65
*64
65
*04
65
Do pref
100
57 Jan 4 65 May28
*2712 2812 28
5
1,
714
Doev
8N
c 67
2934 2912 31
13
1 Jan
29
3014 297 3014 2978 3112 12,100 Maxwell Motor, Inc
100
2312Jan 15 3218 Feb 19
19
*5712 59
59
Jan
60
6034 6238 61
598 61
6178 6112 62
5,600
Do 1st pref
100
51
Apr
24
6434
*21
Feb
8
22
22
49
Dec 9
2212 23
:
77
48
23
2314
233*
2314 2314 2138 4,325
23
Do 2d pref
100
19 May27 26 Feb 5
11034 11238 11212 12138 11614 12114 11612 12312 11918 1217
13 Nov 40 Jan
123 206,400 Mexican petroleum
11933
100
79 Jan 5 12312 Oct 2
97
6
87
478 I\
97
D
.0
ev
ii1_8 98
e 10612 Jan
9812 *99 107
*99 100
600
Do pref
100
87 Jan 15 9812Oct 2
28 -281
4 2778 2814 28
June
28
2838 28
2812 283* 2812 4,130 Miami Copper
26% June 7 331 Jan 31
5
5234 5318 5158 53
497 5134 497 508 497 5012 4934
25 Nov 4314 Apr
39,000
5033
Midvale
Steel & Ordnance_50
4314 Mar23 61 May16
.88
70
6812 70
3912
Dec
70
71
6712
June
7112 7112 7012 74
7314 7478 4,000 Montana Power
100
64 June25 7478 Oct 4 55834 Dee 10914 Jan
*98 -___ *98 _ _ _ _ *33 ____ *98 ____ *98 ____ '98
- --- -------______
Do pref
100
95 M art° 10132 July26
*16
1612 16
9512 Dec 11712 Mar
1714 1714 17
1612 1678 17
17
*1614 17
800 Nat Conduit & Cable No par
1312 Apr 8 2138July 5
5034 5178 50
1312 Dec 39 June
5033 4914 5014 49
4914 4712 4334 4433 4712 9,600 Nat Enam'g & Starnpl_100
3714Jan 7 6412 May20
*92
95
*92
24 Feb 4834 Oct
*93
95
95
*93
95
*92
95
*92
95
Do
prof
92
100
Sept25 9912 Feb 20
5738 5712 5772 5834 5814 531. *58
9012
May 9934 July
59
*5712 59
*5712
59
1,000
National Lead
43'4 Jan 7 6134 Apr 4
100
*10112 ____ *10178 ____ *10112 ____ *10112 ____ *10112 ____ *10112
377 Dec 0314 Mar
_
Do pref
100
9934 Mar 2 10512 May18
2018 2014 .201g 2034 2018 2014 20
99 Dec 114 Jan
20
20
20
20
_
2018
-2;(166
Nevada
Consul
Copper....
_5
17% Mar25 21% May16
124 124
121 122
120 121 *11212 120 *11212 120
9186
v 26% June
11734 11734 1,000 New York Air Brake
100 117's Jan 12 139 May22
*41
4212 4212 4212 44
Nov
4412 *43
50 .44
50
*45
50
400 North American Co
100
37,2 Aug16 4612 Feb 23
3734 83
3734 3838 3734 3814 3734 33
Ap
3: M
4
ar
56
3
27
39
3178 ee 17
377 40
40
41
44,600
Ohio
Cities
Gas
(The)._
3518 Mar25 4234 May16
25
73
DMarA
Oct
pr
67
712
*71s 712
71
718
7
714
714 714 1,200 Ontario Silver Mining_ _100
414Jan 22 13 Junel7
78 JS apne
32
3112 3134 3112 3214 *3134 3213 *3113 3212 *31
32
13
858 Nov
bt
32
1,700
Pacific
Mail
SS
_
5
Jan
21
2312
3314
Aug
3
9412 9512 96
Feb
97
97
9738 9712 9812 9812 9912 *9812 9912 3,400 Pan-Am Pet &
Trans, pref _100
86 Jan 8 9913 Oct 3
48
48
87
Nov
4818 5012 4912 51
Jan
0
3
8
0
13
49
50
50
5412 53
55" 17,310 People's G L & C (Chic)._100
3953Jan 2 55 Jan 31
2738 2712 2734 2734 52614 2714. *253.1 27
35 Dec 10614 Jan
27
2814 28
3012 8,200 Philadelphia Co (Pittsb)_ _50
21 Apr 12 31 May24
2412 Dec 42 Jan
39
3914 3912 4038 40
4012 40
4014 4012 4114 4033 4178 14,500 Pierce-Arrow M Car....34
No
Jan
4318
oar
16
Mar
1
*98
25 Dec 4134 June
99
*98
9812 *98
99
98
98
98
98 1 *98
9834
100
Do pref
100
89s Jan 26 984 Sept 6
167g 1718 17
88 Nov 9812 Aug
1758 1678 1733 1634 17 • 167 1714, 1673 1718 26,500 Pierce Oil Corporati
on
25
15 Sept13 1734 Sept23
5138 5138 5118 5133 51
5112 5114 5134 50 '51 1 5612 51
3,100 Pittsburgh Coal of Pa....100
42 Jan 15 5834 Feb 28
*83
8314 8314 8314 .8314 84
3712 Dec 5412 Sept
8314 8314 *83
8312 *83
8312
400
Do pref
100
7934Jan 2 84 Feb 19
72
7214 71
74 Dec 90 Aug
7134 6912 70
69
6958 6812 69 1 69
69
2,150
Pressed
Steel
Car
100
56% May28 73 Aug13
*95
99
49 Dec 8314 Jan
*95
99
*9512 99
*9512 99
*9612 99
Do pref
100
93 Apr 27 100 Aug 5 590 Nov 5107 Jan
*92 ____ 95
9612 87
92
85
85
91634 8634 "ii" W" _ I
_ hiiii Public Serv Corp of
-,--85 Oct 2 10912 Mar 5
*112 119
113 114
114 116
99 Dec 131
Jan
117 117
118 120 1 12118 12118 1,600' Pullman Company N J_ _100
100 100's Jan 7 12118 Oct 4 10614 Dec 16712 Jan
7012 7134 6934 7112 6734 6934 67
6818 6714 6734 68
685/ 10,100 Railway Steel Spring
100
4512Jan 7 7134 Sept28
*100 10012 *98 10112 *98 10112 *99 10112 *98 10112 *9812
3614 Nov 58 June
21
1011
Do
0
pref
0 95 Jan 2 10212 Aug 29
237g 2418 24
8812 Dec 101
Jan
2414 237 24
237 24
2373 24 1 24
2418 4,410, Ray Consolidated Copper.10
2232Jan 15 2614 May16
9214 93
1912 Nov 3214 Apr
9014 93
9018 913* 89
911
8938 91
893* 9034 31,000' Republic Iron & Steel........100 57258Jan 15 96 May16
*9912 100
Feb 9412 June
60
100 100
100 100
10014 10014 10014 10011 *9934 101
4001
Do pref
100
9252Jan 2 10212 Sept17
*94
89 Dec 1057* May
97
94
94
08 107
104 106
107 11318 106 110
6,2701 Royal Dutch Co ctfs dep._ .70% Mar23 117 Junel7
6
6
612
59 May 7314 Nov
6
612 612 *6
714 *6
712
612 7
1,1001 Saxon Motor Car Corp
100
434 A ug22 11 Jan 31
47 Nov 68 Jan
*139 141 *140 142
142 147
147 147
14634 14714 149 15212
3400; Sears, Roebuck & Co....100 13334 June 8 156 Feb 16 12312 Dec 23814
15
15
51434 15
Jan
*147 15
147 1478 1478 1478
900;
Shattuck
Ariz
Copper
10
5143
Sept30
4
1814
Feb 19
3212 3318 323* 34
15 Dec 2934 Mar
3214 337
32
33
3158 3212 -5i" -3.2-3; 28,700; Sinclair 011 & Rerg......No par
2514 Apr 11 39 Feb 5
*61
2514
Mar
0214 *60
Dec
60
4
593
62
60
59
59
5831 587
57
900• Sloss-Sheffleld Steel & Iron100
578
39 Jan 24 7114 May24
4918 50
3312 Nov 7414 Mar
4812 5312 5234 5614 54
5734 5718 5934 5858 6078 110,900 Studebaker Corp (The).
_100
33% Apr 24 60'8 Oct 4
*86
OG
*85
333 Nov 11012 Jan
96
*86
96
*86
96
*86
92
*91'
9
1
Do 0
pref
0 8012July 3 95 Feb 6
*4112 4312 42
42
Nov 10833 Jan
85
4112 4112 39
4114 3834 39
3912 3912 1,600 Superior Steel Corp'n
100
3414 Mar25 4558 May 3
98
98
*95 100
3014 Nov 513 June
108
*95 100
98
*95 100
*06 100
150
Do 1st pref
95 Feb 16
100
100 Sept27
18
17
1612 1713 1614 1612 1612 1612 1614 17
96
Dec 10212 July
1612
17
7,100 Tenn Copp & C tr ctfs_No par
1278Jan 2 21 July 6
172 174
17412 188
17912 188
11 Nov
1912 June
179 186
18113 18534 183 186
6,360 Texas Company (The)..._100 13612Jan 7 188 Sept30
6738 6813 6734 70
11434 Deo 243 Jan
69
7033 6834 7114 70
72
70
71
33,700
Tobacco
Products
Corp_
-100
4812 M ar25 7278 Aug14
*94
96
4212
*9434 95
*9434 95
Dec
8052
9434 948 *93
Aug
9478 *92
95
200
Do pref
100 58714 M ar19 98 Aug 1 586 Dee 105 Mar
*6812 75
*66
*68
75
75
71
71
*71
75
*71
75
300 Union Bag & Paper Corp_100
*3712 39
65 Jan 24 80 Nlay13
5938 Dec 112 Jan
*3712 39
*3712 3814 3714 3714 37
3713 *3714 3712
500
United
Alloy
Steel..
..No
par
37 Jan 2 4412 Nlay10
10112 10134 10114 10258 101 10214 101 10134 102 10312 10158 103
3412 Dee 4938 June
18,100 United Cigar Stores.......100
83% Mar28 10512 June24
*100 107 *100 107 *10014 107 *100 107 1 4'100 107 *100 107
8112 Nov 1271 Aug
Do pref
100 10114Jan 5 110 July18
.131 134 1 134 134
9814 Deo 12034 Mar
13712 139
13812 140
142 14518 14212 14212 2,200 United Fruit
100 1164 Jan 16 14518 Oct 3 5105 Dec 15438 Jan
*1212 1412 *1212 1415 *1212 15
*13
15
143* *13
*13
15
U S Cast I Pipe & Fdy____100
1118 Apr 6 19 May 7
*42
10 Nov 2412 June
44
4314 4314 433* 4312 *41
44 I *41
44
*4114 41
370
Do pref
100
41 M ar26 47%
42 Dec 63 Jan
*115 118
112 116
11012 114
1081g 112
10814 109
106 10934 27,400 U S Industrial Alcohol...100 106 Oct 4 137 Feb 1
05
Nov 17112June
95
98%
May24
*93
96
*9212 96
9412 9412 *9312 98
*93
96
200
Do pref
9414 Sept17 99 Mar21
6112 6178 8034 6112 6118 624 61
88 Nov 106 June
6178 6214 6312 6314 6518 11,300 United States Rubber... 100
.100
51 Jan 15 6518 Oct 4
*103 104 *103 104
Dec 67 Aug
45
104 104
1035* 104 ' 10414 10414 10414 10414
500
Do 1st preferred
100 595 Jan 15 106% July13
4213 4212 4313 4378 437 4438 4312 44 1 44
91 Dec 11434 Jan
44
54312 4312 1,600 U S Smelting Ref & M
3212 Apr 12 48% Feb 19
50
40 Dec 674 Jan
*43
4412 *43
4434 4312 4312 *4212 4418' *4238 4112 *4112 4212
100
Do
pref
42% Apr 12 45% Feb 1
50
433* Nov 5214 Jan
11214 11338 11118 1133 10912 1128 10812 1103* 109 11014 10314 1093
4 788,400 United States Steel Corp 100
7911 Dec 13633 May
8612 Mar25 11612 Aug 28
11034 110% 11034 11078 11038 11034 11038 11034' 1103* 11034 11038 11012
3,500
De Pre
100 108 M ar25 11258Jan 31 1021 Dec 12114 Jan
8312 8378 8312 848 84
854 8372 85 1 84
8412 838 845* 9,500 Utah Copper
NI
4
763
10
ar25
87%
Dec 11834 May
7014
May16
*912 11
*1012 11
11
1314 13
1312 117 1333 1314 1334 2,800 Utah Securities v t c
100
11 Sept16 1512 Feb 18
918 Dee 243 Jan
55
5518 5138 5534 5434 5512 5434 5518 54
55
5434 5514 10,300 Virginia-Carolina Chem 100
3334Jan 2 51112 Aug 26
26 Nov 46 May
*10814 10912 *103 109 *108 110 *109 110 *109 110
10912 10912
100
Do
pref
100
98 Jan 16 10912July 6
97 Dec 11214 Jan
*71
73 i 7214 7212 *71
73
70
71
*68
73
70
70
600 Virginia Iron C & C
100
50 Jan 5 7312 July27
46 Feb 77 Mar
82
8218 82
82
82
8233 834 85
84
84
84
88
1,900 Western Union Telegraph _100
7714 Aug 2 95% Apr 15 576 Dec 993 Jan
4414 4434 4334 44
4334 4434 431 1 41
4312 44
543
44
11,100 Westinghouse Elec & Mfg 50
3913 Jan 17 4712 May16
333 Dee 56 May
*60
65
*80
65
*59
65
*59
65
*59
65
*59
65
Do
1st
preferred
59 Jan 11 6412 Feb 20
50
5214 Dec 7018 Jan
*4612 47
4612 467s 4612 47
47
4712 47
47
3634Jan 2 4712001 2
50
333 Nov 5212 Jan
2038 2012 2014 2118 2034 2133 2012 2118 2034 2118 -25.1.4 -2-1-3; 1,900 White Motor
60,600 Wiliya-Overland (The)._ 25
1512 Jan 15 22 Jan 3
15 Nov 3812 Jan
*8078 8112 82
82
*811s 8312 82
82
*8112 8312 *82
8313
500
Do pref (new)
100
75 Jan 3 83 July23
69 Nov 100 Mar
55
55 I 5512 5414 5612 5612 56
563 *52
56
55
55
1,300 Wilson de Co, Inc, v t c...100
45's
Jan 2 6612 May24
42 Nov 8414 Mar
*11112 113 :4'11112 113
11318 115
11434 11434 11458 11512 116 117
1,900
Woolworth
997
(F
110
ar25
100
W)
M
12012Jan 3
Dec 151
*110 114 I*110 114 *110 114. 111 113 ,*111 114 .112
Jan
117
300
Do prof
100 111 Oct 2 115 Sept 9 113 Dec 12618 Jan
63
6358 62
6278 6112 614 5938 5938 56
59
56
5712 2,300 Worthington P tic M v t c_100
34 Jan 4 69 Ant 28
2312 Feb3738 Jen,
91
*85
01
*85
*85
91
*85
91 I *85
91
*34 90
10
pref
Do
A
0 8538 Feb 5' 9112 Apr 6
88 Nov 9714 Jun:
*86
68 1 66
661s 6334 6331 *6314 66 1 *6312 66
6412 6412
400
Do pref B
59 Jan 18 703* Jilly26
100
5(1 May 63 Jun;
*131d and tsked price; no sates oa tnis
Leis mai) 100 snares
Ex-righ
I
ts
Ex-dtv
a
anO
rignts.
a
Par
$10
per
snare.
n Par $100 per share
• -dividend
Saturday
Sept 28







1368
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 4.

New York Bond Record—Continued--Page 2
Price
Friday
Oct. 4

Week's
Range or
Last Sale

g

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
Delaware dr Hudson1st lien equip g 43is
9612 94
1922 J 1 . 94
94
1 9
7
,
314 8
9612
4
1st Ss ref 4s
1943 M N -,-- 794 79
7912
3
20-year cony 5s
1935 A 0 86
864 8614
864
5 8512 90
Alb & Susq cony 31is
1946 A 0 69
724 7214 Aug'18 —1
_0
Reuss Ss Saratoga 1st 7s 1921 M N 10212 _-__ 10338 103,8
101
7112 10
76
312
Denver & Rio Grande181 cons g 4s
6478 23 6012 69
1936 1 J 6434 Sale 64
1936 j j 69
Consol gold 410
7412 71 Sept'18 ---- 68
72
Improvement gold 5.9-1928 J D *71
705 Sept 18 ---- 70
7614
1st & refunding 5s
1955 F A 5618 -Sale 56
56'8
9 484 5618
,
Rio Gr June 1st gu g 53-1939 J D 65
90
3
' Aug'
17 ---- ---- ---Rio Gr Sou 1st gold 4s
1910 J J --------6114 Apr '11
Guaranteed
39 July'17 -_-19103 J
---- ---- -Rio Or West 1st gold 4s 1939 J J 62
6314 637
6378
1 -6S- -if12
Mtge & coil trust 4s A 1919 A 0 50
55
51 Sept'18 ---- 50
55
Det & Mack-1st lien g 4s 1995 J D --- 70
82 Dec '16 ----....... ____
Gold 4s
_
_
1995 J D
7512 July'16 ---- ____ ___
Det Riv Tun Ter Tun 4 Sis 1961 M N 73% 75
73 Sapt'IS ----,
7712
Dui Missabe & Nor gee 5s_1941 .1 .7 9214 ____ 9634 June'18 ---- 73
96% 9712
Dui & Iron Range 1st 5s
1937 A 0 8518 92
97 May'18 --- 97
97
Registered
1937 A o ____ ____ losis Mar '03 __-- _--- --Dui Sou Shore & Atl g 5s__ _1937 1 J
__ __ 87 Mar'i8
82
87
Elgin Jollet & East 1st g 5s 1941 M N -/Til; _-__ 93.2 June'18 ---___- 90
9312
Erie 1st consol gold 7s
1920 M S 10014 101 10012 Sept'18 ---- 100 101
N Y & Erie 1st ext g 4s
1947 M N 784 Sale 7818
78'8
2 78
78t8
2d ext gold 58
1919 M S 944 ---- 964 June•18 ---- 964 9618
3d ext gold 430
9.112 Jan 18 ---- 9312 95
1923 m s 84
4th ext gold 58
1920 A 0 9478 96 _ ,
99
4314
2 J1,1,1,
1,
7 ---- - - -. ---v:15
5th ext gold 4s
1928 J D
NY L E & W 1st g Id 7s-1920 NI 5 ___ 1004 100% July'18 ------ joii; 1111/38
Erie 1st cons g Is prior___1996 J J 6514 6612 6612 Sept'18
---- 65 69
Registered
1996 J J --------84
. Dee •16 -1st consol gen lien g 4s_1996 .1 J 5312 Sale 5234
8 -4-0-1;-g715312
4
1996 j j
Registered
_ ____ 73 June'IG -- ---- ---Penn coil trust gold 4s 1951 F A -i8.12 7912 7812
7812
1 7514 79
50-year cony 48 Ser A....1953 A 0 4714 4834 4712
48
16 42
50
do Series B
1953 A 0 4712 Sato 4712
4712 17 ;212 4978
Gen cony 4s Series D
1953 A 0 4978 5112 50
5112 221 4812 56
Chic & Erie 1st gold 5s
1982 M N 84 86
82 Sept'18 -- -- 82 93
Ciev & Mahon Vail g 5.1_1938 J J
10378 Jan 17 ---Erie (It Jersey 1st s I 6s
-9
-i 100 May'18 -- .4,i1i 100
1955 J J :7:: -9
Genesee River 1st 51 6s
1957 3 .1 96 1037 96 Aug '13 ---- 96
96
Long Dock consoig 6s
1935 A 0 105 ____ 11012 Nov'17 ---__ _ Coal & R.R 1st cur gu 6s_...1922 m N 99 ____ 193 Jan '18 ---- ..._ _ 103
103
Dock & Inapt 1st ext 58_1943 J J 8218 ____ 10212 July'17
_
N Y & Green L gu g 5s
1916 all N 80 ____ 85 Jan '18 -------- 8585
N Y Susq & W 1st ref 5s_...1937 J J 70 80 75 July'18 ---- 74 - 80
26 gold 430
____ __ _ 10014 Dee '06
1937
---General gold 5s
1940 r
F A
GO June 18 _-- -(1-Fi- -a:5(i
Terminal 1st gold 5s
1943 M N 7614 —_- 108 Jan '17 ---- ____ ____
Mid of NJ 1st ext 5s._ 1940 A 0 86 _ ._ _ 108 Jan '17 ---____ _66_
Wilk & East 1st gu g 58_1942 J D 6412 67
6512 Sept'18 ---- 62
Ev es Ind 1st cons gu g 6s 1926 J J _
____ 2312 Jan '17 — _ _ __ _ __ _
Evansv & T II 1st cons 6s 1921 J J 9
87
.1:1 94 9
5
12 iu
Notive"17
17 ____ -------1st general gold 5s
1942 A 0
Mt Vernon 1st gold 6s
1
1923 A 0 ____08
Nov'll ---- -------SuIl Co Branch 1st g M....1030 A 0 -------- 95 June'12 -- ____
____
Florida E Coast 1st 410_....1959 .1 D 78
821 8112 July'18 ---- 81
8112
Fort St U D Co 1st g 4;0_1911 J J --------92
_
Aug '10 ---- ____ --Ft Worth & Rio Gr 1st g 48_1923 J J 55 ____ 5612 Oct '17 --_Galv Boils & Hen 1st 5s___.-1933 A 0 _
88
8512 June'16 ___. ---- -Great Nor C B & Q coil 4s_ A921 J J 65.34 Sale 9312 9334 127'1 -id - -64.12
Registered
51921 Q J 9312 Salo 93
9312 11 9134 9334
1st & ref 45,18 Series A _1961 1 J 85
8534 8518
854
1 85
90
Registered
1961 J J -------96__
June'16
---- __ ____
St Paul M & Man 4s
1933 J J 8414
8912 Apr '18 ---- 8618 8912
1st consol g 6s
1933 J J 105 113 1(188
18
7 ---108 108
Registered
1933 J J 991x
Apr
---Reduced to gold 40_1933 J J 914 92
9134 Aug'18 ---- 914 95
Registered
10212 ‘I av--19333 .1 85%
'16
Mont ext 1st gold 4s
1937 1 D 815 89
818 Sept'18 ---- 8112 85 Registered
1937 J D _801.
.
8.
:
-..
„.
L. gg,
i2
2 il.v,:i.q - — ____ __ _ _
Pacific ext guar 4s L
1940 J J
-15 ---E Minn Nor Div 1st g 4s 1948 A 0 75
---- A018 Dee '17 ---- ---- --Minn Union 1st g 6s
1922 J 1 10018 ____ 10014 May'18 - — iddITI iiNiCt
Mont C 1st gu g 6s
1937 J .1 105 ____ 105 Sept'18 ---- 1041 1054
1937 j 1 -- _ 104 13614 %lay 06
Registered
-1st guar gold 5s
1937 J J
ti. ____ 95
1____ £1238 9..)
Will & S F 1st gold 5s 1938 J D 9238 95 10934 Sept'18
Aug '161-Green Bay & W deb ars"A"_. Feb -_— 7914 694 Dee '16 ____ ---- -_-__ _-__
Debenture Ws"B'
712 10
Feb
712
712
1
7
918
Gulf & S I 1st ref tic t g 5e j31952 J J 73
757 76 Aug'18 ---- 75
83
Hocking Val 1st cons g 4;is 1999 J J 74
75
74
76
4' 74
78
Registered
1999 J .1 -------- 7312 Juno'13.-1 71 731
Col & FI V 1st ext g 4s__1948 A 0 7212 ____ 8214 Aug '17- -------- --Col At Tol 1st ext 45;
1955 F A 7118 ____ 75 Feb '18 ---- 6712 75
Houston Belt & Term 1st 58_1937 J .1, 8078 -___ 9018
Apr '17 ----I
Illinois Central 1st gold 4s 1951 J .11 91
93 89 Sept'18
-if- -66Registered
1951 1 j 60 ___ 92 Sept'17 -----lat gold 333s
1951 J J 70
77 July'18 ---- -;
ii- -if
- Registered
1951 1 J 6138 ___ 84 Nov'15,---- _--_ — _ Extended 1st gold 33is
1951 A 0 6314 _-__ 80 June'17 --- ---- ---Registered
1J51 A 0 6158 ---- ---_-__ _-_- ---- ---Ist gold 38 sterling
—
1951 M 0
_
S ---_
---- 80
__ ____
July'09
Registered
1951 M S
Collateral trust gold 4s
1952 A
- i" -id- -i
f7July'18 -_:---- -fit8
2 -7114
Registered
1952 A 0 -------- 954 Sop '12
let refunding 48
1955 M N
7712 78
7773
7778
4 -Th; -81Purchased lines 3;0
1952 J J 64
67
71 May'18
70
71
L N 0 & Texas gold 4s
1953 M N 7312 Sale 73
73t2 12 7118 7612
Registered
1953,84 N 70
72 Feb '18 -- 72
72
Cairo Bridge gold 4s
1950 J D 70% _-_- 89 Apr '17 ---- ---- -Litchfield Div 1st gold 3s,1951!J J 53 ____ 79 Feb
'14 -Loulsv Div & Term g 3As 1953 J J 6378 ____ 644 Sept'18
8 -if---- -iiiRegistered
19531J J
83 Aug '12
Middle Div rea 5s
1921 F A102 JunelnA -6'
,
73 --------- ---- -Omaha Div 1st gold 3s
1951IF
5814 ____ 584
4 -EiCt
St Louis Div & Term g 3s_19511J J 62 Sale 62 Sept'18 -- -58i02
1 62
62
Gold 3;0
1951',1 J 644 65 6534 Aug'18 ---- 63
6534
Registered
1951 J J 6412 _
80 Jurie'16 -Springf Div 1st g 330
1951 J J __— 794 8018 Nov'16 _—
Western lines 1st g 48
1951 F A ___ 7834 78% Aug'18 -- -ii5-8-iiRegistered
1951 F A ____ ---- 92 No;'10 ___
Bellev & Car 1st (Sti
1923 J D
11712 MaY•10 ---- -------- -------Carb Ss Shaw 1st gold 43.._1932 M 5 -------90 Jan_--__ -- ——
'17
Chic St L & N 0 gold 58_1951 J D___ 96
94% Sept'18 ---- 9478 -iiiRegistered
1951 J D
114 Feb '11
Gold 310
1951 J D 6338 __
6512 July'18 -- 654 6512
Registered
1951 J D _ _
-Joint 1st ref 5s Series A.1963 J D 8434
87
86
86
3 8512 91
Memph Div 1st g 4s
1951 J D 6834 --_- 7018 Nov'17 --- ____ ____
Registered
1951 J D
65 Nov'17
St Louis Sou 1st gu g 4s 1931 M S 7638 ____ 89
Feb '18 --- 80
80
Ind III & Iowa 1st g 4s
1950 J J 6418
89 Apr '17
Int & Great Nor 1st g 6s
1919 M N 94 957 0312 May'18 ---- 90
9312
James Frank Sr Clear 1st 48_1959 J D 76 ---8212 June'17 ---- ____ - ___
Kansas City Sou 1st gold 38_1950 A .11
1 613 5914 Sept'18 ---- 58
6212
Registered
1950 A 0 ---- ---- 78_
Oct '09 ---Ref Ss !mot 5s
Apr 1950 J J 78 Sale 78
78
3 -f3-34 -gr
Kansas City Term 1st 48_1960 J J 7112
Sale 7112
7118 41 714 78
Lake Erie & West 1st g 5s__1937 J J 85 Sale 85
85
3 78
92
2d gold 5s
1941 J J
8018 Feb '17 ---North Ohio 1st guar g5 s-1945 A 0 ____ 80
8018
8018
1 -gli- 18 -g0.18
Leh Val N Y 1st gu g 4;0-1940 3 1 84
89
8412
8412 20 8412 9434
Registered
1940 J J 7918
89
Oct'17 —Lehigh Val (Pa) cons g 48_2003 M N 75
77
76 Sept'18 -- -rlii -fiGener l cons 434s
2003 M N 8118 85 88 Aug'18 -- 87
a
9012

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 4,

tt

Price
Friday
Oct. 4

[VOL. 107.
Week's
Range or
Last Said

111

'q

Range
Since
Jan. 1

Bid
Ask Low
High No.1 Low High
Leh V Term Ry 1st gu g 58_1941 A 0 ____ 99
-9
96 Sept'18 ---, 96 102
Registered
1941 A 0
- - --113
Leh Val RR 10yr coil 6s_n19289914 Sale 9778 Mar'17 ---,
99% 1039 9734 993
;
Leh Val Coal Co 1st gu g 58_19331--3 973 102
99 Aug'18 ----1 964 101
Registered
1933 J J _--- ---- 105 Oct '13
1 _-_- ___1st int reduced to 4s
Leh & N Y 1st guar g 4s_.....119
43
M S
j 72
51
93
918 :::: -rid- Juijii
id
- - -rid Registered
-1 _-_- ____
Long Isld 1st cons gold 5s_h1
194
935
J -617- -ii- -6E- Ap.i'-'-1;
1Q
M S
9134 95
1st consol gold 4s
51931 Q .1 804 87
9114 June'16
_-_- _-_General gold 4s
1933 J D 72 ____ 7178 Aug'18
7118 7212
Ferry gold 43-is
1922 M 5
5 _85 Sept'18
85
85
Gold 4s
1932,1 D ----- 9914 Oot '06 ----,
Unified gold 4s
1919 51 S 70
78
7118 Aug'18 ----, -71 - -711;
Debenture gold 5s
1934 1
-- 8612 97 Jan 18 ----I 97
97
20-year p m deb 5s
19371 M DN 7412 Sale 7412
7412
2 70
75
Guar refunding gold 4s
1919 M 5 71 ____ 7218 Aug '18
Registered
1949M S --_- ---- 95 Jan '11 ----i _7-1
!_7
-9
2!'
NY B & NI B 1st con g 58-1935 A 0 95 ____ 10314 Apr
'18
NY & R B 1st gold 5s
1927 M $ 95
9212 Apr 'Is
98
.
-. il_2:1; ..-si:i
..
.
1 .;
Nor Sh B 1st con g gu 53_01932 Q J 82 ____ 100 Aug
'16 -Louisiana & Ark 1st g 5s
1927 M S 85
88
90 Aug'18 ---- 8714 90
Louisville & Nash./ gen 6s-1930 J D 10678 1077
110%
8
July'18
109 110%
Gold 5s
1937 M N 924 _-__ 93
93
1 93
9418
Unified gold 48
1910 J J 8214 Sale 8
93
1 sep8
t.3118
2 11 .0
83
1_ _0
112
Registered
96% Jan '17
Collateral trust gold 58_19
931 5
M 141
1 -ig- -9514
E II & Nash 1st g 6s
1919 J D 10012 _-_- 1004 Aug'18
1004 10018
L Cin & Lex gold 4qs
1931 M N 9314 9512 87 Apr '18
1 87
87
N 0 Sc M 1st gold 6s
1930 J J 100 104 100
100
4 100 101
26 gold (1s
1930 J J 938 ____ 10418 Feb '17
_—
Paducah Ss Mem Div 4s_1946 F A 7218 ---9012 AO,'12
St Louis Div 1st gold 68_1921 M 5 10014 --_- 10112
Aug'18 ---- 061; ii)12
12d gold 3s1930 1W S 57
574 July'18 ---- 574 5814
Atl Knox & Cin Div 4s-1955 M N 713s --_777 7438
2 74
7418
8018
All Knox & Nor 1st g 5s_19113 J 0 9138 ____
954 July'18 ---- 954 954
'lender Bdge 1st s f g 6(3_1931 M 5 10138 1034 10312
Sept'18 ---- 102 10312
Kentucky Central gold 4s_1987 J J
7712
75 Sept'18__ 73
784
75
Lox & East 1st 50-yr 5s gu 19651 A. 0 9011 93
9012 Sept'18 ---- Si) 96
L & N & M & M 1st g 430 19-1584 S 80%
85 834 Aug'18 1---- 8318 8318
L & N-South M Joint 4s195
51,
52 .I
Q .1.„
/ -6714 Sept'18 ..
.......:: 6714 684
Registered
----- 95
N Fla & S let gu g 5s
1937 F A 894 ____ 95 Aug'18 --- -ig"
-66(4
N & 013dge gen gug 410_1915,J J 8312 ____
Pensac & All 1st gu g 68_1921 F A 100-1 10812 9778 May'16 ---- ____ ____
101.2 July'18 ----' 10112 102.2
S & N Ala cons gu g 5s
1936,F A 9314 100
99 Nor '18 ----• 99
99
Gen cons gu 50-year 53_196:3 A 0 84,
8 ____
Jan '18 ----, 9312 9312
L & Jeff Bdge Co gu g 4s.._1945 M S 6138 ___ 934
60 July'18 ----' (30
60
Manila RR--Sou lines 4s......1936 M N
____ _ _ __
Mex Internet 1st cons g 4s--1977
____ ___
---77 - ___
M S -----m;r7in
__ ____
Stamped guaranteed
1977 M S
75 Nov10
____ ____
Midland Term—lst s f g 53_1925 J D 80 ____ 911
2 Juno'17
Minneapolis & St Louis1st gold
78
1927 J 1
D 101 ____
101 July'18
0
1 Hit
Pacific Ext 1st gold 6s
1921 A 0 ---- 98 103 Oct '16
151 consol gold 5s
1334,84 N 70
72
74
--1 -in; -;
72
/634
1st Ss refunding gold 4s
1919 M S 4412 4578 457g
457
1 41
46
Ref & ext 50-yr 5s Ser A....1962 Q F 42 45
408
70 1i2 S
sF
eep
pit
)
t:11
40
46
Des M & Ft D 1st gu 4s.._1935 J J
Iow
RaetC
un
en
dtira
nll glo
stmgo
4lsd 5s 1938 J D -id- -id38
9
,0
5xt 8
91,112
2
1951 M S ..4_6__ ...7_1...
4612 --An'
e 4534
AM
..,-2 ,,,-2
M St P &SS M con g 48Int gu_1938 J
J '78
81
80
Sept'18
1st Chic Terms f 4e
1941 NI N
92 Jan '171---- ------M 55 M & A 1st g 48 intgu_'26 J 1 88 ____ 854 Ni'
'17
Mississippi Central 1st 58_1949 J J ____ 90
95 Dec'16
Missouri Kansas & Tex w1st gold 4s
1990 J D 61
65 62 Sept'18
2d gold 4s
01990 F A 3113 3412 32 Sept'18
69
28'8 6
35
418
1st ext gold 58
1944 M N ____ 32
32 Sept'18
32
32
1st & refunding 4s
2004 M S 3
30ts
8 _4_()__ 40
2 NAinif.:118
40
45
Trust Co certfs of deD
41
42
Gen sinking fund 4;0_1936 .1- -3 27
30
2612 Sept'18
254 34
St Louis Div 1st ref g 4s__2001 A 0 2718 4
112 4_0.... Nov:16
30
_
_
_
------5% secured notes "ext"_'I6
---- ---Dall & Waco 1st gu g 55.._1940 iCI
-. II' ---- --- -0912 Apr '17
Kan City & Pac 1st g 48....1990 F A ____ 60
58
'18
-gi- -EiMo K & E 1st gu g 5s____1942 A 0 3614 ____ 36 Jan
Apr'18
--- 36
37
M K & Okla 1st guar 58_1942 NI N 59 62
M K & Tot T 1st gu g 58_1912 M S 4938 5212 60 Sept'18 --- 60 60
4912 Aust '18 ---- 49
5634
Sher Sh & So 1st gu g 5s__1942 J D _--5401
...______
Texas & Okla 1st gu g 5s,.1943 84 S _--- 50
Jan
-id- -id Missouri Pacific (reorg Co)
1st & refunding 5s Ser A1965,F A 82
84
8334
8334
2, 79
86
1st & refunding 5s Ser Ba..1923,F A ___. 90 90
90
9 89% 92
1st & refunding 5s Ser C1926!F A 86 8712 854
Sept'18__--8514 90
General 4s
1975 M S 57 Sale 5614
5714 .
Missouri Pee 1st cons g 6s-1920 M N 9812 983
4 98,2 Sept'18 --- 9
58
5'8 5
99312
40-year gold loan 4s
1945 M S ________ _6_0_ 60 July'17
3d 7s extended at 4%
19381 M N
82
Apr
'17
------ -.c
Boo
enn
ty
0S
rtuLp&lsSt lge4
ts5s gu_19511F A -a._ _go
. 100 Feb '13 ---- ----9712 Dec'13 -Pao Rot Mo 1st ext g 4s._1194
35,
F D
8!1
A 79 80
7912 July'18 .....-.-_-- -fil2 -id2d extended gold 5s
1938'J J 85 ____ 10014 Apr '18
_68.(8
St L hr NI dr S gen con g 58_19311A 0
I
931 93
Gen con stamp gu g 53_19311A 0 ---- --80%.
--- 102
0
iiilty:114
7 _—
Unified & ref gold 4s
19291J J '7578 '77
1
75 Sept'18 -- -f2-1-2 -fi3.34
Registered
Riv & 0 Div 1st g 4s
193
33
29
51 N
1 -ti'ir2 -661
2 6814 6812
-15.61-2 -fiVerdi V I Sr W 1st g 5s_ 19211 M 8 86 ____ 78
Sept'15
Mob & Ohio new gold 6s 192711 D 101 102 10112 Sept'18
-_-_---1st ext gold Os
519271Q J 9212 10678 95 May'18 --- 1062f - iiisi51-2
General gold 4s
1938 NI S 61 _--- 6
95
3 Aug
ji liy 417
8 ._-- 65
Montgomery Div 1st g 58_19471F A
654
__ ---- ---St Louis Div 58
-gi;
3 -if- 90 Aug '17
----ER L & Cairo guar g 4s
37
192
111
1 13 734 78
77 Dec '17 ---_-_-- _______
__ _
Nashv Chatt & St L 1st 5s...19281A 0 9312 957
8 9518
9518
5 9518 101-Jasper Branch 1st g . ..192311 J 9912 10312
11014 Mar '17 --- _-_- —_Nat Rye of Mex pr lien6s43i5_19571J J ---- 30
30 May'17 ---- ____ ____
Guaranteed general 4s
19771A 0 ____ 30 ,
35
,78 A
Feutg
,'43
6 ....-_-_-_ ---- ---Nat of Mex prior lien 43is 1926,..1 J
1st consol 4s
IJ
A O
I
21
Aug'18
--- -if- -ifNew Orleans Term 1st 4s
1953
1
63 Aug '18 --- 60
64
N 0 Tex & Mexico 1st 6s
1925 J D -1)138 -171.
92
13 92
9414
Non-cum Income 58 A.......1935 A 0 4818 2i2 92
49
48
5012 14 40
51
New York Central RR—
Cony deb Os
1935 M N 04 Sale 93%
04
153 9112 95
Consol 4s Series A
1998 F A ---- 69 60
69
5
69
75
Ref & Imp 4 SO "A"
2013 A 0 77
7878 78
78
4 77
85
New York Cent & Hud My—
Mortgage 34s
1997 J 1 70 ____ 70 Sept'18
69
7434
Registered
66% 7114
Debenture gold 4s
34
199
75
M N
1 •6
77
558
% -lir 6
77
5138
4S
Aeungt:18
5
7434 8112
Registered g 3m
1
,
99
:38
4M
F N
A _a-34 _6.8.
,
,
02
.. 0
134 D(3(5,11364
Lake Shore coil
1 -1.11 - -611;
Registered
1998 F A _-- 61
61 May'18
61
61
Mich Cent coil gold 33413-1998 F A ___ 60
63.2 Aug'18
6212 08%
Registered
1998 F A __— 6913
---- ---Battle Cr & Slur 1st gu 3(3_1939 J D ---- -- '75 Mar'17
..----- ---Beech Creek 1st gu g 48_1936 J J 81 ____ 9618
Apr '17
---- -Registered
1936 J J
9534 Nov'16
---- ---2d guar gold 58
1936 J J -gFa -tii- 1C14 May'16
---- ---Registered
1936 J .1 ___. ___. _.._.. ----- --Beech Cr Ext 1st g 3;0_51951 A 0
Cart dr Ad 1st gu g 4s
1981 J D '70 -- -id- INT,;;iii
__ __Clouv 6c Oswe 1st gu g 5e.._1942 J D __
Mob & Mal 1st gu g 4s-1991 M $ 7234 76 -iisep-iiii
- - -ffirs
N J June a guar 1st 48...._1986 F A 68 _ —
8912 Feb '16 -----ii------....-N Y & Flariem g 3qs__ —2000 M N 6414
— 80 May'I 7
N Y & Northern Isle 58.1923 A 0 9234 -___ 954 June'18
-15.5.3
;Ws;
No price Friday; latest bid and asked this week. a Due
Jan. 0 Due Feb. o Due June. 11 Due July. n Die
Sept. o Due Oct. s Option sale.




__iii _56';

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4.

1369

New York Bond Record-Continued--Page 3

OCT. 51918.]
i
11
.
...,a

Price
Friday
Oct. 4

Week's
Range or
Last Sale

11

BONDS
N. Y. STOCK EXCFIANGE
Week Ending Oct. 4

Range
Since
Jan. 1

Price
Friday
Oct. 4

Week's
Range or
Last Sale

Range
Since

Jan. 1

High No. Low High
Ask Low
Bid
PCC& St L (Con.)
91
High No. Low High
Ask Low
Bid
1957 M N 8912 92 91 Sept'18 ---- 8878
Series G 4s guar
N Y Cent & H R RR (Con.)- A 0 7012 ---- 7412 Mar'18 ..-- 7218 7412
93
93 Sept'18 __-- 93
93
---A
F
963
49-1993
4149_1
gu
g
_ _ __
Series I cons
N Y dt Pu lst cons gu
marls ___ 100 10012
____
10013
-,
May'15
113
10438
9712
101
0
A
St L & P lat cons g 58-1932
Pine Creek reg guar 68____1932 J 0
4 9514 9814
9512
100 June'17
- 9512
9513 Sale
DPeoria & Pekin Un 1st gs g_1921 Q F
R W &0con 1st ext 59..../11922 A J 6918 ---- 8714 June'18 ---- 6714 6714
87 Mar'I6
61921 M N
2d gold 4148
Rutland 1st con g 4148_ _1941 J J 60 ---- 60 June'18 ---- 60 63
7 7938 8234
80
7938
80
7958
-_1918 J
Pere Marquette 1st Set A 5.1.1958
Og& L Chem 1st gu 48 g
6518 ____ 65 Sept'18 ---- 62.3 66
55 ---- 70 Jan 18 ---- '
J
J
1956
49_1949
g
B
48
gu
1st
Series
1st
Rut-Canada
50
2 44
-----------45
Nov'16
45
101
2
50
;
.
1
---J
I
96
Philippine Ry 1st 30-yr s f 481937
St Lawr & Adir 1st g 58...._19
__ ____
99
1940 A 0 9212 ___ 99 Jan '18 __-- 99
1998 A 0 ---- ----103 Nov'16
Pitts Sh & L E 1st g 5s
20 gold ils
9478
'17
94 Apr '18 -, 92 ___Dec
9714
---9114
J
J
J
J
2
1943
4s....192
5s
g
let consol gold
75
Utica & Blk Riv gu
5 70
81% 52 8034 86
71
1997 J D 70 71 71
1997 S J 811 -69-173 8034
Reading Co gen gold 4s
Lake Shore gold 3As
73 May'18 -- 7212 73
71
1997 J J 7512 8313 8112 June'18 __ 8112 8112
1997 J D 65
8712
Registered
Registered
6 82
8514
--. 8114 86
8514
8113
Sept'18
---83
75
8514
0
S
M
A
1
1928
Jersey Central coil g 48.-195
Debenture gold 48
3 8134 8612
8218
1951 J I 80
1931 M N 8212 8338 82
Atlantic City guar 48 g
25-year gold 4s
63 -gi"
8378 Nov'17 ---- __ _ __
63 Aug'18
.8
8418
817
J
---J
N
M
1931
Isi
4
1st g 8-1947
St Jos & Green
Registered
____ --__ _ _ _ _ _
---- ---- -....
San
&
Fran
Louis
St
(reerg
Ka A & G R 1st gu c 58-1938 J /
---48
59
'15
Dee
1041;
55'5 61
1934 .1 J 90 ____
195055 59 Sale 5734
Prior lien Ser A 4s
___
Mahon CI REt 1st 5s
75
7112 42 88
Sale 71
91 18 -- 103 May'17 __ ____
1950 J J 71
Prior lien Our B 5s
Pitts dr L Erie 2d g . ..a1928 A 0
70
Jan '09 ____ _ ____.
6914 14 60
955 A0 6834 Sale 8812
60_1932 J J 10112 __ 13018 Mar'12 ---____
A
5s6s__h1
Ser
Cum
adjust
Pitts McK & Y 1st gu
54
44
105
5212
4613 Sale 4578
10014 --- 12314
J
J
Oct
1934
/41960
88
88
A
eed
Series
Income
2d guarant
10013 10114
9912 Aug '17
3
Sept'18
---1003
____
101
881/1
S
M
55
1931
St Louis & San Fran gen 68_1931
-92
Michigan Central 58
92
---'18
Apr
91
92
9'712
---98
Sept'18
95
-__
93
1931 Q M
1931 55 90
General gold 5s
Registered
Aug '18 ---- 7412 75
78 May'18
1940 J J 7212 __ 7412 Feb
St L &8 F RR eons g 48 1998 S i
48
14 .. _ _ _ __
_
--- 87
90
May'17
____
---J
80
J
A0
1940
Southw Div 1st g 5.1_1947
__
Registered
---- 9938 10612
S ---- --- 90 June'08 _-- _ __
K C Ft S & M cons g 68-1928 MN 100 10112 993s Sept'18
IL & S 1st gold 310-1951 M N
7 62 69
-__ 7978 July'17
70
1952 M
2
K C Ft S & M Ry ref g 481936 A0 65 Sale 65 Aug65
4 -8011st gold 3148
2 7237812
7812
__-- 8518 8518
Sale
'18
7812
8538
0
___87
A
A0
82
R&B 1st gu 58_1929
'7512
20-year debenture 4s_ _1929
KC&M
8
76
78
6 8378 6812
68
80
7618
66
Sale
A 0
St L S W 1st g 45 bond ctfs_1989 MN 66
_ ._
N Y Chic dg St L 1st g 4s A937
---- 5012 55
1937 A 0 7512 __- 85 Nov'17 ---2d g 48 income bond otfs-P1989 55 ____ 5478 55 Aug '18
65
Registered
81
6
84
6412
2 57
6312
4
643
5914
62
5918
81
N
5918
M
D
1931
1932 S
Consol gold 45
Debenture 4s
8 7113 80
5913
72
72
5. 52
73
5734
4
2381 J J 72
1st termhaal & unifying 58_1952 J J 5734 Sale 573
West Shore 1st 48 guar
1 '70 '7634
70
70
'14
71
Jan
70
9812
J
1
O
J
2361
7
Gray's Pt Ter let gu w 59_194
. _ __ _
Registered
____
'17
8012
Jan
5412
31
10012
5613
100
s
-..
557
Sale
N
56
M
1043 J
_
SA &A Pass 1st gu g 48
. _
N Y C Lines eq tr 58-1918-22 1
100 June'18 -.1100 100
- -- ---- 9818 July'17 __ .7718
J
1919 55
F & N P Ist sk fd g 5s
Equip trust 4%8_1919-1025
88
7112
Sept'18 ___
67
81
____!
July'18
81
67
77
80
A
---F
A0
1950
Seaboard Air Line g 48
NY Connect 1st gu 4148 A-1953
8812 7112
1950 AO 6714 7214 70 Sept'18
Gold 4s stamped
N Y N FI & Hartford5718
5478 14 49
--------56 Sept'17 __
54
S
Sale
5413
M
1947
FA
o1949
•
5s
55
ent
48
Adjustm
Non-cony deben
55 Sept'18 ___.. 55
3 5134 5778
5712
5312 5712
1947 M 5 52 55
1959 A0 58
ng 45
Refundi
62
Non-cony doben 3149
5012
75
--59
Sept'18
73
5812
75
Mar'18
78
954 A 0 _-Atl Birm 30-yr 1st g 48_81933 MS 70
Non-cony deben 3148-11655
8118
77
75
59 Sept'18- 52
J J ___ 59
75 June'18
75
61
i 55
Caro Cent 1st con g 48_1319 J J
55
Non-cony deben 48
4
55
59
JUlle'l7.
_-N
1956 M
Fla Cent & Pen 1st g 51_1918 J J
Non-cony deben 49
5118 60
..
80 Sept'18 .-57
101 Dee '15 --__
V61956 1 J
1st land grant ext g 59_1930 55 "V6Cony debenturb 33,s
90
1 82
8578
4
0
-6212 11578 Sale 8573
9212 9578 9212 Sept'18
1948 J J ___1943
Consol gold 5s
Cony debenture 6s
'17
Oct
--50
9012 9012
----A
8814 10018 9012 June'18 J
5
_
5s_o194
con
1st
&
Ala
Ga
Ry
__
'12
Cons Ry nen-cony 48_1930 F
9113 Jan
95
60
_-__I 94
94
June'18
94
J
8714
J
J
J
1954
1929
48
5s
g
66
gu
Ga Car & No 1st
Non-cony deben
___ 6-15
9l14 June'18
95
J ---- ----60 July'18
Seaboard & Roan 1st 59_1926 J J 87
Non-cony deben 49.-1955 1
____ _..... __
1955 A 0 _-__ ____ ..„.__
Southern Pacific Co..
.
Non-cony deben 4s
11 91
1
96
7
70
114
72
7234
_-.. -___
72
J
O
S
J
956
1949
49_.._..1
Gold 4s (Cent Pao coll)_..k
Non-cony deben
2
90 Feb7'14
;---- 73 Au-g'18 .......
M N 717
k1949 J
_
Registered
Harlem R-Pt Ches 1st 49_1954 F
53 7512 -E19-1;
78
7734
---- --__ 7918 nee 17
Sale
78
A
S
M
5
48-195
g1929
1st
20-year
48
cony
B & N Y Air Line
60 Sept'13 _-_- (10.74
9112 85 8818 95
1 J J 55
1934 ID 9112 Sale 9034
20-year cony 53
Cent New Eng 1st gu 48_196 M S -_ _ --__
.. _..
82
76$8 37 75
FA 7512 Sale 75
Cent Pao 1s1 ref gu g
Hartford St Ity let 48._ _..1930
_
--- 1081; May•I5
Sept'18
87:2
89
N
M
FA
7
58_193
1919
____ __ _
Registered
__
Uousatonic R cons g
Joily'14
88
--87
85
------Sept'18
85
87
t18
N
M
Mort guar gold 3%s_k1929 S D 7012 75
Naugatuck RR 1st 48.......1951
Aug '13 ___
98
7478 Sept'18 ---- 71
A 0 ---- ---- 83
Through St L 1st gu 48_1954 A0 90
N Y Prov & Boston 4.,,1942
-4-.5" -(1(155
..-Sale
'17
Oct
55
100
55
101
.1
J
6
N
•
4148194
_
_
___ _ _. ____ _
GH&SAM&Plst 55..1931
NYW'ehes&B lstserI
- -9634 -OV43 4
9634 Jan '18
A 0 - _.... --__ ____
1931 J J ---- 97
20 exten 59 guar
Boston Terminal 1st 45-1939 J
95 L0014 .1sT,
J 81
1945
011a V G & N Ist gu g 58_1924 MN 8418 96
New England cons 5s
-t'17 _- __
79 Sep
2
---1;g1July'18
8518
J 88 ___
J
1915
MN
T 1st g 58_1933
HMIS E &
-_: -Consol 48
-M N ---- 447 57 Apr '16 -1933 MN 85 92 100 Oct '16
1st guar 58 red
Providence Seeur deb 49_1957 J
Aug '17 ............
.... __ 99711 Duo '13 __ ___ ::::
9214
10312
104
J
i
S
58_1922
1st
1937
gu
let
eld
5s
g
1st
T
C
11 &
Prey & Springfi
'14 __
WI;
92 May'IR
M S ---- ...... 8813 Feb ___
Gen gold 4s Int guar_1921 AO 8914 9218 109l Novlb
.__ __
Providence Term let 49_1958 J
-„
J
Waco & N W div 1st g 6s'30• N
2
W & Con East 1st 4%9_1943
-t118 ---- 831; 881;Sep
631
Dee '16
10113
6514
93
6312
S
--_J
M
J
....g1992
1941
_
g
53
4s..
__
gu
&
N
g
1st
W
A
N Y 0& W ref let
9212 June'12 . _ . __ _
7
,;18
Apt
0014 Oc
-4. 100
04
98111 1
-1921 J J ,
- __g1992 M S ---- ._. 60
Louisiana West 1st 88
Registered 35,900 only
Apr '18 ..-- 8(11
85
1955 J D 50
Morgan's La & T 1st 68 1920 J J
General 4s
3 60
4
8514
85,
6518
Sale
17
4
3
'
Oct
85
A
F
A0
1981
1948
59
A
No of Cal guar g 5s
Norfolk Sou let & ref
8412
9614 Feb '18 ---- 9338 9812
1941 M N 8234 __ 811* June'18 ---- 8112 108
1927 J J 9013
Ore & Cal 1st guar g 5s
Nod & Sou 1st gold 5s
98 10712 Sept'18
1931 M A 10512 106 108 Sept'18 --- 10514
So Pao of Cal-Gu g 5s_ _1937 MN 9112 _-__
Norf & West gen gold 88
Nov'16
122
-_
_
9312 Aug '17
10512
A
90'8
F
J
4
J
88_193
So Pao Coast 1st go 4s g 1937
Improvement & ext g
2 105 105
105
17 '7114 8112
72
7112
A 0 10214 106 105
San Fran Terml 1st 48._ _1950 AO 7112 Sale 94 No016
New River 1st gold 68._ 1932 A 0 '7918 Bale 79
. .
7918 10 79 85
85
J
8
J
48_199
1913
g
5s
cons
gold
_
Tex & N 0
N & W Ry 1st
9313 nee '16 ..- __ _ _
7612 62 7538 825$
7613 Sale 7534
1998 A 0
1955 J
:hi-is
Ist ref 43
So
RR
Pat.
Registered
-__
71
Sept'18
9314
8878
7612
92
J 73 ____
J 8812 Sale 8712 . 8334
Southern-ist cons g 58.-1994 J J
Div'l 1st Hen & gen g 49.1944 J D ...... .... 12378 May'17 .-. ____ __ _
10014 Aug '18 --; .
1932 J
1991 J
Registered
10-25 year cony 48
64
59
65,
May'17
11714
6278
62
Sale
..
8
_
827
S
1932 M
1958 AO
Develop & gen 49 Ser A
10-20-year cony 4s
1041* Sept'18 -- 10312 10512
6812
8512 Aug '18 ---; 65
65
11414
Mob & Ohio call tr g 48...._1938 MS 63
10-25-year cony 449_1938 M S 7612 73
92
7812 Sept'18 --- 7812 8513
8414 ____ 92 July'18 ---I 87
Mom DIY 1st g 4%s-5s1096 J J 65
____
Pocah C & C joint 49_1941 J D
___
6418 6912
Sept'16
103
8412 Aug'18
8
____
887
J 9534
J J
1951
4s.....
div
St
Louts
g
1st
CC & 'I' 1st guar gold 59.1922 1
8778 8778
877s Mar'18
7712 Aug '18 --- 7712 Ms
77
72
N
J
M
3
9
58_194
4s-198
A
g
Ala at Sou 1st Cons
Solo V & N E 1st gu
8213 8212
79 ____ 8212 Sept'18
AU & Charl A L 1st A 4101944 S i
Northern Pacific prior lien
8038 29 79
8414
95
1 91
92
Q J 8014 Sale 7934
1944 J
1st 30-year 5s Set B
4 7834 80
railway & land grant g 48_1997
79
1 70
70
7014
9702
4
1
.
79 Sale 79
.
_2
_9
-J
70
-i
Q
S
1997
1948
ALI & Danv 1st g 4s
Registered
3
563
8113
8
5918
7
58
eb
Mar,r
p
12
Sale
,
7r
81
80
591s
a2047 Q F
1918 J J ---2d 48
General lien gold 38
8114 June'17
F 50 59
Q
AO
a2047
3
48_194
tear
&
ed
Yad
All
1st
it
Register
-- 83 8538
.1; 96 Mar'18
-64
2047J J -- 8218 83 July'18
ET Va & Ga Div g 58_1930 J J "iii; 9178 921s Sept'18
Ref & imp 4148 ser A
75
9114 9712
8 J D 7312 8112 74. Aug '18.... 74 8 103
11)56 M M
Cons 181 gold 53
St Paul-Duluth Div g 48_1993
86
86
102 10118 July'18 -- 1003
101
86 Aug '18
A
88
8312
F
MS
68_192
38
gold
5s___19
E Tenn reorg lien N
St P & N P gen
.._ ____ ____
83
51
Sept'17
4
1033
104
10038
A
45
Q
AO
1923
1916
Oa Midland 1st 3s
Registered certificates
F F 93l2 __ 107 Oet '16 ....... ____
J J 991 103 100 Sept'18 -_- 100 10012
1931
5s
1922
let
(Is
g
1st
ity
Duluth
Pao
Ga
&
Paul
St
114
,..
8878 Mar'17 ..
9814 10
.
8
,,5 1416814 Sept416
100
1068 J D 8714 __
Knoxv A Ohio 1st g 68-1925 J J
1st consol gold 4s
3812 Thq,.16 _ _-Q M 59 83
Mob & Bir prior lien g 58_1945 S i
Wash Cent 1st gold 49_ _1948
05
- -- 63
21 68 J.t.
J 10538 10812 10834 July'18 --- i(itil; 1083;
_
J
J
3
J
69...193
1945
g
1st
Co
4s
e
gold
Mortgag
75
Nor Pao Term
71
95
1 70
Sale 71
93 Jan'1- _--- 95
8 102
1 J J 71
Rich & Dan deb 59 stmpd_1927 A0 -g91Dregon-Wash 1st & ref 48._198
95
71 Sopt'12
46 J D ____ 8378 8412 May'18 -.-- 82
Rich & Meek 1st g11 40-19
"MN 98
Pacific Coast Co 1st g 58._1955 J J 65 100 10018 Feb '17
967s 9812
'18'
Aug
931/1
99
MN
4%9_19
f
1919
8
3
So Car & Ga 1st g 51
-1 -931Paducah A Ills 1st
3 M N 95 ---- 9312 July'18 ---- -93:.
93 _ _ _ 10212 June'll
Virginia Mid Ser D 4-58_1921 M S
Pennsylvania Rit 1st g 48_192
93
1919 M S 99 ___ 100 Aug '18 -- 109 100
1926 M S 92 ---- 93 Apr '18 ____ 93
Series E 5s
Consol gold 59
. 10413 Dor •18
_,.,...
---M
9711
91
Q
1919
S
61
1926
es F 51
Series
Registered
88
R8
July'18
t05
98
.
____
_
_
83
944
N
94
July'18
M
102
1943
-5s
Consol gold 49
90
83
8138 8138
1948 M N 8312 ____ 83 Sept'18
J 8214 _ _ _ _ 8138 Sept'18
1 N
6 .M
1)3
93
10
Ye & So'w'n 1st gu 58_2
Consul gold 43
4 9278 99
9434
6714 Sept'18'---- 6714 7212
32
1960 F A 9418 9518 937a
let cons 50-year 59...1958 A 0 81
Coasol 414s
8012 39 8578 92
D 8812 Sale 8578
17
J
937a
Mar
1985
_
1924 F A
W 0& W 1st cy git 4s
General 4149
9514 Mae'7
_1942 M B 82 8434 8913 Nov'17 Spokane Internat let g 5s 1955 J J 8318
Alleg Val gen guar g 4s_
--- -- .
-lig;
86 July'18
g-_I938 F A 8138 ____ 8412 Sep '16 ..:-..- St L 1st g 41.48.1992 A 0
of
Assn
Term
D R RR & B•ge Ist gu 4s
---95
92
Aug
..95
'17
____
8238
N
3M
8 95
4 F A 82,
1894-194
59
gold
cons
1st
Phila Bait & W 1st g 48_194
-8214
18 -_ 61
____ 102 Jan '93 --_F" t:1
Sept'18
5
1
J
9
6
J
69
66
53_1924
--g
let
---Sou
'
48
f
&
Gen refund A g
Sodus Bay
9512 .7(.09.17
J .1 7914
S
A 0
3S
30
195
St L M Bridge Ter gu g 58.1
Sunbury & Lewis 1st g 48_1939
5 7934 Ws
8013
8013
4 M S 86 _:-92 - De-o-'17 :::- ---- -U N J RR & Can gen 48_194
Texas & Pao 1st gold 58_2000 1 a13
- ---- -4818
41 Sept'18 ___ 41
45
41
l
M
J
(72000
5s
20 gold income
Pennsylvania Co9818 9838
$18
86
stS
--__
8
97
Sept'18
973
J
May'18
J
1921
93
_-_La Div II L Ist g 5s
Guar 1st gold 414s
__
9713 July'189534 9712
10612 "..v'04
1921 J 1 95 __
A
F
1
30
3
9
581
W
W
&N
istgil
Min
Registered
W
_
.17
93
93 Apr '18 __90
.. _ 87 vet,
76
S
M
-6612
A_1937
reg
trust
Tol & Ohio Cent 1st ;pi as--1935 7 .1
Guar 3%3 coil
11
F A 7313 7512 78 July'18 _::: -'16- -fr
98 iOO JFaent, :
1935A 0
Western Div let g 53
Guar 3%a coil trust ser 13_1941
7512 81,4 July'17
---- ---2 J 0 74
1935 1 13 7318 80
General gold fis
Guar 348 trust otts 0-194 4 J 0 7438 79
3734 Dec .16
-6712
Sept'18.
70
88
1
0
69
D._194
A
j
7
20
99
19
Kan & NI 1st gu g 48
Guar 3148 trust Otis
8 -;4-8218 July'18 .___ -7•1,1 A 0 8218 88
20 20-year 58
Guar 15-25-year gold 48_193
81
84 June'18 . 84
52 Aug *17 ---7818 _
N
50
M
E.1952
5
19173
Set
48
otts
Tol P & W Ist gold
40-year guar 4s
671 2 80
-17 I
---_- 88 Oct '17
J
2 17E1;18
14
:
97
7
80
1942 MN 80 8734
Tel St LA W pr lien g 314s1925 J J 76
Cin Leb & Nor gu 4s g
53
4914 49 Sopt'18 ____ 45
1950 A 0 49
M N 85 -- 9814 May'17
50-year gold 48
Cl & Mar 1st gu g 4149-1935 1
. -_
93 __ 9834 May'18 __:: -156t-i -gag
183
3
,,1
A
M
J
32
A
A.1942
F
set
1917
Coll trust 4s g Ser A
CI & I' gen gu 4145
'it,
104
-Dec
-8912
-_
0
22
A
1942
__
.. -.deposit......
Trust co etre of deposit
Series B
tur 17
0 g012 ........ 9614 Feb '12
87
Int reduced to 3148_1942 A N 8013 - _ 991/1 Oct '12 :::- ---- -Tor Ham & Buff 1st g 48..h1916 ..Tot
- 88 88
85 88 Sept'18
1948 M
1st cons g 58_1928 J D
&
Del
Series C 310
--___'17
8812
Feb
.
......
8013
'A Sept'17,__
70
1950 F A
A 0 _ _
1952
4s
g
g
-refundin
let
---Series I) 314s
_
89
31 84
-_. 88 Alr '17
8613
7238
J
85
Sale
J
8614
1
13_1940
J
1947
g
45.
Union Pacific 1st g
Erie & Pitts gu 3145
----83 86
9114
.._
Jilly•12
'181_
Aug
J
83
8512
7234
80
J
19403
1947 J
"F•if" ii''
Series C
Registered
9
8034
15 ,
15
7
234 8
4121 2
89
7
77%
Bale 83
J J 8114 ___ 81 Aug .18 _
1
84
J
438_194
J
1927
Rug
1st
ex
4s
I
cony
&
R
20
-year
Or
78
78
1 78
Sale
1943 M S 78 -__ 78
2098 M 8
refunding 48
&
Ohio Connect let gu 48
1st
10312
101-1*
03
188
10
May
__
10313'
9358
N
0218
M
3a
791310312 Sale
Temp seourel 83 July...g1928
Pitts Y & Ash let coos 59_1927 J J 8218 ....-- 9834 Apr '17 ..
6 7838 8213
--- ---- -7878I
79 78711
Ore RR & Nav con g 48_1948Tii 7838 101 10012
Tol W V & 0 gu 410 A 1931
1 10038 104
10012;
19331 J 8218 __ 92 Dee '17 .-- ---- -6s__ 1922 F A 103
g
1st
Line
Short
Series B 414s
Ore
9418 9712
--_:._
9538 July'181
881s Sept'17 _-_-1 92 98
1942 M S 7712
,1 0
1946 5
1st consol g Se
Series C Is
41 807,3 8512
2 -931;
-90181141
9313
9378
-::
_-_Sept'18
8
*92
807
Bale
0
A
81
A-1940
1929
Guar refund 4s
PC C & St 1. gu 414s
-___
9312
'17,--__
nee
9112
9112
9113
.
98
____
June'18
0
1942 A
Series 11 guar
Utah & Nor gold 5s___1928 J J 9012 93
89
-_
_
99 June'17
99
89 Feb •181_-__ 89
1942 M N
1933 .1 J 801s 39
let extended 49
Series C guar
80
80
91
_-__
-83
'IS
Jan
-RO
Sept'18
8
903
4
9212
3
90
___N
A
M
F
1945
Set A___1955
4s
g
cons
Series D 44 guar
Vandalla
80111
8018
I
i_
87
..
9012
Jun0'18
9013
8018
Sept'18
A 8912 9038
Series 1.; 3149 guar gold_1949 F D
Consols 48 Series 13
91
35 Sept'17
8918 ---- 91 Sept'18 ...... 91
J
M N
7 .I
954
193
Series y guar 48 gold. 1953 J
Vera Crus & P 1st gu 4148_1
Dee. a Option sal 0
1u4. o Due Oat. p Due Nov. 5 Due
e Due Jut. 0 Due Feb. g Due June. A 013 111Y. k 0143
•No pries Friday: latest bid and asked




66-

if
""

i.04 .
i.00..

66

-9114 9313 10238

con

8934

98901 :

1370
BONDS
N.Y.STOCK EXCHANGE
Week ending Oct. 4.

New York Bond Record-Concluded-Page 4
Price
Friday
Oct. 4

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 4.

[VOL. 107.
Friday
Pr ca'y
Oct. 4

Week's
Range or
Last Sale

JRSaaitce
n.
i gn

Bid
Ask L no
Hug'. No. Low High
Miscellaneous
Virginian 1st 58 series A____1962 M N
Rid
Ask Low
8612 88
High No. Low High
854
8612
5 844 93
Adams Ex coil tr g 4s
Wabash let gold 5s
1918 M 5 60 Sale 60
1939 M N
91
Salo 91
60
91
7 60
9 90
6034
958
Alaska Gold M deb Os A__ 19251W S 25.8 30
2d gold 58
1939 F A 80 Sale 80
23
25
8 18
80
14
5
30
80
Cony deb 68 series 13
864
Debenture series B
1926 M 5 23
1939 J J
25
25
90 Aug '18 --- 90 90
25
3 18
28
Am
SS
of
W
Va
let lien equips Id g 5s
1st
55.
1920 M N ---- ---19211W El 9618 98
98
Sept'18
--96
1004
Armour
& Co let real est 454e '39 .1
1st lien 50-yr g term 40-1954 J J
827 -923i ---8-3-- --513 -iii96 --_- 65 Sept'18 ____ 65 65
2 W.
,'
Booth Fisheries deb s f Os___ 1926 A D 82
Del & Ch Ext 1st g 58-1941 J J
0 ---8712 102 9913 Sept'17 -- ---- ---_ 90 ..... '18 --- 90
90
Braden Cop M coil tr s f Os_ 1931 F A 90 ---Des Moines Div let g 48 1939 J J ---- 77 80
94
9212 Sept'18 ......_ 8978 93
Aug
'12
--Bush Terminal 1st 4s
Om Div 1st g30.
1952
A
1941 A 0
0
79
___
83
70
Sept'18
75
Apr '17
-- 79
83
Consol 5s
Tol & Ch Div 1st g 48-1941 M S ---- 80
1955 1 J 77
80
8034 Sept'181--- 754 8413
Jan '17 ____ ___ ____
Bldgs 53 guar taxes
Wash Terml 1st gu 350.-1945 F A 6518 80 8414
1960 A 0 79
82 81 Sept'18 ---- 74
76 Dec '17 --81
Chic C & Conn Rye 8 1 5s
1st 40-yr guar 46;
1927 A 0 ---- ---1945 F A 84 --. - 82 Aug'18 --- -99.- -gi_
58
M. I-' -- 58
58
Chia UnStat'n 1st gu 4%0 A 1963 J J 83
West Maryland let g 4s
1952 A 0 574 Sale 5718
85
85
85
68.4 24 57'8 82
2 88
90
Chile Copper 10-yr cony is. 1923 IN N 1094 Sale
West N Y & Pa let g 5s
1937 J J 93 100 99 Jan '18 _- 90
109% 62 10238 10918
09
Recta(9 trt paid) cony Os ser A A 0 79 Sale 107
Gen gold 48
1943 A 0 60 8538 60 Aug'18---- 60 70
7712
80
137 73
8034
Coll tr & cony On ear A__ 1932 A 0 80
Income 56
p1943 Nov _-- 45
80
20 77
9012
Computing-Tab-am s f 65__1941 J .1 79 Sale 79
Western Pee let ser A 5.1-1946 M S 81 Sale 36 Oct •17 ---- ---- ---83
8038 Sept'18 -... 7812 83
80
82
22 7914 84
Granby Cons MS SE P con Os A '28 M N 94 ____
Wheeling & L E let g 5s____1926 A 0 834 98 1003
94 Sept'18 -_ 91
9$
Stamped
Wheel Div 1st gold 5s....._1928 J J ....._ 9934 100 4 Apr '17 ..... ._ _ _ -1928 : . 94
984 97 Sept18 -__ 91
Feb •17 .-__
97
Great Falls Pow lets f 5s._ 1910 :
Eaten dr Impt gold 5s___1930 F A .-....
85 90
93 Sept'18 -- 9012 94
9834 995 Mar'17 ---Int Nieman Marines 1 68
Refunding 450 series A__1966 M S 60 62
100 Sale 9718
1941 A
60 Sept'18 _-__ -El" -6610034 1261 90 1023s
Montana Power 1st 5s A
RR 1st consol 4s
1943 J
1949 M S 6012 Sale 6013
8513 Sale 8512
0912
1 5512 6912
874 11 8512 92
Morris & Co 1st s 1 450.... 1939 .1 J 75
Winston-Salem S 13 1st 411_1960 J .3
6712 82 674 Aug '18
791 75 Sept'18 -_ '75
67.4 6714
'75
Mtge
Bond
Wis Cent 50-yr 1st gen 4s___1949 J .1
(N
Y)
45 ser 2__ 1966 A 0 -------72% ____ 7134 Sept'18
83
Ap•
14 __-- ____ -......
6914
73
10-20-yr 58 series 3
Sup & Dul div & term 1st 413'36 M N 694
---- ---- 94 June'16
73
72
76 N4ay'18
7714
N Y Dock 50-yr 1st g 4s
19
113
5
66
2
1
A
j
F
69 67 Sept'18, .
65
07
Niagara Falls Power 1st 5s 1932 -I
Street Railway
J J ---- 92
91 Sept'18' .
91
Ref & gen 6.s
9813
Brooklyn Rapid Tree g 5s-1945 A 0 8134
a 1932 A
98 10013 105.3 Oct '16 --_ _8212 8312 Sept'18 ____ 7978 8334
Niag Lock SE 0 Pow 1st 5s__ 1954 M 0
lst refund cony gold 48-2002 J J ___
N
83
9314 8912 Oct '17 _-69
65 Sept'18
65
69
Nor States Power 25-yr 58 A 1941 A 0 83
0-year secured notes 5s___1918 J .2 0538434 85 Sept'181.
4 977s 96 Sept 18 ---- 9214 9812
.
i5 :
____
i8.
:
Ili
:
:i8
faI.I
I
I
Ontario Power N F let 53_ 1943 F A 8614 -___
Ct2.13-yr sec 7%notes op A1921 J J -----__
868
Aug '18 - 96
8018
2
97
Ontario Transmission 53._ 19151W
Ct1s 3-yr sec 7%no,es op 111921 .1 .1 -_- -__ 9614
84 Jut.. .
9612 July'18 __..- 9612 9612
Pub Seri, Corp NJ gen 58_1959 A N ---- 95
3-yr 7% secured notes-h1921
0 764 77
9514
76's
9434
9538 120 9434 90
77
,
Tennessee Cop 1st cony Os.
Bk Cty let cons 48_1016-1941 .1- --J. ---- Sale
9518 95 Sept'18 --- 8834 95_4
92 94 Oct '17 .
Wash Water Power 1st 53_1939 .1M N 95
Bk Q Co & S con gu g 58-1941 IN N ---- 90
J 9034 ____ 9034 Aug '18 ---- 987 rin
80
May
12
._.
-----W
ilson
&
Bklyn Q Co & 8 1st 58-1941 J .3 .. _ - 90
Co 1st 25-yr et 65-1941 A 0 91
Sale 91
101 May 14 ____ ---- ---9114
38 9 8 63
Bklyn Un El 1st g 4-53-1950 F A '19
80
8218 Sept'18 .--- -f9- -9i12
Manufacturing 21. Industrial
Stamped guar 4-58
1950 F A 81
Sale 80
81
I
4 7812 8512
Am Ag Chem let c 53
Kings County E 1st g 43..1949 F A ---1928
A
0
9418
Sale
94'8
95
7013 66 Mgy.I'
9 9212 10012
66 60
Cony deben 5s
Stamped guar 48
1924 F A 9878 Sale 9812
1949 F A 5612 7234 78
99
21
9014 100
_
__
Am
Cot
011
Nassau Elec guar gold 48_1951 1 J 61
debenture 59_1931 IN N 82 Sale 82
63 63 July
1 55 - -fig82
3 80
63 '1718
83
Am Hide & I. 1st s f g es__ _1919
Chicago Rye 1st 58
1927 F A 80% 81
10013 100
10014
8012
9 9814 101
801
8 8013 8612
Am Eirn & R let 30-yr 5s ser A d'47 MI 8 100
Conn Ry & L let & ref g 4501951 J J 86
864 Salei 8638
83
6
8
6
8512
6
341
Sept'18
3
0
6
---8512
8
0
4
8512
9
7
8
18
0
9
1114
3
Am
Thread 1st coll tr 4s____1919 T "3 ____ 99381
St mped guar 4 518
1951 J J
9914 Sept'18 ---- 9678 99%
8534 Sept'18-- 85 . 8534
Am Tobacco
Del United let cons g 450-1932 J J 727
aco 40-year g 68-1944 A 0
8 -6-1:1a 117
11713
e 71
11713 10 117 11712
73
131 68 77
Gold 4a
Ft Smith Lt & Tr 1st g 55_1936 IN S __. .
1951 F A 7114 -774 7114 Sept'18 ---- 71
__I 84 Jan '14 - __
Am Writ Paper let s f 5.1
__
7412
Hud SE Manhat 58 ser A____1957 F A 5912
191d J J 8614 8613 80%
Sale 59
8012
5912 09 4873 79 87
8 6214
13aldw Loco Works let 53_1940 IN
Adjust income 58
N 99
Sale 99
2018 Sale 1838
208 53 1434 25
Cent
Foundry
NY & Jersey 1st 5s
let s f Os..._1931
19571932 F . ..
A 744 82
31 90 July 18
84 Aug '18 ---- 80 844
90 90
Cent Leather 211 year g 58_1925 F
Interboro-Metrop coll 4548_1956 A 0 55
A 0 9414 Sale 932
9414 29 93 9714
Sale 5012
55
148 48
5712
Consol TobaCco g 48
Interboro Rap Tran let 58__1966 J J
1951 F A 65
8012 81 Mar'18 ----.I... _ --804
Sale
7812
80'8
87
773
8
85
Corn
Prod
Ref s I g 58
Manhat Ry(N Y)cons g 413_1990 A 0 73
1931 M N 9958 _-__ 9
,
7412 7312 Sept'18
9132
8 Sept'18
2 --1
-0
-' 95
714 993
15
8
7312 8012
1st
25
-year
Stamped tax-exempt
s
f
5s
1934
M
1990 A 0
N 99% 76 Sept'18
745 82
Distil Sec Cor cony let g 53_1927 A 0
Manila Elec Ry dr Lt 8 f 58.._19531 611 S '7518 '76
ii3-3 87
---- ___- 80 July'18
8718
7 75
88
80
80
E I du Pont Powder 450__ _1936 J D 85
Metropolitan Street ay---104
997
MIO
'
17 -.
General Baking 1st 255 r 6s-1936
h;Bway & 7th Av let c g 58-1943IJ D 70 77 7878 Aug
-_,.- - 75 Me.
'18
7614 85
'
18 ---- 75 '°
Gen Electric deb g 350____1942 J D -------Col & 9th Ay 1st gu g 58-1993 M S .._ _ _
F A 6614 72
73 July'18 --__ 71
85 05 hitty'17
74
---- --Debenture Se
Lex Ay & P F 1st gu g 5s__1993 M 13 ____
1952
M
S
96
9738 98
75 80 Sept')/
2 9434 100
---- ---Ingersoll-Rand 1st 5.9
Met W S El (Chic) 1st g 48..1938 F A
1935 J J 80
_
100 0019
---- 30 Mar'14
'
613
Int AgrIcul Corp 1st 20-yr 5.1 1932
---- -Maw Elect Ry & Lt cons g 58 1926 F A
MI N 7514 -Sale 7518
.92 ___ 10013 June'17
7514
9 68.3 7513
Int Paper CoRefunding SE exten 4 50_1931 J .1
---- 8112 July'18 ____ -9I-1i -iiii1
Consol cony s f g 58
Minneap St let cons g 5s___1919 J .1 *8112
2
1935 5 J 9313 Sale 9313
____
9834
Aug
'17
934
-__
1 931g 99
-Liggett
Montreal Tram 1st & ref 58_1941 J J ____
& Myers Tobac 78..1944 A 0 10778 109 11084
75
9713
109
Julj,'17
10 10734 117
_. ____ ---68
New Onl Ry & Lt gen 4518..1935 J J ____
1951
F
A
80 Sale 86
74 Aug '17 _____ --__ --__
8618
5 86
95
Lorillard Co (P) 7s
NY NIunIcip Ry lat 8 f 58 A 1966'5 J 8712 78
1944 A 0 109 Sale 10813 109
94
99 May'17
11 107 115
58
NY Rye 1st It E & ref 48___1942 J .1 47
F 0
A 84 85 834
Sale 47
8313
48
1 8312 93
-1. -ifi- -gi- Mexican Petrol Ltd con Os A 1199251 5
30-year soil Inc 58
a1942 A 0 21.3 Sale 19
122 ' 23 10534 122
2112 28 1734 24
1st lien & ref 6s series C__1921 A 0 .... 125 116
NY State Rye 1st cons 434s.1982 M N 60
115
117
120
81 10
(.1, 1r1)
70
Nat barn & Stpg 1st 5s____1929 J D ____ ___
Portland Ity let & ref 58____1930 M N 7113 03 63 Sept'18 ___ 63
97
98 34..'18 __.
09 884 :s o,'16 ---Nat Starch 20-yr deb 5s____1930 J
Portld Ry Lt & P 1st ref 58_1942 F A
J 9318 ___
_--- '72
94 Aug '18 -. 0114 9214.
67 Aug '181- -6iii -6iNational Tube 1st 5s
K Portland Gen Elec 1st 58_1935 J
1952 M N 9718 977J
8 97 Sept'18 --__ 93 0718
904 P..b I:
__ ____ -_ -N Y Air Brake 1st cony 68_192
St Jos Ry L H & P 1st g 53_1937 M
10 N ---- 9714 9714 Sept'18 -__I 9714 100
*--- -- 95 Jtily'17
_ ---_ ---Pierce 0.1 5-vcar cony 8s_11928
St Paul City Cab cons g 5s_-1937 J N
0 _____
9918 101
J ........1O718 Mar 12 _
9712 Sept'18 --_- 9534 9858
10-year
cony deb Os. ___h1924 _
Third Ave let ref 4s
1960.3 J -5
83 Sale 83
-6
-18 g;le 56'8
8414 149 83
56.8
85
1 -E12 -Esi- Railway St Spring
Adj Income 58
let s f 58_1931 A -0
- ___- .._-- 1047s Sept'18 ----I 9618 1041
a1960 A 0 3334 Sale 3014
34
33 2712 3812
s
Sinclair
Third Ave Ry 1st g fre
Oil
&
Refining
1937 J J 84 104
90
Aug'18
-..
9018
95
1st s 1 75 1920 warrants attach .. -Tri-City Ry & Lt 1st s f 5s 1923.A 0
96
97
91
953
92
4
9618 14 80
91 Sept'18 -. 91
9712
90
do without warrants attach _ __
Undergr of London 4548_1933 J J
70 .. _ . 70 Mar'18 ---- 71
9212 371 8412 9413
80
Standard Milling let 5s_ ___1930 M N 9218 Sale 92
Income Os
1948- 55 ____ 511 Aug'18 --- 56
9012 98
98 June'18 .....1 88
The Texas Co cony deb 68_ _1931 J
9314
60
United Rye Inv 58 Pitts iss_ _1926 M N 55
J 9912 Salo, 09
90
39 9012 10158
59 Aug '18 ---- 58 60
Union Bag SE Paper let 53_1930 J J
United Rye St L let g 4s___1934 J .1 ____ 69
85
86781 8234 Aug '17 ...50
51 July'18 --- 504 • 554
Stamped
St Louis Transit go 69_1924 A 0
.
J
1
.
13_7_
.
9
0
4
__
1
une'17
83
57
50
.1
Aug
'18 ..-- -ii.3-- -83
Union 011 Co of Cal let 5s...119319 .1.1
United R11.3 San Fr a 1 4s___1927 A 0
-2218 29
25 May'I s -- - - "ir -99U- S Realty & I cony deb g Se 1924 J J
-- Va Ry SE Pow 1st & ref 58-1934 J
54
J 77
Sale 54
80 77 Sept'18
77
8018
U S Rubber 10-yr col tr 68_1918 J D 100
10018
100
10
50
44 14
56
1
5 10
1 10
40
1st & ref 5s series A
Gas and Electric Light
1947 J J 80 Sale 7934
80
113 76
81
US Smelt Ref & M cony 61_1928 F A
Atlanta 0 L Co let g 5s___1947 J D 9314
95 Sale 94
95
13 9218 98
V-Car Chem 1st 15-yr 58-19
Bkiyn Un Gas let cons g 58_1945 M N 88 ____ 103 Sept'15 23
J
D
0414 Sale 9414
87
87 1
9414
1 -96- - -9932 00 9714
Cony deb es
4
Buffalo City Gas 1st g 58_1947 A 0 __ 91
61924 A 0 9612 9734 9012 Sept'18 ----1.
9414 9834
West Electric let 5s Dec____19221J
Cincin Gas & Elec Ist&ref 58 1956 A 0 85 __ 54 June'13 ..
J 95 9518 9478
9113 90 Imo'18 .
95%
01' 947s 98
-991-116-52
8
Columbia G & E let 53
1927.3 J 7 1 80 _ 7912 Sept'181---- 75
80
Coal, Iron & Steel
Columbus Gas let gold 53_1932 J S...
Both Steel let ext s 1 58
Consol Gas cony deb es........1920 Q F12 ...97 Felt '151192815 J 92 Sale 92
1-2 in-le 9912 103
04
111 02
263 -Iii- iiii99
1st & ref 5s guar A
Cons Gas EL&P of Balt 5-yr 58'21
1942 111 N 904 Sale 90
'e _. 9113 9213
0012
0 86
20-yr p m & Imp a f 53
931s
Detroit City Gas gold 5s_ __1923
1936 J J 8078 Sale 80%
81;8 22 7818 8312
9334 9512
Butt SE &1St] Iron 8 f 53
S
Edison 1st con tr 53_1933 r
1932
J
D
Ma,'18 ..._ 90 00
95
:8:5:: .99:312.3.
0 Sept'18- -Detroi - 8978 98
Debenture 6s
let Oz ref 6s ser A
a1926 M S
51910 M S ____ 9113 9112 Ap. '18
10899714 t
9212
I i
4 -. 85
,Y:118
Cahaba C M Co 1st gll 0.5-192
MI 0 L N Y 1st cons g 53..193 10
8614
2J D
13 ___- -.... 94 Fel- '18
04
Col
F
94
&
Gas & Elec Berg Co c g 5s__1942
I
Co
gene
f
5s
1943
F
A
8412
9J D
9313 8312 July'18 ---100 Yet '13
..... -AI- -iitiCol Indus 1st SE coil 58 gu 1934 F A
---- ---Havana Elec consol g &T....1952 F A
733
8
747
$
.
5
8
9218
-11
733
.
6
;
3
8
Sept'18
No,
'17
___
73
76
Cons Coal of Md Istaref 53_1950 J D
---- ---Hudson Co Gas 1st g 5s____1949 IN N ____
85 90
95
87 Aug'18 __ 83 90
9618 Dm '17
Elk Horn Coal cony 6s
---- ---Kan City(Mo) Gas 1st g 58_1922 A 0
1925.7 D 95 ____ 95
854 __ 9078 Det '16
Aug '18 ---- 95
Gr itly Coal & C 1st g 6s__h1919 A 0
---- ---Kings Co El L SE P g 5s__1937 A 0 8613 ____
95
94 Fen I..
90
De.
'17
Ill
94 94
Steel deb 450
t,. Purchase money 6s
1910
A
0
1997 A 0 96 100
"ii
-Fizai,
82
67- -6618212 --ii 81
4
97 Aug'18
Indiana Steel 1st 53
8512
Convertible deb 63
1952
M
N 92 Sale _9_2._
1925 511
*
100 110 Juce'
92%
.
8,
92
Jeff & Clear C & I 2d 58
97
Ed El III Bkn let con g 4e.19395 S
_19211 J D 9513
J 7313 77
1 73
7314
7314
7314
Lackaw Steel let g 53
Lao Gas L 01St L 1st g 5s....61919 Q F
1923
A
0
94
05
98 Sale 98
95
95
9
0
10 9434 -99193
2
6 9714 9812
1st cons 58 series A
Ref and ext 1st g 5s
1950 111 S
1934 A
8978 8978
5 88
8378 9438
Midvale Steel &0cony et 5319363 S 8914
964
Milwaukee Gas L 1st U....1927 51 0 8912 9014 89 Aug'18
8512 8612 86
N
8613 11 8012 92
8512 June 18
8618
Pleasant Val Coal lets 1 5s.192354
85
Newark Con Gas g 58
1948 J D ---- ---- 10413 Apr'17
.1
763s --- ,.
1
Pocah Con Collier 1st s f 53.19571./
NYGELH&Pg 63___.19485 D 86
1 8638 90 -8038 -- 8-6-157
3 -go- -go87
87
8 ---i -iiirz -ill;
R- epub I & S 10-30-yr 5s s 1.1940;
Purchase money g 43.- 1949
65
6812 Sept'18
73
95
3 9214 9814
St, L Rock Mt & P 5s 8tmpd.1955 .1A 0 9234 947 94
, Ed Elec III 1st cons g 58_1995 JF A ____ 68
77
J
81
80 Apr '18 ---I 80 80
.
9478 Sept'18
9478 9478
Tenn Coal I & RR gen 5.1_1951 1.1 J
NYSEQ El LAP 1st con g 58_1930
1 9212 94
'17U S Steel Corp-l
9512
--..08'3 Aug
Pacific 0 SE El Co-Cal 0& E- F A ......
coup_d1903 M N 9712 Sale 96 Sept'18 _..- 924 9713
9778 180
8
1
10-00-yr
Corp unifying & ref 5s
5s
rag
____d19
63 M N ---- --- 90 Sept'18 --.
1937 M N 8712 88
8734
8734
96 19
99711
I 8634 9212
Utah Fuel lets I 53
Pacific G & E gen & ref 53-1942 J
1931'M N 87
J 774 Sale 77
7718
Victor Fuel tel 8 f 53
8 7638 8034
Pee Pow & Lt 1st dc ref 20-yr
19534 J __- 75
80 1)ec'16
Va Iron Coal & Coke let g 53 1949 M
58 International Serie:8_ 1930 F A _ _ 92
S 8218 8912 86 Sept'18
95 Jan '17 ---- ---- -----iii- -119Pat de Passaic 0 & El 53____1949 M S *___
90 100 July '17 --- _-_- .--Telegraph & Telephone
PeoP Gas & C let cons g 68_1943 A 0 100
I
Salo 100
100
3 9812 100
Am Teiep & Tel coil tr 45...1929J
Refunding gold 5s
J 7914 Sale 78
1947 M S 7518 ____ 7478 Sept'18 7914 41 7738 8318
7112 81
Convertible 43
Oh G-L & Coke let gu g 5s 1937.7
1936 IN 5
J
._ , 8913 90 Sept'17.- ---- ---81
8512 Feb '18.... 81.114 8512
20-yr convertible 450___1933 M S
Con0 Coot Ch 1st gu g 531936 J 1
-9'i
_.
9013
___
9
8
0
4
100
87
Apr
'17
11 82
9112
31)-yr
temp coil tr 53
Ind Nat Gas & Oil 30-yr 531938 NI N
1940•J D
Sale
.... ._ _ 89 Mar'17
9034 66 86 9518
Sub recta 1 di pri com es.1925J
--- ---Mu Fuel Gas 1st gu g 53__1947 M N
9734 Sale 95's
100 94 July'17
0814,1615 9334 9814
Cent Dist Tel let 30-yr 53_1943 Q D
--- --Philadelphia Co cony 5s____1919 F A
J
9013 0918 May'18 --1 9818 9912
9613 .-_- 9914 No,'15
Commercial Cable let g 43-2397,Q J ____
--- --Cone deben gold 58
1922 M
6814 __ 73 Nov'l 7 _Vs
1i5
78 Sept'18
78
Registered
84
Stand Gas dc El cony 8 1 68_1926 J N
2397'.1
Sale 91
6818 I u, '18 ---- -iii -iii
91
2 90 91
Cumb T & T let & gen 58-19374 J __
Syracuse Lighting let g 58_1951 .1 0 91
D 8014 ---- 9713 Nis,.7
80 Sept'18
Keystone Telephone 1st 5s 1935 F J 86 00
__-- ___83 031
Syracuse Light & Power 58_1954
A
J J '7(1 '7518 84 July'17
---- ___Mich State Teleph 1st 5.s._1924IM N ...- 9658 98 Apr '18..............
Trenton GA El let g 5s__11)49 10
a ____ ____ 9858 Oct '17
87 Sale 87
87
1 0
1 14
___- .._-N Y& N J Telephone 51 g._19201 1/1 N 95
Union Elm Lt & P let g 53_1932 M S
___I
97 Aug'18-1
N Y Telep let St gen et 4%0_1939 M N
98
Refunding & extension 56.1933 IN
---- ---854 Sale 8514
:7:: ---- 10
92
1%
3 s"
8534 OS 84
Nol'Yt:111
; _._ _
89
Pacific Tel & Tel Ist 68
United Fuel Gas lets 1138-1936 J N
1937,J
J ___ 9813 92 Aug'18,--- 9114
, 89
4 87
South Bell Tel & T let s 1 58..1941:J J 8834 0018 89
92%
9718
Utah Power & Lt 1st 58____1944 F
J 87
83
8718
8112
8713 8713
8113
1 80
I 81) 84
05
%Vest Union coll tr cur 58
Utica Elec L & P let g 58-1950 J A 82
1938 .1
J _--- --- 101 June 1. -- ---- -8912 8912
894
3 87,s 9312
Fd and real est g 450 _1950 NI J 89
Utica One & Elm ref 58_-__1957 J
N
J
--7814
8012
8912
80
96
Aug '17 .. - ------80
1, 80
88
Westchaster Ltst gold 58____19511 J 0
Mut Un Tel gu ext 58
1911 IN N
___- 92 105 Marl?
--- ---Northwest Tel gu 450 g 1931 J J _--- 91) 1 10113 Sept'17 ---I ---- ------ ---*No prim ?tatty. lAttf4t. oil and uteri. a Due
-----Jan. 4 Due April, 4 Due May, 0 Due June. 5
Due July. k Due Aug. o Due Oct. so Due Nov.
# Due Dee. • Option sal 0
.




-- --

-.!r21

:
: s91.142 Aeu,It
1 :67_ 313

011.

OCT. 5 1918d

Saturday
Sept. 28

BOSTON STOCK EXCHANGE-Stock Record See BNO.7Page

1371

Range Since Jan. 1.

Range for Previous
Year 1917

SHARE PRICES-NOT PER CENTUM PRICES.
Wednesday Thursday
Tuesday
Monday
1 Oct. 3.
Oct 2
Oa 1
Sept 30

Friday
Oct. 4.

I,Salesfor
' the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Lowest.

i

Highest.

Lowest

Highest

Railroads
100 12212 Apr17 135 June24 120 Dec 175 Jan
151 Boston & Albany
125 12512
125 126
125 125
125 126
27 Dec 79 Jan
*125 126
100 37 Jan 2 7612 May29
Elevated
Boston
3,459
72
71
7212
7112
72
6934
70
6912 6912
7012 Dec 133 Mar
69
100 80 Julyll 100 Jan 2
&
Lowell
Boston
10
87
87
88
*85
85
85
88
85. *85
85
15 Dec 45 Mar
9
Sept
40
Jan23
19
100
463 Boston & Maine
34
3334 3434 3412 3412 3312 3412 34
3312 34
Apr15 170 Aug 9 150 Dec 213 Jan
150
100
Providence
SE
Boston
25
___
___
170
*160
3 July
2 July
169 169 *160 170 *160 170
5
June
3
Jan26
2
par
Elee_no
Suburban
Boston
June'18
Last Sale 3
3
* __
3
*__
9 June 30 July
1014 Mar 1 15 June17
no par
Do pref
Last Sale 1412 July'18
30
*14
30
*14
30
*11
par
Elec__no
Wore
&
Boston
Nov'16
Sale
412
Last
_ ___ ____ ____ ____ _ ___
30 Aug 38 Feb
no par 25 July19 30 Mar 6
Do prof
Last Sale 28 Sept'18
___
*2712 _ __ *27 __ _ .. *27
Chic Juno Ry & U S Y___100 138 July 2 147 Apr17 148 Nov 150 Jan
Last Sale 138 Sept'18
Dec 108 Jan
*137 1-45 *137 145 *137 145
8312
85
Jan30
AprI8
8212
100
pref
Do
18
Sept'
Last Sale 83
*83 _--__ *83
*83
100 104 Feb19 120 Mar 6 10212 Nov 140 Mar
Connecticut River
Last Sale 110 Aug'18
44 Dec 7812 Mar
*105 1-1-5 *____ 106 *____ 106
22 65 Jan 3
prof
Fitchburg
42
55
4
533
54
52
*
54
54
55
*52
3 Stapnt19 11614 Jan 9 116 Dec 133 Jan
6
0 1(1:
Georgia Ry & Elec stampci 1 0°
Last Sale ioi-'ep-t-.i
83 June 9212 Jan
*105 109 *105 109 *105 109
100 70 Oct 3 81 Feb25
8 Do pref
___ ____
70
70
___ *72 ____
*72___ *72
78 Dec 10018 Mar
85 Jan 3
7712Junel8
100
Central
Maine
129
*78
80
*78
79
79
638 June
1 Dec
712
May16
80 -80
6
Sept
4
13
100
Cos
Electric
200 Mass
134
Fs - 1JA --*134 80*153 2
*134 2
6 Dec 3114 July
*134 2
May16
33
29112
6
11C13
1112 1018 1034 1,726 Do prof stamped
10
1214 1112 121A
2134 Sept 5234 Jan
1214 1212 12
May29
46
125
b
7
'
Pel
Hartford
&
II
N
Y
N
830
4018
40
4012 4012 4014 41
4014 4014 4012 42
9012 Oct 105 Apr
Northern New Hampshire _100 90 Jan10 90 Jan10
Jan'18
Last Sale 00
- *80
*80
85 Dec 135 Jan
*80
100 x8812 June14 99 Sept 3
30 Old Colony
___ __99
*96
*95
94
94
_
1612 Dec 8412 Feb
8
Jan
25
2
Jan
20
100
prof
Rutland,
Last Sale 21 Sept'18
24
*22
24
23- *22
*9312-21
83 Dec 110 Jan
4
*
Oct
90
6
Aug
80
70 Vermont & Massachusetts _100
90
90
91
*82
16
*83
96
__ *83
34 Dec 5612 Mar
37 Feb20 50 July 5
50
End
Street
West
407
4712
4'712
49
4812
48
4712
4712 4712 4712 4712
Apr 1 x45 Dec 74 Jan
50 47 Jan16 62
332 Do pref
____ ---- ---5318 5312 5312 5334 *54
*5312 54
Miscellaneous
73 Dec 943 May
Jan 2 10012 Aug27
7812
_100
Chemical_
Amer
Agricul
460
100
4
993
10014
99
9912
9912
9914 100
9812 99
88 Dec 10312 Jan
2 9512 May21
168 Do prof
02
92
*9012 92
92
92
92
92
235 Jan
92
2
I Dec
92
Mar
212
1
t,30
ury
e
j
J
s
(1
5
4
4
9
.
8
8
200 Amer Pneumatic Service 1S1
*.80 1
*.80 1
1
1
1
712 Dec 14 Mar
.95 .95 *.80
1558 Mar 4
65 Do pref
418 ___
412 *4
418 418 *4
412
June
4
90
12614
May15
Nov
11512
2
240 Amer Sugar Refining
110- 1-1-612
*10714 10314 10812 10312 108 10814 *10814 109
e 4 11334 May 9 105 Dec 12112 Jan
uann
03 Jj
100 19
65 Do pref
10812 10912 10912 10912 11012 11012
109 109
109 109
96 Dec 12814 Jan
5 109 Feb 5
Aug
Dap
9031
Teleg
&
Amer
Telep
3,753
101
10434
10112
10214
9738 9814 9814 9914 9912 102
3878 Nov 58 June
15 American Woolen of Ma.ss.100 4512 Jan 8 6038 May24
5312 5312
54
*5414 5512 *5312 5412 *53
56
*55
100 90 Jan 3 9634 Mar12 x8714 Dec 10014 Juno
115 Do pref
9512 9434 95
0514 9512 9434 9514 9514 9512 95
60 Dec 75 July
Sept18,
84
2
Jan
6012
_
Manufacturing_
Amoskeag
Last Sale 81 Sept'18
81
*80
81
*79
81
*79
75 Dec 9712 Jan
76 Jan 7 82 June 5
Do prof
Last Sale 80 Sept'18
82
*79
82
*79
82
*79
6 Dec 1434 Dec
July 8!
18
Feb21
11
10
Inc___
Construe
Metal
Art
105
3
15
14 4 1434
1414
15
*14
15
*14
88
Sept 12112 Jan
Feb16
12014
Jan15
98
Lines__100
45 Atl Gulf & W I S S
10.
7i8 1-(17£310538 10558 *101 105 *106 107
*104 106
5512 Feb 66 Jan
100 5812 Jan17 64 July19
prof
Do
Sale
July'18
Last
4
623
64
*63
64
*63
64
*63
5
Sept
2812
Jan25
21
par
no
Fisheries
Booth
980
2512
263g
2612 2614 2614 2612 2612
2512 2512 26
815 Century Steel of Amer Inc_ 10 1014 May18 1412 Aug19
1358 14
1378 1378 1378 1378 1378 1378 1358 1334 12
9 Dec 2018 June
10 12 Jan29 1712 May 1
400 Cuban Port Cement
12
1212 1212 121
1212 1212 1212 1212 *12
378 Dec 10 Jan
Jan31
534 May15
I
as Boston Land
5 - --------150 Et
5
514 514
*434 512 *434 512
2
Jan
Jan
1331s
15412
Dec 226
J
1
1 0 13
1()
152 152169 Edison Electric Illum
150 150
149 14978 149 151
145 145
e27 5834 Oct 3
12J3anu
Co
5,215.Fairbanks
5712
5612
4
5714
533
53
Jan
17014
5112 5414 5334 5514 5434
4
May16
1183
Dec
15134
16
N
1
10 General Electric
14914 14914
*14612 14712 148 14812 *14712 14812 *146 148
50 27 Aug29 35 Aug30
5,095 Gorton-Pew Fisheries
3258 3258 33
31
31
30
*303.1 31
4 Dec 1812 Jan
3012 31
612 Feb 6
5 Apr 3
5
50 Internal Port Cement__ 10
5
*412 5
*412 5
*412 5
*412 5
10 Dec 3312 Jan
50 12 Apr23 18 July19
75 Do prof
16
*1512 1612
16
*1512 1612 *1512 16
518 Mar18
318 Aug23
10
Corp
Trans
&
011
Island
31
31
2755
31
33
338
338
4
338 39
338 358
9212 Feb28 -9212 Dec 102 Jan
83 Sept:31
8812 8812 *8818 ____ *88 - ---- ----- ----- 38 McElwain(W H) 1st pref_100
89
88
71 Dec 10012 Mar
893 Massachusetts Gas Cos_ I00 27714 Jan15 91 May16
34 i *83
8312 8312 84
84
84
84
84
63 Dec 81 Mar
70 Jan 3
June17
62
100
pref
Do
121
6334
63
6312
63
63
63
64
*93
64
64
110
Jan31
124
Dec 169 Jan
Juuell
107
102 Mergonthaler Linotype_100
117 117
115 117
115 115
113 11312 115 115
35 Jan 95 Mar
New Eng Cotton Yarn____100 88 Jan15 8912 May16
Last Sale 89 Sept'18
*8812 95
*8812 95
*8812 00
60
Jan 9212 Aug
100
pref
Do
9212
Aug'17
Last Sale
_ 8914 *____ 8914 *____ 8914
93 Dec 12412 Mar
300 New England Telephone.. 100 8212 July30 100 Jan 3
91
90 1 90
8812 88
87
8634 87
87
87
July 5 69 Jan 2 x59 Nov 112 Jan
56
C____100
&
Steel
Scotia
Nova
64
Sept'18
Sale
Last
65
*62
66
*62
66
*64
100 102 Jan 7 11912 May16 107 Dec 16614 Jan
2 Pullman Company
__ 119 119 1 __ ___
Jan
*112 114 *115 -29 Dec 46
50 29 Jan 3 39 Oct 3
1,085 Punta Allegro Sugar
____ ____
39
3635 3612 3634 3814 *38 1812, 38
10 Dec 16 Mar
Jan29 137k Mar16
10 11
3
ton-Hole
Bu
Reece
-------I
13
13
1312
1312 *13
Apr
1312 *13
16278
9
*13
116
Nov
Apr
14614
102
Aug30
100
11212
132
3,346 Swift & Co
11012 11212 111 11278 11212 11312
110 112
40 Nov 68 June
25 45 Jan29 5218 Aug 7
_
50 Torrington
52 1 __
52 1 *51
52
53
____ *51
*51
100 11512 Jar117 145 Oct 3 x105 Dec 15512 Jan
1,228 United Fruit
14034 fa13812 143 1 142 145
13412 139
13112 135
3712 Dec 5814 Jan
May16
4812
9
July
3812
25
Corp
885 United Shoo Mach
4038 41 41
3912 4014 3912 40 I 40
3912 40
25 Oct 3018 Mar
25 2434 Aug 9 2612 May28
--105 Do prof
*2614 2612 2638 2638 2638 2612 2638 2638 ---- ---7958 Dec 135 May
Aug28
11612
Mar25
87
100
Corporation......
Steel
S
U
4,349
10912
10912 11238 10812 11014 10918 11018 10812
11138 113
Jan
10334
Dec 121
July17
11214
Mar25
108
101)
5 1)o pref
I 11014 11011
*11012 111 *11014 1103A 11034 11034 *11014 111
878 Jan
414 Dec
834 Aug 9
Jan 2
5
5
Fields_
Oil
Consol
'
4
734
778'
73
Ventura
734
2,035
8
75
3
73
8
73
714
738
714
Mining
414 Jan
1 Oct
.134 Jan25
12June27
25
Adventure Con
Last Sal).60 Sept'18 I
1 I
*.60
1
1 1 *.60
*.50
70 Dec 108 Jan
25 71 June13 83 Jan 3
30 Ahmeek
76 I
76 1 *75
76 1 *75
76
76
76 , *75
Jan
76
Dec
July
412
Apr25
s
13
10
110 Alaska Gold
*33a 334 *31.8 334 *314 312
315 313 *313 4
5
114 Sept 11
3 Jan
1:4
.45 May13
Algotnab Mining
Last Sale .25 Sept'18
*.15 .30 4.15 .40 *.15 .30
45 Dec 70 Mar
Feb27
54
iell
un
1u
15..1
7
.
x4
Allouet
35
4914
4914
50
*4914 50 1
*4914 50
4978 4978 *49
3
11 Dec 4114 Jan
180 Amer Zinc, Lead & Smelt_ 25 1258 Mar23 2114 July 6
1512 1512 151s 1512 1512 1512
*1558 161 1
uan
*1512 16
514 J
1,3
v 7
018 Nov
48
5 54 July
n 2
22 11 Jan
Do pref
__
Last Sale 49 Sept'18
June
Aug24
1614
Commercial
1514' 1,530 Arizona
15 1 15
-11ii8 -I-5'1i -i8f4 -f5-1-2 - iii-4 1512 15
214
7
.25
nr
Dec
451
aa
ayy
J
mm
2
5
1
4
35
.
467
3
Sept
.22
10
200 Butte-13alaklava Copper
.35 .35 4..25 .35
.35 .35 *.35 .50 ..35 .45
1258 Dec 52 Jan
Butto & Sup Cop (Ltd)___ 10 17 Mar25 33 May14
Last Sale 2612 Sept'18'
*2412 26
2612 *2512 27
*25
270 Calumet & Arizona
6712 6712 0712 6712 6712
67
67
6734 67
67
n
"Feb
514
90
c 59
1 Dec
5
028
e
Fa
n 41712
38 Calumet & Heels
455 460 1 460 460
450 450
455 457
450 460
11 Dec 2714 Jan
25 1034June27 1412 Feb19
83 Centennial
*1112 12
*1112 12
113.1 1134 *1112 12
12
12
Jan
68
3914
Dec
50
May16
Mar25
4
415
L5
315 Copper Range Co
49
4634 4634 47
47
*46
4614 4612 4612 47
3 Jan
112 Apr
3 Sept30
335 Daly-West
*234 3 1 *23.1 3
*234 3
*234 3
234 3
714 Jan
314 Nov
678 Mar 8
5 Jan 2
10
525 Davis-Daly Copper
514'
5
514
514 *5
514 514 *5
Jan
16
Dec
814
2
Jan
512 Mar25 1012
10
1018 1014 1014 -1-014' 2,175 East Butte Copper Min
10
97s 978 10
101s
10
9 Mar
4
Dec
6
Feb18
Franklin
4
Sale
Sept'18
Last
*334 414 *334 411
*334 4
Jan
92
Dec
5
66
Sept
8334
1
1,1
e
n
u
j
712
5
10()
I() Granby Consolidated
83
84 1 *79
84
*80
*80
84
*82
83
83
35 Nov 4612 Jan
82 Greene Ca.nanea17 51 Oct 1
50
*1958 5053 *4934 5058
50
51
50
60
*49
2012 Jan
Dec
7
Jan
2
1018
21
e
n
n
j
Jua
s
53
39
1V
Hancock
40
Consolidated
512 512
512 512 *514 5,1 *53a 534
*514 512
4 Mar
Jan 3
14 Dec
1
Indiana Mining
Last Sale .80 Sept'18
+.60 .80 *.60 .80 *.60 .80
52 Nov 7612 Juno
1 70 May15
1,3
2.? 51° '1.71a131;2
20 Island Creek Coal
55
56 1 55
56
*55
5:312 5312 *54
*____ 55
Apr
94
Nov
80
Feb18
84
1
t
a
OctOf
2
12
72)1i
2
24 Do pref
82
82 1 *80
*30
8112 *80
7012 80
80
*79
20 Dec 36 Jan
4 29 July 3
Isle Royale Copper
Last Sale 25 Sept'18
26
*2512 2612 *25
*2512 26
414 Apr
6 Aug
6 Feb19
2
Jan
5
5
Kerr
Lake
Sept'18
Last Sale 534
*534 6
*53A 6
*534 (1
Jan
134 May15
ICeweenaw Copper
Last Sale .90 Sept'18
1 Vs
*.80 IV. *.09 1/15 *1
5
14ju
Oncet 148%
834 May14
ttrtg
S30Zi)
.
N
Lake Copper Co
Last Sale 5
Sept'18
4,412 5
*5
512
6
*5
5 Jan
114 Dec
5
Mar
314
2
Copper
La
Salle
Sept'18'
Last Sale 3
*212 3
*212 3
*212 3
838 Aug
2 Sj
:02
418 Nov
25
6 Feb13
eapnt20
5
Mason Valley Mine
Last Sale 312 Sept'18'
*312 412 *312 412 *312 412
5 Nov 1512 Jan
7 Jan 2
334 Sept17
25
210 Mass Consol
5 1
5 1 *4
5
*4
412 412 *4
334 4
3 May
Nov
8
1
July
312
Nlar26
.65
25
Colony
2141
Mayflower-Old
*2
130
2141
214
214
412
214 214
*214 234
512 Mar
158 Aug
3 Sept10;
.40 June28
25
100 Michigan
278 278 *212 3 1 *212 31
*212 3
*212 3
57 Dec 98 Jan
Aug20 6612 May16
55
25
Mohwa.k
371
5514
8
5514
55
5538
553
5512
5512
5512
Mar
2612
5512 5512
Nov
16
2012
May14
Jan30
1812
5
Consolidated
Nevada
2058 *20
Last Sale 1934 Aug'18
2012
2014 *20
6 Jan
*20
112 Dec
212 July 1
114 Aug29
25
55 New Arcadian Copper
178 *112 178 *112 2I
*112
112 *112 2
112
1712 Apr
10 Nov
2 1714 Mar 7
Jan
1314
5
Quicksilver
Idria
Now
67
1314
1
1314
14
14
*14
1512
15
15 .14
+14
22 Jan 30 Mar
100 12 Aug29 20 Jan 2
New River Company
15
*12
Last Sale 12 Aug'18'
15
*12
15
*12
65 Dec 9214 Mar
100 65 Aug29 80 Jan31
Do prof
75
Last Sale 68 Sept'18
*68
75
*68
75
*68
34 July
058 Sept
97s Apr11 1
tkapnr1I
6
Mines
Nipissing
71
812.
812
838 838
x838 812 *838 834 *83s 812
1134 Oct 2414 Mar
6 j 7 1738 NlayI61
1g E42
610 North Butte
1334 1334 1312 1334 *1312 14 1
3 14
134
1:334 14
234 Jan
.30 Nov
.95 Mar19
.25 Feb14
25
Lake
th
Sept'181Nor
.80
Last
Sale
*.50
.25
.60
*.50
*.50 .80
278 Jan
.98 Dec
112 Mar30
12June21
25
Ojibway Mining
112
Last Sale 34
Aug'18'
112 *.75
*.75
1
'.1 .75
Mar
6734
Nov
3
33
Jan
4512
May28
39
25
290 Old Dominion Co
39
39
3912 39
40
40
41
*39
41
+39
65 Jan 9, 5312 Dec 95 Mar
4612June11
25
Osceola
145
52
52
5212
53
55
1
*5212
*5212 55
55
June
4
*53
283
16
Nov
Feb20;
2014
1
Oct
1612
10
172 Pond Creek Coal
1612 1612 1612 1612
17
17
1612 17
17
17
25 65 Sept30 78 May16' 60 Nov 9412 Feb
140 Quincy
66
6512 6512 65
65
65
69
*65
66
Apr
65
Ray Consolidated Copper_ 10 2134 13.1ar22 2534 May231 20 Nov 3218
Last Sale 2278 Sept'18
*2312 24
2414 +2312 24
*24
48 Dec 8934 Mar
145 St Mary's Mineral Land_ 25 46 Oct 4 57 Jan 2
46
48 1 46
48
*46
48 .46
4818 4818 48
2 Jan
.58 Dec
114 Feb21
12June21
10
Copper__
&
Gold
Fe
Santa
100
.70
*.60
.70
*.60
.70
.60 .60 *.60 .75 *.60
518 Oct 19 Jan
534 Jan 2
3 Apr10
10
15 Shannon
312 4141 *312 4
*312 4
4
4
*312 4
614 Jan
.89 Dec
2 Jan 3;
12 Sept30
25
200 South Lake
112 ---- ---112 *1
112 *1
.31 Jan
.50 .50 *1
.10 Dec
8'
Jan
.20
Jan23
.11
5
5
&
M
Utah
South
100
.12
.12
*.10
.12
4%12 .16 *.12 .17 +.12 .17
Mar
1658
Dec
314
May15
612
Feb19
4
25
75 Superior
*438 5
*412 5
438 438 *412 5
*412 5
814 Jan
358 Dec
434 Sept27
114 Aug13
414 414 *4
414
4
414 6,205 Superior & Boston Copper.. 10
438 458
414 434
812 July
3
Nov
Feb13
412
Sept23
212
25
Trinity
280
2521 234
212 258,
212 212
258 258
3
3
1 May '2!4. Jan
.85 May 1 1% Aug20
1
.95 .05 *1.95 .971 *.03 .07 1,950 Tuolumne Copper
.95 .05
.04 .04
4018 Dec 6734 Jan
50 36 Apr13 4914 Feb19
435 U S Smelt Rolla & Min
4418 +4312 4378 4334 4434 24234 4234
4212 4:312 43
Nov 5212 Jan
4312
2
Jan
46
July24
42
50
448 Do pref
4314 4312 4312 4312 44 1 x4218 43
378 Sept
178 Mar
4212 4234 43
238 Feb 8
114 May31
5
200 Utah-Apex Mining
134
134
178 *134 17111
Ps 4'134
172 *134
*132
912 Dec 2112 Feb
12 JanI6
June25
834
5
Consolidated
210
Utah
012 913
97a 9781
912 912
978 978
0 2 912
May
11838
Dec
71
1
Oct
1
,
85
ar23
NI
10 7712
100 Utah Copper Co
*8438 85
65s Jan
218 Dec
*841s 8458 8558 8558 *8358 8414 +8414 85
158 June 5 34', Apr 8
1
214 4,715 Utah Metal & Tunnel
2
178
134
134
134
138
134
6 Jan
134
2 Oct
134
3
Jan
3
Aug26
218
25
100 Victoria
212
214 2141 *214
212 *218 212
518 Jan
212 *218
2 Oct
+2
2 Jan 3
Jan10
1
25
Winona
Sept'18
Last Sale 1
112
112 *1
DE •1
.1
31 Dec 5312 Mar
25 22 Aug16 36 Jan 3
,1,irt
v.1,vner
137o
N.,7
370 ,
23
23
23
23
23
215 Jan
2278 2278 23
Aug
.15
23
'
7
23
Mar
4
1
1
4nNisvia
an
$1
ls
,
T/'.', R-'8,1 chn
*11
3t
•12
3t
*12
Si-rights, Ex-dividend. 0 Half-Pak,*
h
s
dividend.
dam&
stook
Ex
b
and
paid.
Assossment
Ex-dlvtdend
a
prices.
*Bid suad asked




138

N

1372

THE CHRONICLE

[VOL. 107.

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 28 to Oct. 4, both inclusive, compiled from the
official sales lists, given below. Prices for stocks are all
Boston Bond Record.-Transactions in bonds at Bos- dollars per share, is
not per cent. For bonds the quotations
ton Stock Exchange Sept. 28 to Oct. 4, both inclusive:
are per cent of par value.

Outside Stock Exchanges

Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

BondsUS Lib Loan 33-s_1932-47
1st Lib Loan 45_1932-47
2d Lib Loan 48_..1927-42
1st Lib Loan 44s 1932-47
2d Lib Loan 4%s 1927-42
3d Lib Loan 4gs.._ _1928
Am Tel & Tel coil 4s_ _1928
Convertible 6s
1925
AtiG&WtSSL5.A959
Punta Alegre Sugar 68 1031
United Fruit 40
1925
U S Smelt R & M cony 68_
U S Steel Corp 5s___1963
Ventura 011 cony 75_1922
Western Tel & Tel 55_1932

Range since Jan. 1.
Low.

99.84 100.14 $40,100 96.52 Jan 102.50 Aug
95.44 95.98 31,200 93 June 98
Jan
95.44 96.04 71,850 92.84June 97.90 Mar
95.44 96.20 25,950 93.64 July 97
Sept
95.44 96.44 24,050 93.04 July 96.44 Oct
95.54 96.90 63,100 94.54 Aug 101
May
78
78g
3,000 77H Aug 83
Jan
2,000 94H Sept 98
Oct
75
75
1,000 74g Sept 79
Jan
79
83
19,000 77
May 83
Oct
95
95
1,000 91
Jan 95
July
05
95
5,000 93
July 97H June
97
97
2000,
96% Sept 99% Jan
91
91
1,000 80
Jan 94
May
83
83% 4,000 82;4 June 90)( Mar

98
75
83
95
91

Chicago 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.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price.
Low. High. Shares.

'

Stocks-

Amer Shipbuilding_ _ _ _100 138
Preferred
100
Armour & Co pref
97%
Booth Fish corn new(no par ) 26
Preferred
100
Chic City & C Ry pt shPreferred
Chic Pneumatic Tool_ _100
Chic Rys part ctf "2"
Commonwealth-Edison 100 105
Cudahy Pack Co com__100 1164
Deere & Co pref
100
Diamond Match
100
Hartman Corp
100 46
Hart Shaf & Marx com_100 57H
Illinois Brick
100 45
Lindsay Light
10
Mid West UM corn_ _ _ _100 21H
Preferred
100 41
Mitchell Motor Co
Peoples' 0 L & Coke_100 54%
Pub Serv of No Ill pref..100
Quaker Oats Co
100
Preferred
100
Sears-Roebuck com_ -100 151
Shaw W W common_ _ _100
Stew War Speed corn....100 63
Swift & Co
100 112%
Union Carb & Carb (no par) 56H
United Paper B'd com_100
Ward, Mont & Co pref_
Wilson & Co corn
100 55
Preferred
100
BondsArmour & Co 43s
Chic City & Con Rys 55'27
Chic Rys 45 ser "B"
Liberty Loan 2d 4s 1927-42
Liberty Loan 2d 43s
Liberty Loan 3d 410
Pub Seri, Co 1st ref g 5s'56
Swift Ar On 1 qt. a Act
1044

83(

011.G

133
863
97H
26
79

139
87
97%
26
82

430
100
200
70
93

Range since Jan. 1.
Low.
87
84%
96H
183
79

143 14H
30 12
68
6714
420 47H
11
11
75
8
510 100
1003 105
111 117
1,741 1073
95
95
10 92
107 107H
15 102
46
4614
76 30
57;4 57)4
25 53
45
45
85 45
15% 16H
150 15;4
21;g 21%
227 18
40
41
216 40
30
30
30 30
49)4 54%
667 40g
82
82
5 79
235 245
44 235
95
95
6 923
142 152
2,221 133
62H 62H
50 5334
574 64% 4,688 47
1083 1131i 11,179 102
55
5734 4,842 47y,
193 20
75 143j
103 103
23 100
55
56
95 46
93
94
47 92
83g
55g
5534
95.20
95.30
95.54
77
01

June
Jan
Jan
June
Jan
June
Jan
Jan
Jan
Oct
Sept
Sept
Sept
Feb
Apr
Sept
Oct
Aug
June
Jan
Jan
Aug
Apr
Feb
Aug
Jan
Sept

1814 July
71g Apr
16 June
108
Feb
117
Sept
97
Jan
114
May
49
Sept
67
Feb
58
Jan
28
Jan
28
Jan
65
Jan
30
Oct
55
Jan
90
Jan
290
Mar
100
Jan
157
Feb
69
Mar
64% Oct
146
Apr
59
July
22H May
110
Feb
653 May
99H Mar

8314 $1,000 83
Apr 853 Feb
55)4 41,000 52
Jan 62% Aug
5514 11,000 50
Jan 594 Jan
95.34 2,100 93 June 97.52 Jan
95.30
50 93.76 Sept 98.10 May
95.76 4,100 94.70 Aug 96.20 Sept
77
1,000 77
Aug 81% Jan
01 lit
19.500 90
Sent 951A Jan

'Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

American Sewer Pipe....100
Am Wind Glass Mach_100 6214
Preferred
100
Columbia Gas & Elec_ _100
Crucible Steel, pref._ _ _100
Harb Walker Refrac pf 100
Indep Brewing corn .50
Preferred
50
Lone Star Gas
100 189
Mfrs Light & Heat
50 4714
Nat Fireproofing pref 50
Ohio Fuel 011
1
Ohio Fuel Supply
25 42%
Oklahoma Natural Gas_25 29
Pittsb Brewing com_ _ _ _50
Pittsburgh Coal com_100
Pittsburgh Jerome Cop_ _1
17c
Pitts & Mt Shasta Cop_ _1
Pittsburgh Oil & Gas_ _100
6H
Pittsb Plate Glass com_100 108
Ross Milling & Milling_ _1
San Toy Mining
1
80
11 S Glass
100
U S Steel Corp corn_ ..100
Preferred
100
West'house Air Brake. 50
West'house Elec & Mfg_50 43%
BondsCent Dist Telep 59__1943
Indep Brewing 6s..... _1955
PItta Tnnn RD no

boo




97
34

Range since Jan. 1.
Low.

American Gas of N J._100
American Rys, pref._ _ _100
Baldwin Locomotive_ 100
Preferred
100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery_ _100
General Asphalt
100
Preferred
100
Insurance Co of N A....10
Keystone Telephone_....50
Lake Superior Corp.._100
Lehigh Navigation
50
Lehigh Valley
50
Midvale Steel & Ord_ _50
Northern Central
50
North Pennsylvania_ _ _ _50
Pennsylvania Salt Mfg.._50
Pennsylvania
50
Phila Co (Pittsb)
50
Pref (cumulative 6%)50
Phila Electric of Pa.. _ _ _25
Phila R T vot tr rects_50
Philadelphia Traction.. _50
Railways Co General.. _10
Reading
50
Tono-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Improvt_ _ _ _50
S Steel Corporation_100
Warwick Iron & Steel_10
Wm Cramp & Sons__ 100

High.

Jan 14414 May
Mar 93H May
Sept 9814 Sept
Jan 28
Sept
Oct 86
Feb

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.

Stocks-

Stocks-

High.

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

High.

58
38
53%
35
70
7
17%
63
70
80
44
30
33
2434
27
67
88%
2%
37;4
6334
108%

Range since Jan. 1.
Low.

54
54
6 50
Aug
58
58
22 58
Oct
84% 9134
400 58% Jan
100 101
8 95% Jan
38
38
179 38
July
130 130
12 115
Jan
53
54
456 48
Mar
29
37
6,367 143.4 May
6514 72;4 1,618 47
Jan
25)4 26
320 24
Jan
7
7
250
7
Aug
1754 18% 3,580 12
Jan
68
6934
465 6134 Jan
60
133 55
6034
Jan
50
51;4
92 433.4 Jan
70
7034
110 67
Sept
80
80
3 80
Feb
8014 8034
37 8034 Oct
4314 44
1,964 4334 June
2714 30
245 2114 Apr
33
33
8 29
Mar
2434 24% 2,247 24 June
26% 27
495 23% Mar
67
67
7 x6514 Sept
2
80
2
Sept
88% 91
1,224 71
Jan
2g 2 5-16
850 1 15-16 Sept
430
234 234
214 July
37% 37)i
232 3834 Aug
x623-4 6334
798 x6214 Oct
10814 113% 10,000 86% Mar
70
834 834
7)4 Apr
77
77
100 74
Jan

Bonds.
U S Lib Loan 48_1932-47
95.50'95.50
2d Lib Loan 48_ _1927-42
95.20 95.20
2(1 Lib Loan 4gs 1927-42
95.72 95.72
3d Lib Loan 4345...A928 96.68 95.30 96.65
Baldwin Locom 1st 55.1940
9914 9914
Elect & Peo tr ctfs 48_ _1945 68
68
68
Equit I Gas L 55
1928 102
102 102
Inter-State Rys coil 451943
36
36
Lake Superior Corp 5s 1924
57
57
Lehigh Valley Os ctts_1928
98
0834
Consol 65
1923 101;4 10114 10134
Penn RR PW&B ctfs 45'21
9434 94;4
Phila Co 1st 53 stpd _ _1949
95
05
Cons & coil tr 52 stpd '51 76
76
76
Phila Elec 1st 5s
1966 90U 90% 91
do
small
1966
95
9514
Reading gen 45
1997
8034 8134
United Rys Inv 59......1926 56
56
56
Welsbach Co 5s
1930
92)4 9234

High.
89
80
100%
101
43
136
55%
37
7234
2734

Jan
Feb
May
Sept
Mar
Jan
July
Oct
Oct
July
9 Jan
21% July
70
July
63
Mar
59;4 May
75
Feb
85
Jan
9034 Mar
47% Jan
30
Oct
34
May
26
May
30
Jan
7134 Feb
4)4 Jan
94% June
3)4 Mar
4
Jan
4214 Jan
72;5 Jan
116)4 Aug
8% Mar
95)4 June

$100 93 June 07.90 Jan
100 92.80June 97.60May
2,500 94.44 Sept 95.90 Sept
16,650 94.30 Sept 98.52May
1,000 9814 Sept 101
May
4,000 67
Sept 7334 May
1,000 10134 May 10234 Aug
1,000 36
July 42
Jan
4,000 477
4 Jan 5914 Aug
64,000 07H Sept 98% Sept
3,000 10134 Apr 10114 Oct
1,000 9434 Oct 96
Apr
1,000 85% Feb 95
Sept
15,000 73
Apr 82
May
21,000 89% Sept 96
Jan
1,800 03
July 97
May
11,000 80% Sept 85
Jan
10,000 54
Apr 60
Jan
2,000 91
Feb 95H June

x Ex-dividend.

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.

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Atian Coast L (Conn)_100
85
Baltimore Tube
100
7234
Preferred
100
823.4
Consol GI E L & Pow_100 1033.4 102
Consolidation Coal___100 8534 8534
Cosden & Co
5
6
6
Davison Chemical_no par 37
363.4
Elkhorn Coal Corp
50 29
29
Preferred
50 44
44
Houston Oil pref tr ctfs 100
72
Merch Itc Min Trans_ _ ..100
67
Mer & Min Trans V T_100
67
Mt V-W'b'y Mills v t r_100
17
Preferred v t r
100
72
Northern Central
50
70
Penn Water & Power_ _100 7234 72
Poole Engineer & Mach100
62
United Ry & Elec
50 20
20
Wash B & Annan
50 2934 2934
Preferred
50
3934
Wayland Oil& Gas
5
3

85
7214
8234
10334
8534
614
3734
293.4
44
72
67
67
17
72
70
7434
62
2034
30
3934
3

30
5
15
194
71
226
210
450
25
100
18
10
10
15
50
364
5
1,850
224
33
100

Range since Jan. 1.
Low.

High.

80
May 90
Jan
7234 Oct 87
May
82
Sept 86
Apr
94
Jan 10334 Oct
8314 July 106
Jan
814 Jan
534 Sept
30
Jan 3934 Aug
223-1 Jan 3014 Aug
Oct
3934 Mar 44
64
Apr 8034 June
56
Jan 92
Jan
6234 Aug 90
Mar
1414 June 173-4 Sept
68
Jan 76
July
69
Aug 74
June
60
Jan 7414 Oct
53
May 6334 June
1734 June 2434 Feb
24
Jan 3134 Sept
3514 June 4134 Jan
3
Apr
334 Jan

BondsAla Cons C & I 5s_ _ _ _1933
Consol Gas gen 4 Hs_ _1954
Consol G E L & P 4301935
5% notes
6% notes
Cowin,& Co ser A 6s_1932
Ga Sou & Florida 5s._1945
Kirby Lumber Contr Os'23
Md Electric Ry 1st 59 1931
Monon V Trac 58_ _ _ _1942
United Ry & E 45..... _1949

86
86
$2,000 7934 Jan 86
Sept
84
84
1,000 84
Sept 8834 Feb
100 12H Jan 15% Jan
78
78
3,000 78
Oct
84
Feb
490 40
Jan 68
Sept
92
0234 5,000 90 June 95
Jan
25 99 June 101
Feb
95
95
16,000 94
95
Sept 973.4 June
25 28H Mar 363 Aug
79
79
3,000 77 June 8234 Feb
20 89
Mar 92 May
91
91
1,000 91
Oct 9214 Apr
115 99
Sept 1023-s Feb
1,000 9534 Apr 9834 June
9634 963.4
185
1 34 Jan
3H Aug
88
88
1,000 8734 Jan 92
Feb
55
4x Sept
93j Jan
80
80
1,000 80
Sept 85
Feb
3,042 95
Jan 197
Aug
4,000 71
7134 72
Sept
773-4
Feb
Tnonmsa
Au
45 46H Sept 53
1040
112
Jan
112 1.4
3.000
IS2
Alia 583.i Jar
285
7 June 133 Aug
14% 14%
10 13% Sept 16
Jan
x40% 4214
457 x40% Sept 463 June
29
29g
991 23
July 3134 Aug
2H
2)4
100
1H Mar
4g Aug
50
51
260 45
Jan 58'S Feb
170 20c 16,625 170
Oct
NSAOT1ONS AT THE NEW YORK STOOK EXCHANCIE
1
Feb
280 29c
4,000 210
Jan 48c Mar
DAILY. WEEKLY AND YEARLY.
6100
63
5H Jan
7)4 Mar
108 108
50 107
Sept 117
Jan
70
7c
1,000
7c Aug 160 Feb
Week ending
Stocks.
Railroad, State, Al
To
90
9,800
7c Aug 16c Feb
Oct. 4 1918
& Foreign
S.
34
3414
100 31
Sept 375k Sept
Sharea
Par
Value
Ronda
Ronda
Bonds
109( 113
210 87H Mar 116
Aug
11014 nog
10 110 May 111% Jun( Saturday
228,375 $21,471,000
$522,000
$851,000 $3,174,000
92
93
462 923 Aug 973. May
Monday
762,220 70,900,750
1,006,000 1,308,000 5,795,000
433-i 4434
742 39
Jan 47
May Tuesday
847,950 78,721,000
1,439,000 1,613,000 5,636,000
Wednesday
625,652 60,035,800
1,353,000 1,304,000 6,658,000
Thursday
540,835 51,625,250
2,333,000
743,000 6,250,000
97
97
$5,000 97
Oct 9814 Jun( Friday
573,456 53,737,750
2,483,500,
561,000 5,091.000
34
34
6,000 34
Apr 40
Jar
100 100
4000 100
Sent 100
Sent
Total
33,568,483 $336,491,550 $9,136,550 $6,380,000 $33,504,000
13% 13%
62
63%
74
74
36
36
90
90
99
99
1( 1g
43
5
178 189
47q 48
10H 10%

H

Volume of Business at Stock Exchanges

sales at
vas York Stock
Bzchange.

1373

THE CHRONICLE

OCT. 5 1918.]
Week ending Oct. 4.

1

1917.

1

1918.

Jan. Ito Oct. 4.
1918

1917.

Other 011
Stocks (Con.)

Friday
Last
Sate.
Par. Price.

Sales
Week's Range for
Week.
ofPrices.
Low. High. Shares.

Range since Jan. 1.
Low.

High.

May
674
5
Oklahoma Prod & Rei
Mar
2
Okmulgee Prod & Ref--5
Oct
5434
Pan Amer Petrol com_r_50
Oct
6134
Royal Dutch Co new r
May
634
6%
5
Sapulpa Refining_r
Jan
6
6
5
Savoy Oil
Sept
94
Security Prod Sc Refg_ _5
Mar
7-16
34
1
Sequoyah 011 & Ref
June
34c
34e
1
Southwest Oil r
Mar
13',
134
Stanton 011 r
May
35
1
Texans 011 & Ret..r
PHILADELPHIA AND
BOSTON.
THE
Mar
AT
S
TRANSACTION
20
2o
1
EMILY
Tuxpam Star Oil_r
Feb
1
United Western Oil. new_r
BALTIMORE EXCHANGES.
Mar
14
2%
10
Victoria 011.r
Feb
3
3
Wayland 011 Sc Gas corn..-5
Baltimore.
Philadelphia.
I
Mining Stocks.
Boston.
Apr
May
700
43c
5-16
40c
14,400
41c
Alaska-Brit Col Metals--1
Week ending
81c 85c 10,450 34o July 85c Sept
1 850
Shares. 'Bond Sales Shares. Bond Sales Shares. Bond Sales. America Mines_r
Oct. 4 1918
Aug
6
0
100
1:00
3e July
5
531 2
531
534
5
Arizona Bing Cop
13e Feb
$4,000
3343
334e
162
$21,000
1 334c
3,000
Atlanta Mines
HOLI DAY
Saturday
1% Mar
% Jan
1,000 Big Ledge Conner
664
13-16 15-16 19,100
22,200
4,982
34
5
377,400
12,4731
Monday
12,100 Boston & Montana Dev-5 440
41c 47c 52,300 380 Sept 96e Mar
758
31,100
7,791
81,150
16,4001
Tuesday
Oct
% Mar
4o
10,900 Butte-Det Cop Sc Zino_ -1
910
7c 62,000
4e
4e
30,000
7,807
57,750
15,5901
Wednesday
Jan
229
45e 49c 12,400 39e May 56e
32,350
48c
4,561
1
70,800
Mining
Caledonia
17,090
Thursday
Mar
Sept
.34
1%
16,000
44,500
1
1,588
23,000
11-16
6,254
10,0001
Calumet Sc Jerome Cop_r 1
15,7751
Friday
2% Jan
2,400
134 Apt
115-16 2
Canada Copper Co Ltd.-5
$44,000 Candelaria Silver_r
4,311
43c 450 14,200 370 Aug 45c Sept
1 44c
77,3281 $306,100. 34,395 $159,650
Total
Oct 19c Feb
3e
5,500
40
3e
1 3340
Cash Boy
1% July
Jan
131 6,500 42e
1
134
Cerbat Silver M Sc M..r_l
234 Jan
Feb
5-16
1
3,300
1%
10-16
1%
of
.5
_
record
a
Smelt_
izona
I
A
Consul
we
give
-Below
May
New York "Curb" Market.
"7%
Aug
434
600
534
5
5
Copper Mines....„5
28 Consol
% Mar
200 22e Feb
%
34
3-4
Consol-Homestead r.. _ _1
the transactions in the outside security market from Sept.
5% Jan
Mar
4,600
434
5
4%
ending
4%
1
week
M&M
the
Cons
Gold
covers
Cresson
It
to Oct. 4, both inclusive.
2% July
% Oct
34 13-16 5,900
94
1
Denbigh Mines_r
7-16 July 15-16 June
1,300
74
Friday afternoon.
Dundee-Arizona Copper..1 13-16 11-16
Feb
10%
Feb
9%
100
10
attaches
10
reliability
such
10
no
that
East Butte
It should be understood
234 June
% Feb
1%
134 9,900
13-4
Eureka Croesus Min r..--1
2% Jan
450
14 131
19-4 Sept
to transactions on the "Curb" as to those on the regularly First Nat Copper
5
46o Aug
430 45c
1
Fortuna Cons_r
organized stock exchanges.
3 Sept
e
ng
Auu
1% j
00 300
000
3:4
4
only Gibson Cons Copper _r __1 24 1% 231
Sept
1
4,050
1
On the New York Stock Exchange, for instance, they
34 June
Golden Rule Mines r_ _1
Jan
7-16
and
in
June
business,
engage
3-16
900
22c
20c
Goldfield Consolidated _10 21e
members of the Exchange can
1,500 2340 Sept 100 Feb
234c
,4c
21
234c
1
Bend-r
Great
listed-that
regularly
securities
Apr
1
July
are permitted to deal only in
7-16
2,000
35
36
50c
Green Monster r
2,900 33e June 86e Sept
630 650
65c
Is, securities where the companies responsible for them have Hattie Cold
5% Aug
23.4 Jan
4% 4% 4,910
4%
250
Hecht Alining
complied with certain stringent requirements before being Iron
11-16 Jan
5-16 Apr
450
3.4
%
10c
Blossom _r
100
7-16 July
74 Jan
7-10 7-16
admitted to dealings. Every precaution, too, is taken to Jerome-Verde Copper_ _1
Jan
5,600 47e Sept 90e
480 50c
1 49c
Jim Butier_r
Insure that quotations coming over .the "tape," or reported Jumbo
Jan
24e
Sc
July
2,000
10e
90
1
Extension
authentic.
9c Feb
4,000
134c 30
13.40 Oct
1 234c
In the official list at the end of the day, are
Kewanus r
July
62e
Feb
28c
3,850
56c
arc
no
restrictions
53c
there
53c
hand,
1
Liberty Silver (prospt) r
On the "Curb," on the other
34 May
% July
2,000
1
8
94
can Louisiana Consol
Jan
May 42
100 27
34
34
whatever. Any security. may be dealt in and any one
5
Magma Copper
Jan
in
6%
included
the
334
Aug
4
them
300
4
have
and
5
Mason Valley
meet there and make prices
Apr
Jan 56o
8,500 25e
340
330
34c
1
Loder
Mother
records
daily
furnish
to
Sept
24
1
Feb
3,1001
2
lists of those who make it a business
1%
2
1
r
Leas
pf
&
Mutual Min
9,500 13c July 38e. Feb
140 16c
1 14e
Nat Zinc Sc Lead_r
of the transactions. The possibility that fictitious transac9 May
Jan
8
8% 8% 2,300
5
Nipissing Mines
ig Mar
tions may creep in, or even that dealings in spurious securiOct
5.500 31c
330
310
310
1
Nixon Nevada
kept in mind, Ohio
1;f6 July
% June
% 7,700
%
1
34
Copper_r
ties may be included, should, hence, always hecircumstanc
July
6
334
4
/
es,
21
2%
r
1
Mines_
the
Onotelago
In
shares.
particularly as regards mining
July
2%
1%
%
r
34
1
Pacific Tungsten_
4% Jan
2
4% :
300
6
67.5
2
32%4 Jan
It is out of the question for any one to vouch for the absolate Ray Hercules Mining..r..5 434 4 5-16
% Mar
3-16
July
1,600
,
and
transactions
g
_1
Mining_r_
"Curb"
Warrior
Red
of
record
trustworthiness of this
800 350 Aug 430 July
35c 350
Rochester Combined r_ _1
Jan 54e May
9,400 27e
33e 350
we give it for what it may be worth.
1 34c
Roenester Mines_ r
Jan
7c Sept 18c
1,000
8,3
Sc
1
Mining
Toy
San
Sales
Friday
Jan 12% May
734
1234
4,700
12
loq
Range since Jan. 1.
Seneca Cop Corp (no par)
Last Week's Range for
Week ending Oct. 4.
74e 15,500 600 Sept 740 Sept
730
71c
1
Canon
Silver
Week.
Prices.
of
Sale.
Aug
1
34 Mar
34 15-16 7,800
1 15-16
High.
Low.
Silver Ilesue Silver
Par. Price. Low. High. Shares.
Stocks74 June
% 6,700 7-32 Apr
15-32
1
Silver King of Arizona
7c Feb
2 yi c Oct
2,000
3%0
294c
1
16%
May
Feb
Pick
Cons_r
Silver
6%
17,700
11%
9
934
% Apr
Aetna Exploi_ r....(no par)
% Aug
!i 2,300
34 3-16
5
Feb Standard Sliver-Lead..._1
Oct
1
300
2
1
% Jan
Amer & Brit Mfg com_100
8,500 110 Aug
15c
14c
700 14% Apr 18% Aug Stewart
1834 18%
Eli 1834
Apr
16e
Jan
Brit-Am Tobac ord
7o
700
120
lie
1
Oct
18%
Apr
Mining
144
Success
17% 18% 7,900
L1.1 1831
Jan
1%
Ordinary bearer
Jan
134
3,900
1
9-16
7-16
1
7-16
1
1
634 Sept Tonopah Extension
134 Aug
34 334 3,400
ul
Jan
4
Burnrite Coal Briq_r--11
234 Sept
100
2% 2%
1
Sept
444
Mining
June
Tonopah
18%
14,700
444
41%
240
May
Burns Bros Ice corn r _100 43
7c
Sept
6,000
100
10e
10c
1
Jan 133 June Troy-Arizona r
60 77
118 120
5% Feb
3
July
Carbon Steel com_r_ 100
1% 3 11-16 334 4,000
334 Mar United Eastern Mining..1
14 Oct
1,500
1% 2
25
9c Feb 60c Mar
Car Ltg Sc Power..r
8,500
12e 160
Jan 144
June U S Lead & Zino 1 r. -1 13e
6,600 100
128 135
100
June
250
May
4e
Chevrolet Motor
8,000
130
lec
12c
Feb 2194 Jan Ward Min Sc Milling_
25 200
216 216
Cities Service com_r_.._100
Oct 76c Sept
4,400 730
73c 77e
Juno Washington Gold Quartz_l 77e
Jan 42
334 3634 2,100 25
1% June
Curtiss Amp'& M corn (t)
Jan
650
6,400
1-32
1
94e
06c
5
5,600
End
Consolidated
July
37
West
234 June
36%
General Asphalt com_r_100 3534 29 102
14c 190 14,900 13o Sept 23c Sept
Oct Western Utah Eaten I r 1 180
250 7734 Mar 102
101
34 Jan
Gillette Safety Razor r (t) 102
9c 100 16,800 534c Sept
11-16 13-16
300
34 June 15-16 Aug White Caps Mining___10c
1
Grape Ole common
1% June 2 7-16 Sept
Bonds300
2 5-16 2 7-16
May
99%
Preferred
Aug
98%
$31,000
994
9934
Jan Am Tel & Tel 1-yr 6s r 1919
350
11
8
Aug 11
10
July
Intercontinental Rubb-100
Sept Armour Sc Co deb 68 r _1919 994 9934 993-4 51.000 99 June 100%
100 98
99
Sept 99
99
Sept
98%
!Internet Harvester new
July
3,000'
97%
9834
98%
•
Debenture Cs
500 124 Jan 20% June
17
- 16
Keyst Tire & Rub corn..10 -Aug 97% Oct
9734 9734 8,000 96
6s_r____1921
6
4%
May
Apr
Debenture
500
2%
4
_10
Oct
Lake Torphio Boat.r..
Debenture 6s_ r __ _1922 973-4 9634 973.4 29,000 95% July 97%
310 41
Oct 5034 May
41 *44
Oct
Lima Locom com_r_ _100
2,000, 95 June 98
98
97
1
2% July
Debenture 138 r____1923 98
3% Mar
334 16,000
334
Marconi Wird Tel of Am-5
3,000 95 June 9734 Sept
97%
97
6s_r____1924
Aug
400
47%
44
Debenture
Feb
43%
39
Sept
1004
July
N Y ShipbuildIng (no par)
98%
10,000
100%
100%
_1920
Apr
434 Aug Beth Steel see 7s.r__
2
3% 334 2,900
334
Aug
North Am Pulp Sc Pap (t)
July 100
18,000 98
9934 100
1921
400 43
Serial 7s_r
May 56% Juno
50
50
Penn Seaboarl Steel_ -(t)
5,000 97
99
July 9934 Aug
99
1922
Serial 73_ r
10 1234 12% 12% 2,350 10% July 12% Oct
Oct
100
Role Equipment r
July
96%
139,000
100
9894
100
1923
Serial 7s_ r
2% Apr
Sept
34 5,800
7-16
34
97% Aug
Smith Motor Truck I....10
13% 5,825
834 Jan 13% June Canada (Dom of) 58_1919 97Y3 97% 9734 76,000 94% Jan 102% Sept
10
Standard Mot Constr_r_10 10
Oct
102
5.000
102
102
102
'66
1
r
7s
May
deb
Service
20%
16%
Cities
13
5,000 11% Mar
Submarine Boat v t e...(t) 1334
98% Oct
32% 28,000 19% Jan 343( Juno Cudahy Packing 78 w I '23 9834 9794 9834 68,000 0734 Aug 106%
Aug
United Motors r...(no par) 3134 30%
104 l4 104% 22,000 101% June
2% May Federal Farm Loan 5s......
1
Mar
600
134 1%
_10
May
US Lt & Holt coon
101%
Jan
98%
27,000
100
-9994
notes_1920
May
3i
44 Jan
Gen Eiec 6%
734
10,800
5% 6
6
10
Apr
100%
Jan
U S Steamship
99
16,000
1919 994 995-4 100
34 13,600
3% Sept
3g Sept
6% notes
3
334
5
Wayne Coal r
Sept 98% Sept
9834 107,000 98
98
6% Jan 1134 Mav Interboro R T 7s _ _1921 98
15,800
64 8
634
May
99%
Wright-Martin Aire r__(+)
Aug
97%
2,000
9834
684
1920
Feb 69 June Phlia Electric 6s
63
100 45
63
100
Oct
Preterre,1 r
Mar 70
6004 70 655,000 38
Ruselan Govt 634a r _1919 68
Oct
Apr 64
64 330,000 32
56
1921 62
545 r
Former Standard Oil
Subsidiaries.
Stock
No par value. I Listed as a prospect. 1 Listed on the stock.
Jan
t
17%
lots.
Odd
Feb
15
1434
1134
1,800
.£1
011.r
Anglo-Amer
May Exchange this week, where additional transactions will be found. o New
Mar 200
20 88
190 190
Eureka Pipe Line r.._ _100
Jan r Unlisted. u Ex-cash and stock dividends. to When issued. z Ex-dividend.
50 138
Sept 192
146 147
Illinois Pipe Line_r____100
Apr c Ex-rights. z Ex-stock dividend.
99
91
91
15
Sept
90
_50
r_
Indiana Pipe Line
Jan
366
303
201 290
Sept
299
25
Ohio 011..r
38% 6,080 26
Oct 38% Oct
26
25 37
Penn-Mex Fuel r
June
526
506
120
Jan
498
418
r____100
Prairie Oil& Gas
May
130 249
249 253
Sept 279
E.
STATISTICS.-William
STOCK
Prairie Pipe Line.r.._ _100
INVESTMENT COPPER
Feb
33 167
Oct 182
167 170
168
Southern Pipe Line r
Jan Nichols of this city, who for some years past has made a specialty of copper
82 245
Sept 290
250 256
100
South Penn 011 r
to
corrected
Feb stock statistics, has sent the "Chronicle" an elaborate table
270 490
Sept 579
512 522
Standard 011 of N J.r..100
Feb
320 248
Sept 285
252 265
t.e amounts
Standard 011 of N Y-r_100 262
Aug. 30, covering for a long list of leading copper companies
output and other
Other Oil Stocks.
Jan 21e June of their outstanding share capital, dividends, earnings,
7c
5,000
6o
130
7o
1
Amer Ventura Oil r
'44 Aug 1 3-16 Jan data for the year 1917 and the first half of 1918.
3-1d 34 3,900
31
1
Barnett Oil & Gas r
Jan
7,500 15o Sept 33e
18e
17e
pamphlet as a
Boston-Wyoming 011.r--1
-Robort Garrett & Sons of Baltimore have prepared a
8% Feb
6% 2,300
534 Sept
64
6
Coaden & Co common r....5
IN July convenient and permanent source of reference regarding the pending issue
June
1
115
14 1%
1
Crystal Oil & Ref r
with the
features
its
Feb of Fourth Liberty Loan bonds and a comparison of
7
1,800
534 July
5% 5%
Elk Basin Petroleum r_ _5
30 Sept 5-16 Jan
4o 12,200
30
4c
issues. It is their view that from a casual glance the
Esmeralda 011 Corp r.-1
preceding
of
bonds
Feb
4
134
234 3,800
Aug
2
234
5
obtain the desired
Federal 011 r
Jan Investor will be able more easily and satisfactorily to
5
2% Sept
334 334 10,700
334
10
Glenrook 011 r
2,300 15-16 Aug *131 June information than can be done from any other available data on the subject.
15-16 1
1
Globe 011 r
8134 4,900 39% Jan 86% June The pamphlet is ready for distribution and the firm will be glad to supply
77
Houston 011 corn r..-100 78
34 Sept
34 Juno
2,100
7-16 34
34
to inquirers.
Imperial Con Oil 1.
1334 134 1,100 1234 Feb 14% July copies upon request
.£1
Internet Petrol_r
of the New
54 Mar
Jan
8,600
3%
154
3%
.10
334
-lialiburton Pales Jr. of Hartshorne Sc Picabia, members
r..Trans
&
Oil
Island
June
29%
Mar
1734
3,000
21%
20%
21
10
Exchange, 7 Wall Street, this city, has prepared a letter enStock
Merritt Oil Corp_r
York
17,4
July
14 3,800
1
% Jan
Now," in w _den he discusses the presMetropolitan Petroleum.5
1.24 Jan titled "Victory Markets-Then and
Apr
3,200 87o
93e 060
1
Midwest 011 corn r
the Civil
Mar 120 June ent stock market in comparison with the victory markets of
112 119
7,020 97
Midwest Refining_r___50 117
480 52e
7,500 42e Sept 890 Feb and Russo-Japanese wars.
Northwestern 011 corn r..1

144,113,335
99,457,878
3,644,155
3,568,4881
Stocks-No.shares_ _ _
$336,491,550 $342,621,950 $9,289,502,315 $13,272,753,155
Par value
$86,200
$16,700,
$3,800,
$900
Bank shares, par
1
Bonds.
$109,642,250
$847,683,500,
$12,244,000!
$33,504,000
Government bonds__ 245,629,500
188,799,50%
3,100,000i
6,380,000
State,mun.,&c.,bonds
388,546,500
210,720,000,
5,363,000,
9,136,500
RR.and misc. bonds._
$743,818,250
$49,020,500 $20,707,000 $1,247,208,0001
Total bonds




731
2%

734
231
5434
69
634
634
31
34
38c
19-4
'4
2c
1
234
3

6,600
12,200
100
3,100
1,550
270
2,500
16,200
3,950
15,500
7.900
44,000
6,000
4,210
100

634 Apr
14 Sept
Jan
40
July
56
Sept
6
Oct
6
3Sept
% Sept
25e Sept
% Sept
30c July
le June
Aug
134 Sept
Feb
3

155

CURRENT NOTICE

8
1134
54;4
60
10%
9%
31
1%
58e
2%
1%
22o
2%
6%
3%

1374

THE CHRONICLE

-John Burnham & Company of Chicago announce that their business
heretofore conducted as a corporation, will hereafter be carried on as a
trust, under a trust agreement. The name and personnel of the organization will be uncaanged.
-J. B. Harris & Co., Investment Bankers, 60 Broadway, N. Y., in
their "Investment Indicator" of Sept. 16 1918, describe various Issues of
terminal bonds, such as Boston Terminal, Birmingham Terminal, &c.
-Morris Brothers, Inc., of Portland, Ore., announce their removal on
Sept. 30 to their new building, 309 and 311 Stark Street, Portland.

GOVERNMENT REVENUE AND 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
and 1917-18.

[VOL. 107.

New York City Realty and Surety Companies
Bid
Alliance R'lty 55
Amer Surety. 54
Bond & M G_ 178
Casualty Co_
City Investing 14
Preferred__ 65

All prices now dollars per share.
Ask
Bid
10
----Rid- Set
65 Lawyers Mtge 82
87 Realty Assoc
59 Mtge Bond_
80
85
(Brooklyn)
60
65
1s3 .Nat Surety._ 180 188 0 S Casualty. 175 190
75 N Y Title &
U S Title Guar 35
40
19
Mtge.
55
65 West & Bronx
70
Title& M G 150 170

Quotations for Sundry Securities
All bond prices are "and interest" except where marked 'f".

Standard Oil Stocks Pe'Sitar4
RR. Equipments-Perez Bans I
Par But Ask.Bid.
Ask.
Anglo-American 011 new. El 15 1512 Baltimore & Ohio 43.s..
6.50 6.00
Atlantic Refining
100 940 960 Buff Rooh & Pittsburgh 44
6.50 6.00
Borne-Sorymser
Co
100 420 440
Equipment 4a
Sept. 1918. Sept. 1917. *3 Mos. 1918. 3 Mos. 1917.
6.50 6.00
Buckeye Pips Line Co... 50 .88 90 Canadian Pacific 4 Ma_ ..
Receipts.
6.70 6.20
$
Chesebrough Mfg new...
Ordinary_100 315 330 Caro ClInchfield & Ohio Ss
7.50 6.50
Customs
100 10 40 Central of Georgia 5.L... _
12,719,024 15,201,389
42,732,717
6.75 6.00
46,908,775 Colonial Oil
Continental Oil
Internal revenue:
100 390 415
Equipment 4)iti.
6.75 6.00
Crescent
Income and exc. prof. tax. 36,308,166
Pipe
534
Line
Co
38 Chicago & Alton is
50
6,026,475 564,600,209
7.25 6.50
19,753,448
Miscellaneous
89,005,938 41,265,394 278,690,127 136,083,952 Cumberland Pipe Line.. 100 130 140 Chicago & Eastern Ill 5;41
7.40 7.00
Miscellaneous revenue__ _ _
13,757,135 12,067,317
Equipment 44s..... _
58,376,945
7.40, 7.00
30,382,403 Eureka Pipe Line Co_ __ .100 185 190
Galena-Signal 011 corn__ .100 88 92 Chic Ind & Loulay 4 4s._.
7.019" 0.20
Profms.1 old
Total
_.100 105 .15 Ohio St Louis .4 N 0 fia.....
151,790,263 75,460,575 944,399.998 233,128,578
6.25 6.00
Preferred new
Panama Canal95 105 Chicago & N W 4)is
0.50 6.00
Illinois
Tolls, &c
Ptu.
14
1814
3 15
,ate
12
-100 *
334 Chicago RI & Pao 414s.....
04,391
648,788
1,613,824
7.00 6.00
1,404,951
Indiana Pin' Line Co....50 *90 92 Colorado & Southern 6e.
Public Debt6.90 6.40
First Liberty Loan bonds
a361,650 146,459,249
Erie
2,604,306 499,689,394 International Petroleum_ El
0.80 8.20
Second Liberty Loan bonds
National Transit Co_ _12.50 4112 13
a1,448
Equipment 4 Ws__ _ _.
a480
6.80 6.20
Third Liberty Loan bonds_
New York Transit Co_ _100 185 190
5,087,024
Equipment 4fi6.80 6.20
033,008,359
Fourth Liberty Loan bonds
Northern Pipe Line Co_.100 103 1418
1,630,500
Hooking Valley 4s__......
1,639,500
6.25 5.90
Certificates of indebtedness 1,367,392,200 505,342,000 3,827,664,700 1,055,342,000 Ohio 011 Co
25 300 305
Equipment 5s
0.25 5.90
Penn-Mex Fuel Co
War savings & thrift st'ps.. 97,614,582
25 *30 38 Illinois Central 5e..._..
438,076,725
8.30 0.00
Postal Savings bonds
100 495 505
Equipment 4l11
198,180
.
6.30 6.00
718,800 Prairie 011 & Gee
Prairie Pipe Line
Deposits for the purchase of
100 250 255 Kanawha & Michigan 4)As
7.00 6.25
Solar Refining
1-year Treas. notes (sec.
100 305 315 Louisville & Nashville 5*..
6.2 8.00
Southern Pipe Line Co. 100 167 172
18, Fed. Res. Act, apMichigan Central 5a
8.50 8.00
proved Dec. 23 1913)......
100 250 260 Minn St P & S 8 M 4Hs..._
6.40 0.00
4,785,000 South Penn 011
Southwest Pa Pine Lines-100 90 93 Missouri Kansas & Texas 5r. 7.50 6.50
Depositsfor retirement of
Standard 011 (California)100 213 :17 Missouri Pacific 55
national bank notes and
7.50 6.50
Standard 011 (Indiana).- 100 550 560 Mobile A Ohio 511
Fed. Reserve bank notes
7.00 6.00
Standard 011 (Kansas).. 100 445 465
(Acts of July 14 1890 and
Equipment 4 Ms
7.00 6.00
Dec. 23 1913)
1,328,550
412,198
11,510,067
6.50 _--1,078,497 Standaid 011 (Kentucky)100 300 310 New York Central Lines 5s
Standard 011 (N•braska) 100 410 425
Equipment 4)s
8.50
Total
1,472,698,758 652,213,447 5,214,761,351 1,501,613,691 Standard 011 of •ew Jer-100 518 523 N Y Ontario dr West 434s.
8.60 -(i.iii
Standard 011 of New Y'k 100 260 264 Norfolk & Western 4%s..
6.25 5.75
Grand total receipts_ _ _ _1,624,583,412 728,322,809 0,160,775,174 1,796,147,221 Standard 011 (Ohio)
100 400 410
Equipment 4s
0.20 5.75
• Swan& nes%
100 90 95 Pennsylvania RR 4Ms___
6.20 5.80
Union Tank Lice Co ._100 94 96
Disbursements.
Equipment 4n
8.2 5.60
OrdinaryVacuum 011
100 328 333 St 1,01118 Iron Mt & Sou 5s
7.40 0.80
Checks and warrants paid
Washington Oil
10 *32 36 St Louis & San Frans:lard 5e
7.40 6.60
(less bats. repaid, &c.) 1,258,983,690 348,579,250 4,006,955,507 828,869,927
Seaboard Air Line 5s___.._
7.00 6.50
Int. on public debt paid_
15,522,155
434,046
52,234,715
Equipment 4 Si a_
5,880,410
7.00 8.50
Ordnance Stocks-Per e Ants.
Southern Pacific Co 430
6.40 6.00
Total
1,274,505,845 349,013,305 4,059,190,222 834,750,337 Aetna Explosives prof_ _100 60 68 Southern Railway 44s_ _
6.70 8.00
SpecialAmerican & British Mfg_100
3
6 Toledo & Ohio Central 4s_
7.00 8.00
Panama Canal: Checks paid
Preferred
100 20 35
l'obacco Stocks-Per Sha re.
(less bats. repaid, &c.).
608,440
1,364,980
3,447,612
4,896,159 Atlas Powder common_ .100 107 170
Ask.
Bid.
Purchase of obligations Of
Preferred
100 87 89 American Cigar common_ P
IO; 97 103
foreign Governments_
282,150,000 396,000,000 904,885,000 1,326,500.000 Babcock & Wilcox
100 110 112
Preferred
Purchase of Federal Farm
Bliss
W) Co common_ 50 *300 350 Amer Machine & Fdry„IV. 41'1 0
° 6
70
Loan bonds:
Preferred
80 *75British-Amor Tobao ord_ii *18
1834
Principal
Canada Fdys & Forgings _100 20512 ifitil2
3,500,000
Ordinary, bearer
10018
E1 .
4 18
19
0
1) 21
Accrued interest
Carbon Steel oommon._ -100 103 108 Conley Foil
37,329
1st preferred
100 93 97 Johnson Tin Foil & Met_100 60 90
Total
25 preferred
282,758,440 397,364,980 911,869,941 1,331,396,159
67
70
._100
MacAndrows & Forbes. 10u1 155 170
Public DebtColt s Patent Fire Arms
Preferred
100 80 90
Bonds, int.-bearing notes
Mfg
25 *54 58 Reynolds (R J) Tobacco_ 101) 275 300
and certificates retired_ _ 197,475,573 13,983,078 1,814,718,707 282,916,111 luPont(E I) de Nemours
B corn stock
120
01 2
150
100 2
04
One-year Treas. notes re& Co common..100 280 285
Preferred
deemed (sec. 18, Fed. ReDebenture stook
100 88 89
A dividend scrip
95 98
serve Act approved Dec.
Eastern Steel
100 90 92
B dividend scrip
23 1913)
10
00
0 16
9
4,785,000
0
10
:012 109
4,785,000 Empire Steel & Iron nom _100 35 45 Young (J 8) Co
6
40
8
787
National bank notes and
Preferred
100 74 78
Preferred
Fed. Reserve bank notes
Hercules Powder corn._100 225 230
retired (Acts of July 14
Preferred
Short-Term Notes-Per Cent.
100 106 109
1890 and Dec. 23 1913).
2,090,875
2,310,382
4,800,277
Am Cot 0115s 1919 ...M&S
7,469,770 Niles-Bement-Pond corn.100 119 121
Preferred
100 95 9712 Amer Tel&Tel 65 1910 _V&A 9912 9934
Total
199,566,448 16,293,460 1,824,363,084 295,170,881 Penn Seaboard Steel (no par) •48 51
Balto & 01110 50, 1010 .J&J ---- ---Phelps-Dodge Cons
100 270 280 Beth Steel 5s 1919_ _ FAA
Grand total disbursements 1,756,830,733 762,671,740 0,795,424,147 2,461,317,377 ficovill Manufacturing...100 400 410 Canadian Pao es 1924.M&Hit, ---- ---Thomas Iron
.
22
30 Del & Hudson fa 1920 F&A 9714 -97350
4
Excess of total disburseWinchester Repeat Arms.100 575 625 Erie RR 5s 1919.
....A-O 96 9812
ments over total receipts 132,247,321 34,348,937 634,048,973 665,170,156 Woodward Iron
100 50 55 Fed Sue Rfg 5s 1920_ _J&J 90 97
Gen Else 65 1920 .19. JJa
00
18
4 10018
23
99
t
*Receipts and disbursements for Juno reaching the Treasury in July are Included.
8% notes (2-pr)
0 '19.
Puellc Utilities
4 Counter entry (deduct).
General Rubber 551918.J&D 9938 9978
Amer Gas & Elea oom- 50 *76 80 Great Nor 5s 1920
90.4 074
Preferred
50 •3912 4012 flocking Valley 6s 1918 MAN 993s 9934
Amer Lt & Traci corn_ _100 185 187 K C Term Ry 41.4a'18-Mdp
3 i 93
993*
912 9
5
Preferred
100 91 93
4e 1921
Amer Power & Lt coal__ .100 39 43 Laclede Gas L 5a 1919..F& A 98
All prices now dollars per share
9812
Preferred
100 70 75 Morgan&Wright 55 Doc 1 'lf. 9912
Amer Public Utilities com100 ..__ 18 N Y Cent 5s 1919-..M&SIII 985s
Banks-N.Y Bid. Ask.
Banks.
Bid. Ask. Trust Co's. Bid. As it
-99i
Preferred
100 _ _ 40 Penn Co 4s 1921_ J&D it
America *._ _ 485 495 Lincoln
4 9838
280 300
New York.
Cities Service Co corn__ _100 i23 225 Pub Set Corp N J 5s '19.51.4e 953
Amer Exch_ 215 222 Manhattan •_ 160
efi 97
167 Bankers Trust 350 360
Preferred
72
73
100
Atlantic _
Rem
Arms
181
U.M.0 55'19F&A 9734 9834
175 Mach & Met_ 287 295 Central Union 380 385
Com'w'ith Pow Ry & L.10() 21 23 Southern Ry 5s 1919 .81-13 2 1048
Battery Park. 190 200 Merchants __. 123 128 Columbia... 240 245
983a
Preferred
100 39 41 Utah See Corp 6a '22 M-S 18 8212 84
Bowery S.
400
Metropolitan* 165 175 Commercial.. 90 100
Elea Bond & Share pref. _100 d88 92 w'house El & M 8s '19..F&A
Bronx Boros _ 125 175 Mutual.
9912 9934
376
Empire
290
t00
Federal
Light & Traction.100
7 10 Winches RepArrns7s'19.m.te 0914 9918
Bronx Net_ _ _ 150 105 New Noths_ _ 200 215 Equitable Tr_ 325 335
Preferred
100 36 41
Bryant l'ark' 110
New York Co 130 140 Farm L & Tr_ 350 360
Great West Pow 15a I946.J&J 7134 73
Industrial
Butch dc Drov 18
23- New York__ 425
_ Fidelity
205 215
Mississippi
Rlv Pow nom _100
and Miscellaneous
Chase
1545 '160 Pacific •
135
Fulton
225 255
Preferred
12
2 416
6 American Brass
100 -4
100 212 218
Chat & Phen_ 235 245 Park
495 510 Guaranty Tr _ 309 314
First
Mtge
58
72
1951._
---_
J&J
American
Chicle corn__ _100 33 36
Chelsea Ex •. 120
Prod Exch•_ 200
Hudson
135
145
North'n States Pow corn 100 43 46
Preferred.
Chemical
_ 385 395 Public
200
Irving Trust iSee Irving
Preferred
100 80 8212 American Hardware
Citizens
212 222 Seaboard.
100
58 127
00 125
63
450 470
1Nat Bank
North Texas Elea Co corn 100 57 02 Amer Ty pefounders oous 100 36 40
City
378 385 Second
400 425 Law Tit & Tr 90
97
Preferred
x70
75
100
Preferred
Coal & Iron.. 205 215 Sherman
100
80
85
125
135 Lincoln Trust 95 105
Pacific Gas & Elea corn_ _100 34 35 Borden's Good Milk corn 100 92 95
Colonial•__ _ 8400
State*
100
108 Mercantile Tr
let preferred
100 77 79
Preferred94 98
Columbia._ _ 155 165 236 Ward'
130
115
& Deposit 195
-=-- Puget fed Tr L & P own -100 12 15 Celluloid
ITO 143 148
Commerce.. 17118 172 Union Exch_ 141 155 Metropolitan_ 305
Company..
Preferred
100 43 46 Columbia Graphoph Mfg lig "glit :V
Comme Ex*. 390 410 UnitedStates• 500
M utual(WeatRepublic Ry & Light___ _100
18
Preferred
Common10
Wash
cheater)
_ 275
105 125
Preferred
100 56 58 Freeport Texas Co(5) •30 31
wealth•._. 180 190 Westch Ave. 160
Ifs N Y Life Ins
South Calif Edison corn- ACK) 72 76 Havana Tobacco Co_ ....1(11)
Continental* 100 100 Yorkville •..... 8275 325
1
& Trust__
900
PreferreiL
Preferred
100 92 95
Corn Exch• _ 305 315
100
2 5
N Y Trust... 590 600
Standard Gas & El (Del) 50 •4
6
1st g 85 Juno 1 1922-1-1) /38 43
Cosmoplitan • s5
05
Brooklyn
Scandinavian 265
Preferred
60 .20 2113 Intorcontinen Rabb nom _100 10 11
Cuba (Bk of). 177 187 Coney Island. 140 155 Title Gu & Tr 212 222
Tennessee Ry L & oom 100
2
3 Internet Banking Co.. 100 160
East River._. 15
18 First
260 270 Transatlantic
I 75
Preferred
100 10 13 International Salt
Fifth Ave•-_. 1800 200 Fiatbush _ _ 150
U S Mtg dr Tr 400 410
United Gas & Elea Corp 100
5
7
1st gold 5s 1951
Fifth
A1-60
6 66
215 230 Greenpoint
0 -6
6fili
150
165 United States 875 900
let preferred
100 38 40 International Silver pre1 10070
First
.
890 915 Hillside •
110
120 Westchester
130 140
2,1 preferred
7
10 Lehigh Valley Coal Sales 50 '85 87
100
Garfield
185 Homestead •_
170
110
Brooklyn.
United Lt & Rya oom---100 28 2914 Otis Elevator common_ _ 100 50 64
Gotham ___
200 225 Mechanics' S. -gi
62 Brooklyn Tr.. 485 500
let preferred
Preferred
100 61) 6112
Greenwich •_ 330 350 Montauk'.
87
95 Franklin
225 235
Western Power oommon.100 12 13 Remington Typewriter- M° 74 78
Hanover_ _ _ : 660
Nassau
200 207 Hamilton.... 240 260
Preferred
49 53
100
Common
100 25 0
Harriman_ _ 235 2.15 National City 133
27
8
138 Kings County 620 650
referred
Imp & Trad_ 475 490 North Side'.. 175 200 Manufacturers 160
p
25
:Irving (tr
preferred
80
People's
130 140 People's
270
Royal Baking Pow com_ 10
0 1185
certificates) 270 275
60
11 0000
278
0 125
Queens Co___ 65
75
Liberty____
390 405
Singer
Pref°M
r.;
6
g•
• Banks marked with a (*) are State banks. t Sale at auction or at Stock Ex.
Tex Par Coal & Oil
100 880 920
change this week. t Incluihrs one-third Ogre Irving Trust Co. 8 New stock
*Per share. b Baste. 4 Purchaser also pays accrued dividend. • New stock.
a Ex-righ Ls.
Flat price. a Nominal. x Ex-dividend. y Ex-rights. (ti Without per Vale's

New York City Banks and Trust Companies




ist

IN 3:

1375

THE CHRONICLE

Ocrr.5 1918.]

tmetxt mut Atailirriati intellig.ente•
buTts
• RAIL
ROAD GROSS EARNINGS

returns
STEAM roads from which regular weekly or monthly
The following table shows the gross earnings of various
week or month, and the last two
latest
the
for
earnings
gross
the
give
figures
of
columns
two
first
can be obtained. The
latest week or month. The returns of the electric railcolumns the earnings for the period from Jan. 1 to and including the
page.
t
a
subsequen
on
y
separatel
together
ways are brought
ROADS.

Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
ektgr
ikeon
Year.
Year.
Year.
Year.

Jan. 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

3
299.928 181,738 1,648.246 1,229415
July
la
213,537 175,326 1,518,520 1,300,998 Monongahe
245,127 130.386 1.302.331 1.118,385
Alabama & Vicksb_ August
la Conn. July
56,976 2,274.471 2,223.220 Monongahe
62,790
1,305,209 13,438.395 9,615.385
2d wk Sept
2,264,739
August
L
St
Ann Arbor
&
Chatt
/
Nash,
91,263,165
780
102780
244.946
162
12374
188.421
15461214
10,521
August
6.761
Atch Topeka & S Fe
l-Oregon 2d wk Sept
1,647,095 1,381,397 12,900,290 10,834,487 Nevada-Ca
212,024 1,720,016 1,599.921
290,685
Gulf Colo & S Fe August
August
_
Northern..
Nevada
4,524,160
3,880.693
630,842
563.095
530,198
674,992
92,624
August
Fe
S
&
149.394
M Panhandle
& Sou Sh_ July
420,373 318,227 2,843,681 2,539,976 Newburg
226.939 195.747 1,234.528 1,029.425
Atlanta Birm & Atl August
New Or! Great Nor.. July
213,123 160,037 1,538,464 1,688,739 New
4.155.303 3,062.408
395,237
697,620
Atlanta & West Pt.. August
August
East
On
&
Nor
894.884
477,324 496,692 1,978,178 1,698,912
July
145,890 108,800 1,313,236
Atlantic City
Texas & Mex August
627.235
5,444,024 3,355.674 36,526,374 28,618,672 N 0
948,627
77,780
121.610
Atlantic Coast Line August
Baum S L & W_ August
926,429
986,133
2,583.844
197,384 122,364
2.714.349
269,607
560,593
Atlantic & St Lawr_ June
August
St L Browns & M
85,960,497
192
100225
12869706
118
443
155306
566
19559
180114
August
29g
Baltimore & Ohio__
31102238 21634
August
189.446 171,459 1,011,222 1:151,638 New York&Central..
2.045.392 1.872.719 6.997.425 6.755,467
B & 0 Ch Ter RR July
Albany April
Boston
5.427,170
430,640 297.104 3,037,841 2,962,004
925.172
724.9575,
942,297
Bangor & Aroostook August
Lake Erie & W.._ August
395,027 350,520 2,604,763 2,563,756
7.111.090 4,643,172 42.920,224 33,889,492
Belt By of Chicago.. August
Michigan Central August
1,589,825 1,524.039 8,297,340 7,942,889
7.933,327 5,014.065 44,319.039 34.054.367
Bessemer & L Erie.. August
Cleve C C & St L'August
1,793,724
1,958,761
280,867
360,848
July
Garfield
&
287.477 237,490 1.722,699 1,561,579
Bingham
Cincinnati North August
757,793
94.085 1,049,811
128,713
Birmingham South.. August
3,415,464 2,470.518 20.660,672 16.659,945
August
Erie
Lake
&
Pitts
38,867,210
7,674,120 5,599.912 44,825,716
831,227 6.315.509 5.032.099
1,116,479
Boston & Maine__ August
August
Cent_
Sc
Tol
Ohio
13,618,150 11,084,802
649,354 364,175 3,663,733 2,329.339
Buff Itoch & Pittsb_ 4th wkSept 594,978 440,527
Kanawha & Mich August
977,012
146.701 1,284,058
1.532,528 13.403.856 11.169,521
2,341,173
August
Buffalo & Susq RR_ July Sept 205.056
N
Louis
Y
&
St
Chic
29,100.600
916,100 770,200 30.957.509
11113939 7,600,871 65.695,038 56,045,098
Canadian Nor Syst_ 3d wk
Ha,rtf ,August
3,631,000 109097883 107418646 NYNH&
1.303,077 1,113,636 7.393.590 6,181.345
Canadian Pacific__ 4th wkSept 4,210,000
Y Ont & Western August
466,756 386,553 2,965.102 2,677,049 N
344,724 316,830 2.193.415 2.065.908
Caro Clinch & Ohio August
July
West_
N
Y
&
Susq
1.888,066 1,318.030 13,204,581 9,837,343 Norfolk & Western.. August
6.021,972 51,310.742 42,645.801
8,610.301
Central of Georgia_ August
4,913,656 .3520.261 28,842,129 24.476,974
508.532 428,294 3.144,887 3,119.801
Central RR of lc J.. August
July
Southern
Norfolk
3,635,058
4,004,845
612,573 490,707
7,533.664 60,302,799 57,340.415
9,804.525
Cent New England_ August
August
Pacific..
Northern
661.035
457,971 401,200 3,258,982 2,904,583
644,243
85,123
107.079
Central Vermont..- August
Minn & Internat. July
1,258,467
,
234,677
501,636 3,732,457 3,117,913
682,398
August
Charleston & W Car July
Pacific
n
Northwest'
35,209,723
.
7,546,976 4,735:959 44:504,790
497,111
528,405
August
Ches & Ohio Lines_ August
Co..._
2,752,476 1,910,441 15,234,094 13,421,541 Pacific Coast
36975640 26908690 226180 291 190686863
Chicago & Alton..__ August
August
ia RR
811,673
14592 194 10956606 90,015,508 79,935,814 Pennsylvan
857,014
197.934 189.732
Chic Burl & Quincy August
Bait Ches & Atl_ _ August
748,485
800,805
122,207
163,436
July
Trk_
G
0
&
699,904 441,218 3,484,422 3.107,182
Det
Oh
Cumberland Vail August
2,599,950 1,813,348 13,850,186 11,860,667
1.993,966 14.742.531 10.928.221
2.628.653
Chicago & East Ill.. July
August
Long
Island
10,682.061
2,092,818 1,469,080 12,216,138
510.062
495,266
139.603 108.135
Chicago Groat West Auoust
Mary'd Del & Va July
1,199,781 822.096 6.860,861 5.961,596
775.211 537,363 4.631.075 3.607,107
Chic Ind & Louisv_ August
N Y Phila & Norf August
325,474 283,116 2,393,649 2.152,290
5,266.033 4.610.793
1,072.328
Chicago June RR__ August
1,291.458
July
W
Seasn
.SE
Jersey
13308 111 10500802 80.980,099 72,978,913
9.832,456 7,714.591 57.670.586 51.397.150
Chic Milw & St P__ August
Lines August
13334 147 10153927 78,082.132 69,432,152 Penn Western&
744,922 676,300 4,607,411 4,324,650
Chic & North West_ August
Grand Rap Ind August
196,480 163,573 1,234,512 1.206.951
Chic Peoria & St L. August
8,806,666 6,557,430 54,856 567 48,657.920
August
L.
St
&
C
C
Pitts
54,790,108
62,861.462
7,519,819
796
10154
August
Pacific__
&
I
R
Chic
417,351 298,963 2.865,265 2,421,284 Penn System—
Chic R I & Gulf__ August
34178634 28200869 137033977 126673981
May
Lines East
2,367,356 1,916,079 15.332,700 13,569,152
Chic St P M & On.. Amust
15109 144 14030228 62,878.383 61,431.347
May
Lines West
2,409,211
3,105,900
344,096
557,255
August
E
S
&
H
Chic Terre
49287 779 42231 098 199912 360 188105327
May
Linos E &
695.922
311,295 218,324 2,027,500 1,779,921
725.882
112.575 105.007
Cin Ind & Western.. August
July
Un_
&
Pekin
Peoria
858,361
913,606
149,424 109,794
August
2.756,665 2,087,351 17,624,281 15,403,002
Coal & Coke
Pere Marquette..__ August
920,402
127,930 126.522
657.245
753.926
Colorado Midland.. July
136.095 100.622
July
Shawmut__
&
Pitts
7,654,360
212.033
8.697.818
720.822
782,080
97.618
Colorado & South__ 3 I wk Sept 252,356 566.747 4,810,947 4,001,116 Pittsb Shaw & Nor_ July
120,788
722,018
1.065.307
140,463
Ft W & Den City August
208.591
531.711 Pittsb & West Va__ July
637.828
68.969
93,057
1.301.753 1.099.610
172.428
Trin & Brazos Val July
255.032
July
Reading
Port
705.728
634.231
97,791
93,439
Colo & Wyoming__ July
647,887 Reading Co—
546.700
36.602
84,312
8.836,862 5,692,192 44,409,406 38,046,834
Crip Crk & Col Spgs July
& Reading_ July
1,078,676 743,774 8,172,2574,029,958 . Phila&
Cuba Railroad_ _ _ July
4.543.357 4.175.608 21.411,789 18.757.138
Iron Co_ May
Coal
19,64,091
3,817,632 2,946,281 22,276.983
Delaware & Hudson August
11462818 10062833 50.263.813 45.511.853
May
cos....
both
Total
37,775,422
43,195.651
5,097.696
6,900.082
August
West__
&
Lack
642.089 430.967 2.844.886 2.374.740
Del
Fred & Potom June
3,096,025 2,438,395 19,061,497 18,033,832 Rich
314.677 212.055 1.896,283 1.398.028
Deny & Rio Grande August
July
Southern....
Wash
237,144 230,785 1.374,932 1,344,172
403.450 2,948,242 2.843,225
452,079
Denver & Salt Lake August
August
946,423 Rutland
24,953 1,022,588
29,211
Detroit & Mackinac 3d wk Sept
217,851 165,793 1,744.759 1.542,070
August
Isl..
Grand
&
Jos
St
1,675.407
1.586,334
252,341
377,254
5,252,903 43,462,857 36,715,480
Detroit Tol & Iront'Juiy
6,791.512
August
Fran._
St
Louis-San
166,554 159,358 1,269,091 1,252,705
486.617
614.563
79,427
Det & Tol Shore L.. August
94.489
Ft W & Rio Gran July
1,561.640 1,128,599 6.061,025 4,423,645
Duluth & Iron It..__ August
650,561 472.613 4,496,880 3,405,648
St L S W of Texas August
13,327.616 8,933,556
11,764,000
13,969,000
364.000
Sept
359,000
Dul Missabe & Nor AugustSept 3,757,830 2,518.205
wk
3d
Southwest.
St
Louis
85,430 3,290,301 3,111,971
102,161
650,561 472.613 4,496.880 3,405,648
Dul So Shore & Ati_ 3d wk
St L S W of Texas August
164,800 162,606 1,141,833 1,445,916 San
365,223 375,702 2.599.812 2,493,798
Duluth Winn & Pac August
Ant & Ar Pass_ August
590,488
597,295
01,933
99,877
2,293,844 24.633.261 19.447,605
3,724.774
East St Louis Conn Jul
August
Line.._
Seaboard Air
10,583,460
12.233,195
1,498,266
August
2,073,588
East_
85,731 1,050.791 835.925
&
150.680
August
Iglu Joliet
1,262,876 957,037 9.844,866 9,300,262 South Buffalo
11619281 96,710,305 83,323,1
15745887
El Paso & So West.. August
August
Pacific..__
Southern
August
9,818,517 6,426,236 53,857,115 46,141,826
2,930,806 2,947.9
273,878
352.414
Erie
August
Arizona & East.._
1,093,307 767.792 6.643.206 5,785,805
2,062,184 1,664,765 13.829,624 12,580,115
Chicago & Erie August
Galv Hous & S A_ August
595,607 475,858 6,214,149 5,864,948
5,812,721 4,838,238
645.808
944,616
Florida East Coast.. August
August
Cent
Hous & Tex
607.305
616.952
97,963
96,205
203,726 149.016 1,318,480 1,174,989
Fonda Johns & Gloy July
Hous E & W Tex.. August
665,080
810,688
93,626
114,806
300,599 2,833,058 2,214,754
420,858
Fr Smith & Western August
August
West__
Louisiana
763,769
717,612
87,064
51,705
Galveston Wharf August
703,376 497.431 4.499.629 3.665.564
Morgans La& Tex July
2,405,639
680,612 550,318 4,871,424 4,037,993
Georgia Railroad AugustSept 569.709 371,886 3,946,947
Texas & New Orb August
112,848 105.334 3.819,582 3,651,638
Grand Trunk Pac 1st wk
13218912 7,853.628 79.715,755 56,477,775
August
Bra__
Ry
Southern
45,980,789
Grand Trunk Syst_ 4th wkSept 2,126,177 1,855,133 52,096,659 34,900,487
997.653 631,833 5.749,576 4.518.443
Ala Great South.. August
Grand Trunk By 1st wk Sent 1,248,116 1,059,640 39,171,708 5,549,902
1,761,597 1,163,125 9,819,043 8,590.088
Cin NO & Tex P_ August
1,051,756 856.801 5,332,557
Grand Trk West.. July
July
580,690 372,295 3,457,683 2.667,171
E
New Or! & Nor
265,944 274.888 1.759.411 2.015.444
Det0 Ii & Milw_ July
1,353.270 1,148,904 8.038.856 7.791.188
Mobile & Ohio__ July
9,087,418 8,175,031 57,598,909 56,377,774
231,281 2,283,024 1.805,004
Groat North System August
308,201
August
Fla
&
Sou
Georgia
228,292 247,723 1,546,856 1,495,002
730.595
663.277
99.199
Gulf Mobile & Nor.. August
107,460
South By in Miss July
258,668 246,739 1,748,488 1,430,773 Spokane
591,872
651,523
88.323
Gulf & Ship Island.. August
87.345
August
Internatl.
6,841.351
1,606,675 1,093,533 8,332,765
August
3.765.975
4,544.909
645.712
Hocking Valley..
738.963
July
Seattle
Spok Port &
48,954,124
58.175,231
10654111
July
7,334.961
_
865.995
980.091
Central..
159.631
216,965
Illinois
Island R T.... July
1,172,264 1,037,152 8,449,386 7,563.7:35 StatenAla
91,281
97.194
2.769
Internat & Gt Nor.. August
3,569
& Georgia 3d wk Sept
781,861 Tenn
805,321
118,827 112,839
1,158,514
1.924.890
165,349
384,427
Kan City Mex & Oil August
August
550.160 Tennessee Central_ July
498.893
92.227 119.671
316,852 322.767 2.062.252 2,242.842
XC Mex & 0 of Tex June
L....
St
of
Assn
Term
7,954,675
9,561,842
1,226,967 1,066,863
Kansas City South_ August
334,076 251.624 1.942.049 1.744.366
724,203
790.354
St L Mer Bdge T July
93,880
108,999
Texark & Ft Sm.. August
wk Sept 577.969 425,858 18,069,012 15.282,445
557,812 Texas & Pacific_ ___ 3d
575,883
107,593
91,135
843.268
Kansas City Term.. June
163.281 117,103 1,014,278
August
West
&
Poor
Toledo
1,520,403
237,030 221,485 1,521,320
Lehigh & Hud fly_ August
897.769 657.521 5,244,516 4,593.357
L & West August
607,294 360,302 2,831.071 2.405,005 Toledo StDelaware..
556.116
550.505
124,866
Lehigh & New Eng.. August
136.246
July
&
August
7,051.975 4.866.857 40,977.960 35.261.606 Ulster
Lehigh Valley
10570 269 6,874.184 59.330.927 47.141,945
August
1,309,734 1,043.699 9.196.874 8,342,635 Union Pacific
19.545.290
21.334.801
2.598.091
Los Aug & Salt L... August
3.306.089
August
L
Short
Oregon
990,760
145,428 160,287 1,127,259
Louisiana & Arkan_ August
2,726,068 1,801,087 16,685,085 14.039,112
Ore-Wash RR&N August
286.162 182,727 1.667,681 1.266.762
476,971
482.099
Louisiana Ity & Nay July
178.987 173.599
(Bait).... March
10873686 6,771.278 63,377,202 49.244,083 Union RR (Pa)...._
Louisville & Nashv_ August
781.801 595.388 3,631.410 3,230.239
July
270,708 203,304 1,760,713 1,435,639 Union RR
890,382
Lou Hem! & St L.__ August
159,079
August
Utah
9,329,582
1,728,257 1,292,510 10,481,258
August
Maine Central
219,983 169,259 1,617.166 1.298,213
& Pea August
292.907 270.247 1,891.394 1,593.122 Vicks Shreve
Midland Valley__ July
1,2.56,449 967,754 7.499.158 6.931.895
August
886.263 Virginian RR
27,355
22,339
Mineral Range____ 3d wk Sept
3,526.219 29.801,084 26.179.859
5.160.001
August
RR
Wabash
7,027,206
1,127,144 961.371 7.481,419
MInneap & St Louis August
1,507,616 1,205,505 9.514.107 8.733,445
Maryland_ August
3,529,864 3,088,470 20.311.451 22.320.179 Western Pacific.....
Minn St P & 55 M_ August
1,286,680 1,002,909 7,311.475 6.270,577
...August
Western
449.344
148,207
718.944
71,673
July
871,715
Mississippi Central..
183.718 127.365 1.319.203
Ala.. July
3.175,057 2.371,388 20.307,283 16,627,308 Western By ofErie_
Missouri iCan & Tex August
1.446,966 1,146,957 8,558.730 6,949.404
August
1,769,621 1,350,871 12,294.465 9,636,927 Wheel & LakeN W., August
667,929
653,236
86,803
104,353
Mo K&T Ity of Tex August
&
Falls
Wich
934,222
934.222
963,9941
154,953
Mo & North Arkan_ August
1,914,784 1.474,860 11.669,005 9.628,579
Yazoo & Miss Vall_ July
1,081,597
1,030,117
170,623
170.070
July
Gulf___
&
Mo Okla
8,507,547 6.894.566 56.334.002 50,978,116
Missouri Pacific..__ August

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
• Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

10 Monthly Summaries.

week July (17 roads)..-week July (19 roads)____
week July (11 roads)_ _....
week Aug (12 roads)._
week Aug (15 roads)____
week Aug i14 roads)..___
week Aug 14 roads)........
week Sept 16 roads)........
week Sept 15 roads)........
week Sept (14 roads)........




Previous
Year.

Increase or
Decrease.

%

Cur. Yr. Prey. Yr.
Mileage.
+43.937.332 12.73
October ___ _247.048 245.967 389.017.309 345.079.9777 +33.304.90
5 10.19
241.621 360.062.052 326.757,14
__242.407
November
6 8.18
6
+26.038.66
317.836.38
2
December.. 247.988 247.265 343.875.05
1 —11.608.126 3.95
January —.240.046 239.885 282.394.665 294.002.79
7 16.22
+50.484.35
81
.
.
31
8
362.761.23
228.835
February..__230.336
9.65
238.891 237.463 285.776.203 260.627.752 +25.148.451 15.70
March
0.134.914
274.981,+5
319
5
369.409.89
232.255
233.734
April
1
9.38
6
+32.091.00
342.146,00
097
239.355 228,892 374.237
NUY
2 12.38
220.303 219.294 363.165.528 323.163.161 +40.002.41534.00
June
7
+11766131
346.022,85
.
231.700 230.570
July
32.271 28:574,242, 24,810.154 +3.764.088 15.17
32.766
August

$
$
$
+945.720 10.77
9.723.974 8.778.254
+842.422 9.43
9.777.522 8.935.100
+742.514 8.17
8,715.679 7.973.165
+766,871 15.19
5.812.844 5.045.973
+565,260 9.96
6.168.850 5,610.287
+803.708 15.17
6.102,758 5,299.0.50
9.306,598 7,916,611 +1.389.987 17.56
20.21
+1.193,966
5.908.578
7.102.644
+920,491 16.54
6.484,655 5.564,161
+078,54!15.65
7,230,476 6,251,935
6.931.155 5.926.660 4-1.004.495 16.95
4th vino* Siont ( 6 roads)
& Southern Railway Company only.
Method of reporting changed figures are now for the Colorado

2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

Current
Year.

1376

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of September. The table covers 6 roads and shows 16.95%
increase in the aggregate over the same week last year.

[VoL. 107.

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Colorado & Southern___Aug 1,208,248 1,008,220
402,252
444,112
Jan 1 to Aug 31
7,987,598 7,017,555 2,047,724 2,675,451
Ft Worth & Den City_Aug 722,018
566,746
256,840
220,125
Fourth Week of September.
1918.
1917.
Increase. Decrease.
Jan 1 to Aug 31
4,819,947 4,001,110 1,078,431 1,496,433
Delaware
&
Hudson
___Aug 3,817,632 2,946,280 1,109,957 1,066,862
$
$
$
$
Buffalo Rochester & Pittsburgh
Jan 1 to Aug 31
594,978
440,527 154,451
22,276,983 19.630,590 2,521,517 4,829,274
Canadian Pacific
4,210,000 3,631,000 579,000
Del Lack & West
Aug 6,900.082 5,097.695 1.861,246 1,952,400
Grand Trunk of Canada
Jan
to
1
Aug
31
43,195,651 37,775,422 11,291,154 13,531,790
Grand Trunk Western
2,126,177 1,855,133 271,044
Detroit Or Hay & Milw____
Denver & Rio GrandeAug 3,096,024 2,438,394
251,043
722,747
Canada Atlantic
Jan 1 to Aug 31
19,061,497 18,033,831 3,447,400 5,761,348
Denver
&
Salt
Lake____Aug
237,143
Total (6 roads)
230,785
def8,I86
19,149
6,931,155 5,926,660 1,004,495
Jan 1 to Aug 31
Net increase (16.95°7.)
1,374,931 1,344,172 def281,619 def53,952
Detroit & Mackinac..___Aug 159,081
26,064
Jan 1 to Aug 31
1,016,062
For the third week of September our final statement
883,401
109:198
195,379
covers 14 roads and shows 15.65% increase in the aggregate Detroit & Toledo Shore_Aug 166,554 159,358
62,738
85,031
Jan
1
to
Aug 31
1,269,091 1,252,705
537,475
670,677
over the same week last year.
Duluth & Iron Range___Aug 1,561,640 1.128,598 1,088,927
697,180
Jan 1 to Aug 31
6,061,025 4,423,645 2,972,290 1,687,795
Third Week of September.
1918.
Increase. Decrease. Duluth Missabe & NorthAug
1917.
3,757,830 2,518,205 2,916,010 1.788,306
Jan I to Aug 31
13,327,615 8,933,556 8,214,648 4,669,787
Previously reported (9 roads)__ 6,134,780 5,329,355 805,425
Duluth Winnipeg & Pac.Aug 164,799
162,605
38,009
37,588
Detroit & Mackinac
29,211
24,953
4,258
Jan 1 to .Aug 31
1,141,833 1,445,916
133,506
425,122
Duluth South Shore & Atlantic
102,161
85,430
16.731
Elgin Joliet & Eastern__Aug 2,073,588 1,498,266
Mineral Range
819,265
27,355
596,363
22,339
5,016
Jan 1 to Aug 31
St Louis Southwestern
12,233,195 10,583,460 3,276,406 3,094,740
359,000
364,000
5,000
Texas & Pacific
577,969
425,858 152,111
El Paso & Southwestern Aug 1,262,875
957.036
630.081
396,208
Jan 1 to Aug 31
9.844,865 9,300,261 4,162,005 4,396,145
Total (14 roads)
7,230,476 6,251,935 983,541
5,000 Erie
Net increase (15.65%)
Aug 9,818,517 6,426,235
741,404 1,261,178
978,541
Jan 1 to Aug 31
53,857,115 46,141,825def2583,550 7,719,591
Chicago & Erie
Aug 1,093,306
767,791
226,096
170,864
Net Earnings Monthly to Latest Dates.-The table
Jan 1 to Aug 31
6,643,206 5,785,804
211,821 1,603,275
following shows the gross and net earnings with charges and Florida East Coast
Aug 595,607
475,857
47,898
138,342
Jan 1 to Aug 31
6,214,149 5.864,047 2,097,218 2,914,648
surplus of STEAM railroad and industrial companies reFort Smith & Western__Aug 114,806
93,625
19,783
15,186
ported this week:
Jan 1 to Aug 31
810,688
665,080
80.131
56,922
-Gross Earnings--Net Earnings
Aug
- Galveston Wharf
51,705
87,064 def16,907
39,786
Current
Previous
Jan 1 to Aug 31
Current
Previous
717,612
763,768
271,986
327,469
Roads.
Year.
Year.
Year.
Year.
Georgia
Aug 569,708
371,885
243,412
120,667
$
$
$
$
Jan 1 to Aug 31
3,946,947
2,405,638
1,375,126
627,993
Alabama & Vicksburg_ _Aug 213,537
175,325
55,193
49,424
Jan 1 to Aug 31
1,518,520 1,300,998
Aug 9,087,418 8,175,030 2,151,588 3,086,462
288,706
340,485 Great Northern
Jan 1 to Aug 31
57,598,908 56,377,773 6,667,342 18,008,622
Ann Arbor
Aug 348,013
293,093
82,263
102,589
Jan 1 to Aug 31
2,193,738 2,100,266
Aug 258,667
246,739
208,335
55,310
530,729 Gulf & Ship Island
113,860
Jan 1 to Aug 31
1,748,487 1,430,772
434.718
491,851
Atch Top & Santa Fe__ _Aug 15,461,214 12,374,162 6,015,893 4,828,392
Jan 1 to Aug 31
102,780,780 91,263,165 34,119,316 34,509,076 Gulf Mobile & Northern.Aug 228,291
247,722
29,633
88,746
Jan 1 to Aug 31
1,546,855 1,495,001
264,520
Gulf Colo & Santa Fe_Aug 1,647,094 1,381,396
469,108
351,595
363,290
Jan 1 to Aug 31
12,090,288 10,834,485 2,921,318 2,939,060 Hocking Valley
Aug 1,606,675 1,093,532
653,499
427,581
Jan 1 to Aug 31
8,332,765 6,841,350 1,808,664 2,267,337
Panhandle & Santa Fe.Aug 530,198
630,842
80,928
295,568
Jan 1 to Aug 31
3,880,693 4,524,161
738,445 1,806,429 Internal Great North_ _ _Aug 1,172,264 1,037,151
214,489
327,367
Jan 1 to Aug 31
8,449,385 7,663,734 1,222,549 2,117,842
Atlanta & West Point__Aug 213,122
160,036
69.543
53,419
Jan 1 to Aug 31
1,538,464 1,088,739
484,771
112,839 def28,914
302,737 Kan City Mex & Orient _Aug 118,827
7,744
Jan 1 to Aug 31
805,321
781,860 def230,734 def22,297
Atlanta Birm & Atiantic.Aug 420,372
318,227 def16,387 def157,203
Jan 1 to Aug 31
2,843,680 2,539,977
39,114
231,949
398,031 Kansas City Southern__Aug 1,226,966 1,066,862
4,18,522
Jan 1 to Aug 31
9,561,841 7,954,673 2,708,173 3,072,049
Atlantic Coast Line__Aug 5,444,023 3,355,674 1,899,759
823,893
Jan 1 to Aug 31
36,615,395 28,618,672 9,333,727 8,999,857 Kansas City Southern SystemTexarkana
& FtSmith.Aug 108,998
93,880
Baltimore & Ohio
34,093
48,245
Aug 19,559,118 12,869,705 5,471,207 3,066,878
Jan 1 to Aug 31
790,355
724,203
231,042
Jan 1 to Aug 31
344,916
106,225,193 85,960,496 9,709,853 20,596,287
Lehigh & New England Aug 607,294
360.302
Bangor & Aroostook____Aug 430,640
320,468
159,670
297,103
90,275
73,972
Jan 1 to Aug 31 '
2,831.071 2,405,005
953,862
Jan 1 to Aug 31
934,671
3,037,841 2,962,004
397,539
943,495
Lehigh & Hudson River_Aug 237,030
221.485
37,028
Belt Ry of Chicago
85,473
Aug 395,026
350,520
59,290
106,334
Jan 1 to Aug 31
1,521,319
1,520,403
264,387
Jan 1 to Aug 31
525,765
2,604,762 2,563,756
209,001
716,006
Lehigh Valley
Aug 7,051,975 4.866,856 1,757,830 1,268,650
Bessemer & Lake Erie__Aug 1,589,825 1,524,038
804,532
651,741
Jan 1 to Aug 31
40,977,960 35,261.606 4,649,824 8,490,303
Jan 1 to Aug 31
8,207,341 7,942,889 2,648,678 2,510,846
Los Angeles & Salt Lake_Aug 1,309,733 1,043,698
345,834
417,182
Birmingham Southern__Aug 128,713
94,084
Jan 1 to Aug 31
71.834
def6,282
9,196,874 8,342,634 2,121,740 3,298,123
Jan 1 to Aug 31
1,049,810
757,791
227,329
22,866 Louisiana & Arkansas ..Aug 145,428
160,287 def17,504
57,494
Boston & Maine
Jan 1 to Aug 31
Aug 7,674,120 5,599,912 2,615,746 1,617,823
1,127,259
990,759
201,322
267,995
Jan 1 to Aug 31
44,825,716 38,867.209 4,881,109 8,334,897 Louisville & Nashville.. _Aug 10,873,686 6,771,278 4,072,617 2,133,668
Jan 1 to Aug 31
Buffalo Roch & Pittsb__Aug 1,985,119 1,455,186
63,377,202 49,244,092 15,164,491 15,274,819
424,011
388,815
Jan 1 to Aug 31
11,879,395 9,616,378
203,304
850,075 2,068,517 Lotilsv Hend & St Louis_Aug 270,708
97,596
73,005
Jan 1 to Aug 31
1,760,712 1,435,639
476,209
521,911
Canadian Northern
Aug 3,933,300 3,405,200
499,600
593,200 Maine Central
Aug 1,728,257 1,292,510
July 1 to Aug 31
366,080
362,754
7,672,700 7,250,100
776.300 1,498,100
Jan 1 to Aug 31
10,481,258 9,329,582
429,463 2,445,507
Canadian Pacific
Aug13,109,753 12.414,537 3,208,630 3,817,538 Minneapolis & St Louls_Aug 1,127,144
961,370 def141,300
272,645
Jan 1 to Aug 31
97,496,204 97,149,174 20.085,627 28,574,994
Jan 1 to Aug 31
7,481,419 7,027,205
163,613 1,990,599
Car Clinch & Ohio
Aug 466,755
Minn St Paul & S S M_ _Aug 3,529,864 3,088,469 1,127,576 1,047,323
386,553
140,634
182,011
Jan 1 to Aug 31
2,965,101 2,077,049
Jan 1 to Aug 31
723,433 1,155,840
20,311,451 22,320,178 2,330,988 7,641,552
Central of Georgia
Kan & Texas....Aug 3,175,056 2,371,388
Aug 1,888,066 1,318,029
270,724
554,260
814,967
334,544 Missouri
Jan 1 to Aug 31
Jan 1 to Aug 31
20,307,283 16,627,308 2,466,461 4,989,965
13,204,581 9,837,343 3,221,021 2,662,982
Mo Kan & Tex of Tex__Aug 1,769,620 1,350,870
Central New England_ _Aug 612,572
212,196
392,918
490,707
144,359
184,826
Jan 1 to Aug 31
12,294,464 9,636,926
Jan 1 to Aug 31
512,281
4,004,844 3,635,058
834,800
581,764 1,342,680 Missouri
& Nor Arkan__Aug 154,953
138,224
34,107
40,403
Central RR of N J
Aug 4,913,656 3,520,260 1,867,717 1,265,037
Jan 1 to Aug 31
963,994
934,222
97,934
194,968
Jan 1 to Aug 31
28,842,119 24,476,975 6,152,653 7,850,348 Missouri Pacific
Aug 8,507,546 6,894,565 2,414,012 2,321,021
Central Vermont
Aug 457,970
Jan 1 to Aug 31
401,199
7,401
56,334,001
52,656
11,158,061
Jan 1 to Aug 31
3,258,981 2,904,583 def140,813
534,357 Nashv Chatt & St Louis_ Aug 2,264,738 1,305,208
640,721
308,827
Jan 1 to Aug 31
Chesapeake & Ohio
13,438,395 9,615,384 2,906,519 2,232,102
Aug 7,546,976 4,735,959 3,071,361 1,578,319
Jan 1 to Aug 31
44,560,789 35,209,723 10,496,795 10,417,376 Nevada Northern
Aug 290,684
212,023
165,303
123,915
Jan 1 to Aug 31
1,720,015 1,599,921
Chicago & Alton
873,078
935,569
Aug 2.752,476 1,910,441
951,737
642,251
Jan 1 to Aug 31
395,237
15,234,094 13,421,541 2,628,048 4,046.851 New Orl & Northest ___Aug 697,620
154,514
74.239
Jan 1 to Aug 31
4,155,302 3,062,409 1,001,631
946,339
Ohic & North Western_ _Aug 13,334,147 10,153,927 2,579,397 3,055,839
Beaumont
S
L
&
West
Aug
121,609
77,780
Jan 1 to Aug 31
27,443
23,552
78,082,132 69,432,153 10,194,032 18,159,104
Jan 1 to Aug 31
948,626
627,234
308,090
202,495
Chic Burl & Quincy___Aug 14,592.194 10,956,605 4.882,776 3,870,895
St L Brownsv & Mex_Aug 560,593
269,606
236,654
89,527
Jan 1 to Aug 31
90,015.508 79.935.814 20,209,461 27,988,576
Jan 1 to Aug 31
2,714,349 2,583,843
741,037 1.010,299
Chic Great Western_ __Aug 2,092,818 1,469,080
594,929
108,799
363,833 New Or! Tex & Mex.. _ _ _Aug 145,890
def5,728
24,993
Jan 1 to Aug 31
Jan
1
to
12,216,138 10,682,061 1,423.153 2,524,054
Aug 31
1,313,235 . 894,883
315,038
263,505
New York Central_ _ _ __Aug31,102.237 21,634,297 8,399,895 6,484,133
Chic Ind & Loulsville___Aug 1,199,781
822,096
348,280
233,558
Jan 1 to Aug 31
Jan 1 to Aug 31
180.114,566 155306,442 29,142,265 41,927.859
6,860,861 5.961,597 1.043,262 1,840,973
Cincinnati Northern.._Aug 287,476
237,490
25,536
Chicago Junction
95,363
Aug 325,474
283,115 def79.257
54,674
Jan 1 to Aug 31
1,722,698 1,561,579
212,029
Jan 1 to Aug 31
399,193
2,393,649 2.152,289 def186,443
279,568
Cl Gin Chi & St L ___Aug 7,933,326 5.014,064 3,505.033 1,732,338
Chic Milw & St Paul_ ....Aug 13,308,110 10,500,802 3,552,992 2,819,765
Jan 1 to Aug 31
44,319,038 34,054,367 12,346.186 9,625,977
Jan 1 to Aug 31
80,980,098 72,978,913 7,535,668 19,714,501
Ind Harbor Belt
Aug 527,282
447,798
25,333
127,344
Chic Rock Isl & Pac__..Aug 10,154,796 7,519,819
Jan 1 to Aug 31
3,523,862 3,518,097 def335,709
973,205 1,956,893
883,516
Jan 1 to Aug 31
62,861,462 54,790,107 8,556,459 13,145,585
Kanawha & Michigan.Aug 649,353
364,174
238,368
137,369
Jan 1 to Aug 31
Chic Rock Isl & Gulf_Aug 417,350
3,663,731 2,329,337 1,134,707
683,986
298,962
100,318
103,532
Jan 1 to Aug 31
Lake Erie & Western_Aug 942,296
2,865,264 2,421,284
724,956
769,896
170,135
175,103
764,744
Jan
1
to
Aug
31
5,925,171 5.421,170
767,937
Chic St Paul Minn & O_Aug 2,367,356 1,916,079
1,573,978
677,358
488,681
Michigan
Central
___Aug
Jan 1 to Aug 31
7,111,089
4,643,172 1,940,073 1,457.027
15,332,700 13,569,153 2,412,596 3,665,173
Jan 1 to Aug 31
42,920,223 33,889,492 9,923,323 8,630,489
Chic T H & So East_ __Aug 557,225
344,096
188,541
78,251
Pittsb & Lake ErieAug 3,415,464 2,470,518 1,508,475
Jan 1 to Aug 31
981,498
3,105,899 2.409,211
293,445
635,789
Jan 1 to Aug 31
20,660,673 16,659,945 6,593,047 5,790,419
Cinc Ind & Western_ __Aug 311,295
218,323 def50,746
44,557 N Y Central SystemJan 1 to Aug 31
2,027,500 1,779,922 def16,258
Toledo & Ohio Cent__Aug 1,116,478
391,516
831,226
382,310
299,217
Jan 1 to Aug 31
Cin N Orl & Tex Pac _ __Aug 1,761,597 1,163,124
6,315,508 5,032,097
770,226 1,201,537
470,820
418,989
Jan 1 to Aug 31
9,819,044 8,590,037 2,048,608 2.874,164 NY Chicago & St Louis_Aug 2,341,172 1,532,527
028,644
448,204
Jan 1 to Aug 31
13,403,856 11,169,520 2,763,212
Coal & Coke
Aug 149,424
109,793
def3,306
13,051 N Y New Hay & Hartf_Aug 11,113,939 7,600,871 3,672,016 2,518,450
Jan 1 to Aug 31
2,301,511
913,606
858,360 def140,530
116,762
Jan 1 to Aug 31
65,695,038 56,045,098 10,888,935 10,156,361




Roads.

OCT. 51918.]

THE CHRONICLE

1377

Jan. 1 to Latest Date.
Latest Gross Earnings.
-Gross Earnings--Net Earnings
Previous
Current
Name of Road
Previous
Current
Previous
Current
Previous
Year.
Current
Week or
Year.
or Company.
Year.
Year.
Roads.
Year.
Year.
Year.
Year.
$
Month.
$
$
$
486,663
391,034
1,113,635
N Y Ontario & West_._Aug 1,303,077 6,181,345
1,866,941
1,183,756
597,191
7,393,590
689,834
97,806 87,492
Jan 1 to Aug 31
Columbus(Ga) El Co July
6,021,972 3,418,865 2.376.894 Colum (0) Ry,P & L July
321,805 320.953 2.446.337 1,240,299
Norfolk & Western_ ___ Aug 8,610,301 42,645,800
12,315,230 16,106.857 Com'w'th P. By & Lt July
1793,536 1586,891 12.132.535 10.859,627
51,310,742
Jan 1 to Aug 31
556,468
626.688
3,050,606 ConnecticutPower Co August
86,563 72,222
Aug 9,804,524 7,533,664 3,806,046 23,179,215
Northern Pacific
519,544 443.626 3,573.081 3,199,885
Consum Pow (Mich)_ July
60,302,798 57,340,415 15,785,199
Jan 1 to Aug 31
313.326 308.571 1,780.017 1,715,554
July
L
&
P
239,203
(Me)
Co
Cumb
303,346
501,636
Northwestern Pacific__ _Aug 682,398 3,117,913 1,276,379 1,076,930 Dayton Pow & Light August
779,688 719,936 7.660.976 7,150,015
3,732,457
Jan 1 to Aug 31
1011,279 901.576 8,763,624 7,776,363
7,397,246 g Detroit Edison_ _ _ _ August
Aug36,975,639 26,908,690 8,600,124 44,432,947
1544,248 12.393,560 11,654,834
1700,390
August
Lines
Pennsylvania RR
United
gDetroit
226.180,290 190686,863 22,129,407
143,302 139,688 1.132,868 1.042.867
Jan 1 to Aug 31
Duluth-Superior Trac August
205,414 East
360,783
441,218
377.497 314,202 2.293.437 2.058,696
Sub.. July
&
Louis
St
Cumberland Valley_ _Aug 699,903 3,197,182
542,399
1,256,641 1,549,479 Eastern Texas Elee_ July
644,000
105,879 84,332
3,484.421
Jan 1 to Aug 31
744,877
730.202
233,309 El Paso Electric Co.._ July
99.958 103.172
192,338
676,300
Grand Rapids & Ind_ _Aug 744,922 4,324,650
278.321 222.773 2.006.798 1.568,505
819,984
July
Trac...
585,276
&
Lt
Federal
a
4,607,411
Jan 1 to Aug 31
100,550 79,980
949,896 Ft Worth Pow & Lt.. July
Aug 2,628,652 1,993,966 1,149,502 3,460,208
Long Island
254,354 183,598 1,743,374 1,298,706
Galv-Hous Elec Co__ August
14,742,531 10,928,221 4,490,746
509,480
589,417
Jan 1 to Aug 31
95,163 81.960
June
Rys
&
Pow
Lt
Georgia
165,010
234,380
537,363
736.752
758,634
109,280 113,390
N Y Phila & Norf __ _Aug 775,210 3,607,106
980,565 Grand Rapids By Co July
851,572
4,631.075
409,300 320,959 2,475.841 2,282,646
Sys July
Pow
West
Jan 1 to Aug 31
Great
665,607
742.445
118.677 105,457
7,714,590 1,802,506 2,448,889 Harrisburg Railways. July
Pennsylvania Co _ __ _Aug 9,832,455 51,397,149
4,997,439 11.047.757 Havana El By,L & P July
694.089 575,442 4,614,173 3.826.484
57.670,585
Jan 1 to Aug 31.
346,942
348.658
60.182
1,949,986
67.737
June
Land
&
T
2,142,412
R
Honolulu
6,557,429
Plttsb Cin Chi & St L_Aug 8,806,666 48,657,919 6,396,055 12,169,006 Houghton Co El Co.. August
270,301
267,837
32,234 29,991
54,856,567
Jan 1 to Aug 31
231,321
221,658
27,544 29.134
Houghton Co Tr Co.. August
1.858.718
2.073.755
Pennsylvania System366,582
421,724
May
RR
&
Manhat
b
Ilud
46,629
47,714
189,731
Aug 197,934
8,677,624
9,550,762
1114.511
Balt Clhes & Atl
1267,346
_
__
August
105,119 Illinois Traction_
30,528
811,673
857,014
3524.432 3511,496 17,539.100 17.585.883
• Jan 1 to Aug 31
Tram. May
10,684 Interboro Rap
453,054
30,457
117,102
584,972
84,255 53,176
Trac Co. August
Toledo Peoria & W._ _Aug 163,281
68,742 Jacksonville
3,529
160,525
172,068
843,267
23,330 21,480
1,014,279
August
Keokuk Electric Co_
Jan 1 to Aug 31
92,071
123,998
699,201 Key West Electric Co August
12,405
17,970
138,359
2,087,351
2,756,665
Aug
Pere Marquette
985,156
1,179.111
3,994,187
171,234
220.269
July
By..
2,594,191
Elec
Shore
Lake
15,403,002
17,624,281
Jan 1 to Aug 31
498,716
480,889
99,449
94,087
122,427 Lewist Aug & Watery July
96,292
403,449
Aug 452,078
88,297
80.330
Rutland
19.131 21,111
696,393 Long Island Electric.. May
207,391
2,948,241 2,843,225
Jan 1 to Aug 31
326.156 268.675 1.465.288 1.271.788
Louisville Railway__ May
2,106,805
1,068,260
5,252,903
50,817
6,791,511
57.575
12.417 10,542
Manhat Bdge 3c Line May
St Louis-San Francisco_ _Aug
12,879,361
8,046,000
43,462,857 36.715,580
720,070 609.745 5.741.843 5,107,470
Milw El Ry & Lt Co.. August
Jan 1 to Aug 31
438,453
1,438,220
514,587
1,885,237
205,708
938,701
August
Tr
Co
286.606
&
Lt
Ht
St Louis Southwestern_Aug 1,246,813 7,339,919 3,132,752 3,234,110 Milw
248,491 197.671 1,560,222 1.400,846
8,520,941
Nashville By & Light July
Jan ,1 to Aug 31
679.005
95,791 Newp N&11 Ry,G&E July
204,947 125,358 1.149,795
123,060
472,613
St Louis S W of Tex_ _Aug 650,560 3,405,649
196.206 185,726 1,481,894 1,335,700
276,923 Nevada-Cal El Corp_ August
168,279
4,496,880
31
Aug
to
Jan 1
159,837
166,154
36.654
40,928
May
Island__
Long
Y
&
N
81,038
def122,514
375,702
60,954
54.141
San Antonio & Aran PassAug 365,223 2,493,797
13,618 14,525
163,026 N Y & North Shore__ May
def275,327
2,599,811
490.349
358.846
Jan 1 to Aug 31
83,921 97,584
May
Co__
&
Queens
Y
N
599,336 New York Railways_ May
251,329
2,293,843
5,042.054
3,724,774
4.679.714
1045.802
1017,842
Aug
Line
Air
Seaboard
24,633,261 19,447,605 3,943,696 5,686,201 Nlag Lockp't & Ont. Tune
251,264 192,839 1,497.502 1,134.729
Jan 1 to Aug 31
122,831
130,577
21,578 19,059
Aug15,745,886 11,619,281 6,659,557 5,030,862 Northampton Trac__ July
Southern Pacific
32,035,734
24,268,179
593,513 527.232 3,468.309 3,121.605
June
Eleo__
83,323,277
Ohio
Northern
96.710,305
Jan 1 to Aug 31
224,382 210,459 2,036,848 1,465,566
Electric August
101,201
Texas
North
103,981
273,877
352,414
Aug
34.856
Arizona Eastern
36.896
11.854 10.134
2,930,806 2,947,934 1,019.284 1,497,416 Ocean Electric (L IL. May
Jan 1 to Aug 31
1991,397 1614,988 14,536,535 12,980,396
721,092 Pacific Gas & Electric August
911,487
1,664,765
154.809 139,597
Galv Harris & San Ant Aug 2,062,184 12,580,114
Pacific Pow & Light July
4,716,923
4,591,478
13,829,623
198,993
204,534
26,280 23,298
Jan 1 to Aug 31
Paducah Tr & Lt Co August
245,208 g
226,042
517,601
319,921
645,807
48,779 34,399
Pensacola Electric Co August
Hous & Texas Cent _ _Aug 044,615 4,838,238
1,823,274 1,634,324 Phila Rapid Transit.. August
5,812,720
2725,191 2436,681 20,864,946 19,570.543
Jan 1 to Aug 31
52,109 47.778
66,438 Phila & Western _ _ _ May
95.838
149,016
Houston E & W Tex.. Aug 203,726 1,174,989
467,154 Portland Gas & Coke July
144.119 117.812
386,206
1,318,480
Jan 1 to Aug 31
511,624 4,317,018 3,374.684
659,379
July
PCo.
Port
(Ore)Ry,L&
172,796
246,285
300,599
529.771
Louisiana Western_ _ _Aug 420,857 2,214,753
594.001
87.255 84,791
1,417,166 1,136,414 Porto Rico Railways. July
2,833,057
Jan 1 to Aug 31
586,369 6,608,432 5,136,058
1000.340
P
L
August
&
Tr,
g
Sd
Puget
238,061
292,064
550,317
3.707,282 3.043,584
426,115
445.649
&
August
Light
Ry
pRepublic
Texas & New Orleans_Aug 680,612 4,037,992
1,515,685 1,563,517 Richmond Lt & RR_ May
563.598
4,871,423
167.111
39.705 36,881
Jan 1 to Aug 31
467,825 377.990 3,484.371 2,489,142
Aug13,218,911 7,853.628 3,387,477 2,448,821 St L Rocky Mt & Pac August
Southern Railway
318,380
18,226,398
22,012,473
382.668
51.390
56,577,775
57,590
&
July
Tr..
Lt
El
Santiago
79,715,755
Jan 1 to Aug 31
616,608
756,682
103,477 86.570
196,984 Savannah Electric Co August
293,640
631,833
Alabama Gt South_ Aug 997,653 4,518,444
313,010
312.004
77.890 69.222
1,549,a31 1,445,086 Second Avenue (Rec) May
5,749,575
Jan 1 to Aug 31
86,764
83.010
18.841
18,639
May
Boulevard
38,119 Southern
22,626
231,280
Georgia Sou & Fla___Aug 308,200 1,805,003
834,007 700.165 5,200.496 5,260,176
August
Edison..
Cal
Southern
318,863
295,208
2,283,023
122,195
104,205
Jan 1 to Aug 31
29,128
25,600
May
Isl
Midland__
Staten
38,275
34,900
88,322
672,895
87,344
693,673
89,567 79,321
Electric Co.... August
Spokane International_ _Aug
181,406 Tampa
224,723
591,871
651,522
533.025 471,941
Tenn By, Lt & P Co.. July
Jan 1 to Aug 31
48,067
138,099
185.971
234,491
July
165,348
Co
&
Lt
Power
Texas
384,426
Aug
Tennessee Central
261,245 Third Avenue By...... May
351,767
330,733 350,327 1.593,223 1.705.118
1.924,890 1,158,513
Jan 1 to Aug 31
180,225
189.439
40,461 37.730
DDEB&BRR_May
531,802
405,065
Aug 2,522,194 1,793,602
Texas & Pacific
715.193
658,863
149,763 150.474
May
By
NA
42dStM&St
16,437,768 14,029,170 3,268,424 4,061,529
Jan 1 to Aug 31
237,919 250.676 1,047.046 1.165.959
Union RyCo(NYO) May
227,994
348,554
657,521
315.513
323.046
72.069 72.489
Tol St L & Western _-Aug 897,678
Yonkers Railroad_ May
307.661
5,244,515 4,593,356 1,225,475 1,355,618
280,371
60.725 64,502
Jan 1 to Aug 31
N Y City Inter By May
287,556
250.417
54,282 60,290
Aug 10,570,268 6,874,183 4,806,551 2,898,465
Belt Line Ry Corp..May
Union Pacific
18,210,493
22,371,599
4.187.820
3.907,722
47,141,944
983,315
July
888,579
330,927
System
59
Avenue
Third
31
Aug
to
Jan 1
6,882,599
6,472.755
848,477
808,224
1,420,654 1,265,035 Twin City Rap Tran_ August
Oregon Short Line_ __Aug 3,306,088 2,598,090 7,831,902
665,656 592,903 5,245,663 4.221.470
8,838,334 Virginia By & Power.. August
21,334,800 19,545,290
Jan 1 to Aug 31
608,611
272,987 113,622 1.472,655
165,792 def23,302 def51,664 Wash Bait & Annap_ July
St Joseph & Grand Isl.Aug 217,851 1,542,068
204.998
217,326
50,632 44,570
Electric_ May
Westchester
140,643
109,788
1,744,759
Jan 1 to Aug 31
93,253 85.985
August
York Railways
195.806
233,112
31,835
38,607
System
July
Pacific
Union
519,870 Youngstown & Ohio_
1,801,087 1,060,003
Ore-Wash RR & Nav_Aug 2,728,067 14,039,111
4,424,761 4,683,829
a Now covers only the lines east of York Beach. Me.: in the first four
16,885,085
Jan 1 to Aug 31
months of 1917 covered also the lines west of York Beach, Me. b Repre89,276
Aug 159,079
Utah
sents income from all sources. c These figures are for consolidated com477,489
890,382
Jan I to Aug 31
pany. f Earnings now given in mike's. g Includes constituent companies.
56,655
169,258 def13,118
Aug 219,982
Vicks Shreve & Pac
413,752
304,895
1,617,166 1,298,212
Jan 1 to Aug 31
Electric Railway and Other Public Utility Net Earn482,869
967,753
480,856
Aug 1,256,448
Virginian
-The following table gives the returns of ELECTRIC
ings.
3,242,147
2,044,622
6,931,894
7,499.156
Jan 1 to Aug 31
1,074,756
3,526,218
1,345,306
and other public utility gross and net earnings with
5,160,000
railway
Aug
Wabash
29,801,083 26,179,859 4.857,833 7,895,828 charges and surplus reported this week:
Jan I to Aug 31
1,205,504
387.912
84.223
Net
Fixed Chgs. Balancs,
Western Maryland_ ___ Aug 1,507,616 8,733,444
Gross
232,641 2,502,500
9,514,107
Jan 1 to Aug 31
Earnings. Earnings. et Taxes. Surplus.
400,392
632,402
1,002,908
1,286,679
Aug
$
$
Western Pacific
12,513
7,311,474 6,270,576 2,499.016 2,435,443 I faresburg Rye
34,873
47,386
118,677
July '18
Jan I to Aug 31
14,548
32,877
47,425
215,375
1.146,957
105,457
405,839
'17
1,446,966
Wheeling & Lake Erie_Aug
71,701
238,120
309,821
742,445
7 mos '18
8,558,729 6,949,404 1,434,538 2,263,963
Jan 1 to Aug 31
91.366
226,337
317,703
665,607
'17
86,802
15,301
def7,213
Wichita Falls & N W_ _Aug 104,353
x145,520
245.894
361,072
667,929 def192.380
Aug '18 1,700.390
10,167 Detroit United
653,235
Jan 1 to Aug 31
201.740 x182,281
339,069
'17 1,544,248
Lines
Gross
Fixed
Balance,
Other
Net after
8 mos '18 12,393.580 2,905,381 1,802,930 x1,376,141
Gross
Charges.
Surplus.
Income.
Income.
Taxes.
'17 11,654,834 3,074,743 1,589,033 x1,734,235
Earnings.
$
i
$
i
$
$
z After allowing for other Income received.
Buffalo Rochester & Pittsburgh220,778
417,263
26,906
196,485
390,357
Aug '18 1,985,119
Balance,
Fixed
Net after
Gross
477,194
288,898
121,538
188,296
355,656
'17 1,455,186
Surplus.
Charges.
Taxes.
Earnings.
681,969 1,263,806 1,569,661 de1305,855
681,837
8 mos'18 11,879,395
861,017 2,681,331 1,443,627 1,237,704
'17 9,616,378 1,820,314
21,124 def20.585
539
157,000
Adirondack El Pow Aug '18
21,103 def11,412
9,691
133,795
'17
AND
PUBLIC
Y
COS.
UTILITY
62,195
RAILWA
255,941
318,136
C
1,758,539
'18
12
mos
ELECTRI
192.965
256,958
449,923
'17 1,583,079
x32,211
108,032
130.132
'18
720,070
Jan. 1 to Latest Date. Milw El Ry & Lt Aug '17
Latest Gross Earnings.
x79,560
90,738
163,117
609,745
811,019 x355,549
Name of Road
8 mos '18 5,741,483 1,090,211
Previous
Current
Current
Previous
or
Week
634,091 z616,193
or Company.
'17 5,107,470 1,188,910
Year.
Year.
Year.
Year.
Month.
x4,533
50,209
54,447
286,606
Milw Lt Ht & Trac Aug '18
z20,032
40,144
59,977
205,708
'17
$
$
$ •
$
zdef12,089
349,899
337,111
1,885.237
'18
mos
8
269,049 186,070 1,884,557 1,313,352
Alabama Power Co__ August
z11,754
312,740
323,964
'17 1,438,220
1029.205 860,265 6,410.710 5,541,570
Amer Power & Lt Co June
63,593
818,358
881,951
152,547 Phila Rapid Trans Aug '18 2,725,191
20.097 23.328
98.600
Atlantic Shore Ry__ July
219.271
812,440
'17 2,436,681 1,031.714
77.978 71.350
519,099
487.735
Bangor By & Electric July
295.021
1,632,645
1,927,666
5,451,454
18,122
'18
2
mos
150,814
23,413
171,235
August
By
Elec
Baton Rouge
415,863
'17 4,874,075 2,039,634 1,623,771
197,612 158,136 1,529,918 1,267,446
Blackstone VU & EL August
11,653
12,264.
f9465000 17795000 15458,000 152441,000 Santiago El Lt & Tr July'18
23,917
57,590
Brazilian Trac, L Sc P July
5.471
2,290
15,509
1
85,683
12,864
73,105
18,335
51,390
'17
Brock & Plym St Ry_ August
68,086
85,947
2761.039 2607,401 12,466,574 12.201,995
154,033
382,668
7 mos '18
Bldyn Rap Tran Syst May
10.738
88,604
292,145
39,683
44,716
323,175
August
99,342
Co
Elec
318,380
'17
Cape Breton
173.802
28.981 26,196
190,036
24,613
z48,774
Cent Miss V El Prop.. July
72,793
272,987
714,164 Ws-sh Balt &Annap July'18
145.541 139,345 1.010,368
22,962
x30,054
51.807
Chattanooga Ry & Lt July
113,622
'17
1696,060
12,552,768
1366.660
14,961,561
160.024 z482,996
Cities Service Co... _ _ August
633,335
1,472,655
'18
mos
7
300,094
313.850
57.857 58.773
157,642
Cleve Painesv & East July
230,868
v81,217
608,611
'17
185,153 135,193 1.482,307 1,163.355
g Columbia Gas & El August
x After allowing for other income received.




1378

THE CHRONICLE

[voL. 107.

-Gross Earnings--Net Earnings
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
$
$
$
$ •
Colorado Power_ a
Aug 107,470
100,339
61,603
59,151 Internet System
Aug '18
766,386
208.891
170.730
38,161
Aug 1 to Aug 31
1,269,424 1,137,337
727,600
633,263
(Buffalo, N Y)
'17
752,803
310,922
146,713
164,209
Illinois Traction_a
12 mos '18 7.064,608 1,819.673 2.071,340 def251.667
Aug 1,267,346 1,114.511
335,042
347.432
Jan 1 to Aug 31
'17 8,163,948 3,065,089 1,833,253 1,231,836
9,550,762 8,677,624 2.619,237 3,019,963
Lancaster
(Pa)
Aug '18
25,909
8.343
Northampton Trac_a___ July
2,265
6.078
21,578
19,059
7,894
9,078
G
L
&
F
Co
'17
20,149
6.846
Jan 1 to July 31
2,092
4.754
130,578
122,831
51,350
54,206
12 mso '18
272.584
79,987
26,334
53,653
Utah Securities Corp_ _ _Aug 572,652
554,841
'17
239,176
287,036
96,139
28.3,538
25,238
70.901
Jan 1 to Aug 31
4,597,102 4,221,735 2,495,908 2,250,562 Leavenworth (Kan) Aug '18
17,795
dot 451
2,812
def3.263
L H & P Co
'17
Western Union Tel_a_ __Aug 7,102.098 6,444.600 1,402.135 1,875,624
17,998
2.765
2,812
d f 47
12 mos '18
255.945
Jan 1 to Aug 31
14,991
34,608 def19,617
48,824,798 42,157,081 10,856,139 12,759,187
'17
227,189
52,318
34,595
17.723
Lockport (N Y)
a Net earnings here given are after the deduction of taxes.
Aug '18
28,711
11,203
5,319
5,884
L H & P Co
'17
25.126
8,124
5,670
'2,454
-Gross
Net
Surp. after Clioes.12 mos '18
426,631
99,474
82,832
16,642
1918.
1917.
1918.
1917.
'17
1918.
1917.
362,477
103,429
66,908
36,521
$
Richmond (Va)
Aug '18
9,040
1,659
3,748
Clef2.089
Baton Rouge Electric CoL H & P Co
'17
8,293
1,599
3.931
def2,332
August._ _
23,413
18,122
11,396
8,350
12 mos '18
7,488
4,744
181.423
56,023
55,445
577
12 mos__ 252,385
225,493
122,174
114,522
77,090
'17
72,089
185,361
50.223
57,220
def6,997
Union Gas & ElOo Aug '18
Blackstone Valley Gas& Electric Ca16,770
5,649
2.558
3,091
(Bloomington, III)
August..__ 197,612
17
158,136
13,786
3,064
48,687
48,585
2,752
26,554
27,417
312
12 mos.... 2,254,316 1.885,275
12 mos '18
203.330
56,440
678,848
42,822
671,158
415,492
13,618
418,789
'17
179.436
59.774
42,019
17,755
Brockton & Plymouth Street Ry.Co.
Wilkes-Barre (Pa) Aug '18
71,859
28.385
August ___
21.432
12.290
6.953
15,509
670
3,904
def770
2,651
Co
'17
54,857
25.974
12 mos..... 111,736
20,407
5,567
125,442 def10,005
3,989 def26,262 def10,085
12 mos '18
918,776
354.342
254.174
100,168
Cape Breton Electric Co., Ltd.'17
778.626
381,521
241.462
140,059
August....
44,716
39,683
10,970
13,016
4,434
6,464
Total
Aug '18 1,477,552
463,150
307.299
155,851
12 mos.. 495,112
437,601
139,076
170,943
60,692
92,225
'17 1,375,503
555,894
278.890
287,004
Connecticut Power Co.12 mos '18 16,558,583 4,914,903 3,800,223 1,114,680
August....
'17 15,935,893 6,417.144 3,490,757 2.926,387
86,563
72,222
21,555
27,866
1,192
10,271
12 mos__ __ 940,842
839,780
364,632
402,422
131,439
202,181
Edison Electric Illuminating Co. of BrocktonAugust....
63,209
57,492
10,960
16,206
4,548
11,849
12 mos__ 772,002
693.538
266,699
255,732
106,686
227,147
Electric Light & Power Co. of Abington and RocklandAugust _ _
21,497
Annual Reports.-An index to annual reports of steam
18,203
5,205
2,849
4,572
2,520
12 mos.__ 217.931
205,743
51,001
45,759
44,805
43,038 railroads, street railways and miscellaneous companies which
Galveston-Houston Electric Co.
have been published during the preceding month will be given
August____ 254,354
183,598
89,788
66,883
50,640
28,975 on the last Saturday
12 mos____ 2.532.790 1,976,953
of each month. This index will not
885,469
663,010
417,578
21839
, 0
include reports in the issue of the "Chronicle" in which it is
Haverhill Gas Light Co.August._ _
26.096
24,484
3,098
3,446
2,777
3,441 published. The latest index will be found in the issue of
12 mos__ 318.368
304,047
34,026
79,829
30,875
79,211 Sept-28. The next will appear in
that of Oct. 26.
Houghton County Electric Light Co.August__ _
32.234
29,991
9,113
9,454
2.276
3,172
Baltimore
12 mos..__ 418,088
416,752
&
Ohio
146,570
Railroad.
194,572
66,068
121,072
Houghton County Traction Co.(Eight
Years'
Development
-Balance
Sheet Dec. 311917.)
August___
27,514
29,134
9,381
9,891
2,362.
2,807
12 mos_ _ _ 333,469
339,876
113,619
President Daniel Willard in the annual report for 1917
136,363
29,108
51,228
Jacksonville Traction Co.
(V. 107, p. 1283), summarizes substantially as follows
August.___
84,255
53,176
20,079
16,194
3,493
380
12 mos_ _ _ _ 830,039
663,524
240,8413
218,811
46,219
31,327 the development of the company's system during the
Keokuk Electric Co.eight years between Jan. 1 1910 and Dec. 31 1917, in which
August.....
23,330
21,480
5,108
5,559
2,385
3,240 period there was expended $139,000,000 for additions, bet..
12 mos._
260,090
242,987
65.311
74,169
34,191
48,491 terments,
extensions and new equipment.
Key West Electric Co.Locomotives.-During these eight years we added 813 heavy locomotives,
17.970
August.....,
12,405
7,580
4,323
5,081
1,844
12 mos_ _ __ 178,013
132,090
68,721
45,220
39,350
15,158 with a total tractive capacity of 42.933.660 lbs.. to the company's equipment, while 366 of obsolete type, having a combined tractive capacity of
Lowell Electric Light Corporation6.868.130 lbs., were
The net increase in tractive capacity
August.
80,543
55,287
16,700
17.261
15,312
16.568 of locomotives owned dismantled.
by the company was 37.964.359 Pounds, or 65.5%.
12 mos___ 805,002
690,145
247,717
269,182
234,066
260,522
Ncw Cars, &c.-Within the same period 44.611 freight cars, of
all-steel
Mississippi River Power Co.or semi-steel construction, having a total carrying capacity
2.297,348
August._ __ 192,703
173.467
158,383
144,792
37,872
22,856 tons, were purchased, and 16,961 freight cars, of an averageof
age of 19.5
12 mos.... 2,156,539 1,899,217 1,731,332 1,517,913
282,596
215,832 years. wore dismantled because unfit for modern service requirements.
Northern Texas Electric Co.The net increase in carrying capacity of the freight cars owned by the comAugust._ _ _ 224.382
210,459
76,357
86,921
48,185
57,772 pany was 1.098.695 tons. or 34.9%. The company also pursued a con12 mos____ 3,153,395 2,178,387 1,435,446
906,711 1,093,769
556,772 stant betterment program under which 13,488 cars of original wooden construction were rebuilt and strengthened with steel underframes, friction
Paducah Traction & Light Co.26,280
August...
23,298
6,357
4,636 deft.994 def2,911 draft gear. &c.. to meet modern service requirements. On Jan. 1 1918
12 mos____ 310,221
305,834
78,796
77,952 def17,263 def9,937 93% of the freight-car equipment owned by the company was either of
all-steel construction or was equipped with steel undorframes or centre
Pensacola Electric Co.sills and thoroughly adapted to present service requirements.
August....
48,779
34.399
15,876
14,468
7,475
6,635
Passenger equipment purchased included 400 Ple-es, all steel, while
12 mos____ 443,339
319,398
157,332
134,060
60,969
40,838 many cars originally of wood construction
were strengthened by steel ends
Savannah Electric Co.and centre sills. About 74% of the total passenger business on the system
August-__ 103,477
86,570
32,640
28,990
7,147
4,621 is now carried in cars of all-steel construction.
12 mos____ 1.108.248
914,212
359,188
308,777
61,011
21,150
Other additions embraced new electric motors in Baltimore. new tugs. &c.
Sierra Pacific Electric Co.Road, &c.-Eight miles of 4th main track. 47 miles of 3d main track,
August....64,006
58,960
35,262
29,790
28,375
23,005 152 m. of 2d main track and 111 m. of 1st main track were constructed.
12 mos.... 720.668
660,587
The company now has a continuous double-track line from Philadelphia
386,236
368,428
303,242
287,201
to Chicago, 82% of which is laid with 100-lb. steel rail, and the remaining
Tampa Electric Co.- portion with rail weighing not less than 90 lbs. per yard, all in good, serAugust....
89,567
79,321
36,223
31,015
31,129
26,364 viceable
condition. Approximately 72% of same has stone ballast.
12 mos.. 1,022,091 1,006,862
426,614
454,949
364,755
402,468
In the aggregate, 610 miles of main track have been equipped with modern electric automatic signals, and an additional section of 129 miles
United Gas & Electric Corporation.
of
double track is now being similarly equipped and will be finished during
-Gross Earnings--Net Earnings
- 1918. and on the entire system, including branch lines. all passenger trains
Current
are now being operated under positive block, manual or otherwise.
Previous
Current
Previous
Companies.
Year.
Two long, double-track, low-grade tunnels have been built at the main
Year.
Year.
Year.
crossings of the Allegheny Mountains, and the Magnolia Out-Off
$
$
$
$
on the
Cumberland Division was completed at a cost of approximately $6.000,000,
Citizens' Gas &
Aug '18
23.677
8..525
3,587
4,938
giving a four-track line for 1:3 miles where the tonnage density is the.greatFuel Co (Terre
'17
22,399
9.529
3.733
5.796 est
entire
the
on
Haute, Ind) 12 mos '18
system.
312,127
135,276
45.019
90,257 the eastbound third track These particular improvements, together with
288,b25
'17
124,462
46.666
77.796 west end of the CLunberiandconstructed over the mountain grades on the
Division. have Increased the carrying capacity
Colorado Springs
Aug '18
54.877
24.101
10,788
13,323 of the line from the West Virginia and Connellsville
regions east fully
Lt Ht & Pow Co
'17
53.136
19.408
11,416
7.992
Much has been done in the way of providing addLional passing 40%.
tracks
12 mai '18
593.290
215,325
146.527
65.798 and terminal facilities where needed, and 330.5 milei of track
have been
'17
559.591
207,531
149.516
58,015 constructed for such purposes.
Columbia (Pa)
Aug '18
3.683
828
337
During the eight-year period 837 miles of main track were relald with
491
Gas Co
'17
3.329
981
312
669 90-lb. and 1,729 miles with 11,0-lb. steel rail, and the average weight of all
12 mos '18
35.584
7.190
4,021
3,169 rail in B. & 0. main line tracks to-day is 95.6 lbs. per yard, compared with
'17
29.464
6.479
3,883
2,596 87.5 lbs. per yard in 1910.
Conestoga Trac Co Aug '18
Commercial Development Department.-This department aided in estab129.876
54.504
26.943
27,561
(Lancaster, Pa)
'17
115.152
51.467
26,928
24,539 lishing 2.443 new Industries along the line of road. exclusive of new coal
12 mos '18 1.244.488
489.802
325,895
163,907 developments. Estim ttes preotrel by our traffic officers at the time when
'17 1.183.703
these Industries were located showed that the gross earnings expected
535,368
323,863
211.505 therefrom
would
Consumers El Lt Aug '18
the aggregate amount to more titan 832,000.000 per
31,019
8.489
6,769
1,720 annum to the B. in
& 0. RR. Co. To serve these industries, 232 miles of
& Pow Co (New
'17
29,954
14,410
6,635
7,775 new side tracks have
been constructed.
La)
12 mos '18
380.884
157.741
81.733
76.008
Cumulative Effect of Improvements and Development.-As a result, the .
'17
364,174
175,315
79,853
95,462 total ton miles (including
company's material) carried by the company,
Edison Elec Co
Aug '18
65,875
29,006
9.613
19,393 which during the fiscal year ended June 30 1910 was 12,675,482,892, for
(Lancaster, Pa)
'17
54.673
21.510
8,888
12,622
the
ended
year
Dec.
31
1917
IVOS 18,053.294.172, an Increase of 5,377,811,12 mos '18
772.162
351.753
114,759
236,094 280 ton miles, or 42%.
'17
682.835
323,070
103.084
219.986
During the eight-year period the average total freight-train load was
Elmira (N Y)
Aug '18
114,177
37,702
16,927
20.775 raised from 466 tons In 1910 to 818 tons for the year 1917. an increase of
W. L & RR Co
'17
102,189
44.366
15.979
28,387 350 tons, or 75%. This improvement enabled the company during the
12 mos '18 1.344.828
455,561
last fiscal year to handle 42% more ton miles with an actual decrease of
243.449
212.112
P74
'17 1,243.465
514,884
234.200
280.684 5.081.681 train miles, a reduction of 19%. To have handled the business
Harrisburg Lt &
of 1917 with the train-load of 1910 would have necessitated the operation
Aug '18
68,425
24,613
16.687
7,926
Power Co
over 16.000.000 more train miles than actually were run.
'17
60.816 ..
30.247
13.771
16,476 ofEarninqs.-Exc
12 mos '18
lustve of the Toledo Division, which did not become a
976,916
401.051
184.474
216,577 part
of the system until the last half of the last fiscal year, the company
'17
852,674
470,204
164.892
305.312 earned
during the years 1917 and 1910 the following amounts:
Houston Gas &
Aug '18
46,557
10.305
6,657
3.648
Fuel Co
Years ending'17
38,172
13,244
Dec. 31 '17. June 30 '10.
6.714
6.530
12 mos '18
643.018
204,484
$98,180.800 $69
82.230
1:4
10
78:84
6 114
122.254 Freight earnings
3
earnings
'17
566.301
236,719
19,380.634
82.578
14,485.585
154,141 Passenger
Mail earnings
Houston Hts Wat Aug '18
1,553.857
2.908
1.389
130
1,259
Express
earnings
& Lt Ass'n
3,174,245
2,665
'17
1.715,157
1.430
130
1,300 Miscellaneous
5,865.810
12 mos '18
31,954
2;115,553
15.784
1.560
14,224
'17
28,940
14,613
1.529
13,084
Gross earnings
$128,164,355 $88,901,252

FINANCIAL REPORTS

aOrl,




OCT. 5 1918.]

1379

THE CHRONICLE

substantially stationary from
The freight and passenger rates remained
an increase of about 3% on freight rates.
1910 until 1916, when there was
50% of the freight traffic
about
on
15%
of
increase
further
anti in 1917 a
portion of the year. It is estihandled, but effective during only a short
freight earnmated that these inereases added about $7,000,000 to the gross
ings in the fiscal year 1917.
in 1917 was fully 40% higher than
Wages.-The average wage paid labor
of the company in the last fiscal year,
In 1910, and the total wage payments
ly $18,000.000 greater than
due to wage advances only, wore approximate
During the same period all mathey would have been on the 1910 basis.
43
principal items showed an
on
test
A
prices.
in
greatly
terial increased
of fuel
increase of more than 76% above the prices in 1910, while the price
increased more than 100%.
1283.
in
V.
p.
given
107,
were
&c.,
account,
income
The comparative
TRAFFIC STATISTICS (x 000 omitted.).
Dec. 31 '17. Dec. 31 '16. June 30 '15. June 30 '14.
Years ended4,515
4.535
4,712
4,724
Miles operated
Operations64,375.595 72.267,060
Tonsfrt. corr.(rev.only) 87,435,160 87,785,876
17.004,704 12.970.895 14.054,422
xTons frt. carr'd 1 mile. 17.163.579
0.546 eta. ' 0.544 cts.
Av. rate per ton per mile 0.596 cts. 0.562 cts. 20.581.992
22.748.070
23.798.314 23,194.347
Passengers carried
827,278.616
714,363,423
833,567,192
9
mile
_950,274.66
one
Pass. carried
1.921 eta.
1.968 eta.
Av.rate per pass. per m. 2.104 cts. 2.009 cts.
Average train-load (tons)
645
692
760
777
only)
(revenue
$0.9716
$1.1872
$0.8943
$1.4552
Earns. per pass. tr. mile
Earns. per frt. tr. mile
$3.5082
$3.7781
$4.2722
$4.6318
(revenue only)
Gros earnings per mile,
$21,961
520.245
$25,848
$28,285
opera's.._
outside
incl.
(a) Staten Island Rapid Transit Co. (Including Staten Island Ry.).
Balance
Other
Interest,
Net after
Gross
Calendar
Income. Rents, &c. Sur. or Def.
Tares.
Earnings.
Years$13,734 $234.083 def.$47.176
51.493.513 $223,173
1917
sur.87,392
18,770
290.452
359,074
1.554.430
1916
32.659
536,443
275,799 sur.293,302
1,584,955
1915
(b) Sandy Valley & Elkhorn Ry.
$13,135 $602,048 $252.514 sur.$362,668
5318.622
1917
375,443
272,729 sur.155.077
52.358
318,946
1916
262,905
206.896 sur.136,023
80,013
265,432
1915
(c) Baltimore & Ohio Chicago Terminal RR.
$1.941,013de1$318,916 $1,522.211 $1.614.083 def.$410.783
1917
def.25.269
90,264 1.493,061 1,603.595
1,862.357
1916
286,167 1,429,514 1,472,211 sur.243,470
1.608,528
1915
GENERAL BALANCE SHEET DEC. 31.
1916.
1917.
Assets8; investments
Road and equipment, $362,793,34
physical
(see x below), $343.683,714; 'nivel.
$577,450; total x715,554,714 669.021,541
1)r0P.. $8.500.202; sic. fds., &c.,
Cash, $11.539.369; special deposits, &c.. $3.445,14,985,230 15.490,091
861; total
agts. & conductors,
Traffic, &c., bal., $2,652.738:
23.579,989 15,094,338
$9,613,735; miscellaneous. $11,313,516; total
14,677,747 11,024.997
Materials and supplies
issue, 3391,000; other deSecur. of carriers' own
1,631,527
726.690
ferred, &c.. assets, $335.694; total
1,676.019
2.640,953
Other unadjusted debitstreasury-bonds,
$430,350;
Unpledged securities in
3,682,143
1,939.020
stocks. $1.508.670; total
(contra), $1,Pledged secur. Wash. Branch ;stock
1.650.000
11.650.000
650,000; bonds, 510.000.000 total

yards. shops, engine-house. &c., have been located at Altura,s, Cal., and a
nan some general office building erected.
tne line retained
An apportionment of earnings and expenses between shows
that whatand that disposed of, prepared for the Cal RR. Comm.,
of the line above
ever loss of business may result from the sale of the portion decrease
in operconsequent
tne
by
mentioned will be more than made up
ating expenses.
under
sale
the
about
brought
which
negotiations
the
of
Another result
due May 1 1919. In
consideration was the refunding of the bonded debt
was
view of the present state of tte money market, the result obtained
particularly ortunate, the increase in the interest charge to 6% being in
conformity with the prevailing rate and more than offset by the reduction
1967.
of the amount outstanding to $850.000. due May 1 effect
on the earnings
The present world conflict is having a disturbing
of Railways
and expenses of your property, the attitude of the Director
wished. but
been
have
mignt
as
helpful
as
not
been
has
lines
towards short
what it
the management is doing all that can be expected to harmonize
to the nation in the
considers its duty to the security holders, with its dutycompany's
was
road
the
of
miles
of
103.82
sale
the
present war. (While
consummated in June 1917, the company continued to operate over the
In
1918.)
early
until
entire line
RESULTS FOR FISCAL YEARS.
Dec. 31 '17. Dec. 31 '16. June 30'15. June 30'14.
Years ended• 238
254
273
275
of
year__
end
oper.
Miles
Operations46,703
50.496
70,457
88.388
Tons carried
5.672.215
5,471,643
Tons carried one mile_ _ _ _ 7,252.802 6,419,394
cts. 3.877 cts.
Revenue per ton per mile 3.554 cts. 4,034 cts. 4.061
23.747
23,173
23.869
22.524
Passengers carried
2.028.039
1,931.196
1,765.631
Passengers carried 1 mile.. 1.734.326
Rev, per pass. per mile.._ 5.008 cts. 4.919 cts. 5.639 cts. 5.910 cts.
Earnings$219.886
$222,212
$258,968
$257.741
Freight
119.852
108,897
86.851
86.851
Passenger
27,430
41,049
40,613
35.081
mise
and
express
Mail,
5,343
5,590
5,294
4,201
Incidental
Total oper. revenues__ $383.873
Maintenance of way. &c_ $70,637
68,192
Maintenance of equip't__
6,050
Traffic expenses
Transportation expenses.. 160,610
37,518
expenses
General
3,283
Miscellaneous operations.

$391,726
$107,410
51,040
8,689
127,623
26,702
1,885

$377,749
$154.425
48,758
8,091
129,475
23,204
8.605

$372.510
$104.206
54.489
10.629
103,613
26,639
2,846

Total oper. expenses__ $346,290
$37,583
Net earnings
4.643
Other income

$323,349
$68,377
4,171

$367,559
$10,190
2,578

$302.421
$70,090
4,098

$42.226
$59.440
1,316
24,950

$72,548
$64,009
762
23,697
6,780
507

$12,768
$55,527
441
21,615
13,795
3,018

$74,188
550.508
212
20.988
13,940
4,313

790

83

Total net income
Interest on bonds
Rents paid, &c
Taxes, &c
Sinking fund
Other interest, &c
Extinguishment of discount on bonds

1,729

$90,044
$95.185
$95,755
$87.435
Total deductions
$15,856
$82,417
$23,207
$45,209
Balance, deficit
BALANCE SHEET.
Dee.3117 June30'18
Dee.31'17 Juie30'16
Ltabilitte,sAssets1,450.000 1,450.000
Road & equipment-3,198.614 4,236.789 Stock,common
750,000 750.000
16,133 Stock, pre!erred
14,178
Notes
853,000 1,277.000
Bonds
Investment stocks.._ 24,997
10,642
8.525
interest
Accrued
16,447
property
phys.
719,270,658
785,754,343
Misc.
Total assets
35,467
47,129
180 Accounts & wages
Sinking fund
10,640
Liabilities14.250
Traffic balances
24,849
35,690
Cash
stock,
preferred
8;
22.184
12.217
Common stock, $152,317,46
4,068 Miscellaneous
6.002
Due from agents,&c_
217.347
$60,000,000: and separate stock Wash. branch
190.404
deprec'n
Accrued
24,936
213,967,468 213,967,468 Material & supplies_ 42.070
(contra). $1,650.000; total
10,321 Appropriated surplus 418,189 418.389
7,546
Traffic balances_ _ _ _
$26.700.000:
185
Funded debt-Equip. obligations,
Matured interest_
43,350
Special deposits_ _
trust
mortgage bonds, $311.119.180: collateral
1,904
Deterred liabilities
500
Loans & bills reedy_
bonds, $71,250,500; miscellaneous ob.igations,
retired
debt
Funded
476
&
reedy.dive.
Int.
475,454.673 425,942,573
98,870
$66.384,993: total
thru.Inc. & surp_ _ 98,870
1,287
Deferred assets
7,656,215
6.980
Loans and bills payable
Sinking fund reserve
565
Rents & ins. prepaid
bal., $3.357.400; accounts and wages,
52.533
900
Traffic, &c., bal.
los
s-__deb.431,
and
Profit
6,143
deben
Unadjusted
$3.670.689; total_ 18,825,856 11,911,609
$11,797.767;
16,130
Miscell. accounts...._ 31.353
unmatured
Matured int. divs., &c.. $3,560.281;
7,759,014 6,725145
&e.. $4,198,733: total
3,412.773 4,349,851
int., (Hs's..'
Total
3,412,773 4,349,851
Total
; Insur. reserve,
Accrued depreciation. $22.199,745
-V. 104, p. 2184.
$1,039,039; unadjusted
$623,292; tax liability.
26,366,688 22,076,957
credits, $2,504.612; total
$3.433,047; other deLiability for provident loan,total
United Railways Investment Company.
ferred accounts. $332,245; Income and surplus, 3,765,292 3,873,023
Additions to property through
Annual Report-Year ended June 30 1918.)
(16th
31.959.137 34.773.282
$7,105,257; profit and loss, $24,853,880; total
B. Starring, Sept. 5, wrote in brief:
Mason
Pres.
785,754,343 719,270,658
Total liabilities
fund an
Financial.-During the year the trustee acquired for the sinking
amount so acquired
additional $479.000 bonds, being by far the largest the
$2.fund
x Investments at book value as of Dec. 311917. included:
sinking
in
holds
the
trustee
during any similar period, so that
Total
-In Other Companies- In Constit. & Affit. Cos.
226,000 face value of said bonds, leaving outstanding $15,924,000 out of
.
of
All.
tin
pledged.
$18.150.000
Pledged.
Pledged. Unpledged.
an original issue of
$
$
$
$
The loans and notes payable have been reduced by $375.000. 1917.
$
InvestmentsThe last of the "6% Serial Notes of 1908- was paid in August
10.312.547x14,745,840 55,587.975 2,946,826 58,534,801
Stocks
710,748 199,165.830 2,918,151 202,083.080
United Railroads of San Francisco has paid the last $50.000 of its equipBonds
35,944
ment notes which were guaranteed by 'United Railways Investment Co.,
Notes
56,775,893
176.735
15,015,409
41,760,484
and said obligations have been ended.
Advances
1917 between
307,227
Contingent Obligation Ceases.-The agreement of April 24
Miscellaneous
the reorganization committee of
the California Railway & Power Co. and
on
account of
an
actuality
no
longer
is
Francisco
San
317,394,674
of
United Railroads
10.312.547 15,976.493 269.769,214 47,625,46'
Total
neces.sary to make in the reorthan those deposited with trustees of mortgages the changes which the comittees find itthings,
the railThe stocks owned otherfor
upon
drain
the
to
other
amongst
owing,
plan,
ganization
aggrean
year
the
had
ended
Dec. 31 1917
securing mortgage debt
on its lines during
, and a total par value of $57.633,359. tha roads' cash resources caused by a four months' strike
gate ledger value of $29,513.883
therefore, this company's contingent obligation of
1917:
of
part
latter
the
the
&
preferred,
Co.
chiefly
0.
RR.
B.
following:
including
latter figure
therewith similarly has ceased. The reorganization
$1,136.821; common, 8371.850: Calumet Grain & Elevator Co., $200.000; $100,000 in connection
Railroads of San Francisco bondholders are now
com & Coke fly. Co. pref., $10.000,000, common, $8,960.900; Connells- conpnittees of the Unitednecessitated
with regard to the plan. (Compare
changes
the
pref.,
considering
1st
RR.
Co.
Co..
Wheeling
Reading
$750,000;
ville Uniontown &
Co. below.)
Power
&
Railway
; common. $10,002,500; Richmond- California
$6,065,000; 2d pref., $14,265.000
to $714.803, started
Special Reserre.-The reserve account, amounting
Wa,shington Co., $445,000; Sandy Valiey & Elkhorn Ry. Co.. $500.000;
has sustained
toward meeting the loss which your company
Union Stock Yards Co. common,$400,000; and Valley RR. Co. of Virginia, last year,
been augmented by
has
Francisco,
San
of
Railroads
through the United
81,704.800.
set aside for this purpose during this fiscal year;
of
$540,715
those
addition
than
the
mortgages
deposited
of
with
other
trustees
owned
bonds
The
year ended Dec. 31 1917 had an aggregate at June 30 1918 "reserve for losses on securities owned" amounted to
securing mortgage debt for.the
and a total par value of S15.251.800. the latter $1,255.518.
on
ledger value of $14,059,249 following:
B. & 0. RR. Refunding and General
Income Account.-Similarly, as in the previous fiscal year, no interest
the
chiefly
company's
figure including
Toledo-Cincinnati Division 1st Lien and United Railroads of San Francisco's $1,695,000 notes, nor on theaccounts.
Mortgage bonds, $10,000,000;$276,500;
company's
the
into
taken
been
Chesapeake & Ohio Canal Co. 07 gold bonds of 1910, has
from
Refunding Mortgage bonds,
& Elkhorn Ry. Co. 1st M. bonds,
fThe remainder of President Starring's report consists of, extracts
as separately
bonds of 1844 $1.329.500; Sandy Valley
of Virginia 1st M. bonds, $750,000.- the annual reports of the company's principal subsidiaries
Company
Philadelphia
$2,200,000; and Valley RR. Co.
published and cited in the "Chronicle." Compare 2657; Pittsburgh RailV. 107, p. 1283.
in V. 106, p. 2656: Duquesne Light Co., V. 106, p. Co.,
United
ways, V. 107, p. 77; California Railway & Powerin this including
ia-Oregon
Railway.
issue.]
Nevada-Californ
Railroads of San Francisco and other companies,

(24th Annual Report-Year ended Dec. 31 1917.)
President Charles Moran, writing from the American
Legation, Lima, Peru, May 20, says in substance:

to the Western Pacific'RR. of 103.82
Sale of Portion of Road.-The sale of
the line south of Hackstaff, Cal.,
miles of your road. comprising all
branch, reduced the mileage of the road
including the Sierra & Mohawk
mileage
The
disposed of was carried on the
miles.
171.29
from 275.11 to
ontained was $700
000. The line
'
books at $1,161,429. The purchase price
the completion of the Western Pac.
last much of its usefulness to us through of
the
so Westwood.
branch
Pac.
Southern
Lassen
RR. and the Fernly and
The two connections thus offered to your company enable it to excnange
Hackstaff
from
while
the
haul
avoidibg
terms,
favorable
on
very
freight
or Wendel to Reno. The main value of tne property ceded to the Western
a
Pacific lay In the Reno terminals, and It is believed that not only was
value
good consideration obtained for this property but also for whatever
the entry into Reno had for the purchasers. Now ant spacious terminals,




INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1916-17.
1917-18.
$1,534,687 $1,718,850 $1,590,686
Dividends on stocks owned
175,540
172.733
168,821
Interest on bonds, loans, &c
$1,703,508 $1,891,583 $1,766,226
Total income
Deductions$73,743
$84,441
$90,270
Directors' fees, taxes. Srx
954 900
935,150
907.500
Interest on bonds
39,000
15,00Q
750
notes
Interest on 6%
Interest on 5% notes
80,240
18,242
Interest on dividend certificates
41,181
41,114
34.046
Interest on loans. &c
714,803
Prov'n toward losses on secure, owned.. 540,715
583 $1_,189,064
;
51.703.508$11111
Total
6577,162
Net income for year

a229

1380

THE CHRONICLE

WoL.107.

BALANCE SHEET UNITED RAILWAYS INVEST. CO. JUNE 30. EARLIER EARNINGS OF UNITED RRS. OF SAN FRAN.(Inserted by Ed.)
[As compiled by public accauntants for reorg. purposes. V. 103, p. 12991.
1917.
1918.
1918.
1917.
June 30 Years. 1915-16.
1914-15.
Assets1913-14.
1912-13.
1912.
LiabilitiesS
$
$
Investments *___ _62,787,665 62,687,665 Preferred stock_ _ _16,000,000 16,000,000 Operating rev_ _ _$7,751,743 $8,030,998 $8,515,894 $8,589.248 $8,173,114
Cash
147,878
164,679 Common stock.._ _20,400,000 20,400,000 Operating exp._ - 4,905,234 4,757,827 4,722.737 4,705,829 4,256,739
516,000
516,000
Un.RRs.of San F.
503,800
453.200
402,000
Coll. tr. sk. fd. 5s_15,924,000 16,403,000 Taxes
notes receivable. 1,695,000 1,695,000 6% conv.bds. 1910 790,000
790,000
Net earnings_ -$2,330,509 82,757,171 $3,289,357 $3,430,219 $3,514,374
Phila.Co.notes rec.
14,521
6% notes of 1908_
100,000 Other
income_ _ _
x10,783
12,329
Sinking fund
3,232
- 18,776
7,686
14,801 4-year 5% notes__ 1,000,000 1,000,000
21,426
Total available
Interest accrued
35,800
35,800 Pref.stk. div. ctfs.:
for int.,s. f.,
Phila.Co.com.stk.
6%
712,500
712,500
deer. & divs.$2,341,292 $2,769,501 $3,292,589 $3,437,905 $3,535,800
div. of
% de5%
750,000
750,000
clared J'ne 17'18
Loans & notes pay. 525,000
900,000
Excluding
x
interest, $39,435, and sinking fund earnings, $128,307.
for guar. ended
Coupons due
28,291
12,944
June 30, payable
Res've for losses on
July 31 1918... 368,325
429,712 securities owned 1,255,518
714,803 UNITED RRS. OF SAN FRANCISCO-BALANCE SHEET JUNE 30.
United RRs.of San
Accrued bond,&c.,
1918.
1917.
1918.
1917.
Francisco
50,000
50,000 interest
184,946
190,194
AssetsLiabilities$
Other companies
2,194
1,130 Miscellaneous_
287,874
69,402 Railroads, properFirst pref. stock__ 5,000,000 5,000,000
Unadjusted accts..
2,207
19,770 Profit and loss... 7,264,236 d7,055,715
ties & franchises.81,247,341 81,354,539 Preferred stock.._ _20,000,000 20,000,000
Trust equipment_ 700,468
860,488 Common stock _17,948,600 17,948,600
Total
65,122,365 65,098,559 Total
65,122,365 65,098,559 Mortgage
sinking
Mortgage bonds_c36,152,000 36,152,000
funds
2,318,870 2,172,870 Equipment trusts_ 120,000
200,000
* Investments include (1) Philadelphia Co., $24,555,000 com. stock:
5% promis'y notes 1,000,000 1,000,000
2) California Ry. & Power Co., $5,134,400 pref., $34,160,700 corn.; and Investment in securities
799,925
855,700 Indome doted notes 740,000
740,000
3) Railroads & Power Development Co., capital stock, $5,500,000; total, Funds
for
redempNotes payable Cal.
61,726.439; other securities, $1,061,227.
tion of bonds...
26,400
26,400 fly.& Pow. Co_ 1,925,000 1,925,000
For acquirement of
Notes payable_ _ _ _
95,120
15,120
outstdg. aka. of
Accounts payable_ 649,492
376,147
California Railway & Power Co., Inc.
underlying cos
1,834
1,834 Wages & salaries._ 108,512
90,406
Cash
428,437 1,076,085 Accrued interest__ 495,688
458,215
Notes receivable
5,408
5,231 Accrued taxes__ _ 169,380
(5th Annual Report-Year ended June 30 1918.)
191,371
Accounts receiv'le. 433,231
348,218 Bond interest due
Miscellaneous_
26,002
53,507 and unpaid.... 1,914,160
960,665
Pres. Mason B. Starring, Sept. 5, wrote in substance:
Discount on fund.
Deposits rec'd, &c.
62,792
64,490
Reorganization Plan to Be Modified.-The agreement of April 24 1917
debt
661,307
733,065 Mtge.sk.Id.res've_ 523,677
500,587
between tne California Railway & Power Co. and the reorganization com- Materials & imp_ 451,826
500,557 Depres'n reserve__ 1,400,996 1,313,413
mittee of United Railroads of San Francisco [see plan, V. 104. p. 1144, Accrued interest_
44,622 Other reserves.... 129,048
64,047
104,992
20121 is no longer an actuality on account of the changes which the com- Profit& loss, def.. 1,269,368
Profit and loss_
992,091
mittees find it necessary to make in the reorganization plan, owing, among
other things, to the drain upon the United Railroads' cash resources causer,
Total
88,434,465 88,033,096 Total
88,434,465 88,033.096
by a four months' strike on its lines during the latter part of 1917. The
reorganization committees of the United Railroads of San Francisco bondc Includes sinking fund 4% bonds, $23,854,000, and underlying bonds
holders are now considering the changes necessitated with regard to the plan. assumed, $12,298,000.
No Income from United Railroads of San Francisco.-The inability of
Note.-The company guarantees both principal and interest of $1,416,000
United Railroads of San Francisco to pay, during the pending reorganization, either interest or dividends to this company has continued, rendering San Francisco Electric Rys. bonds and $45,000 Gough Street Co. bonds.
necessary a continuance of the policy of not taking into the company's
BALANCE SHEETS JUNE 30 OF OTHER SUBSIDIARIES.
accounts tho interest on United Railroads' notes.
The decrease in the net income of the United Railroads for the year as
Assets-Sierra & S. F. Pow, Co.- -Coast Va .0.& E .Co.compared with the previous year is due principally to the loss in passenger
1918
1917
1918
1918
receipts occasioned by the strike and the heavy expenditures incident Property
$36,574,726 $35,652,599 $5,868,350 $5,810,567
thereto.
2d Mtge."B" bonds and
Assets, &c., of United Railroads of San Francisco.-During the year•there
scrip in treasury
37,000
37,000
has been a decrease of $107,197 in "railroads, property and franchises," 2d M."B" bonds & scrip
due to sundry sales of property, &c. On the other hand, additions and
for matured int. on 2d
betterments to property were made, amounting to $225,953, notably
Mtge."B" bonds_ _ _ _
50,084
52,459
$158,532 on track and roadway. This amount ($225,953) has been charged Cash
410,909
1,106,307
72.753
29,240
to reserve for depreciation as heretofore.
Notes & accts. receiv_ _ _
382,721
413,408
51,046
39,852
and supplies..
183,937
191,364
19,204
24,885
Sierra & San Francisco Power Co.-The annual gross earnings, amounting Materials
discount &
to $1,694.474, were a recordfor the company, showing an increase over the Unamortized
expense on securities_
143,174
147,995
246,667
247,341
previous year of $256,428. or 18%. Operating expenses and taxes in- Miscellaneous
53,483
34,301
13,173
19,225
creased $218,464, or 47%, the large increase in expenses being due prici- Sinking
fund
11,000
pally to the greatly increased consumption of oil for fuel for steam generating
263.938
purposes which was occasioned by a failure throughout Central California Profit and loss
of an adequate supply of water for hydro-electric generating purposes.
Total
$37,836,034 $37,899,372 $6282,193 $6,171,110
This shortage of water was the greatest recorded in that State during the
past 49 years. Increases in cost of labor and materials and supplies added
Liabilitiessubstantially to the increased operating cost; taxes increased nearly 15%. Capital
stock
$20,000,000 $20,000,000 k$5,000,000 $5,000,000
Coast Valleys Gas & Electric Co.-The gross earnings were the largestt n 'First Mortgage bonds
7,500,000
7,500,000
900,000
900,000
the company's history, amounting to $326,190, an increase of$55,275, or 2d M. bonds, Series "A" 1,000,000
1,000,000
20%,over the previous year. There was an increase in operating expenses 2d M.bonds, Series "B" 8,500,000 8,500,000
and taxes of$37,013, or 21%,over previous year; taxes increased nearly 20%. Accounts payable, &c._
174,746
110,488
146,267
92,847
Mat'd int. pay. In cash_
263,675
260,110
480
660
Rates.-In view of the largo increases in expenses all along tho line, it Accrued
int., taxes, &c_
190,326
193,943
32,297
28,913
seems inevitable that the companies must be permitted sooner or later to Mat'd
int.
"B"
2d
M.
substantially increase their rates.
payable in bands ___
50,084
52,459
Deprec'n, &c., reserves_
156,242
279,492
84,269
63.799
CALIFORNIA RAILWAY & POWER CO.-INCOME ACCOUNT.
Miscellaneous
960
2,880
Profit and loss
84,891
118.879
June 30 Years1917-18.
1916-17.
1915-16.
1914-15.
Total income
$222
$92,425
$203,328
$141,268
Total
$37,836,034 $37,899,372 $6,282,193 $6,171,110
Expenses, taxes, &c
10,278
73,881
36,947
14,072
k Includes $2,000,000 pref. stock and $3,000,000 com.-Compare V. 103.
Net income
def.$10,056
$18,544
$166,380
$127,196
Dividend on prior prof
x$28,000 x$196,000 x$199,500 p. 1299.-V. 105, p. 2542.

1

Balance, sur. or def__def.$10,056

def.$9,456 def.$29,620 def.$72,304

x Dividends were deducted by the company from profit and loss surplus.

Montreal Tramways Co.
(Report for Fiscal Year ended June 30 1918.)
President E. A. Robert says in substance:

CALIFORNIA RY. et POWER CO.-BALANCE SHEET JUNE 30.
1918.
1917.
1918.
1917.
Results.-It will be noticed that the gross earnings of the company from
Assess-LiabilUies-$
$
July 1 1917 to Feb. 9 1918, the date of the termination of the old contract
a Scours. owned..47,739,469 47,739,469 Prior pref. stock__ 2,800,000 2,800,000 [amounting
to $4,652,7481, are shown separately from the allowance [of
Notes rec., United
Preferred stock ___ 6,874,400 6,874,400 3874.0491 made
to the company under the now franchise. The gross
Rita. of San Fr_ 1,925,000 1,925,000 Common stock...40,000,000 40,000,000 items
aforesaid
amount to $5,526,796; the surplus carried over from
Coast Valley Gas
RRs.& Power DeJune 30 1917 was $856,449, making the total credits $6,383,245. The total
& Electric Co__
7
velopment Co_
5,000
charges against this sum aggregate
leaving a balance to the
1,394
Cash on deposit._
b11,783 Unadjust. credits_
34,127
34,127 credit of surplus account of $552,458.$5,830,787,
a reduction from 1917 of $303,991.
41,982
Un.RRs.of S.Fr..
37,572 Prior pref. stock
New Contract with City.-On Jan. 28 1918 a contract
executed with
Accrued int., &c__
60
60 for redemption_
800 the City of Montreal. and later assented to by an Act was
of the Legislature
Sierra & S.F.P.Co.
117
Profit and loss
4,558 of the Province of Quebec, granting the company a 35-year
franchise on
Profit & loss,def..
5,498
the Island of Montreal.
Under this contract the rates of fare to be charged are to be fixed by
Total
49,713,527 49,713,885 Total
49,713,527 49,713,885 the Tramways Commission, appointed by the Lieutenant-Governor in
Council to administer the contract, and must oe sufficient to produce a
a Includes (1) United RRs. of San Francisco stock, $5.000,000 first pref., revenue
that will meet the following allowances, viz.:(a) Operating expenses
$20,000,000 pref. and $7,950,000 corn.; (2) Sierra & San Francisco Power and taxes,
operating profit, maintenance and renewals; (b) 6% per annum
Co., $19,999,000 capital stock; (3) Coast Valleys Gas & Elec. Co. stock, on the amount of $36,286,295,
as established by the contract; (c) 7% per
$2,000,000 pref. and $2,999,500 corn.; (4) San Francisco Elec. Rys., $9,- annum
additional
capital supplied during the continuance of the present
on
997,500 capital stock; and (5) other securities, $1,240.
world war, and for two years after its close, to be received over a period
aeggrf-"-157
the terms of the certificate of Incorporation, prior not exceeding five years beyond the close of the war; (d) 6% per annum
irsuani-to
--preference stock of the par value of $460,000 would be redeemable at on works. ng capital furnished by the company for the operation of its
June 30 1918, plus accumulated dividends thereon, providing the surplus system; (e) M of 1% per annum on the sum of $36,286,295, or $181,431.
for the purpose of covering the expenses incurred by the company in proof the company were adequate for such purpose.
curing additional capital; (f) a rental of $500,000 per annum to be paid to
the city during the period of the contract; (g) a sum equal to 1% per
SUBSID. COMPANIES' INCOME ACCT. FOR YEARS END. JUNE 30. annum
of the gross revenue to be paid annually into a contingent reserve
-U.RRs. of S. F.- -Sierra & S.F.P.Co.- Coast V.0. & El. fund, until such fund shall amount to $500,000.
All gross revenues remaining after tho payment of said charges sha I
1917-18. 1.916-17. 1917-18. 1916-17. 1917-18 1916-17
constitute the divisible surplus, and shall at the end of each year be dis$
$
$
$
$
$
Gross earnings_6,261.999 7,458.142 1,694,474 1,438,047 326,190 270,914 tributed as follows: To the city, 30%; to the company, 20%, and to the
Op.exp.& taxes.6,006,823 5,252,202 684,364 465,899 215,128 178,115 tolls reduction fund, 50%•
The tolls reduction fund shall be held in trust for the patrons of the
Net earnings_ 255,176 2,205,940 1,010,110 972,147 111,062 92,799 company for the reduction of tolls, and shall be administered by the
Conunission
as provided for under the contract. Whenever at the end
Other income__ 170,408 163,121
20,831
30,086
1,335
857 of any year the
amount in the tolls reduction fund shall exceed $1,000.000,
Gross income. 425,584 2,369,061 1,030,941 1,002,234 112.397 93.656 the Commission may, and whenever the amount in said fund shall exceed
82,500.000, the Commission shall reduce the faros on the Tramways system.
Bond interest.b1,591,863 1,594,364
Land.-We purchased land on Mount Royal Ave. for car barns, and
Other int., &c__ 333,813 334,519 *859,357 845,778 58,546 59,440
also sold unneeded land in the Parish of Pointe aux Trembles.
Rentals & leases 177.600 176,700
Contract.-An exclusive 36-year franchise was granted us In St. Laurent.
TVages.-A general demand from our employees for an increase in wages
Bal., sur_def.1,677,692 sr.263,479 171,584 156,456 53,851 34,216
was acceded to after many deliberations, including meetings with the
b Includes in 1917-18 interest on United Railroads 4% bonds, $940,000, Tramways Commission and the representatives of the City of Montreal, &c.
Munitions.-During the past year the company received an additional
and on underlying bonds, $651,863, against $941,454 and $652,910, respeccontract for the machining of shells. This is proceeding satisfactorily.
tively, in 1917-18.
Dividend Deferred.-The Board decided to defer the declaration of the
* Interest charges in 1917-18 include interest on First Mortgage bonds, regular quarterly dividend of 2Yi% on the common stock, payable Aug. I
$375.000, against $358,333; interest on 2d Mtge. Series "A" bonds, $60,000 last, owing to the fact that the now fares and allowances provided for
yearly; interest on 2d M. Series "B" bonds. $423,150. against $423,150; under the contract had not as yet become operative, an appeal having
and miscellaneous deductions. $1.207. against $4,294.
been taken to the Quebec Public Utilities Commission.




OCT. 5 1918.]

THE CHRONICLE

1381

CONSOLIDATED BALANCE SHEET JUNE 30.
1917.
1918.
1917.
1918.
$
$
Liabilities$
$
Assets7,900,000
Plants, prop., &et 8,967,439 9,635,298 Stock, preferred___ 7,900,000
7,600,000
7,600,000
common.._
Stock,
5,489,516
5,492,166
patents
Good-will,
550,000 Accounts payable_ 3,129,892 1,011,018
Scott SS. Co. stk_ 550,000
Liberty bonds,&c. 4,989,711 1,091,177 Accrued interest 127.714
199,468
taxes, &c
12,000
63,454
Securities owned__
138,250
Unpaid pref. diva- 138,250
Unp'd bal, on ship
418,000
do coin. stock_ 513,000
240,510
170,435
___
on
constructi
32
$6,525,2
5
conon
9
$6,609,76
rec'd
Adv.
$7,725,49
$5,526,797
4,814,984 1,693,441
Total income
3,713,996 Inventory
3,707,053
strc. contracts_ _26,286.163 10,573,595
4,601,772
3,148,004
Accts.& notes rec_ 2,946,186 1,375,546
Operating expenses_ _
673,348
a10,300,476 8,194,756 Reserve funds_ _ __b4,587,922 5,147,564
Cash
5
$2.811,23
2
9,947,830
7
$2,902,71
Surplus
$2.378.793 $3,123,72
U.S.Treasury cerNet earnings
502,336
tificates,&c_
Deduct90.045 4,683,116
$414,149 Work under const_16,7
$418.083
$491,431
$250,509
193,546
City percentage
825,415 Def., &c., accts__ 5,145,874
806,721
858,542
940,242
&c..
int.,
loan
and
Bond
800,000
800,000
800,000
60,230,770 33,661,243
Total
800,000
60,230,770 33,661,243
Total
Int. on debenture stock_
92,800
93,600
98,400
92,474
Taxes
71 (10)278,880
81
(10)323,8
6, and interest(10)337,8
$6,250,47
,638
on
deposit,
and
%)254
hand
on
M
(7
cash
in
1918
Dividends
a Includes
223,112
$4,050,000. b Includes in 1918: fire inProp'n disc. bonds sold_
275,000 bearing certificates of deposit,
for
275,000
350,000
106,808
, for construction, contingencies, &c., $252,913;
$148,752
Contingent account__ _
surance,
tion in
110,000
excess profits taxes (est.), $4,000,000; for workmen's compensa
War tax (estimated)
15,000
surance, $100,516; and for scrap and inventory adjustments $85,741.
Amt. pd. 1st Tram.Com.
V. 107, p. 1289.
$124,991
5,436sur.
73sur.$18
sur.$77,4
303,990
def_def.$
Balance, sur. or
539,175
664,166
778,976
856,449
Previous surplus
American Water-Works & Electric Co.
$664,166
$849,602
$856,449
$552,459
(Results for Fiscal Years ended June 30.)
Total surplus

RESULTS FOR YEARS ENDING
1916-17.
1017-18.
Not (179.974,549
Passengers carriedi
4.10 cts.
reported.
Car earns, per passenger
63,451,272
Transfers
9
$7,725,49
8
$4,652,74
Gross earnings
Allowance under new
874,049
contract, &c

JUNE 30.
1914-15.
1915-16.
156,408,303 153,576,271
4.13 cts.
4.012 cts.
55,542,897 '53,416,530
$6,609,765 $6,525,232

BALANCE SHEET JUNE 30.
1917.
1918.
1917.
1918.
$
Liabilities$
Assetsstock _ __*3,403,330 3,394,300
Common
and
road
Cost of
00 16,000,000
39,052,875 37.543,386 Debenture stock _*16,000,0
equipment
Bonds and mtges_19,613,996 19,618,996
New construction-1,948,877 1,509,489
570,530
1,461,114
&
wages.
Accounts
341,588
276,588
Investments
230,814
553,352 Accrued interest__ 231,206
Accounts recehele. 311,238
377,848
480,911 Accr. tax on earns. 129,693
814,441
Stores
239,738
168,487
tickets.
Unred'm'd
and
Cash on hand
90,921
517,710
account_
Suspense
764,465
349,917
on loan
84,871
Dividend Aug. 1
Underlying securi_
600,000
600,000
_
reserve_
Capital
ties redemption
24,241
3,550 Contingent acc't.._ 291,882
3,550
fund
147,581
105,686
War tax
Cash on special de24,440
23,257
ous
Miscellane
1,063,985
posit
856,449
552,458
Surplus
Balance due under
343,535
_
new contract_
Total
43,098,820 42,260,725
43,098,820 42,260,725
Total
d.
107. P. 1287.
-V.
yet
exchange
not
*Includes amount due on shares

American Ship Building Co., Cleveland, Ohio.
(Report for Fiscal Year ending June 30 1918.)
President M. E. Farr says in substance:

has been very active in new construction
Earnings.-The year just closed
earnings have been largo and derived princiand repair work. The gross into with private interests before our entry
y
entered
contracts
pally from
of the company, fixed before any contracts were
into the war. The policyS.
Shipping Board Emergency Fleet Corporation,
entered into with the U. contracte
d directly with any Government departlimits the profit on ships
that is fair and equitable to the Government or agency to an amount
.
company
the
to
ment and
45 cargo ships of 168,800 gross tons
Construction.-During the fiscal year
steamers for the U. S. Navy, were comcarrying capacity, and two special
contracts with the U. S. Shipping
has
company
The
pleted and delivered.
on for the delivery of 172 standard typo
Board Emergency Fleet Corporati
carrying capacity, between July 1
tons
gross
678,700
of
ships,
cargo
ocean
navigation (Nov. 15) in 1919. Construction
1918 and the close of Lakeschedule.
work is now well ahead of
appropriations for plant extensions, equipyear
Additions.-During the
necessary to obtain increased production, aggrement and improvements authorize
d and $4.781,993 expended. The cost
were
gating $6,125,058,
abnormally high, due to prevailing high labor
of plant extensions has been costs
quick delivery of equipment and comfor
excessive
costs,
and material
and construction during the winter months of 1917-18.
pletion of buildings,condition
s has been unavoidable.
Waste under such
of Normal Conditions.-These additional
Provision to be Made for Return
of assisting in carrying out the vast natjonal
facilities are for the purpose
are not necessary for the construction
and
ships,
cargo
program for ocean
for service on the Great Lakes. Such extensions may
of vessels intendedliabilities
than
assets. The operation of plants
rather
prove
eventually
in a marked increase in the cost of mainunder high pressure has resulted
The time will come when our present
tenance and greater wear and tear.
. plants reduced to normal capacity for
organization must be decreased
of materials on hand adjusted to normal prices.
Lake business and values
be made to meet these contingencies.
will
provision
adequate
and
Proper
property is free from encumbrances and there
No Encumbrances.-The
All indebtedness shown in the annual
.
liabilities
t
contingen
known
are no
balance sheet is current.
actual net cost at
Inventories.-These have been taken onofthe basis of
prevailing market prices and
but not in excess
the time of purchase, prices
fixed by the War Industries Board.
standard ship steel at
carrying its own
Liability Insurance Department.-The company is now
liability insurance.
workmen's compensation and public
has, during the year, participated in loans
Liberty Bonds.-The company
Second Liberty Loan, 4%, $1.713,700;
to the Government as follows:
4X %, $2,000,000. Our workmen subscribed for
Third Liberty Loan,
issues.
these
of
$603,750
also has been distributed by your company among
The sum of $410,000 in
the communities where our plants are located.
the patriotic war funds
in three of those plants where campaigns
workmen
of
ions
contribut
The
d
$127.000.
were conducted aggregateFederal
tax has added an increased burden,
War Taxes.-The highcheerfullincome
y, even though the greater part or all of
which should be borne are absorbed.
the company's earnings

The pamphlet report will be cited another week. An adbertisement on a preceding page shows results as follows:
1915-16.
1916-17.
1917-18.
Co.'s proportion of the net earns, of
sub. cos. (excl. of West Penn Trac.
$653,156
$688,357
$618,953
Co. undistributed earnings)
Divs. declared on pref. stock of West)
9 13 ,266
861,426 {
PennTrac.&Wat.Pow.Co.(9mos.)
713.655
710,393
Inc.from bonds,pf.stks.,&c.,owned
$1,480,379 $1,538,016 $1,366,811
Total
Expenses & taxes, less proportion contributed by sub. cos.for admin. exp.
67,720
75,434
84,120
and incl. in oper. exp. of such cos
1
$1,299,09
82
$1,462,5
9
$1,396,25
Net earnings
Interest on$719.341
$746,508
$787,144
bonds
5%
trust
l
Collatera
12.000
12,000
Collateral trust notes
29,930
26,933
19,133
Balances due subsidiary cos
and
coal
g
cefaultin
Bank loans of
28,688
19,676
4,119
power companies
9.231
677
Miscellaneous
$509,133
$648,235
$585,185
Net income
paid on the 1st pref. stock from
Four quarterly dividends of 14% each
4.
.-V.
106.p.212
for
called
$381,500
inclusive,
Aug. 25 to May 15 1918, both

Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands, India.
(Report for Fiscal Year ending Dec. 311917.)
The Managing Directors, H. W. A. Deterding, General
Managing Director; Jhr. H. Loudon and Dr. A. J. Cohen
in substance:
Stuart, The Hague, July 1918, wrote
for 1917 are very satisfactory.

Business Returns.-The financial returns
ed 43,000,000 florins,
The Bataafsche Petroleum Maatschappij distribut
00 florins.
equal to 30 5-7% on its capital of 140,000,0
distribute for 1917 a diviThe Anglo-Saxon Petroleum Co. will probably
capital of £8,000,000.
dend of E860,000, or 104%, on its
the slow postal commuAs in 1916, owing to prevailing conditions and
of the Anglo-Saxon Petronications resulting therefrom, the balance sheet
s,could not be closed
companie
Russian
the
of
leum Co. and likewise those
are again based on
so that the figures of profit entered in our balance sheet
estimates.
to
44,373,569 florins.
amounts
1917
for
The total profit of our company
of 4% on the preference
This profit allows of the payment of a dividend
shares, of
ordinary
the
on
48%
and
shares
priority
the
on
shares, 435%
as interim dividend. A balance is then
which 30% has already been paid
forward to new account.
carry
to
propose
we
which
florins,
737.716
of
left
a very disturbing effect.
War Conditions.-DurIng 1917 the warg had
fields, and notably those in
Whereas in 1916 part of our producin
causing great damage to the
zone,
war
the
into
drawn
been
had
,
Rumania
have likewise undergone the burbusiness, this year our Russian interestsess
up till now no actual destrucden of prevailing conditions. Neverthel
business in Russia, but the inoil
our
befallen
has
ng
tion worth mentioni
to damage seriously the
nature
a
of
ternal conditions of that country are
houses.
prosperity of Russian business itself
y and seriously.
felt
constantl
made
tonnage
The lack of
the impossibility of develAnother prejudicial effect has arisen through
This applies notably
war.
the
s
during
territorie
oil
valuable
certain
oping
promising future, but where,
to our interests in Mexico where there is a very
n has had to be conowing to lack of facilities for export, our productio
siderably curtailed. •
moneys must not be
Our constantly increasing cash resources of foreign
als of pounds sterling and
regarded in too favorable a light. Our withdraw
compared with the
when
lass
ble
considera
a
dollars to Holland result in
normal rate of exchange.
one outstanding
been
has
there
war,
the
to
due
damage
the
As against
which will probably be maintained in
advantage derived therefrom andion
of liquid fuel for coal.
the future. This is the substitut
our company remained
Capital Stock.-During 1917 the share capital of
1,600 preference shares,
unaltered at 150.000.0013 florins-divided into
shares of 1,000 florins each.
ordinary
120,000
and
shares
priority
28,500
an amount of 7,400.000 florins, divided
In Jan. 1917 ordinary shares to to
the firm of Kuhn, Loeb & Co. in New
Into 74,000 sub-shares, were soldvalue
of the shares at present unissued
The
1105.)
p.
107,
(V.
York.
florins.
0
amounts to 34,472,80
shareholders the right to
(The company recently offered to its ordinary
stock to the extent of 50%
subscribe at par for an amount of new ordinary
1105.)
p.
V.
See
107,
of their present holdings.
Shell Transport & Trading
30,
SPA k Holdings.-Our holding of shares in theon
CONSOLIDATED RESULTS FOR FISCAL YEAR ENDING JUNE
account of the issue in
nominal
Co., Ltd.. was increased by E120,933at
1916-17.
a preferential right for
with
1917-18.
par,
each
June of 1,000,000 shares of El
be effected by
mfg. exp_$16,206,662 $4,866,012 sharehold
ers of 4 old shares to 1 new share: payment could
Net earns. all properties after deducting
We thus increased
ts,
25%.
$38,500;
exactly
was
investmen
outside
which
dividend,
from
s.
Add-DIv
retaining the final
on
securs.
sold,
profit
shares.
in the Shell to £604,665 ordinary
interest earned, $375,681; $442,806
751,973 our holdings
shares, which
860,529
$3,543; miscellaneous (net),
No delivery has as yet been po.ssible of the Astra Romano,
1915.
formed part of the dividend forand
85
$5,617,9
the Shell transferred their holdings in
company
our
1917
Jan.
In
Total income
ppij at cost
424,310
e
incl. insur., &c__ $17116371,
41
19
,6
companies to the Bataafsche Petroleum Maatscha
D duct-General, &c., exp.,eous
Russo, Bnito
150,110 the Russian
taxes
207,924
to this the shares in the Mazout. Standard
State, county and tniscellan
1'22.308 price. Owingnts
(the latter formerly mentioned under the heading "shares
Participa
Federal taxes in excess of previous appropriation.. 1,736,240
and
603,040
693,847
in our balance sheet.
Depreciation
In various companies") no longer appear
increased as a result
$220,051; of
Sumatra -The production of oil in North Sumatra
Maintenance of buildings and docks,
7;
miscel.
discovered oil strata in the
newly
$1,246,36
a
t,
in
5
1917
equipmen
May
on
and
y
struck
being
oil
machiner
of
gas, and where
750,876
yielded
only
1,723.459
had
then
until
n Soesoe field, which
maintenance,. $257,041
400,000 Pangkala
profits taxes, est_ _
n of 1,200 tons per day of 24 hours.
4,000,000
Special allowance for excessassets
a well started with an initial productio
of 24 hours.
day
per
val
tons
175
to
pre-war
147,815
about
yielded
t
still
well
permanen
this
31 1917
Amortization of
19.301 On Dec.
to that date being about 185,000 tons.
the total oil production of the well up
Interest on bonds and notes payable
fact that
smaller production in Borneo is solely due to the
-The
Borneo.
$6,626,266 $3,148,040 for some time past it has had to be curtailed owing to shipping difficultie.s,
Net income for year ending June 30
which were largely overcome towards Dec. 31.was completed, as was also
Eoypt.-The extcn,lon of the refinery at Suez of Hurghada oil into fuel.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
an installation for converting the thick residues
1914-15.
1915-16.
1916-17.
1917-18.
production of our RusRussia.-Notwithstanding great difficulties, the
$5,406
$579,307
116
z:
:
$6.626,266 $3,148,040
19
.9,081 in 1916
3
7
1,15
Net income
cos. amounted to 1,561,186 tons as against19
sian
2,965,829
3,058,217
3,361,024
5,147,564
Previous surplus
662,685 tons
tons
752,555
territory
$11,773,830 $6,509,064 $3,637,524 $2,971,235 Grosny
744.340 tons
689,311 tons
Total
Baku territory
132,056 tons
119.320 tons
Preferred dividends__ _(7%)553,000(103•5)8295000(3).5)276,500
Ural territory
the shortage of labor
ce,
conveyan
of
means
and
Common dividends_(16)'/1,273,000 (7)532,00
materials
of
The lack
troubles
the
political
from
resulting
traffic
35 and the entire dislocation of
Balance, forward____ $9,947,830 $5,147,564 $3,361,024 $2,971,2




1382

THE CHRONICLE

[Vol, 107.

have rendered operations almost impossible. The prices of various
ma- PETROLEUM PRODUCTION OF ROYAL DUTCH CO. AND SUBSID'S.
terials have increased to ten times those paid formerly.
Wages are about
Yearsfive times as high as before the war, and the demands
1917.
1916.
1915.
laborers are becom- (1)Calendar
Netherlands-Indiaing more and more unreasonable. For some of ourof
No. Tons. No. Tans. No. Tons.
conanies
the taxes
t) South-Sumatra
amount to 90% of the net profit.
266,050
284,522
240,396
b)
North-Suma
tra
All this, and the general uncertainty attending legal matters threatens
317,334
206,024
223,958
) Borneo
to destroy the basis ofeconomic life in Russia. The
869,123
957,025
893,674
so-called "nationalza(d) Java
tion"of b vecs, in 1 Istria' establishments, steamship companies,
232,636
228,025
235,424
with(e) Ceram
out indemnification to shareholders, is a menace to all industry &c.,
2,248
3,263
1,101
in Russia.
The maximum price of crude oil at Baku was increased in 1917
from
60
Total
all
to 89 coreks per pood but in many cases this increase was not sufficient to
1,687,391
1,678,869
1,594,553
(2) Serawak (tons)
cover expenses. No financial results for 1917 are yet to hand, but
76,738
89.000
67,000
the (3) Egypt(tons)
prevailing circumstances will prevent results from approaching
134,700
56,800
34,961
those (4) Russia (tons)
obtained hitherto. Owing, too, to lack of communicat
1,561,186
1,539,081
1,520,064
ion
with
Russia
since late in 1917, we are unable to determine the amount of damage which (5) Astra Romana (11 man. each year) See text
x366,000
311,000
(6) North America- (bbls.)
our establishments have sustained.
(a) Rosana Petroleum Co., Okla.__ 3,410,000 4,684,000
The Netherlands Bank has expressed its willingness compile statements
1,784,000
(b) Shell Co. of California
regarding the position of Dutch interests in Russia soto
6,357.000 4,809,403
3,186,800
as to be able to pro- (7)
Mexico (bbls.)
tect them in due time and place. We immediately furnished
737.200
552.495
564,828
them
with
all data pertaining to our own interests.
x Only 11 months in 1916, owing to German invasion of Rumania.
Rumania.-Late in 1916 the installations of the Astra Ramona
ROYAL
DUTCH
were
CO.-PROFIT AND LOSS ACCOUNT.
thoroughly destroyed by a commission working under British
control.
In April 1917 instructoins were given by the
1917.
1916.
1915.
occupying force in Rumania
Dividends from Sharesto start restoration. Whilst we were originally
In Florins. In Florins. In Florins.
under
the
impression
that Bataafsche Petr. Mij
In addition to our properties on the surface, all our existing
a41,793,125
wells had been Shell Transportation & Trading Co.... 2,181,297 20,400,000 21,000,000
almost irreparably destroyed, the production was re-establish
1,968,118
919,502
quickly than anticipated, so that by Dec. 31 1017 it had already ed more Anglo-Saxon Petroleum Co. (est.)_
5,559.120 4,021,842
700-750 tons daily, I. e., about 60% of the normal output. The reached Shares Shell Co. of Calif. and Rosana
crude oil
Petroleum Co
produced had to be sold to the German military authorities,
1,447,853
and the prices Other companies (est.)
paid for it were satisfactory.
140,878
2,323,826
3.063.270
Interest and difference in exchange
At frequent intervals, however, our
4,050,675
1,916,239
724,808
was hampered by the Exploitation of office buildings
requisition of materials, including drillingbusiness
39.735
48,195
pipes, for German oil concerns. Sundry revenues
For the destruction wrought in Dec. 1916 a
126,246
616,088
64i,092
claim was lodged Income from investments, &c
49,740,074
by us with the British Government, and weprovisional
32,823,126
30,418,709
are
assured
that
our
claim
Administrat
ion,
&c.,
expenses
will he eer It with in the same manner as those of other non-German
5,366,505
193,201
439,791
cos.
The stocks of oil products in Rumania. belonging to the Astra
at the time
Balance for dividends
of the German invasion, were seized. These products
44,373,569 32,629,925 29,978,918
represented
a
value
Preference
shares
(4%)
of about 9.350.000 lei. In spite of our repeated efforts we have
60,000
60,000
60,000
not yet Priority shares (4%%)
1,282,500
succeeded in receiving payment for same.
1,282,501) 1,282,500
Ordinary shares (6%)
5,131,632 4,687,632 3,3c8,724
Mid-Continent of North America.-In 1917 the Roxana Petroleum
Governmen
t income tax on above..
Co.
706,951
538,567
acquired various exploration territories, and is now vigorously proceeding
with exploration work.
Balance, surplus
37,899,437 25,892,843 24,699,126
The production (in bbls.) amounted in 1917 to 3,410,000,
Available for Ordinary Dividends4.6F4,000 in 1916 and 1,784,000 in 1915. The decrease in 1917 is against
93% of above surplus
due to a
35,246,477 24,080,344 22,970,187
considerably lower output from our Cushing
territories. There was an
6% on ordinary shares
5,131,632 4,687,632 3,398,724
increase in the production of the Yale and Healdton
Undivided surplus carried forward..
106,685
201,332
810,702
In 1917 the Pipeline from Healdton to Cushing (134 fields.
became oper- Commissaries' excess
y1,305,978
825,714
ative, and 1,483.250 bbls. were pumped through it. miles)
777,965
It was resolved to
extend the capacity of this pipeline to 12,000 bbls. daily.
Total
41,700,772 29,795,021 27,957 5Th
from Cushing to St. Louis will be put into operation in 1918.The pipeline Ordinary
dividend
Many
now
(48%)41,053,056(38)29688336(49)27766246
tank cars were purchased.
In March 1917 the refinery at Cushing became
Undivided balance
and now treats
737,716
106,685
5.000 to 6.000 bbls. daily. The refinery at St.operative,
The
report
Louis
for
will
be completed
1917 says that on account of the above dividend 201,332
this year. The storage facilities for crude oil and its products
of 48%
now aggre- an interim dividend of 157 was distributed on Jan. 15 and May 6 1918,
gate 2.127,000 bbls.
leaving 18% still to be paid on dividend coupon No. 39.
California.-The Shell Co. of California, acquired in 1917 certain oila
Includes
dividends on Anglo-Saxon Petroleum Co., Ltd., and Asiatic
bearing territories in the Coalinga field, adjoining their exploitation
s, and Petroleum Co.. Ltd.
also exploration territories in Santa Barbara
Note.-In 1917 the Dutch florin had an average value of about 46 cents,
County. On the Ventura
properties 4 wells were drilled, 2 being producers
20 to 25 bbls. daily. as against 40.2 cents, the normal rate of exchange.
This oil has a larger percentage of benzine than with
most California oil.
The production compares as follows,
BALANCE SHEET DECEMBER 31.
extensive drilling on the Coalinga fields:the increase in 1917 being due to
1911.
1916.
1917.
1916.
Assets-In Florias. In Florins.
1917.1
916.
Liabilities- In Florins. In Florins.
1915.
Barrels produced
shares 34,472,800 41,872,800 Share capital.. _ _120,000.000 120,000,000
6.357,000
4.809,000
3,187.000 Unissued
Sh's
foreign cos_105,231,081 127,781,633 Prof. share cap_ 1,500,000 1,500,000
The pipeline from Coalinga to the refinery at Martinez transported
in Sh's Amer'n cos
Priority sh. cap_ 28,500,000 28,600,000
1017 6.399,I300 bbls. as against 5,266,550
bbls. in 1916. Some new tank Office buildings 36,279,806 34,653,834
182,175 Creditors
cars were purchased. Railway traffic
6,970,247 30,468,697
diffict
It
r
its
Ifs(
cd
ij
n
ens.
Cash
36,187,665 32,306,185 Relief fund_
The capacity of the refinery at Martinez was increased to
48,877
4,494 561 4,704,067 Unclaimed div.,
daily. The star sse facilities for crude oil and products of 24,000 bbls. Securities
the
Shell
Co.
Debtors
73,645,763
33,986,703
now aggregates 4.525.000 bbls.
priority stock
349,871
257,742
41,777 Unclaimed diva- 14,241,339 9,522,680
Mexico -On account of certain provisions of the new Mexican Constitu- Interest account
Div.prtority stk.
641,250
tion which came into force on Feb. 5, we floated
641,250 Undivided div_
106,685
201,332
a company on May 11, Claim on new sh's
the Compania Mericana de Petroleo, La Carona, to hold
Interest acct__..
58,149
and
acquire
properAstra Romano
179,651
ties and concessions on behalf of the Dutch
179,651 Reserve
75,023,716 53,220,821
bearing the same name.
The original capital of 100,000 pesos has sinceCo.
Prof. & loss acct 44,373,5119 32,629,925
been increased to 1,000,000
pesos: all shares are held by the Dutch Co. "La Corona."
Total
291,132,577 276,350,075 Total
The statutes of the Tampico Panuco Petroleum Maatschappi
291,132 577 276,350,076
j,
whose
foundation was mentioned last year, have since been approved, and
x Includes in 1917 shares in the Bataafscho Petroleum Maatschappij,
the 84,000,000 florins;
definite agreement has been closed with the Tampico
Anglo
Saxon
Petroleum
Co.
(14,800,000), 57,600,000
Panuco Oilfields, Ltd.,
and the "Chyoles Oil, Ltd."
florins; Shell Transport & Trading Co., Ltd. (1604,665), 7,255,980
florins;
Well Panuco 5, which in Jan. 1914 struck oil and the production of which Asiatic Petroleum Co., Ltd. (L600,000), 7,200,000 florins;
Societate Anowas then estimated at about 100,000 bbls.,
nima,
Astra
Romano
(Lei
4110,300),
1,972,044 florins, and other petroleum
production
gave
a
of
38,000
bbls. per day of 24 hours during a trial made in July 1917. In well
1,969,357 florins; total all shares, 159,998,281
loss
Toplia companies,
14. oil was struck with a production of
54.767,200 florins reserved difference between par and book florins,
values; baltrial in Jan. 1918 yielded 20,000 bbls. about 14,000 bbls. daily. The last ance as above. 105,231,081 florins.
This year as In 1916 production had to be artificially curtailed as a
result BATAAFSCHE PETROLEM MIJ-BALANCE SHEET DECEMBER 31.
of the export difficulties.
Owing to war conditions the capacity of the refinery will for the present
1917.
1916.
Assetsamount to 5,000 bbis. daily, but capable of an extension to 20,000 bbls.
In Florins. In Florins.
Properties and rights
Tha laying of a 10-inch. pipe lino from Panuco to Tampico was started.
123,937,210 117,276,792
Shares-Geco
nsolideerde
Hollandsche Petrol Mij_ 5,317,001
During 1917 about 225,000 bbls. of crude oil were sold and delivered by
5,317,001
Dordtsche Petroleum Mij
do
the Corona. The stock on Dec.
31,650,000 31,650,000
1917 amounted to 1,467,145 bbls.
do
Nederlandsche-Indische Industrie & HanThe storage facilities in Mexico in 31
steel tanks now amount to 1,550,000
del Mij
bbls.; storage in earthen tanks, 1,543,000 bbls.
20,000,000
do
Nederland.-Indische Tank-stoomboot Mlj 10.000.000 20,000,000
This year has not seen the end of the political troubles in Mexico, and
10.000,000
a
do
Petroleum-MIL La Corona
retarding effect was part:cularly experienced in connection
20,000.000
10,000,000
with
the
indo
Curacaoscho Petroleum Mij
tended exploration work in the southern oil lands.
4.000,000 4,000,000
do
Go -ernment (Dutch) bonds
By decree of the President of the Mexican Republic, instead of the ex57,015
57,015
New office b:dgs.. F.1.'768.821; office fur., F.161,810 1,030,631
isting duty on production of Pos. 0.60 per ton, an export duty of 10%
1,097,786
ad Cash in bank and at bankers
valorem was instituted on crude oil and liquid fuel, while for petroleum dLs149,987 23,598,328
Debtors
tillates the export duty was fixed at 3 to 6% ad valorem.
101.309,583 64,678,963
The assessable Materials ashore and afloat
value of the products is fixed every 2 months by Government
7.067,110 12.094,880
Products In a ock on Dec 31
Curacao.-The completion of the refinery of the Curacaoschedecree.
8,400.218 13,301,038
Petroleum
Netherland.
-India
administrat
ions
Ifaatschappli has been unavoidable delayed. The Curacaosche Scheep19.824,011
14.784,505
Interest
In Russian companies
vaart Maatschappij has been organized to work the fleet for the transport
133.006,456
Interim dividend
of the crude oil from Vene4nela; of the share capital
40,000.000 17,500.666
of
2,000,000
florins,
500.000 florins was issued to the Curacaosche Petroleum Maatschappij for
Total
some lighters and tugs.
447,540,222 345.350,308
LiabilitiesVenezuela.-The examination of our vast concessions was systematically
Share capital
continued. Owing to the fact that the various treating and distributing
140.000,000 140.000,000
facilities were not completed, the production had to be cut down to 575 5% debentures
18,000,000 19.000,000
bbls. daily. The products of our refinery already supply nearly half the Advances on consigned products
817
47 9,256,755
Creditors
reerdremeats of Venezuela.
56,681.452
21,321,171
. F.27.The refinery at San Lorenzo, on Lake Maracaibo, was brought into oper- Insur. fund (own risk) in 1917: Ordinal's,
200.000;
war
risk.
F.11.000.00
0
ation, its capacity being Increased to 2,500 bbls. daily.
38,200,000 27,000,000
Provision
for losses on Russian interests, loss of
The storage capacity was increased from 165,000 bbls.
330,000 bbls.
exchange. &c
It' Fleet and Freights.-Since the beginning of the war we to
have lost approxi- Provision for local charges, taxes, tantiemes and 47,500,000
mately 68,000 tons of shipping. In addition, vessels with
loading
a
acbonuses to staff, &c
pacity of approximately 58,000 tons were torpedoed or mined but could be
8.701,498 13.602,987
Depreciation since 1907
86,533,003 80,788,236
salved and repaired.
43,000,000 34,000,000
In 1917 no new keels were laid down for us, though a few vessels already Dividend
chartered became our property by purchase, while by buying various sail- Carried forward
228,121
387,159
ing vessels equipped with motors the decreased tonnage
was to some exTotal
447,549,222 345,356,308
tent replaced.
-V.
107,p.
1197.
Prices.-The high cost of material, transport and insurance in many
cases necessitated an increase of prices. In cases where those items
were
Poole Engineering & Machine Co. of Delaware.
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, Covering Operations of Poole Eng. & Machine Co. of Maryland.
however. had to follow those of coal, as sufficient of the former product
(Report for Fiscal Year ended June 30 1918.)
cannot be produced fully to replace the latter. We were even obliged to
refuse contracts for supply of liquid fuel.
Pres. S. Proctor Brady, as of Aug. 31, wrote in substance: Insurance.-The insurance fund on Jan. 1 1917, including the fund for
The company started the year with its contracts for foreign governments
amortisation of war risk, amounted to 27,000,000 florins. In 1917 we practically
completed, and with a considerable volume of unfilled contracts
only entered an amount of 537,300 florins inder fire and sea damages,
while with the U. S. Government for ordnance, of a similar
nature to that watch
as regards war risk, owing to our reinsurances, the damage only amounted
we had been producing.
to 1,725,000 florins, making together about 2,262,300 florins.
Due to the necessity of increasing equipment and enlarging our organizaDuring the year under review the risk was considerably increased, bring- tion,
and due to delays caused by the acts of the U. S. Government in
ing the amoant insured on Dec.31 last to over 450,000,000 florins. In con- changing
specifications and in supplying material. &c., wo were not
nection herewith the whole balance of premium was transferred by us to to feel
the full benefit of these contracts until early in 1918. The Jutable
the insurance fund,so that on Dec. 31 this fund amounted to approximate
six
ly
months
1917 was largely a preparatory period.
of
38,200,000 florins.
In view of the largo amount of contracts on hand, all of which are for
Trotylfactory Hembrug.-For account of the Dutch Government, we work
similar to that which we are carrying to a successful conclusion, it is
erected and have been operating a factory near the IIembrug Zaandam for desirable
that our working capital be augmented, and the directors are at
the manufacture of trinitrotoluol (troty1). The contracted quantity of this time coasideriag
a plan to accomplish this. As soon as a definite plan
of trotyl has already been delivered to the Govermnent.
can be formulated, you will be advised.




rc

•

OCT. 5 1918.1

THE CHRONICLE

1383

for extension into other lines
(IV) The Mayo Plant.-As part of the plan
accessories, we purchased in
materially to assist the Maryland Pressed
Your company has been ableby using its facilities for the part execution of business, and particularly automobilethe entire capital stock of the
year,
$190,000
ately
past
approxim
the
for
during
1917,
Mar.
Steel Co.
company, but it would be a great advantage to Mayo Radiator Co. at New Haven, Conn., manufacturers ef aigh quality
of contracts taken by thecloser
application could be consummated.
also for airplanes. This business has been
both companies if a stillmanufacturing rights on a straight lina reductioa radiators for automobiles and
l Corporation, which has
the
secured
been increased and continued by Marlin-Rockwel
We have
has
which
and
d,
advisable to move
produce
orily
satisfact
over all the assets. Early in 1918 it was deemed
drive, which is now being
ent for the propulsion of its smaller- taken
building at 143rd St. and Southern
a
to
Haven
New
from
business
the
for
standardized by the Navy Departm
prove very valuable
with privilege of
will
this
lease,
that
r
five-yea
belief
a
our
under
where
is
City,
It
Y.
Boulevard, N.
sized destroyers.
on occupying a
tion and equipment are being provided renewal,
the Mayo Radiator bwiness is now being carried
after-the-war business. Organiza
manufacture, and the manufacture
250 men. During the
its
ng
into
employi
and
working
ft.
of
sq.
view
80.000
in
of
about
end
space
floor
with the
war.
the
after
g entirely of
lines
e
consistin
ordnanc
output,
its
of
our
of
value
the
out
of the year ending Mar. 31 1918
of g.ears, as we work
on is
owns the entire outstanding capital stock
airplane radiators, was $282,390, and its producti
The Delaware company
g company [and itself has out- automobile andng.
operatin
the
is
which
d,
Marylan
Poole Co. of
dividends rapidly increasi
which
on
the
each,
called
$100
(now
par
Haven
c.,
t.
New
v.
at
stock
plant
(V) Hamden Plant.-The Mayo
standing $3.000.000 capitalApril 2 1917 to July 1918, both incl., 1 % quer.
ely developed for the
Hamden plant), having been altered and isextensiv
have been paid as follows: % in April 1917.1
for
capacity
in
equal
to-day
guns,
g
machine
3%
Brownin
extra
manufacture of
(370 IL a.), with
guns and accessories to the original Marlin plant at
-INCOME ACCT. YEAR END. JUNE 30. producing machine
workers.
3,000
to
2,500
employs
It
Haven.
POOLE E. &„ M. CO. OF MD.
New
into an agreement
is owned by the Delaware Co.)
(VI) Norwich Plant.-About Aug. 24 1917 we entered
(Maryland Co.'s $500,000 stock
on of a certain con1917.
1918.
with the Belgian Government respecting the completi
Co. of
$674,515 $2,279,778 tract between the Belgian Government and Hopkins & Allen Arms
Net income
$337,261 Norwich, Conn., for 140,000 rifles and 10,000 carbines, of which approxi$55,406
Income and excess profits taxes
200,000 mately 12,000 had been delivered. Under the terms of this contract the
180,000
Dividends
55,202 Belgian Government had advanced large sums of money to Hopkins &
written off_
Illnkins & Allen
Goodwill and transportation contract
Allen Arms Co., partly secured by mortgages on the
15 plant and partly on unsecured notes. The Hopkins & Allen Arms Co..
9
$1,087,3
$439,10
e the contract.
Surplus income for year
complet
to
556,182
unable
was
7
,
2,243,49
becoming financially involved
Corporation on
Surplus at beginning of year
An arrangement was made whereby Marlin-Rockwell
s
06 $2,243,497 completion of this contract and the repayment of the various advance
$2,682,6
Arms Co. will
Gross surplus
Allen
&
Hopkins
to
ent
437,142
war taxes, year 1916-17
made by the Belgian Governm
Norwich
at
Co.
Additional provision for with
Arms
154,861
foreign countries_ _ _ _
recsive the entire plant of the Hopkins & Allenwith all machinery.
Adjustment of accounts
(hereinafter called the Norwich plant) together
3 1917 when the sale of the
$2,090,603 $2,243,497
This agreement became effective Nov.S.
surplus
Balance,
District Court on the terms
authorized by the U.
30. Norwich plant was113.024
JUNE
SI1EET
BAL.
AND
d to the Belgian GovernMARYL
delivere
been
OF
had
rifles
CO.
above described.
POOLE ENG. & MACH.
Aug. 26 1918. and the reto
up
1917.
1918.
1917.
ment by Marlin-Rackwell Corporation
1918.
Upon the completion
$
$
Liabilitiestoe contract is being rapidly completed. Norwich
of
mainder
plant will be
Assets500,000 500,000 of the Belgian contract it is contemplated that the
2,181,633 Common stock
,913
Sze_2,677
guns.
caldera%
machine
g
Plant,
10,483 First mortgage bonds 495,000 498,000 turned over to the manufacture of Brownin
10,483
Organization
Belgian Government credits a
d
the
delivere
500,000
500,000
6s___
Mtge.
Ref.
carbine
1st
or
rifle
75,784
each
On
the contract
Securities owned.- 85,644
Vouchers and wages_ 913,295 247,622 sufficient part of the purchase price so that upon completion ofThe
4,000
balance
been repaid.
Cash sinking fund1,424,320
33,000 Notes payable
the entire amount of its advances will have
ion in cash.
Corporat
Rockwed
Sink. fund for bonds 66,000
Marlinto
384,601
_
paid
is
139,187
payable.
price
Accounts
of the purchase
paythe
for
liability
no
assumes
Bonds In treasury_ _ _ 100,000 1,470,548 Liberty Loan bonds_
,
10,838 Marlin-Rockwell Corporation, however
1,674,809
40,000 ment of the above-mentioned advances or the completion of the rifles ande
Supplies. (l'e &c__ 394,704 302,501 Div. pay. July 12_ _ .. 45,000
complet
to
s
endeavor
best
its
Cash In banks,
use
to
nt
27,450
bond
25,770
agreeme
its
Matured
int..27,450
carbines other than
Cash for bond coup_ 25,770
11,019 said deliveries on or before Nov. 2 1918, after which the Norwich plant
911,968 Accrued taxes, &c__ 72,564
Notes & accounts_ _ _1,617,803
'
25,600 will be absorbed in the Marlin-Rockwell Corporation's assets subject to an
Advance collections.
Liberty bonds, &c__ 171,540
Deprec., taxes, &c.,
underlying mortgage of approximately $200.000
acres of land, with a modern
Advance payments_ 63,761
786,904 691,741
37,445 reserves
The Norwich plant consists of about 2%
ti3n, fully equipped with
construc
Insurance premiums.
concrete
d
12,278
credit
items
reinforce
Deferred
of
129,556
building thereon
. The
Deferred charges.... _ 112,494
2,090,603 2,243,49! tools, machinery, &c., capable of accommodating 5.000 workmen
Profit and loss
d at $2,500.000, which amount
replacement value is conservatively estimate
ed.
complet
been
has
contract
Belgian
the
until
5.180.368
Total
assets
7,004,921
will not appear in our
7,004,920 5,180,368
to the capacity of the Marlin
Total
The floor space and equipment will be equal
manufacture of machine guns
the
for
-V. 106, p. 928.
Division
Hamden
the
and
Division
and accessories.
of 1918, in continuance of its
Marlin-Rockwell Corporation, New York.
(VII) Braeburn Plant.-During the spring
than the manufacture of
for extension into lines of business other
plan
5
1918.)
Sept.
ge
Stock
Exchan
Y.
N..
Co. (a Pennsylvania corto
Steel
n
(Official Statement
war munitions, the stock of tne Braebur
of charter, 99 years) was
duration
1897,
12
April
upon
d
ge
Y.
Stock
N.
,
organize
Exchan
the
poration
l Corporation. The
-Rockwel
Marlin
the
The statement made tostock (v.t.c.) affords substantially acquired
by
through purchase
the Pittsburgh district, has a total
plant, located at Braeburn, Pa.. in high
the listing of the capital
suitable for tool and
steel
grade
of
day
per
tons
30
about
tonnage of
to the roller and ball
the following data:
ure, and will be a valuable adjunct ion.
manufact
bearing
The Braeburn
Corin N. Y. Doc. 8 1915 as Marlin Arms
bearing business of the Marlin-Rockwell Corporat
Organization.-Incorporated
as now in Mar. 1917; charter perpetual. Is en- Steel Co. is still operating its propertiesj under Marlin-Rockwell control.
poration; name changed
articles
steel
iron
of
and
ture
the
manufac
in
things,
ACCOUNT FOR HALF YEAR
gaged, among other
guns, ball and roller bearings, wire wheels and CONSOL. INCOME PROFIT & LOSS ENTIRE
YEAR 1917.
and particularly machine radiators.
ENDEDJUNE 30 1918 AND
automobile and airplane
the
6 mos. 1918. Year 1917.
is
d
under
stock
capital
deposite
entire
Stock.-Voling Trust.-The Dec. 10 1916. This voting trust agreement
$13,252.301 $12,525,291
Income from sales
voting trust agreement, dated
5,555,235
but on Mar. 14 1917 was extended to continuo Cost of goods sold: material ,labor and supplies__) 9,519.4161
was to expire Dec. 1 1917,
3.676,078
1
1919,
due
6%
Mar.
ble
notes,
two-year converti
Departmental burden
do
so long as any of theing,
Mar. 14 1922, subject to terminbeyond
not
but
outstand
shall remain
$3,732,885 $3,293.978
any time before that date. Voting trustees, Gross profit on sales
ation by the voting trustees at
1.067,443
743,797
l and G. Hermann ICInnicutt.
rative, selling and general expenses
0. B. Willcox, A. F. Rockwel
stock included $3,500,000 pref. Administ
capital
ed
authoriz
the
In Dec. 1916
35
$2,226.5
87
all
and
par
of
no
$2,989,0
value,
issued
stock
1918
d
in
common
of
Gross income, partly estimate
12.884
stock; also 60.000 shares
35,209
pref. stock was retired at par and divs. out
outstanding. The $3.500,000 Subsequently on Mar. 13 1917 the author- Net additions to income
564.921
shown
none
loss
and
profit
11917.
Net charges to
of the earnings by Jan.
700.000
inc. & excess profits tax none shown
d from 60,000 to 81,136 shares, all of common
ized capital stock was increase certificates representing 13,636 shares of the Provision made for 1917
stock of no par value. Trustd with the Bankers Trust Co., as against the
at
ent
adjustm
to
subject
Net profit (for 1918
increased stock were deposite Convertible notes. Of this amount 12,991
$974,498
$3,024,296
end of year)
conversion of two-year 6%of the Bankers Trust Co., and 645 shares have
-ROCKWELL CORPORATION
shares are stilt in the handse for $71,000 of notes converted: 7,500 stares
N
MARLI
30 1918.
been delivered in exchang
on of additional properties, &c.
CONSOLIDATED BALANCE SHEET AS OF JUNE
v.t.c. were used for the a-quisiti
yet been paid on the common shares (v.t.c.)
(Subject to adjustment at end of fiscal year.
No dividends have
Bearing
(r)
Roller
:
Standard
includes
-This
June 30'18. Dec.31'17.
Fundeo Debt of Corporation.date Nov. 15 190', maturing 1922-annual
June 33'18. Dec.31'17
$
Co. 5% mortgage $64,000,
Assets-$
337.200
Mayo plant at New Haven 31 40,0006% mortgage
capital_ _ 405,680
Declared
5,746,763
4
redemption $12.000. (2)1920;
x7,900,5
_
&
plant_
Prop'ty
2
191 9;
and two notes, viz.: $50,000 Feb
2
shares,
Feb.
(81,136
due
1,341,476
1917,
dated
U. S. Lib. L. bds_ 1,723,685
(3) $i,500,000 Marlin two-year 6% convertible notes
no par value)
103,185
$50,000 Feb. 2 1920;1919;
Bankers Trust Co., trustee. Sinking fund pay- Patents Exp.Corp. 103.185
50,047 2-year 6% notes,
50,206
of 1917, due Mar. 1each Sept. 1 1917 and Mar. 1 1918 have been used LI Bonbon Bear'g Co.
Mar. 1919_ 848,000 1,190,q00
due
$225.000
ments of
notes and a further $225.000 will be similarly Marlin-Rockwell
186,371
Real estate mtges. x140,071
92,647
the edomption of $435,000
Loading Co.._ _ _
$71,000 also have been converted, leaving out_ _ 3,950,205 3,196.900
secured_
1918;
1
Notes
2,949
Sept.
after
2,779
used
in 0th.corp.
Shares
.
$994.000
440.000
,000
....3,170
311918.
unsecured
Mar.
Notes
standing as of
organization, Dec. 8 1916, the entire capital Norwich division_ 415,900
U. S. advances
70.35t
I. 7'he Marlin Plant.-At
pref.) and 60,000 shares ofcommon was issued in exchange Braeburn Steel Co. 331.506
agst. contracts_ 444.496 1,000,000
221,565
stock ($3,500,000capital
of the Marlin Fire Arms Co.,incorporated in Cash
stock
Accounts payable_ 1,468 579 1,300.977
for (a) the total license permitting the new corporation to manufacture *Notes and accts.
255,163
70.000
accruedRoyalties
2,819,744
8
a3.094.85
1881 (b) a patent (c) a contract with the British Government for the
e
receivabl
56,633 Interest, taxes,
18,663
Colt machine guns:
69,299
Colt machine guns; (d) $1.300,000 cash. All of A ccrd. int. reedy.. 5,634.153
&c., accrued_ _ _ 208,992
4,387.838
manufacture of 12.000 Fire
&c.
suppTs,
Mat'l,
in
process,
g
its
goods
plant.
Arms Co., includin
846,125
n
82 207 Reserve for taxes_ 369,383
83,436
the assets of the Marl
n conveyed directly to Marlin- Patent rights
thereupo
were
&c.,
will,
Loan
Liberty
good
,
146,618
raw material
and at the same time its liabilities were as.sumed. Deferred charges_ 148,212
98.805
Employees
11,948
Rockwell Corporation,Co.
Developt. expens_
has since boon dissolved and its stock canceled.
Approx. surplus.. _ 9.184,902 6,148,041
The Marlin Fire Arms
ion,
Corporat
Marlin-Rockwell
the
by
extended
greatly
plant
The Marlin
in Now Haven, Conn., practically covered with
20.359,114 14,970,975
20,359.114 14,970,975
consists of 7% acres land
value of $547.545. It Ls devoted principally
38.
buildings carried at a nominal
: buildings. 32.558.149; machinery, $3.876.9
and
$465.707
navy
army,
es
for
land,
and
guns
accessori
Includes
machine
x
of
ture
to the manufac
nt, $435,007; less reserve for depreciation.
men are employed there.
tools, $1,863,633; and equipme
items.
doubtful
for
reserve
aircraft uses. About 2,500 devoted
as
2
$170,01
g
g
deductin
a largo part of its efforts to equippin
* After
During 1917 the company guns on a large scale in view cf the anticipated 31,298,900.
the sinking fund payment of $225.b Since the date of this balance sheet,
are being effected
itself to rnanufactura machine
ent-and towards the latter part of the 000 duo Sept. 1 1918, has been made and arrangements
requirements of the U. S. Governm
accordingly.
of
notes
amount
d its efforts in the production of machine guns to reduce the outstanding
year the company employe
, President: Edgar Park, Louis E. StodRockwell
$9,to
F.
d
for
year
the
amounte
-Albert
output
total
the
Officers.
that
and accessories, so
Thomas W. Farnam, Treasurer;
six months of 1918 the volume of business on
and Errol Kerr, Vice-Presidents;l office,
347 Madison Ave., N. Y.C.
437,904. During the first es of the corporation amounted to $13,252,301, dard,
Newcombe, Secretary. Principa
machine guns and accessoribooks orders for machine guns and accessories Albert
Conn.; Edgar Park, Larch,
Bristol,
Rockwell
F.
-Albert
.
Directors
n Kinnicutt, .N Y. UV:
and it now has upon itsThe unfilled orders comprise largely the contracts
Herman
G.
and
d
mont, N. Y.; Louis E. Stoddar
valued at $23,233,654.
N. Y.; C. H. Conner, Port Chester, N. Y.;
Browning guns.
Errol Kerr, Pelham Manor, ch,
and F. M. Germane,
Neal'
E.
for light Brownin and heavy
E.
Conn.;
extend
to
Greenwi
desiring
March
in
,
1917,
-Early
Alfrod L. Ferguson
Conn.
(II) The Philadelphia Plant.
and particularly into Phila., Pa.; Hugh M. Rockwell and George L. Sanford, New Haven,
uring
manufact
of
branches
other
our business into
Trust Co., 14 Wall St., N. Y. Regisuring automobile accessories, we acquired at a
Transfer Agent (v. t. c.), Bankers140
1104.
p.
107,
Y.
-V.
N.
the business of manufact
y,
Broadwa
the
of
Co.,
the
assets
entire
and substantially
trar (v. t. c.), Guaranty Trust
receivership sale the business
(without assuming its liabilities) paying thereStandard Roller Bearing Co.
The
v.t.c.
stock
its
common
of
shares
for $1.995,000 cash and 2,000
was one of the largest producers of roller
Standard Roller Bearing Co.
the United States; it also manufactured wire
bearings and ball bearings in
uses. Its manufacturing plant at West
wheels for automobile and other by Marlin-Rockwell Corporation, com.
Philadelphia, Pa. now operated
in extent, on the Pennsylvania RR..
acres
RAILROADS, INCLUDING ELECTRIC ROADS
prises approximately seven
buildings. It employs about 2,500 men.
ed.Postpon
substantially covered with factory
ing
-Open
.
869.
p.
458,
Roads
104.
V.
15.
at
nment
$3,091,2
valued
Gover
was
Alaska
Its output for the year 1917
recently completed railway
1917 we acquired the entire capital
Owing to severe storms the opening of this
(III) The Plainville rant.-In Marchion of Plainville, Conn., giving in
has been postponed. Compare
between Seward and Anchorage, Alaska,
stock of the Rockwell Drake Corporat
The
v.t.c.
stock
of
Marlin
shares
1,350
1098.
payment $270,000 in cast' and
r conveyed directly to Marlin- V. 107. p.
plant and assets were shortly thereafte
dent.Point RR.-Presiof
consists of 18 acres with 75.6 feet of
Atlanta & West
Rockwell Corporation. The plant
this company and the
stool
and
brick
of
both
s,
building
factory
Wickersham, Federal Manager been
A.
Charles
railroad frontage. The twomanufact
made President of the
This
and
uring ball and roller bearings.
of Alabama, has resigned
construction, are utilized for
400, 179.
p.
ball Western Railway
107.
and
V.
roller
es.
1917,
year
compani
calendar
both
for
of
Output
corporate interests
plant employs 316 men.
.
extended
largely
being
is
bearings, valued at $109.364. The capacity




GENERAL INVESTMENT NEWS

1384

THE CHRONICLE

Baltimore & Ohio RR.-Notes Extended.-The following
has been approved officially:
This company on Sept. 30 arranged for a four-month extension of $22,500,000, made up of two issues of notes,
$10,500,000.and ,000,000,and bank loans totaling approximately $4,000,000.
On June 26 it was announced that the Baltimore & Ohio
had sold $10,500,000 three-month notes to a syndicate
headed by Kuhn, Loeb & Co. and Speyer & Co. The
$8,000,000 issue was originally dated July 29, but was extended. The same syndicate purchased and later extended
that issue.

[VOL. 107.

Georgia Railway & Power Co.-Decision.

Judge Z. A. Littlejonn in the Superior
at Atlanta on Sept. 27
handed down the ruling denying the order Court
restraining the company from
enforcing the 33 1-3% increase in rates for electric
gas and power.
The court held that the Railway Commission had thelight,
right to instruct such
Increase.; and to change rates even where a contract
existed.-V. 107. P.
1003, 905.
Grand Trunk Ry. of Canada.-Issue of 3-Year
Notes.-Announcement has already been made of the 6%
sale
at 99 and int. of this company's new issue of £3,000,0
00
Three-Year 6% Secured Notes which are dated Oct. 1 1918,
repayable at par Oct. 1 1921 and issuable for the purpose
of redeeming £2,000,000 of 5% Secured notes falling due
Oct. 1 1918, and of providing additional funds for the general
•purposes of the company. An advertisement in London
dated Sept. 14 says:

In announcing on Oct. 3 that bankers had extended the
$22,510,000
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,
The [British] Treasury has been
have been greatly lightened by the reliance that I have come
under the notification of Jan.
to feel upon 18 1915 and raises no objection to consulted
the wholesome public spirit of the American banking fraternity
this issue.
The special permission of the Committee of the Stock Exchange
but few exceptions they have shown themselves willing and eager. With
has been
to help granted for dealing in the notes.
in distributing the financial bu den of the war that is now
being carried
Interest payable A. & 0. Denominations
with an ease that surprised the world."-V. 107, p. 1283, 1002.
bearer) £500, £200 and
£100 (c*). To be secured by deposit with the (to
Trunk Perpetual 4% Consolidated Debenturetrustee of £5.000.000 Grand
Advances by Government.Provincial and Union Bank of England, Ltd. stock. Trustee, National
See preceding pages in this issue.-V. 107, p. 1002, 1283.
The holders of the existing 5-Year 5% notes maturing on
the Oct. 1 may
convert the whole or any part of their holdings
Bay State Street Ry.-Coupons Paid.into a like amount of the
6% notes now offered, receiving in addition a cash
Judge Martin in t.te U. S. District Court on Oct. 4 authorized
payment of L1%, on
Receiver application to Secretary of
Denham to pay certain coupons representing interest on the
company,9 New Broad St., London, E. C. 2.
bonds of the
Chairman
Brockton Street Ry. and bonds of the Newport
W.Smithers Sept. 40 1918 wrote: "The
ng Co. and also 1917 and forAlfred
during
to pay dividends at the rate of 6% on the stockIlluminati
the first half-year of 1918 was compelled to company
of
the
Chelsea
work under un&
Boston
paralleled
conditions. The working expenses
RR.-V. 107, p. 1286, 1191.
to the war were
enormously increased, and, notwithstanding the owing
most
strenuous and conBoston Elevated Ry.-Fare Schedule.tinued efforts on the part of the company, no increase
in
could be
obtained to
In order to meet the requirements of the statute providing for
the increased expenses. This position hasrates
now changed.
the public On the 15th meet
operation of the railway, which calls upon the trustees
March
1918
an
increase
of
15%
in rates was granted, and on
within 60 days the 12th August a further
after the establishment of the original rate of fare under the
25%, making a total increase of 40%. The
Act to adopt effect of these increases
and publish a schedule of eight grades of fare containing
is partially shown in the improved July working
rates above statement, and more completel
and four rates below the existing rate, the trustees havefour
y in the increase in the traffic receipts for
establishe
d
the
the
last
ten
following schedule of grades of fare, but wish the public clearly
of August, that being the first period in which
the 40%
to under- increase was days
stand that the action involves merely a literal complianc
fully
effective."
Compare
V. 107, p. 1287, 1192.
e with the provisions of the statute and does not change the present seven-cent
Not
fare:
to
Pay
Dividend
s.
1st grade below..___ 6c.1 4th grade below..__ 3c. 3rd grade above..
_ _10c.
A cable from London states that the company will not pay
2nd grade below____ Sc. 1st grade above__ _ _ 8c. 4th
any dividends
grade
the half-year ended June 30 on its guaranteed and preference
3rd grade below__ _ _ 4c. 2nd grade above__ _ 9c. -V. 107,above_ __Ile. for
stocks.
P. 500, 400. Tne net earnings of the road for that period decreased
£955,000,
but current
are better.
Boston & Lowell RR.-Refunding of Maturing Notes.- results
(An
official
of
the
company
calls
attention to the fact that "every obligaWe are officially informed that this company's 4% bond issue
of $214,000 tion of this company for the
63 years has been paid when due, and
due in Oct. 1918 is to be taken care of by a demand
note at 6% dated the company has never been past
through a receivership." In order to showthat
Sept. 26 1918. The $200,000 6% bonds issue due Sept.
the
18
1918
was
excellent
credit
enjoyed
by the Grand Trunk, he mentions the aforesaid
provided for by a demand note for $200.000 at current rates, the
new note issue in London of £3,000,000 3-Year 6% notes at
issue being dated Sept. 18 1918.-V. 107, p. 1191. 1098.
the price of 99, the issue
having been oversubscribed.j-V. 107, p. 1287. 1192.

Brooklyn Rapid Transit Co.-Commutation Rates.-

Green & Coates Sts. Pass. Ry.,(Phila.

)-Reduction.A quarterly dividend of 81 30 per share
been declared, payable
Oct. 7, as registered Sept. 21. The regular has
payment
$1 50 quarterly
and the 20c. a share Is deducted for payment of Federalistaxes.

The counsel for this company has informed the New York P. S.
Commission that the cancellation of the commutation
to and from Coney
Island from Sept. 15 to May 15 had been due to arates
misunderstanding, and
that the new tariff restoring the 5c. fare between 6 and
9 a. m. and 2 to 8
p. m. would be filed immediately.-V. 107, p. 1191, 1099.

Canadian Northern Ry.-Officers.-

Hartford & Springfield Street Ry.-Receiver

The officers of this company are as follows:
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.
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
double track and
three miles long, was six years under construction.-V.is
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.

•

Appointed.
Judge W. S. Case in the Superior Court
Hartford, Conn., on Sept. 30
appointed Harrison B. Freeman receiveratfor
this company. Compare
V. 107,-p. 1287.
Holyoke Street Ry.-Fare Petition.-

This company on Oct. 2 filed with the Massachusetts P.
S. Commission
a 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 23,6c. a
mile cash fare with a minimum charge of Sc. The zone
system has been in
operation for less than six months. The proposed
change would take
effect Nov. 1.-V. 107. p. 291.

Huntington & Broad Top Mtn.RR.-Coupo

ns Not Paid.
The funds to pay about $46.000 interest on the company's
First Mtge.
4s and about $22,000 interest and principal of 5%
car trusts of the company,
due Oct. 1, are not in the -Lands of the trustees and
will not be paid until
a later date.
President Carl M. Gage is quoted as saying that
company has been
advised from Washington that there is no objectionthe
to the company borrowing the month outside or the Government will loan
at the rate of 6% per annum. The delay is stated to be it to the company
to the Government not turning over the funds until all accounts aredue
in and adjusted,
which may require 30 or 60 days. It is expected
that tne company will
borrow the necessary funds of the Governmen
t.-(Philadelphia "News
Bureau.")-V. 107, p. 696.

In connection with the recent notice of discontinuance of operations
of
this company's property, it is stated that motor bus lines
operating
in competition 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 supIllinois Traction Co.-Earnings of System.planted the express service, and rural delivery route extensions having Earnings of Operating
Companies for August and the 8 Mos. ended Aug.
absorbed the mail revenues. Compare V. 107, p. 1286, 694, 603.
31.
(1) August1918.
1917.
1916
1915.
1914.
Gross earnings_ _$1,267,346 $1,114,511 $971,
Chicago, Burlington & Quincy RR.-Advances by Govt. Yearly
634 $892,1305 $891,542
increase_
13.70%
14.67%
8.86%
0.15%
1.31%
See preceding pages in this Issue.-V. 107. p. 802, 1003.
Net over exp. &
taxes
$335,042 $347,432 $333,437 $339.085 $351,725
Chicago Indianapolis & Louisville Ry.(2) 8Mos. to Aug. 31F. S. Wynn has been appointed Soc. & Asst. Treas.-V. 107, p. 1191.
Interurban rys_ _$3,081,251 $2,946,285 $2,569,593
$2,259,823 $2,412,168
City propertiesChicago Local Transportation Co.-Ordinance Data.- Electric
lighting_ 3,455,419 2,713,280 2,375,433
2,128,917 1,914,369
A statement issued by Alderman Capitain Chairman of the Chicago Steam heating.._
236,881
214.896
197.381
186,791
160.950
City Council Committee on Local Transportation, in support of the trustee) City rallways
1,868,472 2,092.527 2,051,245 1,911.012
2,038,965
traction and subway ordinance, is published in pamphlet
Gas
823.475
648,101
form. For de598,646
586,917
564,824
tails of ordinance see V. 107, p. 1292, 1286.
Ice
14,198
10,648
992
7,456
4,135
Water
10,191
9.885
9.539
9.477
Chicago & North Western Ry.-Advances by Govt.9,358
Miscellaneous
60,875
42,002
20,810
5,848
15,425
See preceding pages in this issue.-V. 107. p. 1003, 1191.
Tot. city prop.$6.469.511 $5,731,339 $5,263,047
$4,836,418 $4,708.026
Chicago Rock Island & Pacific Ry.-Advances by Govt.- Tot. gross earns.$9,550.762 $8,677.624 $7,832,640 $7.096.241
17,120,194
See preceding pages in this issue.-V. 107, p. 180, 603.
Yearly increase.. 10.06%
10.79%
10.38% dec.0.34%
Expenses
$6,524,159 $5,295.001 $4.637,271 $4,113,194 inc.5.81%
$4,107,74
Chicago & West Towns Ry.-Rate Advance.2
Taxes, Federal
64,211
This company has applied to the Illinois P. S. Commissio
Taxes, local
343,155
362,661
296,085
294,152
281,527
crease in interurban fares from 5 to 7 cents.-V. 106. p. 2345.n for an inTot.oxp.& tax.$6.931,525 $5.657,661 $4,933,356
$4.407,346 84,389,269
City Lt. & Trac. Co. of Sedalia, Mo.-Gas Rate Increase. Net
earnings.... _$2.619.237 $3,019,96
$2,688,895 $2.73(),925
This company has been authorized to increase its gas rates by about Yearly increase_dec.13.25% inc.4.16%2 $2,899,284
inc.7.82% dec.1.56% inc.1.47%
20%. effective Oct.
-V. 107, p. 1287.
99, p. 1299.
Connecticut Company.-Rate Increase Granted.-

The Massachu4etts P. S. Commission has granted this company permission to increase its freight rates. The company's petition proposed
an
Increase such a.. would produce a surplus of about 4180,000, after allowing
5% for depreciation and 8% for interest on investments.-V. 107, p.
1099.

Interborough Rapid Transit Co., N. Y.-Explan
ation
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
Davenport Rock Isl. & Northw. RR.-Fed'I Manager.- year last named this item appeared under the heading
The jurisdiction of Federal Manager 0. G. Burnham has been extended way" as repeated in last week's issue of the "Chronicle "Queensboro Sub.' The company,
over all departments of this company.-V. 104, p. 1898.
however, now uses the more general appellation "Accruals
under contract
No. 3 and related certificates." These accruals under the
agreements
Delaware & Hudson Co.-Dividend Paid.with the city are payable from future
together with interest
The dividend declared by this company, payable Sept. 20 to holders of thereon and they represent, we learn,earnings,
amounts by which the
record Aug. 28, subject to release of funds by the U. S. Government, has revenue of the neyr lines has thus far fallen the
below
the preferential to which
been paid.
the company is entitled before any benefits under
s insure to
the city. Compare V. 107, p. 1284, paragrapn the agreement
Advances by Government:
"Subway contract
-city deficits,' and full statement as to contractheaded
No.
3
in
See preceding pages in this issue.-V. 107, p. 291, 802.
V.
97,
P. 453.V. 107, p. 1284.

Erie RR.-Advances by Government.-

See preceding pages in this issue.-V. 107, p. 901, 1003.

Freight Rates.-Canadian Freight Tariffs Filed.-

The Canadian Board of Railway Commissioners on Aug. 31 ordered
approved the standard freight tariffs of maximum charges
Canadian
railroads, such tariffs having been filed July 27 last.-V. 107,for
p. 501, 82.




International Railway, Buffalo.-Lit

igation-Strike.-Justice Marcus in a special term of the Supreme
Court on Sept. 23
granted an order discontinuing the action started
by
the city of Buffalo more than a year ago in which thethe company against
company sought to
restrain the P. S. Commission from taking jurisdictio
n of the complaint of
the city against the company, in proceedings started by
the city, to get the
reduction of the 5-cent fare charged by tho company.
.

1385

THE CHRONICLE

OCT. 5 1918.]

a resolution calling
The New York P. S. Commission on Oct. 3 adopted
to compel the company to
on its counsel to proceed in the Supreme Court
resume operation of its cars. electricians employed by this company on
Motormen, conductors and
takes the stand that it
Oct. 3 struck for increased wages. The company
in fares is allowed. The voters
cannot increase wages unless the increase
increase fares from Sc. to
of Buffalo recently voted down a proposition to
6c. Compare V. 107, p. 398. cars were operated hero yesterday on the
Under police protection a few
lines of the company.-V. 107, p. 395.

Pittsburgh & West Virginia Ry.-General Manager.-

This company and the West Side Belt Line RR. beginning Oct. 1, will
Yohe of the Pittsburgh
'
be under the jurisdiction of General Manager J. B.
& Lake Erie R.R.-V. 107, p. 402.

Portland (Ore.) Ry.Light & Power Co.-Note Maturity.
-The following published statement has been pronounced
substantially correct:

-Bond Data.Interstate Railways of Philadelphia.
-V. 106, p. 2757.
See United Power & Transportation Co. below.
Joliet &'Eastern Traction Co.-Rate Increase.-

granted this company an increase
The P. S. Commission Of Illinois hasSept.
16, to continue until 6 months
in passenger and freight rates, effective 1832.
p.
09,
-V.
war.
the
of
close
the
after

Traction & Term. Co.-Wage Adjustment.-

Kentucky
arrived at an agreement on the
This company and its employees have
is to be effective from July 1 last
wage question, by which a new scale
peace. The agreement represents
of
conclusion
the
after
months
6
until
union employees authorized the coman advance of Sc. per hour, and theLiberty
Loan in multiples of 850 with
pany to buy bonds of the Fourth
from July 1.-V. 107, p. 696.
pay
back
for
men
the
due
the money
Vegas & Tonopah Ry.-Abandonment.-

Las
RR. Commission, this
According to the announcement of the Nevada
and Beatty, Nev., has made
company, operating between Las Vegas
and retire from business. The comarrangements to remove its tracksthe
Railroad Administration in routing
pany, it is understood, claims that
operations of this property
all freight over the adjusting line makes the
unprofitable.-V. 99, p. 538.

This company. will be one of the first companies that will be financed
under the provisions of the charter of the Essential Industries Finance Corporation. 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 toward the financing of corporations until after the present
Liberty Loan campaign is over. In the meantime, the various details in
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, p. 803.

Portland Terminal Co.-Notes Extended.-

The "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
was declared by the directors on Monday, Sept. 30. In
referring to the action taken,Pres. Thomas N.McCarter said:

mmon Dividend Omitted.Louisville'(Ky.) Ry.-Co
the directors have omitted the quarterly dividend

Press reports state that
The wage increase, recently
of 1A%, due Oct. 1 on the common stock. is probably the cause of the
granted amounted to $450,000 a year and
1101.
p.
107,
omission.-V.

Marshall & East Texas Ry.-Status.-Receiver Bryan
"Chronicle," says:
Snyder, Marshall, Tex., answering the
on Jan. 25 1917, on which

receiver
The road passed into the hands of aby
the U. S. District Court for the
date the undersigned was appointed
incumbent. There is no Federal
still
is
and
Texas
Eastern District of
having been relinquished from
road
the
Manager or General Manager,
Operation of that portion of the line
Government control on July 11918.
d under a decree of the
discontinue
was
Winnsboro
between Marshall and
that portion of the line between Marshall
U. S. Court on Aug. 15 1917, and
has now been made to
Application
1918.
3
Aug.
on
and Elysian Fields
to dismantle the property and sell such
the Federal Court for authoritymav
be possible, and a hearing with that
material and appurtenances as
1101.
end in view will be had at an early date.-V. 107, p.

(The company has been paying 8% per annum on its capital since June
1916. The dividend record follows:
1907. 1908. 1909. 1910. 1911-14. 1915. 1916. 1917. 1918.
Year8 2,2.2,1
M,
5
7,
6
43.6
6M
4
Per cent....3
"In declaring the dividend of 1% the board was governed by existing
to
corporation
the
of
to
resources
desire
the
conserve
a
by
and
conditions
as great an extent as passible 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
has
unusually heavy. This, together with the fact the railway company this
not been able to contribute one dollar toward payment of dividends
year, prompted the directors to meet the present situation in a manner
which, in their judgment, was dictated by business 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, p. 1288.

Gulf RR.-Government Control.Memphis Dallas &
placed under Federal control and is added to the

This company has been
St. Louis, Mo.-V. 97, p. 887.
jurisdiction of Fed'l Mgr. A. Robertson, of

Mt.-Dividend.-

Midland Valley
of 4% out of earnings of the year
The directors have declared a dividend
mortgage, series "A" bonds, payable on
ended June 30 on the adjustment
-V. 107, p. 182.
and after Oct. 4 at the Fidelity Trust Co., trustee.
No. Ark. RR.-Federal Control-Wage Settle't.

Missouri &
under Federal control. Prior to this
This company has been placed
had struck for higher wages, but afterwards
action the company's shopmenabide
by the decision of the Government's
resumed work and agreed to
Wage Board.-V. 105, p. 1209.
s of Mexico.-Meeting.-

National Railway
s, corresponding to the
The ordinary general meeting of the shareholder
and adjourned until
current year, convened in the city of Mexico yesterday
Dec. 4.--V. 107, p. 802.

Rhode Island Co.-Rentals Not Paid.-

of
In testimony before the Rhode Island I'. U. Commission, Treasurer
Sept.
the Board of Federal Trustees John Ames on Sept. 30 stated that onof
the
24 the trustees voted not to pay rentals, and that on Sept. 26 three
leased lines made formal demand for payment.
These three companies are the United Traction & Electric Co.(see below)I
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 sucn 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
by the
in fare is allowed. And if such fare increase Is given before Oct. 26 money
theory worked out, the New Haven would probably loan enough of the
at once to pay rentals before Oct. 26, thus preventing the violation
lease and keeping the Rhode Island Co. intact.

Rental Not Paid-Tax.

See United Traction & Electric Co. below. The R. I. Co. on Sept. 28
paid into the City Treasury of Providence. R. I., the sum of $30.642,
3j
%,
1
its quarterly payment on its franchise tax for the quarter ending July 1.
The directors have declared the usual quarterly
conditional upon approval The payment was duo July 1 but time extension was granted to date.payable Nov. 1 to stockholders of record Oct. 8,
Railroads.
V. 107, 1193, 906.
of the Director-General of
away on Sept. 29.
Charles T. Lewis, a director of ths company, passed
Richland (Public Service) Co.-Franchise.nt.Governme
0.. a 25-year
Advances by
This company has secured from the city of Mansfield,Jan.
1 1920, at
until
-V. 107, P. 1192.
traction franchise providing for the straight Sc. fare
1192.
1004.
can be taken
p.
action
107,
such
-V.
necessary,
issue.
See preceding pales in this
which time, if faro regulation is deemed
1132.
1582,
p.
106,
-V.
agreement.
mutual
by
Mt.-Advances.
New York New Haven & Hartford
p. 604, 906.
See preceding pages in this Issue.-V. 107.
Richmond & Seven Pines Ry.-Transfer.propThe United States Housing Corp. has purchased for $118,148 the
Ry.-Advances by Government.Norfolk & Western
of this company. Compare V. 106, p. 191.
erty
1004.
697,
p.
107,
See preceding pages in this Issue.-V.

New York Central RR.-Dividend-Obituary.
dividend of

Antioch & Eastern Ry.-Note Renewal.-

Oakland
the California RR. Comm. for permission
This company has applied to for
not less than one year, in order to renew
to issue a note at 7% for $40,000
interest when due at the California Nat.
same
the 90-da3r note bearing the in the construction of the company's railway.
used
was
money
The
Bank.
-V. 106, p. 1127, 822.

d (Ill.) City Traction Co.-Fare Application.

Rockfor
n for
This company on Sept. 24 applied to the Illinois P. U. Commissio 107.
permission to raise street railway fares in Rockford from 5c. to 6c.-V.
p. 604.
Rocky Mtn. & Pacific Co.-Annual Figures.-

St. Louis
with the calendar
The company's fiscal year has been changed to conform
ended Dec. 31, but the
yoar. No report has been issued for the 12 mos.for
five calendar
last
the
following
the
with
"Chronicle" has been favored
The Philadelphia Stock
S. F. 4% gold bonds, purchased and canceled years 1913 to 1917, inclusive:
$20,000 1st M. Guaranteed
2,000
1
to
Nos.
,
listed
amount
the
1913.
81.907,000
leaving
1914.
1915.
fund,
1916.
1917.
for the sinking
redeemed by sk.fd.-V.82. p. 752.
$
8
Calendar Yearsincl. for $1.000 each, excepting $93,000
2,050,604
2,371,327
2,317,333
2,279,843
3,783,642
Gross earnings
e Increase.Ohio Electric Ry.-Rat
,030 1,890,868 1,840,871 1,804,843 1,572,718
n has authorized an increase to 2 cents per mile Cost, expenses & taxes.2,860
The I.-S. C. Commissio
402.
lines.
-V.
p.
107,
604,
company's
the
on
points
923,612 388,975 476,462 566,484 477,886
between
Net earnings
162,408 290,262 235.188 268,408 342.289
Other revenue
d by Sinking Fund.Pennsylvania Company.-Reduce
17 struck off the regular list
on
Sept.
Exchange
820,175
Stock
a
Philadelphi
The
Total net income__ A,086.020 679,237 711,650 834,892
Trust Certificates, Series "A," retired and can372,906 312,534 468,586 466,775 638,427
$62,000 33 % Guaranteed
sinking fund, leaving the amount of said certifi- Deduc., int. chgs., &c_
celed by operation of the
(Nos. 1 to 5,000, incl.), excepting num713.114 366.703 303.064 368.117 181.748
cates listed at that date $4,095,000
Not income
of the sinking fund to
350,000 250,000 200.000 150,000 100.000
bers of $905,000 retired and canceled by operation
Less dividends
Sept. 1 1918.-V. 107, p. 1288.
81,748
_
_
363,114 116,703 103,063 218,116
surplus_
Balance,
by
nt.
es
Governme
-Advanc
2,950
3,029
Pennsylvania RR. issue.-V. 107, P. 906. 1004.
1,232
4.782
1,905
P. & L., surp. credits_
21,357
this
in
2,186
pages
18,091
preceding
14,843
235,787
_
See
P. & L. surp. debits_ _
63,340
idends.86,204 218,958
129,232 106,642
Balance
Pere Marquette Ry.-Officers-Div
Auditor, has been elected Vice-Presi- Tot: p. &I.sur.,Jan.1.1,397,217 1,290.575 1.204.370 985,412 922,071
Clarence S. Sikes, formerly General
and W. E. Martin Treasurer. Mr. Sikes
1,290.575 1,204,370 985,412
1,397,217
Secretary,
26,449
Heberd
do
Dec.31.1,5
do
M.
E.
dent,
5% non-cum.
and Mr. Heberd and Mr. Martin in New York.
The dividends here include $50.000 paid on $1,000,000
will be located in Detroit
taken in regard to the dividend on the prior prefer- pref. and in 1917 3% on $10,000,000 common, against 2% in 1916, 13 %
No action has been
p. 2461, 2370.
-V. 107, p. 1004.
105,
contract.
t
in
1913.-V.
Governmen
1%
of
and
1914
in
3
the
1%
in
or
1915,
ence stock,
Ry.-Reduction in Bonds Listed.Ohio ConnectingExchange
on Sept. 27 struck off the regular list

Philadelphia Co.-Addition to Philadelphia List.-

has added to the regular list $10,000 additional
The Phila.. Stock Exchangebonds,
due 1951. stamped under sinking fund
5%
Cons. M. & Coll. Trustdated
July 10 1917. making the total amount so
and redemption plan.
date S13,484.000 and reducing the unstamped
stamped and listed at this.-V.
107. p. 604. 291.
bonds listed to $1,330,000

Co.-Government Aid.Philadelphia Electric
the U. S. Shipping Board has determined that
It is understoodthethat
¶150,000,000 revolving fund in the Power Plant Bill

$20,000,000 from
which is serving the Hog Island shipyard
shall be used to aid this company,
with power.-V. 107, p. 408, 186.

.
Rys.-Wage Settlement-

Pittsburgh
by this company have accepted the
Motormen and conductors employed
maximum of 45c. to 48c. an hour. and
proposal to increase wages from the
the period of the war. Compare
during
conditions
working
changes in
V. 107, p. 1288, 1193.




St. Louis-San Francisco RR.-Advances by Govt.-

See preceding pages in this issue.-V. 107. p. 1005. 1288.

Antonio & Aransas Pass Ry.-General Manager.

San
of this company and
II. F. Anderson has been appointed General Manager
J. S. Peter, resigned, to
the San Antonio Uvalde & Gulf RR., succeeding107,
p. 604.
accept service with the corporate interests.-V.
Railway.-Fore Situation.-

Schenectady
Commission a
This company has filed with the New York Public Service
to put into
proposed schedule of increased rates, which it seeks permission
502.
p.
107,
1.-V.
effect Nov.
& Rainier Valley Ry.-Sale Negotiations.--

Seattle
has commenced negotiations for
Pros. Marshall E. Sampsell, it is stated,Seattle.
(Compare Puget Sound
the sale of the property to the city ofp.
1193.)-V. 102. p. 2343.
107.
V.
in
Traction, Light & Power Co.

1386

THE CHRONICLE

Second Avenue RR.-Interest-Receiver's Certificates.The receiver for

United RRs. of San Francisco.

[VOL. 107.

-Annual Figures.this company is authorized to pay the interest
$3,140,See California By.& Power Co. under "Reports" above.-V.107, p. 1288.
000 outstanding of receiver's certificates at the rate of 6% per on
annum for
the 6 months' period ending Oct. 1 at the Guaranty Trust Co. of N. Y.
United Rys. & Electric Co. of Balto.-Fare Increase.The receiver is also authorized to issue new certificates to such holders
This company on Oct. 1 inaugurated the six-cent fare.-V. 107, p. 907.
of the old certificates as desire to exchange. New certificates
will be dated
Oct. 1 1918 and due Oct. 1 1919, but will be redeemable at option of reUnited Traction & Electric Co., Providence.-Dividend
ceiver on April 1 1919 at par and int. If the receiver finds it advisable,
said certificates shall bear interest coupons and the terms of the certifi- Deferred-Rental Due From Rhode Island Remains Unpaid.
cates shall be properly modified so as to refer to such coupons. Exchange
The following notice has been sent to
company's stockholders:
may be effected at the Guaranty Trust Co., N.Y., on and after Oct. 1 1918. "Your board of directors regrets to announcethis
that because of failure on the
-V.106, p. 1578,
part of the Rhode Island Co. to pay the rentals due Sept. 24 1918, it benecessary to defer consideration of the usual Oct. dividend. In
South Carolina Light, Power & Rys.-Description of comes
accordance with the leases, a written formal demand has been made upon
Three-Year Notes.-A. B. Leach & Co., Inc., who, it is the Rhode Island Co. for payment of the rentals in default."
[Under the terms of the lease of the United company to the Rhode
understood, will shortly make an offering of the issue at Island
made in 1902 for 999 years, the property so leased shall, together
3 and int., have issued a circular describing the with allCo.,
improvements since made, be forfeited to the United Traction &
about 97%
Electric Co., if rentals in default are not paid within 30 days after written
company's new $450,000 3-year 7% gold notes dated Sept. 1 demand.]
Compare Rhode Island Co. in V. 105, p. 2090; V. 106, p. 1689;
1918, due Sept. 1 1921. The circular shows:
V. 107, p. 803, 906, 1193.-V. 105, p. 2095; V. 99, p. 1599.
"Pa.ssel by the Capital Issues Committee as not incompatible, &c.
Washington Ry. & Electric Co.-Fare Application.Redeemable, all or part, on any interest day at 103 in 1918 and 1919,
This company has applied to the P. U. Commission of the District of
102 in 1920 and 101 until June 1 1921. Int. Q.-M.
in N. Y. Denom. Columbia for an increase
in faresfrom the present rate of Sc. or 6c. tickets
$1,000c. Trustee, The New York Trust Co., N. Y.
for 25c. to a straight Sc. fare. A hearing has been fixed for
Oct. Y.Financial StatementAuthorized. Outstanding. V. 107, p. 1288, 803.
First Mortgage 5% bonds, due 1937
$5.000,000 $3,497.000
3-year 7% notes (this issue)
750,000
450,000
INDUSTRIAL AND MISCELLANEOUS.
Preferred stock (6% cumulative)
1,500.000
700.000
Common stock
3,500,000
2,500.000
Air Reduction Co., Inc.-Extra Liberty Bond Dividend.Purpose of Issue.-These notes, a direct oblisation of the company, were
The directors have declared an extra dividend of 50c. per share in Liberty
issued to provide funds for the payment of floating indebtedness (created
through expenditures made for additions and betterments to the company's bonds of the 2nd issue along with the quarterly dividends of $1 per share
on the common stock and 1 % on the preferred stock, all payable Oct.
properties) and for new working capital.
Business.-The company does the entire electric light and power, gas 15 to holders of record Sept. 30.-V. 106, p. 926.
and street railway business in Spartanburg, S. C., and supplies
electric
American Brake Shoe & Foundry Co.-Annual Meetlight and power in Gaffney, Cowpens, Woodruff, Blacksburg, Pacolet,
&c., serving a population of at least 60,000. Among the principal
ma-Statement, &c.sumers are large cotton mills in or near places served. There is located conThis company anounces that the fiscal year beginning with the present
also
near Spartanburg Camp Wadsworth, to which the company has extended
year will end Dec. 31 instead of Sept. 30, and that the annual meeting
Its transmission lines.
will hereafter be held on the 4th Tuesday of March. The meeting in DeProperties.-These include a large modern hydro-electric power plant cember of this year is to
be dispensed with.
with a generating capacity of 12,000 h.p. auxiliary steam plant with genStockholders also are notified that the statement of the company for the
erating capacity of 4,500 h.p., 70 miles oetransmission lines. 9 sub stations
fiscal year ended Sept. 30 last will not be mailed in December of this year,
with a combined capacity of 14.100 k.w., complete gas-manufacturing
but that a report for the 15 months ending Dec. 31 1918 will be distributed
and distribution system, city and interurban street railway system plant
com- Immediately preceding the annual meeting in March.
prising 21 track miles of standard gauge road, together with ample rolling
President William G. Pearce in his notice to the stockholders says:
stock, undeveloped lands and riparian rights, &c.
"In the year 1916 a Federal tax statute was enacted, on Sept. 8, retroStatement of Earnings for the 12 Months ended July 31 1918.
actively taxing the net income of the company for the 9 months of the fiscal
Gross earnings
$640,505 I Int. on 1st M 5s
$174,850 year then ending. In the year 1917 a similar statute was enacted on Oct. 3,
Net, after taxes
288,053!Int. on 7% notes requires__ 31.500 retroactively taxing the same period of the net income of our previous fiscal
Franchises.-These are favorable, running beyond the life of the bonds,
year, and there is now in course of preparation another Federal tax statute
or being of unlimited duration.-V. 107, p. 1288.
whose provisions will not become definitely known for several weeks, but
which will undoubtedly tax our net income for the fiscal year just ending.
Southern Pacific Co.-Adrances by Government.The continued enactment of these statutes about or after the close of each
See preceding pages in this issue.-V. 107. p. 1005, 1194.
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
Southern Ry.-Advances by Government.Federal taxes, in computing net profits for that year."-V. 106, P. 1128.
See preceding pages in this issue.-V. 107, p. 1102, 1288.
American Can Co.-Pig Tin, Govt. Control.Tennessee Valley Iron & Railroad Co.-Receivers.See p. 1253 in last week's issue.-V. 107, p. 907, 503.
Judge E. T. Sanford in the U. S. District Court at Nashville, Tena., on
American Felt Co.-Government Restrictions.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
See p. 1249 in last week's issue.-V. 107, p. 503.
company has a contract with the Federal Government involving the erecAmerican Ice Co., New York.-Status.-President Oler
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 V. 107, p. 1291.
is quoted as saying:
This
extra dividend [of 1%, payable Oct. 251 is declared to as to bring
Tiffin Fostoria & Eastern Ry.-Service Resumption.total amount paid to stockholders in the present fiscal year up to 6%,
This company's service will be resumed after the passage of the ordinance the
rate
the
to which the stock is entitled. During the first three-fourths of
by the City Council in which the city agreed to tee terms by which the the year the
company paid 13,4 % quarterly or at the rate of 5% per annum.
fare is raised from a 5-cent straight fare to a 10-cent cash fare, or six
tickets
The company has slaovrn steady progress in earnings for a number of
for 40 cents, for a trial period of 90 days.-V. 107. p. 1102.
years and its returns are now entirely satisfactory. During the so-called
transition in which the company was bring brought up to its present standToledo & Ohio Central RR.-Joint Construction.of efficiency it was necessary to take the stockholders' money to effect
This company and the Kanawha & Michigan have started construction ard
the
necessary changes.
of a 5-mile cut-off along Leading Creek in Gallia County, which will make
The stockholders are now reaping the benefit of the conservative policy
accessible a number of coal areas.-V. 106, p. 2758.
pursued during that period. You will note that during the past five years
between $500,000 and $600.000 have been allowed for maintenance and
Union Pacific RR.-Advances by Government.charged to operating expenses. Our business is not a war business. As a
See preceding pages in this issue.-V. 107, p. 1194, 1102.
matter of fact the war has hurt rather than benefited Us. We are a strictly
peace proposition. The outlook for the company is highly favorable.
United Gas & Electric Corporation.-Earnings.--V. 107, p. 1289.
Summary Statement of Earnings for the 12 Months ended Aug. 311918.
American Pipe &Construction Co.-Reeeivership to End.
Aug. 31.
July 31.
June 10.
Vice-Chancellor Lane in the New Jersey Court of Chancery on Oct. 1
Balance of subsidiary operating cos__ $1,365,012 $1,368,008 $1,406,013
issued an order to show cause why the Now Jersey receiver should not be
Deduct-Res.for renewals & repl'ts__
237,820
233,230
404,750
discharged. The receiver appointed by the Pennsylvania courts has
Earnings applicable to stock of sub.
been discharged contingent upon the discharge of the receiver in
companies owned by public
294,407
297,259
392,936 already
New jersey. Compare V. 107, p. 1194, 1103.
Balance net
$832,785
$837,519
$608,317
American Steel Foundries Co.-No Planfor New StockNet income from bond investments
Referring to reports of this company's proposal to issue new shares of
and other sources
$204,412
$177,828
$208,117 stock
of no par value in exchange for the present stock, in ratio of 3 shares
new for 1 of old, and to pay $4 per share annually on the now issue,
Total
$1.037,197 81,015,347
$816,434 of
Acting President R. H. Ripley is quoted as saying:
Deduct-Interest on the United Gas
"No such plan has been considered by officers and directors. It is possiand Electric Corporation bonds_ $558,000
$558,000
$558,000 ble
that interests in the company, outside the directorate, think it would be
Int. on the United G. & El. Corp.
a good thing to do, but if so, I have heard nothing of it. We have not even
Certificates of Indebtedness_ _ _ _
135,150
135,209
135,948 informally discussed any re.s.apItalization plan.
Amortization of debt discount_ _
I do not know who is do57,488
67,125
56,750 ing present buying of the stock, but it appears to
be based on recognition
that
it
been
has
selling
Balance for 12 months
below
its
value.
$286,558
$265,013
$65,736
"Later on, but not this year, some plan of recapitalization may be
For sub. co. earnings,see "Earnings Dept." above.-V.107,P
.1288,1102. deemed
advisable. The company's position has improved greatly, as official statements show and its prospects continue to improve, althouga
United Power & Transportation Co.-Reduction on List. there
is nothing special to report at this time beyond what is generally
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- known.-V. 107, p. 1006, 504.
sare County Rys. Gold Trust Certificates 4s acquired by purchase by the
Amoskeag Manufacturing Co., Boston.-Report.United Power & Transportation Co., and canceled by the trustees, pursuant
Years endingto the terms of agreement dated July 26 1917 between Interstate
June 1 '18. June 2 '17. May 31 '16. May 31 '15.
Ry.
Co.
(V. 106, p. 2757), the United Power & Transportation Co .and the Real Cotton & worsted cloth:
Produced (yards)_ _ _ _171,515,440 202,872,976 200,576,754 213,983,728
Estate Title Insurance & Trust Co., for the withdrawal of 9.975 shares
Sold (yards)
stock of Scauylkill Valley Traction Co. and 1,600 shares of stock of of
183,694,346 200,223,653 201,552,242 217,683,396
Cotton bags produced
Media Glen Riddle & Rockdale Electric Street Ry. Co., which shares,the
1,227,102
1,203,335
1,713,339
1,491,042
do
do
withdrawn, are in the treasury of the United Power & Transportation Co.so
sold
1,199,868
1,209,553
1,715,817
1,487,466
ResultsThis leaves the amount of United Rys. Gold Trust Ctfs. listed at this
Received from sales_ _ _ _$49,458,081 $30,439,215 $20,684,294 $19,124.682
date $5,383,600 and the amount of Delaware
listed at this date $931,800.-V. 107, p. 1102. County Gold Trust Ctfs. Cost of manufacturing
43,922,956 29,569,372 19,354,641 17,856,943
Balance
United Rys. Co. of St. Louis.-August Income, &c.- Increase
$5,535,125
$869,843 $1,320,653 $1,267,739
in
inventory__ _ -482,443
+463,767 -150,472 -188,326
Pres. Richard McCulloch has issued the following showing the
earnings
insufficient for interest:
Net profits
$5,052,681
$1,179,181 $1,079,413
Operating revenues of the company for Aug.
$1,249,435, an increase Preferred divs. ($430 - - $5l8,400 81.333,609
$518,400
of $1:35,622 over last year. Operating expenseswere
$518,400
$518,400
and taxes were $1.194.315. Common divs.
(33)_ _
618,400
518,400
an increase of $344,710. The net earnings available
518,400
518,400
for
the
payment
of
interest charges were $65,170, an amount which is $207,471 less
than Aug.
Balance,sur. or def_sur$4,015,881 sur$296,809 sur$142,381 sur$42.613
1917. The company failed to earn its interest charges of $210,760
per
month by $145.590. Included in operating expenses
GENERAL BALANCE SHEET,
Aug. are $116,920
of back wages for May, payable in accordance withfor
the recommendation
AssetsJune 1 '18. June 2 '17.
of the P. S. Commission and the agreement made with
the
estate
Real
machinery
and
employees.
83,000,000 $3,000,000
I- For the eight months of the year to date
company failed to earn Merchandise, cash and accounts receivable
20,417,358 15,952,545
Its interest charges and accumulated a deficit the
of $389,624. The decrease
in the amount available for the payment of interest
charges for the eight
Total
$23,417,358 $18,952,545
months compared with last year is $896,185.
LiabilitiesThe net earnings for the eight months of the current year to date
were Notes and accounts payable
8515,130 $5,408,942
$1,295.267, or about 2% upon the valuation of $60,000,000.
Profit and Loss and reserves
22,902,228 13.543,603
August is a month of large earnings as a rule, but this year
earnings for the month were equivalent to about 1-10th of 1% the net
Total
upon the
$23,417,358 $18,95E,645
valuation of $60,000,000.
-V.107, p. 1289.
This company has refused to accede to the
made by the carmen's
union that the wage scale now in existence beproposal
abrogated, and that a hearing
Anaconda Copper Mining Co.-Output (in Lbs.).be held before the War Labor Board to determine
1918--September
to.. increase in salary.-V. 107, p. 1298, 1194. if the men are entitled
1917. f 1918-9 Months-1917.
21,800.000
2,800,0001229,884,000
189,02,901)




1387

THE CHRONICLE

OCT. 51918.]

I. W. W. disturbances,
Ores Carpet Co.-New Director.The decrease in output in September was duo to In
1917 mines were shut
Walter E. Edge has been elected a director to succeed Stanly G. Miller.
labor conditions have improved since, it is stated.
1006.
-V.107, p. 1097.
down for the greater part of the month.-V. 107, P. 1103,

City Gas Co.-July Coupon Paid.-

Atlantic
trustee, funds
This company has deposited with the Girard Trust Co., as 1918 on its
with which to pay interest coupons which matured July 1
,First Mortgage 5% Gold bonds.
mail to depositing bondholders
The Bondholders' Committee will shortly
of the 5% bonds have been dechecks for the July coupon. Over 80% issue
outstanding is $3,374,000,
posited with the committee. The total
Compare V. 107. p. 504, 404.
the semi-annual interest on which is $84,350.
of the bondholders' ComChairman
A circular signed by A. A. Jackson,
for the past six months have
mittee Sept. 30 reports: "While the earnings
and all the fixed charges,
expenses
operating
the
not been sufficient to meet
Geist, its President. has obtained
the company, through the efforts of Mr.the
due July 1.
interest
pay
to
assistance
financial
the necessary
has now before it the
"The Public Utility Commission of New Jersey
in rates and we hope for such
application of the company for an increase
n as will place the company
favorable action on the part of the Commissio
only to meet its operating
in a position within the next six months
interest. It condition may also
expenses, but also to earn its mortgage
of supplies. In view, howcost
the
in
reduction
be improved by a possible
the Committee has decided not to
ever, of the uncertainty prevailing,this
-V. 107, p. 504, 404.
time."
at
agreement
deposit
terminate the
Co.-Extra Liberty Bond Dividend.-

(E. W.) Bliss
dividend of $5 a share in Liberty
The directors have declared an extra the
nds of 1 q%
quarterly divid,
bonds of the fourth issue along with
stocks, all payable to holders
preferred
the
on the common and of 2% on dividends will be paid on Oct. 1 and the
of record Sent. 25. The cash Nov. 1.-V. 106, p. 2759.
Liberty bond distribution about
Borden's Condensed Milk Co.-Prices Advanced.-

See previous pages in this issue.-V. 106, p. 1798.

Butte & Superior Mining Co.-Production.Zinc (in lbs.)
Silver (in ounces)
-V. 107, p. 1194, 805.

1918-9 Mos.-1917.
1918-Sept.-1917.
9,500,000 11,000,000 112,500,000 93,615,000
1,713,000
2,070,000
210,000
180,000

Wine Assn.-Dividend Declaration-Decision.

California
29 last declared a dividend of
The directors at their meeting on Aug.
of this corporation on the common
$20 per share from the surplus profits
of record Aug. 29.
holders
to
stock, payable on Sept. 3 1918
down a decision denying
Judge George E. Crothers on Sept. 23 handed
proceeding with the disfrom
Association
the
restraining
an injunction
was made forthwith.
therefore,
payment,
bursement of this dividend. The quotes the decision as follows:
The San Francisco "Chronicle"
is whether the Assofirst
The
suit.
the
in
involved
"Two questions are
or winding up. If so, the preferred
ciation is in tho process of dissolution
before the common
stock
capital
entire
their
receive
should
stockholders
stock receives any regular or special dividends.
contemplates having to go out of
"It does appear that the Association
future and has sold some of its unthe wine-making business in the near
it has added about $100,000 to its wine
profitable wine properties; buthas
extensively to its investment in
added
and
Winehavon
at
warehouse
Zanto currants, and has perfected a grape
raisins and table grapes and advertised
and sold. At present these are
juice which is being widely
should prevail they
minor activities of the Association, but if prohibition
will become major operations.
1925, and the California law does
"As the bonded debt is not due until
until all debts are paid,
not permit a corporation voluntarily to dissolve
mere sale of property does not
and it has been held in California thatisthe
the Association is not in
that
held
it
,
corporatlin
the
of
affect the status
in any legal sense."
a process of dissolution or winding uptne
payment of this dividend there
As to the question whether after
of the preferred shares and
would remain a surplus sufficient to take care
assets, decided in
all obligations, tne Court, after analyzing the company's
179.
p.
107,
-V.
.
affirmative
the

Cuban Ports Co.-New Certificates-Official Quotation.-

London, give notice that holders of certificates
Moinwort, Sons &
5% First Mortgage 25-Year gold bonds,$6,000,000
Co.,
of deposit relative to the
Street,
(London issue) should present same at their offices, 20 Fenchurch
Republic
E. C., to be exchanged for temporary certificates representinginthe
in
Havana
delivered
been
have
which
bonds,
0 Treasury
of Cuba 57
provisional form. The new certificates will be in denominations of $500,
and will bear numbers corresponding to the definitive bonds.
to the financial
The London Stock Exchange Committee has admitted Treasury
bonds,
quotation interim certificates for the aforesaid 5% Cuban
of the Cuban
series)
(London
bonds
M.
1st
of
of
deposit
in lieu of certificates
Ports Co.-V. 106, p. 2013.

Curtiss Aeroplane & Motor Corporation.-Order.-

from the Federal
It is reported that this company has received a contractplanes
with so%
Government for the manufacture of 4,000 De Haviland
planes.-Y.
7,200
for
order
direct
a
to
equivalent
is
spare parts. This
107, p. 406.

Daly-West Mining Co.-Stock Increases.-

The shareholders at their adjourned meeting on Sept. 12 voted to Increase the capital stock from 180,000 shares to 250,000 shares.
An official circular at Salt Lake City on Aug. 10 said in substance:
shares
"The proposed increase in the capital stock from 180.000 to 250,000in
our
the most feasible plan for raising money at this time, as outlined
protective
the
of
sanction
full
the
with
made
4,
was
April
of
report
circular
February
last
power
into
t
committee, who voted the present managemen
shareholders
(V. 106, p. 400). The new stock will be subscribed by the
means
without cost to the company, and the proceeds will not only provide
time when
the
hasten
more fully to develop and improve the property, but
proper earnings can be made. Operations are practically at a standstill
because of lack of funds for essential improvements.
into effect
"Conclusions reached, we believe, can be satisfactorily put
management,
regarding the cancelation of the lease given by the former period
ending
a
for
property
mining
of
your
parts
which encumbers certain
a free hand
in January 1922. With this lease out of the way we shall haves.
At presto operate the mine for the exclusive benefit of the shareholder
ent, under this lease, we receive only royalties on the ore sold.
, Gen. Mgr.'
"[Signed: H. Otto Henke, President, and G. W. Lambourne
mining engineers
The aforesaid report of April 4 contains a statement by from
Can. Mgr.
regarding the property and substantially the following
Lambourne:
and emdistrict,
mining
Utah,
City,
Park
the
The property is situate in
covering apbraces in all about 275 acres of patented lode mining claims,between
those
located
and
veins,
the
of
strike
the
on
feet
y
3,100
proximatel
Co. on the other.
of the Daly Mining Co. and the Judge Mining & Smelting
zinc, and includes
The ore contains silver, lead, some gold, copper and to
the lead smelters
a shipping grade with sufficient values to be sold direst
ng mill. The
and a milling grade requiring treatment in a concentrati
sold to
milling grade ore yields both lead and zinc concentrates which are
the lead and zinc smelters.
were represented
At the annual meeting in Denver on Feb. 18 1918 there 4,903
shares repsome 134,000 shares out of a total issue of 180,000 shares;
of irregularities in
resented by proxy were not allowed to vote because
129,097 shares.
probate papers and improper signatures. Of the remaining
H. Otto
128,772 shares were voted for and elected the following directors:
and
Henke, George G. Brooks, G. W. Lambourne, Harry M. Stonemetz
Pres.;
Henke,
Otto
H.
elected
since
have
The
directors
Friendly.
0. N.
Mgr.;
Gen.
&
,
Treas.
Lambourne
George G. Brooks, V.-Pres.; G. W.
The affairs of the
A. H. Peabody, Sec.; 0. N. Friendly, Gen. Supt.
1
company and the mine were turned over to the new management Marsh
191g.-V. 106, p. 1464.

Power & Light Co.-Application to List.-

Dayton
This company has made application to the New York Stock Exchange for
the listing of $535,500 additional cum. pref. stock.-V. 107, p. 1194. 294.

-Proposals-Orders.-

Reservoir Irrigation Co.-Status.-

Denver
Canada Cement Co., Ltd. trustee, up to Sept. 18 received
of the
Through the courtesy of Mr. Robert G. Dill, financial editor
The Royal Trust Co. of Montreal, asM.
bonds for purchase on account "Denver Post," the "Financial World" has the following:
to
tenders from the holders of the 6% First
stops
take
to
Chicago
in
formed
was
of
$216,695.
sum
the
, for
"Early this summer a committee
of the sinking fund, as an investment
about
from the U. S. Government an collect the Denver Reservoir & Irrigation Co. debt, amounting to bankThe company, it is stated, has received
Denver
of
committee
.931.
a
0.-V.106.p
Recently
$10,000,00
due.
is
about
now
of
which
and
value
,
$2.300,000
order for munition business to the
John C.
ers, headed by IIarold Kountze of the Colorado National Bank,
Evans, President of
-Plan Ratified.Mitchell, President of the Denver National. and John
Chalmers Motor Corporation.
being
that
belief
calling
the
in
plan
formed
the
was
ratified
others,
and
1
Co.,
Oct.
Trust
al
the Internation
The shareholders of this company on
apt to
stock from $7,060,000 to $6,- closer to the property, it could effect a plan which was more readily
for the reduction of the company's capital
There is no conflict
shares
settlement.
400,000
of
y
composed
satisfactor
and
now
proper
is
a
about
company
bring
400,000. T e stock of the
shares of preferred stock between this committee and the Chicago committee, but every effort is beof common stock, having no par value and 44,000 0,
ing made to work in close harmony with the Chicago committee.
par $100. Compare V. 107,p. 1194, 609.
nt of the lands of
"Under the direction of both committees an appraiseme
on farm
e
Increase.
Co.-liat
Elec.
&
the company is `being made by one of the most competent experts
Charlestown (Mass.& Gas
ers on Oct. 3 values in the irrigated West. It is hoped that when his report is received.
Commission
Light
Electric
Gas
of
Board
The Mass.
which
valuation
a
gas
upon
for
agree
to
feet
cubic
able
per
be
1.000
will
net
10
in a few weeks, the committees
authorized this company to charge $1
attractive.
796.
will sell this land, which has hitherto been too high in price to be
delivered for tho duration of the war.-y. 86,,y.
foreclose on
this appraisement has been made, the committees will
When
disse.the collateral, which consists of bonds of various municipal irrigation
86 Delaware ant
-Chesapeake
being taken by the U. S. Govern- tricts embraced in the project, and proceed to sell the land. This will not
Announcement is made that stops areso
eley
Denver-Gre
a
of
into
$2,000,000
it
bo
can
converted
are
that
question
in
bonds
property
affect the bonds. [The
ment for the purchase of this
purposes.-V. 107, Valley Irrigation District, $400,0100; North Denver Municipal Irrigation
deep free waterway for military and commercial
Irrigation District.
District, and $1,250,000 Denver-St. Vrain Municipal
P. 504. 406.
bonds."1
The Denver Reservoir Irrigation Co. also issued $1,306,200
of the
"It is believed that most of these bonds can be sold to purchasers
Chino Copper Co.-Approximate Output (in. Lbs.).plan is
this
If
water.
their
for
payment
in
used
Decrease
be
land, the coupons to
Increased 1918-9 Mos.-1917
something
land,
1918-Sept.-1917.
the
to
able to give title
216,504159,602,412 61,659,094 2,056,682. carried out, tho committees will be Co.
7,719,496
7,936,000
which has been trying to sell the
which the Chicago Title & Trust
-V. 107, p. 1195, 699.
inability to give clear title has hamland, has never been able to do. This'
even
l Figures.pered the Chicago Title & Trust Co. in its extremely vigorous efforts
Coast Valley Gas & Elec. Co.-Annua
above.-V.105, p.1423. more than the high price at which the land." were held.
believed
It
is
ocuntry.
See California R.& Power Co. under "Reports"
the
over
all
The company's notes are scattered
figure, it will
e Production.that when tho titles are cleared and the prices fixed at a fair
Columbia Gas & Electric Co.-Gasolin
cultivate them;
as reported by A. B. Leach & be passible to sell the land to farmers who will promptly
not at par,
if
notes,
Gasoline production of this company,
the
retire
the week ended Sept. 20 of 220,710 and that the proceeds will be sufficient to Bancroft. trust officer of the
Co., Inc., shows a total output for
N.
wil. in 1917. Total production from at least at a slight discount. Frank the
local comthe
for
s
gallons, compared with 181,582
negotiation
handling
is
with 7,650,080 Colorado National Bank,
p. 368, 889.)"
Jan. 1 to Sept. 20 amounted to 8,367.130 gallons, compared
mittee." (Compare V. 101, p. 925; V. 99, p. 471; V. 97,
gallons for last year,..:-V...12/0). 1290 1195.
Gas, Elec. Lt. & Pow. Co. of Balt.-Earnings.

Consol.
1915-16.
1916-17.
1917-18.
Results for Fiscal Years ended June 30.
$10,619,588 $8,498,809 $7,431,769
Grass income
3,848,076
4,480,165
6,415,684
taxes
and
expenses
Operating
$4,203,904 $4,018,644 $3,583,692
Net earnings
$2,071,340 $1,672,223 $1,580,058
Fixed charges
246,225
226,588
Preferred dividends_ x
885,578
1,150,864
1,079,158
Common dividends
Balance, available for deprec'n, &c. $981,700 $1,040,675
x Preferred stock retired April 2 1917.-V. 106, P. 1194.

$871,831

Interstate-Call, Min. Co.-Div.Raised to 75e.-

Consol.
dividend of 75 cents per share
The directors have declared a quarterly
(par $10) stock, payable Oct. 21 to
on tho $4,649,900 outstanding capital
last 50 cents per share
January
and
Juno
In
14.
holders of record Oct.
was paid.
Products Refining Co.-Bonds Called.-

Corn
on Nov. 1 114 of its 25-year 5%
The company has called for payment
1 1931, ranging in number from 5 to
sinking fund gold bonds duo Nov..&
Co., N. Y.-V. 107, p. 505. 2,208, incl., at the Title Guarantee Trust
& Sons Ship & Engine Building Co.(Wri7n.
1.15
Note Renewal-Redemption.
we are advised that the $1,500,000 59'notes

es Corporation.-Sale Postponed.-

Distillers Securiti
for Oct. 1.
The sale at auction of 19 plants of this company, scheduled
It is stated, pending
at Louisville, Ky., has been postponed for a few weeks.
yet been
readvertisement of sale. The date of the forthcoming sale has not
announced.-V. 107, p. 1289, 1195.
Steel Corporation.-Extension of Plants.-

Dominion
plants at
Plans are under way for the enlargement of this company's
0 and several
Sidney. N. S., involving the expenditure of about $15,000,00
for
plants
and
ovens
coke
mill,
plate
a
include
years' time. These plans
such as benzol, toluol and
the manufacture of coal gas from by-products,
more fully
be
will
mines
ore
iron
Wabana
the
and
ammonia,
of
sulphate
which has been guardeveloped. The construction of the new plate mill,
five years, is well under
anteed orders by the Canadian Government for for
shipbuilding
Canadian
plates
furnish
to
way, and it will be in a position
The cost of this plant alone will be in the neighbefore the end of 1919.
a mile long.
of
quarter
a
be
will
building
the
and
of
$5,000,000
borhood
output of which
One of the newer products of the company is benzol, theused
extensively
now runs about 50,000 gallons per month. This is now
more mileage
33%
to
give
claimed
is
and
Scotia,
as motor fuel in Nova
plant as a
the
at
than gasoline. Sulphate of ammonia is also produced
fertilizer. ("Iron Age").-V. 107, p. 85.
de Nemours & Co.-Transfer Agent.-

E. I. du Pont
transfer agent
The Mercantile Trust & Deposit Co. has been appointed
for this company's stock.-V. 107, p. 1103. 294.

Lb8.).East Butte Copper Mining Co.-Production (in
Replying to our inquiry,
or renewal on Juno 27 1918.
Increase.
to which we referred were due for payment
Decreased 1918-9 Mos.-1917.
.-1017.
1918-Sept
renewed
the
and
of
notes
$500.000
68,524119,239,134 14,025,340 5,213.I94
At that time the company redeemed
2,203,300
for another term of C mos. 2,134,776
$1,000,000
agreement
the
with
accordance
in
-V. 107 ,p. 1006, 608.
-v. 107. P. 77




1388

TIIE CHRONICLE

Fairbanks Company, Boston.-Sales,

Jewel Tea Co., Inc.-Sales-4 and 36 Weeks to Sept. 7.-

A press report from Boston states that for the eight months since Sept. 1
gross sales were nearly $10,000,000. which represents a gain of practically
$3,500,000 over the same period of 1917.-V. 106, p. 2563.

1918-4 Weeks-1917.
$1,131,506
$1.125,169
-V. 107, p. 1290, 609.

General Motors Corporation.-Government Work.-

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 .tas been called for Oct. 8.-V. 107, p. 1004.

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 3150,000.000, according to press reports.
Sales in 1917 amounted to about 3111.000,000. A published statement
says in part: "The company is building immense dirigibles at a cost of
$50,000 each and capable of attaining a speed of 42 miles an he'll*. Other
wai• work includes bookies these dirigible ioallons, 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
gun motorcycles, thousands of gas masks, air-hose for pneumatic riveting
hammers used in the construction of ships, bridges and docks, and mechanical 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 issue.-V. 107, p. 699.

Granby Consol. Mining, Smelting & Power Co.--Results for Fiscal Years ended June 30.
1917-18.
1916-17.
1915-16.
1914-15.
$11,644,310 $12,259,185 $9,299,337 $4,086,441
7,519,491
6,909,854
5,191,717
2,745,883
582,195
324,079
288,325
411,393
2,015,491
1,256,267

Gross income
Operating expenses_
Interest, &c
Depreciation, &c
Net income
Dividends
Balance, surplus
Profits 1916
Previous surplus

$1,527,133 x$3,966.210 $3,819,295
1,500,042
1,349,962
899,911
$27,091
3,402,326

$2,616,248 $2,919,384
230,320
6,587,471
3,668,087

Profit & loss, surplus_ $3,429,417 $9,43:1.039 $6,587,471
x Includes $197,225 other income.-V. 107, p. 1104, 407.

$929,165
$929,165
2,738,921
$3,668,087

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-Aug.-1917. Inc. % 1918-12 Mos.-1917/nc%
Gross earnings
$449,509 $331,825 3.6 $4,319,432 $3,932,063 9.8
Oper. exp. & taxes_ _ _ 175,002 121,997 43.5 1,686,084 1,428,768 18.2
Net earnings
$274,507 $209,828 30.8 32,633,348 32,503,2951 5.2
Other income
deb5,183 deb1,496 ___ deb 12.154
92,118
Total income
$269,324 $208,332 29.2 $2,621,194 $2,595.411 1.0
Int. on funded debt_
1,664,410 1,684,200
Net income
$956,784 $911,211 5.0
Accrued divs. on C. E. G. preferred stock
150,000
150,000 _
Balance applicable to depreciation, &c
$806,784 $761,211 5.9
Note.-"Other income" shows a decrease as compared with
due to the elimination of "Interest charged to construction." last year,
The increase in operating expense in August as compared
previous
months, it is stated, Is due to present excessive use of fuel oil with
in the conservation of water, which, owing to unprecedented weather conditions
during last winter, is somewhat limited.
The foregoing statement includes, with intercompany business eliminated,
Great Western Power Co., California Electric Generating Co., City Electric Co., Groat Western Power Co. of California and Consolidated
Electric Co.-V. 107, p. 1286.

Hercules Powder Co.-Half Yearly Earnings.6 Mos. to June 301918.
1917.
1916.
1915.
Gross receipts
$19.880,967 $26,692,312 $27,720,650 $4,906,350
Net earns. (all sources)_ $2,624,050 $3,351,117 39.824,659 $1,277.088
Bond int. & pref. div.. _ _
187,250
187.250
187,250
210,630
Available for impts. or
for common divs_ _ _ $2,436,800 $3,163,867 $9,637,409 $1,066,458
The not earnings, as above, are stated after deducting all
Incident to manufacture and sale, ordinary and extraordinary expenses
maintenance of plants, accidents, depreciation, &c. From the repairs,
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
year has been paying on its $7,150,000 conunon 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 compared with March 31 1918 outside of an increase in "Reserves and contract
advances" (presumably by U. S. Govt.) from $1,885,912 to 511.602,448,
offset among assets by an increase in "plants and property" from $14.467,000 to $17.764,266 and in cash from $1,438,211 to 57.061.604.
Profit and
loss surplus June 30 1918, $17,048,697, against $16.203,838
March 311918.
-V. 107, p. 1007. 295.

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
Generally speaking, the winter months have always found aSept.25.
labor smutty at tne mines than during the summer. This, with thebetter
Hollinger mine, havimt 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 improvement in working forces may be experienced, may be considered satisfactory."-V. 106, p. 2563.

International Harvester Co.-Common Dividends.In connection with

the declaration of the dividend of 31 50
payable Oct. 25 on the common stock of this new consolidated per share
this company announces that it is planned that future dividendscompany,
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
2%-year'
7% gold notes, dated Mar. 11918, due Sept. 1
1920. Auth. issue, $1,500,000. A circular shows:

Int. M. & S., 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 purchase of towboats, barges and other equipment for the purpose
of tran.s,
porting oil to market and rev 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, &c., may be found in V. 106, p. 301.

Operations, &c.-

Increased 1918-36 Weeks---1917. Decrease.
$6,337 1$10,445,539 $10,490,693 $45,153

Kansas Electric Utilities Co.-Dismantlement.-

All of this company's plants, it is stated, are now working to capacity
on Government orders.-V. 107, p. 1195, 1006.

Goodyear Tire & Rubber Co.-Status-Business.-

[Vol,. 107.

Kentucky Distilleries & Warehouse Co.-Purchase.-

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.

Lake Superior Corporation.-Annual Meeting.-Chairman J. Frater Taylor, at the annual meeting in
Camden,.
N. J., on Oct. 2, it is reported, said in part:
Record Figures.-Tite results for the fiscal year to June 30 last indicate a
new high-water mark of progress and hold out still furtner encouragement.
Toe better results obtained must not blind us, however, to the fact that the
foundation of the present-day prosperity is largely duo to the war and LIM
there will come a time when orders for munitions of war will cease.
It is _toped and believed that an effort will be made, with Government
co-operation probably, to insure that basic industries, sue.i as tne steel
industry, shall emerge from the war in such shape that they can carry on.
Algoma Central Rfl.-The results for July and August compared wit.t 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 uncertainties to face, but traffic, independent of our associated industries, is
developing, notably in lumber products and in ore. The great demand
for pyrites is working out to the distinct advantage of the railway.
Algoma Steel Corporation.-For the two months ending Aug. 31 last
94,564 tons of ingots were produced, as against 73,985 tons for the same
period of 1917. August alone contributed practically 40,000 tons, which is
a tonnage within 1,000 tons of the maximum. The liquid position generally
Is strong. As the balance sheet sdows, current assets amounted to over
$11,000,000,'while current liabilities were slightly in excess of $3,000,000.
Tho 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. Compare V. 107, p. 8067902, 1007.

Lake of the Woods Milling Co.-Extra Div.-Increase.-

T so 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 a quer. 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.

Lanett Cotton Mills.-Extra Dividend.-

The 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, p. 927.

Lone Star Gas
Fort Worth, Tex.-New Stock
Listed on Pittsburgh Stock
Co.,Exchange-Earnings.The Pittsburgh Stock Exchange on Aug. 31 authorized the listing of the
$1,000,000 new stock offered at par to shareholders of record July 2, and
all subscribed for, increasing the issue to 56,000,000. The dividend rate
was increased from 1%% to 2% quarterly in June 1917.
Earnings Calendar Years6 Mos.'18. Year 1917. Year 1916.
Gross earnings
These
$1,913,503 $1,519,386
Expenses, taxes and interest
Details
577,114
377,960
Gas purchased
Not
33.471
Depreciation and canceled leases
Shown.
525,823
- -59-0;7
710
Other charges4,465
30,996
Net profits for period
Dividends paid

$732,872
200,000

$772,630
400,000

$517,720
325,000

Surplus for period
$532,872
Total surplus as per balance sheet- _ _ _31,414,184
-V. 107, P- 85.

$372,630
$881,312

$192,720
$508,682

Luckenbach Steamship Co.,Inc.-Merger Co.Incorp.-

This company was incorporated under Delaware laws on Sept. 21 with
a 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.
,

Lukens Steel Co.-Second Preferred Stock to Be Retired.-

This company on Oct. 30 will redeem all outstanding 707„ 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 exceeding $103 per share and div. The outstanding amount is $6,000,000.
See V. 106, p. 2014.

Manufacturers' Light & Heat Co.-Govt. Control.-

Press 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.

Mason Tire & Rubber Co.-Government Contract.-

This company, it is stated, has received a contract for rubberized raincoats, and, it is stated, expects to be 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 company and a
number of others, namely Boston Consol. Gas Co., New England Fuel
&
Tramp. Co., New England Coal & 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. 009.

Maxwell Motor Co.-Income Statement.-The following
statement stands approved:
Net income of this company for the fiscal year ended July 31 1918, before 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 Lbs.).-

Output1918.
1917.
1916.
1915.
Mont.). of September_ _ _ 5.012,865
1,900,000
4,381,367
4,081,444
Nine months
44,273,450 32,061,611 38,843,159 30,782,736
-V. 107, p. 1007, 506.

Midway Gas Co.-Dividend Record.The company has favored the "Chronicle"
the following data, covering dividends Nos. 1 to 6 on pref. stock and with
Nos. 1 to 5 on common stock
Dividends
Pref. Divs.- -Corn. Divs.Period Corered.
Per Sh. Total. Per Sh. Total.
June 30 '1510 June 30 '17 314 00a $96,929
July 1 '17 to Sept. 30'17
1 75a 12,116 $1 50a $34,896
Oct. 1 '17 to Dec. 31 '17
1 75a 12,116
51a 11,032
Jan. 1 '18 to Mar. 31 '18
1 75b 12,116
5r/c 11,632
Apr. 1 '18 to June 30 '18
1 75c 12,116
50c 11,632
July 1 '18 to Sept. 30'18
1 75c 12,116
50c 11,632
a Earned in 1917; b earned Yi In 1917 and
in 1918; c earned in 1918.
-V. 106, p. 1235.
Payable.
July 15 '17
Oct. l5'17
Jan. 15'18
Apr. 15'18
July 15 '18
Oct. 15 '18

This corporation announces that 3 whaleback tank barges
a carrying capacity of 16,000 barrels each, recently purchased, arewith
expected to
be in full operation not later than Nov. 1. The barges are expected
to
average three trips each per month.
Midwest Oil Co.-No Action Taken.The corporation reports that its well now drilling on lot 162. Chinampa,
Announcement is made that the directors have not taken any action
has reached a depth of 1.760 ft. and has shown oil at different
on
points.
Its
common stock dividend due In the near future. The quarterly dividend
the
well on lot 1, at Comales, has reached a depth of 1,730 ft. and is showing
of 2% has been declared on the preferred
stock payable Oct. 20 to holders
oil at this depth of 300 barrels daily of 22 dog. B. or better.-V.
107, p. 1007. of record Oct. 1.-V. 107. p. 178.




1389

THE CHRONICLE

Ocrr. 5 1918.]

is General Electric Co.—Rate Increase.—

Minneapol
rates of
This company has placed in effect an increase in the electric
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:

family and F. G. Allen
The Stepnons interest, except F. 0. Allen and
their holdings in common
remaining in charge of the business, have sold
will
receive in payment
and
share
per
stock to John N. Willys for $150
dividends quarterly,
therefor, stocks paying 7% cumulative preferred
Willys-Overland,
companies:
following
the
of
in following proportions
& Motor Corp., 15%.
55%; Electric Auto-Lite, 30%; Curtiss Aeroplane
of
their stock that
the
purchaser
with
arranged
has
family
Stephens
The
of Plow Co. common stock to
the opportunity is offered to all holdersin
proportion mentioned and
exchange their stock for tne above stocks 1)4the
% for their common stock.
to receive the above stocks in the ratio of
shares
The Willys-Overland Co. reserves the rignt in the case of fractional
tat dividends
to pay either scrip or cash. It is part of this agreement
agreeof
date
the
from
accrue
shall
mentioned
on the three preferred stocks
the policy of the new management
ment, Sept. 6. We are advised thatthe
years in
of
a
period
for
common
on
dividends
cash
pay
to
will not be
take care of the largely increased
order to permit improvements of plants, toreserve
and to safeguard this exoutput and the building up of sufficient
tended business.
806.
1290,
p.
See Willys-Overland Co. below.—V. 107,

Cold Storage Co. of Cal.—Bonds.—

National Ice &
30-year gold bonds was
A meetin .1 of the nolders of the First M. 6% the
execution of a suppleheld on Sept. 30 for the purpose of authorizing
will be authorized up to
company
mental trust deed under which (a) the
of the purposes for which bonds
and including Dec. 1 1922 to expend for any
of any sums whieh otherwise)
may he authenticated the whole or any part
to the sinking fund:(b) to authorwould have been payable by tee company
the sum of $40,608, which
company
the
to
over
pay
to
trustees
ize the
(London
about Dec. 1916 was deposited by the ocmpany with the trustees.
"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 not liquid assets of approximately $5,000,000 and net
tangible assets of about $75 per share on the $10,000,000 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 13%,
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 applied to accumulated dividends. This deferred dividend, which
was declared, In addition to the regular quarterly dividend of 2%, for the
period ended Juno 30 last, covers the quarter ended Dec. 31 1912.—V.
107, p. 576.

Tennessee Copper Co.—No Dividend Action.—

The directors nave again deferred action on the quarterly dividend on
the $5,000,000 outstanding capital stock (par $25). The payment would
have been made about Oct. 20 had any action been taken. No dividends
have been paid since April 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 continuo in force until
Dec. 31.—V. 106, p. 2226.

Texas Co.—Pipe Line Construction.—

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 of the distance to 1)allas has been laid, and it is expected that the line will be running
oil by Oct. 15. From Ranger, or, to bo exact, Tiffin, the company is
building a 6-in, spur to Breckenridge. and a 4-in, connection with the spur
from Cade. In Stephens County. It already has a 3-1n, line from Breckenridge to Moran.
The company has a 6-in, lino from the Electra fields running into Fort
Worth, and an 8-in, line from Fort Worth to Dallas.. It will increase the
Delaware).—Merger.-National Utility Co. (of
of its tunk line from Dallas to Port Arthur by connecting up the
capacity
of the consolidation of loops, putting
in 225 miles of new 8-in. between Dallas and Garrison and
A certificate was filed on Sept. 28 In Delaware
Co. under the name of National 10-in. from Garrison to Port Arthur. When completed this will give the
this company and the Oil & Gas Utility of
2016. company a daily capacity of about 34,000 bbls. a day from Dallas South.
p.
104,
V.
stock
$5,000,000.—
capital
auth.
an
with
Co.,
Utility
At Dallas, the company will have crude converging from three divisions—
Oklahoma, Wichita Falls and Ranger. At Garrison, the main line will be
Nevada Consol. Copper Co.—Approx. Output (in Lbs.). receiving
crude Oklahoma, North Louisiana, Vinton, La., and the North
Decrease.
Increased 1918-9 .Mos.-1917.
1918—Sept.-1917.
356,935 Texas and South Texas fields at the rate of over 50,000 bbLs, per day.
59,887,350
146,063159,530.415
6,524,352
6,670,415.
Trade
Journal," Oct.).—V. 107, p. 1096.
("Oil
—V. 107, p. 1196, 700.

Co.—To Build New Line.—
Oklahoma Natural Gasthe
expenditure of $2,000,000, entirely

This company has authorized
construction of a new systaken care of by the stockholders, to finance the
south of Chickasha. It is
tem of pipe lines into the new gas territory
1291, 1007.
p.
107,
issued.—V.
be
will
bonds
stated that no

per Output (in Lbs.)—
Phelps Dodge Corp.—Cop
Increase.
1918-9 Mos.—e917.
Decrease.
1918—Sept.-1917.
430,812 164,094,265 149,902,886 14.191,379

15,931.435
15,500,623
—V. 107, p. 1104, 1008.

Asked. —
Public Service Co. of No. Ill.—Rate Increase permission

This company has applied to the Illinois P. S. Commission for
to increase gas rates from 95c. to $1 14.—V. 107, p. 1197.

x. Output (in Lbs.).Ray Consol. Copper Co.—Appro
Decrease.
1918-9 Mos.-1917.
Decreased
163,881166,397,559 , 70,256,679

1918--Sept.-1917.
7,413,881
7,250,000
—V. 107, p. 1197, 700.

3,859,120

River Plate Commercial Co.—Initial Dividend.—

outstandThe directors have declared an initial dividend on the $75,000
along with the
ing common stock (par $5), amounting to $1 per share,
outstanding preferred
regular semi-annual dividend of 4% on the $300,000
106.
stock (par $100), both payable Nov. 1 to holders of record Oct. 1.—V.
p. 302.

Royal Dutch Co.—Purpose of New Stock.—Report.—

to increase the cash
The issue of the new ordinary shares is made In order
products sold are paid
resources in Hollane, which is desirable because the
on London
exchange
of
rates
present
the
at
and
for in pounds sterling,
loss In excnange. In accordthe withdrawals would cause a considerable
to invest,
has
agreed
company
the
Treasury
tile
of
desire
et)
t
ance with
of the London subscriptions.
In British Goverinnent bonds, the proceeds
Compare report on a proceeding page and (see V. 107, p. 1197, 1105, 807.

Co., Chicago.—Sales.Sears, Roebuck & Increase.
1918--9 Mos.-1917.
1918—Sept.-1917.

Increase.

3,986,594 131,148,356 119,155,827 11,992,529

15,218,036 11,231,442
—V. 107, p. 1008. 508.

Shattuck-Arizona Copper Co,. Inc., N.Y.—Output.—Month of September- --Nine Months
1917.
1918.
1917.
1918.
9,722,571
711,924
7,247.903
686,844
1,840,795
41,362
969,961
325,496
124.478
108,721
3,631
8,261
1,286.89
84.76
924.60
105.09

Coppor (lbs.)
Lead (lbs.)
Silver (ozs.)
Gold (ounces)
- . 107, p. 1197. 1105.

Sierra & San Francisco Power Co.—Report.—

See California fly. & 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 he
about 575,000 hags, against 585,000 bags for preceding year.—V.107,p.910.

Spring Valley Water Co.—Water Rates.—

metered service was put into
On Sept. 5 a now schedule of rates based on of
the California RR, Comauthority
effect in San Francisco under the
65e.
mission. The new rates require the payment of a service charge from
for
8-in.
month
a
meters. The charge
to
$10
motor
a month for each )-in.
24c. per 100 cu. ft. up to 3.300 cu. ft.,
for the water delivered is fixed atper
100 cu. ft. for all above 33,300 cu. ft.
21e. up to 33,300 Cu. ft. and 18c.
—V. 107, p. 1008.

Standard Oil Co. (N. J.).—Wage Advance.—

of 10% in wages for its em'rids company announces a further increase
In wages whicn the company has
ployees. This makes the sixth increase
the
107, p. 808, 409.
war.—V.
of
outbreak
the
since
effect
into
put

Mfg. Co.—Secretary-Treas.
Standard Sanitarythe
election of Samuel it. Moon as Secretary-

This company announces
Treasurer of the company, succeeding the late W. A. Myler.—V. 106, IL
1905.

Steel Car Co.—New Plant, &c.—

Standard
& Foundry Co., it is
This company's subsidiary, the Baltimore Car
establishment of a new steel fabricating
stated, is planning an immediate
The plant, it is
about
cost
$1.000„000.
to
Md.,
Bay,
Curtis
at
plant
plates for shipbuilding.
understood, will specialize in steel of
Sept. 28 published an illustrated
The "Railway Age" in its issue In 51
days, of a fire-proof paint shop,
article describing tile construction,
1,250 feet long and 80 foot wide for this conipany.—V. 107, p. 1008.

United Cigar Stores Co.—Possibility of Readjustment.—

A financial news agency during the past week published a story to the
effect that plans for a passible readjustment of capital for this company
were 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,
1198.

United Cigar Stores, Ltd., Canada.—Earnings.—
Results for Fiscal Years ended June 30.
1917-18. 1916-17.
1916-17.
1917-18.
Gross sales_ _ _$1,566,493 $1,309,451 Increase in taxes $15,000
8,702,740 7.762.811
48,749'Customers
Net hef. taxes
64,285
the
President W. B. Reid, writing Aug. 19, says: "Notwithstanding
last redifficulties we have had to contend with since we presented our
port, tne net earnings of the various subsidiray companies are more than
enough to pay tne dividends for the year, and we fool that, provided no
serious changes occur in conditions as they stand at present, we see no
reason why the payment of dividends should not he resumed at the beginning of 1919."
Dividends previously 7% p. 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 stores
in operation has increased from 114 to 124."--V. 104, p. 1806.

United States Steel Corp.—New Iron & Steel Prices
in Effect Until Dec. 31—Other Data.—
See p. 1252 in last week's is.sue.—V. 107, p. 1298, 1105.

Utah Copper Co.—Approximate Output (in Lbs.).-

Decrease.
Decrease. I 1918-9 Mos.-1917.
1918—Sept.-1917.
54,3781148,898,596 154,052,325 5,153,729
17,839,378
17,785,000
—V. 107, P. 1198, 702.

Vacuum Oil Co.—Extra Dividend.—

the
The directors have declared an extra dividend of 2%. along with
regular semi-annual payment of 3%, both payable Oct. 31 to holders of
follows:
record Oct. 15. Record of dividends
{1912. 1913. '1914. 1915. 1916. 1917. 1918.
Dividends—
3
6 3
6
6
6
6
6
Since 1911
2
2
Extra in May
(°
2
ct
)
.
91
,
2
sinco1
5
2
year
the
of
half
first
in
the
extra
The company has )(laid $2
the final period.
but this Is the first time it has paid an extra dividend incompared
$8
with
share,
a
$10
is
therefore
1918
for
distribution
total
The
In the three previous years, and $6 in the first three years succeeding the
dissolution.—V. 106, p. 2127, 2121.

justment of Wages for Anthracite Miners—

Wages.—Ad
An adjustment of the wage scale of anthracite coal minors 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.—

rates
This company has been authorized to increase and readjust its
amount
for Humboldt and Trinity Counties so as to produce a sufficient
to make up for the deficit caused by increased costs, &c.—V. 107, p.
1009, 612.

Willys-Overland Co.—Acquisition of Moline Plow.—

the conReferring to the notice in these columns last week of the sale of
an official
trol of the Moline Plow Co. to the Willys-Overland organization,
control
notice states that the Willys-Overland Co. has simply purchased
of the common stock and that no merger is thought of and no change in
.
the financial status of the Moline Co. is contemalated
Co.
At last accounts the common stocs outstanding of the Moline Plow
amounted to $9,996.090.—V. 107, le 1292, 1105, 1009.

Gas & Electric Co.-6M% Five-Year Notes.

Wisconsin
Co. has sold to
This company, a subsidiary of the Wisconsin Edison
' Five-Year
of A%
the public by direct advertising $276.15,). face amount
bonds. These
Mortgage
First
of
deposit
collateral
by
notes, secured
not orinvestors
by
taken
were
notes were sold to the public at par and
dinarily reached in the sale of public utility securities.—V. 106, p. 2458.
rtin Aircraft Corp.—Business.—

Wright-Ma
due to lack of a
At the annual meeting Oct. 2. adjourned for 4 weeks
the company's books
quorum, it was stated that Government orders onThis
constitutes large
totaled between 840,000,000 and $50,000,000.
numbers of 150 and 180-horse-power niotors at the New Brunswick plant
and 300-h. p. motors at Long Island City.
borUnder terms of the agreement with the Government, the company
Board, the
rowed $7,500,000 for working capit d from the War Finance expected to
interest on the loan. The $2,000,000
tno
Dividend.—
paying
Cable
nd
Co.—Extra
Government
Undergrou
Standard
afreement with other
s on the outstanding be collected by the company under the cross-licensethe
of 37
The directors have declared an extra dividend
balance collectible
payment of 3%,both payable Oct. 10 manufacturers has been cut to $1,500.000, withalready
capital stock along with the quarterlyp.
been collected.
has
amount
this
of
all
Practically
war.
the
2763.
after
106,
turned its deficit
to holders of record Oct. 4.—V.
has
company
the
taxes,
for
Before making allowances
How much will be needed to meet taxes, howsurplus.
substantial
a
into
.—
Liquidated
er
Co.—Notes
Speedomet
do not
Stewart-Warner
ever, remains for the future to determine: hence preferred dividends
John Burnham & Co., Chicago, state that all of the remaining notes of appear as an inunediate possibility.—V. 107. p. 87.
this company have just been liquidated, leaving the stock free of all debts




1390

THE CHRONICLE

he Tommernal
COMMERCIAL EPITOME

[VOL. 107.

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
has advanced 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
agreed with shoo 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,
also well known in New York, that because of an alleged
increase in prices of from 50 to 100% the Government was
likely to take over the places unless the prices were lowered.
They were largely patronized by war workers, especially
women and girls. The Food Administrator at Washington
has declared that no attempt to raise prices of food unjustly
there would be permitted. It is significant that under the
threats that the Government could commandeer these
places they quickly returned to their old scale of. prices.
LARD declined; prime Western, 27.25@27.35e.; refined
to the Continent, 28.750.; South American, 29.15c.; Brazil,
30.15c. Futures advanced at one time on covering of shorts,
but reacted sharply later with corn on the war news and
heavy liquidation. The stock of contract grade at Chicago
on Oct. 1 was 15,193,446 lbs., against 16,090,402 on Sept. 1
and 40,637,327 on Oa. 11917. The stock of all kinds on
Oct. 1 was 33,226,986 lbs., against 34,722,929 on Sept. I.
and 47,165,658 on Oct. 1 last year. To-day prices advanced. They are a shade higher for the week. The fixing
of a minimum price for hogs at $15 50 per cwt. and some
good buying to take off hedges caused a rally in lard after
an early decline.

Friday Night, Oct. 4 1918.
Illverything still bends to Government orders in a wide
sweep of trade activity. Civilian work, necessarily, is relegated 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 amelioration of prices of food and other crops, owing to
the favorable war news and the possibility of peace
at an earlier date than has heretofore seemed probable. The United States Government authorities deprecate
undue optimism on the subject, however, as it is likely to
have pernicious effects in more ways than one, including a
possible slowing up of the Fourth Liberty Loan campaign.
Prices of corn and cotton have declined sharply. The South
apparently has given up hopes of getting $200 a bale for
ootton. Corn has fallen 10 cents per bushel within a week,
cotton falling nearly 2 cents per pound. Not only the high
prices for grain and cotton, however, but the high wages
which workmen are receiving all over the country help retail and wholesale trade. Already there is activity in Christmas goods at the West. Spring trade is also larger, at both
the West and the Northwest. Railroad cars, it is hoped,
will be more plentiful in the future to facilitate the movement
of merchandise from congested points of the West. The
crop news is good. The winter wheat acreage is the largest
on record, and for the most part it looks well, although
here and there more rain is needed. Collections are good.
Failures are remarkably few.
Merchants are interested to note that the stock market on the
whole has been more active and latterly firmer and
that there has been a significant advance in foreign bonds. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
-Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
In the great manufacturing centres of the country retail October delivery _ _cis _ 26.55
26.40
26.60
28.57
26.65
26.75
trade is good, on the whole, although trade in mens goods November delivery_
_ _ _26.12
25.95
26.12
25.82
25.70
26.07
suffers from the draft. An epidemic of Spanish influenza
PORK lower on the war news and lower hogs; mess,
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
$58@$59. Cut meats, firm;
States. In Boston the question of closing the churches is pickled hams, 10 to 20mess,
lbs., 2974(4)30%c.; pickled bellies,
being discussed as a means of checking the epidemic. In 37@39c. At a conference
the Food Administration
Pennsylvania all places of public amusement, schools, packers agreed to use their with
to maintain $15.50 per
churches and all saloons have been ordered closed until cwt. for hogs in an effort toefforts
stabilize prices. To-day Nofurther notice. No closing orders has been issued here. vember pork closed at $37.30.
Pork has declined sharply
Both in Philadelphia and Boston examination of draft during the week; at one time to-day
November was $35 80,
registrants has been postponed indefinitely in order to pre- against $41 a week
a drop of $5.20. Covering caused
vent crowding. Eighty-three towns and cities in Massa- a rally on to-day's ago,
late business.
chussetts report over 7,800 cases. The new cases in army
COFFEE firm; No. 7 Rio, 93
/0.• No. 4 Santos, 13A to
camps number 12,030. The total number of influenza
cases in camps since the epidemic began on Sept. 13 is 113,- 133.c.; fair to good Cucuta, 123.©13c. Santos has been
scarce.
Futures have naturally been more or less affected
737; pneumonia 8,575 and deaths, 2,479. At Camden, New
Jersey, 2,600 ship workers are ill with the influenza. The by the war news. August coffee is up to the maximum price
permitted.
September, in fact, is now the only month
Surgeon-General of the United States has issued a notice to
stop any more nurses being sent to army hospitals in France. selling below the permitted maximum. There has been
quite
a
little
switching from December to July. Europe
Some 85,000 cases have been reported in Massachusetts alone.
In Now York City 5,000 cases hakve developed since Sept. 18, bought July to a fair extent. The Revenue Bill as passed
when the pest became noticeably prevalent here. About by the House of Representatives makes no mention of a
10% of the people who contract influenza here develop duty on coffee or tea. The War Trade Board and the Food
pneumonia, and about 50% of pneumonia cases are fatal. Administration have a plan, it seems, for the formation of a
Medical authorities here say the disease is spreading very coffee corporation similar to that which controls sugar.
slowly in the metropolis and that the situation is well There is to be some delay in the matter, but it is believed that
in hand. But in Boston and Philadelphia the sit- some such project will eventually be carried out. The aim
uation is considered serious. In Philadelphia 22,000 is understood to be to stabilize the price of Brazilian coffee
oases are reported. A serum and a vaccine are being and finance and control the movement of the crop from
tried, but they are not infallible. To-night Surgeon- Brazil to the United States. It appears that the United
General Blue of the Public Health Service at Washington States Government is to lend Brazil a hundred million dollars
says that the only way to stop the spread of the or more-or at least such is the report-against green coffee
epidemic is to close schools, churches, theatres and public to be used as collateral security. The coffee, it seems, will
institutions in every community where it has developed. be sold to American consumers through an agency of the
Shipbuilding is still being pushed with feverish energy. United States Food Administration. It will largely, or
Slackers among workmen find that their lines are not cast wholly, eliminate speculation. To-day prices closed unin these times in pleasant places. A wooden ship has just changed. They are slightly lower for the week on March
been built in 17 working days at Aberdeen, Wash., a ship but higher on July.
of 4,000 tons deadweight, which is a new record for the October_cte-8.501 --- February cis 9.101 _ I May _ _cts-9.55
- March
9.25
'June
9.70
world for this typo and tonnage of vessel, either steel or November
December_ _ _8.80 -__ April
I July
0.85
-9.40
wood. The vessel in this case is ready for launching and is January _9.950 _
lAuguit - -10.00
_
96% complete. The Reading, Penn., plant of the BethleSUGAR firm; centrifugal, 96-degrees test, 7.28c.; granuhem Steel Co. has also just established a world's record in lated, 9e. Business has been
quiet in raw sugar,
rivet making. It is turning out an average of 1,000,000 though a larger trade in refined israther
expected before long. The
rivets per day. A now record has been made in driving distribution of October certificates has begun.
Local disrivets by 57 gangs of riveters at Port Newark shipyard of tributors have only small stocks. It is of interest
to note
the Submarine Boat Corporation, who put 27,820 rivets that plans are being made to import
25,000 tons of Philipinto seven ships, an average per gang of 488 rivets, an aver- pine sugar. As soon as the now Cuban contract is ratified
age per hour of 3,477 rivets and an average per gang per by all the parties concerned, it is believed that there will
how of 61 rivets. They worked eight hours. a brisk business in raw Cuban sugar. It is understood be
that
Yet
influenza
has
interfered
with
shipwork. the Philippine sugar mentioned will be Muscovado at6,55c.for




96-degrees test and 1 cent differential for 88 degrees, and a
deduction of 3-16c. for each *me below 88 degrees, and
will remain in force until new prices established for producers
go into effect. These prices make allowance for high freight
rates.
OILS.-Linseed lower; city, raw, carloads, $1 85@$1 86;
five-barrel lots, $1 88@$1 90; Calcutta, $1 95. Lard,
prime edible, $2 50. Cocoanut, Ceylon, barrels, 163/2©
16%e.; Cochin, 173/s@17%c. Soya bean, 183 @18
Corn oil, crude, barrels, 17%@18c. Spirits of turpentine,
65@653'c. Strained rosin, common to good, $15 15©
$15 20. Prime crude, Southwest, $17 50.
PETROLEUM firm; refined in barrels, cargo, $15 50@
$1650; bulk, New York, $8 25@$9 25; eases, New York,
$19 25@$20 25. Gasoline steady; motor gasoline, in steel
barrels, to garages, 243'c.; to consumers, 26He.; gas machine, 41 He. The estimated conservation of gasoline as
the result of the four "gasless Sundays" is placed at 500,000
barrels, according to the Director of the Fuel Admiaistration. Present prospects are for the continuance of motorless
Sundays until at least the middle of October. The total
saving is expected to be about 1,009,000 barrels. The cooler
weather and shorter 44ays.have stimulated the use of kerosene for heating and lighting purposes. Conservation in the
use of kerosene is urged by the Fuel Administration, as it is
feared that a shortage may occur for winter requirements.
Meanwhile no new field developments are reported.
Pennsylvania dark 34 00
2 77
Gabel!
1 40
Crichton
2 85
Corning
2 58
Wooster
2 25
Thrall
2 25
Strawn
2 15
Do Soto
2 38
North Lima

1391

THE CHRONICLE

0o'. 51918.]

32 38 Illinois. above 30
South Lima
2 28
_ _ _ $2 42
degrees
Indiana
2 42 Kansas and OklaPrinceton
2 25
2 60
homa
Somerset, 32 deg
1 25 Caddo, La.. light 2 25
Ragland
2 25 Caddo. La., heavy 1 55
Electra
2 25 Canada
2 78
Moran
2 33 Healdton
1 45
Plymouth
2 25
Henrietta
•

COTTON
Friday Night, Oct. 41918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
159,431 bales, against 156,587 bales last week and 139,756
bales the previous week, making the total receipts since
Aug. 1 1918 854,772 bales, against 1,103,756 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 248,984 bales.
Mon.

Sat.
Galveston
Texas City
Pt. Arthur, &c
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newp'tNews,&c.
New York
Boston
Baltimore
Philadelphia_

Tues.

Wed.

Fri.

Thurs.

Total.

8.151 11,625 16,178

8,577

8,537

8,118 61.186
138
138
5.610 32.930
543 1,396

67.5N
56

7.778
50

3:65'i
464

4,911
123

4;a6
160

5,870

7,064

6.94'7

5,784

__
'7,781

-/18
179
1,149

i
-.o.
____
1,326

1-,I;
ii

----

----

---____
1.656
845 1,049
__
i:
'
-----------

100
100
6,476 39,922
2,000 2.000
2,032 6,291
445 4,555
1,631 8,918
67
67
131
10 1.169
628
628

1,251
2,275
1.918
80
-----_

Totals this week_ 22.876 28.827 30.072 23.100 26.758 27.708 159.431

The following shows the week's total receipts, total since
Aug. 1 1917 and stocks to-night, compared with last year:
1918.
Receipts to
Oct. 4.

Stock.

1917.

This Since Aug This Since Aug
Week. 11918. Week. 11917.

1918. I

1917.

Galveston
61,186 387,141 72,996 398,588 275,416 125,653
2,227
6.504
1,738
1,614 1,738
Texas City
9,027
681
1,551
138
Port Arthur, &c.
89,856
New Orleans_ _ 32,930 161,663 35.352 162,799 251,689
10,351
14,352
23,254
18,122 2,292
1,396
Mobile
110
---1,155
Pensacola
7,700
10,050
8,168
285 2,900
100
Jacksonville
39,922 193,500 42,516 285,441 198,551 127,005
Savannah
4,000
4,200
43.000
13,300 6,000
2,000
Brunswick
19,954
36,886
32,806
23,661 10,639
6,291
Charleston
42,288
37.088
15,979
18,465 4.342
4,555
Wilmington
33,925
60,671
39,982
21,706 7,946
8,918
Norfolk
827
137
688
67
N'port News, Sze_
85,097
81,206
34,218
1,739 13,412
131
New York
8,723
12,532
18,951
402
10,133
1,169
Boston
14,692
8,136
25,295
628
1,204 6,683
Baltimore
4,023
7,925
2,528
362
Philadelphia
57R LOA
RAd 779 one 2052 1 1112 755 1 nos 21R
150 431
Tnta la

TOBACCO has been quiet but firm. Buyers think prices
asked are too high. They are therefore buying the new crop
domestic leaf rather sparingly, especially as every indication
points to a big crop. Some think, too, that the war news
points to some falling off in the army demand, with peace
apparently nearer than was generally supposed a short time
ago. Following the recent distribution Sumatra tobacco
has been quiet. On Oct. 15 the next allotment, amounting
to 12,000 bales, all of which is now at New York, will be
made. Havana leaf is in brisk demand and strong, with an
upward tendency of prices. The harvesting of tobacco has
made rapid progress. The bulk of the crop has been cut in
In order that comparison may be made with other years,
Kentucky, and it is mostly harvested in Virginia; the quality we give below the totals at leading ports for six seasons:
be
to
excellent.
of the erop in Virginia is said
1913.
1914.
1915.
1917. I 1916.
COPPER unchanged, with supplies somewhat larger. Receipts at- 1918.
and
have
exports
increased,
108,210
81,969
have
to
100,082
said
is
139,735
72,996
Production
__
61,186
17,107
2,372
20,331
11,911
2,419
138
City,&c
Galvestondecreased, leaving a balance for home use. Still, however, Texas
31,014
14,577
34,546
67,395
35,352
32,930
New Orleans_
A
short.
it
is
said,
conference,
cottinues
22,240
4,843
labor
of
2,144
2,204
2,292
the supply
1.396
Mobile
29,975 120,373
55,508
50,635
42,516
39,922
___
will be hold between Oct. 15 and 20 by the price-fixing Savannah
16,500
637
4,000
2,500
6,000
2,000
Brunswick_ _ _
Board
ive
and
Industries
representat
War
the
of
38,330
11,572
18,770
committee
10,639 . 8,749
6,291
Charleston,&c
28,132
3,940
13,376
to
be
to
price
the
as
fixed
7,176
4,342
after
4,555
companies,
_
Wilmington_
of the copper
19,665
9,738
20,441
28,461
7,946
8,918
Norfolk
1,241
132
Nov. 1. The present agreement, calling for 26-cent copper, N'port
137
67
N.,&c.
6,036
2,409
and
bookings
month,
this
13,445
whatever
5,455
of
23,759
end
2,028
the
All others
expires at
have been made beyond that time have been stamped "prices Tot. this week 159,431 208,3981 324,221 282,775 162,032 408,848
fixed by Government to rule at time of delivery.' Tin con1 .103.78111.574_805 1.314_813 sol 694 9 14R 970
tinues dull at 82V2@830., pending actual Government con- Since Aug. 1. 5454 779
n
and
price
Lead
distributio
regulation.
includes
week ending this evening reach a total
the
trol, which
The exports for
continues scarce and firm at 8.05(0.90c. The production. of 44,808 bales, of which 11,730 were to Great Britain,
to France and 33,078 to other detinations. Exports
is far short of outside demands. Only those who are working on Government contracts can secure supplies. Spelter for the week and since Aug. 1 1918 are as follows:
easier at 9.35@9.50c. Large speculative holders are credited
From Aug. 1 1918 to Oct. 4 1913.
Week ending Oct. 4 1918.
with being anxious sellers. On the whole, however, the
Exported toExported tomarket is neglected. Production is increasing somewhat.
Exports
Great
Great
PIG IRON zupplies are still short. Efforts are being from- Britain.
Total.
France. Other.' Total. Britain. France. Other.
made to speed up production. The coke shipments are of
159,309
70,373
88,936
30,775
20,018
Galveston._ 10,757
better quality, for one thing. There is less complaint of Texas
12,200 12,200
City_
130
130
inferior coke. And certainly this marks a step in the right Pt.Arth.,Acc
64,41
48,318 26,953 139,681
path. On this matter the Government has put down its NewOrleans
11,866
11,86
Mobile
40,007 34,200 31,594 105,801
97
foot to some purpose. As fast as iron is produced there is a Savannah
073
9,028
9,026
market for it, of course. Deliveries are made only on Gov- Brunswick
48,224 22,072 69,174 139,470
9,942
9,942
York_
New
4,240
4,24
ernment authority. Heretofore the poor quality of coke Boston
5,367
5,36
has impeded the production of iron. With this evil remedied Baltimore
970
97
Philadel'a
25,358
production naturally ought to be better.
25,358
3,118
3,11
Pac. Ports_
is
labor.
of
by
hampered
the
scarcity
production
STEEL
33,078 44,808 273,046 104,590 235,782 613,418
Total____ 11,730
The only way out seems to be to limit consumption as far
37,401180,888 593,445 166,618 182,498 942,581
44,077
09,410
1917_
Total
the
8
new
that
introduced
day
hoped
-hour
as may be. It is
Total 1918_ 95,8401 18,418 72,7581187,02 479,357 145,0'34 370,486 994,877
by the principal corporation and adopted by the others may
In addition to above exports, our telegrams to-night also
be the means of increasing, not only wages, but efficiency.
of cotton on shipboard, not
Paying time-and-a-half for overtime, of course, affords a give us the following amounts
add similar figures for
greater incentive to work overtime. Meanwhile, the Gov- cleared, at the ports named. We
ernment wants 21,000,000 tons this year, and under the old New York.
system it seems it was not likely to got more than 17,000,000
On Shipboard, Not Cleared fortons. Possibly under the now regulations as to time and
Leaving
Other Coast- I
GerGreat I
wages this deficit of 4,000,000 tons may be cut down if it
Stock.
Conn. wise. I Total.
cannot be altogether eliminated. The big advance of Amer- Oct. 4 at- Britain. France. many.
6,850 15,000 66,365 209,051
ican and Allied armies makes necessary production on a scale Galveston _ _ 44,515
8,000 6,000 45,000 206,689
New Orleans*_ 19,0001 12,000
which would once have seemed incredible. Vast quantities Savannah
4,000 4,000 194,551
34,886
2,000 2,000
are to be delivered on practically half the time originally Charleston
1
13,152
1,200
to
;
urgent
1,200
response
Mobile
General
Pershing's
specified. That is the
60,371
300
300
67,206
14,000
2,000
call for quick deliveries. Less essential things are brushed Norfolk
New York *__ _ 8,000! 4.
76,545
10,000
aside and material for rails for military roads, tanks, shells, Other ports*_ 10,0001
16.850 27,300 142,865 862.451
cranes, trucks, &c., are being produced with feverish energy.
Total 1918-- 82,715 16,000
24,428 13.555 104.827 470,667
Total 1917.. 60.844 6.000
The scarcity of pig iron is being partly met by a pledge re45.825 26,229 193,013 758,888
Total 1916... 93.960 26,999
quired from all consumers that every ton shall be usedfor
•Estimated.
strietly necessary purposes




I

1392

•

THE CHRONICLE

[VoL. 107.

Speculation in cotton for future delivery has still kept
NEW YORK QUOTATIONS FOR 32 YEARS.
within the moderate bounds to which everybody has become
The quotations for middling upland at New York on
accustomed, and prices, for one cause or another, have de- Oct. 4 for each of the past 32 years have
been as follows:
clined sharply. The menace of price fixing has been a de- 1918_c
33.35 1910_c
14.10 1902_c
8.94 1894_c
6.25
pressing factor, whatever efforts have been made to reassure 1917
26.85 1909
13.60 1901
8.38 1893
8.25
1916
16.80 1908
9.15 1900
10.88 1892
7.81
the trade. The idea is that.big bull speculations would be 1915
12.50 1907
11.65 1899
7.25 1891
8.62
frowned upon by the Government. The authorities have 1914
1906
10.65 1898
5.38 1890
10.38
1913
14.00 1905
not given up the idea of fixing a price. They are simply 1912
10.40 1897
6.50 1889
10.75
11.25 1904
10.30 1896
8.38 1888
10.31
investigating; they are looking thoroughly into conditions of 1911
10.20 1903
9.85 1895
9.12 1887
9.44
the trade and presumably watching developments. Prices
MARKET AND SALES AT NEW YORK.
may become stabilized of themselves through the increased
distribution of the lower grades, in accordance with the
Spot
Futures
SALES.
Market
Market
Government program, and the ordinary development of the
Closed.
Closed. •
Spot. Contract Total.
law of supply and demand. Of late, the tendency has been
_ Quiet, 35 pts. dec.. _ Steady
to raise the crop estimates. In fact, the Government Saturday__
Monday ___ Quiet, 15 pts. adv_ _ Very steady__ _
200
200
itself has increased the estimate of the yield nearly 700,000 Tuesday
___ Quiet, 65 pts. dec_ _ Barely steady_ _
_
2,600 2,600
Wednesday_ Quiet, 15 pts. adv.. _ Steady
bales, as compared with its August report. The latest Thursday
Quiet, 45 pts. dec__ Very steady__ _
estimate is 11,818,009 bales, against 11,137,000 bales in the Friday __ Quiet,
65 pts. dec Steady
previous month. Some private estimates have been as high
Total..
2,800 2,800
as 12,200,000 bales, all of these figures being exclusive of
linters. The deterioration in September was smaller than
FUTURES.-The highest, lowest and closing prices at
usual, reaching only 1.3%, as compared with an average for New York for the past week have been as follows:
ten years of 5.4%. And the carry-over from last year is
figured at 4,258,000 bales; and accepting the Government
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 28. Sept. 30. Oct. 1. Oct. 2. I Oct. 3. Oct. 4. 1Veek.
estimate of 11,818,000 bales as the crop, there is a supply
for the present season of at least 16,076,000 bales, which October1
Range
33.50-.20 33.60-.90 33.02-.90 32.80-40 32.60-.00 32.03-.50 32.03 J20
would of course be much increased if one or the other of
Closing_ _ 33.52-.55 33.70-.80 33.05 -33.20-.25 32.70-.80 32.03 I---such crop estimates as 12,200,000 or 12,500,000 bales should November
Range
32.88 -32.30 -- 32.00 -- 32.00-.88
prove correct. Meanwhile, ginning is proceeding with unClosing_
33.22 -33.33 -- 32.70 -- 32.90 -32.38 -31.63 --- usual rapidity. West of the Mississippi this may be at- December
I
Range
tributed largely to premature opening of the crop, as a re32.95-.56 33.05-.45 32.59-.25 32.15-.00 32.23-.78 31.53-.15 31.53 156
Closing...._ _ 33.02-.06 33.13-.28 32.60-.62 32.80-.85 32.28-.36 31.53-.63
sult of a prolonged period of dry, hot weather. But east January
Range
of the river there is also an unusually large ginning in some
32.65-.27 32.80-.22 32.37-.00 32 M2-.80 32.01-.55 31.25,95 31.25 127
Closing
32.77-.82 32.88-.00 32.42-.45 32.65-.71 32.09-.16 31.25-.32
sections, and certainly there has been little, if February
any, premature opening of the crop there. if anyRange
Closing_ _ _ 32.71 -32.82 -32.37
32.64 -32.07 -31.15 ---thing, it has been the other way. All in all, it March•
1
certainly looks as though some of the earlier crop esRange
32.55-.20 32.67-.11 32.36-.95 31.95-.80 31.97-.45 31.05-.82 31.05 120
Closing..
32.65-.67 32.85-.90 32.35-.36 32.59-.62 31.98-.06 31.05-.12--estimates were too pessimistic. The ginning up to Sept. 25 April
was 3,719,915 bales, against 2,511,658 last year and 4,081,989
Range
Closing_.. 32.60 -- 32.80 -32.30 -32.55 -31.94 -31.05 ---in 1916. The quantity ginned from Sept. 1 to Sept. 25,
aysignificantly enough, was no less than 2,680,295 bales, .1fRange
32.68-.15 32.75-.02 32.30-.84 31.98..63h31.95.40 31.00-.75 31.00 115
against 1,892,868 during the same time last year. Exports, Closing.... 32.55-.60 32.77-.78 32.28-.30 32.50 -,31.92,95 31.00-.05
in the meantime, are light. And it does not look to most July
Range
32.60-.95 32.92 ---32.58 -32.00 -30.90-.55 30.90 195
Closing.. _ 32.48-.52 32.72 -32.22 -- 32.42 -31.86 -30.90 -people as though they would increase much in the near
-future. The British allotment of imports for November is August
Range
31.60 -- 31.70 -31.90 ----- -- 31.60,90
only 150,000 bales, which is of course far below the normal.
Closing ._ 32.18-.28 32.42 -31.60 -- 31.85 -31.55 -30.50 War restrictions, in other words, are keeping down con34c I 33c I 32c.
sumption in Great Britain. In this country the scarcity
THE VISIBLE SUPPLY OF COTTON to-night, as made
of labor tends to have a similar effect, and it is also said that up by cable and telegraph, is as follows. Foreign stocks, as
this is aggravated to some extent by the wide prevalence of well as the afloat, are this week's returns, and consequently
Spanish influenza. Finally, in not a few quarters there is a all foreign figures are brought down to Thursday evening.
new view as to the effect of peace on the cotton trade. It is But to make'the total the complete figures for to-night
assumed that with peace war contracts would be canceled. (Friday), we add the item of exports from the United States,
A big trade would be lost. The effects on prices might including in it the exports of Friday only.
be depressing. However that may be, one thing is clear.
Oct. 41918.
1917.
1916.
1915.
at Liverpool
bales_ 150,000 329,000 563,000 934,000
The war news has been largely discounted. Liverpool has Stock
Stock at London
18,000
19,000
30,000
71,000
been a good seller and the South has done hedge selling on a Stock at Manchester
34,000
44,000
42,000
54,000
scale at times which has been a distinct feature of the trading.
Total Great Britain
202,000 392,000 635,000 1,059,000
Wall Street and the West have from time to time sold freely. Stock
at Hamburg
*1,000
*1,000
With at least a possibility of price fixing, people have been Stock at Bremen
*1,000
*2,000
Stock at Havre
122,000 142,000 177,000 198,000
less disposed to bull cotton. At any time might come an Stock
at Marseilles
1,000
6,000
3,000
2,000
intimation from Washington that would send prices down Stock at Barcelona
12,000
62,000
43,000
68,000
Stock at Genoa
21,000
9,000 166,000
85,000
swiftly. On the other hand, many believe that if the Gov- Stock
at Trieste
*1,000
*1,000
ernment fixes a price it will be high. That was done in the
Total Continental stocks
156,000 216,000 395,000 357,000
case of wheat. Why not in the case of cotton? This is
one of the queries heard very frequently. If the GovernTotal European stocks
358,000 628,000 1,025,000 1,416,000
cotton afloat for Europe..
17,000
42,000
24,000
ment fixed a high price on wheat in order to stimulate pro- India
88,000
Amer. cotton afloat for Europe.._ 216,000 338,000 377.013 470,834
duction it may do the same thing for cotton with the same Egypt,Brazil,&c.,afloat for Eur'pe 74,000 48,000 25,000 22,000
identical purpose. And peace is not actually in sight. The Stock in Alexandria. Egypt
161,000
65,000
60,000 152,000
Stock in Bombay, India
*682,000 *780,000 365,000 495,000
authorities at Washington deprecate undue optimism. And Stock
in U. S. ports
1,005,316 575,494 951,901 1,092,692
even after an armistice has been declared.or a treaty of peace Stock in U. S. interior towns_ __ _ 866,570 439,165 830,921 736,530
47,434
31,749
12,844
signed, it is contended that the Government would still U. S. exports to-day
have to buy heavily. It would take many months, more
Total visible supply
3,379,886 2,943,093 3,695,584 4,490,900
Of
above,
the
totals
of
American
and
other descriptions are as follows:
likely several years, to transport the American Army
Americanback to this country. The shipping of the world would Liverpool stock
bales. 50,000 223,000 425,000 696,000
Manchester
stock
10,000
35,000
37,000
have to be used to transport British, Australian, Canadian,
40,000
stock
*138.000 *186,000 *311,000 *283,000
East Indian and other troops, as well as Americans, back Continental
American afloat for Europe
216.000 338,000 377.013 470,834
U.S.
port
stocks
1,005,316 575,494 951,901 1,092,692
to their homes. It would be a collossal undertaking.
U. S. interior stocks
866,570 439,165 830,921 736,530
And during this interim there would necessarily have U.
S. exports to-day
47,434
31,749
12,844
to be large military orders. Besides the return of the
Total American
2,285,886
1,844,093
2,964,584 3,335,900
armies to private life would mean a large consumption of
East Indian, Brazil, &c.
cotton goods as they resume civilian garb. If the war con- Liverpool stock
100,000 106,000 138,000 238,000
stock
18,000
19,000
30,001)
71,000
tinues a year longer, as some think it will, there will be a London
Manchester stock
24,000
9,000
5,000
10,000
great scarcity of labor at the South. It will be no easy Continental stock
*18,000 *30,000 *84,001) *74,000
afloat for Europe
17,000
24,000
42,000
88,000
matter to raise an ample crop. A fifth crop failure in suc- India
Egypt, Brazil, &c., afoat
74,000
48,000
25,000
27,000
cession would be widely regarded as a disaster. And al- Stock
in Alexandria, Egypt
161,000
65,000
60,000 152,000
*682,000 *780,000 365,000 495,000
though crop estimates have recently been raised, not even the Stock in Bombay, India
maximum can be regarded as large in the light of the scarcity
Total East India, &c
1,031,000 1,031,000 731,000 1,155,000
Total American
of cotton in Europe and the world-wide dearth of cotton
2,285,885 1,81-1,093 2,964,581 3.335,900
goods. To-day prices fell some 65 to 95 points and ended
Total visible Supply
3.379.886 2,943,093 3,695,584 4,490,900
at the lowest of the day, owing to increased hedge selling Middling upland, Liverpool
23.43d.
19.37d.
9.93d.
7.24d.
Middling
upland,
New
York..
_
_
33.35c.
26.75c.
17.00c.
12.50c.
and considerable selling also by Liverpool and Wall Street. Egypt, good brown, Liverpool_
33.13d. 33.00d.
15.78d.
10.25d.
The weather is favorable. Stocks in this country, of course, Peruvian, rough good. Liverpool.. 28.50d. 27.50d. 14.00d. 10.10d.
Broach, fine, Liverpool
24,00d.
19.00d.
9.35d.
6.85d.
are large. And exports continue small. The South, it is Tinnevelly,
good, Liverpool
24.25d.
19.78d.
9.37d.
6.97d.
believed, shows more disposition to sell, now that high prices
*Estimated.
are discouraged by the Government. Middling upland
Continental imports for past week have been 27,000 bales.
closed at 35.35c., a decline of 180 points for the week.
The above figures for 1918 show an increase over last week
The official quotation for middling upland cotton in the
of 114,648 bales, a gain of 436,793 bales over 1917,a decrease
New York market each day for the past week has been:
• Sept. 28 to Oct. 4Sat. Mon. Tues. Wed. Thurs. Fri. of 315,698 bales from 1916 and a loss of 1,111,014 bales from
Middling uplands
34.80 34.95 34.30 34.45 34.00 33.35 1915.




THE CHRONICLE

OCT. 5 1918.]

1393

Brownsville, Tex.-There has been no rain during the week.
AT THE INTERIOR TOWNS the movement-that is,
thermometer has ranged from 54 to 94, averaging 74.
The
for
s
shipment
1,
the
Aug.
since
and
the receipts for the week
Tex.-It has been dry all the week. The thermoDallas,
the
for
items
same
the
and
,
to-night
stocks
the week and the
averaged 69, the highest being 89 and the lowest
has
in
meter
out
set
year-is
previous
the
of
corresponding period
48.
detail below.
Henrietta, Tex.-Dry all the week. The thermometer has
averaged 73,ranging from 51 to 95.
Movement to Oct. 5 1017.
Movement to Oct. 4 1918.
Huntsville, Tex.-There has been no rain the past week.
Ship- Stocks
Receipts.
Ship- Stocks
Receipts.
Towns.
The thermometer has ranged from 45 to 89, averaging 67.
ments. Oct.
menu. Oct.
5.
Week. Season. Week.
4.
Kerrville, Tex.-It has rained on one day of the week, the
Week. Season. Week.
tion being three hundredths of an inch. Average
precipita
1,406
634
1,688
498
1,593
400
2,049
500
Ala., Eufaula_ _
18,101 1,821 14,976 thermometer 62, highest 88, lowest 36.
28,456 2,884 15,645 2,432
Montgomery _ 4,914
12,944 1,440 3,766
22,902 2,418 12,103 1,879
3,317
Selma
Lampasas, Tex.-There has been no rain during the week.
48 3,054
1,854
046
500 1,670
2,423
800
Ark., Helena
7,591 1,689 7,977 The thermometer has averaged 72, the highest being 97 and
19,294 3,913 13,350 4,892
3,913
Little Rook
6,224 1,000 7,848
8,558 1,003 17,171 3,000
2,878
Pine Bluff.
552 2,584 the lowest 46.
8,219
714
625 2,737
5,184
099
Ga., Albany...
3,735 7,083
Longview, Tex.-Dry all the week. The thermometer has
13,370
4,444
19,408
2,250
16,464
5,867
Athens
13,813
4,470
2,448
5,911
22,198
6,335
26,568
8,306
66, ranging from 46 to 86.
Atlanta
averaged
65,590
550 100,932 27,080 125,259 10,173
18,826 89,102
Augusta
Tex.-There has been no rain during the week.
5,030
1,000
Luling,
5,948
3,000
7,300
1,900
12,250
2,350
Columbus__
37,635 6,411 8,424 The thermometer has ranged from 54 to 89, averaging 72.
32,618 5,833 19,887 6,118
10,658
Macon
460 2,393
2,924
489
7,419 1,737 7,977
3,226
Rome
Nacogdoches, Tex.-It has been dry all the week. Aver36,141 6,613 22,332
27,074 2,728 22,853 13,561
La.,Shreveport 6,585
457 1,312 age thermometer 70, highest 89, lowest 50.
1,362
524
5,396 1,243 2,903
Miss.,Columbus 1,765
20 14,785
15,527
7,700 1,000 19,500 8,115
2,001
Clarksciale
Palestine, Tex.-It has been dry all the week. The ther12,604 2,000 9,444
28,076 4,664 25,410 5,000
Greenwood... 7,800
500 7,092 mometer has averaged 72, the highest being 90 and the
5,957
600 5,000 1,500
4,573
1,100
Meridian _
10,872 1,300 5,549
10,660 1,350 5,633 3,000
1,664
Natchez
423 2,153 lowest 54.
3,085
679 3,704 1,028
3,913
1,291
Vicksburg-600 4,684
6,125
800 11,578 2,100
Paris, Tex.-Dry all the week. The thermometer has
7,366
1,800
Yazoo City
1,217
20,602
102,644
10,782
20,637
4,110
24,642
,405
4
Louis_
70 ranging from 47 to 92.
Mo.,St.
averaged
1,748
700
5,367
1,200
4,469
552
4,633
845
N.C.,Gr'nsboro
77
203
623
242
171
San Antonio, Tex.-There has been no rain during theg
500
1,476
408
Raleigh
24,061 1,482 23,536 week. The thermometer has ranged from 54 to 90, averagin
9,531 2,300 12,112 1,411
0., Cincinnati_ 1,489
3,250 1,100 2,066
2,000
Okla., Ardmore
____ 1,881 72.
3,208
6,708 1,579
52
5,868
Chickasha _ _ _ 1,054
4,697 1,527 2,538
2,118
3,749
703
6,278
1,548
Weatherford, Tex.-It has been dry all the week. Average
Hugo
2,864 1,077 1,095
864
____ 1,500
3,000
700
50.
Oklahoma__ _
10,661 2,715 5,596 thermometer 69, highest 88, lowest
600 11,460 1,796
5,602
S.C.,Greenville 1,600
422
987
1,486
537
441 3,614
, Okla.-Dry all the week. The thermometer
2,840
Ardmore
894
Greenwood_
46,101
8,345
45,479
76,427 18,825227,489 13,950
91 and the lowest 46.
Tenn.,Memphis 21,036
70 has averaged 69, the highest being
50
56
25
284
Nashville_
423 1,559
5,468
891 1,398
e, Okla.-We have had no rain the past week.
610
Muskoge
2,101
741
Tex., Abilene
461 2,503
928
12,142
16,431 '128 4,763
684
has averaged 66, ranging from 42 to 90.
Brenham
7,897 1,838 4,598 The thermometer
649 3,411 3,819
7,025
Clarksville_ _ 1,131
32,935 3,412 11,002
Brinkley, Ark.-There has been no rain during the week.
20,625 3,000 10,921 6,433
4,000
Dallas
792 4,625 4,594 11,956 3,083 4,436 The thermometer has ranged from 45 to 92, averaging 69.
7,706
Honey Grove_ 1,541
52,231 443,94. 49,335210,038 72,026 519,967 56,121 112,218
Houston
Eldorado, Ark.-The week's rainfall has been twenty
8,508 2,059 3,206
3,791 20,866 3,589 7,325 3,107
Paris
526 hundredths of an inch on one day. Average thermometer
16,823 1,000 3,536 1,232 13,045 1,445
1,201
San Antonio
67, highest 90, lowest 43.
Total, 41 towns
New Orleans, La.-We have had no rain the past week.
OVERLAND MOVEMENT FOR THE WEEK AND The thermometer has averaged 75, the lowest 58.
Shreveport, La.-We have had no rain the past week.
SINCE AUG. 1.-We give below a statement showing the
thermometer has averaged 70, ranging from 49 to 91.
Overland movement for the week and since Aug. 1, as made
The
Greenwood, Miss.-There has been rain on one day during
up from telegraphic reports Friday night. The results for the
inch.
week and since Aug. 1 in the last two years are as follows:
the week, the rainfall being sixty hundredths of ang 66.
-----1917
-1918
eter has ranged from 39 to 93, averagin
Since The thermom
Since
week,
Oct. 4.
Vicksburq, Miss.-It has rained on two days of the
Week. Aug. 1.
Week. Aug. 1.
Shippedhs of an inch.
a26,002 al10,780 the precipitation being seventeen hundredt
4.110
27,575
Via St. Louis
38,815 Average thermometer 69, highest 88, lowest 51.
34,910
5,753
14,396
&c
Mounds,
Via
1,048
300
Via Rock Island
Mobile, Ala.-With favorable weather picking is going on
7,544
1,762
22,035
Via Louisville
10,809 rapidly. Not much more cotton to mature. There has been
183
1,005
5,483
Via Cincinnati
51,171
8,593
3,694
23,940
to the extent of two inches
Via Virginia points
87,068 rain on three days of the week,
16,462
12,613
74,772
Via other routes, &c
hundredths. The thermometer has averaged 72
eight
and
52,425 306,187
37,880 189,763
Total gross overland
the highest being 87 and the lowest 61
the past
Deduct shipments80,992
!gm
20,859
Selma, Ala.-We have had rain on two days of
&c
Boston,
Y.,
Overland to N.
15,760
1,031
and forty-five hundredth
'Inches
two
being
rainfall
the
Between interior towns
Week,
57,960
8,608
1,124
60,553
54 to 84.
Ilnand, &c., from South
The thermometer has averaged 69, ranging fromdays
during
30,498 154,712.
4.266
83,801
Madison, Fla.-There has been rain on three
Total to be deducted
ree hundforty-th
and
inches
three
of
extent
the
to
week,
the
151,475
21,927
105,962
33,614
Leaving total net overland *
redths. The thermometer has ranged from 66 to 88, aver* Including movement by rail to Canada. a Revised.
aging 77.
the
t
Augusta, Ga.-We have had rain on one day during
The foregoing shows the week's not overland movemen
hs of an inch.
hundredt
nine
last
week
the
reaching
bales
for
21,927
against
tion
bales,
precipita
33,614
the
week,
been
has
lowest 57.
year, and that for the season to date the aggregate net over- Average thermometer 72, highest 86,
on two days during
rain
been
bales.
ago
has
a
of
year
re
from
45,513
decrease
Ga.-The
h,
a
Savanna
exhibits
land
1917
1918
week,the rainfall being thirty-nine hundredths of an inch.
the
Since
Since
has averaged 70, the highest being 83 and
In Sight and Spinners'
Aug. 1. The thermometer
Week.
Aug. 1.
Week.
Takings.
62.
1,103,756
lowest
the
208,398
854,772
159,431
4
Oct.
to
Receipts at ports
151,475
21,927
105,962
33,614
'Charleston, S. C.-The week's rainfall has been fifty-six
Net overland. to Oct. 4
839,000
787,000 88,000
Southern consumption to Oct.4.a. 86.000
hundredths of an inch on two days. Average thermometer
279,0.15 1,747,734 318,325 2,094,231 71, highest 81, lowest 61.
Total marketed
84,223
169,954 83,716
58.476
Interior stocks in excess
Greenwood, S. C.-We have had rain on one day the past
402,041
the rainfall being twelve hundredths of an inch. The
week,
Came into sight during week_ _337,521
2,178,454
1,917.688
Total in sight Oct. 4
thermometer has averaged 67, the highest being 80 and the
275,377 lowest 54.
241,016 57,593
Nor. spinners' takings to Oct. 4 52,098
days of the
Charlotte, N. C.-We have had rain on three hundredt
hs.
a These figures are consumption; takings not available.
being on inch and fifteen
rainfall
the
week,
past
Movement into sight in previous years:
66, ranging frop 52 to 80.
averaged
has
eter
thermom
The
Bales.
Bales. I Since Aug. 1Week2,936,525
Memphis, Tenn.-There has been rain on one day during
585,230 1916-Oct. 6
1916-Oct. 6
2,294,562 the week, to the extent of sixty-three hundredths of an inch.
448,787 1915-Oct. 8
1915-Oct. 8
1,535,930
66.
345,70'3 1914-Oct. 9
1914-Oct. 9
The thermometer has ranged from 51 to 84, averaging
WEATHER REPORTS BY TELEGRAPH.-Advices
OTHER
QUOTATIONS FOR MIDDLING COTTON AT
to us by telegraph from the South this evening indicate that MARKETS.-Below are the closing quotations of middling
ed
progress
has
weather
picking
e
favorabl
for
y
generall
with
cotton at Southern and other principal cotton markets
rapidly during the week, and in some localities of Texas gins each day of the week:
are reported closed for the season. Temperature has been
Closing Quotations for Middling Cotton onrather low at times in some sections.
Week ending
occurred
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Oct. 4.
Galveston, Tex.-No precipitation of consequence
33.50
34.00
34.25
34.00
during the week, generally clear weather prevailing.topThere
34.25
34.25
33.13
33.13
crop Galveston
33.13
:33.13
33.25
32.88
New Orleans
was little further growth of cotton, although a light
31.25
32.25
32.63
32.63
32.63
32.63
has
Mobile
31.25
32.25
32.75
is expected from some ditricts. Picking and ginning
32.75
33.00
33.00
Savannah
32.00
32.50
32.50
:32.75
'32.75
32.()0
Charleston
made rapid progress, and in some localities gins have closed
30.75
30.75
,30.75
__
Wilmington_ _ _
32.00
32.50
for the season. No rain here. Average thermometer 71, Norfolk
32.75
32.75
'33.25
33.00
33.00
33.50
33.50
33.50
33.50
33.00
highest 84, lowest 58.
Baltimore
33.60
:34.25
34.70
34.55
week.
.35.20
35.05
Philadelphia
31.63
Abilene, Tex.-There has been no rain during the
32.37
32.50
32.62
,33.25
33.00
Augusta
33.00
33.50
33.50
33.50
The thermometer has averaged 66, the highest being 90 and Memphis
31.95
32.65
33.15
32.95
5g
33..5
13
33"
Dallas
Houston
the lowest 42.
33.00
33.50
34.00
33.75
34.25
34.00
Brenham, Tex.-There has been no rain the past week. Little Rock.... 33.50 33.50 33.50 33.50 33.50 33.50
92.
The thermometer has averaged 75, ranging from 57 to
•nr•

PA,i

100 Inn.. t•vn t•Ars •.e.
11 Cteta K,A ,
nAn ORA 1 RI 11,




1,3i1

A.11

Ann •nn,

1394

THE CHRONICLE

NEW ORLEANS CONTRACT MARKET.-The
quotations for leading contracts in the New Orleans closing
cotton
market for the past week have been as follows:

October
December
January
March
May_
ToneSpot
Options

Saturday, Monday, Tuesday, Wed'day, Thursd'y,
Sept. 28. Sept. 30. Oct. 1. Oct. 2. Oct. 3. Friday,
Oct. 4.
32.00-.03 32.21-.25 31.71 -31.80-.85 31.37-.40 30.62-.65
31.75-.82 31.83-.85 31.34-.43 31.47-.54 31.09-.14
30.32-.38
31.72 -31.82-.84 31.31-.37 31.45-.46 31.05-.07 30.21-.25
31.72-.75 31.86-.88 31.40-.45 31.60 -31
.10-.15
30.20-.25
31.76-.79 31.91-.94 31.45-.48 31.64-.68 31.17 -30
.21-.25
Steady Steady Steady
Firm
Steady
Steady
Steady Steady Steady Steady Steady Steady

[VOL. 107.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
September 11.
Receipts (cantars)This week
Snce Aug. 1

1918.

1917.

1916.

19,191
109,734

44,959
119,379

61,955
142,270

Since
Since
Since "
Week. Aug. 1. Week. Aug. 1. Week. Aug.
1.
To Liverpool
10,377 27,535
8,147
9,824
To Manchester, &c
3,447
To Continent and India_ 2,825 21,738 1,556 4,882 3,106 3,290
5,993
335 3,376
To America
1,133
Total exports
13,202 52,720 1,996 19,022 3,625 17,623

Exports (bales)-

THE AGRICULTURAL DEPARTMENT'S SEPTEMBER REPORT.-The following statement, showin
g the
condition of cotton on Sept. 25, was issued by the DepartMANCHESTER MARKET.-Our report received by
ment of Agriculture on Oct. 2:
cable to-night from Manchester states that the
The Crop Reporting Board of the Bureau of Crap
market is
Estimate
s
of
the
United
States Department of Agriculture estimates, from the
reports of the corre- strong. Business small, sellers indifferent, buyers cautious.
spondents and agents of t'ke Bureau,
that the condition of the cotton crop
on Sept.

6 GOZaD OCZO

25 was 54.4% of a normal,compared with 55.7%
on Aug. 25 1918-,
60.4% on Sept. 25 1917, 56.3%
1918.
1917.
on Sept. 25 for the past ten years.on Sept. 25 1916, and 65% the average
A condition of 54.4% on Sept. 25 forecasts a yield
836 lbs. Skirt- Cot's
per
acre
of about
154.1 lbs. and a total production (allowing 1%
836 tbs. Shirt- Cot's
32s
Cop
ings.
Common Mid.
from planted area for
32s Cop
inn. Common Mid.
abandonment) of about 11,818,000 bales. Last year
Twist.
to finest.
Upl's
Twist.
to finest. 'UDC&
11,302,375 bales, two years ago 11449,930 bales, three the production was
years
ago 11,191,820 Aug. d.
bales and four years ago 16,134,930 bales.
d. s. d.
s.d. d. d.
d.
s
.d.
a. d.I d.
Comparison of conditions by States follows:
61
53 25 13j033 134 21.46 25
0 26 St 14 0 018 6 20.16
16 52
State54 253 @333 23.09 25% 0 2636
Sept. 25 1918. Aug. 25 1918. Sept.25 1917. 10-pr. Avge.
1411401
9
23
Virginia
5236
544 260 @346 23.97 25% 51 2636 14 0 018 0 10.80
84
84
69
8 18.90
77
30 534
North Carolina
5536 300 5138736 25.10,2536 0 2831
74
77
, 1 14 0 018 6 18.25
63
70
Sept
South Carolina
65
67
1
67
68
544
Georgia
564 30 3 038 104 24.58 24
62
66
@ 2536 13 9 @171036 17.20
62
69
13 544
Florida
5636 30 3 038 104 25.10 2334 0 25
50
60
13 8 @170 18.95
61
68
20 554
Alabama
563 30 3 0.38 104 23.14 24
63
0
66
2536 13 74017104 17.82
55
63
27 554
Mississippi
56% 130 3 038 104 23.23,25% 0 2654114
64
67
0 018 OA 18.,62
63
61
Oct.
Louisiana
52
53
69
59
4 554
Texas
57% 130 3 038 104 23.431264
44
28
114
3 018 6 19.37
43
53
64
Arkansas
50
52
68
66
Tennessee
59
LIVER
58
POOL.
-Sales
65
,
stocks,
71
&c.,
for
past week:
Missouri
61
60
76
72
Oklahoma
Sept. 13. Sept. 20. Sept. 27.
33
33
OM.
62
63
Sales of the week
California
11,000
6,000
90
9,000
92
13,000
80
Of
*93
which speculators took_
Arizona
93
96
87
Of which exporters took
Sales, American
United States
3,000
2,000
54.4
4,000
55.7
4,000
60.4
Actual export
65.0
-Yield per Acre (lbs., lint)- -Acreage Planted
Forwarded
47,000
41.000
35,000
39,000
1918.
1917. 10-yr.Av.
Total
stock
P.C. of
188,000 161,000 145,000 150,000
State(Indica'd)
Final.
Final.
Of which American
Acres.
Pl.Area.
68,000
Virginia
50,000
44,000
50,000
269
180
241
Total imports of the week
51,000
97
21,000
North Carolina
16,000
13,000
41,000
266
194
243
Of which American
1,609,000
103
12.000
South Carolina
14,000
13,000
27,000
214
208
Amount
221
afloat
_
2,995,000
104
166,000 228,000 249,000
Georgia
177
173
192
Of which American
5,432,000
103
Florida
125,000 165,000 181,000
98
100
122
167,000
89
Alabama
164
125
The tone of the Liverpool market for spots and futures
161
2,622,000
130
Mississippi
189
155
176
3,264,000
116
each day of the past week and the daily closing prices
Louisiana
143
210
164
of
1,553,000
106
Texas
114
spot cotton have been as follows:
135
163
11,910,000
102
Arkansas
148
170
188
2,922,000
104
Tennessee
168
130
194
926,000
102
Missouri
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
232
190
273
158,000
98
Oklahoma
91
165
166
3,161,000
109
California
Market, {
418
242
*400
194.000
125
Arizona
12:15
Quiet.
263
Quiet.
285
Quiet.
____
Quiet.
Quiet.
92.000
200
All other
P.M.
175
17,000
106
Mid.Upi'ds
United States
23.80
154.1
23.90
159.7
23.66
179.6
23.60
37,073,000
23.43
106.2 Good Mid.
.
*Eight-year average.
Uplands
24.43
24.53
24.29
24.23
24.06
,HOLICENSUS BUREAU REPORT ON COTTON
DAY.
2,000
2,000
2,000
2,000
4,000
NG Sales
TO SEPT. 25.-The Census Bureau issued onGINNI
Futures.
Oct.
2
its
Quiet,4pts
Quiet,
Quiet,
Quiet, unQuiet.
report on the amount of cotton ginned up to Sept. 25 from Market 1
22028 pts. dec. to
1(515 pts. changed to
pts.
advance. 3 pts. adv. decline. 3 pts. deo. 6011
the growth of 1918 as follows, round bales counted as half opened J
decline.
bales, and excluding linters, comparison being made with Market, I
Quiet, Barely at'y, Barely Bey, Quiet, Barely
4
the returns for the like period of 1917 and 1916:
10020 pts. 12036 pts. unohang.to 29033 pts. 33037 st'y
1
pts.
P. M. I
advance, decline. a ote. adv. decline.
decline.
1918.
'1917.
1916.
Alabama
256.987
96,936
The
prices
137,478
of
futures
at Liverpool for each day are given
Arizona
1,204
35
317 below.
Arkansas
250,573
47,065
300.984
California
4,571
1,525
2,989
Florida
6.560
13,767
16,368
Sat.
Georgia
Mon.
Tues.
Wed.
Thurs.
617,607
Fri.
582,118
746,607
Sept. 28
Louisiana
174,448
153,822
178,634
to
1231
124
Mississippi
1236!
4
4 1234 4 12341 412q 4
1236
280,994
114,261
197,395
Oct. 4.
p.
m.p.
Missouri
m.p.
m.p.
m.p. m.p. m.p.m.p. m.p. m.p. m.p. m.p.m.
4,484
225
8,999
North Carolina
77,548
27,827
49,136 New Contracts. d. d. d. I d. d. d. d. d. d.
Oklahoma
153,425
47,962
219.157
J d. I d. d.
October
23.8823.8423.9523.7223.7323.7823.682
South Carolina
345,951
2$.3223.12
234.504
259,543 November
HOLI- 23.5823.5423.6323.3623.3723.3823.3223.4
Tennessee
3.0 22.9422.72
39,216
85
55,517 December
Texas
DAY.
23.4323.3
623.8823.
0723.0623.0823.06,22.7 22.6422.43
1,556,155
1,191,525
1,907,183
January
Virginia
23.2023.2423.21 22.8822.8622.8822.8822.51122.4422.22
28
1
1,106
All other States
164
576
United States
3,719,915
2,511,658
4,081.989
The 1918 figures of the report are
BREADSTUFFS
to slight corrections when
checked against the individual returnssubject
of
the
ginners
being transmitted
by mall. The number of round bales included this
Friday Night, Oct. 4 1918.
year
is
87,700,
contrasted with 60,510 bales in 1917 and 84.855 bales in 1916.
Flour has remained quiet, but on the whole the situation
The number of Sea Island bales included is 2814, against
19,221 bales in is perhaps becomin
1917 and 31,261 bales in 1916. The distribution of Sea Island
g slightly better. Certainly receipts
cotton for
1918 by States is: Florida, 1,229 bales;
Georgia, 1,316 bales, and South have fallen off sharply
Carolina. 269 Mies.
. To all apperance most of the flour
The corrected statistics of the quantity of cotton ginned
this season prior contracted for some time ago has arrived. From
to Sept. 1 are 1,038,087 bales.
now on

j

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1918.
Week.

Season.

1917.
Week.

Season.
Visible supply Sept. 27
3,265,238
2,789,041
Visible supply Aug. 1
3.027,450
2,814,776
American in sight to Oct. 4.._
337.521 1,917.688 402,041 2,178.454
Bombay receipts to Oct. 3
810,000
345.000
9.000
153,000
Other India shipm'ts to Oct. 3..
2.000
2,000
21,000
Alexandria receipts to Oct. 2_
61,000
30,000
22,000
59,000
Other supply to Oct. 2 *
83,000
28,000
1,000
24,000
Total supply
3,616.759 5,350,138 3,225,082 5,250,230
DeductVlible supply Oct. 4
3,379,886 3,379,886 2.943,093 2,943,093
Total takings to Oct. 4..a
236.873 1,970,252 281,989 2,307,137
L Of which American
207,873 1,581,252 225,989 1,854,137
Pr Of which other
29,000
389,000
56,000
453,000
* Embraces receipts in Europe from Brazil, Smyrna, West