The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.VI w
'
TWO
SECTIONS
SECTION
ONE
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
WILUAM
COPYRIGHTED IN 1917 BY
B. DANA COMPANY, NEW YORK..
Railway Section
City Section
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
=3
C
VOL.105.
NEW YORK, OCTOBER 6 1917.
jfmanttal
Jfmatttfal
^financial
THE
HARVEY FISK & SONS
LOAN & TRUST
THE FARMERS'
NO. 2728.
COMPANY
LIBERTY
62 Cedar St.
BANK
NATIONAL
NEW YORK
Foreign Exchange, Cable Transfers,
of
Travelers' Letters of Credit
BROADWAY and CEDAR ST
UNITED STATES BONDS
The
Company Is
moneys
legal depositary for
NEW YORK CITY BONDS
paid Into Court, and Is author¬
ized to act
•
a
as
Executor, Administrator,
AND
Trustee, Guardian, Receiver, and in all
other fiduciary capacities.
Acts
as
new york
J-.
OTHER CHOICE
Capital
INVESTMENT SECURITIES
Trustee under Mortgages made
-
-
$3,000,000.00
-
4,000,000.00
Surplus & Profits
by Railroad and other Corporations, and
as Transfer Agent and Registrar of Stocks
and Bonds.
Receives deposits upon
.
Interest
on
The
Certificates of
Deposit, or subject to check, and allows
National Park Bank
of New York
Manages Real Estate and lends money
on
bond
and
Will act
mortgage.
Agent in the transaction of
as
approved financial business.
any
Depositary for Legal Reserves of State
Banks and also for moneys of the City
CapitalSurplus & Undivided.Profits
Deposits (Sept. 11,1917)
.
i
■
NEW
-
-
-
President
$5,000,000 00
27 Austin
17,000,000 00
174,000,000 00
YORK
Friars, LONDON, E. w.
HARRIS, FORBES & CO., Inc.
BOSTON
■
Act
Vice-Presidents
•
.
GILBERT G. THORNS
16-22 WILLIAM STREET
Corner William
Street,
RICHARD DELAFIELD
Fiscal Agent for States, Counties and
Cities.
Pine
Organized 1856
<
;
of New York.
■
Harris, Forbes &Co
-
dally balances.
JOHN C.
WILLIAM O. JONES
MAURICE H. EWER
GEORGE H. KRETZ
SYLVESTER W.LABROT
VAN, CLEAF
475 FIFTH AVENUE
Cashier
NEW YORK
fiscal agents for munlclpalities and corporations and
as
deal in Government, munici¬
pal, railroad and public utility
ERNEST V. CONNOLLY
BONDS
FOR INVESTMENT
List
on
Assistant Cashiers
PARIS
LONDON
FRED'K O. FOXCROFT
WILLIAM A. MAIN
J. EDWIN PROVINE
WILLIAM E. DOUGLAS
HENRY L. SPARKS
Application.
Cable Address SABA,
NEW YORK
BYRON P. ROBBINS
PERCY J. EBBOTT
.
-
Established 1874.
Edward B. Sm ith & Co
John L. Williams & Sons
Established
1892
BANKERS
Corner 8th and
BANKERS
Main Streets
Established
1810
RICHMOND, VA.
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
Members New
The Mechanics and Metals
National Bank
NATIONAL BANK
York
Stock
and Philadelphia
Exchanges
1411 Chestnut Street, Philadelphia
New York
30 Pine Street
Fifth Avenue Building
Corner Fifth Ave. and 23rd St., New York*
Capital, $1,000,000
v
of the
City of New York
Surplus, $1,000,000
The Chase National Bank
'
RUEL W. POOR. President.
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
RALPH T. THORN, Asst. Cashier.
JOHN W.
Capital
-
-
-
$6,000,000
-
-
-
-
-
-
-$187,000,000
of the
Surplus and Profits
$9,000,000
City of New York
United States Depository
PEDDLE, Asst. Cashier.
Deposits Sept. 11,1917
THE
Foreign Exchange Department
-
Capital
Surplus and Profits (Earned)
Deposits, Sept 11th 1917 - .
AMERICAN EXCHANGE
A. BARTON
$130,000,000
Francis Ralston Welsh,
First National Bank
Philadelphia, Pa.
BONDS
OF RAILROAD,
GAS AND ELECTRIC
LIGHT AND POWER COMPANIES
CHARTER NO. 1
i
INVITED
$10,000,000
12,623,000
302,027,000
OFFICERS
Chairman
HEPBURN,
President
Vice-president
Vice-President
CARL J. SCHMIDLAPP, Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED O. ANDREWS,
Cashier
CHARLES O. SLADE,
Asst. Cashier
EDWIN A. LEE.
Asst. Cashier
WILLIAM E. PURDY,
Asst. Cashier
CHARLES D, SMITH,
Asst. Cashier
WILLIAM P. HOLLY,
Asst. Cashie?
GEO. H.* SAYLOR,
Asst. Cashier
M. HADDEN HOWELL,
Asst. Cashier
8. FRED TELLEEN.
Asst. Cashier
ROBERT I. BARR,
Asst. Cashier
SEWALL S. SHAW,
Asst. Cashier
DIRECTORS
Frank A. Sayles
Charles M. Schwab
Samuel H. MUler
Henry W. Cannon
Hepburn
Albert H. Wiggin
A. Barton
John J. Mitchell
SOUTH FOURTH STREET
109-111
ACCOUNTS
-
SAMUEL H. MILLER;
EDWARD R. TINKER,
NEW YORK
over
-
ALBERT H. WIGGIN.
NATIONAL BANK
Resources
-
PHILADELPHIA
Guy E. Tripp
James N. Hill
Daniel O. Jackling
'
Edward
R.
Tinker
Henry B. Endicott
J, Nichols
Newcomb Carlton
Frederick H. Ecker
'
Edward
.
II
THE
CHRONICLE
[VOL. 105.
2nfce*tment gauges ah& Bratoeta of Jforefgn Cxrfjange
J. P.
MORGAN & CO
Maitland, Coppell & Co.
Wall Street, Corner of Broad
\
52 WILLIAM STREET
NEW YORK
'
HEW YORK
OREXEL
&
CO.,
PHILADELPHIA
Corner of 5th and Chestnut Streets
GRENFELL&COTLONDON
MORGAN,
Orders executed for ail Investment Securities.
Act as agents of Corporations and negotiate and
issue Loans.
Hills of
Telegraphic Transfers,
Letters of Credit
.7;'.
HARJES
31 Boulevard
&
CO.,
PARIS
Haussmann
"
&
'
'
OD
■
Union of London
Smiths Bank.
Na 1 William Street
■■
Limited.
London.
'
NEW YORK
Messrs. Mallet Freres & Cie. Paris,
Securities bought and sold
Commission,
on
Banco Nacional de Mexico,
And Its Branches.
Foreign Exchange, Commercial Credits.
Cable
Circular
Letters
for
Agents for the Bank of Australasia.
Transfers.
Travelers,
available In
parts of the world.
al'
TRAVELERS' LETTERS OF CREDIT
J
Available
Brown
Brothers
PHILA.
NEW
59
Wall
&.
^
YORK
BOSTON
Street
August
Philadelphia, Boston and Baltimore
sold
Securities
bought
and
Members
of
porations,
received
tificates
Banks,
Firms
on
of
New
Agents
l'
and
York
Stock
Redmond aCa
Exchange.
Correspondents
of the
33 Pine Street, New York
Messrs. ROTHSCHILD
Commission.
on
Accounts
Belmont & Co.
43 EXCHANGE PLACE, NEW YORK.
(Alex.Brown &Sons) Connected by private wires
Investment
throughout the United States
Co.,
Members N.Y., Phila. & Boston Stock Exchanges
New York,
Bankers,
and
London, Paris and Vienna.
Cor¬
Individuals
favorable terms.
-
Investment Securities
ISSUE LETTERS OF CREDIT
Cer¬
for
Deposit.
Available
Foreign
Exchange,
Domestic
and
Foreign Collections, Cable Trans¬
Travelers
in.all^pedts of the
Members
world.
New York Stock
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California.
fers.
Travelers' Letters of Credit.
Execute
orders
for the
purchase
Bonds and Stocks.
Commercial Letters of Credit for the
and
sale
/
of
Buy and sell Securities
Agents
Lawrence Turnure & Co.
64-66 Wall
Street,
for
on
Fiscal
as
Corporations
Correspondents of
London & South Western Bk., Ltd., London
Jordaan & Cie, Paris
Russo-Asiatic Bank,
New York
T. Suffern Taller
Exchange
Commission and act
financing of exports and imports.
BROWN, SHIPLEY & CO., LONDON
Grenville Kane
Seligman & Co.
Exchange,
No. 22 Old Broad Street
MORGAN,
J. & W.
>:
Hong Kong
James G. Wallace
Investment securities bought and sold
mission.
Travelers'
credits,
available
on com¬
through¬
out the United States, Cuba, Puerto Rico,
Mexico,
Central America and Spain. Make collections In and
issue drafts and cable transfers
TAILER
London
on
above countries.
Bankers:—London
Joint
Bank, Limited.
Stock
v
Paris Bankers:—Banque
& Co.
Francaise—Heine
Graham, Parsons &Co.
10 Pine Street, New York
BANKERS
435
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
37 William Street.
Chestnut Street
PHILADgptfHlA
v
Government
MEMBERS
NEW
Received
Allowed
v
on
Bought
to
Deposits,
and
Draft,
Interest
Securities
Sold
Securities
Schulz
27 Pino
Street,
on
&
•
■
•
Gas
and
Electric
Electric
of
established
value.
Cable Address, "Graco/* Philadelphia.
BOISSEVAIN & CO.
^
New York
■
Municipal Bonds
Railroads,
Light and Power Companies
*
Ruckgaber
■
and
of
Railways,
Issue Commercial and Travelers' Credits
available in all parts of the world.
YORK
Subject
EXCHANGE.
Foreign Exchange Bought and Sold.
STREET
BANKERS.
[Deposits
STOCK
Y.
Execute orders for purchase and sale of
Stocks and Bonds.
Winslow, Lanier & Co
59 CEDAR
N.
24 BROAD
STREET, NEW YORK
Members of the New York Stock
"
Commission.
Members New York Stock Exchange
'
^
.
Foreign Exchange, Letters of Credit
Execute orders for purchases and sales
of
stocks
and
bonds.
Foreign Exchange bought and sold.
Issue
commercial
available
in
in
credits
China,
Dollars
Exchange.
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
V
MESSRS.
PIERSON
& CO.
(Successors tpAdolphBolssevain &Co.)
Amsterdam, Holland.
Japan
and East Indies.
Kean, Taylor & Co.
BERTRQN, GRISCOM & CO.
New
Investment Securities
York
Produce, Exchange Bank
Broadway, Corner BEAVER
9 Nassau Street
105 So. La Salle St.
NEW YORK
chicago
Capital
.
.
.
INVESTMENT SECURITIES
Land Title Building^
ST.
40 Wall Street
PHILADELPHIA.
new
York,
$1,000,000
.
Surplus and Undivided Profits 1,000,000
Foreign Exchange bought and sold.
Cable
Transfers.
Commercial and Travelers' Letters of
Credit available in all parts of the. world.
ACCOUNTS INVITED.
John Munroe & Co.
NEW YORK
-
ALDRED & CO.
BOSTON
H. AMY
CO.
&
24
Letters of Credit for Travelers
Members N. Y.
Commercial Credits.
Foreign Exchange
Stock
44 AND 46 WALL
Cable Transfers.
ST.,
•
MUNROE &
Transact
CO., Paris
a
General
Investment
'
,
„
Exchange Business
and
Stock
Fiscal Agents for
Public Utility and II ydro-Electrif
„
.
M'v
Exchange Place
New York
Exchange
Companies
ui
THE CHRONICLE
Oct. 6 1917.]
.is
:
Snbeatment anb Jftnatuial gooses
—
,
Wm. A. Read & Co.
fLee,Higginson&Co.
^
"
/
MILLETT, R0E& HAGEi
INVESTMENT SECURITIES
Investment Securities
BOSTON
lew York
MEMBERS
Chicago
NASSAU AND CEDAR
NEW YORK STOCK
STREETS
NEW YORK
.
Lombard Street
80
EXCHANGE
STOCK EXCHANGE
BOSTON
& CO.
HIGGINSON
BOSTON
PHILADELPHIA
CHICAGO
LONDON, E. C,
52 WILLIAM
LONDON
15 CONGRESS S7
ST.
BOSTON
NEW YORK
■
..."
/
Second LIBERTY LOAN of 1917
A Direct
Bears
Obligation of the
U. S. Government
'
.in
|
i
.
— sec
*
,,
The National City
NEW YORK
Company
BOSTON
CHICAGO
4% Interest
Free from the Normal Federal Income Tax
and
Securities
Investment
Local Personal Property Taxes
Readily Marketable and Acceptable
as
Collateral
Goldman, Sachs & Co.
Bank Building
National City
New York
Hornblower & Weeks
Exchange!
Robinson & Co.
CHICAGO
BOSTON
PORTLAND
DETROIT
PROVIDENCE
Members of New York & Chicago Stock
NEW YORK
42 BROADWAY,
U. S. Government Bonds
Investment Securities
Chandler & Company
INCORPORATE©
26
Wm. Morris Imbrie & Co.
Members New York Stock Exchange
*'
'
NEW YORK
PHILADELPHIA
'
New Yosil
Exchange Place
Franklin Bank Bldg.
35 Pine St
.•
.
11
■'
'
■
185 Devonshire St
i
BOSTON
-
!■■■
-
i
i
—
i
i
i
Investment Securities
Government
(Established 1882)
and
Loans, Municipal
Railroad
Securities
Bonbright& Company
Incorporated
High Grade Industrials
61
NEW YORK
BROADWAY,
208 South La Salle St.,
YORK
2$ NASSAU STREET, NEW
CHICAGO
DETROIT
BOSTON
Chicago
^^PIliLADELPHIA
PARIS
LONDON
William P.
Frazier & Gh.
W. C. Langley &
Investment Securities
"
Co.
Bonbright & Co.
Bonbright & C«r
PUBLIC UTILITY SECURITIES
Liberty Loan Bonds
Broad and Sansom Streets,
PHILADELPHIA
211 E. German Street,
15 Broad Street,
115 Broadway,
New York City
Arthur Perry &
Baltimore.
New York.
Cos
'
I
.
_
'
.
.
■
\
■
150 Devonshire Street,
BOSTON, MASS.
HALSEY, STUART & CO.
Incorporated—Successors to
N.
W.N HALSEY
&
CO.
CHICAGO
NEW
PHILADELPHIA
YORK
BOSTON
DETROIT
ST.
MILWAUKEE
LOUIS
We
purchase entire issues'
CHICAGO
Hemphill, White
PUBLIC UTILITY BONDS
C&, Chamberlain
%
Government, Municipal, Railroad
and Public
Fiscal Agents for
New York Stock Exchange
Members
Utility Bonds.
Cities and Corporations.
Fidelity Bldg.
37 Wall Street
H.
HOLTZ & CO.
T.
MUNICIPAL AND RAILROAD
Buffalo
New York
BONDS
Investment Securities
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
HARPER
& TURNER
INVESTMENT
BONDS
BANKERS
STOCK EXCHANGE BUILDING
#
/
39 SOUTH LA
,
•
SALLE STREET
CHICAGO
WALNUT STREET ABOVE
Colgate, Parker & Co.
BROAD
49 Wall Street, New York
PHILADELPHIA
Members Philadelphia Stock Exchange
THE
CHRONICLE
^Financial
WE
«
Eleotrio
Jfmatuial
ESTABROOK & CO
Power and Street
established
records
Members New York and Boston
earnings
and
7 Proven
; ,"v
Investment
Publie
Utility
chase
Stock Exchanges
^
&
company
INVESTMENT SECURITIES
WE OFFER
Bankers
^natural
FINANCE
Light,
Railway Enterprises with
of
[VOL. 105.
bonds
15 State
Dealers
BOSTON
-
24 Broad Street,
■
Securities
Street
NEW YORK
19 CONGRESS ST.
BOSTON
Correspondence Solicited
HARTFORD
i
ELECTRIC BOND & SHARE CO.
■
(Plid-Up Capital and Surplus, $21,000,000)
71
BALTIMORE
\
■
JSPRINGFIELD
■■—
Ervin
BROADWAY, NEW YORK
-—
.
Company
&
Prudence
Members
New
MUNICIPAL AND RAILROAD
York
Stock
Exchange
Demands
Philadelphia Stock Exchange
BONDS
BONDS FOR
that
INVESTMENT
do not heglect
investments.
you
your
121 Drexel
For Conservative investment
Bldg.,
601
PHILADELPHIA
A
Trinity Bldg.
NEW Y<
Telephojna Hector 3061
R. L.
35
study of their
Write
Day & Co.
sult
call
or
and
Service
our
14
con¬
Depart-
ment.
H. F. BACH MAN & CO.
Congress St., Boston
status
NOW may prevent losses
later. -V' ;'
'.. V\;.:
•-»
■
v'V,,.
V
-
■
:.';v
Established 1866
A. A. Housman & Co.
New York
Correspondents
REMICK, HODGES & CO.
INVESTMENT
BANKERS
Members N. Y. and Phlla. Stock
Exchanges
RCMegargel&Ccx
1512 Chestnut St.,
61 Broadway.
PHILADELPHIA
York
Stock
Members]N. Y. Coffee
& Sugar Exchange
N. Y. Produce
Exchange
Chicago Board of Trade
NEW YORK
Members of
New
N. Y. Stock Exchange
N. Y. Cotton
Exchange
20
Broad
Branch
Exchangee
c.
No.
Investment
I. hudson & co.
66
BROADWAY, NEW YORK
Members
.
Securities
Street, New York
Office—25 West 83d St.
'
New York, Philadelphia
Chicago Stock Exchanges
and
Municipal Bonds
EXEMPT FROM FEDERAL INCOME TAX
TELEPHONE RECTOR 7401
'
..."
i,.-
mer
\
"
.,
5
■
1
27 Pine
Eligible to Secure Postal
Miscellaneous Securities
up
■
.
'
Savings Deposits
in all Markets
Street, New York
PRIVATE
WIRES
TO
PRINCIPAL
CITIES
Municipal Bonds
parkinson & burr
F.M. Chadhourne& Co.
Over
Boston Stock
Exchanges
7 Wall Street
BOSTON
New York
St. Louis
786
Broad
St.
Cincinnati
Chicago
Pittsburgh
Newark, N. J.
53 State Street
NEW YORK
Quarter Century in this business
14 Wall Street
Investment Securities
Members of the New York and
a
Mountain
SIMON
BORG &
CO.,
Telephone
BELL
Members of New
York Stock Exchange
So. 46 Cedar Street
States
NEW
SYSTEM
MEXICO,
IN
WYOMING, IDAHO
-
-
COLORADQ
ARIZONA,
UTAH*
AND MONTANA
New York
7% STOCK
BONDS
No
Preferred
Shares
BOETTCHER, PORTER
HIGH-GRADE
Baker,Ayling &Young
Bonds—No
INVESTMENT SECURITIES
Company
DENVER
BOSTON
PHILADELPHIA
SPRINGFIELD, MASS.
rt* clONES
CHICAGO
/ ESTABLISHED
(q
Municipal Railroad^0
Corporation Bonds
1865.
20
Broad Street
-
New York,
FHOr.E RECTOR 9140--CABLE ADDRESS "0RSENTMEXT'
List C gives
current
S/s
'
STERN & SILVERMAN
INCORPORATED
offerings
PHILADELPHIA
G Nassau St., N. Y.
MEMBERS NEW YORK STOCK
EXCHANOE
H. D.
Walbridge & Co.
Deal in
ELECTRIC RAILWAYS
Underlying Railroad Bonds
and
14 Wall
/
Street, New York
FINANCING
Tax-exempt Guaranteed
& Preferred
Railroad & Telegraph Co.
Stocks
e,
S
Public
Utility Securities
ENGINEERING
Oct. 6 1917.]
THE
CHRONICLE
V
ffanablan
bank of montreal
Canadian
Government
and
(Established
CAPITAL
Municipal
REST,
Bonds
.
Municipal Bonds
to
-
-
$16,000,000
-
-
-
PAID-UP CAPITAL
$386,806,887
-
Sir
Frederick
and
General
yield from
NEW
REST
Manager
-
6%
to
W.
New York
Office, 16
/
14 Wall St., N ew York
Montreal
I^ondon
BOG,
lAgents
MOLINEUXj
STEPHENSON.)
made at all points.
Offices, 47 Threadneedle St., E. C.
Place, Pall Mall, S. W
Banking and Exchange business
The
Capital
Reserve
Fund
1840
Toronto, Ont.
canadian issues
high
periodically
grade
mail
5
Gracechurch Street. London, E. C.
New York Office: 52 Wall
Street,
W. T. OLIVER
\ Agents
P. C. HARRISON {
Buy and Sell Sterling and Continental
Exchange
and Cable Transfers.
Grant Commercial and
Travelers' Credits and
Cheques, available in any
part of the world.
Issue Drafts on and make
Collections in all parts of Canada.
Canadian
Investment
G
us
issued if
as
your name
>
Head Office,
Halifax, N. S.
General Manager's
Office, Toronto,
Travelers'
New York
&
Company
THE
Established 1869
0. Meredith. President
C. R. Hosmer,
D. C. Macarow,
A.
Baumgarten,
1, J. Reed,
C. B. Gordon, Vice-Pres.
Wra. McMaster.
Capital Paid Up
$12,911,700
Reserve Funds——
$14,324,000
Total Assets
$300,000,000
K. B.
Our
Monthly
dian
Review
Conditions sent
of Cana¬
on
request
17 St. John Street,
112 St. James St.
MacDougail,
Branches throughout the
DOMINION OF CAN*
NEWFOUNDLAND; in HAVANA and
principal points in CUBA, PORTO
RICO.
ADA and
A. P. B. Williams, Sec.
46
Threadnepdle St.
LONDON, E.C.
Daly & Co.
all
DOMINICAN REPUBLIC, COSTA RICA
and
VENEZUELA.
Also
In
ANTIGUA, BAHA¬
MAS, BARBADOS.
DOMINICA, GRENADA.
.JAMAICA, ST. KITTS, TRINIDAD, BRITISH
ifONDURAS
and BRITISH GUIANA.
LONDON OFFICE—Bank
Buildings,
Princes Street, E. G.
New York Agency—Cor,
William & Cedar St»
F. T.
WALKER, C. E. MACKENZIE and
R. L.
CANADIAN
AND CORPORATION BONDS
Bank of Nova Scotia
Building
ELLIS, Agents,
CANADIAN
SECURITIES
TORONTO, ONT.
CANADIAN
Public
Bond*
E. L. PEASE.
Vice-Pres. & Man. Director
O. E. NEILL, Gen.
Manager
GOVERNMENT, MUNICIPAL
MONTREAL
Municipal and
Government, Municipal
Utility
&,
Canadian
Corporation
Lists
IUESBITT, THOMSOM
II 6 COMPANY, LIMITED
822 ST.
If
JAMES ST.
MONTREAL
MERCANTILE TRUST B'L.* D, H
AM ILTO N.
Montreal
HOLT,
President
A. E. Holt.
J. M. Mackle, Manager
R. A.
Head Office
SIR HERBERT S.
Bartlett McLennan,
Members Montreal Stock
Exchange
Dealers in Canadian Bond Issues
Patterson, Agent.
Correspondents (London Joint Stock
Bank.Ltd
In Great Britain
( Royal Bank of Scotland.
Bond Brokers and Financial
Agents
MONTREAL
Greenshields
Agency, 52 Wall Street,
H. F.
BOARD OF DIRECTORS,
MONTREAL, CANADA
Government, Municipal
and Corporation Bonds
on
request
A. E. AMES & CO.
74
Broadway, NEW YORK
Toronto
Adrian H. Muller &"Son
VOROMTO. /-VOrtTRELflJL.LOMDOM.ErtQ
Canadian Securities
W. GRAHAM BROWNE
&CG
Office, No. 55 WILLIAM STREET
Pine
Montreal
DoHmio/i Securities
CORPORATION- LIMITED
AUCTIONEERS]
Corner
Street
222 St.
Regular Weekly Sales
Ont.
Credits issued, available in
all parts of the
world,
Bills on Canada or
West Indian
points favorabli
negotiated or collected
by our branches In tb(
United States.
Correspondence solicited.
you
Securities
Corporation limited
86,500,00a
12.000,000
110,000,00(1
ROYAL BANK OF CANADA
LIMITED
and address.
Royal
Limited.
190 branches
throughout Canada,
Newfoundland.
Cuba, Jamaica, Porto Rico, and In
Boston, Chi¬
cago and New York.
Commercial and
MEREDITH & CO.,
We shall be pleased to
Bank,
PAID-UP CAPITAL
RESERVE FUND
TOTAL ASSETS OVER—
—
booklets
descriptive of sound,
these to you
will send
—
Agents for Banco de Londres y
Mexico,
Mexico City and Branches
^
and circulars
Securities.
..£1,000,000 Sterling
£620,000 Sterling
-
England,
Scotland,
(Incorporated 1832)
In
Head Office:
*
issue
Lloyd's
.
Established In 1836
R. C. Matthews&Co.
We
•
of
THE BANK OF NOVA
SCOTIA
British North America
Paid-up
Building,
'
of
Bank
®
New York Agency
opened 1843
C. P- R.
;
Bank
The
.
Incorporated by Royal Charter
of every de¬
LONDON OFFICE—2 Lombard
Street, E. O.
BANKERS IN GREAT BRITAIN,
CASSELS, Manager.
The Bank of
Municipal and
Corporation Bonds
,
scription transacted with
Canada;
•
Canadian Government,
} Agents
Travelers' Cheques and Letters
of Credit Issued,
available in all parts of the
world.
•
G. C.
1
Buy and Sell Sterling and
Continental Ex¬
change- and
Cable
Transfers.
Collections
Buy and Sell Sterling and Continental
Exchange
and Cable Transfers; issue
Commercial and Trav¬
elers' Credits, available in
any part of the world;
Issue drafts on and make
collections at all points in
the Dominion of Canada and
Newfoundland.
9 Waterloo
FRANCIS,
C.KEMP,
,
"
Chicago Branch 108 Soutjv La Salle St.
Spokane, Wash.
Mexico, D. F.
London
Exchange Place
F. B.
J. A.
C.J.
A.
J. T.
Wood, Gundy & Co.
815,000,000
813,500.000
j.
WaIker,C.V.O.,LL.D..D C.L
General Manager: Sir John
Aird.
Assistant General
Manager: H. V. F. Jones.
WALL STREET
Y.HEBDEN,
]
R.
—
President^!* Edmund
Williams-Taylor,
YORK AGENCY
BANK.
COMMERCE
HEAD OFFICE.
TORONTO
16,000,000
-
64
5%
Toronto
up
Head Office—Montreal
SIR VINCENT
MEREDITH, Bart., President.
We invite
correspondence regard¬
ing Canadian Government
paid
ASSETS
CANADIAN
OF
-----
TOTAL
THE
1817)
Canadian Securities
jarnes Street
MONTREAL
OF
STOCKS and BONDS
EVERY WEDNESDAY
-
Inquiries Solicited
Kemerer, Matthes
Exchange Sales Rooms
14-16
Vesey Street
& Co.
Members Phila. Stock Exchange.
50 Broad
At the
Correspondence Solicited
Toronto
B. W.
Street, New York
Hamilton
Direct
London,
Private
'
Buffalo.
Wires
Phila.
SOUTHERN
Strassburger
INVESTMENT SECURITIES
MONTGOMERY*
ALA.
[Voi*. 105
CHRONICLE
THE
TO
Joreisn
AUSTRALIA & NEW
ZEALANIJ
WALES
(ESTABLISHED
18X7.)
Reserve Fund
Sterling.
Subscribed Capital
Paid Up
($5=£l)
S52,949,800
1917...$287,130,048
Aggregate Assets 31st Mar.
Manager
General
FRENCH,
J. RUSSELL
337 BRANCHES and AGENCIES in che
tralian States, New Zealand, Fiji, Papua
transacts
Bank
every
of
description
Australian Banking Business.
Wool and other Produce Credits arranged.
Deposits
I ncorporated.
Capital—
Fund,__£1,980,000/gether
Reserve Liability of Proprietors
Reserve
Capital
Total
1880
LIMITED
Sir EDWARD
in
AUSTRALIA,
SOUTH
22 in WESTERN
and 44 in NEW
ZEALAND,
Office
800
LTD-
Head Office: 39 Threadneedle
London, England.
Street,
Capital..
Reserve
-
(5 dollars
This Bank has
$8,750,000
$4,000,000
.... —
Fund
equal, £1)
deposit are as follows:
Call
Channel Islands.
Business transacted.
THE FOREIGN EXCHANGE DEPARTMENT
Issues Currency Drafts on all Cities.
Letters of
Credit and Circular Notes payable throughout the
World.
Mail and Telegraphic Transfers. Ap¬
proved
Freight Bills purchased. Commercial
Credits established available' anywhere, against
usual shipping documents.
Shipowners' Freight
Remittances and Disbursements to all parts.
Notice, AXA Per Cent.
Days'
kind of Banking
and
Paid-up Capital
de¬
COLLECTED
The Bank acts as Agent for American Banks and
Trust Companies and Invites Correspondence.
Cable Address; "Elmfield London."
West End Agency and London Office
Italian State Railways, 12 Waterloo
Regent St., S. W.
WESTMINSTER BANK
Western Union,
BRANCHBsIlN
?
-
£4,000,000
Agents in London for
BANQUE FRANCAISE ET ITALIENNE
\
HEAD OFFICE
CMda.
London, E. C. 2.
DU
L'AMERIQUE
Buenos Ayres,
41, Lothbury,
Prato, Reggio Emilia,
Rome,
Verona, Vicenza.
Peterson's International
ERNESTO T0RNQU1ST &
Piacenza, Pisa.
Salerno, Saluzzo, Sant. Agnello, Sampier-d Arena,
Sassari, Savona, Schio, Sestri Ponente. Syracuse,
Termini Imerese, Trapani, Turin, Udine, Venice,
£3,500,000
-
Perugia, Pes-
Palermo, Parma,
Oneglia, Padua,
cara,
-
-
-
ITALY :
Bari, Bergamo5
Arsizio, C^ ' ~
Catania,
Cremona, Ferrara, Florence, Genoa, Ivrea,
Leceo, Leghorn, Lucca, Messina, Naples, No vara,
of £20 each.
Paid-up Capital
-
.
Italian Treasury.
Acireale, Alessandria, Ancona,
Capital £14,000,000,
In 700,000 Shares
Co
of the
Place,
Biella, Bologna, Brescia, Busto
Caltanissetta, Canelli, CarrarA,
LIMITED
Reserve
Codes:
$11,640,000
OLD BROAD STREET, E.
Manager : E. Consolo.
--v
London Office, 1
Correspondents to the
Subscribed
$31,200,000
—.
Funds-—..
Reserve
COUNTY &
LONDON
ITALIANS
MILAN
Head Office
NUGENT. Manager.
CHRISTOPHER R.
> W. O. Stevensoffi
-
-
BANCA COMMERCIALE
Per Cent.
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
FOREIGN BILLS
tetters,
4
At 3 to 7
upwards of f>00 Offices in England,
Wales and
Every
At
The Company discounts approved bank
mercantile acceptances, receives money on
Subscribed Capital—_ ... - - - _ - - s-5S^3,|750,000
Deposit & Current Acts., ?0-6-16_$241,722,285
(Paid-up
on
BRITAIN
DEPARTMENT
London, E. C.
54, Lombard Street,
-
'
GIVEN
that the
allowed for money
INTEREST
OF
£2,200,000
GREAT
IN
BRANCHES
STERLING.
HEREBY
IS
NOTICE
;.i—
FOREIGN EXCHANGE
MANAGER
CAPrrAL & COUNTIES EANK
Established 1834
000,000
8,500,000
4,250,000
4,000,000
Reserve Fund
$5=£1
£12,679,440
£4,594,443
—
Capital—
London.
Telegraphic Address, Udisco,
RATES
Se
Paid Up
Reserve Fund
Capital Authorized ...
Capital Subscribed--..----Capital Paid-Up
71'CORNHILL, LONDON, E C.
:
4.
Capital Subscribed.-
39 CORNHILL.
Manager—A. C. Willis,
Assistant Manager—W. J. Essame.
£13,500,000
Nominal Capital
of London, Limited
£7,980,000
Reserves
and
London, E. Co
54, Lombard St.,
£4,000,000
AUSTRALIA, 3 in TASMANIA
Head
HOLDEN. Bart., Chairman.
H
The Union Discount Co.
The Bank has 41 Branches In VICTORIA, 39 In
NEW SOUTH WALES, 19 in QUEENSLAND,
14
BARCLAY & COMPANY
Offices in the United Kingdom.
HEAD OFFICE
—..£6,000,000
To£3,980,000
Issued
E.
L.
'
and
Authorized
Paid-up Capital £2,000,0001
(Town and Foreign)
THOMAS (Country)
Secretary II. R. HO ARE
HART
H.
H.
$210,377,630
all the Camps where
stationed in England.
American Troops are
Over 1080
THE UNION BANK OF AUSTRALIA Limited
Established 1837
Governor
General Managers
STREET, E. C.
SYDNEY
SCHUSTER, Bart., Governor
SIR FELIX
This Bank has Branches in
29, THREADNEEDLE
STREET
—
LINDSAY ERIC SMITH, Deputy
$912,587,430
<26*hJuly, i9i7)
"
Cash Reserve
London Office
Head Office
GEORGE
Fund
Reserve
Aus¬
(New
Guinea), and London.
The
Paid-up Capital
£3,554,785
Capital
Fund.;
£1,150,000
Deposits and Current Accounts,
December 31, 1916—
— - £55,231,865
Reserve
$114,739,020
$23,903,960
$20,000,000
Subscribed Capital
£25,000,000
£22,934,100
Capital.,.—
Authorized
LONDON. E. C. 3
19,474,900
Liability of Proprietors
Reserve
ENGLAND
ST., LONDON,
2 PRINCES
Foreign Branch Office:
$, FINCH LANE,
14,000,000
...
LIMITED
HEAD OFFICE
LONDON, E. C. 2
5, THREADNEEDLE STREET,
$19,474,900
Capital
up
UNION OF LONDON & SMITHS BANK
Head Office:
.
Paid
THE
BANK LIMITED
BANK OF
NEW SOUTH
MIDLAND'
LONDON CITY
THE
&c. Socleta
^
POUR
CUD,
Rio de Janeiro, San Paulo, Santos,
Commerciale d'Oriente. Tripoli.
BUENOS AIRES
MADRIDJBRANCH
Hong Kong & Shanghai
Established 1830
CALLE DE ALCALA 43.
BANKING
Oldest
establishment
business
in
PARIS
the
London
River Plate
County & Westminster
Bank
v.inri(lD Gold—HS.OOO.OOOL—.$33,500,000
una^In gjlver__ i8.600.000J
Rpsprv« r
ueserve
Reserve Liabilities of
(Paris) Limited
CHINA,
BILLS PAYABLE IN
PHILIPPINES,
JAPAN,
STRAITS
SET¬
TLEMENTS. INDIA
£2,500,209
General Financial,
LETTERS OF CREDIT,
COLLECT
OR
,15,000,000
Proprietors
GRANT DRAFTS, ISSUE
NEGOTIATE
22, Place Vendome
Reserves
Capital fully paid up and
CORPORATION
Paid-up Capital (Hong Kodr Currency).000,000
WADE GARD'NER.
Banking and
NATIONAL BANK of EGYPT
•
Commercial Business
Agent. 36 Wall St
Head
Office—Cairo.
.
Established under Egyptian Law June, 1898,
with the exclusive right to issue Notes payable al
The'
■
•
sight to bearer.
Clermont & Co.
fully
Capital,
£3,000,000
.£1,831.350
paid——
Reserve Fund
LONDON AGENCY
BANKERS
6 AND 7 KINQ
„
WILLIAM ST.. LONDON,
Anglo-South American
■
EX.
GUATEMALA,
ARGENTINA
"Clermont"
Company, Limited
35 CORNHILL
LEU and CO.' BANK,
-
-
-
(Switzerland)
$21,166,625
4.233,325
Reserve Fund
—
($5=£1 8TERLING.)
Founded 1755.
NOTICE
RATES
FunS""-} —F"-
on
EVERV DESCRIPTION of BANKING
BUSh
NESS TRANSACTED,
of Exchange
negotiated and collected.
Drafts and Letters of Credit
issued.
Telegraphic Transfers effected.
Booking and Travel Department*
SPAIN: Madrid, Bilbao, Barcelona
Cable Address—Natdis, London.
Paid-up Capital-
ZURICH
URUGUAY
CHILE
FRANCE: Pari.
LONDON. E. C.
-
Subscribed Capital
LIMITED
A
Discount
National
The
Central America
Cable Address:
Bank, Ltd.
OF
2,250,000
CAPITAL & RESERVES
£6,040,785 @ $5
deposit are as follows :
HEAD OFFICE,
\
or
£=$30,203,925
14 Days' Notice.
4*4 Per Cent.
Approved bank and mercantile bills discounted.
received on deposit at rates advertised
from time to time and for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable securities,
OLD BROAD
STREET,
LONDON, E. C.
At Call 4 Per Cent Per Annum.
At 3 to 7
per
HEREBY GIVEN
that the
INTEREST allowed for money
IS
NEW YORK (Agency),
60 WALL STREET
Money
V
PHILIP
HARpLD WADE. Manager.
Every
description
of
Banking and
Exchange business
OCT. 6 1917.]
THE
jankers
Jforetgn
vn
CHRONICLE
So
Urates outsibe £1. f|.
Pattfeeta & Probers outsfte fl. ®
CHICAGO
CHICAGO
SPERLING & CO.
^vvvvv»l^laV«i
Basildon House, Moorgate St#
London, E. C.
FISCAL AGENTS
Public
Warren Gorrell & Co.
FOR
Utility
and
INVESTMENT SECURITIES
Hydro-Electric Companies
TIMBER
'
based
NEW
•
YORK AGENTS
BONDS
always
208 South L« Salle Street
upon
expert verification
SPERLING & CO., INC.,
of
'
120 BROADWAY.
CHICAGO
:
underlyingassets
332 so. Michigan A v., Chicago
Comptoir National d'Escampte da Paris
Capital fully paid
Reserve Fund
-Frs^OO,000.000
up
^42,00000
Frs.
T
HEAD OFFICE: 14 RUE
London Office: Kins William Street, E.
Branches
at
/
EREENKAUMSOMS
BERGERE, PARIS
Manchester and
C.
Liverpool
Agents
of
the
BANKING
French
Colonial
Banks.
Southeast-Gorner La Salle and Madison Sts.
CHICAGO
-
AND
EXCHANGE business of
transacted, DEPOSIT AND
CURRENT
ACCOUNTS, DOCUMENTARY
CREDITS, SHIP'S DISBURSEMENTS AND
COLLECTION OF FREIGHTS in all parts of
every
AND TRUST COMPANY
jfortign
Nearly 300 Branches In France, Spain, Tunis,
Egypt, Madagascar, India and Australia.
description
S wissBan k Corp oration
Basle, Zurich, St. Gall, Geneva,
Lausanne
Sl/2%
CHICAGO FIRST MORTGAGES
Suitable
for
the world.
BANK of BRITISH WEST AFRICA, LIMITED
Authorized Capital
Subscribed Capital
Paid Up Capital
___$10,000,000
7,000,000
2,800,000
1,100,000
__
Reserve Fund--$5 equal £l.
•
description of Banking Business
places.
every
Capital paid
Surplus,
.
up,
Frs.82,000p00
.
.
.
INVESTMENT
Frs.27,75d\o00
.
THE
SECURITIES
ROOKERY
CHICAGO
^Special facilities offered to MEMBERS OF
THE
AND
AIILITARY
AMERICAN
▼
Ai*nh/ Automatic 54157
Telephone#
NAVAL
(Harrigon
7080
FORCES.
York Agency, 6 Wall Street
with
which
incorporated
are
&nd
Italiana
di
Credito
Central Office,
Provinciate
Subscribed Capital
Lires 115 millions
Piad-up Capital
•
"
90
"
Deposits and Current Accounts (31st Dec. 1916)-"
685
Cash in hand and with the
—
„
.
Dec.
Bank (31st
1916)—
r
"
49
.
Reserve fund--
the
tne
Central Management and Head Office: ROME
Special Letters of Credit Branch,
20 Piazza di Spagna—Rome
OF
19
John Burnham & Co.
Fcs.250,000,000
Fcs.175,000,000
Office, Lyons.
Boul. des Italiens, Paris.
390 branches in France, Algeria and Tunis, and
also at Alexandria, Barcelona, Brussels, Cairo,
Constantinople,
Geneva,
Jerusalem,
Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia.
Correspondents in Lisbon and Oporto:
/
'
Credit Franco-Portugais
A.
EVERY
KIND
OF
BANKING
FACILITY
PARIS OFFICE, 2 Rue Le Peletier
Head
& Co.
STREET
MONROE
CHICAGO, ILL.
(Established by Royal Charter 1836)
London Clearing Agents: The London & South¬
western Bank, Ltd.. 168, Fenchurch Street.
WEST
(New York Stock Exchange,
)New York Cotton Exchange,
| New York Coffee Exchange,
| New York Produce Exchange,
Member*!Chicago Stock Exchange,
| Chicago Board of Trade,
| Minn. Chamber of Commerce,
I St. Louis Merchants'Exchange
(Winnipeg Grain Exchange.
COLONIAL BANK
OFFERS
O. Slaughter
110
-
ITALY.
New York
Chicago
London Office,. 40 Lombard St., E.C.3.
London West End Qffice, 4 Cockspur St.,S.Wl
i
BRANCHES at: Genoa, Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arsizioj
Catania,
Florence,
Ancona,
Biella,
Como^
Monza, Sanremo, Verpna and 50 others in tne
CENTRES
LYON N A IS
Capital (fully paid)
Head
Societa Bancaria Italiana
CHIEF
•
A State Bank.
Sanford F. Harris & Co.
CREDIT
.
6%
Individuals
Waterloo Place, S. W. 1
Banca Italiana Di Sconto
Societa
Oldest Banking House in Chicago.
•
The Bank has Branches in Liverpool, Manchesterfand all the principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
New
Lothbury, E.C. 2
Leone, Gold Coast & Nigeria.)
Head office 17=18 Leaden hall Street,
LONDON, E. C.
»
Trustees and
—11 Regent Street,
West End Branch
(Bankers to the Governments of the Colonies of
the Gambia, Sierra
with those
Estates,
Write for Bond Circular C 25.
LONDON OFFICE, 43
transact
$2,000,000
Capital and Surplus,
Office
16, BISHOPSGATE, LONDON, E. C.
Cash and Bills Department:
bonds
»51,,Threadneedle St., London, E. C.
"The Only American Bank in the Orient"
International Banking Corporation
65 WALL
STREET, NEW YORK CITYi
Capital——.
S3,250,000
Surplus & Undivided Profits
S4.260.00fi
Branches in:
Straits Settlements
Panama
/
China
Japan
Philippine Islands
Colombia
•
Santo
London
Domingo
San Francisco
New
York Agency—22 William Street
NATIONAL BANK OF INDIA Limited SHARKER, WALLER & CO.
Bankers to the Government in British East
Africa and Uganda.
Head Office : 26, Bishopsgate, London, E. C.
Branches In India, Burma, Ceylon, British East
Uganda
Africa,
and
at
Aden
and
284 SOUTH
SALLE STREET
LA
CHICAGO
Zanzibar.
Subscribed Capital—£2,000,000
Paid-up Capital
£1,000,000 «
Reserve Fund-£1,200,000
,:\:
The Bank conducts every description of banking
■
and exchange business.
v
\ ■
Paul H. Davis &
©ompang
High Grade Unlisted Stocks and Bonds
-
.
Industrials
The Mercantile Bank of India Ltd.
Head
©
15 Gracechurch
Paid
Reserve Fund
Branches
in
and
Established
Street, London
Capital £1,500,000.
Settlements,
India,
Federated
up
£562,500.
£600,000.
Burma, Ceylon,
Malay States,
Straits
China,
Mauritius.
STANDARD BANK OF SOUTH AFRICA, Ltd
HEAD
OFFICE,
Paid-up Capital—
Reserve
Fund
The Commercial Banking Co. of Sydney
Office
LONDON,
E. C.
£1,548,525
or
$7,742,625
£2,000,000
or
$10,000,000
Two Hundred
and
H.
MACINTYRE, Agent
York
;>
Bank Stocks
*
8|,.SO. LA SALLE ST.
_
CHICAGO
.
\
COLLINS & COMPANY
Incorporated
Drafts
payable
on
demand,
and
Letters
Issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated or collected.
Remittances cabled.
London Office: 18. Birchln Lane. Lombard St. B.C
Credit
are
BANKERS AND
BROKERS
CH1CAQO
137 So. La Salle Street..
PATRDLEUM BANKING & TRUST CO., S. A.
Apartado
(P.
O.
Box) ' No.
468—Tampico,
A.
Tamps, Mexico.
Fifty Branches and
68 Wall St., New
Sugar Stock*
Film Stocks
Incorporated In New South Wales
Members of the American
Association.
Agencies throughout South Africa.
W.
Ltd
•>
Pald-Up Capital—
*2,000,000
Reserve Fund and Undivided Profits 1.940,000
Reserve Liability of Proprietors
2,009,000
Total Resources—£35,066,998 or $175,334,990
About
1834.
Public Utilities
Motor Stocks
Offers
.
every
Banking
Facility.
Bankers*
^
Payments Tand
collections made on all parts of Mexico,
G.
Becker
&
Co.
.
(INCORPORATED)
COMMERCIAL
PAPER
'
representing The Bank of New South
Wales with branches throughout Australasia.
Also
.
.
in both. Mexican gold and
'
•
New„York Exchange.
N/E* Cor. La Salle & Adams
St#.,
Chicago
[VOL. 105.
CHRONICLE
THE
gotfe
panfetns onb Probers! outsfoe
ST.
PROVIDENCE
LOUIS
STRANAHAN
G. V. HALLIDAY
COMPANY
Specialists in
COMPANY
&
&
Bonds and Stocks
A. G. EDWARDS &. SONS
Public
ST. LOUIS CORPORATION
Wall Street
38
New York
STOCKS
In St. Louis
at
Worcestei
' Providence
Boston
New Haven
412'OliveiStreet
of
Service Companies
Maine
Auzusta.
Specialists
BODELL
ST?LOUIS
BANK STOCKS
10
15
SECURITIES
CongrBM
111
314 N.
of the
Providence
St.,
Broadway,
St. Louis, Missouri
Charles
William
Bonds, Preferred Stocks and Local
H.
W. Moore
Burg
Richardson
MOORE & CO.
SMITH,
11
Exchange Street, Providence, R. 1.
Dealers in
ST. LOUIS.
809 OLIVE ST.
MARK C. STEINBERG & CO.
DETROIT,
MO.
Bonds, Stocks and Local Securities
MICH.
R. S. MOORE & COMPANY
fembers St. Louis Stock Exchange
KEANE,
HIGBIE
INVESTMENT SECURITIES
CO
&
Specialists
MUNICIPAL BONDS
Stocks
Dime Bank
DETROIT
Bldg.
10
NORFOLK,
INVESTMENT
•99 Olive St..
Service
Local Securities
Providence, R.
VA.
MINNEAPOLIS
MOTTU
CO.
&
Established
ST. LOUIS. MO.
WELLS-DICKEY CO.
1892
MINNEAPOLIS, MINN,
NORFOLK. VA.
v
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin City Rapid Transit Co. 5% Bonds.
NEW YORK
60 Broadway
MILWAUKEE
Minneapolis National Bank Stocks.
-
EDGAR, RICKER &
and
Bonds
Public
Weybosset St.
BROKERS
Members St. Louis Stock Exchange
in
of
Companies.
Co.
&.
INVESTMENTS
CO.
WISCONSIN CORPORATION
WILLIAM W. EASTMAN (XX
ATLANTA
*>
.
ISSUES
'
WELLS BLDQ*.
____
fecuprrr
We
MILWAUKEE
GA.
PITTSBURGH
„
1893
Investment Bonds
ST. LOUIS SECURITIES
Stix
Clark
&
Established
ST. LOUIS
York
Securities
J. Heradon Smith
Broadway
Bontor*
New
Broadway
CENTRAL WEST
300
CO.
&
St.,
Weyboiut
offer
BLDG.
^LNAEAPOLIS DUlMl/ij
R. R. & BNKG.
■
aiwoothbus#
DULUTU
(LOCAL SECURITIES
Guaranteed Stock
Goddard, Hunter & Co.
0T «TH AVE.
PITTSBURGH
Stock Exchange Bldg.
CINCINNATI
Robinson
Philadelphia
Members
-
Humphrey
ATLANTA
Wardlaw Co.
GEORGIA
FIELD, RICHARDS & CO.
»
HKi
ALABAMA
Pittsburgh A Chicago Stock Exchanges
Cincinnati
INVESTMENT
-
SECURITIES
CALDWELL & GARBER
iW of offerings on application.
BANKERS and
Municipal. Railroad, Public Utility
and Corporation Bonds
for Investment
BROKERS
Birmingham
Cleveland"
Detroit
New
ROBERTS
Invite
Otto Marx & Co,
Inquiries In all
HALL
&
Chicago Board of Trads
Cincinnati Stock Exchange
CINCINNATI
SECURITIES
.
.
OHIO
.
BANKERS
Pittsburgh Securities
$25,000 Sampson County, N. C.
Birmingham, Ala.
1
WarJ -Darley - Lupoid Company
First
York
(New York Stock Exchange
Alabama
INVESTMENT
We
:
Chicago
5%
Dealers in
ROAD
To
Southern Investment Securities
National Bank Building
PITTSBURGH, PA.
BONDS
Net 4.75%
*
Weil, Roth & Co.
BUFFALO
CINCINNATI
Pittsburgh Securities
Specialty
a
New York
JOHN
CHILDS, KAY & WOODS
Union
Bank
Bldg.
.
BUFFALO, N
PITTSBURGH, PA.
YORK
and
STOCK EXCHANGE
PITTSBURGH
CHICAGO
STOCK
edgar
Y
Government, Municipal
Members
NEW
SPECIALISTS IN
Buffalo
and
,
Western
New York
friedlander
DEALER IN
Cincinnati Securities
Corporation Bonds
CINCINNATI
EXCHANGE
BOARD OP TRADE
Chicago
T. STEELE
OHM)
Securities
BALTIMORE
WEST PENN TRACTION COMPANY
First
Mortgage 5% Bonds
due 1960
Westheimer &
AUGUSTA
JOHN W. DICKEY
\
.
New
York
Pittsburgh
i
Buffalo
Establishd
1886
York
Stock
Exchange
Cincinnati
Stock
Exchange
New
■
.
,
,
CINCINNATI
Member8 df the
AUGUSTA, GA.
Southern Securities
Company
BALTIMORE
.
DUQUESNE BOND CORPORATION
*
•
Chicago Board of Trade
*
Oct. 6
THE
1917.]
CHRONICLE
^Bankers anb ^Brokers oulsibe j&eto |?orfe
LOS
RAPIDS
GRAND
ANGELES™"!"
-
The Preferred Stocks
of the
-i—rV-iV-i
FRANCISCO
SAN
-irM->1.*%i*>i*VLT_-j-JLTiTU-J'
E. F. BUTTON & CC.
Pacific Coast Securities
Members:
,
American Public Utilities
NEW YORK STOCK EXCHANGE
BONDS
Company,
Direct Private Wire New York to San FrancafiSS
Wisconsin-Minnesota Light & Power
and Other
of MUNICIPALITIES AND
Principal Cities
Company
CORPORATIONS
61
Utah Gas & Coke Company
They
;X ' having substantial assets
regular quarterly dividends.
pay
and earning power
■
Oakland
safe, profitable investments.
are
Broadway, New York
• Los
Angeles
San Francisco
Pasadena
•
Managed by
Kelsey, Brewer & Co.
Engineers
Grand
Operators
WILLIAM R. STAATS CO.
BOND DEPARTMENT
343 Powell St.
LOS ANGELES
SAN FRANCISCO
V
Quotations and Information furnished eo'
PASADENA
Rapids, Michigan
San Francia$c«
CHICAGO
Pacific Coast Securities
PHILADELPHIA
F.
Wm. G.
Hopper & Co.
STOCK &
BOND BROKERS.
SOUTH
88
Q.
W.
DEALERS IN
Municipal and Corporation
Securities
THIRD STREET
Hopper
H.
stock Ex.
BONDS
LOS ANGELES,
Philadelphia, Pa.
Member Phi la.
California
& CO.
BROWN
M.
TORRANCE, MARSHALL & CO.
CALIFORNIA
California
800 Sansome Street, Corner
S. Hopper,
SAN FRANCISCO, CALIFORNIA
Member Phlla. Stock Ex
We Specialize In California
KANSAS
CITY,
Municipal and Corporation
MO.
Pacific
Investment
1858i
SUTRO &. CO.
DRAKE & RILEY
PERRIN,
LOS ANGELES
Securities
INVESTMENT BROKERS
Members
San Francisco
Municipal and Corporation
Nat.
410
R.H.MOULTON& COMPANY
Bank Bldg.,
KANSAS CITY
MUNICIPALS
CALIFORNIA
J.
R. SUTHERLIN & CO.
MUNICIPAL
YIELDING
5
Bldg.,
Title
Insurance
& CO.
BARTH
I.
LOS ANGELES
Building,
INVESTMENT SECURITIES
BONDS
E.
A,
TO 6%
Descriptive Circular
Commerce
San Pranclnco stock an«
St.
Montgomery
Bond Exchange
Bonds
(
1st
.«»
Coast Securities
Established
PRESCOTT & SNIDER
Furnished
Information
Quotations and
BONDS
LEWIS
Herzog & Glazier
BONDS
of
KANSAS CITY, MO.
Security Bldg«,
COAST
482
Members of the
%
LOS ANGELES, CAL.
_
Broad St., New
84
the
PACIFIC
Wire to
Direct
MUNICIPAL AND CORPORATION
on request
SAN
S. F. Stock & Bond Ex..
York
CALIFORNIA S'F.
FRANCISCO
CLEVELAND
PAUL
SAINT
MAX I. KOSHLAND
OTIS & COMPANY
INVESTMENT
Second
BANKERS
White, Grubbs & Co.
Floor. Cuyahoga Bldg.
Cleveland, Ohio
Pacific Coast Securities
Member
INVESTMENT BONDS
San Francisco Stock
Branch Offices: Columbus, Ohio; Akron, Ohio
Youcgfjtown, Ohio; Denver, Colo.;Colorado
Springs. Colo.; Casper. Wyom.
State Savings Bank Bldg., St. Paul
Members of New York, Chicago
Columbus
and Cleveland Stock Exchanges and <
and Bond Exchange
F. E. MAG RAW
MUNICIPAL AND
CORPORATION
CHAPMAN DE WOLFE CO.
BONDS
351-353 Montgomery Street,
Commercial Paper
LOUISVILLE
Local Securities of the Twin Cities
SAN
MINN.
ST. PAUL,
Globe Building
John W. &D. S. Green
Rochester Railway 1st & 2d IHtge. 5s
Railway 1st Consol 5s
Buffalo Crosstown 5s
Louisville Henderson fit St. Louis 1st 5s
International Railway 5s
Louisville Lighting 1st 5s
Information
INDIANAPOLIS
FRANCISCO. CALIF.
Stocks and Bonds
Buffalo
LOUISVILLE
FRANCISCO
SAN
Chicago Board of Trade
Building
Mills
PacRIf
Quotations on ail
and
Coast Securities
Indiana &
Indianapolis
Mem bar San Francisco
•
Stock & Bond Exchar*"
^Municipal and
PORTLAND,
KY.
MAINE
Corporation Bonds
Wanted—Wichita Water,Co. 5a
Henning Chambers & Co.
The Fletcher American
investments
National Bank
MembefrghTew York Stock Exchange
404 West
Ma}n\treet,
LOUISVILLE. KY.
due 1931
Largest
Financial
in
Institution
BREED, ELLIOTT & HARRISON
ORE.
CHICAGO
Great
MORRIS BROTHERS
PORTLAND
Investment Securities
PHILADELPHIA
Municipal and Corporation
Eastern
First Mortgage 6% Bonds
of Capital Stock.
Municipal Bonds
upon
Lighting Bonds and Stocks
OTTO
HAUEISEN
F.
Established
INVESTMENT
BONDS
4IS
Fletcher
Trust
,
Pacific Coast Securities
BUILDING,
PORTLAND.
OREGON)
Indianapolis
NEWTON TODD
Local
Loeai and
PORTLAND, MAINE
& CO.
1902
Building,
-
offered with
Information
SMALL
&
84 EXCHANGE ST.,
Specialists in Local Securitiesn
HALL & COMPANY
Paper and
request.
BEYER
BONDS
PACIFIC COAST SECURITIES A SPECIALTY
Paper Co.
To Those Interested in Pulp,
Lumber Securities
bonus
Traction, Gas and Electric
■
Portland, Main
Exchange St.,
INDIANAPOLIS
CINCINNATI
CO.
&
Investment Bankers
Indiana.
98
PORTLAND,
M. PAYSON
H.
>VILL H. WADE, Manager Bond Dept.
The
~
Securities and
W.
M.
MACON
DAVIS
COMPANY
Southern Municipal
Bonds
AND
Guaranteed Stocks
Indiana Corporation Bonds fit Stocks
Fletcher
Amer.
Bank Bldg., INDIANAPQL
MACON
GEORGIA
[VOL. 105.
CHRONICLE
THE
Current P<mt> Snquirieg
F.
J. LISMAN & CO.
New
embers
6i
York
WANTED
Chickgo Stock Exchanges
and
Nassau
BROADWAY, NEW YORK
B. & O., Toledo & Cin. 4s
t
i
Cin.
WE DEAL IN
Ham.
&
Dayt. Gen. 5s
•
Massillon Water
Supply 5s
Moundsville Water Co. 5s
Keokuk & Pes Moines 5s
.
County Water Co. 5s
Warren & Jamest. St. Ry. 5s
Houston Water Wks. Co. 6s
Birmingham Water Works 5s
Antonio Water Supply 5s
N.Y. & N. J. Water (All Issues)
Guanajuato Rd. & Min. Co. Bds.
Kanawha Water & Light 5s
Louisiana & Arkansas 5s
San
Missouri Kans. & Texas All Issues
Mobile &
Birmingham 4s
New Orleans Terminal 4s
N.Y.&InterurbanWaterCo. 5s
N» Y. Central Debenture 4s, 1942
Rutland
4J/£s
St. Louis & Cairo 4s
Texas Central 5s
H. C. SPILLER &CO.
'
INCORPORATED
Wisconsin Central 4s,
63 Wall Street
27 State Street
Tol; & Ohio Cent., St. Mary's Div. Incomes
Boston
All Issues
New York
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Robt. Glendinning & Co.
WE
OWN
AND
Investment
WOOD, STRUTHERS & CO.
OFFER
Railroad Equipment Bonds
5
Nassau
Street
Securities
MEMBERS
Maturing 1919-1930
TO YIELD 4.75%-6.10%
New York Stock Exchange
New york
Philadelphia Stock Exchange
List of
Pittsburgh Stock Exchange
offerings on application.
C. St. L. & New Orl. 1st 5s, 1951
FREEMAN & COMPANY
400 Chestnut
L. &
Street,
N., Pad. & Mem. 1st 4s, 1946
PHILADELPHIA
CAR TRUST SECURITIES
Lake Shore Debenture 4s, 1928,
34 Pine Street
Illinois Central Coll. Tr. 4s, 1953
REPUBLIC
OF
CUBA
NEW YORK
Buff. Roch. & Pitts. Gen. 5s, 1937
Beech Creek 1st 4s, 1936
,
5% Gold Bonds of 1904
5% External Loan of 1914
4^2% Gold Bonds, due 1949
SUTRO
Beech Creek Ext. 1st 3^8, 1951
120
Members
Registered Bonds
Chic. Ind. & Sou. 1st 4sj 1951
Clearf. & Jefferson 1st 6s, 1921
Hartshorne &
25 BROAD STREET
New Jersey
OHIO
MUNICIPAL BONDS
for
Free
from
Federal
Income
Stock
Exchange
J. S.
Tax
ELDREDGE
31 Nassau Street, N. Y.
FIVE
Request
on
RIPPEL &
COMPANY
Tel. 632 Cor*.
PER
CENT,
MUNICIPAL BONDS
NEWARK, N. J
PRICE
STOCKS AND BONDS
Correspondence Solicited
Foreign Government Issues
NEW YORK
18 CLINTON STREET
PRICES ATTRACTIVE
York
Municipal Bonds
Descriptive List
Savings 'Banks
Trust Companies
Insurance Cos.
of New
BULL &
Members of the New York Stock Exchange
& Co.
PITTSBURGH, PA.
Legal
Battelle
INVESTMENT SECURITIES
.
JR. B. Hutchinson
CO.
Railway Equipment Bonds
Ry. 1st 6s, 1932
Pitts. Sh. & L. E. 1st 5s, 1940
&
Short Term Notes
Indiana 111. & Iowa 1st 4s, 1950
Pine Creek
BROS.
BROADWAY, NEW YORK
bought and sold for cash,
or
carried
on
PAR
AND
INT.
•
conservative terms.
Inactive and unlisted securities.
Seasongood & Mayer
CINCINNATI, O.
Inquiries invited.
FINCH
SOUTHERN
interest
return
than
securities
can
be
us
for
-
-/
Road
District
a
more
>
BOND
Bonds
BANK & TRUST
NEW
Resources
ORLEANS
over
28 Million
CINCINNATI
Atlantic & Birmingham 1st 5s, 1934
New Orleans Tex, & Mexico Inc. 5s, 1935
are
attractive
the big financial centers.
DEPARTMENT
Feibel-Elischak Co.
Chicago Great Western 1st 4s, 1959
Chicago & Western Indiana 4s, 1951
through the purchase of the
nearer
The
Union Central Bids.
NEW YOR
descriptive circular of high-grade Southern Bonds.
HIBERNIA
or
usually yield
secured
obligations of communities
Write
and
«
BONDS
Municipal, Drainage, School
absolutely first-class
,
Members New York Stock Exchange.
120 BROADWAY,
Southern
,
TARBELL
&
Northern RR. of New Jersey 4Ms, 2000
K. C. Clinton & Springf. 1st 5s, 1925
K. C. Memphis & Birm. Inc. 5s, 1934
Sinclair Gulf Corporation 6s, 1927
Current River RR. 1st 5s, 1927
Denver & Rio Grande Adj. Inc. 7s, 1932
Central Georgia Pow. Co. 1st
5s, 1938
Waco & Northwest 1st 6s, 1930
\,'v
CO.
WOLFF & STANLEY
Tel.
2860
or
6557 Broad
27 William St., New York
Oct. 6
XI
CHRONICLE
THE
1917.]
Current J3onti inquiries
$1,000,000
J. S. FARLEE & CO.
Detroit Cold Storage & Terminal Co.
Established
First Mortgage
Guaranteed
by
Serial 6s
York Central Deb. 4s,
New
Net
earnings of Booth Fisheries Company for
Kansas
Issue of bonds.
*
West
SECURED NOTES
■!*
Wisconsin-Minnesota
Light
&
Refunding 5s, due 1944, at 75% of
on
their par value.
Earnings three times all interest charges.
of this Company's gross receipts is now
derived from the sale of electricity generated by
Norfolk Ry. & Light 1st 6s, 1949
Norf. & Ports. Trac. Co. 1st 5s, 1936
To yield 7%.
application.
and
Incorporated
C. E. DENISON & CO.
INVESTMENT SECURITIES
BOSTON
'
Philadelphia Stock
Exchanges.
.BALTIMORE, MD.
Public
Bonds
Utility
and
Conservative
Industrial
Municipal.
Railroad,
for
Davis Coal & Coke
investment.
United Railways St. Louis
Entire
1934
Western
Negotiated
Issues
Security
CLEVELAND
and
Kirby Lumber
"
4s,
Duty"
Orders Executed Free
BANKERS
CHESTNUT
ST.,
PHILADELPHIA
York
"Do Your
6s
Underlying Public Utility Bonds
Bioren & Co.
of New
NEW LIBERTY LOAN
Middendorf, Williams & Company
power.
on
Ry. Preferred
Cosden & Company 1st
50%
314
1990
ggaeme'.
•
1919
DUE
Members
1949
1st 4s,
Preferred
Co.
Central
Northern
Price:
4s,
Utilities
Public
Particulars
Gen.
Virginia & Pittsb.
Thread
American
water
Central
Wisconsin
CHICAGO
19 S. La Salle St.
Seemed
1955
3^s, 1923
Wheeling & Lake Erie 42^s, 1966
"
Power 1st &
1938
Western Transit 1st
Anderson, Hyney & Co.
6%
1st 5s,
City Gas 5s, 1922
New York Ontario & Western Gen. 4s,
Detailed Circular on Request.
2-YR.
1934
& Ohio
Clinchfield
Carolina
1917 are conservatively estimated at $2,000,000,
or
twice the entire authorized amount of this
American
/
;
Lehigh Valley of N. Y. 1st 4^8, 1940
Chicago & Western Indiana Cons. 4s, 1952
Fisheries Company
Booth
1882
BROADWAY, NEW YORK
66
.
Maryland 1st Pfd.
Midvale Goshen Coal
Clinchfield Coal
W. W. LANAHAN & CO.
St. Louis Transit Co.
Impt. 5s, 1924
Members
BANKERS
& Baltimore Stock
Y.
N.
_
Lehigh Valley Coal Sales
WILLIAM C. ORTON
.
Exchanges
25 BroadSt.,
Tel. 7160-1-2-3 Broad
New York
Consolidation Coal Co. Securities
NEWBORG & CO.
Members
New
60
York
Stock
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Exchange
Elk Horn Coal Corp.
BROADWAY, N. Y.
PRIVATE
WIRE
ST.
LIBERTY
^
ST.(B8tablISlied BALTIMORE.
7 SOUTH
Members Baltimore Stock Exchange
LOAN
Columbus Street Ry.
help
BURGESS, LANG & CO.
Adams
Exp.
Bldg.,
NEW YORK
Building
BOSTON
MD.
Porto Rican-American Tobacco
BONDS
The Country Needs YOUR
Sears
WANTED
I. HARMANUS FISHER & SONS
LOUIS
BUY
■
2ND
TO
Securities
Securities
Penn. Water & Power Co.
Telephone, 4390 Rector
First 6s, 1932
SCRIP
1946
Syracuse Gas Co. First 6s,
East Ohio Gas Co. First 5s,
1939
RIGGS & McLANE
Lincoln National Bank
Co.
J. S. Bache
32 South Street
NEW YORK
Buffalo
Rochester
Montreal
BALTIMORE, MD.
Syracuse
6400 Broad
Baltimore
Albany
Mortgage Bond Co.
Lincoln Trust Co.
FRANK J.
71
WILL SELL
DILLON
M.
,
CELLULOID CO.
Bklyn. Rap; Trans. Co. 5s, 1945
NEW YORK, N. Y.
Broadway
Tel. 548 Rector
;
Butte Elec. & Pow.
•
,
1st 5s, 1951
TOBEY & KIRK
Japanese Government Bonds
Offerings Wanted
on
~~
Lima Locomotive 6s
St. Louis Rocky Mt.
•
•
Weekly 'Summary
New York
City Via. Term. 4^8
Kan.
York Stock Exchange"
New
Street
Broad
.
0
D
Will be mailed
Cent, Union Gas Co. 1st 5s,
New Amster. Gas
..
*
Ltg. 5s, 1954
Springfield & Columbus 4s, 1940
to
-
1
Standard OH
Investors on
Wm. Carnegie Ewen
100
request
L
Issues
Peerless Truck & Motor 6s
1927
Co.Con.5s, 1948
N. Y. & Westchester
& Pac. 6s
New Orleans Great Northern 6s
Broadway, N. Y.
Tel. Rector 3880
CARL
H. PFORZHEIMER
'Phones 4860-1-2-3-4
& CO.
Broad 25 BROAD ST., N.Y.
H. HENSEL
C.
1X1 B'way, New
York.
Delaware Lack.
Tel. Rector 3672-3-4-5
West. RR.
&
Stock
Chicago Burl. & Quincy RR. Stock
Lehigh Val. Coal Sales Stock & Scrip
Lehigh Valley of New York 4^s
Atchison Transcontinental 4s
Pierce Oil 6s,
New
Member*
61 Broadway
York
Stock
Magnolia Petroleum 6s
American Cotton Oil 5s,
Exchange
Bethlehem Steel P. M. & Impvt. 5s
Private Wire to Philadelphia
Kansas
HAVE
WE
Gas
Central
&
FOR
1919
"Nickel Plate" 1st 4s
New York
„
1921
Sinclair Gulf Corporation 6s
Joseph gglalker & J?ous
Amer.
1
NEW YORK
*
DA R
STAN
ZlMMERMANN & fORSHAY
9 & 11 Wall St.,
Members
25
All Issues
SALE
City Viaduct & Terminal 43^s
Lexington & Esatern 5s
Alleghany Valley 4s
Seaboard Air Line 6s
Missouri Kansas & Texas Issues
Electric Com.
Petroleum Pfd.
^Farmers Loan & Trust Co.
■
Rauscher & Childress
64 Wall St.
New York
Tel. 5834 Hanover
1
'Phones
SAM'L
5330-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
Ill
THE CHRONICLE
[VOL. 105.
Current £>onb Inquiries
A Patriotic
Duty and
Pacific Coast,
Premier Investment
a
BUY
Fries
Common
Mfg. & Power 5s
Gray & Davis, Common & Pref.
Dayton Lighting 5s
■
Columbian National Life
LIBERTY LOAN NEW 4s
'Guanajuato Reduction & Mines
Water, Chattanooga, 6s
El Tiro Copper 6s
Services Free
.
6s
*City
Racine Water Company 5s
Hutchinson Wat. L. & P. 4s (Kan.)
Pierre 3s (S.Dak.,)
Louchheim, Minton & Co.
Members New York ahd
Phone 7230 Rector
Private Wires
to
Greenfield Tap & Die, Com. & Pref
Philadelphia 8tock Exchanges
'
71 BROADWAY, NEW YORK
Philadelphia and Boston
HOTCHKIN & CO.
Incorporated
63
SHORT
brothers
TERM
84 Pine St., New
wm&sL
Curtis &
FOR SALE
6 03
Great Western Power Co.
Let
us
make
you
in
ments
Schedule
a
any
tk.
137 S. LaSalle St.
Boston
SI,500
43
.
Liberty Bonds
Exchange Place,
City of Philadelphia 4s, 1947
McKeesport Tin Plate 6s, 1930
I
'Phone 4501-2-3 Hanover
DEFAULTED
DEFAULTED
DEFAULTED
DEFAULTED
DEFAULTED
6}^s, 1926
Russian Government
6^8, 1921
Russian Government 6
1919
,
Foreign Governments, public Utilities,
Railroads, Industrials.
Average Yield 4.85%
to
5.60%
You will bo doing your
duty and obtaining the
and best return for your
safest
I0SEPH & WIENER
1
IN
Bought—Sold—Quoted
ALFRED R. RISSE CO.
56 WALL
DEAL
Irrigation Bonds)
[Timber Bonds)
r.Mexican Bonds)
s)
y-v
(Railroad Bonds)
(Gas, Electric & Water Bonds)
DEFAULTED (Coal, Iron & Steel Bonds)
Options in Russian Roubles
Write
money.
what amount you wish to invest.
us
MacGregor
PITTSBURGH. PA.
Securities
Russian Government
Short Term Securities
&
Fourth Ave..
Amer. Wat. Wks. & Elec. 6a, 1934
United Coal Corporation Stocks
DUNHAM & CO.
Investment
New York
345
Smith Motor Truck, Pfd.
to
7 Wall St.
Glover
Havana Tobacco 6s, 1922
Peerless Truck & Motor
of your Invest¬
amounts
$100,000
U. S.
Members New York 8c Chicago Stock Exchangee.
Chicago
Cities Service Preferred
'
.
Ph)Ud«lphl«
New York
Aetna Explosives 6s, 1945
Cities Service Common
.
to'
BABCOCK, RUSHTON& CO.
Chicago
Boston
Lehigh Power Sec. Corp.
6% Notes, 1927 "
Pbohci
Chicago Securities
49 WALL STREET
6% Notes, 1922
.
York, N. Y.
Sanger
New York. Boston and Chicago
Stock Exchanges
Corp.
6% Deb., 1925
St., Boston, Mass.
SECURITIES
aj§emritiest
Utah Securities
State
.
FRANK P. WARD, 15 Broad St., N. Y.
STREET,
NEW YORK CITY
Phone, Hanover 4516
Bankruptcy,
Receivership,
Reorganization
Bonds
.
STEEL, JONES & CO.
MEMBERS NEW YORKW STOCK
EXCHANGE %
Teiephohe:27I5-9BROADf
I 2* BROAD
N. Y. New Hav. & Hartf.
ST.N.Y. i
Lafayette Building, Flrat Floor
PHILADELPHIA, PA.
High Grade
Members of Philadelphia Stock
Exchange
Investment Bonds
5s,?1918
Puget Sd. Trac., Lt. & P. 6s, 1919
•Detroit United Ry. 5s, 1918
Long Island Lighting 6s, 1936
Seattle Elec. 5s, 1930
J. A. CLARK & CO,
New
EQUITABLE BLDG.,
Sector 7126.
Jersey
Municipal and Corporation
Issues Underwritten
Securities
New York City
-
WANTED
Ft.
Wayne & Wab. Vail. Tr. 5s, 1934
Penna. Coal & Coke Ser. "A"
5s, 1932
Buff. Roch. & Pitts.
Eq. 4s-43^s, var.
Lima Findlay & Toledo RR.
15 Exchange Place
427
Chestnut
Street
PHILADELPHIA
KNICKERBOCKER-WYOMING
OIL COMPAVY
L.
80
N.
on
WALL ST.
N. Y. Tel.
120 B'way
V
Mississippi Valley Trust Co.
4^s, 2013
&
Phila. Stock
'Phone 3900 Rector
Exqhanges
New
Yor^
New Orleans Terminal 4s, 1953
Ohio River 1st 5s, 1936 & Gen. 5s, 1937
Potomac Valley 1st 5s, 1941
South Pacific Coast 4s, 1937
Vicksburg Spreveport & Pacific 5s, 1940
Remington Typewriter 1st Pref.
International Silver Preferred
Earnhardt Bros.& Spindler 2nd
Pref.
Tennessee Ry., Lt. & Pow. Comon
Burroughs Adding Machine
Chicago & Indiana Coal 5s, 1936
New Mexico Ry. & Coal 1st
5s, 1947
O'Gara Coal 5s, 1955
Pocahontas Collieries 1st 5s, 1937
Rocky
Chesebrough Manufacturing
Galena-Signal Common
Newark.Passenger Ry. 5s, 1930
St. Louis National
Stockyard 4s, 1930
Washington Water Power 5s, 1939
Union Tank Line
Vacuum Oil
Dick, Gregory & Go.
36 Pearl St.
HARTFORD
Alt. Coal & Iron 1st 5s
Aetna Explosives 6s, 1945
S. O. of Kansas
LOUIS
COMPANY
National City Bank
Guaranty Trust
Equitable Trust
Central Trust
Chase National Bank
Securities
NEW YORK
BOND DEPARTMENT
NEW YORK
Investment
25 Broad St.
of
5s, 1946
N. Y. Central Ref.
ST.
CO.
securities
4^s, 1939
Members New York and
&.
in
South.
.
Minn. St. Ry. & St. Paul
City 6s, 1928
Louisv. Henderson & St. L.
MILLER
Request.
ROSENBAUM
specialize
Mississippi Valley and the
Montgomery
Cuban Gov't 4^s, 5s, 6s
Preferred and Common Stocks
BOUGHT AND SOLD
Circular
Tel. 20
the
Jersey City, N. J.
5s, 1925
SAMUEL K. PHILLIPS&CO.
We
OUTWATER & WELLS
BAKER, CARRUTHERS
Bonds-Bank
15
BROAD ST.,
NEW YORK
—
& PELL
Stocks
Oil Stocks
Phones
5161
to
Standar
5169
Hanover
OCT. 6
1917.]
THE
CHRONICLE
xin
^financial
J'fomutal
Timber
H. M. Byllesby & Company
LYON, GARY & COMPANY
Incorporated
Engineers
Managers
Bonds
Continental Timber Land Company, New Issue
Great Northern Lumber Company, New Issue
.
.6s
!6s
Bagdad Land & Lumber Company...
and
Operate Electric
Gas,
Street
Company
Carpenter-O'Brien Company
Fischer Lumber Company..
and
„_6s
Alston & Lulu Fairservice..
Light,
Railway
Water Power
6s
Cameron Lumber
Purchase, Finance, Construct
__6s
6s
6s
Kentucky-Tennessee Property Company
Leona Mills Lumber Company..
The Lyon
Company
I
The Mowbray & Robinson Company
Merrill & Ring Logging Company...
Menzies Bay Timber Company, Ltd
Southern Timber Company
Stack Lumber Company.
West Side Lumber Company
6s
„.._.6s
....
Properties.
Examinations and Reports
WE
UTILITY
SECURITIES
BOUGHT
AND
NEW
220 So. La Salle St.
IN
6s
6s
6s
6s
6s
...
.6s
SPECIALIZE IN TIMBER SECURITIES AND ARE
TOUCH WITH THE MARKET FOR ALL ISSUES.
SOLD.
CHICAGO
6s
...
Bids, Offers and Inquiries Invited
Lyon, Gary & Co.
YORK
1220 Trinity Bldg.
208 So. La Salle Street,
CHICAGO
F.B. HITCHCOCK & CO.
First Federal Reserve
NEW YORK LIFE BUILDING
Trust Company
We
believe
mention
it
that
Company
in
CHICAGO, ILLINOIS
is
Worthy
the
first
New
eral
Trust
York
a
Broadway
Trust
To-day
this
remains
'■5S® -35•'
BONDS
Company
which joined in August,
>
of
to
member of the Fed¬
Reserve System was the
become
39 SOUTH LA SALLE STREET
1915.
the
Institution
still
pany
only Trust Com¬
member in the State of
New
York.
<
Our
deposits on August 1,
.1915, were $20,585,000.
On August 1, 1917, they had
increased
to
$31,948,000.
CHICAGO
Capital, Surplus and Undivided Profits
-
$16,400,000
•
This
growth indicates that our
patrons
have confirmed our
judgment in joining the system,
of which all national banks in
the country are also members.
Pays Interest
Accounts.
Broadway Trust Company
on
Time
Has
.
Deposits, Current and Reserve
change.
Deals in
Transacts
on
hand at all times
cellent securities.
Foreign Ex-
a
a
variety of
ex-
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
FREDERICG. LEE,President
Woolworth Building,
New York
Weekly List
'
■
If There Is A Market We Can Find It
of
Current Bond
We
hold
sales
and bonds every
charging
\
for each
of
stocks
will be mailed upon request
Wednesday,
$1
entrance
fee
item.
Our weekly
A. B, Leach & Co.
catalogues and postal card service
Investment Securities
reach
every
market.
We take
pleasure in furnishing quotations.
62 Cedar
St., New York
PHILADELPHIA
Barnes
Offerings
105 So. La Salle St., Chicago
BUFFALO
BOSTON
BALTIMOB1
& Lofland
Stock Brokers Sc Auctioneers
Acta
)
47 S. 4th
F.
St.,
Philadelphia
WM.
KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
817-520
111
HARRIS
TRUST
BUILDING
WEST MONROE STREET
CHICAGO, ILL.
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Girard
Trust
Gompany
PHILADELPHIA
Chartered
1|836
Registrar and
Transfer
Agent.
CAPITAL and
SURPLUS, $10,000,000
Interest allowed
on
deposits.
E. B. Morris, President*
THE
xrv
[Vol. 105.
CHRONICLE
fHeeUngs
SivtmtiaX
the new york, new haven and hart¬
ford railroad company
To the Stockholders of the New York, New Haven
Hartford Railroad Company:
ana
Notice is hereby given that the Annual Meeting
of the Stockholders of The New York, New Haven
The
Your Interest and
12:00 o'clock noon,
To consider and take appropriate action
1.
S'
the Statement of the affairs of The New
York, New Haven and Hartford Railroad Com¬
pany for the year ending December 31, 1916,
and all acts described therein or reported at said
upon
Inseparable.
are
Connecticut, on Wednesday, the
of New Haven,
24th day of October, 1917, at
for the following purposes:
►
New
and Hartford Railroad Company will be held in
Harmonie Hall, No. 9 Elm Street, in the City
meeting.
2.
To elect
'
of Directors to serve
until their
shall have been elected and qualified.
until the next
successors
a
Board
annual meeting and
3l
To act upon proposed amendments
Stockholders' by-laws as follows:
to the
by changing the date for
the Annual Meeting of the Stockholders from
.the fourth Wednesday of October in each year
to the third Wednesday of April in each year,
and by striking out the words "Chairman of
the Board" and inserting in lieu thereof the
word "President", so that said article as amended
shall read as follows:
r
%
"III.
The annual meeting of this corpora¬
tion at which directors shall be chosen, shall be
held in the City of New Haven, Connecticut,
on the third Wednesday of April in each year
at 12 o'clock M., at such place as shall be fixed
by the President or Directors."
Amend Articles IV, VII and IX by striking
out the words "Chairman of the Board" when¬
Amend Article III
Bonds.
Loan
Your
Do
Do
Your
duty
Country.
Your
to
duty to the soldiers and
.
sailors who will
fight for You. Your
Country needs Your
on
money to carry
successful warfare—the
Your
of warfare
ever
only kind
they occur and inserting in lieu thereof the
said articles as amend¬
word "President" so that
ed shall read as follows:
Country has
ever
special meeting of this corporation
A
"IV.
be called at any time by order of the Board
shall beheld in the City of New
Haven at such hour and place as shall be fixed
may
waged.
v
Subscribe
to
the
of Directors and
v
new
4% Liberty
Loan
today.
pany
especially invites You to sub¬
scribe at any
The Union Trust Com¬
of its offices.
by the President or Directors."
"VII.
For each annual and special meeting
of the Stockholders the Board of Directors
shall appoint two tellers to receive and count
he
ft; votes cast thereat. In case of the failure of
At.
the Board of Directors to make such appoint¬
ment, or in case of the failure or inability of
either or both of the tellers to serve at such
meeting, the President shall appoint another
teller, or tellers, in his, or their, places."
"IX.
All the meetings of this Corporation
presided over by the President when he
present."
business which may
properly come before said meeting.
For the purpose of this meeting the transfer
books of the Company will be closed from Octo¬
ber 10th to October 24th, 1917, both days inclu¬
shall be
shall be
BRANCH
8o
425 Fifth Ave.
BRANCH
Broadway
786 Fifth Ave.
,
To transact any other
4.
sive.
'
this first
,
.
Dated at New
Capital and Surplus $8,500,000
Haven, Connecticut,
„
.
day of October, 1917.
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
!l!i!ll!iiII!:ill!i!i!ll!lll!ill!illlil!i!i!!M
notice
of
special
meeting
stockholders
<
of
Notice is hereby given that a Special Meeting
of the Stockholders of the New York, New Haven
and Hartford Railroad Company will be held.in
•
SPECIAL
NOTICE
No. 9 Elm Street, in the City
Connecticut, at three o'clck in
twenty-fourth day of Octo¬
ber, 1917, if the Annual Meeting shall have ad¬
journed at that hour; if not, then immediately
upon the adjournment of said Annual Meeting,
Harmonie
of
To Holders of First Consolidated Mortgage Thirty Year Five Per
Gold Bonds of Ft. Wayne
Cent
& Wabash Valley Traction Company,
due March 1st, 1934.
V'1 : •
;
The Committee invites the holders of the said bonds to
of the bondholders.
"
file with the Depositary, and a copy.of which
The Committee requests that the bondholders
now on
to
the
of this
charter
tained in an Act of the
#
deposit them
before November 15th, 1917, with the Commercial Trust Company,'
City Hall Square, Philadelphia, which has been appointed Depositary,
or with its agent, The
Fidelity Title & Trust Company, Pittsburgh,
Pa., for which Certificates of Deposit will be issued under a bondholders'
on or
of the amend¬
corporation con¬
General Assembly in the
State
of Connecticut,
approved May 15th,
•1917, entitled:
"An Act Amending the Char¬
ter of The New Y^ork, New Haven and Hart¬
ford Railroad Company," in reference to the
issue of shares of preferred stock.
2.
To act upon the acceptance of the amend¬
ment to the charter of this corporation con¬
tained in an Act, passed by the Commonwealth
of Massachusetts, approved May 25th, 1917,
entitled:
"An .Act Relative to the Issue of
ment
in the payment of the interest due Septem¬
ber 1st, 1917, under the terms of the mortgage, dated March 1st, 1904,
to The Trust Company of North America, Trustee {the Commercial Trust
Company having been subsequently substituted as such Trustee), executed
by Ft. Wayne & Wabash Valley Traction Company to secure an issue of
its bonds, due March 1st, 1934, the undersigned, owning and representing
large amounts of said bonds, have formed a Committee for the protection
is filed with said agent.
shall deposit their bonds
Hall,
Haven,
for the following purposes:
1. To act upon the acceptance
Default having been made
protective agreement
New
the afternoon of the
.
Preferred Stock by The New
and Hartford
York, New Haven
Railroad Company.
3. To act upon a proposition
the issue of not exceeding four
to authorize
hundred and
fifty thousand (450.00Q) shares of cumulative
preferred stock of the par value of one hundred
dollars ($100) each, the holders of which shall
be entitled to receive out of the annual net in¬
come
ing
dividends of not exceed¬
of the Company,
seven per
centum per annum.
_
this meeting the transfer
will be closed from Octo¬
October 24th, 1917, both days in-
promptly as the right of deposit will empire on
November 15th, 1917, unless the time is extended as provided in the agree¬
purpose of
books of the Company
ment.
elusive
the
For
ber
10th
to
.
Dated
Committee:
E.W.CLARK,
CYRUS S. GRAY,
A.A.JACKSON,JOHN II. MASON,
C. S. W. PACKARD,
R. LANCASTER WILLIAMS,
P. M. CHANDLER, Chairman.
J. K. TRIMBLE,
Secretary,
Franklin Bank Building,
Philadelphia.
at
New
Haven,
Connecticut, this first
day of October, 1917.
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
the
rio
grande
Denver,
southern
rr. co.
Colorado,
September 15th, 1917.
of the stockholders of The
Railroad Company, for the
election of Directors and for the transaction of
such other business as may be brought before the
meeting, will be held at the principal office of the
Company in the City of Denver, State of Colorado,
on the third Monday of October next, being the
15th day of said month, at 12 o'clock noon.
The transfer books
will be closed at three
o'clock p. m. on October 5th and reopened on the
morning of October 22nd, 1917.
JOHN B. ANDREWS,
The Annual Meeting
Rio Grande Southern
Secretary.
W. H. Goadby
Members New York
0.74 BROADWAY
J
& Co.
Stock Exchanse
NEW YORK
OCT. 6
XT
CHRONICLE
THE
1917.]
Jfinatufal
jHeetings
GRANDE
THE DENVER & RIO
RAILROAD COMPANY
165 Broadway, New
To the stockholders
WE
of
v
Company:
DUCTED
held* at the principal office of the Company in
Denver, Colorado, at 12 o'clock noon on Tuesday,
October 16, 1917.
The meeting will be held for
the election of directors and for the transaction
of any other business pertaining to the Company
that may properly be brought before it.
There will be presented and submitted to and
acted upon by said meeting a proposed amend¬
ment
to
the Certificate of Incorporation and
Agreement of Consolidation of the Company,
providing for construction, acquisition and oper¬
ation of lines of railway, telephone and telegraph
other than those designated and specified in said
Certificate and Agreement, to be effected by add¬
ing to Article XI, Section Third, of said Certifi¬
cate of Incorporation and Agreement of Consoli¬
dation the following additional subsections or
route.
From
51.
a
County,
THAT
ANNOUNCE
WITHDRAWN
THE
AND
AS
FIRM'S
GEORGE
OUR
FIRM
BUSINESS
•'
v."
'
MR.
FROM
•••
F.
TYLER
AS
A
HERETOFORE
v.-":'
^ f.
HAS
SPECIAL
CON¬
V;
MONTGOMERY, CLOTHIER & TYLER
WILL
BE
FIRM
NAME
CONTINUED
THE
BY
ERSIGNED
UNDER
ROBERT
L.MONTGOMERY
WILLIAM
WALTER
THE
OF
!
MONTGOMERY & CO.
THEODORE
J. CLOTHIER
ROOSEVELT, JR.
;
MICHAEL GAVIN
C. JANNEY
EDWARD
HARRY
paragraphs numbered 50, 51, 52, 53 and 54:
50.
From a point at or near Cokedale,. in
Reilly Canon, in Las Animas County, Colorado,
in a general northwesterly or northerly direction
along Reilly Creek or its tributaries, by the most
feasible route, to the divide between the drainage
of Las
Animas or Purgatoire River and
the
Apishapa River, and continuing thence into the
valley of said Apishapa River to some point at or
near the Village of Gulnare in said valley, all in
said Las Animas County, a distance of 15 miles,
more or less; with extensions, branches and spurs
to mines and industries in the vicinity of said
Taos
TO
DAY
PARTNER
of the stockholders of The
Grande Railroad Company will be
The Annual Meeting
Denver & Rio
BEG
THIS
Railroad
Rio Grande
The Denver .&
PARTNERSHIP NOTICE
York, U. S. A.
PHILADELPHIA
E.
P. CURRIER
MARLOR
PITTSBURGH
NEW YORK
October 1st, 1917.
'
point at or near Ojo Caliente, in
New Mexico, in a general north¬
westerly direction along the Ojo Caliente
La Madera, in Rio Arriba County, New
River to
Mexico,
Metropolitan
passing through or into said Taos and Rio
Arriba Counties, a distance of 4 miles, more or
less; with extensions, branches and spurs to mines
and industries in the valley of said River and its
Trust Company
tributaries.
OF THE CITY OF NEW YORK
and
52.
„
From a point at or near
Helper, in Carbon
County, Utah, in a general westerly direction
along Spring Canon Creek and its tributaries, to
Rains, all in said Carbon County, a distance of
7 miles, more or less; with extensions, branches
and spurs to mines and other industries in the
vicinity of said route.
53.
From a point at or near Thompson, in
offers
War
ness or
has mean*
and
a
"blow-up" for the busi¬
that's run on taking
tutions.
Why not try to insure your business
"your 1918 profits
Reports?
subscribing for
by
Babson's
GEO. C. VAN TUYL, Jr.,
President
•
Avoid worry.
Cease depending on rumors
or luck.
Recognize that all action is followed
BEVERLY CHEW,
Vice-President
equal reaction.
Work with a definite
policy based on fundamental statistics.
by
EDWIN F. ROREBECK,
2d Vice-President
Particulars Sent Free
Address Dept.
FC-19 of the
J. F. McNAMARA,
3d Vice-President
Babson Statistical Organization
thence
H. B. THORNE,
WELLESLEY HILLS, MASS.
4th Vice-President
Largest Organization of its Character
the World.
and Uintah Counties, Utah,
miles, more or less; also with a
point south of For.t Duchesne
Military Reservation on the 'above described
route, easterly along the Duchesne River to a
Wasatch, Duchesne
distance of 132
in
BERTRAM CRUGER,
Treasurer
branch from said
GEO. N.
Capital and Surplut
l
Uintah County, and
all in Uintah County,
25 miles, more or less;
and spurs to
distance of
extensions, branches
mines and industries
this sub-section 54.
The books for the
along
Utah,
together with
communities,
the routes specified in
in
Preferred, will be
meeting at twelve
o'clock noon on Saturday, September 15th, 1917.
and will be reopened at ten o'clock A. M., on the
day following the' annual meeting, or the final
•adjournment
•
^[Their
;
ities
THE
CHESAPEAKE & OHIO
„
ANNUAL
com¬
bought
RAILWAY CO.
secur¬
offered
N.BOND & CO.
to investors.
Commercial Paper
NOTICE OF
STOCKHOLDERS'MEETING.
New York,
September 20, 1917...
$7,000,000
60 Wall Street
and financed.
HOWLAND, Secretary.
September 10th, 1917.
flrowin^
munities
thereof.
JOHN P.
J-.
Public Utilities
transfer of the Stock of the
Company, both Common and
closed for the purposes of the
HARTMANN,
Secretary
the vicinity of the Town of. Ouray in said
Soint near its confluence with Green River at or
a
clients and cor¬
respondent financial insti¬
investment policy
chances.
northeasterly across the
Asphaltum Ridge to the Town of Vernal, in
Uintah County; the same passing through or into
a
INSURANCE
County,
Reservation;
complete banking
to business
WAR
Utah, in a general northerly
direction, along the drainage of Thompson, Wash.,
to Neslen, air in said Grand County, a distance
of 5 miles, more or less; with extensions, branches
and spurs to mines and other industries in the
vicinity of said route.
54.
-From a point at or near Soldier Summit
in Wasatch County, Utah, in a general north¬
easterly direction by the most feasible route across
the divide between the Price River and the Straw¬
berry River, and along the valley of the Straw¬
berry River, to the town of Duchesne; thence in
a general easterly direction along the valley of the
Duchesne River, via the most feasible route, to
some point south of the Fort Duchesne Military
Grand
a
service of the highest order
Municipal Bonds
,
that the Annual Meeting
of the Stockholders of the Chesapeake & Ohio
Railway Company will be held at the general
office of the Company in the City of Richmond,
Virginia, on Tuesday, October 23, 1917, at eleven
o'clock a. m„ (a) for the election of Directors,
(b) for the purpose of considering all action here¬
tofore taken or authorized by the Board of Di¬
rectors or by the Executive Committee of the
Company which may be submitted to the meeting,
and (c) for the transaction of such other business
as may lawfully come before the meeting, includ¬
ing the amendment of the first sentence of Sec¬
tion 1 of Article I of the by-laws of the Company
60 as to read as follows:
"Regular annual meetings of the stockholders
for the election of directors from among their
number and the transaction of such other business
as
come before the meeting for
may properly
action shall be held on the Tuesday preceding the
last .Tuesday of April in each year at 11 o'clock
A. M. at the general office of the Company in
the City of Richmond, Va."
|*fc»The stock transfer books will be closed at the
office of the Company, No. 71 Broadway, New
York City, on Friday, September 28, 1917, at
Notice is hereby given
1
111
New York
Broadway
60 State Street,
Middle
West
W. F. Baker,
Boston
Manager Bond Dept.
Utilities Co.
72 West
Adam St.
CHICAGO, ILLINOIS
AMERICAN
We will buy or
sell
ACME WHITE LEAD &
,
CO.
CORDAGE
COLOR
WORKS 1st 6s
o'clock p. m., and will be reopened on
Wednesday, October 24, 1917, at ten o'clock a.m.
MFG.
MANILA, SISAL, JUTE
three
By order of the
JOEL STOCKARD & CO.
Board of Directors.
CARL REMINGTON, Secretary.
I
Main Floor-Penooscot
BId'fl, DETROIT
Noble & West Streets,
Brooklyn, N. Y. City
uvi
CHRONICLE
THE
[VOL. 105.
Jftnanrtal
War Revenue and
These two acts embody all of the
Federal Tax laws which
of vital im¬
are
portance to the commercial and financial world.
•
To provide its friends with the complete official text of these laws in
venient
form,
the
National
book which contains:
I.
.
II.
Bank of Commerce
in
New York
con¬
prepared
a
'
(
The War Revenue Act,
The
has
Income
amended to
Tax
approved Oct. "3,1917.
as
Law
of
Sept. 8, 1916, as
date, together with pertinent sec¬
tions of the War Revenue Act.
Copies will be mailed
request.
upon
Bfbf&enbg
JDibftmtsg
*
New York, October 3, 1917.
PUGET SOUND TRACTION, LIGHT &
TO the Holders of Prior Preference Stock of
Pere Marquette Railway
(Massachusetts Corporation)
STATE OF WASHINGTON.
per'share
(1 M%) was declared upon the Prior
Preference Stock of Pere Marquette Railway Com¬
pany, payable November 1, 1917, to stockholders
of record October 15,
1917, without the closing
of the transfer books.
M, HEBERD,'
Assistant Secretary.
Referring to the foregoing notice, the Voting
Trustees will .upon the receipt of the dividend
therein mentioned, cause the same to be distrib¬
uted through their agent, Guaranty Trust Com¬
pany of New York, pro rata among the holders of
•Voting Trust Certificates for Prior Preference
Stock of Pere Marquette Railway
Company as
the same appear on the books of the
Voting
Trustees at the close of business on October
15,
1917, without the closing of the transfer books.
Checks will bo mailed to such holders.
Dated New York, October &, 1917.
BEEKMAN WINTHROP,
Secretary of Voting Trustees.
PREFERRED DIVIDEND NO. 21.
A
quarterly dividend of Seventy-Five Cents
share has been declared on the Preferred
capital stock of Puget Sound Traction, Light &
Power Company, payable October
15, 1917, to
Stockholders of record
October 6, 1917.
this
in
nished
the
to
of
payment
stockholders
the
dividend
will
be
at the addresses last fur¬
Transfer Agent.
G. C. HAND, Secretary.
close
of
UNITED STATES
pany, to Stockholders of record at 3 P. M., on
Monday, October 15th, 1917, payable, without
closing of the Transfer Books, October 31st, 1917.
W.
G.
A
dividend
paid
on
holhers
of Two
Monday,
of
record
Dollars per share
October
at
the
15,
1917,
close
Saturday, September 29, 1917.
DETROIT UNITED RAILWAY
of
to
will be
stock-
business
on
.
A. E. PETERS, Secretary.
Detroit, Mich., Sept. 26, 1917.
Superior Steel Corporation
\Yi
Stock,
per
cent
payable
was
a
Special Dividend
record at the close of business
1917.
on
the
Common
November 1st, 1917, to stock¬
15th, 1917.
C .H. FOSTER,
Secretary.
on
October
13th,
Checks will be failed.
C. C. DUPRAT, Treasurer.
Office of
H.
M. BYLLESBY & COMPANY
Engineers
Managers
(
Chicago
The Board Of Directors of the Northern States
Power Company has declared the regular
quarter¬
ly dividend of One and Three-Quarters Per Cent
(1 ZA%)
on
the Preferred Stock of the Company,
Eayableof record October 15th,businessto stockby check of the close of 1917, Septem¬
olders
ber
29th, 1917.
ROBERT
The Directors have this day declared
($2.00) per
Company
20,1917, to stockholders of
record October
10,1917, as shown on the books
of the
Company.
the Capital Stock of- Swift &
will be paid October
HAYWARD, Secretary
KELLY-SPRINGFIELD TIRE
INSPIRATION CONSOLIDATED COPPER CO
a dividend
82 per share, payable Monday, October 29,
1917, to stockholders of record at 3 o'clock P. M.,
Thursday, October 11, 1917.
J.
GRAF,
Secretary. '
of
(Dividend No. 126)
Special Dividend of Two Dollars
CO
($1) per
share on the Common Stock of this Company has
been declared, payable Nov, 1, 1917, to stock¬
holders of record at the close of business Oct. 15,
1917.F. A. SEAMAN, Secretary.
New York, October 2,1917.
February 2nd, 1917, on the Common Stock of th®
American Beet Sugar Company, is payable on
October 31st, 1917, to Common Stockholders of
as
Chicago
quarterly dividend of One Dollar
THIRD INSTALLMENT OF
DIVIDEND ON COMMON STOCK.
Notice is hereby given that the third installment
amounting to Two (82) Dollars per share, of the
dividend of Eight ($8) Dollars per share, declared
quarterly dividend
declared
October 4, 1917.
General Motors
AMERICAN BEET SUGAR COMPANY.
SUPERIOR STEEL CORPORATION
of
of
H. H. RICE, Treasurer.
"
,
At the regular meeting of the Directors of the
Swift & Company
A
Directors
holders of Preferred Stock of record at the close
of business October 15, 1917; and also the
quar¬
terly dividend of $3 per share upon the Common
stock of the Corporation, payable November 1,
1917, to holders of Common stock of record at the
close of business October 15, 1917.
MILNE, Treasurer.
holders of record October
F. S.
of
,
the Capital Stock of this
Company, has been
declared, payable December 1, 1917, to stock¬
holders of record November 15, at 3 o'clock P. M.
on
Board
Corporation has declared the quarterly dividend
of 81 50 per share
upon the Preferred Stock of
the Corporation, payable November
1, 1917, to
September 24, 1917.
on
share
GENERAL MOTORS CORPORATION.
PARSONS, Treasurer.
American Telephone & Telegraph Co.
ELECTRIC COMPANY,
HOCKENBEAMER,
Francisco, California. September 29, 1917.
The
The Board of Directors of the United States
Rubber Company has this day declared from its
net profits a quarterly dividend of Two Per Cent
(2%) on the First Preferred Stock of the Com¬
Dividend No. 54.
A quarterly dividend of Two Dollars
per share,
being at the rate of Eight Per Cent per annum,
Union Stock
Yards,
San
WEBSTER,
RUBBER CO.
&
Vice-President and Treasurer.
business
1790 Broadway, N. Y., October 4th, 1917.
GAS
A. F.
Transfer Agents.
G. D.
_
PACIFIC
a
of^the current fiscal year, payable October 15,
Checks
&,
•
Company, from surplus earnings
mailed to
the
at
STONE
KANSAS CITY SOUTHERN RY. CO.
No 25 Broad St., N. Y.,
Sept. 18, 1917.
A quarterly dividend of ONE
(1) PER CENT
has this day been declared
upon the Preferred
of
the Common Capital Stock of this
Company, for
the three months ending September
30, 1917, will
be paid on October 15, 1917, to
shareholders of
record at 12 o'clock noon, September
29, 1917.
The Transfer Books of the
Company will not be
closed.
Checks for the dividend will be mailed.
per
THE
Stock
COMMON STOCK DIVIDEND NO. 12.
A quarterly dividend of 81 25
per share, upo*
POWER COMPANY
Company
At a regular meeting of the Board of Directors
hold October 3,1917, a quarterly dividend of SI 25
E.
PACIFIC GAS & ELECTRIC CO.
DIVIDEND
AMERICAN
New York, September 27, 1917.
J. W. ALLEN, Treasurer.
DIVIDEND NO. 4.
At
meeting of the Board of Directors of MidCompany, held Wednesday,
October 3, 1917; a quarterly dividend of One
Dollar and Fifty Cents (SI 50) per share was de¬
clared, payable November 1, 1917, to stock¬
holders of record at close of business October
20,
a
vale Steel & Ordnance
1917/
Books
will
remain
WM. B.
open.
DICKSON, Treasurer.
OF
THE
LIGHT & TRACTION
COMPANY.
The Board of Directors of the above
at
MIDVALE STEEL & ORDNANCE COMPANY.
NOTICE
a
Company,
meeting held October 2nd, 1917, declared a
Cash Dividend of One and One-Half (1H%) Per
Cent on the Preferred Stock, a Cash Dividend of
Two and One-Half (2t£%) Per Cent on the Com¬
Stock, and a dividend at the rate of Two and
One-Half (2 34) Shares of Common Stock on every
hundred (100) shares of Common Stock out¬
mon
one
standing,
all payable-November
1st,
19t7r--
The Transfer Books will close at 3 o'clock P.
October 10th, 1917, and will reopen at
on
o'clock A. M,
on
~
M.,
ten
October 29th, 1917.
C. N. JELLIFFE. Secretary.
OCT. 6
THE
1917.]
CHRONICLE
©ibtbenlJS
Office of
M. BYLLESBY & COMPANY
H.
.
Managers
Engineers
Chicago
The Board of Directors of the "Western States
Gas & Electric Company of Delaware has
declared
dividend of One and Three-
the regular quarterly
'
Preferred Stock
of the Company, payable by check October 15th,
1917, to stockholders of record as of the close of
business September 29th, 1917.
Quarters P£r Cent (1 % %) on the
ROBERT J. GRAF, Secretary.
h u
Office of
H. M. BYLLESBY &
n a
■
■
COMPANY
Managers
Engineers
2. The
Chicago
The Board of Directors of
the Ottumwa Rail¬
"
Guaranty Plan
& Light Company has declared the regular
quarterly dividend of One and Three-Quarters
Per Cent (I H%) upon the Preferred Stock of the
Company, payable by check Ocbtoer 15th, 1917,
to stockholders of record as of the close of business
Should automobiles be sold
September 29th, 1917.
conservative banker approves of
way
ROBERT J. GRAF, Secretary.
Managers
Engineers
Chicago
>
be premised
identifiable merchandise, insured against prac¬
tically all the hazards that inhere in the transaction,
sold to individuals who establish adequate equity by
substantial down-payment, and who have credit re¬
sponsibility undoubtedly sufficient for the debt in¬
volved. The entire debt should be completely liquid¬
ated in a period considerably shorter than the useful
Installment banking, to be sound, must
The Board of Directors of the Northern States
upon
has declared the regular quar¬
terly dividend of One and Three-Quarters Per
Cent on the Common Stock of the Company,
Power Company
payable by check October 20th, 1917, to stock¬
holders of record as of the close of business
September 29th, 1917.
ROBERT J. GRAF, Secretary.
Office
of the
.
CONSOLIDATION COAL COMPANY.
Baltimore, Md., October 1st, 1917.
The Board of Directors has declared a quarterly
dividend of One Dollar and a Half ($1 50) per
share on its Capital Stock, payable October 31st,
1917, to the stockholders of record at the close of
business October 20th, 1917.
The transfer books
will
remain
Dividend
open.
checks
life of the merchandise
K.
serial and motor numbers.
be
will
purchaser is required to pay down one-third the
price of the car or more and to pay for insurance
•against fire, theft and conversion. This insurance is
for the protection of all parties as their interests may
appear,
■-sV
-X
The
STUART,
Assistant Treasurer.
ELECTRICAL UTILITIES CORPORATION.
71 Broadway, New York.
I
I
PREFERRED STOCK DIVIDEND NO. 30.
The
quarterly dividend of
One and OneQuarter (114%) Per Cent on the Preferred Stock
of the Electrical Utilities Corporation for the
quarter ending September 30,
1917, has been
declared, payable October 15, 1917, to the Pre¬
ferred stockholders of record at the close of busi¬
ness October 8, 1917.
C. M. HAMILTON, Secretary.
Each purchaser must
=£■
with
depreciation. The average
four and three-quarter years.
FRED CLARK, Secretary.
Charts showing these
any
August 31, 1917. Of more .than $39,000,000. of
bought to date losses have amounted to
$29,516.05. $32,498.236 09 of this paper has matured,
$32,451,142.40 has been paid.
1917.
L. PERCEY,
Should
nately,
United Gas Improvement Co.
N. W. Corner Broad and Arch Streets.
Philadelphia, September 12, 1917.
The Director* have this day declared a quar¬
terly dividend of Two Per Cent ($1 per share),
payable Oct. 15. 1917, to stockholders of record
at the close of business Sept. 29, 1917.
Checkswill be mailed.
r
I. W. MORRIS, Treasurer.
The
sold
be
on
time?. Indiscrimi¬
Under restrictions that yield the fore¬
Based on such paper there are issued'Collateral Trust
Securities maturing in from 2 to 10 months, which
have been
out
purchased by the foremost banks through¬
a total of $30,214,000.
the U. S. to
we send yon our new booklet in which are
detail ihs full facts relating to this farm
May
INTEROCEAN OIL COMPANY,
in
90 West Street, New York.
Board of Directors has this day declared a
six months' dividend of three and one-half (3 *4)
ment?
The
It discuses
if k topics-
as
,
presented
of invest¬
the following:
Self Liquidation;
cent on the First Preferred stock, payable
November 1st, 1917, to stockholders of record
October 20th, 1917.
GEO. w. S. WHITNEY, Secretary.
per
New York,
automobiles
no.
going results, emphatically-^-yes.
„
THE
collections will be gladly sent
other investor.
to
Treasurer.
Office of
or
paper
33) will be paid on October 15, 1917, to stock¬
holders of record at the close of business on
No
W.
bank
All bad and doubtful debts have been charged off up
regular quarterly dividend of $1 76 per
the outstanding First Preferred Capital
(being
First
Preferred
Stock
Dividend
on
September 30.
life of motor cars is
Convincing proof of the economic soundness of. the
Guaranty Plan is provided in the collection record
extending from the inception of the business to the
present time.
SOUTHERN CALIFORNIA EDISON CO.
Edison Building, Los Angeles, Pal.
Stock
signed statement and
His general credit
Monthly payments on passenger cars may not exceed
ten months, so that they far more than keep pace
Dividend Disbursing Agent.
The
a
proof of his ability to pay.
standing is investigated.
.
share
submit
other
HOMESTAKE MINING COMPANY.
October 2, 1917.
DIVIDEND NO. 518.
The Board of Directors has to-day declared a
monthly dividend of Sixty-Five Cents (65c.) per
share, payable October 25, 1917, to stockholders
of record at twelve o'clock noon October 20, 1917.
Checks will be mailed by Columbia Trust Com¬
pany,
bought.
Guaranty Plan is available only on standard
makes of cars, produced by manufacturers of ample
capital.
Of course, every car is identifiable through
The
mailed.
T.
the most
the application of
ordinary commercial credit to wholesale transactions
involving the purchase and sale of automobiles as
well as any other new standard merchandise.
Office of
BYLLESBY & COMPANY
H. M.
time you ask?
on
Take sales at retail for instance, for even
.
October 3rd, 1917.
Maturities;
Margin of Security; ■Volume of Paper;
Insurance Protection;
10,000 Name Paper;
Collection Record of Underlying Collateral;
Vocational Diversification of Underlying Names;
'
Geographical Distribution of Underlying Names;
Credit Check on Underlying Collateral.
£23anteb
Former partner ot two promi*
nent
New York Stock
liB
GUARANTY
Exchange
stitutions
and
individuals
SECURITIES
CORPORATION
Incorporated under the banking laws of the State, of New York
Banking and Investment Houses
with foreign connections, pos¬
sessing valuable and extensive
acquaintance with financial in¬
Capital $ 1 ,dP0,003.00.
-
Undivided Profits $218,698;02.
NEW YORK CITY
120 BROADWAY
Sin Francisco
AfiThfc dv:i:'iG
in
.:2r.n y
-
Montreal
Banking Corporation, Chicago
New York and
country,
throughout the
desires to connect him¬
well known and sub¬
self with
a
stantial
financial
the
house,
with Utah Gas & Coke
5s, 1936
object of obtaining, origi¬
LUDWIG
Central N. Y. Gas & El. 1st 5s,'41
nating, and developing business
in Bonds, Stocks, and Notes.
Yadkin River Power Co. 5s, 1941
Address "A. B. C.," Commer¬
W. L. NASON & CO.,
cial & Financial Chronicle, P. O.
Box 3,
Wall St. Station, N. Y.C.
85 Devonshire St.
BOSTON
Successors to T.
&
CRANE
W. Stephens & Co.
Investment Securities
61
Broadway
New York
xvrn
THE
CHRONICLE
[Vol. 105.
jfimntial
MILK
PRICE
ANNOUNCEMENT
BY
BORDEN'S
FARM PRODUCTS
The
price
of milk at
the
effective October 1, 1917.
farm
is
again
Effective
increased,
It naturally follows that
The
producers have named
for each one-tenth of
a
price of $3 10
butter-fat, with
an
"Borden
Cwt.
per
and at
the quality of the milk purchased by this Company in
your
October will average at least 3.9% butter-fat.
over
per
These 9
Cwt.,
>
an
increase of
lV^c.
in
our
proper
Borden responsibility to
temperature.
v
.
'
•
,
...
:
.13
.16
.21
Cream____
.07
Milk, Grade
.14
Qts. Fluid Milk, Grade B_
Qts. Selected Milk Past., Grade A .15
Qts. Certified Milk, Grade A___ .20
Qts. Buttermilk.
.10
This makes necessary an Increase of at least
per quart
a
door:
Pts. Fluid
per quart over
present prices to the producer.
iy2c.
Metropolitan District
Half Pts. Route Cream
quart.
This is
Three-Way Service"
Half Pts. Extra Heavy
approximately 7He.
or
;
...
Half Pts. Condensed Milk
3 % add 36e. to the base price of S3 10, making
total cost of S3 46 per
follows:
Delivered at your home, in properly protected packages
month and the record of October milk of former years,
a
1917, and until further notice,
as
Home Service—In
4 Judged by the fat content of the milk purchased this
points
1,
additional 4c.
cent of butter fat.
one per
October
selling prices will be
our
selling prices must also be increased.
for milk containing 3%
COMPANY, Inc.
selling prices.
We fear that in view of the present very large decrease
in sales, this price increase will not be sufficient to
Store Bottle Service—In New
cover
the increased cost of milk and the greater fixed
expense
per
unit, resulting from decreased volume of business, and
leave
a
profit of one-half cent
per
living,
we
have decided to defer
any
opportunity to learn from
extent to which the
decreased
volume
decrease
in
as we
have
sales
as
sales
be
under
prices
present
October
1st
A
study
in
of
the
latest
sales, if experienced,
necessary
costs
under
particularly the effect of
in the
near
may
make
a
a
present
'
Milk, Quarts
13Vic each
Milk, Quarts
12V2C each
Plus bottle
our
deposit of 5c.
Bulk Milk Service—In New
price
York
City
Grade "B"
Milk, Creams, Buttermilk and Pot Cheese
delivered in cans to stores for sale in bulk, you furnishing
the container.
The minimum of delivery service on our
part, the maximum of service on your part.
Grade "B"
Milk, the product in which the public is chiefly interested
reduced
;
!
/
prefer to forego
temporarily and to make
necessities of the
situation rather than possibly to add
an
■'
have
reasonable profits
unnecessarily to
.
further advance
•
we
City
Grade "B"
further decrease
future.
However, under present conditions
York
delivered at stores for dis¬
Grade "A"
adjustments.
volume and
■
an
to observe the extent of any
following
follows:
as
t
records and accounts of the
disposition of surplus milk and
of
increased costs, as'well
further
our
we are
increase beyond
the lMc. forced upon us, until such time
cream
tribution by them, you taking delivery at the store. Less
delivery service on our part, and more service on your part.
Our delivered prices on quart packages to stores will
However, in
quart.
view of the present trying conditions under which
all
Our bottled milk and
sure
already burdensome situation.
of the
Will be delivered to stores for 10c per quart
The
selling prices asked by the stores for both bottle
and bulk goods are matters for their own decision.
It can
be readily seen, however, that if a whole cent is added to
the price paid us it will still be possible for you to effect
savings of from He. to 3c. on the quart of milk.
is at
these prices one of the most economical foods
FRESH milk has
a
Borden's Farm Products
108
procurable.
palatability and food value all its
own.
Company, Inc.
Hudson Street, New York
City
I
'
Oor. 61917.1
THE CHRONICLE
financial
In
all
probability the tremendous number of investors
now
being taught to buy United States Government Bonds will create
demand that
before,
on
will, after the
approximately
The present
a
war, cause
United States credit to sell
a
as
3% basis.
Liberty Loan, having back of it such wonderful
security, offers at the
same
time a strong probability of a handsome
increase in market value.
after this war's
financing, to buy such absolute Security with such
strong probability of increase in principal.
This organization
offers
you
its services in handling all
details of your subscription to
the second Liberty Loan.
9
61
SAINT LOUIS
Broadway, New York
BOSTON
a
XX
■
THE
4
CHRONICLE
•
[Vol. 105.
7.'
*
■
■
1
"
'
.
■
„
•
'
Buy Liberty Bonds
Space donated by Redmond & Co., New York
i
Publisbed every Saturday
CLEARINGS—FOR SEPTEMBER, SINCE JANUARY 1, AND
.FOR WEEK ENDING SEPTEMBER 29
Week ending September 29.
Nine Months.
September.
Clearings at—
1916.
Inc.
Inc. or
Inc. or
1917.
morning by WILLIAM B. DANA COMPANY;
Jacob Selbert Jr., President and Treaa.i George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana. Seo. Addresses of all. Office of the Company.
NO. 2728
OCTOBER 6 1917
VOL.105
Dec.
1916.
1917.
1916.
1917.
Dec.
or
1915.
Dec.
1914.
3
New York
13,883,900,956 14,355,941,185
1,337,772,768 1,076,781,123
:
Philadelphia
Baltimore
Buffalo
...
74,108,984
,
18,386,242
42,036,958
27,131,743
13,596,942
Albany.
Washington
Rochester
Scranton
...
17,808,621
10,234,342
12,786,733
8,063,893
.....
15,181,692
11,244,067
10,765,765
Syracuse
Reading
Wilmington
Wilkes-iiarre
Wheeling
Trenton
Harrlsburg
York
....
4,887,080
3,552,100
4,767,567
3,019,295
Greensburg.....
Bihghamton
Chester
Altoona
...
...
Frederick
Lancaster
»
Beaver County..
Norristown
Montclair
Oranges
Hagerstown
Springfield
Worcester
River
...
....
.....
Stamford
Total New England
Chicago
Cincinnati
...
Cleveland
Detroit
—5.0
+ 10.1
+ 21.7
+ 13.3
+ 18.7
+ 5.0
+ 23.9
+ 29.5
—2.5
—14.8
364,532,400
308,187,747
168,259,971
15,126,040
16,130.571
6,178,923
5,590,800
4,026,574
3,820,798
2,939,531
—3.1
387,750,300
318,919,543
193,680,447
105,331,092
158,967,370
140,576,119
70,413,834
62,184,607
+ 13.4
88,036,285
45,344,391
40,842,000
39,066,604
17,170,733
18,213,826
13,418,436
8,923,789
6,641,096
13,227,022
6,868,164
17,781,000
5,168,406
2,379,171
3,937,943
3,960,397
11,634,857
4,862,459
3,750,258
2,915,012
3,042,327
2,281,418
4,990,776
1,482,314
3,232,530
1,072,609
270,256
4,462,799
2^292,331
3,700,000
7,500,000
957,834
700,000
5.235.016
1,650,000
2,400,000
4,484,890
—0.5
1,747,832*
+ 31.2
+ 35.8
+ 48.9
+ 29.3
+ 31.9
+ 26.4
1,722,855
—4,2
14,617,500
2,081,976
+ 15.3
1,045,370,942
2,686,413,142
17,504,188
18,338,719
11,769,529
11,700,000
7,790,930
14,222,344
5,220,730
25,388,000
7,405,114
3,702,796
4,781,635
5,066,109
14,600,000
5,657,311
4,300,000
3.609.015
4,111,325
i
...
...
,
_!
Canton
__J
Springfield, O
South Bend
Decatur
Mansfield
...
Danville
Jackson
...
Jacksonville,
III
Lima
Ann Arbor
Adrian
Lansing
1
Off
.
Flint....:
*
Lorain
.....
Albany
i
Paducah
Hamilton
Aurora.
Total Middle West.
2,724,257
5,037,786
740,345
530,868
4,141,204
311,471,859
389,294.953
105,180,000
San Francisco...
Los Angeles
Seattle..
Portland
Spokane....
Salt Lake City
Tacoma
.
Oakland
•
...
Sacramento
Diego
98,205,111
66,743,769
27,481,000
54,875,241
14,724,582
21,326,499
15,469,677
8,736,507
9,241,730
7,304,856
4,550,550
8,334,280
Fresno
Stockton
San Jose
Boise
3,752,052
Pasadena
3,077,369
3,141,102
Yakima
Reno
8,457,990
1/656,676
2,860,742
Ogden
Rosa
Long Beach
Bakersfield
3,180,441
857,495,127
Total Pacific
Details of other West
and Southern
•
107,900,819
72,013,668
58,935,038
21,115,409
44,810,456
9,638,481
19,090,462
11,703,084
9,117,097
6,266,812
6,185,521
4,397,199
5,124,489
3,779,501
2,553,174
1,927,814
5,632,025
1,185,377
2,387,643
2,376,201
707,612,129
on page
3.2
II
■9.7
2.0
+0.7
—2.3
„
+ 31.1
+ 17.3
+ 7.5
102,456,033
69,038,165
74,770,755
134,012,764
<—24.0
58,103,606
+ 42.8
+ 43.3
227,933,000
59,202,341
57,172,517
100,433,585
56,200,747
145,528,000
43,391,907
+ 55.6
+21.4
32,234,597
42,886,875
45,533,394
+27.9
+ 25.5
+ 16.3
+ 14.7
+23.8
+ 35.1
29,499,271
35.850.118
33,633,298
97-,401,435
133,139,590
47,719,957
•
40,935,894
33,537,463
35,465,283
23.014.496
41,119,050
16,048,248
31,198,894
13,975,947
3.816,313
43,117,168
25,965,764
29,389,238
62.551.497
+ 1.8
—13.1
39,269,063
33,357,088
25,517,046
25.715.119
23,405,097
33,776,330
—0.5
+ 17.5
+ 20.6
+ 10.4
—8.9
+ 28.0
+ 27.4
+ 10.3
+ 17.7
+ 40.5
+ 13.7
+ 10.7
+ 48.4
+ 30.6
+ 33.4
+ 3.4
+ 56.6
+ 36.4
+ 9.3|
+ 19.6
+ 35.4
+ 36.7
+ 21.5
+ 22.7
+ 31.4
+ 37.5
23,126,305
+ 13.4
28,996,848,820
22,457,670,580
+ 25.0
2,420,002,949
+41.1
.
7,887,374
5,948,939
46,249,751
+31.3
+ 19.8
+ 33.8
106,305,708
89,132,000
66,165,512
63,417,076
32,936,245
55,413,663
44,469,875
23,628,339
20,822,271
65,282,078
10,118,411
26,603,104
27,858,592
924,014,902
546,007,467
443,408,072
171,036,958
335,108,155
83,226,158
160,471,970
87,769,062
84,757,719
41,670,939
48,950,662
28,495,650
36,410,816
36,022,606
16,366,579
14,372,769
40,307,791
8,346,135
22,519,935
20,049,176
+ 21.2
7,630,944,139
5,569,316,470
—2.5
*
+ 36.4
+ 13.3
+30.1
+22.5
+ 52.8
+ 11.7
111,290,094
197,469,754
+32.3
—4.2
+ 47.5
+ 18.1
+ 3.5
+ 62.6
—0.7
+20.5
+ 63.0
+ 50.2
'
"
+ 18.3
+33.7
+21.0
38,765,113
11,531,724
6,271,904
5,470,822
840*656
"944:794
1,249,601
921,830
700,000
+ 3.2
1,123,851
1,000,362
666,600
897,533
539,201
+26.4
1,945,698
2,031,383
+ 11.9
"369:960
"325:867
+ 20.7
+ 21.2
+ 41.1
+2.8
—6.0
—4.7
722,775
617,674
9,360,400
9,479,134
—7.1
—7.6
4,285,736
—2.3
-
+0.2
+2.4
•
168,763,816
7,777,800
9,729,874
3,636,204
2,232,805
3,363,774
2,894,613
1,200,950
13a,921,832
8,546,500
5,031,195
3,653,275
2,927,778
2,762,960
2,444,819
1,026,303
851,549
2,400,000
3,526,574
3,555,975
1,503,655
1,258,710
928,623
918,074
-+10.1
736,175
—13.6
980,425
816,802
800,342
435,000
229,957,458
+ 14.7
202,832,405
160,281,433
409,967,897
33,222,500
52,510,421
47,523,085
19,226,071
10,396,199
9,629,800
8,182,685
3,000,000
9,798,084
2,773,579
2,068.426
1,450,000
3,079,973
1,624,778
4,454,000
1,277,048
501,183
+ 14.1
+ 13.1
+ 41.2
+2.0
+ 23.1
+ 23.4
+0.7
+ 17.8
+15.3
+ 14.6
328,953,130
27,314,700
29,138,742
28,300,596
278,218,168
23,158,750
23,433,394
24,641,007
16,237,251
7,833,918
881,347
808,969
2,380,827
1,027,940
826,821
614,221
735,002
499,647
1,000,034
279,255
700,000
290,000
82,239
531,957
950,000
471,448
770,000
377,000
—9.6
—11.6
—7.2
+ 5.9
.
15,052,924
8,615,695
—3.0
+ 44.3
+ 18.9
+ 10.7
—23.3
+ 50.1
+ 34,4
+ 82.8
+ 24.5
+39.4
+ 26.0
+ 48.6
+ 21.7
+ 30.1
+ 50.0
+ 6.4
—5.0
+ 68.8
+ 10.0
+30.0
■
7,130,000
6,387,800
3,100,000
3,779,390
1,915,806
1,724,182
993,174
1,684,827
1,252,810
2,312,000
788,994
867,621
721,591
688,340
1,597,467
793,962
736,279
527,845
506,603
440,908
530,000
273,036
463,652
274,038
77,783
715,072
961,523
438,627
6,266,000
4,977,195
2,636,479
2,942,582
2,066,198
1,061,961
1,131,276
1,217,618
1,326,078
1,350,000
814,158
568,313
853,510
624,510
1,543,579
834,782
732,219
432,417
499,256
444,174
440,000
285,829
448,261
152,078
775,000
376,895
—0.2
+ 6.4
279,663
29,853
600,363
309,521
726,694,677
626,237,117
+ 16.0
477,998,558
408,111,349
97,900,339
25,543,000
22,856,136
16,200,073
74,281,670
+ 31.8
57,306,798
52,765,723
—1.0
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
20,629,703
12,434,608
10,586,830
3,899,578
5,865,828
101,358
1,045,770
1,048,191
401,094
+43.2
+21.8
+46.9
+ 31.2
+ 35.4
+44.4
+ 33.7
+ 22.5
+ 21.1
+ 5.2
+ 58.8
+ 29.6
25,797,703
16,543,593
14,315,801
5,223,924
10,631,537
2,168,720
3,932,491
2,468,729
2,082,170
6,800,000
13,631,537
3,190,827
5,146,383
3,604,739
2,144,662
2,480,697
1,913,019
1,067,628
+23.2
+ 38.2
+ 13.2
+ 30.2
+28.2
+ 47.2
+30.9
+ 46.0
+ 3.0
+ 81.8
+ 35.2
+ 52.2
—11.0
792,711
2,133,374
3,488,580
2,193,969
1,818,524
1,028,708
1,043,825
971,141
'695",268
'666:831
648,766
300,000
+0.0
+46.1
+ 60.0
461,532
225,000
481,660
200,000
511,432
+21.1
421,557
531,576
153,825,317
+ 15.5
+ 33.6
123,629,474
120,940,458
1,364,945
1,415,850
1,200,633
1,129,515
960,467
~
"937,353
937~353
+ 23.4
+44.4
+45.0
+ 62.0
+21.2
+ 18.1
3,449,512,555 1,795,094,945
+ 18.7
+ 29.1
3,465,194,468
1,125,079,900
802,382,453
581,937,570
231,536,270
483,900,756
+46.3
13,387,041
+ 4.8
+ 31.0
+ 16.1
—12.0
192,004,402
227,869,405
8,695,300
8,759,440
4,185,424
2,405,000
3,609,845
3,213,978
1,329,566
1,167,729
983,733
825,499
636,716
—1.6
27,055,467
12,427,158
2,875.281
37,071,019
14,960,557
21,145,966
41,174,056
5,170,619
5,007,680
34,870,897
12,570,160
20,569,744
*
3,323,579
3,688,911*
2,024,169
1,711,941
1,545,872
1,902,410
1,638,853
+ 6.5
4,008,234,692 4,204,069,433
+ 21.7
+ 19.9
+ 15.3
+ 12.5
+ 32.7
+ 16.3
+ 76.8
+39.0
+ 51.9
+ 52.6
+ 18.8
+ 32.6
+ 16.3
+ 12.4
+ 26.0
+ 9.9
7,833,602
3,014,132
3,853,858
1,968,200
2,804,630
1,410,907
2,312,844
2,090,789
+ 22.0
1,802,375
.
435^516
467,731,403
37,660,128
74;168,113
48,455,926
23,658,700
12,835,000
9,701,800
9,638,504
3,459,804
4,353,974.
2,689,979
2,984,307
1,724,461
3,410,738
1,245,944
6,685,000
1,716,224
916,138
1,097,407
1,127,450
2,350,000
1,527,516
1,005,494
799,840
1,102,200
.
7,630,437
5,563,974
—7.8
154,615,917
54,141,686
"494",i40
2,278,627
263,681,635
+ 2.4
+3.8
1,861,534
700,000
+26.8
+ 21.1
+ 61.7
+ 30.0
—20.0
2,773,893
1,089,499
+ 16.9
'
41,561,252
33,414,436
2,097,042
3,403,669
1,609,932
245,187,883
57,858,377
35,949,820
12,654,691
3,840,184
"
18,506,862,830 ,14,596,337,239
1,262,796,750
1,529,289,502
1,659,483,026
2,682,044,297
1,585,339,468
2,060,923,260
732,651,707
937,978,918
401.603.966
511,552,764
355,999,100
392,407,400
340,892,615
401,306,234
143,173,209
201,209,501
160.795.967
182,902,621
121,393,042
134,413,457
+ 19.3
+ 6.5
+ 37 1
+ 2.6
+ 16.4
+ 23.4
1,404,667
928,998
779,900
1,159,015
678,104
9,175,402,930
—11,4
144,179,700
1,035",770
1,702,521
1,310,405
801,500
+ 3.5
+ 16.5
+ 18.5
—14,1
223,649,227
202,609,556
l",249" 172
3,055,987,968 1,493,114,51$
+ 21.4
+ 21.4
+ 17.2
+ 15.3
92,153,473
154,698,710
141,278,754
59,052,877
.51,555,702
37,644,885
36,648,396
25,079,307
74,578,600
17,763,580
+8.7
11,2
263,964,694
69,092,721
36,448,180
16,273,032
4,282,191
7,965,681
5,560,485
3,239,003
3,515,194
+26.1
36,181,006
18,743,093
10,213,222
.
—7.5
320,357,552
83,887,356
42,716,858
18,755,998
3,948,021
9,763,743
5,920,439
3,394,739
4,606,297
2,434,996
2,995,908
1,904,155
3,708,299
2,252,831
+ 20.7
+ 30.4
+ 16.6
+ 11.5
+ 17.4
+ 16.5
+24.7
+ 16.0
+ 18.9
+ 12.1
+ 6.9
+ 16.2
+ 22.5
+ 18.7
+ 6.4
+3.5
+ 15.1
+ 14.3
+2.8
+ 3.1
3,492,020,260 3,773,699,213
+26.8
37,503,500
55,941,000
42,155,100
42,845,242
Lexington
Quincy
Bloomingtdn.
—0.1
+ 17.8
+ 16.8
+ 12.2
+26.1
+ 18.0
+ 13.7
+ 12.2
+ 36.2
+ 15.6
+ 20.9
381,508
Rockford
+25.1
7,643,968,428
+
Youngstown.
+ 1.6
126,123,570,131
1,722,248,567
Springfield, 111
+21.8
9,075,987,901
10,722,677,344
Evans ville.
f9.9
+ 36.3
—0.8 152,464,580,646
+ 17.5
Dayton
+
+22.2
942,190,756
Grand Rapids.
Santa
+0.1
-—6.8
+ 10.1
86,160,670
108,436,078
67,059,269
105,903,226
84.798.637
73,055,804
39,074,967
51,424,513
33,440,587
32,267,900
44,723,937
23.035.638
13,933,185
14,999,445
74,203,125
24,450,295
21,695,036
16,497,368
29,639,076
19,710.646
.
25,957,205
86,883,278
21,049,960
Peoria
North
+ 38.7
—2.7
Toledo
San
+ 16.2
+4.8
+ 11.1
+ 37.1
+ 19.3
+29.3
+ 29.7
+ 31.1
8,333,100
2,159,656
Columbus
Fort Wayne
Akron
119,477,780
128,900,474
134,048,446
162,535,303
101,643,048
123,257,594
75,248,101
144,190,824
98,022,200
92,621,547
47,176,398
67,065,805
38,976,159
35,964,200
52,490,562
26,836,940
17,377<563
17,405,199
88,269,796
27,419,053
23,188,486
19,170,363
36,318,173
24,856,372
+0.8
+ 22.1
775,243,942
Indianapolis
New
-
2,321,943
4,358,314
1,868,589
3,553,871
1,569,417
Milwaukee
Jary
■
1,915,897,614
163,469,318
306,517,025
207,929,859
102,496,417
New Haven.....
Portland
Holyoke__i
Bangor.
Waterbury
132,233,853,557 110,280,470,760
9,205,586,740
12,546,160,406
2,453,249,740
2,989,299,240
1,640,015,532
1,666,747,426
568,654,301
711,512,342
—10.2
187,772,374
187,596,410
347,230,122
+ 18.8
409,360,735
227,701,906
+6.3
265,968,398
1,106,872,183
.........
Lowell
1-3.3
+24.2
+ 12.7
+ 10.8
+ M-9
947,326,208
36,574,300
30,809,925
19,325,206
11,097,245
14,656,410
13,847,898
5,476,648
6,669,645
4,268,833
3,056,043
3,011,022
8,652,800
2,100,000
Hartford
New Bedford
3,548,100
5,114,129
2,743,923
1,685,095
1,674,944
7.509.360
2,633,022
2.186.025
1,799,665
2,992,787
2,085,133
*
16,022,531,759 16,144,901,106
.....
Providence
Fall
4,341,248
5,840,631
3,524,892
1,600,481
1,843,187
9.138,546
2,982,960
2,595,244
1,889,593
3,708,959
2,700,000
Franklin
Total Middle
8.326.024
5,634,006
7,658,538
......
Erie
Boston
272,003,216
159,571,012
66,196,412
20,468,201
35,363,911
25,531,050
13,494,776
14,583,333
8,806,376
12,198,904
7,255,343
11,074,578
9,426,708
306,649,653
176,884,844
Pittsburgh
\
947,268
480,000
619,349
.
+ 38.9
+37.0
1390.
+ 31.7
11,390,869,418
8,327.044,232
+ 37.2
341,059,611
+ 39.0
182,838,281
1,050,686,241
184,082,300
1,383.296,073
245,385,499
Total other West
+21.8'
13,716,506,054
10,367,657,157
+ 32.3
398,520,471
+25.0
209,370,329
170,532,960
1,323,098,372
318,809,108
Total Southern
1,611,300,503
+ 5.1 224,922,426,421 182,020,661,500
+ 23.6
5,943,654,09615,778,283,932
+ 2.9
71,740.190,740
+ 29.2
2.451,633,83612,004,584,719
Total
24,026,866,587 22,854,901,746
all.-
Outdlde New York.
Clearings by
10,142,965,631' 8,498,960,561
+ 19.3
92,688,572,864
Telegraph and Canadian Clearings on page 1391.
4,647,425,621 2,837,799,426
+ 22.3'1,591,437,655 1,344,285,908
1338
THE
CHRONICLE
[Vol. 105.
gain of $7,608,068,
THE FINANCIAL
SITUATION.
amounts to
We agree
with Secretary McAdoo in thinking that
it would be a calamity worse than a disaster upon
net in the
the'battlefield if the present Liberty Loan offering
of $3,000,000,000 should in any way fall short of
character.
proving an unqualified success. Therefore, it is en¬
couraging to find the Secretary himself and banking
financial
and
efforts to
not
making
such
tremendous
volume of subscriptions that will
a
only put failure out of the question, but afford
aggregate of investment takings that will be
an
a
interests
ensure
level with the
and in full
magnitude of the country's
with the
consonance
tion of the whole
on
resources,
spirit and determina¬
population to achieve victory in the
present great conflict, whatever the sacrifices that
be required to that end.
may
The campaign for the
floating of the loan is being conducted with
and energy
vim
a
to
rally to the support of the offering in
extent
an
will
that
redound
the
to
and
a way
country's
lastihg glory.
■/;
Nevertheless, it will be the part of wisdom not to
take any chances of jeopardizing the outcome in
the
slightest
degree
by
the effects of certain
tion.
Exchange is
the
in
a
disheartening influence whose effects
is
One
earnings
And here
needs
only
they
come
as
shrinkage that is going
examine
to
of
a
come
dismal
which
The
be
gross
the
Quite
are
story of the unfortunate predicament in
the
railroad
carrying interest
on
of the
With
railroad
carriers must in like
This in turn strikes
a
finds
itself.
the floating of the loan will
duced, dividend and interest payments
the
as
no
profits
on
re¬
the securi¬
diminish.
manner
blow at the intrinsic value of
$850,258.
assuming alarm¬
expression of the
actual facts of the situation.
Who is to blame for all
this?
Inter-State
The
is,
answer
the
Commerce
The net for the
261,944,
as
the
carriers
were
permitted merely
not
in
the ground that
need
of
such
relief.
It
trivial increases in special
some
articles and commodities.
The result is
railroad returns that refute
absolutely the contention
of the Commission that the carriers
generally higher rates.
only
a
We will take
few conspicuous instances.
Central in its
seen
not in need of
foj illustration
The New York
fortunately this
ijespectable
was
sum
of $1,462,457;
un¬
attended by an augmentation
of not less than $2,798,690, thus leaving
an actual loss in net of
$1 ,'337,233.
For the eight
months ending with
August gross earnings record a
have
expenses
eight months this
is only $7,-
year
of last year.
:-//•.
Why, therefore, should not the Inter-State Com¬
merce
the
Commission
do its
immediately
carriers
patriotic duty and grant
advance in rates
com¬
The losses in net
an
earn¬
mensurate with their needs.
ings here disclosed furnish
in
security values
decline
should
be
warrant for thi decline
a
the
on
Stock Exchange.
This
arrested, since in the nature of
things it must tend to diminish the volume of sub¬
scriptions
borrow
to
to do
in
the
to
Liberty
of these securities,
owners
Loan./ Manifestly,
on^their holdings, will find their ability
seriously impaired by
so
the
the
if they should be inclined
market
values.
reason
Not
of the shrinkage
only that, but these
holders will be less inclined to
borrow,
as
the value of their investments shrink.
they
see
We repeat,
therefore, why should not the Commerce Commis¬
sion
to the
come
and
rescue,
help at
the value of these investments and
once
to restore
thereby contribute
powerfully to swell the volume of subscriptions to the
Liberty Loan?
"L
"
U"""
1
11
1
^
1
'
'V
,
There is the
of their
that
burdens
onerous
the
drastic
relieving the railroads
it
unfortunately happens
as
income
the
on
books
statute
'1
for
more reason
and
the
profits taxes
excess
levied under the War Revenue
Act, which
was
put
present week, also tend
materially to weaken the ability of large numbers
of the population to subscribe for the new
Liberty
bonds
the
to
the
burdens
bor¬
•
(along with the high cost of
the natural
tant classes of the
will
degree.
in
.
the
of
the
these
hard
to
year's
as
were
-
on
profits
before the
very
conferees
this
made
instances find it
profits tax is that
profits
or excess
levying the tax, not
profits.
few indi¬
actually smaller than
now are
war,
a
will be called
some
upon
to pay
of those who
war.
are
The
important changes in the language
the
principle, which is
This
taxes
meager sums
important gains from the
part of
impor¬
any
these
expenses.
excess
war
heavier amounts in taxes than
deriving
few
a
ordinary living
Under the method of
they
in
of
small businesses be left
many
will in not
tax at all
viduals whose
save
result
profits, that those interested in
The trouble about the
a
a
levying them, such
of
case
meet
population to
Indeed,
concerns
it is not
of
It is
Government's
out of future savings, but these
come
which is
they would wish.
that
concomitant of war)
unquestionably weaken the capacity of impor¬
will
out
that
extent
admitted
tax
onerous
living,
in
August return shows ^gross earnings
increased in the
in expenses
are
now
but
against $12,414,391 in the eight months
and the method of
on
of
loss in net for the month of
a
gross revenues,
to the carriers for the transportation services
they render.
Only recently it denied, a request for
15% increase in freight rates
gross
sum
moved up in amount of $7,962,587; as a consequence
the net records a diminution in the sum of
$5,152,447.
tant'
a
in the
up
For the eight months this road has added
$2,810,140 to its
Commission, which refuses to grant living rates of
pay
mounted
expenses
$1,346,558, leaving
rowings must
an
loss in
a
The Erie Railroad
August return shows $496,300 increase in
earnings, but
companies, already seriously impaired.
ing proportions, but is merely
loss in
a
exhibit of like
an
$43,337,120, producing
of $10,611,599.
amount
generally
The decline in railroad securities is
expenses
For the eight months up to Aug. 31 it
less than $32,725,521 to the gross, but ex¬
securities, and further undermines the credit of
-
in
of $10,357,555.
sum
increased
net in
present week and they tell
readily recognized.
the
not such
number of returns
a
increase
$17,965,623, giving
Pennsylvania Railroad has
penses
in its
large
and net, for the month of August
to hand the
bearing of this
ties
of
returns
in month by month to realize
bright visions.
earnings,
case
unfortunately there
that the prospects of these carriers
to raise
It is
particularly pronounced in the
substantial basis for the
have
the Stock
on
potent for mischief because the shrinkage
values
a
against
beyond, the confines of the Exchange.
more
on.
guard
to
security values
of railroad securities.
is
neglect
menacing features in the situa¬
The decline in
extend
added
that leaves nothing to be desired, and
makes it certain that the great mass of our citizens
will
The
but1 the
less than
no
a
measure,
but
the
underlying
vicious one, remains unaltered.
principle is_that the business
man
is entitled to
Oct. 6
allowance of
an
should
only
moderate percentage on the
a
capital invested, and that the remainder
to
the
Government.
In statute-
actual cash
accrue
majdng many of our Congressmen and Senators are
as
thoroughly imbued with socialistic ideas as the
are now endeavoring to establish a
individuals who
in Russia, and are
socialistic form of government
laughing-stock of themselves in the
whole world. We ; have indicated
previous articles how the new excess profits
in
this
country
is going to work, and
making
in
tax
a
the
of
eyes
the
made, by the conferees in the bill
modified it greatly for the better.
Def¬
changes
have
not
capital has been broadened
inition of the invested
so
include
to
as
some
allowance for good-will and for
cir¬
copyright, patents, &c., but the provision is so
cumscribed and restricted and the language
involved that it is difficult to say
siderable advantage
from the
concerns
whether
will result to the smaller business
On the other hand, the
same.
that is to be allowed as a maximum on
at
amount not less than
an
the capital
The Senate bill had fixed the allow¬
investment.
ance
so
any con¬
actually lowered the rate of return
conferees have
6%
or more
than 10%
Capital for the taxable year.
The conferees have changed this so as to allow not
less than*7 or more than 9% of the invested capital,
besides which a round exemption of $3,000 is granted
of the actual invested
where
of
a
exemption
no
was
allowed before in the case"
Altogether, it still remains true,
corporation.
will be numerous where
therefore, that instances
who for
business men,
enjoyed
a
long series of years have
annual income of say $15,000, will find
with only $4,000 or $5,000 left, after
an
themselves
paying all the various kinds of taxes imposed
this
law.
new.
The
daily
under
have featured the fact that
of 8% per annum
papers
imposed in the
capital
case
of
trade having no invested
a
not more than
a
nominal capital, and
that
by Section 200 of the law it is provided
that
the
or
terms
professions
"trade"
"business"
and
occupations.
and
include
shall
de¬
From ; this the
duction has been made, that the
commission
chant, the lawyer, the doctor, and the
mer¬
dentist with
large incomes but engaged in a business requiring
little or no cash investment are treated with unusual
harshness
or
The impression
severity.
inserted in the bill by the
conferees.
As the Act now
the
stands, the corporations will continue to pay
original normal tax of 2%, but will not be required
to assume the additional normal tax of 2%. •
foreign trade figures of the United States for
The
August 1917
surprisingly good considering the
of the various embargo
are
restrictive effect upon exports
restrict
put in force by the Government to
measures
the outflow of foodstuffs and other
merchandise
It is likely, also„ater.
neutral countries of Europe.
shortage of tonnage has not been an urfrorwegian
element in the
situation,
as
the U-bnat during the
signally failing to cause any Serbian merchant ships
food
supplies of Gfeat Britaj;g00
were
Twenty
lost.
materially reduced the-re killed and 17 others were
portation facilities. T
attention to emphatically tnis
statement of Sir
troller of
6,000,000
tons
shipping problem and con¬
shipping
of
military efforts will be crippled from
York, where the aggregate
the smallest of any
the Port of New
of exports in August was
month since January 1916, not¬
withstanding the much higher prices
for almost all
a
recently ruling
commodities and the continued urgent
supplies by
our
in the outflow hence
with
annually its
the start.
restricting influences above re¬
The effect of the
ferred to is most clearly apparent at
call for
.
Shipping, which intimates that unless the
United States faces the
structs
.
Joseph Maclay, the Britisn "filial
year ago,
allies.
■
Moreover, the decline
during the month j as compared
reached 95 million dollars, an amount
for the period from the
that if added to the exports
whole country
would give
an
aggregate in excess of
monthly period in our history, excepting
any
only
And it is at this point that the effect
embargoes have been most seriously felt.
January 1917.
-
under Section 209 of the law a tax
is
1339
THE CHRONICLE
1917.]
has been
of the
We say
the result is surprisingly good considering
of the remark will appear when
all this and the truth
we
note that the export
total for the United States,
with $510,record for the period) and
with $260,609,995 in 1915.
For the eight months
since January 1 1917 the shipments of merchandise
at a value of $4,153,080,749, contrast with $3,435,-
for
August at $490,009,828 compares
167,438 in 1916 (the high
501,945 the previous year, are 1,923
million dollars
larger than for the similar period of 1915, and 600
millions in excess of the total for the full calendar
To what an extent high prices have
contributing element in the current year's
distinctlyb created that these will be called upon to
year
1915.
else is required to pay.
been
a
stand
a
tax which no
one
The truth is that those in this category
to
have
reason
congratulate themselves, since they have been
especially favored.
Their excess profits tax will be
8% of the net income, whereas in all other
there will be a much heavier rate of taxation,
limited to
cases
beginning with 20%
very
up
as
a
quickly to 60%.
minimum and running
Chairman Simmons of
the Senate Finance Committee and one
ferees
this
on
the bill,
(meaning the 8% tax) is
provision in the bill is
We have
only
of the
con¬
is certainly right in saying that "if
room
troversy affecting the
a
a
joker, then every
joker."
to add that as regards
the
con¬
tax-free covenant in corpora¬
tion bonds under which
the corporations have
been
paying the tax, since the old law required collection
of the tax on corporation bonds at the source of the
fact that the
(that for
June) puts wheat at $2 72, against $1 27 a year
earlier; corn, $1 66, against $0.83; flour $10 36,
against $5 52; cotton .223 cents, against .132 cents;
structural iron and steel $84 48 per ton, against
$56 50 (and all other items in that schedule have
proportionately advanced); sole leather .596 cents,
against .393 cents; while all important Theat and
dairy products are up from 9% to over 90%, &c.
Imports of commodities for the; month, though
somewhat under those for May and June of 1917,
were yet of full volume, at $270,509,379, exceeding
those for any preceding August and last year by
71 million dollars.
Furthermore, the total for the
total
latest
may
be conjectured from the
officially issued list of export prices
heaviest on record for such a
income, and for which it had been proposed to sub¬ period and indicates in the main the increased pur¬
stitute merely the furnishing of information at the chasing power of the country as a result of the pros¬
perity prevailing. At the same time, however, high
source, thus throwing the burden of paying the tax
prices have been instrumental here too in swelling
upon the bondholder—here a compromise provision was
eight months is the
1338
THE
CHRONICLE
gain
THE FINANCIAL
We agree
it would
SITUATION.
calamity
a
than
worse
disaster
a
proving an unqualified success.
Therefore, it is en¬
couraging to find the Secretary himself and banking
financial
efforts to
not
an
interests; making
ensure
such
tremendous
volume'of. subscriptions that will
a
net in the
The
upon
the'battlefield if the present Liberty Loan offering
of $3,000,000,000 should in any way fall short of
and
of $7,608,068,
amounts to
with Secretary McAdoo in thinking that
be
[Vol. 105.
only put failure out of the question, but afford
aggregate of investment takings that will be on
large
no
For the
loss in
exhibit of like
an
eight months
a
Aug. 31 it
up to
$10,611,599.
loss in
a
The Erie Railroad
August return shows $496,300 increase in
earnings, but
$1,346,558, leaving
$850,258.
mounted
expenses
in the
up
gross
sum
of
loss in net for the month of
a
For the eight months this road has added
moved up
tion of the whole
the net records
population to achieve victory in the
expenses
$43,337,120, producing
in amount of
in its
in
less than $32,725,521 to the gross, but ex¬
level with the magnitude of the country's resources,
and in full consonance with the spirit and determina¬
a
sum
increased
penses
net
increase
$17,965,623, giving
of $10,357,555.
Pennsylvania Railroad has
character.
added
but5 the
less than
no
$2,810,140 to its
but
gross revenues,
in amount of $7,962,587;
diminution in the
a
present great conflict, whatever the sacrifices that
The net for the
may be required to that end.
The campaign for the
floating of the loan is being conducted with a vim
expenses
have
as a consequence
sum
of
$5,152,447.
of last year.
and energy
that leaves nothing to be desired, and
makes it certain that the great mass
will
to
of
our
rally to the support of the offering in
that
extent
an
lasting glory.
will
redound
''V-
' ^
•
.
and
a way
the
to
citizens
country's
chances of jeopardizing the outcome in
any
the
slightest
degree
by neglect to guard against
the effects of certain
menacing features in the situa¬
tion.,
The decline in security values
Exchange is
the Stock
on
disheartening influence whose effects
a
extend
beyond the confines of the Exchange.
It is
the more potent for mischief because the
shrinkage
in
values
is
particularly pronounced in the
of railroad securities.
is
unfortunately there
shrinkage that is going
substantial basis for the
a
One
on.
earnings
needs
as
they
only to
examine
the
of
a
bright visions.
earnings,
have
come
dismal
which
The
be
gross
Quite
are
as
story of the unfortunate predicament in
the
readily
of the
Commission do its patriotic duty and grant
the carriers
railroad
carrying interest
carriers
This in turn strikes
finds
itself.
the floating of the loan will
on
recognized.
in
security values
decline
should
With
railroad' profits
must
in
like
on
re¬
the securi¬
owners
diminish.
manner
borrow
to
to do
in
so
ing proportions, but is merely
expression of the
an
the
market
sion
to the
come
to grant
living rates of
to the carriers for the transportation services
they render. Only recently it denied a request for
pay
a
15% increase in freight rates
the
carriers
were
permitted merely
in
not
the ground that
on
need
of
such
relief.
It
trivial increases in special
some
articles and commodities.
The result is
railroad returns that refute
absolutely the contention
of the Commission that the carriers
generally higher rates.
only
a
are
seen
not in need of
return
increased in the respectable
The New York
shows
sum
gross
earnings
of $1,462,457; un¬
of their
that
the
August
gross
earnings record
a
once
to restore
thereby contribute
burdens
for
drastic
relieving the railroads
it
unfortunately happens
as
income
and
profits
excess
taxes
week, also tend
materially to weaken the, ability of large numbers
of the population to subscribe for the new
Liberty
the
that
extent
admitted
they would wish.
that
the
It is,
Government's
out of future
come
burdens
tax
onerous
bor¬
savings, but these
(along with the high cost of
living, which is the natural concomitant of war)
unquestionably weaken the capacity of impor¬
tant
degree.
will
in
out
of the
these
hard
the
case
meet
as
a
not
tax at all
this
before the
taxes
instances find it
profits tax is that
profits
or excess
levying the tax, not
war,
profits.
few indi¬
actually smaller than
are
will be called
thai}.
a
some
upon
to pay
of those who
are
important gains from the war.
The
made important
changes in the language
very
part
of the
principle, which is
This
these
meager sums
expenses.
excess
on war
heavier amounts in taxes
deriving
few
a
ordinary diving
viduals whose profits now
were
in any impor¬
of
small businesses be left
many
will in
Under the method of
they
save
result
profits, that those interested in
The trouble about the
it is not
a
levying them, such
of
year's
concerns
to
population to
Indeed,
and the method of
conferees
For the eight
help at
levied under the War Revenue
Act, which was put
on the statute
books the present
of
actual loss in net of $1,337,233.
months ending with
see
We repeat,
~
more reason
onerous
in expenses
an
•v'
\
There is the
fortunately this
was attended by an augmentation
of not less than $2,798,690, thus leaving
they
as
powerfully to swell the volume of subscriptions to the
Liberty Loan?
in
We will take fop illustration
few conspicuous instances.
Central in its August
now
and
rescue
the value of these investments and
will
Commission, which refuses
borrow,
therefore, why should not the Commerce Commis¬
tant classes of the
Commerce
of the shrinkage
only that, but these
holders will be less inclined to
Inter-State
the
reason
Not
the value of their investments shrink.
this?
is,
This
holdings, will find their ability
values.
Who is to blame for all
answer
Exchange.
Liberty Loan.
Manifestly, the
securities, if they should be inclined
actual facts of the situation.
The
warrant for the decline
arrested, since in the nature of
their
on
rowings must
assuming alarm¬
a
seriously impaired by
bonds to
The decline in railroad securities is
earn¬
the
to
generally
already seriously impaired.
com¬
The losses in net
the Stock
on
be
of these
securities, and further undermines the credit of
a
advance in rates
an
things it must tend to diminish the volume of subscriptions
blow at the intrinsic value of
the companies,
immediately
mensurate with their needs.
the present week and they tell
duced, dividend and interest payments
the
not such
number of returns
a
is only $7,-
Why, therefore, should not the Inter-State Com¬
merce
and net, for the month of August
to hand
bearing of this
ties
of
returns
in month by month to realize
come
that the prospects of these carriers
to raise
case
And here
year
against $12,414,391 in the eight months
as
ings here disclosed furnish
•
.
Nevertheless, it will be the part of wisdom not to
take
261,944,
eight months this
a
measure,
but the underlying
vicious one, remains unaltered.
principle isjhat the business
man
is entitled to
Oct. 6
allowance of
an
only
a
moderate percentage on the
capital invested, and that the remainder
actual cash
should
accrue
making
many
the
to
of
statute-
In
Government.
Congressmen and Senators are
our
1339
CHRONICLE
THE
1917.]
inserted in the bill by the conferees.
now
the
pay
original normal tax of 2%, but will not be required
to
the additipnal normal tax of
assume
2%.
thoroughly imbued with socialistic ideas as the
as
individuals who
endeavoring to establish a
now
are
socialistic form of government
and
in Russia,
are
the
eyes
of the whole world. We have indicated
in previous articles how the new excess
profits
making
the
laughing-stock
a
this
in
tax
is
country
in
themselves
of
and
work,
going ! to
made by the conferees in the bill
modified it greatly for the better.
Def¬
changes
have
not
capital has been broadened
inition of the invested
allowance for good-will and for
to include some
so as
copyright, patents, &c., but the provision is so cir¬
cumscribed and restricted and the language so
involved that it is difficult to say
whether,
any con¬
siderable advantage
will result to the smaller business
from the same.
On the other hand, the
concerns
conferees have
actually lowered the rate of return
that is to be allowed
ance
at
as
The conferees have
than*7
where
of
a
exemption
no
or more
capital for the taxable year.
to allow not
so as
capital,
exemption of $3,000 is granted
allowed before in the case
was
The
Altogether, it still remains true,
foreign trade figures of the United States for
August 1917
surprisingly good considering the
are
restrictive effect upon exports
measures
neutral countries of Europe.
element in the situation, as
food
supplies of Great Brita^i
portation facilities,
attention to
emphaticalFy" Im?
Joseph Maclay, the Britls!
statement of Sir
Shipping, which intimates that unless the"
troller of
United States faces the
law.
new
s
-
have featured the fact that
under Section 209 of the law a tax of 8% per annum
daily
papers,
invested
capital or not more than a nominal capital, and
that by Section 200 of the law it is provided that
imposed in the
the
"trade"
terms
has
trade having
a
"business"
and
occupations.
and
professions
duction
of
case
no
shall
the de¬
From this
been made that the
include
commission
mer¬
chant, the lawyer, the doctor, and the dentist with
large incomes but engaged in a business requiring
little or no cash investment are treated with unusual
harshness
or
The impression
severity.
has been
6,000,000
tons
The effect of the
ferred to is most
call for
supplies by
with
a
year ago,
our
have
reason
we
very
with
$260,609,995 in 1915.
a
this
on
501,945 the previous year, are 1,923
only
room
a
million dollars
larger than for the similar period of 1915, and 600
millions in excess of the total for the full calendar
total
To what an extent high prices
have
contributing element in the current year's
may
be conjectured from the fact that the
officially issued list of export prices (that for
$56 50
(meaning the 8% tax) is
We have
merchandise
$4,153,080,749,, contrast with $3,435,-
value of
Chairman Simmons of
one
of the
con¬
the bill, is certainly right in saying that
provision in the bill is
period) and
For the eight months
1 1917 the shipments of
since January
at
when
minimum and running
a
quickly to 60%.
the Senate Finance Committee and
ferees
appear
against $1 27 a year
against $0.83; flour $10 36,
against $5 52; cotton .223 cents, against .132 cents;
structural iron and steel $84 48 per ton, against
8% of the net income, whereas in all other
there will be a much heavier rate of taxation,
beginning with 20%'as
up
will
export total for the United States
167,438 in 1916 (the high record for the
June)
excess
limited to
cases
an
our
August at $490,009,828 compares with $510,-
for
profits tax will be
Their
would give
note that the
latest
especially favored.
reached 95 million dollars, an amount
for the period from the
all this and the truth of the remark
congratulate themselves, since they have been
to
allies./ Moreover, the decline
as compared
during the month,
monthly period in
a
The truth is that those in this category
month since January 1916, not¬
aggregate in excess of
history, excepting onl^
January 1917.
And it is at this point that the effect
of the embargoes have been most seriously felt. •
We say the result is surprisingly good considering
whole country
1915.
one
re¬
that if added to the exports
been
no
restricting influences above
withstanding the much higher prices recently ruling
for almost all commodities and the continued urgent
year
which
its
York, where the aggregate of exports in August was
else is required to pay.
tax
a
con¬
of
clearly apparent at the Port of New
the smallest of any
distinctly created that these will be called upon to
stand
shipping problem and
shipping annually
military efforts will be crippled from the start.
structs
any
The
the Ud
materially reduced th(
paying all the various kinds of taxes imposed upder
this
It is likely, also
signally failing to cause any sejjj
in the outflow hence
numerous
•
shortage of tonnage has not been an
where
business men, who for a long series of years have
enjoyed an annual income of say $15,000, will find
themselves with only $4,000 or $5,000 left, after
will be
therefore, that instances
of the various embargo
put in force by the Government to restrict
the outflow of foodstuffs and other merchandise
than 10%
than 9% of the invested
round
corporation.
a
6%
changed this
or more
besides which
the capital
on
bill had fixed the allow¬
amount not less than
an
of the actual invested
less
maximum
a
The Senate
investment.
is
As the Act
the corporations will continue to
stands,
a
joker, then
"if
every
troversy affecting the tax-free covenant
tion bonds under which the
in
corpora¬
corporations have been
corn,
$1 66,
(and all other items in that schedule have
proportionately advanced); sole leather .596 cents,
against
.393 cents; while all important meat and
dairy products are up from 9% to over 90%, &c.
Imports of commodities for the month, though
and June of 1917,
joker."
to add that as regards the con¬
puts wheat at $2 72,
earlier;
somewhat under those for May
were
those
yet of full volume, at $270,509,379,
for
any
exceeding
preceding August and last year by
million dollars.
Furthermore, the total for the
paying the tax, since the old law required collection
of the tax on corporation bonds at the source of the
71
income, and for which it had been proposed to sub¬
period and indicates in the main the increased pur¬
stitute
merely the furnishing of information at the
chasing
source,
thus throwing the burden of paying the tax
perity prevailing.
upon the bondholder—here a
compromise provision was
eight months is the heaviest on record for
power
of the country as
a
such
a
result of the pros¬
At the same time, however, high
prices have been instrumental here too in swelling
1340
the aggregate,
cotton and
especially of breadstuffs, chemicals,
manufactures, hides and skins, and wool
manufactures.
and
this year at
The
eight months'
$2,049,252,217,
total
136,054 in 1916 and $1,150,858,760 in 1915.
net result of our
of
balance
foreign trade for August is
$310,850,958 last
year,
The
an
export
contrasting
this
$219,500,449,
with
and $118,805,793 two
years
For the eight mouths the favorable balance is
ago.
103,828,532,
total exceeding by 54 million dol-
a
hand, the Texas estimate is only about
of
bale
a
quarter
a
(135 lbs.), against 157 lbs.
It is to be
for
with $1,667,-
compares
[Vol. 105.
CHRONICLE
THE
explained, o£course, that the foregoing
the Sept. 25 condition and is
forecast is based upon
subject to
modification
according
frosts (a
future
as
of the
up
down,
or
including
time
of
point of greater importance than usual this
with the
year
revision
or
weather,
late in maturing
crop very
areri), is better
than
or worse
memorandum issued in
much
over
In
average.
a
conjunction with the condi¬
1
'mports for the period and contrasting with
91 last year
and $1,080,628,442 in 1915.
"rinent of
August netted
The inflow of
$27,357,136..
e
loss to the
a
reached $18,692,170,
but
6, of which upwards
approximately
»«n,
and the
*jyixin
various
to
asure
remainder
in
13
greatest
destinations in South America.
For the eight months our net
gain of gold reached
tion report,
the Crop Reporting Board of the De¬
partment of Agriculture refers to insects, boll
and weevils
as
Oklahoma, Arkansas,
weather,
lack of
drought, shedding,
potash in fertilizers
important
much of the
respectively
in 1916 and 1915.
for
is
intimated,
as
too,
plant growth, the maturing of
considerable quantity of cotton is
a
upon
late
a
frost.
Gulf hurricane of last .week is
had already recovered most of the decline of the early
crop
part of that month arid late August—ruling extremely
a
northerly portion of the belt the
more
maturing of
dependent
Cotton, which in the closing days of September
also mentioned
are
It
cool
blight and the
there is extremely doubtful, and that in
crop
full
/
Ten¬
that, although rain in the drought-stricken sections
of Texas stimulated
$202,744,207
$212,925,875,
wilt,
factors.
adverse
top
and
Louisiana, Mississippi,
Alabama, Florida and Georgia, while
nessee,
$206,524,789, this following net import balances of
the period
worms
having caused heavy loss in Texas,
Damage from the
reported
small, the
as
picked.
high withal—moved upward further in value the
current
week, following the publication
of the first
ginning statement of the current
and the report
had
ment
Sept. 25.
generally anticipated, and its
immediately stimulated
carried
The latter report
announce¬
the floor of the New York Cotton
on
Exchange
active speculation that
an
prices for the staple
within the
on
greater deterioration in condition than
a
been
season
of the Department of Agriculture
the status of the crop
indicated
Tuesday
on
up over
$5
per
day, and there has since been
bale net
a
further
in the territory involved having been largely
The
memorandum
also
notes
that
picking
is
general and being pushed, except in northern dis¬
tricts, but there is
sections.
The
scarcity of pickers in
a
lateness
of
the
crop
many
and the labor
shortage finds virtual confirmation in the statement
of amount of cotton
ginned to Sept. 25, issued by the
Census Bureau just prior 4o the making public of the
condition
been
figures.
In all only 2,498,381 bales had
ginned to the date mentioned, notwithstanding
the
high prices ruling, which should act
to
marketing cotton.
This
is
the
stimulant
as a
total
smallest
middling upland spot cotton reaching 27.25
on
Wednesday, or but little under the high
4,081,989 bales for the period in 1916 and 2,903,829
level
reached
bales in 1915.
26.75
cents
rise,
cents
in
per
July,
pound.
the condition of the
of
normal,
a
but
or
and
Sept, 25
on
than
usual
comparing with 56.3 at the
60.8
two
of
average
stated
years
that
shadows
a
ago,
65.7.
a
73.5 in
yield
same
of
at
60.4
the
on
was
that
a
Bank
60.4%
date,
time last year,
1914 and
Furthermore,
condition
at
ten-year
Department
Sept. 25 fore¬
are
totals, while
a
not
allowing 1% for abandonment, indi¬
aggregate production of 12,047,000 bales,
including linters, this being barely 600,000 bales
yield of the previous season.
above the short
According to this final report
State makes
a
deterioration
on
poorer
showing than
during
September
condition,
on
Aug. 25.
in'Texas,
every
The
where
condition
was
already given as very low, is stated
only 2 points, but in Oklahoma it reaches 22 points,
Tennessee 15 points, Mississippi 12, Arkansas
11,
as
Alabama and
California
10,
and elsewhere
ranges
from 2 points in Arizona to 7
points in North Caro¬
lina.
as
a
has had
a year ago,
by
fair margin
a
has
lessened
been
various
as
some
tendency
a
restrictive
by the Government, such
measures
as
put
On the other
in force
the export embargo—
contracting the outflow of goods from this port,
diminish
to
serve
the volume
of
clearings here.
Only 30 of the 176 cities included in
given
for
on
the first
page
our
September, while gains of 20%
quite
are
numerous.
totals
the
statement
of this issue exhibit
Furthermore,
heaviest of any
any
or more over
exhibit
sissippi 183 lbs., against but 125 lbs.
towards
lines of trade and industry,
ginia, but much better in South Carolina, Louisiana,
Alabama and Mississippi, and
especially so in the
last two, where the 1916
crop was signally poor.
fact, the forecasted yield per acre in Alabama is
lbs., against only 79 lbs.,last year, and in Mis¬
par¬
Latterly, it must be admitted,
extremely heavy aggregate of the month
140
It
does the aggregate for the
discernible
activity in
the
high record for the
a new
covered,
period since Jan. 1.
there
in
York.
happens that the latest total of clearings sets
ticular month
in
mention-
no
able effect upon the result except at New
and
High
decrease in the volume of speculation,
Contrasted with last year the outlook is less
favorable in Texas,
California, Tennessee and Vir¬
In
activity in
wholes
playing their part in swelling the
compared with
as
up
per acre
clearings in the United States for September
prices, too,
600,000
acres,
,
commercial and industrial lines
thus
an
less than
A
1917 reflect the continuation of marked
of only 168.3 lbs., and this,
applied to the Government's estimated area of 34,-
cates
no
As officially promulgated,
crop
lower
closing last night
com|>ards with
reported since 1910, and
loss
the
a year ago
several
cities
monthly period
their
history, among them Rockford, Tacoma,
Sacramento, Reno, Ogden, Santa Rosa, Aberdeen,
Joplin,
The
Grand
Forks,
Richmond
showing at New York is
decline in speculative
very
activity
on
and
Savannah.
good in view of the
the Stock Exchange.
«
Oct. 6
THE
1917.]
Railroad earnings,
reflecting the very heavy move¬
goods, show very important
ment of
gains in gross
of 1916, though the net earn¬
the large figures
over
1341
CHRONICLE
week ending last
Saturday, making a new low
record
week since the inauguration of the German
submarine campaign of frightfulness.
It is possible
for any
that the steady decline in effectiveness of the under¬
augmentation in operating
water^ boats may in a measure be due to systematic
expenses, are unsatisfactory.
The building industry,
adversely affected by high cost of materials or their preparations to intercept American transports carry¬
ing troops.
This is something, however, that time
scarcity and inability to secure an adequate labor
ings, owing to the great
force, has slumped
For the country as a
sets
a new
whole the total of clearings
and contrasted
For the nine
the current year's aggregate is
high record for September,
of 5.1%.
with 1916 there is a gain
months since Jan. 1
•
alone
notably.
is
can
The British cruiser Drake
demonstrate
reported officially to have been torpedoed on
Tues¬
day morning off the north coast of Ireland.
She
reached a harbor but then sank in shallow water.
lost.
One officer and 18 men were
The Norwegian
that during the
23.6% in excess of a year ago and 75.7% greater than
week ending with Sept. 19 Norwegian merchant ships
for 1915.
At New York the September clearings
of an aggregate tonnage of 30,800 were lost.
Twenty
disclose a slight decrease from last year—3.3%--—this
Norwegian seamen /were killed and 17 others were
following a gain then of 49.7% over the heavy totals
Legation at Washington announces
of
The
1915.
more
aggregate is 19.9%
considerably larger than
months'
nine
than that of 1916 and
Outside of
New York the September result is 19.3% better
than a year ago, and for the longer period there is an
increase
of
29.2%. At many individual cities
notable gains for the nine months are to be men¬
tioned, this remark applying particularly to Phila¬
delphia, Wheeling, Erie, Chicago, Detroit, Cleve¬
land, Milwaukee, Indianapolis, Akron, San Fran¬
cisco, Seattle, Salt Lake City, Spokane, Tacoma,
Fresno, Ogden, Kansas City, Omaha, St. Joseph,
Sioux City, Topeka, Grand Forks, St. Louis, New
Orleans, Richmond, Fort Worth, Atlanta, Mem¬
phis, Chattanooga, Little Rock, El Paso and Tulsa.
Dealings on the New York Stock Exchange in
September, while in excess of those for either July
or August, were of considerably smaller volume than
for the month a year ago.
Furthermore, the trend
of values was downward and noticeably so in some
of the more important railroad issues as well as in
several leading industrial
stocks. Operations in
stocks for the month totaled 13,822,775 shares,
the twelve
months' aggregate of 1915.
against 29,992,582 shares in 1916 and 18,399,286
in 1915, while for the nine months they
shares
reached
140,676,380
shares and
shares,
115,133,248 shares.
against 138,862,182
Bonds, also, were
month, the trans¬
million dollars
par value, against 97 millions lakt year.
It is to be
noted, however, that while the contraction in the
dealings in railroad and miscellaneous bonds was
very marked and operations in foreign securities,
such as the United Kingdom, Anglo-French, Ameri¬
can Foreign and Dominion of Canada issues,, were
in the aggregate well below last year, transactions
in the Liberty Loan 3J^s were of very large amount,
totaling some 4534 million dollars, the bonds ad¬
vancing to a satisfactory premium as the month
less
freely dealt in during the
actions approximating only about 85
closed.
The
t
reported missing.
The "London Gazette"
general mercantile and industrial situation in
continuing satisfactory in the main; the
exportation to Sweden,
and the Netherlands of all articles
except printed matter of alh descriptions and personal
effects in the keeping of their owners. , It later ap¬
Norway, Denmark
peared, however, that this simply meant that there
could be no exports to these countries without license.
We discuss the subject in a separate article on a sub¬
V
sequent page.
The
.
t
.
by German airmen on
raids
become almost a matter
London have
of daily occurrence and have
causing widespread
has finally
become so insistent that the War Cabinet .is under¬
stood to have decided in favor of creating an Air
Ministry with a separate war service." The crowd of
poor people in the southwest district of London ap¬
pealed on Tuesday to the PrerMei*, Lloyd George, for
reprisals.
The Premier shouted a response to the
crowd, "we will give it all back to them, and we will
give it to them soon. We shall bomb Germany with
compound interest."
The crowd cheered the promise
of the Premier who had just completed a tour of the
area damaged in the recent raids.
Press dispatches
from London point out" that the Germans by the
employment of 50 machines and at the most 200 men
(including aviators and mechanics) have caused Eng¬
land to detach several hundred valuable guns and
several thousand men, including skilled gunners, for
home defense.
The results of this campaign apart
from these military factors have been the killing or
wounding of fewer civilians and the damaging of
property to a much smaller extent than the German
people believe, but the indirect damages cannot be
taken lightly.
One London correspondent describes
undoubtedly had the effect of
nervousness.
some
.
The demand for retaliation
of the effects as follows:
The normal life of
■
Canada
of Oct. 2 printed an official
proclamation prohibiting the
/.
the largest city in the world
and
important coast cities has been disturbed for ten
days and the industries and working capacity of the
people of London have been seriously handicapped.
For an average of more than two hours on six nights
of
Dominion for September
as that for the the
majority of Londoners have been forced to give
United States.
Briefly, the increase for the month up their pursuits and take shelter in basements,
in the total for the 23 cities furnishing comparative public buildings, and underground railways, while
the guns were roaring in battle above.
Railway
figures is 12.0%, while for the nine months the excess
travel has been largely at a standstill during these
over a year ago reaches 22.4%.
t
.
periods and all classes of night work have been
interfered with, while day work has been curtailed.
A still further decreas marks the report of
the The
prolonged bombardments of heavy guns would
British Admiralty on the losses of tonnage resulting be trying to the nerves of all but the strongest,
from enemy submarines and mines.
Only 11 British and physicians say the nervous strain and loss of
merchantmen of more than 1,600 tons each and 2 sleep has had a serious effect upon women and
children.
What the people of London are asking
of smaller size were sent to the bottom during the
clearings exhibit for the
is of much the same
favorable nature
1342
is
now
CHRONICLE
THE
why they should undergo these attacks with¬
having to suffer similarly.
out the Germans
[[[Yesterday's dispatches
state that the War Cabinet
has decided to carry ouran elaborate
program
retaliation
of strict
It will be practically
sive of tremendous
proportions.
,
over
Gen. Smutz* who
with Premier
Lloyd George is credited with inventing
the aerial barrage which has proved
partly successful
in
repelling raiders
selected
the
as
London, appeared likely to be
on
in
man
charge of the
ment.
Aero Depart¬
V. 'i;
The French have
now
new
■;'"-
already begun to retaliate and
systematically bombing German cities.
The inauguration of the program was announced on
are
Tuesday, the official statement in part reading
lows:
as "fol¬
Dvinsk
preparations
in this
the
which
under
are
lies
the
on
Petrograd reports
midway
northern
for
way
a
between
Russian
intense artillery duel in
an
front
violent battle.
prog¬
region which is taken to indicate that
Germans
aerial offen¬
an
Jacobstadt
Riga and
ress
on^German cities for German raids
English cities.
Near
[Vol. 105.
seeking to
are
the
pave
crossing of the Dvina river.
way
for the
To the south the Ger¬
again are endeavoring to fraternize with the
Russians, begging them to come out of their trenches,
mans
but the Russians
enemies.
In
answering by firing
are
the
Austro-Italian
upon
theatre
their
Gen.
Ca-
dorna's forces have been compelled to sustain fur¬
ther
heavy counter-attacks from the Austrians
re-
enforced by German reserve forces
on
Monte San Gabriele
The attacks like
similar
repelled. '
,';.r
Gorizia.
near
delivered
ones
the slopes of
during the past have been
.
,
.V.:'
Conditions in
The Germans last
of
town
Dunkirk.
night made
attack on the
bombardment was very
The
a new
violent, causing serious material damage. It is re¬
ported there were numerous victims among the
civilian population.
In reprisal for the bombardments carried out
by
the Germans against Bar-le-Duc and
Dunkirk, our
aviators last night threw bombs on the towns of
-
Frankfort-on-the-Main, Coblenz, Treves and Stuttgart.
'
•
•
.
But Premier
trol.
The
known
Russia
continue
Kerensky still
latest authority
the
as
highly unsettled..
to maintain
seems
con¬
be what is
to
appears
"Democratic
Congress" which is a
development from the Democratic conference, repre¬
senting nearly all political interests, held in Petro¬
grad
on
plan
for
certain
Sept. 28.
There
are
indications that the
preliminary parliament
a
strong
advocated
by
in the Congress will not meet
groups
■
with opposition from the Government
providing
bombarding airplanes made numerous ex¬
the property owning classes receive a fair
represen¬
peditions, in the course of which 2,120 kilograms
(4,664 pounds) of explosives were thrown on military tation in it. The Congress demanded that no step
buildings in Roulers and 6,000 kilograms (13,200 toward naming a Cabinet should be ipade without
pounds) on the railway stations at Metz-sur-Woippy the sanction of the
Congress, but Kerensk/ on Thurs¬
and Thionville, the aerodrome at
Chambley, en¬ day announced the personnel of a new coalition Min¬
campments at Spincourt and Tilly, and munition de¬
istry which already had been chosen.
The con¬
pots at the Longeau Farm, where a violent explosion
stitutional democratic party, against which the
was observed.
^
Democratic Congress has been in
opposition,is rep¬
On Thursday Frankfort-on-the-Main and Rastattresented by three members of this new cabinet.
The
Our
Baden, 14 miles southwest of Karlsruhe,
tively shelled from the air.
and
French
flyers
are
were
effec¬ portfolios of Foreign Affairs, War, Marine and In¬
In addition, the British
keeping
up
their raids
over
German
joints of military advantage behind the
fighting lines, again having loosed large quantities
of explosives upon them.
terior
remain
that
state
,
British
have this week occupied the most
prominent position in the military operations. East
of Ypres in Flanders
they have made a most im¬
portant and successful drive which
some
tive
character.It
of the
in
to
of
the
on
week.
the enemy on an
Reutel,
sthoek,
tremendous
eight mile front.
and
were
of Poelcapelle
severe
Berlin
British
battle
a
a
<taken.
that Crown Prince
few counter attacks.
that
the
gain
of the
strip of land 1 to V/i
deep running from Poelcapelle via the
spur
Becelaere."
the
declares
"restricted to
was
kilometres
eastern
report
was
cap¬
of Zonnebeke and along the road to
The Berlin
was
of
announcement
says
that
unuspal intensity, but that the
5% and
is
significant that the
at
"on
they
quote
are
be found
The
tap"—but the
since
a
amount
London
premium.
The loan plan also includes 4% bonds
with income tax
which
are
4% and
Our
Germans in the Verdun sector.
another
The Germans made
infantry attack north of Hill
region but
were
344
in
this
repulsed with heavy casualties.
to
for
the
re¬
Liberty Bonds,
being offered simultaneously, bear only
exempt from all taxation (including the
ordinary income taxes), except
ance
own
are
taxes, &c., but
the
not unattractive
a
compounded offered at 100 and
payable at 105 in 1927.
cessation in the
and
are
than 5%,
repayable at 102 in 1922, 103 in 1924
withstanding the British
French
not
they
expression,
more
are
is
1927, thus providing
no
artillery duel between the
of the issue
and 105 in
m
violent
during the
necessary
bonds pay
new
attack.
extremely
bear
subject to the incpme tax and
are
par:
limited—to
bonds
new
convertible into any higher rate long-
are
They
offered
discussing
British loan, details of which,
fourth army succeeded
There has been
however,
The Gov¬
recalled, appeared in these columns last
It
war.
Gravenstafel
Ruppreeht attempted only
be
term issues that may
tured and the greater
part
The
will
new
Molenaarel-
The German losses
were so
it
of the
The villages
Noordenhoek, Polderhoek,
Broodseinde
blow
empowered,
The London market has been absorbed in
the crest of most of the high ground
a
be
to supply it
periodically with all infor¬
concerning the situation in the country.
the prospects
Ypres salient following
will
questions of foreign policy.
by the battle
Yesterday the British forces occu¬
Marne.
pied trenches
newspapers
ernment is
mation
correspon¬
dents compare with results achieved
Petrograd
preliminary parliament which the
Democratic Congress has decided to set up will
be a provisional body of a consultative not
legisla¬
to consider
The
unchanged.
the
the
are
interest
surtaxes
into
any
ury
may
find it
on
$5,000
incomes
on
bonds at
estat^
and inheritance
subject (after making
a
for
and
are
all
an
allow¬
holders)
convertible
higher rate that the Treas¬
necessary
to
issue
during the
Oct. 6
of
continuance
Britain
unless, as at the moment
war should come to a sud¬
unexpected end. The official lists for the
necessary
English bonds
that
forward
ruled
strong
on
details of
no
4
per,
a
degrpe of selling
privilege have experienced some
The national balance sheet for six months
pressure.
ending Sept. 30
considered satisfactory, taken as
was
budget expenditure esti¬
The Chancellor's
whole.
a
issue, but the
having the convertible
not
cents
mate for the
whole, year was
670, while textiles
15043^ points
a
&c.,
oils,
timber,
The
£2,290,000,000.
budget estimates.
will 'be resumed,
£1,328,053,000
19,346,000
-—
£1,347,399,000
Total
;'i
pa
Revenue.
=====
=
£255,222,000
......
484,929,000
Treasury bills (repayments deducted)
I
Exchequer bonds
War savings
82,110.000
—
166,550,000
certificates....
—I
Ways and means advances (less repayments)
3,280,000
V 332,519,000
Other debt
Exchequer balances reduced
.
.
Total
revenue
London
>..£1,347,399,000
.
market is described
on
reopening of the Rome Stock
Russian bonds
Oct. 1.
The French moratorium
extended for three months from Oct.
has been
being
volume of
trading
returned
Russian
American market and the
Government had
be
Chief interest in financial Paris
heavy,
were
the Russian 4% loan of 1889.
reported by cable whether the
coupons
actually been paid, although there does not ap¬
to be any real fear of actual default.
nificant that the National City
It is sig¬
Bank of New York
notice to holders of the Russian
a
seems
centring in the remarkable developments fol¬
lowing the arrest of Bola Pacha, charged with having
the
The chief charge against
prisoner is that he endeavored to buy up, in order
to affect
public sentiment in France, leading French
receiving the funds from Germany through
papers,
The American Govern¬
leading banks in New York.
furnished effective aid in uncovering the
ment has
transactions in this country.
The prisoner has been
refusing food, but after forcible feeding has become
sufficiently strong to permit arrangements for an
early trial.
Rhere have been
changes in official rates at lead¬
no
ing European centres from 5% in London, Paris, Ber¬
lin, Vienna and Copenhagen; 5J^% in Italy, Portugal
6% in Petrograd, and 4J^% in Switzer¬
and Norway;
bank rate is still
has this week issued
that the American
news
arbitrarily fixed the selling prices
October coupons on,
pear
The
Copper stocks have declined in sympathy With the
In London the priyatq
land, Holland and Spain.
have
normal time.
to
the Bourse is far from active,
bonds have been showing some weakness.
on
owing to the reported delay in arranging for the
It has not been
1.
Daylight saving regulations also end to-day in France,
the' clocks
as
Italian issues have been in rather greater
demand because of the
Exchange
1311to
|
.
.
(including mjjaor items)
The tone of the
subdued.*
4,731,000
—
.
from
but trading will end at 1
relations with the enemy.
for the half-year follows:
Other net outgo
advanced
o'clock instead of 2 o'clock.
000, which is below the usual excess that since the
Expenditures
Minerals decline® 7J^
Beginning to-day, Saturday's sessions of the Paris
Bourse
to
began has been attending
1509J4 points, as against
ago.
1354^.
of the metal.
The official summary
are
points for the month, and miscellaneous, rubber,
half-year's experience showed a total of £1,347,399,war
month
Beyond
Tuesday.
"and accrued interest" into the new
current
from
large initial subscriptions
definite nature have
by cable. The old 4Yi% loans have
because they are convertible at par
received,
come
opened
were
announcement
were
higher«rates will
that
improbable, the
so
den and
the
of
experience
The
war.
certainly suggests
eventually be
seems
the
13*3
CHRONICLE
THE
1917.]
4
quoted at 4%% for sixty days and
13-16% for ninety days.
received
;
No reports have been
by cable of open market rates at other
European centres, as far as we have been able to
learn.
Money
on
4%.
call in London has remained at
:
.
5J^% internal ruble bonds of 1916, first and second
issues, that application
Oct. 31,
bonds paid in
New York until
United States
receipt of
sian Government,
currency
in
advice from the Rus¬
new
by presenting the bonds for numer¬
ical
registration at
this
presentation the
the bank
in
question.
After
from the bonds so
registered will, the bank announces, be paid in
United States currency at a rate to be fixed by the
Government
Russian
The
a
coupons
monthly.
English price level of commodities is showing
slight
reactionary
The
trend.
London "Econ¬
omist's" index number for the end of
September,
as
received
by cable, indicates
from the
high record figures of August, now standing
at
a
reduction of 24 points
5634, against 5658 in August and 4423 in Sep¬
tember
a
A rather clearer indication of
by the fact that the
year ago.
the actual situation is suggested
current
price is 156.1% above the basic price $f
2200, which represents the average of the commodities
concerned
for the
five-year period
1901-1905.
A
the figure represented an increase of 101% as
year ago
compared with an increase of 16.6% at the beginning
war (July 31 1914).
The reduction in Septem¬
of the
ber
was
mainly due to
a
decline from 1342 to 1221
points in cereals and meat; other food products, for
instance,
tea, sugar, &c., increased to 726 points
England records another substantial
The Bank of
be made from Oct. 1 to
inclusive, to have matured interest coupons
these
on
can
addition to its stock of gold,
namely £630,775, al¬
small redaction,
in
note circulation.
The proportion of reserve to lia¬
bilities declined to 18.89%, against 19.50% last
week and 21.23% a year ago.
Public deposits were
reduced £1,773,000 and other deposits decreased
£7,042,000.
Government securities, however, in¬
creased £546,000.
Loans (other securities) regis¬
tered an expansion of £4,778,000.
The Bank's gold
holdings aggregate £55,727,381, as agstinst £54,630,520 a year ago and £61,249,793 in 1915.
Re¬
serves total £32,348,000.
This compares with £36,016,190 in 1916 and £46,823,273 the year preceding.
Loans now stand at £98,371,000, which contrasts with
£109,167,555 last year and £119,266,493 in 1915.
The English Bank reports as of Sept. 29 the amount
though thn total
showed
reserve
a
£16,000, in consequence of an increase of £647,000
of
currency
against
notes outstanding as £162,989,755, as
£161,014,598 the
previous week. The
gold held for the redemption of such notes
amount of
is still
given
dent is
no
as
Our special correspon¬
£28,500,000.
longer able to give details by cable of the
gold movement into and out of the Bank for
Bank
week, inasmuch
such reports.
comparisons:
as
the
the Bank has discontinued,
sWe append
|
a
'
tabular statement of
BANK OF ENGLAND'S COMPARATIVE
1917.
\
..
Oct. 4.
STATEMENT.
Oct. 6.
£
£
7"'*'
£
13%
37,064,330
32,876,520
34,828,700
29,231,625
52,235,504
81,375,191
17,852,333
5,993,166
98,301,697 146,646,768
14,488,105
109,167,555 119,266,493 113,894,148
25,523,489
Reserve
*41,214,915
27,971,087
128,744,000 117,402,096
Other deposits
58,735,000
Govern't securities.
42,188,051
31,286,061
held
amounted to
Last
$89,189,570
98,371,000
Res've notes & coin
32,348,000
36,016,190
46,823,273
40,378,212
24,930,705
quirements of 18%.
Coin and bullion
55,727,381
54,630,520
61,249,793
56,756,912
35,712.331
fuller detail in
liabilities.' 18.89%
21.23%
to
5%
26.06%
24.54%
5%
5%
6%
by this week's state¬
ment of the Bank of France in its
gold item of 1,845,-
francs, thus carrying the total of the Bank's
gold
hand to 5,321,227,500 francs, of which 3,284,-
on
119,000 francs
francs
year
against 4,840,446,362 francs
as
when 4,165,888,287 francs
vault and
1915, all of which
culation recorded the
.Bills
General
Note cir¬
large expansion of 425,209,000
showed
Bank's
The
francs.
421,033,000 francs, which
preceding
in
with 17,011,143,-
13,664,084,765 francs the
In the week ending July 30 1914,
was
6,683,184,785 francs, that being the
last statement issued
commencement
increased
advances
compares
and
1916
year.
the amount
153,460,000
reduced 11,-
were
Note circulation aggregates 21,-
2,147,000 francs.
francs
of
gain
a
francs, while Treasury deposits
820
held in vault.
was
deposits decreased 10,498,000 francs.
discounted
337,000
by the French Bank after the
of hostilities until Dec.
24.
Com-
'parisons of the various items with the statement of
last week and the
1915
are
as
BANK
corresponding* dates in 1916 and
follows:
OF
Despite the efforts of important banking interests
to
allay fears of stringency during the closing months
of the year,
siderable
COMPARATIVE
FRANCE'S
issues
recent
the
to
of——-—
as
—
Oct. 4 1917.
Francs.
Oct. 5 1916.
Francs.
in
lateral exclusively.
4,165,888,287
No change
2,037,108,500
674,558,075
1,845,975
5,321,227,500
4,840,446,362
Committee
the
industrial col¬
A further definite step
Total...—Inc.
Silver
Bills
Dec.
504,000
259,782,000
were
announced
officially by the Federal Reserve Bank of
New York
on
Monday.
The announcement
effect that in view of the
which
large payments will be made
issue of Government
new
considered it prudent to
in
was
approaching period during
account of the
on
bonds, the committee has
make arrangements with
a
large number of the banks and trust companies to
place at the disposal of the committee
loaned
The committee states that it has
large
a
fund to be
needed at the discretion of the committee.
as
sum
pledges that
would be provided of which
a very
than
more
$200,000,000 will be available immediately.
It is
expected to quote the announcement "that by this
.the credit
means
resources
easier
of the Federal Reserve
needed."
as
announcement
an
position for the call
to have been
money
The natural
to
was
provide
market.
appreciable relaxation
no
an
But there
definite maturities.
The
not published in detail.
as
to
operations of the committee
..........
.
4,601,340,011
325,105,327
153,460,000
728,320,000
512,155,325
267,437,890
Ino.
2,147,000
1,109,959,000
1,185,843,886
making loans
mation is not
363,624,377
discounted..Ino.
are
available for instance
to
as
Infor¬
whether
589,974,351
Advances
Note circulation..Inc.,
425,209,000 21,421,033,000
17,011,143.820 13,664,084,765
Treasury deposits.Dec.
11,337,000
27,269,000
59,107,913
69,277,095
General deposits.-Deo.
10,498,000
2,899,713,000
2,257,167,970
the
plans contemplate large time loans
sufficient
rates
for the latter from
settlement.
week's
Last
banks
and
showed
loss in
a
important
of
statement
trust
companies,
York
issued
associated
Saturday,
surplus reserves—although not an
Loans
one.
New
on
increased $46,290,000.
were
There
becoming
be
can
no
the form of time loans for
to
Reserve
Bank)
expanded
$84,682,000 (not counted
$4,484,000
the Federal Reserve Bank of member banks
duced
own
$14,702,000
vaults
creased
other
registered
$17,785,000.
increase
of
re¬
in
(State banks and trust companies) de¬
$3,724,000
depositories
panies)
was
Reserves
$366,481,000.
to
to
Reserves in
reserve).
as
$92,614,000.
to
(State
a
banks
substantial
Circulation is
$163,000.
The
now
Reserves
and
trust
increase,
com¬
namely
$32,029,000,
aggregate
in
reserve
an
this
week
recorded a nominal loss of $641,000 to
$569,066,000 (not counting $84,682,000 cash in vault of
.member banks of Reserve
sponding period last
$657,580,000,
year
including
requirements registered
gagements extending into the
At the
the total
on
cash
in
vault.
increase
corre¬
hand
was
Reserve
suggested to the writer that if the
mittee- would
name a
which would bring
en¬
One impor¬
new year.
com¬
5% rate for three months loans,
the maturity after the usual
one
year-
of the most effec¬
tive that could be taken to afford actual relief to the
position
money
as
a
whole.
under the conditions that
are
Capital
now
applications
current
are neces¬
sarily being restricted to the smallest possible limits.
Severe
liquidation in the stock market
of the direct results of the
one
circles.
As the
gins
required by brokers,
are
The latter
their
are
appears
nervousness
to be
in money
price level declines additional
showing
positions, with
a
a
as
well
as
disposition to strengthen
view of handling the specific
demand connected with the distribution of the
war
loan.
mat-
the banks.
new
It is of interest that the Federal Reserve
Bank at New
York, and presumably those at other
centres, have decided to retain their rediscount rate
on
Government bond transactions that
was
purrent
of $5,101,400,
during he distribution of the June loan, that is to
of which surplus reserves were re¬
$5,742,000, thus bringing the total of excess
the banks and trust companies will be able to lend
consequence
duced
system).
un-
sufficiently distant dates
end strain the action would be
Federal
of
permit unrestricted mercantile and financial
$1,166,000.
vaults (members of the
a source
practical form the relief could well take would be in
tant banker
own
as
question that the most
Net demand deposits expanded $34,220,000 to
$3,535,610,000 (Government deposits of $240,626,000
deducted).
Net time deposits, however, declined
Cash in
well
as
offerings of demand accommodation to keep
2,627,015,439
in
taken
was
in
Abroad..—
4,601,340,011
of
Liberty Loan campaign
by the committee this week, details of which
seems
Francs.
3,284,119,000
of
action
money
We have referred in
inducing banks and trust companies to release
Oct. 7 1915.
Francs.
1,845,975
concerning the
funds for fixed maturities secured by
effect of such
STATEMENT.
Status
—•
for Week
..Inc.
over-statement that a con¬
an
nervousness
outlook does in fact still exist.
'
Gold Holdings—
it is not
degree of
Bank will be made available
Changes
In France
The bank statement is given in
a
held in
were
holdings declined 504,000-francs.
francs.
reserve
reserve re¬
subsequent section of this issue.
Bankers connected with the
674,558,075 francs abroad, and 4,601,340,-
011 francs in
Silver
held in vault and 2,037,103,500
are
abroad,
ago,
the surplus
the basis of
52.79%
5%
'•
A further increase is shown
975
a
year
on
<
Banh rate
'
the basis of only
(but not counting cash in vaults
system
by these banks).
Other securities....
Proportion of res've
on
for the member banks of the Federal
reserves
£
-
41,828.000
.—
—
$77,012,120,
1913.
Ocl.8.
[Vol. 105.
down to
reserves
1914.
Oct. 7.,
1915.
Oct. 3.
,
1916.
depOBlta.— 42,512,000
Circulation.
Public
CHRONICLE
THE
1344
an
say,
33^%
The net result, of
course,
will
be that
Oct. 6
1345
CHRONICLE
THE
1917.]
I
of
rate
4% (the
themselves) and to themselves
In
to subscribers to the second loan at
money
bonds
the
sterling exchange business
almost
to be confined
seems
exclusively to cable transfers, rates for which
maintained
without
deviation
from
4 76 7-16.
rediscount/ the obligations at the Federal Reserve
are
Bank at
3%%. This action should prove of assistance
Sight bills, both bankers' and commercial, also
in
Subscriptions
$400,000,000 block of Treasury short-term
about maintained.
making the
the
to
new
The
Tuesday.
though
a success.
recently offered closed
of indebtedness
certificates
on.
offering
figures
exact
oversubscribed,
not forthcoming.
It is
amount
are
was
But in other classes of bills
tional decline in rates may
are
frac¬
a
be recorded at the close.
There haVe been few features of interest this week.
Licenses for gold export are not being applied
with any
degree of freedom, the idea apparently
for
pre¬
understood that New York banks took their usual
vailing that they will not be granted except under
share of such securities.
unusual
■
.
Dealing with specific rates for money, call loans
7%
week
a
the high and ruling
On Tuesday the highest
3% and renewals at 4%.
4@5%, with 4%% the
Monday 6%
ago.
quotation, with 2% low.
5%, while the low
was
Wednesday the
also the renewal rate, and 4% the
5%, which
was
Friday's
firm,
particularly
week
when
Time
ruled
money
during the earlier part of the
causing
a
for
substantial reduction in rates need be looked
no
until the
practically unchanged with demand still quoted
at 4
7535, cable transfers at 4 76 7-16 and sixty days
at 4 71 % @4
71%.
irregularity,
due mainly to uncertainty regarding
mail
Monday's market showed
Government loan is out of the way.
Sixty day funds
quoted at 5%@6%, against
are now
534@5%%, while ninety days, and four, five and
six months' money has continued at 5%@6%, with
some
schedules, and the persistent tightness in money;
demand
was
transfers
though- cable
and
4 76 7-16
lower at 4 75%@4 7535,
shade
a
changed
not
were
al¬
from
sixty days from 4 71%@4 71%; the
perceptible
with offerings at 6%,
gold for
was
bills and cables is attributed to the fact
forward
of
Saturday, comparing with Friday of last week,
on
Later, however, several large lend¬
slightly easier tone, although the belief is expressed
that
engagements
supply of loanable funds was ex¬
scarce.
came
ers
the
with
3@4%%,
was
range
renewal... figure.
the
still
On Thursday the maximum was
minimum.
tremely
was
range
renewal basis.
4%
was
was
No
Referring to quotations in detail, sterling exchange
ranged between 2 and 6%, against 2% and
this week
conditions.
export have been announced during the week.
proadening in the parity between sight
that,
on ac¬
of definite information concerning
count of the lack
prospective sailing dates, transactions are being put
through almost exclusively by
means
of cable trans¬
fers, thus rendering the inquiry for sight bills prac¬
Trading
tically negligible.
was
limited in volume
Tuesday and the tone still irregular;, demand de¬
on
clined to 4
75%@4 7530 and sixty days to 4 71 %@
'
most of the business done at
the latter-named figure.
Last
were
year
sixty-day funds
quoted at 3%@
3%%, ninety days at 3%@3%% and four, five and
six months at
3%%,
Commercial
paper
receivable
and
Trading
5%%.
months'
six
endorsed
of choice
names
Names less well known still require
character.
was
5%@
dull and featureless.
quiet.
as
with detailed rates
tations ruled firm,
Delivery
:
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
334 @334
334 @3%
434@334
33£ bid
4
bid
5*2 bid
banks——--3%e@354a 3%@3%i
Eligible bills of non-member banks....-3%@3%> 3%@3%
Ineligible bills*.....
—;
._6@4
4?4@4
Eligible bills of member
any
in
Prevailing 1 rates for various
at the different Reserve banks are
goes.
classes of paper
shown
rates
continued
to
the
DISCOUNT
RATES OP
FEDERAL RESERVE BANKS.
Thursday's operations; demand ranged at 4 75%
were
On Friday the market
unchanged.
actual
rates
DISCOUNTS AND LOANQ
«c
ft
&
OF
i
1
3
I
|
0.
I l|
3
e
33
i
8
cable transfers.
Commercial
sixty
75@4 75 3-16,
days
sight finished at
4 70%@4 71%,
at
ninety days at 4 68%@4 68%, documents for pay¬
(sixty days) at 4 70%@4 70% and seven-day
ment
bills
4
at
Cotton and grain for
74%@4 74%.
ment closed at 4
pay¬
75@4 75 3-16.
in
Transactions
week,
;so
far
5
j
somewhat unsettling
3
334
334
3
334
3
3
334
334
334
334
334
334
334
4
4
334
834
4
4
,4
4
4
4
4
4
4
434
4
4
4
4
4
4
4
4
4
4
4
434
4
4
4
4
4
434
4
434
434 4
434
434
434
434
5
5
434
5
434
5
5
5
5
5
5
634
4
334
334
334
334
334
334
334
334
4
334
334
4
334
334
334
334
334
334
4
334
4
334
334
334
4
4
334
334
334
33*
334
334
334
4
334
remains,
334
4
334
334
334
4
4
334
334
bills
on
—
5 80
a
Lire
nominal.
Live-Stock Paper—
Commodity Paper—
bankers* acceptances, 234% to 4%.
For notes, drafts and bills
issued or drawn for the purpose of buying or carrying bonds, notes or
of the U. S., and secured thereby, having a maturity
at time of discount of not more than 90 days, 334%.
♦
Rate of 2% to 4% on member banks' 1-day collateral notes in connection with
the loan operations of the Government.
Trading, however,
was
insignificant, and the quotation little better than
334
Note.—Rate for
were
levels of last week's close.
312
—
in
I
•3
4
move¬
Changes
confined for the most part
were
situation
political
3
maturity
significance.
especial
this
con¬
and rubles continued to rule at practically the low
334
maturity
"
"
are
The week's developments in the Rus¬
to fractions.
334
01 days to 6 months maturity
Trade Acceptances—
exchanges
exceptionally light in volume and
were
without
sian
continental
the
the belligerent countries
as
cerned,
maturity
1 to 90 days'
change.
4 71%@4 71% for sixty
days, 4 75%@4 75 7-16 for demand and 4 76 7-16
for
maturity
10 to 30
"
"
81 to 60
"
"
61 to 90
"
"
Agricultural and
"
"
was easy,
without
fe
Discounts
1 to 15 days'
1 to 30 days'
still
a
Member Banks, Coll. Loans:
01 to 90
were
were
quotations, in fact,
S
*i
CLASSES
81 to 60
quiet
was
@4 75 5-16, but cable transfers and sixty day bills
ments
following:
S
1 to 16 dayB*
the situation
rule at 4 75%@4 7530 for
in rates were announced this week by
of the Federal Reserve banks, as far as our
•knowledge
of
4
follows:
as
Delivery-
Spot
.
No changes
and
The. Closing quotations
high rates for funds on collateral loans have
a check to this class of business.
Quo¬
current
On Wednesday
at 4 76 7-16.
though
Banks' and bankers' acceptances were
served
71%; cable transfers, however, remained- pegged
demand, 4 76 7-16 for cable transfers and 4 71%@
Dulness was the chief feature
rates were not changed from / 4 71% for sixty days.
5%@5%% f°r sixty and ninety days'
bills
4
well
in either
case.
exchange
not
were
slightly firmer, and francs fairly
sustained, though
are
no
specific activity
was
noted
No dealiiigs in German or Austrian
1
being put through and quotations are
The sterling check rate on Paris
available.
as
heretofore, at 27.18.
In New York sight
79%, against
the French centre closed at 5
week ago;
cables at 5 77%, against 5 78;
com¬
of exchange
certificates of indebtedness
mercial sight at 5 80,
sixty .days
at
Reichsmarks,
5 85,
no
against 5 80%, and commercial
against 5 85%; a week ago.
Kronen, no quota-
quotations..
,
Lire finished at 7 73 for bankers'
tions.
and 7 72 for
7 75
the
15.25
sight bills
with 7 76
compares
Friday of last week.
on
against
as
cables,, which
anc
Rubles closed at 15.25
Greek
previous.
week
ex
change has not been changed from 5 12% for checks
In the neutral
exchanges the feature
rise in Scandinavian
of
sharp
was a
exchange and the establishment
Stockholm
which shot up to 37% for checks, while sight bills on
Christiania touched 32%, also a new high point
high record for exchange
new
a
Market
factors
on
previously mentioned, notably the
operation of the Government's embargo
which is
causing
offerings,
held responsible for the upward move¬
were
continued very
the
persistent scarcity of commercia
a
Swiss francs
ment.
exports,
on
Spanish pesetas
steady.
were
firm, while guilders ruled at
or near
Bankers'
high levels of the preceding week.
sight
Amsterdam closed at 42%, against 42%;
on
[Vol.105.
CHRONICLE
THE
1346
extensive
a
change in,trade
during the
even
war,
If it
frankly bewildered.
were
sight at
3-16, against 42 1-16, and commercial sixty days
at 42%, against 41 15-16 a week ago.
Swiss ex¬
change finished at 4 71 for bankers' sight and 4 68%
for cables.
This compares with 4 72 and 4 69%,
Friday of last week. Copenhagen
against 30.80. Checks on
Sweden finished at 36.50, which compares with
34.00, and checks on Norway closed at 32.00, as
against 31.00 a week ago. Spanish pesetas finished
at 23.25.
Last week the closing rk^jj^as 24.00.
respectively,
York
New
in their
Clearing House banks,
operations with interior banking institutions, have
lost $1,453,000 net in cash as a result of the currency
movements for the week ending Oct. 5.
Their re¬
ceipts from the interior have aggregated $7,039,000,
while the shipments have reached $8,492,000. Add¬
ing the Sub-Treasury and Federal Reserve opera¬
tions, which together occasioned a loss of $71,299,000, the combined result of the flow of money into
neutral markets would cease,
of
to have been
the basis of her actual shipments
to
these four
neutrals in
the
Interior movement
and
Sub-Treasury
i
operations
(
SI,453,000
111,415,000 Loss
71,299,000
Reserve
40.116,000
Total
.
...
The
$8,492,000 Loss
§7,939,000
Federal
-
CJiange in
Bank Holdings
Banks
Banks
Banks'
Net
Out of
Into
5
$47,155,000
$119,907,000 Loss $72,752,000
following table indicates the amount of bullion
in the
principal European banks:
Oct
;
Oct
4 1917
.
5 1916
Banks of
Gold.
Total.
Silver.
Gold.
£
...
I
debtedness" of
1916
year's magnitude, the "trade in¬
England to them,
Germany. 120.192.700
129,620 000
54 ,630,520
13,404 .200 180 ,039,731
942 ,150125 ,180,800
55 ,727,381' 54 .630,520
10.360 .000 141 ,724,760166 ,635,531
5,380 ,450 125 .573,150124 .238,650
12,370 000 141 ,890 000155 ,377,000
55.727.381
Russia
9.541 .000 164 ,918,000
63 ,715,000
51 ,578,000
46 ,650,000
12,140 .000
30,232 000
63 ,718.000
000 105 ,789.000
2,587. 000
41 027,000
38 .176.000
3,143 ,000
,319,000
56,398,000
609, 200
57 ,007,200
48 ,947,000
677 600
524.600
Nat.BeLh
15.3J-0 000
600, 000
15 ,950.000
15 ,380,000
600 000
Swltz'land
13,681 000
13 ,681 000
11 .571.600
Sweden
11,360 000
51.578.000
12,140 000
Spain
Italy
76,422.000
29,367
38.440 000
Netherl "ds
..
Denmark
11, ,360 000
157,000
7; 142.000
,882,000
571,600
following table, from the British Board of Trade's
report on last year's foreign commerce, shows
the actual status of
184,000
234,000
8 ,950,000
6 ,282.000
11,863,000
__
33,596,000
Gold
a
held
•
73,570.650 791,570,491 737.943.301
73,444,560 789,633,372 734.911,2261
holdings of the Bank
Total..
...
70.813.950;808.757.251
71,225,000 806,136,226
of France this year are exclusive of
The gold holdings of the Bank of Russia for both years In, the
been revised by eliminating the so-called gold balance held
have
c
reported
date,
the amount
July 30 1914 In both
so
held.
£81,484,340
above statement
abroad.
On the
1230.890.000
possibility of such
RESTRICTION
ON
EXPORTS
TO
here,
in sales of
of the
As
reports of the London embargo.
stood at 34 cents to the kroner
The newspapers of last Wednesday
a
normal
parity.
soon
representing
published
an
that
proclamation prohibiting the
articles, except printed matter
descriptions and personal effects accompanied
by their owners."
a move
This would have been
so sweep¬
of policy, and would have involved
a
premium of 31% over
X
/
.
turned
of
mentioned
printed matter and personal effects." The dis¬
patch added that "up -to the present time certain
of
classes
empt
unimportant commodities have been ex¬
regards licenses, but the new order will
the authorities to control the whole export
as
enable
reat
all goods
It remained
the
so
flow," and that "in order to se¬
uniformity of practice it has been
cure
on
decided to
alike."
uncertain, however, and will for a good
how large will be the scope of the
the neutrals, on England's part and on
The policy of
our
control by government license—
Government has formally adopted under
Embargo Act of June 15 and the President's
proclamation of Aug. 26—has two aspects; its political
effect and its economic effect.
The political reason
for this
ing
Monday, went to
goods of all kinds, with the two exceptions
power
of all
particular, which
outj/hat the scope of the British
embargo plans had been greatly over-stated.
On
Thursday morning the London dispatches reported
that
"the
proclamation prohibiting exports to
Sweden, Norway, Denmark and Holland involves
no new policy, but is only an extension of the princi3le heretofore followed by the Allies.
Its object is,
It
Netherlands
all
on
Tuesday and 37% on Thursday; the last-
rate
exportation to Sweden, Norway, Denmark and the
of
All of
of war-time this pres¬
Swedish exchange, in
ent week.
on
New York
moved sharply against
touched the highest rates
em
naturally result
London here, and remittance
fact, exchange rates on the Scandi¬
markets
these
which
Associated Press dispatch from London, stating
prints
on
proceeds to the European neutral markets.
navian
on
virtually fixed valuation
Copenhagen would
or
exchange
matter of
a
a
further violent depreciation of sterling at
any
ours.
NEUTRALS.
"the 'Gazette'
change in trade would
market, and indirectly in our own; because, since
sterling is supported at
embargo
THE
a
naturally be reflected in England's foreign exchange
while remain so,
h Aug. 6 1914 In both years.
years,
£101,703,000
282,000
abroad.
latest
41,477,000
—..—£62,931.000
Netherlands
The
£20,597,000
16,674,000
22,955,000
„
10,891,000
trade and direct its
Tot week. 717.999.841
Brev. week 716 ,188,822
Imports from
Exports to
.£6,581,000
i
Denmark...
what
England in this matter is:
Sweden
Norway
527,000
9 ,527.000
10 ,951 000
7, ,142,000
10.794.000
_
Norway..
represented in
ports, would be increased to more than $500,000,000.
The
980.000
Aus-Hun.c
as
by the $194,000,000 excess of imports over ex¬
briefly, to require licenses for the exportation
£
£
Francea_. 131.364,700
Encland
Total.
Silver.
of merchandise
calendar year 1916.
Supposing imports from these neutrals into England
to continue in last
named
Week ending Oct
then the export trade
oil
35%
loss of $72,752,000, as follows:
a
neutrals might
England would be reduced by nearly $310,000,000,
■
and out of the New York banks for the week appears
as¬
along to Germany, therefore all exports to
Stockholm
The
actually to be
from Great Britain to the European
be passed
on
closed at 31.50,
checks
were
sumed that, because of the possibility that exports
cables at 42%, against 42)4; commercial
42
it has been conducted
as
that readers of the dispatch
placing in the Government's hands of the
to restrict or prohibit exports to a
given coun-
has been clear from the start. Neutral European
countries with a seaboard of their own, but in uninry
errupted communication with Germany on
the other/
;
Oct. 6 1917 ]
side,
THE CHRONICLE
least able to import from England
were at
or
Powers
1347
themselves.
Complete
on
exports from the United States to Holland
passed along to Germany/thereby practically break¬
dinavia would involve great
ing the blockade of the German coast.
of those countries.
This
possibility created
England while
ing the fiscal
stance,
'about
the
exports to Holland were larger by
our own
30% than in the
being
year
To
Sweden
we
1915 nearly four times
the increase being $63,000,000, and
the indirect
neutral
endeav¬
The British Government
$79,800,000.
ored to conduct
control what
or
inferred to be
was
provisioning of Germany; but
our own
position rendered its effort mostly imprac¬
ticable.
The
is
now
obviously different; for
any na¬
can
own
goods to other countries, what it could not do,
do, in the
of prohibiting exports of its
way
conformably to international law, in the
prohibiting exports from
of
case
case
our
wheat exports,
admitted of
particularly,
being stated in such
trals.
Our
supply of wheat
cient to meet the full
eign
consumers.
that
our 'own
was
no
The Presidents
overlooked.
What,
foreign
own
embraces
embargo?
munitions,
so
far
In the calendar
out either to
the
to
only
fraction of
a
the year;
1914,
four
countries,
That was
$5,481,000,000 total exports for
our
July and August, for the first time since
monthly export trade has fallen below that
of the year
before—the decrease, being $70,000,000
month and
one
$20,000,000 in the other—pos¬
Nevertheless,
larger interest by the
general public is the testimony of events
this
rigid
but it counted in the reckoning, and the
our
in the
on our
more
1916,we exported
year
merchandise
still
or a
Denmark, Norway, Sweden and Holland.
to how
as
"tightening of the blockade" will affect the for¬
tunes of the war,
and the willingness of the German
people to prolong it through another winter.
THE SECOND LOAN FOR
It
manufactures.
many
required before such exports
allies
our
or
to neutral countries;
but the fact that the restriction would be
applied to
European neutrals primarily and perhaps
On behalf of the
as
only wheat, but all foodstuffs,
Government license is
go
world,
of this provisional embargo.
materials and
raw
of this
commerce
$284,000,000
our
concerned, must take its chance.
not
*
-
the other hand, will be the result
on
set up the principle
we
proclamation, however, has greatly
extended the scope
on
end
The
requirements of home and for¬
Therefore
was
be the effect
America?
what will be watched with the
neu¬
people must be provided for first,
surplus
would
with-
achieved may be so important as to supersede all
such considerations, but the matter cannot be wholly
;
our own
the
that
by the
What
relations
In
notoriously insuffi¬
allies next, and that the rest of the
can
affected?
future
sibly emphasizes this consideration.
our own
a way
the people
political atti¬
on
How would their
of
way
neutral to another.
one
reasonable objection could be made even
now
their
Scan¬
between the Central Powers and the Entente
as
Allies be
fact that last
case
tion
the
tude,
as
exports to Denmark increased from $15,600,000
our
to
in 1914;
as
ending with June, 1914;
year
$32,000,000.
shipped in the fiscal
much
Dur¬
ending with June, 1915, for in¬
year
increase
awkward problem for
an
country was neutral.
our own
hardship
food
or
embargo
America merchandise which would subsequently be
ex¬
clusively
THE WAR.
Government, Oct. 1 1917, Secre¬
tary of the Treasury McAdoo offered to the people
of
the
country three billions of dollars of United
States
bonds, bearing 4% interest, payable twenty-
five years from Nov.
option, ten
years
will be found
extensive
on
15 1917, and redeemable, at
Details of the offering
thereafter.
subsequent
a
page,
and under the
campaign for subscriptions will
soon
be¬
familiar to every
citizen.. As in the original
issue for two billions of
dollars, these bonds bear the
come
and, within
convertibility clause,
was well understood.
Countries such as
Holland and the Scandinavian States have answered,
after
first, that the increase in their imports from the
bearing
United States had been necessary
Stated period
decided upon.
in merchandise received
the
belligerents.
sively
prove
the
because of decrease
from other
case;
and in fact, proof
was
rendered
/especially difficult from the fact that a European
neutral might import a given quantity of grain, for
\example, from the United States, might use that
to
that
all.
these
own
Complete foreign trade statistics of these neutral
best-paying of
In
order
to
fully appreciate the value of
bonds, the subscriber Should consider carefully'
mind
they
are
convertibility
the
to run,"keeping always in
advantage
this question, have been
unobtainable by the general
us
public, though they
believed to be in the hands
Looking ahead, at the
But
was
thrown
on
some
light
the question by discovery of a com¬
Eastern savings
in denominations of fifty dollars
are
Speaking of the previous issue, it
of the United States Government,
rate equivalent
a
our
countries, which would largely settle the merits of
are
that
a
probability existed of
written
in.
indicated by
increased rate.'
was
an
undertakings under
estimated needs of the Government
it is
be
attractive one, since the bonds
ordinary taxes, bear
the term for which
production.
may
multiples thereof, bringing them within the reach
of
equal quantity of grain from its
a
be exchanged for bonds
matter of investment, the opportunity
of the
and
banks,
and
grain for home consumption and might then export
an
as a
free from
are
may
higher rate of interest that
any
to subscribers is an
to
Germany
subsequent issue,
Purely
markets, chiefly
This contention -did not conclu¬
a
way,
the
already made,,
altogether probable that another issue of bonds
pact whereby Holland, in order to get coal and similar
will be offered
commodities from Germany, had to
these transactions involve such tremendous amounts,
would send
testing the capacity of the people to furnish them
to
pledge that she
Germany three-fourths of her total
early in the coming
year.
And since
called, it is quite probable that
export of vegetables and butter, five-eighths of her
immediately
total export
subsequent issue will bear a still higher rate of in¬
terest than the 4% affixed in the present one.
But
of cheese, and
as
much of her cattle
ex¬
ports as She sent to other countries.
There
measure,
can
be
no
doubt of the importance, as a war
of restricting
Germany's
access
to
the
products of the outside world, and especially to the
products of her enemies;
be the
results
on
our
It is hot
so
clear what will
relations with these neutral
a
as
any
perspective of the ten years to run offers some in¬
teresting considerations to the investor.
.
One
small
thing must be very apparent to the person of
able to invest, we will say, from one to
means
five thousand dollars;
here is
one means
of setting
aside
the
that will be
a sum
absolutely free from
vicissitudes that
business
the
all
any anc
after
come
may
principal here is
the
the
secure
man
Anc
and his interest certain.
is true of the small
same
his
low, he knows that his
or
of small business.
independent capital of
1
his
the extent of
To
ability to invest he is insured against changing for¬
tunes and he has no
premium to
conditions brought about
when
the
personal
of
of
man
considered,
war are
realizes
business
his1
own
impotency in the midst of world-currents
trade, he cannot but look upon these bonds as an
anchor of
safety that cannot elsewhere be duplicated.
And it is not necessary to
after the
predict business disasters
recognize this import of the
in order to
war
opportunity which the nation's exigency makes pos¬
sible.
On the other
hand, while the rate of interest, sup¬
posing it to remain at four per cent, is to be compared
by the prospective investor, especially the man of
small means, with a prospective money rate that
be larger, the weight of the security behind is
may
be
to
rate
together with
considered,
the
preceding
the
On
transformer.
readjustment,
is
marvelous
a
this
surface, during
period of
a
for money"
But
prior to the breaking out of the conflict.
by
siderations
no
of
But when "money" - is
knows.
one
many con¬
the issue and retirement
into
enter
credit that
So
inevitably follows.
no means
And there attaches a
compensatory advantage which still favors an in¬
vestor1 in such a high grade security.
So that, all"
high, bonds
not cheap.
are
things considered, safety of principal and rate of
interest,
very
In
as
ten-year proposition these bonds
a
attractive.
v.
.
are
-{'.-'A
comparison with rentes and consols these small
denomination bonds
period)
ten-year
to
lay
(speaking still of
prospective
a
the
look „to
must
Government
over
comparative
the home-market
sary;
Supposing the de¬
the ten-year period.
are
found for this issue,
price will tend, through the
trading which
will follow,
to
neces-
advance to
premium, while the number of the bonds which
be offered
by
a
given
would tend toward
year
par,
affect
subscribes to hold.
one
is there
who
likely to
ensue
a
de¬
And not only
but
by
the
very
home
than
war
before, because of the large numbers who
investors,
may
a
greater volume of
trading in Government bonds after the
becoming
a
considerations which would not
preciation below
the
from
whether
opportunity
patriotism.
through
Highly commendable,
to make
lasting
or
He
continue
not there
aid
to
are
'
the
.
Press
now
are
nature
of
we
think, is the action of
selecting Colonel E. M. House
study of the elements and conditions of
a
between
peace
the nations of the
a
world.
dispatches containing the announcement make
it very
plain that this work has
no
connection with
movement which the United States may make
concerning either the terms
or
time of
peace, as
relate to the conduct of the present
may
is to be
vigorously prosecuted
It is
down.
information
enable
it
merely
a
on
war,
this
which
lines already laid
preliminary .step looking to
of the Government that will
perform its duties and exert the full
influence when the time does
com
council table of peace.
It is made
taken in
a
the part
on.
to
of its
measure
to sit at
plain, further, that this work is und
entirely independent
an
similar
with
connected
work
manner
carried
Emphasis is laid
upon
and is
by
on
Governments, and that it is unrelated to
diplomacy.
our
n
oth;
nationa
the statemen
that this research is undertaken not for the purpose
of
settling internal European problems between the
several States,
attain
but to enable the United States to
helpful position by the exercise of opinions,
a
due to its
disinterestedness, when these
distracting problems shall
advance the
components of
be done
must
come up
many
and
in the conference
The main intent is to consider in
for settlement.
a
lasting
peace,
what
by all the signatory Powers to that
mighty document for world security, and how and
rate, for the establishment of a stable world-market
sired ten million subscribers
can
And all these considerations
President Wilson in
All
price
way
He
LOOKING FORWARD TO THE PEACE COUNCIL.
when
and
issues
war
aside
matters
the probable ascending
of
volume
and the rate.
his savings in this
up
buy after
can
for his present subscription.
be another issue.
would expect governments, in¬
one
dividuals and corporations, to "pay more
than
loan
average
an
Credit
war.
something which he
pay
knows the security
any
"
.
He has
savings
And when the
pay.
by the
small
acquaints himself with all the detailg^*of
bonds.
wage
changed conditions will bring to his present
earnings, be they high
investor
issue, and with the probabilities that attach to the
wha
If the laboring man does not know
war.
[Vol. 105.
CHRONICLE
THE
1348
they shall take these necessary steps.
•or
plans in all lands and by all societies
peace
will be
studied, and,
sioners
in the
on
the part of the
future, they
die ultimate peace
in
as we
understand it, briefed,
the attention of the President and the Commis¬
degree, to those insistent questions of terri-
some
ory
United States whenever,
called into being. Whatever
plan may be, it must relate itself,
are
and polity which are now involved in the en¬
Thus, the scope of the inquiry is
gulfing strife.
by the studies Colonel House and his corps"
assistants will make.- ""He will collect the knowl¬
indicated
of
edge to be had about the Dardanelles; he will learn
what he can about the aims and purposes and result
proposed steps in the Balkans, the facts as to the
in South Africa, where German colonies
changed and changing conditions in the principal
of
countries of the world there will be greater
situation
volume of
Small
trading in the securities of all countries.
subscribers
sibilities
as a
need
matter of
not
consider
remote
time approaching normal
better security can be offered a bank as
regardless of the small
ciation, than
a
four
pos¬
personal guidance, since it is
sufficient to say that in any
no
and wider
range
per
collateral,
of premium
or
depre¬
cent bond of the United
States.
As
a
nave
been taken
Belgium, what, it will cost^to restore
that country
and northern France, will be gathered;
the Trentino will be
Poland and
Syria;
a
of
saving, the ten-year perspective is
again to be brought into account.
and number of these bonds afford
in which to put
savings.
The great volume
a
constant
By subscribing
place
now
the
studied; the plans and facts about
Bohemia; the facts about Armenia and
study of Alsace-Lorraine and its problems—
short, all the problems with which the European
in
diplomat
means
by the British; exact statements of
conditions in
is
now
familiar, will be studied and reported
upon."
As
an
announced, the United States stands outside
adjustment of internal European affairs,•save
only
as
this adjustment shall have an effect upon the
Oct.
6
THE
1917.]
constructive
and
lasting
It is conceivable
made in
a
bound
cure, so
which is to follow.
peace
that these adjustments
shall
way,
up
might be
temporary and inse¬
we say so
by the influence of greater powers,
that small States would still find themselves
of contention and in such straits that
maintain
of
the
it, must
rea
the possibility
assure
As
States, fighting its
own
conceive it, the
we
will make its
war,
Not, however, is the general belief of
peace.
those best in
position to know, without deference
a
to those nations with whom it is
cause;
they could not
independence and
permanent peace.
United
own
to make
comes
waging
a common
will these nations enter into terms without
nor
remains of
1349
being,
wisdom must
the
rest
on
We
admonition to the pacifist and an in¬
an
spiration to the soldier—that the former shall
at this time .press
that the
incumbent upon
inmost
profoundest judgments.
wisely
urate.
\
The
As constructive work, in
necessity and importance.
hour when
besom of destruction shakes
a
the foundations of States and
fill the heart of
hope.
May
society, it must
serve
people with confidence and
our
not believe that in this timely act
we
the President has
pointed to the pole-star of all his
hope and all his effort—universal and lasting peace?
Objection is seemingly made in some Administration
circles to peace
of
wavering
a
discussions at this time
or
weakening
the part
purpose upon
any
it
sense
becomes
com¬
ponents of "democracy," and the imperative sacri¬
all
nations
the
world,
heart of
their
and
Before,
citizens
flag of universal
make
must
to
torn and sundered
over a
unity shall fly,
humanity must be changed.
the
An intensive
knowledge of
a
causes,
and these in turn must lead to remedies.
If, and
merely offer the conjecture, these investi¬
gations shall show that age-long repression of trade
resulted, in large degree, in those pent passions which
burst forth
finally in this World conflict, then lasting
and
peace
would
progress
interwoven with trade-
as
to be inseparably
seem
the instrument of man's
ac*
tivities,as the natural and helpful outlet for his resistlesse
This is but
nergies.
To us,
indicative
as
And
study of conditions must lead to
;;r
magnitude of this task is proof of its
very
the very
to
fit to inaug¬
seen
in
the people to consider well in their
"lasting peace."
widest information and the
reprisal.
present in
war
never
minds, in their heart of hearts, the
fices
And these the President has
shall
war
into selfish
degenerate
Consequently, when
measures,
with confidence,
press on
feeling that the aim and end is
the means,
not
too far his hopes and opinions of
that the latter shall
peace,
each
there is need for the
practical
And
read, therefore, in this salutary act of the
President
consulting the United States.
to
And for this,
knowledge.
on
so while
being prosecuted this proposed work can
quietly, and to the highest advantage.
it
comes
practical.
as we say,
ever
is
war
go
bone
a
The preliminary peace, in short, when
integrity.
the time
assert their
even
or
CHRONICLE
one
it is good to look
unobtrusively
the
as
of the
upon
war
questions.
many
this work going
And
progresses.
on
very
of the nation,
but if wo rightly interpret this step by properly, it is a thing apart from the struggle.
Only
President, it is equivalent to saying that while* the other day, ex-Premier Asquith in an address
the
inconsiderable
discussions
tendency to exert
of
peace
might
undesirable influence
an
have
people, might tend to place the country in
light before the world, the people
think
that
on
lasting
and States
and that
sion of
free democracies,
final result of
as a
thinking, there is
need for
no
war;
a suppres¬
speech that is careful, exact and judicious
reference
with
come upon
large and small,
so
false-
a
and should
may
which it is hoped and in¬
peace
tended, if possible, shall
a
the
upon
to
place and content.
time,
For
what the Government may do in the way of this
preliminary
under
our
likewise do.
Not
a
for
preparedness
negotiation,
a
great spiritual awakening
part of mankind after the war.
in the
contents
"God, the Invisible King."
on
This attitude
It is to be
so
renaissance
a
There
is
to
President
address that the
democracy and
must the
closely
very
con¬
But just
all-embracing terms,
be translated into
and
consisting of
a
"world
representative voting
now
his famous
general disarmament.
peace are
a
plow¬
so
"dream", of to-day, when that good time
the elements,
court"
Wilson indicated in
problem of peace
itself with
shall come,
tal
when
b(e abounding sacrifice,
universal willingness to beat the Swords into
then
a
Humphrey Ward published her novel, "Robert
Elsmere."
as
strength of armament
of
the
fact
able
an
are
must
not
come
war,
condition of
before
eluci¬
an
the
council
But how show this, at a time
yet cooled from contest, save by
whole philosophy of
presentation of the
We repeat/this is
and war?
peace
was a
If this be true,
peace.
when it shall meet.
when minds
lesson of the
as a
utterly from the mind the old doc¬
preservation of
dation
tive work in the midst of
a
noble construc¬
appalling destruction.
It
the sincerity, the unselfish aim, the unshaken
augurs
poise, of
nation at
a
the country
We hope the people of
war.
will appraise at its full significance/and
commanding worth, this act of the President.
there
are
a
a
There
"world police,"
league,"
power,
reality.
a
are
"world
with proportionate
to be considered.
whole world
humbled, contrite and compassionate, the task yet
call at the White
a
House to-day
of last
item
news
Monday)
(said
a
Senator
Lewis of Illinois said he will propose a bill "giving
the President full power to
forthcoming
for
by
him,
any
recess
do anything during the
of Congress'that
sudden emergency."
continued the
news
may
be called
The Senator told
item,
that
"we"
could
get the War Revenue bill passed this week, pass the
Soldiers' Insurance bill next week, and adjourn by
the
of
end
the
following week; the President, he
said, is anxious that the Insurance bill pass,
that the families of the soldiers
and
the
soldiers
can
have
can
peace
Lewis thinks "it would be wise
"so
have security
of mind."
Mr.
(so he is reported
as
saying) for Congress to pass a law giving the Presi¬
dent full power to do anything in the recess of Conthat may
as
constituted, to which elementary and fundamen¬
a
After
Washington
And
conditions, nations and peoples
principles must be fitted. V Given
"PLENARY POWERS."
may
much heralded
decade ago, or even twenty years or more ago,
nected
the
the
Wells's book,
of Mr.
"religion of humanity"
shares.
trine that
to its
,
be indicated
Mrs.
may
must dismiss
few of the strong minds of the world are
looking forward to
of that
final
a
systems of government, the people
declared, in substance, that
we
,
or
whether
home
be called
frgm
foj/by
any
sudden emer-
international complications
price-fixing of commodities for
war
ne¬
cessity; this would prevent calling Congress before
the
regular December meeting and also give im-
THE
1350
action, however unexpected."
Lewis said the President "expressed himself
mediate
Mr.
legality to
Congress towards him, particularly in its refusal to
of his executive
of intruding party opposition or per¬
hamper him in any way in
functions
or
any
truthfully said that war cannot be conducted
It is
any
deeply appreciative of the generous course of
as
[Vol. 105.
CHRONICLE
by
committee, and the Constitution recognized
a
necessity in making the President Commander-inChief.
Mr. Lincoln made his own .decisions,' as
one man
always must; he did not consult Congress
Army of the Potomac.
about the command of the
policies against necessary measures."
On the other
Monday Mr. Lundeen of Minnesota offered
absolute
sonal
On
in the House
dent to
lay
joint resolution directing the Presi¬
a
embargo
an
such foodstuffs as are
on
for home consumption and for our forces
necessary
(the news
says) "seize and apportion foodstuffs among
the people when it proved necessary because of high
prices and.scarcity."
abroad;
would
he
have
the
it
Were
humor
not
that seriousness
appears
so
as
the opposite of
general in Congress, we. might
almost
an
He
was.
with
burdened
his
re¬
serious, slow, cautious; he had
superhuman vision; but he never sought
sponsibilities; he
was
force Congress.
to
Of
President
item
hand, he did not ask bills giving him
control.
some
of the
of
ticularly
the
wild work
revenue
of this session
bill)
.
(par¬
Congressmen
are
apologetically saying that its crudities
wrongs can be taken up at the regular session;
quoted
and
as
yet still the clamor is that two
remaining bills which
really pressing at all shall not go over to
December.
Is it a mere coincidence that legisla¬
are
not
concealed sarcasm;
The date tion is of a bad and unconsidered quality, now that
of the regular session is only nine weeks from last legislative as well as executive functions are so
Monday; are lurking emergencies so many that nearly joined and ^absolute?
War emergency is made to cover too much.
Let
even a few weeks cannot be risked?
■ •
suspect Senator Lewis of a little
but that
But
might be doing him injustice.
the "plenary
to
as
powers" proposed, that
adjective is defined as "full in all respects or
requi¬
us
refuse
before
admit that whoever advises
to
doing is
a
thinking
secret enemy of the country, and
Let us summon our imagi¬ that patriotism is highest with those who are noisiest
nations and suppose that Congress had passed a feand would rush with "eyes shut."
law of five lines, last spring, thus:
"That during
the term of this war the President be and he is hereby
sites, entire, absolute."
.
constituted
absolute
to all persons
dictator
over
and
in
requiring nobody to puzzle over clumsy
purport,
inconsistent sections; a vast
expenditure in money, time, and wrangle
also have been avoided.
Congress could
amount of
would
have gone
home immediately, and the country could
down to discovering its situation and
have settled
to
acting accordingly,.as best it might.
Does
this
possibly
factious* criticism
or
seem
as
to any reader as either
and exggerated
flippant
Does it seem
to him that the proposition to grant plenary powers
("power to do anything in the recess of Congress
that may be called for")
is preposterous when
viewed as against the past six months, or that there
is really any room for granting, in substance, any
additional powers?
If so, we are serious in saying
that scarcely anything remains to be added, as far
as
the language of statute can go*
Consider the
many statutes, by some called constructive and in
trifling with the gravest of matters?
'
Nothing need be added at present to what we have
subject to their jurisdiction"?
syntax and seemingly
OF THE
MORATORIUM BILL.
and property within the United States
We do not think
it injustice to Mr. Wilson to say that he would have
cheerfully accepted this, and with as much appre¬
ciation of the generosity of Congress as Senator
Lewis now says he expresses.
It is evident that such
an enactment would have been intelligible as to its
or
THE INSURANCE FEATURE
respect
bill, but it
refer again to the mora¬
bill, whatever is done with either or both of
already said of the military insurance
may
not be without value to
torium
these in
the last hours of the session
of Congress
The insurance portion of the latter
proposes to prohibit (within certain limitations which
need not be re-stated) any lapsing for non-payment
just closing.
of
hold
of past-due renewals, with
premiums during the war service and to
policies subject to tender
the usual rate of interest on
loans, during six months
after the service ends,
with the further proviso that
if the service is ended
by death the policy less liens
charged against it shall be paid.
It is upon
that we now wish to add some comment.
The
risk
that
any
this
particular individual in good
few years is not great, and
health will die within a
therefore the
low.
premium charge on "term" insurance is
of age the death risk
With each succeeding year
mathematical
premium (sometimes called the "natural" one) would
increase from year to year to the end.
This is mathe¬
matically correct and sufficient, but is practically un¬
workable, since it would plainly join an increasing
premium charge with a decreasing ability to pay.
To
meet this difficulty, the "level" 3or fixed premium
the line of national preparation, which have been
was devised;
this attaches to each age of insuring
pushed through: for example the monstrous revenue
increases
a
little; therefore the strict
"control" bill. Who¬ a fixed rate for the entire term of life; it charges
through these documents too much for the risk at first, in order that it may
of prodigious length and sweep, poring over them charge too little in the man's later years, thus load¬
until he has gathered an idea of how far they go and ing the early years that it may bear lightly on the
"lean" part of life.
The surplus or excess received
how much they involve, cannot escape seeing that
over the cost of carrying the risk decreases with each,
they amount practically to an absolute dictator¬
ship, however benevolent and wise and cautious year, but these excess sums are put by at interest,
thus creating the reserve which is constantly misun¬
he may assume that will be exercised.
We might
particularly say this of the "control" bill or bills, derstood, the "vast accumulations" being imagined
to be needless and therefore fit for heavy taxation.
since absolute power is conferred in those over so
There are some modifications of method in practice,
many necessaries, and since productive and trading
but they do not affect this simple explanation and so
operations are so interwOven and so interdependent
bill, the espionage bill, the
ever
sits
down and goes
that whatever touches them
touches everything.
need not be mentioned.
;
-
Oct. 6 1917.]
.
Now this
accumulating
needed for
policy and of nobody else,
deposit,
although
exactly like such
a
of
account
is
it
as
deposit.
the
if it
He
it in
consume
to
his
reserve as
can use
order
policy back to
against it;
he
or
can
ceasing to
after
a
renewal
pay
"Dividends," so-called,1 depend largely
premiums.
the amount of
on
his
continuing the policy in force for
time,
proportionate
savings bank
were a
available value if he wishes to sell the
the company; he can borrow
of the
owner
subject
not
accumulated, but these
reserve
we
do not have to consider.
The moratorium bill
proposed to estop lapsing
policies which have been
year
a
in force.
consequence
on
But
because the expenses
of the issue have to be covered
in; here is
one
difficulty, and another is that
older
may
have loans already standing against
it..
policy
A
If
bear,
have
we
borrowing,
be worked further in the loan market.
can
m^ide the subject clear thus far, the reader
instantly perceives that
a
"flat" order to hold policies
in force without further renewal payments
the amounts up
the
reserve
ers
of other
just
another,
in
intact
against them
upon some
It is just
would be
as
attempt to make all deposi¬
an
savings bank contribute towards keeping
a
(or, possibly, towards increasing) the deposits
of customers who had
duties
to
soldiers
our
shrink from
gone
and
to the front.
sailors,
We
owe
shall not
and
meeting them; but it is not
on
their behalf, the thrifty
main at home and have.their
to
necessary
persons
who
re¬
burdens to carry.
own
a
some
company
company
explained this to the Senate sub-committee-^ts
members "saw;" they were able to comprehend the
This was
something they had not thought about; what did not
point, and candid enough to confess it.
to attract their attention
seem
with their
of
a
particularly yet
emphasize to the utmost
A light
proposition.
came
Liberty
or
them
cure
Government
that
sition
lien
came a propo¬
a
block of
on
the policies.
working out this clumsy scheme there would be
some
reserve
one
value available
We
we
need
not consider, for
solid objection:' a
would not be
else.
which
difficulties
there is
as
policy that had no
security to the company
security to Government
or
take it that this needs only
to anybody
the simple
statement; but, even if the scheme were workable, it
would amount to broadening
judge in
the proposed robbery of
person's substance for another person's benefit,
a
without
bills
in
an expec¬
the
present session,
but
showing,
as
once
with what lack of intelligent consideration and
more,
with what lack of any attempt at
the most
such consideration
novel, drastic and sweeping propositions
produced in Congress and urged for immediate
are
We
enactment,.
but
are
a
people, thus far;
prosperous
learn, and it
may
be that
one
have to learn and to be thankful for is the
we
serious
are
have much to
we
lesson
meaning in the familiar lines beginning "sweet
the
uses
of
adversity."
r
PRESENT WORTHS OF NEARLY-MATURED
OBLIGATIONS.
'
•
Whenever
to
a
"
"[Communicated.]
debtor
corporation makes
buy its nearly-matured
basis other
each
and
a
a
a
separate calculation.
table of, the amounts due
likelihood that several
then be found
on
on a
any
may
be made during
purchase,
on any
by multiplying the amount due
that day, taken from the table, by the
on
purchase.
There is
a
on
par
day,
$1,-
value
.
short method for
ascertaining the daily present
The differences from day to day
worths.
round amount
month, provided there
a
purchases
The amount due
the month.
of the
acceptable offer
be saved, however, by ascertaining beforehand,
$1,000,000—for each day of
000,000
an
notes, on an interest
or
than the contractual rate, the amount due on
making
—say,
is
bonds,
purchase is made the subject of
Time may
increase
so
nearly
uniformly that, after calculating the present worths for three
successive
days—the 15th, 16th and 17th—a table covering
the whole month
be constructed therefrom.
can
For the sake of illustration, let us assume that a 4^%
bond issue,
interest payable semi-annually, is to mature
on
1, and that the debtor Corporation offers on July 1 next
Jan.
interest, in all $1,022,500; on a 5% basis $1 would amount
in six months to $1,025;
of
amount is found
an
at the
on
such step as these is necessary, since
methods of accomplishing the desired end,
exist, and had
Secretary McAdoo began sensibly
and, inasmuch
as
the present worth
by dividing it by the| amount of $1'
given rate and time, the present worth on a 5% basis
July 1 of $1,022,500 due Jan. 1 is the quotient of $1,022,-
500
divided
by 1.025, which is $997,560,975,610.
Before
the present worth on dates later than July 1
calculating
there must be deducted from the
divided the interest
the dates of
accruing
on
foregoing amount to be
the bonds from July 1 to
purchase at the rate of $125 per day, because
the accrued interest is
paid
over
by the purchaser; and from
elapsed day the daily-
the divisor there must be taken for each
interest of $1 at 5%,
i.
e.,
.000,138+, the last figure, 8,
repeating itself indefinitely.
Thus we form the following
table:
Divisor,
Dividend.
Present Worth,
$1,022,500 divided by 1.025
equals $997,560,975,610
(14 days)
1,750
.001,944 +
July 1...
.$1,020,750 divided by 1.023,055+ equals
125
.000,138 +
997,746.402,389
.$1,020,625 divided by 1.022,916+ equals
125
.000,138 +
July 15
Less
no
foregoing, not with
influencing the disposition of either of these
July 16
been indicated.
passage
|
We have written the
people—upon whom the heavy hand of taxation is
about to descend as never befpre.
-within the limits of reason and justice,
pressed for immediate
change.
tation of
Less
other
by the moratorium bill, and each of these
commended and
by extending it to the Government—i. e., to the
Further,
bill, said to have been written by a
Federal court, made its appearance, fol¬
lowed later
Less
one
advisers and
as
the insurance
ceive, when they mature, their face value-plus $22,500 in
against loss, and that Government could
a
At that stage, the
virtually dropped
were
into the face
might deposit
by taking
they could render.
companies
preceding to purchase the bonds on a 5% basis plus accrued
interest.
A holder of $1,000,000 of these bonds would re¬
other bonds with the companies, to se¬
itself in turn
secure
So
came to
anything,
officers declared themselves
purpose
ahead
representative of the War Department who was
present; there is the Government!
In
we
this: they had
was
about it, but had just gone
not tried to think
this
deeply interested in the subject and tendered the
utmost aid
officers went to Washington
and
wish to
them-;
proposi¬
no
for
f
When
charge and
although the
can
rob,
extra
war
kind of partnership arrangement with
badly, and also
as
safe
a
protracted
a
agree among
Government
policies for the benefit of hold¬
policies.
to
as
even
tion for any
to confiscate
proposes
they could not
and charge
positively, robbing one in order to benefit
as
tors
anymore
piece of real estate, already mortgaged for all
a
it will
an
policy which has thus consumed its security
value cannot be used for further
than
selves
a
in its first
because it has only just begun to contribute and
year,
discussion
was
policy accumulates nothing of
1351
(money that is not by consulting the companies; but after
reserve
to-day but ultimately will be) is in
use
instance for
every
CHRONICLE
THE
997,759.674,134
(1 day).
(1 day).
July 17.
Less
(14 days)
$1,020,500 divided by 1.022,777+ equals
1,750
.001,944+
I.I
.
V.
,r»
i
.
i.r-
997,772.949,484
*
/
I.I,
-$1,018,750 divided by 1.020,833+ equals $997,959,183,673
Note.—There Is no real necessity for ascertaining the present worths
July 31—-.
on
—
July 1 and 31, as above, except that
able which is described a
they may be used to verify the dally
little further on.
The difference between
on
July 15 and 16 is
on
J
July 16 and 17 is...
_
in
preparing
negligible.
If, then,
we use y as a
symbol for this variation of .003,605
difference of $13.-
->W.;
the July
16 and
17 difference
equals the July
17 and
the July
18 and
19 difference
-f
+ 2y
x
+
x
4-15y equals
Also;
y
3y equals
x
—
x
—
—14y equals
123948065——J
the July
the calculated
leaves
ASSETS.
'
the actual present
worth
on
•that day,
The difference between the
•
'
/
Also, the addition of each daily difference
••
•
Present Worth.
.$13,221,275
July 1
—
6....
Time
7
V
——
—
—'
—
—
9
.235,695
613.883,214
627.118,909
640.358,209
653.601,114
666.847,624
750
875
1,000
.
—
'125
250
375
500
625
750
875
2,000
125
.293,375
826.086,934
.257,325
12-'.
.260,930
—
13
— —
.264,535
—
17—
19
—
—
—
20—
21
—
-
—
—
—-
26—
—
—
27
.282,560
•
.286,165
839.380,309
.300,585
.
250
375
■'
'852.677,289
.304,190
.
865.977,874
500
625
750
875
.
—.
.307,795
879.282,064
.311,400
892.589,859
3,000
.
125
.315,005
905.901,259
250
919.216,264
375
.322,215
932.534,874
500
945.857,089
.329,425
959.182,909
625,
750
570.86
709.18
a
month of
interest day plus the interest
any
'
EXTENDS
BRITAIN
'
AND
of the
war now
amounts to
The
year
the
a
issue at
made known under date of Sept.
WAR
FINANCING.
financing were
The new loan, which
,
subscribers not resident in the
National
as
sale of the
bonds began this week.
100, and will be repayable at
details concerning
a
the
the
new
The
offered at
102 in 1922, 103 in 1924 and
obligations in its, issue of Oct. 1,
issue
as
borrowing announced Thursday described
consisting of national war bonds, bearing 5% interest,
deduction.
subject
The bonds are to be offered at 100 and will
The loan
with tax compounded, to be offered at
repayable at 102 in 1922, at 103 in 1924, and at 105 in 1927.
operation also includes 4% bonds,
further
are
special cable from London:
to the income tax
be
They
The New York "Times" printed the following
105 in 1927.
in
United Kingdom, is lmown
bonds and will bear interest at 5%.
war
new
30.
British taxation, present or future, to
is to be free of all
the same price as the 1927 5% issue.
Holders of the 5% national bonds may convert their purchases into 5%
100 and be repayable at
Britain and
war
loan bonds and
95 and 100,
the 4% issue may be converted into 4% war loan at
respectively.
future war issues other
war
loan and
bonds
and Belgium $55,400,000..
REDEEMS DISCOUNT NOTES.
various issues of Exchequer bonds may convert their
the
into the 5%
new
The new bonds also carry conversion rights into
Holders of the 4M %
than short-term securities.
national bonds maturing 1924 and 1927, or into the
loan of 1927.
war
loan is to be free of all British taxation, present or
future^to subscribers not resident in the United Kingdom.
*
Bankers conferred with the Prime Minister at the Bank of England on
Thursday and promised active co-operation in bringing the new
before investors.
rather than
composed of J. P. Morgan & Co.,
the Guaranty Trust Co., Kuhn,
a
Exchange of more than 3
I
in
case
securities
The Government aims at steady weekly subscriptions
preliminary rush, with a subsequent slackening.
The initial effect of news of
City Co.,
NEW
,
Details of the British Treasury's new war
TO
Higginson & Co.
redeem the
accrued interest upon
~
GOVERNMENTS
BRITISH
{BELGIUM.
Loeb. & Co., Harris, Forbes & Co. and Lee,
par an
day's notice at any date.
ten
$2,518,400,000, of which Great Britain
syndicate
on
Treasury Department reserves the right to
The
entire $400,000,000
Argentine Government on Oct. 1 redeemed $15,000,notes
placed in this country during the
National
are exempt from all income
incomes of more than $5,000.
They
the surtax
taxation except
discount
.by
presaging the success of the Second Liberty
The latest offering of certificates mature
and the certificates are convertible into Lib¬
erty Loan bonds at par.
The national
000
officials announced
as
15, next
Dec.
Department
The amount of the oversubscription was
offering..
Loan
4%
ARGENTINA
Treasury certificates of
previous issues put out by the Government,
seven
regarded
was
additional credit of $2,000,000 to
has received $1,240,000,000
CERTIFICATES OF
which is greater by $100,000,000 than any
entire offering,
•
CREDIT
the
by the Treasury officials, but the taking of the
not revealed
F. G. NELSON.
FURTHER
the official reports
with the totals given.
of 4%
Treasury
the 2nd inst.
on
on Oct. 3 extended
Belgium. The total
the Allies since the beginning of the
loan of $50,000,000 to Great
of all loans made to
20,096,365
INDEBTEDNESS OVERSUBSCRIBED.
oversubscribed,
succeeding
The United States Government on Oct. 1 made a
an
32,426,404
3,894,725
99,138,029
the omission of the cents in
Terms of the new Government
GREAT
663.650,230
37,114,375
113,368.898
subscription books to which were closed on Oct. 2, was
and
preceding interest
then due.
.
STATES
929,442,340
4,541,826
—
v,
$400,000,000 issue
The
month of the last interest
period the basis is the present worth on the next
UNITED
952,591,821
-
indebtedness, which was.offered to the public on Sept. 25
period is the par value of the bonds or notes plus interest
maturity. ' For
44,453,738
458,067,832
32,952,864
deposits
t
294.22
432.53
The basis of calculation for any
due at
42,265,643
634,696,074
$400,000,000 ISSUE OF TREASURY
496.40
634.67
-772.95
a
911.23
1,000,049.51
'
187.80
326.09
464.38
602.68
740.98
879.28
1,001,017.59
'
155.90
325,820
•—
154,692,268
46,518,773
626,646,912
deposits..-.
deposits
Note.—Owing to
252.12
.318,610
—
—
—
31
•
.275,350
.278,955
.296,980
22.1
,
.268,140
.271,745
-
— —
113,499,203
156,450,657
footings in the above do not exactly agree
805.10
943.35
999,081.61
219.87
358.13
.289,770
680.097,739
693.351,459
706.608,784
719.869,714
733.134,249
746.402,389
759.674,134
772.949,484
786.228,439
799.510,999
812.797,164
.250,115
.253,720
11-...-.-.--
113,515,103
28,511,949
25,167,671
12,656,085
Total, not including capital———
—
or reserve fund.
—1.848,214,802 1,827,273,096 1,330,488.683
390.36
528.60
666185
.
.246,510
—.
10-.—.
192,866,666
115,434.666
114,811,775
189,866,666
112,088,966
111,647,959
Other iiabllities
699.20
83.7.42
975.65
998,113.88
$125
250
375
500
' 625
587.422,639
■[
j
$
!
189,866,666
112,088,966
111,664,149
payable
$997,560.98
600.651,124
.242,905
-
8.-...--...—
••
— —
Due to banks
Bills
•
.239,300
—
—
—
•
574.197,759
.224,880
.228,485
.232,090
..
5—
Amount
Due.
$997,560,976,484,
2
3..
4.—.
/•>;
'*
.
—....
Government
Demand
lines gives the
Accrued
Interest.
Calculated
Dai/y'
.
1.575.307,4l5
Reserve fund
gives the amount due in the last
;
'
Difference.
-
v-.•
Circulation
The accrued interest, in the third column,
worth and rounded
■
137,12^,167
71,209,738
-..2,096,390,513 2,072,686,019
Capital authorized
Capital subscribedCapital paid up
when added to the calculated present
column.
151,875,676
82,514,589
.....
Total
calculated present worths of
present worth on the same
put to the nearest cent,
67.401,484
178,610,625
.83,106,314
LIABILITIES.
line below. It will be noticed that the
and actual present worths of July 31 differ by
only .000,764.
102,344,120
71,376,788
elsewhere
,
present worth on. the
calculated
375,843,952
71,204,351
—.
formed by successive additions
and the amounts below it are
to the calculated
377,496,545
short loans
and
Other assets....
million-
July 1 and 2, represented by x—14y, as above, =$13,221,275.
This amount is at the head of the first column of the table,
of the value of y.
3,050,000
123.608,936
925,681,966
than in Canada
f
dollar transaction.
50,220,000
Bonds, securities. &c
Call
' 6,667,568
5,756,623
•
167,402,661
972,709,227
._
Call and,short loans in Canada.
above, by only
as
This is less than nine-tenths of a mill on a
5,756,623
53,320,000
161,092,928
974,071,684
banks
Loans and discounts.—
Due from
on
46.108,952
92,114,482
72,242,839
122,743,664
71,223,226
120,508,217
Total
Deposit with Min'er of Finance
for security of note circulation
Deposit in central gold reserves
*
July 1 $997,560,976,484, which stands at the head of the
second column in the following table, and which exceeds
.000,874.
AuQ: 31 1917.- July 31 1917. June 30 1914.
$
'
$
$
■
50,317,1-49
50.349,060
28.948,841
20,906,077
21,893,779
17,160,111
Elsewhere-—.———-
16 is
present worth
re¬
■
Dominion notes—
it
with the
1914:
30
'
15x—105y, which equals $198,697,650.
If this amount be
deducted from the actual present worth on July 16, $997,759.674,134,
the condition of the Canadian
we compare
Gold and subsidiary coin—
In Canada-
differences between July 1 and
of all the
sum
,A\
12 and 13 difference
1 and
2. difference
—
x
following
for June
turn
*
,
13 and 14 difference
3y equals the July
In the
banks.
banks, under the last two monthly statements,
15 difference
14 and
the July
2y equals
x
The
;
the July 30 and 31 difference
equals the July
y
Canadian
18 difference
equals
x
x
May 5.
CONDITION OF
COMPARATIVE FIGURES OF
and let\x represent the July 15 and 16
271,745
on
outstanding
obligations in the United States have now beein reduced, it is
stated, to $5,000,000, which will mature Dec. 15 next.
By the payment of these notes Argentina's
table of daily present worths will be
a
of March, April and May,
made in these columns
and to which reference was
Experience shows that this variation is practically constant
within the limits of the month and that any error from its
use
the first of each of the months
on
.003,605
between these two differences is...........
and the variation
amount of notes which
$13,271,745
13.275,350
....
—
proceeds of the loan were used to retire an equivalent
matured in installments of $5,000,000
The
the present worths
——. —
[Vol. 105.
CHRONICLE
THE
1352
of Exchequer
the pending financing was a rise on the Stock
points in the 4H % war loan and of about a point
bonds.
„
'
Oct.
6
THE
1917.]
DEUTSCHE
FRENCH APPROPRIATION BILL.
It
announced
was
Deputies had passed by
francs,
or
BANK
calling for 12,150,000,000
year,
According to
appropriation
vote of 480 to 4 the
a
of the
WILL
OPEN
Sept. 27 that the French Chamber of
on
bill for the last quarter
1353
CHRONICLE
ISSUE
NEW
Amsterdam dispatch to the Exchange
an
Telegraph Company under date of Oct. 2 the Deutsche
Bank has decided to issue 20,000,000 marks of
$2,430,000,000.
AND
STOCK
NEW BRANCHES.
with dividends
new
shares,
Sanction, it is
running from January 1917.
said, will be sought from the Government.
of
extension
The
period of three months
moratorium for
French
the
another
It is believed,
the
MORATORIUM.
OF FRENCH
EXTENSION
open
in
dispatch adds, that the bank intends to
*
Rumania, Russia and Belgium.
announced on Oct. 1.
was
AUSTRIAN GOVERNMENT'S
FRENCH REGULATIONS FOR CONTROL OF EXCHANGE.
The following relative to the measures taken by the French
,
"Government with
view to controlling the foreign exchange
a
"Evening Post" o
Sept. 29, the information having come to it through speeia
correspondence from Paris under date of Sept. 9:
•
in the New York
situation, appeared
.
While
and
market
your
Government
are
considering the problem
of
A few
M. Thierry, Minister of Finance, sent the following circular
foreign exchange, it may be interesting to know what we are doing.
weeks
ago
letter to all
You
are
bankers and
aware
brokers
that the
which every one in France ought to
citizens
press
the following information
the Austrian
DEFICIT.
from Amsterdam, Sept. 27,
gave
regarding the huge deficit which
Government
faces:
According to Vienna advices, the Austrian Finance Minister has
presen¬
ted the 1917-18 budget to the Lower House of Parliament, showing esti¬
mated total expenditures of
of 3,890,000,000
asks
22,169,000,000 kronen and estimated
revenue
Iri order to meet the deficit the Government
kronen.
18,000,000,000 kronen.
to raise credits of
authority
The total
war
expenditure of Austria-Hungary for the first three years of the war was
Expenses for the fourth year are estimated at
27,893,000,000 kronen.
but
"
.
OF ROME
REPORT OF OPENING
This results in special conditions
On
accept through patriotism, if they are
subjects of the Allied countries—and through respect for the
or
daily
•
which the Allied nations are forced to wage
war
financial and economic grounds.
on
Cables to the
12,000,000,000.
of France;
against the Cental Empires is proceeding, not only on military ground,
also
branches
.
STOCK EXCHANGE.
Saturday last, Sept. 29, cable advices stated that the
Rome Stock Exchange
would
Oct. 1.
open on
hospitality they receive, if they belong to neutral nations.
One condition,
nate all its
in France should subordi¬
exchange operations to the national interest.
For the present,
money paper which
more
from
it.
to
is any exporting of capital
to secure the payment of goods imported into France,
contrary to the interest of France
which is not calculated
or
selling at a profit.
satisfy within legal limits commercial or civil debts which may have
fallen due, or finally to fneefc the living
needs of
France but have their property in France.
be reserved for such cases, arid
banks
or
persons
who reside out of
Remittances abroad ought to
brokers ought to refrain from furn¬
In the same way,
ishing exchange to persons who ask it for other reasons.
before they help out other banks or brokers
with their own means of ex¬
change, they ought to make sure that it is for a legitimate need.
which it may seem to you deserve a derogation from
For special cases,
the principles of
this circular,
you can
always apply to the Department of
General Movoment of Funds at the Finance Ministry,
which will let you
know what should be done.
The
restrictions
ginning of the
imposed
August 11 1914.—Gold and
band
of
French banks and brokers since the be¬
on
follows:
war are as
silver, opined or ingots, are declared contra¬
November 1915.—By agreement between
Government and Paris banks,
which they open or which
silver coin
asked
in
end of 1916,
the communication of all operations of money
communicated
13
April
25
obligatorily,
as
November
1916.—By
a
to
between
understanding
the
.
French and
complete list is established, so that everything
.which is not postal correspondence and which can serve to secure a
of enemy funds may
All these were
nations.
a
transfer
The circular of
possible movement of
"blockade measures" in exchange with neutral
Finance Minister Thierry Is not directed against
as
enemy
funds, but against a dissipation of
exportation of
ore
any
gold
grammes per
the exporters must import an
of the values
price to be fixed by
ton the exporters must import 25 %
of the siver in
gold bars
gold coin at
or
a
That part of the decree dealing
prohibition against export of gold and silver bars,
Treasury Department.
with the
learn from the New York "Tribune,"
we
reads
Subscriptions to Germany's seventh
war
loan
were
French
same
follows:
'
gold of a value
Mexico
gdld coins a sum
equivalent to the gold produced, according to the respective assays, by the
Exporters of ores and concentrates of any kind containing
gold bars suitable to mintage, or in Mexican or foreign
in
ores
or
which may have been
concentrates
exported.
port in mintable gold bars, or
opened
character as the sixth war
loan, with 5% bonds issued at 98, and 4h£% Treasury cer¬
inl national
or
foreign gold coins, 25% of the
value of the silver contained in the bars, ores or
been
exported.
was
containing silver of a
shall be under the obligation to reim¬
value .exceeding fifty grammes per ton
on
Sept. 19 and will close on Oct. 18.
it is said, is of the
as
decree the exportation of gold bars is ab¬
From the date of the present
■
WAR LOAN.
GERMANY'S SEVENTH
The loan,
exported which contain more than
ton
equal amount of gold in refined form.
If silver is exported
in bars or in ores and concentrates containing more than 50
It
on
kind of Mexican coin or gold in bars.
are
per
concentrates which may
..
reported from Washington on Oct. 2 that both
the State Department
Reichsbank
American gold coin will b.e accepted
one.
The decree prohibits
of two for
concentrates
or
six grammes of
have
instruments of credit even iri Allied countries.
at the
that the American Govern¬
Exporters of silver bars or ores and concentrates
be seized.
regarded
as a reason
change bills for gold,
If
of
It is stated that the decree an¬
having prohibited the export of gold it is impossible
for taxes at the rate
the
accept American bills,
the United States in the payment
on
exceeding six grammes per ton wilt be urider obligation to reimport to
•
an
drafts
or
28 that the Mexican Govern¬
refuse to
would
1
solutely forbidden.
in England;
contraband;
English Governments,
Oct.
nouncing this gives
ment
exchange are
1916.—All negotiable instruments of credit and securities are
absolute
made
correspondents in neutral countries—and, from the
favor of
.
Federal taxes and duties.
the latter communicate to the former the credits
are
after
ment
the
war;
EXPORTS.
■
It became known on Sept.
does not correspond with a real and proximate payment,
From this,
only ought to refrain themselves, but they ought also to dissuade
public
Still
v
exchange; that is, any buying of foreign money or
but only constitutes a provision for future
their
MEXICO'S PROHIBITION AGAINST GOLD AND SILVER
it is contrary to the interest of France that there should
be any (speculation in
banks not
attention, is the
to which I now call your most earnest
necessity that the banking industry carried on
and the Mexican Legation had stated
arrangements had been made
that date that satisfactory
operation of American mines in Mexico under the
for the
decree
forbidding the export of gold and silver bullion and
coin.
It is said that the
Federal
State Department, through the
Board, has arranged for the payment of
Reserve
tificates carrying a
bonus for, which the holders will have a
miners' wages
chance to get from
110 to 120«wben they are drawn-for re¬
ment has-announced that
demption.
tell the
else
we
It is
stated
that conspicuous
public that the "loan
England to
encourage
and insurance
advertisements
must and shall succeed,
go on
fighting."
The banks
companies, it is reported, offer facilities to
small investors of 100 marks
pay
can,
or
so,
who will be required to
10% in cash and the rest in easy installments, covering
According to Ams¬
terdam dispatches, land owners and farmers are expected to
subscribe largely, as they are reputed to have plenty of cash
available.
The Krupps are said to have subscribed for
a
period of from
ten to twenty years.
Sept. 27 the cables stated that a full-page advertise¬
loan, said,
among
signed by the Chief Magistrates'
appealing for subscriptions to the war
among
preaching the democrati¬
by grace of the Entente and has attempted to sow discord
the German people and to drive it through inner dissension to
self-destruction.
out and win an
This must not
honorable
in
Reports
the
paymeht of all customs
•,..
were
current on the 4th inst.
peace,
be.
that the gold embargo
of the United States Government was
fied to permit the
and-internal
•
.
expected to be modi-/
withdrawal from the United States of gold
deposited in this country by Mexico.
Board is said to be
embargo with
a
The Federal Reserve
studying other problems regarding the
view to ameliorating hardships.
PLEDGED
LOCAL
BY
The announcement of
COMMITTEE
TO
MARKET.
the creation of
a
fund to be imme¬
diately available for maintaining an easy money market was
made
on
Monday last, the 1st inst., by the sub-committee of
which has been studying data
received daily by the New York Federal
,;he Liberty Loan Committee
other things:
Lately President Wilson has been hypocritically
zation of Germany
one
EASE MONEY
ment in Berlin newspapers,
of Greater Berlin and
for
revenues.
$200,000,000
50,000,000 marks.
On
two
in American money.
The Mexican Govern¬
American gold will be received at
foolish
made up from reports
Reserve Bank from the banks
The amount made
Our firm purpose remains to hold
insuring the Fatherland's future weal.
was
$200,000,000.
of New York and Brooklyn.
immediately
vailable by the committee
A statement issued in the matter said:
■
CHRONICLE
THE
1354
At the
Daily reports are now being received from all the banks and trust com¬
panies In New York City in response to the request recently sent them.
In view of the approaching period during which large payments will be
made on account
of the new Issue of Government bonds, the committee
it prudent to make
arrangements with a large
For notes, drafts and bills of exchange,
cured by
place at the
has considered
provided, of
It is expected that by
which
over
1200,000,000 is immediately available;
this means the credit resources of the Federal Reserve Bank will be made
available
;
needed.
as
'r '■
•
•>
YY.
this fund
handling of
follows: Benjamin Strong Jr., Governor of the Federal
are as
Reserve Bank; James
the Corn Exchange National Bank; Gates W. McGarrah of the
Mechanics
Bank; Charles H. Sabin of the Guaranty Trust. Co.,
and James N. Wallace of the Central Trust Co.
NATIONAL BANKS ADVISED NOT TO INCREASE IN¬
national banks
of interest
on
as
question which has been raised by the
to the advisability of raising their rate
deposits from 3% to 4%
so as
to guard against
heavy withdrawals for Liberty bond purchases, the Comp¬
troller of the Currency advises against the payment of the
The Comptroller's views
higher rate at this time.
out in the
are
set
ZYt %
at time of'discount of not
-_-__-3M%
For one-day promissory notes of member banks required in connec¬
tion With transactions involving the fiscal operations of the Gov¬
ernment, secured by eligible paper or bonds, notes or certificates
turity at time of discount of not more than 90 days..________
than 90 days-.-..
more
-----—
—
________—2% to 4%
of indebtedness of the United States—
The
special rate of 3H% at which the Federal Reserve Bank will dis¬
of subscribing to the bonds of the United
applies to notes made by customers of member banks
secured by the pledge of
Liberty Loan Bonds
indebtedness
within
maturing
The rate of 3%
at or
or
United States certificates of
90 days.
^
for collateral loans applies to notes made by member
banks secured by any paper or
securities which
eligible for discount '
are
purchase by the Federal Reserve Bank, that is to
say,
United States
United States certificates of indebtedness, eligible
municipal warrants issued in anticipation of taxes, commercial paper and
Government bonds.
bankers'
remain
OF THE CURRENCY.
5%
For trade acceptances having a maturity
acceptances.
;
.
It should riot be understood that the rates
OF THE COMPTROLLER
4%
____——
edness of the
following statement:
OFFICE
months.
of buying or carrying bonds, notes or certificates of indebt¬
United States, and secured thereby, having a ma¬
pose
States Government
to the
answer
than 90 days
having a maturity at time of discount of more
paper
count notes made for the purpose
WITHDRAWALS.
In
3%
_____
Special Rates.
•
For notes, drafts ahd bills of exchange issued or drawn for the pur¬
Y
TEREST RATE TO PREVENT LIBERTY LOAN
agricultural
——
bills of exchange, having a maturity,at time
than 15 days and not more
:Y;Y''
National
Bank; Albert H; Wiggin, of the Chase National Bank; Walter E . Frew of
more
than 90 days and not more than six
is. Alexander of the National Bank of Commerce;
Frank A. Vanderlip, National City Bank; George F. Baker, First
3c Metals National
of discount of
For
se¬
maturity at time of discount
of not more than 15 days-------For notes, drafts and
vV:
'
The members of the committee that will have charge of the
including promissory notes
eligible paper or bonds, notes or certificates of indebted¬
of the United States, having a
ness
disposal of the committee a fund to be loaned in their discretion as needed.
The committee has pledged thx.t a very large sum will be
regular weekly meeting of the directors of the Federal Reserve
Bank, held to-day, it was decided to make no changes in the rates now
established.
Attention is directed to these rates, which are as follows:
number of
banks and trust companies which are now filing these reports to
[Vol. 105
for any fixed period of time.
so
now
:
in force will necessarily
The rates established by the bank
'
.
Xy;
YYY:Y\YY. YY*
'
The Comptroller of the Currency has
from national banks
on
their
as
received
a
October 4 1917.
number of inquiries
to the expediency of raising the rate of interest
deposits from 3% to 4%,
so as to
must be
governed by business and monetary conditions, but the directors
of this bank see
nothing in the present situation and outlook requiring any
changes in the rates
Oct.
reduce the inconvenience which
3
now
established.
1917.
'
•
.
-V
.
'
'
might arise from, large withdrawals of deposits for investment in Liberty
bonds.
TO JOIN FEDERAL RESERVE
EQUITABLE TRUST CO.
'
The Comptroller has to-day sent out a circular letter in answer to these
inquiries, which
says
position to determine exactly what the effect of the offering of the Liberty
bonds may be upon your deposits. •
9
"If there should be large withdrawals of deposits for investment in Liberty
bonds and you should require funds to meet these withdrawals or to supply
obtained from
Eour customers forthe Federal Reserve Bank of your district at favorable
their legitimate business needs, these funds can readily
e
3 lA to 43^ % per annum—and against the money so
Federal Reserve Bank you do not, of course, have to
carry reserve as you do for deposits.
"Your attention is also called to the fact that the national banks generally
have the opportunity of being designated as temporary depositaries for
the purchase money or Liberty bonds sold through each bank, although
these particular funds will of course be withdrawn from time to time as
the Government shall need the money."
rates—at present from
your
The
city, at
dent
Reserve
Company
is
one
prohibition against the transmission through
gold from the United States, in conformity with
President Wilson's embargo:
the mails of
Office of the Postmaster-Qeneral, Washington, Sept. 26 1917.
Order No. 731.
In
conformity with the proclamation
and
the regulations thereunder
to
Reserve
apply for
System.
membership in the
Equitable
The
Trust
of the largest banking institutions in this
It has'a capital of $6,000,000, and
city.
on
Sept. 8
re¬
ported surplus and undivided profits of $12,907,700, and
deposits
aggregate
of
It
$194,334,600.
TRUST
ADMITTED
CO.
IN FEDERAL RESERVE
SHIP
branches in
has
Alvin W. Krech is President. '
London and Paris.
CANNOT SEND U. S. GOLD FROM COUNTRY BY MAIL.
attention to the
■
Equitable Trust Company of this-
institution
the
Federal
the
meeting yesterday, Oct. 5, authorized the Presi¬
a
of
GUARANTY
Postmaster-General Burleson, in the following notice, calls
of
trustees
:Y
SYSTEM.
,
"This office considers 4% a decidedly high rate for national banks to
allow on deposits under existing conditions.
My suggestion is that, you
take no action towards raising the rate of interest until you are in a better
obtained from
■"
in part:
TO
MEMBER¬
SYSTEM.
The officers of the Federal Reserve Bank of New York
announced
the 3d inst. that the
on
application for member¬
ship in the Federal Reserve System made by the Guaranty
Trust Co. of New York had been
approved by the Federal
Reserve Board and that the formalities incident to the trust
company's joining would be completed
for the stock in the
reserve
payment
as soon as
bank is made.
issued by the President on Sept. 7 1917, concerning the export or shipment
•f coin,"bullion and currency, it is hereby ordered that United States coin
or
CONFERENCE ON
currency, gold coins, whether of United States or foreign mintage, and
gold bullion
are
prohibited transmission
through' the regular
or parcel-post
The Joint Committee
TRADE ACCEPTANCES.
on
the Trade
Acceptance which
grew
mails to countries outside of the United States and its possessions.
Section 42, page 111, and Section 188, page 140, of the Postal Guide
out
for
United States at the War Convention of American Business
July 1917,
are
modified accordingly.
,
Section 42 abqve mentioned.
S.
BURLESON, Postmaster-Qeneral.
held at Atlantic
YORK FEDERAL RESERVE BANK.
Announcement of the election of J. Herbert Case
as
Deputy
next.
following statement issued by the latter
on
the
who
will
post Mr. Case will succeed Robert H. Treman,
his former position as President of the
Tompkins County National Bank of Ithaca, N. Y. Mr.
Treman during the absence of Governor
Strong served as
Acting Governor of the Reserve Bank.
He will remain as
a
resume
director of the Reserve Bank and has consented
to
actively
paign, and
Irving National Bank
This Committee is
a
a
on
Monday
nationally representative body
Committee of Three appointed by the Chamber
appointed
Bankers'Association.
The
personnel of the Joint Committee is
Chamber of Commerce of U.
S. of A.:
as
follows:
Lewis E. Pierson, Chairman of
the Board, Irving National Bank, New York City; Edwin B. Heyes, Credit
Manager, W. & J. Sloane, New York City; Dr. J. T. Hoidsworth, Dean of
& Trust Co., has
been elected Deputy Governor of the Federal Reserve Bank of New York.
Mr. Case will resign from the Farmers' Loan & Trust Co. and take
up his
duties at the Federal Reserve Bank on Monday, Oct. 8 1917.
new
Sept. 17, will hold its first session in
f Commerce of the United States, and Committees
was
4th inst.:.
In his
on
by the National Association of Credit Men and the American
Governor of the Federal Reserve Bask of New York
J. Herbert Case, Vice-President of the Farmers' Loan
City
the Board Room of the
including
J. HERBERT CASE DEPUTY GOVERNOR OF THE NEW
made in the
by the Chamber of Commerce of the
,
The above prohibition is not applicable to foreign currency and foreign
silver coins, which remain subject to the provisions of paragraph "(d)" of
A.
of action'taken
to continue
it until the close of the Liberty Loan cam¬
possibly remain until the first of the year.
the School of Economies, University of Pittsburgh, Pittsburgh, Pa.
National Association of Credit Men:
Treasurer,
The
Putnam-Hooker
Kenneth R. Hooker, President and
Company,
Cificinriati,
Ohio;
Frank H.
Philadelphia office, Autq Car Sales & Service Co.,
Philadelphia, Pa.; W. F. H. Koelsch, Vice-President, Bank of the United
Randel,
Manager,
States, New York City..
.
American Bankers' Association:
Robert H. Treman, Deputy Governor,
Federal Reserve Bank of New York, New York City;
George Woodruff,
President, First National Bank, Joliet, Illinois; Joseph Wayne, Jr., Presidnet, Girard National Bank, Philadelphia, Pa.
Ex-Officio:
J. II. Tregoe,
Secretary-Treasurer, National Association of
Credit Men, New York City.
serve
may
FARM
MORTGAGE
BANKERS
TO
TEST FARM
LOAN
ACT—PROPOSED MORATORIUM LAW.
ANNOUNCEMENT REGARDING DISCOUNT RATES OF
FEDERAL RESERVE BANK OF NEW YORK.
In announcing
The recent convention in
Bankers' Association
gage
the 3d inst. that no change had been
made,, in the discount rates established by it, the Federal
of
Reserve Bank of New York called attention to its schedule
•f rates.
We give its announcement below:
4
State
on
a
Minneapolis of the Farm Mort¬
was
committee to work out
a
marked by the appointment
uniform moratorium law ap¬
plying to mortgage foreclosures, to be recommended to the
Legislatures.
An explanation of the operation of the
moratorium laws in Canada
was
a
feature of the meeting.
Oct. 6
THE
1917.]
Winnipeg is said to have declared tliat
A. L. Crossin of
the
legislation had been "unfair, irritating and unnecessary,"
and to have advised that such laws be limited in application
to homesteads and to
Action toward
men
raising
a
fund for the purpose of bringing a
of the Federal Farm
Loan system was taken at tbe meeting.
It is stated that the
constitutionality of the Act is questioned, especially on ac¬
count of its tax-exemption feature.
This was inserted, the
farm mortgage bankers charge,,to popularize the bonds of
the land banks and to strike a body blow at the organized
It is alleged to constitute an effort
The prediction that farm mortgage
have to work on a marginal difference
mortgage bankers.
monopoly.
to set up a
bankers would soon
made by Charles E. Lobdell, a member of
Farm Loan Board.
He was quoted as follows
of only 1% was
the Federal
in the
The
Minneapolis "Tribune":
Federal Farm
to the
rates on loans right
this year, but you who keep your
well recognize
are going to suffer in loss of business
ground have heard its tread, and you might as
that it is your
real competitor, that you
and much more in the loss
and the lender in
im¬
mediately, perhaps, but the hour is close at hand, and those of you who can¬
not operate on that margin had better wind up and get out of the game while
The days of 2, 3 and
4% spread between the borrower
The business must come to a 1 % basis, not
getting is good.
The Farm Loan Act has come to stay,
part of our fixed economic
many
and may as well be accepted as a
policy, not, of course, in all its details, for it has
which you have quite vociferously pointed out.
minor defects, some of
TEXAS
LEGISLATURE
FOR
STAY-LAW
ADOPTS
SOLDIERS
MORATORIUM
SAILORS.
OR
AND
Legislature,
moratorium or
stay-law in behalf of (the soldiers and sailors of the State, to
prevent the foreclosure of deeds of trust and other chattel
mortgages, without due and ample process of law.
This, according to our records, is the ninth State that has
enacted such legislation.
The other eight States are: Iowa,
Maine, Maryland, Massachusetts, Michigan, Oregon, Penn¬
sylvania and Wisconsin.- We referred at length to all of
these in our issue of,Sept. 22, pages 1157 to 1159, inclusive.
The Mississippi Legislature recently convened in special
session to consider, among other things, the enactment of
a moratorium law to provide for the exemption of sailors,
soldiers and other persons in actual military and naval
special session of the 35th Texas
The third
which
adjourned sine die Sept. 29, passed a
service of the United States
contracted prior to
war,
and for
from" the payment of any debt
their enlistment while the nation is at
reasonable time thereafter to be fixed by the
a
Legislature in the statute which they
NEW
shall enact.
CLEARING HOUSE ELECTS
YORK
OFFICERS-
YEARLY FIGURES.
At the annual
Association
of
the
meeting of the New York Clearing House
McGarrah, President
Bank, was elected
succeed Frank A. Vanderlip, President of the
on
the 2nd inst., Gates W.
Mechanics
President to
& Metals National
National City Bank. Mr.
VanderlipJ^dj3een President of
the Association since the
"
1915 meeting.
President of the Corn
day during the
the
largest transactions
year were
$133,761,391 on Aug. 29 1917;
on any one
day during the year were
$1,265,758,049; the
Feb. 6 1917 and reached
on
smallest exchanges on any one
day during the year were
recorded Aug. 6
1917 and amounted to $333,575,821; the
smallest balances
on
March
for
any one
13
transaction
on
any
one
day during the
year were
day dining the
those
the smallest
$17,795,469; and
1917, viz.:
year
occurred
on
The largest
daily transactions on record are those of Feb. 6 1917, when
they totaled $1,265,758,049; the largest balances were
recorded on Aug. 29 1917, and totaled $133,761,391.
The
Aug. 6 1917, the figures being $365,764,811.
Manager's report states that the Association is now com¬
posed of 29 National banks, 16 State banks, and 14 trust
companies.
The Federal Reserve Bank of New York, and
S., New York, also make their
exchanges
Walter E. Frew,
Exchange Bank, was chosen Chairman
at
the Clearing House..
Collection Department
The Clearing House
also exchanges at the Clearing House,
making 62 clearing institutions.
There
are
21 banks and
companies in the city and vicinity, not members of
trust
of margin.
this country are numbered.
1917—$1,218,586,762; the largest balances on any
one
the Assistant Treasurer U.
1
Loan system has reduced the
You have not felt it much
close to 1%.
•ars
.
for Feb. 6
witnessed
in actual foreign service.
friendly suit to test tbe constitutionality
farm
1355
CHRONICLE
the
through banks that
in accordance with constitutional provisions.
Association, which make their exchanges
members,
are
BANKS
It
was
COMPANIES
TRUST
AND
MONEY AT
WILL LEND
4% TO LIBERTY BOND BUYERS.
announced
on
the 3rd inst1'. by Everett B. Sweezy,
^Chairman of the Executive Committee of the Distribution
Committee, that banks and trust companies in the Second
Federal Reserve District have agreed to lend money at 4%
to subscribers of the Second Liberty Loan.
This step has
been taken, said Mr. Sweezy, so as to encourage the public
to buy bonds on the installment plan if cash is not available.
Mr. Sweezy is quoted as saying:
The banks will receive subscriptions
4%.
Loan.
and will agree to advance money at
This is the face rate of interest on the bonds of the Second
In turn these banks will be able to re-discount at tl^e
Reserve Bank of New York,
the work of
On the part of the Liberty Loan
Liberty
Federal
Committee,
proposition has been done by
National Banks, Trust Companies and State Banks.
approaching the banks with this
the Sub-Committees on
TRUST COMPANIES
OF LIBERTY
AGREE ON PLAN FOR PURCHASE
BONDS ON WEEKLY
PAYMENTS.
is expected will facilitate sub¬
scriptions for the Second Liberty Loan has been reached by
thirty trust companies in New York City, it was announced
on the 3rd inst. by G. B. Bogart, assistant to Arthur M.
Anderson, Executive Secretary of the Distribution Com¬
mittee.
The partial payment plan of one dollar down at
the time of subscription and a dollar a week until the com¬
An
agreement which it
pletion of the contract is approved by these institutions.
In
discussing the plan Mr. Bogart said:
It. is probable that a large number of the savings .State and National
Banks will approve the suggestion of the Liberty Loan Committee.' These
institutions, of course, will be approached through the other sub-committees
on National and State banks, which operate directly under the supervision
of the Liberty Loan Committee.
The banks will be supplied with enough
cards to handle all the subscriptions that may be booked on the weekly
payment plan.
•" '' :
•
CIRCULAR OUTLINING
DETAILS OF SECOND LIBERTY
LOAN BONDS AND FORM OF APPLICATION.
The Treasury Department, on Oct. 1 issued a circular
}
of Mr". McGarrah.
Bank, was
setting out in detail the particulars regarding the Second
elected Secretary, succeeding Joseph Byrne, Vice-President
of the Hanover National Bank.
William J. Gilpin and Liberty Loan offering, mention of which was made in these
columns last week.
As in the case of the first offering of
Clarence E. Bacon were re-elected Manager and Assistant
$2,000,000,000, two classes of bonds will be issued in the
Manager, respectively.
Charles A. Hanna continues as
second
offering—coupon
and registered. The coupon
Examiner.
The Clearing House Committee now consists of
bonds, payable to bearer, will be issued in denominations
Walter E. Frew, Chairman, Seward Prosser, Albert H.
of $50, $100, $500, $1,000, $5,000 and $10,000; the regis¬
Wiggin, Francis L. Hine and Lewis E. Pierson.
The con¬
tered bonds will be put out in denominations of $50, $100,
stitution of the Association was amended at the annual
$500, $1,000, $5,000, $10,000, $50,000 and $100,000.
In
meeting to provide for an afternoon exchange of returned
the present instance Secretary McAdoo asks for bids for
items.
Heretofore whenever a check had to be returned
$3,000,000,000 bonds, but reserves the right to allot addi¬
from one institution to another a messenger was used or the
tional bonds up to one-half tjie amount of any oversub¬
•heck cleared the next day.
scription. Subscriptions for the bonds, which opened on
The total transactions of the Clearing House Association
October 1, will be received up to October 27,
Applications
for the year ended Sept. 30 1917, reached the enormous sum
for $1,000 or less bonds from any one subscriber will be
of $193,681,822,820, comparing with $155,742,333,909 the
allotted in full, but applications in excess of that sum
year before and $96,183,554,464 in the year ending Sept. 30
will be received subject to allotment.
The bond* will be
"1915.
This year's total transactions were made up of
dated Nov. 15, 1917, and will bear interest at 4%, payable
$181,534,031,387 clearances and $12,147,791,432 balances
semi-annually on May 15 and Nov. 15.
They will mature
The average daily transactions for the year just closed
Nov. 15, 1942, but may be redeemed, in whole or in part, at
amounted to $641,330,539, of which $601,106,064 repre¬
sented exchanges and $40,224,474 balances.
The total par and accrued interest, at the option of the United States,
after Nov. 15, 1927, on any interest date, after six months
transactions since the organization of the Clearing House
notice given in such manner as the Secretary of the Treasury
sixty-four years ago aggregate $3,072,438,892,504.
The
may prescribe.^Subscriptions are made payable 2% .on
largest exchanges on any one day during the year were those
of the Clearing
House Committee in place
Theodore Hetzler,
President of tbe Fifth Avenue
CHRONICLE
THE
1356
[Vol. 105.
=*=
application, 18%
and 40% on
the tax
Nov. 15, 1917; 40%
on
Jan. 15, 1918.
Dec. 15, 1917,
on
Form
ury and be
exemption features and conversion privilege, are set
circular, which we print in its entirety below:
for.
out in the
TREASURY DEPARTMENT,
Washington, October 1,1917.
Convertible Gold
of Congress approved Sept. 24
reserved to allot additional bonds
bonds to
Bonds, of
an
subscription.
OF
the 2
an amount
Treasury Department
incorporated bank
Bonds registered
Provision will be
business
bonds, and for the transfer of registered bonds, without charge
by the United States, and under rules and regulations prescribed by the
on
Federal
of Interest, Dale of Bonds,Maturity, and Redemption.
4%
per annum from that
15.
part,
at
case
of
on or
and sccrued interest,
par
notice, given in such
In
date, payable semiannually
May 15and Nov.
on
The bonds will mature Nov. 15 1942 but the issue may be redeemed
option of the United States
manner as
on
after Nov.
any
15 1927 in whole
interest
day,
on
or
in
six months'
the Secretary of the Treasury shall prescribe.
partial redemption the bonds to be redeemed will be determined
by such method
as
be prescribed by the Secretary of the Treasury.
may
TaxllJzemption.
-
and
possessions of the
United
States,
or
taxes,
now or hereafter
profits
of individuls,
interest
on an
imposed by the United States,
partnerships,
associations,
upon
principal of which does not exceed in
individual, partnership, association,
the aggregate
or
the income
corporations.
or
amount of bonds and certificates authorized
or
The
by said act, the
$5,000, owned by
any
corporation, shall be exempt from
the taxes provided for in clause (b) above.
•
If
of
indebtedness,
not more than five years from the issue of such
bearing interest at
a
higher
rate
than
any
one
subscriber will be
,
practicable.
as
In
of partial allotments the
case
(without credit for interest) will be spplied
15
1917.
of the 2%
excess
the installments
on
The basis of allotment will be announced, and allot¬
made,
about Nov. 5.
on or
Allotment notices will be mailed
;.C.
....
Payments.
Payment for bonds allotted, in addition to the2%
required
as
Jan. 15,
1918, with accrued interest
follows:
18%
Nov. 15,1917;
on
40%
on
on
application, will be
Dec. 15,1917; 40%
both deferred installments.
on
4%
obligations,
per
Payments
must be made when and
as
required under penalty of forfeiture of any and
all
installments previously paid, and of all right or interest in the bonds
allotted.
Except in the case of subscriptions for amounts not in excess
of
$1,000,
as
hereinbefore provided,
nq payments
other than the 2% required
accrued interest.
'• v.'.-yj
■
respectively)
authority of said act approved Sept. 24, 1917 or any other act, be issued
by the United States before the termination of the war between the United
States and the Imperial German Government
(the date of such termination
•
Payment by United 'States Treasury Certificates of Indebtedness.
Payment may be made on Nov. 15 by United States Treasury
maturing
on
that date, and
any
maturity, and
of the several
ment then due.
into bonds bearing
date if any such are
Dec.
on
15 by certificates
Jan. 15 1918 by certificates maturing
on
full amount of the allotment, or for the first
par,
cer¬
,
tificates of indebtedness Of
to be fixed by proclamation of the President of
the United States), then the
holders of bonds of the present series shall have the
privilege, at the option
holders, of converting their bonds at
Pay¬
be completed after allotment
without previous notice, but only on Nov. 15, 1917 and (the
previous in¬
stallment having been duly paid) on Dec. 15 1917 or Jan. 15 1918 with'
shall, under the
annum
on
Receipt
of installment payments made to official agencies prior to
payment in full
will be acknowledged by the several Federal Reserve banks.
ment for bonds allotted in any amount
may
Conversion Privilege.
own
and the Secretary of the Treasury reserves the right
with the application will be received until after allotment is made.
subsequent series of bonds (not including United States certificates
war savings certificates, and other obligations maturing
a
by its
All applications for bonds in excess of $1,000 will be received
shortly "thereafter.
by any local taxing authority,
covered
or
the district in which it is
his
as soon
States, any State, or any of
the
less bonds from
or
interest, from all tax¬
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits
to,
of
bank not later than the close of
action in these respects will be final,
In case of applications
rejected the accompanying payment of 2% will be returned without interest
mentsWill be
vy.\
bank
amounts and to make reduced allotments upon or to reject
applications for
larger amounts, and to make classified allotments and allotments upon a
due Nov.
'■
transmitted
graduated scale, pursuant to the Act of Congress authorizing the bonds,
should any such action be deemed by him to be in the
public interest;
gold coin of the present standard of value.
.
on
Applications received by any
.
such applications to make allotment of part of the amount of
bonds applied for, to make allotment in full upon applications for smaller
payment
■"
or some
Allotment.
Applications for $1,000
The principal and interest of the bonds will be
payable in United States
The bonds shall be exempt, both as to
principal and
ation now or hereafter imposed by the United
be
Reserve
to reject any
The bonds will be dated Nov. 15 1917 and will bear interest at the rate of
branch thereof,
or
Nov. 1 1917 accompanied by payment as aforesaid.
subject to allotment;
at the
:
aforesaid must reach the
trust company on or before Oct. 27 1917 must, by
•/<;'
.
allotted in full.
>
or
located, reaching such Federal Reserve
made for the interchange of bonds of different denominations and of coupon
Rale
Federal Reserve Bank
or a
trust company,
or
subscription to the
and registered
Secretary of the Treasury.
as
1917 the right being reserved by the Secretary of the Treasury to
such bank
principal and interest will be issued in denominations of $50, $100,
$10,000, $50,000, and $100,000.
application for
accompany any
close the subscription on any earlier date.
$50,. $100. $500, $1,000, $5*000, and $10,000.
$500, $1,000, $5,000,
required should
trust company within the United States (not including
or
incorporated bank
to
%(
exch^s_
outlying territories and possessions), not later than the close of business
Oct. 27
BONDS.
Denominations.
as
in
Applications accompanied by payment
Bearer bonds with interest coupons attached will be issued in denomina¬
tions of
such
■y.Time of Closing Application Books.
^
^ '
DESCRIPTION
accompany
isfcue
1917; the right being
to one-half the amount of any over¬
up
of bonds not
bonds applied for, in which case a bond or bonds bearing interest from
ment other than
The Secretary of the Treasury invites, subscriptions at par and accrued
Interest, from the people of the United States, for S3,000,000,000 of United
10-25-Year 4%
the option of such subscriber,
multiple
or some
Nov. 15,1917, will be delivered to the subscriber as soon as possible after the
application, accompaniedmy such payment in full, is received.
No pay¬
Office of the Secretary,
of America
$50
an amount
application by payment in full, at face value without interest, for the bond
or
States
an amount of
Any subscriber making application for
in excess of $1,000 may, at
1917—Department Circular No. 90,
authorized by Act
•
accompanied by payment of 2% of the amount of bonds applied
Applications must be for bonds to
thereof.
Loans and Currency (Liberty Loan Circular No. 6).
■
of Application.
Applications must be in the form prescribed by the Secretary of the Treas¬
The full particulars, including
outstanding.
These payments
on
that
be either for the
may
installment,
or for
the install¬
8uch certificates will be received at their face'
value, and
such higher rate of interest, at the issue
price of bonds of such subsequent
series, not less than par, with an adjustment of accrued interest.
Such
the accrued interest thereon will
conversion privilege must be exercised, if at
all, at any time within the per¬
bonds, must not be of
iod, after the public offering of bonds of such subsequent
series, beginning
on
at the date of issue of
priate denominations in advance.
bonds of such subsequent
issue, as such date shall be
fixed in such public offering, and
terminating six months after such date of
issue, and under such rules and regulations as the Secretary of the
Treasury
shall have prescribed.
The bonds to be issued upon such conversion of
bonds of the present series shall be
substantially the same in form and terms
as shall be prescribed
by or pursuant to law with respect to the bonds of
such
subsequent series, not only
bility (if future bonds
as to interest rate but also as to converti¬
In^j^j^fit
a still higher rate of interest) or non
as t <#»$cemption from
taxation, if any, and in all other
respects, except that the bonds issued upon such conversion shall have the
same dates of
maturity, of principal, and of interest, and be subject to the
convertibility, and
same "terms
of
redemption before maturity,
as
the bonds converted;. and
Unmatured certificates thus
be remitted by check to the subscriber.
presented
Nov.
on
;
•
«
It
is
strongly recommended that subscribers
assistance of their
own
do
not
do so,
Treasury
banks,
or
through such institutions.
subscribers
should
make
Department in Washington
payment,
to
or
one
the
cases
where they
in cash
Federal
money
order, or
to
the
Reserve
express
count"),
is
filed
or,
if the
(thus:
application is filed
elsewhere,
to
the
application
Liberty Loan
'
Bonds dated Nov.
far
payable
Bank of_L.-_.Second
DELIVERY.
as
made
Reserve bank of the. district in which the
"Federal Reserve
1
15 1917 and bearing interest from that date, will be
as
fiscal agents of the United
practicable in accordance with written instructions given
by the subscribers, and, within the United States, its Tern-it dries and
APPLICATIONS.
.
In
either
of the
by bank draft, certified check, post office
order of the Federal
States
.
of
Treasury if the application is filed with the Treasury Department in Wash¬
ington (thus:| "The Secretary of the Treasury, Second Liberty Loan Ac¬
delivered by the several Federal Reserve banks
than 4% per annum.
themselves
company money order, made payable to the order of the Secretary of the
bearing interest at
or rates
avail
banks and trust companies, in which case they
will,
of course, make payment
Account").
higher rate
in payment for
1917
How to Make Payments.
such bonds shall be issued from time to
time if and when and to the extent
that the privilege of conversion so
conferred shall arise and shall be exer¬
cised.
If the privilege of conversion
so conferred' shall
once arise, and
shall not be exercised with
respect to any bonds of the present series within
the period above prescribed, then such
privileges shall terminate as to such
bonds and shall not arise
again though again thereafter bonds be issued
a
15
a larger face value than the amount then to be
paid
and subscribers should obtain certificates in Appro¬
the subscription;
Official Agencies.
The
as
insular possessions, will be delivered at the
expense of the United States.
Subscribers for an amount not in excess of $1,000 who make
payment in full
at the time of filing their
applications will receive bonds
agencies designated by the Secretary of the
Treasury to receive
applications for the bonds, now offered are the
Treasury Department in
Washington, D. C., and the Federal Reserve banks in
Boston, New York,
Philadelphia, Cleveland, Richmond, Atlanta (with branches at New Or¬
leans), Chicago, St. Louis (with branch at
from Nov. 15 1917 as soon
Kansas
payment.
Louisville),
Minneapolis,
City (with branch at Omaha), Dallas and San Francisco
(with
branches at Seattle and
Spokane) * Said banks have been designated also
as fiscal agents of the
United States, to collate applications, to
give notices
of the allotments which the
Secretary of the Treasury will eventually make
to
subscribers, to receive payments, and to make
delivery of the bonds
allotted.
Subscribers may send their
applications direct to any of these
official agencies.
bearing interest
Agencies.
'
<
completion of
The bonds being dated Nov.
1917
no
subscriptions for bonds paid for in full
on
rebate
of
interest
will
be
to receive and transmit
applications for the Second Liberty Loan without
The
Secretary of the Treasury appreciates the
value of these offers, and will
have application blanks
through the Federal Reserve
country,
banks,
as well as to the post
offices.
to these institutions
throughout the
No commissions will be
paid upon
subscriptions, and those
"who receive and transmit
fore rendering the service
as a
widely distributed,
patriotic duty.
applications
•
.
_
are
there¬
15
allowed
either
accrued
or
on
interest will be due
before
Nov.
account
of
15
full
1917.
on
No
in
or on account of the 2%
required to be paid with the
Upon completion of payment for the bonds on Dec .15?or
payment
advance of Nov. 15
on
the
required to
pay accrued interest from
deferred installments at the rate of
4%
investment bankers,
expense to the applicants.
received.
are
no
INTEREST.
Jan. 15 the subscriber will be
"
Large numbers of National banks, State
banks, and trust companies,
express companies, newspapers,
department stores,
and other corporations,
firms, and organizations have patriotically offered
possible after their subscriptions
interest from date of payment to Nov.
15.
A11 other subscribers will receive bonds
promptly after due
application.
Subscrihers'
as
Such subscribers will receive
FURTHER
The bonds will be receivable
as
per
Nov.fl5
annum.
DETAILS.
security for deposits of public money,
but will not bear the circulation
privilege.
,
Coupon bonds will have four interest coupons attached,
covering interest
payments up to and including Nov. 15 1919.
On or after that date holders
of these bonds should surrender, the
having
same
and
obtain
a
new
bond
or
bonds
coupons attached thereto
15 1920 to Nov. 15 1942.
covering semi annual payments from May
Bonds with the limited number of interest cou¬
pons attached will.be thus delivered in order to
save
the annoyance of the
OCT. §
CHRONICLE
THE
1917.]
the result
secure
engraving
delivery of interim receipts, and to allow sufficient time for the
number of coupons attached, without
and printing of bonds with the full
1357
imperatively demanded for the defense and
security of the nation."
inconvenience to the subscriber.
the Treasury from
Further details may be announced by the Secretary of
time to time, information as to which as
well
be obtained from tlwe Treasury Department or
Bank.
The Borough
forms for application may
as
through any Federal Reserve
the second
W.
V
McADOO,
G.
500,000,000 set by the U. S. Treasury Department for the
V
second Federal Reserve District is to be reached
Secretary of the Treasury.
..
The
following is the form Of application issued by the
The
LIBERTY LOAN.
SECOND
■
■■
''
Year 4%
10-25
the
The
cation.
hereby applies for $_—_
par
dated
of
in
bank of his district, or the Treasury De¬
possessions)
or a
on or
panied either by
ment of
will be
accepted.
'
.
to
are
address there given.
'
■
-
*
-
necessary
banking deposits) of the commercial banks, that
"banking capital," thus defined, of the Second Federal
Address, number and street
town—.—
or
)
.
by
have
a
—
—
_ — —
- -
— - - ,
— -
definite idea of the amount of subscriptions expected from its
community was supplied with a definite mark
of
The amount of labor involved in the original calculation
apportionments can only be appraised when it is
- - - —
70Q .divisions
over
had
to be made,
Y.
:
... —
The following table shows the results "of
into which
The minimum and
counted upon to
ment made
OFFERING.
subscribe were indicated in
3
Philadelphia
District No.
8—r
— —
—
——
4
Brooklyn
Borough-—-
Manhattan
139,702,500
—————
—27,594,000
1
——
— —
— ———
— — .
59,337,000
15,387,000
-
—
—
Borough-
17,938,500
.«
-
—-------
New York City—
-
—
Borough—
— _ — — —
2,511,000
54,148,500
1,012,813,500
Richmond
6
Atlanta
7
Chicago
8
St.
900.000,000
1,500,000,000
-j.
-
— — —
Loui£_
14
120,000,000
basis of the study, was
banks in¬
1,049.
taking into consideration the rural and
by,the compilation, it was found that the total population of the 550 com¬
9,496,636, or nearly 84% of the total
munities embraced in this study was
135,000,000
700,000,000
200,000,000
420,000,000
4
.
a
study, including New
community, was 550 and the total number of
suburban population
banking facilities surrounding tho various communities covered
without
200,000,000 1
80,000,000
2%
—
as
Without
500,000,000
120,000,000
4
— —
_—
300,000,000.
.
cluded
415,000,000
250,000,000
10
———$1,500,000,000
——„—
The total number of communities covered by this
York City as one
$500,000,000
8M
Cleveland—.—
5
$300,000,000
30
York.-..---.
4
\
7
-
c
10
Boston
New
6-——
—
40,126,500
48,123,000
—
District No.
Bronx
$82,318,500
------
—
— —
-
District No.
Expected Amount.
Minimum.
Per Cent.
District.
2
—
5----
Total——
' ;
by the Treasury Department:
1
——
District No.
an announce¬
|
.
:
District No. 4-
Sept. 30.
.■
—
twelve Federal Reserve Districts announced
for the
ment
;
1
District NO. 3-----
The
minimum amount expected in the case of the New Jork
Federal Reserve District is $900,000,000 and the maximum
amount $1,500,000,000.
The following is the apportion¬
on
the apportionment by the sub¬
No, 2 has been
■
District No. 2--.
expected amounts of the Second Liberty
by the Treasury Department
.
Reserve District
entire Federal
the
District No.
offering which the various Federal Reserve districts
Loan
are
LIBERTY, LOAN
divided:vV
DISTRICTS
FROM FEDERAL RESERVE
SECOND
IN
realized
in each case the divisor being
$6,195,720,000.
divisions
ALLOTMENTS
might
terri¬
— —
—
State
County.—
presided
classified on these lines, so that each committee
was
these community
i_,
i
——-
City has been subdivided for
special sub-committee on distribution, the apportionment by
a
to shoot at.
that
— —
$6,195,720,000.
of the present campaign into eight sub-districts, each
tory and could see that each
City
community.
authori¬
to use unofficial figures in this compilation as the
recently reported to the Comptroller of the Currency was not
communities
(Last name)
(Initial)
(First name in full)
the Committee decided that the best single
The
over
'
is Chairman, regarding
"banking capital" (that Is, the capital, surplus, undivided profits
the purposes
Register the bonds covered by the above full-paid subscription in the
of:
subscriptions that
would be found in a compilation and anaylsis of
As the total district outside of New York
subscription (of $1,000 or less) iS full paid.
name
the 3rd inst., how the
on
Reserve District must be
by counties, says':
Reserve District was found to total
Following form to be filled out only in case registered bonds are desired
and
was
Vice-
available.
\
-
,
Stanley,
tative data
registered
possible to the
1917 will be mailed as promptly as
15
It
if registered
desired, fill out the form given below, in which case
bonds dated Nov.
Liberty Loan
is, national banks, State banks and trust companies in each
15 1917 will be delivered
unless other instructions are given;
above address,
the
bonds
A
the
the totals for Manhattan, Brooklyn
were
and deposits, excluding
Coupon bonds as described in this
circular, dated and bearing interest from Nov.
Harold
Company;
this Federal
of apportionment
the total
payment in full has been made herewith and an amount
case
of $1,000 appplied for:
excess
City
After careful consideration,
basis
2% is required and no payment in excess of 2% with the application
Note 3.—In
not in
by
and village must fill in order to do its share in
Liberty Loan campaign.
The statement of the
the allotment
by
On all other subscriptions a pay¬
payment in full with the application v
appointed
distribution of the
on
sub-committee of which Mr. Byrnes
in excess of $1,000 may be accom¬
payment of 2% of the amount of bonds applied for, or
a
the second
before the close of business Oct. 27 1917.
Note 2.—Subscriptions for amounts not
The
Guaranty Trust Co.; and W. B. Walker of
Not only
up.
every town
Statps (not including outlying territories and
Federal Reserve bank, or the Treasury Department at
Washington, D. C.,
Liberty bonds, the
and the Bronx worked out, but also the
It must reach some incorporated bank or trust
United
the
of
Apportionment,
on
National
the
split
bank, trust company; or other agency acting on his behalf, or it may be filed
company
With Manhattan allotted
worth
Harris, Forbes & Co. announced
direct with the Federal Reserve
partment at Washington.
are
total subscription of $2,511,000.
a
$1,500,000,000 for
application should be transmitted through the subscriber's
Note 1.—This
down for
President of the
——
State—,———
,
___
is
„
—-
_
•
County.
Federal
City and State
Committee, and made.up of R. M. Byrnes, Vice-President
is inclosed herewith.
Signature of subscriber in full
City or town
by Oct. 27.
the
total of $5,000,000,000 for the
a
dollars
Executive Committee
Convertible Gold Bonds of the United States, and
of
billion
a
Sub-Committee
value of
and accrued interest for any bonds allotted on this appli¬
sum
upon
York
Liberty Loan of 1917.
Bronx
Treasury:
Address, number and street
which New
for
Borough of Brooklyn will have $54,148,500 to raise.
——
——
According to the terms of Treasury Department Circular No. 90,
agrees to pay par
$1,500,000,000
■
Dated———.—
Oct. 1 1917 the undersigned
of
in
based
than
more
Application for Bonds.
To the Secretary of the
is
second
Convertible Gold Bonds
10-25-Year 4%
District
situated
AMERICA.
OF
STATES
apportionment
Reserve
Treasury Department for subscriptions to the loan:
UNITED
of Manhattan must raise $1,012,813,500 in
Liberty Loan campaign if the maximum of $1,-
1
1
:
.
of 11,329,375 for the entire Reserve
in detail:
(1910 Census figures)
population
The following table shows these figures
District.
.
''
10
Minneapolis-..-"---..-- 3H
Kansas
City——--'4
11
Dallas.-
12
San
9
•
—
75,000,000
'
•
,
,
Total
$3,000,000,000
.,.100
$5,000,000,000
New York
that:
the
City---.
Department states
•
.
In each case the amount has been
while
Treasury
the
computed on the percentage basis, and
consideration,
tax
State banks and trust
companies—have been giveh large
other factors have been taken
collected
from
each
district,
into account; such as
the
the assessed value of property
therein, the subscriptions received from each district to the first Liberty
Loan, and the amount of bonds allotted
on
such subscriptions, the
capital
available for bond investment in each district and its population.
-.
It is pointed out
varies
banking
245,322
1,970,439
4,346,731
4,766,883
11,329,375
covered by this study is com¬
paratively small and the per capita amount of subscriptions to be expected
from that part of the population is relatively less, it is the desire of the
central Distribution Committee to make supplementary allotments to
those communities without commercial banking facilities,
which have
organized
local
Liberty
Loan
committees.
The Sub-Committee on
problem and will probably report its
supplementary allotments in a few days.
Apportionment is considering this
that the basis of apportionment thus
resources
the sole basis of calculations.
easy
of computation in the first issue, cannot be determined
Apportionment by States,
except by Treasury experts in the second offering.
It is
likely that such apportionments will be announced shortly.
Governors of the Federal Reserve banks have been notified
The sums
designated as
by Secretary McAdoo of the apportionments.
stated in the "amount
CONVERTIBILITY
expected" column
are
"the amount which each district should subscribe in
order to
THE
OF
of each Federal Reserve district
were
1,589,403
2,905,815
4,766,883
Although the proportion of population not
recommendations in regard to such
materially from that used in the first Liberty Loan,
when the
^
-
—
{Census).
9,496,636
—;
Total—-,--
.
banking resources of each district—that Is, the total resources
of the nation's
income
•.
12 Northern Counties.__
City, outside N. Y. State,
New York
of
announcement
Population
Banking
'
Connecticut, Fairfield County—234,535
New Jersey,
The
"
■
Communities.
350,000,000
210,000,000
7
Francisco—,-
■■■'
'Total
Populations 50
1
200,000,000
125,000,000
120,000,000
2H.
-
-..
175,000,000
105,000,000
SV2%
LIBERTY
LOAN
BONDS.
Announcement that a
limit within which
bonds may
Treasury
issued
on
definite ruling regarding the time
conversions of the 3K% Liberty Loan
be made will shortly be forthcoming from
is
York:
The
the
made in the following circular
Oct. 2 by C. F. Childs & Co. of Chicago and New
Department
.
Secretary of the
,
.
Treasury to-day advised us "that after carefully
reviewing the status of the 3}As
wherein the law was not as specific: as it
1358
should
THE
have been
regarding
CHRONICLE
time limit within which conversions could
a
be made, a definite ruling on that point will soon be announced
Treasury
Department.
the bondholders
to
rather than
quently, we believe we are prophesying
the option
interest
the
to
holders
holders
the
of
bonds
rate
of
3 Ms
the
be
at
may
will
any
holders desiring to exchange 3 Ms into new
application to do
3Ms
be
Conse¬
time
4s
into
issued.
be
That
(now offered)
say here
and
the
ex¬
pacifist speech in this country mad*
every
the needless sacrifice of
means
can
and
expenditure of much
More than
American soldiers upon
many more
American
more
treasure.
Every such speech is an encouragement to the Kaiser to fight harder and
termi¬
longer, and that
American boys uselessly killed.
means more
"
particular Issue,
Therefore,
forego the present opportunity to make an
may
I want to
inopportune and improper time is in effect traitorous.
battlefields
the
make
announces a
fight, and America intends that this
which has rotted civilization in Europe is
cancer
with due deliberation, that
that, it
is,
may
until the
peace
at this
higher
any
no
now,
whereby
continuous
bonds
time until the Department
so at any
nation of that privilege with respect to that
the holders of the
Government.
the
quickly; America intends that those well-mean¬
won
tirpated and destroyed forever, shall be silenced.
conservatively in asserting that
3 Ms
convert their
may
which
the
to
herself in
ing but misguided people who talk inopportunely of peace when there
in¬
wording, or interpretation of the law, the benefit should properly
given
the
the
finds
fight shall be won and
'i
It Is the Secretary's opinion that if any conflict exists between
tent,
be
So America
by the
[VOL.103
We intend that freedom and democracy shall be made supreme through¬
out the
There
America has to be made safe and
world.
two systems
are
for
secure
the future.
to-day which have got to be reckoned with.
They
exchange for the 4s without jeopardizing their privilege to later tender
their 3 Ms for exchange into a future issue of bonds bearing any rate of
cannot bottrttve
interest higher than
democracy, which breathes and lives because it exists upon the basis of a
3M%..
Until
this subject has been
finally decided at
together in the civilized world.
autocracy, or arbitrary and despotic government, on the one hand, and
the Treasury Department and an announcement made, the holders of the
free
3Ms may reasonably postpone action without risk of losing their option
One
to
had to be fought to a
In
convert.
the absence of any specific
privilege apparently remains vested in
during the period
of the
the
time
limit,
the
conversion
holders of the 3 M %
war.
bonds
tion
of
bearing
avail
more
than 4% interest.;
of that conversion
Furthermore, the holders of the 4s must
privilege or forfeit it within
time limit which will be based upon
rate
4s the op¬
new
converting into the next issue, if there should be another issue,
bond
certain prescribed
a
the date of issuance of
any
later higher
*
issue.
These two principles have clashed in this
conclusion in the Civil War.
It is
a
tragedy of civiliza¬
German despot should possess the power to
a
whole world into such terrible chaos and convulsions.
a
The important thing to do at the moment is to provide the first einewe
of
What
war.
without
are
they?
Always money.
No nation
in this fiscal year.
fight a war
can
We must raise something like eighteen
money.
dollars
billion
Something under four billion of that amount probably
will+be raised by taxation, and it leaves to the American people the
oppor¬
tunity—*he privilege—of sustaining the credit of their Government by
buying the bonds of their Government.
The 3 Ms are apparently convertible into any future issue but the 4s are
war.
the other has got to survive, just as certainly as the issue of slavery
tion that the single brain of
The above situation does not apply in the case of the 4s and their con-
vertability, for the law definitely gives the holders of the
people,xm the other.
or
throw
•
These two principles are
These bonds will be offered to
the American people.
only eonvertible into the next succeeding higher rate issue.
No
class in this country can
one
finance this
In
war.
democracy every
a
class must do its duty and every class must equally have the
opportunity
of taking advantage of the privileges that may be offered by the Govern¬
LIBERTY LOAN SUBSCRIPTIONS.
Some of the
larger subscriptions to the
Liberty Loan
new
offering in the New York Reserve district, unofficially
ported during the week,
re¬
thing that
one
do with their
can
every
savings, because
man,
we are
woman
going to make it
and you can
accumulate stamps from the Post Gffice in small denomina¬
Coal A Iron Nat. Bank
Corn Exohange Bank.......
10,000 000
Atlantic Gulf A West Indies.
1,000,000
tions and paste
Mutual Life Insurance Co
10,000,000
Bank of America...
1,000 000
New York Life Ins. Co
ernment of the United States at the end of five years
10 000 000
Bernhard, Scholle Company.
1,000 000
10,000 000
Chlno Copper Co.......
Goldman, Sachs A Co......
1,000.000
7,500.000
for
piece
going to issue war-saving certificates in denominations of $5 each,
are
Metropolitan Life Ins. Co_..510,500,000
United States Steel Corp
Prudential Ins. Co., Newark.
to buy
so easy
and ultimately convert it into a Government bond.
can save
We
$1,023,450
America
and child in
the obligations of the Government that the man who has a 25-eent
follows:
were as
Here is
ment.
them in that book until you get $4 10 worth, and the Gov¬
certificate
will cash this
■'■'■'•
$5.
1,000 000
Western Union Telegraph Co.
Atoh. Topeka & S. Fe Ry. Co.
Chatham & Plienix National
5,500,000
Hallgarten Company.
1,000.000
5,000,000
Maitland, Coppell Company
1,000.000
1,000,000
Bank, New York City
First National Bank, N. Y. C.
5,000,000
Mercantile Trust A DepositNational City Bank for Ger¬
5,000.000
man-American Ins. Co....
1,000.000
000
National Surety Co...
Nevada Consol. Copper Co..
Norfolk A Western Ry. Co.
1,000,000
Liberty National Bank
5,000
Marine Nat. Bank of Buffalo
5,000.000
Northern Pacific Ry, Co
5,000,000
Southern
'
5,000,000
Pacific,
through
Kuhn, Loeb A Co........
Pacific RR., through
Kuhn, Loeb & Co...
Republic Iron & Steel Co....
Fidelity Trust Co., Newark.
Hayden, Stone A Co
(subscribed $5,000,000. but
district
will
receive
...
Utah Copper Co..
Union Nat. Bank, Newark..
Alaska Packers' Association.
$1,000,000)
5,000.000
4,800,000
.............
4,062.000
Wells, Fargo A Co
3,000 000
A
Traders'
......
2,500,000
Guaranty Trust Co.
Columbia Trust Co
by the German people will have drowned out completely the clamor of
unending protests which his reply to the Pope has given stimulus."
630,400
mittee......
which
511.000
■
2,000,000
California Packing Corp
E. W. Bliss Company..
500,000
500.000
meet that
us
will
make
500 000
this land,
2,000.000
German-American Ins. Co..
500 000
to
2,000,000
Home Life Ins. Co
500.000
1,721,000
Hornblower & Weeks, N.Y.C.
Willfamsburgh Savings Bank
Citlzene' National Bank....
1,500,000
National City Bank for Ger¬
Let
SECRETARY
McADOO'S
In
offering
campaign for the second Liberty Loan
begun on the 1st inst.
The day was marked
was
by distinctive demonstrations in the cities and
the
out
MoAdoo
Secretary of
country.
the 1st
on
the
towns
through¬
Treasury William G.
opened his transcontinental speechmak-
ing tour in Cleveland, where Tris Speaker, star outfielder
of the Cleveland Baseball
Club, presented Secretary McAdoo
with
a
check for $1,000 in payment for the first bond.
Speaking in the Cleveland Public Square during the cere¬
monies attending the-hoisting of the
Liberty Loan flag,
Secretary McAdoo said:
resources,
and that she is determined
to vindicate Ameri¬
challenge by making clear to the world that the
people, with transcendant love of justice and of countr
chance
ment
Indianapolis
an
American
the
great battle.
meeting
possible
people should fail + it would be
worse
effect, than the loss of
Treasury is the heart of the
the coal pile of
as
a
a
He made the statement after saying that the
States
supplied
the 2d
on
any
a
machine.
war
"gold pile" in the Treasury must be kept
clared.
as
plentifully
business, Mr. McAdoo de¬
In part he said:,
When
keep
stand
single loan offered by the United States Govern¬
a
to
United
mass
McAdoo stated that if by
greater disaster, and have
The
y,
war.
speech at
a
inst.,- Secretary
war
our
comes
to
a
nation, the first essential is money.
We must
soldiers and sailors armed and equipped with the best that money
buy and American skill
can
•
despotism that America
behind their great President and support unequivocally the pur¬
of this
pose
this
answer
American
TOUR.
The nation-wide
but as well her financial
us
solidly
OPENING OF SECOND LIBERTY LOAN CAMPAIGN-
German military
rights, outraged too frequently by German infamies.
500,000
500,000
the
them all without stint and regardless of sacrifice
use
can
Alliance Ins. Co..
to
the high seas, her industries throughout the length and breadth of
upon
Home Insurance Co
man
October, nine days after the close of the German loan,
clear
marshals not alone her brave soldiers upon the field, her invincible navy
United States Trust Co.....
Bankers Trust Co.
1,034,200
challenge by a subscription to our second Liberty Loan,
the 27th day of
on
542,000
Broadway Trust Co
2.000 000
Let
600,000
567,150
4
2,171,000
American Sugar Refining Co.
Emigrant Industrial Sav. Bk.
Berlin by the
1
:
"If money talks, the President of the United States may learn by Oct. 18,
when the subscription lists close, that the echo of the new war fund given
Kings County Trust Co... J.
Bank.
A few days ago I read the following manifesto issued in
League of German Municipalities:
Men's Clothing Trades Com¬
Nat.
"W«
He further said:
happen," he said.
1,000.000
836,000
Stamford National Bank
2,500,000
2,500,000
let that
never
worsa
disaster upon the field of battle.
a
759,700
Jewelry Trade Committee
2,521,250
....
Importers'
1,000.000
single issue of Government bonds would be
a
for America than
1,000,000
1,000,000
3,000,000 •Irving National Bank.....^
Metropolitan Trust Co.....
failure of
must
Ray Consolidated Copper.
Spencer Trask A Co..
Manufacturers' Trust Co. of
Brooklyn
1,000,000
this
Union
Speaking to several thousand citizens in Memorial Hall in
on the 1st inst., Secretary McAdoo declared that the
;
Toledo
We must constantly provide them
devise.
'
Roughly speaking; and after allowing for the amount of revenue to be
raised by taxation for the fiscal year ending June 30
1918, we.shall have to
raise by additional bond issues between $13,000,000,000 and
$14,000,000,-
000.
It is estimated
to the Allied
that
$5,000,000,000 will represent additional loans
Governments, which, in turn, will give their obligations bear¬
ing interest.
on
or
before the 30th of
June, 1918, by the sale of bonds in recurring installments, seems to some
people an impossible task.
It is a stupendous undertaking, but it is not
impossible for America.
It is not easy, but it can be done.
Our resources
Is
adequate;
certain.
our
We
will is perfect; our spirit is indomitable; and our success
have
only to pull together—bankers,
manufacturers, farmers,
wage-earners,
laborers,
men
lawyers, doctors,
and
Girl Scouts and
Boy Scouts, and every other class of people—and
Already we have demonstrated what a united people
do the job.
when
we can
can
do
partisanship is subordinated
to patriotism, when love of country be¬
I look forward, therefore, with confidence to the success
comes supreme.
of the recurring
At
alike/
women
noon
campaigns
we must make for the sale of
Mr. McAdoo attended
at the Chamber of
address of the
a
Commerce, where he made the principal
day.
He said:
were
of
life
never
offered before by
one
civilized nation to another, your
great President strove to keep this country at peace with all the world.
God had decreed
that America should
rescue
But
civilization from the dark
abyss into which this military despot of Germany had thrust it:
We
insurance.
pay
their
wages.
families while they
We must supply them with
destroy their, insurability
a
and
We must
are
risking
reasonable
coascript
almost the whole of their earning power when we draft them and send them
and
their
Wo
can
diminished
do
lass than restitute
no
earning
their destroyed insurability
power.
We must increase, strengthen and maintain our navy; we must provide a
predominant fleet of aeroplanes and air fighters;
we
must build
a
great
merchant fleet, so that our long line of communications with our gallant
soldiers in France may
cor
be maintained, and
our commerce carried across the
in defiance of the German Kaiser and his submarines.
seas
our
noble
compatriots
in
arms—the British,
French,
gians, Russians—by lending them money with which they
and food and other
supplies in our markets.
We must suc¬
Italians,
can
Bel¬
buy arms
All these things must be done,
and done quickly.
It is upon the Treasury of
war
the United States that every demand in time
focuses, because everything goes back to the gold pile.
of the American Treasury is the
problem of the American people.
supplied with the
means
your
It is the problem of keeping the Treasury
to carry forward these great objects under the direc¬
President.
Army and Navy of the United States,
,
The money that we are raising
voted to these purposes.
you are
The problem
problem of the American banker and the
tion of the Commander-in-Chief of the
I am not going to discuss at length
to-day the causes which have led Amer¬
ica into this war.
Through three years of patience unparalleled in the his¬
tory of the world, through three years of forbearance in the face of insults
which
amount
of
Liberty Bonds.
business men's luncheon
We puist
clothing and food.
humane nation, support their dependent
and giving their very lives for us.
to the front.
To raise thirteen to fourteen billions of dollars
are
with necessary
as a
by taxation and by bond issues is being de¬
More than $8,500,000,000 of the
going to provide this fiscal
year
money
that
is being expended, or will be ex¬
pended, upon your army—upon from 1,800,000 to 2,500,000 of the bravest
and most gallant soldiers that ever donned the uniform.
And your navy,
recruited to the full with brave tars, under whose uniforms beat the true
Oct. 6
CHRONICLE
1917.]
hearts of American freemen, is being
built
this money.
which you go out to make to the people to-day.
\
Preliminary to the opening of the campaign this week,
Secretary McAdoo made public the following statement
of the
Mr, Forbes,
bearing
on
clothing and food our gallant soldiers who have been
;
insuTftncc*
*
*
and
On
■
fleet of merchant vessels to maintain the line of com¬
and to keep our commerce
the high seas in defiance of the German Kaiser and his
of untold
are
this
-
stand
now
in
your
personal capacity
I
am
out to
you men
behind
our
especially gratified to
German 'military menace;
purposes,
'■
;■
'■
aid either to
you.
full details.
There is
under certain
The issues
people
millions of
They will be issued in
Of bonds to be known as the Second Liberty Loan.
patriotic citizen will
such denominations and upon such terms that every
Upon
>
an opportunity to assist the Government by lending his money upon
tlie security of a United States Government bond.
It is essential to the success of the war and to the support of our gallant
troops that these loans shall not only be subscribed, but
No
is asked to donate or give his money to
one
is asked to lend his money
other investment compares with it for safety,
the
United
People
help
by
the
oversubscribed.
are
thousands
ask
how they
farms,
use
high
of the
enable it to give our brave sol¬
upon our
We fight to protect our citizens against
a
nation against the menace
of
a
We
>.
this
month.
realization of duty can con¬
.
subscription in this city to the second
for $2,500,000, made immediately after
was
In the first loan
an
allotment of $1,632,-
Mr. Jonas said:
Equitable Building, where he came personally
believe that
institution and individual that participated i«
every
universal democracy and liberty, the
that it
and
just and lasting peace which agonized and
initial
hard work, but in any
sell these bonds,
can
enthusiasm
because it proposes to put the necessary energy
believing
the work,
into
bonds unsold
confident
The Manufacturers' Trust Co. is
subscription.
those who stay at home
bayonet of a
military despot but the supremacy "of vindicated right alone can restore to
and Others through
pledging itself to take for its own account any remaining
this
on
$2,500,000 of bonds, with the expectation
for
of selling them to its customers
event
In order to set a mark
example for others to follow, the Manufacturers' Trust Co..
has subscribed at the outset
is to dominate the world.
themselves occording to the will of their own people.
We fight for peace, for that
Mr. Mayor, that your constituents in New York will d*
application, Mr. Jonas said:
for itself and an
institutions and our sovereignty as
right of the smallest and weakest nations equally with the most powerful
to live and to govern
The eyes of the world
the first loan should do better in the present loan.
powerful and ruthless military autocracy
We fight also for the noble, ideal of
This amount we feel sure
loan.
,
for,Brooklyn banks to aim for.
in the
ters
of those rights demanded by
headed by the German Kaiser, whose ambition
of
to enter his
and dictate of humanity.
We fight to preserve our democratic
We have voluntarily assumed as
quota.
At the Liberty Loan Campaign Committee's headquar¬
..
assassination and murder upon
.
international law and every instinct
our own
The Manufacturers' Trust Co. is determined to do its full share in selling
American people.
the high seas while in the peaceful exercise
of
excess
the Second Liberty Loan.
right of peaceful intercourse with all the nations of the earth.
and bring disaster and humiliation upon the
half
institution in Brooklyn in proportion to its size, sub¬
mark
de¬
ships and commerce from the
a
000, and this time, he said, he was going to set even a higher
the order of a military despot in Europe would destroy prosperity
upon
Where four and
responded to the first call, we may confi¬
opening of business by Nathan S. Jonas, President of the
any
that the surplus products of our
To abandon these rights by withdrawing our
seas
investment of the soundest character these
as an
tremendous popular response.
scribing for $2,250,000 and receiving
the right to the unmolested
Our welfare and prosperity as a people
friendly nation in the world.
pend
seas, so
been
campaign Mr. Jonas' bank took the largest subscription of
mines and our factories may be carried into the harbors of every
our
„
The nation has
Manufacturers' TrUst Co. of Brooklyn.
capable of winning a swift victory over our enemies.
and unobstructed
.
of this Second Federal Reserve District must necessarily fall the
measure
the
can
require to make them strong for the fight and
We fight, first of all, for America's vital rights,
a
The first actual bank
field of battle than to furnish the
Government with the necessary money to
diers and sailors all that they
us
Liberty Loan
No more patriotic duty can be performed by
Bonds every one can help.
re¬
tribute to the accomplishment of this, the principal and. most important
war
Through the purchase of Liberty
those who cannot actually fight upon the
and
man
New York.
on
ready convertibility into cash,
Treasury constantly
war.
failure
As an appeal to the patriotism
all that continuous industry and conscientious
collateral security for loans in any bank
the
this
in
The necessity is greater.
hundred millions
I promise you,
The loans will be re¬
States.
Government
Germany.
to
be fully subscribed, just as in the first
will
A Government bond
is the safest investment in the world; it is as good as currency and yet better,
because the Government bond bears interest and currency does not.
No
and unquestioned availability as
our
before to raise far in
paid in full with interest at the rate of 4% per annum.
in
or
heaviest burden of this vast distribution.
the Government; but every¬
to the Government.
success or
The nature of the
dently expect twice as many millions to answer the second.
have
one
clearer.
are
bonds should have
issue of $3,000,000,000
a new
closely related to the
very
allies and ourselves
our
of the American
v;
offered to the American
must
y
war are
educated to the wisdom of buying bonds.
The official circular of the Treasury Department gives
.
now
the
see
us as we
nevertheless enter this campaign with even greater confidence of success.
we
conditions into other issues of United States bonds that may be authorized
by the Congress.
glad to
Although the task is greater than was the task of raising the first loan,
Treasury to sell to the American people bonds of the United States bearing
4% interest, with valuable tax exemptions, and convertible
this great crowd
am
of the American people to this Second Liberty Loan will be of direct
sponse
United Status has authorized the Secretary of the
The Congress of the
I
of .the work of the next four weeks in this country.
and for other necessary war
2-■
■
see
inaugurate the campaign.
typify the spirit that you Stand behind
The fortunes of this
financial
of the greatest
as one
country, your words and your In¬
.
the
behalf
encouragement.
opening day
which has turned
soldiers, for
submarines;
■
creating a great fleet of aeroplanes, which will give complete supremacy
in the air to the United States and the brave nations fighting with us
against
follows at
words.
leaders in this crisis of
wisest
spiration
a great
upon
inspiring
your
and commercial America,
munication with our brave troops in France,
afloat
as
In your official capacity as Chief Magistrate of the capital of
called to the field;
ivitlj'
Committee
Distribution
of the active and militant Liberty Loan workers, I thank you, Mr. Mayor,
or
maintaining our navy and our valiant tars upon the high seas;
providing the necessary means to pay the wages of our soldiers and sailors
and, if the bill now pending in the Congress passes, the monthly allow¬
ances for the support of their dependent families and to supply them
constructing
the
On behalf of the Liberty Loan Committee of this District, and on
the Liberty Loan offering:
arms,
Chairman of
.
Liberty Loan Committee, spoke in part
the City Hall meeting:
For the purpose of—
equipping with
offering4
afford to let the, work of New York fall behind in this
you cannot
equipped and manned with
up,
1359
that
it
is
incumbent upon aX
to support our boys at the front.
tortured humanity craves and which not the sword nor the
a
distracted world.
«
TEN THOUSAND CANVASSERS TO SELL LIBERTY
•
.
'
To
secure
these ends I
appeal to
every man
the soil of free America and enjoys the blessings of her
to
V■ "
and .woman who resides upon
priceless institutions
join the League of Patriots by purchasing a Liberty Bond.
:
•
for
Canvassers
NEW
The
tremendous
YORK.
machinery devised by the bankers of
New York, with the co-operation
of Washington, for the
selling of the Second Liberty Loan was put into motion in this,
preliminary, the city,
had been heavily placarded with Liberty Loan posters on
Sunday night to catch the attention of the public as business
was taken up the following morning.
Proceedings opened
in the financial district with a parade up Wall Street and
city
on
Monday last, Oct. 1.
Broadway to the plaza at the
made
B.
address
an
Forbes,
address.
all parts
force.
a.
(Sty Hall, where Mayor Mitchel
Allen
of the
push the loan in this-city, also made
telling the
purpose
of the campaign.
representing the committee in charge
bond salesmen who will
an
As
.
The bond salesmen
immediately scattered to
of the city, and the selling campaign was on in full
Mayor Mitchel
was
the first
individual subscriber
part of the work of
disposing
of the $3,000,000,000 bonds, arrangements were
made for
reported in New York.'
marshalling
paign.
We
are
an army
As
a
of 10,000
canvassers
to join in the cam¬
Mayor Mitchel in opening the campaign said:
gathered here again
on
From the beginning of
New York City has a reputation to maintain.
the war in Europe we
of national
called the attention of the country to the necessity
Before the declaration of war, when the ques¬
preparedness.
tion of peace or war was
hanging in the balance,
a
million citizens of this
their
promise to Washington to support his hands in whatever he might be
called upon to do.
New York State has contributed her sons to the Cause
of democracy and freedom.
We have to-day, I think, approximately a
hundred^ thousand men in the camps or at the front across the Atlantic.
This Is a record to live up to.
This is a standard to maintain.
We and
city swore allegiance to the President of the United States and sent
Liberty
.>
'
;
.
campaign
Loan
are
At Liberty
Loan Headquarters it was announced early this week that
10,000 workers were expected to join the ranks.
This small
army will be directed by the Metropolitan Canvass Com¬
mittee, of which A. B. Leach is Chairman.
The committee
has issued the
part of the city.
every
following bulletin:
This organization has
been formed at the request of the Liberty Loan
Committee for the Second Federal Reserve
District with a view to assist¬
the canvassing of the Boroughs
of Manhattan, Brooklyn and the Bronx, so that every person residing
therein may be informed regarding the Second Liberty Loan.
Its goal is to see New York City reach and eVen exceed its quota of bond
subscriptions, and the committee will deem it an honor and a privilege tm
be permitted to establish close working relations with any and all of the
various clubs, societies, colleges, schools, associations, &,c., which are «•
nobly and unselfishly preparing to serve their country in this vital cause.
A harmonious general plan of linking together these various endeavors
will result in keeping each campaign unit informed as to what lines all are
pursuing, thus bringing the full measure of efficiency for the work as a
ing in the work of directing and supervising
whole.
'
Committee bulletins will be
of the various
may
issued fromf time to time, reporting the work
organizations and giving publicity to any
suggestions which
be helpful in the final success.
Literature
upon
the main committee will
issued by
be
promptly delivered
request.
,
due notice.
kind bearing upon the campaign will receive prompt
Speakers will be provided upon
Inquiries of every
and courteous attention.
According
the steps of City Hall to begin a new na¬
tional service for the assistance of the nation in this war.
second
the
being marshalled in
OPENING OF SECOND LIBERTY LOAN CAMPAIGN IN
V'
BONDS.
■.
'
Committee
present arrangements
to
of
the
instructed
Liberty
not
to
of the Distributiom
Loan Committee,
canvassers
accept money for subscriptions.
will
be
The
purchaser will sign a subscription blank, which
retained by the canvasser.
The
canvasser
will find out just how the purchaser wishes
If the subscriber has no bank account which cam
utilized, arrangements will be made to have the subscrip¬
to pay.
be
will be
_.
tion handled
by
a
bank convenient to the buyer.
1360
THE
CHRONICLE
INDUSTRIAL COMMITTEE TO CANVASS EMPLOYEES
LIBERTY LOAN CAMPAIGN IN CUBA.
OF CORPORATIONS FOR SALEOF LIBERTY BONDS.
The
Liberty Loan Committee announced
on
'
Oct. 2 the
are
Loan distribution work of the Second Federal Reserve Dis¬
being
trict.
by this committee, which is headed by Union N. Bethell,
A. C.
member,
as are
Bonds free of
Samuel P. Colt, President of the
United States Rubber Co.;
Robert Gair Co.; Warren L.
countries.
Electric &
Committee, which
Havana
Tripp of the Westinghouse
war
James Robb of the American^
Co. is Secretary.
N. Dean Jay,
Every working member of the International Brotherhood
men,
of
men.
For concerns which prefer to use
envelopes th0y have in stock, printed slips for insertion
in pay envelopes have been
prepared, and where this would
the
bondholder in
be too great a demand on the clerical
for
partment of the Liberty Loan Committee of the New York
advantage of by thousands of
security of
men
who
well
as
a
gilt-edged security
on
the easy-
Loan
time to perform a patriotic duty will be taken
same
bear
before purchased a bond or
never
printing
kind, according to Mr. Healy.' lie believes that the policy
adopted by many of the large businessfirmrin purchasing these bonds for
their employees and then
deducting from their salaries a stipulated weekly
any
should be urged on all employers.'
of the
employees will be but
plan will produce.
'
•
one
•••
.
a
Healy, "I know hundreds
Bonds by this method.
are
of
n as
many
union will be
our
future loans
as
a
•
a
We're in
Envelopes and inserts
Liberty in red, while above
war.
;
it.
'
Wars cost money .
adoption of this
■■
•.
■■
'
We've got to pay for it.
-
"We"
means
Labor
as
well
as
Stationary Firemen,"
Capital.
Aqtoss the medallion is a brief statement of the purposes of
tke4oan, its value as an investment and an appeal for the
who purchased Liberty
I feel very confident that every
p^chase of the bonds
bondholder in the Second Liberty Loan, and
COMMITTEE
the installment plan.
on
LIBERTY BONDS ON PARTIAL PAYMENT PLAN.
To facilitate the duties of those who
buy the new Govern¬
ment bonds on the partial
payment plan of one dollar a
MEETING.
The women of the country are
just as much under obliga¬
tion to offer their time and services to the
Government in
the sale of Liberty Bonds as the men who have been
called
to the front
be obtained from the Liberty
the Government will find necessary to call."
WOMEN'S
away
may
standard envelopes
inserts and rubber stamps,
.
There is
Most of them have completed their
payments and
highly gratified with their purchase,
member of
envelopes,
force, rubber stamps
on
is inscribed:
a
of
our men
Both the
medallion of the Statue of
•'
"Speaking for the International Brotherhood
said Coroner
the
as
Increased efficiency oh the part
of the many results the
fac-simile of the appeal
Committee, at 120 Broadway.
.
sum
a
have been ordered.
Sept. 28 said:
The opportunity to become investors in
a printed appeal for
subscriptions to the loan.
envelopes will be for free distribution to firms employ¬
ing more than 500
will become
the Second Liberty Loan,
according to
Timothy Healy, President of the organization.
In
announcing this, a statement issued by the Publicity De¬
„
'
a view to bringing the Second Liberty Loan to the
attention of workingmen, the
These
Coroner
payment plan and at the
PAY ENVELOPES.
With
bearing
A BONDHOLDER IN SECOND LIBERTY LOAN. ;
Stationary Firemen, composed of 40,000
K-
:
Publicity Department of the
Liberty Loan Committee has ordered 500,000 pay envelopes,
EVERY MEMBER OF INTERNATIONAL BROTHERHOOD
on
shortly after President Menoeal of Cuba declared
Germ any hast April.
on
.
r
helped in the organization of this committee.
district
Emergency
formed by the American residents of
LIBERTY LOAN COMMITTEE WILL DISTRIBUTE
Vice-President of the Guaranty Trust Co., an<i a member of
the Distribution Committee of the
Liberty Loan Committee,
a
was
Manufacturing Co.
Telephone & Telegraph
has
Mr. Smith will co-operate with officials of banks
in Cuba and with mem bets of the American War
Telephone Co.; Charles M. Schwab, President of the
Bethlebem Steel Co.; Olin J.
Stephens, President of Olin J.
E.
charge.
has tended to cement the financial relations between the two
York
Inc., and Guy
$200,000 of the first
Treasury in sub¬
scribing for half of the $30,000,000 issue of Cuban war bonds
Robert Gair, President of the
Green, President of the American
Co.; John Hays Hammond, engineer; J. S. MeGeneral Commercial Superintendent of the New
Stephens,
than
The recent action of the United States
Bank Note
Culloh,
more
Liberty Bonds. Advices received at Liberty Loan
headquarters in the Equitable Building indicate that banks
throughout Cuba would, receive subscriptions to new Liberty
Bedford, President of the Standard Oil Co. of New
a
Cuban investors took
issue of
President of the New York Telephone Co.
II. B. Thayer,
President of the Western Electric
Co., is Vice-Chairman;
Jersey, is
new
York, has left for the Cuban capital to extend the Liberty
and whose pay-rolls amount to many millions a week,
swung into the Second Liberty Loan campaign
women,
raising a million-dollar subscription to
Liberty Loan from members of the American colony
Cuba, Osgood Smith, an attorney of Havana and New
in
and
men
With the object of
the
membership and working plans for its Industrial Committee.
Corporations employing hundreds of thousands of
[Vol. 105.
offer
to
are
their lives *_i This
week,
the
which will tell at
bond
the
was
Liberty Loan Committee has devised
keynote'of the speech made by Gov. Strong of the Federal
Reserve Bank at a meeting held this week
by the Women's
still
a
"punch card"
a
glance exactly how much the patriotic
buyer has paid
his certificate and the
on
amount, he
The card will be distributed wherever the
owes.
partial
plan will be in effect during the big campaign.
One card is to be given to the
partial-payment buyer and a
payment
Committee of the Second Federal Reserve District to call
together the heads of the various
duplicate will" be retained by the bank through which he has
the
subscribed.
women's organizations in
city and enlist their aid in pushing forward the great
campaign to raise $5,000,000,000 by Oct. 28.
Gov. Strong
said he could' not emphasize too
strongly the importance of
the women's Work in this
service
once
enlisted
now
and that
war
standing at
must be
a
permanent
one as
long
as
importance,
as
the
largely with the
that such
,
a
large percentage of the
away to the war.
service of the
It is
a
tremendous
that they must shoulder
men
ments
re¬
have been called
work of Federal
the
special appeal to the
was
Government bonds must
to
come
the
next
save.
speaker, made
The money
the
success,
of the
war.
made, ending Oct. 14 1918.
as
follows:
As
an
Should you pay your
example, the
one
over
on
dollar
on
that date
the back of
paid, balance due $40."
following statement was issued by Arthur M. Ander¬
Executive Secretary of the Distribution Committee of
Liberty Loan Committee of the New York Federal
District, regarding this phase of the campaign:
campaign, when
many
Re¬
immediately after the close of the
different methods of keeping track of the in¬
Reserve District.
under way is to distribute among the banks
a
be punched every time an investor makes
the bond will have
from the future
one
a
a
the banks
The plan now
supply of cards, which will
payment.
The purchaser of
of the cards and the bank
which handled his sub¬
scription another card, identical in size.
Both cards will be punched at
the same time and the first card will be
returned to the subscriber.
The
second will be filed away until the next
payment comes due.
This system
will be applicable to $50, $100 and $500 bonds
the
•
The first
vestors' installment payments were found to be
practised among
and corporations of the Second Federal
for the
savings of
people here, he said, and the habit of saving must become
a
part of the national life of the country.
This, he added,
rests mainly with the women
of the nation, and upon their
co-operation depends the success of the loan and
consequently
the
paid, with the
This question of uniformity was agitated
first
Charles E. Mitchell, President of the
women
payment
serve
to work under the Federal Reserve dis¬
tricts automatically become members of the Federal
Reserve
City Bank, who
a
square on
The
son,
b^nksJnr^ningTJberty Bonds is volunteer work, and
those whnvblunteer
Bank of that district.
are
works
the card, "$10 total
now
Reserve
National
which
Jan. 7 1918, the punch mark on the card
will cancel at the same time the remainder
They will actually and officially be in the
GovOTpment^since all of the
on
.
card
women.
one
immediately how much money is out¬
period during the progress of payments.
payment date is Nov. 5, and will continue until fifty pay¬
selling the bonds, Gov. Strong said,
sponsibility, he added, but
any
"punched hole" and how large the balance is.
the Government will
anywhere between 13 and 15 billion dol¬
would rest
only will the plan card
enable bookkeepers, clerks
installment is due, while the corresponding
reverse side will show how much has been
lars before the 30th of next June.
The actual work of
not
but
One side of the card indicates the date
explained that after this bond issue there
would be others of equal
be obliged to raise
is stated that
computation
or
war,
He
It
in
cashiers to know
or
He explained that the
undertaken must be kept
up, that those who
must enlist for the entire duration of the
tjieir service
lasts.
campaign.
time
save
purchased by installments.
.
In the first campaign many of the banks
found that the clerical work inin handling thousands of small
subscriptions was burdensome in
the extreme.
The adoption of the uniform
system recommended by the
volved
Liberty Loan Committee wil} simplify the work of the
banking forces.
OCT. 6 1917.]
THE
CHRONICLE
It is proposed to get in touch with
every bank in the district and to urge
them to adopt the committee's
suggestion.
An offer will be made to
sup¬
ply the banks with cards free of charge.
convertibility into
will
to
GOV
STRONG ON
RESULTS IN
THE EXPECTED
THE
SECOND LIBERTY LOAN OFFERING.
York in
Second
Strong of the Federal Reserve Bank of New
statement
a
ment of
Sept. 28, |following the
on
announce¬
Secretary of the Treasury McAdoo concerning the
Liberty Loan issue, stated that "if the efforts of the
various
committees
throughout
Reserve District result
would
produce
New
the
successfully
as
as
subscriptions of about
York
Federal
they did before, it
$2,000,000,000 for
this district, while some similar activities in the rest of the
*
country
*
*
would
produce
total
subscriptions
between $500,000,000 and $5,000,000,000."
is
Gov.
of
The following
Strong's statement:
The Secretary has set $3,000,000,000
the minimum amount
as
of bonds which should be. sold throughout the
country.
for this district
we set
issue, and
000.
If
we secured
In the last
cam¬
of the amount of the entire
subscriptions aggregating something over $1,300,000,-
again take 50%,
we
figure of 50%
a
or
$1,500,000,000,.this time,
amount which we shall feel contented
the smallest
as
with, and if the efforts of the various
throughout the district result as successfully as they did be¬
fore, it would produce subscriptions of about $2,000,000,000 for this dis¬
trict, while some similar activities in the rest of the country, based on the
results
last
time,
would produce
total country-wide subscriptions of be¬
$4,500,000,000 and $5,000,000,000.
Under the announced policy of allotting only 50% of any subscriptions
in
of
excess
$3,000,000,000, such
a
Mr. Morawetz said:
Loan
bonds.
We were forced into the war to protect American
lives and
and to preserve the world from domination
by the
commerce
unprincipled, treacherous
and brutal
military autocracy of Germany.
land and Russia should be broken and
If the power of France, Eng¬
Germany remain
undefeated in the
present war, no nation would be safe from future
aggression by Germany,
and we should be compelled to maintain a vast
standing army and a great
navy to preserve our country and the rest "of the American continent from
German domination.
nation and
The United States
national
our
or
a
peaceful
must take every step necessary to win it
Every day the war lasts will add enormously to its cost.
De¬
promptly.
feat,
longer could remain
no
prosperity would be undermined.
Having entered the war,
failure to win
The Vast
we
decisive victory, would be ruinous.
a
sums
necessary to carry on the war must be raised by taxation
by the issue of bonds, the principal and interest of which ultimately must
be paid by taxation.
Failure of the Government to sell its bonds upon
or
Within
class 4%
bonds
short time before the
a
railroad bonds had
beginning of the
war
United
the various high-
market value above par.
a
These railroad
subject to all State, municipal and United States taxes.
were
4% bonds now offered by the national Government at
States,
par are
on
(that is,
incomes and excess profits and war
They
The
free from all
State and local taxation except as above stated
inheritance taxes and surtaxes
taxes), and they are safer than any railroad bond.
profits
the safest
are
investment in the world.
By
committees
tween
premium at its conclusion.
a
favorable terms must inevitably result in heavier future taxation.
Secretary of the Treasury has outlined his plans for the
coming campaign, we can proceed in this district with a considerable degree
paign
a higher rate of interest,
during the war and send them
par
Both patriotic duty and self-interest call
upon every citizen to subscribe
to the extent of his ability for the second
issue of
Now that the
of certainty.
issue bearing
any
certainly keep them at
Liberty
'
Governor
1361
ri^it
of the conversion
reason
are assured that their market
long
par as
war
the
as
war lasts.
attached to these bonds, subscribers
valuO Will be maintained approximately at
Government bonds selling at par during the
bound to go to a premium when peace is declared.
are
for these
bonds, therefore,
certain to make
a
Subscribers
practically insured against loss, and they are
are
profit when peace is declared.
subscription would result in the distribu¬
tion
of between 3% billions and 4 billions dollars of bonds.
These are large
figures, but the opportunity given this time for-more complete organiza¬
tion justifies our setting our mark at
$1,500,000,000,
Whatever sum is
decided upon for the Second Federal Reserve District,
$1,500,000,000 or
some other amount in that general neighborhood will be
apportioned among
the various
in
communities
territory.
our
E.
P.
Edwin
k
P.
MAYNARD'S VIEWS ON LOAN,
Maynard, President of the Brooklyn Trust
Co., has been appointed head of the Brooklyn Advisory Com¬
mittee which is
LIBERTY LOAN MUST BE
THOMAS
LAMONT.
W.
shortened if the
war
Liberty Loan is heavily subscribed,
is the opinion of Thomas W. Lamont of J. P. Morgan & Co.
Discussing the Second Liberty Loan
said:
to the
All
struggle
similar
war
is to
see
that the
Liberty Loan is heavily
Europe has been torn to pieces for three
seems
distress
Brooklyn.
yet to be in sight.
Is there
befalling America?
any way
utmost from
our own
moderately well-to-do,
can
avoid
allies to push the
our
or of the poor.
It is the task of every
Every man,
woman
of this loan his chief business.
success
of
It
one.
and child
Everything else
hold in this spirit,
will
you
for yourselves and for your
save
country much of the treasure, the blood and the tears that
the whole
world
are
Borough of
He is quoted
now
was
making
as
follows:
until Oct. 27, When
every man
and
woman
in the
'
to France to
our men
fight for the liberty of the world
and the future safety of the United States unless enormous
provided with which to manufacture
guns,
of money
sums
ammunition, ships, clothing,
and buy food and a thousand things necessary for our men to make them
the powerful army of the United States, which we will and must have.
people
seem to
have much of
from which pays
comes
understanding
an
we may
have in
our
as to
Where the money
for the subscriptions to the bonds.
realized that all the dollars iiKthe country,
pocket
enterprises, railroads and
It should be
except such small amounts
boolh»s,are invested in
manufactories, and
as
Or loaned to our business
cannot be withdrawn from
for the purchase of bonds, without causing
great disturbance and damage.
Money may be in the sayings bank, but the bank, in order to
saddening
est to its
to-day.
the
in the country to do their
Liberty Loan must, from
where they are now at work,
But the loan must be subscribed for without delay.
wait.
If you take
everyone
in
Sept. 27 that it
on
until the 27th of October toward
now
We cannot send
Few
or
Loan Committee to
bonds
United States.
.
It is not the task of the rich
duty and your business to-day.
should make the
can
duty of
The placing of the new
are
i.
armies and those of
Everybody must fall to in this work.
your
Liberty
the
the Second Liberty Loan a success.
conflict through speedily to victory; thus to shorten the war.
is
the
of
Mr. Maynard declared
the paramount
No end
years.
that we
-
Yes, by going at this task hammer and tongs; by providing promptly
the wherewithal to enable
the
of
flotation
subscriptions close, be the chief business of
The best way to shorten the
subscribed.
the
Oct. 2, Mr. Lamont
'.
;
•:
on
Committee
supervise
'
Blood, tears and treasure will be saved by America and
the
working under the supervision of the Dis¬
tribution
SUBSCRIBED, SAYS
needs
depositors, has invested it and has only
for
ordinary
withdrawals—if the
latter
as
inter¬
pay
much free cash
became
as
extraordinary,
it
it
would become necessary to sell bonds, probably at a loss, and to the injury
WILLIAM A. NASH ON SECOND LOAN,
"The
Liberty Loan, by its
very
everything in the land, and the
the citizen
the
can
nature, is
a
of cities and railroads whose obligations the bank had previously bought.
The
prior lien
on
best investment that
very
have," said William A. Nash, Chairman of
Board, Corn Exchange Bank, in
a
statement
on
Sept. 28,
emphasizing the imperative duty of all patriotic Americans
to subscribe to the Second
have this
Liberty Loan.
Mr. Nash would
point kept in mind by all, that this loan must not
new
Liberty Bonds must be paid for out of the money of the people
which is not
now
at work—that
is, future earnings.
ticularly, will receive subscriptions for bonds, which
weekly
or
monthly payments,
as
Savings banks, par¬
may
be paid for in
the money is earned; but the plan will not
.work unless every man and woman in Brooklyn does his or her share.
The responsibility for the equipment and support 'of our soldiers and sail¬
Is
ors
on
each
not to be
who
for
are
one
of us, and cannot be evaded if we would; but evasion is
thought of; we will each do our utmost for the
bearing the "heat and burden of the
us.
H
.
h
*
■
men at the front
day"7and fighting
the battle
'
'
■
.
fail.
He said:
It is the patriotic duty of every one to put some money into the new loan
It is inconceivable that the soldier.will fail in his duty.
It is equally
un¬
LIBERTY BONDS WILL ALWAYS CONFORM
believable that there will be any hesitation in subscriptions to the new loan.
Having embarked in this great enterprise, to falter, to temporize,
count the Cost is equivalent to cowardice at the front,
that
to
That the
and the timidity and
selfishness of money should be regarded as disloyalty.
crises
or
I have
demanded personal sacrifice and courage,
and the
seen many
man
or
in¬
Liberty Bonds will always conform to the
rent money
a
market and value of capital
statement
stitution who has gone wholeheartedly into a noble cause has never regretted
his
unselfishness, and it is
on
to.the Government by generous subscriptions to the new loan.
Let
us
not misunderstand this
Liberty Loan.
President
he
It is the newest and the
,
oldest of
our
when it
Back of every investment in the country is the
securities.
Gbvernment.
It gives value to every enterprise and business.
concentrates its power
mortgage on every
and influence in
railroad, every industrial,
a
Therefore,
bond it creates
every
a
first
municipality in the
country.
The relation of the
old definition
BONDS
WILL
GO
TO
A
PREMIUM
AFTER
WAR, ACCORDING TO
with
American, but those who back the Government
their money at
which is not
a
a
this time
are
making
an
Wednesday by Alvin W.
Trust
Mr. Morawetz points out that the
exemption of the bonds from all taxation except that on inheritances and the surtax on incomes, togetherjwith^their
Co.
Krech,
Discussing
this
'
Liberty Loan to the bond market reminds
liquid
cur¬
emphasized in
as
me
of the
"Any material which takes the shape of the
I wonder if investors fully realize that the
poured."
Liberty Loan Bonds conform and will always conform to the
current money
market and value of capital.
investment
of
security,
i.
e.,
is
the
a
fair income from the highest
of the United States
obligation
Government, then the investor is going to get 4% on his money, but if the
world declares, as evinced in its demands for capital, thatithe fair income
version
higher rate, then the investor through his con¬
privilege in future issues is going to get that higher rate on his
money.
The Liberty Loan Bond is the only security in the history of the
world,
far
as
as
I know, which insures the investor that he will
receive a fair rate on his
The
investment
only the safest in the world, but is likely to be
highly profitable one.
was
from this security is at a
opinion of Victor Morawetz, not only is immediate
subscription to the Second Liberty Loan the patriotic duty
every
of
on
Equitable
said:
vessel into which it is
type
of
the
"If the world market says that 4%
LIBER7¥
In the
issued
of
question,
this basis I urge the full and freest support
TO MAR¬
KET VALUE OF CAPITAL, SA YS ALVIN W. KRECH.
tremendous
decline
in
the bond market
due to the impairment of the properties
to
a
at all times
capital.
to-day is
of course,
not
which the bonds cover, but simply
Your investor in the old line
readjustment of the value of capital.
bonds must take his medicine and watch his securities decline
as
the
re¬
adjustments in the money market occur, but in the future if he is fortunate
enough or wisp enough to be the owner of Liberty Bonds, he will
oh
nothing
as
to the readjustment in capital values. "
care
little
££
It
Is
CHRONICLE
THE
13G2
certainly
remarkable feature, and in
a
smaller percentage
mind it is worth no
my
of the cost of the bond to have it.
The Liberty Loan
bondholder simply finds himself in the, position of the owner of a house,
[Vol. 105.
Governor Whitman and Mayor Mitchel as "Liberty Loan
Day/'. The plans
to; a head on Wednesday when
came
who. if rents go up, has such a contract that he can rent at higher figures,
1,000 representatives of every patriotic, civic, commercial,
but if rents go down he has a contract which forces the present tenant to
financial,
industrial, labor,
ization in
this section met at the
remain.
•*' v':.
>■
.
agricultural and trade
organ¬
Seventy-First Regiment
Armory, 34th St. and Park Avenue, and exchanged ideas
SUBSCRIPTIONS
SMALL
1
NEW
LIBERTY
SUCCESS
TO
VITAL
OF
LOAN.
Popular support of the Second Liberty Loan from small
investors is
absolute,
an
according to
cess,
Committee
necessity if the issue is to be
the 4th inst.
on
a suc¬
resolution passed by the Liberty Loan
a
large subscriptions which
Pointing put the fact that the
given publicity through the
are
cannot alone carry the whole burden the resolution
press
which
was
signed by
every
member of the committee, reads
follows:
as
The
Committee of New York desires to emphasize the
subscriptions
in
•olutely essential to the
great
number
investors are abso-
small
from
The large subscriptions are given prominence in the press,
five subscriptions of $10,000,000, one each day during the
•ampaign,
desired by
Reserve
must
We earnestly
District.
and woman In the Second
request the co-operation of the
Loan
The
War
purpose
charge of John T. Far-
Department has taken official cognizance
of the demonstration
by detailing Major Lorillard Spencer
the
(negro) Federalized National Guard, to assist
industry, trade,
the farmer, historical and
many
the procession.
sion in this respect—that
an
the
navy,
important
School children also,
will
as
participate in
are to
The plans call for
imposing demonstration.
an
honor divi¬
an
double files of Liberty bond holders
curb and through which the major
portion of the parade will
following announcement is made:
army,
allegorical, will find
other divisions of importance,
Defense has
Floats emblematic
finance, the
commerce,
pass,
much
as a
guard of honor
on National
The Mayor's Committee
acts at ceremonials.
by the railroads, under the leadership of Alfred
vast series of
boy and girl who bought a Liberty
of the parade demonstration
Committee* has established a Parade
special
will be lined along the
Smith, President of the New York Central lines, the
a
Liberty
position in
Concerning the second Liberty Loan campaign which will
be conducted
With
the
For the
Bureau at No, 50 Madison Ave., in
total of
a
We are nearly
LIBERTY LOAN CAMPAIGN BY RAILROADS.
H.
bond.
military feature of the parade.
raise
war.
of every map, wpman,
in
Our objective of $1,500,000,000 calls for an average
man
buying and serving in this
significance, in that it will be in honor
of
the public in emphasizing this fact.
and
It will carry a further
this
the Government, millions of small sub¬
of approximately $200 from every grown
Federal
color in Government bond
but twenty-
the present time.
this average at
total
the
scriptions are needed.
press
visualize the participation of every class and creed, race and
15th
balance
nearly $65,000,000 a day until Oct. 27,
or
$100,000,000 behind
To reach
We
$250,000,000.
total, only
would
$1,500,000,000
The parade is expected to
the march.
of the
of the Liberty Loan.
success
Each of the organizations will
be used.
to
place in
a
rell.
Liberty Loan
that
fact
features
to
as
have
promised its aid in the matter of decorations
the decorations that
and will obtain
placed in front
were
of the Public
Library at Forty-Second Street when the French
and British Missions were the city's guests.
special local organizations of officers and employees,
'
the
special Liberty
Railroads headed by President
Loan Committee on
Alfred H. Smith of the New York Central Lines has gotten under way Its
second nation-wide campaign to reach more
approximately $1,500,000.000,
or
$4,000.p00
Chairman Smith has called upon all
♦o exhaust every effort to
first
Liberty
scribed
241.280 individual employees sub¬
This amount
of $20,027,966.
was
in addition to approxi¬
and
wide scattering of the securities was made
the
that
arrangement
possible through the
monthly"
employees make payments in
installments from their earnings.
Telegrams just sent to
over
500 railroad president throughout the United
States urging special organized efforts for sale of the Second Liberty Loan
read
follows:
as
SUBSCRIPTIONS
Twenty-seven clocks to show the progress of subscriptions
to the second
Liberty Loan
locations throughout
are
to be erected in prominent
Greater New York City.
In addition
exhibiting the amounts subscribed day by day through
to
mately $40,000,000 of bonds taken in large blocks by the railroad companies,
corporations'
SHOW PROGRESS OF
WILL
TO NEW LIBERTY LOAN.
day.
a
railroad executives in the country
double the sales made to railroad workers in the
campaign, when
Bond
total
a
CLOCKS
than 1,500.000 transportation
The "annual wage earnings of this railroad army are
workers of all ranks.
out the country,
the clocks will also show at
Second Federal Reserve District
will
hand
tire
glance the
a
well.
as
One
the subscriptions reported for the
prresent
country,
subscriptions
while
the
* indicate the
other will
en¬
amount
raised in this district.
The Liberty
Loan Committee, under direction of the Secretary of the
Treasury, again requests the undersigned to ask your support in selling
Liberty Loan Bonds to railway officers and employees or every grade.
It is deemed desirable to make a concerted effort by all roads in the country
to put the opportunity equally before all, along the general lines adopted
with respect to the first Liberty Loan, offeree last spring.
Your com¬
mittee's experience emphasizes the importance pf prompt and thorough
special ornanizalions in order to obtain effective results.
Please wire if
you will co-operate.
COMMITTEE ON
RAILROADS,
(Signed) A. H. SMITH, Chairman.
D.
F.
UNDERWOOD
WALTERS
W. II. TRUESDALE
WALKER D. HINES
HENRY
L.
JOHN
LOREE
F.
W.
H.
BURNHAM,
of special
ficient
with
advantage
a
practically unamimous effort, and
on
Railroads has set Oct. 27
which subscriptions may be received.
The
energies' of all
railroads,
weeks.
the
Circulars,
distributed
to
.
'
•
as
one
surpass
that,
former
the final date
1,000 separate companies,
subscription
blanks
individual
and
railroad
large and small,
advertising
employee,
special organizations: this will be followed
up
wlir.be
matter
under
the
plan
for
by personal work in charge
of local committees of both officers and employees.
Employing officers in
all of the various departments of transportation service, in the field as well
as
other
telephone
companies
by
comprising
plan for partial
a
the
pay¬
The bonds will be purchased for the
just adopted.
employees, who will
pay
for them in installments.
For each
$50 bond subscribed for, the company will deduct from the
pay
In
of employees paid weekly, $1 each week for fifty weeks.
case
of employees
paid semi-monthly
monthly, $5 will
or
of November 1917 and October
1918, and $4 each intervening month.
The Standard Oil
Co., the General Electric Co., the United States Rubber Co.,
the American Bank Note Go.,
Electric
Western
Co.,
and
the Bethlehem Steel Co., the
the Westinghouse Electric &
Manufacturing Co. have decided to adopt this plan of assist¬
ing their employees to secure the new bonds.
in offices, will be instructed to bring the matter of contributing to the
nation's
sinews to the
war
is able to make
a
personal attention of every man and
woman
who
THE NEW
subscription.
Detailed reports from sixty-seven of the leading railroad companies give
transportation service who subscribed to the
General
officers,
executives,
33.4%;
first Liberty Loan
legal
department,
follows.
as
45%;
traffic
depart merit,41.7%; accounting department, 29%; engineering department,
17.6%; transportation'department,
(a)
enginemen,
17.7%,, (b) firemen,
12%, (c) conductors, 18%, (d) agents, operators and station forces, 12.5%;
others,
16.5%;
locomotive department,
13.8%;
maintenance of way department, 4 %; all other
percentage of all employees subscribing,
car
department, 12.8%;
employees, 16.7 %.
Average
when
President Wilson affixed his signature to the measure.
The
be received
on
conferees, after two weeks';labors on the bill, completed the
work of adjustment on
ference
the progress of the work covering every city and hamlet In
tie country.
was no
a
Sept. 29; the bill
as
agreed to in
accepted by the House without
a
con¬
roll call
on
the 2nd inst. it was adopted by the Senate
dissenting vote.
As in the
case
roll call in the Senate on the bill.
been before Congress
since last May.
of the House there
The
measure
had
It passed the House
May 23 and on Sept. 10 was passed by the Senate.
It is
yielding measure ever passed by Congress,
and is expected to produce a total of $2,534,870,000 during
the first year of its operation.
The Senate bill provided for
on
fc
was
Oct. 1, and on
without
12.4%.
railroad campaign will be prosecuted from the offices of
President Smith in the Grand Central Terminal, where constant reports will
The National
WAR REVENUE ACT.
The War Revenue tax bill, became a law on Oct. 3
the percentage of the total number of employees in various departments of
the largest revenue
PLANS
v
The
UNDER
\
WAY
FOR
PARADE
AND
PAGEANT
ON LIBERTY LOAN DAY.
Liberty Loan Committee of the New York Federal
Reserve District made known
a
the
be deducted for the months
,
the bond-selling campaign throughout the next three
every
and
on
executive organizations of the American
vast
numbering nearly
will be impressed in
promises to
of previous experience,
The Committee
Co.
Liberty Loan has been
for the employees of the New York Telephone
,
organizations for the bond-selling have come in suf¬
volume to indicate
the
results.
made easy
ments
Grand Central Terminal.
Responses from railroad executives pledging hearty co-operation and the
formation
EMPLOYEES ON PARTIAL PAYMENT PLAN.
Purchase of bonds of the second
Eastern group of the Bell System,
DENNIS
B.
Secretary,
BIG CORPORATIONS WILL BUY LIBERTY BONDS FOR
monster
on
the 3rd inst. its
plans for
Liberty Loan Pageant and Parade Demonstra¬
tion in New York
City, to be held
on
Wednesday, Oct. 24.
This day is to be proclaimed officially by President Wilson,
a
yield of $2,416,670,000 and the House bill $1,868,920,000.
The conferees declare the bill to be one of the best ever pre¬
pared.
Senator Simmons and Representative Kitchin headed
Mr. Kitchin, who objected to
the conference committee.
the
measure
as
it .passed
the Senate
as
a
"rich man's
Oct. 6
1917.]
THE
measure," stated
than the
one
had before
those drawn in
better
no
war
tax bill
has been drafted in any
ever
virtually all past bills of this country and many of
us
of
any
them.
began, and this is
war
burden
The
shifted
is
around
better
a
equitably
between rich and poor, and while every one has to pay, none has to pay
unfairly^
I
think.
I
anticipate
by
approval
its
the
House
without
difficulty.
Few
to
men
taxation
revenue
have been overlooked in the
The levies include
measure.
new
amusement tax of
an
10% of virtually all exceeding five cents;
than at
sight
on
check
every
for each additional $100
five cents
cent
$100
a
charged.
The
\
••
<■
,.
\
reaches
tax
exemptions
2%
pay
more
being
persons
to $2,000.
persons
than
persons
lowered
They will
the amount of their incomes between the
on
new
exemptions and the old, $3,000 and $4,000, respectively,
An additional 1 % on incomes between
and 4% after that.
$5,000 and $7,000
tion:
Incomes, individual and corporate
Beginning with
the levies
year,
profits in
on
capital
fpr
profits
excess
invested capital for the taxable
profits reach
maximum of 60%
a
of 33% of such capital.
Allowances
both tangible and intangible
excess
woulcL include
Material
matter
increases
Rectified
in
the
rates
new
law.
class
They
are
mail
based
system with different rates for reading and ad¬
Beginning July
1 1918, a flat increase of a quarter of a cent a pound will be
to
cents
reading matter and
on
half
a
cent
a
one year
later it will be raised
increase, making the rate for all
pound.
a
Advertising
matter
increase reach
rate of
a
the
over
cents, according
July 1 1919, and by
from 2 to
IK
zones
increases
present rate vary from one-fourth to
to the different zones, up to
10 cents
a
a
retained.
'
Manufacturers'
automobiles,
goods,
musical
3%;
embrace
taxes
chewing
gum,
cent
a
jewelry
and
medicines,
patent
including
a
13,000,000^.
..—
10,000,000
Cigarettes
21,500,000
i
Tobacco
30,000,000
*
Snuff
1,800,000
Cigarette papers
100,000__
Freight transportation.
77,500,000
Express packages
10,800,000
....
Seats and berths
•
Telegraph and telephone
Insurance
—
4,500.000
4,500,000
.....
7,000,000
messages
5,000,000
......
Automobiles and motorcycles..
Musical
60.000,000
....
!
Pipe lines transportation
40,000,00(7*"'
.
instruments, phonographs, records, &c
Motion
picture films
•
3,000,000
!
...
Jewelry....,—...
3,000,000
goods
—
4,500,000
;
...
1
...
1,200,000
Pleasure boats
500,000
8,400,000
Perfumery and cosmetics
Chewing
gum...,
...
1,900,000
.....
400,000
...
Cameras.....
Amusement
750,000
admissions
50,000,000
^
Club dues..
4—
1,500,000
.rs
Stamp taxes, including playing cards and parcels post
Inheritance
taxes
mail
Second-class
....
29,000,000
5,000,000
...
20,000
matter..
mail
70,000,000
matter
....
6,000,000
....
Munitions manufacturers' tax
Total
25,000,000
—
$2,534,870,000
—
Representative Fordney, of Michigan, ranking Republican'
Ways and Means Committee, has had
member of the House
incorporated in the "Congressional Record" concrete
ples of the workings of the taxes
under
existing law and the
profits and
on
bill.
new revenue
exam¬
profits
excess
His statement
follows:
The following table shows the total amount of income, corporation and
and
2%, and motion picture films, one-fourth of
profits taxes that will be paid (a) by
excess
$100,000 and
a
net income of $50,000;
capital of $100,000 and
a
corporation with
a
(b) by
a
a
capital of
partnership of three parties
income of $50,000; and (c) by
a net
an
•
.
indJL
profits"
vidual engaged in business with $100,000 capital and $50,000 of net
sporting
cosmetics
foot.
a
7,000,000
.......
Syrups, soft drinks, &c
Cigars
with
broad scope,
instruments,
perfumes,
46,000,000
gradual
pound after
July 1 1921.- The present "free-in-country" system would
be
5,000,000
liquors
Wines, liquors, &c_.
Virgin Islands products
second
on
vertising matter carried by publications.
charged
135,000,000
spirits
First-Class
called for under the
are
zone
a
minimum of 20% of the
on excess
1,000.000,000
Proprietary medicines.
Exemptions would be from 7 to 10%.
assets.
oil
a
of 15% of the
excess
$851,000,000
profits
Distilled spirits
Sporting
to 50% on incomes exceeding $1,000,-
up
000 is called for under the bill.
not in
es¬
1
Passenger transportation..4
•?;
■
many
single
for
$1,000 and for married
to
additional
an
cent postcards, and eight
v
v.;
income
heretofore,
playing cards;
one
additional
an
the premiums of new insurance policies being
on
new
and
ranging
less and two cents
or
fraction thereof to
the present tax on
on
two-cent postage
on
cents
or
a stamp tax
draft "payable otherwise
or
on,demand" of $100
or
reading inatter,
on
on newspapers.
following are the final official estimates of the Treasury
Department and Senate Finance Committee experts of reve¬
nue
expected from the bill during the first year of its opera¬
Fermented
from two cents
increasing the rates
oppose
pecially that
Excess
of
sources
1363
The
foreign countries since this
then
measure
presented
He said:
country.
We
Sept. 30 that
on
now
CHRONICLE
For .Corporations.
;
Corporation with capital of $100,000 and net income of $50,000.
(a)
Deducting from net income 9% of the capital, the maximum deduction,
plus $3,000, or total deduction of $12,000, shows the taxable income to be
$38,000..
Large increases
$50,000 to
on
tance
over
10%
$10,000,000,
on
are
made in the inheri¬
Tax
on
amount in excess of deduction and not over
$3,000 at 20%..
Tax
section.
tax
the present law, ranging from 1%
on
amount of
--
15% of capital—
$600
-----
profit in excess of 15% of capital and not
over
.
..
20 %—$5.000 at 25 %
Drinks, hard and soft, and tobacco in
in for
a
a
raise.
Tax
are:
Whiskey, $2 10
barrel, wine, about double the present
Tax
Outstanding figures
gallon; beer, $2 50
a
rate; grape juice, one cent a gallon;
cents
a
gallon.
Rates
on
from 5 to 20
syrups,
,
new
/
>
taxes became effective with the
>
,
$5,000 at
on
income and
war
profits taxes
excess
are
based
on
,
taxes, including those
become effective Dec. 1.
dues taxes go into
on
1918.
parcel post packages,
Amusement admissions and club
effect Nov. 1,
do taxes
oq
freight and
- transportation,
sleeping car, drawing room and
steamship berths; pipe line transportation, insurance policies
and telegraph and telephone messages
costing fifteen, cents
more.
Tax
on
Excess
Burleson
to have the entire
is
said
have
to
assured
excess
1,750
of 25%
and not
over
33 % of capital—
3,600
amount in excess of
33% of capital—$17,000 at 60%..—.
substitute.
a
new
modified system established
as
a
The conferees accepted the
compromise in the
standing that the department and Congressional committees
would take up the question before the rates become effective
and present some new plan.
Members of Congress promi*
the efforts to increase the rates said
they did not expect the Revenue bill's
on
the 3d inst.
rates to go
Postmaster-General Burleson is said
$17,400
...$50,000
——
profits tax.
17,400
—
-
1,956
....
—
$19,356
—
A partnership of three parties with a capital of $100,000 and net
(5)
income of $50,000.
.
Deducting from net income 9%
total deduction of $15,000,
on
into
by Congress¬
of capital invested, plus $6,000, or a
shows the taxable jncome to be $35,000.
amount of income " in excess
of "deduction
and not
15% of capital
Tax
on
amount of income in excess of
capital—$5,000 at 25%
Tax
on
15% but not
—
amount of income over
Total
excess
20% of
over
25% of
1,750 00
—
amount of income in excess of 25%
capital-$8,000 at 45%
on
over
$1,250 00
20% but not
capital—$5,000 at 35%. ——
on
—
—
amount of income in excess of
but not
over
-
33%
'
3.600 00
—
33% of capital—$17,000 at 60%.
profits tax
excess
10,200 00
$16,800 00
Net income
Less
4
over
4
increased second-class mail
Revenue bill, it was stated to-day, with the
express) under¬
10,200
For Partnerships,
next
July he will use his influence
subject reopened by the Senate and House
Postal Committees and
effect.
35%-'——-
amount in
Total tax....——
Tax
that before the
become effective
nent in
25%—
Net income subject to income tax—$32,600 at 6%—
Tax
Postmaster-General
that
pver
$8,000 at 45%.
Tax
as
passenger
Congress
of capital and not
income of
calendar year and payable before March 31
All stamp
rates
1,250
in excess of 20%
Net income."
signing of the
by the President, except certain specified rates.
The
one-cent letter and postcard tax becomes
operative in thirty
days and the second-class mail increases July 1. "The new
or
amount
cigars and tobacco have also been
bill
the 1917
on
Total excess profits tax..
increased.
All the
form
come
every
$50,000 00
profits tax..
16.800 00
——
Income for distribution
33,200 00
...............
Share for each partner
11,067 00
—-...—
Income tax for each partner:
$9,067
at 2%
-
$7,067 at 2%
$2,500 at
——
4
-
1%
-
—,
Total for each
Total for
all
—
three (3 multiplied by $429.69) or_.
Total tax—
50 00
-
$1,067 at 3%
-
141 34
25 00
-
$2,500 at 2%
$181 34
32 01
429 69
1,289 07
$18,089 07
,
1364
THE
CHRONICLE
For Individuals.
effective
(c) Individual engaged in business with capital of $100,000 and net income
profits tax would be the
excess
shown above to be
same
as
on
a
profits tax
excess
1
—, „.
16,800
^
Income subject to income tax
to
33,200
Canada,
Postal
$33,200:
$624
-
20,200 at 2%—------
-
5%-_
I—
;
for
1,056
——.
Total
income
tax.
city, rural,
or
them at
dition
2,764
....
—
_
$19,564
—
The full text of the bill is given on another
page in
issue of
our
to
prepaid
of two
cents
an
including those for delivery by
ounce
or
one-cent
stamp
impressed
bearing written
such
on
new
law which has been the subject of
them.
on
■
A reduction of
discussion in the newspapers is the provision under
which salaried men, business and professional, are called
to pay
a
provision
profits tax of 8% (in addition to the
incomes in excess of $6,000/ The
war
on
inserted in the conference deliberations
was
on
the
terms
"professions
and
"trade"
and
"business"
Oct.
occupations."
individual incomes in
excess
The 8% excess
of individual income of
is embodied in Sec. 209, which reads
That in the
of
case
a
trade
or
as
tax on
$6,000,
cards.
'
-
of such trade
a
or a
or
follows:
business having no invested capital, or not
business, in
excess of
the following deductions:
domestic corporation, $3,000, and in the
citizen
trades
or
or
case
of
a
no
In the
case
domestic partnership,
resident of the United States, $6,000; in the
business,
of all other
case
deduction.
It is stated that the Treasury
Department holds informally,
of definite presentation of the
question in an
in advance
official way, that the 8% excess profits tax is to be assessed
against all salaries in
of
$6,000 with the exception of
those of Senators, Representatives and all others who receive
excess
compensation from the Government.
.
Representative J. Hampton Moore, of Philadelphia, one
committee, in explaining
the adoption of this provision, was quoted-in the New York
"Times" of the 4th inst. as saying:
'
the
profits tax
individuals is due to the fact that corporations
were heavily taxed, and
many individuals in professional and business life
are capable of
earning as much as some corporations.
It was felt that
on
farmers, speculators in foodstuffs, cotton planters, surgeons, lawyers,
editors, engineers, and other professional men should be taxed for excess
profits, but be given
begins.
an
exemption of.$6,000 before the
excess
profits tax
-
There
were
many
cases
pointed
out
where
professional
capital absorb the business of other men, and charge
will bear.
It
as
order issued
the issuance
follows:
as
The Fuel Administration authorizes the
following:
have been ordered in the price at which
o.
b. the mines.
f. o. b. mine prices in the several fields will be
White
Red
Ash—
effective
an
Reductions
;
'
-j...
as
:
l
Pennsylvania
follows:
•
_$3 40
-
---,-.3 50
3 75
Producers, to whom
a
differential of not to exceed 75 cents
23,
may
continue to add the
To all persons, firms and
corporations engaged in the
duction of coal in the Stat© of
Pennsylvania:
The President of the United States
having heretofore,
differen¬
mining and
on or
about
pro¬
Aug.
1917, by virtue of the provisions of an act of Congress approved
Aug.
10 1917, entitled "An Act to
provide further for the national security and
defense
by
encouraging the production, conserving the
supply, and
controlling the distribution of food products and fuel," ordered and directed
that the maximum prices which should not be
exceeded "in the sale of Penn¬
sylvania anthracite
pea coal should be as follows, to wit:
White ash.pea
coal, $4 per ton; Red ash pea coal, $4 10 per ton; and Lykens
Valley, $4 35
per ton, when sold by certain producers specified in
paragraph 4 of the
President's proclamation of Aug. 23
1917, and that when sold by any other
producers the maximum price should not exceed by more than 75 cents
the
prices
mentioned
above;
°
Now, by direction
ministrator
ises,
of the President of the United
States, the Fuel Ad¬
hereby orders and directs that, until further order in the prem¬
the above-mentioned
coal
pea
be,
and the
maximum
hereby
same
further invastigation,
$3 40
coal,
ton;
per
prices for
are,
Pennsylvania anthracite
modified
and
reduced,
pending
to the following maximum prices:
White ash pea
Red ash pea coal, $3 50 per ton and Lykens
Valley
$3.75 per ton; which said prices are to be observed
by the producers speci¬
4 of the President's proclamation of Aug. 23 1917.
fied in paragraph
And it is further ordered that all other
producers shall sell Pennsylvania
anthracite pea coal at maximum prices not to exceed the
above-mentioned
maximum prices by more than 75 cents
per ton of 2,240 pounds.
These prices shall become effective at 7
a. m. Oct. 1
II.
the traffic
as
permitted
same
23
«
much
was
The following is the official order in full:
without
men
an¬
Hereafter the maximum
Ash_-
in the President's order of
Aug.
tial to the above prices.
•
felt they should share in
payment of an excess profits
was
made
was
under
announces
The "Official Bulletin"
order
COAL
ton in the price of anthracite
a
by the Fuel Administration
.
excess
(private
MINES.
Pennsylvania mines
thracite pea coal may be sold f.
of the members of the conference
The
Postcards
have two cents postage
'-' "v
Lykens Valley
more than a nominal capital, there shall be
levied, assessed, collected and
paid, in addition to the taxes under existing law and under this Act, in lieu
of the tax imposed by Sec. 201, at tax
equivalent to 8% of the net income
of
1
sixty cents
the
at
Sept. 29.
of
the
including
as
coal
pea
bill, along with another (in Sec. 200 of the Act), which
defines
Postal
REDUCTION IN PRICE OF ANTHRACITE PEA
much
upon
fraction thereof.
must
messages,
AT PENNSYLVANIA
income tax levies)
other first-
All drop letters, that is, letters mailed
at which posted,
to-day's
paper.
A feature of the
States
other carrier of such office, are required to have
postage paid
the rate
mailing cards),
Total tax
United
in the military
The Post Office
cards are required to be prepaid two
cents, and, therefore, the one-cent
postal cards must have a one-cent postage stamp affixed to them in ad¬
$2,764
_«__».-$16,800
Add total income tax.-
letters.
delivery from the office
on
Excess profits tax shown above.
the
persons
and after Nov. 2, see that postage is paid at the
class matter, except drop
250
•
-
on
100
—
13,200 at 8%
Burleson.
rate of three cents an ounce or fraction thereof on letters and
75
■
_
2,500 at 4%—-.—.
,' 5,000 at
Postmasters shall,
50
2,500 at 3%
Panama,
of the United States in Europe.^
Department issued these instructions:
25
2,500 at 2%--——
'
Cuba,
service
584
-
2,500 at 1%
Mexico,
Agency at Shanghai,- and all
'
$31,200 at 2%
Postmaster-General
are
$50,000
—
Deduct
by
m(ail to most foreign countries, which
fixed by international treaties, but
they do apply to all
domestic mail, and under that classification is included mail
'
Net income.---—
Income tax of individual on
yesterday
They do not apply to
partnership, which is
$16,800.
Nov. 2, under the terms of the War Tax
Act,
on
issued
were
of $50,000.
The
[Vol. 105.
Washington, D. C., Oct.
tax, along with the corporations.
1
1917.
A.
Fuel
GARFIELD,
Administrator.
1917.
.
Chairman
also
a
Simmons
of
the
Senate
Finance Committee,
committee, in refuting the
provision was a "joker," was quoted to
member of the conference
report that the
new
FUEL
a
joker," he said, "then
every provision in the bill is
a
joker."
Mr.
Simmons explained that the tax on
professional incomes was not
only fair but necessary if the burden of taxation was to be distributed
"We tax corporations, farmers and mechanics on their excess
equitably.
profits," he said.
"The rate of levy in these excess profits taxes is
graduated
according to the capital invested, and there is the exemption of from 7 to
9%.
"With the professional man there is no
capital invested.
But a profes¬
sional man make make fifty or a hundred
thousand dollars a year.
Why
TAILERS'
Since there is no capital
guide in fixing the tax after the plan in levying against the
others,
have had to lay a flat rate of 8%
against the professional man.
to
we
Mr. Simmons further pointed out that the
8% excess profits tax against
professional incomes was not only thoroughly discussed in conference
where
it was really drafted, but that he had
explained it at length on the floor of
the Senate prior to the
adoption of the conference report.
.
Some confusion
and misinterpretation has arisen out of
wording of the section imposing stamp taxes on negotiable
instruments, which has been misconstrued to mean that a
the
tax has been
tax
or
on
an
on
placed
"Drafts
or
on
bank checks.
cents for each
$100, according to
Associated Press
payable at sight and
on
on
Oct. 1.
as a
check
demand, it, therefore, is excluded
from the tax.
It
was made known last
night, in Associated Press dis¬
patches from Washington, that detailed instructions to
post¬
masters
on
the
,
increased letter mail
RE-
limiting the retailers' margin on coal and coke
by H. A. Garfield, Federal Fuel Admin¬
issued this week
istrator.
Under the order, which went into effect Oct.
1,
stipulated that the retail gross margin added by any
retail dealer to the average cost of
any size or grade of coke
it
is
or
coal shall not exceed the
average gross
size
or
added shall in
1917.
the
no
case
rates
which
become
exceed the average
added during July
A definition of the retail
gross margin is contained in
order, which also states that monthly reports from retail
dealers in
various- sections of the
country will be required
by the Fuel Administrator and the Federal Trade Commis¬
sion.
The
following
is
the
order
of
Fuel
Administrator
Garfield regulating retail coal
margins:
provides for
dispatch from Washington
The official interpretation of this section is
that,
is
An order
was
FUEL
The bill
checks payable otherwise than at
sight
demand," &c., two
LIMITING
COAL PROFITS.
margin for the same
grade during 1915, plus 30% of the retail gross margin
invested"' for 1915; it is provided, however, that the retail gross margin
should he not pay an excess profits tax?
a
ORDER
-
the following effect in the New York "Tribune" of
yesterday:
"If this is
ADMINISTRATIONS
ADMINISTRATION.
Washington, October
1
1917.
To all persons, firms,
corporations, and associations engaged in the
and sale of coal or coke at retail,
hereinafter
referred to
retail
as
handling
retailers
or
dealers:
The President.of the United
States, in pursuance of the provisions of the
Act of Congress approved
Aug. 10 1917, entitled "An Act to provide further
for the national security and defense
by encouraging the production, con¬
serving the supply, and controlling the distribution of food
products and
fuel," and particularly for the purpose of
carrying into effect the provisions
of said Act relating to fuel,
having on the 21st day of Aug. 1917, fixed the
price at which bituminous coal may be sold at the mouth of the
mine, and
having on the 23rd day of Aug. 1917 fixed the price at which certain sizes
of anthracite coal may be sold at the
mouth of the mine on and after the
1st day of Sept.
1917, and, by the
same
order,, having fixed the amount
Oct. 6
which may be paid as commission to
jobbers, now, in
the United States, the Fuel Administrator
On and after the 1st
furtherance
of
the
passed and by direction of the President of
purpose for which said Apt was
day of Oct, 1917, in making prices and sales to con¬
the retail gross margin (as hereinafter defined)
dealer to the average cost
coke dealer within the meaning of this order,
on
or
The first consideration
coal, unless they
and that,
this being
removed..
wholesalers'
of the present cost
railroad sidings,
trestles,
dumps,
tipples,
mines,
How to Ascertain Average Cost.
The average cost of coal or coke to retail
the first and sixteenth
following method:
a
size and grade
days of each calendar month, according to the
•;
v
The tonnage and average
of
cost of coal or coke on hand at the beginning
coal or
period is to be combined with the tonnage and average cost of
received
coke
can
more
than 30% in excess
be clearly demonstrated, the local fuel
during the period.
Readjustment,
In this connection Mr. Garfield
this margin the dealer is under no obli¬
F■.
■
WHEAT
Tons.
cost.
$600 00
1,500 00
5 00
Received Oct. 1 to 15, inclusive.
were
by the Inter-State Commerce Commission on
until Jan. 29
The, rates proposed increases from Chicago and
points .to New York, Philadelphia, Baltimore, Boston,
and other Eastern
points
Proposed increases,
on a
Paul to Eastern points,
The
400
,
both domestic and export grain.
on
somewhat different scale, from St.
also
were
Commerce"
of
"Journal
suspended.
that the present
reports
commodities from Chicago, 111.,
and other seaboard cities
are:
5 25
2,100 00
CHICAGO (IN CENTS
PRESENT AND PROPOSED RATES FROM
PER
100
POUNDS).'
—Proposed—
——Present——
.
Ex-
'
mestic.
'
.
'
Do-
Ex-
port,
Do-
Commodity to:
Grain—
—
PRICE.
grain, grain products and by-products of grain, which
to have become effective on Oct. 1, were suspended
on
$6 00
—
mestic.
port..
—
23.0
20.3
24.5
16.8
New York, local
15.3
19.5
18.0
19.8
19.3'
22.5
21.8
-
.
•
reshipping
do,
Sold Oct. 1 to 15, inclusive—-
—
350
50
262 50
4 75
4 82
1,687 50
350
...
In the above example the average cost per
ton of egg coal to which the
Oct. 15,
inclusive, is $6; during the period Oct. 16 to 31, inclusive, it is $5 25; and
for sales during the period Nov. 1 to 15, inclusive, the average cost is $4 82.
The same method of computation must be applied by each dealer in ascer¬
taining his average cost of each size and grade of coal or coke.
margin should be added for sales during the period Oct. 1 to
Monthly Reports Required.
From retail
will be
dealers in
Boston,
the Federal
supplied for this purpose.
On these
forms the dealers must return the cost of coal or coke
prices, and their gross margins.
Grain
New
received by them,
Whenever necessary supple¬
accounting forms provided therefor will be required to
Actual cost of conducting the retail business and other information
The accounting forms will contain directions as
which may be required.
Any
persons,
retail coal
determine
or
firms,
corporations,
or
retail
gross
margin
1915
above
Washington,
by the method
described shall return at once to the Fuel Administrator at
D. C., a sworn statement
of the average retail gross margin which they have
period they have been in business on each grade and
coal and coke and for each class of business.
Pending investigation
received during the
size of
and action upon
coal or coke at
a
sell
margin which
this information, such retail dealers may continue to
gross
margin not to exceed the average gross
the abovementioned increase of 30% 6hall not be added by them to such margin,
and that the retail gross margin added by such persons, firms, corporations,
they have received during said period: Provided, however, That
or
associations to their average cost of coal or coke shall not
exceed the average
retail
gross
in any case
margin added by them for the same size,
grade and class of business during the month of July 1917.
Retailers' Contracts With Consumers.
Contracts between a retail dealer and a consumer made before
are
not affected
in character and
In
this date
by this order, provided that such contracts are bona fide
enforceable at law.
making deliveries of coal or coke under such contracts a
retail dealer
supply only the minimum amount of any coal or coke
under the terms thereof he can be obliged to deliver unless and
will be expected to
which
until he has met the reasonable requirements of
to
16.5
16.5
—
23.8
20.3
26.5
23.0
.—
18.8
15.3
21.5
18.0
22.5
22.5
25.0
17.5
17.5
20.0
local
20.5
20.5
15.5
15.5
23.0
18.0
22.0
17.0
27.0
22.0
25.0
20.0
23.0
18.0
22.0
17.0
25.0
other consumers desiring
purchase coal or coke from such dealer.
local distribution and the profits
Immediate investigation into the cost of
-
Boston,
-
-
—
reshipping-
local--
—
;
19.5
------
14.5
14.5
-
24.5
22.5
19.5
17,5
21.5
17.5
16.5
25.0
20.0
24.0
19.0
20.5
15.5
19.5
20.5
15.5
19.5
14.5
21.5
16.5
23.0
18.0
22.0
17.0
27.0
22.0
23.0
18.0
22.0
17.0
24.0
19.0
reshipping
do,
19.5
—
22.5
reshipping
local
.
{except flour)—
York, local
20.0
Flour—
New
York, local
reshipping
do,
,
Philadelphia," localreshipping
do,
associations not engaged in the
unable to
during
13.8
Products
do,
do,
Boston,
14
-----
local
Baltimore,
coke business before Jan. 1 1916, and consequently
their
13.8
reshipping-!
-
do,
returning them to the State fuel administrators.
to
21.5
-------
Philadelphia,
mentary reports on
show the
21.5
_
local-
local
do,
monthly reports
required by the United States Fuel Administrator and
their sales
18.8
—— —--------
reshipping
Baltimore,
>
various sections of the country
Trade Commission on blanks to be
17.5
18.8
reshipping
Baltimore,
do,
gross
14.3
-
local
.reshipping-
do,
5 25
1,425 00
do,
Total
14.8
22.0
17.0
Philadelphia,
300
16--r-
Received Oct. 16 to 31, inclusive
AND
OF
proposed general increase by the Eastern, railroads
ton.
100
300
On hand Oct. 1
RATES
BASIS
OF
Average
cost per
Total
GRAIN
HIGHER
LOWERING
BUYING
The
to New York
•
.
Total.
OF
and proposed rates on the
■
Example—Egg Coal.
On hand Oct.
All such
in the first instance with the local com¬
up
dealer is too high.
any
SUSPENSION
other
dealers, to which the gross retail
margin may be added, shall be ascertained by them for each
on
When this
stated emphatically that in fixing
Sept. 27.
r
be entirely
to whether or not to buy will
of retail coal business is
readjustments must be taken
docks, yards or wharves.
-
as
It is possible that in some communities the percentage of in¬
administrator will be empowered to recommend a readjustment.
'
and the average cost of coal or coke to such retailer at
pockets,
in
the dealer;
fact, the public uncertainty regarding retail coal
a
prices, and the uncertainty
retailer
The difference between the price charged by a retail coal or coke
consumers
reasonable profit.
coke'
trestle,
pocket, or water yard, when such coal or coke is
received by him by water.
dealer to
a
each community a retail margin fair to both the consumer and
-
(3)
given
are
Mr. Garfield believes that this plan will result in determining at once
RESULTANT
and the average cost of coal or coke to such
consumers
coal
the extra¬
ordinary efforts which they must make this winter, if everybody is to get
The difference between the price charged by a retail coal or coke
(2)
dealer to
retail margin
V
f
of the Fuel Administrator must be to get
to the consumer, and the dealers cannot be expected to make
coke is received by him by rail.
free alongside his wharf,
•
cost of coal or coke to such retailer,
board railroad cars at his railroad siding, yard, pocket, or
sufch-eoal
when
however, that in no case
It is provided,
1917.
gation to increase his 1915 margin by the full 30%.
The difference between the price charged by a retail coal or
(1)
July
also, wiU be made whenever the Fuel Administrator learns that the retail
'
dealer to cbhsumers and the average
free
during
margin added by
margins of the different classes of retail coal and coke
dealers are defined as:
him
present.
which, of course,
mittees to be appointed by the State fuel administrators.
Definition of Retail Gross Margin.
.
.
The retail gross
by
margin in
his retail
normal conditions prevailed than at
more
shall the gross margin added by any retail dealer exceed the
added
of the cost in 1915.
partnership, corporation, or association pyhsically re¬
ceiving, handling, and delivering coal or coke to consumers is a retail coal
Every person,
or
plan announced, the retailer ascertains
1915, when
includes his profits at that time.
crease
J
Definition of Retail Dealer.
Under the
the year
To this he may add not to exceed 30% of that margin,
hereby orders and directs:
added by any retail
(determined as hereinafter provided) of any size
or grade of coal or coke for each class of business shall not exceed the average
gross margin added by such dealer for the same size or grade for each class
of business during the calendar year 1915, plus 30% of said retail gross
margin for the calendar year 1915; provided, however, that the retail gross
margin added by any retail dealer shall in nacase exceed the average added
bu such dealer for the same size, grade and class of business during July 1917.
By this order retailers are required to fix a retail gross margin which may
be less than, but shall not in any instance exceed, the margin added by
them in 1915, plus 30% thereof.
;
'
sumers,
1365
CHRONICLE
THE
19x7.]
reshipping—
local
do,
—-
reshipping-
-------------
14.5
24.5
19.5
Grain By-Products—
18.4
18.4
21.0
21.0
Philadelphia—-——
16.4
16.4
19.0
19.0
Baltimore
15.4
15:4
18.0
20.4
18.4
23.0
18.0
21.0
New York
-------------
Boston—,
-
the proposed grain tariffs
Qommission the Grain Cor¬
poration of the United States Food Administration on Sept.
28 announced that a readjustment would be necessary of
the buying basis of the Corporation in the Eastern markets
Following
the suspension of
by the Inter-State Commerce
of
New
York,
Baltimore,
Philadelphia and Buffalo, as
compared with the basic market prescribed by the
Commission of Chicago and the Western markets
Price
which
directly relate to Chicago.
According
to
the New York "Commercial"
Corporation announced that it would purchase
of wheat in those four markets at two cents a
the Grain
all grades
bushel less
local committees and with the aid of accountants.
The State fuel admin¬
than that quoted by the Government, or on the basis of
istrators will be charged with the duty of recommending to the Fuel Admin¬
$2 26 per bushel for No. 2 hard winter, c. i. f. New York.
istrator remedies for all abuses and avoidable hardships arising under the
Those mills which have any unsold wheat and flour and
operation of this order.
which have been protected against decline by the Grain
The "Official'Bulletin," published by the Committee on
Corporation, were requested to send detailed statements
Public Information, had the following to say on the 1st.
before Oct. 5 to the latter's New York office, 42 Broadway.
regarding the order of Fuel Administrator Garfield des¬
Elevators having unsold wheat in store or in transit were
cribing the method wherby retail coal and coke dealers
also asked to make similar statements under oath.
shall fix maximum gross margins:
of retail dealers will be made by the State fuel administrators
acting through
1366
■
TOWING
BARGE AND
coal
New
to
TO
EXPEDITE
telegraphed John M. Bowman,* of the Biltmore Hotel, who
Shipping Board, it became known
effort to facilitate the delivery of
an
England points, authorized the organization
of the New England
The Board, says a
Coal Barge and Towers Association.
special dispatch from Washington to the
"Journal of Commerce" of this
city
on
Sept. 28, has asked
all. the towing and barge interests in this section' of the
This solution of the
suggested, it is said, by
country to join the new organization.
coal
transportation situation
was
special committee, of which Otis B. Kent, of the Shipping
a
Board,
is Chairman.
Representatives of the transporta¬
tion and coal interests of Boston, New York, Philadelphia
and Fall ,River had
representation on this committee, which
has, with the appro vaL of the Shipping Board, provided
for the organization of the hew association.
The latter is
to be
voluntary co-operative unit comprising the owners
a
of tugs and barges
the North Atlantic Coast.
Captain Arthur Crowley, it is stated, has been appointed
supervisor of coal barge operations, with headquarters in
Boston/
member of the United States Food
a
his
colleagues
position and status of
every
barge and towboat
operated by each member of the association, with the pur¬
maximum efficiency.
pose
of ensuring their operation at
The
enthusiastic
were
over
Administration, that
the "Beefless Tuesday"
Reports from Atlantic City, San Francisco and New
plan.
England, according to the New York "Tribune," indicate
that these
and
places have already taken
Thompson's,
the work.
up
Child's
"chain restaurant"
the largest
of
two
systems in New York City, are both members of the National
Hotel and Restaurant Food Conservation Commission, and,
it is stated, will aid the movement as
hotels and
dining places.
eagerly
as
the largest
The railroads of the country have
also
inaugurated "Beefless Tuesdays"
The
Lehigh Valley Railroad last Tuesday dropped beef from
its
dining
on
Railroad also had
and
dining
ton and
their dining
cars.
and in its restaurants, and substituted
car menus
fish, eggs and vegetables in its place.
"Beefless
a
of Pittsburgh.
cars east
The Pennsylvania
Tuesday" in all restaurants
The Chicago, Burling¬
Quincy Railroad, according to the New York "Even¬
on
He will, it is said inform himself from day to day
the
to
as
in service
[Vol. 105,
President of the Society ofiRestauratuers/on the 2nd inst.
is
States
'United
Sept. 28, has, in
on
ASSOCIATION
ENGLAND COAL SHIPMENTS.
NEW
The
CHRONICLE
THE
ing Post," has likewise adopted the "Beefless Tuesday" plan,
a
bulletin issued by the
road
on
Oct. 1
commissary department of the rail¬
saying:
Beginning Tuesday, Oct. 2, and continuing thereafter until further notice,
in accordance with the wish of the United States Food
Administrator, and
agreed to by all of the railroad dining-car departments of the country, beef
will not be served in any form
in our dining-cars on Tuesday.
special dispatch to the "Journal of Commerce" also
contained
the
following
a
regarding
information
the
new
BRITISH
organization:
The carriers forming the
association will be liable for neither assessments,
dues nor penalties, and each of them will retain
its
of the members will continue
Each member of the associa¬
unimpaired.
towboat in its'
the exact position and status of every barge and
as to
service, and will conform to such other regulations as may from time to
time be issued
by the committee with the approval of the Shipping Board.
be thus illustrated: .
member having a barge at Portland to be moved southbound and not
The plan of operation as proposed may
A
available for that purpose will communicate with the Super¬
visor, who will report, ail tugs at Portland or en route thereto.
The owner
having
of the
a tug
barge will thon
dispatch.
Where
arrange
with
tug
a
obstacle to
with the
owner
of
suitable tug for immediate
a
particular barge cannot be safely operated in con¬
a
junction with the tug
for
such
immediately available
which" it
be
may
be held
barge may
dispatch is a disagreement as to the towage
charges, the barge must be moved at the compensation offered by its
owner, and the difference in rate thereafter will be adjusted by an arbi¬
tration committee consisting
of James J. Storrow, Charles H. Potter
and
W.
W.
Willett.
establish and observe
a
•
barges—
of
less
500
'
tons
/
w
For
but not
Ovor 2,500
uniform
Oct. 2 and wall proceed to
on
An extended use of Cape
2]4
3
great
on
food
barges beyond the periods
so
shall
specified.
Cod Canal, while not required, is recommended
■///■
"The
measure
success
upon
the
of
the plan
efforts
may
as
outlined above will
proposed should fail of its purpose such further action as
of whom
Charles
be necessary will bo taken by the Board.
It is therefore imperative
shall
contribute
As
a
•
their
display
on
and more acute.
that the carriers to whom this circular is directed
equipment
to
the
consumation
of
this
common
testimonial of their patriotic service, each of such carriers
will be furnished with
to
are
S.
a
certificate of membership and will
The newly
to Lord Northcliffe's
S.
U.
URGED
are
arrived commission will be attached
organization in this country.
RESTAURANTS AND
SHIPBUILDING
SHIPBUILDING
GREAT
States
much
undertake
situation and that the building of mer¬
importance, the Controller of
merchant shipbuilding
a
announced that
program
on
a
extensive scale, "even if this means the build¬
more
ing of six million tons a year," which he states, is three
times the best Great Britain has accomplished, and five, or
six times what the United States
hasJpreviously^done.
The
statement said:
It is of the utmost importance
the shortage of
that the United States should realize that
shipping is the most vital fact in the present situation and
building of merchant ships is of the utmost importance.
the basis of th»
will be possible for her to
send any substantial force to France next spring without such a drain on th#
world's shipping as will substract just as much from the fighting strength of
The
question the United States must face is whether, on
shipbuilding preparations she is now making, it
the other Allies as her own
However large and
forces will add.
rendered absolutely useless as an addition to
forces against Germany if there are no
cept at the cost of
*
powerful the Army which the United States trains
during the winter, it may be
ships to transport" it
ex¬
stopping the flow of vital necessities to the present
armies.
The Ibss of
the eating of vegetables and fish, the Hotel
Germany may be
in
ruthless U-boat war is
prior to that time. By next spring
expected to destroy 200 vessels in excess of what are built
shipping since the beginning of the
roughly equal to the total losses
the meantime.
Next spring this
year's harvest will be largely exhausted and the need of
beginning Tuesday, Oct. 2, "Beefless Tuesday" would be
supplying Italy, France and Great Britain will be largely increased.
At
the same moment the United States will need a large increase in vessels to
observed in all hotels which
transport its army and to
are
members of the Association.
Accordingly, last Tuesday practically all of the large hotels
and restaurants in New York featured fish and vegetables on
their
menus.
Meats
although patrons
other
than
beef
could
be obtained,
encouraged to eat vegetables and fish.
Where beef in its varied forms did not appear on
this
What
appeal from the Food Administration
was
the
menus,
substituted:
on
we
Tuesdays.
do not offer
This appeal to patriotism has
our
patrons beef in any form
our
on
support, for which reason
to-day's
menus.
The Hotel Association of New York State, of
which John
McGlypn is President, on Oct. 2 decided to institute "Beefless
Tuesdays," next week, Oct. 9.
John E. Cavanaugh,
maintain it.
be the program
It must be large
Even if this means the build¬
year, which is three times the best the British have
done and five or six times
not
of the United States?
submarine destruction.
ing of six million tons a
what the United States has previously done, this
impossible if the United States puts into it an effort comparable
with the efforts the
nitions.
To build
Allies put into creating their armies, navies and mu¬
six
million tons of shipping would require about 3,-
500,000 tons of steel, or less
more
The United States Food Administration wishes to discourage use of beef
must
enough to outbuild
is
were
»■
Shipping for Great Britain, in a statement issued through
Associated Press on Sept, 28, urged that the United
now
Association of New York City on Oct. 2
BY
PROGRAM.
Declaring that the shortage^of shipping is "the most vital
DINING CARS.
nation-wide effort to curtail the consumption of meat,
and to encourage
RUSH
TO
factor in the present
be authorized
its floating equipment the pennant of the association.".
"BEEFLESS TUESDAYS" INAUGURATED IN HOTELS,
a
production and purchase,
Charles S. Dalziel, William Piercy,
Albert J. Mills. Charles Pearson. John II. Bowron and James
the fighting
In
experts on food
II.. Leslie,
McAdam.
the
"Additional tugs and barges will necessarily be taken for direct war uses
and the coal shortage in New; England will become more
purpose.
nations.
of the individual members.
the part of such carriers will render unnecessary the requi¬
as
supplies for the armies and civil population of the Al¬
The other members of the commission, all
lied
sitioning by the Government of the facilities here under consideration; but
if the scheme
co-operating with the
United States Food Administration in the work of supplying
the
be safely taken and will facilitate the movement of
can
announced:
depend in
Co-operation
con¬
chant vessels is of the utmost
1)4
;
..;/v
.
was
Hugh
2 14
1
2,500 tons..
A demurrage charge of not less than 7 cents per Cargo-ton per day
It
by Owen
Washington at,once, where they
Britain who have been in this country
For
2
over
be applied for the detention of
where such action
headed
conjunction with the representatives of Great
BRITAIN—THE
2
1
______
tons_,_
coal.
will work in
"
load'g. unloading,
Over 1,500 but not over 2.000 tons
Over 2,000
Commission,
sisting of eight other members, arrived at an Atlantic port
Lay days
■
:///''
.
«apacity
Food
•
The members of the association will
schedule of lay days and demurrage as follows:
Cargo
TO CO-OPERA TE
coupled, but where the only,,
safely
immediate
an
HERE
Smith, who has been British Minister of Munitions, and
tion, however, will advise the supervisor each day by telegraph or tele¬
phone
British
A
control and direction of
Existing rates of transportation will not for the
present be disturbed, and the individual contracts and contractual powers
equipment.
own
COMMISSION
FOOD
WITH U. S. FOOD ADMINISTRATION.
than 10% of her output.
than half a million men,
The task thus outlined
the majority unskilled.
It would take not
1
is small compared with the effort put forth by the
principal belligerents in other directions.
Great Britain, for example,
creased her army from a quartet of a million to over five million.
She added a quarter
while in munitions the
of a million men to her navy and trebled it in size,
British effort, whether measured in money, men; or
material, has been greater than what is needed for an adequate
shipbuilding program.
in¬
„
,
American
„
..
shipping in the world was
Before the war all the
only worth about the
railway companies.
It would be the
most incongruous thing in the history of warfare if the war, in which such
immensely greater strength has been exerted in other directions, should
have the issue decided by failure to solve the problem of building six mil¬
lion tons of shipping a year in a country with such vast resources as the
capital as the two big English
same
United
States.
regarding U-boat losses? ltj is clear that
the submarine war •will fail in its main intention.
It will not starve Great
Britain and it will not interfere with the adequate supply of munitions.
But British shipping strength still is being constantly reduced, and we have
What is the
not
present situation
yet reached the point
United
The
equals the losses.
Shipping Board on'Sept. 26
where building
States
made
public figures showing that the merchant ships engaged in
the Atlantic trade represent 25,500,000 gross tons of which
England is operating 13,400,000 gross tons, or nearly
and the United States over 2,000,000 gross tons, or
The
8%.
now
Board also
has in service
53%,
about
efforts of the Emergency
great shipbuilding
Previous to Aug. 1 seventy
Public
of 1,663,800.
3 1917 the fleet corporation under authority
delegated by the President under the provisions of the'Emergency Act,
approved June 15 1917,
deadweight capacity and above.
By this act the United States acquired a total number of 403 vessels, de¬
termined by the progress report obtained from the various shipyard^ to he
actually under construction; in many cases where keels had not actually
been laid, engines, boilers, equipment, and materials,' all of which also were
requisitioned, are in various stages of progress; and in comparatively few
cases
contracts existing for
vessels not actually begun which may or may
proceeded with as the merits of each case,
construction, are considered. *.
not be
compared with what is
desirable
The total
Committee
2,000,000
ceeds
tons
There are now
•''
construction thus acquired and 'on
issued to proceed with maximum expedition ex¬
deadweight tonnage under
which orders have been
deadweight.
under construction for the
'Emergency Fleet Corporation
'•
.
;
■
,
,
.
•
No. of
>
vessels.
353
58
225
400
Type of vessels—
Wood
;
Composite
Steel
-
vessels,
Requisitioned
has to-day 458 ships of over 1,500 deadweight tons,
of 2,871,359, either engaged in or capable of
Grand
of a tonnage of
States Shipping
nearly 400 steel,
construction of
-/
are now
1,036
Total
deadw'ght
tonnage.
1,253,900
. 207,000
1,663,800
2,800,000
5,924,700
in a pending bill, jis authorizing the
additional vessels whose total deadweight capacity will be
above, Congress,
nearly 5,000,000 tons.
vessels
...
total
In addition to the
with an aggregate tonnage
participating in foreign trade.
There are also 117 ships
700,285 of German and Austrian origin.
The United
Board Emergency Fleet Corporation has commandeered
construction in the
requisitioned all vessels under
shipyards of the United States of 2,500 tons
Information/reads as follows:
The United States
total dead¬
By proclamation of Aug.
ships with an ag¬
announcement, issued through the
steel cargo vessels of 587,600 tons
aggregate deadweight tonnage
deadweight tonnage of 2,871,359, not including
117 ships of German and Austrian origin, totalling 700,285
tons, thus giving a grand total available for service to-day
of 575 vessels of 3,571,644 deadweight tons. " The Ship¬
on
devoted to expediting these
These vessels were distributed
among ten shipyards.
Therefore at the present time the total number of
steel vessels under construction for the United States is 225, with a total
gregate
ping Board's
Fleet Corporation are
projects.
weight capacity had been contracted for.
announced that the Government
for. foreign trade 458
1367
CHRONICLE
THE
1917.]
Oct. 6
Plants for the major portion of theso additional
preparation, and many of them will be of spe¬
in course of
necessities of war, and, while substantially
much, greater speed than the cargo vessels now
"
, ;
V/,.' "v
The corporation has ascertained from the builders of requisitioned vessels
their demands for structural steel, machinery, and various items of equip¬
ment and is endeavoring to regulate the supply of those items, to provide
for the individual needs of the shipbuilders in accordance with their program
of capacity so far as the country's resources are available, and it is clear
war began,.
'• -v.
'*•' V.
/'•"
" • •/. /-* .
that with the apparent needs of the naval service and the War Department
The tonnage referred to is exclusive of that engaged on inland waters,
with which the emergency fleet corporation is working in harmonious co¬
unsuitable coastwise ships and small craft operating along the coast and
operation, every mechanical resource of the United States, with consider¬
in bays and harbors, and does not, of course, include the prospective ad¬
ditional program of the Emergency Fleet Corporation.
The fleet in pros¬ ably increasing development, will be necessary to the realization of this
pect is already becoming a reality.
Several of the commandeered ships program and what must follow in continuation of it.
The Fleet Corporation has instituted an Industrial Service Department,
are already taking cargo; others will leave the ways in increasing numbers .
with each succeeding month.
The ships for which the Shipping Board which, by cp-operation with the Department of Labor, is undertaking to
assist shipbuilders and others in the employment of suitable labor and to
has contracted are under construction and the first launching is expected
initiate an extensive system of vocational training with the purpose of
within sixty to ninety days.
The additional shipbuilding program of the
adapting allied, trades and unskilled labor for service in shipyards, and
Emergency Fleet Corporation, developed under the direction of Admiral
through co-operation with the Y. M. C. A. organization throughout the
Capps, its present general manager, will total approximately 2,500,000
United States to give attention to the housing and personal affairs of the
tons.
The total building program therefore would represent about 10,men recruited for shipbuilding work.
The vast development of shipbuild¬
000,000 tons, or, including those vessels commandeered on the ways, about
ing essential to this emergency necessitates an«agency of this kind, because
13,700,000 tons.
The capacity of the Great Lakes yards in building ships
up to this time the thinning out of unskilled men in the older* shipyards
of 4,200 tons and under has been estimated at 140 vessels, but these yards
over a large territory is, in many Instances, resulting in greatly decreased
are at present tied up with other work, and the corporation intends to hurry
production.
It has been estimated that 150,000 new men are necessary
their release.
In addition to the floating tonnage on the Great Lakes
for
full
production.
which the Fleet Corporation intends to withdraw, there are a number of
With the passage of the pending bill, the Congress, will have authorized
lake vessels being cut down so that they may be brought through the
$1,799,000,000 for the Shipping Board and the Emergency Fleet Corpora¬
Welland Canal.
There are 26 of these large vessels which are being cut
tion and the actual appropriations made, including those in the pending
in two for this purpose.
•
bill, reach a total sum of $1,085,000,000.
Already the Shipping Board has diverted about 200,000 tons from the
coastwise shipping to the Atlantic trade.
It is expected that nearly 1,»
000,000 tons in all will be diverted.
This will add materially to the power
U.
S.
TO REFUSE COAL TO NEUTRAL SHIPS TO
of the American merchant marine in the Atlantic.
being completed or under
The Board's Fleet Cor¬
with a tonnage of 3,124,700.
States will have near the end
of 1918 a merchant fleet of more than 1,600 ships aggregating 9,200,000
tons to carry its foreign commerce, as compared with an overseas marine of
1,614,222 tons on June 30 1914, scarcely a month before the European
2,500,000 tons which are
ships of more than
contract
for
cial types
yards.
construction in American
poration has also contracted for 636 ships
Totaled these figures show that the United
adapted to particular
carriers, will have
cargo
under
construction.
.
The
Shipping Board estimates
in the world.
merchant shipping
overseas
coastwise ships
tons of
tons of
6,000,000 tons of
that there are 48,000,000 gross
This includes 31,000,000 gross
of inland and Baltic.ships,
and 5,000,000 tons of enemy ships.
ships, 6,000,000 tons
estimated by the Board to be approxi¬
mately 25,500,000 gross .tons.
This includes 13,400,000 gross tons of
British ships, 3,350,000 tons of Scandinavian ships, 2,000,000 tons of United
States Ships, 1,600,600 tons of French ships, 1,250,000 tons of Italiam ships,
1,200,000 tons of Dutch ships and 2,270,000 gross tons of all other ships.
The Pacific shipping has been estimated,->by the Board to be approxi¬
mately 5,500,000 tons, which includes 2,100,000 gross tons of British ships,
1,900,000 tons of Japanese ships and 1,500,000 tons of all others. Included
In this last item is 400,000 gross tons of United States ships.
'
shipping has been
REACHING GERMANY.
lengths to which it is proposed
PREVENT FOODSTUFFS
As
to
indicating the extreme
go
in order to make
complete the embargo which will
neutrals of Europe from obtain¬
Mexico or any
Administrative
Board at Washington on Oct. 6 issued an order refusing eo^}
to all vessels bound for the northern European neutral coun¬
tries, unless their cargoes are inspected in American ports,
A statement issued by the Board says that not only will
Supplementary to the above statement the Shipping bunker coal be refused to vessels bound for European neutral
Board on Sept. 26 issued the following announcement con¬
ports with cargoes of goods which might find their way to
cerning the ship building program of the Emergency Fleet Germany, but vessels bound for South America or other
Corporation, revised by Rear Admiral Capps as General non-European ports will be refused coal if the commanders
Manager, who succeeded Major General Goethals in July:
of the vessels do not agree on their return to have on board a
During the past two months the Emergency Fleet Corporation has
cargo which may be approved by the Board, and destined
awarded contracts for 118 wooden vessels, of 3,500 tons deadweight ca- \
for a country other than one of the neutrals bordering on
pacity each, to twenty-seven different shipyards.
There had previously
Germany.
In deciding to cut off bunker coal to ships en¬
been awarded contracts for 235 wooden vessels of similar type to the above,
and for 58 vessels of Composite "construction, thereby making a total award
gaging in this trade the United States* it is pointed out, is
date of 411 wooden and composite vessels of an aggregate deadweight
within its rights under international law, as it can do what it
tonnage of 1,460,900.
will with its own commodities.
For some time, it is said,
During the past two months the designs for machinery have been com¬
pleted for the manufacture of engines, boilers, and other articles of equip¬
there has been a tightening up on the export of coal to South
The Atlantic
prevent Germany or northern
ing products of the United States, Canada,
of the South American countries, the Exports
to
ment for these
vessels, for which the
and boiler works
facilities available of machine shops
have been availed of. Specifi¬
throughout the country
American countries in an
effort to cut off supplies to German-
utilities concerns which it has been charged
have supplied funds for German propaganda in this country.
The statement issued by the Exports Administrative Board
on the 4th inst. read as follows:
The Exports Administrative Board, in formulating their policy with re¬
gard to granting bunkers to neutral vessels, are actuated solely by the de¬
outlined and initiated for
the assembly and installation of machinery in wooden vessels, the most
of which have been, or are being, constructed as "hulls only."
Great difficulty has been experienced on the Atlantic Coast in obtaining
suitable lumber for these ships, and it is anticipated that there will be
greater delay In their completion than was expected when this movement
was begun, notwithstanding every possible effort
on the part of the cor-,
owned public
poration and its contractors.
Since Aug. 1 there have been awarded
commodities from going to border neutrals for export to
time the Exports Administrative Board will
not permit commodities, that may benefit the enemy directly or indirectly,
to be exported from this country to the border neutrals, because the Board
has not yet been able to elicit the information which will enable them to
determine whether such commodities will so benefit the enemy; and in
accordance with this policy the Board feel that consistency demands tha
cations have
been
prepared and negotiations
contracts for 155 steel cargo ves¬
distributed among six shipyards.
The most important of these contracts are for vessels of the so-called
fabricated type and special shipyards are being prepared for them.
Contracts for the boilers, machinery and steel construction of these ves¬
sels have already been placed and the contractors are actively at work in
the preparation of the sites for the assembling of the ships.. The best
sels of
1,076,800 deadweight tonnage,
sire to
prevent
Germany.
At the present
1368
CHRONICLE
THE
they should not grant bunker licenses for
a
border
may
neutral and carries
withstanding such cargo
a
which
cargo
vessel which is bound for
has originated in
benefit the
another
In
country.
a
not¬
enemy,
other
Words, although the Board has no means, and does not purpose, to prevent
trade between other neutrals and the border neutrals, they are, neverthe¬
less, in
States
position to state that If vessels wish to
a
use
the coal of the United
they should not be permitted to apply our coal to the prosecution of
voyage which will result in supplying or assisting to supply th8 enemy
a
with foodstuffs or feedstuffs
Numerous
or
other commodities.
any
appropriated
and
$975,000,000
target practice,
with
$220,277
additional
authorized;
teries, $50,000,000, and $28,000,000
nance,
border neutral and will
undoubtedly accrue, to the
benefit of the
serious embarrassment, and to avoid such embarrassment
a
the Board has adopted a policy calculated to prevent such cases arising
$47,500,000, and $17,500,o00
$12,600,000.
at a United States port
$36,750,000,
authorized; naval bat¬
more
authorized; naval
reserve
ord¬
authorized; naval training camps,
HOUSE PASSES BILL CREATING FEDERAL AIRCRAFT
will'agree to
return to.the United States with
proved by the Board,
which is destined for
or
a
unless she
which would be ap¬
cargo
country other than a border
a
The Board is anxious to assist neutral vessels in continuing their
service to South American and other non-European ports; but pending the
of the complete
information
which
has
solicited from
been
BOARD.
policy than the
'
''
'
■
•
-
outlined
one
WAR
'
Sheppard-Hulbert bill, which gives
roll call the
a
legal status to the
a
Aircraft Production Board of the Council of National De¬
fense, arid, says
special dispatch to the New York "Times,"
a
in effect creates
a
department of aeronautics, inasmuch
new
it combines the
as
airplane services of the Army and Navy
■Departments under one head with the Aircraft Production
Board.
HOUSE AND SENATE ADOPT CONFERENCE REPORT
DEFICIENCY
Administration
'
Sept. 25 passed without
on
-
-
■
House
the
border neutrals with respect to their resources and requirements, the Board
feels that they can properly pursue no other
above.
The
for bunker
coal shall not be permitted to have bunker coal for the
voyage
ON
$113,520,000,
cars,
-
This policy consists in stipulating that a vessel en route to
non-European neutrals which touches
The
more
more
-
■
in the future.
receipt
motor
V
This causes
neutral.
armored
ammunition, $40,146,000, with $15,000,000
for
.
arms
$89,676,000; ordnance stores and supplies, $113,520,000;
a United States port en route to a border neutral and
carrying
which did not originate in the United States, but which is destined
'■
Army
$49,000,000; ordnance stores and ammunition, $732,270,000; small
touched at
enemy,
authorized;
manufacture of arms, $32,690,000; automatic machine guns,
cargo
a
more
subsistence, $320,000,000; clothing and camp equipment, $357,000,000;
engineer operations, $191,000,000; medical department, $129,000,000; pay
increases for foreign service, $31,000,000; horses,
$48,000,000; barracks,
with $75,550,000 additional authorized; naval aviation, $45,000,000; naval
have been presented to the Board where vessels have
cases
$1,495,000,000
[Vol. 105.
APPROPRIATION
deficiency
war
for
BILL^
appropriation
bill,
The. bill
.
previously
conference.
to
goes
passed
the
and
Senate
As passed by the House
now
it provides
board of nine members,
a
Officer
of
comprising the Chief Signal
Army, two other Army officers to be ap¬
the
carrying total appropriations of $7,991,400,000 was passed
by the Senate oh Sept. 25, without a record vote.
The
pointed by the Secretary of War; the Chief Constructor of
bill
members,
passed by the House
as
Sept. 18 by
on
unanimous
a
vote, carried appropriations of about $7,141,000,000.
measure
the
was
total
to conference and
sent
appropriations
adopted the conference report
like action the next
for
outright
The
The
signature.
measure
is
appropri¬
authorized
and
ready
now
The Senate bill
$5,606,000,000,
Senate
Oct. 3, and the House took
on
day, Oct. 4.
the- President's,
ated
the conferees reduced
$1,758,124,000.
to
The
Gov¬
the
the
Navy and two others naval officers, and three civilian
of
one
the
latter
to
serve
chairman.
as
civilian members, under the House bill, will not be
pensed for their services.
The
recom¬
The appointment of the chair¬
by the President would be subject to the approval of
man
the Senate.
The bill
passed by the Senate
as
provided for the creation of
of whom would be
seven
$7,500 each.
civilians, with
The Aircraft
on
Sept. 12
board of twelve members,
a
a
yearly salary of
Production Board
of
the
De¬
departments to enter into contracts to the extent
fense Council, of which Howard E. Coffin is chairman, has
$2,385,000,000.
,The House bill directly appropriated
$4,827 ,000,000, and authorized contracts for $2,314,000,000.
thus far served merely in an advisory capacity to the
Signal
Corps of the Army, which under the old law has full charge
ernment
of
The Senate Committee
bill to
War
the Senate
on
Department,
on
Appropriations in reporting the
Sept. 24 added, at the request of the
$779,613,714
in
direct
appropriations
apd $70,550,0Q0 in contract authorizations,
365,221.
The additions
made
in
the
aviation
service.'
The Aircraft Production Board
dealings with the aviation branches of
numerous
the Allied
Governments, and the
the American commission
up
to $7,992,-
by the Entente boards.
by the Senate
Committee
power
bringing the total appropriations
measure,
the House
to
of
has had
new legislation is to give
authority equal to that possessed
The
Aircraft Board will have
new
to supervise and direct the purchase, production and
manufacture of aircraft,
so far as
major items were concerned, were the Army
appropriation increase of $749,247,394 and a Navy increase
of $24,049,500.
Senator Martin, Chairman of the Com¬
ments, accessories and materials used in airplanes, includ¬
mittee
for
.
Appropriations and Democratic floor leader in
on
the
Senate, urged sharp scrutiny of what he termed extrava¬
gant and almost reckless departmental estimates.
He de¬
clared
appropriations during five months of the
reach about $20,000,000,000 and
first
year's
total
cratic leader's
amendment
by
expressed
lest the
Robinson appropriating
Employment Bureau of the Department of Labor.
the understanding that it would be perfected and
reinstated in conference the Senate struck out
tion
of
$1,240,000
rejected
Jersey, for
and of
a
training
Senator
appropria¬
It
camps.
Frelinghuysen,
also
of New
$5,000,000 cantonment road in New Jersey
improvements.
conference with
drew
civilian
of
an
Senator Fletcher for $350,000 for Key West naval
station
the
for
amendments
the
Martin
Marshal
as
General
a
result
Crowder
of
a
with¬
appropriation
of the
use
Senator
Provost
the million
committee amendment limiting
$6,000,000 registration and selection fund po
men
was
changed
made of any number of
men
that examination
so
"not in
excess
CHARLES
be
can
properly clothe, feed and equip."
explained that this would provide for all the examin¬
ing and exemption boards could take care of within the next
three months and would
Senate
on
Curtis
authorizing
provide for 1,500,000
Sept. 25 also rejected
the
The
amendment by Senator
an
Secretary
men.
the Navy to accept
garments furnished free by the comforts committee of the
The amendment
of
was
controversy between Secretary
and the officials of the
between
construction of plants
accessories.
expenses
1917 and 1918.
years
R. PAGE
CHOSEN
SHIPPING
The
nomination
Charles
of
MEMBER OF FEDERAL
BOARD.
R.
member of the United States
as a
to the Senate for confirmation
29.
Mr.
Page, of San Francisco,
Shipping Board,
was
by President Wilson
The Senate confirmed Mr.
4th inst.
on
Page's nomination
sent
Sept.
on
the
Page has been chosen to succeed Theodore
Brent, of New Orleans, who resigned in July
Denman-Goethals
Mr.
controversy.
as a
result of the
is
prominent
Page
in marine insurance circles in San Francisco, and is a direc¬
tor of the Firemen's Fund Insurance
Company of San Fran¬
cisco.
He
and is
a
is
regarded
as
an
practical insurance
expert
man.
on
marine insurance
His appointment to the
Shipping Board is said to have been recommended
President
to
the
by Senator Phelan, of California.
E.
Senator
Navy League.
Curtis
and
Carolina, the amendment
order.
predestined to revive
of
the Navy
After
Senator
was
out
Daniels
a warm
Overman,
thrown
on
Shipping Board, $635,000,000 cash for the construction
debate
of North
a
point of
'
<
The principal items included in the Senate bill
program
author¬
$350,000,000 program; Army transportation, $413,000,000; fortifications,
CHOSEN
FOR
Announcement
a car
made
was
manufacturer of
DIRECTOR
SHIPPING
on
OF
OPERATIONS
BOARD.
Sept. 28 that E. F. Carry,
Chicago, had relinquished his position
as a member of the
Wage Adjustment Board, created by the
Shipping Borird to settle labor disputes, to become Director
of Operations for the Federal Shipping Board.- Mr.
Carry
will
the
assume
executive
operation
of
Shipping Board,
Board
will
in
name
the
on
Board,
various
three
charge of all matters pertaining to
ships commandeered by the
well as vessels now building by the
merchant
as
shipyards
assistants,
throughout the country.
one
each to direct
Atlantic, the Pacific and the Gulf.
He
operations
The
Shipping
stated in these columns last week, will begin to
operate ships on Oct; 15, when all American merchant ves¬
sels
are:
ized of $1,749,000,000; Army and Navy
emergency funds of $100,000,000
each; construction of torpedo boat destroyers, $225,000,000 to start a
FA CARRY
of the number
was
the
or
aircraft, engines and
appropriates $100,000 for administrative
during the fiscal
the War Department can
Navy League.
of
authorized to be called under the draft law.
The amendment
It
manufacture
The bill
an
$500,000
for the
With
the
Demo¬
opposition the Senate adopted, 28 to 26,
by Senator
ing the purchase, lease, acquisition
would
war
concern
Over the
$50,000,000,000.
engines and all ordnance, instru-
or
as
will be requisitioned
either for Government operation
for service under Government direction.
,
Louis A. Coolidge, of Boston, has been chosen
of the
a
member
Wage Adjustment Board, to succeed My. Carry.
*
Oct. 6
SAN
THE
THE
1-917J
FRANCISCO
San Francisco did not take
a
few days.
Late
Sept. 28, but
on
was
Sept. 27 members of the
on
boilermakers' union voted not to return to work under the
terms of the
temporary agreement (referred to in these col¬
last week),
umns
though this had been accepted by
a ma¬
jority of the unions affiliated with the Iron Trades Council.
But
of
Sept. 30 the boilermakers voted to accept the terms
on
the
and decided to resume work the next
agreement
Oct. 1.
mornrng,
shops affected by the strike opened
on
the strength of the announcement that the unions
on
Iron
connected with the
Trades Council had
day should be increased 20%; wages from $4 26
to and including $5 should be increased 12H%, and wages
up
from
$5 0! up should not be increased
Army officers in San Francisco
to more than $6.
Sept. 28 issued
on
a
which made clear to the striking workmen that
consensus
of expert opinion that the
statement
it
the
was
strike, which had halted
the Government's shipbuilding program, was prolonging the
"The military situation demands that
war.
ships be
missioned at the earliest date practicable and any
the
land and
on
to effect
sea
R. N. Burton,
President of the Iron Trades Council, on
Sept. 28 again instructed all members of the unions concerned
29.
Only
handful
of
men
responded when
of the Boilermakers'
the
mum
than
opened.
concerns
discharged from the union,"
Sept. 30, decided to accept the terms of the temporary
agreement ratified
by the other unions.
The agreement
for the first time and, according
the San Francisco "Chronicle," reads as follows:
was
to
made public on Sept. 26
made and entered into this the 23d day of September
This agreement,
1917 between the conference committee representing the California
the organi¬
represented by them and urge the adoption of the following agree¬
"
ment:
That all work shall be resumed on September
—
1917 by all members
fornia
Trades Association
Metal
Foundrymen's Asso¬
and the California
ciation and the Iron Trades Council, and which agreement
15th day of September 1917 shall continue, with the
Wages, from $5 01 per day up to and including a point where
during the last
rate for
wages
The
season.
summer
$72.
thousand
metal
in
workers
Seattle
shipyards
Sept. 29, thereby carrying into effect the order
issued
on
Sept. 25 by the Seattle Metal Trades Council,
the central organization of
these, columns
force
to
demands
hour day
the unions and referred to in
last week.
for
The strike
higher
called in order
was
and
wages
for
eight
an
Three large steel shipyards and
in lumber mills.
ninety-five smaller plants
closed
were
as
a
result of the
strike.
The Labor
Investigation Commission appointed by Presi¬
dent Wilson last week, of which Secretary of
months
two
Chairman* left Washington
of
tour
Western
States
of labor unrest and to attempt
causes
Oct. 1
on a
inquire into the
to
settlement of strikes
The Commission will make
and other industrial disorders.
its first stop at
Labor William
on
Phoenix, Arizona.
Agreement
general
at
on
navy
conference in
a
yard
increase of
average
scales,
wage
more
Washington
on
representing
a
reached
Oct. 3 between Assistant
than 10%,
was
Secretary of the Navy Roosevelt and the Presidents of the
International
ployees.
Trades
The
Union, representing
schedule
new
goes
The Navy Department
year.
ing statement regarding the
The
new
on
new
scale represents an average
in the skilled trades, both metal
navy
yard
em¬
into effect Nov. 1 for
one
Oct. 3 issued the follow¬
scale:
increase of considerably over 10%
This increase in the
and wood working.
reducing the number of ratings in each trade from five
continue the plan of
This will give substantial increases to the
to three.
is
committee
be appointed to adjust
to
lower paid men.
certain minor questions in¬
volving localities or special trades.
who have taken part in these conferences that this adjust¬
important step and will do much to assist in the effective prose¬
ment is an
cution of the war work of the Government.
GREAT BRITAIN'S EMBARGO ON EXPORTS
such in¬
It is under¬
$6 a day.
advance in wages, at this time, is
purely patriotic on both sides, and in order that the needs'of the Govern¬
ment in time of war shall not be hampered.
Furthermore, it is understood
used against any firm which shall be
supplying material, or against material, machinery or any other apparatus
ordered in connection
conducting of the business of the parties involved.
supplies, which they have been, or which may be
with the needs of the
It has been the custom
higher
TO
'
increased scale adopted shall'not create any
advance which shall bring about a higher wage than
for
more
pay
on
NORTHERN
be in¬
10%.
shall not bring the wages above $6 a day,
that there shall be no discrimination
this year was
Twelve
creased 12^%.
stood that the object in agreeing to this
operating
to
month, $2 50
a
exception of the wage
Wages, from $4 26 a day up to and including $5 a day, shall
It is understood that the
to pay.
$60
expired on the
Wages, up to and including $4 25 a day, shall be increased 20%.
crease
were
receive
a
struck
schedule, which shall be modified to read as follows:
.
seamen
hands will
two months of the
It is felt by all
expressed in the various agreements binding the Cali¬
as
Deck
as
mini¬
during October and November
the lakes for years to pay
seamen
temporarily,
agreed to
The carriers had declined
than the carriers
more
A
,
of the various unions of the Iron Trades Council.
All conditions
$85.
raised
men
higher ratings will be 40 cents or more a day, and the department will
representing the Iron Trades Council:
Witnesseth: That the parties hereto agree to recommend to
zations
Metal
Association and the
Trades Association and the California Foundrymen's
conference committee
month.
a
The
James Enright, Secretary
already stated, however, the boilermakers on Sunday,
As
for able
wage
of $95
"discharge
similar agreement on
a
were
the matter of overtime.
was
Union, declared that any'boilermaker
who returned to work "will be
demanded.
increases
wage
that entered into by carriers and the
to
the Atlantic Coast
on
B. Wilson is
peace," the statement concluded.
In defiance of Mr. Burton's order,
the
grant
com¬
in the strike to return to work the next day, Sept.
a
great lakes
unions
obstruction
seriously sets back the victory which is essential
thereto
to
Sept. 26
on
agreement, which provided that wages up to and including
a
decided
book," recognition of the union and
agreed to return to work, but they closed again when notified
tEat the boilermakers had refused to accept the temporary
$4 25
arbitrator in the dispute be¬
Seamen's
as an
Other demands, calling for abolishment of the
on
About half of the
Sept. 28
Shipping Board serving
Union,
striking shipyard workers
place
1369
tween the Lake Carriers Association and the Lake
DISPUTES.
The return to work of the 30,000
delayed for
STRIKE;—OTHER
SHIPYARD
LABOR
at
CHRONICLE
EUROPEAN NEUTRALS.
-
Indication that the Allies, in concerted action, have deter¬
mined
on
is
many
a
still
seen
more
vigorous economic blockade of Ger¬
in the announcement of the British Govern¬
ment, which on Oct. 2 made known
effect
an
embargo
on
its intention to put into
the exportation to Sweden, Norway,
Denmark and the Netherlands of all articles except printed
matter of all
by the
descriptions and personal effects accompanied
owners.
Coming close on the export embargo of the
administered to keep from the
United States, which is being
Eight hours shall constitute a day's work, and all overtime shall be paid
at the rate of time and one-half for first three hours after regular quitting
European neutrals everything that might supply the Central
eleven hours a day, but
Powers, Great Britain's action, dispatches from Washing¬
time.
Double time shall be paid for all time over
this shall not apply
in cases where more than one shift is required.
Employees shall be paid off some regular and definite day of
and
no more
than
a
work voluntarily, or by virtue of
all
wages
ton
each week,
their*
discharged, shall be paid
Employees discontinuing
week's pay held back.
being laid off or
due them within twenty-four hours,
excepting on Monday or
holidays, when wages due shall be paid on the day following.
All of the foregoing
shall be binding until such time, and thirty days there¬
after, as the wage adjustment board shall render its
decision in settling
conditions.
When the Government's decision is rendered and has been accepted
both parties hereto it is agreed and understood
retroactive and apply to all wages paid on and after the date on
men
by
that such decision shall be
which the
affected shall return to work.
This agreement
shall be approved and ratified in writing within three
days from date by the California Metal Trades Association,
the California
Foundrymen's Association and the Iron Trades Council.
In witness whereof this agreement has
Oct. 3
on
of the
Britain holds
MORTIMER
M. J. McGUIRE,
1.
W.
W.
BURTON,
A.
A.
S.
end of the rope and the United States the
off the
adjacent neutrals.
upon
an
It is said that the United States had urged
Great Britain for some time the necessity for placing
embargo
on
exports to the northern neutral countries of
Europe, and that negotiations have been
carried
on
by the
Washington officials with France, Italy and other countries
war
with Germany to
induce them to take
a
similar
Great Britain's action indicates, it is stated, that
the Allies have united
in
a
decision that the European
neu¬
trals must cut off the shipment of all supplies to Germany.
BOYCE,
D.
S.
FLEISCHHACKER,
of the most important
it is pointed out, Great
of Germany is being strangled because the embargo
supplies she has been receiving through the
at
J. L. ACKERSON,
as one
sense,
power
cuts
course.
P. FLAHERTY,
one
figurative
Gradually*-as it is being drawn taut, the military
GAVIN McNAB,
E. JJFOWLER,
a
other.
been this day executed.
0. H. FISCHER,
said, is regarded
In
war.
American officials and some of the Allies, it is said, heretofore
PILLSBURY,
have hesitated as to
DUNN.
just how far to
go
in demanding cessation
between the European neutrals and Germany. At
time, it is stated, it appeared they would ask no more
of trade
A threatened strike of 10,000
Oct. 1
was
called off
on
Great Lake
seamen
set for
Sept. 30 by union leaders when the
one
than that neither Allied goods nor
materials supplanted by'
the neutrals.
policy determined updn by the Entente countries
accomplished through rigid embargoes applied by all
be sold in Germany by
Allied commodities
The
new
be
can
CHRONICLE
THE
1370
the
ten
their
Dispatches from London on the 3d inst. stated that the
announcement of Great Britain's embargo caused the great¬
Owing to exist¬
puzzlement to the London newspapers.
ing agreements for the export of commodities with those
countries named in the embargo order, none of the London
the dispatch said, could believe that the embargo
Some papers
interpreted its meaning to be that nothing shall be exported
except under license.
And this view has proved correct,
proclamation meant what it apparently says.
for the Associated Press in
dispatches from London on the
proclamation involved
3d stated it had learned that the
policy, but
new
no
only an extension of the principle here¬
Allies.
Its object is, briefly, says the
was
tofore followed by the
Associated Press dispatch, to require
licenses for the exporta¬
kinds, except printed matter and personal
Associated Press dispatch continued:
tion of goods of all
effects.
sided with the Dairymen's
to-day,
The
that I shall continue to do all I can as a citizen to
It goes without saying
Up to the present
certain classes of unimportant commodities have been
the new order will enable the authorities
export.trade and direct its flow, and to secure uni¬
to control the whole
In last week's issue of
141 newspapers
an
senting various agricultural societies of the State, attack¬
The oath of office
and after
taken by Mr.
was
made in
Mitchell
Oct. 4
on
Tuesday next the Commission would meet at the Capito 1
on
to
established in
cities
York
New
throughout
discuss the food situation
trol Commission,
and branch offices will be
City and in
the program
or
saying:
of the other
some
declined
Mitchell
Mr.
State.
the
Com¬
The headquarters of the
perfect organization.
mission will be located at Albany
.
I haven't had time to give sufficient
thought to the work of the Com¬
mission to justify an attempt to outline its duties or its program.
Like
other citizen, however,. I have kept generally in touch with the agi¬
The work of the Industrial Commission
Well organized that I can leave it,
so
to
of the Food Con¬
but I'll be here from time to time.
During war times I believe it to be highly immoral for any one to take an
issue of Sept. 22](page 1216) to
our
:r:
■
conference with the Governor he announced that
a
tation over the food situation.
was
,
published Mr. Perkins
ing him as^fhsuited to head the Commission.
is
Reference
we
of the State
but framed and
WAGE ADVANCE.
THE STEEL INDUSTRY'S
I possibly can.
our paper
advertisement which appeared in
on that date, at his own expense
signed by Samuel Fraser of Geneseo, repre¬
reply of Sept. 27 to
every
goods alike.
formity of practice it has been decided to treat all
all the information and knowledge I have
the Governor appoints
obtained and help him in every way
exempt as regards licenses, but
the wage
League and by so doing
grossly betrayed their constituents .in this city.
soever
papers,
Senators and three New York City Republicans, by
Tammany
vote
help solve the food problem, and that I shall place at the disposal of whom¬
the Allies.
est
[Vol. 105.
advance of 10% made by the United States"]Steel
If the Govern¬
advantage of the nation's stress to unduly advance prices.
ment has the stated power to restore
normal conditions as to production
and distribution of foodstuffs it would be proper to do so.
Corporation, which has been followed quite generally by
other steel producers.
had to say
Below
print what the "Iron Age"
we
of the Steel Corporation to
become effective Oct. 1, is the fifth advance of
The four preceding ad¬
approximately 10% made since the war started.
and Dec. 15 Of last year and on
became effective on Feb.- 1, May 1
May 1 1917.
While
*
the fact that wages
>
.
comment has been made upon
some
it is to be observed that the vital fact is that
are
in¬
prices are declining,
creased in the iron and steel industry at a time when
prices realized upon shipments
increasing, owing to the completion of the older and lower-priced orderst
are
and
.This increase promises to continue for some time to come,
raarke.
open
prices could continue to decline for quite a while, at the moderate pace of
Referring to the so-called
Loeb & Co. of New York, in an address
burg (Pa.) Chamber of Commerce
"in contrast to the
FOOD BODY-
W. MITCHELL HEAD OF NEW YORK
J.
SECOND REJECTION OF G.
Albaiy
The Senate at
time the nomination of
New
York
"for"
'.After
the
George W. Perkins
Commission.
Food
State
25
to
Oct. 2 rejected for the second
on
"against."
The
vote
refused
confirm
to
was
20
the' Senate
since
session last August,
Perkins
John W. Mitchell,
convened in extraordinary
was
the Governor presented the
name
of
Chairman of the State Industrial Com¬
appointment by
Democrat and
a
was
a
unanimous vote.
appointed to the in¬
a
choose to determine;"
confirmed, and only
was
Charles A.
one
vote
Wieting of Cobleskill,
as
recorded against
the other member of
Following the rejection of Mr. Perkins nomination
"for" to 23
Commission, the Senate by
"against," defeated
Whitman and
order that Mr.
a
a
Perkins, who is
a"let the public
(the Government)
he pointed out, however, that busi¬
placed in
hands to which
your
"in using
the law in
gladly and
we
un¬
titude of the Government towards it will be wise and cir¬
cumspect and fair, and that,the scales will be held even."
The
following is Mr. Kahn's speech in part:
In contrast to the British tax the American so-called
proposed,
is not
and accidental circumstances of war, but an impost on
arbitrarily fixed percentage of return
on
and is made
stiil
employed" in
an
It is in effect not
incomes
derived
an
conditions, superimposed
and
levied
excessively restricted sense.
regardless of varying circumstances and
50% higher than the maximum rate in England)
only.
business
upon
inadequate by the defini¬
more
the general income tax (the graduated scale
on
of which rises to 67%; i. e.,
of the total sum to be raised by war taxation is
the fourth year of the war,
much
a
lower
percentage.
In contrast to the
ments of
the
on
all profits over an
capital employed—a percentage
profits tax at all, but an additional tax on
excess
business,
from
profits tax,
excess
impost merely on profits due to the calamitous
an
In Great Britain, in
contributed by the income and excess profits tax.
as
vote of 19
bill recommended by Gov¬
Mayor Mitchel, to amend
to
as you
time says to the Government that
In this country 80%
head of the Food
needs and
prices
reservedly subject ourselves, let business feel that the at¬
the Commission.
ernor
same
tion of the term "capital
Cornell University,
was
at the
the power
dissenting voice the Governor's appointment
of Jacob Gould Scliurman, President of
time," he indicated the readiness of business to give
which is inordinately low
dustrial commission by former Governor Glynn.
Without
footing with
same
Mr. Kahn's remarks
"How American Business
the head:
have what it .needs at such
as
Mr. Mitchell is
the
on
Help Win the War," and in essaying that "we
the' Government what it
to
mission and former President of the United Mine Workers.
The Senate confirmed his
profits tax penal¬
.
Mr.
nomination, which Governor Whitman has been insisting
upon ever
our excess
profiteer."
war
under
before the Harris-
Sept. 30 stated that
on
recognize that the law of supply and demand does not hold
ness
'
•
>
had
Senate
head of the
as
submitted
Can
in war
W. PERKINS
war.
enterprise, hard work, ability and
planning, and places them
the exactions of the
were
before the two items would come together.
English law
izes the achievements of
wise
.
profits tax in the
excess
bill, Otto H. Kahn, of the banking firm of Kuhn,
revenue
Men
the past few weeks,
,NECESSITY OF GOVERNMENT ADOPT
FAIR ATTITUDE TOWARD BUSINESS.
ING
and steel industry announced in the case
The wage advance in the iron
vances
0. II. KAIIN ON
in its editorial columns relative to the advance:
it is about the
in France and Germany
same;
V
English law our excess profits tax penalizes the achieve¬
enterprise, hard work, ability and wise planning, and places them
footing with the exactions of the war profiteer.
same
member of the Palisades
Apart from various offsets and allowances and refunds which are wisely
Interstate Park Commission, might retain that office and
permitted in England, the three pre-war years with which comparison is
at the
as
a
then
In
same
time be eligible
a
for appointment by the Mayor
market commissioner of New York
City.' The Senate
speaking of Mr. Perkins defeat the Governor said:
a
driving force that no other
man
consent to serve as head of the Commission.
over
his
say upon
as
Chairman of the
of the
State
Food
three New York City Republicans
my
and
confirmation
to be
an
more
it
should
Not
be.
to volunteer than
My opposition to their methods has been
open,
constant and vigorous.
immoral but illegal, and
as
excess
war
ranges from
to make the tax under
many
cases
more
onerous
masses—a far greater per¬
advantages
uses
the
war
sons
a
men
poor
arouse
small percentage of the
burdens
on
corresponding
class hatred, who
poor as excuse
for
a
de¬
the well-to-do, who call this "a rich
man's fight" when
an
overwhelming percentage of
of means have eagerly and freely offered themselves for
military service and when capital and business
of the cost of the war
directly.
That is merely
have
of the well-to-do in coming forward
ranting of the agitator who would
and
of
they
of, they can better afford
lives to the country does give a doubly false and sickening
the conscription of a
man'3
care
those less fortunately situated.
But the patriotic zeal of the sons
mand to impose punitive
In my judgment what they are doing is not
only
greater
having dependents to take
be
on what grounds the New York City Republicans
Tammany Senators based their objections, for their constituents
are consumers, and if the
producers are against me the Consumers should
be for me.
The Dairymen's League is against me—bitterly
against me.
English law is such
troublesome and in
They have volunteered in
Having
sound to the
interesting to know
adopted in the Senate
centage of them than of those in humbler circumstances.
as
The up-State Republicans said they were
against me because the farmers
and the Dairymen's League were opposed to me.
If that be true it would
and the
as
overwhelming degree the sons of the well-to-do have not waited
conscripted.
to offer their
Commission.
profit tax
than under the latter.
duties.
Tammany Democrats from this city voted against
Chairman
years of rather
It is true that the
But the difference in spirt and detail and application be¬
the former decidedly
To
hearing that
Commission:
ten
profits, were years of great pros¬
profits in this country.
tween the Senate bill and the
\
following to
the Senate had rejected his nomination
as
here to determine excess
12% to 60%.
that I
But I have great con¬
happy and grateful
Twelve up-State Republicans,
as
normal
rates under the business
know of could possibly command in that
position.
fidence in Mr. Mitchell, too, and feel
very
Mr. Perkins had the
less than
profit tax in England is now, in the fourth year of the war, 80%, whilst the
adjourned sine die.
He would have had behind him
made there
perity in Great Britain, whilst they were, on the whole,
pays more
than four-fifths
directly and a large share of the remaining fifth in¬
Oct. 6
with
of self-interest would
and to continue a state of
prospered amazingly, and many of them fur¬
A moment's reflection will show that every reason
have
in
nished
material
business
which
need to
consideration
personal
of
The country has
export trade,
"We recognize that the law of supply and
time.
Take what you need and let the pub¬
at such prices
shall not haggle or
But
we
and circumspect and
we
held even."
We gladly acknowledge that as far as the Executive branch
ernment is concerned this has been the spirit of its actions and
fair, and that the scales will be
and headlong
What
features of the Seamen's Act or other
impossible the operation of a merchant!
marine by Americans in competition with the rest of the world.
We have entered upon a necessary program of price fixing on the one
hand and taxation of profits on the other, which is viewed with deep con¬
cern by business interests in this country.
After the war, the prosperity
of this country will depend upon the prosperity of our industries, and that
in turn will depend upon the ability to withstand the competition which
is sure to come.
If the natural progress and development of our industries
are handicapped on the one hand by the limitation of profits through price
fixing, and these profits are still further diminished by large taxes, there
will be difficulty in fortifying industry against the competitive struggle
to come.
Add to this handicap the increasing cost of labor, bearing in
mind that it is always easy to move wages upward and almost impossible
to move them downward; consider the growing inefficiency of labor in this
country, and one may well be concerned at our ability to produce at a
cost which will enable us to compete successfully in the markets of the
is ignorance and
demagogism, envy and prejudice,
necessities and social justice, waging a campaign
still
and,
more,
appeal,
misstatement and
capital
and
business.
harass
-
sections of the coun¬
of other sections of the
country, or of favoring one calling at the expense of other callings.
It is
just as wrong for legislators to be unduly subservient to capital and busi¬
ness as to the despoilers and defamers of capital and business.
A democracy which discriminates agaiitst a class or a section is just as
guilty as an autocracy which discriminates in favor of a ruling caste.
SelfWe object to any
tendency of relieving one or more
of burden at the expense
try of their due share
government
self-restraint.
presupposes
safe
for
the world.
their
hold
the men at
ment
certainly in fact,
community at large, and
;
present stations.
it is true,
" ^
tribute to
.
one
him.
can
occupy
a
amongst business men,
three years, justify,
The important thing,
however, is that labor should be made to see that present wage advances
should be considered as war bonuses, and that it should be willing to go
back to normal Wages when living expenses decrease and competitive con¬
ditions make impossible the payment of present scales.
Finally, the success of the American manufacturer in maintaining his
hold upon export business will depend upon the development of a broader
spirit of co-operation and of nationalism.
American banks and American
in many cases,
let alone leadership.
prominent and
•
.
-
I think it would serve a wise
capital has enjoyed during the last
their demands for'increased wages.
should be used wherever
facilities for doing business
the President or the
fit to appoint a Board of Economic
composed, in part at least, of business men—just
the Army and Navy have boards of experts to elaborate and deal with
strategic problems—a board which would carefully deliberate and advise
as to the exigencies both of our immediate situation and of the conditions
Secretary of the Treasury were to see
manufacturers
;
We shall have to meet, after the return
of peace, both in our. own
enforced, and this can be
.
of Europe, spurred on by dire
efforts, trained to discipline, co-opera¬
abroad, the onset of tfce business men
necessity to put forth their utmost
tion and inventiveness in the
their
own
soil
or
cruel school of years
at their very
Now is the
of desperate war upon
full power of their re¬
time to intelligently
a
governments"and the laws of their respective countries.
that American business men will hold their own in
competition; provided—not that they be given the thorough
and active governmental backing which other nations extend to their mer¬
chants, manufactuers and bankers (we do not ask for that and we believe
we do' not require it)-—but provided that they be not hampered and har¬
assed by the Government and the lawmakers; provided that ignorance,
prejudice, ill-will and suspicion be not permitted to place fetters upon
SAVING THROUGH BETTER
I have no fear but
'
them.
KIES
ON
"The
DEVELOPMENT OF OUR EXPORT
CHEMICAL INDUSTRY.
AND
TRADE
Development of Our Export
Trade" was discussed
by W. S. Kies, Vice-President of the National City Bank
of New York before the Third National Exposition of Chemi¬
cal Industries at the Grand
Central Palace * New York, on
remarks Mr. Kies pointed
out that during the war period substantial progress has
been made by the United States in the development of its
South American trade, due to the fact that we have had
the market pretty much to ourselves.
In putting the ques¬
tion as to whether we will be able to keep the business which
we have built up during the last three years, he well said
that the development of pur trade
with South America,
as
well as the building up of our foreign markets every¬
where, will primarily depend upon our ability to produce
on a basis which will permit us to sell our products in com¬
petition with trained and efficient Europe. Continuing he
Sept. 26.
During the war
to
fleet of
our
Pacific Coast shippers by
CAR LOADING.
co-operating in heavier car load¬
ing saved during the month of August enough cars to supply
the Southern Pacific's entire Pacific system for one and one-
days, according to figures
half
made public by traffic officials
by the Bureau of News
Company, which says:
this week
of the Southern Pacific
(
,.
3,000 cars are required daily to fill the demands of all
the shippers located on the 6,700-mile systerii of the Southern Pacific Co.
By heavier car-loading, 4,537 cars were saved during August 1917 as
compared with the same month last year.
•
The extraordinary value to shippers of using the full car space available
is shown by the statement that the above saving was sufficient to provide
Upon an average,
during August all
Sugar, paper, peas
*
required to load the following commodities:
and beans, salt, dried fruits, canned goods, rice, pota¬
the"
toes, corn and oats,
cars
brick.
In the course of his
said.:
aid
build a sure
permanent export business,
door, backed by the
that fierce
S.
.
plan for the future, and to
for while at the moment the
business skies may .be overcast and cloudy, and the rumblings of the com¬
ing storm may disturb us, yet with the dawn of another day we may awake
to find the storm clouds scattered and the sun still shining upon a world
redeemed forever from the hate, fury and xnurder of war.
foundation for
spective
W.
accomplished when our
and necessity of
in foreign fields. ;
effort
co-operaHve
.
country
The in¬
thoroughly realize the importance
once
as
and
•
American should be the interest
business ideals can be
and Financial Strategy,
likely to confront us after the war.
available.
of all in a foreign market.
American business standards and American business methods in foreign
countries should be such as to warrant the respect and approval of all.
Through organizations of Americans in the various foreign markets, our
terest of every
;
.
and useful purpose if
should not be too much criticised.
The great
of this country are thoroughly patriotic, and,
organization and direction, willing to do their utmost to con¬
the winning of the war.
The increased cost of living, and the
large profits which
influential place in the republic
of business unless he is trusted completely by those who observe him
closest and know him best—i. e., his fellow business men.
Brains, knowl¬
edge, character and service are the qualifications required.
/
Let a man retrograde, deteriorate, go astray, and the business community
will soon find it out, and, however high the position he may occupy, will
exercise the "recall" by Withdrawing its confidence and ceasing to follow
No
is often
under proper
can
siderable degree of influence
themselves
In the processes of production, inefficiency In manage¬
responsible for waste and the inefficiency of labor.
The
majority of laboring men
subject to "recall."
With insignificant exceptions
the head of big affairs are self-made men, having risen from the
be bequeathed, but not brains and character,
and whilst the possession of inherited money gives a man certain advantages
—not without some drawbacks—it does not bestow upon him any con¬
Money,
things in which the manufacturers
certain
general attitude of labor
position
ranks to their
are
be at fault.
may
•
elected by the business
there
But
though not in form, yet
It is too little realized that,
'
world.
If the world
to make itself
"
the leaders of business are
repealing the obnoxious
legislation which make
„
Liberty can only thrive and persist in the soil of justice.
democracy must take care
is to be made safe for democracy,
have progressed little, if at
marine
shallow thought,
under the flag of war
through inflammatory
specious reasoning to punish success, despoil
protest against and resent
we
we
toward
turmoil of a period of tremendous
to some extent a law unto
We must accept and we should welcome
development, big business was
supervision and regulation.
reasonable
On the other
all, in the direction of working out a
definite export policy for this country.
Our exporters are still compelled
to compete with one another in foreign markets, as their right of organiza¬
tion in foreign effort is doubtful under the Sherman Act.
The Webb Bill,
which would give manufacturers the right to combine in foreign fields,
has as yet not become a law.
No definite progress has been made in the
working out of reciprocal tariff arrangements with countries whose mar¬
kets we are interested in developing.
While we are spending hundreds of
millions of dollars in building merchant vessels, nothing has been done
in the general rush and
itself, is over, never to return.
been established
purchased through England.
•
gained during the war period.
have
hand,
calls.)
it
which
The time when,
permanent
Many
directly.
more
So much for what we have
of the Gov¬
expressions.
The economic problems which the Administration is called upon to solve
are. of formidable difficulty and magnitude, and they have been and are
being dealt with, on the whole, with great wisdom, efficiency and breadth
of vision.
(If, without wishing to pick flaws where there is so much to
praise, I may make one reservation, it is that the exceedingly important,
indeed vital, subject of providing an adequate and steady supply of labor
does not seem as yet to have been tackled with the energy, courage and
vigor-for
been awakened to the need for developing a
and we have learned much about foreign markets.
We have learned to lean upon ourselves and to do
Trade with far off countries has been diverted
into new routes leading to this country.
We are importing direct rubber
and tin from the Dutch East indies, jute from India, wool from Australia,
tobacco from Sumatra, and many othqr raw materials which heretofore
business
placed in your" hands to which
ourselves, let business feel that the
towards it will be wise
unprecedented
throughout the world.
"In using the power
gladly and unreservedly subject
attitude of the Government
result of three years of
agencies, branch houses and new export companies have
We
choose to determine.
bargain."
also say:
we
as you
a
scrapped and modern equipment substituted.
We say to the Government:
lic have what it needs
As
shipments.
our
are on the soundest possible basis.
Debts
have been paid off, depreciation and maintenance charges properly taken
care of, and surpluses accumulated.
Old machinery and plants have been
advantage
ward.
demand does not hold in war
branch banks
prosperity, our industries
would have commanded
men of affairs to stand with and support the agitation of the peace-at-anyprice party.
They spurned such ignoble reasoning; they rejected that
affiliation, because they are patriotic citizens first and business men after¬
Every
depend upon German
and finance
supplies to Europe at enormous ^profits.
and
abroad, and
We will no longer
and English banks to make our collections
We have established
ships.
own
our
provided facilities for the aid of our business interests.
prompted men of business to oppose war
affairs
1371
CHRONICLE
THE
1917.]
period,, we have made
material gains which will be of
We are constructing a great
export business after the war.
merchant vessels, and shall
henceforth be able to deliver our
goods
HOW RAILROAD
CAPACITY FOR SERVICE IS
BEING
RAISED.
Reports just
dicate that the
compiled for the Railroads' War
Board in¬
travelling public in general and the
shippers
particular are giving the finest kind of co-operation to
railroads in the handling of the increased traffic that
in
war
has
produced.
What this co-operation means may
gleaned from the following
Board on Sept. 29:
made public by the
the
the
be
Railroads'
War
aided by the loyalty and understanding of
able to reduce their passenger service by approxi¬
mately 25,000,000 miles.
This has released thousands of train crews and
locomotives for use in the freight service and cleared thousands of miles
of track, thereby facilitating the movement; of coal, food products and
supplies needed by the Government.
Since May 1
the
the railroads,
public, have been
1372
In
THE
addition
t^the
CHRONICLE
foregoing saving of equipment and trackage, the
shippers, big and small, have rallied
receive $10,000 compensation annually.
splendidly to the slogan "Make
so
bers and the manner of the payment
dd the work of two," that a saving of close to half a million
freight
has been accomplished.
This saving of freight cars had enabled the
one car
cars
railroads to
approximately 25%
move
more
freight since
war was
declare^
provided by law.
sioners,
bales,
now moves
unit in this
83,000
to
Sugar,
-
only in units of 65 and 75.
The increase in the trade
commodity alone has produced
125,000 small cars.
one
which1
on
only 24,000 pounds
the
only
formerly
was
60,000 carload minimum.
on a
the efforts of the
achieved
to date
2.
"Sec,
co-
That
will
as
the commission
The
commission
judicially noticed.
otherwise herein provided,
but
It,
or
from time to time, make
may,
in the courts of the United States.
shall be entered of record, and its
proceedings
of
bers thereof into
COMMISSIONERS—.
Robert
W.
as
changed from
divisions
many
con¬
seven
1920,
may serve upon
of said divisions shall act
division,
of absence
or
divisions
so
forth.
such division
as
or
denominated
be
divisions
as
may
be
the commis¬
commissioners constituting
chairman thereof.
inability to
or
shall
Any commissioner
in service of the
sion may direct, and the senior
any
it may deem necessary, which may
as
Such
serve
In
case
of vacancy in
thereon of any commis¬
"The commission may by order direct that any of its work,
business,
or
were
functions arising under this Act, or under any Act amendatory thereof ;
supplemental thereto, or under
or
may
or
may
be
to nine
amendment which
any
of said Acts, or under any other Act
any
or
may
be made to
joint resolution which has been
hereafter be approved, or in respect of any matter which has been
be referred to the commission by Congress
assigned
referred to
or
or
by either branch thereof
of said divisions for action thereon, and may
any
by order at any time amend, modify, supplement, or rescind
direction.
any
such
All such orders shall take effect forthwith and remain in effect
until otherwiseordered by the commission.
pired term of the late Judson C. Clements, of Georgia, who
Washington last June. Mr. Wooley, whose term
expire Dec. 31
time.
or
•
_
"In conformity with and subject to the order or orders of the commis¬
died in
will
the
mem¬
division until the commission shall otherwise order.
members, while Mr.
chosen by the President to serve out the unex¬
was
upon
the
sioner designated by him for that purpose, may temporarily serve on said
appointed by the President under authority of the law ap¬
proved Aug. 9, providing for an increase in the membership
of the Commission from
time to
any
Wooley of Vir¬
Messrs, Atchison and Anderson
shall be public
sioner thereto assigned, the chairman of the commission, or any commis¬
ginia, Clyde B. Atchison of Oregon, and George W. Ander¬
son, of Massachusetts, as .members of the Inter-State Com¬
Commission.
person or by attorney.
of any division thereof,
or
"The commission is hereby authorized by its order to divide
TEXT OF LAW INCREASING MEMBERSHIP OF BOARD.
Wooley
Any party may appear before the
request of any party interested.
assigned to and
Sept. 29 sent to the Senate for
The com¬
amend such general rules or
division thereof and be heard in
or any
respectively division 1, division 2, and
merce
or
may
be
on
be
be requisite for the order and regulation of proceedings before
before any division of the commission, including forms of notices and
as
commission
goods to the seaports will be practically doubled.
nominations
which
administer
hearing or proceeding in which he has any pecuniary interest.
have only 3 % more equipment than they had at this time last
year.
the
may
commissioner shall participate in any
no
All of this additional traffic must be moved by the
railroads, although they
President Wilson
official seal,
an
A majority of the commission
the service thereof, which shall conform, as nearly as may be, to those in
move food and supplies to the men in
training at the National Army,
National Guard and other encampments, while the demand of the Allies
firmation
political party.
shall constitute a quorum for the transaction of business, except as may
use
day will be required by the Government to
COMMERCE
years,
dispatch of business and to
shall have
Any member of the commission
Every vote and official act of the commission,
NEW INTER-STATE
by
conduct its proceedings in such
may
oaths and affirmations and sign subpoenas.
orders
while the securing of new equipment is virtually
to carry export
seven
amended, be further amended
as
best conduce to the proper
ends of justice.
the
mission
through the
impossible.
cars a
provided
commissioners
for the full term of
That section 17 of said Act,
17.
manner
shall be
operation of the shippers, the travelling public and the railroads, it will be
for all • concerned to exert renewed efforts, as the abnormal
demands upon the railroads in the movement of both
troops and supplies
cars
of the additional
successors
suc¬
any
resignation of
a vacancy shall be appointed only for
unexpired term of the commissioner whom he shall succeed. Not more
Sec.
necessary
for
Their successors and the
of
or
to read as follows:
labor trouble has tended to decrease the mine production.
2,500
term expiring
a
or
than five commissioners shall be appointed from thesame
especially the canners,
the supply of cars on the "lake coal" lines has been increased
25% and
there has been some increase in the movement of bituminous coal to the
lake ports, but it has not been
proportionate to the increased supply of
on,
for
of the present commissioners, shall expire as heretofore
any
law.
During the past month
now
one
caused by the death
vacancy
the
South
in some parts of the country is
tending to counteract
railroads to meet the abnormal demand for fuel.
From
a
herein provided for shall be appointed
loading virtually all of their cars to capacity.
Coal, which has been loaded beyond capacity on most lines since the
beginning of the war, is also moving freely now, although labor trouble
is constantly increasing,
1921 and
The terms of the present commissioners,
saving of anywhere from
realization of the value of intensive loading, and are
Although excellent results have been
term expiring Dec. 31
a
1922.
appointed to fill
cessor
now
cars as
accom¬
except that any person appointed to fill
carload minimum from
per car, now moves
come to a
for
one
31
the
a
The producers of manufactured food
products,
have also
Dec.
possible the saving of car
formerly moved In units of fifty
was
mem
already
as
and consent of the Senate, of two additional Interstate Commerce Commis¬
Intensive loading and general Increase In the size of the "trade units"
used by the various industries has rendered
Cotton, for instance, which
The qualifications of the
of their salaries shall be
Such enlargement of the commission shall be
plished through appointment by the President, by and with the advice
than during the same period last year.
space.
[VOL. 105.
sion
the
in
premises, each division
authority by
a
constituted shall have power and
so
majority thereof to hear and determine, order, certify,
act as to any of said work, business, or functions so
Publicity Director for the
first Liberty Loan campaign, and is a former Director of
report, or
the Mint.
thereof the division shall have all the jurisdiction and powers now or then
He served
was
assigned
Publicity Manager for the Demo¬
as
cratic
Mr.
Anderson
has
referred to it for action by the commission;
or
and
obligations.
United
States
Any order, decision,
by any of said divisions in respect of
it shall have the same force and
enforced in
been
District
the
same
maimer
or
report made or other action taken
any matters so
effect, and
if made,
as
subject to rehearing by the commission,
as
may
or
for rehearing cases decided by the commission.
that time
the commission shall be the secretary
member of the Massachusetts Public Ser¬
a
"In
vice Commission.
Early in the present year he was detailed
Attorney-General Gregory to conduct a nation-wide
investigation into the high cost of food products. Mr.
Anderson
was
1922.
;
;
The
of
nominated
for
Inter-State
President Wilson
Senate
on
ending
Aug. 9.
The bill
conferees'report
the Senate two
on
sary to carry on
on
Under the
Commission
many divisions
as
is
as may
its administrative work.
§ion must participate,
must
sit.
and
The
obtained.
be" deemed
a
on
no
The
new
The
)jan.
or
enacted into law reads
as
law also provides
fares shall be allowed
11920 without first
been approved by the Commission.
The
text of
having
the
bill
follows:
it
enacted
by the Senate and House of Representatives of the United
States of America in Congress
assembled, That section twenty-four of an
Act entitled
"An Act to regulate
commerce," approved Feb.
amended, be further amended to read as follows-
"Sec. 24.
so as
That the Interstate Commerce Commission is
to consist of nine
members, with terms of
subject thereto and securing
"Nothing in this section contained, or done pursuant thereto, shall be
deemed to divest the commission of any of its powers."
|
Sec. 3.
So much of section 18 of the Act to regulate commerce
the salary of the secretary of the commission is hereby repealed.
Sec. 4.
as
fixes
That paragraph 2, section 15, of the Act to regulate commerce
approved Feb. 4
1887
as
amended, be further amended by adding the
following:
"Provided further, until Jan. 1 1920 no increased rate, fare,
classification shall be filed except after approval thereof has been
secured from the commission.
Such approval may, in the discretion of the
charge
or
commission, be given without formal hearing, and in such
affect
any
case
shall not
subsequent proceeding relative to such rate, fare, charge, or
classification."
Approved, Aug 9 1917.
.
■
.
CONFIRMATION OF WILLIAM C. ADAMSON AS GEN¬
ERAL APPRAISER
The Senate
4 1887, as
hereby enlarged
seven years,
and each shah
on
OF
THE PORT OF NEW
YORK.
Sept. 22 confirmed the nomination of Rep¬
resentative William C. Adamson of
Georgia as General Ap¬
praiser of Merchandise for the Port of New York.
Judge
Adamson, tfho has served in the House of Representatives
for about twenty years
mittee
on
was
and is
now
Inter-State and Foreign
resign from Congress
He
An Act to amend the Act to
regulate commerce, as amended, and for
other purposes.
Be
and in all proceedings
Act entitled "An Act to regulate commerce," approved
,
of the Commission is
new
an
hearings five
requirements compel the road
increase in railroad rates
to become effective before
as
of the Commis-
the Commission, sometimes at the rate of
day.
first to consult the Commission.
that
neces¬
all'proceedings
alleged discrimina¬
to the reason¬
"The salary of the secretary of the commission shall be $5,000 per annum.
Notice of tariff changes, it is said, have hereto¬
fore piled in
hundreds
law the
to divide
law forbids railroads from
consent
such divisions relating
alleged discriminations not less than three members
Mar. 1 1913, not less than five members shall participate in the consider¬
ation and decision.
"
•
was
In
in all valuation
new
filing tariffs until advance
new
hereof
Feb 4 1887, and all Acts amendatory thereof, by providing for a valuation
signed by
authorized
by the commission,
>The secretary and seal of
information concerning their stocks, bonds, and other securities,' approved
passed by the
June 27, and
relating to the reasonableness of rates or
tions, however, not less than three members
members
was
was
referred to
and seal of each division thereof.
of the several classes of property of carriers
Aug. 3.
days later, Aug, 6.
Commerce
its members into
31
The House adopted the
Aug. 4, and similar action was taken by
on
to
or
relating to the valuation of railway property under the Act entitled 'An
Act to amend
the membership
Commission
May 22 and by the House
Dec.
or
taken
shall participate in the consideration and decision;
'
the increase in
Commerce
on
agreed to in conference
Interstate
term
•
law providing for
the
the
;
all proceedings before any
ableness of rates
by
assigned
be made evidenced, and
provided in section 16—a
Attorney at Boston since October 1914, and previous to
was
and in respect
conferred by law upon the commission, and be subject to the same duties
National Committee in the last
campaign.
Mr.
Atchison, whose term will expire Dec. 31 1921, is a Re¬
publican, and was formerly Oregon State Railroad Commis¬
sioner.
otherwise
on
Chairman of
its
Com¬
Commerce, will, it-is said,
Jan. 1 to
assume
indorsed for the post of General
his
new
duties.
Appraiser, which is
life position paying a yearly salary of
$9,000, by the entire
Georgia delegation in the Senate and House.
Mr. Adamson
a
has
played
a
the past two
hour
other
prominent part in the House deliberations during
decades.
He is the author of the recent eight-
law, the physical valuation of railroads and various
measures.
Oct. 6
Below
inst.
Reference
in
appears
item
an
President Wilson on the 3d
made by the conferees
the alterations
to
Be it enacted by the Senate
or
mal
1.
tax
imposed
the
during
That,
subdivision
by
"An Act to increase the revenue and for
war,
other purposes," approved Sept. 8
1916, there shall be levied, assessed, collected, and paid a like normal tax
of 2 per centum upon the
income of every individual, a citizen or resident
in the calendar year 1917 and every calendar
of the United States, received
thereafter.
year
Sec. 2.
That
there shall be
the income of
tax
such Act of Sept. 8 1916,
levied, assessed, collected, and paid a like additional tax upon
every individual received in the calendar year 19,17 and every
calendar year thereafter, as
of
follows:
the amount by which the total net income
$5,000 and does not exceed $7,500;
2 per centum per annum upon
the amount by which the total net income
and does not exceed $10,000;
exceeds $7,500
3 per centum per annum upon the amount
"
4 per centum per annum upon
by which the total net income
the amount by which the total net Income
exceed $15,000;
exceeds $12,500 and does not
-
5 per centum per annum upon the amount
by which the total net income
$15,000 and does not exceed $20,000;
1
7 per centum per annum upon the amount by
14
per
annum
upon
per
annum
upon
centum
per
income exceeds $60,000 and does
k
18
centum
per
per
annum
the amount by which the total net
not exceed $80,000;
upon
income exceeds $80,000 and does not
22
income exceeds
25
centum
per
per
annum
the amount by which the total net
exceed $100,000;
upon
per
annum
upon
the amount by which the total net
exceed $200,000;
income exceeds $150,000 and does not
30
income exceeds
34
the amount by which the total net
$200,000 and does not exceed $250,000;
'
centum
per
centum
per
per
annum
upon
per
annum
upon
the amount by which the total net
exceed $300,000;
Income exceeds $250,000 and does not
37
centum
per
per
the amount by which the total net
exceed $500,000;
upon
annum
income exceeds $300,000 and does not
40
Income exceeds
45
the amount by which the total net
$500,000 and does not exceed $750,000;
centum
per
centum
per
per
annum
upon
per
annum
upon
the amount by which the total net
exceed $1,000,000;
income exceeds $750,000 and does not
50
centum
per
per
the amount by which the tot^l net
upon
annum
income exceeds $1,000,000.
be computed. levied,
In the
same
of this Act shall
assessed, collected, and paid upon the same'basis and
the similar taxes imposed by section one of such Act
manner as
of Sept. 8 1916, except that in
the case of the tax imposed by section 1 of
provided in section 7
of such Act of Sept. 8 1916, as amended by this Act, shall be respectively,
$1,000 and $2,000, and (b) the returns required under subdivisions (b)
and (c) of section 8 of such Act as amended by this Act shall be required
this
in
Act
the
the exemptions, of $3,000 and $4,000
(a)
of
case
net
incomes
of $1,000 or
over,
in the case of unmarried
married persons, instead of
$3,000 or over, as therein provided; and (c) the provisions of subdivision
(c) of section 9 of such act, as amended by this Act, requiring the normal
and $2,000 or over in the case of
persons,
of individuals
tax
withheld at the
on
source
income
derived from
interest to be deducted and
shall not apply to the
of the income
new
2% normal
1 1918, and
thereafter only one 2% normal tax shall be deducted and withheld at the
source under the provisions of such subdivision (c), and any further nor¬
mal tax for which the recipient of such income is liable under this Act or
such Act of Sept. 8 1916, as amended by this Act,, shall be paid by such
tax
prescribed in section 1 of this Act until on and after Jan.
recipient.
Sec. 4.
by subdivision (a) of section
That in addition to the tax imposed
Act, there shall be
levied, assessed, collected, and paid a like tax of 4 per centum upon the
income received in the calendar year 1917 and every calendar year there¬
10 of such Act of Sept,
8 1916, aS amended by this
after, by every corporation,
joint-stock company or association, or insurance
tlie tax imposed by that subdivision of that section,
fiscal year, the tax imposed by this section
for the fiscal year ending during the calendar year 1917 shall be levied,
assessed, collected, and paid only on that proportion of its income for
such fiscal year which the period between January 1 1917 and the end of
subject to
company,
except that if it has fixed its own
such fiscal year
bears to the whole of such fiscal year.
imposed by this section shall be
tax
collected, and paidJupon the same incomes
company
jor association, or insurance company, shall be credited with the
the stock or from the net earnings of
amount received as dividends upon
association, or insurance
provided in this title.
shall not extend to Porto Rico or
the Philippine Islands, and the Porto Rican or Philippine Legislature shall
have power by due enactment to amend, alter, modify or repeal the income
any
other corporation, joint stock company or
which is taxable upon its net income as
company,
Sec. 5.
That the provisions of this title
tax laws in force in Porto Rico or the
TITLE
and
II.—WAR
Philippine Islands, respectively.
PROFITS
EXCESS
companies;
■
or
any
State,
Territory,
or
associations
law of the United States,
district thereof, and the term "foreign"
possession of the United States
partnership or
"United States" means only the States,
Alaska and Hawaii, and the District of
term'"taxable year"
means
Columbia;
the twelve months
excepting in the case of a corporation or
engaged in the trade or business.
a
means
professions and occupations.
the case of
a
foreign corporation or
nonresident alien individual, the net income received from
That in addition to the taxes under existing law and under
Act there shall be levied, assessed,
the income of
upon
in
within the United States.
sources
every
mined
corporation, partnership, or individual, a tax
as
the net income:
the tax) equal to the following per¬
;
hereinafter provided)
as
this
collected, and paid for each taxable year
(hereinafter in this title referred to
centages of
.
'
'
.
■
•
.
(deter¬
and not in excess of 15% of the invested
capital for the taxable year.
.
in excess of
25%- of the amount of net income in excess of 15% and not
/
•,
.
^
35% of the amount 4f net income in excess of 20% and not in excess of
25% of such capital;
\
45% of the amount orVnet income in
33% of such capital; and
excess
of 25% and not in excess of
•
60% of the amount of the net income in excess of 33% of such capital.
For the purpose of this title every corporation or partnership not exempt
treated
as
engaged in
of this section shall be deemed to be
the provisions
under
engaged shall be
single trade or business, and all its income from whatever
a
derived shall be deemed to be received from such trade or
source
business.
of whatever description,
This title shall apply to all trades or businesses
States, or
sub-division
In the case of officers and employees under the United
(a)
State, Territory, or the District of Columbia, or any local
any
thereof, the compensation or fees received by them as such officers or em¬
ployees;
'
f
.
Corporations exempt from tax under the provisions of Section
(b)
Title I of such Act of Sept. 8, 1916, as
withip the same description;- and
(c)
ance
11 of
amended by this Act, and partner¬
ships and individuals carrying on or doing the same business, or
coming
'
Incomes derived from the business of life, health and accident insur¬
combined in one policy issued on the weekly premium payment plan.
Sec.
of
of a trade or
That the tax shall not be imposed in the case
202.
business
foreign corporation or partnership or a non-resident
a
alien
the taxable
individual, the net income of which trade or business during
is less than $3,000.
year
203.
Sec.
That for the purposes of this title the
deduction shall be as
follows, except aS otherwise in this title provided—
(a)
In the case of a domestic corporation the
suni of (1) ,an amount
the invested capital for the
taxable year which the average amount of the annual net income of the
trade or business during the pre-war period was of the invested capital for
the
to
the pre-war
of
percentage
same
period (but not less than 7 or more than
9% of the invested
capital for the taxable year) and (2) $3,000;
In the case of a domestic partnership or of a citizen or
(b)
United States, the sum of (1) an amount
resident of the
equal to.the same percentage of
taxable year which the average amount of the
of the trade or business during the pre-war period was
the invested capital for the
annual net income
of the invested
than 9% of
7 or more
$6,000;
capital for the pre-war period (but not less than
the invested capital fpr the taxable year) and (2)
non-resident
provided in
$6,000.
(d) If the Secretary of the Treasury is unable satisfactorily to determine
the average amount of the annual net income of the trade or business
during the pre-war period, the deduction shall be determined in the same
In the case of a foreign corporation or partnership or of a
(c)
alien individual, an amount
ascertained in the same manner as
•subdivisions (a) and (b) without any exemption
manner
or an
be
an
That
individual
of any
of $3,000 or
provided in section 205.
as
204.
Sec.
one
if
was
corporation
a
or
partnership was not in existence,
business during the whole
not engaged in the trade or
deduction shall
taxable year plus
domestic
calendar year during the pre-war period, the
amount equal to 8%
in the case of a domestic
of the invested capital for the
corporation, $3,000, and in the case of a
partnership or a citizen or resident' of the United States $6,000.
A trade or business carried on by a corporation, partnership or indivi¬
dual, although formally organized or reorganized on or
which is substantially a continuation of a
after Jan. 2, 1913,
trade or business carried on prior
deemed to have been in
prior to that date, and the net income and invested capital of Its
to that date,
existence
shall for the purpose of tbds title be
predecessor prior to that date shall be
and invested
deemed to have been its net income
capital.
complaint finds
corporation or part¬
resident of the United States, had no net income from
(a) That if the Secretary of the Treasury upon
(1) that during the pre-war period a domestic
either
nership or a citizen or
the trade or business, or
(2) that during the pre-war period the pecrcentage
which the net income was of the
invested capital
was
low as "wnpared with
during such period of re jresentative
corporations, partnerships, and individuals, engaged in a li te or similar
trade or business, was of their invested capital, then the deduction shall be
the sum of (1) an amount equal to the same percentage of its invested capital
for the taxable year which the average deduction (determined in the same
manner as provided in section 203 without including the $3,000 or $
.000
therein referred to) for such year of representative corporations, partner
the
percentage which the net income
engaged in a like or similar trade or business, is of their
of a domestic
domestic partnership or a citizen
resident of the United States $6,000.
ships or individuals
average
invested capital for such year, plus (2) in the case
corporation $3,090 and in the case of a
The percentage
which the net income was of the invested capital in each
determined by the Commissioner of Internal Reve¬
nue,
in accordance with regulations prescribed by him, with the approval
of the Treasury.
In the case of a corporation or partner¬
of the Secretary
ship which has fixed its own
calendar year ending
of any foreign country or government;
The
was
trade or business shall be
created under the law of any other
E'AThe term
"net income"
term
,
The term "domestic'' means created under the
means
The
or
"corporation" includes joint stock companies or
insurance
orlof
TAX.
That when used in this title—
Sec. 200.
The term
the individual
or
The terms "trade" and "business" include
Sec. 205.
computed, levied, assessed,
and in the same manner as the
tax imposed by subdivision (a) of section 10 of such Act of Sept. 8 1916, as
amended by this Act, except that for the purpose of the tax imposed by
this section, the income embraced in a return of a corporation, joint stock
The
engaged
of such
partnership was in
business during the whole of such period, then as many
during the whole of which the corporation or
years
existence
equal
Sec. 3. That the taxes imposed by sections one and two
,
1911, 1912 and 1913, or if a corpor¬
years
whether continuously carried on or not, except—
the amount by which the total net
$100,000 and does not exceed $150,000;
centum
per
or
the net
1 1917, to
not in existence or an individual was not
was
business, and all the trades and businesses in which it is
the amount by which the total net
$40,000 and does not exceed $60,000;
10 per centum
Income exceeds
which the total net income
exceed $40,000;
exceeds $20,000 and does not
tax computed upon
bears to the full fiscal year; and the term "pre¬
the calendar
20% of such capital;
exceed $12,500;
exceeds $10,000 and does not
exceeds
trade
a
means
partnership
or
year
its own
that part
1916, the tax for such
year
20% of the amount of the net income in excess of the deduction
1 per centum per annum upon
exceeds
period"
Sec. 201.
,
during the present war, in addition to the additional
imposed by subdivision (b) of section one
return covering
a
the income received during
therein
falling within the calendar
suck fiscal
the end of
ation
TAX.
in addition to the nor¬
(a) of section one of the Act entitled
present
and includes
year,
shall be
If a corporation
ending during the calendar year 1917.
income during such full fiscal year, which the time from Jan.
war
INCOME
I.—WAR
partnership which has fixed its own fiscal year, it
or
year
partnership, prior to March 1 1918, makes
fiscal
in
Section
fiscal
the
1917, except that in the case of a
ending Dec. 31
year
taxable year shall be that proportion of the
defray war expenses, and for other purposes.
and House of Representatives of the United States
of America in Congress assembled.
TITLE
corporation
of the fiscal year
preceding page.
on a
An Act to provide revenue to
shall be the
year
give the text of the War Revenue Bill as enacted
we
into law with its approval by
The first taxable
fiscal year, in which case it means such fiscal year.
own
WAR REVENUE ACT.
THE
TEXT OF
1373
CHRONICLE
THE
1917.]
the Territories of
(b)
mined
The tax shall be assessed upon the basis of
as
,
ending Dec. 31,
partnership which has fixed its
of
the deduction deter¬
provided in section 203, but the taxpayer claiming the
of this section may at
ment
fiscal year the percentage determined for the
during such fiscal year shall be used.
the
benefit
the time of making the return file a claim for abate¬
amount
by
which
the
tax
so
assessed
exceeds
a
tax
computed
CHRONICLE
THE
1374
of the deduction
basis
the
upon
determined
tion shall be the
provided
as
if, in the judgment of the Commissioner of Internal Revenue, the interests
of the United States would be jeopardized thereby, he may require the
of any tax found to be due, with the interest thereon, and if
within such time
porations, partnerships and individuals, plus (2) in the case of a domestic
corporation $3,000 and in the case of a domestic partnership or a citizen
or resident of the United States,
$6,000.
he
prescribes, the full amount of tax assessed shall be collected and the
amount overpaid, if any, shall upon final decision of the application be
erroneously
tax
as a
Sec; 206.
or
Commissioner of Internal Revenue in accordance with regulations pre¬
That for the purposes of this
title, the net Income of a corpor¬
(a) for the calendar years 1911 and
1912 upon the same basis and in the same manner, as
38 of the Act entitled "An Act to provide revenue,
provided in section
the
Government,
Sec. 211.
(b) for the
provided
Oct. 3, 1913, except that income taxes
partnership having a net
of the income of the trade
business for the taxable year setting forth
or
specifically the gross income for such year and the deductions allowed in
approved
paid by It within the year imposed
$3,000
That every foreign partnership having a net income of
for the taxable year and every domestic
or more
income of $6,000 or more for the taxable year shall render a correct return
and to pro¬
other purposes,"
and for
partnership which has fixed its own fiscal year, the
or
shall be used.
calendar year 1913 upon the same basis and in the same manner as
for
corporation
a
proportion determined for the calendar year ending during such, fiscal year
equalize duties, and
in section II of the act entitled "An act to reduce tariff duties
of
case
the industries of the United States, and for other purposes,"
imposed by the authority of the United States shall be included;
In the
scribed by him, with the approval of the Secretary of the Treasury.
approved Aug* 5,1909, except that income taxes paid by it within the year
vide revenue
of this section the proportion between the deduction
business shall be determined by the
For the purpose
and the net income in each trade or
illegally collected.
ation shall be ascertained and returned
encourage
for the same calendar year of representative corporations,
to)
partnerships and individuals, engaged in a like or similar trade or business,
bears to the total net become of the trade or business received by such cor¬
such bond, satisfactory to the commissioner, is not given
refunded
year as the
with such sureties as the
conditioned for
claimant to give a bond in such amount and
as
same proportion of the
during the taxable
provided in section 203 without including the $3,000 or $6,000 therein
as
referred
commissioner may think wise, to safeguard such interests,
the payment
equal to the
proportion which the average deduction (determined in the same manner
shall not be made until the claim Is decided, but
such claim for abatement
of (1) an amount
sum
net Income of the trade or business received
In such event* collection of the part of the tax covered by
in this section.
[Vol. 105.
.
this title.
Such returns shall be rendered at the
as
same
time and in the same
is prescribed for income tax returns under title I. of such act of
the
dividends upon the stock or from the net earnings
or other corporations, joint-stock companies or associations, or insurance
companies, subject to the tax imposed by section II of such act of Oct. 3,
including the laws in relation to the assessment, remission, collection, and
1913, shall be deducted and (c) for the taxable year upon the same basis
refund of internal revenue taxes not heretofore
by the authority of the United States shall be included, and except that
manner
amounts received by it as
Sept. 8, 1916, as amended by this act.
and in the
same manner as
approved Sept. 8, 1916,
'it
divi¬
dends upon the stock or from the net earnings of other corporations, joint
stock companies or associations, or insurance companies, subject to the tax
Imposed by title I of such act of Sept. 8, 1916, shall be deducted.
The net income of a partnership or individual shall be ascertained and re¬
turned for the calendaryears 1911,1912, and 1913, and for the taxable year,
upon the same basis and in the same manner as provided in title I of such
Act of Sept. 8, 1916, as amended by this Act, except that the credit allowed
as
♦
/'An Act
provided in title I of the act entitled
to increase the revenue, and for other purposes,"
amended by this act, except that
the amounts received by
by subdivision (b) of section 6 of such act shall be [deducted.
as
There shall
Sec.
allowed to
8, 1916,
as
ship the
and (b) in the case of a foreign partner¬
amended by this Act;
deductions
same
section 6 of such act
Section 207.
That
allowed to individuals in subdivision (a)'of
as
as
and all provisions of Title I of such Act of Sept.
invested capital for the year, as defined and
limited in this title, averaged monthly.
§ 1916,
made
amended by this
as
Act, realting to returns and payment of the tax therein imposed* including
penalties, are hereby made applicable to the tax imposed by this title.
Sec.
213.
That
Internal
Commissioner of
the
Revenue,
the ap¬
with
proval of the Secretary of the Treasury, shall make all necessary regula¬
tions for carrying out the provisions of
this title, and
require
may
any cor¬
poration, partnership, or individual, subject to the provisions of this title,
to furnish him with such
necessary to
Sec.
214.
facts, data, and information as in his judgment art
collect the tax imposed by this title.
That Title II (sections 200 to 207 inclusive) of the Act,
en¬
titled "An Act to provide increased revenue to defray the expenses of the
increased appropriations for the Army and Navy,
and the extensions of
fortifications, and for other purporses," approved March 3 1917, is hereby
capital" for
used in this title the term "invested
any year means the average
specifically repealed, and not
applicable to all the provisions of this title and to the tax herein imposed,
repealed.
amended by this Act.
as
administrative, special and general provisions of law
That all
inconsistent with the provisions of this title, are hereby extended and
be allowed (a) in the case of a domestic partnership
the same deductions as
individuals In subdivision (a) of section 5 of such Act of Sept.
212.
As used in this title, "invested
capital" does not include stocks,, bonds, (other than obligations of the
Any amount heretofore
or
hereafter paid on account of the tax imposed,
by such Title II, shall be credited toward the payment of the tax imposed
by this title, and if the amount so paid exceeds the amount of such tax the
shall be
excess
refunded,
Subdivision
United States) or other assets, the income from which is not subject to the tax
as a tax
erroneously or illegally collected.
(1) of Section 301 of such Act of Sept. 8 1916, is hereby
1917, shall be 10%,
that the rate of tax for the taxable year
imposed by this title* nor money or other property borrowed, and means,
amended
subject to the above limitations:
instead of 12H%f as therein provided.
-\Subdivision (2) of such section is hereby amended to read as follows:
(a) In the
(2) the
case of a
corporation or partnership:
(1) Actual cash paid in,
or
ment
(but in
shares in such corporation or partnership at the time of
case
such tangible property was paid in prior to Jan. 1,
the actual cash value of such property as of Jan.
there¬
earned during the taxable
Provided, that (a) the actual cash value of patents and copyrights
■year;
paid in for stock
or
shares in such corporstion or partnership, at the time
of such payment, shall be included as invested capital, but not to
the par value of such stock or shares at the time of such payment,
good-will, trade marks, trade brands, the franchise of
nership
a
exceed
and (b) the
corporation or part¬
other intangible property, shall be included as invested capital if
or
the corporation or partnership made payment bona fide therefor
as Such in
cash
or
tangible property, the value of such good-will, trade mark,
actual cash value of
such payment;
corporation
intangible property, not to exceed the actual cashthe tangible property paid therefor at the time of
but good will, trade marks, trade brands,
nership
1917, for and with interests
or
shares in a part¬
for and with shares in the capital stock of a corporation (issued
or
prior to March 3,1917), in
of the total
centum
franchises of a
partnership, or other intangible property, bona fide, pur¬
or
chased prior to March 3,
an amount not to
interests
expeed,
shares in the
or
on
or
of the total
That
on and after
to be of effect on and after Jan. 1 1918."
TAX ON BEVERAGES.
the passage of this act there shall be levied,
spirits in bond at that time or that have been
that may be then or thereafter produced in or imported into the
or
Section 303, in addition to the tax now
imposed by law,
if withdrawn for
for use in the manufacture
beverage
purposes, or
a
tax of $1 10 (or,
duction of any article used or intended for use as a beverage, a tax
each
on
tax at
United
distilled spirits as are subject to the tax provided in
States, except such
proof gallon,
or
or pro¬
of $2 10)
wine gallon when below proof, and a proportionate
like rate on all fractional parts of such proof or wine gallon, to be
a
paid by the distiller
importer when withdrawn, and collected under the
or
provisions of existing law;
That in addition to the tax under existing
collected upon all perfumes hereafter
taining distilled spirits*
tax at
a
like rate
on
a tax
law there shall be levied and
imported into the United States
con¬
of $1 10 per wine gallon, and a proportionate
all fractional parts of
be collected by the collector, of customs
such wine gallon.
and deposited
as
Such tax shall
internal revenue
collections, under such rules and regulations as the Commissioner of In¬
ternal Revenue, with the
approval of the Secretary of the Treasury, may
prescribe.
301.
Sec.
March 3,1917,20 per
partnership
300*
cease
III.—WAR
and collected on all distilled
specifically
trade brand, franchise pr
or
Sec.
1914,
1,1914, but in no case to
exceed the Par value of the original stock or shares specifically issued
business exclusive of undivided profits
TITLE
such pay¬
for) and (3) paid in.or earned surplus and undivided profits used or employed
in the
"(2) This section shall
actual cash value of tangible property paid in other than cash, for
stock
so
Thai;
distilled spirits
no
produced
after
Act shall be imported into the United States from any
the
passage of this
foreign'
country, or
shares of the capital stock of the corporation, shall be included in invested
from
capital at
produced from products the growth of such islands, and not then intp any
a
value not to exceed the actual cash value at the time of siich pur¬
chase, and in
such stock;
case
of issue of stock therefor not to exceed the par value
of
(b) In the case of an individual, (1) actual cash paid into the trade pr
business, and (2) the actual cash value of tangible property paid Into the
or business, other than
cash, at the time of such payment (but in case
such tangible property was paid in prior to Jan, 1, 1914, the actual cash
value of such property as of Jan. 1, 1914), and (3) the actual cash value of
other
State
or
copyrights,
good will, trade marks,
trade brands,
intangible property, paid into the trade
or
franchises or
business, at the time of
such payment, if payment was made therefor
specifically as such in cash or
tangible property, not to exceed the actual cash
or
actual cash value of the
tangible property, bona fide, paid therefor at the time of such payment.
In the case of a foreign
corporation or partnership or of a nonresident
Indian
Territory
ture or sale of
•
trade
patents,
West
the
Islands recently
district of the United States in which the manufac¬
or
intoxicating liquor' is prohibited) or from Porto Rico, or the
Philippine Islands.
Under
Secretary of the Treasury
not
or
such rules,
may
(2)
use
Sec.
in the manufacture
as a
302.
regulations,
and
bonds as
the
prescribe, the provisions of this section shall
apply to distilled spirits imported for
for use
acquired from Denmark (unless
or
other than (1) beverage purposes
production of any article used or intended
beverage.
That
registered distilleries
at
producing
alcohol,
or
other
high-proof spirits, packages may be filled with such spirits reduced to not
less than 100 proof from the receiving
entered into bonded warehouse.
the receiving cisterns
to storage
cisterns and tax paid without being
Such spirits may also be transferred from
at such distilleries, by means of pipe lines, direct
tanks in the bonded warehouse and may be warehoused in such
alien individual the term "invested
storage tanks.
entire invested
general bonded warehouses for Storage therein, either in storage tanks in
income from
Sec. 208.
capital
sources
capital" means that proportion of the
defined and limited in this title, which the net
as
within the United States bears to the entire net income.
Tha^t in
Such spirits may be also transferred in tanks or tank cars to
such warehouses or in the tanks in
which they were transferred.
may
trol of the
sioner of Internal Revenue, with the
trade
a
same
no
ascertaining the invested capital of the trade
asset transferred
allowed
a
corporations, associations, partnerships,
persons,
of them, then, in
or
or
received from the prior trade or business
or any
business,
shall be
greater value than would have been allowed under this title in
computing the invested capital of such prior trade
had hot been
so
specifically
such, in cash
as
the actual cash
transferred
or
or
or
or
business if such asset
received, unless such asset
was
paid for
tangible property, and then not to exceed
actual cash value of the tangible property
paid therefor at
the time of such payment.
Sec. 209. That In the
capital
or not more
than
a
of
a
trade
or
business having no
invested
nominal capital there shall be levied, assessed,
collected and
paid in addition to the taxes under existing law and^ under
this Act, in lieu of the tax imposed by section 201, a tax
equivalent to 8%
of the net income of such trade or
business, in excess of the following de¬
ductions; In the
a
case of a
domestic corporation $3 $00, and in the case of
domestic partnership, or a citizen
or resident of the United States, $6,000,
business, no deduction.
the Treasury is unable ip any case
satisfactorily to determine the invested capital, the amount of the deduc¬
in the
case
of all other trade
or
Sec. 210. That if the Secretary of
house storage tanks to tanks or tank cars, and may be transported in such
tanks or tank cars to the
ury,
premises of rectifiers of spirits.
fe hereby empowered to prescribe all
to the
The Commis¬
approval of the Secretary of the Treas¬
necessary regulations relating
drawing off, transferring, gauging, storing and transporting of such
spirits; the records to be kept and returns to be made; the size and kind of
packages and tanks
io
be used; the marking, branding, numbering and
stamping of such packages and tanks; the kinds of stamps, if any, to be
used; and the time and manner of paying the tax; the kind of bond and the
penal
sum
of same.
The tax prescribed by law must be paid before such
spirits are removed from the distillery premises,
case
Such spirits
also be transferred after tax payment from receiving cisterns or ware¬
case of the reorganization, consolidation, or change of
or business after March 3. 1917, if an interest or
control in such trade or business of 50
per centum or more remains in con¬
ownership of
warehouse in the
case
or
from general bonded
of spirits transferred thereto, except as otherwise
provided by law.
Under such regulations as the Commissioner of Internal Revenue, with
the
approval of the Secretary of the Treasury, may prescribe, distilled
spirits may hereafter be drawn from receiving cisterns and deposited In
distillery warehouses without having affixed to the packages containing
the same
distillery warehouse stamps, and such packages, when so deposi¬
withdrawn therefrom on the original gauge where
ted in warehouse, may be
the
same
have remained in such warehouse for
thirty days from the date of deposit.
a
period not exceeding
Q«. 6
Commissioner of Internal Revenue shall deem proper,
Commissioner of Internal Revenue, with
Under such regulations m the
sioner of Internal Revenue, with the approval of the
the manu¬
facture, warehousing, withdrawal and shipment, under the provisions of
the existing law, of ethyl alcohol for other than (1) beverage purposes or (2)
use in the manufacture or production of any articles
used or intended for
use as a beverage, and denatured alcohol, may be exempted from the pro¬
Secrteary of the Treasury, may prescribe,
the approval of the
visions of section 3283 Revised Statutes of
turers of
under
the
provisions
3285,
section
of
States, to fill fermenting
of the United
Sec.
■
Sec.
law upon
a
Sec. 312.
imposed or imposed by this
be prescribed
than SI ,000
be liable to
a
$1.30
wine by the
if
general
house,
fermented
TITLE
bonded
Sec.
306.
the
That
'
proval of the Secretary of the Treasury,
.
Revenue, with the ap¬
is hereby authorized to require at
houses, and wherever else in his judgment
be deemed advisable, the installation of meters, tanks,
pipes,
or
may
any
and
revenue,
incident
labor
apparatus for
tanks,
other
such
shall
thereto
the purpose
of
protecting
the
and pipes and all necessary
at
the expense of the
person,
meters,
be
whose premises the installation
corporation, partnership, or association
corporation, partnership, or association on
is
required.
Any such
person,
neglecting to install such apparatus when so required by the
Commissioner shall not be permitted to conduct business on such premises.
refusing
Sec.
or
307.
That
on
of this Act there shall be
air beer, lager beer, ale, porter, and other similar
and
levied and collected on
after
the
passage
,
alcohol, brewed or manu¬
removed for consumption or
sale within the United States, by whatever name such liquors may be called,
in addition to the tax now imposed by law, a tax of $1 50 for every barrel
containing not more than thirty-one gallons, and at a like rate for any
other quantity or for the fractional parts of a barrel authorized and defined
fermented
liquOr, containing
A % or more of
factured and sold, or stored in warehouse, or
by law.
Sec.
308.
/
That from and
after
mented liquors may be conveyed
the
passage
of this
Act taxable fer¬
without payment of tax from the
where produced to a contiguous industrial distillery
established under the Act of Oct. 3 1913, to be used as
premises
class
material, and the
residue
from
A of 1% of alcohol by volume,
may
such
distillation, "containing
The romoval of the taxable
brewery
of either
distilling
less than
which is to be used in making beverages,
be manipulated by cooling, flavoring,
ing on the distillery premises or
carbonating, settling and filter¬
elsewhere.
fermented liquor from the brewery to
ths
the distillery and removal of the residue
therefrom shall be under the supervision of such officer or officers as the
distillery and the operation of
TAX ON CIGARS, TOBACCO
TURES
THEREOF.
That upon cigars and cigarettes,
AND MANUFAC¬
which shall be manufactured
for consumption or sale, there
shall be levied and col¬
imposed by existing law, the
following
importer thereof: (a) on cigars
of all descriptions made of tobacco, or any substitute therefor, and weigh¬
ing not more than three pounds per thousand,.25 cents per thousand; (b)
on cigars made of tobacco, or any substitute therefor, and weighing more
than three pounds per thousand, if manufactured or imported to retail at
4 cents or more each, and not more than 7 cents each, $1 per thousand; (c)
if manufactured or imported to retail at more than 7 cents each and not
more than 15 cents each, $3 per thousand; (d) if manufactured or imported
to retail at more than 15 cents each and not more than 20 cents each, $5
taxes, to be
distilleries, breweries, rectifying
such action
be
in the
paid by the manufacturer or
thousand; (e) if manufactured or imported to retail at more than 20
each, $7 per thousand; Provided, That the word "retail" as used
this section'Shall mean the ordinary retail price of a single cigar, and
per
'
•
Commissioner of Internal
400.
States by such vendor
provided in Section 503.
lected, in addition to the taxes now
.
.
as
IV.—WAR
and sold, or removed
special bonded rewarewarehouse, general bonded retransfer, transfer
export cigars, .export oleomargarine and export
liquor stamps.
manner
same
approval of the Secre¬
,
containers
pound.
packages.
'
acid gas in drums or other
collected, returned, and paid to the United
Sec.
.....
That upon all carbonic
there shall be levied, assessed, collected, and paid a tax of 5 cents per
Such tax shall be paid by the purchaser to the vendor thereof and shall
and bonds as
with the
special bonded warehouse,
brandy, export tobacco,
315.
Sec.
(intended for use in the manufacture or production of carbonated water
or other drinks) sold by the manufacturer, producer, or importer thereof,
authorized to discontinue the use of the following
whenever in his judgment, the interests of the Government will be
Distillery warehouse,
Upon all unfermented' grape
prescribe.
,
•
subserved thereby:
15
gallon a tax of 20 cents
.
>
j
juice, soft drinks or artificial mineral
(not carbonated), and fermented liquors containing less than onehalf per centum of alcohol,, sold by the manufacturer, producer, or. importer
thereof, in bottles or other closed containers, and upon all ginger ale, root
beer, sarsaparilla, pop, and other carbonated waters or beverages, manu¬
factured and sold by the manufacturer, producer, or importer of the car¬
bonic acid gas used in carbonating the same, a tax of 1 cent per gallon; and
(c) Upon all natural mineral waters or table waters sold by the pro¬
ducer, bottler, or importer thereof in bottles or other closed containers at
over 10 cents per gallon, a tax of 1 cent per gallon.
Sec. 314. That each such manufacturer, producer, bottler, or importer
shall make monthly returns under oath to the Collector of Internal Rev¬
enue for the district in which is located the principal place of business, con¬
taining such information necessary for the assessment of the tax, and at
such times and in such manner as the Commissioner of Internalltovenue,
with the approval of the Secretary of the Treasury, may by regulation
tary of the Treasury, is
stamps
cents per gallon;
than $4 per gallon, a tax of
gallon; and
(b)
of internal revenue
Internal Revenue, with the
than $3 per gallon, a tax of 10
gallon, and if so sold for more than $4 per
waters
shall not furnish
wholesale liquor dealers' stamps in lieu of and in exchange for stamps for
rectified spirits unless the package covered by stamp for rectified spirits
The Commissioner of
,
.
sold for more than $3 and not more
so
per
of the provisions of this section
is to be broken into smaller
.
more
cents per
spirits shall be carried on, and the tax on
bond given.
the
of fortifying such wines and not so
of this act.
than $2 and not more
more
nothing herein contained shall, how-
305." That hereafter collectors
Sec.
levied, assessed, collected,
gallon, a tax of 5 cents per gallon; if so sold for more than $1.30
than $2 per gallon, a tax of 8 cents per gallon; if so sold for
per
and not
misdemeanor and, upon conviction,
by assessment or on any
held for sale by the producer thereof
additional tax equivalent to 10 cents per proof gallon upon
paid upon all grape brandy or wine spirits
the passage
shali be deemed
shall be fined not more
or imprisoned not more than two years.
He shall, in addition,
double the tax evaded, together with the tax; to be collected
guilty of
That upon all sweet wines
the day this act is passed, there shall be
sweet wines for the purpose
by the Commissioner of Internal Revenue,
Any person violating any
addition to thetax therein imposed
collected and paid under the
withdrawn by a producer of
used prior to
,/
Sec. 313. That there shall be levied, assessed, collected, and paid—
(a) Upon all prepared syrups or extracts (intended for use in the manu¬
facture or production of beverages, commonly known as soft drinks, by
soda fountains, bottling establishments, and other Similar places) sold by
the manufacturer, producer, or importer thereof, if so sold for not more than
and
approval of the Secretary of the Treasury.
to be
be
purposes,'1 approved Sept. 8,1916, there shall
brandy or wipe spirits used in the fortification of such wine, and an
additional tax of 20 cents per proof gallon shall be levied, assessed, collected,
produced.
may
(c) of section 402 of the Act entitled "An Act to increase
grape
completed and the tax prescribed by
paid, under such rules, regulations
bonded warehouse
equal to double such tax to be assessed,
tax
and paid an
.
The business of a rectifier of
spirits withdrawn by a
provisions of existing law.
rectifier from using again in the process
rectified spirits shall be
...
,
levied, assessed, collected, and paid, in
of rectification
spirits already rectified and upon® which the tax has theretofore been paid.
The tax imposed by this section shall not attach to cordials or liquors on
which a tax is imposed and paid under the Act entitled "An Act to increase
the revenue and for other purposes," approved Sept. 8,1916, nor to the mix¬
ing and blending of wines, where such blending is for the sole purpose of
perfecting such wines according to commercial standards, nor to blends
made exclusively of two or more pure straight whiskies aged in wood for a
period not less than four years and without the addition of coloring or
flavoring matter or any other substance than pure water, and if not reduced
below 90 proof:
Provided, That such blended whiskies shall be exempt
from tax under this section only when compounded under the immediate
supervision of a revenue officer, in such tanks and under such conditions
and supervision as the Commissioner of Internal Revenue, with the ap; proval of the Secretary of the Treasury, may prescribe.
All distilled spirits taxable under this section shall be subject to uniform
regulations concerning the use thereof in the manufacture, blending, com¬
pounding, mixing, marking, branding and sale of whiskey and rectified
spirits, and no discrimination whatsoever shall be made by reason of a dif¬
ference in the character of the material from which same may have been
a
such section.
That upon all grape brandy or wine
the revenue, and for other
upon
increase in volume such spirits or
this" Act is
excess
under subdivision
shall be unlawful for the rectifier or other
addition of water or other substance;
311.
Sec.
redistillation of a pure spirit over juniper
Of rectification is
this seciton has been paid, it
prevent
imposed by
collected, and
section 309 upon which the
That upon, all articles specified in
producer of wines from any fruit distillery or special
shall be levied, assessed, collected, and paid a
apply to gin produced by the
shall
house,
consumption,
imposed by law has been paid and which are on the day
the tax imposed by
of such proof gallon on all distilled spirits or
dealer to reduce in proof or
artificial or imi¬
in or imported
of 25 gallons in the aggregate of such articles and
intended for sale, there shall be levied, collected, and paid a tax equal to
gallons hereinbefore provided.
berries and other aromatics.
now
passed, held in
each proof gallon and a proportionate tax at a
When the process
produced
wine,
as
such articles, a tax equal to such tax, to be levied,
Sec. 310.
tax
like rate on
wines here¬
after rectified, purified, or refined in such manner, and on all mixtures here¬
after produced in such manner, that the person so rectifying, purifying,
refining, or mixing the same is a rectifier within the meaning of section 3244,
Revised Statutes as amended and on all such articles in the possession of the
rectifier on the day this Act is passed: Provided, That this tax shall not
tax of 15 cents on
all fractional parts
sold
paid under the provisions of existing law.
That in addition to the tax now
304.
compounds
States, and hereafter removed from the custom
there shall be levied and collected, in addition to the tax now
Statutes
tubs in a sweet-mash ditillery not
paid, and
which, on the day this act is passed, are;held by a retailer in a quantity in
excess of 50 gallons in the aggregate, or by any other person, corporation,
partnership, or association in any quantity, and which are intended for sale,
there shall be levied, assessed, collected, and paid a tax of $1 10 (or, if intended for sale for beverage purposes or for use in the manufacture or pro¬
duction of any article used or intended for use as a beverage, a tax of $2 10)
on each proof gallon, and a proportionate tax at a like rate on all fractional
parts of such proof gallon: Provided that the tax on such distilled spirits
in the custody of a court of bankruptcy in insolvency proceedings on June 1
1917 shall be paid by the person to whom the court delivers such distilled
spirits at the time of such delivery, to the extent that the amouqt thus
Acton distilled spirits there
vermouth, and upon all
place of manufacture, or from bonded premises for sale or
be granted
which the tax now imposed by law has been
delivered exceeds the 50
or
into the United
distilled spirits produced in or imported into the
That upon all
Sec. 303.
That upon all still wines, including
wines
tation
oftener than once in 48 hours.
United States upon
309.
champagne and other sparkling wines, liqueurs, cordials,
Revised
time as
safeguard the
revenue.
the United States.
ethyl alcohol for other than beverage purposes may
permission
be necessary to give force and effect to this section and to
may
the Treasury, may prescribe, manufac¬
the approval of the Secretary of
and the Commis¬
Secretary of the Treas¬
is hereby authorized to make such regulations from time to
ury,
Commissioner of Internal Revenue, with
Under such regulations as the
1375
CHRONICLE
THE
1917.]
cents
in
that,the Commissioner
of Internal Revenue may, by
label indicating by letter
cigars therein
regulation, require
container a conspicu¬
under which the
which must correspond with
to affix to each box or
the manufacturer or importer
ous
the clause of this section
contained have been
tax-paid,
container; (f) on cigarettes made of to¬
bacco, or any suostitute therefor, made in or imported into the United
States, and weighing not more than three pounds per thousand, 80 cents
per. thousand; weighing more than three pounds per thousand, $1 20 per
the
tax-paid stamp on said box or
thousand.
(including small cigars weighing not
all the cigarettes and such
sells
or removes
five,
eight, ten, twelve, fifteen, sixteen, twenty, twenty-four, forty, fifty, eighty,
one hundred cigarettes each, and shall securely affix to each of said pack¬
ages or parcels a suitable stamp denoting the tax thereon and shall properly
cancel the same prior to such sale or removal for consumption or use under
such regulations as the Commissioner of Internal Revenue, with the ap¬
proval of the Secretary of the Treasury, shall prescribe; and all cigarettes
imported from a foreign country shall be packed, stamped, and the stamps
canceled in a like manner, in addition to the import stamp indicating in¬
spection of the Custom House before they are withdrawiji therefrom.
Sec. 401. That upon all tobacco and snuff hereafter manufactured and
sold, or removed for consumption or use, there shall be levied and collected,
in addition to the tax now imposed by law upon suqh articles, a tax of 5
cents per pound, to be levied, collected, and paid under the provisions of
existing law.
"*
4
Every manufacturer
more
than three
of cigarettes
pounds per thousand) shall put up
manufactures of has manufactured for him, and
for consumption or use, in packages or parcels containing
small cigars that he
or
-
In addition to the
packages provided for under
tured tobacco and snuff may
existing law, manufac¬
be put up and prepared by the
manufecturer
1376
for sale
THE
—-
CHRONICLE
consumption, in packages of the following description: Packages
or
(a)
containing one-eighth, three-eighths, five-eighths, seven-eighths, one and
one-eighth,
and three-eights,
one
one
eighths, and five ounces.
and five-eighths,
and
one
Life insurance: A tax equivalent to 8 cents on each $100
of insurance or other
Provided, that
*
this Act: provided, that after the
Provided
factured tobacco and snuff may be put up
tax
provided
now
for by law or in the packages provided for in sections 400 and 401.
Sec. 403.
That there shall also be levied
factured
tobacco and
cigars
cigarettes in
or
snuff in excess of
of
excess
and collected upon
hundred
one
thousand which
one
or
is called:
same
life is insured
a
$500, issued on the industrial or weekly payment plan of
Marine, inland, and fire insurance: A tax equivalent to 1 cent
fractional part
or
policy of insurance
upon
the
imposed by this subdivision;
(b)
manufactured
the
name
further, that policies of reinsurance shall be exempt from
each dollar
all manu¬
pounds,
were
whatever
by
insurance, the tax shall be 40% of the amount of the first weekly premium:
and before the expiration of the aforesaid thirty days, cigarettes and manu¬
in the packages
instrument
all policies for life insurance only by which
on
not in excess of
days
of this Act
passage
fractional
or
part thereof, of the amount for which any life is insured under any policy
seven-
That sections 400, 401 and 404 shall take effect thirty
Sec. 402.
after the passage of
[Vol. 105.
other instrument by whatever
or
on
thereof of the premium charged under each
the
name
same
is
called whereby insurance is made or renewed upon property of any descrip¬
or
imported, and removed from factory of Custom House prior to the passage
tion
(including rents
profits), whether against peril by
or
sea
inland
or
of this Act, bearing tax-paid stamps affixed to such articles for the payment
waters? or by fire or lightning, or other peril: Provided, that policies of
of the taxes thereon, and which are,
reinsurance shall be exempt from the tax imposed
the day after this Act is passed, held
on
and intended for sale by any person, corporation, partnership, or association
and upon all manufactured tobacco,
snuff, cigars
from factory or Customs House after the passage of this Act, but prior to the
sections upon such
Sec. 404.
association
*
That there shall be levied, assessed and collected upon
cigarette
into the
United
States
and
intended
for
more
than 25 but not
more
than 50 but not more than 100 papers,
more
by the smoker in
use
On each package, book
than 50 papers,
one-half of
or
the
burglary, automatic sprinkler, automobile,
(d) Policies issued by
100
from taxation under Title I of the Act entitled
"An Act to increase the revenue and for other purposes,"
approved Sept. 8
1916, shall be exempt from the taxes imposed by this section.
Sec.
That every person, corporation, partnership,
505.
issuing policies of insurance
of mechanical
motor
water of property
to another;
to
any
(b)
when in competition with carriers by rail
power
by freight consigned from
corporation,
partnership, or association, engaged
in
of such person,
or
shall
returns
the
of the
from one point in the United States to another:
express
Internal
Pro¬
water,
or
established
from
ada
one
by any form of mechanical motor power
line
United
in
when
competition
with
where
ticket
the
therefor
is
or
water,
sold;
including
not
tickets
to 10 per centum
for
trips
the
less
sold
on
rail
issued
or
paid
amount
than
thirty
for
miles,
in
a tax
for
equivalent
If
a
before this section
be collected from the person presenting the mileage book,
portation
or
accommodation, and the amount
the United States in such
or
so
collected shall be paid to
and at such times
manner
the Commissioner
as
Revenue, with the approval of the Secretary of the Treasury,
prescribe; if a ticket (other than a mileage book) is bought and partially
used before this section goes into effect it shall not be taxed,
bi#b if bought
but not
so
passage
until the tax has been paid and such payment evidenced
used
ticket in such
before this section takes effect,
manner
as
the Commissioner of Internal
the
on
Revenue, with the
may by regulation prescribe;
tax equivalent to 5 per centum of the amount paid for the transporta¬
tion of oil by pipe line;
(e)
a tax
radio, dispatch, message,
or
of 5 cents
upon
each telegraph, telephone,
conversation, which originates within the
United States, and for the transmission of which
is imposed:
Provided, That only
required, notwithstanding the lines
a
charge of 15 cents
one payment
stations of
or
dispatch,
message, or
or
one
or
more
persons,
conversation.
partnership,
association paying for the services
or
facilities rendered.
case
'
such carrier does not, because of its
transported,
or
or
.
ownership of the commodity
for any other reason, receive the amount which
as a
carrier
tax which would be
imposed
pay a tax equivalent to the
the transportation of such commodity
upon
if the carrier received
payment for such transportation: Provided, That
in case of a carrier which on
May 1 1917, had no rates or tariffs on file
with the proper Federal or State authority, the tax shall be
computed on
the basis of the rates or tariffs of other carriers for like services as ascer
tained and determined by the
vided further, That
as
imposing
Comfiiissioner
nothing in this
a tax
(a)
upon
of Internal Revenue:
Pro¬
the preceding section shall be
or
the transportation of
any
such and is intended to be
transportation of
constitutes
a
part of the
same
Sec.
502.
company
part of
a
so
used
material
or
has been
so
transported
used;
by
one
no
tax
carrier,
which
be"imposed
section
shall
be
evidence
in
such
under section 503 upon any
manner
as
the
Commissioner
of
Internal
Revenue, with the approval of the Secretary of the Treasury,
by regulation prescribe.
Sec. 503. That each person,
corporation, partnership, or association
receiving any payments referred to in section 500 shall collect the amount
may
of the tax, if any, imposed by such section from the
person, corporation,
partnership,
association making such payments, and shall make monthly
returns under oath, in duplicate, and
pay the taxes so collected and the
taxes
or
imposed upon it under paragraph 2 of section 501 to the collector of
internal
revenue
of the district in which the
business is located.
principal office
or
place of
Such returns shall contain such information, and be
made in such
manner, as the Commissioner of Internal Revenue, with the
approval of the Secretary of the Treasury, may by regualtion prescribe.
8ec. 504. That from and after the first
day of November 1917, there
shall be levied, assessed, collected and
paid the following taxes on the issu¬
ance of insurance policies:
tax
picture ready
a
equivalent to Yi cent per linear foot; and
(e)
Upon
Upon
(f)
article commonly
any
or
or
commercially known
as
jewelry,
or
importer
imitation, sold by the manufacturer, producer,
tax equivalent to 3% of the price for which so sold;
a
all tennis rackets, golf clubs,
baseball bats,
and
lacrosse sticks,
balls of all kinds, including baseballs, foot balls, tennis, golf, lacrosse, bil¬
liard and pool balls, fishing rods and reels,
billiard and pool tables, chess and
checker boards and pieces, dice, games and parts of games,
except playing
cards and children's toys and games, sold by the manufacturer,
producer
or
importer,
equivalent to 3 per centum of the price for which
a tax
and
■'
Upon all perfurires,
(g)
.v,
so
sold;
■:' !
.
extracts, toilet waters, cosmetics, petro¬
essences,
leum jellies, hair oils, pomades, hair dressings, hair restoratives, hair dyes,
tooth and mouth washes, dentifrices, tooth pastes, aromatic cachous,
toilet soaps and powders, or any
by whatsoever
are
used
known
name
similar substance, article, or preparation
distinguished,
or
applied or intended to be used
or
apd which
per centum
upon
or
sold by the manufacturer,
are
equivalent to 2
all of the above which
applied for toilet purposes,
importer,
of the price for which
so
or
medicinal
cordials
producer,
tax
a
sold; and
(h) Upon all pills, tablets, powders, tinctures, troches,
or
lozenges, syrups,
bitters, anodynes, tonics, plasters, liniments, salves,
or
ointments, pastes, drops, waters (except those taxed under section 313 of
compositions
or
whatsoever,
claims to haVe any
same, or
rriaking
preparing the
or
the
has
or
mended
the
to
remedies
of
which
which
are
letters patent,
or
prepared, uttered, vended,
trademark,
or
unpublished,
are
or
which,'if
held out
or
or
medicinal proprietary
articles
or
pre¬
or recom¬
public by, the makers, venders, or proprietors thereof
proprietary medicines,
as
producer
or
occult art for making or pre¬
or
claims to have any exclusive right or title to the
same, or
any
pared by any formula, published
or
manufacturer
private formula, secret
exposed for sale under
as
preparations,
or
specifics for any disease, diseases or affections Whatever
affecting the human
animal body, and which are sold by the manufac¬
or
turer, producer, or importer, a tax equivalent to 2 per centum of the price
for which so sold; and
(i) Upon all chewing
gum
or
substitute therefor sold by the manufac¬
turer, producer, or importer, a tax equivalent to
so
sold;
(j)
tax
all
cameras
sold by the manufacturer, producer,
601.
That each manufacturer, producer,
duplicate and
pay
the taxes imposed
the collector of internal
importer,
a
on
or
importer of
manner as
the Commissioner of Internal
Revenue, with the approval of the Secretary of the Treasury,
lations prescribe.
'
by regu¬
may
■
.
That upon all articles enumerated in subdivisions
(a), (b), (e),
(f), (g), (h), (i)
or
(j) of section 600, which
held and intended for sale
by
on
any person,
the day this Act
manufacturer, producer,
or
was
passed
corporation, partnership or
association other than (1) a retailer who is not also
collected
of the
for the district in which is located the
prin¬
Such returns shall contain such information and
be made at such times and in such
Sec. 602.
any
monthly returns under oath
such articles by this title to
revenue
cipal place of business.
are
or
equivalent to 3 per centum of the price for which so' sold.,
articles enumerated in section 600 shall make
in
2% of the price for which
and
Upon
Sec.
a
•'
,
shall
'
■
Upon all positive moving picture films (containing
thereof,
upon the
railroad system, for another carrier which is also
system.
That
(b)
or
payment received for services rendered to the United States, or any State,
Territory, or the District of Columbia.
The right to exemption under
this
'■
whether real
con¬
commodity
which is necessary for the use of the carrier in the conduct of its business
as
tax equivalent to 3% of the price for which so
a
paring the
.
w<puld otherwise charge, such carrier shall
strued
tax
a
this Act), essences, spirits, oils, and ail medicinal praparations, compounds,
Seq; 501. That the taxes imposed by section 500 shall be paid by the
person, corporation,
a
of such tax shall be
corporations, partnerships, or associations shall be used for the transmission
of such
(d)
it shall not be valid for
approval of the Secretary of the Treasury,
it
and
wagons,
importer,
or
for. projection) sold or leased by the manufacturer, producer, or importer,
paying the
of Internal
In
producer,
sold; and
so
and
foot; and
mileage book used for such
accommodation has been purchased
or
cash fare, by the conductor or other agent, when presented for such trans¬
more
manufacturer,
Upon all moving picture films (which have not been exposed) sold
by the manufacturer or importer a tax equivalent to A of 1 cent per linear
trans¬
takes effect, or if cash fare be paid, the tax imposed by this section Shall
or
the
producer, or importer,
the
commutation
or
of the amount paid for seats, berths, and staterooms in
parlor cars, sleeping cars, or on vessels.
transportation
a
by
(c)
by
portation the fare for which does not exceed 35 cents, and
(d)
sold
'
States,
season
may
,
instrument, piano-player,
graphophone, phonograph, or talking machine, sold by the manufacturer,
regular
to any point in Can¬
or
,
TAXES.
and records" used in connection with any musical
by
persons
the
Secretary
(b) Upon all piano-players, graphophones, phonographs, talking machines
a
carriers
point in the United States to another
Mexico,
or
or
of the amount paid for the transportation of
or
'
EXCISE
(a) Upon all automobiles, automobile trucks, automobile
motor-cycles
the total amount of the freight and tax be therein stated; (c) a tax equivalent
rail
VI.—WAR
Such
That there shall be levied, assessed, collected, and paid—
equivalent to 3% of the price for which
receipt, or other similar document, the amount of the tax herein levied, if
to 8 per centum
return
manner as
Revenue, with the approval of the
by regulation prescribe.
may
TITLE
bill of lading, freight
any
a
of Internal
corporation, partnership, or association is located.
of
Treasury,
Sec. 600.
vided, That nothing herein contained shall be construed to require the
collecting such tax to list separately in
days of each month, make
contain such information and be made in such
Commissioner
between fixed terminals, for the transportation of any package, parcel, or
carrier
is imposed by
Revenue of the district in which the principal office or place of business
business of transporting parcels or packages by express over regular routes
shipment by
association,
or
a tax
under oath, in duplicate, and pay such tax to the Collection
point in the United States
one
the issuance of which
upon
section 504, shall, within the first fifteen
per centum
by any form
or water or
tax of 1 cent for each 20 cents, or fraction thereof, paid
a
person,
equivalent to 3
corporation, partnership or association
any person,
whose income is exempt
fractional part thereof; and
by rail
other branch of insurance,
or
tax imposed by this subdivision;
containing
one cent;
UTILITIES AND INSURANCE.
a tax
workmen's
(except life insurance, and insurance described and taxed in the preceding
That from and after the 1st day of Nov. 1917, there shall be
of the amount paid for the transportation
liability,
subdivision): Provided that policies of reinsurance shall be exempt from the
TITLE V.—WAR TAX ON FACILITIES FURNISHED BY PUBLIC
levied, assessed, collected, and paid (a)
of employers'
making
upon tubes, 2 cents for each 100 tubes or fractional part thereof.
Sec. 500.
business
set, containing
lcent; containing more than
papers 1 cent for each one hundred papers or
transacting
compensation, accident, health, tornado, plate glass, steam boiler, elevator,
paper made up into packages, books, sets, or tubes, made up in or imported
cigarettes the following taxes:
liability
or
(except bonds taxable under subdivision two of schedule A of Title VIII)
or executed or renewed by any person, corporation, partnership, or
issued
imposed by such
articles.
obligation of the nature of indemnity for loss, damage,
ance or
time when the tax imposed by section 400 or section 401 upon such articles
takes effect, an additional tax equal to one-half the tax
by this subdivision.
(c) Casualty insurance: A tax equivalent to 1 cent on each dollar or
fractional part thereof of the premium charged under each policy of insur¬
cigarettes Removed
or
a
wholesaler
or
(2) the
importer thereof, there shall be levied, assessed,
and paid a tax equivalent to one-half the tax
imposed by
such subdivision upon the sale of the articles therein
tax shall be
paid by the
enumerated.
each
This
person, corporation, partnership or association so
holding such articles.
The taxes
in the
same
taxes upon
paid..
.
-
imposed by this section shall be assessed, collected, and paid
provided in section 1002 in the case of additional
manner "as
articles
upon
which the tax imposed by existing law has been
'
Oct. 6
CHRONICLE
THE
1917.]
(d)
Nothing in this section shall be construed to impose a tax upon articles
sold and delivered prior to May 9 1917
vendor
Sec. 603.
That
the day this Act takes effect,
on
Makes
and thereafter
of not
July 1
on
Sec. 803.
(a)
and sailing boats, of over five net tons, and motor
to
exclusively for trade
boats,
of
power
five
over
length
boats,
boats,
fifty feet and not over one hundred
hundred feet, $2 for each foot; motor boats of not
over
of any stamp,
boats
fixed engines, and sailing boats,
with
shall
length
In the case of
(c)
a new
boat
on
number of twelfths of the amount of the tax as the number of calendar
the month of sale,. remaining prior
months, including
July 1st.
£'
That from and after the first day of November,
700.
thereof of the amount
fraction
or
including admission by season ticket
paid,
(d)
the tax
1917, there
children
under twelve
of age) admitted free to
years
when and under circumstances under which
to other persons
of the same class,
place at
to such other
1 cent for each 10 cents
tax of
for
persons
the
same
or
the persons so admitted; and (c)
public performance for profit at any cabaret
any
be
to
computed under rules prescribed
missioner of Internal Revenue,
use
to be
with the approval of the Secretary of the
merchandise.
or
In the
of persons having
case
of boxes or seats In an opera house or any
lease for the
of such box
use
ment there shall be
or seat
or
for
the lessee
or
holder.
or
seat is used or reserved
by
or
members of the association
The term "admission"
conducting the
same.
*»
used In this title includes seats and
as
•
made therefor.
'
.
That from
701.
be
paid
as
fees
or
in
are
excess
paying such dues
of $12 a year,
fees.
or
1917, there
tax equivalent to
a
10 per
dues or membership fees (including initiation
fees) to any social, athletic or sporting club
dues
such
organization where such
or
be paid by the person
taxes to
Provided, That there shall be exempted from
the provisions of this section all amounts paid as dues or feds to a fraternal
beneficiary society, order, or association, operating under the lodge system
or for the exclusive benefit of the members Of a fraternity itself
operating
under the lodge system, and
dent,
or
or
702.
That
(a) receiving
the
providing for the payment of life, sick, acci¬
other benefits to the members of such society, order
their dependents.
Sec.
taxes
of the
amount
to
or
association:
payments for such admission, dues or fees, shall collect
any
which
tax
a
imposed
by
section 700
or
any person
701
from the person
free to any place for
charge is made shall collect the amount of the tax
imposed by section 700 from the
in
under
person so
Sec. 800.
That
be levied,
on
admitted; and (c) in either
or
STAMP
are
revenue
for and in respect of the several bonds,
which such instruments, matters,
printed,
or
by
any
person,
of the vellum, parchment,
or
consigned,
or
same are
or paper
of them,
or any
partnership,
or
are
writ¬
association
consigns? or ships the
same, or
made, signed, issued, sold, removed,
shipped, the several taxes specified in such schedule.
That there shall not be taxed under this title any bond, note
Sec. 801.
or
benefit the
use or
things,
corporation,
who makes, signs, issues, sells, removes,
for whose
other instrument, issued by the United States, or by any foreign Govern¬
ment,
or
by
State, Territory,
any
or
the District of Columbia,
or
local
subdivision thereof, or municipal or other corporation exercising the taxing
power,
when issued in the exercise of
municipal function;
or
stocks and
and loan associations which
are
a
strictly governmental, taxing,
bonds
issued
or
by co-operative building
Sec. 802.
(a)
or
irrigating companies.
or
That
accepted,
any
or
.
Consigns
accepts, or
instrument, document,
or
ships,
be made, signed, issued
causes to
or paper
of any kind
or causes to be
consigned
or
post any parcel, package, or article without the full
duly
paid;
or
descrip¬
shipped,
Internal
a
part of this title, so far as ap¬
document,
paper,
writing, parcel, package,
herein,
Revenue shall furnish to
General
without
the United States.
prepayment
a
suitable quantity of ad¬
to and kept on sale by the various post¬
The Postmaster General may require each
such postmaster to give additional or increased bond
as postmaster for the
furnished, and each such postmaster shall deposit
the receipts from the sale of such stamps to the credit of arid render accounts
value of the stamps so
to the
Postmaster General at such
regulations prescribe,
collections.
he may
once
by
monthly
That the collectors of the several districts shall furnish without
prepayment
United
as
to. the Treasury as internal-revenue
source
.
.
Sec. 807.
times and in such form
The Postmaster General shall at least
transfer all collections from this
to
States
any
assistant
located
In
treasurer
their
or
designated depositary
respective collection
districts
a
of the
suitable
quantity of adhesive stamps for sale.
In such cases the collector may
require a bond, with sufficient sureties, to an amount equal to the value of
adhesive
whenever
the
on
so
stamps
furnished,
so
conditioned
required, of all quantities
hand.
he
may
the
faithful
may
return,
undisposed of and for
or amounts sold or
The Secretary of the Treasury
as
for
or amounts
payment monthly of all quantities
regulations
not
remaining
from time to time make such
find necessary to insure the safekeeping
or prevent
the illegal use of all such adhesive stamps.
Schedule A.—Stamp Taxes.
Bonds of indebtedness:
issued
on
fraction thereof,
be taxed
shall
Bonds, debentures,
and after the
partnership,
5 cents:
as
a
new
or
1st
or
certificates of Indebted¬
day of December 1917, by any person,
on each $100 of face value or
association,
Provided, That every renewal of the foregoing
Provided further, That when a bond con¬
issue:
ditioned for the repayment or payment of money is given in a
penal sum
greater
secured.
than the debt secured the tax shall be based upon the amount
""
.
2.
Bonds, indemnity, and surety: Bonds for indemnifying any person,
corporation, partnership or corporation who shall have become bound or en¬
gaged
as surety,
contract,
and all bonds for the due executioner performance of any
or requirement, or the duties of any office or position,
obligation,
and to account for money received by virtue thereof and all other bonds of
any
description, except such
as
may
be required in legal proceedings, not
otherwise provided for in this schedule, 50 cents; Provided, that where
mium is charged for the execution of such bond, the tax shall
the rate of 1
per centum
on
each dollar
or
a
pre¬
be paid at
fractional part thereof of the
premium charged: Provided further, that policies of reinsurance shall be
the tax imposed by this subdivision.
exempt from
3.
or
Capital stock, issue: On each original issue, whether on organization
reorganization, of certificates of stock by any association, company, or
be 5 cents per share, unless the actual value in is
In which
amount of tax
being
package, or other article without the full amount of tax.being duly.paid;^
the tax shall be 5 cents
The stamps
on
excess
of $100 per share,
each $100 of actual value
or
fraction
representing the tax imposed by this subdivision shall be
attached to the stock books and not to the certificates issued.
<
Manufactures or imports and sells, or offers for sale, or causes,to be
manufactured or imported and sold, or offered for sale, any playing cards,
case
thereof.
by parcel
(c)
of
or fraction thereof, 5 cents:
Pro¬
vided, That where capital stock is issued without face value, the tax shall
/
tion whatsoever without the full amount of tax thereon being duly
paid;
(b)
Commissioner
the
corporation, on each $100 of face value
whoever—
Makes, signs, issues,
by
That the Commissioner of Internal
Postmaster
masters in
organized and operated exclusively for the
benefit of their members and make loans only to their shareholders, or
by
mutual ditch
speedily
laws relating to the assessment and collection of
hereby extended to and made
corporation,
certificates of stock and of indebtedness, and other docu¬
ule A of this title, or for or in respect
upon
of the stamps pro¬
1918, except as to imprinted stamps
authorized
hesive stamps to be distributed
1.
TAXES.
ments, instruments', matters and things mentioned and described in Sched¬
ten
any
case
and after the first day of December, 1917, there shall
collected, and paid,
debentures,
in addition to the
a
Sec. 806.
ness
VIII.—WAR
TITLE
is authorized to procure
,
contract,
article named
or
provided in section 503 of this Act.
same manner as
or
he may deem expedient.
this title by contract whenever such stamps cannot be
shall make returns and payments of the amounts so collected, at the same
time and in the
be affixed, and shall prescribe such method
as
fraud from any instrument,
or
the
corporation, partnership,
making such payments; or (b) admitting
Admission
association
or
..
person,
every
cause
the document, articles, or
on
.
and after the first day of November,
levied, assessed, collected and paid,
centum of any amount
same may
the tax
plicable, for the purpose of collecting stamp taxes omitted through mistake
y
the
re¬
,
Sec.
shall
deem expedient.
(a) That the Commissioner of Internal Revenue shall
•
tables,
otherwise, and other similar accommodations, and the charges
or
any
prescribe such other method for the cancellation of such
may
(c) All internal
cultural fairs, hone of the profits of which are distributed to stockholders
or
denoting
hereinafter provided, the person, cor¬
as
Revenue.
No tax shall be levied under this title in respect to any admissions all the
served
a
than five
more
The Commissioner of Internal Revenue, with the approval of the
furnished
10 cents) within outdoor general amusement parks, or in the
proceeds of which inure exclusively to the benefit of religious, educational,
or charitable institutions, societies, or organizations, or admissions to
agri¬
be punished by
imprisonment for not
expire on the first day of January
of
of admissions to such parks.
case
parchment,
prepared by the Bureau of Engraving and Printing; but this authority shall
shows, rides, and other amusements (the maximum charge for admission
to which is
vellum,
not again be used: Provided, That the Commissioner of Internal
provided in this title,
vided for
for
case
any
and the vellum, parchment, document, paper, pack¬
Secretary of the Treasury
These taxes shall not be imposed in the Case of a place
the maximum charge for admission to which is 5 cents, or in the
from
article,
affixing of said stamps in substitution for
the
(b)
levied, assessed, collected, and paid a tax equivalent to
exhibition at which the box
or
prepared and distributed for the payment of the taxes prescribed in
■method
10 per centum of the amount for which a similar box or seat is sold for per¬
or
in possession any washed, restored, or
removed
v
things to which the
a
in such opera house, or place of amuse-'
formance
-
(the burden of proof of such
excuse
package
this title suitable stamps, denoting
the permanent
place of amusement
has
restoreo^tamp
the same;
uses
the
willfully
or
\
.
may
Sec, 805.
by the Com¬
Treasury, such tax to be paid by the person paying for such refreshment,
service,
writing,
or
That whenever an adhesive stamp is used for
stamps as he
the price paid for refreshment, service, or merchandise; the amount paid
admission
use, or cause
knowingly
and the date upon which the same is attached or used, so that the
name
Revenue
tainment to which the charge for admission is wholly or in part included in
for such
knowingly
imposed by this title, except
same may
other similar enter¬
or
or
stamp or cause to be written or stamped thereupon the initials of his or
its
fraction thereof paid for admission to
or
the impres¬
poration, partnership, or association, using or affixing the same shall write
or
accommodations to be paid by
similar
a
States.
Sec. 804.
tax
fraction
or
intent to
already used,
than $1,000 or by
more
or
other article;
or
article upon which it is placed or impressed shall be forfeited to the
United
time
a
die, plate,
gives away, any such washed
or
which has been
counterfeit stamp
age; or
business, and
of 1 cent for each 10 cents
a tax
thereof of the price so charged
any
counterfeit stamp,
both/in the discretion of the court, anil any such re-used, canceled
years, or
admission charge is made
an
which
upon
alters the cancellation; or defacing marks of, or
the accused)
on
stamp,
instrument,
fine of not
or
official
on
or
Is guilty of a misdemeanor, and upon conviction shall
per¬
children is made, shall in every case be 1 cent; and (b) in the case of persons
(except bona fide employees, municipal officers
forged
any
removes, or
admission of
where an admission charge for such
age
being
altered
to any place,
on
vellum,
or upon any
article,
parchment, paper, instrument, writing,
Knowingly and without lawful
excuse
paid by the
or
Provide^^mht
paying for such admission:
children under twelve years of
son
Willfully
paper,
forj^^^sion
or
other article, which has been cut, torn, or
or
(3)
to any person for Use, or
*
shall be levied, assessed, collected, and paid (a) a tax of 1 cent for each 10
cents
tax is
which any
article, upon which any tax is imposed by this title; or (2) any
or
buys, sells, offers for sale,
TITLE VII.—WAR TAX ON ADMISSIONS AND DUES.
Sec.
die, plate,
same to be used, after it has been
following
'
■
■
the
to
places to, with,
or
otherwise prepares, any adhesive stamp, with
other date than July 1st, the amount to be paid shall be the
any
joins, fixes,
instrument, writing, package,
sion of any forged or counterfeited stamp,
same
upon
.
of insufficient value; or
of
•
imposed at the time of the original purchase of
tax
a
the measurement
govern.
article,
or
adhesive stamp or the impression of any stamp, die, plate, or other article
boats,
power
^
uses,
removed from any other vellum,
five
package,
the length of such yachts, pleasure boats,
package
^
♦
from any vellum. parchment,
or removes
is imposed by this title, (1) any adhesive stamp, or the impression
any tax
with fixed engines, $5.
over-all
Fraudulently
parchment, paper,
feet, $1 for each foot,
In determining
•
(b)
50 cents for each foot,
over one
net tons
motor
boats with fixed engines, and sailing
motor
"
■
instrument, writing,
title;
follows: Yachts, pleasure
tons, length not over fifty feet,
net
over
length
each yacht or boat, at rates as
on
Section 804;
thereof shall pay a fine
imposed by this title, any adhesive stamp or the impression of any stamp,
die, plate, or other article provided, made, or used in pursuance of this
built according
plans and specifications approved by the Navy Department, an excise
tax to be based
That whoever—
Fraudulently cuts, tears,
paper,
boats with fixed engines,
national defense, or not
or
imposed by this
than $100 for each offense.
more
if op any other date than July 1st, there shall be levied, assessed,
collected, and paid, upon the use of yachts, pleasure boats, power boats,
user,
not used
adhesive stamp to denote any tax
an
Is guilty of a misdemeanor and upon conviction
in each year, and also at the time of the original purchase of a new boat by
a
of
use
title without canceling or obliterating such stamp as prescribed In
where the title is reserved in the
security for the payment of the purchase money.
as
1377
4.
or
Capital stock, sales
memoranda of sales
or
or
transfers:
4
On all sales, or agreements to
sell,
deliveries of, or transfers of legal title to shares
or certificates of stock in any association,
company, or corporation, whether
made upon or shown by the books of the association,
company, or corpora-
tlon,
not,
or
2
such
cents
In
$100
value
transfer
the
or1
thereof
is
par
of such
2
sell
not
actually sold,
nor upon
such stock certificates so deposited:
to a broker for sale, nor upon
tomer for whom and upon
deliveries
deliveries
or
(a)
by
a
upon
the transfer of each net estate of every decedent dying after
of this Act, the transfer of which is taxable under such section
as provided in Title II of
(the value of such net estate to be determined
such Act of Sept. 8 1916):
One-half of 1 per centum of the amount of
certificate setting forth
of
One per centum of the amount by which such net estate
transfer Is shown only by the books of the company the stamp shall be placed
and does not exceed
such books; and where the change of ownership is by transfer of the
upon
certificate the stamp shall be placed upon the certificate; and in cases
One
of an
and does
buyer a bill or memorandum of such sale, to which the stamp shall be
exceeds
mentioned shall show the date thereof, the name of the seller, the amount
and the matter or thing to which it refers.
the tax
pay
such sale, or who shall in pursuance of any
ariy stock
evidence of the sale of
or
evade the foregoing
provisions shall be deemed guilty of
a
misdemeanor,
exceeds
covered by
or
any
board of trade, or other
for each additional $100 or fractional part thereof jn excess
aforesaid there shall be made and delivered by the
a
Sec.
901.
That
bill,
received
of the
association, and such transfer shall not be deemed to be
a
tax
exceeds
estate
imposed by this title shall not apply to the
decedent dying while serving in the military
disease contracted in such service,
or
war
Provided further,
within
one
For the purposes of this section
war.
shall be evidenced
after the
year
the termination
by the proclamation of the President.
TITLE X.—ADMINISTRATIVE PROVISIONS,
Sec. 1000.
by this subdivision; may transfer such contracts to a clearing house cor¬
or
by which such net
$10,000,000; and
!
,
the
termination of such
agreement to sell, to which there shall be affixed a lawful stamp or stamps
poration
amount
naval forces of the United States, during the continuance of the war in
which the United States is now engaged, or if death results from injuries
That sellers of commodities described herein, having paid the, tax provided
or
the
or
memorandum, agreement, or other evidence of such sale, agreement of sale,
In value equal to the amount of the tax on such sale:
of
not exceed
'
000,000.
of $100, 2 cents:
seller to the buyer
centum
per
transfer of the net estate of any
Provided, That on every sale pr agreement of sale or agreement to sell as
or
not exceed $5,000,000;
Ten per centum of the amount by which such net estate exceeds $10,-
of sale or agreement to sell, 2 cents, and
or agreement
by which such net estate exceeds $3,000,-
000 and does not exceed $8,000,000;
$8,000,000 and does
for future delivery, for each $100 In value pf the merchandise
said sale
$4,000,000 and does
Seven
products or merchandise at any exchange,
similar place,
exceeds
estate
Five per centum of the amount by which such net estate exceeds $5,000,-
Upon each sale, agreement of sale, or
including so-called transferred or scratch sales,
sell,
agreement to
fcet
Four and one-half per centum of the amount by which such net estat©
*
"
•
Produce, sales of, on exchange:
such
$2,000,000 and does not exceed $3,000,000:
Four per centum of the amount
imprisoned not more than six months, or both, at the discretion of the
5.
by which such net estate
000 and does not exceed $4,000,000;
conviction thereof, shall pay a fine of not exceeding $1,000, or be
court.
$450,000;
$450,000 and does not exceed $1,000,000;
exceeds
such sale deliver any stock or
bill or memorandum thereof, as herein
required, without having the proper stamps affixed thereto with intent to
and upon
'
by which such net estate exceeds $250,000
Three and one-half per centum of the amount by which such net estate
broker for such person or persons who shall make any
matter as agent or
exceed
Three per centum of the amount by which
$1,000,000. and does not exceed $2,000,000;
Any person or
herein provided/or any one who acts in the
as
of the amount by which such net estat©
Two and one-half per centum of the amount
affixed; and every bill or memorandum of sale or agreement to sell before
liable to
not
exceeds $50,000
$150,000;
one-half per centum
Two per centum of the amount
assigned in blank there shall be made and delivered by the seller to the
persons
and
exceeds $150,000 and does, not exceed $250,000;
agreement to sell or where the transfer is by delivery of the certificate
of the sale,
such net estate not In excess
$50,000;
Provided further, That in case of sale where the evidence of
the facts:
amended—+
the passage
whose order he has purchased same, but such
deliveries or transfers shall be accompanied
as
A tax equal to the following percentages of its value is hereby im¬
posed
Pro¬
transfers
transfers by a broker to a cus¬
or
ESTATE TAX.
That in addition to the tax imposed by section 201 of the Act
Sept. 8 1916,
impose a tax upon an agreement evidencing a deposit of stock certificates
as collateral security for money loaned thereon, which stock certificates
vided further, That the tax shall not be imposed upon
stamps
or
entitled "An Act to increase the revenue, and for other purposes", approved
value
are
shall be transported until a stamp
IX.—WAR
TITLE
Sec. 900.
share, in which case the tax shall be 2 cents on each $100 of actual
or fraction thereof:
Provided, That It is not Intended by this title to
per
..
No such parcel or package
of $100
excess
or
such transportation, to be paid by th©
h
representing the tax due shall have been affixed thereto.
the
to
'•
consignor.-
thereof,
value,
agreement
in
fractional part thereof charged for
sale,
or
benefit
fraction
or
sale
or
transfer
without
are
value
actual
Of
to
manner
face
of stock
the
the
evidence
any
of
shares
on
unless
share,
each
on
be
shall
tax
each
on
where
and
other
or
holder
the
entitling
whether
cents,
memorandum
or
[Vol. 105.
postage amounts to 25 cents or more, a tax of 1 cent for each 25 cents
by any assignment in blank, or by any delivery, or by any paper or
or
agreement
stock
CHRONICLE
THE
1378
States,
sale,
That there shall be levied, collected, and paid .in
the United
articles coming into the United States from the West Indian
upon
Islands acquired from
agreement of sale, or an agreement to sell within the provisions of this
Act, provided that such transfer shall not vest any beneficial interest in
Denmark, a tax equal to the internal-revenue tax
imposed in the United States upon like articles of domestic manufacture;
such clearing house association but shall be made for the sole purpose.of
such articles
enabling such clearing house association to ad just and balance the accounts
from the payment of any tax
imposed by the internal-revenue laws of said
islands: Provided, That there shall be levied,
of the members of said clearing house association on their several contracts.
collected, and paid in said
islands, upon articles imported from the United States, a tax equal to the
And every such bill, memorandum, or other evidence of sale or agreement
to sell shall show the date thereof, the name of the seller, the amount of the
sale, and the matter or thing to which it refers
shipped from said islands to the United States shall be exempt
internal-revenue tax imposed in said islands upon like articles there manu¬
factured; and such articles going into said islands from the United States
and any person or persons
liable to pay the tax as herein provided, or anyone who acts in the matter as
shall be exempt from payment of any tax
imposed by
agent or broker for such person or persons, who shall make any such sale
laws of the United States.
or
Sec. 1001.
agreement of sale, or agreement to sell, or who shall, in pursuance of any
administrative, special, or stamp provisions of law,
including the law relating to the assessment of taxes, so, far as applicable,
such sale, agreement of sale, or agreement to sell, deliver any such products
or
merchandise without a bill, memorandum,, or other evidence thereof as
herein
required,
who shall deliver such
or
bill,
memorandum,
corporation, partnership,
evidence of sale, or agreement to sell, without having the proper stamps
affixed
thereto, with
intent
to
evade
deemed guilty of a misdemeanor,
the
shall
foregoing provisions,
or
or
bill, 'memorandum, agreement,
no
or
agreement of sale, or agreement to sell, in
merchandise for immediate
or
other evidence of such sale,
case
of cash sales of products
prompt delivery which in good faith are
actually intended to be delivered shall be subject to this tax.
Drafts
6.
the Commissioner of Internal Revenue, with the approval of the Secre-
as
-
tary of the Treasury, may from time to time prescribe.
Sec. 1002. That where additional taxes are
imposed by
this Act upon
commodities, upon which the tax imposed by existing law has
the person, corporation, partnership/ or association required
by this Act to pay the tax shall, within thirty days after its passage,
articles
been
or
paid,
under oath
In such form and
under such regulations as
payable otherwise than at sight or op demand,
promissory notes, except bank notes issued for circulation, and for each
Commissioner of Internal Revenue with the
approval
renewal of the same, for a sum not exceeding
be extended to
or
additional $100 or fractional part thereof,
7.
Deed,
Conveyance:
instrument,
or
tenements, or other realty sold shall be
tion
any
or
value of the interest
or
whereby
writing,
any
lands,
rchaser or purchasers, or any
their11 direction,
when the considera¬
property conveyed, exclusive of the value of
lien or encumbrance remaining thereon at the time of sale,' exceeds $100
and does not exceed
tional part
$50Q, 50 cents; and for each additional $500
thereof, 50 cents:
paragraph shall be
writing given to secure
8.
Entry of any goods, wares,
either for consumption
impose
debt.
a
or
or
frac¬
Provided, That nothing contained in this
so construed as to
the Treasury shall
prescribe.
a tax upon any
instrument
or
merchandise at any Custom House,
Payment of the tax shown to be due may
date not exceeding seven months from the passage of this
a
bond for payment in such form and amount and
such sureties as the Commissioner of Internal Revenue, with the
approval of the Secretary of the Treasury, may prescribe.
Sec. 1003. That
in
all cases where the method of collecting the tax
imposed by this Act is not specifically provided, the tax shall be collected
such
in
proval
manner
of
the
the
as
Commissioner of Internal
Secretary of the Treasury,
VIII, of, this Act, in
able, Shall apply to the collection of
any
Internal
Revenue determines
the
or
scribed
That
whoever
regulations
or
made
or
under
authority
to account for and pay over any such tax,
in value, $1.
; -
.
■
or
merchandise from customs
10.
Passage ticket,
one
within
thereof
attempts to evade any tax imposed by this Act
not more
than $1,000, or to
or
the
trip, for each passenger, sold or
'
time
fails to collect
shall be subject to
imprisonment for not
double, the tax evaded,
a
than
more
both, at the discretion of the court, and in addition thereto
way or round
issued in the United States for passage by
any vessel to a port or place not
in the United States, Canada, or
applic¬
pre¬
who makes any false or fraudulent return, and whoever evades
$500
Entry for the withdrawal of any goods
adminis¬
All
so far as
tax which the Commissioner of
fails to make any returns required by this Act
or
9.
with the ap¬
prescribes shall be paid by stamp.
cents; exceeding $100 and not exceeding $500 in value, 50 cents; exceeding
bonded warehouse, 50 cents.
Revenue,
prescribe.
may
trative and penalty provisions of Title
Sec. 1004.
warehousing, pot exceeding $100 in value, 25
the
of the Secretary of
with
'
or
a
Act, upon the filing of
granted, assigned, transferred, or
otherwise conveyed to, or vested in, the p
other person or persons, by his, her, or
$100, 2 cents; and for each
2 cents.
person,
every
or
make return
checks
part of this Act, and
a
association liable to any tax imposed by this
or
for the collection thereof, shall keep such records and render, under
oath, such statements and returns, and shall comply with such regulations
be
both, at the discretion of the court.
That
or
Act,
and upon conviction thereof shall pay a
fine of not exceeding $1,000, or be.imprisoned not more than six months,
hereby extended to and made
are,
other
or
the internal-revenue
?r;-
That all
or
truly
penalty of
one year, or
penalty of
a
not collected, or accounted for and paid over,
or
to be assessed and collected in the
same
manner
as
taxes are assessed and
Mexico, if costing not exceeding $30, $1;
costing more than $30 and not exceeding $60, $3; costing more than $60,$5;
Provided, That such passage tickets, costing $10 or less, shall be exempt
collected, in
from taxation.
proval of the Secretary of the Treasury, is hereby authorized to make all
11.
Proxy for voting at any election for officers,
action
of
business,
of any incorporated
religious, educational,
or
company
charitable, fraternal,
or
meeting for the trans¬
or
association,
except
literary societies, or public
cemeteries, 10 cents.
in behalf of the grantor, which
grantee, 25 cents:
papers necessary
States
authority is not otherwise vested in the
Provided, That no stamps shall be required upon any
to be used for the collection of claims from the United
from any State for pensions, back
pay, bounty, or for property
lost in the military or naval service or
upon powers of attorney required in
or
'
bankruptcy cases.
13.
more
Playing cards:
than
Sec. 1005.
That
the
which the punishment is not otherwise specifically
Commissioner of
Internal
Upon
every pack
fifty-four cards, manufactured
.
'
Sec. 1006.
That
where
the rate of tax imposed by this Act,
payable by
over
collectors' offices and
in the Bureau of Internal
on
hand in the
Revenue may continue to
be used until
the supply on hand is exhausted, but shall be sold and ac¬
counted for at the rates provided by this Act and assessment shall be made
against
on
manufacturers
and
other taxpayers having such stamps on
the day this Act takes effect for the difference between the amount
for such stamps and the tax due at the rates
provided by this Act.
Sec. 1007. That
(a) if any person,
cards containing not
imported and sold,
or
removed
ciation has prior to
May 9 1917 made
for the Sale, after the tax takes
for consumption or sale, after the
passage of this Act, a tax of 5 cents per
picture films, such
pack in addition to the tax imposed under existing law.
14. Parcel post packages: Upon
every parcel or package transported
from one point in the United States to another
by parcel post on which the
sale
or
VI,
or
previously existing rates, stamps
corporation, partnership, or
of playing
or
Revenue, with the ap¬
needful rules and regulations for the enforcement of the provisions of this
Act.
stamps, is an increase
Power of attorney granting
authority to do or perform some act for
12.
or
any case in
provided.
effect, of
a contract with a
a
bona fide contract with
any article (or in
dealer, exchange,
the
or
case
a
hand
paid
asso¬
dealer
of moving
exhibitor, for the
lease thereof) upon which a tax is imposed under Title III, IV, or
under subdivision 13 of Schedule A of Title VIII, or under this
Section; and (b) if such contract does not permit the adding of the whole
Oct. 6
THE
1917.]
of such tax to the amount to
be paid under
permitted to be added to the
not so
such contract, then the vendee
vendor or lessor, pay so
lessee shall, In lieu of the
or
paid to the vendor or lessor at
much of such tax as
contract price.
payable by the vendee or lessee
The taxes
under this section shall be
lease is consummated,
the time the sale or
United States by such vendor or
lessor in the same manner as provided in section 503.
The term "dealer" as used in this section includes a vendee who pur¬
chases any article with intent to use it in the manufacture or production
returned and paid to the
and collected,
intended for sale.
of another article
Sec. 1008.
of any tax under this Act not
the payment
in
That
payable
of a cent shall be disregarded unless it amounts
more, in which case it shall be increased to one cent.
the Secretary of the Treasury, under rules and regula¬
pound or fraction thereof on
1919, and on and after July 1 1919
lii cents a pound or fraction thereof.
The publishers of such newspapers
or periodicals before being entitled to the foregoing rates shall furnish to
the Postmaster-General, at such times and under such conditions as he may
the
Sec.
That
1009.
prescribed by him, shall
tions
permit taxpayers liable to income
and excess
payments in advance in installments or in whole of
excess of the estimated taxes which will be due from them,
profits taxes to make
an
amount not in
and
upon
excess
when
due any amount paid in
collected: Provided that
one-fourth of such estimated
before the expiration of thirty days after the close of the
least an additional one-fourth within two months after
determination of the taxes actually
as taxes erroneously
shall be refunded
payment is made
tax shall be
paid
taxable year, at
in installments at least
additional one-fourth within four
months after the close of the taxable year, and the remainder of the tax
due on or before the time now fixed by law for such payment: Provided
further, that the Secretary of the Treasury, under rules and regulations
prescribed by him, may allow credit against such taxes so paid in advance
of an amount not exceeding 3 per centum per annum calculated upon the
amount so paid from the date of such payment to the date now fixed by
law for such payment; but no such credit shall be allowed on payments in
excess of taxes determined to be due, nor on payments made after the
expiration of four and one-half months after the close of the taxable year.
All penalties provided by existing law for failure to pay tax when due are
hereby made applicable to any failure to pay the tax at the time or times
taxable year, at least an
the close of the
'A'-A'■■■■* ,/'
required in this section.
Sec. 1010. That
under rules and
Collectors of
of the Treasury,
regulations prescribed by the Secretary
Internal Revenue may receive, at par and
of indebtedness issued under Section 6 of the
authorize an issue of bonds to meet expenditures
national security and defense, and, for the purpose of assisting in
accrued, interest, certificates
Act entitled "An Act to
for the
of the war, to extend credit to foreign
purposes," approved April 24 1917, and any
the prosecution
for other
Governments, and
subsequent Act or
checks in payment of income and excess profits taxes,
during such time and under such regulations as the Commissioner of
Acts, and uncertified
Internal
shall
Revenue,
with the
approval of the Secretary of
prescribe; but if a check so received is
by whom such check
the Treasury,
not paid by the bank on
which
has been tendered shall remain
the payment of the tax and for all legal penalties and additions
as if such check had not been tendered.
.
"
it is drawn the person
liable for
the
same
TITLE
all mail matter of the first
class,
shall, thirty days after the passage of this Act, be, in
addition to the existing rate, 1 cent for each ounce or fraction thereof:
Provided, that the rate of postage on drop letters of the first class shall be
2 cents an ounce or fraction thereof.
Postal cards and private mailing or
except postal cards,
post cards, when complying with the requirements
transmitted through the mails at 1 cent each, in
of existing law, shall be
addition to the existing
'
That letters written and mailed by soldiers, sailors, and marines assigned
to duty in a foreign country engaged in the present war may be mailed free
of postage, subject to such rules and regulations as may be prescribed by
rate.
.
Postmaster-General.
the
*
July 1 1918 the rates
.
of postage on publica¬
tions entered as second-class matter (including sample copies to the extent
of 10 per centum of the weight of copies mailed to subscribers during the
calendar year), when sent by the publisher thereof from the post office of
publication or other post office, or when sent by a news agent to actual
subscribers thereto, or to other news agents for the purpose of sale:
(a) In the case of the portio§\$f such publication devoted to matter
other than advertisements, shall be as follows: (1) On and after July 1 1918
That on and after
Sec. 1101.
pound or fraction thereof; (2) On and
pound or fraction thereof;
(b) In the case of the portion of such publication devoted to advertise¬
ments the rates per pound or fraction thereof for delivery within the several
zones applicable tQ fourth-class matter shall be as follows (but where the
space devoted to advertisements does not exceed 5 per centum of the total
space, the rate of postage shall be the same as if the whole of such publica¬
1919, 1 M cents per
and until July 1
after July
1 1919, 1XA cents per
tion was devoted to
matter other than
advertisements):
first and
(1) On and after July 1 1918 and Until July 1 1919. for the
for the third zone, IA cents; for the fourth
second zones, 1 A cents;
2 cents;
2M cents; for the sixth zone
cents; for the eighth zone 3 A cents;
for the fifth zone
seventh zone 3
zone
2 A cents; for the
July 1 1920, for the first and
2 cents; for the fourth zone 3
for the sixth zone 4 cents; for the seventh
(2) On and after July 1 1919, and until
second zones IA cents; for the third zone
cents; for the fifth zone
zone
5 cents; for the
3 A cents;
eighth zone 5 XA cents;
.
July 1 1921, for the first and
2 A cents; for the fourth zone
for the sixth zone 5A cents; for the
(3) On and after July 1 1920 and until
second zones 1% cents; for the third zone
4 cents; for the
fifth zone 4M cents;
seventh zone 7 cents; for
the eighth zone
7% cents;
second zones 2 cents; for
for the fifth zone 6 cents;
9 cents; for the eighth zone
(4) On and after July 1 1921, for the first and
the third zone 3 cents; for the fourth zone 5 cents;
for the sixth zone
■
cents;'
10
.
"
7 cents; for the
,V
seventh zone
.
of each issue of each such publication the
publisher shall file with the Postmaster a copy of such issue, together with
a statement containing such information as the Postmaster-General may
(c) With the first mailing
prescribe for determining the postage chargeable thereon.
Sec. 1102. That the rate of postage on daily newspapers,
when the same
carriers, shall be
the
title shall affect
existing law as to free circulation and existing rates on second-class mail
matter within the county of publication: Provided, that the PostmasterGeneral may hereafter require publishers to separate or make up to zones in
such a manner as he may direct all mail matter of the second class when
are
deposited in a letter carrier office for delivery by its
same as now provided by law, and nothing in this
offered for mailing.
Sec. 1103.
and periodicals entitled to be
maintained by and in the interest of
That in the case of newspapers
entered as seccnd-class
matter and
agricultural, labor, or fra¬
for profit and none of
the net income of which inures to the benefit of any private stockholder
individual, the second-class postage rates shall be, irrespective of the
in which delivered (except when the same are deposited In a letter
carrier office for delivery by its carriers, in which case the rates shall be
religious, educational, scientific, philanthropic,
ternal organizations or associations, not organized
or
zone
July 1 1918 and until July 1
organi¬
prescribe, satisfactory evidence that none of the net income of such
zation inures to tne benefit of any private stockholder or individual.
That where the total weight
1104.
Sec.
any
publication mailed to any one zone
of postage
the entire
addressed packages.
newspaper or periodical is mailed by other than
or a news agent or dealer, the rate shall be the
The zone rates
Sec. 1105.
bulk mailed to any one zone
That where a
Sec. 1106.
publisher or his agent,
the
same
now
as
issue of
pound, the rate
of any one edition or
does not exceed one
shall be 1 cent.
provided by this title shall relate to
and not to individually
provided by law.
>
Postmaster-General, on or before the tenth day of
each month/shall pay into the general fund of the treasury an amount
equal to the difference between the estimated amount received during the
Sec.
That the
1107.
preceding month for the transportation
mails and the estimated amount which
of first-class matter through
and third classes
of the
after July 1 1917 during the
Act.
second
existence
The compensation of postmasters at offices of the
shall continue to be computed on the basis of the present rates
present war.
fourth class
of
shall not be increased
the
would have been received under
provisions of the law in force at the time of the passage of this
Sec. 1108. That the salaries of postmasters at offices of the first,
the
■
postage.
Sec. 1109.
since May 1
the
purposes,
at offices of the third class have been
granted leave without pay for military
That where postmasters
1917 or hereafter are
Postmaster-General may allow, in addition to the maximum
be allowed such offices for clerk hire, in accordance
amount not to exceed 50 per centum of the salary of the
amounts which may now
with
law, an
postmaster.
March 3 1917, entitled
Department for the
year ending June 30 1918", shall not be construed to apply to ethyl alcohol
for Governmental, scientific, medicinal, mechanical, manufacturing and
industrial purposes, and the Postmaster General shall prescribe suitable
rules and regulations to carry into effect this section in connection with the
Act of which it is amendatory; nor shall said Section be held to prohibit"
the use of the mails by regularly ordained ministers of religion or by officers
of regularly established churches for ordering wines for sacramental uses
or by manufacturers and dealers for quoting and billing such wines for
such purposes only.
'
TITLE XII.—INCOME TAX AMENDMENTS.
Sec. 1200.
That subdivision (a) of Section 2 of such Act of Sept. 8 1916
Sec. 1110.
That Section 5
making
"An Act
is hereby
of the Act approved
appropriations for the Post Office
amended to read as follows:
"(a) That, subject only to such exemptions and deductions as are here¬
inafter allowed, the net income of a taxable person shall include gains,
salaries, wages, or compensation for
kind and in whatever form paid, or from pro¬
sales, or dealings in
property, whether real or personal, growing out of the ownership or use
of or interest in real or personal property, also from interest, rent/dividends,
securities or the transaction of any business carried on for gain or profit,
or gains or profits and income derived from any
source whatever.
Section 4 of such Act of Sept. 8 1916 is hereby amended to r«ad as
and income, derived froitt
profits
personal service of whatever
fessions, vocations,
XI—POSTAL RATES.
That the rate of postage on
Sec. 1100.
provided by law), 1 % cents a
same as now
and after
by stamp a fractional part
to one-half cent or
1379
CHRONICLE
businesses, trade, commerce, or
follows:
"
Sec. 4. The
following income shall be
•;
■ :
title:
exempt from the provision*
of this
'V
'
policies paid to individual beneficiaries
upon the death of the insured; the amount received by the insured as a
return of premium or premiums paid by him under life insurance, endow¬
ment or annuity contracts, either during the term or at the maturity of the
term mentioned in
the contract or upon surrender of the contract; the
value of property acquired by gift, bequest, devise or descent (but the
income from such property shall be Included as income); interest upon
the obligations of a State or any political subdivision thereof or upon the
obligations of the United States (but in the case of obligations of the
United States issued after Sept. 1 1917, only if and to the extent provided
In the Act authorizing the issue thereof) or its possession or securities issued
under the provisions of the Federal Farm Loan Act of July 17 1916; the
compensation of the President of the United States during the term for
which he has been elected and the judges of the Supreme and inferior courts
of the United States now in office, and the compensation of all officers and
employees of a State, or any political subdivision thereof, except when such
compensation is paid by the United States Government."
,
Sec. 1201.
(1) That paragraphs 2 and 3 of subdivision (a) of Section 5
of such Act of Sept. 8 1916 are hereby amended to read as follows:
"Second.
All interest paid within the year on his indebtedness except
on indebtedness incurred for the purchase of obligations or securities the
"The
proceeds of life Insurance
interest upon
which is exempt from taxation as income under this title; •
within the year imposed by the authority of the
income and excess profits taxes) or of its Territories, oar
Taxes paid
"Third.
United States (except
possessions, or any
foreign country, or by
the authority of any State,
district, or municipality, or other taxing subdivision of any
not including those assessed against local benefits."
Section five of such Act of Sept. 8 1916 is hereby amended
county, school
State,
(2)
by adding at the
to read
as
end of subdivision
(a) a further paragraph
numbered 9,
follows:
"Ninth.
Contributions or gifts
actually made within the year to cor¬
exclusively for "religious,
societies for the preven¬
porations or associations organized and operated
charitable, scientific, or educational purposes, or to
part of the net income of which
Inures to. the benefit of any private stockholder or individual, to ai amount
not in excess of 15 per centum of the taxpayer's taxable net income as com¬
puted without the benefit of this paragraph.
Such contributions or gifts
shall be allowable as deductions only if verified under rules and regulations
prescribed by the Commissioner of Internal Revenue, with the approval of
the Secretary of the Treasury."
Sec. 1202.
That (1) paragraphs 2 and 3 of subdivision (a) of Section 6
of such Act of Sept. 8 1916, are hereby amended to read as follows:
"Second.
The proportion of all interest paid within the year by such
person on his indebtedness (except on indebtedness incurred for the pur¬
chase of obligations or securities the interest upon which is exempt from
taxation is income under this title) which the gross amount of his income
tion of cruelty to
for
children or animals, no
tbppyear derived
from sources within the
United States bears to the
within and
grossramount of his income for the year derived from all sources
without the United States, but this deduction shall be allowed only
person
includes in the return
necessary
for its
required by Section 8 all the
calculation; within the year Imposed by the
income and excess profits taxes), or
if such(
Information
authority of the
of its Territories,
or possessions, or by the authority of any State, county, school district,
or municipality, or other taxing subdivision of any State, paid within the
United States, not including those assessed against local benefits;'*
"Third.
Taxes paid
United States (except
1380
THE
CHRONICLE
[Vol. 105.
I
•
(2) Section 6 of such Act of Sept. 8 1916 is also further
,
adding
subdivision to read
a new
amended
or
by
follows:
as
(c) A non-resident alien individual shall receive the benefit
of the deduc¬
tions and credits provided for in this section only
by filing or causing to be
filed with the Collector of Internal Revenue a true and accurate return of
property belonging
Sec. 1203.
"Sec.
States), whether payable annually or at shorter or longer periods and whether
such interest is payable to a non-resident alien individual or to an
individual
as
..
exemption in the nature of
an
provided herein, the
making the return be
living with him,
the return be
event
shall
husband and
a
a
paid to
the Government, unless the
person entitled to receive such interest shall file
with the withholding agent, on or before
February 1, a signed notice In
only, there shall be
resident of the United States, ascertained
or
of $3,000. plus
head of
sum
tax
deduction from the amount of
a
a
writing claiming the benefit of
$1,000 additional if the person
family,
or
married
a
man
with
a
"(f)
ing
wife
of $1,000 additional if the person making
a husband living with her; but in no
additional
wife:
exemption
of $1,000
Provided, That only
one
be deducted
and
by
both
wife when
persons,
or
a
formation required under this title,
living
offense be fined in a
trustee has
or
charge in favor, of each ward
Provided further, That in
;
lowed
a
no event shall a
greater/personal exemption than
ward
as
the amount of net income received from all
without
such
shall be allowed to make this
personal exemption as to Income derived from the property of which such
or
or
cestui que
i
or
settlement, and of trust
resi¬
dents of the United States the income of which is not distributed
annually
■
or
regularly under the provisions of subdivision (b) of section 2, the
$3,000, including such deductions
•
(2)
as are
sum
of
allowed under section 5."
and
Subdivision (b) of section 7 of such Act of Sept. 8 1916 is
hereby re-
one year,
without
complying with
misdemeanor and
a
exceeding $5,000,
or
for each
imprisonment for
a term
or both, in the discretion of the court.
regulations
to
approved
be
prescribed by the Commissioner qf Internal
by the Secretary of the
Treasury.
The intent
and purpose of this title is that all
gains, profits, and income of a taxable
as defined by this title, shall be
charged and assessed with
the
cor¬
responding tax, normal and additional, prescribed by this title, and said
tax shall be
paid by the
owner
of such income,
or
the proper representative
having the receipt, custody, control, or-disposal of the
same.
purpose of this title ownership or liability shall be determined
a
as
For the
-
of the year
return Is required to be rendered.
"The provisions of this section except sub-division
(c) relating tb the
deduction and payment of the tax at the source of income shall
only apply
to the normal tax hereinbefore
imposed upon non-resident alien indi¬
(1) That subdivisions (c) and (e) of section 8 of such Act of
Sept. 8 lOlSyare hereby amended to read as follows:
"(c) Guarcmms, trustees, executors, administrators, receivers, conserva¬
viduals."
tors, and all perno^i?, corporations, or
are
;
capacity, shall
or estate
makeSmd
for whom
of this title which
render
which
or
associations, acting in
a return of
the income of the person, trust,
they act, and be subject
apply to individuals.
fiduciary
any
to all the provisions
Such fiduciary shall
make oath
that he has sufficient knowledge of the affairs of such
person, trust, or es¬
tate to enable him to make such return and that the same
is, to the best of
his knowledge and belief, true and correct, and be
subject to al| the provi¬
sions of this title which apply to individuals:
Provided, That
made
by
of two
one
or more
return
a
joint fiduciaries filed in the district where such
fiduciary resides, under such regulations
may
prescribe, shall be
paragraph: Provided
a
as the Secretary of the Treasury
sufficient compliance with the requirements of this
further.
"(e)
Persons carrying
That
no return
of income not exceeding
in this title otherwise provided.
business in partnership shall be liable for in¬
$3,000 shall be required except
on
as
tax
only in their individual capacity, and the share of the profits of
the partnership to which any taxable partner would be entitled if
the same
come
were
divided, whether divided
or otherwise, shall be returned for taxation
paid under the provisions of this title: Provided, That from tht
net distributive interests on which the individual members shall be
liable
and the tax
for tax, normal and additional, there shall be excluded their
proportionate
shares received from interest on the obligations of a State or
any
(2)
taxing
subdivision
thereof,
and
upon
the
obligations of the
United
States
(if and to the extent that it is provided- in the Act
authorizing the
Issue of such obligations of the United States that
they are exempt from tax¬
ation) and Its possessions, and that for the purpose of
computing the normal
tax there shall be allowed a credit, as
provided by section 5, subdivision (b),.
for their proportionate share of the
profits derived from dividends.'
Such
partnership, when requested by the Commissioner of Internal Revenue or
any district collector, shall render a correct return of the
earnings, profits,
and income of the partnership, except income
exempt under section 4 of
this Act, setting forth the item of the gross income and
the deductions
and
credits allowed
by this title, and the
names
and addresses of the in¬
dividuals who would be entitled to the net
earnings, profits, and income, if
distributed.
A partnership shall have the same
privilege of fixing and mak¬
ing returns upon the basis of its own fiscal year as is accorded to
tions under this title.
If
corpora¬
a
fiscal year ends during 1916, or a
subsequent
a rate of tax different from the
rate for the
calendar year for which there is
preceding calendar year, then (1) the rate for such preceding calendar
year
shall apply to an amount of each
partner's share of such partnership profits
equal to the proportion which the part of such fiscal year
falling within such
calendar year bears to the full fiscal
year, and (2) the rate for the calendar
year
during which such fiscal
(2)
year ends shall apply to the remainder.
Subdivision (d) of section 8 of such Act of
Sept. 8 1916 is hereby re¬
pealed.
„
Sec. 1205.
(1) That subdivisions (b), (c), (f) and (g) of section 9 of such
Act of Sept. 8 1916 are hereby amended to read
as
follows:
"(b) All persons, corporations, partnerships, associations, and insurance
companies, in whatever capacity acting, including lessees or
mortgagors of
.real or personal property,
trustees,.acting in any trust capacity, executors,
administrators,,receivers, conservators, employers, and all officers and
employees of the United States, having the control, receipt, custody, dis¬
posal, or payment of Interest, rent, salaries, wages, premiums, annuities,
compensation, remuneration, emoluments, or other fixed or determinable
or periodical gains,
profits, and income of any non resident alien
annual
Individual, other than income derived from dividends
on
capital stock,
or
from the net earnings of a
corporation, joint-stock company or association,
or insurance company, which is
taxable
upon
its net income
as
provided in
this title, are hereby authorized and
required to deduct and withhold from
such annual or periodical gains,
profits, and income such sum as will be
sufficient to pay the normal tax imposed thereon
by this title, and shall make
return thereof on or before March 1 of each
year and, on or before the time
fixed by law for the payment of the
tax, shall pay the amount with¬
held
to
the
officer
of
the
United
8tates
Government
authorized
receive
the
person,
same:
and
they
each
hereby
made
personally
hereby indemnified against every
corporation, partnership, associationi, or insurance company, or
liable for such
tax, and
they
are
are
each
demand whatsoever for all payments which
they shall make in pursuance and
by virtue of this title.
"(c)
The amount of the normal tax hereinbefore Imposed shall
also be
withheld from fixed or determinable annual or
periodical
and income derived from interest upon bonds and mortgages.
deducted and
gains, profits
Subdivisions
(d)
and
(e)
of section 9 of such Act of Sept. 8
hereby repealed.
Sec.
1918
•
1206.
(1) That the first paragraph of section 10 of such
Sept. 8 1916 is hereby amended to read as follows:
Act of
•
"Sec. 10.
(a) That there shall be levied, assessed, collected and paid
annually upon the total net income received In the preceding calendar
year
from all sources by
every corporation, joint-stock company or association,
insurance company, organized in the United
States, ho matter how
created or organized, but not
including partnerships, a tax of 2 per centum
upon such income; and a like tax shall be levied, assessed,
collected, and
or
paid
annually upon the total net income received in the preceding calendar
year
from ail sources within the United States
by every corporation, joint-stock
company or association, or insurance company, organized,
authorized,or
existing under the laws of any foreign country, including interest on
bonds,
notes, or other interest-bearing obligations of residents,
corporate or other¬
wise, and including the income derived from dividends on
capital stockor
from net earnings of resident
corporations, joint-stock companies or asso¬
ciations, or insurance companies, whose net income is taxable under this
title.
■
(2) Section 10 of such Act of Sept. 8 1916 is hereby further
amended by
adding
political
or
to
sum not
Treasury, shall prescribe;
or
class,
for which
SecTl^l.
therefor,
otherwise provided by law shall be assessed
by personal return under
Revenue and
There shall also be
or
license
a
regulations, shall be deemed guilty of
rules
provided in this section from
other estates of citizens
or
having obtained
exceeding
or as
during the period of ad¬
ministration
the Commissioner of Internal Reve¬
to collect such payments as aforesaid
The tax herein imposed upon gains, profits, and incomes not
falling
under the foregoing and not returned and paid
by virtue of the foregoing
trust
allowed an exemption from the amount of the net
income of estates of de¬
ceased citizens or residents of the United States
knowingly undertakes
"(g)
cestui que trust be al¬
sources.
whoever
not
as
with the approval of the Secretary of the
nue,
capable of self-support because mentally or physically defective, but this
provision shall operate only in the ease of one parent In the same family:
guardian
exemption under section 7 of this title,
for profit the collection of foreign
payments
dividends by means of coupons, checks, or bills of
exchange
and
or trustees
or
a license from the Commissioner of Internal
Revenue, and shall
be subject to such regulations
enabling the Government to obtain the In¬
together: Provided further, That if the person making the return is the
head of a family there shall be an additional
exemption of $200 for each
child dependent upon such person, if under
eighteen years of age, or if in¬
Provided further, That guardians
an
corporations, partnerships, or associations, undertak¬
business
shall obtain
deduction of $4,000 shall be
the aggregate income of both husband
All
as a matter of
of interest
married woman with
a
this
made from
sum
plus the
or
or resident of the United
States, subject to the provisions of tho
foregoing subdivision (b) of this section requiring the tax to be withheld
8 1916 is hereby
at the source and deducted from annual income and
returned and
the net income of each citizen
as
citizen
such Act of Sept.
follows:
That for the purpose of the normal
7.
allowed
.
joint-stock
ady portion of the tax imposed by this title upon the
obligee
or to reimburse the
obligee for any portion of the tax or to pay the interest
without deduction for any tax which the obligor may be
required or per¬
mitted to pay thereon or to retain therefrom under
any law of the United
to such non-resident alien individual shall be
(1) That Section 7 of
as
of corporations,
or
liable to distraint for the tax."
amended to read
other similar obligations
agrees to pay
his total income, received from all sources,
corporate or otherwise, in the
United States, in the manner prescribed by this
title; and in case of his
failure to file such return the collector shall collect the tax on such income
all
or
companies, associations and insurance companies (if such bonds,
mortgages
other obligations contain a contract or provision
by which the obligor
**
and
deeds of trust
a
subdivision
new
"(b) In addition to the
tion
there shall be
as
follows:
•
-
income tax
Imposed by subdivision (a) of this sec¬
levied, assessed, collected, and paid annually an addi¬
tional tax of 10 per centum
upon the amount, remaining undistributed sis
after the end of each calendar or fiscal
year, of the total net In-
months
come
of every
corporation, joint-stock company
or
association,
or
insurance
company, received during the year, as determined for the
purposes of the
imposed by such" subdivision (a) but not including the amount of
any
income taxes paid by it within the
tax
f
year
United
"The
States.
tax
imposed by the authority of the
'
imposed by this subdivision shall
not apply to that portion of
actually Invested and employed In
employment in the reasonable requiremente
such undistributed net income which is
the business
or
of the business
is retained for
is invested in obligations of the United States
issued after
or
September 1 1917: Provided, That if the Secretary of the
Treasury ascer¬
tains and finds that any
portion of such amount so retained at any time for
employment in the business is not so employed or is not
reasonably required
in the business
a
tax of 15 per centum shall be levied,
assessed,
and paid thereon.
collected,
The foregoing tax rates shall
apply to the undistributed net income
ceived by every taxable corporation,
joint-stock
company,
or
re¬
association,
insuance company, in the calendar year 1917 and in each
year thereafter,
.except that if it has fixed its own fiscal year under the provisions of
or
existing
law, the foregoing rates shall apply to the
proportion of the taxable undis¬
tributed net income returned for the fiscal year
ending prior to Dec. 31
1917, which the period between Jan. 1 1917 and the end of such
fiscal
year
bears to the whole of such fiscal
year."
Sec. 1207. (1) That
paragraphs third and fourth of subdivision (a) of
section 12 of such Act of
Sept, 8 1916 are hereby amended to read as follows;
"Third.
The amount of interest paid within the
year on its indebtedness
(except on indebtedness incurred for the purchase of
obligations or securlties the Interest upon which is
exempt from taxation-as income under this
title) to an amount of such indebtedness not in excess of the sum
of (a) the
entire amount of the paid-up capital stock
outstanding at the close of the
year, or, if no capital stock, the entire amount of
capital employed in the
business at the close of the year, and (b) one-half of
its
interest-beariug
Indebtedness then outstanding: Provided, That for the
purpose of this title
preferred capital stock shall not be considered
interest-bearing indebted¬
ness, and interest or dividends paid upon this stock shall
not be deductible
from gross income:
Provided further. That in cases wherein
shares of capi¬
are issued without
par or nominal value, the amount of
paid-up
capital stock, within the meaning of this
section, as represented by such
shares, will be the amount of cash, or its
equivalent, paid or transferred to
the corporation as a consideration for such
shares: Provided
further, That
in the case of indebtedness
wholly secured by property collateral,
tangible
or
intangible, the subject of sale or hypothecation in the
ordinary business
of such corporation, joint stock
company or association as a dealer
only In
the property constituting such
collateral, or In loaning the funds
thereby
procured, the total interest paid by such
corporation, company, or asso¬
tal stock
ciation within the year on any such
indebtedness may be deducted as a
parti
of its expenses of
doing business, but interest on such indebtedness shall
only be deductible
on an
amount of such
indebtedness
not in excess of the
Oct. 6
THE CHRONICLE
1917.]
actual value of such property collateral:
Of bonds
United States having information
Provided further, That in the case
that the interest payable thereon shall be free from
for the payment
of the tax herein imposed,
taxation,
no
the
other tax paid pursuant
or any
"Fourth.
possessions,
of
the stock of foreign corporations by persons,
subdivision (b) of section 12 of such
Paragraphs third and fourth of
Sept. 8 1916 are hereby amended to read as follows:
"Thir^. The amount of interest paid within the year
its indebtedness
tion of
of (a) the entire amount
ing indebtedness then
outstanding, which the
on
invested within the United
United States:
within and without the
indebtedness which have
other
Provided, That in the
been issued with
case
of bonds
guaranty that the
a
thereon shall be free from taxation, no deduction for the
interest payable
or any
bank, banking association, loan
company, or branch thereof, interest paid within the year on der
trust
or
imposed
posits by or on moneys received for investment from either citizens or resi¬
dents of the United States and secured by interest-bearing certificates of
issued
indebtedness
company,
such
by
banking
bank,
loan
trust
or
-
posed by Act of Congress and assessed for the
the taxpayer and, in the
upon
of
case
same
member of
a
calendar
a
proportionate share of such excess profits tax imposed
fiscal year
or
partnership, with his
upon
the partnership.
That nothing in section II of the Act approved Oct. 3
"Sec. 30.
'An Act to reduce
entitled
.
profits tax Im-
tariff duties and
to
1913,
provide revenue for the
Government, and for other purposes/ or in this title, shall be construed
as
taxing the income of foreign governments received from investments in
the United States in stocks, bonds, or other domestic securities, owned
such
foreign governments or from interest
on
by
deposits in banks in the
United States of moneys belonging to foreign governments.
branch thereof;
or
Taxes paid within the year
"Fourth.
association,
/
That in assessing income tax the net income embraced ih the
return shall also be credited with the amount of any excess
other tax paid pursuant to such
guaranty shall be allowed; and in case of a
payment of the tax herein
apply to the payment of interest
obligations of the United States,
"Sec. 29.
bears to the gross amount of its income derived from *ail sources
States
or
each calendar year thereafter , but shall not
gross amount of its income
from business transacted and capital
for the year
demand
insurance company
or
"The provisions of this section shall apply to the calendar year 1917 and
business at the close of the year, and (b) one-half of its interest-bear¬
in the
corporation/partnership, association,
paying the income.
employed
if no capital stock, the entire amount of the capital
of the year, or,
to make effective the provisions of this Section the
necessary
of the person,
of the paid-up capital stock outstanding at the close
the collec¬
.
and address of the recipient of income shall be furnished
upon
name
sum
for profit
or
dividends by mean8 of coupons,
or
bills of exchange.
or
"When
is exempt from taxation as income under this title)
such indebtedness not in excess of the proportion of the
corporations, partnerships,
business
as a matter of
foreign payments of such interest
checks,
(except on indebtedness incurred for the purchase of obligations or securities
to an amount of
associations, undertaking
or
Act of
the interest upon which
recipient
>onds
{ections of items countries and interestUnitedthe bondsof interest uponfrom
States) and dividends the
foreign (not payable in the
from
Statfe, not including those assessed against local benefits."
(2)
Treasury, setting forth the amount of
Provided, That such returns shall be required, Regardless
amounts, in the case of payments of interest upon bonds and mortgages
of
profits taxes), or of its Territories, or
foreign country, or by the authority of any State,
any
or
be prescribed by him, with
or deeds of trust or other similar
obligations of corporations, joint-stock
companies, associations, and insurance companies, and in the case of col-
within the year imposed by the authority of the
sphool district, or municipality, or other taxing subdivision of any
.county,
knd regula¬
rules
under such
may
of such payment:
shall be deducted;
Taxes paid
United States (except income and excess
as
such gains, profits, and income, and the name and address of the
tificates of indebtedness issued by such bank, banking association, loan or
trust company
Revenue,
the approval of the Secretary of the
received for investment and secured by interest-bearing cer¬
moneys
Commissioner of Internal
tions and in such form and manner
association, loan or trust company, interest paid within the year on deposits
or on
required to make
regard thereto by the regulations hereinafter provided for, are
hereby authorized and required to render a true and accurate return to
deduction
guaranty, shall be allowed; and ih the case of a bank, banking
to such
such payments and
as to
returns in
other indebtedness, which have been issued with a guaranty
or
1381
imposed by, the authority of the
(a) That the term 'dividends'
"Sec. 31.
used in this title shall be held
as
United States (except income and excess profits taxes) or of its Territories, or
to mean any
possessions, or by the authority of any State, county, school district, or
joint-stock company, association, or insurance company, out of,its earnings
municipality, or other taxing subdivision of any State, paid within the
or
United States, not including those assessed against local benefits."
whether in cash
subdivision (e) of' Section 13 of
That
Sec. 1208.
1916 is hereby amended to read as follows:
,
such Act of
Sept
v
8
to
receive
the same from
the
or
corporation,
a
1913, and payable to its shareholders,
in stock of the corporation, joint-stock company, asso¬
insurance company which stock dividend shall be considered
or
"(b)" Any distribution made
"(e) All the provisions of this title relating to the tax authorized and
authorized
profits accrued sihee March 1
ciation,
ordered to be made by
or
income, to the amount of the earnings or profits so distributed.
.
required to be deducted and withheld and paid to the officer of the United
States .Government
distribution made
income
of
to the shareholders or members of
a corpora¬
tion, joint-stock company, or association, or insurance company,
1917,
year
subsequent tax
or
in the
shall be deemed to have been made
years,
non-resident alien individuals from sources within the United States shall
from the most recently accumulated undivided profits Of surplus, and shall
be made
constitute
applicable to the tax imposed by subdivision (a) of Section 10
incomes derived from interest upon bonds and mortgages or deeds
upon
of trust or similar obligations
of domestic
and insurance companies by non¬
joint-stock companies or associations,
firms, copartnerships,
alien
resident
other resident corporations,
or
companies, corporations, joint-stock
companies or associations, and insurance companies, not engaged in busi¬
ness
of
trade within the United States and not having any office or place
or
therein."
business
amended
read
to
That
"Sec. 18.
any
insurance company,
pay
such
tax,
the
time
or
as
of
less
not
Act
of
Sept.
1916
8
is hereby
person,
corporation, partnership, association,
pay
the tax, to make
this
under
title,
who
a
tributed in stock dividends
refuses
neglects
or
to
August 6 1917
"Sec.
lives
stock
$20
nor
provided
more
than
in
this
$1,000.
title,
Any
to
a
individual
any
or
32.
the
intent to defeat or evade
the assessment required by this title to be made,
shall be guilty of a misdemeanor,
and shall be fined not exceeding $2,000
Imprisoned not exceeding one year, or both, in the discretion of the
court, with the costs of prosecution: Provided, That where any tax
here-
payable, has been duly paid by the taxpayer, it shall not
be re-collected from any withholding agent required to retain it at its source,
nor
shall any
of evading payment."
purpose
Sec.
the same, unless such failure was fraudulent and for the
8 1916 as amended
by the Act entitled "An Act to provide increased revenue to defray
expenses
tax
the
of the increased appropriations for the Army and Navy and the
of fortifications', and for other purposes," approved March 3
1917, is hereby amended to read as follows:
26.
Every
corporation,
joint-stock company or association, or
subject to the tax herein imposed, when required by
Commission of Internal Revenue, shall render a correct return, duly
the
verified under bath, of its
payments of dividends, whether made in cash or
come
in
insurance company, shall
or
trade
any
partnership, corporation, joint-
purposes of
or
not
be de¬
joint-
in computing
subdivision (e) of
seo-
amount heretofore withheld by any withholding
the income of
upon
any
individual,
of section 9 of such Act,
as
of such individual for such year shall
manner
a
citizen or resident Of the
by
amended by this Act, shall be
prescribed by such Act
as
be assessed and collected In the
amended by this Act.
TITLE XIII—GENERAL PROVISIONS.
Sec.
That If
1300.
any
clause, sentence, paragraph, or part of this Act
shall for any reason be adjudged
by
any court
of competent jurisdiction to
such judgment shall not affect, impair, or Invalidate the re¬
mainder of said Act, but shall be confined in Its operation to the clause,
sentence, paragraph, or part thereof directly involved in the controversy
in which such
Sec. 1301.
and
judgment shall have "been rendered.
>
That Title I of the Act entitled, "An Act to provide Increased
defray the expenses of the increased appropriations for the Army
Navy and the extension of fortifications, and for other purposes,"
approved March 3 1917, be, and the same is, hereby repealed.
Sec. 1302.
take effect
in stock, including the names and addresses of stockholders
number of shares owned by each, and the tax years and the ap¬
plicable amounts in which such dividends were earned, in such form and
may be prescribed by the Commissioner of Internal Revenue,
life insurance policies covering the
released and paid over to such individual, and the entire tax upon the In*
its equivalent or
and the
on
those financially interested
United States, for the calendar year 1917, except in the cases covered
revenue to
insurance company
or
1913 has been
distribution made prior
any
association, or insurance company,
or
That any
sub-division (c)
extensions
"Sec,
imposed
be invalid,
That Section 26 of such Act'of Sept.
1210.
apply to
profits accrued prior to March 1 1913.
:
1212.
penalty be imposed or collected in such cases from the tax¬
to return or pay
or
association,
or
com¬
agent as required by Title I of such Act of Sept. 8 1916, on account of the
such withholding agent whose duty it was to retain it, for failure
payer, or
not
profits of such partnership for the
required by law to make, render, sign, or verify any return or to supply any
information, who makes any false, or fraudulent return or statement with
employees,
company,
Sec.
-tofore due and
or insurance
taxing any earnings or prof¬
otherwise, exempt from the tax, after the
That premiums paid
company,
tion 9."
be
as
d
surplus were accumulated
ducted in computing the net income of such individual, corporation,
officer of any corporation, partnership, association, or Insurance company,
or
or
shall
business conducted-by an individual,
or
penalty
specially
in
year
1913, but such earnings or profits may be dis¬
but of earnings
of officers,
make such return or to supply such information at
herein specified
in each
year,
shall
be liable,
to
This subdivision
made.
or
return or to sup¬
times
than
its accrued prior to March 1
or
association,
company,
but nothing herein shall be construed
pany,
stock
otherwise
except,
by the corporation, joint-stock
to
liable to
required
information
ply
of such
follows:
as
by law for the years in which such profits
distribution of earnings and profits accrued since March 1
18
Section
That
1209.
Sec.
part of the annual income of the distributee for the
a
which received, and shall be taxed to the distributee at the rates prescrlb
That unless otherwise herein specially provided, this Act ghall
on
the day following its passage.
Approved, Oct,.-3. 1917,
NEW
YORK
CITY'S RECEPTION
TO
THE JAPANESE
manner as
/
the Treasury."
such Act of Sept. 8 1916 is hereby amended
with the approval of the Secretary of
Sec.
That Title I of
1211.
The
WAR MISSION.
Japanese War Mission to this country, headed by
Ishii, arrived in this city on Sept. 27 for
by adding to Part III six new sections, as follows:
"Sec. 27. That every person, corporation, partnership, or association,
Viscount Kikijuro
doing business as a broker on any Exchange or Board of Trade or other
a
similar
place of business shall,
Internal Revenue, render
a
when
required by the Commissioner of
correct return
with
approval of the Secretary of the Treasury, may prescribe, showing the
names
of customers for
whom such
corporation, partnership, or
person,
association has transacted any business, with such details as to the
profits,
losses, or other information which the Commissioner may require, as to
each of such customers, as will enable the Commissioner of
to determine
tomers
has
"Sec. 28.
whether all income tax due
day visit and
of
New
duly verified under oath, under
such rules and regulations as the Commissioner of Internal Revenue,
the
five
citizens
on
profits or gains of such cus¬
a
reception by the city and
for warmth and enthusiasm
our allies.
In anticipation of the
commissioners Mayor Mitchel on Sept.
visiting commissions of
visit of the Japanese
26 issued the
following announcement:
The island empire, whose seclusion of three centuries was broken by the
bearer of
a
That all persons, corporations, partnerships, associations, and
given
equalled, if it did not excel, the welcome accorded the other
Internal Revenue
been paid,
were
York, which
a
letter from the President of the United States, sends us to-day
return message,
cause
proclaiming its people as brothers in
of human freedom.
arms
In the
common
One of the momentous events of the nineteenth
including lessees or
century-—the appearance of the fleet commanded by Commodore Perry in
any trust
employers,
corporation, partnership, association,
Japanese waters—finds thus its sequel In what will be reckoned not the
least notable incident in the inspiring time in which we live.
This visit of
making payment to another person,
or insurance company,
of interest, rent, salaries, wages, premiums, an¬
citizens of New York the occasion and opportunity to manifest that open-
fixed or deter¬
hearted and cordial appreciation they feel of the message that comes to
Insurance
companies,
mortgagors
in
whatever capacity acting,
of real or personal property,
trustees acting
in
capacity, executors, administrators, receivers, conservators, and
nuities, compensation, remuneration, emoluments, or other
minable
gains,
profits, and income
(other than payments described in
sections 26 and
27), of $800 or more in any taxable year,, or, in the case of
such payments
made by the United States, the officers or employees of the
the
representatives of our great Pacific neighbor and ally gives to the
them from the Far East, and to express
In becoming form their
sense
of the
nobility of spirit and purpose of the Government of which our distinguished
guests are the selected representatives.
,
•
'
•
>
THE
1382
'
Purroy MItchel, Mayor of the City of
Wherefore I, John
New York, do
of our ally, Japan, be flown upon the public
buildings of the city throughout the visit of its guests, and I call upon the
people of the city to celebrate this occasion for the closer cementing of the
traditional friendship between this nation and Japan by a befitting decora¬
tion and illumination of their buildings, displaying therefrom beside the
flag of the United States the national colors of Japan and the nations with
hereby direct that the flag
whom both are
allied.
JOHN
PURROY
Viscount Ishii and his colleagues
arrived
Washington
from
Mayor.
of the Japanese Mission
Sept.
on
MITCHEL.
28 at Communipaw
afternoon, where they were
met by the Mayor's Citizen Reception Committee, headed
by Judge Elbert H. Gary, as Chairman, and including E.
H. Outerbridge, President of the Chamber of Commerce,
and William Fellowes Morgan, President of the Merchants
shortly before 3 o'clock in the
United
The
Association.
States
Government was repre¬
Breckenbridge Long, Third Assistant Secretary of
State, who presented the members of the Commission to the
members of the reception committee.
The commissioners
sented by
brought across the North River on
were
the police boat
Battery amid the salutes of
whistles and sirens of river craft and the cheers of a great
crowd massed around Battery Park.
The visitors entered
motor cars and were driven up Broadway to City Hall Park,
which had been converted into a court of honor for the
Patrol, which arrived at the
then escorted to the Aldermanic
of the City Hall, where Viscount Ishii and his
They
occasion.
Chamber
were
colleagues listened to
speeches by Mayor Mitchel and Judge
Mayor Mitchel in welcoming the commissioners,
alluded to the long-standing friendship of Japan and America
Gary.
and declared that
America
proud of the fact that "her
was
enterprise, her own progress, her own
own
[Vol. 105.
CHRONICLE
science, crafts,
small impetus" to the inspiration of
modern Japanese development.
The Mayor next intro¬
duced Judge Gary, who welcomed the visitors to the city,
and, in the course of his address * took occasion to answer the
oft-repeated allegation of the German Government that
"Germany is fighting for her life" by declaring that Ger¬
and learning gave no
fighting for her life in much the same way as a
highwayman caught in the act of robbing and murdering a
law-abiding citizen.
Judge Gary's remarks, according to
the "Journal of Commerce" of this city, were in part as
follows:
'
'
many was
will measure np to all her obligations in this Inter¬
And the United States
She is mobilizing all the resources
national crisis.
of the country for war
She can, within three or four years, furnish fifteen million men.
equipped for battle; and she can within the same time
purposes.
well trained and fully
provide one hundred billion dollars without crippling her financial strength
or interrupting her industrial progress.
If necessary, she will d» both.
Yes, and more.
of a friendly nation
of what It has been and has
done during the many centuries of the past; nor because it now stands in
the front ranks of the greatest and most potential of all the nations; but
more for the reason that it has in numberless ways demonstrated that it Is
the friend of the United States and in turn, recognizes our friendship.
of Japan, we hail you as envoys
And so, gentlemen
whom we respect
At
and admire, not alone because
conclusion
the
Ishii made
of Judge
Gary's remarks, Viscount
short address stating
a
that the Commission was
thankful for the reception accorded it. He also dwelt
the wonders of American enterprise that he had viewed,
very
on
growth of New York City, and said
spoke of the wonderful
MSun":
finally, according to the New York
'
,
hero the spirit of the greatest
physical fades from me and I see
is
All that
and giving a friend's greeting to the spirit
of my beloved land on the open field of honest purpose.
There is perhaps
more in this welcome and in this response than in other greetings so recently
city of the Western world meeting
this historic place between the
exchanged in
representatives of Western
V
nations and of your city.
Goddess of Liberty has given us the challenge and has passed
friends.
And now the city of our dreams, which has trained our
Your great
us
as
youngsters into students
and scientists or taught our men the
core of
the city which to-day is the very
finance and trade;
world, has paused for a precious
wonders of
the created
hour to welcpme us and do us honor.
meaning of this re¬
given us with
care, and we shall hope to hold its rights and privileges always to commemo¬
rate this day of great rejoicing and of vast importance in the history of the
two natibns.
You, sir, and the people of your city, have our most sincere
congratulations upon your wonderful achievements and our deepest grati-,
Sir,
proud and deeply conscious of the
we are very
We shall use the freedom you have
ception and welcome.
tude for this reception.
;
distinguished visitors
were escorted to Washington Square, where women employees
of John Wanamaker presented to them a flag of the City of
New York, an American flag and medals emblematic of the
occasion.
The commissioners then motored up Fifth Ave
nue, where the old "Fighting Sixty-Ninth" Regiment, now
the 165th, were lined up on the east side of the Avenu© from
Twentieth Street to Thirty-fourth Street to do the visitors
After the
City Hall reception, the
The Commissioners
honor.
proceeded to the Union League
Club, where various well-known New
Yorkers were waiting
The reception party and its guests reviewed
the old "Sixty-ninth" from a reviewing stand, after which
Viscount Ishii and other prominent members of the Japanese
to
greet them .
.
Gentlemen of Japan,
you appear among us
under the most distressing
The god of war, for the moment, controls, and
international conditions.
The atmosphere of the world is charged
with the currents of animosity, of strife, of destruction, of greed.
The
leading nations are engaged in the bloodiest and most destructive of all
wars.
Most of them have been forced into participation; they would have
is
nations.
shaping the destinies of
stood aloof if consistent
Both Japan
and the United States have every reason to regret
the continuance of this horror of horrors.
They
the com¬
ardently
hope for the early establishment of peace on a basis honorable and lasting.
Neither can obtain comfort from a consideration of the contest except in
that it is in no respect responsible for its precipitation
be of substantial assistance in securing a
the belief that it may
and in
speedy
termination.
sense
and ours are alike in respect to their love
that a bandit is fighting for
abiding citizen.
of
Government
his life when suddenly overtaken
appropriate the property and destroy the life of a law-,
in the attempt to
was
Late developments furnish evidence that the Imperial
a considerable period preceding the war
of weak and inoffensive nations.
The
civilization is to be dreaded by the smaller na¬
have no fear for we are right and we are strong.
overlook nor minimize the fact that we are confronted by a
conspiring to violate the rights
tions; but we
We do not
long,, stubborn, systematized struggle,
supported by years of study and
The enemy is in possession of territory and property and
which, if retained, would be more than satisfactory; and with ex¬
preparation.
isting equipment and strength these positions, or a substantial part, may
some time successfully defended against a powerful offensive.
How¬
be for
ever,
patiently but per¬
and continuously, the opposing armies will, in due course, be
if each one of the Allies exerts itself to the utmost,
sistently
overwhelmed
and
war
intending to contribute to the present
they alone are competent to declare.
It is certain they will do their
their race; and it is equally sure
the last available man before they
duty in accordance with the traditions of
they will fight to the last dollar and to
will submit to the
As to the
arbitrary and cruel dominance of the Prussians.
United States of America, she is keenly alive to the
She,was compelled to take up arms as a matter
of principle.
the freedom and safety of the high seas, the right on
situation.
She demands
the part of all unpro-
unmolested and unafraid,
and the firm establishment of a basis for a comprehensive, certain and
speedy settlement of all international disputes in accordance with the rules
voking peoples and countries to live in peace,
of exact justice,
was a
On
reception and
a
musicale for about 200 persons.
Friday morning, Sept. 28, the members
of the Japanese :
Mission were taken on a sight-seeing trip around the city,
including a short visit to the Stock Exchange, and afterward
attended
luncheon and reception at the
a
Chamber of Com¬
business men
distinguished
visitors.
Mr. Outerbridge, President of-the Chamber of
Commerce, presided at the reception.
Addressing the
audience, Mr. Outerbridge explained that the reception was
where several hundred of the foremost
merce,
held to
city gathered to greet the
permit the representatives of the great financial and
interests to extend the hand of welcome and
commercial
fellowship to the members of the commission and that the
members of the Chamber appreciated the coming of a
Japanese mission to bring about
ning the
against Germany.
war
better co-operation in win¬
He said in part:
appreciate the courtesy and the honor
We
us
in sending so
Pacific and
that their nation has shown
distinguished a body of men on the long journey across the
confer with our Government at
the American Continent to
the better co-operate in our efforts to
successful conclusion the great war in which we are
Washington in order that we may
bring to a speedy and
now
both engaged.
'
that this visit
We believe
more
•
,
which you have paid us will accomplish far
better co-operation in the prosecution of the war; we
cement and perpetuate that ancient and long existing friend¬
than merely a
believe it will
it will have demonstrated to all those, whether foes
home or recreants masquerading, alas, under our
tried to let loose poisonous gases of innuendo
ship; we believe that
abroad, alien enemies at
own
citizenship,, who have
and suspicion to
efforts have been
forth the
to
raise, as it were, a chilling mist between us, that their
brought to naught, and we believe that from this time
representative people of this nation and of your nation
it, no matter how
will see
drastic the measures may be that may have to
be
insidious evils, that it is the firm resolve of our
people that this ancient friendship shall be kept ever true, warm and
adopted to prevent those
In
must
the
great period
follow
the close
nation must play a
In the great
of reconstruction and commercial expansion that
of this war, we realize that in the Far East your
most prqminent part.
Chinese Republic lying close at hand to you,
where, not¬
culture, philosophy, religion and art, never¬
in the knowledge of
art and production, as we of the Western world and as you have
and realized it, we see a great field and a great future for our
withstanding its most ancient
theless
the
industrial
conceived
masses
of J its people are but children
mutual effort.
It is
a
field in which we must co-operate in the same
confidence and upon the same
in the
.
.On Friday evening,
glowing.
conquered.
Of the full part the Japanese are
residence, where they
Sept. 28, Judge Gary gave a dinner at his residence in honor
of the mission to about twetny guests.
After dinner there
Germany for
tyranny of this enemy Of
routes
their visit in this city.
and financiers of the
of peace,
their abhorrence of war.
They would endure much and they would suffer
long before they would enter the arena of military conflict.
But those
who are possessed of this character and inclination are the most terrible
when driven to the point of battle in defense of life, property, honor or
other sacred right.
When fully aroused to the necessity of physical combat
they are superlatively stubborn, vigorous and effective.
We insist our ideas are the antitheses of those entertained by the Im¬
perial Government of Germany.
If we may rely upon the writings of
leading men and the reported performances of the spldiers, apparently
approved by the Government, the rulers of the German Empire advocate
the doctrine that any aspiration may properly be realized by the exercise
of physical power—that might makes right.
On the contrary, we believe
We are not justified in seeking to acquire anything we desire or need unless
the same is supported by the fundamental principles of right and justice.
&£• Germany proclaims that she is fighting for her life. This is true only
Your countrymen
in the
taken to Judge Gary's
were
resided during
with honor and with safety.
mencement and
the thought
Mission
prosecution of the war.
spirit of mutual
high ideals in which we propose to co-operate
,
Oot. 6
Visoount
THE
1917.]
Ishii,
responding
President
to
Outerbridge's
remarks, said:
such
men comes
I would be
countrymen.
my
We have both been too
opportunity.
proud men indeed if some power could
a
confiding and at the same time too suspicions and
We have harbored the German and we have received him as a
sensitive.
mutual
I cAn only hope that it may
be in my power to impress you with some small sense of my own appre¬
ciation of the obligation under which you have placed my associates and
To but few
1383
CHRONICLE
friend.
marvellous
His
the insistence of the
a
state of
The agent of Germany in this country and in ours
appreciation.
his leisure the vulture might
only been impressed but com¬
arrival in America we have not
our
and your preparations
to stop the war by providing the only means by which it can be stopped—the complete, utter physical defeat and annihilation of Germany,
But I
assure you that we are with you as your allies, your, comrades and your
partners in the winning of "this war which means so much to all the world.
pressed by the gigantic measure of your resources
in such manner
honest
Hitherto
we
understanding, and it has; but to-day
"That
Royal Hawk, the sun, has flown from the Orient's hand and lighted in the
West."
The same sun glorifies the stars and is blazoned on the snowwhite fields of "your flag and my flag as they fly to-day; on your ldnd and
my land half a world away."
This is the day of the gathering of the clans
there is something more—East
meets West on common ground.
The day has dawned in which the
of the East and of the West.
when old prejudices,
forgotten;
old misunderstandings fade and you
friends and new made brothers in the
liberty, huma.ii freedom and national existence.
greet us as we greet you—old
dinner at the Ritz-Carlton Hotel on
a
yesterday
struggle
Friday evening,
Committee of the Mayor's
Reception Committee was the host, Mayor Mitchel, presided,
and Governor Whitman welcomed the mission in behalf of
Sept. 28, where the Executive
York
New
The
State.
ballroom of the Ritz-Carlton was
decorated for the, occasion, Japanese
transformed it, into a garden of old Japan.
attractively
very
artists having
Mayor Mitchel, wtio presided, after he had proposed the
United States and of the Em¬
fatten
upon our
remains.
for Americans to. understand the Japanese as it is for the
not
are
True, our languages differ, out
quite the same and our lives are cast on different lines,
justice have been instilled into
a
nation's
people's mind through the centuries and the generations of time.
of
relations
our
profit run counter to honor and right.
nor
as
The
in the sacrifices we are ready to make when
comes
applied in the past and
have neither doubt
That test ha» been
it must be applied in the future, and we of Japan
fear but that when the sharpest test is put on this
great country's friendship American honor will stand the heaviest strain.
Ladies and
gentlemen, there are no differences between us save those
differences which
always arise and are easily settled between the best of
friends, being without
a
thought of suspicion or distrust.
We shudder to look around us now at the menace we have so narrowly
escaped.
something to buy; something to give and something
been the cry that trade and commerce exchange
passions, our prejudices and
picture overdrawn; it is true.
a
easy
tenets of truth, honor and right
common
Hitherto it has
our
but the human heart all the world over, is just the same, provided the grear
those were.different times and different
and mart would bring us to a better
At
standards
have come to you, as you have come to us,
West and of the Street; tout,' sir,
inducements.
with something to sell or
for human
as
interest and
for some fifty years.
We have earned a right to it
the feeding of
specially prepared German concoction, until, drugged and
Japanese to understand the Americans.
test
We propose to strengthen
by the true history of the
past and we propose to hold it through all the years that are to come, for
we value it far too highly to risk its loss.
In these fifty years of great devel¬
opment for you and for us we have met in the market place, and, as time
went by, the understanding grew.
We have tasted of your gracious hos¬
pitality on other occasions.
We have learned from you the ways of the
is
This is not
It is
in claiming a place in the company of
men.
We have been friends, sir,
that friendship.
to take.
on a
inflamed, we might have taken the irrevocable step over the edge, and at
or a
to justify her
as
distrust
our
Japan has done, is doing and will do her share
You will be satisfied that
his
existence,
ordered
hypnotic sleep we have allowed him to bring us almost to the verge
of mutual destruction.
has had as his one purpose
Since
and
coupled with
greatness of his Fatherland, have applied to us until in
kind to your gracious^and elo¬
quent words, but I am confronted by the thought that no words coined
or strung together could in any language convey even a small sense of our
give to me the gift of speech to make reply in
self-centred
system, his organization and his all-pervading self-assertion,
But in the ordering of this wonderful world in which we live a
need in
a
world holocaust of horror has brought us closer together,
by the swords of human sympathy, human love of justice and human
drawn
love of liberty, and because of our
mutual needs in the future there need be
loosening of the golden cord that now and forever
fear of the
no
hold's
Japan to America.
.
The members of the
Japanese Mission, accompanied by
the Executive
Committee of the Mayor's Reception Com¬
mittee, sailed
up
where
the
as
the Hudson
on
Sept. 29 to West Point,
of Colonel Samuel E.
guests
Tillman, the
An
Superintendent, they reviewed the West Point cadets.
dinner
official
given in honor of the Mission at the
was
Hotel
Waldorf-Astoria
Mitchel
on
Saturday
of representative New Yorkers and
attended by hundreds
other well-known
Mayor
by
The dinner was. a brilliant one, and was
evening, Sept. 29.
Viscount Ishii in the address of
figures.
evening, declared that the doors of China and Japan are
the
always'open to the United States, that American trade is
welcomed in those countries and that all stories of Japan's
for the absorption of China to the exclusion of the
lies weaved by German conspirators.
Viscount also declared that Japan will not seek to assail
program
health of the President of the
rest of the world were
drunk while the orchestra
played the national anthems, remarked:
The
of Japan% which
peror
were
When the Italian mission was hefe
Italian
city,in the world, having 800,000 of the
people of that nation in its
We cannot speak in such numbers to our present visitors, as
but we can assure them
population.
we
I told them New York was the greatest
only have about 1,500 Japanese in our city,
they
citizens.
the most respected, law-abiding
among
are
commission
after welcoming the members of the
behalf of the State, referred to the
on
spoke at the dinner, declaring that the
Oklahoma also
and the United States" had "sown the
4'enemies of Japan
suspicion" in the two .countries.
After
the Ritz-Carlton the Japanese commissioners
attended
reception and supper at the Hotel Astor,
a
given by
One of the most brilliant bodies of
assembled in New York City, it is said,
Society.
Japan
notables .ever
attended the affair; included among them were
State and
admirals of America and Japan *
prominence in the
official, political, literary and social world.
Lindsay Rus¬
sell, President of the Japan Society, acted as toastmaster
at the supper and si so made the address of welcome at the"
reception.
He explained that the purpose of the Japan
Society was to disseminate the truth about Japan.
Governor
city, officials, generals and
numerous
diplomats and others of equal
Commissioner of Educa¬
Whitman and Dr. John H. Finley,
Dr. Finley unfurled in the view of those
tion, also spoke.
in the
presented to Commo¬
by the Japanese Government upon the occasion
banquet hall the flag which was
dore Perry
of the visit of that famous naval
officer to Japan.
Ishii, in responding, to the addresses of welcome,
Viscount
declared
sovereignty of China, but eventually will be
Realizing that nature had given it an advantage in the
sor.
succeed "unless
we are
remain
is
mercial
and the people of Japan a
that we have watched with
deep interest the growth of this splendid organization and the ever in¬
creasing good work you are doing in the cause of good understanding
Hi bring to
message
you
from your branch organization
of greeting, together with the assurance
between the people
of
our two
countries.
I thank you on behalf of my associates
and for myself for your most
Your allusion to what this mission has ac¬
complished and may accomplish for the future relations of Japan and
America naturally is most gratifying to me.
If we have made new friends,
if we have succeeded in exposing to the American people the main causes
of our mutual misunderstandings in the past, and if, as a result of this
visit, the two peoples will but see that the distrust, suspicion and doubt are
the result of careful German culture throughout the last ten years, we will
gracious words of welcome.
have done much for
M
ourselves and for you.
years
is that we
"
»
all this muddle of misunderstanding in the past
have discovered a common characteristic in both peoples.
The strange thing about
or very
a
and honest competition in the
Viscount Ishii said in part:
around our little
round of pleasure but to the representative of
represented
interests
;
It has always been open; it always must
always open.
those vast com¬
well in this great gathering of kings of
so
:
commerce.
Ip spite of all* the efforts to
make you believe that Japan as she grew
the door, I tell you that there never
of our own responsi¬
stronger was always trying to close
has been an hour when our common sense or our sense
bility failed
endeavor
it?
China has never been ail
Why close our door in violation of our pledges or
us.
to close our
neighbor's door, when we are in honor bound to protect
The opportunity
for you to trade in Japan or
equal opportunity in its literal sense.
As you
■
went far afield and brought us
knowledge of the West, taught us
knowledge and
strength went into other fields to trade and to learn,
We went to China,
where the door was open to us as to you, and we have always realized that
there nature gave us an advantage.
There was no need, there is no need
how to grow
and how to trade so we, as we gained wisdom,
,
because we. welcome your fair and honest compe¬
to close that door on you,
tition in the markets
everywhere.
We
are
trading there where we have a
unless we are very stupid or very inactive,
succeed, ahd we are trading here where your advantage
natural advantage and where,
we
is
bound to
are
equally and naturally as great.
The
Pacific
Ocean
Is
may
,
common
our
swept by our ships of the
highway.
The highway has been
pirates of the seas so that our countries' trade
continue and our intercourse be uninterrupted.
Ocean
together
We guard the Pacific
with our ships, but more than this and better than
the
of the notes exchanged between
your Secretary of State Elihu Root and our Ambassador Takahira in 1908,
in which it was mutually agreed and "formally resolved to respect the
territorial possessions belonging to each other in the region of the Pacific
Ocean."
:
'
/
'
Gentlemen, Japan is satisfied with this.
Are you?
If so, there Is ho
Pacific Ocean question between lis.
We will co-operate.
We will help
and we will hold, each of us, what is guaranteed under that agreement.
ships or the men or the guns is the assurance
,
,
.
bring about mis¬
understanding between Japan and the United States.
He
said, according to the New York *''Herald":
Germany had deliberately attempted to
of which it
stupid
not only to the guest who comes to trot
open,
island for
means
everywhere.'!
door
The
was bound to
inactive," Japan,
by
very
"fair
said,. welcomed
markets
seeds of doubt and
the dinner at
or
matter of Chinese trade
union of
Senator Robert L. Owen
Japan and America in jthe war.
the
integrity
he
.
Governor Whitman,
of
and substantial of our
the
prepared to defend Chinese independence against any aggres¬
Viscount Ishii and his colleagues on the Japanese
guests of the Japanese
The
commissioners
were
Mission
Sunday, Sept. 30,
entertained by the Nippon Club
were
of the city
on
Association at the Nippon clubhouse and
at Carnegie Hall, and on Sunday evening both the club and
the association joined forces and gave a dinner at the Hotel
Astor for the visiting commissioners.
On Monday, Oct. 1,
and the Japanese
the Bankers' Club
entertained the members of the Japanese
Mission at luncheon in its rooms in the Equitable
About
one
Building.
hundred members and guests attended, and Judge
Gary acted as toastmaster.
On Monday evening Viscount
by Oswald
Ishii and his associates were entertained at dinner
CHRONICLE
THE
1384
Garrison Villard at the St. Regis Hotel.
lishers of about
sixty representative
Editors and pub¬
and
newspapers
maga¬
zines of the eastern section of the United States attended the
Addresses
dinner.
were
William A]
Comptroller
lard,
made by Viscount Ishii, Mr. Vil¬
Prendergast, John Dewey,
member of the faculty of Columbia University,
a
Don C.
[Vol. 105.
of the two branches of
Aroused
ordered
Congress who had acted suspiciously.
assertion, the House on Oct. 5
Mr. Heflin's
over
investigation by
an
resolution
sippi and
was
provides for
a
committee of his charges.
The
offered by Representative Stephens, of Missis¬
was
adopted without
roll call.
a
The resolution
committee of five, which has been appointed
a
Seitz of the New York "World" and Aimaro Sato, Japanese
byTEe Speaker, and which will report its findings before
Ambassador to
adjournment.
course
the United
States.
Ishii
Viscount
interpretation given to his speech at the May¬
or's dinner at the Waldorf-Astoria that
not to violate the
political
or
Japan, in pledging
territorial integrity of China,
had established "a Monroe Doctrine in Asia."
speech
a
the
of his address requested the press of the United States
to correct the
In
in
He said:
Saturday night I made particular reference to the policy
on
of Japan with regard to China.
This reference took the form of
a
repetition
of the pledge and promise that Japan would not violate the political inde¬
pendence or territorial integrity of China; would at all times regard the high
principle of the open door and equal opportunity.
Now I find that this
utterance of mine is taken
I
want
Doctrine
Monroe
pledged by
as
the enunciation of
a
Monroe Doctrine in Asia.
make it very clear to you that the application
to
this
to
policy and
is inaccurate.
me,
principle,
of the term
voluntarily outlined and
There is this fundamental difference be¬
tween the Monroe Doctrine and the enunciation of
Japan's attitude toward
ment or
promise, while in the other Japan voluntarily.announces that Japan
will herself engage not to violate
neighbor.
the political
or
territorial integrity of her
Therefore, gentlemen, you will mark the wide difference and agree with
I
that the use of the term is somewhat loose and misleading.
am sure,
short statement
a
did not
posure
that members of Congress
mean
were
suspicion by the Executive branch of the Government.
statement, which
was
taken in
"the Administration did not desire
gation, read
If there is any
how
the
follows:
as
was
them, of which they would have
This
intention of
no
emphatically I do not
see
were
in¬
I do not know what the organization
is apropos of German methods of peace propaganda,
expose
and there is
say
knowledge, and in case they
no
fluenced would be entirely innocent.
was.
Congressional investi¬
a
in any way reflects upon Congress or any
the purpose to employ agencies to influence
message
Apparently it
The
indicating that
as
:•
misunderstanding, I wish to
Bernstorff
member.
circles
some
ex¬
held in
casting' suspicion
members of Congress.
on
What purports to be additional proof
of the nation-wide
plots in which Germany violated the neutrality laws of this
country prior to the entrance of the United States in the war,
.
'
me,
Sept. 22 issued
on
setting forth the view of the Administration that the
In the first, there is on the part of the United States no engage¬
China.
.
Secretary Lansing
given dn
was
lengthy statement issued by the Committee
a
Public Information
on
I ask you to note this with no suggestion that I can or any one else does
Sept. 22.
on
The statement included
question the policy or attitude of your country, which we well know will
documents seized in April 1916 by the agents of the Depart¬
always deal fairly and honorably with other nations.
ment of Justice when
As you must
have noticed, I have persistently struck one note every time
I have spoken.
It has been the note of warning against German intrigue
America and in
In
than
more
ten
Japan—intrigue which has extended over
I
years.
am
period of
a
not going to weary you with a repetition of
by the
this squalid story of plots, conceived and fostered
agents of Ger¬
but I solemnly repeat the Warning here.
many,
told of the difficulties be bad
Ambassador Sato
enced because of the
experi¬
activity of tbe jingo press in tbis coun¬
He said:
try.
Time was—and it has been long and weary,
and
blatant
over
the popular sentiment of your
too—when black intrigues
propaganda against the American-Japanese amity lorded it
people.
But that time, thank Heaven,
is no more.'
Several of the members of tbe Japanese Mission on Oct. 3
visited
Colonel
Roosevelt
at
Oyster Bay.
After
a
walk
about the Colonel's estate tbe visitors took luncheon.
count Ishii went to Atlantic
a severe
at
cold, and
was
Sagamore Hill.
Viscount at
City
on
the 3d to
recover
Vis¬
from
not present at the informal reception
The rest of tbe Mission later joined the
Atlantic
City, where they will rest for
a
few
days before starting for Japan. ;
Wolf
City
prominent
F.
where
State
they also received
Lansing,
on
a
R.
I.,
hearty welcome.
and
cation of the progress
of the conferences with the Japanese
Mission which had been in progress
rival iH this country,
indi¬
since the 'Mission's
ar¬
made the following statement:.
The conversations with Viscount Ishii have been of a most
alleged to b
•
propagandists.
of various
Some of the
named in the documents
men
names
working in friendly
re¬
more
Justice Daniel
were
Weekly," Jeremiah A. O'Leary, editor
"Bull," President of the American Truth Society, and
widely known agitator against England; Edwin Emerson,
of the
magazine
writer
editor of
and war correspondent; Marcus Braun,
Play;" Paul Koenig, formerly head of the
"Fair
secret service of the
fined
in
Ham burg-American
"very
adviser
Irish
of
Hamburg-American Line, and
internment
an
marked
the
Line.
A
letter
signed
secret,"
portrayed Judge
German
Government
revolution.
The
now con¬
and Carl Heyman of the
camp;
in
in
cipher and
Cohalan
the
alleged Cohalan
as
the
of
the
matter
found in
message
Igel documents., and made public by the Committee
von
Public Information, read
follows:
as
No. 335-16.
'
•
Very secret.
New
York, April 17 1916.
Judge Cohalan requests the transmission of the following remarks:
"The revolution in Ireland can only be successful if
supported from
Germany, otherwise England will be able to suppress it, even though it
be only after hard struggles.
Therefore help is necessary.
This should
consist,
fleet
satisfactory
were
Devoy, editor of the "Gaelic American"; Sylvester Viereck
Boston,
some
The documents revealed the
editor of "Viereck's
Secretary of
Sept. 24, when pressed to give
"advertising" office
Cohalan of the New York State Supreme Court, John
the
Newport,
Igel.
lations with the German
Japanese Mission shortly before coming to New York
visited Philadelphia,
von
Americans .who
on.
The
they raided the
Wall Street, this city, conducted by the German spy,
at 60
of
primarily, of aerial attacks in England and
a
diversion
simultaneously with Irish revolution. .Then, if possible,
troops,
and ammunition
arms,
in
Ireland, and possibly
of
the
a
landing
some
officers
from
benefiting relations between the two countries and in strengthening the
Zeppelins.
This would enable the Irish ports to be closed against
England and the establishment of stations for submarines on the Irish
bonds of friendship.
coast and the
character, and I think his visit to this country has been roost helpful in
cutting off of the supply of food for England.
The services
of the revolution may therefore decide the war."
He asks that
Viscount Ishii and other members of the Japanese Mission
were
at
received
on
Washington
sador from
ance
on
the floor of the House of
The Viscount,
Sept. 5.
Representatives
special Ambas¬
as
the War
comradeship and the co-operation of Japan" in
against Germany.
He also gave warning to the
House to be
has found
ten years
on
guard against the insidious treachery "that
hiding places in
has
sown
our
midst and Which for the last
the seeds of discord between us."
EXPOSURE
OF
GERMAN
Justice Cohalan
to
the New York
to
the
the Berlin
Washington, had
on
Jan. 22 sent
a message
Foreign Office requesting authority to spend
$50,000 to influence Congress, through a certain organization,
has led to
Congressional investigation.
Secretary Lansing's
added another chapter to the story of German
duplicity begun with the publication of tbe Zimmermann
exposure
and
against the United States, and which has included
Mexico.
A
sensation
was
neutrality in Argentina
created
in
the
House
on
Sept. 21 by Representative Thomas Heflin of Alabama, when
he asserted that he could
name
thirteen
or
May 1916
were
him.
very
fourteen members
statement, according
that air attacks
and had
spy,
•;
His
be
.
never
met
or
made
knew of
on
von
made the remarks
never
statement
read:
shortly after the revolution in Ireland, I was warned
determined, if possible, to destroy me,
May 6 1917 it
was
I
stated in the BritPh
was
as
they would
later informed
Embassy, in the
that
presence
like
to
about
of Chase
one or two
boomerang and injure their interests in this country.
It is within the recollection of most of us that they attempted to kill
Parnell by use of the forged Pigott letters and that
they waited until they
hanged Casement before they began to print his forged alleged diary.
How much
statement of
But I do not
England has had
an
to do with the publication of the unsigned
unnamed third parfy of my
alleged views 1 do not know.
know, and I cannot understand how my name was connected
with any papers of Mr. von
the
of
Government
He declared that he
to
a
Leslie, Lord Eustace Percy, Captain William J. Maloney, and
heard
breaches
Sept. 23 issued
others, that what they had in mind to do against mo would prove to be a
and Japan
German-Swedish
.
by one who had the entree to the British Embassy that the British author¬
note, in which Germany proposed an alliance between Mexico
the
on
destroy every well-wisher of Ireland.
The statement issued on Sept. 21 by Secretary of State
Lansing revealing that Count von Bernstorff, while German
to
•
"Times," denying that he had suggested
Igel, the German
ities
CONGRESSIONAL ACTION.
Ambassador at
German
England.
attributed
DUPLICITY-
0230.
8167
—
Washington, D. C.
In
FURTHER
telegram to this effect be sent to Berlin.
Excellency,
COUNT VON BERNSTORFF, Imperial Ambassador.
Japan, addressed the House pledging "the assur¬
of the
a
5132
To his
Igel, as I never met or knew him and never
o|f his existence until the time of his arrest.
I never sent or requested
sending of the
Thete is little
those who
remarks which
necessity of
my
are
attributed to
me.
saying that I heartily sympathize with
fought for liberty in Ireland, and I hope that one of the results
be that Ireland may be helped by America to take her place
of the war may
among
the republics of the world.
In my
opinion,
country of oiirs,
as an
a
American who yields to no
man
in devotion to this
grave error of judgment is being made
by chose who
Oct. 6 1917.J
THE
attack the loyalty of citizens of Irish blood.
not for
I
This is a time for unity and
Irish
belligerents.
pathies in
the great world war had
struggle, they
are now, as
before our entrance into the
been
•
Secretary Lansing
Sept. 23, without comment, made
on
Cardinal Gasparri.
public another series of disclosures of German intrigue, this
time
possible.
German
the
affairs
Legation at Bucharest, Rumania, after the
had taken charge of Germany's
Rumanian
the
quantities
capital,
of
to
in
use
without
powerful
"To this
and
horses
destroying
cattle.
war
Consisted of
exposure
would
discovered buried in the
in the
be
smuggled into its
Following
could
thirteen
name
Rules Committee.
would
Michigan.
The
providing
other,
.either
information
Heflin
such
a
risk.
Georgia,
of
Howard
who
had also
Holy
a
been
to prepare weapons,
toward
whose attitude
cause
clare
dum
he
which
Heflin,
the
were
National
The five
intervention with
possible
view to avoiding conflict.
a
war
without first consulting the people,
at
or
preferably through a referen¬
least, through the Parliament.
The law which introduced it for the duration
Legislature mentioned by Mr.
E. Mason of
time necessary
long period would elapse as to render it
people, both as re¬
persona! liberty, besides being, an inevitable
war breeder.
Thus we saw Australia rejecting conscription fey referendum
although the feeling in Australia for the mother country was most loyal.
"Perhaps even England, the United States, and Canada would have
refused conscription if the people had been consulted through a referendum.
of the war provided for its
suppression immediately after the conclusion of peace.
Senator La Follette of Wisconsin, and Repre¬
sentatives William
of
in Congress.
they had introduced
of
in the same condition during the
a
garding financial expenses and
vestigation of the organizations which had indorsed certain
members
such
"Conscription is one of the hideous burdens of a free
questioned, and said he would like to have a thorough in¬
bills
were
obligatory
military service should proclaim the principle that no head of a State,
emperor, or king, or president of a republic, should have the right to de¬
North Dakota.
the American
declared, required
"Finally, the whole world in addition to the suppression of
Sept. 27 and mentioned the names of five members of
Congress
.
conscription.
long time before being able to form a large army.
for friendly
Representative Heflin appeared before the Rules Committee
on
the present war.
See always has opposed
countries, despite their colossal resources, once war was
or
as
introduced by Representative Norton of
was
conscription would lead auto¬
We always refused
to introduce it in our own army when the Pope was a temporal sovereign.
Besides, England and the United States are the most splendid examples
of how great powers can exist without standing armies, but even these two
"The
stating that he could lay his hands on Germaninfluenced members of the House, might have on the matter,
quoted
Thus, only a mad government
disarmament,
inter¬
and also the restoration of economic and financial conditions
"If all the states
Representative
The suppression of
in the countries exhausted by
investigation of
an
Representative
run
national peace
One, proposing an inquiry of the Heflin
of
the nation attempting to violate a treaty
threatened by a general eco¬
namely to the end of militarism, bringing beneficial consequences for
introduced by Representative Fordney
whatever
,1887 in defeating an increase
yearly, which so angered the Iron Chan¬
matically and without any disturbance of public order to
by German
remarks
was
Then, it would not always
possible to induce Parliament to vote large military appropriations.
"Even Bismarck found this to be true several times, but especially when
nomic, commercial and financial boycott.
fourteen
or
House
only,,
All this would be possible, but it
government first would have to violate a treaty
"Under conditions we propose,
resolutions of investigation were intro¬
on Sept. 24 and were referred to the
two
the
a
in the German Army of 41,000 men
Legation grounds and hidden
members of the House who had been influenced
propaganda,
large standing army, which Parliament undoubtedly
such
with the civilized world would be immediately
Heflin that he
duced in
as
the party of the Centre succeeded in January
heated debate over the assertion of Repre¬
a
a
from patriotic motives.
cellor that he dissolved the Reichstag.
Legation building.
sentative
pass
first would declare
bill to Parliament for the adoption of conscription
signed in conjunction with all civilized nations.
Legation at Bucharest high explosives and microbes, which
were
morally impossible.
would object that certain governments
would be difficult
and documents from various Rumanian officials, disclosing
the fact that the German Government had
some
and then present a
and the formation of
Secretary
an
^established
approved by the people, which in normal conditions would
law
a
be improbable, indeed,
official report by William
Whiting Andrews, American Charge d'Affaires in Bucharest,
Lansing's
»v
pressing conscriptjon, with the proviso that it could not be
explosives for bomb plots, and deadly microbes, which they
were
The moon is the only place
prejudices?
vvy
"All the other inconveniences and objections could be avoided by sup¬
Government
at
to enforce the verdicts of the
wichout being
army
In which country would it be located
influenced by local politics and
revealing how Germany "shamefully abused and ex¬
of State,
the Papal Secretary
"An international
court of arbitration?
ploited" the protection of the United States by secreting in
American
further added:
embody views
to The
Associated Press to-day in commenting upon the situation
after, the
publication of the reply of the Central Empires to the Pope's note.
"President Wilson's proposal to reduce armaments and impose interna¬
tional arbitration by force through a society of nations is a dream," said
they have always been, for America, first, last,
and all the time.
was
Cardinal Gasparri,
expressed by
unqualified loyalty, and that whatever their sym¬
and
It
It is understood that the next Papal note will virtually
throughout the entire history of the country has been one
of unconditional
all the
note the Pope would again address a note to
peace
disruption.
pointed out in Carnegie Hall on last Easter Sunday that the record
of the
1385 U
CHRONICLE
question
which
the ques¬
to find an equitable solution for satisfying the people of both sides
view to avoiding graver catastrophes of a social and financial char-
"It is ,now
Illinois, Fred. A. Britton
of victor and
no
Illinois, Patrick D. Norton of North Dakota, and John M.
tion is
Baer of ,North Dakota.
with
a
evident that in the present conflagration there is no
vanquished, no question of absolute military success
of belligerents seems able to secure over the other, but
group
'
*
The House Rules Committee
end that the House order
recomr
alleged
use
of German
Sept. 28 decided not to
an
investigation into the
in influencing legislation in
money
Chairman Pou, of the Rules Committee, issued
Congress.
the
on
following statement:
nation-wide
use
of the
money
furnished
German Government now being conducted by the Department
the committee oh rules has decided to take
tions
now
no
by the
of Justice,
action on the several resolu¬
before it.'
war must
neutrals.
as
the
The
bitter parliamentary debate
ensued in the House, in which the Democratic leaders for the
time
the
a
being succeeded in quashing talk of an investigation. In
heighth of the debate
tween
personal encounter took place be¬
a
Representatives Heflin and Norton. Mr. Norton had
invaded-the Democratic side of the House to take Heflin to
task for
men,
some
statement about
and the latter tried
colleagues
on
were
him
soon
the floor in the House.
away.
A scuffle"
separated by their
Careful management
by House leaders prevented the wrangle over the German
"slush fund" from
Oct. 4 when the
getting beyond
subject
was
a
threatening stage until
again taken up. "Representative
a personal privilege speech
De-.
authenticity of the above
statement of Cardinal Gasparri, the New -York "Times" in
a special dispatch from Washington on Sept. 24 said:
reporting that doubt was expressed at the State
the authen¬
Gasparri, the Papal Secretary
of State, in the interview printed on Sunday morning.
The Department does not hold that the interview had no basis, but
on
the 4th in
defended himself against the
Heflin's
of various members of the House, was, as
adopted
follov
on
heretofore stated,
Speaker Clark later appointed the
the 4th inst.
ing committee to make the investigation:
tives Bardhart, of Indiana, Chairman;
Representa¬
Venable, of Missis¬
sippi; DeWalt, of Pennsylvania; Longworth,' of Ohio; and
Walsh of Massachusetts.
The committee began its
inquiry
expressed at the State Department to-day as to
The interview referred to is the one
believes that some mistake was made.
in which the Cardinal was
quoted
as
saying that "President Wilson's pro¬
posal to reduce armaments and impose
through
a
international arbitration by force
society of nations is a dream,
'
According to Associated Press dispatches of the 1st inst.
from
Paris, the "Eclair" publishes a letter from
Cardinal
Gasparri, to Bishop de Gibergues of Valence, concerning the
reception accorded to the Papal peace note, in which the
Papal Secretary
at the
expresses
the satisfaction of Pope Benedict
sentiments of the Catholic clergy of France, which,
the letter says,
count of the
The letter,
not
letter, the dispatches further say:
which is dated Sept. 10, remarks that France certainly can¬
take exception to
the first two points of the Papal note, concerning
disarmament and obligatory
arbitration, and continues:
The Pontifical note is couched in general terms,
and does not exclude
even setting aside the enormous
difficulties of establishing with precision in all the sectors of the war the
reparation
for
such
damages.
damages caused needlessly by
But,
the fault of military commanders, it is for
judge if it is suitable for it, even in the hypothesis
of victory,
prolong the war, were it on^ly for one year, to require of the enemy repa¬
ration for these damages, with due account taken of the losses in money and
men
DISARMAMENT AND CONSCRIPTION.
and the^ heaps of
Sept.* 22 stated that following the
ruins in which the war would leave the Belgian and
French territory now occupied.
that the Papal note
It1
then says that the Pope does not and could not propose any solution con¬
cerning Alsace-Lorraine.
It adds that the Pope expresses hope that
Cardinal Gasparri's letter lays stress upon the fact
desires
on
receipt of the awaited reply of the Allies to Pope Benedict's
more
to
CARDINAL GASPARRI ON POPE'S VIEWS CONCERNING
The cables from Rome
"is all the
since the contrary attitude of the
France to
yesterday (Oct. 5).
.
was
ticity of the statement attributed to Cardinal
agreeable to his Holiness
French press in general is
aspersion cast upon him by Mr.
.'inexplicable. If there are nations specially favored m the
The resolution providing for the inquiry into Mr.'
Papal note, they are France and Belgium."
In their ac¬
unproved reflections upon the honor and integrity
Mason, of Illinois,
Heflin.
all guarantees for the fulfillment of conditions
partment at Washington as to the
German-influenced Congress¬
to push
ensued, but the belligerents
ready
leading to
people.of the Central Powers, as well as those of the Allies, are
just and lasting peace."
Doubt
Following Mr. Pou's report,
good offices of other
end through our mediation or the
objection made by President Wilson is easily overcome,
and willing to give
In
of the
investigation
■
"The
a
In view of the information which the committee on rules has received of
a
acter.
that French territory
be immediately evacuated completely.
1386
THE
CHRONICLE
(Vol. 105.
'
u
—
France and Germany will examine
In
a
FinaLy, the letter
contends that the Pope's note favors France in different points and offends
it in none.
' ■■
;
' '
''
'•
\
■
The Democratic Congress by a vote of 839 to 106 passed a resolution
conciliatory spirit the aspirations of
people#, taking into account what is Just and possible.
.
.
is indispensable to constitute
declaring that it
last August; as the Congress
construed it, and would
policy tending to the realization of a general peace.
GEN. K0RNIL0FF NOT
ABSOLVED
FROM BLAME IN
has not absolved Gen. Korniloff of all blame for the recent
Public Informa¬
on
The Congress directed
scheme for
a
The resolution was prepared by the committe#
representing all the parties in the Congress, and sets forth the views and
The statement that the Russian Provisional Government
revolution, is made by the Committee
carry out an activ#
the Main Committee to choose five of its members to draft
forming such authority.
RECENT RUSSIAN UPRISING.
revolutionary
strong
a
authority, which would follow the program of the Moscow Conference of
tion at
principles agreed to by
majority of the Conference.
a
submitted to the Congress by M.
The
The resolution was
Tseretelii, former Cabinet Minister.
evening newspapers say that the preliminary parliament which the
Democratic Congress has decided to set up will be a provisional body
consultative, not legislative, character.
a
of
It will be empowered, however,
Washington, the information imparted by the latter
being based, it is stated, on official advices from Russia.
to
We quote what the committee had to say
supply it periodically with all information concerning the situation in th«
lication, the "Official Bulletin,"
in its daily pub¬
Official advices from Russia make clear that the Provisional Government
has not, as was recently reported in the press of this country,
Korniloff of all blame for'the recent uprising.
Informatibn
absolved Gen.
The Committee on Public
is authorized to state that a judicial Inquiry to fix responsi¬
bility for the attempt to overthrow the Provisional Government has been
begun and that the authorities in Petrograd will be guided by the result of
this
Investigation.
dispatch, bearing
a
on
this subject, which has been receiyed
from the Russian Minister of Foreign Affsirs:
"After the appointment of Gen.
Korniloff to the post of Commander-
commander and the Government in Petrograd with a view to in¬
new
stituting
measures for
Korniloff formulated
strengthening the fighting power of the Ariny.
were
important questions
left open.
were
Gen.
which he considered essential.
series of measures
a
Substantially all of these
26,
approved by the Government.
Only three
These were (1) the revival
of capital
finally adjusted on Aug. 26, when the Provisional
were
prepared to announce
was
which had been reached
a
decision, based on an agreement
few days previously in a conference between the
a
acting Minister of War, M. Savinkoff, and Gen. Korniloff.
"Before the agfeed policy of the Provisional Government could be pub¬
licly announced, the Ministry was astounded by the receipt of
from
Geii.
be
Korniloff that he
demand
a
clothed with the powers of a
dictator.
.This message Was transmitted to the members of the Government
same
evening, Aug. 26, by
"These
are
that
on
mit this
The
circumstances leading up to this
The attempt to overthrow the Government, as
sition
was
ble only
that there be
a
a
coalition
one,
compromise.
the Congress.,
to
held its first session
on
Sept. 27
Petrograd, 1,200 delegates from all parts of Russia being
in attendance.
All the
members of the Provisional Govern¬
Premier
Kerensky's address wds largely a defense of the acts of the
ment, ,headed by Premier Kerensky, were present.
Government under his
Congress declared
premiership.
its opposition to
On the 3rd inst. the
a coalition; Cabinet.
It first voted, 766 to 688, in favor of the
offset by the
was
amendment
coalition idea, but
adoption to the resolution of
an
providing:
attendant
Against'inclusion in the coalition of the bourgeoisie elements,
(1)
ticularly of persons
*
Takes Sweeping Measures.
'
'
•
'
'Simultaneously Minister President Kerensky, in taking
supreme com¬
forbidding action oh the part of soldiers' committees
similar military organizations against officers of the Army suspected
complicity in the Korniloff plot.
The occasional, instances of the
breakdown of discipline in the Army, due to interference of these extra
With
organizations
the
military commanders, there is
authority
reason
of
the
to believe,
regularly. constituted
will
entirely cease.
now
The swift and complete collapse of the Korniloff rebellion prevented any
The trou¬
general disorganization of the military forces.
•
move
led to
lively discussion, which terminated in
a
the final vote against coalition, 813 to 180.
In
mand of the Army, put into force sweeping orders, backed by the threat
of drastic punishment,
/
Against coalition with the entire Constitutional Democratic pjjjrty.
This
of Russia.
par¬
concerned in the revolutionary movement of General
Korniloff.
(2)
a
The conservative
Their propo¬
coalition Cabinet but it be responsi¬
The Democratic Congress
military might
possibility of
The Bolshevik
belong to their party.
while the Moderates suggested a
disturbances shall hot interfere with the work of swiftly reestablishing the
military
decided to sub¬
elements declared that the Cabinet must be
is well
Minister President Kereiisky. is taking
all possible measures to the end that Korniloff's rebellion and the
or
was
present, insisted that all the Cabinet
were
must
which
vote.
It
a
own
superseding th«
Korniloff will be brought out in the judicial investigation
under way.
known, met with complete failure.
of
committee of its
constitute the Cabinet,
plan to the Congress for
members
this vote
member of the Duma, Lvoff.
the essential facts.
action of Gen.
now
a
passed to the effect that the pending
was
henceforth would
at
Had Reached Decision.
"These matters
resolution
a
Democratic Congress elect a
the adoption of certain military measures in Petrograd.
Government
-'Vv'1•r;'
Social Revolutionaries and
the Peasants,' Soldiers' and Workmen's Delegates on Sept.
punishment at the Army bases, (2) the enlargement of the war zone, and
(3)
v;.;)'
The Government is to
combined meeting of the
a
members, who
in-Chief of the Russian Armies, a series of exchanges was begun between
the
At
present Provisional Government.
Dispatch from Foreign Minister.
Following Is
It will consist of 231 members, of
which 110 will represent the Zemstvps and towns.
country.
Sept. 28:
on
consider questions of foreign policy,
indicating the insistence of Premier Kerensky for
a
coali¬
tion Cabinet, the following dispatches were received from
Petrograd by the Associated Press
on
the 4th inst.:
The "Russkai Volya" says the Government will only recognize the forma¬
tion of
coalition Government.
a
sumed pourparlers with
Premier Kerensky is-reported to have re¬
politicians and representatives of the bourgeoisie
party.
i
The "Vechernee Vremya" says the list of new Ministers already
bles reported are sporadic and quickly checked.
"The Korniloff uprising will not in any way alter the determination of
the Petrograd authorities to carry out those measures for the enforcement
drawn up
of
has been
ized by the congress.
discipline and the restoratoin of the full fighting
power
of the Army
Soldier's
'•(Signed)
'
PREMIER KEREN SKY'S
NEW
TERESTCH ENKO."
COALITION
CABINET
Delegates.
The latter are said to have replied that they are
opposed.to.any reconstruction of the Government until it has been author¬
which had been definitely decided on as necessary before Gen. Korniloff's
attempt to overthrow the Government.
and that Premier Kerensky has so informed the Workmen's and
This
followed last night, as indicated above, by the
was
of the
announcement
WILL HA VE
TO CONTINUE
v
no
stop be taken in furtherance of Premier Alexander
Kerensky's plans for
of the
a
coalition cabinet without the sanction
Congress; announcement
ciated Press
was
made in delayed Asso¬
dispatches of the 4th inst/ that the following
unofficial slate for
late
In
a
coalition cabinet had been
Thursday night, after
Cabinet and
the others
a
agreed
on
long, session of the present
scheduled to occupy
portfolios in
of the
.
Press:
to
always made it
easy for
them
gratefully the initiative of the Curia, which made it
again
their national policy in
a
clear,
pos¬
unam¬
I say intentionally 'national policyas I hope and be¬
the German Government, both
as
regards its form and
been
Democratic
The portfolios of Foreign Affairs, War, Marine, and
our
purely German development, the note is also
a
landmark.
is the first result of the collaboration between all the factors of the
party,
against which the Democratic Congress has been in opposi¬
tion, is represented by Kishkin, Konovaloff, and Smirnoff.
to welcome
ernment
Minister of Marine—Admiral Verdervski.
say:
people and the German Government, whose conscious¬
of their strength and internal security
"For
President of the Ecumenical Council—M. Tretyakoff.
Minister of War—Gen. Verkhovsky.
night
Europe into a place of. bloodstained ruins.
mans.
Minister of Education—M. Salaskin.
remain unchanged..
appear
The Pope threw
contents, embodies the desires of an overwhelming majority of the Ger¬
Minister of Justice—M. Malyantovitch.
Constitutional
of nations and will
in the annals of Vatican diplomacy.
'peace' into the turmoil of battle at a time when events threatened
lieve the reply of
State Controller—M. Smirnoff.
that the
page
biguous manner.
Minister of Trade and Industry—M. Konovaloff.
stated
unfading
sible for them to set forth
Minister of PubUc Welfare—M. Kishkin.
said the Secretary, * 'will mark
emphasize their wilUngness to conclude an honorable peace, have rea¬
son
Minister of Religion—M. Kortasheff.
:
:
.
ness
Minister of Supplies—M. Prokopovitch.
Minister of Finance—M. Bernatzky,
quoted to the following effect in Ber¬
epoch In the history of this tremendous battle
"The German
Minister of Labor—M. Skobeleff.
It is
/
,
to transform
'
was
'This courageous initiative of the Pope,''
the word
Nikitine.
Minister of Agriculture—M. Masloff.
Reichstag,
dispatches of Sept. 29 (via London) to the Associated
lin
as an
Affairs— M. I. Terestchenko. I
Minister of the Interior—M
Foreign Affairs, speaking before the Main Committee
for
an
F.* Kerensky.
Minister of Foreign
Benedict's steps toward
Dr. Richard von Kuehlmann, the German Secretary
peace,
new one:
Premier—A.
stating that he could not venture to say what would
be the immediate outcome of Pope
'
the
TO SPEAK BY
THE SWORD.
Despite the demand of the Russian Democratic Congress
that
THAT GERMANY
KUEHLMANN ASSERTS
VON
DR.
FOR RUSSIA.
slate.
new
Interior
The Associated Ptess dispatches of last
and the representatives of the
German Parliament.
attempted here for the first time and with
a
It
Gov-,
That has
cordiality that has no
precedent, so far as I can see, even in purely parliamentary States."
This collaboration,
added the Secretary, both with regard tc its prin¬
ciple and results, was of
a
kind which
a
statesman having the German
foreign policy at heart might regard with perfect confidence.
that
there
was
in
Germany to-day
one
another policy of the people, and said that this legend could be
if the. Reichstag stood behind the
Pope.
He denied
policy of the Government and
destroyed
policy represented In the reply to the
Qn. 6
Dr.
tod
THE
1917.]
In
Government di¬
Kuehlmann also denied that there existed in the
leading men or between the Im¬
perial Administration and the Field Marshals.
All were working in the
closest and most complete harmony, he said, and he gained the best im¬
of opinion and aim among the
vergences
pressions for the future from the harmonious collaboration which revealed
itself between the Parliament and the Government on the question of the
reply to all this Germany has made no open, frank
still continues her enigmatic role,
presented by the Gov¬
ernment," continued the Secretary, "appear acceptable to the representa¬
tives of all the parties.
Consequently I believe I can say with full right
that all attempts of the enemy to drive a wedge between the German peo¬
ple and the German Government on the question of the basis of our foreign
policy and by the propagation of the fiction that the German people do
M.
Terestchenko,
Dwelling on the Pope's words, "peace on
is the growth of a
thousand years.
of the States of this old Europe have
much when I maintain that in none
last forty years been so unbearable that any State
conditions during the
To-day, in
the mutual interest of every large State that
abolition at the cost of self-destruction.
desire their
the middle of the war, it is to
A complete breakdown would leave every
combination it belongs, weaker and poorer
States would be quite broken and without any hope
Europe shall not go to pieces.
single State, no matter to what
in outlook, and many
for
national future.
great
a
Germany, nearly fifty years ago entered the
"When the young power,
enthusiasm: but
she was greeted by nobody with great
circle of old powers
"
proved more than abundantly that the new power
these fifty years have
If to-day our enemies believe
back the course of history and bring into existence
brought strength to the whole of Europe.
that they are able to turn
again
alongside a Prussia which has been
only delusions, which are hardly
of political theorists, and must be ruinous in the
weak formation of federal States
a
subjected to deadly mutilation, these are
pardonable in the case
of
case
"The
.>
responsible statesmen.
;
fundamental idea of the German reply was to be helpful to the
which alone would be possible
a fertile exchange of thoughts upon concrete questions.
A man of diplo¬
matic experience knows that during this kind of negotiations the nature
Holy Father in creating an atmosphere in
surrounding atmosphere is of primary importance.
of the
"If
psychological condition of our enemies by the
to judge the
one were
and leading men, one must come to very
statements of their newspapers
As long as our enemies base
unsatisfactory results.
the
more
clever
ones among
beating its breast in sorrow, may
in sackcloth and ashes, and
grovel under the yoke of despicable de¬
mands.
...y■/
the Entente, which have been
plainly to the nations of
the beginning of the war, but how otherwise
incited by legends invented at
new
It may not be easy
to speak by the sword.
"We shall have to continue
is the
themselves on fiction—
them do not believe in it—the time may come
to which the German nation, doing penance
to show the truth
spirit to come into existence?
This is an indispensable condi¬
termination of the present struggle of the na¬
"The German
just war.
[;'■
people are firmly convinced that they are conducting a
this conviction they draw strength cheerfully to meet the
■
•;
v;
.
From
great sacrifices which
"
,
\
■
the times demand."
GERMAN CIIANCELLOR
r.
tion of indemnities for its losses caused by the enemy's
untimely death
Newton
sincere
a
the subject
Seligman & Co. of this city
regret
in
having spoken
Liberal
Government as
to the
as
follows before the Reichstag in committee:
of the Imperial
Deputy correctly stated that the attitude
regards its
war
aims was clearly,explained in my answer
The peace resolution of July 19 was
Papal note.
expressly men¬
reply, and further explanation thereof is unnecessary.
Moreover, I declare the statement that the Imperial Government had al¬
ready communicated with this or that hostile Government and that it had
in advance renounced occupied territories, thus abandoning the most
tioned in this
I declare the Im¬
free hands for eventual peace negotiations.
This
negotiations, is
valuable advantages in peace
perial Government has
also
refers
untrue.
was
where
received with
he
had
held
financier and philanthro¬
as a
Mr. Seligman died at Mount Sinai Hospital,
this
city, from injuries sustained when he fell or was thrown
from
horse while
a
home
riding
Willow Brook, his summer
near
Irvington-on-^he-Hudson, N. Y. Mr. Seligman
was born in New York July 10 1855.
His father was Joseph
Seligman, a native of Bavaria, and founder of the banking
house of J. & W. Seligman & Co.
Mr. Seligman received
his early education in the Columbia Grammar School-, and
in 1872 entered Columbia University from which he was
graduated with honors four years later, 1876.; His first
banking experience was obtained in the New Orleans branch
of the Seligman firm, which he entered after his graduation
from college.
He spent two years in New Orleans, and
at
then entered the New York firm,
head in 1895,
the
of which he became the
since which he has been
a
world.
figure of promi¬
Mr. Seligman
nence
in
took
prominent part in the civic betterment of New York
a
City, and
financial
country's
of the active workers for the reorganiza¬
was one
department, and in 1915 represented
tion of the State Tax
the New York Chamber of Commerce at Albany on ques¬
tions of taxation.
Mr. Seligman was
also
an
earnest worker
in behalf of the betterment of the Jewish race, and
believed,
nothing should be done to differentiate betweenhis
and other races as Americans.
In addition to his connec¬
that
tion with the
numerous
Seligman banking house, Mr. Seligman had
He was a trustee of
other business affiliations.
the United States
Savings Bank,
States of the Munich Reinsurance
Reinsurance Company
trustee in the United
a
Company, and the Rossia
of Petrograd,
a
director of the Lin¬
member of the advisory committee
Audit Company of New York, Treasurer and a director
coln Trust
Company,
Hebrew.
charities,
a
Suburban Homes Company, a director of
Company and Treasurer of The Ameri¬
Mr.Seligman
among
was
identified with
many
them St. John's Guild, of which he was
Treasurer, the United Hebrew Charities, of
which he was
Vice-President, and the National Child Labor Committee,
of which he was Chairman of the Finance Committee.
He
also
was
a
the-Executive
trustee of
Columbia University, a member of
Committee
of
the New
York Chamber of
of the People's Institute, Chairman
of the Financial Committee of the Legal Aid Society, and
Commerce,
was
trustee
a
connected with several other civic
Seligman
Collector
organizations.
Mr.
liberal patron of art and was known as a
manuscripts, possessing, it is s>id, the most
was a
of
"
Belgium.
to
circles,
financial
commanding position, both
can
of Germany's territorial war claims the
Sunday of last week of Isaac
on
Seligman, head of the international banking house
the Wawbeek Land
Imperial Chancellor* Dr. Michaelis, is quoted by the Asso¬
Press in dispatches from. Copenhagen on Sept. 29
A
invasion."
DEATH OF ISAAC N. SELIGMAN.
The
of the City and
DENIES RENOUNCING
ciated
as
financial
regeneration," the Foreign Minister declared, "while leaving open the ques¬
of the
CLAIM TO BELGIUM.
On
proclamation.
Polish
kingdom shall enjoy the necessary conditions for its economic and
tion if we are to arrive at a
tions.
Provisional Government had proposed to the
that the
"At the same time Russia will take care that the future independent
pist.
strongly-peopled peninsula on a mighty continent once held
strongly in its bands.
I am not saying too
the domination of the world
would
Government
especially in regard to the reconstruction of a free Polish people.
He announced
of J. & W.
earth," he said:
sound like an echo of long-forgotten
times, yet they are no echo but are even to-day more than a geographical
expression of.mere sentiment.
They are the outcome of a state of things
Europe those words to-day
little,
Russian
proclamation of March 30 last
Entente Allies that they issue a joint decree ratifying that
Referring further to the German note
"A
concluding, said that the
in
affirms its determination to carry out the
in the most crushing manner by the support
which
is greater than
Kaiser and the Imperial
not stand behind the
"In
statement, but
conquests that she has made by force.
principles of the reply to the Papal note as
Chancellor will be repulsed
given to this document."
Dr. von Kuehlmann said:
"It stands like a strongly constructed building in whijh each stone is
so firmly fixed that any attempt to remove it could react only to the in¬
jury of those who engage in the task."
proclaiming that might
right, and only awaiting the time when she may be able to consolidate the
to the Poles,
Papal note.
"The
1387
CHRONICLE
of
Washington
Irving
manuscripts.
complete
RUSSIA VIEWS UNFAVORABLY
GERMANY'S ANSWER
According to the Associated Press
dispatches from Petro-
Sept. 28, Russian Foreign Minister
grad
on
in
statement to
of Pope Benedict,
Minister
as
proved that' Germany and Austria
shares
of their love of peace and their eagerness to
of the reduction of armaments, but do not
adopt the principle
make the least reference to the
Several expressions in the notes even lead one to
that Germany
believe that, contrary
resolution,,the German Government has not renounced
"German Peace," which is contrary to the
principles of right and justice, and
regards certain controversial questions as having been
nitely settled.
statement that
defi¬
Another expression which mars the German note is the
the Berlin Government will consent to enter into peace
negotiations only on the basis of what it calls "the war map."
The war aims of the Allied democracies already have been laid down
President Wilson's
part, has made
have been
reply to Pope Benedict.
a
tables
LEGISLATIVE NEWS.
public sales of bank stocks this week aggregate 38
and were all made at the Stock Exchange. • No sales
stocks were made at auction.
Extensive
reporting bid and "asked quotations, deposits, surplus,
the United States are
Quotation" Section,
in all important cities in
published monthly in the "Bank and
the October issue of which accom¬
panies to-day's "Chronicle." Bid and asked quotations for
all New York City bank and trust company stocks are also
published weekly in another department of this paper,
1408.
and
will be found to-day on page
Shares.
BANK.—New York.
Nat. Bank of Commerce...
Low.
High.
164H 164^
»..
to
peoples of Russia
Greta Loeb
brother-in-law of Jacob II. Schiff
Warburg.
of trust company
38
Regenerated Russia, for her
known tide principles for which the free
fighting.
also
&c., of banks and trust companies
the worn out
basis of a future peace.
to the Reichstag
was
BANKING AND
The
saying:
He
and Paul M.
of the Central Powers to the peace
Terestchenko added that the Central Empires repeat
assurances
1883.
Terestchenko
"persist in their refusal to make any sincere step whatsoever
in the direction of peace."
The dispatches*further quot
M.
Kuhn, Loeb & Co., having married Mjss
representatives of the press on that day
declared that the replies
the Foreign
a
of
TO POPE.
\
note
son-in-law of Solomon Loeb of the banking house
was
in
"
a
collection
He
Last Previous Sale.
I64K Sept. 1917—165
Close.
...
The members of the New York Cotton
New York Coffee and Sugar
Exchange and the
Exchange have voted to elose
1388
THE
Oct. 13, next Saturday.
on
CHRONICLE
As Friday, Oct. 12, is Columbus
Day, the members and employees of the exchanges will have
a three-day week-end
holiday.
compensation will be made in six equal installments.
proximately, 600 employees of the bank will receive
of the money*
"■
..
Chicago
was
chosen
the 1918 convention city at the
as
[Vol. 105.
'
'
The
Y :
x
/'
:.>Y'
-.
"
,
•'
a
Ap¬
share
V,''
'
-4
'
■
growing business of the Bankers Trust Company has
concluding session at Atlantic City last week of the present
year's convention of the American Bankers' Association.
made necessary a
At their final session the bankers
adopted a resolution pledg¬
ing the support of the organization to the Government in its
every effort toward winning the war, and especially in the
ments.
sale of the
ing department has been moved to the fourth floor, while
Liberty Loan bonds.
Another resolution adopted
and
To make
which
ment,
the Trust
the transfer
ing upon legislative and regulatory bodies the necessity of
taking under serious consideration the questions surrounding
building.
the space
other
the Government in the
and other
prosecution of the
shall be pro¬
war
vacated by the securities department which has
merged into the bond department, while the loan and
divisions
further
been
have
matic tubes, as well, while
tween the office at 16
from
Fifth Avenue and 42nd Street.
economy among
home.
the soldiers
well
cantonments-.
as among
the people at
tion.
Trust
Charles
A.
Hinsch,
President
of
the
Fifth-Third
National Bank of Cincinnati* is the newly elected President
the Association.
Following our usual custom, we will
present a full report of the meeting in
our
annual publication
—The American Bankers' Convention Section—which will
to all subscribers of the "Chronicle" with the issue of
not only
system of pneu¬
telautographs are also used be¬
Company showed total
•O;
for
war
The last statement of the
resources
well in
exceess
of
tive under the
so
framed
as
to make the assessment
additional to taxes which are already effec¬
The analysis of this law, which
existing law.
is contained in
a
+
purposes
booklet just issued by the Guaranty Trust
a
Company of this city makes clear this separation of the old
new
taxes.
Wherever similar assessments have been
and
made under former laws,
both the existing tax and the war
This booklet also contains an income tax
given.
are
chart and
'
—■—•
a
Wall Street and the uptown office at'
The War Tax Law is
tax
Saturday next, Oct. 13.
by
are
$300,000,000.
loans be made tax free failed of adop¬
war
Of
go
connected by interior telephones, but
A resolution calling upon bankers to urge that all
Government
new
as
army
promoting thrift and
All of these
enlarged.
departments of the Trust Company
Secretary of War to reconsider his decision prohibiting banks
establishing branches at the various
the third floor of
department has moved to the basement of the
vided with adequate transportation services and facilities.
In still another resolution the Association requested the
The resolution set forth the need for
on
The personal trust division will now be found in
the railroads to the end that railroad credit may be strength¬
ened and railroad expansion encouraged so that business and
been
occupies quarters
now
Company's forty-one story building, the bookkeep¬
urged members to co-operate for collective action in impress¬
,
corresponding growth in its office space
some of its principal depart¬
room for the recently formed bond depart¬
changes in the location of
clear explanation
a
of the
new excess
profits tax.
Considerable development in the Morris Plan of industrial
Roswell C. Tripp of the firm of
loans and investments in the first nine*months of 1917 has
Been witnessed.
increased from 59
The number of
to
operating companies has
91, the amount of capital invested from
$7,063,700 to $11,250,000, the total number of borrowers
from 206,000 to 337,000, and the amount loaned in small
sums
from less than
clusive
of
loans
$27,000,000 to
made
over
borrowers
to
$45,000,000,
ex¬
desiring to purchase
of the West Side
Bank, of this city.
George H. Burritt, manager of the bond department of
Brown
Brothers
Burritt
the
in
after
&
Co.,
district.
financial
will return to active duties
■
ra'
Arthur F.
Maxwell, Assistant Cashier of the National Bank
of Commerce of New
York, who
President of New York
of
Mr.
this city, has resigned.
of
brief holiday
a
Liberty Loan bonds.
A. F.
William Morris Imbrie
Qo., bankers of 61 Broadway, has been elected a director
&
Banking for the
was
recently installed
as
Chapter of the American Institute
year
1917-18,
has been compelled to
Luke, head of the banking firm of Luke, Banks
& Weeks of 14 Wall
Street, this city, and
a
director of the'
Liberty National Bank of New York, died in Boston on
Mr. Luke
Sept. 29.
At
early
an
age
was
born in Cambridge, Mass., in 1853
a Cambridge bank¬
he entered the employ of
resign that office because of his removal from the city to
ing institution, and later became connected with the Na¬
Dallas, Texas, where he will make his headquarters while
tional Bank of the Commonwealth in Boston.
In 1878 he
acting as southwestern representative for the Commerce.1
was appointed Assistant National Bank Examiner for the
Mr. Maxwell has
been^actively identified with the Chapter city of Boston, and subsequently was elected Cashier of the
since he came to New,, York in 1913.
For the last several
National Bank of North America of that city.
He left this
years he has conducted its. course in credits and has also
position to become Treasurer of the National Tube Works,
served
place
the Finance Committee and the Board of Gov¬
on
No
ernors.
has
one
President
as
been
selected
to
fill
Mr. Maxwell's
yet.
as
'
♦
r-
next year,
'
The National Bank of Commerce of this city has pub¬
lished for distribution to its customers the official text of
the War Credits Act, as approved
.Sept. 24.
by President
war
"for
measures
issued
the convenience
one
of
a
a
on
by_the National Bank of Commerce
of.its.customers.
W :an,
raw
cotton to the
the
war
and for
leading European neutrals, both preceding
the_years during which the great conflict
The problem of our "exports to neutrals
a
complicated
one.
The data presented in this pamphlet
will be of assistance for
right thinking, both to those inter¬
1902, to become
Weeks.
a
formed,
member of the banking and
\
—«—.—
The directors of the National
City Bank of Brookly j,
it
of the decision reached at
a
meeting
resolved to place the stock on a
was
on
June 12, when
quarterly basis, begin¬
Heretofore the dividend payments have been
ning Oct. 15.
7% semi-annually.
......
The
death
is
——*
announced
of
...
John
Newton
Scatcherd,
formerly President of the Bank of Buffalo, and at
a
one
time
director of the Market Bank, the Third National and the
ested in the exportation of raw cotton and for the general
Buffalo Loan, Trust &
Safe Deposit Co. of Buffalo.
industrial,
Scatcherd served at
time
affairs
in
are
commercial
and
financial
community,
whose
intimately correlated and concerned with exports
general.
New
York
one
was
employees "in recognition of the prevailing high cost of
living and loyal services rendered."
The extra compen¬
He
was
born in Buffalo
Exchange.
Sept. 12 1857.
_—.
Deposit & Trust Co. and the Peoples Savings
Bank, two of the largest banking institutions in Pittsburgh,
Pa., have consolidated.
made
on
Sept. 29.
salary for employees^receiving
as
first payment
& Trust and the
up to $4,000 a year.
The
will be madej>n Nov. 5 and the entire extra
on
The Safe
sation amounts to 20% of their annual salary for employees
and 16% of their annual
Lumber
connected with the National Wholesale
receiving less than $2,000
a year,
Mr.
Preisdent of the Batavia &
Lumber. Association and the Buffalo Merchants
Bank^ofjCommerce'in New^York announced
yesterday (Oct. 5) that extra compensation will be paid to its
as
Woodworking Co., and the Buffalo
Exchange, and
The National
at
meeting on Sept. 25, declared a quarterly dividend of 3 Yi
*
payable Get. 15, to stockholders of record at the clor-> of
business Oct. 1.
The directors' action was taken in further¬
a
has been in progress.^
is
was
He retired from that position the
Pittsburgh, with which firm he remained until 1908, when
he became the head of the present firm of Luke, Ban :x <&;
ance
Bapk^of Commerce of New York has pre¬
pamphlet summarizing the history of"our exports of
the U. S. Steel Corporation
brpkerage firm of Darr, Luke & Moore of New York, and
The publica¬
series of official texts of
#&*
"
k: The National
pared
Wilson
The booklet is bound in convenient form, mak¬
ing the text readily available for desk uSe..
tion of the War Credits Act is
and in 1901, when
he became its Treasurer.
Announcement to this effect
was
The continuing institution will be known
the Peoples Savings & Trust, Co.
Both the Safe Deposit
Peoples Savings Bank have enjoyed
con-
OCT. 6
THE
1917.]
tinuous existence for
closely affiliated for
being practically the
the Safe
fifty
over
Highest price for cash
and both have been
years,
Peoples Savings Bank, will
J. 0. Miller, who served
as
be
Vice-President of
a
the
bank.
new
J.
Treasurer of the enlarged institution.
a
on
as
Aug. 21
directors of the
British, 5
institution
new
profits
are:
of
$220,000.
fixed
a
9d.
week
Oct A.
Oct. 3..
-
Oct 5.
Mon.
Tties.
Wed.
Thurs.
47%
47%
46%
54%
54%
54%
55
94%
94%
94%
94%
100%
100%
100%
100%
100%
94%
per cents.
British,jt% per cents
__100%
French
Fri.
46%
65%;
(in*
War
Loan,
5%
Paris).
The
Oct. 2.
48 %
Sat.
54 %
-
follows the past week:
as
0c*. 1.
—d. 49
P©r cents.....
French Rentes (in Paris), fr_
a
undivided
and
$6,000,000,
5%
rate.-
Bar gold per oz. standard--77s.
Sept. 29.
per oz
Consols, 2 %
deposits of $11,311,484. The
capital of $3,000,000, surplus
profits of $1,092,864 and
Bank
reported by cable, have been
Silver,
capital of
a
48% cash
47.25d.
Sept. 6
Average
;.v
"Week ending Oct. 5—
$38,-
was
cash
————48%
London,
Aug. 27 reported surplus and undivided
on
consolidated institution has
of
Bank had
Savings
Peoples
The
$1,000,000, and
46d.
46
47
47%
ENGLISH FINANCIAL MARKETS—PER CABLE.
The Safe De¬
capital of $3,000,000 and
The amount of trust funds invested
205,055.
—.—43.418
The daily closing quotations for securities, &c., at London,
reported surplus and profits of $6,729,519 and deposits of
$142,980.
"
The quotation to-day for cash delivery is 2%d. above that
the old Peoples Savings Bank, has been chosen Secretary
posit & Trust Co. had
"
ago.
Boyd
McKown, Assistant Secretary and Assistant Treasurer of
and
40 %d.
"
No quotation fixed for forward delivery.
Secretary and Treasurer of both the merged institutions,
also
"
Quotations for bar silver per ounce standard;
Vice-President of the
as
serve
Peoples Savings & Trust.
will
"
Aug. 31
Sept.
1
Sept. 3
Sept. 4Sept. 5
en¬
larged institution, and D. McK. Lloyd, President of the
new
"
Average
A. C. Robinson, President of
same.
Deposit & Trust Co., will be President of the
———46d.
Lowest
time, their officers and directors
some
1389
CHRONICLE
60.30
60.20
60.20
60.60
60.10
88.30
____
—fr.
88.30
88.35
88.35
88.35
The price of silver in New York on the same days has been:
W. K. Shiras, D. McK.
Silver in N. Y., per
o*z—cts_
96%
93%
93%
95%
91%
92%
Lloyd, J. D. Lyon, George E. Painter, Robert Wardrop,
George W. Crawford, John H. Ricketson Jr., T. H.B. McKnight, W. D. George, Benjamin Thaw, Henry Chalfant,
Frederick
C.
Perkins,
J.
M.
Shields,
Alexander C. Robinson, W. L. Clause,
William A.
IMPORTS AND
EXPORTS FOR AUGUST
The Bureau of Statistics at
Washington has issued the
country's foreign trade for August and
from it and previous statements we have prepared the fol¬
lowing interesting summaries:
r
Way,
of the
statement
F. H. Lloyd, W. C.
Robinson and J. O. Miller.
STATES.
FOREIGN TRADE MOVEMENT OF THE UNITED
R. Vinton Lansdale,
Bank of Baltimore
been
with
connected
Cashier of the National Exchange
died
National
the
(In the following tables three ciphers (000) are in all cases omitt>C.)
Mr. Lansdale had
Sept. 22.
on
MERCHANDISE.
Exchange since 1882,
Cashier of the institution in 1896 and
becoming Assistant
the
following
$267,879
299,806
$241,794
199,480
$184,351
193.935
125,123
553,986
529,927
410,742
398,569
474,804
464,686
444,714
510,167
514,924
492,814
296,612
294,746
274,218
268,547
268.469
260,610
300,655
336,152
327,670
359,306
270,257
213,590
157,982
253,936
218i236
160.576
280,727
229,189
245,795
182,723
142,285
199,316
164,039
178,659
141,804
151,236
March
550,064
573,653
May...
M.
Tierney has been made Cashier of
Trust &
The other officers of
Savings Bank of Chicago.
the institution
F. S. Fulton,
are:
the Market
President; F. A. Hecht,
Vice-President; W. T. Larsen, Assistant Cashier.
June
July
374,467
—
49o;oio
August
;■«
September—.
October
516,167
523,234
November.
December
O. M.
Clark, President of the Clark & Wilson Lumber
1915.
$330,036
401,784
April
A.
1916.
1917.
1915.
1916,
$613,325
467,648
January
February
advancing to the Cashiership.
year
-Imports—
Exportsr
1917.
306,623
225,926
270,509
157.695
143.245
149,173
155.497
176,968
204,834
$5,482,641 $3,554,670
Total
$122,148
171,833
$2,391,635 $1,778,597
—
GOLD.
of the Portland Chamber, of Commerce
Co. and President
last year and director this year, has been
of the Citizens Bank of
the
a
Oregon Surety & Casualty Company, and
ber of the
Mr.
director
director of
was a mem¬
It is reported that
Foreign Trade Commission.
Clark
a
Portland, Ore., succeeding the late
Clark is President and
Mr.
David Johnston.
elected
substantial block of stock prior to
February
$10,213
13,685
1,054
10,774
924
'
17.920
March
16,965
11,503
814
May.—*.
57,697
June-—
67,164
11,919
8.312
69,052
46,049
9,395
11,780
1,277
2,822
2,192
1,128
April
—
July
—
August.——.
$155,793
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We
...
$6,896
12.727
9,776
25,620
52,262
91,339
27,304
18,692
16.203
6,122
27,322
122,735
41,239
31,136
52,342
17,263
61,641
92.562
42,062
97,509
46,973
158,620
79,669
60,982
45,413
$685,980
$451,954
$31,426
62,108
—
SILVER.
following from the weekly circular of
reprint the
1915.
,
6,016
2,939
3,661
11,889
27,974
•
October..--.
his election.
$15,008
2,034
6,849
7,054
26,335
September...
1916.
$58,926
103,766
139,499
32,372
$692
December
a
1917.
1915.
$20,720
22,068
January-
1916.
November.-.
acquired
-Imports—
—Exports—
1917.
-Imports-
Exports'
Samuel Montagu &, Co. of London, written
under date of
Sept 6 1917:
increase
as
against
its note issue shows a trifling
compared with last week's return.
It is reported from New
"
6th that the import of gold
The Federal Reserve Board reported on Aug.
the
nto
July
amounted, to $518,569,000
United States
13
of this year,
period last
to
as
between
$220,361,000
'
period
compared with $72,826,000 during
as
' *
2,977
2,880
2,375
2,176
2.725
4,644
4,336
3,965
4,741
2,235
3,420
5,681
5,815
3,378
September...
6,530
October.—..
6,016
3,366
5,237
November
7,847
5,971
9,008
$70,595
$53,599
December
Total
...
.....
......
the
...
.
.,
was
$
resumed to
This constitutes
SILVER.
a
stream of
The most important fact,
coinage and trade.
however, bearing upon the strength of the
market, is the remarkable firmness of the Shanghai
day
dealt in
was
could be
as
high
as
•
4s. 10%d.
exchanges, which yester¬
At the parity of this figure, silver
February.
3rd the Indian Government issued
order prohibiting the
Imports of silver are also
export of silver coin or bullion from India.
prohibited.
an
Hitherto the Government permitted imports,
but acquired
•
$34,481
+283,729
July
+ 187,152
+ 148,541
+219,501
August
September
October
__
1916.
1917.
1916.
$
$
$
1,795 +2,641 +2,784
+7,669 +5,216+2,351
+998 +2,570 +2,808
+5,381 +1,978 +2,080
+5,435 —15,403 +2,481 +3,487
t—24,175—114,423 +6;729 +1,461
+41,749 —52;713 +2,118 +1.910
+27,357 —29,459 + 1,822 +3.298
+3,050
—85,713
+ 145,731 —38,206
+ 174.683 —81.698
+ 138,630—121,579
+ 134,170 +15.407
+ 180.333
+245.615
—
+ 131.933
+2i8,891
+ 110,852
+ 125,224
+261,991
+310.851
+ 350.885
+ 314,155
+ 339,199
+318.400
+ 118,805
+ 149,419
.
+ 186,979,
—90,455
+ 188,473
+3,091,000+1,777,072
-530,197
December.
+ 172,173
—
—
+3,124
—
—20,638
———130,646
November
+ Exports.
-SUver-
-Gold-
+207.849
+275,991
+269,337
+267,030
March-
Total—
On Sept.
3,003
$
bought at much higher prices than those yet quoted here, with
profit.
2,737
3,219
3,376
2i603
$32,263
______
•"$
'
+ 145,685
+371,531
+268,168
—
June
orders, emananting from this couiitry
and abroad, for the legitimate purposes of
January
April
May
record since January 1891..
a
There continues to be
3,804
1917.
1915.
1916.
$
carrying the quotation yesterday to 48%d.
<
Merchandise1917.
46d. until the 1st inst., after which the advance
47d. followed by rises on successive days of %d. and Id.
2,517
2,880
2,892
2,583
3,553
......
3,623
EXCESS OF EXPORTS OR IMPORTS.
•
The price remained at
2,352
3,183
2,426
6,831
August—.—.
'
V
1915.
$2,287
2,400
2,477
2,603
4,371
6,212
8,965
5,538
7,503
of gold subsequent to
Aug. 1 1914 exceeded the exports by $1,166,970,000.
*
Jan. 1 and
compared with $220,037,000 during the same
The Reserve Board states that the imports
latter.
.
On the other hand, the exports during the former
year.
amounted
•
2,478
3,150
4,855
6,272
——
$3,346
4,741
3,969
5,748
4,353
—.
-
July
4,947
1916.
$1,852
2,506
1917.
1915.
$5,188
3,425
5,556
April
May
June
York that $5,720,000 has been engaged for, or
The bulk is destined for Japan.
shipped abroad.
-
1916.
$4,036
$5,887
7,694
—
March
GOLD.
The Bank of England gold reserve
'
1917..
p
January
February
—
-
+5,264
+5,455
-.+38,332
Imports.
Totals for merchandise,
gold and silver for eight months:
them all for coinage.
This
enactment
coincides
with
a
further
increase
in
the
reserves
Gold.
Merchandise.
of
Eight
precious metal held by the Indian Treasury.
The details given below
show that the gold in India and London combined, now amounts to 1467
Months,
(000s
Ex¬
Im¬
of
Ex¬
Im¬
Whilst the present holding
omitted)
ports.
ports.
Exports.
ports.
ports.
$
s
$
$
lacs—the largest total since May 31st last.
of silver is the most substantial recorded since the close of 1915.
%
(In lacs of Rupees.)-—
Aug. 15.
Notes in circulation—
ounces
1916—
105,15
27,47
28,40
29,00
10,01
10,41
12,12
2,55
2,55
___
in sycee and 15,400,000 dollars, as compared with about
in sycee
^
2,55
Sept. 1 1917 consisted of about 21,700,000
and 15,600,000 dollars on Aug. 251917.
Statistics for the month of August are appended;^
ounces
1917—
102,84
Gold in Eosland......................
The stock in Shanghai on
Aug. 31.
.101,51
Reserve in silver coin and bullion
Gold coin and bullion in India
Aug. 22.
21,00„6,000
Silver.
Excess
Excess
i
Excess
Ex¬
of
Exports. ports.
$
I
S
Im¬
of
ports. Exports
%
%
219.501|317,636 524,168 /206,525 51,769 27,254
3,435,502 1,667,136 l,768,366j 87,581 290,325 7202,74441,194 20,355
490,010
270,509
1915— 2,230,887 1,150,859
1914— 1,311,349 1,270,361
1913— 1,515,182 1,156,300
1912—£ 1,416,347 1,188,075
24,515
20,839
9,044
1,080,028 10,903 223,828 /212.925 32,193 22,549
98,69033,090 15,927 17,163
40,9881135,770 37,180
358,882 73,583 41,573
32.01043,166 24,332 18,834
8,57046.3371 32,653 13,684
228,2721 43,159 34,589
/Excess of imports.
Similar totals for the two months
make the
following exhibit:
since July 1 for six years
Merchandise.
Other Western and Southern
SUcer.
Qold.
ward from first page.
Six
Excess
M'lh
Excess
Excess
Im¬
of
Ex¬
Im¬
of
Ex¬
Im¬
of
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
Exports
$
$
%
%
$
X
,
864,477
%
368,042 115,102
21,175
496,435
954,881
282,039
672,842
529,078
285,049
244,029
3,320
1914.
264,506
289,445
24,939
1913.
348,900
316,730
276,713
72,187
13,306
51,795
9,848
9,763
1915.
1912
303,424?
$
$
45,996) 69,100
13,041
9,101
$
3,940
10.152
4,943
5,209
7,344
7,580,
4,242
3,644
7,388!
Minneapolis
5,280
—
—
/ Excess of, imports.
Sioux City
Wichita
27,864,999
30,188,717
Dulutb:
37,047,849
Lincoln
Ail,#
Topeka
11,610,504
DavenportCedar Rapids.
9,970,579
9,608,748
12,800,989
—
TREASURY
CASH
CURRENT LIABILITIES.
AND
The cash
holdings of the Government as the items stood
set out in the following.
The figures are taken
entirely from the daily statement of the U. S. Treasury for
Sept. 29.
■
v.- "/p■■■■.:p.vVpp*; /P
Se$t. 29
are
CURRENT ASSETS AND LIABILITIES.
.
15,796,492
Assets—
Liabilities—
•
Gold
Settlement
Gold
reserve.
Avail, gold In gen. fund.
of
P"v
.
'
P,'..
"PPP
"
P>'-\
■
.
Vp P%;.;p/' Pp:';"-V
SILVER DOLLARS.
Liabilities—
Assets—
Silver dollars......
....
•
'
1,936,311 00
Total
494,329,363 00
......
....
15,381,213 00
494,329,363 00
GENERAL FUND.
Assets—
National bank notes...
on
banks..
•
(5% reserve)
of
creditors
(available
subsld. coinage)
Unclassified
(unsorted
for
54,830,530 09
.....
eral
notes
405,191,914 83
•
Liberty Loan dep's
104,250 49
To credit Treas. U.S.
credit
To
Gov't
of
35,864,470 28
St,
Retirement
+ 21
+33
71,610,557
69,810,061
+2
64,078,923
60,775,561
24,005,825
76,441,391
43,154,792
44,351,588
91,998,203
37,211,111
Louis..
Lpulsvllle.—
Galveston
26,746,643
...
122,866,999
Savannah
50,811,717
...
in
Philippine
Treasury:
To credit Treas., U.S.
credit
Gov't
of
500,000 00
.
of
1,690,747 45
20,243,521 88
2,301,062 02
officers.....
132,830,744 14
a
Net balance———
—
.
8.,957,933
+32.3
11,460,048
+ 18.8
+ 18.9
+ 25.9
+ 33.8
+35.6
+ 16,1
322,956,122
+ 35.5
+ 41
927,566,149
383,959,249
628,080,640
+47.7
281,623,627
282,038,270
+ 36 3
170,227,258
+ 27.8
104,254,545
+ 25.5
70,455,167
+ 20.9
—5
348,781,765
+ 35
15,236,458
+ 1
8,625,885
+9
217,627,926
130,876,516
85,161,657
91,039,355
14.477.269
+0
146,886,777
9,742,803
+ 74
140,386,253
+ 27
5,041,088
+7
+8
125,903,363
+ 11
Oklahoma.—
32,362,875
23,047,000
+40
8,283,003
—72
——
12,165,646
30,280,743
4,418,438
12,215,430
—-0
3,435,276
+ 20
2,331,565
—10
93,288,693
83,426,653
146,639,834
145.916.668
37,422,899
41,993,791
2,099,802
3,476,483
1,159,631
-
97,436,671
250,745,950
57,650,200
44,342,068
130,047,471
4,145,924
18,005,909
Wilmlng'n, NC
16,108,191
2,400,000
Paso-
Jackson
——
26,031,370
——
7,293,335
1,500,000
Meridian
.2,412,122
1,179,816
12,488,531
1,972,534
+ 37
+21
-
+ 86
—2
+ 11
2,816,481
Total Southern
+ 29.8
2,979,542
2,162,170
16113Q0503 1323098372
14,891,281
38,507,269
37,259,707
+47.2
+ 3.3
43,809,654
18,246,258
38,635,738
13,913,248
25,132,033
22,923,057
+ 9.9
+21.813716,506,054 10367657,157
+ 32.3
.
+ 30.3
Week ending
470,536,130 63
—2.8
+ 60.2
21,924,382
+6
Raleigh
4-94.2
15,288,600
+ 33
+ 15
2,834,871
+5.7
+48.9
—12.9
299,274,380
3,644,030
4,200,0 X)
3,878,522
+ 1.5
+ 18
3,654,431
Tampa.......
+ 18.5
'
2,400,000
Tcxarkana——
+ 16.8
+ 71.9
—*-60.5
14,857,103
479,409,001
1,539,900
58,863,505
1,792,798
69,654,280
+ 22.2
+ 35.9
154,202,661
+ 29
13,964,144
6,537,068
+ 33.4
33,739,965 .+24.5
+ 6.1
16,971,117
18,747,564 + 24.8
9,476.169
104,188,737
22,017,107
19,382,959
246,340,504 '126,827,794
00,723,264
46,799,698
—1
+ 9.9
+ 11.5
128,981,025
23,399,226
10,017,789
+44
+23.7
83,071,210
131.793.667
105,055,431
42,543,704
51,974,014
14,338,902
8,994,996
6,078,262
+ 54.2
215,545,597
5,405,324
15,497,493
9,999,050
„
+ 20.9
250,2.50,692
+27
Columbia....
+8.7
+ 22.9
437,681,572
14,560,890
16,996,409
Chattanooga—
+ 31,5
+ 47.3.
+23
9,416,904
Augusta..
+ 37.2
+ 17
Montgomery..
1'459,220 00
--
Exchanges , of /cur¬
rency, coin, &c.._.
other
+ 60
Newport News
circulating
.-
+5
+ 11
31,790.501
17,266,054
10.835.268
13.786.340
15,444:837
_.
Dallas
Act May 30
—
35.198,059
40,357,458
23,422,240
Muskogee
addi¬
tional
1908
129,734,456
_
Norfolk
Tulsa
24,753,227 45
.
—
54.630.339
Vlckeburg
notes
notes,
6,971,017 24
Deposits
To
bank
20,043,500 + 115.5
.
327,044,232
11,390869418
4,915,383,105 3,739,922,488
886,291,746
1,304,876,041
688,563,763
748,252,652
463,390,426
379,954,661
186,995,227
155,008,848
963,278,261
624,-739,879
+ 31
537,115,137441,536,521
El
bank
(5% fund)...—
other
off leers......
37,442,941 29
"Fed-
(5% fund)..
of
na¬
+ 29.7
•
Columbus, Ga.
Redemption
tional
56,397,889
17,410,239
Beaumont.—.
Fed-
Reserve
+ 8.9
+56.2
23,288,159
Macon*.....
notes
+ 30.6
25,017,417
—3.1
Little Rock
1,173,297 43
of
+ 11.0
81,419,134
2,752,589
Austin
(5% fund)...
Redemption of
Deposits In nat. banks:
18,124,929
31,784,100
52,894,927
2.667.240
Mobile—
insolv¬
Reserve
eral
+ 18.6
+ 45.7
Charleston
for
21,448,786 69
Redemption
Acet. of sales of ctfs.
.
of
5,883,763 53
—
the
,
Deposits for:
Deposits in special de¬
positaries (Act of Apr;
24 1917):
1,696,200
+49.6
+ 28.§
14,377,503
Jacksonville
Ac
courts,
11,846,349
13,617,377
+ 6.8
+ 14.2
+ 22.5
18,787,709
17,975,007
Knoxvllle.—
-Postmasters, Clerks of
919,909 55
currency,
Ac.)
Deposits in Federal Re¬
serve banks
of Indebtedness.
15,648,120 59
banks....
ent
5.527,622 84
+33.6
+ 17.6
+ 53.1
19,370,610
13,255,530
51,529,764
Birmingham
Trustees,
Currency, agent
455 ,424 18
Silver bullion
.
of
Comptroller
1,982 ,225 98
coin.._.i.
3,777,865 28
Postal 8av. System
20 ,025 38
•
Subsidiary silver coin..
Minor
Board
73 ,610 00
17,715 ,275 50
Fed.1 Res. bank notes..
1,105,092
Memphis.
out¬
Deposits of Govt, off'rs:
Post Office Dep'tL.-.
5,797 ,485 00
5,148 ,900 00
Federal Reserve notes..
43,188,000
1,055,544
Nashville
'
checks
standing......
15,381 ,213 00
United States notes....
Cert, checks
Treasurer's
43,391 ,290 94
2,484,000 + 138.0
+ 6.5
19,308,378
35,285,563
69,081,410
+6.9
Atlanta
Liabilities-—
$
Avail, gold (see above).
+ 70.1
88,680,847
39,075,631
73,133,371
+ 19.5
23,727,706
24,052,457
+ 6.7
+3.7
+ 12.9
Fort Worth
Avail, sll.dol. (see above)
6,805,459
7,533,585
3,332,033
5,213,583
+ 2.9
49,529,322!
31,983,882
5,137,966
1,567,382
Richmond
Toted
—7.2
+ 9.6
+51.4.
64,890,011
1,675,446
Houston..
dollars
silver
+ 35.7
2,372,502
2,380,060
+ 22.
New Orleans.. 144,731,052 108,544,252
in general fund......
+27.9
69.387,475
2,037,175
3,757,566
Tot Oth West. 1383296073 1050686241
477,011,839 00
outstanding.....
Available
^
71,689,882
Lewis town.
1890
notes of
Treasury
> V
+ 25.3
+ 28.8
66,918,765
15,247,880
38,011,651
Springfield, Mo
.City,Kan
P'
•
Silver certs, outstanding
494,329,303 00
:
■■
+41.0
+29.6
113,801,908
Kan
1890 outstanding.
the Treasury.
+ 29.8
+43.2
91,658,270
94,167,935
66,768,180
59,304,294
34,059,149
+ 25.9
+23.5
160,908,506
183,244,780
193,425,424
1,409,801
—
City.
Oshkosh—
$346,681,016 of U. S. notes and $1,936,311 of Treasury
Treasury notes are also secured by silver dollars in
Note.—Reserved against
notes
Iowa
7,631,801
+ 27.0
1,300,000
2.012.239
5,800,000
Grand Forks..
43,391,290 94
+25.0
—3.3
+23.9
237,420,459
211,951,054
146,554,809
101.328.173
+43.9
5,911,000
Joplin
.2,337,628,245 57
Total
.2,337,628,245 57
245,.503,418
+ 19.8
19,365,697
23,774,796
29,988,375
12,168,211
8,232,570
7,958,854
+ 82.
4,894,818
—
Lawrence
Total
+ 53.9
580,887,626
559,811,336
306.854.172
230,353,940
+42.4
—13.7
8,600,000
.....
Billings
597,424,760 00
152,979,025 63
Fed. Reserve Board—
363,770,572
+31.21 ,288,344,305
—0 2
540,784.600
+ 29.5
7,271,642
...
Waterloo
Fund,
+ 14.5
+43.6
8,866,270
Helena
Gold certs, outstanding. 1,543,833,169 00
+ 52.9
996,740,240
897,024,141
559,473,587
468,962,044
2,112,857
5,753,039
.....
Aberdeen.
$
675,983,176 71
—...
—
%
,365,354,250
7,010,738
5,546,800
2,532,017
Hastings
661,645,068 86
Gold coint
Gold bullion
pp..
•
or
+30.11 ,140,998,393
4,503,156
6,814,190
3,884,267
Pueblo
'
,.pp
.
Dec.
+36.8|5 ,147,717,775
2,209,413
Fargo...
Sioux Falls
Colorado Spgs
Fremont
gold.
1916.
%
City.. 613,877.080448,576,753
161,585,360124,195,477
Omaha
149,976,259 113,995,010
St Paul—
59,003,194 59,121,683
Denver
79,349,228 61.278,630
St Joseph
58,203,299 40,884,728
Des Moines...
32,608,537 27,222,226
Kansas
537
3,338
6,200
12J
438?
&
9,32i
6,807
9,844
/3,815|
1917.
Deci
1916.
$
103.346782,171!
.78,9041/75,584
6,437; 45,358,1
13,663
Inc
Inc. or
1917.
1916.
Nine Months.
Clearings at-
ted.)
1917
Clearings brought for¬
.
September.
ex¬
ports.
(OOOsJ
omit¬
[VOL. 105.
CHRONICLE
THE
1390
+ 13.4
+ 31.1
September 29.
Clearings (U—
Totu!
...
603,366,874 77
...
Inc. or
603,306,874 77
Total
1917,
♦
AH reports from Treasury offices received before
day.' All reports from depositary banks
the day following.
same
a
The amount
Tills
is
officers
ment
a
book
are
to the credit of
credit and
are
proved
as
Kansas
disbursing officers to-day
was
$374,001,747'93.
maximum amount for which disbursing
represents the
they become due.
The net balance stated is the amount avail¬
able to pay Treasury warrants, disbursing officers' obecks and matured public
obligations...
debt
'
*
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for.the
retirement of outstanding national bank and Federal Reserve bank notes are paid
into the Treasury as. miscellaneous receipts, and these obligations are made under
•
.
the Acts mentioned, a part
to-day
was
<
of the public debt.
The amount of such obligations
——
daily Government state¬
the
from
up
ments^ shows the. currency holdings of the Treasury at the
beginning of business
on
the first of July,
August, * Sep¬
St. Paul.
—
.
'
St, Joseph
Duluth
Des Moines.-
Sioux City..
Wichita
Davenport
Fargo
Cedar
Rapids
in
Sub-Treasuries.
July
1
1917. Aug.
$
1
•
••
1914,
1915.
Pueblo
Waterloo
1
1
1917.
$
*
8,671,883
5,357,651
3,469,959
—6.7
450,000
+ 4.7
+14.4
332,180
541,360
309,345
+ 16.8
1,585,516
1,130,454
811,030
399,263
1,527,978
1,429,085
+ 48.7
+ 39.1
1,604,668
1,823,456
750,000
+ 39.2
+ 33.7
532,311
508,380
1,854,562
1,507,914
875,473
+ 23.7
3,396,905
1,287,375
2,138,885
1,499,034
1,487,251
1,800,000
445,000
750,000
460,340
+ 45.2
+ 0.3
222,348
272,798
818,333
+ 51.9
490,537
424,673
341,059,611
245,385,499
+39.0
184,082,300
182,838,281
133,381,942
40,065,105
17,250,372
Billings
A
%
6,473,973
+ 13.1
+ 34.9
2,076,645
107,615,901
+ 23.9
26,729,598
16,601,740
+ 49.9
77,889,852
18,977,346
+ 3.9
14,519,602
1,271,885
461,704
1,243,958
Hastings
1917. Sept.. 11917. Oct.
.
6,493,371
3,702,001
3,539,046
1,673,284
3,323,599
1,363,518
1,509,343
1,852,766
+ 30.5
+41.6
5,487,899
1,760,965
2,713,866
2,166,827
1,865,815
9,214,256
6,590,324
5,183,313
+ 58.8
4,772,620
■
10,970,076
10,185.027
+ 54.6
5,795,293
581,080
...
35,243,312
18,805,042
11,117,334
,
+ 44.0 1
6,734,785
557,648
Fremont
1.7
14,757,610
14,589,539
9,545,867
66,692,522
75,379,250
28,664,109
20,174,705
+44.1
+27.8
+48.8
26,581,399
.
$
$
'%
•■-.
30,984,353
700,000
Aberdeen
-
14,500,000
21,005,232
14,758,920
10,693,225
7,564,362
6,759,290
7,404,021
2,354,934
4,035,644
2,887,451
2,233,516
2,062,170
Colorado Springs
Helena
tember and October 1917.
foldings
Dec.
108,849,221
39,543,008
Omaha..
Denver
Topeka
TREASURY CURRENCY HOLDINGS.—The following
$
156,844,907
39,563,342
City
Minneapolis
Lincoln
$41,843,894 50.
compilation, made
1916.
$
the day of receipt or
on
authorized to draw on the Treasurer of the United States to pay Govern¬
obligations
"
11 a", m. are proved on the
v,
'
5
Tot. oth.West.
/
Net gold coin and bullion.
Net silver coin and, bullion
202,325,168
188,163,487
183,441,694
196,370,317
22,567,632
26.467,431
20,908,736
Net United States notes..
10,429,162
6,641,049
5,797,485
Net national bank notes..
16,787,619
26,301,333
10,546,308
20,978,581
21,366,953
17,715,276
3,002,855
2,801,345
5,148,900
Net Fed. Reserve notes—
.
2,658,745
Louis.
St.
New Orleans
Louisville
'
5,903,710
+ 5.0
9,640,114
•5,466,780
17,843,524
+ 70.6
9,687,547
10,048 559
11,966,061
24,721,173
10,596,353
+41.6
+ 31.9
127,670
73,610
Galveston
4,494,741
3,761,213
1,982,226
Richmond
2,312,286
2,647,187
2,035,182
1,395,359
......
Less gold reserve fund-
246,642,537
249,391,909
6,827,403
4,087,028
7,995,274
+ 31.7
16,070,402
152,979,026
152,979,026
*108,609.956
*103,225,176
93,663,511
96,412,883
Savannah
14,232,155
Fort Worth.
257,204,202
152,979,026
15,787,777
Atlanta
32,566,063
8,431,351
10,212,807
5,447,813
3,722,814
4,349,362
...
Memphis
Nashville
Cash balance In Sub-Treas
Norfolk
...
Birmingham
Dep. in special depos'rles:
Account certs, of indebt
154,179.000
Liberty Loan deposits.
560,662,218
"339,756,032
216,751,008
104.250
Cash in Fed. Res. banks.
305,743,527
127,071,434
40,708,766
54,830,530
235,009,000
"
•
405.191,915
Augusta
Knoxvllle
Jacksonville
2,145,000
3,119,854
Chattanooga
Cash in national banks:
4,186,543
45,858,327
38,819,974
6,739,731
6,539,668
Total
—
Cash In Philippine Isl'ds.
52,598.058
5,171,775
35,389,456
7,485,826
35,864,470
6,971,017
45,359,642
42,875,282
42,835,487
5,755,075
3,250,496
3,991,809
Treasuries
1,250,000
3,998,490
2,717,352
Oklahoma
8,043,704
Macon
1,912,455
Austin
2,700,000
1,186,964,534
621,167,359
632,258,063
603,366,874
122,878,284
130,389,797
127,372,996
132,830,744
fB♦Includes Oct. 1, $5.527,522 84
490,777,562
sliver bullion and
Ac., not included In statement "Stock of Money."
504,885,067
470,536,130
Tulsa
$1,395,359 11
minor coin,
Dallas
...
Total Southern
*
5,031,061
+ 27.5
+ 29.9
4,193,404
2,428,462
6,125,204
6,041,915
3,747,232
3,425,846
2,526,932
+ 53.3
2,719,254
2,628,018
1,756,091
3,872,140
+ 12.3
1,950,000
+ 10.0
2,700,000
+ 15.5
2,406,965
2,053,423 + 103.9
+ 8.7
1,150,000
+0.4
3,984,142
+ 20.1
2,263,272
2,043,679
•
'
5,934,241
7,867,514
2,750,000
1,726,824
1,790,519
2,390,547
1,672,820
1,047,022
950,000
1,879,025
1,904,734
1,373,423
2,677,453
+ 35.5
2,373,900
2,045,147
—75.7
3,667,758
—1.8
1,437,593
.3,013,268
1,396,130
333,368
Jackson
Muskogee
Available.cash balance. 1,064,086,250
—20.4
8,009,549
7,609,907
10,758,030
5,507,324
'«
304,438
+ 9.5
739,271
6,058,866
1,815,971
21,914,888
Vicksburg
Net cash in banks, Sub-
Deduct current liabilities-
Mobile
Little Rock
Charleston
To credit Treas. U. S._
To credit disb. officers.
15,820,210
•
69,710
4,417,785
261,588,982
152,979,026
—2.0
6,200,000
15,500,000
'90,585
Net subsidiary silver....
Minor coin, Ac._•_
65,409,571
14,732,860
10.921,118
7,235,057
3,590,502
7,960,505
30,437,148
Houston
Net Fed.. Res. bank notes
Total cash In Sub-Treas
.
374,147
+ 97.6
344,934
264,372
3,308,411
1,902,598
+ 83.1
1,378,575
1,148,331
—4.6
790,609
832,18$
15,914,538
+37.6
398,520,471
318,809,108
209,370,329
170,532,960
•
+25.0
Country Clearing Department abandoned.
241,636
218,056
,
Oct. 6
September 1916 show an increase
12.0%, and for the nine
dian banks for the month of
the
over
months the
.
Values.
Number
gain reaches 22.4%.
'
Jan
Inc. or
Inc. or
1917.
1916.
$
1917.
Dec.
$
+8.3
319 ,972,597 295 ,337,209
196 ,413,726 + 16.5
Montreal--,.
,
228 ,809,20
Winnipeg.
100
,202,884 150 ,558,359 + 6.4
29 ,690,373 + 31.8
26 ,669,383 —15.4
22 ,556,761
Ottawa
——„
,953,035
,900,985
19 ,532,783.
7 ,377,827
23 ,657,230
8 ,900,000
St. John..------
Calgary
...
London
———_
10 ,090,285 + 17.9
155,915,194
110,909,469
16 ,643,543 + .17.4
177,456,817
7 ,225,051
Hamilton..
15 ,735,004
11
•7 ,003,376
+ 1.4
April 14,258,162 1,289,483,950 1,237,415,208 12,523,507 1,118,264,050 1,061,472,487
May 19,354,400 1,780,716,450 1,709,948,702 16,427,576 1,421,290.750 1,322.476,934
June 19,092.653 1,787,372,075 1,712,444,206 12,823,833 1,071,814,645 1,014,902,417
373,752 ,221 + 24.5
228,933 ,856 + 27.9
185,573 ,473 + 15.5
214.370.204
15
Quebec.—-----Halifax
!...
135,913 ,966 + 14.7
2d qr 52,705,215 4,857,572,475 4,659,808,116 41,774,916 3,611,369,445 3,398,851,838
90,933 ,151 +22.0
140,846 ,415 +26.0
+ 6.0
78,307,007
224.256.205
151,881, ,751 + 47.7
82,709,251
72,137, ,459 + 14.7
7 ,247,901 +22.8
61.272.745
59,123, ,966
Edmonton—-..;
10 ,715,366
8 ,166,866 + 31.2
96,777,506
Begina.._
13 ,609,369
11 ,142,068 +22.1
108,316,213
754,216,904
802,658,015
July, 13,325,365 1,273,055,300 1,197,403,416 9,187,868
Aug. 11,636,853 1,109,321,950 1,053,240,109 14,626,082 1,266,413,175 1.118,942,473
1.158,262,097 29,992,582 2,500,892,725 2,404,488,976
Sept. 13,822,775 1,298,464,450
79,864, 994 + 21.2
77,511, 232 +40.0
Victoria
__
+ 3.2
+3.6
2
,476,644
2 ,351,227
+ 5.3
19,625,326
19,927, 991
Lethbridge
3
,544,1.89
2 ,6241754 + 35.1
30,098,855
18,995, 305 + 58.5
42,358, 999 + 47.3
34,033, 970 +23.1
7 ,159,430
Moose
Jaw..
Brantford
62,385,011
4 ,211,620 + 11.3
41,883,531
3 ,370,882
—.
------
5 ,237,215 + 36.7
4 ,688,660
Saskatoon.
2 ,656,570 + 26.9
30,441,142
2 ,259,794
+ 8.7
22;615,288
9mos 140676380 12949863,705 12253408,279 138862182 11966510,505 11204376,624
23,626, 492 + 28.8
19,134, 728 + 18.2
1 ,252,274 + 31.1
10,103, 876 +21.8
13,206, 916 +63.0
,456,348
Fort William.-..
2
New Westminster
1 ,641,990
Medicine Hat—
2 ,250,895
1 ,571,989 + 43.2
12,310,641
21,522,852
2
23,516,867
53,806,532* 4,569,963,915 4,277,648,353
3d qr 38,784,993 3,680,841,700 3,368,905,622
—0.2
Brandon
6,926,728,271
Gmos 101891387 9,269,022,005 8,884,502,657 85,055,650 7,396,546,590
65,812. ,911 + 19.0
17 ,168,029 + 37.8
6 ,962,621
962,417,209
18.658,267 1,654,197,470 1,588,437,263 15,197,585 1,331,870,900 1,264,214,208
Istqr 49,186,172 4,411,449,530 4,224,694,541 43,280,734 3,785,177,145 3,527,876,433
800,649 ,493 +23.4
292,866,149
39 ,130,527
Vancouver——.
$
16,939,440 1,537,971,930 1,465,687,290 15,956,944 1,427,403,335 1,301,244,816
.
Mar.
%
606,547 ,552 + 18.8
,097,016,142
,222,359,874
,710,810,519
Actual.
fi
Feb. 13,588,465 1,219,280,130 1,170,569,988 12,126,205 1,025,902,910
Dec.
1916.
%
Par.
Shares.
Actual.
$
Clearings at—
of
$
Par.
Nine Months.
September.
Values.
Number
{
of
Sharis.
Toronto.
1914.
1917.
Mth
1916 of
month of
same
EXCHANGE.
SALES OF STOCKS AT THE NEW YORK STOCK
Clearings.—The clearings of the Cana¬
Canadian Bank
1391
CHRONICLE
THE
1917.]
The
clearings by months
following compilation covers the
1917 and 1916:
since Jan. 1
V
19,345, 441 + 21.6
,560,818
2 ,223,912 + 15.2
Sherbrooke*
2 ,626,427
2 ,138,278 + 22.8
24.987.746
15,646, ,966
Kitchener*
2 ,357,895
1 ,913,014 + 23.2
22,015,596
MONTHLY
12,973, ,933
Peterborough
...
695.478^823,218,098
Total Canada -919,6
*
Not Included in total; comparison
incomplete.
1915.
*
*
7.811,885,314 + 34.6
25,641, .505.405 20.138,687,541 + 27.3 10,514.139.790
8.836,686,083
21.630,773.327 18.292,704,969 + 18.2
Mar.. 24.794.665.314 20,744.243,671 + 19.5 10.565,538,054
Feb
7,185,967,692 + 23.0
—
8,196.369.170 + 28.9
29,916,363,927 23,194.222,176 + 29.0
+ 21.8
lstqu. 72.066,944,046 59,175,636,181
.
%
1916.
$
$
■
■
Jan
'3
..
$
v
%
1916.
1917.
clearings for the week ending Sept. 27 by comparison
with the same week of 1916 show an increase in the aggregate
17.6%.
•
Month.
+12.08,897,742,8087,270,216,158 +22.4
The
of
"••'
York,
Clearings Outside New
Total All.
Clearings,
"
;
CLEARINGS.
7.753,011,127 +33.6
8,159,112,286 + 31.6
25,013.247,979 19,375.627,782 + 29!1 10,361,026.082
April
26,317,806.472 20,720,039,628 + 27.0 10.734,349.469
May
June.. 26,735,988,226 20.653,997.436 + 29.4 10,636,909,959
.
.
27.
Week ending September
,8,100,485,644 + 31.3
Clearings air-rDec.
1916.
I(fl7.
'■
.
75,328,374
72,711,US
48,667,674
Vancouver.—
10,146,943
7,410,833
_
—
5,329,025
—7.0
31,916,389
150133986.723
..
7,914,469
3,560,970
5,461,703
3.073,467
3,701,893
1,834,046
62,095,360,473 + 20.4 31,039,923.427 24,533,359,607 +26.5
qr. 74,788,439,698
3d
Calgary
London
Victoria.—---i1;
Edmonton.....
1,734,564
+ 10.0
1,811,684
3,239,106
1,301,200
3,639,992
+ 85.7
2,785,316
1,667,598
+ 9.3
1,526,926
+ 19.7
1,401,630
1,170,492
1,948,105
2.926,597
+ 37.1
1,750,291
2,200,000
try for the month of
Regina
+27.0
1,806,783
2,051,423
last four years
487,894
+ 19.3
+ 58.5
410,138
332,728
503,880
656,472
1,322,531
+ 42.8
1,134,286
1,128,369
1.153,542
+ 12.2
767,187
970,794
603,430
+ 24.4
509,8031
473,024
797,411
363,555
Brandon
Lethbridge
.....
Saskatoon
1,889,038
1,294,532
...
Jaw.—_v
Moose
»'
2.670,873
.
-
750,655
Brantford
+32.8
,
+ 18.8
3,958,727
,1,907,189
6,853,266
1,822,625
1,827,475
J[ohn_.—
'
Fort William....
635,262
546,311
+ 16.3
New Westminster
405,990
296,415
+ 36.8
703,421
407,152
+ 73.9
555,600
+ 26.5
519.654
+ 33.1
1,446,579
mos.
+ 29,
182020661,500 +23.6 92,688,572,864 71,740/190,740
224922 426,421
The
course
'
435,355
382,807
■
*
at leading cities of the coun-,
September and since Jan. 1 in each of the
is' shown in the'subjoined statement:
of bank clearings
LEADING CITIES.
BANK CLEARINGS AT
457,361
376,833
69.1,650
1,908,905
v
322.616
702,595
...
Sherbrooke
9
3,659,125
285,483
Medicine Hat
3,046,174
1,309,347
.
373,534
Peterborough
10,142,965,631
+ 5.1
24,026,866,587 22,854,901,746
Sept
581,500
—
7,987,687.828 +31.2
8,046,711,218 + 29.6
8,498,960,561 + 19.3
July— 25,665.860,039 19",426,430,703 + 32.1 10,480,566.253
25,095.713.072 19,814,028,024 + 26.7 10,416,391,543
Aug
1,040,077
—
Hamilton.—.—
,
0 inos
+ 32.1
119925,301,027 + 25.2 61,648,649,437 47,206,831,133 +30.6
3,717,537
Halifax
St.
2,015,022
•37,539,180
+ 21.3
3,440,990
2,676,927
4,704,284
Quebec
5,730,796
4,173,325
Ottawa
+ 33.3
24,012,608^957
2d qr. 78,067,042,677 60,749,664,846 +28.5 31,732,285,510
47,186,291
33,881,818
32,719,468
5,664,801
+ 40.6
Winnipeg-i--.'.-
•
49,316,236
+ 17.6
48,339,996
36,503,409
.
s
$
%
+ 3.6
%
.
.56,829,091
Montreal.
Toronto.
1914.
,1915.
,
S
(000,000s
omitted).
New York—j
—j.
*
w
^
A
^
-
-
..
Boston
..
1 338
St. Louts....—
Pittsburgh
65,480
11 955
S
4,628
132,234
110,280
1,314
1,150
18.507
14 696
11 666
575
5 757
5 721
7 644
461
9 076
7371
561
12 546
9 206
6 051
5 999
322
1 077
.
442
537
..
$
9,624
775
947
..
Philadelphia
$
73,604
279
4 915
3,740
2,946
1,902
2,952
2,002
1,860
•
_
1916.
$
..13,884 14,356
1,722
1,916
1914.
1915.
1917.
$
1914.
$
Chicago........
1 to Sept. 30-
Jan.
September—
1916.
1915.
1917.
.
307
272
219
209
2,989
2,453
389
311
227
205
144
108
94
3,465
1,529
2,420
1,263
1,927
163
Baltimore......
438,132 •+24.9
547,653
Kitchener
177
160
131
147
1,667
1.640
1,282
1,406
Kansas City...
614
449
311
277
5,148
2,692
2,093
307
224
127
96
2,682
3,365
1,659
1,083
951
145
109
79
62
•678
684
162
124
131
1,305
1,141
886
109
'997
870
72
70
61
49
748
689
524
521
208
203
125
104
2,061
1,585
1,120
1,041
606
-
San Francisco—
Total Canada
149,916,603
+ 17.6
200,591,806
235,901,931
.
154,797,347
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
.
—The
covering, clearings for the current
subjoined table,
week, usually appears on the first page of each issue but
account of the
on
once
a
length of the other tables is crowded out
The figures are received by telegraph
month.
leading cities.
other
from
..
—
—
Cleveland..
—
NewOrleans—.
Minneapolis....
..
-
Louisville..--..
Detroit.
•
..
York...
Philadelphia
—
—
Kansas City
37
Total all cities for week
...
649
569
432.
447
641
559
452
419
50
45
36
33
512
402
39
38
681
469
76
41
33
963
625
18
20
384
55
59
59
56
45
79
61
123
—
••
St'kfShs.
Other bds
Bank stks
82.40C
U.S. bds
19
319
308
253
204
29
24
484
335
235
223
9,025 209,050 169,037 118,533
1,003
15,872
12,984
9,437
110,060
9,725
+14.3
Total.....
68.424,602
+ 27.2
Other cities..
62,326,541
45
55
•
479
+ 9.1
41,456.249
+ 6.4
35,438,674
+ 30.1
30,984,811
$4,405,618,428
659,478,927
+ 5.7
1,572
—24,027 22,855
all
+ 1.3
$6,083,465,928
1,857
14,669
1,094
15,763 10,028 224,922 1 82,021 127,970
6,139
5,400 92,688
71,741 54,306
119,785/54,305
+ 6.5
1,018,368,573
—22,170 21,283
—
+ 16.1
$5,065,097,355
Total
.
+ 34.5
$4,630,810,829
Salt Lake City.
Outside New York.10,143
8.499
+ 5.1-
DIVIDENDS.
The following
announced for the
shows all the dividends
by large or important corporations:
Dividends announced this week are -printed in italics..
future
Per
Cent.
Books Closed.
When
Days Inclusive.
Payable
Nine Months 1916.
Aver.
Value.
Price.
Par Value
or
Quantity.
Actual
Aver.
Value.
Price.
138 862 182
94.6
$11966;510i5O5
$11204,376,624
93.6
349,587,309
91.1
99,683,582
234.336,864
99.9
697,9.50
96.6
211,064,000
191,800
153,104 185.8
585,898,500
542,415,437
92.6
724,057 103.8
201,771,365
95.6
407,102 212.2
94.0i$12764,362.755$11949,694,$85l 93.6
Note.—Other bonds Include State, municipal and foreign government
bonds.
properties on the New
York Stock Exchange each month since Jan. 1 in 1917 and
1916 is indicated in the following:
The volume of transactions in share
(Steam).
Topeka & Santa Fe, com. (guar.) .
Louis, pref. (qu.).
Delaware Lackawanna A Western (quar.)
Atchison
Cleve. CIn. Chic. & St.
(quar.)
Georgia RR. A Banking
Great Northern (quar.)
Kansas City Southern,
New York Central
1M
m
$1.25
3
Dec.
1 Holders of rec
Nov.
2a
Oct.
20 Holders of rec
Sept. 28a
Oct.
20 Holders of rec
Oct.
Oct.
15 Oct.
preferred (quar.).
2
to
Oct.
14
Sept. 22
to
Oct.
12
Nov.
I
Oct.
15 Holders of rec,
Oct.
13 Holders of rec,
Oct.
15 Holders of rec, 8ept. 21a
8a
1 Holders of rec. Oct.
SI
1.25
SK
1
5a
IK
Lehigh Valley, com. A pref. (quar.)
Minn St. Paul A 8. 8. M.. com. A pref..
Sept. 29a
Sept. 29a
1K
(quar.)
Nov.
1
Nov. 19 Holders of rec. Oot.
IK
RR. (quar.).
Norfolk A Western, adj. pref.
31a
8a
Nov.
1 Holders of reo. Oct.
vrior pref. (quar.) —
Philadelphia A Trenton (quar.)
Reading Company, 2d pref. (quar.)
IK
Nov.
2Yx
Oct.
1 Holders of rec. Oct.
Oct.
10 Sept. 30
to
Southern Ry.. preferred
2K
2K
Oct.
10 Sept. 21
1
Oct.
31 Holders of rec. Oct.
lla
3V4
Oct.
15 Holders of rec. Oct.
6a
Northern
306
30
104,853,493
Actual
Total-$13675,941,355312937,169,138
448
36'
...
+ 6.8
140,676,380
383,644,500
99,692,250
242.658.50C
546
265
31
RR., Ac
bonds
802
-
+ 34.2
1917.
\Val. $12949,863,70J 812253,408,279
227
Hartford
—
Railroads
Quantity.
282
a
+ 24.5
Descrip¬
Par Value
.
252.094,421
Memnhis.——
Name of Company.
or
328
350
352
.51
monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for the nine months of 1917 and 1916 are given below:
tion.
312
320
-
"
72
Our usual
Nine Months
897
98
$6,428,812,720
cities, 1 day
702
712
35
1,032,094,273
Total all cities, 5 days..I
AH
1,288
46
Seattle...--....
$5,396,718,447
.....
77
48
—01
765,907,618
r
.......
84
66
+ 13.8
46,090,149
Eleven cities, 5 days
38
114
74
385,707,860
,
41,672,362
Other cities, 5 days
29
299
$3,118,409,657
'
Orleans..-
882
290
Paul..".,
105,811,733
Detroit-1.———
New
762
365
Indianapolis....
200,110,387
Pittsburgh
Baltimore...
924
388
Denver .U
67,970,555
44.101,818
—
938
1,125
28
--
119,878,330
87,033,837
—
—
67
87.
'
150
..
142,020,462
----- —
Francisco
63
82
Providence.....
£13,760,936
—
—
88
108
37
313,855,899
....
St. Louis
San
439,035,752
1.L———
Chicago
Boston
$3,115,384,729
^
633
102
..
Angeles
Richmond
New
915
105
Milwaukee.....
St.
Cent
1916
1917
'
733
*
Los
998
978
'
Buffalo.,
Per
Clearings—Return? by Telegraph.
Week ending Oct. 6
—
Omaha
/
'
..
Cincinnati,
Pacific
(quar.)
Pert Marquette,
United New Jersev RR
Wabash, preferred A
Warren
Ra'lroad
A Canal (quar.).
(quar.)
—
.j
:—
50c. Oct.
15a
10
11 Holders of rec. Sept.25a
31a
Nov. 20 Holders of rec. Oct.
Sept.30
to
/
THE
1392
Per
When
Payable.
Per,
Books Closed.
Cent.
Horn of Company.
Days Inclusive.
to
to
Oct.
15
A
Nov.
Holders of rec. Oct.
15
m
_
Nov.
Holders of rec. Oct.
15
Connecticut Ry. A Ltg., com. A pf. (qu.)
1
Nov.
Holders of reo. Nov.
1X
Sept.
2
Dec.
IX
Nov.
Holders of rec. Oct.
Duquesne Light, pref. (quar.) (No. 11).
Greene & Coatee Sis. Pass.,Phila. (quar.).'
Kentucky Securities, pref. (quar.)
Manchester Trac., Light & Power (quar.)
Monongahela Valley Traction, new com.
Oct.
Holders of
Holders of
rec.
Holders of
rec.
Oct.
la
la
Holders of rec. Oct.
Holders of rec. Sept. 29a
Holders of rec. Oct.
Holders of
rec.
Holders of rec.
Oct.
,Common (extra)—
■Preferred (guar.).,
1A
1U
Oct.
Holders of rec. Oct.
la
Nov.
Oct.
Nov.
1
IX
Oct.
Oct.
20a
Mexican
10
Holders of
rec.
15 Holders of rec. Oct.
5C. Oct.
(quar.)
American Shipbuilding, common (quar.).
Preferred
(quar.)...
Amer. Telephone A Telegraph (quar.).
Amer. Type Founders, common (quar.).
Preferred (quar)——
American Woolen, common (quar.)
Preferred (quar.)............7.—.
Anaconda Copper Mining (quar.)..
Associated Dry Goods, 1st pref. (No. 1).
SI
Oct,
15 Holders of
rec.
Sept,20
Sept. 29a
Sept. 29a
Oct.
15 Holders of rec.
1A
Oct.
16 Holders of rec. Oct.
1X
Oct.
15 Holders of
hX
1A
Oct.
15 Holders of reo. Sept. 29a
15 Holders of rec. Sept. 24a
1A
Oct.
IX
Oct.
15 Holders of
rec.
reo.
2
Oct.
IX
Nov.
IX
1A
IA
Oct., 25 Holders of
1X
Oct.
31 Holders of rec. Oct.
1 Holders of rec. Oct,
rec.
Oct.
Nov. 15 Holders of rec. Nov.
5 Nov. 26
to
Dec.
Dec.
15 Oct.
6
to
■
Barnhart Bros. A Splndler,
1st A 2d pf. (qu.)
pref., (quar.)
Bell Telephone of Canada (quar.)
....
Bell Telephone of Pa. (quar,)..
....
Bonbright & Co., Inc., 1st pf. (qu.)—...
Borne-Scrymser Co
——
Brown
Shoe, Inc., pref. (quar.).....
Bucyrus Co., preferred (quar.)
Canada Cement, Ltd., com. (qu.) (No. 6)
Carbon Steel, common (quar.)—.
8a
5
Oct.
Oct.
Oct.
22 Sept. 18
to
Oct. 16
Extra
Holders of rec. Oct, 15
2
Oct.
15 Holders of rec.
1
Oct.
15 Holders of rec. Oct.
10a
Northwestern Electric, preferred (quar.)...
IX
IX
Oct.
15 Holders of rec. Oct.
10a
Oct.
15 Sept. 15
Oct.
Preferred
Sept. 29a
Sent. 26
15 Sept. 15
to
Sept. 26
Nov. 26 Holders of rec. Oct. 20a
1 Holders of reo. Nov. 16a
Deo.
15 Holders of
Oct.
Oct.
10 Holders of reo. Sept. 30a
10 Holders of tec. Sept. 30a
IX
Nov.
;Sept. 29a
1 Holders of rec. Oct.
27a
Oct.
15 Holders of rec. Oct.
5a
Oct.
15 Holders of
Sept. 29
1A
Oct;
15 Holders of reo. Oct.
IX
Oct.
10 Holders, of rec. Sept. 29a
15 Sept. 16
Oct. 13
to
rec.
Oct.
rec.
dOct.
to
Ohio Fuel
5a
20
la
Nov.
1 Holders of rec. Oct.
2
Nov.
Central & South Amer. Telegraph (qu.).
Chevrolet Motor (quar.).,.
IA
Oct.
3
2
Nov.
,
1
Holders of rec. Oct.
IA
IA
25 Oct,
Oct.
15 Holders of
Nov.
Nov.
16
to
Oct.
—
1
Holders of
rec.
Oct.
1
Oct.
Oct.
31 Holders of rec. Oct.
20a
Oct.
15 Oct.
15
Continental Papor Bag, coxpmon (extra).
Preferred (<*xtra).
1 A
IX
IA
IA
Corn Products Refining, pref.
IX
.......
(quar.)—
Pref. (extra acct. accumulated dlvs.).
Cosden & Co., common (quar.)
Common (extra)
Nov,
Nbv.
5
to
Oct.
Holders of
reo. June
M 1-6 Oct.
15 Holders of rec. Oct.
Creamery Package Co., com. A pref. (qu.)
Cresson Cons. Gold Min. & Mill, (mthly.)
Cudahy Packing, seven per cent pref
Delaware Lack. A Western Coal (quar.).
Detroit Edison (quar.)
Nov.
1 Oct.
13
to
1 Oct.
13
to
IA
Oct.
10c. Oct.
Nov.
$1.25 Oct.
2
Oct.
10 Holders of rep. Oct.
10 Holders of
1
Oct.22d
rec.
1 to
15 Holders of reo. Oct.
Oct.
15 Oct.
6
Preferred (quar,)..
Distillers Securities Corporation (quar.).
Domlnlon Textile. Ltd., pref. (quar.)
IX
Oct.
15 Oct.
6
A
Oct.
18 Holders of rec. Oct.
IX
IA
1A
IX
2A
Oct.
.......
duPont (E. I.) deNem. & Co. deb. stk. (qu.)
duPont (E.I.) deNem,.Powd..corn, (qu.)
Preferred
(quar.)
......
Eastern Steel, common (quar.).....
Eastman Kodak, common (extra)
Oct.
Nov.
Nov;
Oct.
1
to
to
Oct.
Oct.
Holders of
reo. Oct.
Holders of rec. Oct.
15 Holders of reo. Oct.
1
Dec.
1
Edison Electric Ilium.. Boston (quar.)....
Electrical Securities Corp., pref. (quar.).
3
Npv.
IX
Nov.
Electrical Utilities, pref. (qu.) (No. 30)
Eureka Pipe Line (quar.)....
IX
Oct.
6
Nov.
Everett, Heaney & Co., Inc. (quar.)
Fajardo Sugar (quar.)...
50c. Oct.
2 A
Nov.
31 Holders of rec.
Sept.
Sept.
Sept.
Sept.
Nov.
Preferred
(quar.)
—
...........
—
pref.(qu.)
(qu.) (No. 21)
•_
(quar.)(No.l)
—i
(quar.).,.
15
1
Oct.
1A
Nov. 30 Holders of reo. Nov.
3
Oct.
15 Holders of rec. Oct.
1
Oct.
15 Holders of
1A
Nov.
73)
7)
—
...
Preferred.(quar.) (No. 43)
S. Rubber, Istt pref. (quar.)
;
A Min., com. (quar.)
Preferred (quar.)
United States Steamship (bi-monthly)...
m
Oct.
20
20
15 Holders of rec. Sept, 30
Oct.
15 Holders of
IA
2A
Nov.
2
Oct.
15c. Oct.
$1.25 Oct.
Sent. 15a
Oct.
15
Preferred (quar.)
Globe-Wernlcke Co., preferred (quar.)
Goodrich (B. F.) Co.. common (qvwr.)
IA
Nov.
Holders of
rec.
Oct.
1
l
Oct.
rec.
Sept. 30
l
15 Holders of
Nov. 15 Holders of
rec.
Nov.
2A
Nov.
Holders of
rec.
Oct.
Holders of
rec.
Sept. 27
(quar.)
$1.75 Oct.
Preferred (quar.) (No. 88)
19a
IX
Oct.
Great Northern Iron Ore Properties....
$1
Oct.
Holders of reo. Sept. 27a
20 Oct.
6
to
Oct. 21
Harbison-Walker Refract., pref. (quar.).
Hart, Schaffner & Marx. Inc.. com. (qu.)
Holly Sugar Corp'n, preferred (quar.).
IA
Oct
20 Holders of reo. Dct.
1
Nov. 30 Holders of rec. Nov. 20a
IX
Nov.
HomestaH Mlnino
(monthly) (No. 518)
Illinois Brick (quar.)
Illinois Northern Utilities, pref. (quar.)..
Independent Brewing, Pittsburgh, common.
65c. Oct.
IA
Oct.
lut
Nbv.
25c. Oct.
10<i
Holders of rec. Oct.
15
25 Holders of rec. Oct.
16 Holders of rec. Oct.
20
Holders of rec. Oct.
20
1
15 Holders of
rec.
Oct.
3
$
'
a
Payable in stock.
15a
1
10
20
,30
to
Oct.
20 Holders of rec. Oct.
7
10 a
Oct.
20 Holders of
Oct.
20 Holders of
Oct.
20 Holders of rec. Oct.
2
Nov. 15 Holders of
rec.
Oct.
25 Holders of
rec.
Oct
15 Holders of
rec.
Sept. 29
Sept. 30
Oct.
15
rec.
Oct.
10
rec.
Oct.
to
Oct.
Oct.
1A
Oct.
15 Holders of reo. Oct.
1
Oct.
25 Holders of
.16
Dec.
IX
Oct.
2
Oct.
$1.25
10
rec.
Oct.
20a
15 Holders of rec. Oct.
31 Holders, of rec. Oct.
15a
Oct.
50c. Nov.
25c. Nov.
IX
Oct.
75c. Nov.
Oct.
IX
la
15
1 Holders of reo. Oct.
15 Holders of rec. Oct.
87HC. Oct. 15 Holders of rec. Oct.
10c. Nov.
1 Holders of rec. Oct.
1 Holders of rec. Oct.
la
5a
5a
17
17
1 Holders of rec. Oct.
10
1 Holders of ree. Oct.
10
29 Holders of rec. Oct. 15
15 Holders of rec. Septi 29
15 Holders of rec. Sept. 29
1 Holders of
15 Holders of
Oct.
15a
ree. Oct.
8a
ree.
Oct.
15c.
1A
25 Holders of rec. Sept. 30a
Nov. 10 Holders of rec. Nov.
1
Oct, 20 Sept. 30
$1.18 Oct.
1
Oct.
1A
Oct.
$1.75 Oct.
15 Holders of
to
rec.
Oct.
12
Sept. 29a
15 Holders of rec. Sept. 29a
15 Holders of rec. Sept. 20a
20 Holders of
ree.
Oct.
3
87 A Oct.
31 Holders of rec. Oct.
5a
87 A Oct.
15 Holders of rec. Oct.
5a
2A
Oct.
1 Hold ere of rec.
1H
Oct.
1 Holders of rec.
/Payable in
ft On account of accumulated dividends.
10
26a
15
1 Holders of rec. Oct.
87 AC' Nov.
15a
2
Oct. 15 Holders of rec. Sept. 20a
Transfer books not closed lor this dividend.
e
Oct.
$1
2
Warner(Chas.)Co.bf Del.,lst A 2d pf.(qu.)
Way land Oil A Gas, preferred
Wells Fargo A Co. (quar.)
Western Power Co., preferred (quar.)
Western Power Corporation, pref. (quar.)
Western Union Teleg. (quar.) (No. 194).
Westinghouse Air Brake (quar.)
Westinghouse Elec. A Mfg., com. (quar.)
Preferred (quar.)
Young (J. S.) Co:, common (quar.)
Preferred (quar.)
rection.
rec.
1 Holders of reo. Oct.
15
Va.-Carolina Chem.,com.(qu.)(No. 40)..
...
1 Holders of
Oct.
rec.
Preferred (euar.)
1
Sept. 29a
Oct.
5
rec.
Granby Cons. M In., 8m. A P. (qu.) CNo.28)
rec.
20 Holders of rec. Oct.
Nov.
Oct.
Holders of
5a
Oct.
10
8
to
87Ac. Sept. 30
Sept 30
1 Holders of reo. Oct. 13
Nov.
1A
1 Holders of rec. Oct. 13
Nov.
IX
3
15 Holders of
Great Lakes Transit, common
Sept. 29a
Sept. 29a
Sept. 29a
Oct.
Vacuum Oil..*
1
1
9
Oct.
United Verde Exten. Min. (quar.) (No. 6)
Extra
20
Oct.
1
15a
IX
IX
5c. Nov.
Nov.
__
to
15
Oct.
1
Oct.
A
10
50c.
Oct.
$1
(quar.)
Oct.
Oct
Oct.
rec.
r rec. Oct.
la
ix
;
IX
to
1
.
la
1
3
Sept.21
15 Holders of rec. Oct.
10
1A
.
2
1
15
2A
General Motors Corp., common (quar.)
(qu.)
15
,
;...
1
29a
IX
N, E.-Telephone (quar.).
com.
29a
1 Holders of rec.0 Oct.
3
A
5
29
29
15 Sept. 23
to
Oct.
1 Holders of rec* Oct.
Nov.
75c. Oct.
..
Victor Talking Machine, common (quar.)
Preferred (quar.).
....
Gen.Amer.Tank Car Corp.,lst&2d pf.
General Electric (quar.)
Oct.
IX
1A
Extra
8
1 Holders of rec. Oct
Oct.
rec.
Oct.
'.
15
1 Holders of rec. Oct.
15 Holders of
31 Holders of
rec.
Oct.
-
22a
15
3
U
1 Holders of rec. Oct.
Sept. 29a
Sept. 29
1 Holders of rec. Oct.
4
U. S. Smelt., Refg.
1 Holders of rec. Oct.
10 Holders of rec. Oct.
rec.
15 Holders of rec.
10
U. S. Industrial Alcohol, common.
31a
15 Holders of rec. Oct.
15 Holders of
Nov.
1
5
20
10
.......
2 Holders of rec. Nov. 30a
2 Holders of. rec. Nov. 30a
Holders of rec. Oct.
Oct.
$1.25 Oct.
$1.25
15
Oct.
United Paperboard, preferred (quar.)—.
United States Glass (quar.).
1
Jan.
IX
1 Holders of rec. Oct.
Public Service of Nor. Illinois, com.(quar.)
United Fruit (quar.) (No.
United Gas Improvement
20a
Jan.
^
Nov.
31 Holders of rec.
United Coal Corp., pref. (quar.)
United Drug, first pref. (quar.) (No.
20a
1 A:
;
...
...
1A
31 Holders of reo.
Extra
2a
2A
(quar.).
(quar.)
Nov.
Oct.
United AUoy Steel Corporation (quar.)....
United Cigar Stores, com. (qu.) (No. 20)..
16
7A
Common
Preferred
Oct.
rec.
Oct.
Transue & Williams Steel Forg..
16
Oct.
rec.
rec.
Union Natural Gas (quar.).
Union Oil of California (quar.)...,
15 Holders of rec. Sept. 29
25 Holders of reo. Oct. 10a
...
to
Oct.
Superior Steel Corp.,
1
Oct.
15 Sept. 30
Nov. 15 Holders of
Oct.
Swan & Finch
la
2 A
5
Oct.
1
reo.
Swift A Co. (extra) (No. 26);
Tonopah Mining of Nevada (quar.)....
15 Holders of reo. Sept. 29a
15 Oct.
6
to
Oct. 16
...
rec.
rec.
87XC. Oct.' 10 Holders of
5
Preferred (quar.) (No. 25)..
1
Detroit Iron & Steel, common (quar.)_....
Common (extra)
......
l A
15 Holders of
IS Holders of rec. Sent. 26a
25 Holders of
;
Spring Valley Water (quar.)„...,
Sept. 29
Nov.
15 Holders of rec.
15 Holders of
25 Holders of
Steel Co. of Can., Ltd., com. (qu.) (No.3)
Nov. 15
3A
Oct.
62j^c. Oct.
ix Oct.*
iA Oct.
5
Southern
Nov. 15
Nov.
1 Sept. 23
to
Nbv. 30 Holders of rec.
17
Sept. 29
Sept. 29
Sept. 30
Npv. 20a
Sept. 29a
Sept. 29a
Sept. 29a
Oct.
Shawlnigan Water A Power (quar.).....
Southern California Edison,1 first pref. (qu.)
5a
2
15 Holders of rec.
Oct;
.
2
5a
4
;
Oct.
l
rec
Procter A Gamble,-preferred (quar.)
Extra (No. 9)
30
15 Holders of reo. Oct.
20 Holders of
'
1 Holders of rec. June 30
1
Oct.
Oct;
...
—
Shattuck Arizona Cop. Co.
15 Holders of reo. Sept. 29a
1 Holders of rec. Oct, 16
10 Holders of reo. Sept. 25a
Oct.
IX
IX
17
na
Oct.
Securities Corporation General,
20
Nov.
A
Oct.
to
20 Holders of rec Oct.
25c. Oct.
A
Sept. 29a
Sept. 20a
Oct.
to
.
IA
1A
—
25a
Oct.
20 Sept. 30
20 Sept.30
—
Extra
.
la
15 Holders of rec.
Oct.
IX
Quaker Oats, common (quar.)
Preferred (quar.)...
Reece Buttonhole Mach. (quar.) (No.126)
Reece Folding Machine (quar.) (No. 34).
Republic Iron A Steel, com. (qu.) (No. 4)
St.L.RockyMt.AP.Co..Com.(qu.) (No.14)
15
2
—
Pennsylvania Lighting, preferred (quar.).
Pennsylvania Salt Manufacturing (quar.)
Pierce-Arrow Motor Car, common (quar.)..
Pittsburgh Coal of New Jersey, pref. (qu.)
Pittsburgh Coal of Penn., pref. (quar.)..
Poole Engineering A Machine (quar.)....
Prairie Oil A Gas (quar.).
Extra
25
1 Holders of reo. Oct.
—_
Penmans, Ltd;* common (quar.)----——
Preferred (quar.)——
———
10a
Oct.
rec.
Supply (quar.)
Prairie Pipe Line (quar.)-....
15 Holders of rec. Sept. 30a
15 Holders of rec. Sept. 29a
Oct.
1
——
Pan-Amer. Petrol. A Transp., com. (No. 1)
-
1 Holders "of reo. Oct. 10a
9 Holders of reo; Sept. 29a
Chicago Pneumatic Tool (quar.)........
Cleveland Electric Ilium., com. (quar.)..
—
Otis Elevator, common (quar.)„„—
Preferred (quar.).—.
....
Oct. 10
IX
(quar.)..
Pacific Telep. A Teleg., pref. (quar.)
Oct.
lo.
15 Holders of rec.
V Oct.
NovaScotlaSt.ACoal, com.(pay.com.stk.) f20
Nova Scotia Steel A Coal, Ltd., com. (qu.)
2
ix
15 Holders of rec. Sept. 22
Oct.
.
2
25c.
...
30 Holders of rec. Sept. 30
15 Holders of rec? Oct.
la
Oct.
2
1
Oct.
....
4
25c.
Nipissing Mines (quar.)
Sept. 15a
Sept. 29
Oct.
2
North Butte Mining (quar.) (No. 44).—
Northern States Pbwer, common (quar.).
15
2
(qu.).
Oct.
1A
,v
;
Niagara Falls Power (quar.)
NIpe Bay Co., common (quar.)———
Nov. 14
Consolidation Coal (quar.)
Continental Motors Corp., pref. (quar.)...
Oct.
Nov. 10 Holders of rec. Oct. 31
Oct., 25 Holders of rec. Aug. 31
Oct. 15 Holders of red. Sept. 22
Nov.
1
Sept. 30a
4
IA
Holders of
1 Holders of rec. Oct. 20
15 Holders of rec. Sept. 28a
15 Holders of ree. Oct.
8a
Oct.
Oct.
Holders of
1
15 Holders of rec.
Nov.
IX
1
16 Oct.
15 Holders of rec. Sept. 29
15 Holders of rec. Sept. 29
Oct.
la
1A
Nov.
Oct.
15
10
1A
Oct.
Oct.- 10 Holders of
15
Oct.
10 Holders of rec. Oct.
"
IX
IA
17a
15 Holders of reo. Sept. 29a
15 Holders of rec. Sept. 29a
Nov.
20a
rec.
Oct.
X
IX
IX
IX
Oct.
IX
1 Holders of rec. Oct.
1 Holders of
20 Holders of rec; Oct.
15 Oct.
2
to
Oct.
Oct.
•2
'
1
Oct.
1A
—
15
Oct.
63
(quar.)
3
15 Holders of rec. Sept. 29
Oct.
1
1A
15 Holders of rec. Oct.
Nov
2c.
3
16 Holders of reo. Sept. 29a
15 Holders of rec. Nov.
la
Oct.
IX
Nov.
1
Oct.
$1
Oct.
rec.
15 Holders of reo. Sept. 25
15 Holders of rec. Sept. 25
$1.50 Nov
'
New River Co., preferred
New York Transit (quar.)—
•
Nov. 14
Computlng-TabulatingrRecordlng
15
1A
to
(quar.) (No. 16)
(quar.)
Oct.
15 Sept.29
to.
1 Holders of rec. Oct.
1A
—
28
to
com.
3
Oct.
2A
Oct.
$1.50 Nov
—
Nevada-Calif. Elec. Corp., pref. (quar.)...
New England Power, preferred (quar.)—
New Jersey Zinc (quar.)_
28
to
Oct.
Commonwealth-Edison (quar.)........
18 Holders of rec. Oct.
25c. Oct.
National Conduit A Cable Inc. (quar.)—
28
to
Nov. 15 Nov. II
Colorado Power, common
18 Holders of rec. Oct.
Oct.
"
to
11
Nov. 15 Nov.11
Cluett, Peabody & Co.,
18 Holders of
Oct.
2
Bonus
;
Mountain States Tel.A Tel. (quar.) (No.25)
Nash Motors, pref. (quar.).............
Nat Biscuit, common (quar.) (No. 77) —
National Cloak A Suit, com. (qu.) (No.3) _
15a
IX
(quar.)
Oct.
20
1A
A
Preferred
Oct.
Oct.
rec.
11
Oct.
14
rec.
11
20
Oct.
15 Holders of
Oct.
rec.
to
15 Holders of
1 Oct.
l«
Sept. 30
15 Holders of rec. Sept. 30a
15 Holders of reo. Sept. 30a
15 Holders of ree. Sept. 30a
15 Holders of rec. Sept. 29a
15 Holders of rec. Sept. 29a
1 Oct.
reo.
15
Oct.
Oct.
1
IX
1
Oct.
2
Nov.
1A
Oct.
National Paper A Type, common (quar.).
Preferred (quar.);—*
Nov.
to
to
Oct.
Nov.
$2
Sept. 29
Oct.
15
Oct.
1
2A
2A
rec.
la
la
IX
$1
Oct.
1 Holders of rec. Oct.
.
IX
common———.—
(quar.)
la
Nov.
Nov.
.
National Fuel Gas (quar.)-
2
—
PetroleW,
rec
7
4a
Oct.
$1.50 Oct.
Minnesota A Ontario Power, pref.
Montreal Telegraph (quar.)
la
Common (extra)
Central Coal & Coke, preferred (quar.)..
Central Foundry, first preferred (quar.).
Central Leather, common (quar.)
Common (extra)......
.....
Nbv .30 Holders of
Nov1 .30 Holders of rec
Nov.
.
13a
f2A
1A
1A
Oct.
,
15
2A
—
—
Sept. 24a
Nov. 15 Holders of rec. Nov.
75c.
10
Sept. 29a
lc.
Associated Oil (quar.).;....
Barnett Oil & Gas (monthly)..........
Barrett Co.,
$4
rec.
.
Nov .30 Holders of rec
IX
IX
IX
2A
1A
1A
...
Midwest OH, preferred; (quar.).;—
Milwaukee & Chicago Breweries....
Miscellaneous.
10 Holders of
20 Sept. 30
Oct.
to
13 Holders of rec, Oct.
.
Oct.
17
Michigan Limestone & Chem., pref. (qu.)
Oct.
20a
1 Holders of reo,.Oct.
3
Midvale Steel & Ordnance (quar.) (No. 4)
Midwest Refining (quar.) (No. 12)—
Sept. 29 Holders of rec. Sept. 28
XJ. S. Mortgage & Trust (quar.)....,..,.
1
Oct.
Nov
$1.75 Nov
Mexican Telegraph
Banks.
Oct.
Oct.
1 Holders of rec,
$1
Miami Copper Co. (quar.)...
to
.
15 Holders of rec,
Nov
Massachusetts Lighting Cos., com. (qu.).
Preferred (quar.)..,............:
Holders of rec. Sept. 29a
.
Oct.
Manufacturers' Light & Heat (quar.).—
Massachusetts Gas Cos. Com. (quar.)—
Nov.
21
Nov
50c. Oct.
—-
—
.
IA
Common (extra)—
50c.
ir.
15 Holders of rec. Sept. 25a
1 Holderls of rec Oct. 16
15 Holders of rec Oct.
5a
preferred (quar.)
——
Maple Leaf Milling, common (quar.),....
6a
Sept,29
Sept. 29
Virginia Ry. A Power, common.
West Penn Power, pref. (quar.) (No. 7)..
York (Pa.) Railways, preferred (quar,)....
Preferred (quar.)..........
—
Alliance Realty (quar.)....
......
Allis-Chalmers Mfg., pref. (quar.)
Preferred (account accum. dividends).
Amer. Agric. Chem., com. (qu.) (No. 24)
Preferred (quar.) (No. 49)...
Amer, Bank Note, com. (quar.)....
American Beet Sugar, common (quar.),..,
Amer. Gas & Elec., pref. (quar.) (No. 43)
American Ice, preferred (quar.)....... ..
Amer. La Prance FlreEng.. Inc. .com. (qu.)
Amer. Laundry Machinery, common.—.
Preferred (quar.)————.—
American Light & Traction, com. (quar.),.
Common (payable in common stock)..
Preferred (quar.)_....
...i—i—
American Locomotive, pref. (quar.)....
Amer. Malting, 1st & 2d pref. (quar.)—
American Seeding Machine, com. (quar.)
1<
Oct.
Preferred (quar.)
—
—.
Locomobile Co. of America,.pref. (guar.)—
Lukens Steel, lstand*2d pref. (quar.)
MacAndrews & Forbes, common (quar.).
United Rys. A Elec., Bait., com. (quar.)
Ahmeek Mining (quar.) (No. 23).
Air Reduction Co. Inc., common (quar.).
Oct.
IX
.
Sept, 29
Sept. 29a
rec.
Oct.
Produce Exchange, New York (quar.)....
Trust Companies.
15 Holders of rec
$2
Oct.
Oct.
...
Oct.
IX
1A
IA
Lehigh Valley Coal Sales (quar.)
IX
1X
IX
Preferred (quar.) (No. 25)
Texas Electric Ry., first preferred (quar.)
Second preferred (quar
...
11a
1
Lindsay Light, common (qyar.)....,.....
Common (artra)—
Light, pref. (quar.)'
IX- Oct.
Pacific Gas & Elec., com. (qpar.) (No. 12).
Philadelphia Co., com. (quar.) (No. 144). 8%Ac. Oct.
si.ro Nov.
6% Preferred (No. 10)—.........—
Philadelphia A Western Ry., pref. (quar.) 62M'> Oct.
7 5 s. Oct.
Puget Sound Tr., L. <fc P., pref. (quar.)...
Oct.
1
Republic Ry. A Light, com. (qu.) (No. 4)
Ottumwa Ry.. A
1
Holders of rec. Sept. 29a
Holders of rec;. Sept. 29a
Oct.
2
23
Oct.
Kayser (Julius) & Co., 1st A 2d pref.(qu.)
Kelly-Springfield Tire, pommon (quar.)...
La Rose Consolidated Mines (quar.)
Sept. 25
1A" Oct.
31Xe
1X
23
Oct.
rec
1)—
Jones Bros. Tea, Inc., common (No.
Holders of rec. Sept. 22
Oct. 10
to
$1.50 Oct.
Oct.
rec
29 Holders of
International Nickel, preferred (quar.)..
International Paper, preferred (quar.)—
1
15 Holders of rec
Nov. 15 Holders of
Oct.
$1
Inspiration Consolidated Copper (quar.).
Internal. Buttonhole Sewing Mach.(quar.)
Int. Harvester of N. J., com J(qu.) (No. 31)
Sept. 23
to
Sept.30
Holders of rec. Nov. 15
Nov
$2
'
Extra
15
Oct.
d8ept.30
d8cpt,30
Oct.
Oct.
Dayton & Troy Elec. RR., com. & pf. (qu.)
Detroit United Ry. (quar.) (No. 54).
Extra—......
Books Closed.
Days Inclusive.
$2
Indiana Pipe Line (quar.).,,..
3
Get,
Sept. 29a
1A
1 y$
——————
Common (payable in common stock)
rec.
Holders of rec.
Cities Service, com. and pref, (monthly)
Preferred
When
Payable
Miscellaneous (Concluded).
Holders of
25c. Oct.
Oct.
IK*
Cov.L. A Tr., com. (qu.)
Preferred (quar.)
Cent.
Name of Company :
Strfeet and Electric Railway#.
Brooklyn City RR. (guar.)...—.
Central Ills. Public Service, prel. (qu.KCIn. Newport A
[Vol. 105.
CHRONICLE
& Less
common
Sept.. 21a
Sept. 21a
British Income tax.
stock.
d Cor¬
Payable In scrip#
Oct. 6 1917.]
National
GOVERNMENT REVENUE AND EXPENDITURES.
—The details of Government receipts and
disbursements for
September 1917 and 1916 and for the three months of the
fiscal years 1917-18 and 1916-17 are as follows:
Sept. 1917.
Receipts.
Sept. 1916.
3 Mos. 1917.
3 Mos. 1916
S
S
$
$
,,
.
Ordinary—
15,201,389 16,831,434
41,265,394 34,422,229
6,026,475
1,982,286
12,967,317
4,355,315
Income tax
Miscellaneous
57,591,264
663,027
Total
1,198,613
$30,000
200,000
Capital
111.
Capital
Total capital
$230,000
CHARTER EXTENDED.
The First National Bank of Catonsville, Md.
Charter extended
until close of business Sept. 21 1937.
INCREASE
1,404,952
Comptroller of the
APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Hume, 111.
The Mutual National Bank of Chicago,
Panama Canal—
Tolls, &o__.
following information regarding
Currency, Treasury Department:
233,128,578 184,498,251
648,788
Ordinary Internal revenue
Banks.—The
national banks is from the office of the
46,908,775
49,836,272
136,083,952 102,299,501
19,753,448
11,803,848
30,382,403
20,558,630
75,460,575
Customs
1393
CHRONICLE
THE
OF
CAPITAL APPROVED.
The First National Bank of Humboldt, Iowa.
from $25,000 to
$50,000.
Capital increased
Increase
$25,000
...
Public Debt—
♦Sale of Liberty Loan bonds.>
__146,459,249
499,689,394
Sale of Panama Canal bonds—
Auction
1,055,342,000
Sale of certifs. of indebtedness._505,342,000
—
._
Sale of Postal Savings bonds:—
906,700
718,800
.
Deposits for the purchase of One-.
(Sec. 18,
Year Treasury Notes
Federal Res. Act, approved
1913)—
Deposits for retirement
Shares.
4,785,000
------.--1
Dec. 23
Sales.—Among other securities, the following
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:
not
bank
Reserve
notes
(Act
652,213,446
1,078,497
4,306,980
2,549,485 1,561,613,691
Inc.,
5,213,680
$1 each
Interest
on
.
828,869,927 228,921,658
5,880,410
5,769,918
Shares.
349,013,305 82,977,183
public debt paid
834,750,337 234,691,576
100 Waban Real Est. Trust
Canal:
(Act
governments
4,574,592
4,896,159
Bank,
1,326,500,000
1,331,396,159
1,644,951
and
2,011
,
3,540
108 %
Shares.
14 No.
4,785,000
approved Dec. 23 1913)
14
A
3,366,365
7,469,770
10,941,740
3,366,495
295,170,881
10,945.280
1 Pa.
10 People's
over
*
of
total
total
disbursements
receipts.....1
<
.
»
34,348,937 27,184,853 " 665,170,156
Includes accrued Interest receipts,
a
59,300,903
1 Ipsur. Co. of State
50
60
Street Bank
1 Germantown
Bonds.-
<
Per cent.
"
$1,000 Springfield Cons. Water 5s,
1958..
.....
60
Pitts.,
Traction,
$1,000 united
..100
5s, 1997...---.:..-.—... 50
$3,000 Bushkill
Farms
Camp,
Inc., 6s, 1926.
$50 lot
of Pa......100
gen.
221 %
4 Phil. & Trenton RR
Includes interest paid.
Pass. Ry....... 103
Banks.—Following is the weekly statement issued by the
The Federal Reserve
1 Broad
35%
830%
Trust, $50 each
Trust
5 Philadelphia
23 Real Est. Trust, pref..——
Excess
336%
common
50 United Gas & Elec., 1st pref..
36 Continental-Equit. Trust.;
762,671,746 87,988,629 2,461,317,377 250,211,448
Grand total disbursements
2 John B. Stetson,
2%
87
Co. for Insurances, &c_.'__700
$ per sh.
Norris. RR., $50
—........137
2 Continental Pass. By—-——114%
35
Bank.
155%
2 Commonwealth Title I. & T..250
16,293,460
-
each....
1 Southwark Nat.
2,310,382
Dec. 23 1913)....
Slocks.
2 Phil. Ger. &
11
2 German Theatre Realty.-
V"'
retired
1890 and
notes
Shares.
1%
Wildwood Impt
30 Bergner & Engel Brew., pref..
National bank notes and Federal
"Total
156%
% per sh
Stocks.
200 No. Wildwood Gas, $50 each..
Treasury
notes
re¬
deemed (Sec,18, Fed.Res.Act,
(Acts
97
Cordage ex-div. 197-197%
1 Hood Rubber, pref
...101 flat
28 Plymouth
By Messrs. Barnes & Lofland, Philadelphia:
130
1,721
One-year
bank
of July
96
& Co., pref..
3 Fairbanks, Morse
282,914,100
13,981,357
notes,
certificates retired
Reserve
150
9 Union Twist Drill, pref........
75
Wks-131
7 Whitman Mills Corp......
interest-bearing
% per sh.
Stocks*
4 Prov. & Worcester RR
-
1 Waltham Bleach. & Dye
Public Debt—
Certs.of Indebtedness redeemed
Bonds,
83Hi
95
„
2 Norwich & Worces. RR., pref..105
Associates...129%
1 Ludlow Mfg.
4,574,592
Shares.
202%
Woon-
46 -Arlington Mills.
a
$ per sh.
Stocks.
5 Boston Wharf
§ per sh.
Nat.
socket
....397,364,980
Total
lot.
9 Mich. State Telep., pref
.100
Slocks.
3 Citizens'
396,000,000
—
Shares.
§per-sh.
Shops, com__..._138
10 Nat. Shawmut Bank......
approved
April 24 1917)
Stocks.■
20 Saco-Lowell
Shares.
1,644,951
1,364,980
(less balances repaid, &c.)
Purchase of obligations of foreign
>$25,000
on
pref. stock.———
$500 Chicago Utilities bond scrip..$55
By Messrs. R. L. Day & Co., Boston:
■
..7:. '...
Checks
paid
Special—
pons
2,000 shs. Gulf Fla. & Ala. Ry.
By Messrs. Francis Henshaw & Co., Boston:
.348,579,259 82,530,706
434,046
446,477
'
Panama
,
'•
& Ala. Ry.l
July 1917 cou-|
1961.
$6 lot
1........
$1 each
(less
23%
1st 5s,
N.
49 Longacre Motor, $10 each $50 lot
,v
'
repaid, &c.)
Total
of
400 United Greenwater Copper,
Checks and warrants paid
balances
Oil
250 Chicago Utilities, com—__$16 lot
Disbursements—
Ordinary—
1951
$283,500 Gulf Fla.
__$5persh.
Y.,
.—.——$400 lot
pre!
2d
20,000 Keystone
...728,322,809 60,803,776 1,796,147,221 190,910,544
total receipts
Grand
'2,549,485
412,197
_
Total..
$41,000 Tol. & O. Cent. Ry. (St.
Mary's Div.) 1st pref. incomes,
....$10 lot
2,650 The McClure Publications,
of
Per cent.
Bonds.
$ per sh.
«
Pa
tional bank notes and Federal
July 14 1890 & Dec. 23 1913)
Stocks.
30 Northampton Port. Cement,
of na¬
Federal Reserve Board on Sept. 29.
showing condition of the Federal Reserve banks as at close of business on
Sept. 28, except of the San Francisco bank.
For the latter figures of the week before are given, no telegraphic data for Sept. 28 having been received
by the Board in time to be consolidated with the figures for the other banks.
Higher money rates prevailing during the week apparently caused a larger demand for accommodation at the New York bank, which reports large
increases in member banks' collateral notes on hand secured mainly by Liberty Loan bonds and United States certificates of indebtedness, besides con¬
siderable purchases of acceptances in the open market.
Tbte bank disbursed during the week 112.5 millions of funds advanced to the Allied Govern¬
ments, 40 millions going to the French, 35 millions to the British, 15 millions each to the Italian and Russian Governments and 7.5 millions to the Bel¬
gian Government.
These operations called for heavy withdrawals of funds from local depositary institutions in addition to transfers to New York in
some volume from other Reserve banksThe bank reports a decrease of 49.6 millions in total reserves together with increases of 62 millions in total
investments, of 5 millions in net deposits and of 7.3 millions in note circulation.
...
■
A decrease of about 24 millions is shown in the banks' combined deposit reserves.
Aggregate note reserves increased about 19.6 millions during
the week, while total cash reserves show a decline of 4.4 millions.
Of the total of 29.1 millions of Federal Reserve notes placed in circulation during
the week, 19.2 millions are secured by gold, the remainder having been issued against commercial paper.
As a result the banks' note reserve shows
a decline from 81.4 to 80.8%.
Their deposit reserve shows an even larger decline from 78.6 to 74.5%.
•
■
Discounted paper on hand shows an increase for the.week of 49.6 millions, practically all at the New York bank.
Of the total discounts, over
one-half, or 122.5 millions, is represented by member banks' collateral notes.
About 64.7 millions of these notes had as their collateral Liberty Loan
bonds or United States certificates.
Large open-market purchases by the Boston and New York banks are mainly responsible for the increase of 15.7
millions in the amount of acceptances on hand.
No substantial changes in other investments are shown.
■
Total earning assets increased 65.3 millions for the week and constitute at present 851% of the bank's paid-in capital, compared with 741% shown
the week before.
Of the total, discounts constitute 46.2%, acceptances 35% and United States securities 18.8%.
) —
Owing to the heavy withdrawals of Government funds from depositary banks, Government deposits show an increase of 38.6 millions, the New
York and Chicago banks reporting the largest gains for the week.
Member banks' reserve deposits fell off 14.2 millions, while non-member banks
clearing deposits gained 15.9 millions.
Nearly all the larger local State banks and trust companies, not in the system, have opened clearing accounts
The
Federal Reserve Board made public to-day its weekly statement
„
tlx©
qw
York
„„
I^0s©x*v©
*
Federal Reserve agents report a total of $754,088,000 of Federal Reserve notes outstanding, secured by
All the banks report additional issues of notes during the week.
Federal Reserve notes in actual
paper.
„
1
$555,239,000 of gold and $204,467,000 of
circulation total $699,343,000, as against
$670,246,000 the week before.
.
the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison.
The earlier figures have been revised in order to conform with new form adopted by the
The figures of
Federal Reserve Board
as
of June 22.
twelve Federal Reserve banks.
In the second table
show the resources and
we
The statement of Federal Reserve
liabilities separately for each of. the
gives details
and between the latter
Agents' Accounts (the third table following)
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve, Agents
and the Federal Reserve banks.
Combined Resources
and
Liabilities
of the
Federal Reserve Banks at the
[Sept. 281917ft Sept. 21 1917. Sept. 14 1917.
RESOURCES.
$
Sept.
7
$
$
408,206,000
414,433.000
373,387,000
384,646,000
395.853.000
"52.500.000
52,500,000
52,500,000
856,866.000
845.350,000
862.786.000
520,470,000
494,779.000
493,185.000
9,442.000
9,127,000
7.218.000
7.079,000
413.849.000
409.852.000
62,500,000
862.200.000
502.588.000
7,375.000
.9,795,000
260,845,«»0
124,421,090
62,600,000
488,536.000
853.234.000
536,009,000
9,809,000
Gold with Federal Reserve Agent.
.
833,689,000
555,239,000
....
399.198.000
410.602.000
876.318.000
52.500.000
28 1917.
Sept. 29 1916
$
$
426.751.000
397.067.000
52.500.000
416,797.000
383.937.000
52,500,000
....
Total gold held by banks..
tS
■
430,979,000
338,027,000
....
Gold with foreign agencies
876.201.000
385,266,000
485.467.000
197,572,000
Legal tender notes, silver, Ac.
reserves
Bills discounted—members.
1,929,000
584,767,000
7,811,000
1.424.769.000 1,427.489.000 1,424,059.000
1,447.821,000 1,452,251,000 1,426.034.000 1,415.391,000 1,406,108.000
134,229.000
143.946,000
128.407.000
147.315,000
168.217.000
reserves
9,274.000
1,374,583,000 1,370.942.000
1,398,737,000 1,402,317,000 1.374,949.000 1,364.783.000 1,353.498,000 1,372.229.000
53,117,000
52,906,000
52.540.000
52.610.000
50,608,000
51.085.000
49,084,000
49,934,000
Gold redemption fund
Total
$
443,162,000
Gold coin and certificates In vault
Gold settlement fund.
Total gold
$
Close ofBusiness September
Aug. 10 1917.
1917. Aug. 31 1917. Aug. 24 1917. Aug. 17 1917.
592,578,000
25,953,000
233,335,000
183,758,000
167,333.000
176,756,000
Bills bought In open market
161,012,000
168,445.000
•
173,199.000
<
.
154.591.000
159.557.000
155.329,000
149,790.000
80,625.000
299,275.000
45.129.000
284.019.000
106,578,000
46,544,000
6,927,000
Municipal warrants.
Total
earning
45.406.000
32.521.000
45.226.000
30.480,000
30,552.000
41,276.000
32,604.000
214,000
204.000
1,230.000
1,232,000
1,223,000
1,274.000
24,028,000
364.902,000
376,179,000
359,173.000
184,077,000
31,365,000
344,770,000
439,983,000
335.778,000
423.716.000
341.416.000
429.455.000
381,063.000
7,933,000
Total deduc'ns from gross deposits.
6% redemp. fund agst. F. R. bank notes
...
12.247,000
6,554.000
12.036.000
10.233.000
243.000
11,688,000
1,655.000
232,849,000
banks—net
45.394.000
42.441,000
505,265,000
assets
Uncollected items
All other resources.—
45.358,000
42,366,000
214,000
410,091,000
u. s. Government long-term securities.
Due from other F. R.
301 906.000
53,929,000
41,070,000
224,000
bills on hand
55,179,000
39,771,000
Total
287.964.000
t236,794,000
224.622,000
216.960.000
260.184,000
210.387,000
230.704.000
205.761.000
240.782,000
239,041.000
231.176,000
228,996.000
270,417.000
210.630.000
242,392.000
204,106.000
500.000
500.000
500,000
500.000
500.000
500.000
600,000
600.000
500,000
423,000
404.000
308,000
372.000
293.Q00
339.000
1,882,000
425.000
7,543,000
2,048,442.000 1,988.263,000
816,063,000
2,194.791,000 2,132,179,000 2.081.734,000 2.074.714.000
2,058.381,000'2.001,140,000
31,365,000
Sept. 28 19175 Sept. 21 1917. Sept. 14 1917. Sept.
Capital paid In...
59,379,000
—...
Due to members—reserve account.,..
Due to non-members—clearing account
59,354,000
63,651,000
...
Governuient deposits.
items
$
59,368,000
'
Sept. 29 1916
$
$
$
$
59,256,000
58,904,000
58,484,000
58,093,000
57,970,000
21,602, OOO
25,010,000
39,926.000
154,358,000
59,972,000
110,110,000
140,447,000
1,101.614,000
1,137,491,000 1,151,701,000 1,139,291,000 1,138.542.000 1.069,801,000 1,121,129,000 1,130,817,000
11,637,000
10,274,000
32,933,000
28.90(1,000
50,621,000 V
50,779,000
52,339,000
66,657,000
Member bank deposits—net.,—......
Collection
1917. Aug. 31 1917. Aug. 24 1917. Aug. 17 1917. Aug. 10 1917.
7
$
%
$
$
LIABILITIES.
[Vol. 105.
CHRONICLE
THE
1394
154.112:660
155.283.660
164*.449",606
157',361,000
——
140,278,000
171,VlMOO
137*.955:666
55,393,000
38,985,000
521,740", 000
122,493,660
1,374,828,000
1,425,163,000 1,391,962,000 1,367,782,000 1.384,919,000 1,393,343,000 1,351,989.000 1,424,480,000
549,244,000
558,782,000
573,019,000
587,915.000
621,299,000
670,246,090
644,567,000
699,343,000
4,182,000
4,907,000
5,173,000
6.894,000
6,023.000
7,561,000
8,000,000
8,000,000
2,039,000
2,180.000
12,145,000
12.196,000
2,345,000
2,456,000
2,617,000
Govt, credits
2,906,000
560,725,000
196,538,000
liabilities................. 2,104,791,000 2,132,179,000 2,081,734,000 2,074,714,000 2,058,381,000 2,001,140,000 2.048,442,000 1,988,263,000
74.8%
72.9%
75.2% ...
74.3%
74.6%
•
76.0%
74.3%
G ild reserve against net deposit llab
70.3%
816,063,000
Total gross deposits
F. R. notes in actual circulation.
3,033,000
F. R. bank notes In circulation, net llab.
foreign
All other liab., incl.
Total
374,000
72.8%
■
Gold and lawful money reserve
against
74.5%
deposit liabilities
net
Gold res, agst. F.R. notes in act. circ'n.
•
.
■
80.8%
" y
.
78.6%
81.4%
c
79.0%
Sept.
Sept. 28 19175 Sept. 211917. Sept. 14 1917
Distribution by Maturities-**
1-15 days bills discounted and
1-15 days municipal
178,321,000
bought.
138,648,000'
128,459,000;
127 ,<593,000
86,5%
.
74.3%
90.1%]
101.5%
«
f,
94,373,000 )
$
v
:
108,291.000
88,781,000
99,799.000
1,026.000
55,508,000
1,028,000
'
■
1,028.000
120,000
146,000
63,663,000
warrants........
'
.
79.3%
■
1917, Aug. 24 1917. Aug. 17 1917. Aug. 10 1917.!jSept. 29 1916
19L7.U«p.31
$
51.000 ii
•
45,175,000
126,000
109,602,000
"56,671,000
55,667,000
56,555,000
47,515,000![
96,983.000
"so","170",000
"98,681,600
90",114",000
80,982,000] > 130,606.000
20,000
20,000
146,000
146,000
"66,614", 000
50,457,000!
51,743,000
46,124,000
43,718,000
5,000
5,000!
1,468,000
16-30 days municipal warrants.......
31-60 days bills discounted and bought.
90,78l'.OOO,
20, ooo;
bills discounted and bought
19-30 days
85.1%
7
77.4%
91.7%
80.6%
79.9%
80.8%
78.8%
82.2%
1,546,000!
63,338,0001
97,025,000
31-60 days municipal warrants........
81-90 days bills discounted and bought.
81-90 days municipal warrants
Over 90 days bills discounted and bought
Over 90 days municipal warrants.,
-
V
1,028,000]! j
126.000
57,455,000]
'•••<:
146,000
146,000
57,330,000
49,472,000
"
""l,865",666
"T,848", 000
"2.813",666
""3.117,666
""3,335,066
68,000
58,000
58,000
58,000
49,000
53.000-
73,000
.
'
3,819,000
49,000
federal Reserve Notes—•
700,430,000
644,911,000
627,307,000
55,863,000
58,774 ,000
56,996,000
54,258,000
54,864,000
601,227,000
51.983,000
213,967,000
55,151,000
699,343,000
circulation....-...-.-
725,397,000:
54,745,000
Held by banks
lb
613,646,0
754,OSS ,000
Issued to the banks.......... .........
670,246,000
644,567,000
621,299,009!
587,915,000
563,049,000
558,782,000
549,244,000
196,538,000
680,073 .000;
J
17,429,000
.
Fed. Res. Notes {Agents Accounts)—
1,167,320,000 1,145.700,000
195,748,000.!
197,957,000
Received from the Comptroller....
Returned to the Comptroller.
230,436,000
68,151,000
627,307,000
613,646,000
601,227,000
213,967,000
269,170,000
269,015,000
287,793,000
277,698,000
131.628,000
151,726.000
138,771,000
111",058",666
115",760"6O6
872,436,000
862,752,000
224,555,000
223,575,000'
205,015 000!
227,525,000
725.397,OOO!
700,430,000
680,073,000:
644,911,000
276,645,000
278,534,000]
272,682,000
256,127,000
198,049,000
.....
189,388,000:
179,900,000
185,294 000
mopey
By commercial paper
Gold redemption fund
;
28,040,000
26,452,000
25,232, 000
24,974,000
25,780,000
25,051,000
24,676,000
9,764,000
250,554,000
228.674,000
221,336,000
213,420, 000
199,041,000
103,741,000
189,744,000
183,093,000
56,180,000
754,088,000
725,<397*,000]
700,430,000
680,073,000
644,911,000
627,307,000
613,646,000
601,227,000
213,967,000
204,467,000
198,887,000
192,200,000
187,218,000'
156,219,000
146,664,000'
120,711.000
125.588.000
17,054,000
...
Amount due to other Federal Reserve
28,801,000;
b The figures for San Francisco are for Sept. 21,
banks
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12
Boston.
New York.
Phllddel'a
Cleveland
Richmond
vault 25,0.32,000 263,632.000 18,736,000 26,831,000 6,256,000
17,436,000]. 09,191,000 36,586,000 40,119,000 26,578,000
Total gold held bybks,
:
FEDERAL RESERVE BANKS at CLOSE of BUSINESS SEPTUS'!?.
Atlanta.
Chicago
St. Louis.
Minneap.lKan. City
-
*
Dallas.
cSan Fran.
Total:
8
.
8,011,000^ 12,510,000
6,199,000!40,854,000 33.337,000 17,442,000
14,322,000 443,162,000
4,845,000 19,812,000!338,027,000
1,838,000 2,888,000] 52,500,000
46.143,000!35Q,935,000 58,997,000' 71,675,000 34,671,000 9,829,000] 102 587000 24,927,0002S,501,00649,209,000
19,193.000 37,022,000833,689,000
3,675,000;
18,112,000
4,725,000
3,675,000
1,837,000
2,055,000 54,383,000 19,490,000
1,575,000] 7,350,000
Gold with F. R. Agents- 25,623,000212,300,000 40,418,000 36,244,00015,955,000 30', 117,000:88,537,000
fund..
500,000]+4,000,000
Total gold reserves...
72,266,000,567,235,000
Legal-ten.notes,sll v.,Ac.
4,185,000] 39,681,000
43,000
950,000
787,000
100365000 107962000 51,43.3,000
316,000
1,104,000
127,000
611,000!
290,000
2,100.000
17,270,00021,965,000;20,748,000 22,471,000 23,591.000 555,239,000
694,000
15,000
9,809,000
573,000;
828,000;
518,000
40,557,000191414000 42,770,000 51,294,000!70,475,000 42,358,000 60 ,'628,0001398737000
364,000
1,029.000
76,451,000606,916,000 101469000 108278000 51,540,000 40,921,000 192443000
reserves
•
8,950,000 38,573,000
2,100,000; 2,625,000
GOld settlement fund...
Gold with for'n agencies.
Total
tRevised.figures.
$
RESOURCES.
Gold redemption
16,395,000
....
Commercial paper delivered to F. R. Agt.
Gold coin A ctfs. in
282,118,000
...,
With Federal Reserve Board
a
235,445,000
885,088, 000,
i
How Secured—r
«y gold coin and certificates
Total
72,042,000
831,663,000:
924,005,000
754,088,000
Issued to Federal Reserve banks..
354,160,000
845,621,000
231,975,000
949.952.000;
215,275,000
In hands of Agent
By lawful
■
969,363,000
Amount chargeable to Agent......
,019,560,000 1,002,960,000
171,297.000
173,939,000
,116,840,000 1,065.660 000; 1,050,560.000 1,039,560.000
176,808,000
180.572 ,000
192,835,000
178,124.000
1,221,000!
43,000
347,000:
43,991,000;51,641,00070,518,000
49,084,000
93,000,
574,000
42,932,000 60,721,0001 447821000
Bills:
Discounted—Members 15,214,000
75,619,000 11,120,000 10,616,000 15,696,000
market 22,666,000
72,534,000 16,905,000 22,383,000 43,486,000
Bought in open
8,3*44,000 33,843,00016,827,000 10,289,000 17,855,000 8,298,000 9:614,000233,335,000
4,820,000] 3,218„000; 4,569*000 4,373,000 .9,018,000176,756,000
1,872,00010,912,000!
57,880,000 148,153,000 28,025,000 32,999,000 19,182,000 10.216,00044,755,000!21,647,000:13,507,000!22,424,000 12,671,000 18,632,000 410,091,000
610.000
888,00021,756,000 2,236,000; 1,859,000] 8,849,000 3,969,000 2,512,000 55,179,000
2,820,000
562,000 7,948,000 1,161,000
5,569,000 3,206,000 3,318,000 2,364,000 5.784,000 4,647,000 1,793,000! 2,089,000i 2,210,000 2,I317,000| 3,788,000 39,771,000 <
2,686,000
'
46,000
224,000 T
10,000
i
10,000!
32,000
126,000
warrants.*—
hand..
Total bills on
O.S. long-term
secur's..
secur's
U.S. short-term
Municipal
....
,
Total earning assets.
-
41,176,000 156,551,000 31,919,000 44,297,000
Federal
banks—Net.
Uncollected items
[16,644,000
Total deductions from
gross deposits..— 16,644,000
6% redemp. fund against
22,707,000 16,898,000
71,158,000]25,676,000; 17,465,000;33,483,000
from other
Due
2,139,000
2,970,000
Reserve
58,557,000 28,010,000 17,215,000 13,338,000 10,725,000
2,697,000!
1,627,000
29,952,000] 12,529,000
58,557,000 28,010,000 20,185,000 13,338,000 12,864,000 32,649,000! 14,156,000
3,092,OOo!
2,200,000 b.3,896.000 a7,933,000
6,848,00012,855,000 13,222,000 012954000 232,849,000
9,940,000] 14,501,000
400.000
Fed. Res. bank notes.
Total resources
103,000!
SOiOOO
AII other resources...
.[134271000 822,024,000
161398000 172760000 87,585,000
19,003,000 24,932,000 505,265,000
1,646,000
.-l..
15,422,000 16,85Q ,O0O;24O,782,000
500,000
100,000
99",000
141 *000
423,000
0,763,000 296250000 83,823.00079,149,000; 118902000 77,598,000102 602000 2194791000
LIABILITIES.
Capital paid In—.....
5,463,000
12,224,000
5,270,000
6 >459,000
3,478,000
Government deposits...
2,138,000 .27,578,000
2 ,'262,000
5,549,000
2*072,000
Due
account.
to
3,269,000
2,567,000
3,370,000
3,078,000
1,240,000
59,379,000
3,987,000
142,000
2,783.000
647,000
2,546.000
63,651,000
members—Re¬
to
serve
Due
8,006,000
635,000 15,764,000
2,503,000
-
w5,495,000 424,103,000 71,506,000 97,270,000 39,144,000 27,326,000 156043 000 43,300,000 39,079,000 69,782.000 33,319,000 01,124,000 1137491000
m
non-members—
clearing
Collection
Due to F.
account.....
Items...1... 12,283,000
It. banks—Net
1,477,000
59,381,000
3,198,000
5,375,000
37,000
1,875,000
7.000
7,481,000 17.OS0.OOO 10,089,000
3,529,000
300,000
550,000
37,341.000 25,664,000 13.327,000 11,340,000
4.507,000
8,519,000
4,141*,000
66,657,000
6,570,000 157,364,000
2,284,000
deposits.. ) 1,393,000 551,601,000] 104 807 000 116696000 54,840,00035,742,00019339400054',073,00045,693,000 79,541,00040,006,000 69,711,0001425163000
F.R. notes In act. clrcul 66,915,000 256,399,000 51,027,000 49,490,000 29,157,00032.518,000|94,833,00026,471,00030.8S9,00027,931,00034,809,000 28,904.000699,343,000
8,000,000!
8,000,000
F. R. B'k notes In clrcul
All other liabilities. Incl
60,000]
2,906,000
10,000
1,800,000
17,000
294,000
115,000
500,000
110,000
foreign Govt, credits.
Total gross
....
Total liabilities
a
8
342710001 822,024,000 161398000 172760000 87,585,000 70,763,00029625000083,823,000 79,149,000 118902000 77,598,000H02 602000 2194791000
Difference between net amounts due
from and
net amounts duo to other Federal Reserve banks,
b Amended figures,
c
These figures are for Sept. 21.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 28
-'
'
"
'
■
.
Federal Reserve Notes—
Boston.
New York,
S
S
Philadel'a
Cleveland.
Richmond
Atlanta.
Chicago.
St Louis.
Minneap.
S
$
$
I
S
%
Kan.
1
City.
$
Dallas
.
s
1917.
a-San Fran.
Total.
s
%
Rec'd from Comptrol'r 69,680,000 492,960,000 74,500,000 71,000,000 47,600,000 49,980,000 133480000 38,900,000 46,640,000 49,720,000 54,600,000 88,260,000 1167320000
Returned to Comptr'r 13,606,000
98,340,000 12,382,000
7,316,000 13,409,000
.
Chargeable to F. R. Agt 56,074,000 394,620,000 62,118,000 63,684,000 34,191,000
In hands of F. R. Agent. 15,400,000 112,320,000 8,800,000 11,440,000 2,320,000
9,678,000 10,834,000
4,765,000 197,957,000
41,358,000i 129 397000 31,927,000 38,691,000 40,042,000 43,766,000
33,49,5,000 969,363,000
8,622,000
4,083,000
6,930,000 29,900,000
6,973,000
3,610,000
7,949,000
5,930,000
9,880,000
8,745,000
215,275,000
W
Issued to F. R. Bank. 40,674,000 282,300,000 53,318,000 52,244,000 31.871,000
34,428,000j99,497,000
28,317,000 32,761,000 30,162,000 35,021,000 B3,495,000 754,088,000
R. Agent3 459 0001
2.953,000 13,102,000 2,370,000 14,480,000
276,645,000
21,660,000 200,884.000 4,220,000 13,517,000
ctfs
957,000 1,363,000 1,118,000 1,817,000
1,325:666 28,040,000
172",000
955",6()6 lUoMOol
redemption fund 1,963,000 11,416,000 2,819,000 2,727,000
33,379,000 20.000,000 15,000,000 25,250,000]88,365.000 33,360.000 7,500,000 17,260,000 6,174.000 22,266,000 250,554,000
Fed. Res. Board 2,000,000
Held by F.
Gold coin and
Gold
With
Commercial
paper... 15,051,000
Total
70,000:666
12.900,000 16,000,000 15,916,000
9,414,000 12,550,000
4,311,000110,960,000 11,047,000 10,796,000
9,904,000 198,849,000
40,674,000 282,300,000 53,318,000 52,244,000 31,871,000 34,428,000i99,497,000 28,317,000 32,761,000 30,162,000 35,021,000 33,495,000 754,088,000
commerc'l paper
delivered to F. R. Agt. 15,069,000
Amt. of
70,822,000 12,906,000 16,012,000 19,182,000
4,329,000 11,178,000 11,054,000 11,139,000
9,992,000 12,647,000 10,137,000 204,467000
34,428,000i99,497,000 28,317,000 32,761,000 30,162,000 35,021,000 33,495,000 754,088,000
1,872,000 2,231,000
212,000 4,591,000 54,745,000
1,910,000] 4,664,000 1,846,000
F .R. notes In act.circ'n fee, 915.000 256,399,000 51,027,000 49,490.000 29,157,000 32.518.00004,833.000 26.471,000 30,889,000 27,931,000 34,809,000*28,904, OOO 699,343,000
outstanding. 40,674,000 282,300,000 53,318,000 52,244,000 31,871,000
F.R. notes held by banbe 3,759,000 25,901,000 2,291,000 2,754,000 2,714,000
F.R. notes
.
a
These figwrw are for Sept. 21.
'
OCT. 6
1917.1
Statement
THE CHRONICLE
,
1395
of New York
City Clearing House Banks and Trust Companies.—The following detailed statement
City Clearing House members for the week ending Sept. 29.
The figures for the
separate banks are the averages of the daily results.
In the case of. the totals, actual figures at end of the week are also
given.
The surplus reserves are calculated on the basis of new reserve requirements as fully explained in "Chron¬
icle," Volume 105, pages 229 and 127.
shows the condition of the New York
;
CLEARING
Ending
'
$
$
Atlantic Nat. Bank....
175,000
203,000
372,000
3,917,000
491,614,000
2.859,000
3,042,000
1,408,000
56,475,000
13,805,000
84,200
5,315,100
20.236,000
2,390,000
94,291.000
337,000
172,000
28,000
1,025.000
300,000
Of Comm..
5.000,000
-25,000,000
Chat. & Phenix Nat...
3,500.000
Hanover Nat. Bank...
3,000.000
Citizens* Nat.
Market & Fulton Nat..
2,550,000
1.000,000
2,294,200
16,601.300
2,594,800
2,107,800
Corn Exchange Bank..
3,500,000
6,875,900
Importers'& Trad. Nat.
1,500.000
7,868.000
Nat.
5,000,000
250,000
16.80. JOO
85,100
Bank...
Bank......
East River Nat. Bank.
Irving
Nat; Bank..-.
Nat.
Lincoln
Nat. Bank....
Fifth Nat.
272,000 ;
34,000
40,000
9,000
604,000
339,000
352,000
12,916,000
153,000
1,209,000
845,000
210,009
48,009
1,389,000
791,000
402,000
1,782.000
522,000
2,078,000
117'000
1,107,000
168,375,000
2,571,000
18,430,000
272,650,000
85,745,000
647,000
22.00Q
121,000
2,393,000
1,205,000
706.000
68,000
419,000
267,000
3,262,000
432,000
9,235,000
260,574,000
16,758,000
10,367,000
6,722,000
3,627,000
4,558,900
250,000
29,000
369,000
13,000
........
1,734,000
517,000
165,000
330,000
348,000
54,000
1,714,000
235,000
1,575,000
46,000
202,000
90,000
219,000
87,000
Seaboard Nat. B^nk...
1.000,000
3,168,300
44,135,000
825,000
499,000
725,000
134,000
3,000.000
1.000.000
4,010.300
848,300
72,474,000
251,000
210,000
107,000
395,000
518,000
57,000
Union Exch. Nat. Bank
1.000.000
1,170,900
10,907,000
153,000
157,000
278,000
Nassau
1,000,000
1,500,000
1.142.900
11,820,000
t.l23.000
24,530,000
113.000
452,000
70,000
230,000
226,000
463,000
Nat.., Brooklyn
Broadway Trust Co..-.
Totals*, avge. for week 125,850,000 217,820,300 2,577,468,000 35,392,000 16,812,000
Sept. 29.1._
Totals, actual condition
— — -
TatalS, actual condition Sept. 22..:
..........
Totals, actual condition Sept. 15.:.
— _ —
Totals, actual condition Sept.
State Banks.
Not
Bank of Manhattan Co.
Bank
500,000
...
Bank.
of Federal Reserve
Bank:
5;283,800
40,690.000 2,859,000
6,854,500
1,337,600
994,200
200,000
488'.000
2,000,000
2,109,400
...
Metropolitan Bank....
Bowery Bank.........
-
250.000
350,000
848,000
........
•
2,431.000
16,360 000
200,000
West Side Bank.....
N. Y, Produce Exch...
_.
State Bank
.......
fotals, actual condition Sept.
Totals, actual
Totals, actual
Totals, actual
condition
condition
condlUoh§ept/8
Not
U. B.Mtge.&Trust Co.
1,579,000
—
—
......
9,322,000
2,052,000
569,000
....
2,340,448,000 75.264,000 31,888,000
2,346,094,00(1 75,308,000 31,460.000
"
45,788,000
9.955,000
45,000
222,000
4,000702.000
127,000
.523,000
151,000
304.000
100,000
375,000
229,000
818,000
37,000
237,000
119.000
1,368,000
349,000
1,224,000
........
—
216,257,000 15,182,000
4,104,000
5,617,000
2,551,000
19,770,000
4,410,000
25,515,000
17,096,000
16,053.000
1,550,000
16,721,000
1,244,000
.
217,413,000 15,034,000
of
3,853,000
5,660.000,2,474,000
4,109,000
3,923.000
5,805,000
218.888.000 17,120,000
5,768,000
2,476,000
2,475,000
219,210,000 17,298.000
....
4,048,000 _5,436.000
2,127*000
Federal
25,000,000
1,000,000
4,000.000
346,000
98,000
........
35,000
....
1,525,000
.......1
2,382,000
228.775,000
2,192,000
.....
5,184s000
219,613,000
223,736,000
210,000
241.000
2,065.000
89,000
146,000
161,000
300.000
501,000
963,000
37,839,000
80,000
26,000
41,000
440,000
366,000
879,000
3,"038.000
161,000
3,361,000
41,026,000
...
25,648.000'
222,004,000
421,025,000 15,784,000
28,274.400
........
........
.
8,000
999,000
8,123,000
2,777,000
758,000
4,767,000
235,681,000 20,504,000
68,765.000 2,119,000
4,619,300
12,454,900
5.000.00Q
Guaranty Trust Co.—
Fidelity Trust Co.
........
........
223,942,000 _348,000
.......
_
'
1,927,000
33*286,000
........
........
13,637,000
——4,190,000
2,257,000
20,547,000
1,022,000
289,000
650,000
215,000
150.000
3.194,900
16.268,100
—
100,000
6,766,000
—:..
Bank.
Reserve
........
........
5,038,000
138,000
....
........
17,101,000
........
........
4,000
18,130,000
3,878,000
6,072,000
—
........
........
15,000
38,000
2,902.000
110,000
•
........
13,076,000
388,000
174,000
1,282,000
1,333,000
29,276,000
........
598,000
101,000
97,000
205,000
487,000
542,000
523,000
..........
2.O0Q.0OO
2,370,276,000 75,155,000 32,029,000
2*355,388.000 75,445.000 31,866,000
........
499,000
83,000
515,000
523,000
'.
399,000
.1...... 2,378,344,000 75,881,000 31,913,000
47,000
Title Guar. & Trust Co.
Lawyers Title&Tr. Co.
Columbia Trust Co....
50,000
24,993,000
318,000
Members
1.500.000
11,250.000
Brooklyn Trust Co....
Bankers Trust Co.....
414,000
530,000
681,000
—
248,000
70,000
499,000
...
303,000
216,516,000 15,581,000
29frTA.
Sept.; 22...
Sept. 16—
Trust Companies,
117,000
374,000
213,000
83,000
6,000
97,000
890,000
399,000
324,000
"
282,000
1,143,000
86,000
640,000
199,000
1,200,000
—
9,817,000
628,000
351,000
1,448,000
2,097*000
12,150,000 1/6,681,700
Totals, avge. for week
35,000
87,000
5,619,000
........
1,166,000
3,321,000
6,585.000
18,707,000
50,000
824,000
.
16,000
5,549.000
22,988,000
61,000
3,557,000
.........
494,000
456,000
14,582,000
977,600
3,742,000
2,767,000
831,900
778,100
587,100
108,000
100,000
63,114,000
9,773,000
10,996,000
........
9,244,000 366,896,000
8,865,000 372,774,000
118,000
698,000
145,000
-
368,000
1,568,0001
346,000
4,183,000
1,017,000
46,201,000
........
2,244,300
110,000
400,000
1,000.000
200,000
1,000,000
1,500,000
455,000
........
...
1,224,1Q0
10,822,000
696,000
5,378,000
25.016 000
239,000
255,000
164,000
74,000
171,000
227.000
1,427,000
10.347,000
5,781,000
1,275,000
'
28,538,000 3,506,000'.
206,942,000 32,794,000
55,617,000 12,095,000
25,496,000 1,198,000
359,115,000 41,443,000
— .—
........
........
8,816,000
....
740.000
17,579,000
424,000
61,757,000 21,076,000
22,867,000
1,559,000
61,150,000 7,6.67,000
16,891,000 1,923,000
12,392.000 1,258,000
5,000,000
6,547.700
83,068.000
640 000
4.951.000
610,000
119.000
355,000
Peoples Trust Co......
1.000,000
1,537.900
90.000
319.000
310,000
1,310.000
3.000,000
24,546,000
76,098.000
1,004.000
New York Trust Co...
4,072,000
59,000
37.000
5,077,000
210.000
18,629,000
13,183,000
672,000
794,000
405,000
114,000
185,000
271,000
118,000
334,000
68,000
1,189,000
620,000
844,000
174,000
51,010,000
1,407,000
109,000
78,000
283,000
2,365,000
20,000
47,308,000
4,245,000
98.040.000 1,102,155,000 56,635,000
2,228-,000
2,926,000
3,701,000
71,637,000 23,297,000
924,474,600
129728000
50,919,000 ' 2,189,000
2,915,000
2,830,000
3,026.000
3,883,000
3,570.000
84.456,000 20,513,000
75,090,000 33*174,000
77,514,000 29.408,000
930,559,000 125568000
926,389,000 128426000
945,353,000 128590000
_3.429^000 ^T^JIOO 23,797.000
962,237,000 121218000
ll;664,500
1,000,000
1,282,100
1,000.000 '
526.000
Franklin Trust Co.....
Lincoln Trust Co.......
Metropolitan Trust.Co-;.
Totals, avge.for week
2,000*000
.
'5.067.500
.
62.750.000
Totals, actual condition Sept. 29...
1,103,645.000
1,111.277,000 59.604.000
Totals, actual condition Sept. 22
Totals, actual condition Sept. 15—
Totals, actual condition Sept.
Grand aggregate, avge.
Comparison
prev.
Comparison prev. week
Grand aggregate, actual
^condition
Sept:
+46,290,000
"condition"
condition
condition
condition
Sept.
2,319,000
2.365,000
2,904,000
3,614,000
3,617.000
+428,000
2277: 3,895,979^666 '1082496o6
—13,000 +1268000 + 3.083,000 -15463,000
—923,000
b U. S. deposits deducted, $240,626,000.
Reserve
in
Total
Reserve
Surplus
Depositaries
Reserve,
Required.
Reserve.
s
$
$
c
c
Trust Companies*.
Total Sept.29—.
Total Sept 22
Total Sept.15.
—.
65,490,000'
371,747,000371,747.000311.461,150 60,285,850
19,770,000 47,224,000 39,960,720
7,263,280
71,637,000(137,127,000t138,671,100dfl,544,100j
or
Cash
Dee,
+34,220,000 -1*166,000
■
.......
+163,000
Reserve
Depositaries
75.765.440
50,046,030
Total
in
in Vault,
$
;
—18,621,030
+1,707,640
$
d
$
Reserve
.
$
or
Dec
Reserve
Surplus
Required,
Reserve.
e from
Previous Week.
f
t
$
366.481,000366,481,000310,390,530 66,090,470 —16;628,740
41,179,500 11,356,500
+ 5,819,840
27,021,000 25,515.000 52,536,000
—4,405,600[| 65,593,000 84,456,000150,049,000 140,483,850
19,318,99o|
104.542.000460,832.000565,374,000489,608.560
Inc.
Reserve
from
e
92,944,000463,154.000556,098,000490,092,970 66,005,030—
100,660.000470,235.0001570,895,000485,570,980 85,324,0201
+9,558,580
Total Sept. 8... 109,369,000429,852,000539,221,000489,174.970
•
....
■
Includes capital set aside for foreign branches, $6,000,000,
Previous Week
$
$
27,454,000
:
........
Actual Figures,
inc.
in vault,
banks*
........
RESERVE POSITION,
OF
Averages.
Reserve
Reserve bank—.
........
........
23,184,000 30,397000 14,706,000 473,369,000 38,358 ,000 b3501390.000 204081000 31,866,000
STATEMENTS
State
........
Sept. 15— 3,795.261.000 115488000 23,338,000 30,643.000 15,336,000 460,463,000 30,964,000 b3509,537,000 204095000 31,888,000
Sept. 8... 3,821.058,000 118099000 22,728,000 30,932,000 14,421,000 471,080.000 25,041,000 b3532,273,000 196874000 31,460.000
Sept. 1
3,883,308,000 130926000'21,930,000 29,163,900 11.951,000 391,355,000 33,840,000 b3542,054,000 204338000 31,136,000
u: S. deposits dedtmed, 1224,485,000.
Members Federal
737,000
3.895,880,000 107209000
....
actual
a
1,097,180,000 65.519,000
1,103,042,000 68,789,000
.
.
........
23,144^000 30,576^666 15,913J)00 463,154,000 27,707,000 a35248220001207134000 31,913~000
_+ 20,915,000 -4,775,000 _+169,000 +291.000 +182,000 —7.081,000 -1,862,000 + 35,166,000 +3342000
+ 81,000
29,17 3i942^69^6o6 108677000 22,2611)00'30,384,000 15,974,000 476,452,000 22,895,000 b3535610000 202915003 32,029,000
200.750.o66 34^542j000
aggregate, actual
Grand aggregate, actual
Grand
.
......
week
Grand aggregate, actual
Grand aggregate,
8...
.
200,000
........
5,552,000
........
9,930,000 366,481,000
8,616,000 381,183:000
253,000
506,000
354,000
534,000
54,000
333,000
6,450,000
100.000
Bank of the Metropolis.
325,000
4,262,000
806,200
750,000
Fifth Avenue Bank....
German Exchange Bank
472.000
3,055.000
18,760.000
German-American Bank
Germanta Bank......!
296,000
855,000
222,000
51,000
975.000
12,672,000
9,299,000
.
..
.1,718*666
6,768,000
.
2,200,000
927,000
32*115,000
4,960,000
6,897,000
—
—.
........
1,559,000
25,000
543,000
150,000
48.000
........
8,756,000
162,486,000 1,067,000
93,454,000
207,000
9.668,000
237,411,000 19,875,000
16,730,000
15,000
9.421,000
200.000
........
22,033,OjOO. 9,661,000 371,747,000
36,724,000 16,219,000*21,809,000
33,064,000 16,756,000 21,762,000
32,849,000 17,050,000 21,849,000
32,012,000 15,776,000 21,613,000
2,621,211,000
2,568,186.000
2,479,187,000
2,498,800,000
Members
500,000
—
Pacific Bank...
People's
......
2,050,000
1,500,000
Bank of America.—..
Greenwich
8...
170,000
.
1.782,000
438,000
2,298,000
822,000
2,666,000
15,804,000
...
9,745,000
1,243,000
10,846,000 —.:
8,598,000
27,151.000
—
........
' 7,435,000
Liberty Nat. Bunk....
Coal & Iron Nat. Bank.
—
........
15,836,000
138,000
1,263,000
552,000 431,911,000
438,000
2,371,000
200,000
1,479.000
29,000
757,000
171,000
786,000
1,828,000
160,060,000
.
17,394,000
58.000
3,115,000
296,000
....
2,137,000
1,200,000
-
3,769,000
2,141,000
83,736,000
255,778,000
63,215,000
138,402,000
28,603,000
10,802.000
109,954,000
........
13,926,000
3,888.000
22,430,000
90,000
670,000
417,000
703,000
.120,000
55,000
-
46,000
397,000
2,049,000
156,000
Average.
!
■
13,859,000
—
........
9,325,000
Average
2,213,000
1,163,000
6,539,000
$
„
20,418,000
4,559,000
tion.
36,000,000
17,659,000
152,499,000
509,553,000
50,946,000
33,331,000
639,000
703,000
802,000
35,000
Bank
Circula■
Deposits.
Average,
>..
........
553,000
.
Net
Time
Deposits.
— — —
668,000
388,000
212,000
National
Net
Demand
1
........
1,719,000 I
20,399,900
Bank......
$
1,946,000
.
5O0.Q00
1,299,800
10.000,000.12,603,100
1,000.000
1,990,500
1.000,000
1,362,700
Garfield Nat. Bank....
Average.
$
1,342,000
7,873,000
53,000
184,000
4,000.000
Bank.....
Average.
160,000
5,165,000
61,000
2,372,000
247,000 30,102,000
1,236.000 103,159,000
59,000
7,936,000
51,000
2,000.000 —
66.890,000
133,284,000
35,364,000
10,647,000
110,033,000
31,783,000
1,000,000
N. Y'. County Nat....
tarles.
297,120,000
10.000.000
Bank......
Chase Nat. Bank......
'
.
164,000
6,630,000
American Exch. Nat...
tarles.
'
23,551,000
Nat. Butchers & Drov.
First Nat.
■■•,'■$
342,809,000
.
Deposi-
f
Average.
$
25,000,000 c45.955.600
3,000,000
8;676,10Q
1,000,000
871.800
City Bank...
Chemical Nat. Bank...
Second
Average.
Average.
S
122,000
2,509,500
9,979,400
Deposi-
Average.
>
184,000
2,000,000
6,000,000
with
Legal
Silver.
291,000
.Mecb. <fc Metals Nat...
Park
.
Tenders.
41,273,000
5,220.000
Deposits
Federal
with
Legal
Reserve
Gold.
Average.
5
:
.
2.000,000
Additional
Reserve
and
Notes.
Ac.
Members of. Federal
Reserve Bank.
RETURN.
bank
Legal
Investments,
/Nat. Banks June 201
\State Banks June 20J
Bank of N. Y., N.B.A,
Merchants* Nat. Bank.
Bank
HOUSE
Loans,
Discounts,
—
Sept. 29 1917.
Nat.
CLEARING
National
Net
Profits.
Capital.
National
WEEKLY
HOUSE
MEMBERS.
Week
YORK
NEW
9,565,150
+ 5,060,600
92,614,000476,452,000569,066,000492,053,880 77,012,120
—5,742,400
96,338.000473,369,000569,707,000,486,952,480 82,754,520
+7,070.110
+25,719,410 103.813,000460,463.000564,276,000488,591.590 75,684,410 —11,413,020
—12,491.48Oi'107.914,00Q471,080.000578.994,000491,896,570 87.097,430 +74,789,530
Not members of Federal Reserve Bank.
State banks and trust companies, but In the ease of members of tbe Federal Reserve Bank Includes
$2,276,43ft Sept. 22, $2,258,400; Sept. 15, $2,277,780; Sept. 8, $2,280,240.
companies, but in the ease of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Sept. 29, $2,254,650; Sept. 22, $2,263,350; Sept. 15. $2,257,920; Sept. 8, $2,259,240.
c Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Sept. 29, $83,898,000; Sept.22, $80,315,000:
Sept.15, $80,232,000; 8ept. 8, $75,910,000.
*
*
d Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as fbllows: Sept; 29, $84,682,000; Sept. 22, $80,198,000
•
This Is the reserve required on net demand deposits In the case of
also amount of reserve required on net time deposits, which was as follows: Sept. 29,
k This Is the reserve required on net demand deposits In the case of State banks and trust
.
Sept.+6,-$80*992,000; Sept. 8, $78,266,000
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, and these are
shown in the following table:
In addition to the returns of "State banks and trust com-
Eanies inState York City not in the Clearing House" furnished
New Banking Department, the Department also
the
y
presents a statement covering all the institutions of this class
in the whole State.
The figures are compiled so as to distin¬
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
HOUSE STATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING
(Figures Furnished by Slate Banking Department.)
Sept. 29.
V
Loans and investments....
$843,856,500
...
Specie.
59.234,800
10,972,000
Currency and bank notes
Due from F. R. Bank of New York..
3,892,000
1,000,028,200
...
Total deposits
eliminating
Deposits
due
amounts
from
reserve
Differences from
previous week.
Dec. $3,237,500
Dec.
421,800
Dec.
86,000
Dec.
487,000
Dec. 16,443,600
v
„
depositaries and from other banks and trust
companies in N. Y. City, exchanges and U. S;
deposits
Reserve on deposits
'
6,308.400
y
.
851,996,100
Dec.
185,401,100
...
Dec. 11,626,200
Percentage of reserve, 24.5%.
'
'
;
•
RESERVE.
Banks
-State
Cash in vaults
Deposits in banks and trust
Total
—-Trust
Companies
$12,622,200.11,04%
15,849,700
13.87%
....................
* $6.1,476,600
95,452,600
$156,929,200
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
"Chronicle," V. 98, p. 1661.
.
provisions of the law governing the reserve require¬
banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V.. 104, p.
1975).
The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
1914 (V. 98, p. 1045).
made up, see
are
The
ments of State
9.54%
14.81%
$28,471,900
cos
[Vol. 105.
CHRONICLE
THE
1396
24.35%
24.91%
STATE
BANKS AND TRUST COMPANIES.
State Banks
The averages
of the New York City Clearing House banks
companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,.compare asiollows for a series of weeks past:
COMBINED
RESULTS
•
BANKS
OF
GREATER
AND
NEW
COMPANIES
TRUST
YORK.
IN
41,732,300
Loans and Investments.
178,822,000
15.164,946
17,526,400
428,717,100 +843,087,900
—3,641,300 —10,644,500
Cash in
Vault.
_
Change from last week.
in
Reserve
Total
t
Legal
Tenders.
188,745,800
307,79+600
Specie.
4,717,858,8
4,347,431,5
266,628,2
56.170.5
4.710.961.4
4.470.813.5
259.984,4
57,716,8
317,701,2
611.983.4
619.631.5
4.648.569.3
4,357,673,4
253,222,4
304,717,2
542.251.6
110,281,300
27,073,300
Specie———
turies.
.
4,619.359,2
4.586,150,2
4,628,044,8
4,701,510,7
4.665.195.5
4.698.954.2
8...
Sept.
4.692.376.4
Sept. 15...
4.615.698.3
Sept. 22...
4.722.059,0
Sept. 29...
4.739.736.5
——
'
Change from last week.
Aug. 25—
Sept.
1
+983,200
+ 1,256,500
Deposi-
Demand
Deposits.
—1,582,500
—6,614,400
Currency and bank notes.
19,433,000
+477,800
13,969,900
24,832,400
+ 3,117,500
36,950,300
-
»,«»
~
$
$
Aug.- 18...
19,606,700
12,488,000
89,550.000
Surplus as of June 20
and
7...
14...
21...
28...
Aug.
4...
Aug. 11...
$
$
%
24,050,000
Capital as of June 20—
■
Investments
Week
Ended—
July
July
July
July
outside of
Y. Greater N. Y
outside of
♦
We omit two ciphers in, all these figures.
Loans
in
Greater N. Y. Greater N. Y. Greater N.
$
Trust Cos.
Stale Banks,
Trust Cos.
in
Week ended Sept. 29.
and trust
322.798.7
4,414.094,9
4,421,443,0
272.244.7
51.494.8
50.081.6
322,320;3
622,761,8
253.147.1
42.210.7
295.363.8
677.656.8
4.434.759.0
4,370,867,2
251.205.2
42.943.0
294,148,2
42.498,6
288.142.4
508.014.9
239,778,8
—232,200
■
~
044.247.2
245.643.8
Change from last week.
4.375.602.6
4.425.359.4
3*877,888,8
4.374.901.1
4.347.960.5
4,376,818,1
42.127.9
281,906,7
43.419.1
43,859,5
267.102.9
253.693.5
+ 1,17+700
y
.«.«»'.•m
315,846,400
55+023,900 2,147,385,200
+ +604,000 —34,327,200
199,210,300
—745,400
+889,400
deposits
Change from last week.
334,314,000
104,486,600
+ 3,302,900 —2+258,700
31,473,000
.37,855,200
+448,800
578.289.4
209,834,0
Change from last week.
Deposits...—
Change from last week.
580.079.3
223,083,8
Due from F.R.Bk.of N Y,
Reserve on
546,135,3
206,401,2
45,759,5
252.160.7
575.446,1
201,925.6
44,614,0
240.539.6
592.168.7
197,019,8
44,260,0
241.279.8
574,456,3
—887,700
P. C. reserve to deposits.
24.1%
20.7% '■
18.8%
Percentage last week..
23.4%
2+8%
19.3%
t Inciu led with "Legal Tenders" are national bank notes and Fed. Reserve notes
held by State banks and trust cos. but not those held by Fed. Reserve members.
>
■
15.7%
15.5%
+ Increase over last week..Decrease from last week.
Non-.Member Banks and Tru3t Companies.—Following is the report made to the Clearing House
are not included in the "Clearing House return" on the preceding page:
by olearing
noa-member institutions which
RETURN
OF
NON-MEMBER
CLEARING
Net.
■
Profits.
Capital,
NON-MEMBERS.,
INSTITUTIONS
National
Members of
Average.
$
with
Legal
$
Average.
442,700
6,676,000
300,000
697,800
'
Bank
Circula¬
Demand
Time
taries.
taries.
Deposits.
Deposits.
tion.
Average,
Average.
Average.
Average.
Average.
56,000
49,000
97,000
19;000
104,000
24,000
536,000
300,000
625,500
67.000
39.000
92,000
400,000
1,318,200
7,065,000
19+000
314,000
81,000
99,000
City
250,000
768.700
94.000
12.000
75,000
96,000
Hpboken.^.
220,000
,629.400
5,717.000
6,764,000
7,000
34,000
108.000
Second Nat. Bank, Hoboken.
125,000
338,200
5,725.000
60,000
22,000
50,000
41,000
1,995,000
4,820.500
44,152,000
538,000
469,000
485,000
478,000
3,980,000
36,000
-
:
■
$
$
513,000
6,937,000
5+000
190,000
528,000
:
1,163,000
6+000
Nat. City Bank, Brooklyn...
•"
%
$
$
$
29,000
•.
First Nat. Bank, Jersey City.
—. —
Net
Deposi¬
6,338,000
5,867,000
Tot*1—
...
'Deposi¬
Average.
Average.
%
$
400,000
First Nat. Bank,
Net
Legal
*
Reserve.
Silver.
Tenders.
Average.
$
Battery Park Nat. Bank
First Nat. Bank. Brooklyn...
Hudson Co. Nat., Jersey
National
Deposits
with
Notes.
Gold.
dec.
/Nat. banks June 20\
\8tate banks June 20/
Federal Reserve Bank
Additional
Reserve
Bank
<k Federal
Legal
Investments,
Week Ending Sent. 29 1917.
OF NEW YORK CLEARING HOUSE.
.Loans,
Discounts,
5,132.000
642,000
297,000
5,186,000
120.000
372,000
534,000
2,827,000
6,789,000
337.000
740.000
4,375.000
"44+666
197,000
307,000
792.000
218,000
449,000
2,714,000
2,690,000
3,439.000
253,000
■
592,000
850 000
13,000
2,43+000
100,000
6,441,000
33,823,000
7,376,000
+517,000
'
395,000
'
State Banks.
'
•
Not Members of the
Federal Reserve Bank.
r
9,568,000
604,000
9,43+000
39,000
164,000
259,000
29,000
4,289,000
186,000
101 000
467,000
199,000
7,565,000
76,000
259 000
54,000
4,188,000
334,000
150.000
107,000
2,868,000
2,544.000
~~99~666
444.000
574,000
7,402,000
662,000
39+000
1,33+000
1,667.000
22,185,000
54.000
46,000
120,000
93.000
225,000
294,000
4,196,000
400.000
725,000
2,314,000
1.233,000
4,394,000
3,89+000
73,68+000
3,862,000
145,000
+000
27*000
8,942,000
527,000
179,000
448,000
10,422,000
4,323.000
734,000
39,000
354,000
.279,000
9,000
500,800
7,736.000
620.000
45,000
226,000
4,152,000
180,000
82,000
19+000
562 700
5,218,000
30+000
1,000
564.500
6,738,000
501.000
85,000
"287.666
1,600,000
200,000
78+800
20,581.000
1,001,000
238,000
173,400
4,433,000
254,000
5,124,000
74,794,000
4,545,000
133.000
500,000
Rank
Bank
Netherland
New
13,000
350,000
566,000
2,249,000
725,100
4,100,000
International
Mutual
119.000
574,000
104,000
453,300
1,003,400
Bank
Columbia
200,000
200,000
Bank
'
W. R. Grace & Co.'s Bank
500,000
100,000
Yorhvllle Bank
Mechanics' Bank, Brooklyn..
North Side Bank, Brooklyn..
Total
1,989,000
59,000
146,000
100,000
400,000
,300,000
Bank of Washington Heights.
Colonial Bank
Trust Companies.
,•
;
"266",000
253,000
1+000
*
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
500,000
1,095,800
9,968,000
544,000
15,000
2+000
38,000
387,000
560,000
200,000
335,000
6,387,000
104,000
64,000
110,000
76,000
218,000
354,000
7,759,000
3.625,000
1,36+000
Mechanics' Tr. Co., Bayonne
700,000
1,430.800
16,355,000
648,000
79,000
131,000
114,000
605,000
914,000
1+384,000
4,365,000
6,795,000 1+375,300 135,301,000
5,73+000
+273,000
1,825,000
Total
——
3,004,000
-
—
—1,333,000
+ 22,000
—155,000
2,930.000
+ 6+000
+ 123,000
8,979,000 1+246,000 all8,889,000 15,603.000
+ 864,000 +906,000
+ 58,000 —724,000
6.795,000 1+375,300 136,634,000
6,795,000 11,375.300 136.445.000
5,709,000
+428,000
2,869.000
1,702.000
8.92+000 11,970,000 all8,024.000 14,697.000
+519,000
5,916.000
+315.000
2,952,000
+824.000
8,925.000 10.805,000 al 18,376.000,14.862.000
+522.000
Grand aggregate Sept.
6,795,000 1+375.300 135.549.000
5,638.000
+207.000
2.816.000
+457.000
0
95,000 1+375.300 135,057.000
5,674.000
1,280,000
2.813,000
1,426,000
8.858.000 1+150.000 all6,964 000,15,168.000
9,135,000 12,339.000 all6.100.000 15.424.000
+51+000
Grand aggregate
0.795,000 11,375,300 135,178,000
5,685,000
1,452,000
2,818,000
1,397,000
9,05+000 12,525,000 all5,027,000.15,589,000
+510,000
Grand aggregate
Comparison previous week...
Excess
reserve."
OraDd aggregate
$16,320
Sept. 22....
Grand aggregate
Sept. 15
8
Sept. 1
Grand aggregate Aug. 25
1,517,000
—2,000
Increase
7
+520.000
flU.,8. deposits deducted, $1,442,000.
Boston
Clearing House Banks.-—We give below a
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
summary
\
»
/
"
BOSTON CLEARING* HOUSE MEMBERS.
Sept. 29
Circulation
Change from
1917.
previous week.
$5,496,000 Inc.
Loans, dlso'ts A investments. 450,183,000 Dec.
Individual deposits, incl.U.S. 372,524.000 Inc.
Due to banks
deposits..
Exchangee for Clear. House.
Due from other banks......
Cash in bank A in F. R. Bank
Time
Reeerve excess In bank and
Federal Reserve Bank
120.529,000 Inc.
29,163.000 Inc.
Sept. 22
1917.
Sept.
15
1917.
$5,505,000
$48,000
$5,448,000
1,72+000 45+904,000 45+47+000
3,673,000 368,85+000 365.822.000
1,035 000 "119,494.000 12+412.000
29.929.000
86.000
29,077.000
15,507.000 Inc.
68+000
14.826.000
14.349.000
78,77+000 Inc.
6,309.000
72.462.000
72.384,000
59,250.000 Dec.
980.000
60,230,000
59.018.000
18,498,000 Dec.
754,000
19.252,000
18.070.000
basis of 10% reserve
for demand deposits and 3% for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust companies
remain on old basis of 15%. See volume 105 page 333.
Week ending Sept. 29 1917.
Two
ciphers
(00)
Sept.22
omitted.
Nat. Banks Trust
Cos.
$11,000.0
Total
1917.
$31,475.0
1917.
$31,475,0
Capital
Surplus and profits
$20,475.0
47.325.0
33,871,0
81,196,0
81.182,0
81,070,0
Loans, dlso'ts A lnvestm'ts
Exchanges for Clear .House
412,375,0
154,567,0
566,942.0
559,537,0
19.335.0
2,858,0
3,527,0
22,193,0
22.442.0
121.694,0
559,317,0
21,613,0
$31,475,0
Bank deposits
164,969,0
3,385,0
168,354.0
165.450,0
110,360,0
163,004,0
Individual
349,175.0
3,920.0
134,359,0
483,534.0
477,373.0
476,423,0
3,920,0
3.803.0
3,913,0
518,064,0
137,744,0
655,808.0
646.626.0
643,340,0
11,207,0
5.695,0
5,667,0
58,449,0
22.711,0
Due from banks.——
-
deposits
Time deposits
Total deposits
...
117,941,0
U.S.deposlts(not included)
121,468,0
Res've with Fed. Res. Bk.
Philadelphia Banks.—Beginning with July 21 the
Philadelphia Clearing House returns have been issued in
altered form, and excess reserves are now calculated on the
Sept. 15
43,512,0
15,239,0
57,751.0
55,530.0
Cash reserve In vault
15.562.0
7,574,0
23,136.0
23,020.0
80,887.0
Total
Reserve
reserve
held
required.;
Excess reserve
59.074.0
37,803.0
21.271.0
57,506.0
78,550.0
56,417.0
81,160,0
19,703,0
2,110,0
23.381.0
22,133.0
24.434.Q
21,813,0
»
56,726,0
Oct. 6
THE
1917.]
1397
CHRONICLE
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER JUNE 20 1917.
Due
and
and
Gold
Silver
<fee.,'
Reserve
Notes.
Agents.
Net*
Banks.
$
$
S
United
Other
from
Banks,
and
States
Securi¬
Appro'd
ProfUs.
Notes
&c.,
Dis¬
Bonds.
ties.
Reserve
Out.
Net*
b Demand
Time.
counts.
$
Banks
In thousands of
d ollars
$
.
$
$
&
S
S
S
$
S
64
7,065
New Hampshire.
55
5,235
48
4,985
2,155
139
25,593
16,714
.
—
5,497
2,310
27,959
35,065
39,609
2,952
24,095
1,971
22,335
5,507
4,297
1,431
11,780
14,276
22,001
4,616
9,945
147,361
31,796
18,757
242,922
29,458
111,759
25,913
15,446
152,334
293,688
30,331
103,610
11
27,400
29,380
Rhode Island...
17
Connecticut....
69
5,570
19,849
11,569
2,718
7,338
15,938
5,616
4,417
12,356
New Eng. States
403
New York.—.—
435
Massachusetts..
Boston
11,007
11,650
4,062
Loans
4,822
2,635
.1,864
2,135
3,847
3,500
Vermont
Maine
82,299
1,924
7,041
.
6,701
Silver
LegalTender
Due to
Bank
DEPOSITS.
Gold
from
Federal
Nat.
vided
plus.
Capital.
of
Due
Due
Undi¬
Sur¬
No.
June 20 1917.
6,089
cates,
cates.
•..$
653
ff
1,291
$
529
.
3,989
444
1,371
1,098
349
290
241
617
204
1,685
8,609
24,927
4,137
9,677
3,719
15,564
2,842
3,852
609
1,859
6,681
495
892
739
2,658
1,152
3,797
2,192
16,820
19,186
2,469
29,717
...
Certifi¬ Certifi¬
2,883
2,252
26,836
9,072
9,186
42,637
35,934
12,064
7,784
5,367
14,544
from *
Banks,
14,214 ;
2,550
549
540
932
•
4,591
95,697
71,227
39,347
52,943
595,334
131,168
663,908
62,664
165,446
61,813
21,799
47,095
9,460
21,343
12,538
"48,258
36,167
16,743
22,906
357,917
136,030
23,012
4,131
25,849
21,806
7,410
667
650
566
5,639
21,782
1,765
754
283
820
696
26,285
66,754
93,279
5,185
9,469
29,190
22,442 113,882
7,519
3,165
5,926 20,038
2,398 1,3,893
81,276
19,035
2,716
1,864
269,861
15,959
29,047
41,503
25,983
14,221
1,462
5,194
847
34,921
2,323
2,200
119,950 137,375
162,499
11,019
6,942
320,931
102,403
262,728
65,044
14,422
2,200
339,907
31,097
19,716
43,166
2,100
2,000
35,845
1,799
29,008
4,351
7,773
7,949
3,068
5,466
18,215
10,856
949
281
570
114
4,136
936
386
1,200
582
6,403
9,211
2,077
8,713
418
2,203
2,344
16
62
10
4,747
2,630
463
107,902
'
"
Albany
3
Brooklyn
.
5
33
New York
Pittsburgh
Delaware
709
1,238
4,040
8,395
1,448
2,630
252
298
Washington
6,925
4,990
10,861
1
13
22
Dist.ofColumbia
..
138
1,616
4,102
384,631
106,669
211,907
748
756
8,731
22,030
4,926
36,225
55,069
236
30
1.102
816
19,085
7,833
150,993
101
39,100
6,128
7,009
33,857
16,891
•
300,474
13,893
•
3,227
8,519
11,285
9.556
226
7,892
12,642
2,507
652,607 3,487,632 293,636 1,060,712 190,307
62,163
34,618
10,670
4,086
10,318
3,231
7,583
2,692
11,146
11,550
4,601
1,545
3,026
23,407
31,418
7,150
6,731
2,49/
8,985
6,429
54,264
32,175
68,515
8,810
3,945
8,092
33.647
15,830
51,797
7,155
2,603
4,641
2,557
2,729
1,563
6,263
7,680
5,164
2,797
16,962
2,100
852
1,067
4,717
1,198
1,859
660
4,349
2,480
6,188
9,759
35,780
6,650
1,164
3,332
3,500
1,552
3,298
8,144
9,061
34,937
4,094
1,020
3,241
5,550
2
....
—j.
900
700
288
6,381
3,289
1,925
5,195
8,907
4,600
1,868
22,033
27,672
'
527
328
256
34
92
111
9,092
1,242
1,517
840
2,860
2,124
2,674
2,187
708
5,231
12,762
1,948
1,347
16,367
5,699
17,917
3,553
4,013
3,277
1,889
22,851
,6,294
24,914
1,823
1,158
2,221
3,316
159,812
19,116
27,040
171,573
4,909
2,978
3,177
24,663
3,388
3,647
5,322
29,911
14,577
483
3,992
5j,298
31,437
9,776
29
2,508
845
2,447
5,599
4
3,635
4,200
2,530
1,207
2,482
13,699
506
36,740
20,275
11,007
24,121
20,761
5
4,650
3,150
1,067
3,648
11,510
28,224
1,617
-
5,717
»
2,300
500
1,600
1,124
:ioo
1(462
10,024
15,585
1,703
300
451
2,259
2,234
2,050
1,155
4,361
28,499
1,310
1,750
455
254
1,500
1,624
5,593
1,289
1,018
5,536
2,350
1,333
3,060
7,491
26,475
2,376
27,138
126
11.746
5,429
1,989
10,971
3,088
12,409
7
4,995
2,735
1,250
4,548
21,339
48,057
21,751
105
9,650
1,750
"3,685
2,324
2
1,000
267
7,867
1,650
5
2,900
1-.692
499
1,580
180,635
348
8
7
Kentucky
Louisville
Tennessee
Chattanooga
-
Nashville
Southern States
.
———
Cincinnati
...
Cleveland
1
3,150
681
358
106
562
184
5,685
•1,589
3,626
5,107
2,972
277
4,672
1,031
2,001
1,251
117
1,411
1,191
751
423
808
953
479
67
1,794
4,796
5,887
.9,063
5,687
34,614
6,478
6,529
4,384
4,440
2,116
3,882
1,845
3,384
3,435
3,260
290
12,735
213
1,590
6,982
316
686
540
276
2,181
5,538
19,777
2,702
4,257
1,537
3,026
1,687
78
674
314
97,931
46,373 136,976
224^061
811,183
85,865 131,793
111,353
70,958
8,334
36,135
17,343
36,087
13,900
21,225
11,997
29,526
13,450
233,387
33,248
8,450
14,084
2,904
8,101
35.944
6,924
68.399
9,934
19,370
7,955
9,240
7,934
858
6,600
2,824
2,829
212,063
53,873
98,006
6,650
11,500
4,365
53,195
91,921
14,000
4,016
1,274
1,310
6,766
28,306
3,948
7,846
12,716
1,974
9,505
2,721
4,609
991
745
4,066
2,626
19,770
9,876
1,799
636
867
100,974
25,101
5,652
1,917
10,254
1,637
4,060
16,417
117,660
46,558
131,604
19,743
8,188
1,711
5,658
1,542
19,523
3,075
38,417
6,136
3,310
2,695
642
2,205
19,786
10,263
31,949
185,919
23,261
8,306
28,122
3,006
105,393
43,317
42,405
12,329
3,409
1,272
14,608
71,420.
231,982
467,620
85,856
32,798
27,996
5,927
16,374
30,391
2,120
1,028
3,198
14,552
10,284
33,693
2,388
70,682
61,880
2,000
10,067
4,936
92.136
11,349
24,538
13,715
3
7,000
6,300
14,506
4
10,300
7,132
6,260
6
6,583
19,500
3,900
9,176
337
Cedar Rapids.
2
800
Moines..
4
2,350
500
32^906
68,912
21; 691
45,974
5,861
8,986
12,592
74,789
20,356
82,024
65,614
9,759
132,055
11,532
12,782
2,065
1,047
15,554
40,562
61,532
15,286
89,128
4,020
5,862
25,980
48,971
6,190
55,837
2,202
5,418
7,961
30,001
76,812
3,209
150,459
18,974
837
7,131
1,092
475
27,283
1,557
1,629
392
865
430
242
1,674
2,078
2,885
6,874
3,266
2,040
6,380
26.144
750
32,711
8,385
1,663
335,895
317,151
7,455
18,888
9,176
,
•
6,236
54,787
62,588
54,435
.
4,029
775
15,161
559
210
800
18,465
6,902
2,623
16,750
23,086
88
550
347
1,252
913
2,602
17,534
4,997
1,862
7(209
30,682
257
.
M
6
1,350
576
257
874
108
6,235
2,-896
1,449
5,357
4,273
4,110
2,390
17,917
1,332
8,069
5,070
34,620
5,846
12
9,550
3,750
750
301
839
6,975
2,539
16,821
1,346
6,494
9,000
2,565
10,600
90,473
65,845
15,282
123,427
14,355
11,785
South
Dakota..
5,825
78,457 173,042
4,039
993
3,504
10,606
4,490
2,169
7,107
12.,819
Lincoln
4
1,150
450
332
539
9,162
Omaha .:
9
5,350
3,455
1,981
1,932
57,414
...,r.^_.
'219
11,598
5,887
3,234
9,143
12,714
71,409
Kansas City..
2
500
476
85
394
4,671
3,563
Topeka
3
400
220
77
396
2,523
9,409
4
1,000
93
Montana
142
600
3,056
225
Pueblo
—
New Mexico
199
520
378
8,052
4,153
17,911
3.906
4,797
346
1,460
1,972
12,305
832
388
662
2,086
830
288
358
71,104
80,601
4,435
2,490
14,611
5,399
823
2,580
11,243
6,344
11,923
18,418
5,740
5,528
582
2,937
764
723
431
1,714
554
65
3,831
12/563
'1,015
797
255
859
383
49
209
64
568
1,303
1,084
5,188
988
97
375
198
5,005
3,435
1,476
359
3,282
617
875
176
3,467
3,624
362
'2,504
4'46
620
5,027
242
,3,300
3,987
9,497
11,205
3,237
20.819
3,656
2,555
45,117
18,190
6,089
14,436
6,500
9,880
2,364
43,279
4,415
18,077
5,870
20,411
2,204
828
5,731
82,009
12,615
75,735
7,815
9,577
4,988
5,200
'
476
60
1,322
6,152
120
669
168
427
2,075
1,031
1,045
508
495
516
•37
243
3,547
13,846
1,186
4,529
1,147
3,434
619
28,325
859
3,780
7,031
2,476
1,381
2,328
174
5,840
79
741
37,786
.18;739
51,481
186,168
547,718
219,188
660,973
70,583
69,859 120,426
80,077
47,787
5,025
27,762
7,059
32,526
15,691
31,536
2,546
63
32,379
19,892
7,120
10,146
1,730
12,041
11,606
3,962
2,035
8,445
31,017
4,282
6,856
2,246
56
3,274
1,500
135
1,988
2,859
1,255
256
5,206
30,249
32,215
139,291
3,969
3,796
1,055
1,692
6,608
5,794
9,744
42,402
2,418
1,205
2,131
10,096
13,110
3,918
1,654
680
655
Western States- 1,328
77,359
68
4,210
107
238
■<
.
1,890
2,223
1,770
5
4,100
2,457
1,240
900
Seattle
693
3
2,4.50
"500
244
1,427
2,232
12,417
Spokane
.
7,369
1
1.000
143
74
666
77
5,041
2,437
1,012
3,497
4
5,000
453
2,578
California-
251
23,572
2,300
9,412
6,185
16,734
/
1,333
Portland
14,530
14,256
„
927
"
1,888
12,799
5,466
32,861
26,006
134,580
48,772
143,086
42,884
.
Angeles..
8
7,400
2,745
3,942
4,738
23,010
San Francisco.
9
17,715
6,385
18,940
80,522
Idaho
60
28,500
3,661
1,536
603
2,977
3,763
25,372
8,748
Utah
Salt Lake City
18
1,205
592
298
1,051
2,230
7,101
4,144
6
1,080
322
2,163
6,721
13,973
Nevada
10
2,200
1,435
328
129
1,219
1,025
7,444
14
1,187
698
489
829
757
13,460
1
25
1
136
535
90,980
43,183
2
100
75
11
18,019
16,100
5,498
2,111
2,297
......
"
995
13,840
372
Alaska.—
9,249
4,152
209
11,754
117
1,647
88
706
565
4
489
58
3,563
1,019
57
842
163
400
443
35
482
84
227
755
92
743
38
8
1
29
17
81,895
88,683
40,645
1,316
45,257
4,870
20
270
21
493
49
763
70
791
1,316
2,790
2,253
1,379
1,373
1,261
534,599
164,476
588,735
77,801
20
1,242
263
659
342
127
452
9
129
138
Non-member bks
4
650
375
134
528
Total U.
18
2,504
20
3,746
281
"
5
329
.
,
176.
1 1,412
400
801
244
—~~m.
1,875
561
458
265
2,534
903
585
717
S— 7,604 1,082,779 762,367 353,407 660.431 3,014.333 7,431,029 2,090,619 8,818,312 905,127 1,843,047 827,943
,
260
1,881
5,028
170,631
475
65
66
3,797
29,750
28,284
2,888
53
93
93
574
.60
11
5,574
22,142
41
300
314
365
1,469
20,716
21,740
550
182
.2,024
4,556
8,424
6,418
13,133
1,441
107,656
2
261
68
68,201
156,038
27,499
10,974
18,788
6,829
9,570
9,002
61,274
Hawaii
273
2,462
2,321
*125
„•
7,621
2,658
21,242
3,408
20,834
4,456
1,067
1,169
2,059
2,716
4,948
3,612
'
Pacific States-
79
390
1,298
2,608
6,491
13,856
275
1,825
Arizona
1
29,134
750
1,400
8
Alaska
84
749
4,145
460
1,923
6,596
4
-
10,062
5,736
2,091
5,606
„
8,152
1,778
8,137
614
6
Los
90
76
5,570
155
615
445
2,237
Muskogee
Tacoma
521
145,
861
985
303
2,066
.
,
566
1,253
3,677
Oklahoma City
Oregon
418
436
1,799
578
2,485
11,843
Tulsa..
Washington
450
197
1,230
3,850
■?
.
3,331
7,436
1,139
39
——
41,673
1,370
4,777
2,599
600
89,308
256
51,736
21,848
1,194
2
37,512
43,187
3,400
318
Oklahoma
309,170 189,502
8,757
3,158
5
Denver
185
3,569
786
2,063
-
8,471
2,901
138
539
17,198
1,654
4,560
1,733
710
2,150
21,782
605
1,546
43
9,122
25,042
52
228
181
44,547
1,379
3,204
2,950
'
154
67,970
'
6,368
2,040
6,540
6,583
273
'
2,457
18,218
46,203
3,301
36
114
Wyominga
Colorado
517
444
1,354
962
148
46,544
3,715
Wichita
1,206
1,149
1,695
6,858
44,522
1,077
3,471
4,531
1,073
367
46,869
6,988
232
3,978
554
2,383
2,748
32.205
1,902
8,725
46
734
1,716
2,661
24,556
5,345
178
309
271
428
1,001
1,461
3,407
1,612
782
4,066
49,888
126
9,355
1,316
1,412
215
20,594
3,647
2,444
2,769
28,351
Nebraska
'
2,573
13,638
1,194
2,905
718
87
4,610
28,463
352,924 240,992
14,640
47,336
5,045
4,383
4,875
5,424
6,579
6,270
4,090
8,626
570
383
27,826
-
767
630
1,709
1,880
4,817
469
4,447
4,288
25,387
27,942
5,024
5,175
665,514, 2,380,043 230,118
920,153 1,739,773
844
2,657
114,371
.
422
2,084
9,471
1,334
17,046
16,128
851
7
1,100
20,200
96,800
16,909
72,460
4
St. Louis
300,079 160,091
#.
4,089
19,406
902
St. Joseph
158
*.
10,637
"
83,551
3,625
5,014
800
3
257,385 1,034,487 169,422
13,966
3,353
6,104
5,724
15,028
115,321
4,082
8,383
3,200
6,074
8,392
13,650
8,743
8,714
1,565
2,734
3,050
1,439
3,300
277
■
3,628
4,930
5
.
"
2,659
1,520
3,500
12,291
Dakota..
547
2,069
135
MId.West.Statea 2,111
330
4,935
Detroit
North
576
142
4,092
53,882
540
387
1,174
Wisconsin
City..
26
628
8,367
10,965
City...
4,690
800
935
44,200
Missouri
2,348
287
2,801
11
Dubuque
422
3,056
'
2,078
103
Iowa
1,274
9,577
458
St. Paul
6,452
51,569
15,431
3,100
—
•1,823
93
8,109
■6,700
33,350
Minneapolis
66
1,245
12,074
21,712
Minnesota
3,431
591
:
7,891
14,421
6
Milwaukee...
678
44,222
8
Chicago
189
365
777
8,920
249
Michigan
13,985
693
472
148
4,269
9,627
Columbus
Illinois
.
24
169
1,039
2,099
1,442
2,431
Indiana.—
Indianapolis..
2,901
950
1,245
1,918
635
14,454
5
67
Waco
Arkansas
759
2,254
3,825
39,287
487
15,552
4,644
2,362
8,129
157
11,192
2,904
1,211
30,451
5,434
30,358
18,850
5,500
6
■8
131
5,888
Louisiana
San Antonio..
496
135
2,511
Houston
723
1,135
8,058
2,658
'
994
172
4,156
1,629
-
227
703
905
8,509
1,788
2,798
2
152
6,915
135
5
99
3,716
804
Galveston
466
471
•
36,778
1,830
Fort Worth...
556
43,187
1,550
—
135
79
1,750
...
957
506
175
21,368
8,943
3,825
New Orleans--
1,266
419
2,415
1,091
704
2,189
2
Dallas
8,677
4,493
34,275
2,257
34
...
62,358
2,192
1,310
964
1,035
7,634
Mississippi
Birmingham
43,480 190,207
10,228
794
54
90
Savannah
:
840
'.
1,961
3,221
3,474
4,100
25
2,368
2,497
1,550
1,273
8,000
2,225
4,316
"
213
298
77
4,023
5,069
2,193
691
34,248
9,339
707
1,600
13,490
4,617
5,520
5
...
5,700
10,087
315
12,226
3,077
4,714
5,196
4,116
72
Atlanta
Kansas
198,013 424,597
93,685
52,132
80
.
Georgia.-.-.
Kansas
.
5
Charleston
Sioux
13,313
.
93
Carolina
South Carolina-.
'Des
691
36,173
8,662
251
8
Richmond.
West Virginia...
Ohio
•
23,113
,
115
Virginia
Texas
25,003
720
337,373 351,774 148,617 184,187 1,405,398 3,198,676
Eastern States.. 1,643
Alabama
59,048
8,752
12
18
...
....—
Baltimore
Florida
24,378
8,648
6,152
69,097
21,155
27,750
1(589
5,094
30
Maryland
North
11,037
73,382
83
—
22,342
785
Pennsylvania
Philadelphia..
310
30,238 1,025,665 1,565,546
14,480
15,076
213,824
22,864
203
New Jersey
74,458
"2,881
1,255
55,440 1,852,699 102,628
♦
72,617
179,642 20,349
310,009
67,181
410,639
3,515
12,751
312,502
22,122
189,617
22,827
3,410
1,521
8,117
32,598
4,520
35,382
6.414
2,975
71,421
5,579
~
-
....
20
809,233 820,584 105,147 410,775 145,911
:
c
■
*
Banks and bankers other than Federal Reserve Bank and Reserve Agents,
a
One report for May
1 used,
b Demand deposits are made up of:
Individual
checks, $129,929,000; cashier's checks outstanding,
$159,912,000; State and municipal deposits,- $67,545,000, and deposits with notice of less than 30 days, $48,042,000; other, $33,348,000,
deposits subject to check, $8,560,268,000; certificates of deposit due In less than 30 days, $431,985,000; certified
gawtosr
Steel "B" 7%, Ind. Alco.
issues from 4 to 5.
'
05;t2jctte,
Wall 'Street,
Friday Night, Oct. 5 1917.
The
Money Market and Financial Situation.—Con¬
liquidation has substantially increased the volume
of business at the Stock Exchange this week and carried the
prices of practically all grades of securities to a new low
level.
This persistent
liquidation is easily traceable to two
causes.
The first, most important and widespread of these
causes wras publication of the new income and excess profits
Tax Bill as it had been agreed upon by the conferees of both
hpuses of Congress and as it has since become a law.
The
second cause referred to was additional railway traffic re¬
ports for August which showed that although gross earnings
had substantially increased net results were greatly reduced.
An excellent and representative illustration of the present
railway situation and its problems is found in the Pennsyl¬
vania's
report for the first eight months of the calendar
year.
This shows that the gross receipts were $32,725,000
in excess of those for the corresponding period in 1916, but,
owing to increased operating expenses, the net income is
$10,611,000 less.
In view of these facts is it any wonder
that railway shares have declined to the lowest quotations
reported in recent years?
•
An interesting fact about international
trade is that
while the exports from this country during the month of
August were of less value by $20,000,000 than in 1916 the
value of our imports was $70,000,000 larger than in the same
month last year.
Reports from the iron district show that
the daily production of that metal in September was about
2,280 tons smaller than last year.
These are a few examples
of the changes in business and finance as a result of our
entry into the world war.
Great interest is shown in the impending new War Loan
and extensive plans are being made by some of the most
prominent financiers of the country to insure its complete
Of the latter there
•
seems
little
Foreign Exchange.—Sterling Exchange has ruled quiet.,
Rates for cable transfers have been maintained, but other¬
wise there have bfeen slight recessions in quotations.
The
Continental exchanges have been easier so far as the bel¬
ligerents are concerned, but the neutral,exchanges have ruled
strong as a result of the reduction in the offerings of bills
against exports due to the embargo.
To-day's (Friday's) actual rates for sterling exchange vrere 4 71 %.@
4 71% for sixty days, 4 75 % @4 75 5-16 for checks and 4 76 7-:16 for cables.
Commercial on banks, 6igbt, 4 75@4 75 3-16; sixty days, 4 70%@4 70%;
ninety days, 4 69%@4 69%, and documents for payment (sixty days),
4 70%@4 70%.
Cotton for payment, 4 75@4 75 3-16, and grain for
payment, 4 75@4 75 3-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 85%
for long and 6 80@5 8Q%
for short.
Germany bankers' marks were
not quoted for sight, nominal for long and nominal for short.
Amsterdam
bankers' guilders were 42 1-16 for long and 42 3-16 for short.
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high and
27.18 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week—
4 71%
4 7535
4 76 7-16
Low for the week.-4 71%
4 75%
4 76 7-16
Low
for the week..„
STOCKS.
5 79
5 79%
\
5 77%
5 78
.
«
Par
42%
42
»
42 3-16
42%
Domestic Exchange.—Chicago, 10c. per $1,000 discount.
Louis, 15c. per SI,000 discount bid and 5c. discount
Montreal,
par.
State
and
$1 25
per
Cincinnati,
Railroad
$1,000
discount.
Boston, par.
asked.
San
Minneapolis,
par.
Bonds.—No
sales
of State
bonds
Fr., Sou. Pac. and U. S. Steel issues.
States
Bonds.—Sales of. Government bonds at
the Board include
an enormous
aggregate of Liberty Loan
100:30, $2,000 3s coup, at 99^ and $1,000
4s coup, at 105%.
For to-day's prices of all the different is¬
sues and for weekly
range see third page following.
'
3s at 99.72. to
Railroad
reasons
are
and
Miscellaneous
mentioned
above
for
Stocks.—Some
the present
of
the
unfortunate
conditions existing in the stock market.
Owing to persistent
selling the transactions on Thursday were larger in the ag¬
gregate than for some time past, the lowest prices of the
week were then recorded and these were, in several im¬
portant cases, the lowest in recent years.
The railway list was led in this movement by St. Paul
and Bait. & Ohio which declined within the week 5% and
5% points respectively.
Delaware & Hudson tell 4K and
New York Cent. 3^2, while New Haven recovered X)/2 of
its recent depression.
As usual a wider range was covered by some of the in¬
dustrials.
Texas Company dropped 11 points, Bethlehem
$ per share
$ per share.
100
93
44% Oct
44% Oct
Oct
Oct
Am Sumatra
Assets
Realization.. 100
100
44%
90
110
Oet
80
1% Oct
Sept 29
93
Oct
80
80
2
Oct
119% Oct
1% Oct
Sept 29
75
Tob.pf.100
Oct
98
June
4
Feb
Oct
1
Sept
100
51
51
51
Se^t
600
60% Oct
61% Oct
57
May
Batopilas Mining.,_.20
500
93% Oct
% June
1% Oct
60%
78%
2%
Apr
Jan
Sept
97%
Oct
June
1,000
7
Oct
97% Oct
7% Oct
93%
100
7
Oct
14%
Buff Roch & Pittsb.. 100
100
72
Oct
72
Oct
72
Oct
95
Beth Steel pref subs
Brunswick
Burns
20,:: 00
Terml
Oct
Jan
100
1,600
96% Oct
5 103% Oct
89
Jan
125%
^-.100
300
14% Oct
14% Oct
12
July
19%
39% Oct
36
Aug
42% Aug
84% May
Brothers
Butterlck.
California Pack-.no pur
Calumet & Ariz.
,10
38
1,700
Oct
300
74% Oct
77
Oct
74%
100
50
Oct
50
Oct
50
Case (J I). pref._--.100
100
80
Oct
80
Oct
Central Foundry
Preferred
100
30)
28% Oct
28% Oct
100
300
40
44
5 239
.
Caro Clinch & O, pf.100
,
Central RR of N J.-100
.
United... ,.100
50
80
July
88
25%
Sept1 36%
Oct
40
Sept
Oct
239
2 0 239
Oct
8
Oct
8
Oct
102
Oct
102
47 % Sept 29
42
Oct
100
300
100110
Sept .59%
44% Oct
40
Mar
110
Oct
100
100
25
15
Oct
15
Oct
3%
11%
400
40
Oct
42
Oct
37
Preferred
-100
.
3% Oct
3% Oct
100
30
Oct
30
Oct
30
700
36% Oct
38
Sept 29
28
Hask & Bark Car .no par
Havana EI Ry,L & P 100
400
35
Oct
36
Sept 29
6 103
Oct
103
Oct
100 112
Oct
112
Oct
68
Fisher Body Corp.no par
Jan
Feb
Jan
Jan
46%
5
Apr
Aug
Aug
Jan
47% Sept 29
110
Oct
Oct] 21
Apr
Jan
Oct! 126%
Federal Min & Smelt: 100
Duluth S S & Atl
53%
Oct 302
8
Oct
150
Cons G E L & P (Bait) 100
Continental Insur.
25
Crex Carpet.
100
—.
Sept 29
Oct
Mar
100102
100
Chicago & Alton.___100
Detroit
Jan
Feb
100
Oct
Jan
Oct- 142
Assoc Dry G, lBt pLIOO
1 %
53%
July 128%
Associated Oil.,.
45
Sept 120%
July
5%
Feb 26%
Jan 54%
Feb
Jan
Jan
___
Aug
July
Oet
"
40%
Aug
Feb
41%
Aug
Oct
68
Oct
40
June
97
Sept 103% Sept
Jan
111% Sept 121
65
Jan
Junoj 88
105
Oct
101
100
300 103% Oct
200 97% Oct
98
Oct
97%
100
100
40
Oct
40
Oct
35%
Kayser(Julius)& Co. 100
100 110
Oct
110
Oct
110
Sept. 135
Feb
Kelsey Wheel, Inc.. 100
Kress (8 H) & Co... 100
100
28% Oct
28% Oct
27
AupI 30
300
50
52% Oct
50
Aug
Sept
Int Harvest N J pref. 100
Int Harvester Corp.. 100
Preferred
.100
Int Nickel, pref
Jewel Tea Inc
v t c.
Liggett <fr Myers Tob 100
Preferred
-.100
Loose-Wiles
Biscuit. 100
Lorlllard (P), pref... 100
Manhat (Elev) Ry.ilOO
May Dept Stores...100
Monon
Valley Trac.,25
National
Acrae...__.50
Natl Cloak & Suit.-.100
Preferred
100
Nat Rys Mex 2d pref 100
N O Tex & Mex vtc.
100
Oct
Oct
200
Oct
190
Oct
107
Oct
103
15
Oct
15
Oct
15
200 107
Oct
108
Oct
107
260 107
Oct
107% Oct
107
50
Oct
400 190
300
1,400
100
Sept
July 114
Jan
Oct 108
A up 78
Jan
Oct
Jan
27%
Jan
Oct 120%
Jahi
Oct 129%
49%
Sept
16%
Oct
32
Oct
32
Sept
100
.68
Oct
68
Oct
63
Oct
200 103
Oct
2103
Oct
103
Oct
26
N Y Chic & St Louis. 100
500
21 % Oct
New York Dock....100
20
Oct
200
16
Oct
200
39
Oct
40
Norfolk Sou them. ..100
Ohio Fuel Supply:
25
Owens Bottle-Mach. .25
1,400
Oct
500
21
Oct
93
Oct
93
94
July
Jan
Jan
Sept
Aug
8%
June
36%
Oct
38%
Mar
21
Jan
Aug
May
40
June
Oct
May
28%
Jan
12%
Oct
21% Oct
23% Oct
21%
46% Oct,
47% Oct
45%
82
87% Oct
90
Oct
35%
Oct 112%
34
21% Oct
100
400
300
Aug
Auk
20
16% Oct
..100
Mar
18
15%
Oct
Jan.
66%
4 %
7% Oct
7% Oct
Jan
Oct 125%
500
200
Jan
Oct
Oct
32% Oct
55
Sept 281
16% Oct
51
16% Oct
22
Preferred
34%
1,400 103
1.000
Feb
Jan
21
5
54
Apr 106
Oct
34%
Jan
89
June
98
Jan
92
joo
300
94% Oct
96
Oct
93
Sep
Sept
41% June
98%
Aug
-100
600
68% Oct
69% Oct
66
Mav
82
Mining. 100
500
1
Oct
1% Oct
1
June
100
70
Oct
70
Oct
60
5 155
Oct
....
Pitts CC& St L
100
91% Sept 29
91% Sept 29
91%
Sent
par
400
37
37% Oct
37
Sept
pflOO
.no
So Porto Rico Sugar. 100
Standard Milling:..100
Supe-lor Steel
First preferred
100
Texas Co full paid rects
Tol St L & W pf tr rec+s
United
Oct
200151% Oct
4
151%
87% Sept 29
87% Sept 29
42
Oct
45% Oct
200100
Oct
100% Sept ,2°
Oct
150
31
2.300
100;
8% Oct
5
Oct
8% Oct
2
5 150
94
Oct
94
Oe+ 1 c0
Aug
Feb
15
90
Feb
93
Auk
96
Sept
Oct
100
May
Jan
69%
United Dyewood, pf.100
Oef 209
Aurr
JulvJ
8
Oct
400
Feb
June
100%
Jan
51% June
99% Mav 102% July
85
72
..100
Jan
3
Sent 109
34% Ma"
Oct
70
Drug
^
125150
100
100
22
Oct
22
Oct
20
Sept
33%
Realty <fc Impt__100
100
11
Oct
11
Oct
10
Janl
22%
Jan
Western Pacific.....100
300
15
Oct
15
Oct
12%
An
18%
100
44
Oct
44
Oct
39 %
May
May
July
United Paperboard....
has been
steady to firm on a day-by-day increasing volume of business.
The latter was not large, however, owing, presumably, to the
absorbing interest now centred in the approaching Liberty
Loan 4s and to heavy dealings in foreign Government and
city issues, Some of the French city bonds declined quite
unusually this week, for which there is no known cause ex¬
cept that mentioned above.
A list of the active domestic
issues includes Amer. Tel. & Tel., Bait. & Ohio, Ches.. &
Ohio, St. Paul, Burlington, Erie, Mo. Pac., N. Y. Cent.",
United
$ per share.
Savage Arms Corp.. 100
'
have been reported at the Board this week.
The market for railway and industrial bonds
St. L. & San
$ per share.
100
Quicksilver
42 1-16
41%
$1,000 premium.
Highest.
Shares
600 110
Preferred
.
„
St.
10c. per
Lowest.
American Snuff-....100
.
Ams'erdam Bankers' Guilders—
Francisco,
Highest.
American Express.__10u
Pierce-Arr Mot.
Low for the week
Low for the week
Lowest.
Am Bank Note, pref..50
Pettibone-Mull 1st
Germany Bankers' Marks—
High for the week...
High for the week
for
Week
Pacific Tel &Tel.... 100
5 84%
5 85%
Range since Jan. 1.
Range for Week.
Sales
Week ending Oct. 5.
Pan-Am Pet & T pf.100
Paris Bankers' Francs—
High for the week...
To-day's market, however, took a turn for the better.
Apparently the downward movement had spent its force
and during the last hour or two to-day many active issues,
both railway and industrial, recovered from 1 to 3 points
of the previous decline.
A list of these includes Bait.
Ohio, Can. Pac., St. Paul, Del. & Hud., Mo. Pacific,
N. Y. Cent., New Haven, No. Pac., Penn., and Union
Pac., also a longer list of miscellaneous stocks.
For daily volume of business see page 1407.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Gast.W&W.Inc..no par
for doubt.
room
iy, Utah Copper 6y2 and other
*
tinued
■uccess.
[Vol. 105.
CHRONICLE
THE
1398
U S
Preferred
.
100
48
May
Market.—Trading on the "curb" this week
small proportions with the undertone of the
market weak though losses generally are of small proportions.
Wright-Martin Aircraft com. was an exception to the rule,
and on heavy-trading advanced from 8J4 to 11H, with a
final reaction to 10 H.
United Motors was fairly active,
and after an early advance from 23 % to 24!^, weakened
steadily and closed to-day at 21.
Chevrolet Motor rose
from 78 to 83, dropped to 75 and ends the week at 80.
Be.thlehem Steel pref. w. i., was a weak feature and sold
below par, for the first time since trading in it began on
the "curb."
It sold down from 100^ to 92lA and at 94
Outside
dwindled
to
finally, with subsequent transactions transferred to the Stock
Exchange.
Air Reduction was conspicuous for an upward
movement from 84 to 94, the final figure to-day being 90.
Curtiss Aeroplane & M. was irregular, fluctuating between
38 and 36^, with the close to-day at 3714.
Smith Motor
Truck was off from 2% to 1%, the closing
figure to-day being
11/2.
Submarine Boat, after a gain of a point to 17
sank
to 16 and finished to-day at 16%.
Oil shares quiet and
generally lower. Merritt Oil moved down from 34 to 30*4
and up subsequently to 31%.
Midwest Oil com. declined
from 1.56 to 1.33 and closed to-day at 1.41.
Midwest
Refining lost 16 points to 138 but recovered to 145.
Mining
stocks also ouiet with small,fluctuations.
Bonds moderately
active and little changed.
A complete record of "curb" market transactions this week,
will be found
on
page
1407.
PAGES.
TWO
OCCUPYING
For record
muelly lnectlre,
during the week of stocks
of
1399
Yearly
Exchange—Stock Record, Daily, Weekly and
New York Stock
preceding pege.
eee
PER
PER SHARE
HIGH AND
Saturday
Oct.
96%
95»4
109
*106
6478
67
67
•
150
26
*9
10
27%
2734
53*2
*9*4
26%
50
53
49%
95
52*8
34
94%
200
*62
23
"lOO
50
*46
50
*46
50
9*2
16*2
15
14
20%
19%
30
29*2
*22
25*4
30*4
102% 103
337ft
100*4 100*4
8*2
58*2
100*8 100*2
9*8
9%
*102
100*8 100%
53%
53
18*2
18
*50%
55
*50
*12*4
1234
55
*12
26
26
60*2
60*8
♦117
•
60*2
119
*10
118
119
15
15
*98
*94%
117
"
"5"
~*4% "5%
*9*2
11
*9*2
10*2
9*2
9%
27»4
29
28
29*2
27%
28%
51
49*2
50%
51
51
►
73*2
26%
*80
82
52
52%
15%
52
15*«
9884
51%
15
62
15
44
2834
2734
60
81%
60
39
41
*36
16
15%
Pennsylvania
42
41
1534
"""366
27
6,400
59
59%
2,600
80%
82*4
34,900
15%
81%
42
•'
41
*37
41
16
*15
30
*28
43
*42
43
*42
43
*42
*11
11%
11*4
*11
11%
*11
26
*24
26
*20
16
61%
20*8
83
27*2
26*2
617,
61%
61*2
61.
16*4
*13%
16%
*13%
23
*20*2
22
83
*80
82
24
22%
21%
83
*80
♦80
126%
9
128*4
77*2
77*2
*8%
127*2 129*4
*8
18
.
9
♦17*2
9
*15
18*2
17
26%
8%
*15
76*2
10*2
10*2
10
10
10%
47*2
48
45%
46*2
25
24
24%
17
17
*24
29
*25.
*15
9%
9%
45%
Do
24
18
*17
18
16
16
17
17
1,500
•25
30
*25
30
*25
30
*23
Do
4.900
*17
28
23%
.12%
13*2
*23*8
25
24
*43
47
11%
11%
:
12%
22*2
41%
24
46
23
*22
24
43%
*42
45
24
12
233
24*4
12
"2",600
12%
11%
23
23
22
227ft
44
43
43%
1,000
Do
*11*2
12
*24
12
*11*2
26«4
11%
*24
60
62
*58
4*t
*4*4
*4*4
"4%
4*4
11%
10%
24
24
4%
3
3
3
3
25
25
25
*24
25
24
"82
*78
82
*78
82
*75
*85%
88
86
99
*97
*85
86
*97%
98
85*2
*83
95
4334
*83
i*__
45%
10134 102
46
12
58
*12 *
557S
13
*1134
13
*47
49
47
48
*50
52
51
51%
97%;
82
47%
110
33*2
94
12%
14%
66%
Do
100
Do
Do
700
68*4
Do
*31%
33*2
*31%
*80
94
*80
12*2
*11*2
*11
12*2
13
*11%
13
*11%
13
*1134
-
810
49
*45
49
*45
48
*45
48
49%
51
25*2
61%
61%
60
62%
.49%
25*4
61%
60
100
102
"17"
17
69
69*2
18%
69%
16%
69*2
53%
1,400
26*8
23%
25%
24
25%
62*2
.59%
61
58*2
59%
22,200
4,000
61
58
100% *100
18%
70%
60
58
15
16%
69%
67%
59
99%
15%
67%
102
99%
17
68
6,200
300
30,500
100
97%
108*2
*64
96
99*4
108*2 *108
63
65*2
*
109
118
*113
*113
56*4
*95" lOO"
99%
111
*109
56
98*4
*96
5734
96
*108
109
116
115*8
192*2
47
*95
32
HI
115
115
115% 116
99*8
46%
47
*94%
96
32
♦30
47
65
*109
57*2
65%
60
93"
-
93
93*2
108% 108%
63
15,100
118
115
116
115
27%
Deo
58*2
Dec
66% July
10
Oct
5
18% Jan
Aug
21%
Deo
5
37% Jan
9
5
14 '
22% Oct
30%
Apr
Jan
5
63
Oct
July
43
80
11%Jan
4
10%
100
'.
.50
190
190
187
100
100
*46*2
94%
47*2
94%
*94%
33
*30
46*8
46%
96
100
...100
81
Feb'
90
Sept
36
Feb
pref
Can..
100
....100
pref
pref..
pref
Ice (new)
100
pref (new)
,...100
.
j
100
100
100
_■
Locomotive— —100
100
100
pref
Malting
...100
pref
32
1,000
2,600
405
30
30
200
Am
Am
32
18
17%
18
17
17
16%
17
54
54
*54
61
54
54
71%
70*8
72%
102*4
104%
69%
71*8
100% 103
60*2
60
60%
60
60
62
62%
63%
65*2
62%
647ft
*
Bid
98%
•99% 101
98%
98%
j
99%
99%
99
99%
69%
17
700
54
400
70
68%
60
60
647ft
587ft
62
61'g
99
58%
98%
98%
600
98%
98%
98%
1,200
99
98*2
t Ex-rlghts.
.
2.010
33,600
§ Leas than 100 shares,
o
Do
no
50*2 Jan -5
101*2 Jan
9
17% Mar29
75
(The)
*
4
Jan
44
0812
Sep
78i2
Dec
115% Aur
48*8
,98
Dec
■
102
Jan
Oct
84%
Dec
16% Aug 6
55
July11
62% Aug
9
17
i
Mar
20*2
Mar
45'
68
June
119*2 Mar
58*8 Oct
8% June
38*4 Mar
5
8*2 Mayl4
Sep
115%
July
52
4
99% Oct
June
107% Dec
7
106% Jan, 20
27% NOV
Dec
02% NOV
98*4 Nov
July
99*2 July
109
84% July
91% July
102
Nov
19% Mar30
71% July28
90%May25
99*4 Jan 31
95*2 Sept 7
90*2 Sept. 4
102% MarlO
112% June 2
88*2
109*4
97% Nov
Nov
122% Nov
Apr
Apr
118%
Oct
73
Dec
107
Oct
5
52
Feb
3
7
44
Apr
104% Feb
3
126% June 9
104
Dec
125%
Oct
114% SeptlO
121% Jan 25
115% May
123*2
Oct
134*2
Sep
19
117*8 Jan
75
June
Oct
3
Septll
128*2 Jan
24
May26
60
xl23!g
Dec
188
Feb
105%
Apr
z
37% Feb
3
9
37
Dec
229% Nov
113
Sep
58% Nov
94
Feb
3
9
92
Jan
102
29
54*2 MarlO
11
Jan
41%Jan 26
29% July
72%Jan
20
59*2 July
Apr 21
220
Oct
1
109% Jan
15
Aug 31
64% Sept
4
Marl2
58% June
100
87
June
121% Jan
87% 8eptl3
54
Feb
8
66
43
Feb
3
76*2 July
98% Oct
5
89% Sept 12
Ex-dlvidend.
18
77
Jan
102% Jan
136
Jan
22
4
July
52
Dec
Mar
70% Nov
97%
Apr
87
Nov
105% Nov
147%
Dec
73% Nov
60*2 Dec
2
15
2
Apr
50
May 26
100
100
...100
pref
Ex-diV. and rights.
May28
100
Locomotive
Barrett Co
102
100
pref certfs
Baldwin
Apr
Dec
6
63
Atl Gulf 4 W I 83 Line ctfs
60
93
82% Jan
57% Sept 4
25
..50
13.900
68
70*8
98% 101%
60
24
Jan
80%June26
118% May28
25
Zinc Lead 4 S.
Do
108% Nov
29*8 Aug
63
Deo
Feb
53
Sept 5
Aug 29
49,700
98% 101%
60
*98*2 100
98%
99
100
Writing Paper pref... 100
pref
Anaconda Copper
§60
62%
.100
pref
Nov
01%
64% Aug
100
pref (new)
Nov
103%
M ar
90
5
99
Woolen of Mass
Nov
92
3
184
Do
38
102
19
3
114
'
101% 103%
amd,asked prices; no sales on this day.
707ft
17
54
Am
Oct
July
70*2 July
63
Apr
Oct
48
100
Tobacco
89*8 Deo
26*2 Jan
10% Jan
Dec
15% Feb
Feb
48
Telephone 4 Teleg—100
American
6%
8% Mar26
32% May31
86% MarlO
05*2 May 2
111*2 June 6
8% July 9
47
Sept 6
30
Amer
Do
.
100
3,375
45
100
pref
Sumatra Tobacco
9,100
94%
60
60%
Do
Am
100
*54
101*2 103*8
400
437ft
*17
100
pref..
5,600
94%
18
—
20,600
45%
*29
pref Ser A stamped
Smelting 4 Refining. 100
57*4
2
98
107% Oct
100
International Corp
Do
22% Jan
103% Jan 24
102% Feb 15
100*8 Oct
57
Feb
100
—
pref
American Sugar Refining —100
100
Septll
3
Oct
American Steel Foundry.. 100
94*2
44%
94%
60
98*j
2
20*8 Feb
90
115%
180% 189
100
*16%
*99% 101
3% SeptlO
,....100
pref
910
116
Aug 31
Agricultural Chem—100
2,600
55%
114%
190
*98
*54
70%
260
Mln'g.10
t c
v
63%
107% 109%
115*4
190
Amer
Apr
Apr
103*4
*113
57%
55%
43,000
30% Jan
Deo
Deo
63
106*2 109
*114
95*4
Jan
Dec
32%
Dec
Feb
Do
17
60*2
46
American Linseed
Do
98
Sep
33
107
64
100
•30
32*2
*95
95%
190
116*2
95*2
109
*"
*97
190% 193
100
*107
97%
65
♦63*2
115*2*112
116
59
56%
587ft
*90
99
109
95*2
98*
110% 111
66
109*4
192
116
97%
*95"
13*8
41*2 Mar
25
Jan
21
Amer Smelters Sec pref B. 100
*95"
Jan
Jan
39%
Sep
Oct
2
83
American
21%
2
2
Oct
Do
Sep
7% May
50% Jan
77
American
8412
54% Jan
100
pref..
163%
Sep
5
,
100
Do
Apr
17
15% Jan
58
June
Mar
2
23% Jan
99
94
129%
z80
Sept12
11% Oct
Oct
J uly19
Do
Dec
Deo
68% June
Mar27
52
Amer
73%
21%
Feb
Nov
22
Rumely
American
0*2
48
Apr
Sept 8
May 10
Feb
2
4,900
24
41
10
"""300
Jan
11%Jan
85
23
92
49*2
2
4
30
48'
20
95
Sept 7
100
50
Jan
149*8 Jan
Oct
100
49%
50
Dec
Miscellaneous
preferred
Do
13
*40
53%
Oct
Jan
36%
40
pref
Do
56
4
2
16
American Hide 4 Leather. 100
94
Deo
100
American Cotton OH
33%
94
19% Jan
37%
—.100
Central
&
70% Jan 30
48% Jan
25
-
American Car 4 Foundry. 100
3,900
100
33%
100
(new). 100
100
preferred
American
64,700
44%
101
SoptlO
15*4
9% Oct
4
44% May 9
23
May 9
100
American Beet Sugar
1,500
*11%
24
1478
63
"42%
100*8 100*8 *100
68
68
69
12%
Do
Amor
55
60
14%
68%
46
43%
-
300
82
4
4
76% May 9
6% Feb
1
Allis-Cbalmers Mfg v t c_. 100
300
92
*
'
100
A—
pref B
Maryland
Deo
19%
42*8
104i8
Apr
Apr
100
Alaska Juneau Gold
500
86
54
25
61*4
*101
93
18
57
Apr
'
61
61
47%
"iiTft
83%
94%
Alaska Gold Mines........ 10
96
*83*2
♦
98% Mar24
33% J an
3
100
2d pref
30% Dec
32% Deo
May
88% May
100
AJax Rubber Inc
2,100
78
57
*58
102
12%
2%
23%
*55
*23*2
61
►31%
*80
2%
77
5534
55%
23%
*100
45%
101% 101%
69
70*8
1077ft 10778
"4"
22%
96
*89
72
Do
1,300
1,300
85
85
95
60
23*t
*57,
400
16
Apr
100
Advance
400
82
96
88
%2"
55%
*11%
87*8
96
*89
*31%
13
§12
87*8
*83
♦
10
26%
23%
22%
*75
91
♦106
95
*55
82
45%
33*2
*80
24%
88
101*2 102
110
*31*2
2%
"4"
"4% ""378 "4"
2%!
2%
.2%
85%
*69
70%
33*2
10
*22
91
9434
47*4
94
*31*2
*83
88
102
I*
70*4'
70*2
*107% 110 ;*106
70
*
97%
10%
22%
100
"~4~
*24
3
I
60
.*78
3
10%
22%
10%
24%
May
14
pref
Industrial
Feb
52
Feb
Feb
15*2 May
34%
100
pref
Wisconsin
40
41%
3
Wheeling 4 Lake E Ry...100
1,000
*42
*11%
I
41%
16
2
3
Railway
Western
Do
29
4
9
23
May 9
61%Mayl5
13*4 May 9
17% May 15
Sep
115%
Jan
75*8
Jan
Jan
pref
Do
Deo
73% Deo
18
Wabash
8,200
Oct
38*8
Dec
39*2 Jan
United Railways Invest...100
"i'ioo
60
Dec
72
55
45*2 Jan
-26% Jan
45
Jan
76*2 Oct
18
10
3
104% Jan
June26
125*8 Oct
40%
Sep
36%
Junel5
43*2 Aug 29
100
Oct
89*8 May
118% Jan
8
Jan
63
100
17%
*42
12*2
18
46%
9%
147%
Feb
Dec
10*2 Aug 28
pref
Do
84%
108
25% May 16
(Jnlon Paclflo
400
68
32
Third Avenue (New York) 100
1,020
57
Mar
35% June
3
Feb
25
Twin City Rapid Transit.. 100
77%
8%
8%
-
600
78
77*2
38*2 Sept 4
4,000
21*8
29,650
8
46
Do
4
16
3
3
67% Jan 25
.36% Jan
2
73%Jan 17
89% Feb
110%Jan
May
Sep
Apr
Texas 4 Paclflo
500
30
*12
.
4,300
125*4 127%
777ft ' ,7778
*16
17,600
9
Deo
Deo
Oct
77% Jan
34% Deo
Dec
26
114
24
-_-100
pref
Southern
16
100
49*2
62% Jan
53% Apr 17
1100
Southern Pacific Co
60%
78
new.
Jan
38%
64%
: 22*8
100
10,710
27*2
20*2
77%
10%
4678
25
47%
24%
91%
20% Apr
i.—100
pref
Do
26
60%
128*4
8
Do
Oct
37
Oct
114%
—-.50
pref
Seaboard Air Line
400
26
*13%
22%
21*2
18
1034
90%
15
125%
8%
47*|
25*a
*22
61%
15
Sep
Sep
Apr
77% Sept17
St Louis Southwestern...
30
11
27
60%
78
47
*16
26
26%
47%
100*4
38*2 Septll
14
Aug 23
pref
St Louis 4 San Fran
1,900
16%
,
43
91%
90%
*10*8
2d
11
11*2
.
91%
27%
61a4
126% 127%
§77%
1st
Do
*41
15
78
*8
91
9134
27%
61%
16*4
127*2 1287ft
78
90%
27
16*4
*80
92
91%
27*2
61*2
*20
*23
26
*24
♦28
Do
41
*37
43
12
92
30
Dec
Jan
60
60
Reading
42
♦35
16*2
*28
24%
Jan
14% Sept24
Preferred Interim ctfs.-.100
80
Apr
10
2j 103% Jan
r98% July
Plttsb 4 W Va Interim ctfs 100
59
*35
*37
pref v t c
38
26
30
26%
Do
38
27
42
Deo
61
53*2 May 12
60
82
13%
34
9
49% Sept 5
37
59%
Sep
Jan
20% Jan
8ept25
50
100
prior, .pref vtc
26%
80*2
*35
3*8
2
11
100
100
Pere Marquette v t e
3,000
Do
"37"
137
29*4 Jan
19,700
27%
Sep
138% Jan
52
16%
60
128*2
,107% Oct
5
80
Sept15
1534
44
30
130
100
51%
Oct
Oct
Dec
19*2 Sept 6
16
Oct
26
116
Apr 13
48*2 Oct
adjustment pref—.100
100
Oct
87*8
140
3
127
Oct
Jan
65% Nov
Jan
Mar
Jan
32%Jan 29
Jan
23% May
.100
74%
119
4% Sept13
73
Apr
'l"2"f*8
Aug
9
May
32
Septl3
Septl2
21% Septll
51%
27
May26
39
10
79*2 Jan
2
4334 Apr 14
133%Jan
4
57% May 9
113% Septl2
•
15%
2734
Jan
N Y Ontario 4 Western... 100
51
Jan
Jan
Oct
Jan
Apr
.
Deo
N YN04 Hartford —100
62
50%
109%
21%
30
12% Sept
25
JulylO
New
15
Jan
127*2
Dec
64%
710
Do
54%
Dec
77*2
32%
13,850
4 Western
Dec
32
Apr
48,600
15%
15
40
115
4
Dec
76
Norfolk
Oct
Jan
Jan
Dec
Sept
28%
4,950
59%
106%Jan
20
107% 103%
*80*2
82
Dec
56%
Do pref (or inc bonds) do...
York Central
46
38% Mar
26*2
73%
52*2
45%
Dec
100
—
Apr
15*2
Missouri Paclflc(new) when lss
52
*28
11%
pref
Mar
23%
Missouri Kansas 4 Texas. 100
Do
Oct
15
32
69
50
Northern Paclflo
82
*37
«.
NoV
23%
17% Jan
...100
pref
242
25% Jan
68% Jan 30
25*4 Jan
"
53% Jan
114
Do
Oct
Mar
72% Jan
11
"V.Ioo
156
8*4 May 1.5
—100
50
,
12.266
60
15*4
15*4
Valley..
Lehigh
Oct
Dec
57% Juno
8% Mar
118%Jan
100
pre!
99% 100*8
59
82%
*34
Do
99%
80%
*34
60
80%
27*4
pref
Lake Erie 4 Western
62%
50% Septl3
17*2 Oct
No par
100
100
—--100
987g
44
44
2834
Do
Oct
Apr
Mar
216
6
39% Jan
Oct
27% Feb
99
Sept
100
pref
99% 100
51%
52
99%
62
62
83
*80
20% Oct
20
27
20%
20%
103% 10312
101
Central.—
Do
100
74%
2 Sid
100
pref
Kansas City Southern
3,500
82
*78
85
47ft
2d
Iron Ore properties.. No par
22,100
109
100
Do
Great Northern pref
Oct
29
June
37
148%
49% Jan
100
100
pref
86
Apr
40
Jan
4
62%
Feb
46
34% Jan
96
49*2
109
99%
4%
1st
41
100
28*2
107% 110
*80
Do
116
4*2
—.100
Oct
Apr
70
24%
19
Jan
19% Oct
100
pref
17
Minn St Paul 4 88 M
48*2
21
81
Do
Erie
238
Jan
38
Mar24
5
6*2 May25
12
Julyl3
Minneap 4 8t L (new)...100
99
*95
98
74%
194
100
100
27
73%
26%
95
500
10
*20
—100
pref...
"2",100
49
75%
100*2
118% 119%
11%
11%
14
4*2
100
41
Long Island certfs of deposit.Louisville 4 Nashville
100
28*8
20
*13*4
Oct
4,700
*9
26
*11%
151% Jan
2d
Delaware 4 Hudson
44
49
20
110
60
58%
*38
27
25
*42
Sept25
8eptl8
Marl7
100
10
73
110
30
51
22
111
*25
281.
26
30
9
46
50
*9
76%
41
57*2 Jan
1st pref.—...
Interbor Con Corp, vtc
27%
*49
74%
25*4
*15*«
Sept 5
200
50%
44
*95
5
21%
*28
50
2,420
50*8
12%
117
"5"
767ft
39
100
Do
1,400
17%
♦12
118*2 119
100
21%
80*2
4
1,210
52
17%
59
*11%
1434
267ft
60
Jan
Illinois
30
*38
119
757ft
~
30
pref
1,300
12%
58*2
59ft,
25%
*.__.
Feb 10
14,500
8%
8*2
*51
55
*24
44
>
5
100
17%
12%
30
*97
98%
llf*
1
5
98%
lQO.
118
.52
*50*8
12*,
*11%
1434
17%
32%
100*8
231%
8%
8*2
51
55
59%
118
*11%
33*2
32%
101% 102
100% 100%
18
*38
44
102
52%
*24
28
'59%
59%
*38
44
120
12%
*24
28
59%
*38
55
22
34
52%
17%
*50%
12%
18
*50*2
*12%
12*2
♦23
44
*52*2
17*2
21%
21%
20%
100*2 100%
*8%
8%
8%
53*2
8%
53*2
18
*38
29
20
3,900
1,900
2,400
101
103
33%
33
30*2
23*2
*22%
23%
10278 103
34
34*2
29
Apr 14
10
100
1,700
30
71
Colorado <fe Southern—>—100
21,800
29
60*2 Septl3
Jan
Denver 4 Rto Grande
15
176
Jan
Delaware Lack 4 Western..50
20*2
Apr
51
400
197ft
Dec
§165
80
903
15
123
47%
102*2
136*8
134%
2
9
15
Dec
Sept 4
194
20
Deo
Dec
Aug 22
Do
19%
*14
20%
30%
Oct
Jan
Jan
Apr
89
Oct
96*2 100
*6%
Deo
125%Jan 29
124%Jan 19
172% Feb 16
38%June26
84% Apr 14
66
_
19",lOO
194
Oct
16%
33
33
Do
50
*38
97%
194% 195*2
14
20
31*4
*30*4
*2314
103
15
21%
15*2
20*4
96
99
97%
95%
95%
195*2
195*2 195% *192
7
9%
*6*4
6*2
99*2
196
50
*38
71
Apr
123
Jan
50
30
50
183%
11%
100
Clev Cln Chic <fe St Louis.
69
23
97*2
31
100
(new) w I
7% preferred when Issued..
6% preferred when Issued..
pref...
Jan
2162*2 Mar
58
Apr
4
92
49% Oct
94% Oct
Chic Rock Isl & Pac
1,900
22
8
*2434
3,200
67
16*2
2078
*15
51%
39%
62
22
8
27%
51
*30
*62
•14%
91*8
Septl3
22
*7
*
Aug 22
24
Do
85
69
196
*37
Oct
144
10,700
22
196
*35
102
4,000
25%
62%
24%
-
-
10212
102
146% Oct
Chicago & Northwestern.. 100
Chesapeake & Ohio.
88% June
Dec
81
4
Jan
167%Mar23
65% Jan
3
14% Jan 10
41% Jan
2
Oct
*62
*40
24*2
17
26
24
50
98*4 100*4
196
18
82
Oct
71
*40
_
95%
Jan
76%Jan
Oct
*22
50
*28"
94%
85
4
May 8
9
*62
*40
51*2
15*«
95
3
Oct
100
pre!
53
71
50
*79
51%
Oct
66
54
Do
100
400 Chicago Great Western...100
Do
pref
100
1,500
97,450 Chicago MUw & St Paul.. 100
Do
pref100
7,300
*62
*40
100
26*2
497ft
50,900
17,000
33
*47
111
26
51
102
103%
140
§140
24%
2534
62%
61%
52%
51%
52*2
*33
34
3934
62
52
50
*20
26%
49*2
35%
62%
63
61%
51%
53*4
9
9
26
103% 104%
25
5434
53*2
9
9
151%
147
54%
533ft
96
95*4
*47*2
•
146% 148*2
54*8
9*2
26%
50%
50
*50
Jan
56*2
*48
"~4%
Jan
5934
*23
*
96
80
5934
50*8
*11*2
Dec
72% Aug
59
100
Brooklyn Rapid Transit--100
Canadian Pacific
100
Baltimore & Ohio
1,100
5,200
24
•
81*2
46,000
§50*«
.
NOV
57
*22
18*2
126
66*8
24
53%
Apr
33
71
33*4
106*2
36
*61
31
4
60*2
63
62
*33
103
Feb
Jan
66
98*4
105
103% 104*2
140
5141
145
25%
26*2
247ft
*52*4
36
*23
102
119
59%
99%
105
*33
20%
Dec
5
66
10
99
52*4
108%
a;98%
Oct
60*4
56%
52%
62
52*4
8
1
Apr
4
107*2 Jan
100% Feb
100%
Oct
59%
30
*28
26*4
62
Sept 5
93
66
55
Oct
95
66*2
148%
Highest
% per share
105
60*2
53
share
per
Fe.-lOO
100
66%
147
%
Atlantic Coast Line RR—.100
59
58%
Lowest
$ per share
Highest
share
per
Atcb TopekaA Santa
Do
pre!
67
55%
Previous
1916
500
62%
59%
591ft
147% 148*2
I
Year
of 100-share lots
700
7,650
105
105
basis
Lowest
Par
Railroads
6678
56*4
5140
26*2
93
106
On
Shares
§ per share
95%
96
93%
93%
59*4
60*2
*934
10
29
56
99*2 100
105U 105*4
*9*2
93
106
SHARE
Range for
1
EXCHANGE
6434
54%
545s
§ per share
95%
95%
107
107
107
Week
69
146% 150
*2734
96*4
93%
95%
93%
95
NEW YORK STOCK
OCt. 5
Oct. 4
$ per share
96%
107
109
60*2
56
*140
*93%
617a
14738 149*2
55*2
95
95*4
*67
61
61
9734
96*4
*93%
*106
64
Oct. 3
$ per share
$ per share
% per share
9534
Oct. 2
1
STOCKS
the
Friday
Thursday
Wednesday
Ranae Since Jan.
Salesfor
SHARE, NOT PER CENT.
Tuesday
Monday
Sept. 29
*93%
SALE PRICES—PER
LOW
118%
Jan
98%
Dec
110
0127*2
Dec
167% Da.
b Before payment of first
Installment
May
1400
New York Stock
"or rvcord of «al«a
Record—Concluded—Page 2
during the week of stock* usually
inactive,
second
see
AND
LOW
SALS
PRICES—PER
SHARE.
NOT
PER
CENT.
Saturday
Sept. 29.
Monday
Oct, 1.
Tuesday
§ per share
§ per share
$ per share
*93
96
100
91*4
*24
95
95V
*92
25*4
Oct. 2.
96
93%
93%
100
99
18
17
17
45%
44%
85%
86 V
*106
110
j
*32%
33l2
*74
*18*8
18*4
*103
pref
23%
24
23%
15%
42%
23%
16
42%
23
23%
*15%
41%
17
600
41%
400
82
84
104
104
17
*16
17
43%
86%
*42%
43%
85%
84%
108
105
105
2,700
81%
104
Do
140% 142%
83
43%
39%
42
40%
42
2,200
Colorado Fuel A Iron
37%
38%
37%
38
4,700
Columbia
9934 100
1,964
1,500
Consolidated Gas (N Y>..100
Continental Can...
..100
100
99%
98%
71%
73%
72
99%
74%
94%
31%
94%
95
95
32%
83%
31
31%
83
170
8
82',i
*150
*98%' 108
z38%
43%
138
97%
8
*135
93%
69%
82%
138
137
142
94
97
92%
96%
*80
83
80
80
80
78
78
41
41
102
80
41%
41%
13,000
81,900
1,000
3,500
102
97
97
96
97
95
97
94
110
*104
110
*101
109
*101
'110
*101
10Y
*101
160
*91
160
*91
160
*90
160
*90
160
•
49%
51%
48%
50%
*12
16
14%
14%
45%
45% *42%
45
*110% 111% >110
113
28% 29%
28%
30%
87
89
871.1
88%
33
33
33%
33%
29
29
48%
50
*12%
16
49%
60
60%
*60
76
63%
*62
*43
45
43
43
38%
40%
38%
82%
17%,
82%
81
17%
*76
39%
82%
18%
*17%
77
*19%
31%
66%
20
•*19%
92
93%
*76
*62
64
292%
39%
81%
17%
17%,
77
63%
63%
*41%
38%
80%
75%
*62
33
33%
33%
66
66
64% ' 65%
20%
*64
32%
66%
32%
20%
20%
95%
20
20
93
94%
93%
34
32%
*64
91
*91
52
80
"33%
33%
"33%
>52%
50
52%
50%
79-%
33%
51%
7934
76
76%
*71%
34
*108
110
116
110
'
34
76
110
*108
110
108
26%
27%
25
42%
43%
43%
46%
45%
*94
51
100
49%
20%
125
20
60
47
52
52
*85%-
60
*99
102
20
20
*120
50
50
47%
45%
46%
64
*33
35
*34
98
33
33
52
50
50
49%
50%
86%
86
86
86
86
61
60
*57
*59%
100
100
*114
116
135
135
44%
*961,1
*96%
25%
69%
68%
12
14
156% 156%
36
-155
36%
45
45%
*22%
35%
45
44%
.46
98
24%
25
81%
83
*100% 101
83%
24%
181
69%
68%
12
44
15
15
163% 164
71% '72
100
42%
14%
*22
35%
43
162
42%
45
43%
35%
44%
*42
.
14%
,165
71-%
*40%
42
*98% 104%
11%
*9%
72
72
43% 43%
116% 117%
*110
115
*4i"
*98
43"
108
*9%
*70%
44
11%
.
117% 118%
*110
115
*128
*126% 130
130
*16%
17%
*16%
17%
*50
56
139
140%
*98
103
*50
14%
70%
56
160
163%
37
*41
108
*98
*9%
11%
*70%
75
43% 43%
116% 117%
*105
109
16%
*50
70%
64
11%
44
*9%
70%
42%
~
100
11%
"*9%
70%
71
42%
110% 115%
*50%
*35
Do
1st pref stk
tr ctfs. 100
Do
2d pref stk
tr ctfs. 100
Mexican
.
Do
pref
49%
49%
108%'110%
115% 115%
90
*15%
88%
46%
46
46
47
46
68
*63
68
*63
43
43
43
25%
26%
25%
25%
63
63%
63
63
120
121
85%
45%
68
43
60%
*63
42%
24%
95
91%
17
37
109
87%
46%
68
26%
*120% 121
*31
35
*31
34
*31
35
*91
96%
*91
*96
*91
59
*50
60
*50
56
*91
*50
on
96
56
this day.
,
Dec
Dec
88% June
May 3
97%June 8
89% June
32% Sept 4
47% Septl8
7D4 Oct
4
43% Apr 30
67%June 7
109%Jan 25
117% Mar28
109
Jan
117% Nov
Sept 5
122% Jan
5
118
Sep
131%
May
5
127
5
124
June
90
108
Oct
4
33
Feb
pref....
lvjO
Nevada Consol Copper.....5
101
New
117% SeptlO
100
North American Co.;
156
Philadelphia Co (Pittsb)
Sept28
42
Oct
5
5
Feb
3
Feb
3
50
100
Pressed Steel Car.
mo
Do
pref
'.
100
Public Serv Corp of N J...100
Pullman Company
100
Railway Steel Spring
100
45
72% Mar21
42
Jan
43
Feb
2
58
4
10
Sinclair Oil & Ref'g
No par
Sloss-Sheffleld Steel A Iron 100
Studebaker Corp (The)...100
pref...
100
Stutz Motor of Am Inc.No par
Tennessee Copper A Chem w 1
Texis Company (The)
.100
Tobacco Products Corp... 100
Db
pref
...100
TransueA Williams Steel No par
Underwood Typewriter
100
Unioh Bag A Paper.
100
44,400
Union Bag A Paper (new). 100
United Alloy 8teel
..No par
United Cigar Stores!
Do
United
Fruit
35
35
1,300
101
103
300
100
45%
x44
44%
6,400
68
*60
Utah Securities
100% May
Do
MOO
31,600
2,500
1,100
68
2
32
Oct
5
41
Oct
4
42
Sept 7
Sept 5
90
13
Feb
5334 Jan 26
2
3
5
98
May28
40
Feb
92
May 3
19% June20
243
105
3
4
40% May 4
91% Feb 3
Jan
Dec
97
July
137
159% May
177
Marl2
32
95% Mar
107
Aug 20
15% Mar22
112
Jan
June
93
Nov
101
Dec
117
Nov
"
"63% Dec
168% Mar
"8484
22
Dec
40%
37
July
5034 Feb
9
101% Oct
5
52% MaylO
49
Aug 14
99
Feb
1
115% Septl7
87% Oct
4
15
6
100
34% Feb
Sept
3
22
24% June26
,63
Jan
29
171% Junel3
106
67
Junel4
Aug 14
IM84 Jan
3
.
6734 Jan
4
52% Jan
3
48%
93% Nov
109% Mar
Jan
110
4% May
87%
18%
129
Oct
41
July
114% Dec
7284 Nov
87
Mar
105%
Mar30
19
42% Oct
52%Jan
38% Jan
33%
*31
33
*90
96
*88
93
Do
pref A
v
*50
t c
55
100
*50
55
Do
pref B
v
t c
100
c.100
Ex-dlv. and rights.
Aug 23
23% Feb
9
91
Apr 16
50
May 9
Nov
Apr
4
57
Nov
108
70% Jan
114% Sept 5
12034 Oct
4
123
130
112%Jan 26
56
100
81% Nov
53% June
12984 Nov
51
50
pref
Dec
Apr
9984 Jan
5
Dec
June
Jan
7084 Dec
115%
16% June
3
Septl4
57
50
170% Apr
114
36
85% Oct
90
Jan
Feb
Dec
July
Mar
106% Feb
10534 Aug
Aug
169% June
28% Nov
67% Nov
May31
46
65
24% Mayl9
15%
48%
94%
99%
4784
'
27%
43% Sept 5
25
Do pref sub rects full pd 100
Wilson A Co, Inc, v t c
100
Woolworth (FW)
100
Oct
Oct
Nov
120
Feb
7434 July
60
White Motor..1.
611%
136%
II884 May25
2484 Jan 22
77
Willys-Overland (The)
Mar
Sep
19% Dec
241% Nov
59% Dec
July
86
Jan
14
79%
Sep
99
z7934 Mar
115
May
3
SeptlO
Feb
167
1534 Dec
177% June
136% May31
121% Jan 19
Feb
1st preferred
Sep
Nov
*
Dec
108% Sep
48% Dec
100%
Jan
100
v t
233
"69" "Feb
5
Nov
June
42
49% June 2
46
Worthlngton P A M
37
20
154% Jan 22
1534 Oct
Sep
Sep
.
6184 Nov
103% Nov
Apr
Septl3
50
Septl2
100% Apr 21
97% Apr 28
Nov
108
Jan
125
t c
pref
88% Nov
42% July
114
48% June 6
Virginia Iron CAC
100
Western Union Telegraph. 100
Westlnghouse Elec A Mfg..50
a
10
80% Aug 21
884 Aug 31
70% Oct
17
108% Jan 20
31% June29
151% Oct
48% Feb
2
7434 Mar30
5
J Ex-rlghta.
48
June
5934 Mar29
110% Jan
Oct
Do
Oct
38
22
2934 Mar 9
101
900
100
22% Feb
Jan
.100
Do
118
127% Aug 14
12034 Marl4
Virginia-Carolina Chem
68
99
v
Jan
Aug
3
100
Dec
31
Oct
.100
U S Industrial Alcohol.... 100
Do
pref.
100
Dec
Jan
1134
109
U 8 Cast I Pipe A Fdy
Do
pref....
210
11%
100
100
_•
270
16,800
75%
124%
.100
pref
400
,
Oct
534 Nov
Junell
22
Sbattuck Ariz Copper
Nov
186
Apr
75
4
Jan
12,300
July
65%
54% Sept26
Septl8
90
Aug 16
58
Sept 5
83%Jan 26
99% SeptlS zl07
Jan 31
114
Oct
5
13i
Jan
6
129% Septl2
167% Jan 26
6934 Oct
Royal Dutch Co ctfs
Oct
34% Nov
Aug 31
238% Jan
pref
117%
Jan
85
May 9
Do
Sep
Dec
118
30% June27
106% Jan 18
,100
pref
Dec
Nov
74%
734 Sept21
18
36%
100
Dec
15
143% Apr 19
..5
Pittsburgh Coal of Pa
Oct
129% May
111%
Mar21
50
25
61% Oct
5
32% May 9
114% Dec
57
26-% Junell
100
,
Aug
1934 Apr
90% Dec
63% Mar23
114
Jan
6
4
Jan
Jan
105% Jan
498g Nov
Junel4
100
Pacific Mall
Do
May 8
19% Oct
Jan
93
60% June
129%
68% Mar
4634 Oct
2
99«4 Julyl2
.
than 100 shares
65
32
10
90% May, 9
48% Oct
5
*31
§ Less
18
20
Do
pref
National Lead
York Air Brake
Feb
Jan
39
100
56% June
Dec
74%Jan
5
."100
Sep
Nov
40
11% Sept 6
Septl2
500
59%
61%
60% 61
116
117% *116
121
120% 121
*120% 121
25%
85%
64% Nov
107
106% Jan
18
Septl2
81% Mar 1
3
Do
Dec
'
59
1,700
2534
2
23% Oct
100
42%
Jan
150
17
42%
2434
30
dep.'..
1,300
25%
May
Saxon Motor Car Corp... 100
Sears, Roebuck & Co
.100
87"
24%
*98
120 • 120%
*120% 121
31%
31%
96
Bid and asked orloes; no galea
63
Dec
64
1
*85%
42%
40
Feb
86"
42%
90
62
44%
*63
43
*88
86"
56
50% May26
103%Junel3
24
100
62
4
Nat Conduit & Cable No par
Nat Enam'g & 8tamp'g___100
55%
57%
9,400 United States Rubber
100
101% 102
Do
1st preferred...
1,100
100
5.7%
57%
3,500 U S Smelting Ref A M.....50
*48%
49,
100
Do '
pref
.50
105% 108% 1029600 United States Steel.
100
115% 116%
Do
6,300
pref.
100
87%
90
64,500 Utah Copper....r
10
105
Oct
4
64%Jan
100
55%
57%
101% 102%
58%
59%
*49%
50
105% 108%
115% 115%
87%
90%
15%
15%
35%
35%
17
■
Jan
Jan
Feb
77%June 6
96
*98
103% 103%
*57 *
44
56
47% Mar2l
49%Jan
100
•
100
95% Mar24!
112
pref
3,800
132% 134
*35%
44
*50
8
100
Do
200
*94
.100
>2%Feb
25
90
506
74
126% Nov
p50% Sep
p61% Mar pi25% Sep
38% Dec
56% Jan
9% Mar
75% Nov
32% Apr
3
94% June 7
105% May25
12,400
Dec
108%
cl 3%
Mar23|
101
44,800
131% 135
59%
100
National Biscuit.
36%
1
41% 42
105% 111
*95
58%
TOO
Copper.............5
1
1
"""800
138
57%
100
pref.
Miami
9% Feb
Feb
11%
100
*105
*63
56
Petroleum.
2;
Feb
7,500
400
Aug
Dec
Jan
23
18,200
125% 125%
15%
16%
11
7434 Nov
29% Jan
37
60% July23
96% June26
2,200
Apr
21% May22
123
60
71
135
38
88
125% 125%
16% ' 16%
*50
56
17
5
42%
44
"""166
115
Oct
Nov
17
Do
41
12
66% Junell
ICO
800
100
Septl7
Do
pref
100
Ray Consolidated Copper. .10
700
"41*
108
47
Republic Iron & Steel
•
90
•*98"
Nov
61'4 Jan
600
43
67%
190
56% Nov
2834 Septll
69
Julyl8
90
*37% 46
13%
14
151% 155
May
2
10*, 500
22%
33%
*97
108
122
99
72
**16%
56
*105
*119
46
Nov
72
117% Feb
40,530
43% ."44%
160
66%
115% 117%
16%
108
*120% 121
*40%
►
14%
154
108
*9%
22%
32
115
91
•
89
*
14
*101
*88
*50
*37%
14%
162%
128
89
122
46
153%
1,400
1,700
13
152
45
90
.
200
"""127
*12
41
—
109
*87
*
24%
43%
43"
59
*120% 121
.98
14
"41
*.
.109
59
26
46
46
*125
65
63%
35%
128
*57
63
23%
110
65
25%
*87%
44%
153% 155
22%
22%
32%
36
110
*105
•
*12
*125
*57
46
69%
60
114
May
May
193
87
68«4 June
99
Sep
500
134% 135
*43
,45
*96%
98
.24%
24%
78% 80%
99%
99%
67%
68
78% 81%
99% 100
67%
68%
71
138%
35%
24%
70%
71%
99%
99%
42% ,*40%' 41
zlOO
35%
25
72%
137
140%
138%
100
,100
100
*58
59
58%
59%
57%
59
*102% 103% *102% 103% *103
104
61% 62
61%
62
60
61%
*49
50
*49%
50
*49% 49%
110
107% 109%
111%
108% 111
116
116%
115% 116
115% 116
94
92%
90%
94%
89%
91%
*16%
17%
17%
17
17%
17%
37
98
82%
90
*37%
14%
14%
114
43%
*96%
*99%, 102
*98
75
*43
46
162
72%
100
43%
*
90
*38
45
900
4,900
*98% 100
114
134% 135%
*11%
14
156% 156%
156%
23
*_...
§114
100% 100%
"
90
*98% 100
118
*44
46%
*57
*98% 100
*114
135% 135%
136
36%
*37%
34
62
98
....
33
50
36
90
35
June
71
Apr
People's GL4C (Chic). .100
.
34
3
Junel3
Dec
1,625
1,400
26
26
Jan
78
2,600
63
Jan
110
Nov
64%
Maxwell Motor Inc tr ctfs. 100
5%
26
47
137
120
15
Ohio Cities Gas (The)...
Ontario Silver Mining
61%
17
8934 Feb 17
23,300
63%
92%Jan
67% Jan
43%
5%
Apr
11634 Mar
5
50
400
4
3
100
...100
42
„
Jan
92% Septl8
No par
pref..
50
300
112
102/ Feb 3
117/ Feb 10
100
58
45%
5%.
5%
26%
26%
62% .63%
27
4,800
,
4
80
5
.......
120
*59
23
46
900
19
88%
75% Feb 3
40 7 Apr 23
100
120
*85%
23
44
20
1,600
Dec
61%Jan
Dec
49% Dec
110% Dec
80
July
93
2
lOOVOct
100
122
51
23%
*42
"
86
*23
*45
100
48%
49%
101% 101%
19% 20
86
122
*i2%
25,560
51
100
'•
8,100
44
87%
"
25
25%
24%
79%
81%
82%
*100% 102
*100%
67%
67%
67%
25%
5234
60
*96
14
44
26%
*96
156
*49
64
46
155
58
26%
47
19%
46
*94
50%
105
122
64%
'
,*12
20%
2634
*43%
100
50%
125
26'%
*6334
*33%
136
*95
102
*49
5%|
5%
100
50%
108
50%
*104
45%
5%
*26%
63%
*99
"
42%
6
*119'
134% 135
"23%
60
60
*114
230
44%
129
35
102
Deo
4
16%July
75% Oct
100
101
101,
135
Jan
42%/Oct
100
39,100 »Mid vale Steel A Ordnance.. 50
1,500 Montana Power
i
100
110
Dec
93
62
Do
Do
4",430
Apr
120
5
3
"
*107
25%
6
52%
*85%
86
*59
72
42%
20
'
64%
35%
92
50%
73%
159
Marl6
Oct
78
.....100
1st pref tr ctfs
"2d pref tr ctfs
June
54% Apr
29% Feb
187% Oct
70% Feb
300
42,300
33%
"23%
*95
50%
pref
110
41% Sept24
37% Oct
5
400
93%
33%
46
*122
20%
46
6%
64%
34%
64%
20
48%
44%
108
Do
Mackay Companies...
25
124
*49
*46%
*6%
*104
125
Lee Rubber & Tire
24%
26%
46%
100
50%
108
124
*49
*95
50
.
*104
..
Dec
International Paper
Do
stamped pref
100
26%
18
135% Keptl2
86% Septl2
2434 Jan
9
17134 Jan 26
300
*91
33%
51%
71%
108
Dec
400
90%
Jan
24
350
3,600
152
10038 Dec
1
77
32%
5
7
62
116
*108
26%
100
19%
93%
92
33%
50%
71%
51%
§101
105
500
32%
64%
*19%
Dec
44% Oct
62
33
91*4
94% Jan
3
205
Apr 16
107% Aug
*75
65%
19%
.
*91
34.
42%
38%
81%
18%
*17
63%
Jan
Dec
100
4,300
6,500
Dec
43
Nov
2984 Deo
Deo
99% Mar
124% Deo
76% Oct
100% Oct
269% Sep
Lackawanna Steel.
57%
37,500
29,900
50%
108%
4
114
113%
30% Sept 12
Sept 4
%55
Sept27
5,400
79%
2
June
Intern Nickel (The) v t C..25
26,200
26%
37%
85
Kelly-Springfield Tire.....25
Kennecott Copper ....No par
32%
42
*41% ' 43%
37%
38%
79%
81
17%
17%
75%
75%
45
Aug
2
3
Jan zlll
Feb
13%
p% Feb 5
lQ7%May 9
37,000
31%
61
43
83%
27%
85%
28
|
Oct
106
Do
pref...
..100
Intern Harvester of N J..100
lot Mercantile Marine.... 100
Do
pref...
100
700
xhb
26
*42
200
400
25%
29%
60
18%
76%
26%
.
112% Jan
91% July
117%Jan
55% Jan
Aug 31
80% Oct
75%
7
37% Julyll
4
.
12934
103% June30
2
93% Oct
Inspiration Cons Copper...20
Internat Agrlcul Corp.... 100
42,800
109
Sep
Dec
11% May 10
7% Oct
5
Do
41%
109
Apr
99% Feb 14
Do
12
4,1%
28%
60
64
45
29
61
*76
*41
12
108% 108%
25%
27%
82%
86%
31
32%
*28
60
*63
49%
14%
30
63
40%
47%
*12
15
*44
45
43%
43%
109% 110
*108% 111
27
28
26%
28%
86
85%
88%
87%
32%
32%
32%
32%
*62
'■ 81%
50
*12
38%
30%
2
50% Feb
140
Sep
Dec
Jan
Sep
7
112% Feb
Oct
& P.... 100
Greene Cananea Copper.. 100
Guff States Steel tr ctfs.-.lOO
1,200
*98% 160
48%
49%
x9l
Granby Cons M 8
800
500
107
*90
100
95
*104
Fteb
27
Nov
63%
53%
14484
June
58
18
100
74
47% Apr
4
134% Jan 18
99% Septl3
82% Feb
~
102% Septl9
No par
39% Nov
46% July
7
General Electric.
100
General Motors tern ctfs.,100
Do
pref tem ctfs..____ 100
Goodrich Co (B F)_._.___100
10,300
79
100
June
19% July
63»4 Mar
38% Fej
34% Fe
..100
Nov
27% Mar 12
Do"
pref
100
Distillers' Securities Cory. 100
Dome Mines, Ltd
....10
153", 700
43
43
42%
43
101
100% 100% *100
78
*75
78
78%
41
41
40% 41
44%
*78
400
78
-
Do
pref......
100
Cuban-American Sugar... 100
2,900
*98% 103
37
3334
8
7%
136% 138%
94
96%
8
136
81
5
Do
pref
Cuba Cane Sugar
600
16,700
140
140
*98% 100
33
38%
130,850
72
95
30%
80%
160
8
5,210
,
27%
25
Gas&Elec
Aug 31
68% Septlo
16% Sefrt 4
48%' Fe
100
Copper;
Do
pref..
....100
Corn Products Relinlug_..100
Do
pref
-.100
Crucible Steel of America. 100
85", 084
92%
*90
31%
81%
43%
43%
|02% *100
31%
z91
69%
8%
96
106
29%
98
72%
93%
30%
81%
170
96
*100
31%
96'.i
140%
93%
81%
42%
•30
*98% 108
38%
40%
8%
44%
*96
*95% -99
32%
83
101
98%
98%
95%
99
*100
106
*100
106
31%
43%
102% *100
*41
100
99
83
80
45
101
32%
>
94% 101
*41
98%
106
*150
44%
101
30%
83%
170
43
39%
*...i
31%
*80
45%
98%
106
8%
8%
140
1*3
82
20%
131
Chlno
*78
*120
Apr
Chile Copper...
102% *100
.
88%
1,200
5,500
8,100
39%
43%
*49
104% Mar20
73%
83%
100
*94
117% Nov
17%
49%
*98% 108
8%
*104
123
Jan
17
99
39%
8%
*108
Apr
108%
73%
*150
35%
*77%
49
115% Jan 25
Feb 20
41
48%
*....
170
108
34
101% Junell
Oct
17
33%
50%
Feb
49
42%
101
105% Mar
42% Jan
803$ Jan
70
16%
39%
Dec
32
48%
*43
41%
104
17%
101
Nov
July
100
50
39%
126
...100
17%
44%
5
No par
pref
48%
43%
38%
101
Nov
186
June
600
2,400
700
June
40
18
95
*64
15
62% Jan 25
100
Leather
72%
32
31%
30% Jan 25
pref
50
95
*17%
1534 Oct
41% Oct
Do
17%
32J2
85
81
52%Jan 26
49%
95
39%
Oct
18%
51%
96
*28
23
17%
44%
39%
4
Junell
Jan
Cerro de Pasco Cop
Chandler Motor Car..
101
Jan
156
135
72
3234
515
Highest
$ per share
Oct
32%
32%
5
Oct
Lowest
$ per share
415
Jan
share
per
84
100
73
33%
72%
$
Precious
1916
83% Oct
Central
38,500
104
86
...100
Highest
share
per
for
Year
Butte & Superior Copper... 10
California Petroleum v t c.100
5,000
84
Steel
Range
...100
600
33%
99%
73%
*100
class B common
Do
87%
73
72
43%
Do
88
32%
71%
98
87% 289,300
84
33
9912
*80
8334
72
99%
*99
86
88%
32%
30%
99%
*150
89
88
74'
50
30%
32l2
*83%
Bethlehem
86%
84%
$
Par
33%
69%
,
Lowest
lnductriai&Misc.(Con.)
88
25
*105
Shares
share
per
«
1
basis of 100share lots
On
73
100
29*8
105
*32%
50% 50%
44%
44%
39%
3914
*100% 102
98% 100%
.
105
76
I
Oct. 5.
$ per share
PER SHARE
EXCHANGE
91
*41%
84%
44%j
85%
Week
SHARE
Range Since Jan.
91
,
94%
24%
*16%
*16%
Friday
Oct. 4.
§ per share
87%
95
86% 93%
...
*42 %
84
STOCKS
NEW YORK STOCK
Thursday
Oct. 3.
95
92
!
25%'
25%
Wednesday
Sales/or
the
*90
preceding.
page
PER
BIQH
May28
Dec
Jan
Oct
Dec
71% Mar
70
Apr
79
18
45
Dec
18
34
Dec »325
June
MarlO
100
51%
94
Dec
117
June
598g
Mar
Oct
84%Mar30
151
Jan
22
118
Jan
126%Jan
17
123
June
37%Junelfi
25
July
97% Junell
95
July
63
52
July
6 Par $10 per share,
Junell
»
Par $100 per share.
14184
126
363$
100
66%
Oct
Nov
Sep
Sep
Sep
e'Certifi-
New York Stock
Range
BONDS
Price
Week's
Range or
Last Sale
Since
N. Y. STOCK EXCHANGE
Week ending Oct. ,5.
Friday
Jan. 1
Range or
Last Sale
Price
Friday
U. S. Government.
Bid
O S 3Hs Liberty Loan (w 1)1947 J -D
99.78
O 8 2s eonsol registered...<21930 Q- J
96»4
U S 2a eonsoi coupon .....dl930 Q - J
9634
D S 3s registered
..*1918 Q
-
U 8 3s coupon
U S is registered
*1918 Q
-
F
F
1925 Q- F
D S 4s coupon —
1925 Q
U 8 Pan Canal 10-30-yr 2s.*1936 Q
D 8 Pan Canal 10-30-yr 28— 1938 Q
O S
O 8
97
85
100
—--
Mexico—Exter loan £ 5s of 1899 Q
98% 10178
[104%
July'15
85
85
927g
827g
827g
3
Sale
90
93i2
65
Sale
65
65
94U
9434 Sale
9634 Sale
•,,,
96ig
8834
8834
8812
90
Sale
90
Sale
SOU
"~~6
1
16
97
174
2
Canal Improvement 4HS-1965
Highway Improv't 4 Ha. .1963
J - J
M- S
100
Atch Tod AS Fe gen g 4s... 1995 A - O
Registered
....1995 A -O
Adjustment gold 4s.....*1995 Nov
'302
100%.
57
83
79%
79
-
Cent Ohio R
lstcg4Hs—1930 M- ft
CI Lor A W con 1st g 5s
1933 A-O
.Monon River latgu g 5s..1919 F - A
Ohio River RR 1st g 5s... 1936 I'D
General gold 5s
..1937 A-O
Pitts Clev A Tol 1st« 6a.. 1922 A - O
Pitts A West 1st g 4s..—.1917 J -1
Buffalo R A P gen g 5s
1937 M- S
Oonsol 4Hs
.'..1957 M-N
AI1& West 1st g 4Sgu.i__1998 A-O
Clear A Mah 1st gu g 5s.. 1943 I - J
Roch A Pitts 1st gold 68—1921 F-A
1922 J
-
O
Canada Sou cons gu A 5s... 1962 A-O
Car Clinch A Ohio 1st 30-yr 5s *38 J -D
Central of Ga 1st gold 5s—pl945 F - A
Consol gold 5s
1945 M- N
Chatt Dlv pur money g 4s 1951 J
Mac A Nor Dlv 1st g 5s. 1946 J
Mid Ga A Atl Dlv 58
1947 J
Mobile Dlv 1st g 5s
1946 J
_
-
D
J
*
J
-
J
Cen RR A B of Ga col g 5s.. 1937
M-N
1987 J - J
....*1987 Q- J
J
J - J
N Y A Long Br gen g 4s. .1941 M- 8
Cen t Vermont 1st gu g 4s. .*1920 Q - F
Cheaa A O fund A Inapt 5s.. 1929 J - J
J
-
1939 M-N
193W M-N
General gold 4He
M- 8
M- 8
F-A
A-O
J -D
4s.. 1945 J -D
1992
Registered
...1992
20-year convertible 4 Hs__ 1930
30-year conv secured 5s.. 1946
Big Sandy 1st 4s..
1944
Coal River Ry 1st gu
Gen'l gold 4s Series A._.cl989 J - J
Registered.
...cl989 Q- J
Permanent 4s
..1925 J-D
75%
95%
80%
Gen A ref Ser A
105
1919 J
-
Stamped 4s...
General 5s
si
103
........
Registered
1879-1929 A-O
.
90
84%
941s
100
99%
101 <4 Nov'l«
Sept'17
104
107% Nov'16
107
Feb '17
95
100%
107
99% June* 17
99%
~99%
107% 101% 8ept'17
99%
90%
99% 99%
80
97
i
107%
97
98%
75-84
85
97
85 :■
101% Sept'77
97
Sept'17
A
J
-
-
J
100
102
Sept'17
Juae'13
97% 101% 100
100% Jan '13
.
90
97%
107% 120%
105% 118
100
104%
68
70
Sept'17
91
91
Aug'17
100%
101% 102
104% Jan '17
"77" mi
"75" *757g
8134 Sale
70
81
.
...
76%
86% M ir* 17
75
8134
84
79-%
94%
108%
104% 104%
100
76%
-
O
J
F-A
J -D
J
-
-
J
•No price Friday; latest this week. aDue
81%
75%
98
85
103
.80% Sept'17
9934 July'17
100
78
Sale
June* 17
100% Apr *17
77%
78*8
87
Mar'17
07
77%
67% Sale
6734
Sept'17
71
71
98% Sept'17
07% Aug *17
90% Sept'17
97% June'17
9934 Oct *16
,97% July'15
56
Aug'17
*55 ~ "eo"
64%
109
60
08
112
109
91
96
Sale
Aug'17
109
Apr *
17
96
111
June'17
94%
60%
IHI
118
Nov'16
103.
102% July'17
105% Nov'16
82
80
106% 105
Jan
'17
Sept'17
66%
73
90
May'17
90
May* 17
Cin D A I 1st git g 5s
1941 M-N
C Find A Ft W 1st gu 4* g. 1923 M-N
Cin I A W 1st gu g 4s— ..1953 J - J
25
July' 15
Day A Mich 1 st cons 4 Hs. 193! J - J
Clev Cln Ch A St L gen 43.1993 J -D
20-year deb 4H8-.
.1931 ,J - J
Cairo Dlv 1st gold 4s.... 1939 J
8t L Oiv 1st coll
g
tr g
-
J
-
4s. .1991 J
J
4s.. 1990 M-N
0034
88
75
Registered
*1930
-
64
sale
Cln S A C1 cons 1st g 5s.. 1923 J
O C C A I gen cons g 0s.. 1934 J
-
Jan
64
8f%
71%
70
*65"
79
73%
71%
84
102% 105% 102%
88
95
J
J *105%
79
40
51
_46~"
15
12%
93
Colorado A Sou 1st g 4s
Refund A Ext 4Hs
82%
1935 M-N
Ft W A Den C ist g6s... 1921 J -O
Conn A Pas RIvs 1st g 4s... 1943 A-O
Cuba RR 1st 50-year 5s g..l952 J - J
1021s
88
95%
6%
-
Nbv'10
85% Aug'17
12%
1929 F
Feb '17
88% May* 15
102% JaD '17
107% Aug '17
94
July'08
F
Apr
6
7478 July'17
73% June* 17
71%
93
.1990
:
Feb '17
9912 101
81% 83% Mar'17
83% July'17
CIeve8hort L lstgu 4H»—.1901 A-O
Col Midland 1st gold 4s
1947 J
Trust Co cortlfs of deposit
—
'17
64%
80%
_
Ind B A W tat pref 4s
1940 A - O
OInd A W Istpref 5s...dl938 Q- J
Peoria A East 1st cons 4s. 1940 A-O
Mar'U
July'14
90
....
..*1930 Q- F
1st gold 4s
66%
65"
..1993 J -D
,Cln W A M Dlv 1st
5
5
100
84
5
5
83
78%
105
1
300
484 Sept'17
Sale
78
"46
12%
Sept'17
82%
83
78%
78%
100% July'17
....
....
86%
"94"
Feb
"'16
Del Lack a Western—
Construction 6s
73
101% IO434 Apr '17
111% Deo '15
111% Nov'10
J
..—1923 F-A
Term A Improve4s——1923
Jan. dDue April. «Due May.
100
J
Warren 1 st ret gu g
80% Sept'17
73
May'17
'17
Jan
J
88%
83
88
l02 " ""l02
-
80%
71
112% Aug'17
87
-
Morris A Ess 1st gu 3H8-2000 J-D
N Y Laek A W 1st 68——1921 J - J
J
113'%
69
-
Cln H A D 2d gold 4H8—1937 J
1st A refunding 4s...
1959 J
1st guaranteed 4s...
1959 J
87
....
10
66
84
84«4 Jan" '13....
102% Oot
100% Sept* 17
97% 104% June'10
101% Oot *16
65
106
8134
-
100
J
83
96«4 Feb '16
10
100
-
1952 J
86%
9434
80
76
*
— _
Chic A West lud geh g
Consol 50-year 4s
92
70
76
81% Oot '16
89
Aug *17
86
96%
86
Sept'17
100
104% 102%
102%
104%
104%
104%
109% Apr '10
101
104% 104
Sept'17
101
103% Apr '10
100% 100
Sept'17
101
94
85
78%
88%. 90
J *109%
6s..?1932 Q-M
Deo *16
79
St P A SClty lat g 6s....1919 A-O
Superior Short L 1st 5s g_ol930 M- 8
Chic T H A So-East 1st 5s.. 1960 J - D
76
J
107
^7% Jan '17
76
M-N
75
J
88
96
A-O
*10
lp0% Sept'17
....
■
80%
Apr *17
88%-
97
A
77
85% Nov'16
70
70
90
100%
Aug *17
97% July'17
102% Deo '16
91
Aug *17
*94%
9,7
Income 4s..
...
92
....
*95%
96%
100
C I St L A C consol Bs—.. 1920 M-N
.
9712 100
6
103
.
....
100
M- 8
.
1
9.934
9934
102
99%
103
97% 96%
104% 104%
...
4
*40
82
9978 100
58
103
Mar'17
90
101% 97% June'17
104% Apr '17
97%
Aug '17
867g
95% 90
1077g 107%
107%
105%
Ill
105%
TOO
93
98
78
—
97%....
J
103.
_
80
J *....,
O
78
100
Sale
J
J
96
10034 110
-
1989 J
1989 J
J
J
8
J
Aug'17
78
79
70
80
80%
92
70
72% Aug'17
86%
87
79
Sept'17
79
■
J -D
105%
23
83
75%
July'17
90%
90%
78
90%
7234
86%
103%
103%
-
Spr A Col plv 1stg 4s... 1940 M- S
W W Val Dlv 1st g 48—..1940 J - J
100%
Sept'17
.
72
"85" "90*
Cons 6s reduced to 3Ha.. 1930
Debenture 5s....
1930
Ch St PA Minn Istg0s..l918
North WlscoMln 1st 6s... 1930
103% 10934
97
Sale
101%
General 5s Series B
fcfay'17
"72"
M-N
99%
Nov 16
106% Deo l«
107% 103% Sept'17
83
Consol gold 5s...
1952
Keok A Des Moines 1st 6s. 1923
St Paul A K C Sh Hat 4
Hs '41
Chic St P M A O conk 6s... 1930
107
101% 111%
99
102%
103% Feb 16
106%
103
108
104
#94%
78
100
79
92% Feb '16
C R I F A N W 1st gu 58.. 1921
118%
"79"
'17
9788 Deo '16
84
„
Coll trust Series P 4a
.1918 M - N
R I Ark A Louis 1st
4H8—1934 M- S
Burl C R A N—1st g 5S..1934 A - O
*12
79?g
96% Jan
J
3H8—.1941 J - J
West 1st g 6S..1921 M- S
Railway general gold 4s—.1988
Registered.....
1988
Refunding gold 4s...
1934
20-year debenture 5s—...1932
92%
82%
97%
90% 101%
86
997g 104
J
-
Mil Spar A N Wist gu 48.1947 MSt L Peo A N W 1st gu 5s_1948 J Chicago Rock Isl A Pac Bs.. 1917 J Registered——
1917 J -
"
95%
94%
Nov'16
70
"92"" 94"*
Ext A imps f gold 58... 1929 F-A
Ashland Dlv bit g 6S—.1925 M- 8
Mich Div 1st gold 6s—1924 J - J
91
100
Apr'17
99% June'17
sou
90
89
Mar'17
84% Apr '17
75%
108%
1933 M
Choc Okla A G gen
g 58—01919
88
32
IIII "72"
92%
Mil L 8 A
93%
.
"94" mi
....
100
77%
91
25
63
64
63%,
6100% 110% 112% Mar'17
75
95
100% Apr .17
..
Man G B A N W 1st
3Hs. 1941
Mllw A S L 1st gu
.
9334
85
9012
82%
Sept'17
July'17
9734 Feb *13
76
....
Des PlalnesVal 1st gu
4Hsl947 M- S
Frem Elk A Mo V 1st 6s._ 1933 A-O
97
80
9234 Mar'17
82%
83
51
June* 17
75
90
N
Registered
73%
99
90% Sept'17
82%
8334
87
....
Registered.
—..1921 A-O
Slaking fund deb 5,8—
1933 M-N
105
85%
1987 M- N
1987 M- N
amped
Debenture 5s—.........1921 A-O
93
115
F
Sinking fund 5s—...1879-1929 A-O
95%
100% 107%
July'17
July'15
99% Deo '16
90%
90»4
-
1987 M-N
—
Sinking,fupd 6s..„ .1879-1929 A - O
Registered.—..1079-1929 A-O
84
Jan
J -D
J-D
Registered—.pi987 Q
82
115
105
"29
30
—84%
75
—
General4s.^
95
106%
94% 107
100% 100%
Sept* 17
100
86
July'17
Sept'17
10210D2
33
10034 100% July'17
-
assum g 6s. .1924
.
*78" "89"
Sept'17
31%
98
J
J
J
J
Mllw A No 1st ext
4Hs._1934
Cons extended 4H8....1934
88%
82
'30%
20
102
-
Registered.——
1886-1926 F - A
General gold 3Hs—. 1987 M-N
91
July'16
85%
J
-
Chic A Nor West Ex 4s 1886-1926 F-A
78
80%
98
100
J
100%
84
88
J
J
-
101% 110%
64
91%
79
-
—1940 J
4s....1940 J
.
99% 104%
79%
A
-
100
91
112
-
110%
83
94%
90%
O
f 6s... 1920 J
s
La Crosse A D 1st 5s
93% 192%
93% 102%
85
99%
99% June'15
85*4 Sale
10058 Sept'17
91%
77%
77%
106% 104
July'17
108
104% Sept'17
Fargo A Sou
109% 117%
108% 110
78
87%
50
61%
73
98
3
93
82
Ser B 5s„ _a2014 F
O M A Puget Sd 1st gu 4s. 1949
100
102%
99% 106%
107%' 117%
Potts Creek Br 1st
2d consol gold 4s
conv
110%
58
93
Wis A Minn Dlv g 5s—1921 J<- J
Wis Valley Dlv 1st 6s
1920 J - J
105%
129% Aug 15
-
-
25-year debenture 4s...4^1934 J - J
Convertible 4Hs._
1932 J -D
Chic A L Sup Dlv g 5s. i.. 1921 J - J
Chic A Mo Rlv Div 5s—.1926 J - J
Chic A P W 1st g 5s
1921 J - J
100% 100%
Craig Valley 1st g.fis
R A A Dlv 1st con g 4s
4Hs—a2014 A
Dubuque Div 1st
103
100% 102%
A St Paul—
GenAref4Hs(temporary form)
111
101
Sale
....
100%
98% 101%
82
—..
.....
97
84
...
Registered
....
100% Aug '17
....
1st consol gold 5s:
...
95
78
J
r«r
79%
85
J
39%
9934 July* 17
....
J
-
50
93% May'17
.
J
-
91
93% 102%
10014 May'17
91%
91%
78
Aug'17
80%
80%
—
-
Chicago Milwaukee
85% Nov'16
95
J
97
97% 106
79
94%
w
90
101
Sept'17
78%
J
ChlbLS A East 1st 4Ha..,1969 J -D
101
Sept'17
8534
86%
84
7812
- J
M- S
Refunding 4s Series C....1917 J
97% 104%
....
93
J
Gen'l gold 3Ha Ser B—._ei989 J
General 4Ha Series C...cl989 J
58
86% Sale
F-A
97%
97
"~3
—
—
1947 J
Refunding gold 5s...
88%
"82
..
98%
50% June'17
.
Registered
101
—
.98%
110% Sept'17
108% Mar'17
78
Sept'17
63
Purch money 1st coal 5s„ 1942
Chic A Ind C Ry 1st 5s... 1936
Chicago Great West 1st 4s. .1959
Ohio Ind A Louisv—Ref 68.1947
—
92%
July'17
79%
ptfs of dep
Guar Tr Co ctfs of dep.....
94%
100% Sept'17
— .
...
U S Mtg A Tr Co
98
....
103%
72%
100
330
357
High
Sept'17
Sept'17
77
77
79%
77%
86
86%
86% Sept'17
100% 103% 10034 Sept'17
96%
98% Sept'17
1921 M- S
284
111% 111%Sept'17
103%
103
Sept'17
109%
J
...1958 M- S
Gen ref
300
110
Registered
*1995 Nov
"7812 Sale
Stamped ...*1995 M-N
95
Sale
3onvgold4s
....1955 J'-D
3onv 4s Issue of 1910—1960 -* -D
9512
97
10-year 5s
..———1917 J -D
"9l " ""
East Ok la Dlv lat g 4s... 1928 M- S
68
8434
Rocky Mtn Dlv 1st 4s... 1965 J * J
Trans Con Short L 1st 43.1958 J - J
7812 81
Cal-Ari 11st A ref 4Hs"A"l902 M- 8
9512
8 Fe Pres A Pb 1st g 5s...1942 M- S
9712 103
Atl Coast L 1st gold 4s....*1952 M- S
,84
82 " Sale
Gen unified 4Hs.—.
1964 J -D
100
Ala Mid 1st gu gold 5s.. 1928 M- N
Bruns A W 1st gu gold 4s. 1938 J - J
87tg
Charles A Sav 1st gold 7s. 1936 J - J
11312
L A N coll gold 4s......01952 M-N
78
7934
Sav F A W 1st gold 6s.... 1934 A-0
11434
l8t gold 5s.
9934
1934 A - O
811 Sp Oca A O gu g 4s
98>2
.1918 J - J
Bait A Ohio prior 3Hs.
9014 Sale
1925 J - J
»90*g
Registered
___*1925 Q- J
1st 50-year gold 4s
82% Sale
.*1948 A - O
Registered —........*1948 Q- J *....' 86
20-yreonv 4Hs..—
8234 Sale
1933
Refund a gen 5s Series A. 1995 J-D
9012 Sale
Pitts June 1st gold 6s—..1922 J - J
98%
PJuoc A M Dlv 1st g 3Hs 1925 M- N
87% 88
P L E A W
783s
7912
VaSysret4s_. 1941 M- N
Southw Div 1st gold 3Hs. 1925 J - i
8518 85%
Am Dock vA Imp gu 5s... 1921
Leh A Hud Rlv gen gu g 5s.'20
O
35
1O034 July'17
100i2 102% 100% July'17
,
Cent of N J gen'l gold 5s
J
-
—
—*1995 QJ J
Consul 1st g 6s
-
40%
119
101
6s deferred Brown Bros ctfs-..
Railroad.
•
-
88%
91
Sept'17
101,
42
76%
94
Low
100
Ind A Louisv 1st gu 4s... 1956 J
Ohio Ind A Sou 50-yr 4s—1956 J
2
No.
...-
68%
58%
42
100
Chic A E 111 ref A imp 4s g. .1955 J - J
U S Mtg A Tr Co ctfs of dep.. — ..
1st consol gold 0s——
1934 A-O
General consol 1st 5s—
1937 M- N
81
77%
73%
101%
,84
50%
Highway Improv't 4Hb—1965 M- 8
Virginia funded debt 2-3S... 1991 J - J
Ann Arbor 1 at g 4s
10134
90
58%
40
1927 M-N
General4s
92% 97
86% 86%
9434 100%
94% 100
94% 100%
80%
7 "4
100% July'17
100i2
10134 106
8234 -84
*99i2
65
97
-
4H8-,
1917 M-N
4H% Corporate stock... 1957 M-N
3H% Corporate stock
1954 M-N
N Y State—4s...
1961 M- 8
Canal Improvement 4s...1961 i - J
Canal Improvement 4s.„1962 J - J
Canal Improvement 4s... 1960 J - J
Canal Improvement 4HS.1964 J - J
90%
2
High
88% Sept'16
113% Feb '15
..
99
1949 J
Southwestern Div 4s.
93
90
Ask Low
85
„
98%
90%
82%
'"40
8834
88% Sept'17
78
7812
75lg
75ig
88i2
93%
90
93i2
49% July'17
t"75% Sale"
93
109
9912 Sept'17
9612
9634
86% Sept* 17
95%
9512
94%
943g
94*8
947g
8612 90
9518 Sale
88
85
793
Bid
70
J
-
Sinking fund 4s...—1919 A-O
Joint bonds.
See Great North
102%
5
F-A
J
Nebraska Extension 4s...1927 M-N
96
9834 ■' 9912
9634 Sale
M- N
M- 8
A-O
...1949 J
Illinois Dlv 4s
Feb '15
_
New
Illinois Div 3Ha
Oct.
Iowa Dlv sinking fund 58.1919 A
35
Gold debt 4s of 1904..... 1954 J - D
35i2
Aug'17
91
91
Sale
9134
Parte, City of, 6-year 6s
1921 A - O
79
79
Sept'17
Tokyo City—5S loan of 1912
M- S I 7534
98
C K of Gt Brit A 12-yr 5b. 1918 M9778 Sale
9758
9412
9434 sale
95%
3-year 5H temp notes
1919 M- N
92 7s Sale
927g
93%
5-year 5 H temp notes.... 1921 M-N
99% Sale
Temporary notes 5 Hs.
-1918
98l2
99
98i2 Sale
Temporary notes 5Ha
1919
XThese are prices on the basis of $5to£
„State and City Securities.
98
N Y City—IXe Corp stock. 1960 M- S
9812
98%
9734
9834 Sept'17
*Hs Corporate stock
1964 M- S
9734
98% Sept'17
9834
4Hs Corporate stock....1986 A-O
102
4Hs Corporate stock....1965 J -D 10l7g Sale 101%
101*8 Sale 101%
102%
4Hs Corporate Stock..1963 M-S
95
95
94%
97
4% Corporate stock.....1959 M-N
94%
99
94%
94%
4% Corporate stock..... 1958 M-N
94% Sept'17
937g
97
4% Corporate stock.....1957 M-N
97% Jan .'16
92i2
94
4% Corporate stock.....1956 M-N
New 4Hs
10134 1017g IOD4
101%
-——1957 M-N
-
110
104% 111%
90
X
-
9934
99%
99
921s
J X 88
J
LFons (City of) 3-yr 6s
.1919 M- N
Marseilles (City of) 3-yr 6s. .1919 M- N
99%
Chesapeake A Ohio {Con)—
Greenbrier Ry 1st gu g 48.1940
Warm Springs V 1st g5s—1941
Chic A Alton RR ref g 3a—1949
Railway 1st lien 3H8--—-1950
Chic B A Q Denver Dlv 4s. ^1922
99%
Registeredl
A
-
High
100.30
90%
9514
--
....1931 J
99
92% Sale
82% sale
4HS———.1949 F-A
Dominion of Canada g 5s
1921 A - O
Do
do
1928 A - O
Do
do
1931 A - O
French Repub 5Ha secured loan. —.
Japanese Govt—£ loan 4Ha-1925 F - A t
-
Low
95% Sale
External loan
J
....
... -
No.
11921
97% Sept'17
99% Jan '17
99% Sept'17
99%
997g
106% Sept'17
105-%
105%
98% Oot '15
—...
....
Bordeaux (City of) 3-yr 68.1919 M-N
Chinese (Hukuang Ry)—5s of '11 J - P
Cuba—External debt 5s of 1904. Nl - S
second series 4H8-1925
Do
do
"German stamp".
....
97
97%
80
Foreign Government.
Amer Foreign Secur 5s
1919 F-A
Anglo-French 5)-yr 5s Exter loan. A - O
Argentine—Internal 5s of 1909-. M- S
-
99.72
—>
105%
-
High
100.30
Ask Low
Sale
99%
105% 106
-
Exterdt5sof '14ser A...1949 F
.
99%
F
F
-N
Panama Canal 3s g—i 1961 Q-M
Philippine Island 4s.l914r34 Q - F
Sterling loan 4s
5
Oct.
ending Oct. 5.
bonds was changed and prices ewe now—"and interest"—except for income and defaulted bonds.
Week's
BONDS
N. Y. STOCK EXCHANGE
Week
1401
Exchange—Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Exchange method of quoting
M-N
3H>—2000 F-A
78
78
83%
103
107% 10334
99%
99% Sale
91
90%
94%
74% 82% 102%
Sept'17
Sept'17
99%
Sept'17
Feb '03
8134
pDue June. *Due July. *Due Aug. oDue Oot. pDue
Nov
9 Due Deo.,
#Optlon sale
New York Bond
1402
Is
Week's
Range
BONDS
Range or
Since
N. Y. STOCK EXCHANGE
Last Sale
Jan. 1
Week ending Oct. 5.
Bid
101
M- S
Registered...
No.
101% Mar'17
"95% "of"
J
Apr '17
1st Ilea equip g
J
1st A ref 48—-.
M-N
86% Sale
95%
86%
93
93
93%
A-O
75%
75
Sept'17
M-N
105%
-
J
-
J
J
-
J
77
F-A
J
J
52%
95
J- J
67%
70%
67%
57
58
57
J
95
93% 100
J
"86 " "90""
J
-
M-N
M- S
1
95%
....
M- 8
3d ext gold 4J4s..—.
94
....
....
V.0 m m
'17
—-
98%
97%
99%
9434
100% 109% 107%
79
79
....
Deo '10
2
70%
-
J
-
J
J
-
J
6334
53
J
-
J
73
73
F-A
88
88'% Sept'17
49
49
49
48
50.
50
15
49%
60
20
48
58
60
27
58
50%
A-O
do
Gen
conv
—.
A-O
47
A-O
Series B.....
4s Series D_.
57%
J
-
J
'mm*
J
-
J
....
J
-
J
m
106
*98%
93%
-mm*m
74
m''mrnm'm
mm
108
EVA Ind 1st
cons
J
-
cons
08—1921 J
-
J
1st general gold 5s.
*~m
vvwiy
iDU
/J( Ox
«7UO
Great Nor C B A Q coll 4s.. 1921 J
Registered —.——.1901 J
St Paul M A Man 48—1933 J
1st "consol gold 08—1933 J
Registered .—.——.1933 J
Reduced to gold 4^8.1933 J
Registered ———1933 J
-
-
95
J
-
—
J
100
J
95
99
102% May'10
89% 89% Aug '17
95% Mar'10
89
84%
....
*85%
100%
J
110%
-
J
-
J
100
J -D
99
Feb'
113
10
«
109% Aug '16
79% 69% Deo '16
....
10%
-
81
J
mmrnrn
A-O
10%
80
Sale
81
95
-
J
-
J
65
-
J
93
92
J
mmrnm
92
84
mmrnm
mjmm
M- S
.
mmrnm
mmrnm
*
70%
....
62
78
L N O A Texas gold 4s—.1953 M-N
M-N
-
J
-
J
J
-
....1951 J
Registered
-
Western lines 1st
Registered
-
1951 F-A
Bellev A Car 1st 0s
1923
Carb A Shave 1st gold 4s. .1932
Chic St L A N O gold 5S..1951
Registered
1951
Gold 3Ms-.
-.1951
.......
J -D
84
00
"60 " "69%
947^ ~97 "
99
101%
2d gold 4s. *
89%
105%
'89% _98%
19
"80% "95"
75
*89 " "94%
mmrnm
mrnmm
mrnmm
"72"% "72%
65
mrnmm
71
69
87%
mmrnm.
mmrnm
10734 117% May'lO
mrnmm
Sale
100
mrnmm
mrnmm
J -D
17
100
mmrnm
mmrnm
Feb '11
Oct *09
84%
90
100
mmrnm
94%
4
90
88
Apr'17
81
June'17
89
Kansas City Sou 1st gold 3s. 1950 A-O
1950 A-O
Apr 1950 J
-
J
Kansas City Term 1st 48—1960 J - J
Lake Erie A West 1st g 6s—1937 J - J
2d gold 6s
—1941 J - J
North Ohio 1st guar g 5s.. 1945 A-O
J
-
J
J
-
J
76%
95%
74%
61%
Apr '17
mrnmm
80
M-N
m
m
mm
Sale
63
Oot *00
80
82
80
80
80
•
to..
93
102%
88
88
80% Feb '17
89% Mar'17
92
Sept'17
88
Sept'17
8312 July'17
95% Jqly'17
99
90%
86%
95%
92
87
9212
97%
Nat of Mex prior lien
lst consol 4s
New
a Due
Jan.
-
-
-
4Ms>- l®26 J >
1951 A
95%
89
94%
94% 100
Registered
—
....;
MF
A
-
1998 F
-
1998 F
-
82%
93-
71%
Beech Creek 1st gu g 4s.. 1936 J
"79% "of"
Registered ————...1930 J
2d guar gold 5s.^.....1936 J
Registered
...1936 J
8
5
80
95
mmrnm
mrnmm
80%
89%
mmrnm
92
mmrnm
901a
....
83
90
102
101%
83%- 91%
' 95% 102
6Due Feb*
43%
85%
83
.....—
Sept'17
45
88%
85% Sept'17
92
.45
*17
Jan
94% Aug '17
"94"
95
Dec '16
64
64%
37
38%
27%
30
37%
37%
27% Aug '17
.
65
51
49% 8ept*17
"30 T
32
31% Sept'17
30
31
40
6634
68
42
Nov' 16
69% Apr '17
70% Mar'17
69%
64
,
45
62
50%
mm**
45
Sept'17
72%
72%
50% Sept'17
51
Deo'16
39%
61
45% Feb '17
75
.56%
93% Sept'17
90
89%
88
89
88
88
2
56%
57
257
5634 Sale
100%
90
-
100
May'17
Jan
9934
Northern, 1st
g 5a
0
1923
Due pot.
3
'17
July'17
60% Apr"'17
82
100
,
67
Apr '17
Feb '13
Aug
'16
77% Dec '13
60%
110
Mar'05
"84" IIII
92% Dec '16
10034 Apr *17
88% 100
Sept'17
94%, 96% 94
102
July* 14
"73 " ~76" 73 Sept'17
80% Oct '17
"7l" "74"
71
71
78
Sep '15
90%
102% 105% 10434 Aug ',17
Feb *16
101% 104% 109
68
55
July'17
....
93
101
85
78%
102
S
85
....
100%
*—
102
July'17
Aug '17
Sept'17
Sept'17
110% Mar'17
30
30
May'17
35
"20" IIII
Aug '16
96% Feb '13
30
Oct '16
59
—.
Dec '10
70
July'17
94
.
9734 Sale
—7734
89% Sale
74% 76is
73%
i
81% 82
—
94%
44%
98%
77% Sept'17
89%
90
6
97
195
7434
74'%
Sept'17
81%
81%
66
....
69
66
60
Dec'16
60
6734 Sept'17
69
Sept'17
75
Mar'17
"85% "95% "96% Apr"
"90% IIII
17
9534 Nov'16
May'16
104
-
70%
85
89
...i.
69%
101
# Option sale.
"50
1
74
92
"66 " Sale"
2
40
"71% IIII "94"
A Dun July.
2
"60 "
85
Moh A Mai 1st gu g 4a—1991
N J June R guar 1st 4s... 1986
NY A Harlem g 3 MS—.2000
N Y A
10
"88%
To" IIII
0Due June.
10
Feb '16
44
mm**
60
46%
June'17
Beech Cr Ext 1st g 3M8.61951 A
Cart A Ad 1st gug 4a
1981 J
Gouv A Oswe 1st gu g 58.1942 J
101
88
mrnmm
45
"78" "87"
48
60
mm
46.
60
94% Sale
mmmm
3
'16
80% Sept'17
46%
54%
56
mrnmm
mm m
46
-
Mich Cent coll gold 3 Ms—1998 FRegistered
1998 F Battle Cr A Stur 1st gu 3b. 1989 J -
-
Sept'17
103% not
-
..—1997 J ...1934 M,1934 M-
—
Nov'10
108
"74" ~79%
A
3MS-1997 J
Debenture gold 4s
Mar'10
75
91% June'17
1
107
g
Orleans Term 1st 4s... 1953 J
Registered
81
96% Aug '17
81
•No price Fr'day; latest bid and asked this week,
96
90
82% June'17
60% Sept'17
-
.1938 M58-1947 FSt Louis Dlv 5s.
_.._1927 J St L A Cairo guar g 4s—.11931 JNashv Chatt A St L 1st 6s__ 1928 A Jasper Branch 1st g 6s...1923 J Nat Rys of Mex pr Hen 4Ms. 1951 J Guaranteed general 4s. ..1977 A -
Montgomery Dlv 1st
Lake Shore coll g 3 Ms
93%
76%
M-N
4 Ms
96
90
65
gold 0s— :_1927 J
gold 6s—
61927 Q
Registered
—.1951 J -D
"82" "9(j"
1st ext
new
N Y Central A H R g
mmrnm
94%
96%
Mob A Ohio
Non-cumincome 5s A.... 1935
N Y Cent RR conv deb 08-1935
Consol 4s Series A__...._ 1998
Ref A Imp 4Ms "A".—2013
90
1
-
N O Tex A Mexico 1st 08—1925 J
mmrnm
90
94%
72%
1920
„N O Mob A Chic 1st ref 5s_. i960 J
84%
1
114
-mmrnm
g 5s.
F
J
J
F
J
A
A
J
,
"76% "83""
«
103
con stamp gu g 5s.. 1031
Unified A ref gold 4s... 1929
Registered
1929 J Rlv A G Dlv 1st g 4s...1933 M Verdi VIA W 1st g 68... 1926 M-
92
85%
89%
"77"
11i1
106
General gold 4s
mrnmm
100
100
Cent Br Ry lstgu g 4s—1919
Cent Br U P 1st g 4s—...1948
Gen
85%
Apr *17
40-year gold loan 4s..—1945 Mlst A ref conv 5s.....—..1959 M-
mmrnm
mmrnm
Aug *17
79
1
3d 7s extended at 4%.... 1938 MBoonv St L A S 1st 5s
gu. 1951 F -
mmmm
mrnmm
98% July'17
102% 100
"80 " i 1 1 i
11920 M-
Pac R of Mo 1st ext g 4s__ 1938
"75%
105
.
mrnmm
mmm'm
Jan
—;—
2d extended gold 5s—. 1938
St L Ir M A S gen con g 5s. 1931
mmrnm
90
—
80'
"
10834 Nov'16
+
Trustgold 5sstamped...aI917 M
1st collateral gold 5s—.. 1920 F
Registered —1.—.—1920 F
88%
mmrnm
mm
..
Missouri Pac 1st cons
g 6s.
mm
Nov'10
mm
—
—
....
98
97% May'10
'±*
m
93%
1st A refunding 5s
.,—.1926
1st A refunding 5s ——1965
15%
86%
93%
80
98
*mmm
68%
Missouri Pacific (reorg Co)
1st A refunding 5s —1923
Leroy A C V A L 1st
1
J
-
General4s
80
97
m*-*
89%
M K A T of T 1st
gU g 5S. 1942 M- S
Sher Sh A So 1st gu g 5S..1942 J - D
Texas A Okla 1st gu g 5s.. 1943 M- S
115%
82%
8934
103%
"93"
118
86%
98
.08% 108%
.13
124%
Sale
98
2004 M- S
85%
m
—
-
sinking fund 4Ms... 1936 J
92
m
"III 100% 100% July 17
103% July'17
10334
98
90% 98
Sept'17
106
Aug '17
102% 112
QQ
104% Feb '17
79% "83" 90% Apr '17
104
July'17
102%
5612 60% 60% May'17
78
82
81% Sept'17
-
St Louis Dlv 1st ref g 4S..2001 A - O
Dall A Waco 1st gu g 5s.. 1940 M- N
Kan City A Pac 1st g 48-1980 F - A
MoK AE Istgu g 5s
1942 A-O
M K A Okla iBt guar 5s.. 1942 M-N
10
88
J
Gen
80
96% Aug '17
Aug'16
86
July'17
110% 112% 110% Sept'17
100% 109% 102% May'17
88
88%
88% 90
96% Jan '17
100
84-
J
121
loo"
2
'11
92% 104%
90
M- N
"99 "
78
June'16
92
D
...1944 M- N
92
80% Nov'16
1
1st ext gold 5s...
1st A refunding 4s...
mmrnm
.84% May'17
1
-
J
J
J -D
yl990 F-A
mmm'm
»
t
1st Chic Term s f 4s—1941
MSS M A A 1st g 4s int gu.'20
Mississippi Central 1st 5s.... 1949
Mo Kan A Tex 1st gold 48-1990
93
95
17
Jan
103% Apr '17
J
MStFASSMcong4sintgu.l938
90%
99%
Sept'17
77% Aug '17
80
June'16
....
-
Refunding gold 4s—1951 M- 8
J - J
96
96%
mm m m
J -D
St Louis Sou 1st gu g 4s.. 1931 M- S
Ittd III A Iowa 1st g 4s...—1950 J - J
Int A Great Nor 1st g 0S—.1919 M-N
James Frank A Clear 1st 4s. 1959 J -D
eons
Des M A Ft D 1st gu 48-1935 J
Iowa Central 1st gold 5s-. 1938 J
90
65
69%
70"
General
102
rnm'mm
mmrnm
mmrnm
refunding gold 4S...1949 M- 8
Ref A ext 50-yr 5s Ser A.. 1962 Q - F
*mmm
mrnmm
rnm'mm
Ref A impt 5s
Feb '14
N
1st A
mmrnm
mrnmm
J -D
Registered
3
-rnmm
72% Jan *17
........
...1951 J -D
Joint 1st ref 5s Series A. 1903 J -D
Memph Dlv 1st g 4a...1951 J-D
Registered
28%
M*'m
5
75
70% May'17
83
Aug '12
mrnmm
02%
M- S
Registered
■
mrnmm
80
74
61
.
mmrn'm
May'14
Apr '17
99 — 192
69
July'09
89
785g
mmrnm
J
J
g 4s..—1951 F-A
......
28%-
mmrnm
mrnmm
mmrnm
75
84
••
J
Spring! Dlv 1st g 3Ms...1951
Sate
-61
J
i-.195l
81
mmrnm
' *
95% Sep *12
82% Sept'17
85% Jan '17
mmrnm
Middle DJv reg 6s.1921 F-A
Omaha Dlv 1st gold 3s... 1951 F-A
St Louis D1V A Term g 3s. 1951 J - J
Gold 3Ms;
1
Nov* 15
ttf'i
80
82%
70%
J
1953 J
Registered..
75
J -D
m
mmrnm
Sale
Registered
...1952 AO
1st refunding 4s..._.....1955 M-N
Purchased lines 3
.1952 J - J
m
80
mmrnm
'mmrnm
80
J
108
67
a.
*,*t*m
M- S
-
07
mm m m
June'17
80
05
A-O
J
Sept'17
Sept'17
78
—
A-O
Registered .——-1953
Cairo Bridge gold 4s..-.1950
Litchfield Dlv 1st gold Bs.1951
Louisv Dlv A Term g 3 Ws.1953
Nov'16
90% Apr '17
97
Sept'17
97
J
mmrnm
81
88
-
cons g 4s—1977 M- S
Stamped guaranteed—1977 M- S
Midland Term—1st s f g 58.1925 J - D
Minn A St L 1st gold 7a.... 1927 J -D
Pacific Ext 1st gold 60—1921 A-O
1st consol gold. 0a——.—. 1934 M- N
mrnmm
9734Jan '14
82% Aug'17
mmrnm
82%
87%
69%.—
F-A
----
10%
June'17
M
"92% IIII
Mex Internet 1st
mrnmm
100
80
J
J
100
hi- 8
M- S
118
"3
June'17
136% May'06
Sale
A
111
17
—T
ta...
J
J
100% 108
94%
J
-
Gen cons gu 50-year 5s. 1963 A - O
L A Jeff Bdge Co gu g 48—1945 M- S
Manila RR—Spu lines4s..: 1936 M-N
mmrnm
mrnmm
95
....
70
-
Apr
•
8512 Nov'15
86% July'17
108% Jan '17
immmm
•
Extended 1st gold 3Ms.—1951 A-O
,
118
99
90%
85%
J
114
91%
-
—....
5
June'10
89% Sept'17
Aug'17
-
-
Registered .——1951
1st gold 38 sterling—1951
.Registered
1951
Collateral trust gold 4s_. .1952
96
-
99
mrnmm
93
111
..1951 J
Registered
93
mrnrnm
mmrnm
95%
94% Sept'17
9534
86%
J
3Ms.——..1961
94%
....
107% 120
J
Houston Belt A Term 1st 6s. 1937 J
Illinois Central 1st gold 4s.. 1951 J
Registered
...1951 J
1st gold
Sale
J
-
J
Aug '10
July'17
85% June'10
J
Feb
Debenture otfs "B"....
Gull A 811st ref A t g 6s. I&1952
Hocking Val 1st conk g 4 Ms. 1999
Registered
......1999
Col A H V 1st ext g 4g—.1948
Col A TOl 1st ext 4s——.1966
60
-
-
82% 100%
mmrnm
-
-
Minn Union 1st g 08—1922 J
Mont G 1st gug 6s———1937 J
Registered —1937 J
1st guar gold 5s.,..,193JZ J
Green Bay A W deb ctfs "A"
92
....
mm*m
102%
89"
J
-
SAN Ala eons gu g 5s... 1930 F-A
112%
100
102% 1O0»4
mmrnm
mmrnm
90
J
107%
mrnmm
mm*m
*94%
J
Registered ——.1937 J -I)
Pacific ext guar 4s £—.1940 J - J
E Minn Nor Dlv 1st
g 4s. 1948 A-O
6s.. 1938
Nov'a
June'12
89% Aug '17
87%
.
Will A 8 F 1st gold
95
56
Mont ext 1st gold 4s—1937 J -D
„
108
mm**
mrnmm
103
100
95
mm
mmrnm
93%
Registered———i... 41921 Q- J
1st A ref 4 Jis Series A—.1901 J
;
mrnmm
85% June'17
'mm**
J -D
Fort St U D Co 1st g
4^8-1941 J - J
Ft Worth A Rio Gr 1st g 4s. 1928 J - J
Galv Hous A Hen 1st 5s
1933 A-O
"
100% Jdne'17
mtmmrn
mm
'mm
m mm
mmrnm
mm mm
A-O
»<wwf
0
mm*ifm
'
A-O
H
*17 'immm '
28% Jan '17
101
mrnmm
'17
Jan
-
F
NFIaAS 1st gug 58—. 1937 F-A
N A C Bdge gen gu g
4Mb. 1945 J - J
Pensac A Atl 1st gu g 6s—1921 F-A
109
.mmm
June'17
mmmm
97
A-O
mmrnm
Jan
07
J ."mmmim
gug 6s..
KvatiBy A T H 1st
62
103
101
J
79
80
79
80
.
99% 109
106% 106%
Nov'17
94% 108
,91%
J -D
-
mmrnm
79
80%
97
10834 Jan *17
- D
Hender Bdge 1st s f g 0s.. 1931 M- S *104%
105% Aug '17
79
74
81
Kentucky Central gold 4s. 1987 J - J
Aug *17
Lex A East 1st 50-yr 5s
97% Sale
97%
97%
gu 1905 A - O
LAN AM AM 1st g 4 Ms 1945 M- S
94
Aug '17
86% 96
L A N-South M Joint 4s. 1952 J - J.
79% 81% May'17
95
Feb '05
Registered ——A1952 Q- J m*'m>* mm'*
68%
68%
j
-.981;
Atl Knox A Nor 1st g 5s.. 1940 J
1 84
100
mmrnm
100% Dec *06
m~~m
5i%~73%
'88 " "90"
emrnm*
June'17
102% July'17
6834
A-O
t/U —
mmrnm-
102% Mar'17
84% 82% Aug *17
....
M-N
Q|
....
——
IF-A
U
100
....
J - J
F-A
_
July'17
1123s Aug '17
....
95
J
-
M-N
Q
103
111
'M-N
J
2
100%
106% Jan '17
-
-
60
....
10334 10334 Aug '17
,ArO
2d gold 4 Ma
'm mi
87%
June'16
99% 100% 100%
f M-N
Paducab A Mem Dlv 4s.. 1946
St Louis Dlv 1st gold 08—1921
2d gold 3a—
.—1980
Atl Knox A Cln Dlv 4s.—1955
....
54
-
NOAM 1st gold 6a—1930 J
2d gold 0s——1930 J
99% 10?%
J
1940 J
—
EH A Nash 1st g 08.. —.1919 J «D
L Cln A Lex gold 4M8—.1931 M- N
...
J
—
1940 J - J
Collateral trust gold 5s...1931 M- N
....
July'17
Nov'15
Deo *16
79%
84
M- S
Registered
104% 109%
98%
99%
1
98%
99
97% 100%
J0ne'l7
5«—..........—,.1937 M-N
Unified gold 4s—......
104
....
98%
84
Gold
94" "94"
104
A-O
M- S
Nor Sh B 1st con g gu 5s.ol932 Q - J
Louisiana A Ark 1st g 5s... 1927 M- S
Louisville A Naahv gen 6s.. 1930 J -D
92
90
"72" "80
1949 M- S
...
N Y B A M B 1st con
g 5s. 1935
N Y A R B 1st gold 5s—•—1927
....
Jan
100
96%
A-O
J -D
Registered..
Registered
84
100% Sepf'17
94% June'16
85% Feb *17
90
July'17
99% Oct *06
89'
May'17
95% Feb '17
85%
98%
79%
Guar refunding gold 4s... 1949 M- S
.104% 105%
95
104,
'13
■%—
105
81%
72%
....
20-year temp deb 5s
7412
...
105 • Sept'17
100% 107
98% 98% Mar'17
M- S
...
1922 M- S
"96"
1949 M- S
1934 J - D
1937 M - N
Debenture gold. 5s..
.
Oct
"si" Apr" 17
75
.1932 J -D
84%
Jan '17
104
102
99
M-N
Erie 1st consol gold 7s.
N Y A Erie 1st ext g 4s.
2d ext gold 5s..——.
38
....
Sept'17
94
gold 5s..hl931 Q- J
A1931 Q- J
1938 J -D
55
....
106% Mar'08
A-O
eons
6712
....
A-O
Registered
.
103% Aug '17
105
"86% 31II
1945 M- S
Unified gold 4s—
38
100~IIII
J
Gold 4s.
....
74
J
-
68
98
58
75% July'16
Aug '17
83% 84
105% Feb 17
9934 103
>J -D
M-N
J
-
2
Deo '16
82
-
4
98% Mar'17
~60" "81%
J -D
Dul Mlasabe A Nor gen 5i
Dul A I ron Range 1st 5s..
—
1933 J
——1933 J
1st consol gold 4s—
General gold 4s..
Ferry gold 4Ms—
....
57
fM-N
90
No.
Mar'17
Registered
Long Isld 1st
91
4912
High
Feb'17
113
-
1st Int reduced to 4s— ...1933 J - J
Leh A N Y 1st guar g 4s.... 1945 M~ S
....
67%
A-O
Det Rlv Tun—Ter Tun 4 j
"47
54%
Aug'17
111% 114
Registered
"86 "
75
or
O
Leh Val Coal Co 1st gu g 5s.
89%
67%
Ask Low
Bid
99%
75
Range
Last Sale
5.
Registered —.——..1941 A-O
Leh'V Term Ry 1st gu g 5s—1941 A
107
93
77
61% Apr '11
38
July'17
" nil
*35
24:
75
Aug'17
37
J
-
m-
.
75
78
84
....
80%
18
112% Deo 16
68%
70
54% Sale
D
-
J
Guaranteed-.
-
J
7734
68% Sale
73%
75
J -D
1st A refunding 5a.
Sate
Week's
Friday
Oct.
High
101 i2
101% 101%
5
95% 101%
95%
86%
A-O
Low
101
High
Ask Low
M- S
Det A Mack—let lien g 41
Gold 4s.—-.---.--...
Price
Price
Friday
Oct. 5.
BONDS
V. T. STOCK EXCHANGE
Week ending Oct. 5.
[VOL. 105.
Record—Continued—Page 2
Nov'18
Mar
"16
89% Feb '16
May'17
80
101
June'17
"i7
t
'
•
,
■
■
New York Bond
Oct. 6 1917.]
Week's
Range or
Oct.
Last Sa\e
n y Cent abrer (Con.)—
n y & Pu 1st cons gu g 48 1993
o
5s—a1922 A- o
rwaot h 1st gu g 58.. 1918 m- n
99*8
rw ao
eon lat ext
Rutland 1st
con g
1932 J
-
d
-
j
73i2
.J
62%
70>8 \pr ' 17
•
J
■
j
2d gold 6s
1996 a- o
Utlca a Blk Rlv gu g 48-1922 J - j
Lake Shore gold 3^8—^.1997 j - d
Registered
1997 j
Debenture gold 4s
1928 m-
25-year gold 4s
1931 m
85
*92%
97
75]s Sale
*
..
75%
78
90%
6
Sale
88%
90%
49
95
97%
9634
■
j
m
98% 105
—...
■
85
_65 ~ mi
76
10334
Prior lien
90
84i2
~S7~
82
62%
"6912
86
Sept'17
84%
84%
80%
9134
83
95%
88
89
June'17
62% Sept'17
80l2
80
78
81
81
923a
93
,
'17
94
93%
Non-conv deben 34s
1947
Non-conv deben 34s
Non-conv deben 4s
s
s
1954 a
m
100% 100%
48
1955 j - j
1958 m- n
Convdebenture 3 4s--___ 1956 j ■ J
Conv debenture 6s.—;
1948 j ■ J
Non-conv deben 4s—
Cons Ry non-conv 4s..-.1930 f
Non conv deben 4s
1954 j
■
54
56
"54" "68"
Sept'17
64
85
50
,50
91% Jan
Adjustment 5a„
79% Apr *16
■
J
Non-conv deben 4s
-
o
1955 a
Non-conv deben 4s
1956 j
Harlem r-Pt Ches 1st 4s. 1954 m
b a n y Air Line 1st 4s.. 1955
■
f
■
n y Prov a Boston 4a... 1942 a
■
o
nyw'chesAB 1st ser 144s'46 j ■ j
nha Derby conscy 58--1918 m- n
Boston Terminal 1st 4s... 1939 a • o
New England cons 5s
Consol 48-..i..
1945 j
■
j
j
-1945 j Providence Seeur deb 4s_.1957 m- n
Prov a Springfield let 58.1922 j ■ j
ProvldenqeTerm l8t48._ .1956 m- s
WACon East 1st 4 4s...1943
n yo a w ref 1st g 4s
01992
j •
mRegistered 85,000 only..01992 mGeneral 4s
J
8
Improvement a ext g 6s-.1934 f
New River 1st gold 63. ...1932
•
a- o
■
1996 a
Dlv'l 1st lien A gen g 4a. 1944 J
j
•
1932 m
conv is
1938 m S
Pocah c a c Joint 4a
1941 j ■ d
o c a t let guar gold 5s. .1922 j • j
fjclo v a n e 1st gu g 48- 1989 m- n
cunv 4 48...
_
Nor Pacific prior lien g 4a.-.1997 q
Registered
.'
1997 q
General lien gold 3a
o2047 q
Registered
a2047 q
•
•
•
■
■
......
St Paul-Duluth Div g 48—1990
St p a n p gen gold 68...1923
j
f
-
j
1st consol gold 4a—....1968 j
Wash Cent 1st gold 4s._.. 1948 q
•
rrab'ge 1st
57.
Apr '16
57
57
65%
74
Aug'17
74
108%
96% Aug '17
109
Sept'17
112
122
85
107%
98
...
8678 Sale
197%
86%
87
"81" "83"
*110" 111 "
115
84
85
80
81
84
Sale
86
85
July'17
" "93%
84%
94
S
1948 m- n
....i960 f -a
■
....1965 j -d
—
a
n
1921 j
Guar 343 coll trust ser b.194i f
-
Guar 34atrustctfaC
1942
Guar 3 4s trust ctfa di.__.1944
Guar 15-25-year gold 4s__ 1931
40-year guar 4a ctfa Ser e. 1952
Cin LebA Norgu4sg.
1942
1935
c1 APgen gu44saer a..1942
c1a Mar 1st gu g 44s
-
A
1942 a- o
Series b
Int reduced to
3^8—1942
Series c 34s
1948
Serles e 348-.
1950
Erie a Pitt8 gu g 34b b..1940
a mf j -
o
Jan
17
100
' 100%
Sept'17
68
88%
68
109"% 110*
Sept'17
81
Aug '17
79
95
Apr '17
93%
99% July'17
....
99%
101% July'17
93
Aug *17
8934
99
99%
13
135
91%
8934
8934
92
97%
"92" loo"
"99%
Mar'17
99%
99%
97
Sept'17
97
76
87
Feb '17
87
87
75%
81
Aug '17
80
86«4
81%
,81%
9934
81%
"86
8934
85
83%
91%
92%
'87'
Series c guar
Series d 4s guar
Series E 3 48 guar gold
•No price Friday; latest
1942
1942
1945
RMa
aam
mf -
'89 ~ "97"
9234
Aug '17
86
96% May'17
Apr '17
86
102
104
76%
76%
83
91
96% 100%
102
15
88% Feb *17
Apr *17
88%
89%
88
88
88
90% July'12
lod'
99
Mar'17
90
93
93
99
~ "99"
May* 14
92%
May'10
93%
"95'
9334
98«4
9834 Apr '17
99% Feb '17
o
95%
o
95%
99%
99%
n
96
98
n
9134
A
90%
98»4
99%
99%
88% " 88%
88% Sept'17
*82
9734 103%
102%
9734 Aug '17
July'17
98
June'17
99
98
99
69%
95% Oot *16
"95"
96
bid and asked. aDue Jan.
Deo
93
96% Feb *12
90% )ct *12
76
78
81% July'17
8734 Deo '16
89
Aug'17
102
92%
j
•
9234 Apr '17
76
S
Series b guar
99
993s
97%
Ohio Connect 1st gu
pcc a 8t l gu 448 a—.1940
,
90%
95%
10538
io434
105%
98% 102
Mar'17
-j
95%
90
-
J
-
J
94
Sale
-
J
99% 104
iiii "89"
97% Sale
J
70
1948 J
-
J
-
J
J
j
1919 m-n
m-
8
....
80
75
"iii
~
100
99
100
103
100
"98% "99"
100
—
82%
....
95
93%
99%
82
j
"95%
-d
91
Mar
60
j
-
j
-
j
j
-
70" "74"
10434
ct
101%
103% Aug '16
9934 108
9934 Sept'17
90%
93%
93% Mar'17
95% Mar'17
70
96
93%
93% 101%
93% 8opt'17
94%
.94%
86
91%
95
17
94% 102
88%
86
Mar'17
91
100%
105
Mar'17
Feb
95% July'17
s95%
'91
91
100
102
64
May'17
64
04
89
Apr '17
89
89%
106% Nov'04
^
100
90
IIII "80%
91
92%
92
92
92
~96%
-d
a-o
65
109%
100
98% Sopt'17
101%
90
j
j
"64
101% 107
102
May'17
Sep '12
Sale
f-a
j
96% 108
99
101%
104% Deo *16
f-a
-
105
100
July'17
102% June'll
98%
9912
j
84
75" "75"
90% Sept'17
73
j
a-o
84
96%
83%
July'17
......
"98%
j
90
Feb '17
a-0
-
90% 101%
65
May'17
50%
101% Sept'17
101% 106
103% June'17
99% 102%
86
101
106
Sept'10
70
Sept'17
65% 72
90
78%
58
66%
81% Mar'10
91
j
102%
9034 1031$
84
-
94
63" "t7"
97%
97
71
j
1
83% Jan *17
1958 a-0
1924 f - a
a-0
58
67
75
105
j
"24
'98% ~98%
100
-
89%
"95"
98% Apr '17
90
July'17
92
1955 j
28
64
63
j
-
6
102% Sep '10
J
J
95
94
67
-
1925
58.1945
84%
90% Aug *17
70
66
-
.
79%
83%
Nov'16
84%
58 '
89%
J
J
50-year 5a—
93%~9® "
100% Aug '10
"63* Sale"
-
J
101%
99
813g Sept'17
1939
.1894-1944
Gen refund a f g 4s.1953
St l m Bridge Ter gu g 5a 1930
Tex a Pac 1st gold 5a
..2000
2d gold lnc 53i
.....02000
La Div b l lstg 5s
..1931
w Min w a n w 1st gu 581930
Tol a o c lat gu 5a
1935
Western Div 1st g 5s
1935
General gold 6a
.....1935
Kan a m 1st gu g 4a
1990
2d 20-year 5a
1927
Tol pa w 1st gold 4s
1917
Tol St l a w pr Hen g 3 Hb. 1925
50-year gold 4s..
1950
Coll tr 4s g Ser a—
1917
Tor Ham a Buff 1st g 4s..fti946
Ulster a Del lat con g 58— .1928
1st refund g 4s
1952
Union Pacific let g 4s
1947
Registered
—,..1947
20-year conv 4a
1927
1st a ref 4a—...
.02008
Ore rr a Nav con g 4s_. 1940
ftDue Feb. «May. 0Due June. A Due July.
'16
Aug'17
95
"96%100%
4^8
Oot
81%
IOD4
Ter a of St l 1st g
lat con gold 5s
'10
105
96
1920 M
Spokane Internat istg 5a
Jan
75
-
96%
June'14
105
97% 107% 107% Sept'18
92% .... 93% Aug '17
1931 m- 8
1930 m-n
w o a w 1 st cy gu 4a
109
80%
Virginia Mid ser d4-5s._. 1921
cons
91%
10434 July'16
99
96%
97
lat
92% June'17
99% 109% n ov'15
84% Sale
J
102%
103"" 1*6%
10034 ,101% Deo *16
88
■
~99%
'16
Oot
J
1948
87%
100
95
103% Aug '17
..1944 J
General 5a
75
100
09% Apr '17
100
Series e 58—
'93
"84% ""f%
100% 102
100% Jan '16
99%
Series f 58
Jan
102
71
Series c 4b
94
21
89
J
1950 A-O
So Car a Ga lat g 5s_
'16
Aug '17
94% 104%
80%
93%
-
o
Rich a Dan deb 5s atmpd. 1927 a
Rich a Meek lat gu 4a...1948 m-n
8412 Sep
69
-
Mortgage gold 4s.—... 1945
97%
97
1955 J
Ser a
KnOx a Ohio 1st g 6a
Mob a Blr prior Hen g
91«4 101
99% 10734
92
104i2
96%
75
Sept'17
77%
101
100% Feb *17
91
Con 1st gold 58—1950 m-n
101% 102%
95
99%
~81" "8884
1943 J
gold 5a
1st 30-yr 5s aer b
Atl a Danv 1st g 4a
2d 4s.—
58
96% 100
e Ten reo lien g 5s.......1938 M- 8
Ga Midland 1st 3s
—.1940 A-0
Ga Pac Ry 1st g 08
1922 J - J
101
102%
102%
a
1933 j - j
1942 m- s
1938 a-o
Va a So'w'n 1st gu 5a. .2003 j
91%
Series b 4 4s..
J
Atl a Yad lat g guar 4s... 1949 A-O
e t Va a Ga Div g 58—1930 J - J
87%
99
99% 100% Feb *17
93
n
Pltta y a Ash 1st cons 58.1927 m- n
TolWVAOgu44sA.-„ 1931 j - j
-
Ala Gt Sou lat cons a 5s.. 1943 J -D
Atl a Char a l 1st a 4^8 1944 J - J
86% Deo ' 16
87%
j
-
j 4a... 1943 m-
-
82
89
77
88
75
76
87%
100
102%
Feb.'14
80%
81
87% Sept'16
100
Southern—1st cona g 6s
1994 J
Registered
....1994 J
16
110
85
85%
96%
102
97
81%
8034 Sale
89%
57
"8934 ~98%
76
75%
....
St Louis div 1st g 4a— ...1951 J
Ala Cen 1st g 6a.
..1918 J
9634 9d4 8ept'17
101
10038 Sale 10038
93
93%
93% Sale
92% Sept'17
99
76
90
96.
97
100% 100%
100% June'17
"sl'% Safe"
Mob a Ohio coll tr g 4a
1938 m- s
Mem Div lat « 4^8-58—.1996 J - J
90
j
1910 j
-D
75%
Deo'15
103% Deo '16
97
Aug '17
97
Sept'17
—
97%
*98%
67%
78%
9234
9 t%
100%
92%
9134
Gr r a i ex 1st gu g 44s_ 1941
Series c
j
73%
47%
59%
99% June'17
101
90
j
-
61
90
j - d
j - d
a -o
m-n
m- n
m- n
j - J
j
-
J
—
85%
Registered
...1921 j
Guar 3 4a colj trust reg a. 1937 m- s
-
Develop a
100
1
- j
- j
j
98%
90%
86%
93
Penasyivania Co—Guar 1st gold 44a
99%
j
j
-
69%
"71% '87%
j
u n j rr a Can gen 48—1944 m- s
88
-
60
Sept'17!
82%
68
99%
j
84
Oct
59%
70%
87
83%
107
73%
46%
5
81
84%
103% Sept'17
2
84|
80%
85
91%
91%
10434 110%
103% 103%
100% 100%
78
82%
Mar'17
61
61% June'17
91% May'17,
0l" ~6s"
61
100% Feb '17
78
May'17
Sept'17
73%
60
106
71%
61
/
84%
8934
72
61
81
1920 J
gen 4a
60
87
1921 J
So Pao rr 1st ref 4a
90»4
65%
Sopt'17
98% Jan *14
ii-ii "7534
92
con
80
57.
76
So Pac Coast lat gu 48 g_. 1937 J - J
San Fran Terml lat 4a.. .1950 A-0
,
90
July'17
61%
61%
57
79%
1934 J -d
5s
No of Cal guar g 5a
" "92""
64
-D
Tex a n o
80
79%
65
61
63%
_6l" ~63
61
"97% mi
d
n
60
69
88
67
65
61% Sale
83
60%
■
n
Sale
j
Ore ACal 1st guar g 5a... 1927 J - J
So Pao of Cal—gug5s—.1937 m-n
11834 134
117% 13634
11712 135
"
j
67
....
78*4
111%
75
-
01929 m- s
lat gold 6a
123% May'17
117% May'17
117% Sept'17
84% Sept'17
103
Sept 16
80
Sept'17
84
90
78%
102"
74% Sep '16
104% 104% Shpt' 17
69
69% 69
88
July* 17
m- s
Morgan's La a t 1st 7s__ 1918 A-0
97%
84
90
59%
1949 j
4s
Louisiana West 1st 6s
107% 107%
107%
'
63%
90
_7i"
83% Oct *16
a a n w 1st gu g 58—
94% Deo '16
75
63
8034 Mar'll
Waco a n w div 1st g 6s '30 M-N
1941 J - J
-
Nov'16
70
74%
73%
1st guar 5s red
.1933 M-N
h a t c 1st g 5s lot gu
1937 J - J
Gen gold 4b lilt guar... 1921 A-0
82%
96% 101
108% 122
Mar'17
63% Aug'17
90
May'17
46%
2d exten 5a guar....
1931 J - J
Gila v g & n lat gu g 5a. .1924 M-N
Houfl e a w t let g 5s... 1933 M-N
7534
96% 104
00
Mort guar gold 3^8—*1929 J
83
76
56%
112%
75
Through St l 1st gu 4a_1954 A-O
g h & 8 a m a p lat 5a-1931 M-N
17
44
Sale
-
Cent Pac 1st ref gu g 4a... 1949 F- A
Registered
1949 F- A
99% Deo '14
833$ Feb *14
"67%
j
-D
conv
Apr'17
90% Aug '17
78
May'16
74% Mar'17
99
-
—..*1949 J
20-year
77" "80 "
70
f PhUa Bait a w 1st g 4e. —1943 mSodus Bay a Sou 1st g 5a. 1924 j Sunbury a Lewis 1st g 4s.1936 j -
70
Mar 17
110
4a g_1936
70
"65%
-
60%
59
g 4a..el933
g
Registered
20-year conv 4s...
75%
92% June'12
J
1943 m-
gu
Sept'17
37%'
79
J
Alleg Val gen guar g 4a_—1942 m- "s
d r
67% Sale
827s
102%
.1919 m-
General 4 4s (wh iss)Junel '65
42%
Aug '09
"65"" "78"
m
j ■
j •
4s—. 1923 m-
"General44a..."
i-ii
-d
Gold 4a (Cent Pac coll)..*1949 J
23
42
80
•
Pacific Coast Co 1st g 5 s
1946
Paducah a Ills 1st s f 44s_. 1955
Conaol gold
4s—.-..,
Consol gold 48-—Consol 448...
*77%
•
Nor Pac Term Co 1st g 68—1933 j
Oregon-Wash 1st a ref 4s„. 1981 j
Pennsylvania rr lat g
Consol gold 5a
60
*59
d
July'14
Aug '13
-
71%
88%
77
111
127
51
58%
47
Ga & Ala Ry 1st con 5a._ol945 j
May"'f5
70
70%
f
A
con
2
a
Ga Car <fe No lat gu g 5s.. 1929 j
Seab & Roan 1st 5s__.
1926 j
Southern Pacific Co-
83%
d
Registered certificates.. 1923 q ■ a
St Paul a Duluth 1st 58—1931 f ■ f
2d 58——
1917 a- 0
88%
78%
"80" iiii
1
f
72
Apr '17
88
88
41
44
97
"82 "
1959 a -o
1st land gr ext g 5s_....1930 j
Consol gold 5s
:.1943
92
107
42% Sale
d
S
74
87
---r
0
•
1932 j
conv 4s.
o
■
n a w Ry 1st cona g 48—1996 a
......
A
77%
88%
105%
*80%
8
d
1955 j •
Norfolk Sou 1st & ref a 5a. .1961 f ■ A
Norf a Sou 1st gold 5s
1941 m- n
Norf a West gen gold 6s
4931 m- A
10-25-year
74%
1954 m ■n
Naugatuck rr 1st 4s
10-2.5-year
10-20-year
"63"
59%
77%
6D4
111
95
65%
77
104
"96%
87
60%
Sale
87%
90%
35
Sept'17
65% Sept'17
5834
j
j
d
- j
- j
1950 a - o
1950 a-0
Fla Cent & Pen 1st g 58—.1918
77% Aug '17
88% Apr *17
71%
a
Cent New Eng 1st gu 4s.. 1961 j • j
Hartford St Ry 1st 4s..._ 1930 m S
Housatonlc r cons g 5s
1937 m n
Registered
Car Cent 1st
J
n
j
1943 j
1919 j
_.ol949 f
Refunding 4a
At! Birm 30-yr 1st
87
78% Feb *17
gu g 5a. 1947
Gold 4a stamped
79
12
42
109
61%
80%
56
110%
,
-
77%
42
75
98%
j
s a & a Pass 1st gu g 4a
8 f <fe n p latsk fdg 5a—
Seaboard Air Line g 4a
75%
48
87%
8712 Sale
56%
48
J
j
100
Gray's Pt Ter lat
17
Sept'17
"57
48
A
Non-conv deben 4s....1955 j
.
Nov 16
Deo
-
46
103
.....
St l 8 w 1st g
2d g 4s income bond ctfa.pl989 j
Consol gold 4s
...1932 j
lat terml& unif 5a—
1952 j
9934
56
56
Sept'17
50
j
66
109
77%
m-n
a - o
& b lat gu 5a. 1929 a - o
4s bond ctfa.. 1989 m- n
k c & m r
9838 10034
90%
48
5834 Sale
j
61
100
81" "95"
'17
•8934
90% May'17
_
Trust Co ctfa of deposit..
do
Stamped..
'
92% Sept'17
54
o
1947 tvf
J
-
100
35
Feb '17
Jan
89
Stamped—
>
97
9834 1033*
102
103%
113% Nov'u
-
1931 j
95%
90%
4
68
42
8s%
-
a1955 a.-o
51960
Oct
k c Ft s <fe m cona
g 6a.. 1928
k c Ft s «fe m Ry ref g 4a. 1936
n y n h a Hartford—
Non-conv deben 4s
66
95%
65%
.1950 j
5a.
1
High
05%
102
109
j
Refunding gold 4a—...1951 j
Registered
..1951 j
82%
80
80
98% July'17
j
50
-
Southw Div 1st g 58... 1947 a-0
•
62%
80%
Sept'17
100% Jan
nyc Lines eq tr 5s.. 1916-22 m- n
Sale
—
do
79%
80
66
44
101
1996 j - j
General 15-20-yr 5a.... 1927 m-n
Trust Co ctfa of deposit.
June'08
J
ser b
General gold 5s
St l & s f rr cons g 4a_
"84% "84%
"14
7978 July'17
J
-
St Louis & San Fran gen 0a.1931 j
July'16
Feb
88
1937 A- o
Registered ..........1937 A • o
Debenture 4s.:
.1931 m ■n
a
~99% "99%
84% Sept'17
-
Sale
——
Cum adjust aer a 6a
Income series a 6s
82
8012
Equip trust 4 4s.. 1917-1925 j ■
ny Connect Istgu 44s a..1953 f-
8312
83
"88"
'09
87
o
West Shore 1st 4s guar...2361 j
Registered
...2361 j
82
Lour
Mar'16
j
o
j
-
No.
Juno'17
87
87
Mar'12
99% Aug'17
*98%
j
.
100
89% Sale
j
s
20-year debenture 48... 1929 a
103
May'17
123%
9134
95%
St Jos & Gr Ial 1st g 4a
1947 j
St Louis & San Fran (reorg Co)—
Prior Lien ser a 4a
..1950 j
104% Deo '15
High
95% May'17
90% Aug '17
98% July'17
9134
Reading Co gen gold 4a
1997 j - j
Registered ..1.
..1997 j - j
Jersey Central collg48... 1951 a-0
Atlantic City guar 4a g—.1951 j - j
92
130% jah
Ask Low
Since
Jan.
IOD4 102
..
•
8734
87
8934
88%
Pitta Sh & l e 1st g os
1940 a
lat consol gold 5s.......11943 j
Nov' 16
103
J
Registered
1940 j
j l a s 1st gold 34 s—1951 m- S
1st gold 3 4s
..1952 m ■n
n y Chic a St l 1st g 4a.
70%
8934
Range
s3
o
f
-
Philippine Ry lst30-yrsf 4a 1937 j
95
■
58—1932 a
cona g
Nov'16
95%
1931 q
1940 j
j.
c St l & p lat
Peoria & Pekin Un lat 6a g._ 1921 q
80
70%
Nov'16
1061s
1931 m
Registered
Series f guar 4a gold—.1953 j - d
Series g 4s guar
1957 m- n
Series i cona gu 4 vis.-.1963 f - a
94
i0434
June'09
j
j
Bid
92
o
■
McKeesAB v 1st g.6a. 1918 j
Michigan Central 5a
PCCAStL (Con.)
High
2d gold 4 >$a
'
51921 m-n
Pere Marquette lat Ser a 5a 1956
1st Series b 4s...
...1956
•
Pitts McK a y 1st gu 68-. 1932 J
2d guaranteed 68...... 1934 j
Lout
80%
97i2 July' 16
75i8
75%
78
July 17
t9
Last Sale
100% 100%
Safe"
8934
Registered
Mahon c'l rr 1st 5a.... 1934 J
Pitta a l Erie 2d g 5s. -01928 a
Oct. 5-
1
101
70*2
n
1931 m- n
KaA a g ft 1st gucSs...1938 j • J
Week ending Oct. 5.
Jan.
101
70
d
S
Range or
99%
100'4 Feb *17
80is Aug '17
-
Rut-Canada 1st gu g 4a. 1949 j
8t lawx a Adir l8t g 58... 1996 J
Week's
Friday
76%
May'15
101% June" 17
4a gl948 j
gu
Price
n. y. stock exchange
113
4 4s.-.1941 J
Og a l Cham 1st
4a..
NO.
78.12 Aug *17
70%
106%
9914
Pine Creek reg guar 68
High
Ask Low
Bid
cqsq
bonds
Since
Price
Friday
5.
18
Range
bonds
n. y. stock exchange
Week ending Oct. 5.
1403
Record—Continued—Page 3
104l2
100
*17
100
Feb '17
87
90
Jan
78
July'17
78
34
93
Aug '17
93
97%
52
62
80
83%
52
Aug *17
j
80
83
80
Aug '17
a-0
48
48%
48% Sept'17
48%
f-a
22
j
-d
70
87
18% Mar'06
80
Apr '17
80
" "87%
j
-d
90
100%
58
58
50
95
90
a-o
60%
58
89% 90%
—89%
j
-
j
j
-
j
j
-
j
87
m- 8
82
j
d
86
Sale
82%
....
89%
91-
Sept'17
Sept'17
90
88
8212
82%
Sept'17
*Due Aug. oDue Oot.„ yDUe Nov. f Due Deo.
89% 100
90
June'17
87
86
18
'20
41
98%
87
95%
81%
85%
95%
95
«Optlon sale.
1404
if
New York Bond
Week ending Oct.
Week's
Range
BONDS
Range or
Since
N, Y. STOCK EXCHANGE
Last Sale
Jan. 1
Oct.
5.
Pacific (Con.)—
Ore Short Line 1st g 6d...l922 F
1st consol g 5s._
Utah «fe Nor gold 5s
~85t2
10412 104
104%
100% 104% Sept'17
88i2 87%
87%
94%
-
J
-
1
92
80
88%
80
92
4a
cons g
Vera Cruz & P 1st gu 4Ha.. 1934 J - J
Virginian lat 5a Serlea A
1982 M-N
Om Dlv lat g 3 Ha
Tol&Cta Dlv l8t g 4a
1941 A
Wash Terml lat gu 3 Ha
1945 F
1945 F
lst„40-yr
92%
Sept'17
93%
ale
98%
91%
91
105
-
80
7434
80
-
~65 "
-
Sale
Sup A Dul dlv A
term 1st 4s *36
M
-
Stamped
guar
69
70%
72'2
"73*
74%
*8*3* *87%
11
102
101
95
0 M-N
1 A-0
90
J
-
85,
-
A
Sept'17
83% July'17
71
88%
83%
-
J
83%
91
N Y Dock 50-yr 1st g 4s.""
Niagara Falls Power 1st 5s.
F
1
2 J
87%
73
89% 101%
77%
97% 101%
94
101%
9734 Sale
97%
97%
94
94
94
90
80
May'17
99i2 101
13
05
.3\
80
92%
98
80
70
70
A
89i2
J
*
92
89%
84
84
85% Sale
101%
101%
92
O
85%
85%
88%
93
"
WV
IOU
*JKt
Manufacturing
J I
&
n J
1
UO.
Indui
8812.
89
75
91
Sale
"54%
Sale
89%
100% Feb '17
89
97%
9 M- S
9934101
101% 101%
7
100
0 J
91% Sale
97%
97%
14% Sale
100
14%
100
101%
86%
*54
34
Feb '17
84%
84%
95,
80
30
'69*%
59%
53%
87
86
—
-
12%
25%
100%
58% 73%
"67
90
J
119
9 J
82%
94%
85
-
S
77
8
A
A
J
77
.
85
May'17
95
J
O
|
I
t
Cuban-Am Sugar coll tr 6s.
«
80
-
93
100% 103
98%
97% July'17
79
Aug '17
89%
79
99
99
86
....
"51% "54%
J
30-year adj lnc 5a
a 1942 A - O
N Y State Rys 1st cona
4Ha. 1962 M-N
Portland Ry lat A ref 5s..._ 1930 M- N
Portld Ry Lt A P 1st ref 58.1942 F - A
23
Sale
75
....
1212 "75"
Portland Gen Elec 1st 58.1935 J - J
Bt Jos Ry LEAP
1st g 5a. 1937 M- N
St Paul City Cab cona
g 5a.. 1937 J - J
90%
....
100
....
.
May'17
51%
52%
23
24
20,
77% Aug *17
75
88% Nov'16
72% July'17
90% Feb 17
95
July'17
"64 " "64"%
64%
98
80%
85
82
Sept'17
82
60
64%
60
Aug '17
00
84
76
Mar'17
7Q
37
37
101
J
--
Union Elev (Chlo) 1st g 5a.. 1949 A - O
United Rys Inv 5a Pitts 183.1926 M-N
United Rya St L lat g 4a
1934 J - J
1111 "69"
,
O
J
5 J
-
A*
6s
-
A
J
-D
118
90
Cincln Gas A Elec latAref 5a 1956 A
Columbia G A E lat 5s_.._.1927 J
Columbus Gas 1st gold 68.. 1932 J
Conaol Gas conv deb
6a....1920 Q
-
O
-
J
-
101% 101% 1 01%
J
104% Sale
-
J
97%
....
-
Union Bag A Paper 1st 5s..
J
-
J
J
-
J
U S Realty AI conv deb g 5a
U 8 Rubber 10-yr col tr 6s._
J
-
J
J
-
D
1st A ref 5s series A......
J
-
J
82
F
-
A
J
-
Sept'17
31%
Sept'17
80
conv
53
103% Sale
- F
ConsQasE LAP of Bait
5-yr5s'2l M- N
Detroit City Gaa gold
-
J
5s...1923 J - J
Detroit Gaa Co cons lat g 5s 1918 F-A
Detroit Edlaon lat coll tr 5s..l933 J - J
51
'
....
Berg Co
e g
Kan City (Mo) Gaa lat
g 5s. 1922 A - O
KlngaCo E1LA Pg5a...:.l937 A-0
Purchaae money fia
Convertible deb 63.
Ed El 111 Bkn lat con
.1997 A
-
g 48.1939 J i J
Lac Gaa L of St L lat g
5a__el919 Q - F
Ref and ext lat g 5a
..1934 A - O
Milwaukee GasL lat 4a....1927 M-N
Newark Con Gaa g 58
1948 J - D '
NYQELETAPg 5s.
1948 J - D
Purchase money g 48..... 1949 F-A
Ed Eleo III lat cona g
58.. 1995 J
NYAQ El L A P latcon g5a 1930 F
Pacific G A El Co—Cal G A E
52
52
....
93
Peop Gaa A C 1st
Refunding
5a
95
g
-
O
-
J
98
99
89%
Kan A H C A C 1st
s
97
102%
90
93%
103% 104%
99
97% 105%
77% 88
J
S F
10-60-yr 5sfreg
Ictor Fuel 1st
a
J
19
95
115
*17
95
M- S
J
100
'17
115
99
96
96
Sept'17
Apr *17
100
89
Mar'17
89
July'17
94
90
No price Friday! latest bid and asked.'
a
__
84
_
101%
"89" "94%
July'17
100
May'17
July'17
84
April
102
97% 101
87%
98% 101%
a Due
May.
g Due
-
J
96
-
J
M-N
ifJV **,
at** 710.15MJ
M-N
Pac Tel A Tel 1st 5s...
1937 J - J
South Bell Tel A T 1st a f 5s 1941 J - J
West Union coll tr cur 5S...1938 1 - J
s,
•-
Fd and real est g 4 HS
Mut Un Tel gu ext 5s.
Northwest Tel
gu
.1950 M-N
1941, M-N
J
4 Hb g.. 19341J
June. A Due July, k Due Aug.
0
-
" "97%
81
77
26
"91" "95""
13j| 84
94
20;] 99% 103%
July 15
99%
6]
94
•
„
23!!
98%
83%
96%
97% 101%
2:
6
89%
92% Aug *17
.
93% 107%
89% 95
97
84%
Sept'17
1
95
2101
102
1
'95%
92%
Apr '17
101%
80
103%
9934 107%
103% 107
Aug '17
Deo *16
86%
Aug '17
86
92
97%
96%
85
86%
Sept'17
97%
9684 Sale
....
93%
85
77
95
97
96%
91
86%
Sale
73
....
73
96
92%
101
10634
101%
103
....
Nov'16,
96
Apr *16
99% 101%
99% Sept'17
90
92
96%
164
95
100
8
.....
69
July'17.
96%
"
85%
16
97%
Sept'17
100% 1
97
F-A
92
Sept'17;
Due Jan. d Due
80
68%
68%
M-N
101%
Nov'16
98% Aug 17
D
104
102
95
100
99
m-mi^
75
J
"96" 103"%
100
97% 99%
92
93%
100% 100%
102
97%
98%
-D
m
....
Q- J
Q- J
Sep '03
94
91
-
J
89% 102%
98
88
J
98
Mar'16
10*0% Sale
....
101%
Mar'14
.
-
9738 112%
100
Feb "14
98% 100
93%
94
89% Sale
86%
91
97%
98
J
89%
89
91%
M-S
73
101% 1
M- 8
19
19
.._
115
89%
J
19
...
100
Jan
-
'
103
92
'm^-Um
mmmm'
—
,
July'17
10Q
■
10
100%
99
Sept'17
Sale
J
Iron CoalACoke lat g 5s. 19
95
July* 17
Jan
-
Tolograph & Telephone
Telep A Tel coii tr 4s... 19
20-yr convertible 4 Hs.
30-yr temp coll tr 5s
93%
85
M-N
dl9
f 5s..
Convertible 4s
83%
J
O
A
a
*96% 101"
-
J - J
Tenn Coal I A RR gen 5s.. 1951 J - J
"T.S Steel Corp—lcoup__.dl9
M-N
83%
100
90
J
mm
94
i
92
94
mmmm:
M-N
-
mm
109
29; 102
100
90%
A-O
89%
98% 101%
94% 101
90
mm'mm <(W
8134
July'17
Apr *17
77
76^2
-D
f g 5s. .1951 J
94% Sept'17
..
1919 F-A
5s.... 1949 M- 9
Ill Steel deb 4Hs_.
Indiana Steel 1st 5s..r
83%
100
...
-D
J
104%
92%
101
Deo '14
86
90
76
F-A
J
.m
Conv deben gold 5a
1922 M-N
Stand Gaa A El conv s 16a.. 1926 J - D
Syracuse Lighting 1st g 58—1951 J - D
Syracuse Light A Power 5a._ 1954 J - J
Trenton O A EI 1st,
98
78% Sept'17
83% Sale
86%
F-A
97
96% Aug *17
1
A-O
105% June'17
- D
Ind Nat Gaa A Oil 30-yr 5a 1936 M- N
Mu Fuel Gas lat gug 5a.. 1947 M-N
conv
95%
103%'
Col Indus 1st A coll 5s gu..
Cons Ind Coal Me 1st 5s..
102
90%
June'17
j..
ConGCoofCh 1st gng 581936 J
Philadelphia Co
105%
95
91%
....
F-A
•
88
98
99%
D
89% \pr. *17
104% Apr *17
-
Sale
6.4
49
13
115
97%:
92
M-S
78%
100
09
98%
93% 101
100% 100%
93%
81%
88% 90%
57:
July'17
——
95
-
100% 104%
99%;
97%
»
96
A-O
90
94
94
M- 9
....
1947 M-S
ChG-L A Coke lstgu g 5a 1937 J
"99"
Sept* 17
92
98% 103
101% 106
101%
82%
102% j
94%:
,99%
87%
110
J
1947 M- S
Registered
-
"*'l
102
90
Sept'17
1 02
92-
116%
A
1949 M- S
cons g 6a_. 1943 A
-
J
105%
99
98
-
I
-D
110
97
92%
O
*96%
97
Sale
98
J
-
105
-
Serlea... 1930 F-A
gold 5s
....
97
-
June'17
99
98%
101%
Feb *13
105
110
99%* 99%
....
97
Aug *17
98% Sept* 17,
June'17
99
99%
M- S
90% Deo *16
107
76 >
"I
95% Sept'17
98%
98%
...
__
5a International
100
95%
98% 100
83
Sale
99
J
100% May'15
101
101
99
Sale
94
M-N
101% 108%
97
102
J
1st A ref 5s guar A
"34 103% 129"
.
103
98
104%
81%
J
105%
-
Corp unifying A ref 5s..
1937 M-N
Pacific G A E gen A ref 5a.
.1942 J - J
Pac Pow A Lt 1st A ref
20-yr
Pat A Paaaalc G A El 6a
96
94%
O
1925 M- S
91
Aug *17
99
.102
5a..l949 J -D
Havana Elec consol g 5a....l952 F * A
Hudson Co Gas 1st g 5s
1949 M-N
isr
75%
101% Oct '16
100
100
-
lat A ref 6s aer A.-.
51940 M- S
Eq G L N Y 1st cons g 5a..1932 M-S
Gaa A Elec
97%
Coal Iron & Stool
etb Steel 1st ext s f 5s.._.
1 04%
Sale
106%
Feb *15
97
128
95
,101%
101%, 101% 1
O
A
96
Junb'13
103%
102
100
96
42
93%
Sept'15
1
112
105% 111
105% 110%
99
Aug'17
93% Sept'17
101% Sale 1
101%
89% 82% Aug '17
90
88% May'17
63%
37
97
117% 129
95i2 104%
95%
112%
95%
95
*70*"
*
97% Sept'17
75%
75%
J
102
9834
93%
A-O
1 M-N
J
;■ '■ 61%
97%
75% Sale
----
79%
71%
98% 100%
90% Sept'17
99%
99%
99% 100
deb 0s_.
58
54
95%
M-N
Stamped
' 97
1
11
1 17%
90
-
M-N
The Texas Co
99% 106%
105% 106% 1 05%
105%
95
99% June'17
98%
A-O
_
J -'J.
108
50
96%
81%
13
*13 *
75
100
95% Sale
I A-O
F
con
Latrobe Plant Istsf 5s...
Interocean P 1st s f 5s
Standard Milling lst5s._._.
'
Sept'12
103
105%
78
Sept'17
112% 115
1 12%
95
95% Sale
105% 106% 1
A -O
73%
35
100
June'17
96% Sale
19%
70%
'
99
.....
IF-A
5s....
75
100%
99
1 A-0
....
Oot
75
100
J
J
Gaf and Electric Light
Atlanta G L Co Lat g 5s.... 1947 J -D
Bklyn Un Gaa 1st cona g 68.1945 M-N
Buffalo City Gaa 1st g 5a... 1947 A-O
59
103
"101%
1
5F-A
6s...
6s......
Liggett & Myers Tobac 7s..
5s.......
Lorlllard Co (P) 7s
1 01
J
A-O
,83
—.
30
Railway Steel Spring—
80
"30% "35%
-
2 M-N
con g
conv s f g
80%
..
58
53
Sale
2
50
57%
O
101
5 J
99%
100
78% Aug'17
5s
99
102
2
76%
May'17
103% 1 04
81
97%
96%
85% Mar'16
96% 101
33
76
103
81
97%
79'
5s
Mexican Petrol Ltd
9.7
Mar'17
97%
Sale
-D
Int Paper Co 1st
Consol
81
'
m mm
92
84
100% 104%
97
97%
97% Sept'17
100% Sale" 1 00%
1.00%
90
......
pot '08
70
95
J
97%
85%
78
100
64
100%
I F-A
102% 102%
1
•
U 73 n.
90%
90%
'96%
100
35%
O
"78"
72%
95
64%
37%
July'17
Aug '17
O
§
1st lien A ref 6s series C.
102% Mar'17
J
99%
71%
47%
86%
50%
84%
97%
2 M- S
Uvi/
Ingersoll-Rand 1st
98%
97%
79%
97%
99% 104%
92%
8t%
99%
95%
119
119%
83% 85
19
Sept'17
88% Apr '17
97% Sale
O
Int^Agrlcul Corp 1st 20-yr 5s
98% Aug 17
87%
....
"
22
00%
5 J -D
«»vvwiv
Nov* 16
98i8 100%
J
Montreal Tram lat A ref 58.1941 J - J
New on Ry A Lt gen 4
Ha.. 1935 J - J
N Y Municlp Ry 1st a f 5a A 1968 J -
1 J
99%
Debenture
100% June'17
92
97% Sale
O
JVf-N
3 A
100
Sept'17
105
94
"*8
97% Sept'17
....
1 F-A
*'-»u
100
May'17
99% 104%
92%
100
84%
100% 101
7 A-O
94
1
31
Sept'17
99%
91%
84%
J
0 M-N
5 A
94
■'v:
99%
94
93
....
82,
1 M-N
81%
94
97%
91%
'
Am Writ Paper 1st s f 5sl I
Baldw Loco Works 1st 5s.
86
Sept'17
99%
94%
99
M-N
IA-O
100
Mar'14
Sale
99% Sale
8 A-0
1 F-A
28
D
....
Am Ag Chem 1st c 5a
'14
55
54%
14%
94%
98% 103%
"
1
77%
*21
1
74%
Sept'17
2
91
99
70
94
5s..l9?4 J
91
Aug'17
Jan
11
03% Jan '1
4 F'- A
78
99
86
98% Sale
86%
84
76%
89%
88% Sept'17
J
-
A-0
87
78
-
94%
June'17
73
85
-
90
84
77%
84%
-
Aug '17
100% Apr '17
....
J
-
91
81
5 M-N
0 J
92
J
-
89%
9 A
May'13
90
"89% ~94*%
91%
5 M-N
-
75%
103
73
89
85
-
-
Sept'17
100
8834
A
A
3 F
Apr '14
102
85
O
1
67
2
109%
96
102%
90%
88%
91% 100%
90
93%
11
99%
.
95
87%
100
June'16
73
101
98% 10912
146:
92%
July'17
94
....
97%
2 A -O
i M-N
67
91%
83
mmm—
*24
Sept'17
00
88%
—mmrn
132
87
83
10
96
91%
91%
110
Sept'17
90
06%
Sale
90
3 J
May'17
71
83%
St Louis Transit gu 5s
1924 A
United RRa San Fr a f 4a...1927 A
Va Ry A Pow 1st A ref
100
J
O
--
101 "
J
Stamped tax-exempt
1990 A Metropolitan Street Ry—
Bway A 7th Av 1st c g 5s. 1943 J Col A 9th Av lat gu g 5s...1993 MLex A v A P F 1st gu g 5a.. 1993 MMet W S EI (Chic) lat g 4s.. 1938 F Milw Elec Ry A Lt cons
g 5s 1928 F Refunding A exten 4Ha
1931 J Mlnneap St 1st cons g 5a..^1919 J *
.1948
Sale
O
O
Income 6a___
101
99%
99%
10
83
90%
118
92% 101%
2.6
87
87
8 M-N
100
100
115%
95
83%
8 M-N
100% 103
80%
1
93%:
83
89
107
4
84
1
-
78
-
111% Sale
93%
.11%
94
98
93%
1
80%
J*-"j
vy
-
75
-
ry
-
-
al960 A
»wiow
2 J
86
Adj lnc 5s__
ui
6 A
59
Third Ave Ry lat g 5a.....1937 J
Tri-City Ry A Lt lat a f 5a.. 1923 A
Undergr of London 4 Ha
1933 J
wu
Computing-Tab-Rec a f 6s.
Granby Cona M S A P con 6
Stamped..............
92
86
108
93% Sale
3 M-N
~65" *75*%
105%
86
87
80%
Sale
J
-
89%
Sept'17
Aug '17
82%
79
108
85
84%
94%
94
94
86%
J
-
9 J
A
-
5 J
5 M-N
84%
58
Apr '17
94
86
OA-O
77
86% Sale
84
84%
...1960 J
5s._...
82
67
Sale
Sale
94
66%
58
Sept'17
94
„
A
82
O
Third Ave lat ref 4s
-
76
A
-
F
1
Consol
'16
-
Y Rys lat RE Aref 4s... 1942 J
89%
6 A -O
77
Oot
A
«
90
-D
89%
99
A
.
90
90
9 J
84%
85%
-
4a. 1990 A
58
3 J
65
-
cons g
58
75%
89% Sept'17
...
Manhat Ry (N Y)
58
58
84%
July'17
-
Interboro-Metrop coll 4 Ha. 1958 A
Interboro Rap Tran 1st.6s..I960' J
66% Sept'17
58
68%
2 A -O
Mar'17
'85* *
—67
Det
,
68
5 M- S
8 M- 0
99% 105%
77
72%
....
Miscellaneous
76
80
100%
6 M- S
Apr *17
84% Jan '17
-
..1932 F
91% 101
76" July'17
70
United 1st cons g 4H8--1932 J
FtSmltbLt A Tr 1st g 5s... 1936 M- S
Hud A Manbat 5a Ser A.... 1957 F - A
Adjust Income 5s
....1957
N Y A Jersey lat 5a
35
3
75
-
-
106
80
-
g4Hsl951 ■»
4Ha
1951 J
102
100%
-
Nassau Elec guar gold 4a. 1951 J
Chicago Rys lat 5fl
.1927 F
Conn Ry A L lat Aref
105
98% 105%
.02%
92%
9
73
SeptT7
78
July 17
Stamped guar 4~5s.:... 1950 F
Kings County E lat g 4a.. 1949 F
Stamped guar 4s.
1949 F
103
101
102
Aug'17
Mar'17
96
-D
35
76
Street Railway
Brooklyn Rapid Tran g 5a.. 1945 A - O
1st refund coriv gold 4s...2002 J - J
6-year secured notes 6a... 1918 J - J
Bk City 1st con 4a..l916-1941 J - J
Bk Q Co A S con gu g 5a.. 1941 M-N
Bklyn Q Co A S l at 5a
1941 J - J
Bklyn Un El 1st g 4-58... 1950 F - A
101
0 J
92% 100%
77
N
June* 17
96
92
7
100% Apr '17
99% 100
Feb'17
9834 99% Mar'17
RR lat conaol 4s.
1949 M- S
Trust co ctfa of deposit....
Winston-Salem S B lat 4a.. 1960 J - J
Wis Cent 50-yr 1st gen 4a
1940 J - J
101
100
27
iOO
J
A
Refunding 4%a serlea A.. 1966 M- S
-
87% Aug '17
85%
....
101%
87%
06%
J
'16
83%
98
"98"
Aug '17
J
78
83
A
99
-
37
83
-
1111 "98"
J
4 F
High
92%
-
*99 "
65
"46"
Utah Power A Lt 1st 5s._..
-
Low
No
High
92% Sept'17
101% Nov'16
7 J
86
84
O
-
g 5a....1926 A
Wheel Dlv lat gold 5a....1928 J
Exten A Impt gold 5a.__.1930 F
Sale
6 J
Aug'12
100% 104% 101
Ask Low
97%
....
81%
76% Aug *17
91% Aug'15
A
A 5a...1946 M -S
Wheeling A L E lat
80
76
2 M- S
3 M-N
0 J
99% Sept'17
70
A
97%
Since
Jan. 1
*88* *92
Sept'17
78
"98"
94%
98
Range
Range or
Last Sale
5.
Bid
Union Elee Lt A P 1st g 5s.
Week's
Friday
High
May* 17
99
99
O
-
Oot
.
Price
105.
Oct.
Week ending Oct. 5.
103% 108%
101% 108%
86%
99%
91%
80 *
Weat Maryland 1st g 4a
1952 A - O
West N Y A Pa lat g 5b.... 1937 J ■ J
Gen gold 4s
........1943 A - O
Income 5s
pi943 Nov
aer
Safe
1941 M- S
guar 4s..*.
Western Pao lat
35
92%
98*4
90i2
1st lien equip a fd g 5a
1921 Ml- 8
1st Hen 50-yr g term 4s... 1954 J - J
Det&Ch Ext 1st g 58
.1941 J - J
Dea Molnea Dlv lat g 48.. 1939 J - J
Low
3
90
Apr '16
88% Apr ' 17
81% JuneT7
100
30
Wabaab 1st gold 5s...1939 M-N
2d gold 5a
.1939 F-A
Debenture Series B_
1939 J - J
No,
....
97% Aug'17
1928 J
1933 J
4a 8er A.___1955 F - A
Consol 4a Series B_.
1957 M- N
1st extended
Vandalia
High
Ask Low
104
A
-
1946 J - J
1929 J -D
Guar refund 4s
5
Bid
Union
-
Si
Price
Friday
BONDS
N. Y. STOCK EXCHANGE
[Vol.
Record—Concluded—Page 4
I
111
69
95
101%
..."
....
"
9934 101%
101%
101%
92
91
2
91
Sale
98
98
11
98
47j
91
100%
7{
94
102
9234 Sale
92%
94
94%
91
91
92
94
96
94
94%
,
92
—101% 1
J
J
Due Oct.
v Due
Nov.
93% 101%
..! 93% 103%
"92 |
l! 91
99%
101% 101%
Nov'16]...
w-i95
rDue Dec.
21
s Option
sale
'
Oct.
BOSTON
61917.}
PRICES—NOT
Sales
STOCKS
of the
SHARE
BOSTON STOCK
Thursday
Friday
Week
EXCHANGE
Oct. 4.
Oct. 5
Shares
PRICES.
CENTUM
PER
1405
STOCK EXCHANGE—Stock Record ,..'2^'.,.
Saturday
Monday
Tuesday
Wednesday
Sept. 29.
Oct. 1.
Oct. 2.
Oct. 3.
,
I
Range Since Jan. 1
Lowest
Range for Previous
Year 1916
LowesL
Highest
Railroads
147
147
46
101
30
*15
23i2
*15
5
*
.
140
125% *--
*84%
4%.
20%
*3%
*20
26
25%
j
94
"94
95"
*93
25%
25%
25%
20
20
20
22
100
170
4
213
2
July 3
3
9
June28
30
July 2
30
Aug 31
38
Feb
6
42
Feb
150
Oct
.
26%
25%
27
28
*
27
100
25
*22%
166"
100
25
*22%
100r
99"
"99"
25
*95"
~
*22%
*22%
*96
99
*96
101
*99
101
*96
39
.39
*39
40
39
39
50
50
50
50
50
50
97%
*38%
*50
51
133
Septl7
Oct
45
65% Apr
Mar22
30
10
Do
34
Aug
Aug
4% Feb
200
July 3
150
Jan
3
5
Oct
5
108
Jan
27
Junel2
140
50% Oct
83
100
10O
4
100
3
Jan
June
92%
100%
6%
31%
52%
2
Rutland,
May
8
Septl9
2134 Septll
95
Aug 28
106
Septll
24% Feb - 2
96
Sept28
39
Sept29
...
pref...........100
Vermont A Massachusetts. 100
50
100
50
jSept26
20 Ainer Agricul Chemical—100
84
Feb 14
178
Do
pref.......
Mar28
133
19
86 West End Street...
Dec
Mar
102% Apr
123
Sept
69% Sept
78% Mar22
Junel9
92% Sept24
Do pref stamped....... 100
_
50
5
122
653 NYNH A/Hartford.
100
NorthenfNew Hampshire. 100
45 Old Colony.............100
39
JaD
120
River.......100
prefj.
Dec
119
Marl6
Jan
150
Fltcbburg pref...........IOO
2834
50
...
4
95
"80
39
39
,
pref
45 Maine Central
M ass Electric Cos...
Sept'17
Sept* 17
Last Sale 96
101
Oct
4
....
10 Georgia Ry & Elec stampdiOO
Aug* 17
97% 97%
Last Sale 25
25
*39
50
'97%
j.i
19
26%
•
Do
Connecticut
128
Sept'i 7
*....
Last Sale 95
166"
14
95
—20
„
pref
Chic June Ry & U S Y...100
June'17
Last Sale 4
4%,
19%
■
90
pref
Do
50% 51
50%
50%
*.--.
125
125
125
84% 84%
*93
45% Septl3
Boston & Wore Electrlo Cos..
Aug'17
Last Sale 125
95
19%
Do
Sept'17
Nov* 16
Last Sale 150° May'17
*:...
98
95
98
52
*3
5
*334
*3%
20
100
Boston Suburban Elee Cos...
25 Boston & Providence
2""" Sept"'17
Last Sale 30
125%'
94%
Dec
163 Boston A Maine
170
Last Sale 4%
Last Sale 30
♦84%
*8434
i *8434
95
*
125%
—
172
23
140
52
...
19
22%
23%
23%
Last Sale
98
140
140
55%
125% *—
'
11
Jan
100
34
98
98-
—...
Jan
79
60 Boston & Lowell
5
34
98
*93
*
5
35
176
90
30
30
5
Septl5
46
90
5
34
145
100
..100
4534
92
170
185
*2
*15
30
*15
*170
5
Albany
4534
90
23%
186
*2~
5
44 Boston &
261 Boston Elevated.....
4534
45%
100
23
23%
►
186
"*2~
147
147
147
45%
*96
25
*23%
5
147
*90
*45%
101
♦
186
~*2~
46
45%
*97
25
*23%
147
101
147
*147
46
*97
17
122-
Jan
z86
Jan
105
Jan
9
Mar 7
June26
July 3
Jan
2
Apr 3
135
Jan
134% Dee
98
Sept
4% Dec
26
6
Jan
20
May
100% Aug
15
Jan
Dec
97
84% Feb 13
110
Dec
50
56% Marl7
'74
JaD
6
z55
69
Sept
July
94a4 May 2
103% Jan 27
64
Apr
Miscellaneous
88
*85%
98%
98%
"*1%
1%
11
*10
88
*84%
*97
98
*1%
1%
11
*10
*109
110
*
115
115
116
*46%
95%
4734
.
11
*10
10834
io7~
107~
113
113
113
114
47
*46%
95%
70
*88
89
88
88
87
10
9
9
*9
103
61
Dec
June 8
42
Aug
100% June 9
92
60
*86
88
*86
88
30
*9
10
*9
10
27 Art Metal Construe Inc...10
87
10
103%
99
60
60
60
60
16
*15
16
15
94
101
60
183
95
15
102
100% 103
88%
123
67
*15
89
128% Jan 25
95%
74
70
*70
75
*183
138
100%
143
144
143
143
*143
88%
70%
*70
*1
.2
*1
2
1,810
60
Do
87
70
41
Do
5
Oct
10
14
2
Oct
2% Jan
1
Oct
2
12
58
75
66
92
*93
*--..
10
Jan
*93
105
105
*120
125
90%
90%
*93
...
105
.
Feb
3
102
87
Feb
3
100% Mar23
70
Septl8
81
July2Q
169
Jan
125
*120
89%
125
120
105
"
Sept* 17
July'17
Telephone...
10
Mississippi River Power.. 100
Do
pref
100
Sept'17
New Eng
30
Jan
0
95
60
Jan
10
105
105
*120
120
88
"95"
95"
36%
13%
13%
13%
13%
149
149
147
149%
*
57
57
*—
*35% 36"
13%
13%
145% 148
*35%
'
*
..
'•
*13
*
57
,
35%
35%
35%
35%
*13
1334
25 Pullman Company
147
56
32
*30% 32
*30%
"29I4 29% *29% 31
12S
127
128
*126% 129
12734
: 127% 128
46-%
46%
46%
*46%
46%
46%
46% 46%
*26
26
*26
26
26%
26%
26%
2614
108
110
109%
1083a 110%
108% 111
111%
*116
*116
116% *115% 116
116% *115% 11534
7%
*7%
7%
7%
7%
7%! " 7%
7%
35%
145"
147"
56
*29
126%
5
10
31%
126
46%
45
46
26
26
26
26
6%
.
Junel5
10
Dec
Jan
35
Nov
105
120
88
30
Do
pref—...
Fruit
~
Sopt28
Septl3
Feb
15
17
Mar20
23% Jply
50
92% Aug 7
124% MarlO
JaD
19
112
Jan
11
102
13
133
Feb
3
55
Feb
3
68
June
28
Aug 20
35
35% Dec
7
25
May28
25
25
.99% Feb
116
3
Sept 15
5
— —
Ventura Consol Oil Fields.
Mar29
15
16278 Apr 10
125
?eb
35
Jan
28
Jan
Julyll
125% Sept 7
43% Septl8
25% Septl9
—.—.100
16
121
Jan
Feb
130% Jan
155% Jan 22
58% Jan
3
30% Mar 8
135
May28
Aug 30
5
Dec
)58% Apr
166% Jan 25
46
Jan
3
10
...
Jan
147
120% Dec
102% Jan
25
14,581 U S Steel Corporation——100
Do
pref——•.
100
i',605
7
Septl9
Sept25
1% Julyl0
.100
—
608 United Shoe Mach Corp..
335
Do
pref-.-----.
1057g 108%
1057g 108%
Last Sale 117% Sept'17
11
40
130
Torrington...—
156 United
125% 126
45%
'
MarlO
50
2,055 Swift & Co._t—
Sept
Sept
May
% Nov
78
155
JunelS
100
160 Punta Allegre Sugar
60 Reece Button-Hole....
.
1334
145
140% 147
-57
35%
Cotton Yarn
70 Nova Scotia Steel & C....100
135% 135%
*35" "36"
79
31
1
100
Do
pref
100
801 New England Telephone.. 100
10 Nipe Bay Company
100
105
June
11
......
Aug'17
105
95
Mar30
Jan
Dec
159% Apr
32% June26
Mexican
125
*
90.
91
*87%
90%
105
105%
*120
8% Dec
18
June'17
Jan
Jan
225
4
10
Last Sale 33
Last Sale 92%
*93
105
105%
27
t©8% Apr
22
Jan
170% Jan
Jan
July
42
4
143
pref...
-.100
Linotype.'. .100
41 Mergentbaler
Last Sale 88
90
90
90
5
7
226
Jan
98
20% June22
Last Sale II
.
Jan
Apr
66
121% Jan 22
9
Septl2
Dec
7
8
Julyl7
97% Jan
lla4Aug
Last Sale I
2
*.80
2
*.80
Mar
100
.100
95% Mar
84 Dec
9
7% Apr 13
175
July21
135% Septl2
..100
255 McElwaln (W H) 1st pref. 100
565 Massachusetts Gas Cos—-100
87%
70
88%
Feb
55% Feb
10
...
Electric....
,40
94
8% Mayie
88
Septl3
100
pref.—__—_
18 General
....
.
...
67 Edison Electric Ilium
183%
145
145
pref..—:
3
67
100
10 East Boston Land
183'"
100
87
145
Do
5
87
pref..
182 Cuban Port Cement......
190
100
Do
Amoskeag Manufacturing....
2,551 Atl Gulf A W I S S Lines-100
1017g
59%
*135% 136%
70
145
99
8%
190
88%
*70
*143
*734
8%
.
8834
7o
Septll
9434
8%
*8
8%
734
734
*8%
*8
*182
183
180
180
180
180
138
140
*141% 142'% *140% 141% *139
100
100
100
*100
100
100% *100
88%
114
2,225 Amer Telep A Teieg
67
*180
88%
l2l% Jan 24
114% Mar
4684
*59
102% 104%
4
50
100
pref
68
15%
*15
Oct
Do
95%
*66
60
60
15
100
113
92
114% 11534
*44
45%
45
126% June .9
..—100
35
Do
pref..
130 Amer Sugar Refining
95
67
■»
*44
9
2
50
4634
47%
95%
67
1143.! 115%
95% Oct
l%Apr
8% Jan
105% Feb
....100
pref...
290 Amer Pneumatic Service—
11
107
113% 114
115
116%
Do
100
40 American Woolen of Mass,100
i%
110
95
15
166
97
ti°
95
102
85%
*fQ9
*67
*60
85%
957g
13g
1%
10
70
*9%
87%
97%
*1%
111
113% 115
115% 116
115
*46%
*96
1%
*1%
10
*108% 109%
*67
95%
*85
98
97%
1%
*110
115% 11634
lie"
88
*85
87
98
*84%
9734
1%
,50
28%
7984
115%
6%
27
878Jan 2«
June
Jan
Mar
Feb
Sept
Mining
;
*1%.
*98
2%
100
*4%
4%
.45
*
2
*134
98
*1%
°64
64
"0214 ¥¥"
64
18
*17%
18%
56
*54
55
11%
*.45
.55
11
11%
25
*26
27
76%
77
76
77
11%
525
530
525
*15
16%
*15%
*50%
H
*50
56
56
•*2%
2%
5%
5%
11%
16%
2
*41
*12
2
2
5
*47g
584
584
*5%
6
6
82
*78
82
*78
*40%
41%
*41
12
12
12%
13
*2%
*9
2%
To"
.
*3%
3%
6%
*0%
10
10
2%
*1%
*9
10
*3%
*578
97g
'•"e%
*1%
2
10%
2
*58
59
*85
31%
534
3'
87
*85
86
*85
87
31
31
30
8%
3%
6%
.
5%
*2
*8%
3%
6.
2
5%
.5%
278
*2%
8
10
3%
*3%
6
*5%
934
9%
10
*134
2
81
80%
80%
*1%
134
79%
20%
278
20
20
197g
3
*234
12
11
2%
'
2%
81
81
*81
82
21
*1934
*2%
20%
*12
12%
*2
2%
2%
*2
2 '
80
*20
3
12
75
278
12%
11
75
2
*2
*2%
"2%
11
11
*1%
30%
5%
8%
8%
16
*15%
*_'.
..
,"*112
'■
1
2
8%
16
75"
8%
8%
16
'
*.95
*1%
15%
*.95
I
*1%
* 2
48
47%
47%
46
87%
87%
87
22
21,
*83%
84
*25
2534
71%
84%
*24%
87%
21%
85'
25
*84
22
*70
71
*47
71%
*1%
6%
*23
*3
*7%
1%
1%
6%
84
25
70
7
6%
*22
25
3%
9
3%
3U
6
6
"3"
"3"
1
lh
*2%
3
10 Keweenaw
*8
8%
3%
*3%
6
*5%
3%
6
40 Lake Copper Co
7C La Salle Copper—
*2%
*.95
*1%
16
157g
.50
1
45
46
95
■
1% "Sept'17
44%
45
46
86
85
86
84
85
84
21%
21
82
*24%
24%
24%
*24
2434
71
69
70
*67
69
6%
24
Q '
O
334
IK.
6%
*22
*2%
8378
25%
*68
69
IK. *1K«
6.
6%
24
22%
3
*2%
73g
7%
7
*3%
3%
3%
534
534
3%
3%
*5 %
6%
6
6
1'%
1%
1%
60%
49%
1%
61%
4934
33.1
59%
1%
60%'
49%
3%
49%
334
147g
15
1%
6%
22%
3
6
1%
6J
61
62
4978
3%
50
50
50
14'8
1,5%
15
15
15
15
*9314
9334
90
90
4
3%
*234
41
*.75
*
3%
3«4
37*
9378
9378
4
*3%
3%
3%
*3%
3%
4
31"
41
.90
*2%
41
*.75
Bid and asked
3
41
.90
prices.
378
37S
3
3%
2%
,
40
*.75
a
2%
41
.90
*1%
*90
378
*3
*2%
*40
*.75
5%
i
37g«
1434
89
37g
3%
3
90%!
3
41
.90
|
j
5%
IK. IK.
58% 59%
49% 50
3%
3%
2%
40
15
90
4
Jan
25
July
l%June 8
18
Jan
2
2% May 16
5
Jan
16
5
8% Aug
25
Jjip 2ft
Septl8
930 Pond Creek Coal..
216 Quincy
—
I
'
26% Mar 7
.50 Oct
4
1% Aug 28
25
Aug 31
1
1
10
A pr
14
6
10
Oct
4
125 Superior.......
25
700 Superior A Bostou Copper.
10
Tamarack
25
47
Trinity...
25
10
600 Tuolumne Copper
25
Feb
2
3%Maylfi
1
1
May 12
1,095 U 3 Smelt Refin A Min_-
52
272
Do
pref
1,872 Utah-Apex Mining.—
705 Utah Consolidated-..
49
48% Aug 3
1% Mar28
—
Feb
3
*89%
3%
14%
90
4
4
715 Utah Metal A Tunnel
3% Apr 25
3
3
160 Victoria
3
14
3
2%
40%
38%
4
4
Last Sale .90
145 Utah
.
200 Winona
39%
269 Wolverine
Wyandot*
Ex-dlvldend and. rigWj,^« Assessment paid,
h Ex-rights.
9
....
Ex-dividend.
14
Oct
5
89
Copper Co
Sent'17
6
Mar
20
July
.
.50 June
1% July
70
3%
3%
Dec
9% Sept20
24% Mar28
2% Jan. 3
278Jan 12
59
7
49
Dec
77
Mar 12
Feb
"322
20
30
07% Mar 12
69
...
Oct
4
Oct
2
...
2% Sept 7
38% Oct
5
....
.15 Auar 23
«
July
Mar20
92% Mar20
95
7
Mar'17
5%
1%
57%
57%
9
5
81
....
Jan
4% July
3
3
23
IOC Shattuck-Arizona
110 South Lake
IK.
15
2
78%Feb
17% Feb
10
.
Aug
July
l%Jan
77% July
44% Oct
10
3
5%
3
25
25
i _—:
*234
*3%
Jan
25
.....
25
———
10
Mar
Feb
July
July
Jan
6
2
6% July 2
15% Aug 30
„
3%
2%
9%
3%
1%
17% Apr
July 9
3
Apr 24
1,685 Shannon
5% Mar24
98
4,
18 Ray Consolidated Copper.
1%
6%
2
17
42
May 2 3
3
59 St Mary's Mineral Land265 Santa Fe Gold A Copper-
23
3
Feb
75
15
25
16% Jan
19% Oct
5
5 North Lake
Old Dominion Co
143 Osceola.
84
77
5
......IOO
Aug 22
434 Jan 27
7% Sept 5
22-
Last Sale 59%
*1%
6134
88
18
22% Oct
4
2% Aug 31
7
Aug 30
3
Sept 4
7
3%
*1K«
*22
Anr 28
Jan
0
1% Aug 31
1% Aug 20
OJibway Mining..—.....
82
25
.
94
30
25
"460
21
83
21%
83
20%
84
21%
8378
8ept26
Oct
;
10% June
2
July
Sept
28. MaylO
4% Apr
9
Colony..2
...
.
85
3
Butte......
Mar22
June
79
July
3484 June
3
19
1
2
571 North
0
6
17
70i2 Junel8
9
Niplpslng Mines...
3
Jan
4
2
11
965
16
15%
.50 *.
Last S'xle
17«
46
"¥"%
Mar
14
July
July
64% July
2
July
4% Dec
11% July
46
7
46% Jan
20% Jan
16
Feb
pref..
Jan
Dec
Jan
25
Do
92
Mar
510
58
125 New Arcadian Copper
Aug'17
~8~
1% Feb
9
Jan
l
630 New Idrla Quicksilver
5
New River Company..... 100
""i()6
8%
16
25
3
75
8%
12
9% Oct
—
12
157g
8%
Jan
7% Jan
395 Mohawk.,.
35 Nevada Consolidated....-
79
20
3
17
25
Consol
142 Michigan
2
*134
79
Jan
...
285 Mayflower-Old
*19%
63
68
26
25
..1 25
5
Valley. Mine
749 Mass
2%
*134
2
2
80%
197g
10 Mason
Copper..
9%
11
25
5
8%
21%
3
*3%
8%.
1578
Lake
3
46
*2%
10
*8
16.
1% 1K«
1%
634
21%
8%
'
75
309 Kerr
27% Jan 16
4
3
5,157 Isle Royale Copper....—. 25
303^
5%
Last Sale 22
*75"
—
5%
4
.25
360 Island Creek Coal
25
Po
pref...-.——.—
30%
Oct
16
100
150 Indiana Mining
2
June
Sept 6
1% Apr 23
4% May 4
25
335 Hancock Consolidated....
12
12%
2
59
*1%
'
*20t4
234
12
*1%
59
85
'
*12
13
59
86
'
Dec
66
10% Sept¥
5% Oct
2
78
Apr 23
39% Apr 23
12
Aug 29
Greene Cananea—100
12%
1% Aug
42
10
Sept'17
*85
584
*2%
8%
*3%
*584
9%
145 Franklin..
6
Dec
29% July
60
July
7% Jtily
15% Junell
2% Jan 26
52
20
10
Last Sale 40
59
85
...
41
2
30
„j,
*40
60
534
2%
580 Daly-West
43
*1%
87
'6
56
Mar 6
26
15
442 Davis-Daly Copper
1,440 East Butte Copper Min.„
5
107g
Aug
Dec
34 May
48% Qct
.
Copper.—
Granby Consolidated
59%
32%
,
10
52% Sept 5
65 Chino
1,050
2%
5
1034
*5%
91
85% Jan 26
690
Feb 20
515
Sept'17-
2
*5%
*2
2
2
2
.41% Jan 26
73
Jan
3
3
.40 Sept27
25% Septl9
73% Feb
3
Last Sale 79
50
31
2
5
11%
Sept20
1% Feb
2
JaD
11%Jan
l%Jan
70
Aug 29
10% Feb
...
Butte A Sup Cop (Ltd)
Calumet A Arizona.
160 Centennial
1534
4934
53%
53%
4% Jan
108
Feb
16
82
1%
*85
*5%
*15'
Arizona Commercial
3
52
93 Calumet A Hecla
521
*49
55
-58
_.——
*78
5934
31%
584
11
15%
4834
'
520
•:
100 Butte-Balaklava Copper..
"T",384
75
Mining
Feb
3%Septl0
% Septl2
,82
2
*5%
15
54
525
48%
55
11%
2
5%
60
30
16%
49%
5
2
""850
.45
73%
75
520
11%
6
12%
73%
1134
*58
-*1%
24%
525
55
*.40
.45
Allouez
94
..
235 Amer Zinc, Lead & Smelt.
Do
prefi—..........
Last Sale 25% Sept'17
76
*15%
*4834
16%
Sept'17
10%
10%
11
*.40
.45
1134
*5
42
.
11
11%
Algomah
16%
Last Sale 54
1% Sept25
138 Abiueek...——
1,055 Alaska Gold—
""219
62
62
62% ,63
16%
16%
17
525
50%
56
5478
64
56
75
530
*15%
6
*78
25
76%
*50
2%
5%
1134
6"
*23
Adventure Con....
Sept'17
95
95%
4
4
4%
Last,Sale .25 Sept* 17
98
4
12
5%
11%
*23%
16%
50-%
56%
55%
1%
11%
*.40
.50
74
530
16%
*54
55
*.40
.45
*23%
528
Last Sale 1%
96%
.90
*63
1734
1734
*54
11%
•45
4%
4%
*.45
*17%
*11
2
97
*4-
.90
64
1%
97
98
4
4%
*54
,
2
98
98
*4
+
Hall-paid
28%Junel8
94% Feb 21
82% Apr 3
89% Mar 6
2
Jan
2
(0
Jan
5
30% MarlO
6% Jan
2
10% Mar 0
8% Jan
60
Jan
6
15
8% Julyll
2% Jan
07% Jan
9
4!
52% Jan
4
378 8ept27
21% Feb 201
118% May 26!
6% Jan 16 j
6
Jan
21
6% Jan 25;
53% Mar 6
2% Jan,
31
Dec
July
11% Mar
81
July
20% June
61% Jan
l%July
7
July
24% July
4
Aug
12% July
l%Jan
35
Aug
4% July
.15 Jan
54% jan
49
Feb
278 Dec
12% Jan
75
June
5% Dec
2% Jan
884 Mar
45
Oct
1 !• A >11
-
Highest
[VOL. 105.
CHRONICLE
THE
1406
Sales
Friday
Outside Stock
Stocks— {Con.)
Record.—Transactions in bonds at Bos¬
Bond
Boston
Par
Sale
of Prices.
Low.
Price.
99.76
U S Liberty Loan 3%s 1947
Am Tel & Tel coll 4s..
L
1929
High.
43%
43%
107% 110%
108
108
High.
6a temporary receipts...
97%
78
GtNor-CB&Q4s_..l921
*»
Bdge 5s 1929
**
f-
100.14 Sept
97
8,000
96%
Oct
106
68%
95%
Aug
102
:Jan
77%
Oct
85%
Jan
94%
Oct
99%
Jan
May
86
July
95%
1,000
68
Sept
78
Sept
Oct
94
1,000
86%
88%
68%
95%* 96
90,
Feb
Mar
100%
3,000
93%
_:.1934
79
79
1,000
79
Jan
82
82%
2,000
81
Sept
96
95%
96
5,000
95%
99%
Mar
82
Alegre Sugar 681931
N E Telephone 5s
New River 5s
1932
Swift & Co 1st 5s..... 1944
Ventura
Oil
7s
conv
3,000
103% 103%
U S Smelt'g R & M conv 6s
Mar
Jan
Aug
102%
Pittsb Brewing 6s.
109
95
10.000
95
Oct
92%
11,000
90
Oct
100%
for
of Prices.
High.
Low.
292
Amer
100
90
29 6275
91
;
Commonw'th-Edison.. 100
-
CudahyPack Co com..100
-
118
Hart,8haff A Marx.com. 100
Middle West Utilities, com
68
Preferred
Mitchell Motor Co
July
94
Apr
2
845
20
4%
62
120
59
176
12
120
78
May
Jan
July
Jun$
25
Sept
Sept
12%
Jan
35%
Aug
5 2116%
Jan
117
118%
114
116
Sept
142%
Jan
117
118
480
108
Feb
129%
100%
Aug
96%
30
30
50
116
119
213
67
10
55%
28%
10%
50
Feb
27
560
Par.
Stocks—
Week's Range
for
of Prices.
Aug
113% May
64
Sept
34
Jan
132%
,
Mar
90
Jan
June
55
55%
Oct
58
2,163
16%
Feb;
35
June
100
10
Jan
12
June
39%
50
39
Aug
58
Apr
68
68
24
65% May
78
Mar
36
65
35
53%
Mar
83%
Aug
70
77
159
128
130
254
61%
People's G L A Coke..l00
Quaker Oats Co
..........
com...
_
Feb
85
May
114
10
95
May
102%
19
285
Oct
340
Jan
91
99
Sept
115
Feb
2,035 C150
Sept
239
122
July
127%
290
153"
99%
"~7o"
153
157
125
....100
61%
Jan
102
285
99
100
Aug
106
50
95
100
130
Oct
448
87
"285"
Sept
2,195
87
b5
100
Oct
70
126%
64%
125
87
Preferred ........1.100
Sept
141%
61%
133
Prest-O-LJte Co, Inc.....
Pub 8er of No 111, corn. 100
125
.V
30
155%
50
Feb
63
60
63%
Aug
147
145
6,159
132%
Feb
Union Carbide Co
100
163
152
180
4,088
152
Oct
Jan
Jan
Mar
July
210
22
Jan
165%
United Paper Bd com. .100
Aug
101
100
64%
149%
705
Swift A Co
Shaw W W common.
.
100
.
itew Warn Speed com.100
r«r
Wilson A Co, com
1Q0
Preferred
...._.100
101
40
70
68
,
21%
23%
60
63%
101%
101
74
Jan
May
Apr
19%
Sept
34%
Jan
Jan
8 *108%
Sept
117%
435
67
Aug
57%
Aug
101
84%
______
Preferred
Low.
89% Sept
Jan
Aug
99%
Mar
90
92
$7,000
10,000
59%
61%
16,000
61%
31
31
l.ooo;
31
Sept
Chicago Te'eph 5s ...1923
98%
98%
8,000
98%
Sept
Commonw-Edlson 58.1943
97%
98
4,000
97%
Sept
95
1,000
76,0">0
93%
Sept
99.50
1,000
88%
Oct
94
90
Oct
96%
95%
Sept
102
High.
99%
Sept
103%
Jan
832
75
4
7,936
Houston Oil trust ctfs.. 100
13%
13%
58.
Preferred v t
r.
58
123%
Jan
109
Jan
93% Sept
2% May
Jan
127
Jan
Oct
92%
8%
7
Oct
104
114
Jan
Jan
Oct
Sept
30
18%
44%
Jan
50c.
Feb
Apr
Jan
5%
50c.
Sept
Feb
300
13%
Oct
23%
Sept
67%
58
Preferred trust ctfs. .100
Mar
May
76
15
MtV-Woodb Mills
Jan
9%
90
Apr
4
50c.
50c.
39%
Oct
150
4%
June
65
5
34%
*
650
30
30
Sept
20
58
Jan
100
v t r
______
14
14%
195
13
Mar
19
Jan
100
66%
67%
71%.
248
60%
Mar
73
July
260
70
Sept
84
Jan
'Oct
32%
Feb
Oct
35%
Jan
June
21%
Aug
Pennsyl Wat A Power. 100
Seaboard Air Line pref.lOQ
United Ry A Electric.-.50
70%
70%
25%
100
25%
26
155
26
19%
19%
25%
.
358
15
4
1,030
3
80
80
$2,000
96%
Wash B A Annap com....
Wayland Oil A Gas.
25%
26
97%
3%
5
-
6
Sept
Jan
Mar
Bonds—
Alabama Coal A Iron 5s._
80
.
Anacoftia A Potom 5s 1949
Bait Electric stpd 5s.. 1947
80
Oct
8t
5,000
96%
Oct
101
Jan
3,000
96%
Oct
100%
2,000
96%
92%
Oct
98 %
Jan
Jan
*
92%
ConsolGas E L & P 6 % notes
"98%
5% notes..!
Consol Coal ref 5s....1950
95%
Convertible 6s
:.1923
98
1,000
97%
Sept
98
92%
Canton Co 5s
93
98
Bait Spar P A C 4%s.l953
98%
32.000
„;.97%
Aug
95%
16,300
95%
87%
95%
88
103
9,000
103
87%
103"
43,500
Oct
Oct
Sept
Oct!
102
119,500
193,000
88%
97
2.000
98
98%
3,000
96%
96%
2,000
96
97%
97%
1,000
97%
101% 101%
7,000
101%
87
86%
89%
cons 5s. 1945
Ga Car A Nor 1st 5s.. 1929
Georgia Pacific 1st 6s. 1922
101%
Jan
95%
Mar
110
Mar
95
Aug
97%
101%
Aug
Jan
101%
Feb
103%
Jan
103%
Jan
106%
Jan
98
Georgia A Ala
A 6s.....
Aug
Sept
Sept
Sept
86%
92
97
ser
Cumberland A Pa 5s. .1921
Feb
98%
Oct
89
88%
Elkhorn Coal Corp 6s. 1925
Fair A Clarke Trac 5s. 1938
Cosden A Co
100%
107%
Oct
Sept
97
Jan
100
94
94
2,000
94
Oct
95%
Md Elec Ry 1st 5s
.1931
Minn St A St PC jt 5s 1928
Mt V-Woodb notes 6s 1918
95%
1,000
95
102%
Jan
2,000
98%
101%
Aug
9,000
43
Sept
Feb
July
100
100
N O Mobile A C 1st 5s 1960
43%
43%
Jan
56
Pennsy Wat A Pow 5s 1940
.88%
89%
5,000
88%
Oct
95%
Jan
United Ry A E 4s.__.1949
Income 4s...
1949
77%
59%
78%
17,000
77%
Oct
84%
Jan
59%
14,000
59%
Sept
67%
Jan
Funding 5s small...1936
81%
81%
500
81 %
Oct
90
Jan
Philadelphia
transactions
Stock Exchange.—The complete record
the
at
Philadelphia Stock Exchange from
Jan
1,000
'""§"%
50c.
Jan
10.000
70
3%
100
CBS Brewing v t c.
Jan
11,000
40
93%
106
92% 100
9%
8%
Cosden Gas, preferred,..5
Davison Chemical.No par
of
94%
30
3%
104
105
100
5
5
91
47
32
125
'
93%
100
Chalmers Oil A Gas.__._5
Corisol Gas E L A Pow. 100
107% May
Bonds.
35
^
91
100
309
47%
5.
Atlantic Petroleum
Baltimore Tube.
Jan
May
■
Range since Jan. 1.
\
Shares.
High
Low.
Price.
34
Jan
527
110
110
Ward, Montg, A Co, pref.
68
Week.
47
Apr
30%
10%
100
...
Preferred
25
Feb;
Sept;
35
new
Carbon
Preferred .S
fears Roebuck
Apr;
Julyi
35
30
Preferred
Preferred
Jan
Aug
39'
KCLtA Pow pref ctfs
Lindsay Light.....
National
34|
67
...
Match......100
95%
23
107; z92
683
100% 100%
Edmunds & Jones com. 100
Diamond
...
100
Feb
Feb
12%
•
*
81
94
23%
2
445
June
60
' 60
"2"
Jan
Apr
50%
Sales
Last
Cosden A Co
96
■85%
20
20%
*116% 116%
20
Chicago Telephone
Chicago Pneum Tool.. 100
Deere & Co, pref
54%
Friday
Consolidation Coal
High.
39
23
93
2
ChlcClty & C Ry ptshcom
Chic Rye part ctf
260
84
23%
100
Preferred
Low.
Shares
295
common-.newl
.—*
Week.
100
Preferred ..........lOOi.-.-V-
118
Jan
Range since Jan. 1.
Week's Range,
American Radiator
Preferred
■J
Sales
Friday
Booth Fish,
Oct
Exchange.—Complete record of the
Stock Exchange from Sept. 29
to Oct. 5, 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.
Oct
95
Chicago Stock Exchange.—Record of transactions at
Chicago Sept. 29 to Oct. 5, compiled from official sales lists:
Shipbuilding
Apr
Stock
Baltimore
Arundel Sand A Gravel 100
Price.
Oct
36
117
45
Alabama Co 2d pref...100
Par.
93%
transactions at the Baltimore
Jan
90
Sale
May
Oct
2,000
117
54%
54%
..1949
.
Jan
Aug
95
Tjast
58%
93
6,000
44
Sale
half paid..........1922
Western Tel & Tel 68.1932
Sept
Aug
Sept
43%
93% $12,000
44
3,000
117
one-
Stocks—
108
1,948
Oct
47
136% May
157%
Feb
Jan
13,100
98%
160.000
79
1,000
94%
5,000
94,
86%
Miss River Power 58.1951
Feb
108
Jan
92%
Aug
97%
77%
94%
93
93
Mass Gas 4Ms-.-__..1931
Punta
.85
May
969
111%
33
102
47
1955
Indep Brewing 6s
96%
Convert gen 4>68... 1933
'
AtlG A W I SS L 58.1959
K C & M Ry &
July
99
20
468
93
Amer Sewer Pipe 6s. .1920
99.70 100.04 795,650
2,000
85%
86
Oct
Bonds,
Week.
Low.
High
108
44
44%
West-house Elec A Mfg.50
Shares.
25
108
108
Monon Riv ConCAC6sl949
Bonds—
Low.
High. Shares.
Low.
108%
100
Range since Jan. 1.
for
Range
Week.
100
West'house Air Brake..50
Week's
Last
for
of Prices.
108
U S Glass
Sales
Friday
Week's Range
Price.
Stand Sanitary Mfg pf.lOO
U 8 Steel Corp com
Exchange Sept. 29 to Oct. 5, both inclusive:
ton^ Stock
Range since Jan. 1.
Last
Sale.
Exchanges
Armour A Co 4%s„...1939
89%
Chicago City Ry 5S..1927
Chic Cy A Con Rys 6s 1927
Chic Rys 48 series "B"
91%
59%
Chic Ry adj inc 4s.. 1927
95
Cudahy Pack 1st M 6s 1946
99.84100.04
Liberty Loan 3%s wh iss..
Morris A Co 4%s.__.1939
88%
Peop G L A C ref g 58.1947
I.....
Swift A Co 1st g 6s...1944
95%
Wltoon A Co 1st 6s...1941
90
95%
99%
88%
90%
96%
99%
5,000,
90%
Oct
.59%
60%
Sept
80
Jan
70%
44%
102%
103%
100%
Jan
Jan
Feb
to
Oct. 5, both inclusive, compiled from the
official sales lists, is given below.
Prices for stocks are all
Sept.
29
per
cent of par value.
Jan
Jan
Aug 100.10 June
Kx-dlvldend.'
6 Ex-50% stock
dlv.
c
Ex-25% stock div.
a
Pittsburgh Stock Exchange,—The complete record oi
transactions at the Pittsburgh Stock Exchange from Sept. 29
to. Oct.
inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars per
•hare, not per cent.
For bonds the quotations are per cent
of par value.
5, both
Stocks—
Par.
American Gas of N J..100
Last
Sale
Stocks—
AlWmanla
Par.
Insurance
50
Price.
Week's Range
of Prices.
Low.
High.
Preferred
Range since Jan. 1.
for
155
155
10
137
Jan
48
175
45
May
93%
94
70
38
38
50
70
70
100
59%
95
95
100
95
155
Price
Oct
10
8
88
Oct
25
49
Feb
25
99%
Oct
9%
88%
61%
61%
99%
/ 58
9%
88
56
112
50 *
50
0
50
44%
45
,10
Cambria Steel
_..50
145
1
Consol Trac of N J....100
Elec Storage Battery.. 100
General Asphalt, pref. .10(1
Insurance Co of N A
10
145
.50
.50
Valley
Minehill A S H
Pennsyl Salt Mfg
50
Philadelphia Co (Pitts)—
Pref (cumulative 6%) 50
July
66
Jan
58-
May
Feb
Jan
43% May
40
Mar
100
Feb
163
June
72
-20
70
May
74
Jan
57
230
55
Sept
60
22
58
Sept
67%
70%
Jan
26
26
57
24%
July
27%
Feb
20
"26"
16%
20
19%
Sept
16
16%
10
3,085
273
Jan
33
Jan
15
Feb
24
Mar
72%
Oct
85.
Jan
Jan
72%
72%
59%
58%
74
60
231
58
May
79%
50
50
51
20
49
Sept
67% June
55
55
32
55
58% May
92
92
10
91
10*
51%
52%
57%
Jan
50
Pennsylvania
Jan
Jan
70
102%
60
50
Oct
Aug
56
71
50
100
Midvale Steel A Ord_._50
9%
98
54% June
49
Feb
121
Mar
32
65
99%
.
High.
100
100%
100
100
100
Jan
.
62
Low.
Shares
Iron
Preferred v t c
Cambria
Lehigh Navigation.
Higfy
40
155
Amer Wind Glass MachlOO
Week.
Bniltfk Susq Corp v tc.100
\
Lehigh
Low.
for
of. Prices.
Low.
High.
100
...
Lake Superior Corp...100
Week.
Shares
Week's Range
.10
J G Brill Co
Sales
Friday
Range since Jan. I.
Last
Sale
American Rys, pref... 100
Baldwin Locomotive.. 100
Ex-rights.
Sales
Friday
American Milling
»
For bonds the quotations
dollars per share, not per cent.
are
"si %
v
2,012
60%
July
Sept
Sept
470
*34 %
Oct
43
Jan
Oct
•
June
'
Preferred
100
•olumbla Gas A Elec.. 100
Oiutlhle Steel com
Preferred
Diana
_■
100
~70"
100
...
Mines
""13c
Aug
35%' Feb
124%
47%
Apr
Apr
90%
July
Oct
112%
Mar
93%
13c
21C
37,700
13c
Oct
-i_.l
20
20
1,000
15o
July
Barb-Walk Refrac, pf.lOO
106
106
10
•old
__
Bar Mines
1
Jndep Brewing com....50
Preferred
;__50
2%
13
La Bolle Iron Wks com. 100
►
Preferred
100
Lone Star Gas.
.
Feb
624
1% June
915
8
June
Apr
Jan
109
113%
85
71%
Feb
Jan
124
50
122%
Aug
128%
100
22
90%
100
63
64
355
61%
Jan
July
4%
325
4%
Sept
Jan
120
123
100
"64"
Jan
3%
17%
113
123*
100
Mfrs Light A Heat.....50
13
3%
13%
104
1
48c
Aug
Jan
•
Sept
Philadelphia Elec....^.25
,50
Voting trust rects
.50
Philadelphia Traction..50
Reading
50
35
Tonopah Mining
Union Traction
United Cos of N J
73%
Apr
United Gas Impt...
7%
Jan
U 8 Steel Corp
"81%
1
50
"*4%
6
.100
Nat Fireproofing, com..50
*
Preferred
50
12
12
12%
400
12
17%
Jan
Ohio Fuel Oil....
18%
18%
18%
270
17% May
22
Jan
July
York
l
4%
May
*..25
46%
46%
48%
1,072
43%
Jan
56
Oklahoma Gas, new.__.25
29%
29
29%
450
26%
Aug
30
Supply
Pittsb Brewing, com
50
F Preferred
50
....
Pitts Cons M.MAT
Plttsh-Jerome
Copper
1
3%
3
14%
""9o"
9c
3%
14%
*T0o
325
106
1% June
10
May
May
1
69c
9,400
47o
Pittsb A Mt Shasta Cop.. 1
41c
46o
5,600
40c
100
Pittsb Plate Glass
100
36
Pittsburgh Rolls Corp
Pure Oil, common
6%
5
Elver Side East Oil
6%
1,455
118% 118%
37
32%
24%
24%
175
344
32%
20
19%
July
160
..1
1.55
Jan
Oct
34%
34%
28%.
74%
29%
1,943
27%
Apr
34%
Jan
100
74%
Sept
84
Jan
80»
74%
82.
377
78%
Sept
37%
20
37%
Oct
45
Jan
4 7-10
4%
3,619
5
5%
6%
3,615
May
5%
Jan
Aug
Mar
42
43
205
460
4
26
<
103%
4
41%
205
7%
47%
July
Oct
2,396
74%
108%
105% 111%
31,190
99%
Feb
115%
115% 115%
115%
Oct
9
100
9
180
3
47%
72
47%
70
72
125
Jan
Jan
Jan
Jan
226
Oct
74%
91%
Mar
134% May
Jan
120%
9%
Jan
47%
Oct
53%
Feb
66
Feb
98
Apr
8 15-16Sept
50
11
11
50
11
1 Oct
50
36
36
10
35%
Sept.
99.76 100
15%
Mar
Jan
39
541,700
99
Aug
109.5
June
100
100
1,000
100
Oct
104%
Jan
99
99
6,000
99
Aug
102%
Jan
75
76
75
Oct
84
77
77
15,000
600
70
Aug
80
Inter-State Rys coll 4s 1943
50
51
97,000
50
May
57
Feb
small..:..1943
50
50»
600
50
Oct
60
Feb
Lake Superior Corp 5s 1924
50
53
7,000
43
Aug
Jan
U S Liberty Loan 3%s 1947
Mar
Baldwin Locom lBt 5s 1940
Mar
Consol Trac N J 1st 5s 1932
Sept
Feb
37
Oct
Mar
Elec A Peoples tr ctfs 4s '45
do
small.. ...1945
Sept
1.20
17%
25%
2
200
2
Sept
2
14c
300
12o
Apr
280
Jan
110
12C
9,600
.He
Sept
2le
May
4
Bonds—
135
13C
lib
Railways
Preferred
28%
July
Apr
4% May
118
4%
21
2
Ross Mining A Milling..15
•an Toy Mining
Feb
80
65C
Pittsb Oil A Gas
May
4,000
Preferred
5,052
80
Jan
29
76%
W
Aug
Jersey A Sea Shore. .50
Wm Cramp A Sons
100
"75"
Warwick Iron A Steel.. 10
Jan
Ohio Fuel
4%
28%
205
42%
100
50
...100
26
37%
"28%
50
1
35
28%
26%
Phila Rapid Transit
2d preferred
Tono-Belmont Devel
*34%
do
100
"75%
•
Jan
-
53%
Jan
Mar
Oct. 6
1407
CHRONICLE
THE
1917.]
Last
Week's
Sale
Bonds—
Price.
Range
Last
Week.
High
•
of Prices.
.
for
Low
Week's Range
Sale
Range since Jan.
Sales
of Prices.
Low.
High.
Par.
•
Price.
Low.
Marconi Wlrel Tel of Am.5
Lehigh C A Nav—
Consol 43*8
..1954
102
Jan
100
Oct
105
Jan
Poole Eng a
Oct
68
Jan
Prudential Plotures.r
1073*
Jan
102
Apr
Republic Motor Truck r(t)
St Joseph Lead r
10
Smith Motor Truck r
10
100
Pennsylvania RR—
..I960
Consol 43*8
Phlla Elec 1st (new) 5s *66
100?* 100?*
100?*
99?*
North Am Pulp a Paper(t)
553*
300
553*
553*
Natl Properties 4-6s small.
100
4,000
Sept
99?*
62,000
99?*
Oct
100?*
3,600
99?*
Sept
1023* May
1083* 1083*
3,000
July
Jan
Jan
99?*
,100
small... ..1966
112
"70"
Mach r.__100
5
200
*47
Jan
3
3h
3X
600
3
4%
3,050
Sept
Sept
60
Jan
3,500
4
May
200
54
Aug
20
70
70
7X
6X
7X
55
33*
*
17%
55H
18X
IX
IX
2%
42,000
13*
Oct
7%
7X
7X
2,700
63*
Jan
17X
133*
Sept
"im
Steel Alloys Corp r
5
Submarine Boat..(no par)
16m
Triangle Film Corp v t c.5
United Motors.r_. (no par)
1
1
21
21
1,100
Jan
163*
89
89
89
4,000
87?* .Sept
Welsbach Co 5s..__ -.1930
96
96
,96
6.000
953*
Sept
993*
Phlla A Read Terml 5sl941
108
Jan
1-16
7,900
1,200
24?*
13,700
United Zinc Smelt (no par)
..1997
1133*
96?*
Reading gen 4s
2X June
600
4X
Pocahontas Logan Coal.r.5
1,000
93
100
Jan
4,000
93
Newark Passenger 58.1930
103
Low.
Shares.
3
112
Marlin Anna v t c (no par)
Oct
Aug
Range since Jan. 1.
for
Week.
High.
3
93
97 X
51,000
973*
973*
Lehigh Valley—
Gen consol 43*s. ..2003
do
Sales
Friday
Friday
3X
3X
4?*
2,100
33*
Corp.r_._5
r_10
4%
2
5
1,730
2
1%
1%
1?*
1,500
13*
June
4X
4%
3,600
4
Sept
u s Aeroplane
u s Light a Heat
Volume ol Business at Stock Exchanges
16
10
u s Steamship
1
.
1
Oct
16
Sept
Oct
Oct
•
%
%
400
X
8%
11X
61,500
4X
5
World Film Corp v t c
Wright-Martin Aire r._(f)
transactions at the new york stock exchange
daily, weekly and yearly.
10%
Apr
May
Former Standard Oil
-
Subsidiaries
.
Week ending
Tuesday...
....
Wednesday....
Thursday
Friday...—.....
Bonds.
$129,000
800,500
375,000
$2,294,000
1,596,000
846,000
674,000
2,204,500
50,264,000
82,362,950
71,296,500
812,000
660,000
1,508,000
473,000
2,301,000
2,292,000
935,500
789,000
-
$5,363,000
3,644,i55 $342,621,950
Total
1,556,500
•
$3,100,000 $12,244,000
<
/
Week
493
495
11
240
50
237
700
705
11
700
100
532
532
10
532
Standard Oil of n y.__100
257
265
70
257
(Calif)'.
Standard Oil
(Indiana) 100
Jan. I to Oct. 5.
ending Oct. 5.
Standard Oil of n j
Par value
1917.
......
Bank shares, par
1916.
|
1916.
[
24,243,000
217,978,000
599,169,000
$34,397,500
$743,818,250
$817,869,450
$12,244,000
$31,000
State, mun., Ac., bonds
$3,100,000
5,363,000
$10,123,500
$20,707,000
RR. and mlsc. bonds.
_
X
8,700
1
1?*
1?*
IX
6,800
X
IX
10%
10?*
10X
5,870
103*
34
34
k
•
r
Bliss Oil a Devel r___._25
1
"38c
35c
40c
37c
transactions at the boston, philadelphia
baltimore stock exchanges.
"33c
_1
r
Elk Basin Petroleum
Bond Sales.
Shares.
Bond Sales.
Shares.
Bond Sales.
Shares.
:
5
r
Monday
13,211
Tuesday
11,998
510,300
Wednesday
10,222
119,250
Thursday
15,874
183,150
9,844
71,000
...
Friday
1,120
8,989
7,405
150,400
217,050
13,824
15,000
74,000
4,445
2,939
150.000
6,978
17,136
...
$26,000
867
$97,250
131,600
4,213
$09,650
182,500
6,501
,
148,000
9X
Friars Oil
5
r__
3H
Houston Oil, com r
3H
7,200
X
Aug
73,300
103*
15
Aug
Sept
"13%
13
Kansas-Utah Cons Oil r__ 1
1 1-16
1
..1
9-32
8?*
9
11,000
3
3
100
8?*
IX
June
10
100
9
June
8%
Oct. 5, both
to
inclusive.
record of
security market from Sept. 29
It
covers
the week ending Fri¬
13,025
X
34?*
IX
37,200
113*
Jan
15,500
Vx
May
Midwest Oil
__1
r___
1.41
1
r__
n y a Texas Oil
Preferred
145
1
1
.1
90c
1
8c
1
r
80,000
480
July
8?*c
23,000
60
July
37c
40c
4,000
35c
Sept
18c
7?*
•
7?*.
49
8?
the "Curb"
to transactions on
no
such reliability attaches
to those on the
as
regularly
organized stock exchanges.
/
"
"
On the New York Stock Exchange, for instance, only mem¬
16,000
5?*
12 X
12 X
Red Rock Oil a Gas
640
60c
in business, and they are
permitted to deal only in securities regularly listed—that is,
securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted
to
to insure that
precaution,
Every
dealings.
In the official list at
too,
over
On the "Curb," on the other hand, there are no
whatever.
taken
is
the "tape," or reported
the end of the day, are authentic.
quotations coming
Any security
may
restrictions
be dealt in and any one can
prices and have them included in the
lists of those who make it a business to furnish daily records of
meet there and make
The
possibility that fictitious transactions
or even
that dealings in spurious securities
the transactions.
in,
may
creep
may
be included, should, hence, always be kept in mind,
particularly
regards mining shares.
as
It is out of the
question for
any one
In the circumstances,
to vouch for the
absolute
trustworthiness of this record of "Curb" transactions,
and
65c
give it for what it
may
be worth.
__1
x
3-16
X
9X
10X
2,000
x
X
r
...
Last
11-16
Victoria.Oil new stk r._10
5%
Wayland Oil a Gas com..5
3X
3X
9c
West States
for
of Prices
Week
Stocks—
Par.
Aetna Explosives r (no par)
Preferred
Beth
Steel
Co
(no par;
4x
Carbon Steel, com r
"16"
25
'"2?*
10
9%
Acme Cop Hill Mines r_ 10
Alaska-Brit
Atlanta Mines
Big
100
100
Curtlsa Aerop & m com (t)
223
37?*
Keystone Tire a r com 10
Lake Torp b't com.r—10
Lima Locom com r
100
Lofts, Inc
100
Luken« Steel 1st pf r
100
20
Manhattan
Transit
04
15?*
16
72
200
8
Apr
44 H
14?* June
Aug
Mar
99%
Aug
Oct
104 %
Sept
900
15%
Oct
21
100
72
Oct
109
33*
2,600
4,540
65
2%
•9
-
Feb
55*
Jan
Jan
July
14
Oct
Mar
6
650
7
Jan
75
83
5,300
65
Sept
146
Jan
221
225
5s0
224
Oct
224
Oct
36H
38
3,800
16
Feb
62?*
23%
50{
20%
Apr
25
400
5H
Apr
July
Aug
5
40
Feb
63
Aug
250
96
Feb
102
July
12
1,070
8
Sept
13
Jan
14
14?*
1,750
12%
Sept
18
May
5
53*
500
4%
Sept
10?*
101X 101H
12
14>*
*10
47%
62 %
Jan
Feb
Mar
55
100
55
100
100
100
100
100
Oct
107
Nov
100 %
100 X
10
96
Feb
104
June
1
Mar
X
3,900
X
Feb
■
Oct
9-16
1,200
4,100
4X
43c
Oct
Oct
Sept
July
Sept
Auk
6%
7
23*
17,200
X
13,100
Sept
4,200
3-16 Jan
1,500
Apr
83*0 Oct
X July
1 Vs
Sept
20c
25c
9C~
83*o
13*
""2%
Brant Mines
Bullards
__1
r
Peak.r
Copper
54c
IX
2 1-16
64c
1
Coco River Mining r
1
Consol Arizona Smelt. —6
July
x
64c
May
Oct
56c
2,000
1,000
X
.8%
8,500
73*
Oct
X
73*
10,300
X
Vx
48o
Apr
X
58c
XX
13*
Apr
Feb
800
13*
44,950
74c
15-16-
2
49,170
2?*
15-16
Co Ltd..5
Oct
5c
63o
27,400
13*
X.
7%
X
1
Boy
1,500
19,000
5c
63c
56c
Caledonia Mining
i
Calumet a Jerome Cop r 5
Canada Copper
59,200
2?*
60c
1
1
Butte Cop a Zinc y ,t 0—5
Buttef-Detrolt Cop a z
1
Butte any
13*
5c
"62c
1 1-10
Bradshaw Copper r_„—-1
3*
200
1
r
13-16 June
15,100
10c
_10c
Boston a Montana Dev..6
Cash
5-16
IX
Big Ledge Copper Co.—1
Booth
X
20C
1
r
Jim
•
2,300
„
Oct
Oct
Jan
1 3-16
2
6c
7c
11,000
60
Jan
IX
13*
26,000
IX 21-16
"ox'c
9,400
ljfc
Sept
3
Aug
Feb
Consol Copper Mines
5
8..
8%
93*
2,020
Consol-Homestead
1
3-16
3-16
3-16
2,900
Cresson Con Gold mam.l
5%
53*
5%
1,600
4?*
June
23*
23*
Sept
May
r
Eagle Blue Bell r_
Emma
Copper
23*
100
11-16 13-16
1
1
r
Sept
46,000
J*
2?*
175
23*
23*
Apr
First Nat Copper
5
Fortuna Cons r.
1
42c
370
42c
37,700
12o
Aug
Consolidated, 10
36c
36c
39c
15,550
36c
Oct
j
r
2X
43*
5
7c
l
r
1
"13-16
25c
*6X
r___
Jerome-Prescott Cop r
July
92%
4,700
33,550
10X
2H
*9
50
Holly Sugar Corp com (t)
Preferred
.100
100
43
83
5H
"so"
Everett Heaney a Co r.20
Intercont'l Rubber
.
2
8c
3,500
50c
Sept
Sept
May
Snpt
2
2
Col Metals__l
Alaska Standard Cop r__l
Arizona-Cornelia r
1
International Mines
High.
Low.
~~6%
33*
50
700
Aug
July
Aug
June
63*
4,920
Jan
Mining Stocks
■
Hecla Mining....
23 X
Charcoal Iron of Am pf 10
Cities Service (old)
5,500
72
100
Steel Tool
Chevrolet Motor
5%
92?* *100
Car Ltg a Power.r
Carwen
4X
Shares.
43
"96"
pref.r_.wh Iss
Brit-Am.Tobac ord bear £1
High.
Low.
100
r
Air Reduction
Price.
46c
Wyoming Oil a Ref r
1
Wyoming un Oil new r(t)
42o
20,000
X 13-16
Petrol-r____l
H
X
6,800
33*
9c
West End Oil a Gas.r___l
83*
25,600
1
IX
X
X 13-16
63*
5X
..1
r
Green Monster Min r
Range since Jan. 1.
Week's" Range
Bale
i
1
United Western Oil
Goldfield Merger
Sales
Friday
52c
40,800
9x
Rice Oil
Great Bend
Week ending Oct. 5.
53*
12X
Sapulpa Refining r___—6
Goldfield
we
43
9,025
14,800
18,900
*6
Oct
Oct
73*
600
50%
5X
12X
18o
7,400
18%
50
'
bers of the Exchange can engage
75*
11,800
21c
7%
1
Oct
96c
Penn-Kentucky 011 r.j—5
Penn Ohio Oil a Gas r__10
r
1
July
7X0
19c
__5
Jan
May
X
300
IX
Jan
860
115
85c
......
1
com
4,800
3,977
1,010
65o
40,000
IX
%
r__
Omar Oil a Gas
1.55
154
138
Oil.r.
_r
1.33
1%
15
Midwest Refining r_:.__50
n y-Oklahoma oil.r
1
Sequoyah Oil a Ref
Tuxpam Star Oil.r
day afternoon:
It should be understood that
Sept
9-16
IX
Pan-Am Petrol com r__50
the transactions in the outside
Sept
%
85,300
a
Sept
%r July
30X
Northwestern
$511,800
give
Jan
1
20,600
31?*
Osage-Hominy ollr
New York "Curb" Market.—Below we
11
17,750
IX
X
7-16
Oklahoma Oil com
13,798
$752,200
58,545
67,650 $1,135,850
...
10,700
14?*
.
15
10
Oklahoma Prod a Ref___5
Total
350
1
93,600
2,020
.
Sept
X
19X
15
16
100
Oil
3?*
2,600
4%
Jan
Feb
Vs
%
10
oll.r.
Sept
70o
15?*
1
r_
Glenrock
X
12,900
July
36,300
IX
■
May
X
73*
6,300
5-16
X
Oct
280
26,100
X
X
84,900
-
2,407
*1?*
Oct
4
18,400
8%
8Vx
3-16
r
38c
IX
ix
1
Preferred
Saturday. T__
Aug
8?*
500
Merrltt Oil Corp r
10
Metropolitan Petroleum 25
Week ending
5 1917,
340
24,200
4X
30c
Esmeralda Oil Corp r.._.1
Elkland Oil a Gas
Lost City Oil r
Get.
800
9X
4
5
r._
Knickerb-Wyo Pet.r...10
Preferred r
10
Baltimore.
Philadelphia.
Boston.
Sept
July
42c
Kentucky Petrol Prod.r(t)
and
150
8%
8?*
Oct
179,000
45c
1
Aug
32
300
5
Boston-Wyoming Oil r
Kenova
daily
Oct
1
Barnett Oil a Gas
Internal Petroleum r.__£l
Total bonds....
Oct
Oct
Bethlehem Oil a Gas r_10
Federal Oil
$722,450
$109,642,250
245,629,500
388,546,500
bonds...
Oct
Oct
•
'
Cumberland Prod a Ref r 1
Bonds.
Government
<
Oct
Sept
Allen Oil.r..—
Crosby Petroleum
142,459,315
144,113<3^5
6,599,302
3,644,155
$342,621,950 $571,602,500 $13,272,753,155 $12,282,987,815
$191,800
$86,200
2,500
$3,800
Stocks—No. shares.__
700
"
Preferred
Exchange.
100
Other Oil Stocks
New York Stock
1917.
__
Cosden Oil a Gas.r
•
■
July
9X
Consol Mex Oil Corp
■
■.
Sales at
Feb
210
1,000
237
—100
Standard oh
$461,000
16
20
10
93*
493
___.25
Prairie Oil a Gas
64,998,400
150
215
213
Pierce Oil Corp
$19,732,500
53,967,600
207,200
581,906
696,592
525,075
868,547
764,835
Monday
Stales
Bonds.
Par Value.
Shares.
Saturday
& Foreign
Bonds.
oa. 5 1917.
Stale, Mun.
18% *19
Anglo-Amer Oil
__£1
Illinois Pipe Line.....100
United
Railroad,
&c., >
St ocks.
Jerome Verde Cop
1
"Tx
1
1 5-16
1 3-16
84 c
84c
_1
Josevlg-Kennecott Cop__l
Jumbo Extension
1
17c
Jim Butler
r
■_
Kerr
Lake
Kewanus r
1
La Rose Consolidated...6
Louisiana Consol.
X
16c
33*
5%
5
9c
7-16
8c
,,...1
5
Magmatlc Copper r—10c
Magnate Copper .......1
Marsh Mining r
Mason
Valley
1
5
Mllford Copper r
1
2
Monster Chief r... ,
1
Mother Lode r
..1
Nancy Hanks-Montana r 1
95,500
3-16
21c
15,000
2,600
17,060
43*oMay
43*o
May
Aug
Feb
7
8e
1
Mar
Oct
1V*
69o
X
16o
Oct
Mar
Sept
Oct
3?*
3,000
X
June
5?*
93*c
200
3?*
July
3*
3*
6,0*0
80
X
1,800
Oct
May
2,600
2,200
75o
Aug
43c
June
46x
45
52
4,600
40
19c
18c
20c
4,900
18o
Oct
10,000
760
Apr
23,500
2,700
14,000
90
Jan
6
Feb
460
1?* 1 13-16
2,800
900
3*
9-16
900
3*
X
31c
5-32
36,250
3*
X
10c
5m
13-16
9c
5?*
50c
McKinley-Darragh-Sav.. 1
Mojave Tungsten.r
5,000
1?*
87c
Vx
Magma Chief.r
8,000
12,035
51,550
7-16 15-32
_10o
Magma Copper.
8 Vx
13c
9,900
2,200
13*
1
X
Jumbo Min of NewM r__l
X
X
*63*.
10c
1
53*
10c
"l%
""x
33c
1
1
X
11c
6
65c
37o
13*
16,650
7,100
Jan
Apr
Apr
Apr
May
253*0 July
8O0
June
..1
10c
9o
12c
38,600
0c
Oct
National Zinc a Lead r_. 1
37c
35c
38c
32.000
350
Sept
National Leasing r
CHRONICLE
THE
1408
Bales
Friday
Week's Range
TJOSI
Bale
Mining (Concl.)
for
Range since Jan.
New Yoik
Week.
of Prices.
High.
Low.
Price.
Par.
Shares.
Low.
City Realty and Surety Companies
High.'
.
Bid
Ask
utwyersMtg
115
125
Realty Assoc
93
98
(Brooklyn)
85
93
235
Mtge BondNat Surety.
198
203
U 8 Casualty
195
205
100
N
165
175
Ask
BU
Nicklas Mining
Nipisslng
—1
13-16 15-16
7A
6
TVs
Mines....
Nixon Nevada—
TVs
_1
Ohio Copper new r
Red
Warrior
1
r
%
7,600
2,200
%
50c
Rochester Mines...
53c
9,400
47o
"50c"
i
»
4,w
24,000
8c
58C
49c
8c
1
r
s
7c
:-V
^
:
•
500
M
H
1 ^1
Sliver King of Arizona
J
lie
12c
lie
4.500
19,500
SJlver KingCons ofUtah r J
Silver Pick Cons r
..1
4M
200
12c
4M
8Mc
M
3%
17,000
60
Standard, Silver-Lead
I
9-16
Stewart Mining *»v.*-.;*>J
Success Mining r
I
5-16
5-16 11-32
17c
17c
Superior Cop (prosp't) (t)
Tonop BelihontDev. r,
1
IN
4M
.
_
United Eastern...
14c
•u-eterr*
4 5-16
m
15c.
3
1
1
1
r....
West End Consolidated,
1 3-16
208
Verrlngton Mt Cop
Jan
11-16
July
5
Feb
Feb
Mar
62e
Oct
*180
1,500
Aug
r-
•:
4%
7
Mar
;
'
3% May
2,850
Aug
1%
May
Sept
15c
Jan
60C
Ian
5M
Feu
28c
Sept
Feb
Jan
41M
June
500
33%
1,500
2%
27,5(K>
65c
Apr
25,800
1.8 MC
Oct
30c
4
July
June
70c
4,600
62d
A pr
840
19c
Oct
33c
Sept
4,200
34c
Jan
Mar
2%
29c
20,100
14o
July
350
Sept
18MC 20c
20,000
ISMcSept
600
Mar
98
97 N
95 M
95%
$10,000
981
95 H 162,000
98 M
93%
50
50
25c
■V~
,v;-'v
Atlantic
'
6% notes.. 1919
Canada (Dora of) 6S-.1919
Chic A West Ind RR 6s '18
Cons Ariz Smelt fis.. .'*19*39
General Elec 6% notes '20
101 M
Great Nor Ry 5% notes '20
N Y Cent RR 5% notes T O ;
N Y City 4%s w i r..l907
Russian Govt 6%s
5%a r__
70 M
98
96%'
97
45
74,000
100
22,000
98%
97% 1.56,000
97
98%
97%
■
Aug
Aug
99%
62
Jan
102
Apr
July
Aug
98%
Sept
96%
101
75,000
101% 102%
1919
r
1,000
101M 101M
98 M
97% Sept
95% Sept
98% Sept
19,000
Feb
Aug
Sept
97%
Oct
June
103 Vx
June
79
39,000
74
Sept
98%
Jan
67
76
5,000
64
Sept
94%
.Jun
■
£1
new.
Refining
.'00
Borue-Scryuser Co..
100
Buckeye Pipe Line Co... 50
Chesebrough Mfg new._.100
where marked
except
1-00
525
*33
155
*20
Rights
Euieka
Pipe Line Co.... 100
Galena-Signal Oil com... 100
5.50
6.00
5.00
6.00
5.00
Preferred
140
6.50
5.50
5.75
5.25
5.40
5.00
Chic Ind A Louisv 4% 8..
Chic St Louis A N O 5s
*^*4.100
.
130
140
4.88
215
Chicago & N W 4Ms
Chicago R 1 A Pac 4MB.—
5.38
210
6.50
5.50
50
♦98
102
Colorado A Southern 5s.
5.75 5.25
£1
*13
Erie
6.00 5.00
12.50
*12
14
100
..
International Petroleum.
Transit.Co
13*2
195
105
'340
*35
39
York Transit Co
Poun-Mex Fuel Co.*
25
Pierce Oil
25
Corporation
6,00
Odd lots,
f No
67
,
'
5.50 5.10
5.40
5.40
5.00
6.00
5.50
5.40
5.00
480
500
Pipe Line....... 100
255
260
Kanawha A Michigan 4%s
Louisville A Nashville 5s
Solar Refining...
100
Southern Pipe Line Co.. 100
South Peun OH
....100
315
330
Michigan Central 5s
198
202
290
310
Minn St P A S S M 4Ms..
Missouri Kansas A Texas 58-
5.70
.
I Listed
change this week, where additional transactions will be found,
listed
u
.
rights. \
Ex-cash and stock dividends,
z
Ex-stock dividend.
to
When issued.
v
CURRENT
on the
Stock-Ex¬
New stock,
r
Un¬
Ex-dividend.
j/
Ex~
o
x
;■/. •
•
NOTICE.
103
107
Mlssourl Pacific 5s
230
235
Mobile A Ohio 5s.._...
700
715
515
530
340
355
Standard Oil (Nebraska) 100
Standard OH o't Sew Jer.100
490
510
505
515
255
260
450
100
offices throughout the country a revised schedule of the
tax
showing exactly what the individual will have to
Federal income
new
pay
visions.
The salient features of the tax are carefully explained.
A typical
example is given which enables the lay reader to understand the working
of this law.
The New York address is 14 Wall St. and the St. Louis office
is 408 Olive St.
The
publishing schedule has been changed
what in that the Steam Railroad section will be
of March 1„ as heretofore.
--Louis B. Wade of
of
the
New
York
'
•'
Wade, Templeton & Co., has been elected
Stock
Exchange,
The
Exchange business, also continue its curb
firm is composed of Louis B.
some¬
published in January instead
'
firm
will
do
a
a
member
regular Stock
and unlisted departments!
The
4G5
Pennsylvania RR 4 Ms
5.20
4.80
120
Equipment, 4s..._
5.20
4.80
investment bankers,
partnership with W. W. Armstrong, at Aurora, HI., Under the firm
of W. W. Armstrong & Co.
U.x''
name
95
35
Seaboard Air Line 5s.......
83
Southern Pacific Co 4Ms..
Southern Railway 4MB
80
Explosives pref
100
38
43
9
5
.1........ 100
20
30
Atlas Powder cotaraon... 100
160
163
Preferred.100
99
101
100**15
118
60 '425
500
50
*75
83
155
Preferred,
*
Babeoek A Wilcox.;
Bliss (E W) Co common.
Preferred
1st
Colt
a
Patent
75
Arms
..........100
duPont (EI) de Nemours
& Co common.,
100
82
85
257
Stern Brothers & Co., dealers in investment bonds,
—William B.
Troth
of New
York has issued
a
Kansas City,
special circular
affairs of Edmunds & Jones Corp.
;
Mo.
on
the
Preferred.
_
160
110
259
100
Amer Cot Oil 5s 1917.MAN
100
45
50
68
75
Amer Tel A Tel 4 Ms 1918...
Balto A Ohio 5s 1918
3
10
100
140
100
com.
*■*,
100
142
107
Phelps-Dodge Corp
100
Scovill Manufacturing... 100
290
300
53
560
570
50
25
35
Winchester Repeat Arms. 100
750
950
:
Iron.
62
100
112
100[.
100
90
*48.
Woodward
Young (J S) Co
9912 100%
Peun Seaboard Steel (no par)
Thomas Iron
r"--
102
580
..100
100
com.
18
100
Preferred....
100
Empire Steel & Iron
90
Reynolds (R J) Tobacco. 100
100
Niles-Bement-Pond
associated with the sales department of
bearer..
Preferred..
117
now
Ordinary,
Conley Foil
Preferred..
264%
—John-S. Manley, formerly Manager of the Kansas
City office of Otjis &
100
210
112
Co., investment bankers, is
Preferred
Amer Machine A Fdry..l00
Brlti8h-Amer Tobac ord..£l
MacAmlrews A Forbes.. 100
90
261
Guaranty Trust Building, 66 Liberty St., this city.
Par
common."00
American Cigar
I
85
58
Preferred............ 100
of Chas. W. Hill,
j
19
53
Debenture stock
5.20
Tobacco Stocks—Per Sha
130
80
Eastern Steel
5.00
Johnson Tin Foil A Met.100
Hopkins & Allen Arms.. 100
Preferred
.100
many years
6.00
5.60
170,
..100
Fire
5.00
225
...100
preferred
2d preferred....
5.50
5.50
5.50
100
yice-President of the Loton II. Slawson
Young, for
6.50
6.50
.
£1
Hercules Powder com...100
,
,5.90 5.25
_
Toledo A Ohio Central 4s...
Aetna
4.95
Share
Ordnance Stocks—Per
has resigned to become associated with the investment securities house
—Ross
Co.
St Louis Iron Mt A Sou 5s.
St Louis A San Francisco 5s
Per Cent
Preferred_ .......
:
5.25
353
Pierce Oil Corp conv 6s. 1924
Mfg
Wade and Clarence R, Templeton.
—Glen Ralph Wortman, recently Secretary of
Howard, Simmons & Co.,
of Chicago, for the past ten years, has gone into
«
4.95
Canada Fdys A Forglngs.100
Carbon Steei eoumiom_.100
—Moody's Manual for 1918 will be published in three volumes following
the same general plan as the 1917 edition—Steam Railroads—Public
Utilities—Industrials.
5.00
5.25
5.25
90
American A British Mfg. 100
•
-
.
6.00
5.75
Equipment 4Ms
.
*30
Bonds.
5.25
5.25
5.00
N Y Ontario A West 4 Ms.Norfolk A Western 4Ms.-_
Equipment 4s.
Equipment 4Ms..^...._
under its pro¬
5.50
6.00
New York Central Lines 5s..
348
WashlngtonOll
5.50
6.25
..10
Vacuum Oil
5.20
5.45 5.00
6.50
6.25
Equipment 4%s..
.......100
Union Tank Lice Co.... 100
—William R. Compfcon Co. has prepared for distribution from its various
-
5.00
6.50
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100
Standard Oil (Indiana).. 100
Standard Oil (Kansas).__ 100
Standard Oil (Kentucky) 100
Standard OH (Ohio).....100
8 wan A Kirch
100
i Listed as a prospect.
par value,
5.00
5.10
Equipment 4Mb
...100
Prairie Oil A Gas
5,00
6.00
5.50
...
Illinois Central 5s.
10% i
*912
5s..
Equipment 4%s_._
Equipment 4s
Hocking Valley 4s
;
Equipment 5s.-_..*
205
Northern Pipe Line Co. .100 100
Ohio Oil Co............ 25 *335
Prairie
5.50
100
—.
Illinois Pipe Line
Indiana Pipe Line Co..
National
6.50 5.50
6.50
Equlpment 4%s........
215
135
Equipment 4%8....
5.25
Chicago & Alton 4a.......
'Chicago A Eastern III 5%8.
30
210
5.25
Central of Georgia 5s..
'37
Cumberland
5.95
6.50
550
50
Pipe Line.. 1001/145
Crescent Pipe Line Co
5.75
Equipment 4s
Canadian Pacific 4%8..,__
Caro Clinchfleld A Ohio 5a_
70
Continental Oil..
Ask.
5.40 5.00
5.75 5.25
j
95
365
50
Bid.
Baltimore A Ohio 4%s...
430
100
Basis
Buff Roch A Pittsburgh 4%s
900
Standard Oil of New Y'k 100
*
1921
*f
j RR. Equipments—PerCt
19
*18
850
410
*90
340
Colonial OIL...
New
Bonds—
Beth Bteel
Title AM G
Stocks -PerShare
Ask.
■'
Par Bid.
OH
Anglo-American 01
A pr
16,500
7-16
1
19c
25Mc
I
Standard
July
7M
■
21c
9-32
76
Wes A Bronx
Jan
%
l'A
19c
1 7-16 1
85
75
Mtge
All bond prices are "aad Interest'
Feb
4%
26c
3M
66c
68c
5
1%
5M
C
18Mc 23c
Exten. ..,10c
White Caps Mining... 10c
Wilbert Mining.........1
65
Quotations for Sundry Securities.
May
14-16 Jtte
Apr
4
9,700
4M
Mines......5
r._
USTltleGAI
Y Title A
Jan
20c
Sept
100
36
Mines
16
58
1
Ask
Jan
%
May
8,2.50
22c
36
21C
%
l
1,200
700
16C
3 15-16
*_1 315-16
"l3"
Bid
May
5-16
Sept
Sept
16e
16,200
IN
4M
2%
OM
21c
White Cups
Co
City Invest g
May
72c
Apr
%
.
7,.500
20c
1M
6M
Tungsten,r........ 1
5,200
11-16
United Verde Exten r..50e
Utlca Mines
Feb
1%
77
'
%
Tonopah Extension Min.J
Tonopah Mining..
..1
Troy-Arizona r ........„1
Nat
1 9-16
Oct
May
M
Utah
228
Oct
7-1.6
Unity Gold
Bond A M G
Casualty
Oct
%
7-16
S
120
'
San Toy Mtaing
U
110
July
8c
%
56c
J
St Nicholas Zinc Ext
Santa Rita Devel
70
imer Surety
1% June
July
%
alliance Rty
Sept
1 1-32 Sept
Feb
Apr
Sept
'
Richmond Min MHARr.l
25c
46,100
10,400
1M
I
May
9%
2
Sept
Julv
%
6%
6,500
96c
86c
1 1-16
1
U
4,100
8%
Short-Term
5s 1919....
Beth Steel 5s
Cent.
Notes—Per
—
..--
1919..FAA 15
9978:
99i2
99i4
9758
9734
Canadian Pao 6s 1924.MAS 2
Chic A West Ind 6s' 18.MAS
Del. A Hudson 5s 1920
jErie RR 5s 1919.......A-0
jGeneral Rubber 5s 1918.JAD
Gen Elec 6s 1920..
JAJ
Great Nor 5s 1920
MAS
Hocking Valley 6s 1918...
lot Harv 5s Feb
K C Rys 5M8
'18-F-A
15
1918
JAJ
K C Term
Public Utilities
4Mb
Ainer Gas A Eleo com...
New York
City Banks and Trust Companies
Banks-N.Y.
Bid
Axk
Banks.
Bid
America*...
535
550
Manhattan *
315
325
Amer
230
238
182
Mark A Fult
245
255
Bankers Tr.
405
Meek A Met
305
315
B'way Trust
165
185
Merchants..
250
300-
CentralTrust
Metropolis*.
285
295
Columbia/..
Metropol'n *
175
185
Commercial.
100
Empire.....
290
300
Equitable Tr
328
338
Farm L A Tr
425
450
Fidelity
208
215
Exch.
Atlantic
175
Battery Park
Bowery *
400
Bronx Boro*
150
200
Bronx Nat..
150
170
BryantPiirk*
140
150
...
175
.
Mutual*.
New
Ask
Trust
New
375
..
Netk*.
215
225"
200
Butch & Dr.
90
100
New YorkCo
175
Chase.*....
340
350
New
400
Chat A Phen
185
York..
Preferred
Co's.
Bid
Ask
i.......
60
NYNHAHJ5s.Apr
86
89
Penn Co 4Ms 1921.. JAD 15
97*8
97%
32
Pub Ser Corp N J 5s T9.MAS
9734
98%
765
775
Cities Service Co
275
'
87%
97%
285
100
com
44
47
Utah Sec Corp 6s '22.M-S 15
88
99%
901
74
78
Winches RepArms5s'l8.MAS
96%
97%
Eleo Bond & Share pref.. 100
Federal Light & Traction. 100
96
Preferred
200
270
465**
Guaranty Tr
335
345
200
220
Hudson
135
142
Citizens...*
200'
210
Prod
City
440
450
Public*.....
First
215
Seaboard
.100
Preferred
Coal A Iron
205
_
Colonial*... 4400
Second
Columbia*..
...
Sherman
320
Commerce.. tl64%
Corn Exch*.
315
Cosmopol'p*
95
105
■
.
Metropolitan
380
395
400
425
130
chester)
no
115
125
Trust..
950
975
Y Trust..
585
595
TltleGu&Tr
100
23d
310
320
130
Ward*.
Union Exeh.
150
N
Y Life Ins
A
160
N
Transatlan 'c
175
Union
Trust
380
395_"
65
75
Unit States*
500
Fifth Ave*.. 4200
4700
Wash H'ts*.
275
230
West eh Ave*
160
175*"
West
Side*.
200
220
USMtg&Tr
420
435
Yorkvllle*..
Brooklyn.
Coney lsl'd*
First*.
550
560
UnltedStatas
975
1000
Westchester.
130
140
125'
135
255
270
Fifth
215
...
First...
975
Garfield
990
180
185
Germ-Amer*
138
144
German Ex-*
395
Germania*..
200
Gotham
335
-
Hanover
«
-
220
200
Greenwich*.
-
-
-
350
Flat bush
140
Green point
.
150
150
165
670
685
110
120
Franklin
240
250
255
265
Homestead *
115
Hamilton
265
275
495
505
Mechanics' *
125
130
Kings Co...
650
Irving...
Liberty
203
216
Montauk*..
90
105
Munufact'rs.
140
375
400
Nassau.....
200
207
People's
280
Lincoln
300
320
Natlon'IClty
265
275
Queens Co..
North Side*.
175
200
People's
•
Banks marked
week.
with
a
J New
(•)
are
stock,
130
State banks
y
Ex-rigbts
34
38
6834
70«4
North'n States Pow com. 100
Miscellaneous
74
Brass
*.100
American Chicle com.
Preferred
77
...
10G
..*.100;
Am
Graphophone com... 100
Pref erred...........00
94
96
American Hardware
53i2
57%
Amer Typefounders com. 100
U)0
75
80
40
41
87
89
17
18
Celluloid
Havana Tobacco Co
Preferred
400
...
Preferred
1st
preferred
100
Puget Sd
Tr LAP com. 100;
Preferred
100;
54
Preferred
28
j
32
64
65
85
South Calif Edison com.. 100
Preferred
88
100
103
«94
100;
Southwest Pow A L pref. 100
100
50
*7
50
*30
9%
31
80
at Stock
Ex-
..100
100
Preferred^..
100
1st g 5s June 1 1922..J-D
lntercontlnen Rubb eoua.lOOi
Internat Banking Co
100;
International Salt....... 100/
1st gold 5s 1951
A-O;
International Silver pref.100^
Lehigh Valley Coal Sales. 50;
Gtls Elevator common...100;
100*
6
47
preferred
100
10
100
38l2
100
68
Western Power common. 100
12
preferred...
100|
share
price,
Company
4
preferred.........100;
*Per
100
..,.100
26
1st
Flat
com.
Preferred
.100
.
United Gas A Eleo Corp.
1st
100
Borden's Cond Milk
LAP com 100
Preferred
United Lt A Rys com
290
.100
Preferred
58
100
.100
Republic Ry A Light
Preferred..
or
and
American
"11
2d
140
t Sale at auction
44
T-g
Preferred..
610
Imp A Trad.
change this
Industrial
100
com.
Mtge 5s 1951... J&J
Tennessee Ry
600
Harrlman...
Hillside
11
....100
Mississippi Rlv Pow
Standard Gas A El (Del).
Brooklyn.
Brooklyn Tr
41%
*97%
Great West Pow 5s 1946.JAJ
North Texas Elec Co com 100
115
..
10
Pacific Gas & Eleo com.. 100
Mut'l (West¬
120
.....
State*
325* ~
85
East River.*
440
105
100
995s
100
450
too
86
97%
Fruit 5s 1918...M-N
Ry A L-100
Preferred....
270
Tit A Tr
Rem Arms U.M.C,5sT9FAA
Southern Ry 5s 1919..M-8 2
United
People's*...
Law
64
224
8112
Coin'wTtb Pow
Lincoln Tr..'
60
222
80%
Park
_
151918
100
Preferred
Preferred100
Pacific *
240
......
81
115
200
1918
78
390
230
N Y Central 4Msl918-MAN
57
200
Exch*.,
103
Laclede Gas L 5s 1919..F&A
Mich Cent 5a
.28
100
,
101
100
46
....100
Preferred.
380
.......
Morgan A Wright 5s Dec ITS
Amer Power & Lt com._.100
Chemical
*_.._
256
Amer Public Utilities com 100
Chelsea Ex *
Fulton
107
253
420
York
.*..
50 ♦100
*44
50
Amer Lt A Trac com.... 100
Preferred
Ry 4Ms:i8-MAN
1921
....JAJ
b Basis
n
Nominal,
52
Preferred
100
Remington Typewriter—
Common
.100
1st
preferred.........100
2d
preferred.
Royal Baking Pow
Preferred
...10O
com..l00j
.....*100
d Purchaser also pays accrued dividend.
x
Ex-dividend,
j/Ex-rights.
«
New
stooh
*Ex-200 % cash dividend.
Oct. 6
1409
CHRONICLE
THE
1917.]
mtlJJaxltmct %uUU%Qzmt
iwozstmmt
GROSS
RAILROAD
EARNINGS.1
from which regular weekly or monthly returns
for the latest week or month, and the last two
columns the earnings for the period from -Jan. I to and including the latest week or month.
We add a supplementary state¬
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year,
in accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year.
Our own totals have accordingly also been altered to conform to the new
practice. * The returns of the electric railways are brought together separately on a subsequent page.
The folio wing
oan
be obtained.
stable sbows the gross earnings of various STEAM roads
The first two columns 6f figures give the gross earnings
Latest Gross
Week
Current
Year.
Week
Previous
Year.
Previous
Year.
Current
or
Month.
Latest Gross
Jan. 1 to Latest Date.
Earnings.
ROADS.
Year.
Current
Year.
Previous
Year:
Previous
Year.
Current
or
lonth.
Jan. 1 to Late
Latest Date.
Earnings.
Year.
$
$
Ala N O & Tex PacAia & Vicksburg. August
Vicks Shrev & P. August
2d wk Sep
Ann Arbor
178,326
172,053
56,340
.
__
147,536
145,165
1,322,731
1,316,216
57.246,2,178,004
,
301,13238 862! 106877 960
74,032;
64,482! 2,765.428
14431
Atch Topeka & S F_ August
Atlanta Birra & Atl 3d wk Sep
160,037!
Atlanta & West Pt. August
Atlantic Coast Line August
114,706
1,088,739
3,355,674 2,605,923 28,618,673
205*559i
135,069 1,464,027
203,304' 150,741 1,435,639
Lou II end & St L August
12869 706 11559 807 85,960,497
a Baltimore & Ohio. August....
183,488
159,008 1,335,126
B & O Ch Ter RR August
269,653
211,051 2.664,900
Bangor & Aroostook July
1,524,038 1,372,459 7,942,890
Bessemer & L Erie. August
Chariest & W Car August
Birmingham South.
Boston & Maine.__
Buff Roch & Pittsb
Buffalo & Susq RR_
Canadian Nor Syst.
Canadian Pacific.,.
Caro Clinchf & Ohio
Central of Georgia.
Cent of New Jersey
Cent New EnglandCentral Vermont.
Ches & Ohio Lines.
August
August
Chicago & Alton.*
Chic Burl & Quincy
b Chicago & East III
c Chic Great West.
Chic Ind & Louisv
August
August
August
96,685
94,085
$
.
Nevada-Oal-Oregon 3d wk Sep
New Orl Great Nor. August
NO Tex&Mex Lines August
j New York Central August
Boston & Albany August
n Lake Erie & W_ August
Michigan Central August ...
Cleve C C & St L August ...
Cincinnati North. August
Pitts & Lake Erie August -w.
Tol & Ohio Cent. August
Kanawha & Mich August
Tot all lines above August
N Y Chic & St Louis August
NY N U & Hartf.. July......
N Y Ont & Western August
N Y Susq & West.. August
Norfolk Southern.. August
Norfolk & Western. August
Northern Pacific.__ August
1,154.058
1,089,655
1,943,255
91,726,297
2,195,709
916,158
24,250,229
1,242,962
1,122,754
77,723,433
1,228,403
757 792
..
__
4th wk
4th wk
July
2,292,839
7,236,282
...
723,190
...
5,599|912 5,1701366 38,867^09 36.33i;284
450,764
372,033111,036,139: 9,556,460
167,764
150,92l| 1,144,776' 1,116,335
Sep 1,104,400 1,085,000:30,205,000 26,780,400
Sep 3,631,000 3,660,0001109101174 100375630
187,920 2,411,424 1,874,036
320,240
...
...
...
August
July
July
8,322,731
__J3,542,241 2,995,446 24,946,634 22,903,666
| 426,116 :
486,046 3,144,351 2,880,886
389,862' 361,552 2,503,384 2,552,468
Sep 1,537,248 1,401,087 39,791,754 37,079,238
1,910,44111,628,690 13,421,541 11,286,102
10956606 10216369 79,935,815 68,594,720
1,856,104 1,487,715 13,716,771 10,823,703
1,115,293 9,837,343
4th wk
Cine Ind & West
Chicago June RR__
Chic Milw & St P..
dCbic & North West
Chic Peoria & St L_
Chic Rock Isl & Pac
Chic R I & Gulf.
d Chic St P M & Om August
Chic Terre H & S E August
August
-Colorado Midland
...
...
...
;
:
i
■
...
...
Dul Sou Shore & Atl 3d wk
Duluth Winn & Pac July
Elgin Joliet & East- August
El Paso & So West
July
August
Erie_^__
Florida East Coast. August
Fonda Johns & Glov August
August
Georgia Railroad
1st wk
Grand Trunk Pac.
Grand Trunk Systj 4th wk
Grand Trunk Ry 1st wk
Grand Trk West. 1st wk
Sep
...
.....
85,430
160,594
1,498,266
1,084,938
7,194,028
475,858
103,023
371,885
105,334
1,828,755
1,059,640
188,995
79,679
2,651,211
1,132,449
130,444
4,169,411 10,583,461 9,377,774
1,040,083 '8,343,224 6,737,930
6,697,727 51,927,631 49,117,491
5,864,947 5,769,689
587,636
672,411
710,328
2,405,639 2,097,904
3,164,219
3,650,761
Sep
48,397,956 44,066,410
Sep
34,900,487 30,819,227
Sep
6,527,994 6,398,932
Sep
2,272,495 2,274,868
69,298
Det G H & Milw. 1st wk Sep
56,246,226 51,508,273
8,043,483
Great North System August
1,495,002 1,380,597
247,723
Gulf Mobile & Nor. August
1,142,044
1,184,033
210,246
Gulf & Ship Island- July......
5,207,840
6,841,351
1,093,533
August
Hocking Valley
56,707,043 47,097,582
7,752,919
Illinois Central.... August
7.563,734 6,301,629
1,037,152
Internat & Grt Nor August
8,678,877 7,140,364
1,160,743
Kansas City South. August
1,425,533
1,520,403
221,485
Lehigh & Hud Riv. August
1,700,285
2,044,703
344,695
Lehigh & New Eng. July
35,261,606 31,884,496
4,866,856
August
Lehigh Valley
1,009,787 1,024,318 7,298,936 6,734,026
Los Angeles & S L_ July
938,134
885.679
137,144
141,997
Louisiana & Arkan. July
1,139,440
1,266,671
163,644
182,727
Louisiana Ry & Nav July.
,1287,805 53.8>4',447 45,467,873
/Louisville & Nash 3d wk Sep 1,557,225
8,286,331
1,292,510 1,185,226 9,329,582
August
Maine Central
261,871
292,490
34,568
41,842
Maryland & Penn.. July
179,189 1,863,796 1,203,540
270,673
Midland Valley
August
775,865
859,188
23,013
3d wk Sep
22,339
Mineral Range
265.004 8,058,739 8,024,990
268,784
Minneap & St Louis 4th wk Sep
699,143 24,375,608 24,647,037
731,545
Minn StP&SSM. 3d wk Sep
469,757
419,344
68,565
71,673
Mississippi Central July
30,691,183 25,483,605
g Mo Kan & Texas. 4th wk Sep 1,175,770 1,116,378
832,132
1,081,576
124,671
170,622
Mo Okla & Gulf
July
6,894,56 6,324,428 50,978,116 43,747,952
h Missouri Pacific.
August
Nashv Chatt & St L August
1,305,20911,212,040 9,615,384 8,668,783
.
...
...
...
...
...
...
...
92,813
277,888
71,026
1,796,466
1,025,896
182,990
67,128
8,014,033
184,102
156,178
815,692
6,494.10*
859,097
938.003
208,521
217,775
4,435,645
...
...
...
Total lines
East Pitts & Erie August
West Pitts & Erie August
All East & West. August
August
Pere Marquette..
193833906
31661996 27008399 217219410
15125460 13761829 105765549 96,425,532
40770228 322984958 290259437
46787456
2,087,351 1,951,947 15,403,002 14,435,871
39,812,351
August ...|6,128,297 5,121,384 '44,675,046
25,194,782
August
'4,480,447 2,948,567 31,533,939
8,069,951 76,208,985 65,007,133
10608744
Total both cos... August
283,137 3,167,557 2,512,829
396,995
Rich Fred & Potom August
387,352
428,012
10,574
13,955
Rio Grande South._ 3d wk Sep
353,180 2,843,225 2,652.366
403,450
August
Rutland
1,542,068 1,320,867
194,524
165,792
August
St Jos & Grand Isl.
430,665 2,583,843 2,167,344
269,606
St L Brownsv & M. August
33,655,970
5,459; 959 4,859,906 38,128,408
St Louis-San Fran. August
396,000 12,206,568 9,420,955
459,000
St Louis Southwest. 4th wk Sep
2,293,844 1,969,095 19,447,605 16,703,610
August
Seaboard Air Line.
102016187
16716324 15163482 123872 769
August
Southern Pacific
l,952i714 79,369,225 68,503,052
^Southern Ry Sys.t. 3d wk Sep 2,340.118
3,378,838
448,070 3,886,611
605,747
Ala Great South. July...
906,470 7,426,913 6,772,494
1,113,427
Cine N O & Tex P July2,667,170 2,211,658
308,961
372,295
July J.;
New Orl & N E
227,880 9,740,758 8,603,058
262,901
3d wk Sep
Mobile & Ohio.
1,791,805
1,979,567
55,386
62,047
Georgia Sou & Fla 3d wk
3.765,976 2,786,024
480,589
649,712
July
Spok Port & Seattle
84,702
88,525
2,406
2,528
Tenn Ala & Georgia 2d wk Sep
1,098,686
1,158,514
150,270
165,349
Tennessee Central. August
264,368 2,574,876 2,364,813
322,033
Term RR Assn*St L August
1,366,356
1,744,366
186,849
251,624
...:.
St L M B Term.. July
598,698 15,818,293 14,087,565
600,312
4th wk Sep
Texas & Pacific
777,444
836,969
104.116
110,805
Toledo Peor & West August
123,448 5,186,503 4.367.372
153,440
Toledo St L ,& West 4th wk Sep
470,272
531,111
62,085
68,969
Trln & Brazos Vail. July
70,718,781
11273361 10884320 80,726,$7
Union Pacific Syst. August
759,146 7,330,110 5,666,103
1,013,483
August ...
Virginian .....I
24,101,861
3,526,218 3,249,927 26,179,858
August
Wabash
9,911,175 8,717,285
325,757
341,006
Western Maryland. 4th wk Sep
773,102 5,267,668 4,290,391
820.588
July
Western Pacific
846,367
1,038,514
102,455
166,799
Western Ry of Ala- August
979,118 6,949,405 6,698,916
1,146,957
Wheel & Lake Erie- August
1,243,559 11,141,400 8,801,932
1.512,821
Yazoo & Miss Vail. August
Phila & ReadingCoal <Sc Iron Co..
_.
...
...
...
...
...
...
_
..
...
..
..
...
...
Current
July 1
Canadian Northern.
...
Duluth South Shore
& Atlantic July 1
to
to
July 1
to
July 1
July 1
to
Southern Railway System...._ July 1
Alabama Great Southern.... July 1
to
Mineral Range......
Pacific Coast.
St Louis-San
—...
_.*•
Francisco
Tex Pac. July 1
Eastern. _ July 1
Cine New Orleans &
New Orleans & No
Mobile & Ohio
,
'
Georgia Southern &
Florida..
July 1
July 1
to
to
to
to
to
to
Previous
Year.
Year.
Period.
Various Fiscal Years.
.
AGGREGATES OF GROSS
...
...
Reading Co—
—..
_
235219716
35919899 32290439 254254431
1,302,569 11,169,521 10,110,437
6.967,344 48,444,227 45,456,382
1,532,527
7,294,550
1,113,635
390,658
458,725
6,021,972
7,533,664
504,250
...
...
3,112,694
1,283,310
132888184
14,077,233
4,772,851
29,832,645
30,248,902
1,246,246
15,745,455
3,964,380
2,443,820
...
1,829,950 1,647,960 11,954,831 11,436,351
1,744,265
247,430 2,409,211
344,096
990,965
902,883
189,178
138,421
335,076 12,840,497 11,072,787
361,322
wk Sep
e Colorado & South. 3d
■250,399
254,359
48,042
40,012
Cornwall & Lebanon June
4,029.957 4,846,889
571,491
743,774
July
Cuba Railroad
2,946,281 2,354,162 19,630,590 17,623,081
Delaware & Hudson August,
5,097,696 4,349,331 37,775,422 33,786,463
August
Del Lack & West
828,100
747,900 20,602,732 18,231,283
Denv & Rio Grande 4th wk Sep
995.142
1,113,387
178,223
215,806
Denver & Salt Lake July
903,847
959,630
23,785
24,953
Detroit & Mackinac 3d wk Sep
1,307,852
1,497,404
186,205
229,011
Detroit Tol & Iront July
1,038,094
1,093,347
117,444
157,526
Det & Tol Shore L. July
978,030 4,423,645 4,633,254
1,128,599
August
Dul & Iron Range.
2,518,205 2,083,452 8,933,556 8,641,419
Dul Missabe & Nor August
_
140496252
14,810,190
5,421,170
33,889,492
34,054,367
1,561,579
16,659,945
5,032,098
2,329,338
...
__
341,613
370,224 11,715,621 11,316,418
3d wk Sep
248,221
210,660 6,768,532 6,053,258
4th wk Sep
218,323
219,493 1,779,922 1,516,240
August
283,116i
238,113 2,152,290 1,821,771
August
10500802 10021194 72,978,913 70,501,320
August
10672933 9,624,148 71,522,105 64,336,085
August
189,730
157,053 1,397,047 1,117,889
August
7,519,819 7,230,707 54,790,107 48,866,107
August
298,963 •330,002 2,421,284 2,103,084
July
189,288
237,490
2,470,518 2,203,467
617,993
831.227
337,065
364,174
253,382
1,213,911
3,691,698
250,582
1,226,652
4,227,290
...
.....
_
4,643,172
5,014,064
14,806
170,182
627,804
18078121
1,879,706
660,598
4,072,693
4,251,508
6,181,345 6,107,362
969,811
2,823,746 2,791,154
304,100
3,578,526 3,176,636
.411,977
42,645,801 39,330,192
5,343,013
7,041,003 57,340,415 50,311,867
2,460,573
527,192 2,616,278
Northwest'n Pacific July
4,109,152
2,521,053
744,427
420,796
July......
Pacific Coast Co
23626103 20664931 168946348 151948 923
p Pennsylvania RR. August
792,788
811,673
172,930
189,732
Bait Ches & Atlan August
2,358,006
311,410 3,197,183
441,218
Cumberland Vail. August
1,606,940 10,928,222 9,994,916
1,993,966
August
Long Island
586,954
641,760
117,130
131,698
MaryTl Del & Va August
3,585,624 3,475,823
437,847
536,310
N Y Phila & Norf August
16,574,378
3,096,550 2,205,431 20,535,388
Phila Bait & Wash August
1,301,651 1,117,660 5,912,444 5,442,562
W Jersey & Seash August
1,322,488 9,919,550 8.981.371
Western N Y & Pa August _i_ 1,499,343
49,811,271
7,714,59.1 7,336,986 51,397,150
August
Pennsylvania Co.
4,324,650 3,853,285
585,143
676,300
Grand Rap & Ind August
41,559,511
6,557,430 5,673,548 48,657,920
/Pitts C C & St L August
...
...
1,318,-030
724,957
,
...
__
2,093,719
...
..
August
19540579
...
4th wk Sep
August
10,544
197.226
476,883
30 10,591,800
21
1,075,562
10,707,000
938,709
Sep
Sep
256,344
21
260,614
Sep
744.427
420,796
July 31
9,2,91,520
Aug 31 10,496,587
21 .26,332,683 21,285,462
Sep
448,070
605,747
July 31
July 31
July 31
21
Sep
21
Sep
.
372,295
906,470
308,961
3,098,473
.619,254
2,590,996
559,245
1,113,427
EARNINGS—Weekly and Monthly.
current
Current
•
Increase or
Year.
Weekly Summaries.
Previous
Year.
Decrease.
$
2d
3d
4th
1st
2d
3d!
4th
1st
2d
3d
week July
week July
week July
week Aug
week Aug
week Aug
week Aug
week Sept
week Sept
week Sept
a
(31 roads)
(31 roads).
(29 roads)
,
14.779.798
15,096.291
20.483.799
(30 roads)!.
14,103.978
(29 roads)
(29 roads)
(30 roads)
14.337,363
14,914,035
21,985,612
14,328,835
15,332,610
15,562,006
(31 roads)....
(31 roads)
(29 roads)
$
$
13,119,199
13,125.306
18,082,217
13,505,346
13.500,148
13,934,648
20,309,805
13,228,250
13,885,132
14,146,523
Includes Cleveland Lorain & Wheeling Ry.
%
+ 1,660,599 12.66
♦
Monthly Summaries
Mileage.
Cur. Yr.
November. .248,863
+ 1,970,985 15.02
December ..216,811
+2,401,582 13.28
January.
Prev. Yr.
...248.477
249,795
+598,632
4.47
+837,215
6.20
February.March
+979,387
7.03
April
248,723
+ 1,675,807
+ 1,100,585
8.18
May
248,312
8.32
June
242,111
July—
August.
245.699
83,939
+ 1,447,478 10.42
1,415,483 10.00
+
and Cincinnati Hamilton &
248,185
increase or
Year.
Decrease.
%
$
306.606,471 +23.652,274
248,058 330.258.745
262.171.169 242.064,235 +20.106,934
7.72
8.31
215.669
267,115,289 +40.845,785 15.29
247,327 307.961,074
+2,655,684 0.99
248,738 271,928.066 269,272.382
+27,249.215 9.27
247,317 321.317,560 294,068.345
326.560,287
353.825.032
241.550 351,001,045
244,921 353,219,982
83,784.361
24RJ20
247.842
82,680
288,740,653 +37.819.634 13.10
308,132.969 +45.692,063 14.82
301,304.803 +49,696,242 16.49
306,891,957 +46,328,025 15.09
+5,496,024' 0.99
78.288,337
Haute, c Includes Mason City &
but also all other receipts, e Does not include earnings of
Frankfort & Cincinnati, g Includes the Texas Central and the
the Lake Shore & Michigan Southern Ry., Chicago Indiana &
Alabama Great Southern, Cincinnati New Orleans _& Texas Central.
Northern Ohio RR. p Includes Northern Pacific,
Dayton,
b Includes Evapsville & Terre
and the Wisconsin Minnesota & Pacific,
d Includes not only operating revenue,
Cripple Creek District Ry.
/ Includes Louisville & Atlantic and the
Wichita Falls lines,
h Includes the St. Louis Iron Mountain & Southern,
j Includes
PUUUUUJ.XI
Southern RR,f and Dunkirk Allegheny Valley & Pittsburgh RR.
V CUXIKJJ OU JL iVVOWUXftj
k Includes the
I Includes Vandalia RR.
n Includes
New Orleans & Northeastern ana the Northern Alabama.
*We no longer include Mexipan roads in any of our totals.
Fort Dodge
Colorado Springs &
Previous
Year.
1410
THE
Latest Gross
CHRONICLE
Earnings by Weeks.—For the third week
of September our final statement
10.00% increase in the aggregate
Gross
the
oyer
Other
Taxes.
Income.
Income.
Charges.
%
$
$
$
%
Aug'17
8
'
1
Week of September.
1917.
1916.
Increase.
2,360
128,478
%
652,225
601,428
88,967
380,708
7,003,441
7,247,235
5,319,303
4,708,592
1,684,138
2,538,643
Aug '17
263,764
393,205
65,863
459,068
195,304
1,302,569
264,140
13,694
2,113,329
228,678
277,834
2,342,007
1,639,112
702,895
2,648,255
147,126
2,795,381
1,190,364
1,605,017
*16
28,611
*4*262
1,532,527
8 mos'17 11,169,521
*16 10,110,437
674
Aug'17
33,547
1,415,483
476,883
13,4,616
'16
15,562,006 14,146,523 1,449,030
627,804
4,227.290
1,403.348
'16
3,691,698
"
,
11,478
31,396
114,698
250.148
66,304
1,494.011
364,806
183,844
1,129,205
725,802
524,794
201,008
*
687,065
38,737
446,598
143,140
'16
'
•
Year.
Current
Year.
;
$
Northern
Aug 3,405,200
-July 1 to Aug 31_—— 7,250,100
Year.
Year.
823,894
3 684,900
7,519,100
593,200
1,498,100
Chicago & Alton .a
Aug 1,910,441
Jan 1 to Aug 31———13,421,541
1,628,690
h580,601
£511,499
11.286.102 £3,606,685 £3,011,426
Chic Burl & Quincy.b—AuglO.956,606
Jan 1 to Aug 31—
79,935,815
10,216,369
3,870,895
4,494,492
68,594,720 27,988,575 25.985.956
Chic & East Illinois.b-Aug
Jan 1 to Aug
1.487,715
10,823,703
1,856,104
348,602
3,016,636
3,036,157
10,021,194~2.819.765~ 3.804,504
Chic Milw & St Paul.b.AuglO,500.802
Jan 1 to Aug 31.
72,978,913 70,501,320
Chic
Rock Isl & Pac.b—Aug 7,519,819
Jan 1 to Aug 31
54,790,107
R I & Gulf.b—-Aug
298,963
1 to Aug 31— 2.421,284
2,103,084
1,667,162
1,430,065
'
764,745
682,099
17,623,081
,'16
125,892
883,401
120.893
18.055
832.900
130,724
Southwest-b-July 1,084,938
Jan 1 to July 31—
8,343,224
1,040,083
j*,
6,737,930
473,572
.3,999,936
Jan
1
to
Jan
1
to
Aug 31
——
'
37,848
203,870
27,736
177,332
20.922
4,735,959
4,307,432
1,578,319
1,680,534
10,417,377
11,205,768
mos
49,117.491
1,037,152
'859,097
7,563,734 ' 6,301,629
Aug'17
*16
8
mos
1
'17 35,209,723
'16 32,882,308
Hocking Valley—/
Aug'17 1,093,533
'16
'16
3,642
44,863
18,666
7,458
12,754
349,664
112,961
236,703
145,280
166,202
62,179
104,023
286.493
1,864,812
161,045S 1,841,579
1,993,149 12,410,526
971,485 12,177,253
427,582
465,010
154,150
206,154
1,388,973
1,614,534
1,531,836
950,708
2.482.544
1,775.210
Profit in
Operating.
6,128,297
Aug *17
4,480,447
69.175
3.822,837
1.062,128
Aug '17 10.608,744
2,205,184
'16
8,069,951
2,013,835
8 mos '17 76,208,985 15,633,140
'16 65,007,133 16,165,664
1,072,500
808,500
7,065,000
6,546,135
1,132.684
1,205,335
8.568,140
9,619,529
493,000
83,284
113,890
4,121,790
4,251,774
8
576,284
570,699
456,809
'17
mos
8,065,790
7,877,064
'3,944,000
'16
Total all
Aug '17
cos
8
,
•17
•16
mos
1,366,138
Gross.
Net after
Other
Gross
Earnings.
Taxes.
Income.
Income.
*
5
$
$
-.49,244.092
Minneap & St Louis.a.-Aug
5,274.819 14,354,226
961,371
7,027,206
978,542
7,020,625
,549
20,905
*296,170
*1,957,419
75
13,188,377
1,961,943
14,160,389
813.899
5,232.071
Chicago Division.a__.Aug 1,236,285
Jan 1 to Aug 31-9,131,801
1,167.092
,810
8,622,017
2,916,311
1
Jan
to Aug 31——
1
Missouri
to
Aug 31
——
,640
Pacific.a—-Aug 6,894,566
6,324,428
2,019,854
Jan 1 to Aug 31.
—.50.978.J16 43,747,952 13,880,494
Nashv Chatt & St L.b-.Aug
Jan 1 to Aug 31
N Y Susq & Western.a.Aug
Jan
1
to
Jan
1
to
St Louis-San
82,045
699,761
Aug 7,533,664
57,340,415
7.041.003
50,311,867
3,050.606
3,259,540
Aug
403,540
Hug 31— 2,843,225
353 J 80
2,652,366
122,427
696,394
118,489
821.076
Fran.a
Aug 5,459,959
-T10,496,587
4.859.906
9,291,520
cl,939.351
c3,575,612
cl,474.837
c2,421,378
Aug 2,293,844
1,969,095
16,703.610
486,972
4,806.347
520.745
4,629.920
6,496,710
11,978,185
2-.057,423
3,939.612
1,945,203
3.227.030
1.008,177
1,931,890
191,428
391,779
198,496
358,012
205,178
.393.087
21,,529
36,318
36.847
60.395
1,013,483
7,330,110
759,146
5,666.103
489,599
3,343,363
339.649
2,695,497
1,205,505
8,733,445
1,072,565
7,566,805
387,912
2,052,501
434,238
2,796,557
Aug 31
—
Southern
to
Aug 31
—
——
Railway.a__.jAug 7,853,628
31-1
July 1 to Aug
Mobile &
—
------
Virginian.a
Aug
to
Aug 31
...
Western
Maryland, b__Aug
Jan 1 to Aug 31
23;i79.215 21.'794]538
Balto Ches & Atl—
Aug,'17
189,732
43,996
,
649
44,645
...
2,344,057
231,280
444,689
;
mos
c After allowing
Income for Aug. 1917
was
81,938,074,°against $1,424,429: from July
1 to
$3,537,481 in 1917, against $2,381,248 last year.
allowing for additional income for the month of Aug. 1917; total
earnings were $329,685, against $278,211 last year, and for the
period
1 to Aug. 31 were $1,688,746
this year, against $1,690,139..
£ After allowing for miscellaneous
charges to income for the month of
Aug. 1917, total net earnings were $504,842,
against $439,719 last y ar,
and for the period from Jan. 1 to
Aug. 31 were $2,903,705 this year, against
was
* After
net
from Jan.
52.050
1,216
53.266
23,775
29,491
811.673
85.417
6,572
92,169
155,882
792.788
128,460
—10,483
117,997
160.345
def63,713
def42,348
'16
•
Cumberland Valley—
Aug'17
"
441.218
190,567
11,093
20.647
178,468
131.078
226.740
1,283.066
1,082,586
80,123
1,162,709
149,813
1.012,896
873,752
68,441
942,193
425.523
516.870
676.672
53,338
400,493
730.010
467.026
262,984
2,860,325
3,260,818
2,900.342
360.476
2,875,783
399,562
3,275,345
2,135,648
139,697
139
34,777
13,767
136,783
1,436.783
'16
23.192
151,725
1,509.806
311.410
3,197,183
•
201,660
14,942
73,023
'16
8mos'17
2,358,006
•
Long Island—
Aug '17
1,993,966
1
*16
1,606.940
8 mos'17 10.928.222
'16
9.994,916
Maryland Del & Va—
Aug'17
-
.
131.698
34,638
21,010
117,130
27,115
150
27,265
14,488
13,777
8 mos'17
641,760
86,137
1,478
87,615
102.897
defl5,282
'16
586,954
58,051
1,124
59,175
111,554
de!52.379
•
N Y Phlla & Norfolk—
Aug '17
536,310
147,544
6,530
.
154.074
39.002
115,072
*16
437,847
116.434
6.029
122,463
23.190
99.273
8 mos'17
3,585.624
854,259
49,536
903.795
229,060
674,735
*16, 3,475,823
1,092,591
48,307
1,140,898
277,457
863,441
•
Phlla Bait & Wash—
Aug '17
3,096,550
'16
2.205,431
535,277
115,191
333,521
4,017.719
917,035
650,468,
4,964.754
316.947
8 mos'17 20,535,388
'16 16.574,378
2.445.129
2,519,625
.925,527
4,918,600
2,372,844
2,545,756
> 6,786
59s499
2,690
6,013
831,581
115,402
3,993,073
946,983
Aug'17
'16-
101.240
52.713
86,808,
50.720
,
Aug *17 10,672,933
'16
9,624,148
*17 71,522,105
*16 64,336,085
Chicago & North
Western
8
Missouri Kansas
& Texas
\
|
mos
Aug'17
3.809,061
'16
3,244.545
8 mos'17 26.932,164
'16 22,100,450
\
I
Gross
Earnings.
$
Net
after
Taxes.
2,293,021
2,671,709
10,039,234
11,803,232
1,086,233
706,057
4,744.565
2,406,309
528,708
605,209
4,328,705
55-TbTo
Earnings.
3,542,241
1,287,918
2,995,446
1,108,582
'17 24,946,634
8,320,008
8,503,686
,
mos
■
.
'16 22,903,666
100,848
415,860
4,606,837df2,200,528
Fixed
Chgs.
& Taxes.
Balance,
Surplus.
$
16
8
Balance.
Surplus.
856,825
875,958
6,809,824
7,049,448
Aug '17
New
Jersey
Fixed
Charges.
3,149,846
3.547,667
16,849,058
18,852,680
Net
602,801
"
56,809
54,950
269,626
51,659
56,733
321.285
1,783
647,922
14.076
307.209
'16
584.066
302.091
46,073
348,164
10,106
.338,058
,
West Jersey & Seashore—
Aug '17
1,301,651
558.135
16,776
574,911
63,403
511,508
'16
1,177,660
472.510
428,777
770,139
80,200
483,764
1,198,916
1,327.046
419,410
5,912.444
11,254
89.137
64,354
8 mos'17
477,277
849,769
236,694
*16
11,109.779
5,442,562 11,246,846
Western N Y & Pa—
242,261
8,809
251.070
'16
1.449,343
1,322,488
374,629
8 mos'17
9,919,550
777.594
8,595
31,014
383,224
808.608
'16
Gross
Earnings.
344,182
8 mos'17
Aug '17
of
24,495
172,930
'17
Phlla & Camden Ferry—
taxes,
deducting taxes.
:
for miscellaneous income, less hire of equipment, total
.
Central
20.150
*16
8
'16
Net earnings,her given are after
deducting
b Net earnings here given are before
a
Aug. 31
$
5,495,157
1,812,349
7,307,506
2.847,911 '4.459,595
'16 20,664,931
5,963,326
1,996,442
7,959,768
2.613,586
5.346.182
8 mos'17 16S946348 32,292,854 14,385.755 46,678.609 1 9,212,571
27,466,038'16 151948923 37.295.386 15,396,882 52,692,268 18,616.119
34,076,149
'
Georgia Sou & Fla.a—Aug
July 1 to Aug 31——
1
15,123,220
Ohio.a._-^__Aug 1,195,153
July 1 to Aug 31
Jan
19,447,605
Balance,
Surplus.
%
Pennsylvania RR—
370,230
2,190,776
77.523
555.663
Seaboard Air Line.a
1
308,828
2,232,102
1,653,017
7,790,442
304,100
2,791,154
July 1 to Aug 31
Jan
1,212,040
.8,668,783
520,976
3,358,221
390,658
2,823,746
Northern Pacific.b
Jan 1 to Aug 31
Rutland, b
1,305,209
9,615,384
Fixed
Charges.
Aug '17 23,626,103
Minneap St P&SSM.a.Aug 1,852,184
Jan
3,625,290
2,781,448
1,565,500
1,215,948
2,584.534
1,265,309
1,319,225
23,698,930 11,009,000 12,689,930
24,042,728 10,171.425 13,871.303
*16
■
482,583
7,119
9.000
.'16
/
650,101
1,198,216
4,745,303
8,557,401
799,500
6,740,000
6,476,960
200.000
Aug *17
'
707,339
Balance,
Surplus.
325.000
Reading Co
.
246,632
682,583
16,119
mos
9,527,760
Aug 31
218,376
4,147,837
1,131,303
'16
2,948,567
'17 31,533,939
*16 25,194,782
2,019,394
to
,
Rent, Int.,
Taxes, &c.
$
872,500
1.522,601
1,997,716
11,485,303
15,034,361
'16
5,121,384
'17 44,675,046
mos
8
cos
7,410,937
360,302
3,003,512
'16 39,812,351
Total both
909,855
4,708,051
4,766,316
37,428
Receipts.
Coal & Iron Co
865,032
931,724
48,791
Reading Company—
Philadelphia Co
Aug '17
8
999,780
7,702,475
736,175
1,268,650
8.490.304
1
31,777
311,511
2,133,668
Jan
$
.
321,928
Louisville
.5,649,838
41,805,1
$
,16,728
,
Lehigh Valley.b—
-Aug 4,866,856
4,435,645
Jan 1 to Aug 31- —-.35,261,606
31,884,496
&Nashv.br-Aug 6,771,278
Balance,
Surplus.
Taxes.
,?
48,505
20.212
Gross
228,920
1,322,386
2,117,842
Charges &
.
2,267,337
815,692
6,841,351
5.207,840
.
8 mos'17
7,261,944 12,414,391
327.368
317,722
Ches & Ohio—
52.5,795
3,273,655
6,697.727" T, 175,775~X026,032
...Aug 7.194,028
Aug 31
51,927,631
Internat & Gt Nor.b-—Aug
22,117
-222,961
1,546
'17
'16
8
•
765, i25
5,683,933
4,829,274
El Paso &
Erie.a
S
566,382
2,354,162' "l ,066.863
Delaware & Hudson.b-.Aug 2,946,281
Jan 1 to Aug 31—
19,630,590
Detroit & Mackinac.a.-Aug
Jan 1 to Aug 31--
Total
272,016
Income.
%
588,331
Jan 1 to Aug 31 —11,766,910 10,106,343^ ,4,422,113^3,601,492
_
Other
22,247,070
~ 330,002T 103,533 ~ 120,545
702,600
Income.
7,230,707 ~ 1,956,893 ~ 2,541,215
48,866,107 13.145,585 14,936,852
Jan
Southern.b_Aug
19,714,501
2,140,229
%
474,671
_
1,472,429""
Chicago Great West-b-Aug 1,469,080
Jan 1 to Aug 31
.10,682,061
2,842,830
Net
34,958
2,399,897
363,833
10,232,364_2,524,054
31—-1—13,716,771
454,917
1,021,145
Earnings.
Aug'17
~1,072,000
2.269,400
156,828
2,108,736
Gross
;'«
675,990
8,999.858 _8,491.434
272,141
2,174,940
Cambria & Indiana—
<5
Pacifjc.a—Augl2,414,537 13,270,467
3,817,538 ^5.467,787
Jan 1 to Aug 31
97,149,174 88,529,630 28.574,994 29,086,612
Colorado &
1,821,684
■
Canadian
~~bhic
110,632
1,269,249
589,738.
428,969
4,283,676
Earnings.
Previous
^
-
Atlantic Coast LIne.a—Aug 3,355,674
2,605,923
Jan 1 to Aug 31.
28,618,673 24,250,229
_
318,337
3,014,427
•
•
Canadian
1,130,687
mos,'17 10,745.568
*16 8,167,955
Net Earnings-—
„
Roads.
8
1,411,314
reported this week:
-Gross Earnings
Current
Previous
146.094
2,872
St Louis Southwestern—
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and, net earnings with charges and
:
111,204
85,663
•
247.276
Aug'17
surplus of STEAM railroad
176,630
N O Tex & Mex Lines—
8 mos'17
...
$
741,192
982,136
NY Chic & St L—
$
$
$
Previously reported (23 roads). 13,417,029 12,266,948 1,150,755
74,032
64,482
9,550
Chicago Great Western
341,613
370,224
Louisville & Nashville
1,557,225
1,287,805
269,■420
Nevada-California-Oregon
10,544
14,806
Rio Grande Southern.13,955
10,574
T, 381
Toledo St Louis & Western—.
147,608
131,684
15,924
——
Balance,
Surplus.
2,004,230
1,551,580
'16 15,834,383
Atlanta Birmingham & Atlantic
Net increase (10.00%)—
Fixed
107,029
'17 18,033,83
mos
Decrease.
'
Total (29 roads).
Gross
*
2,438'
'16
year:'
Third
•
Denver & Rio Gran
week last
same
Net after
Earnings.
'
29 roads and shows
covers
[Vol. 105.
8,981,371
1,812,103
34,090
1,846,193
Pennsylvania Co—
Aug '17
7,714,591
14,376
217,905
165,319
1,791,730 deI983,122
1,689,738
156,455
2,083.011
1,073,099
3,576,457
1,725,696
1,862,641
1,430,414
2.603,843
8.137,185
972,614
8 mos *17 51,397,150
8,310,116
16,447,301
12,323.288
'16 49,811,271
4,124,013
14,447,810
8,210,609 22,658,419 13,860,584
8,797,835
'16
7,336,986
3,15^,110
1,713,816
Grand Rapids & Ind—
Aug '17
676,300
212,101
4,776
585,143
173,500
3,751
216,877
177,251
82,827
'16
78,010
99,241
8 mos'17
4,324,650
632,199
49,110
681,300
552.824
128,485
'16
3,853,285
716,293
44,438
760,731
572.123
188,608
134,050
Pitts Cine Chic & St Lr
568,520
551,157
4,603,292
4,522,981
719,398
557,425
3,716,716
3,980,70$
Aug'17
6,557,430
1,721,301
'16
5,673,548
8mos'17 48,657,920
*16 41,559,511
10,311,651
1,511,428
9,314,612
65,690
1,786,991
66.379
1.567,807
484,027 10,795,678
498,795
9,813.407
821.851
965,140
750.885
816,922
6,551,650
4,244,028
6,886,192
3,927,215
,
Oct. 6
Earnings.
Taxes, Ac.
Earnings.
Taxes, Ac.
Gross
Earnings.
$
Whole Penn
9
$
$
$
RR System
mos
expenditures made out of income or surplus prior to
Gross
Charges.
$
Taxes.
•';8
Income.
* -v %'
Aug *17 19,540.578
5,154,657
3,454,903
18,078,121
6,490,890
$
5
%
.
'16
mos
'17 140496252
41,849,451
Boston & Albany—
Net
7,406.366
431,747
644,881
27,902
459,649
423,297
29.521
789,587
25,771
159,734
102,633
958,992
739,327
815,359
639,297
176,062
175,237
116,368
58,869
rev.
\ 57,101
1
14
219,664
oo
287
230
6,000
5,000
42,000
37,930
52,846
operating revenue
52,086
from trans.
'
....^
■Month of June
1916.
1917.
8
/
$
•
.
Southern Express—
35,037
679,918
^02,331
277,587
*17 14,810.190
2.899,152
249,886
'16 14,077.233
4,458,480
274,333
3,149.038
4,732,818
3,345,882 defl96,844
3,302,372
1,430,441
Lake Erie & Western—
153,654
112,547
41,107
'16
660,598
220,591
11,119
9,983
230,574
87,066
143,508
8 mos'17
5,421,170
1,341,530
101,973
1,443,503
919,609
523,894
*16
4,772,851
1,520,640
91,750
1,612,390
648,510
963,880
142,535
724.957
Aug '17
4,072,693
'16 29,832,645
1,355,375
1,492,585
732,519
622,856
140,728
668,902
8,011,292
7,211,704
746,397
9,730,654
5.524,421
4,251,508
'16 30,248,902
4,761,845
4,193,484
205,536
185,361
699,541
568,895
4,967,381
3,975,504
4,378,846
3,410,637
98,579
operating revenues.
Operating expenses
130,645
991,876
1,454
206,282
968,209
Net
operating revenue
Uncollectible rev, from trans.
Express taxes
292
117
70,877
—
14,608
1,701,530
1,492,765
1,015,578
27,409
Operating income...—...
—Month
1917.
584,805
9.418.339
5,484,722
9,630,345
4,597,229
237.490
88.347
1,253
89,600
26.340
1916.
141,498
68,498
819,081
401,917
681,671
338,795
92.637
4,411
73,000
3,622
417,164
22,685
343,075
21,142
97,049
70,738
76,622
67,069
439,850
384,980
364,215
340,382
54,869
23,835
l.
63,260
*16
189,288
69,865
1.444
71,309
14.529,
56,780
8 mos'17
1,561.579
343,174
8,463
351,637
170,480
181,157
'16
1,246,246
343,339
10,794
354.133
119,250
234,883
896,298
33,625
929,923
201,611
2,470.518
*16
mos
9,553
26,310
3
61
48
1,830
1,161
11,714
7,318
24,464
8,388
43,093
16.46S
15
•
I
728,312
2.203.467
1,078,714
224,932
5,517,877
1,3 >5,275
4,182.602
7,635,722
922,869
8,558,591
1,835.613
Express
taxes...
918.781
5,108.819
64,999
409,058
1,143,713
*17 16.659.945
•16 15,745.455
8
-
3.
Pittsburgh & Lake Erie—
6,722,978
Operating income
ELECTRIC
Toledo & Ohio Central—
Aug *17
831.227
264,508
49,671
314,179
121.648
617,993
185,871
62,930
248,801
125.914
5,032.098
979,285
525,990
1,505,275
'16
3,964,380
748,159
649,669
1,397,828
944,633
993,486
404,342
120,270
104,459
57,234
177,504
26.323
*16
364.174
337.065
44,115
148,574
28,048
120.526
8mos'17
2,329,338
548,766
569,462
1,118,228
216.967
901.261
•16
2,443,820
747,718
349,791
1,097,509
233,720
863,789
1,778,914 11,691,607
4,813,179 16,324,488
5,785.140
5,906,467
5,546,410
10,778,078
RAILWAY AND PUBLIC
122,887
8 mos'17
—
UTILITY COS.
192,531
'16
'
Aug *17
Name of
Road
or
Company.
.
9,912,693
•16 32.290,439
11,511,309
8mos'17 254254431
8 235219716
Adirond El Pow Corp July
BeitLRyCorp(NYC)
Berkshire
Aug. 31 1917 has been:
Boston & Albany, 6.83%: Mich. Cent., 5.49%; Clevel. Cine.
Chic. & St. L., 6.31%; Cine. Northern, 7.80%; Toledo & Ohio Cent., 5.15%; Pitts.
& Lake Erie, 12.25%; Lake Erie & West., 4.03%, and Kanawah & Mich., 7.90%. i
N. Y. Central, 6.13%:
Street
Rv
June
July...
.
.
Cent Miss V El Prop. August
Chattanooga Ry & Lt July....
Cities Service Co.— August
.
EXPRESS COMPANIES.
.
—Jan.
June—
of
Express Co.—
S
Total from transportation... 4,490,737
Express privileges—Dr..
2,269,626
1
to June 30—
1916.
1917.
1916.
Adams
3,879,935 25.690.072 21,598,384
1,952;237
12.846.454 10,630,907
Oper. other than transport'n.
54,688
Total operating revenues.
2,275,799
2,424,148
1,980,434 13,167.650 11,255,672
1.960,004 13,644.577 10,504,126
Operating
1,927,698
transports. 2,221,111
expenses
fch,
"UJ
■
"
11,11
'
•
Net operating revenue—defl48,348
Uncollectible rev, from trans.
1,362
20,430
9,476.927
751.546
926
21,293
34,938
7,497
128,386
4,066
135,026
Express taxes
Operating income-
Loss 171,004 Lossl5,434Loss612.812
•
—Month
of
'
612,453
Jan. 1 to June 30—
June
1916.
1917.
3,119,584
2,790,474
18,205,149 14,883.618
282,098 .1,907,510
1,600,870
334,534,
Oper. other than transporta.
(Mich).
Cumb Co (Me) P & L
o Dallas Electric Co.
Dayton Pow & Light
Consum Pow
Detroit
Operating
expenses
177,092
Express
taxes.
271,290
*70,683
1,661,688
1,750
47,264
Net operating revenue....
rev. from trans,
Uncollec.
.
.
.
.
42d St M & St N Ave June
Federal Lt & Trac. July
.
Kapids Ry Co July
August
Harrisburg Railways August
Havana El Ry. L& P July....
Honolulu R T & Land July....
Houghton Co Tr Co. August
Great West Pow Syst
928
13,130
*70,003
5,691
279.866
587.549
1,376,131
37,257—
.
.
.
& Manhat. August
.
Traction.... August
.
Ran Tran. July
Jacksonville Trac Co. August
Keokuk Electric Co. August
.
Illinois
Interborq
—Month
1917.
of June——: —Jan. 1 Id June 30—
1916.
1917. v
1916.
...
Canadian Express Co.—
Total from transportation
Express privileges—Dr
Revenue from transport'n.
Oper. other than transport'n.
Total operating revenues.
Operating expenses
Net operating revenue
416,879
206,519
210,359
11,847
222,207
205,966
16,241
Operating income.
909,399
87,916
193,238
167,411
1;226,725
1,120,847
105.878
25,827
944,923
997.315
865,986
131,329
252
31
548
367
4,745
42,000
25,745
8,988
21,050
63,329
105.216
Month
<s>
—Jan.
of June-
to June 30—
1916.
381,002
231,815
304,907
183,981
1,778,597
1,077,914
1,530,407
Oper. other than transporta'ni
149,187
6,630
120,926
5,320
700.683
29,849
594,144
26,354
126,246
110,500
730.532
Operating
155,817
106,942
587,345
620,498
537,695
48,875
15,745
143,187
82,803
Total from transportation
Express privileges—Dr
Revenue from transporta'n
expenses
Net operating revenue....
Uncollec. rev. from trans
Express
taxes—
BL Operating income.
Tr Co August
Monongahela Vail Tr August
Milw Lt, Ht &
936,263
.
.
.
Nashville Ry & Light July
Newp N&HRyG&E August
N Y City Interboro.. June
N Y & Lone Island.. June
N Y & North Shore.. June
.
...
IF
N V & Queens Co... June
New York Railways. July
N Y & Stamford Ry. July
N Y Westches &
...
Ocean
Electric (L I).
June
.
Paducab Tr & Lt Co August
Pensacola Electric Co August
Phila Rapid Transit- August
Phi la & Western Ry. July
Port (Ore) Ry .L&PCo. July
Puget Sd Tr, L & P. July
(/Republic Ry & Light August
July
Rhode Island Co
.
.
.
.
...
g
.
Richmond Lt & RR. June
St Jos Ry,
L, H & P. August
.
June
Santiago El Lt & Trac
Savannah Electric Co August
19
7
89
70
'4,953
28,597
22,568
Boulevard- June
Southern Cal Edison. July
43,396
10,784
114,499
.
Second Avenue (Rec) June
5,459
684,586
74,428
123.924
135.193
1,163.357 1,011.019
718,328
901,576
7,776,363 6.274,255
1589; 199 1478.987 11,903.357 10.645.163
247.371
219,345
42.867
39,121
904,063
126,820
139,688
1,042,868
1,668.150
258,367
314.202
2.058.696
532,463
71,088
622,288
79,889
696,237
851,088
84.157
105,941
872.686
979,475
170,971
157,493
1,453,896
202,362 "1,568.505
222,773
168,724
1,298,707 1,266.592
183,598
753,687
758.634
113.948
113.390
331.825 306.596
2,611,471 2,425,753
664,848
774.734
109.127
60,893
3.826.4M
3,386 516
492.520
575.442
375,078
406.416
54.064
60,234
217.845
231,321
29.134
29,459
487,659 445.556 4,110,672 3,855,866
971.934
7.832,640
8,677,624
1114,511
2911.302 2650.996 23,754.423 21,709.488
453.054
416,723
49.422
53,176
160.525
157,721
19,795
21,480
92,071
76,352
10.161
12,405
886.916
985.157
171,234
1*4,595
1,626,398
229,705
1,878,652
279,078
440,553
83.759
99.449
498.-716
109,801
112,865
24,568
23,549
1,522,146
264.179
263.884
1,535,661
541,150 5,107,470 4,515,782
609,745
177.507
205,708
1,438,220 1,190,524
976,4481,840,955
295,410 123,427
199,043
1,353,672
197,671
1,400.846
678,628
100,876
809,291
130,285
368.552
370.710
63,049
63,236
193,662
197.431
36,993
37,595
77.417
14,495
75,661
14,607
706,090
97,994
128,992
588,343
1100,230 1163,783
7,200,775 7.932.431
213vl 82
228.996
64,436
44,931
306,234
50.044
323.605
49,158
116.733
19.059
18,341
121.626
3,375,761
551,602 479,093 4,244,140
155,378
210,459
1,217,498
1,465,566
1
50,158
50,404
15,548
15,517
1662,202 1494,400 13.333,085 12.536,375
204,121
198,994
23,298
26.158
186,745
226.042
24,399
34,399
2436,680 2149.863 19,570.542 17.787.134
288,107
46.833
318.207
55,775
3,130,195
511,624
448.219 3.374.684
586.369
663.746
5.136.058 4.508,691
426,115
335,579
3.043.488 2.596.204
610,130
569,275 3.439.820 3,297.888
185,047
208,060
44,102
38,025
888,343
109.480
992,581
123,742
266 991
266,491
47.040
44,646
528,491
69,892
616,608
86,570
411,897
392,759
80,147
79,749
111,631
19,959
106,723
19,571
603,669 691,102 4,445,213 4,729,371
,
.
...
Pacific Gas & Elect.. August
60,164
.
Southern
137,018
402,164
556,056
287.226
.
...
Bost July
Northampton Trac.. July
Nor Ohio Elec Corp. August
North Texas Electric August
92,681
'
...
LouLsville
Railway.. June
"Milw El Ry &«Lt Co. August
g
S
$
8
$
1
1917.
1916.
1917.
Great Northern Express Co.:
1,156,927
69,798
7,000
Uncollectible rev. from trans.
Express taxes
334,397.
177,163
1,854,322
157,234
36,004
-
2,347,775
1,190,847
Long Island Electric. June
615.634
.
.
Key West Electric— August .
Lake Shore Elec Ry. July
Lehigh Valley Transit August
Lewist Aug & .Waterv July....
.
233,304
128,076
Operating income
97.834
456.137
■»
.
....
b Hudson
3,647,825 1 3.072,573 20,112,660 16.484,489
3,470,733
2,801,282 19,^41,976 14,822,800,
Total bper. revenues.....
.
...
g
1,218.891
487.735
150,812
345.163
1,155.863
17,352
79,753
72.642
244,543
7.150,015 •5,903.686
547,506
689,872
1,996,481
2,240.299
1585,919 1358,867 12,445.546 10,826.081
5.428.057
932.506
5.755.899
992,239
367,353 3,649,717 2,989,546
449,831
1,562,731
308,571
264,023
1,714,554
1.090.282
144.236
163,708
1,239.782
.
August
Edison
Detroit United Lines. August
D D E B & Batt(Rec) June
Duluth-Superior Trac August
East St Louis & Sub. July
Eastern Texas Elec.. August
El Paso Electric Co.. August
a
209.030
719,936
.
August
July
July....
August.
Galv-Hous Elec Co.. August
5,380,392 36,384,641 29,466,449
2,589,918 18,179,491 14,582,830
3,313,290
Revenue from transporta'n
Com'w'th P Ry & Lt. August
July
Connecticut Co
855.370
320.953
.
Columbus (Ga) El Co August .
July..
(O) Ry, P & L
Colum
Grand
S
6,432,875
Co.—
transportation
Express privileges—Dr
.
1916.
1917.
American Express
Total from
...
...
12,843.617 10,967,477
52,736
324,032
288,195
Revenue from
Cleve Pain^sv & East July
^Columbia Gas & El. August
914,178
177,410
/8064000 /7405000 f60505,000 /56013.000
82,858
85,684
15,934
15,509
2677,328 2555.237 14,879,323 14,143.851
248,207
292,146
35,264
39,683
192,518
200,491
24,196
26,688
813.770
707,010
102.884
139.345
628.824 12,552,769 5.366,169
1366,660
50,977
300,093 ,
261,593
56,773
.
...
Cape Breton Elec Co August
116,345
53,861
105.384
...
Brazilian Trac, L & P August
Brock & Plym St Ry. August
Bklyn Rap Tran Syst June
$
%
18,122
57,607
.
19,659,920 94,617,614 45,178,246 49,439,368
Month
Year.
.
220,803
71,350
.
Chic Ry July
Bangor Ry & Electric July....
Elec Co August
Baton Rouge
15,537,777 73,842,173 48,593,115 25,249,058
1917.
Year.
127,092
24,863
...
Atlantic Shore Ry.._ August
74,957,694
for 12 months to
Previous
Year.
8
58,304.396
Per cent return on operating investment
Current
Year.
cAur Elgin &
Aug *17 35.919,899
Previous
151.181
Total all lines—
'
Current
Week or
Month.
J
Jan. 1 to latest date.
Latest Gross Earnings.
560,642
Kanawha & Micnigan-i-
.
876,261
1 to June 30—
1917.
8
5,033,116
Aug *17
•
-Jan.
177,214
84,577
transportation.
3.933,617
960,416
784,139
115,920
of June-—
1916.
907,960
1,103,157
\
791
91,156
Western Express Co.—
Express privileges—Dr
Cincinnati Northern—
Aug '17
' ' '
757,277
658,698
Total
Total from
'17 34,054,367
mos
$
•
664,794
34,746
Operations other than transp.
4,206,233
685,952
154,951
128,584
1,546,579
1.364.181
8.315.182
8,669,929
5,014,064
*16
8
$
30,136
784,107
799.588
87,623
7,276,592
8,984,257
Cleve Cine Chic & St L
Aug *17
1916.
'
8,747,664
4,554,179
727,141
Revenue from transport'n.
823,683
744,700
1,267,752
1,351.857
4,643,172
*16
1 to June 30—
1917.
9,863,601
5,101,756
Michigan Central—
8 mos'17 33,889,492
137,901
177,377
—Jan.
1,361,097
696,302
1,511,248
transportation
Express privileges—Dr
Total from
36,352
1,879,706
Aug'17
929,470
.
2,093,719
'16
mos
155,630
4,104
Express taxes
Operating income
Aug'17
8
170,922
4,315
941,921
■
,
11,835,088 43,326,984 28,963,843 14,363,141
15,653,901 57,503,352 27,923,645 29,579,707
31,491,896
*16 132888184
8
1,731,509
Total operating revenues.
Operating expenses
New York Central—
1,355,536
2,043,828
1,114,358
V
3,055,290
3,409.883
6,510,193
4,325,359 10,816,249
Earnings.
339,297
183,666
Oper. other than transport'n.
Uncollectible
Balance,
Surplus.
'5
Fixed
Gross
Income.
Other
Net after
*
377,637
206,714
Revenue from transport'n.
63,441,374
74,052,973
Ewt & West was 5.04'? for
for th8 same period in 1916.
Include road and equipment
1907.
The return on property Investment for the system
the 12 months ending Aug. 31 1917, against 6.16%
The figures upon which this return is based do not
$
Co.—
Total from transportation
Express privileges—Dr..
1916.
1917.
$
1916.
$
Northern Express
105765,549 19.154,859 322984.958
'16 193833906 49,387,493 96,425,532 24,665,480 290259,437
'17 217219410 44,286,515
-Jan. 1 to July 31—
July
of
1917.
Net after
Taxes, Ac.
5
4,007.778 46,787,456 12,391,158
4,321,720 40.770.228 12.532,918
8,383,380 15,125.460
8,211,198 13,761,829
Aug *17 31.661.998
'16 27,003,399
8
Net after
Gross
Net after
-Month
—Total All Lines
—Total East P. A E.— —Total West P. A E.—
Gross
1411
CHRONICLE
THE
1917.]
...
...
11
1
14:12
THE
Latest Cross Earnings.
CHRONICLE
[Vol. 105.
Gross
Jan. 1 to latest date.
Name of
Road
Current
or
Month.
Previous
Year.
Year.
Current
$
Previous
Year.
Year.
•
%
Staten Isl'd Midland- June
Tampa Electric Co.. August
Third Avenue
June
Twin City Rap Tran
August
Union RyCo of NYC. June
.
...
_
Virginia Ry & PowerWash Bait & Annap.
Westchester Electric.
Westchester St RR__
August
July
June
.
.
48,553
...
July....
g West Penn Power— August
o West Penn
Ryg Co_ August
Yonkers Railroad.
June
York Railways
July
25,394
310,438
664,166
72,231
83,717
32,204
,
.
_
.
...
Youngstown & Ohio. August
$
31,058
74,194
393,092
849,967
279,452
488,698
79,977
51,687
23,125
247,193
542,520
71,721
79,516
30,149
34,560
79,321
359,429
848,478
259,112
592,903
113,622
...
.
b Represents Income from all sources,
c These
dated company.
/Earnings now given in milreis.
8
146,561
633,118
2,081.146
6,740,24.
4,991,026
387,744
598,365
228,010
,
figures
are for consoli¬
Includes constituent
g
-Net
H6
.
Year.
Year.
$
8'
'17
mos
V
Jan
1
to
864,728
6,602,979
'16.
Jacksonville
Trac__Aug '17
Electric.
'16
rv
c7,405,000
c4,017,000
.
237,699
1,878,633
106,222
847,221
101,066
812,615
Cumberland Tel & Tel__Aug
773,628
Jan 1 to Aug 31——— 6,009,298
708,940
5,471,575
196,461
1,965,333
748,868
5,494,172
278,440
233,114
1,841,168
..
to
863,657
6,520,773
Aug 31.
New York
Telephone..Aug 5,181,570
4,638,558
Jan 1 to Aug 31——
40,069,094 35,426,167
1,865,205
1,766,373
14.921,857 13,259,817
North States Pow Co..Aug
Sept 1 to Aug 31
529,391
6,776,045
443,982
5.744,706
261,551
3,576,040
'/.A
Southern New Eng Tel.Aug
Jan 1 to Aug 31.
652,587
5,195,146
611,821
4,740,237
183,301
1,600,246
196,579
1,467,239
c
Milreis.
■
'
...
'16
8 mos'17
Net after
Taxes.
Earnings.
$
land
Elect
Aug '17
Ltl
'16
8
mos
I
'17
'16
Ashville Pow & Lt.Aug '17
■■V—'
'16
12 mos *17
'16
Gulf &
West Indies SS
7
f
Elj
47,166
mos
74,226
72,883
408,066
457,743
35,700
35,933
286,085
290,559
8,350
8,824
72,122
■68,436
3,606
3,528
28,278
27,847
4,744
5,296
43,844
40,589
21,168
27,417
37,994
220,059
'17
21.7,103
•198,215
1,435,994
1,354,077
'16
Aug '17
I
158.136
'16
137,558
'
Blackstone Val'y
Gas & Elect.. 8
mos
'17
'17
'16
...
.■
.
'17
'16
Cape Breton Elec..Aug '17
mos
'17
*16
Carolina Pow &
Lt__Aug '17
2,063
11,574
13,016
16,079
103,307
94,765
.
4,785
4,209
53,930
50,561
.
.
18,815
■
9,858
156,682
142,613
1,273,623
998,320
4,245,756.
4,828,838
38,526
36.950
■■
Aug '17
20,976
190,160
190,150
,
1,253
1,105
9,606
8,818
6,552
6,568
311,489
2,651
4,382
def.7,543
2,756
■
..
52,548
52.156
Cent Miss V El
PropAug '17
'16
8 mos '17
'16
26,688
24,196
200,491
192,518
7,123
7*115
■58,267
63,296
Columbus (Ga) ElecAug'17
2,372
2,014
17,607
15,640
92,681
*16
'17
'16
31,075
74,428
689,872
547,505
56,306
44,962
•424,674
319,235
232,898
229,325
72,222
.64,216
556,467
459,374
27,866
29,183
263,827
234,760
17,595
16,130
134,736
129,960
129,091
104,800
384,020
%52,010
3,323,267
3,378,201
201,740
197,791
1,589,032
.1,537,342
182,280
254,219
1,734,235
1,840,859
79,889
71,088
622,288
532,463
33,951
31,941
277,777
241,750
10,196
9,060
79,480
70,935
23,755
22,881
198,297
170,815
57,492
49,703
467,272
409,333
16,206
15,945
168,006
147,401
4,357
1,396
22,758
11,275
11,849
105,941
84,157
34,231
6,035
322,044
269,503
6,338
4,919
•
,
8
.
;
mos
.
Connecticut PowCo Aug '17
'16
'
8
Detroit Unit
mos
'17
'16
Lines.Aug '17
•
o
8
mos
'16
8
Fall River Gas
'16
'17
'16
Wks.July '17
7
Federal Lt &
mos
mos
*16
'17
'16
Trac__July '17
7
mos
.
•
1,589,199
1,478,987
'17 11,903,357
'16 10,645,163
Eastern Texas
Elec.Aug *17
'16
8 mos '17
'16
Ed El 111
(Brock'n).Aug '17
'16
8 mos '17
'16
El Paso Electric
Aug '17
'16
'17
'16
40,144
57,026
323,964
351,901
312,740
455,304
£20,032
£43,602
£11,754
£257,223
173,467
143,108
1,296,767
1,135,098
144,792
111,430
1,055,418
903,657
121,936
108,407
886,999
853,406
22,856
3,023
168,419
50,251
130,285
100,876
809,291
678,628
55,799
45,669
315,528
263,124
'20,792
19,756
164,770
154,743
551,602
'16
479,093
4,244,140
3,375,761
199,007
230,235
1,642,642
1,699,772
116,126
113,422
978,845
919,843
210,459
155,378
1,465,566
1,217,498
86,922
57,762
584,225
450,756
29,150
28,917
233,260
230,251
23,298
26,158
198,994
204,121
4,636
8,531
46,079
65,489
8
;
'16
mos
'17
"
Miss River Power
851,088
696,237
51,275
47,414
24,783
18,617
.
'16
Aug '17
'1.6
8
'17
mos
'16
Newport News &
Aug '17
Hamp Ry, Gas& El
'17
8
mos
.
'17
'16
V
Northern Ohio
Elec Corp
.
8
mos
'17
'16
Northern Texas
Electric
Aug '17
*16
mos.
Paducah Tr &
'17
Aug '17
Light Co
'16
8
mos
'17
'16
Pensacola Elec Co
Aug- '17
mos
8
mos
Aug '17
,
'16
8
mos
Tampa Elect
'17-
Aug'17
*16
8
•
28,654
11,552
4,232
253,669
199,127
4,751
mos
12
mos
Aug
'17
'16
31
(Incl West Colo
Co)
*
12
Pow
17,984
2
18,382
121,877
107,263
24
24
17,982
18,379
121,853
107,239
222,773
202,362
1,568,505
1,453,896
62,298
65,981
489,120
466,301
49,129
48,070
342,463
340,931
17,91-1
146,65'
125,37'
3
13,16^
21,221
18,024
23,133
184,585
229,592
86,570
69,892
28,990
22,058
203,991
167,613
24,367
23,714
192,533
29,790'
27,186
.233,037
200,561
31,015
30,976
297,578
281,998
7,834
7*713
633,118
•
6,634
3,307.
31,970
«.
•
4,621
def1,656
11,458
def20,049
187,662
7,685
7,251 '
54,202
57,487
•
4,651
4,398
359,132
35,066
7,241,842
2;738,680
6,736,188
2,676,829
23.005
19,935
178,835
143,074
26,364
26,578
262,446
246,932
•
1,450,311
1,399,118
428,665
357,531
4,886,498
4,050,994
217,075
178,589
2,545,657
2,062,623
119,193
97,177
1,301,143
1,104,413
26,387
29,644
355,539
275,096
175,608
186,582
mos
'16
'17
'16
Yadkin River Power Aug '17
38,357
39,762
480,925
391,052
'16
12
mos
'17
*16
•
1,288,369
1,277,711
•
97.882
81,412
£1,274,514
958,210
14,381
14ta901
'
12.006
14,743
179,931
88,514
INDUSTRIAL COMPANIES.
Gross
Net
after
.Taxes.
'
$
Earnings.
$
St Louis Rocky
Mt & Pac
Aug '17
377,989
225,010
704,741
429,095
"16
2
mos
'17
'16
American
Cities
Aug '17
Lt & Pow Co (Ala)
'16
12 mos ended Aug 31 '17
'16
Houston Ltg &
Aug
Pow Co 1905 (Tex)
12 mos ended Aug 31
'17
'16
'17
'16
Knoxville Ry &
Aug '17
Light Co (Tenn)
*16
12 mos ended Aug 31 '17
'16
Little Rock Ry &
Aug '17
Electric Co (Ark)
'16
12 mos ended Aug 31 '17
'16
Memphis Street
Ry Co (Tenn)
12
mos
Aug '17
'16
ended Aug 31
'17
'16
New Orleans
Ry &
Aug '17
Light Co (La)
*16
12 mos ended Aug 31 '17
'16.
Total
12
mos
Aug '17
.
Balance,
Surplus.
$
90,163
64,397
20,671
21,358
41,356
42,800
69,492
43,039
137,165
78,416
Company.
Interest
Renew. & Re- Deduc's <&
E'arnings: place Res've.
Birmingham Ry,
Fixed
Charges.
178,521
121,216
Net, after
Gross
231,3^6
319,826
302,207
57,772
28,845
350,965
220,505
62,404
'16
-
*
40,900
38,117
I
89,917
27,893
1,116
281,144
.
61,858
14,468
11,020
94,374'
'17
25,231
16,308
191,764
145,248
136,126
82.881
116,813
663,797
779,929
7,548
def2,912
7,164
1,367
59,005
defl2,926
57,791—
7,698
Aug '17
Utah Pow & Lt
40,660
47,656
14,549
£35,573
£26,250
£153,031
£110,374
United Lt & Rys (sub cos)—
5,101
10,271
13,053
1
23,962
20,833
191,699
165,914
,
'17
'16
•Sierra Pacific Elec
.
161,984
79,321
74,194
672,895
'17
'16
mos
.
83,079
Aug '17
8
16,568
15,912
167,982
58,960
48*308
444,661
369,036
*16
'16
Savannah Elec Co
693
338
616,608
528,491-
Aug '17
•
614
41,986
43,966
376,284
395,506
*17
t.'V'16
St Joseph Ry,
Lt, Ht & Power
1,844
123,742
109,480
992,581
888,343
*16
8
31,631
34,399
24,399
226,042
186,745
■
42,609
13,231
14,385.
172,526
166,104
*
59,977
55,514
■
6,464
9,511
50,759
-
316,545
288,681
'16
'17
.
205,708
177,507
1,438,220
1,190,524
Aug *17
V
■
121,981
167,184
'16
mos
£79,560
£69,185
£616,192
£733,177
'
71,866
63,086
879,594
755.137
12
90,738
63,614
634,091
529,041
•16
3,904
5*487
v
39,683
35,264
292,146
248,207
'16
8
,.
48,585
58,970
410,219
501,639
15,509
15,934
85,684
82,858
'16
mos
•.
1,267,446
1,127,099
Aug'17
Brockton & Ply¬
mouth
8
2,520
3,545
22,749
24,442
187
589,119
139,853
4,153,568
961,631
18,122
17,352
150,812
137,013
mos
329
2,005
1.544
25,986
38,247
Aug'17
'16
•
8
,
.
1,862,742
1,138,173
8,399,324
5,790,469
'16
„
.
23,600
14,067
210,612
193,174
Aurora Elgin & Ch.Aug '17
.'16.
Baton Rouge
Surplus.
4,395,277
3,224,996
'17 27.130,190
'16 18,821,679
mos
8
2,849
3,732
24,754
•
July "17
(
'16
Lines(Sub.cos)
Balance,
.
492,273
447,765
.
Atlantic
4,515,782
163,117
125,071
1,188,909
1,217,695
'i6
'16
'Fixed
Charges.
$
18,204
17,082
132,697
119,001
'16
& Pow Co.—
609,745
541,150
5,107,470
8
Gross
V
Abingt'n& Rock-
6,204
2,492
'17
Aug '17
,
■:
.
■
17,261
16,250
174,186
164,476
mos
Milw Lt Ht & Tr
228,298
3,201,296
—
11,667
5,112
55,287
49,648
460,226
414,721
Aug '17
i■■■:: /•■•"•;-••'
194,717
2,128,820
4,323
3,138
25,236
Milw El Ry & Lt
242,004
1,869,076
Mountain States Tel—Aug
3,240
3,886
29,994
37,203
2,319-
380
def755
26,546
14,798
2,479
2,524
19,964
20,124
■
255,387
2,051,839
2.011
17,504
15,454
5,559"
'
12,405
10,161
92,071
76,352
_
1,553,208
Cine & Sub Bell
Tel.—Aug
Jan 1 to Aug 31
-5.897
47,498
52,657
'17
mos
•
849,553
6,561,417
162,081
1,422,167
1
'16
,
8
c4,053,000
764,576
5;817,834
Jan
'17
mos
136,806
Key West Electric. .Aug '17
360,991
2,707,729
_c60,505,000c56,013,000c32,268,000c31,215,000
Central Union
Teleg....Aug
Jan 1 to Aug 31—
■
8
,
,
Brazilian Tr Lt & Pow.Aug c8,064,000
Jan 1 to Aug 31...
—
'16
Aug ' 17
_.
'16
Tel......I.Aug 2,638,167
2,290,536
1,370,388
1,263,338
to Aug 31-..-.21,232,844
17,889,386 11,505,300 10,251,874
1
15,814
15,408
125,584
122,008
21,480
19,795
160,525
157,721
'17
mos
8
AmerTel &
Jan
Keokuk
Lowell El Lt Corp
366,663
2,771,243
16,194
14,653
152,130
53,176
49,422
453,054
416,723
'16
*16
$
795,673
5,987,506
2,807
6,008
31,645
41,806
231,321
217,845
'16
only) .Aug
Aug 31
cos
7,084
7,124
56,644
50,057
29,134
29,459
'16
•
•
Year.
American Power & Light—
9,891
13,132
88,289
91.863
243,951
-
'
.
Previous
Year.
Companies.
Current
3,172
5,762
68,633
74,980
'
Earnings
Previous
6,282
6.010
49,231
42,968
Houghton Co Trac.Aug '17
•
-Gross Earnings-
9,454
11,772
117,864
117,948
'17
mos
8
Current
29,991
29,088
270,301
'16
,
ffl- Electric Railway and Other Public Utility Net Earn
ings.;—The following table
^ives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
3,441
7,241
41,251
54,260
*16
8
551,550
220,801
5
5
585
568
Houghton Co El Lt.Aug '17
272,39?
2,532;553
3,446
7,246
41,836
54,828
'16
mos
1
141,66®
1,881,220
4,036,441
389,319
24,483
21,663
198,939
179,888
1,298,707
'16
1,455,81J
3,845,29*
499,782
1,266.592
$
28.975
27,930
113,771
165,121
Haverhill Gas Light Aug '17
8
Balance,
Surplus.
37,908
36,430
297,491
291,865
183,598
168,724
'17
'16
mos
Fixed
Charges.
66,883
64,360
411,262
456,986
Galv-Houston Elec.Aug '17
;.
•
'
'16
$
156,755
672,895
2,064,547
6,882,600
1,425,071
4,221.470
608,611
253,550
140,591
companies.
(subsidiary
Net after
Taxes.
Earnings.
Week
Company.
or
Rentals.
'
Balance.
299,599
269,657
3,587,029
3,269,460
93,785
81,807
1,118,557
1,036,825
$ "
66,356
64,503
784,522
770,124
$
27,419
17,304
334,035
266,701
68,915
65,188
829,286
772,973
23,075
23,374
288,499
252,221
7,241
6,268
83,147
75,398
15,834
17,106
205,352
176,823
89,190
78,911
1,059,847.
959,351
29,622
31,339
398,607
351,878
17,812
17,341
224,080
208,634
11,810
13,988
174,527
143,244
95,190
73,150
1,025,424
910,243
35,241
25,377
380,614
350,397
18,939
17,537
211,659
210,393
16,302
7,840
168,965
140,004
175,963
168,476
2,132,674
1,988,271
56,716
58,897
777,736
732,157
44,665
45,893
535,184
559,312
12,051
13,004
242,552
172,845
609,920
568,824
7,636,821
7,125,242
2,687,699
2,578,373
165,276
159,689
1,902,016
1,836,769
14,212
39,699
785,683
741,604
417,927
420,172
5,651,712
5,301,851
320,289
311,231
3,740,608
3,660,630
97,628
108,941
1,911,114
1,641,221
1,338,777
'16
1,224,206
ended Aug 31 *17 16,271,081
'16 15,025,540
179,488
199,388
Oct. 6
The
United
Gas
Balance.
Rentals.
place Res've.
$
S
$4.732
22,399
18,284
288,526
258,080
'16
Colo Sp L, H & P..Aug *17
(Colorado Spgs, Colo) *16
mos ended Aug 31 *17
12
'•
'16
8,466
4.642
110,590
86,914
3,734
3,825
46,314
45,703
64,276
41,211
53,136
51,863
559,592
559,123
Aug '17
(Terre Haute, Ind)
'16
12 mos ended Aug 31 '17
16,359
19,851
139,161
194,108
11,417
11,416
137,000
137,833
4,942
8,435
2,161
56,275
817
"
3,750
3,750
115,152
103,521
1,183,704
1,059,554
51.086
45.662
501,589
434,843
26,928
27,089
323,863
326,940
29,955
28,401
364.175
346,057
12,078
11,754
156,384
159,357
54,673
44,785
682,835
569,013
(Columbia, Pa)
•
'16
mos ended Aug 31 '17
V,
'16
12
;
,
Conestoga Trac Co Aug *17
(Lancaster, Pa)
'l6
12 mos ended Aug 31 *17
T6
14,785
12,318
228,728
205,619
102.189
96,032
1,243,465
1,148,997
37,148
35.042
426,421
410,987
15,979
15,339
190,195
195,811
21,169
91,703
236,226
215,176
61,167
50,857
852,674
764,406
29,673
26,934
453,635
411,843
13,772
13,208
160,986
157,289
15,901
13,726
292,649
254,554
38,173
35,643
566,301
508,878
12,227
12,282
216,610
192,281
6,715
6,471
79,536
73,143
5,512
5,811
137,074
119,138
2,665
2,464
28,941
28,378
1,431
1,450
14,614
15,082
130
1,301
1,324
13,084
752,804
716,121
8,163,948
7,540,742
265,256
263,274
2,625,144
2,778,531
1,679,202
1,766,912
20,149
18,689
239.176
214,526
6,026
7,582
89,611
99,027
2,093
2,083
25,022
25,000
17,999
227.190
227,651
2,547
2,760
46,684
60,552
2.812
2.813
33,750
33,750
25,127
21,115
362,478
326,632
6,518
4,107
88,732
81,209
8,292
5,981
185,361
134,484
def1,823
41,448
3,186
'16
ElmiraWL&RR
Aug'17
Co (Elmira, N Y)
'16
12 mos ended Aug 31 '17
'
"16
*
.
Houston G & F Co.Aug '17
'16
(Houston, Texas)
12
ended Aug
mos
31 '17
'16
Aug '17
Assn (Tex)
*16
ended Aug 31 '17
Houston Hts
W & L
12
mos
>
'16
International Syst__Aug '17
(Buffalo, N Y)
'16
12
'17
mos
ended Aug 31
*16
_Aug '17
Lancaster G L__.
& F Co
'16
(Pa)
12 mos ended Aug 31 '17
'16
-Aug '17
'16
L H & P Co (Kan) 12 mos ended Aug 31 '17
Leavenworth
12,872
*16
Aug '17
Lockport.
'16
L H & P Co (N Y)
12
mos
ended Aug 31
'17
*16
—Aug 17
Richmond--
*16
LH&P Co (Ind)
12
mos
ended Aug 31 '17
*16
Union Gas & El Co.
Aug '17
*16
(Wilkes-Barre, Pa)
12 mos ended Aug 31 '17
Wilkes-Barre Co
'16
—Aug '17
Total
'16
12
mos
«
126
1,530
1,553
13,529
118,543
114,586
945,942
1,011,619
146,713
148.688
:
def53
12,934
26,802
848
.
def435
33,036
28,572
52,637
def 3,083
3,932
3,880
47,404
46,917
:
def 5,7 03
def 251
24,489
24,749
362,122
360,978
20,408
19,887
240,707
238,082
4,081
4,862
121,415
122,896
1,375,854
1,273,014
501,220
484,093
5,660,653
5,661,704
278,890
276,523
3,235,632
3,300,228
222,330
207,570
2,425,021
2,361,476
'
■
ended Aug 31 '17 15,935.893
*16 14,636,516
2,293
20,939
41,210
REPORTS
ANNUAL
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be ,found in the issue of
Sept. 29.
The next will appear in that of Oct. 27.
have been
New
York
'New
Haven
Hartford
&
amount and
Railroad
able to sell
{Preferred Stock Plan—Its Importance and. Advantages,)
circular, dated at New Haven, Conn.; Oct. 1
1917, accompanies the call for the
special meeting
on
Oct. 24
proposed issue of $45,000,000 7% cumu¬
lative preferred stock for which the shareholders will be
asked to subscribe in order to discharge the burdensome
note issue.
The circular sets forth clearly the importance and
advantages of the plan, and the outlook for earnings to meet
the preferred dividends, saying in substance:
to
authorize the
Plan to Authorize
$45,000,000 Pref. Stock, Proceeds to Pay the Floating Debt.
This debt at one time was over
$56,000,000, but during the last four
has been gradually reduced to $45,000,000 out of earnings, and the
of property.
this debt has been carried with the help of the banking
houses of J. P. Morgan & Co., First National Bank of N. Y., National City
Bank of N. Y., Messrs. Kidder, Peabody & Co., of Boston, and Lee Higginson & Co., of Boston, and their associates.
Because of the unusual conditions created by the war and the very great
demands of all Governments for funds it is the belief of the Board that some
plan of financing must be adopted other than the renewal of the notes
maturing April 15 1918.
It is of the greatest importance that the burden,
years
sale of miscellaneous pieces
,
„
,
.
From year to year
debt once a year should
expense and embarrassment of extending the floating
be avoided. Its frequent renewal has become a menace
to the credit of the
jDisadvantages of Other Plans
To make a mortgage
for Paying the Floating Debt.
and issue bonds.
■
made it would be required by the laws of Massa¬
chusetts and Connecticut to secure not only bonds to pay off the $45,000,000 floating debt, but in addition to provide for the future issue of bonds
to take up $187,810,791 of obligations now outstanding, or a total of
$232 810,791.
Bonds so secured could not now be sold except at a very
If a mortgage were
high
rate*of interest; and the size of the mortgage would injure the current
CT2ditTo
a'nale7of
the Boston & Maine, the trolleys and any other
for the operation of the railroad and its supple¬
steamboat lines.
(See Note, A.)
force
property not necessary
mentary
It will
of its assets.
some
000,000 of preferred stock, with the great advantage of not being required
to make renewals every year.
Greatly Increased Earnings in Spite of Adverse Conditions.
[All earnings shown are for New Haven and Central New Eng. combined.]
During the last four years the company has had to face the great depres¬
sion in business of 1914, the dissolution
suit, many investigations byFederal and State authorities, the severe winter of 1915-16, the sudden
increase in business caused by the war, resulting in congestion, higher
wages and extreme prices for materials.
In spite of these adverse conditions
the company has not only earned and paid all of its fixed charges including
the interest on its floating debt, but also a surplus besides, as follows:
Net Income
After Paying Taxes, Rentals, Interest and Guaranties.
1913-14.
$349,204
June 30 Years—
Net after all charges.
1914-15.
1916-17.
$6,233,003
1915-16.
$2,397,141
$4,974,052
Improvement in Operating Results as Compared With Four Years Ago.
Eight Months to Aug. 31—
•
\
1917.
1913 (not 1916).
Railway operating revenues.
$59,680,157
$47,582,852
Oper. exps., uncollectible ry. revs, and taxes.. 44,521 ,'805
36,919,487
,
-$15,158,352
$10,663,365
Railway operating income
25.4%
22.4%
Ry. operat. per cent, of operative revenues.
These figures show a substantial growth in volume of business and an
The per cent, of
increase in amount, saved from each dollar of revenue.
operating income to operating revenues in 1917 was 25.4% and in 1913,
22.4%, an improvement of 3%.
1917.
1916 (not 1913).
Latest Annual Earnings Years ending June 30
Railway operating revenues..
Oper.
exps.,
uncollectiblery>revs. and taxes
..$88,624,400
63,336,758
$81,182,586
56,746,522
25,287,642
6,679,480
24,436,064
6,345,969
..
Railway operating income
Non-operating income
-.
—
Gross income.-
,
Deductions—interest, rentals,
.
—
-
&c
31,967,122
*25,734,119
30,782,034
25,807,982
«
Net corporate income...$6,233,003
*
Includes interest and discount on the present $45,000,000
(which is
as
well
$4,974,052
floating debt
than a 7 % dividend on the proposed preferred stock)
all other charges and guaranties.
now more
as
Higher Rates Obtained and Sought Promise Increasing Income.
In the "15% Rate Case" the I.-S. C. Comm. authorized some increases in
freight rates which will bring in beginning with September new revenue
estimated at $1,500,000 per year.
being perfected now to ask the authorities to permit a charge
tickets and 2Yi cents per mile for mileage
cent per mile.
If granted this will mean
about $3,000,000 additional new revenue per year.
There is also a movement to increase fares on the trolley lines and if these
increases are granted it" will improve the value of the trolley properties.
Plans are
of 2M
tickets,
cents per mile for lpcal
an increase Of only
The
On
June 30
Physical Condition of the Property is Good.
1917, 6.2% of locomotives and 5.2% of freight cars were
held for repairs, compared with an average of 14.2% and 6% respectively
for the Eastern railroads as a whole.
Rail and tie renewals have been kept
and a large proportion of all buildings at stations have been overhauled
painted.
Many of the bridges, have also been strengthened.
improvements made and the equipment added to the property In
the last four years have enabled the company to improve its methods, so
that its results have compared favorably with other Eastern roads except
the coal carrying roads.
up,
and
The
Serious Loss
Sold.
Must Result if Collateral for Notes is
increased rates, better operation and sales of miscellaneous
property more than $12,000,000 floating debt has been paid off in the last
four years and at the same time about $17,000,000 has been spent for
improvements, betterments and equipment.
These expenditures and
others now being made increase the permanent Value of the property but
will not enable it to, pay the $45,000,000 due April Ml 1918.
If the $45,000,000 is not paid next April the Trustee may be forced to
sell the collateral securing the notes.
If this should not bring the face of the
notes the company must pay the difference and the future value of the
collateral will have been sacrificed.
This collateral stands on the books of the company at $96,512,516 and
includes some of the most substantial and valuable railroad securities in
New England.
(See Note C.)
■
From slightly
..
.
*
Stockholders should Protect Properly
The shareholders
and ProfifFrom
So*Doing'.
"""""
of the property should protect it and prevent
which will affect for a number of years the growth of
as owners
the loss to yourselves
your property and the development of its earning power. .
The directors believe that the stockholders should, can and
but the problem is one for
Two-thirds of the entire stock must assent
the sacrifice of this collateral,
will prevent
the stockholders
to the issue of a
preferred stock before it can be issued,-—1,047 »453 shares out of 1,571,179.
The Public Service Commissions of Connecticut, Rhode Island and Massa¬
chusetts must also approve the terms upon which the issue is made.
The authorities and the public are now recognizing that a great trans¬
portation compahy like the New Haven must have its rates adjusted
that it can meet increased wages, costs and changing conditions..
so
is Discharge of Floating Debt.
Restoration of credit can at present be accomplished best by a preferred
stock issue the dividend upon which will be substituted for the interest on
the debt.
By this issue no additional charge or burden will be placed ahead
of the common stock.
On the contrary the stockholders can look forward
to the time when the sales of securities now in its treasury will enable the
company to call and retire the preferred stock and leave the common the
The First Step
only stock
Toward the Restoration of Credit
outstanding.
The Directors
,
Unanimously Recommend the Authorization of
•
Preferred Stock.
earnestly ask you to authorize this issue of preferred stock, both
in your own interest and in the interest of New England, which must be
served by the New Haven road. . Signed by all of the directors, viz.:
T
DeWitt Cuyler, Edward Milligan, Francis T. Maxwell, John T. Pratt,
Howard Elliott, Arthur T. Hadley, James L. Richards, Augustus S. May,
J
Horace Harding, Benjamin Campbell, Frank W. Matteson, Joseph B.
Russell, Eli Whitney, Harris Whittemore. and Edward J. Pearson.
j
We" most
Note
A.—Property Not
Essential to Operation of Road and SteamBook Values. July 31, 1917.
ship Lines.—All
$130,195,791 of Investments to be
Sold Under Court Decree in Dissolution Case.
Trolleys,
Book Values,
Book Values,
Concluded—
July 31 1917.
July 311917.
New Eng. Inv. & Sec. Co.$13,631,750
Berkshire Street ky. Co. $9,886 156
27,811,224
Vermont Company
1,417,664 Rhode Island Co
Provi. & Danielson Ry_
706,764
Connecticut Company-- 41,992,957
789,836
N.Y.&Stamford Ry. Co1,415,396 Sea View RR. Co
117,000
Westchester St. RR. Co,
1,359,427 Shore Line Electric RR.Other Properties ($31.067,617)—
Boston & Maine RR. and leased lines
—
$27,767,617
Eastern Steamship Lines, Incorporated
3.300,000
Trolleys
($99,128,174)
company.
1.
(See Note B.)
The company is now paying more than 7% in interest and discounts on
its short term notes; it can as easily earn and pay 7% dividend^ on $45,-
to determine.
An official
strengthen the company's credit.
so
def43,731
,
"
lift the burden of short term notes which each year has meant refunding
and substitute a preferred stock which can be called when the company is
def 5,956
54,858
49,581
778,626
743,421
v
2,501
13,787
14,055
179,436
180,525
Preferred Stock Issue Offers the Soundest Method of Finance.
This plan allows every stockholder to subscribe, but compels no one to
so.
It will make the stock and indebtedness substantially equal in
do
def 265
55,696
'
3,933
5,499
64,589
74,027
-
5,670
4,542
849
•
5,443
4,903
53,414
72,577
'16
(Bloomington, 111)
-
2,752
2,610
32,475
31,367
Aug '17
12 mos ended Aug 31 '17
'16
24,158
18,573
177,726
107,903
v
8,888
7,723
99,015
86,062
Aug '17
(Lancaster, Pa)
'16
12 mos ended Aug 31 '17
Harrisb'g L & P Co Aug'17
(Harrisburg, Pa)
'16
12 mos ended Aug 31 '17
*16
3,001
4,798
23,673
20.041
327,743
291,681
'16
Edison Elec Co
V
580
571
•
5,243
77,197
81.87S
(New Orleans,La)
'16
mos ended Aug 31 '17
12
"
312
6,635
6,511
79,187
77,479
Consum E L & P Co Aug '17
■
313
893
883
6,751
8,548
3,329
2,750
29,465
26,049 '
Columbia Gas Co..Aug *17
1918.
April
Renew. & Re-Deduc's &
Earnings,
Citizens G & P Co
$150,933,981.
a large sacrifice if they could be sold at all between now and
These properties have a large future value which should be
realized in due time.
At any rate they ought not to be sold in the present
war market.
Such a sale would mean a large loss which would postpone
indefinitely the date when dividends could be paid because the losses
resulting from such forced sale would have to be made good from earnings
over a period of years.
would involve
Interest
Net, after
1413
A forced sale of these properties, with a total book value of
Corporation.
Electric
&
Gross
-
;
CHRONICLE
THE
1917.]
$5,194,550 Real Estate Investments to be Sold as Rapidly as
Company (New York)—real estate........
Practicable.
Mil lbrook
Park Sq. Properties
(Boston) & Waterbury hotel stock($l,500)-
$2,403,241
2,791,309
1414
THE
CHRONICLE
$15,543,640 Steam RR. Investments Available for Sale When Conditions Favor.
N.Y. Ont. & W. Ry. stk_$13,108,3981 Rutland RR. Co. stock— $2,364,977
Chi. RJl.&P.Ry.&c.bds.
63.3001 Pitts.&N.AdamsRR.stk
6,965
Total of $150,933,981 of "Outside Investments"
A
Trolleys
—
—
-
Note
B.—Status
Debt
Total
if
and
$3,300,000
5,194,550
15,543,640
Real Estate
27,767,617 Steam Railroads
Preferred Stock is Issued
Notes Due April 15 1918.
Stock,
$433,445,579,
Transportation expenses took 41.8% of operating revenues in 1916 and
45.8% fa 1917.
Price of fuel caused an increased outlay of $1,900,000,
increases in wage rates added more than $1,500,000.
Of this latter
amount, $549,895 was paid during the six months period to June 30 1917
on account of the "eight-hour
law which became operative Jan. 1.
Based
on the best information at hand, it is estimated that the "eight-hour" law
as applied to men affected, which number but 22% of the total employees
of the railroad, will add $1,200,000 to the annual pay-roll.
General.—The European war, now in its fourth year, has naturally pro¬
duced unusual economic conditions, and the entrance of the United States
into this conflict on April 6 last has so drained the skilled and unskilled
labor market of surplus men that to-day only su :h work is being under¬
taken as is necessary
to maintain
the property and its equipment.
Wage increases granted since June 1 1916 and before July 31 1917, largely
effective during the last half of the fiscal year covered by this report, will
amount to $3,000,000 or more per annum, wage fixing being now largely
a governmental function.
Railroads, unlike commercial or manufacturing
interests, have thus far been unable to obtain the necessary relief in the way
of increased rates for fares and freight to offset the increased expenses.
Steel bars, castings and plates are quoted at from 87% to 119% higher than
last year, and other metal or metal parts at from 22% to 40% advance.
Lumber has increased more than70%locomotives, &c., over 100% in excess
of the amount paid last winter.
No new equipment is being ordered.
It is estimated that of the increased per diem balance against the company
for year covered by this report about $625,000 is due to the new rates,
now fixed at 60 cents A day.
f
Capital Stock.—In Massachusetts, 4,741 stockholders own 382,457 shares;
in New Hampshire, 1,236 own 15,104; in Maine, 549 own 15,565; and
elsewhere 683 own 13,423.
Debt.—The funded debt remains unchanged at $43,338,000, and the notes
of the company outstanding June 30 1917 aggregate $13,306,060, viz.:
Extended to Aug. 31 1916, $13,120,060; extended to July 17 1916, $160,600;
extended to June 2 1916, $24,400; extended to March 2 1916, $1,000.
Cash.—The cash on hand June 30 1917, including agents' remittances
in transit and time deposits, was $7,963,757.
This sum, however, includes
overdue interest, &c., amounting to $2,087,575, which, had it been paid as
and
That might Be Sold.
$99,128,174 Steamship Lines
Boston & Maine Railroad
and Leased Lines.
to
„
Pay
$45,000,000
be About Equally Divided.
to
Debts.—Bonds and Debentures—largely due 1922 and after. .$212,044,792
Stock.-^-Common Stock_$157,117,900 New Pref.
Premiums
paid
since
July 1 1909^4........
,
-
Stock......
$45,000,000
—
,
19,282,887
Tot. stock & prems..$221,400,787
A much safer arrangement than the present one where your funded and
floating debt aggregates $256,264,791, and your stock and premiums
$176,400,787—the debt exceeding the stock by nearly $80,000,000.
$455,082,933 Capital .Assets to Offset Above $433,445,579 Stock and Bonds.
Railroad
property.
'!!■',
......
Steamship property.!
...........
Other properties
...
Note C.—Collateral
-!■-
....
— -
-
—_
—
,
_
......
for $45,000,000
$276,203,030
11,272,833
167,607,070
Notes Due April
15
1918.
Book Value.
5,246 shares
37,370
"
47,950
" "
17,482
"
20,000
"
291,622
"
Corp.....:..
$1,582,443
Central New England Ry. preferred stock
1,052,618
Central New England Ry. common stock—
869,110
Hartford & Conn. West. RR.1,201,064
Hartford & New York Transportation Co...__
2,031,133
N. Y. Ont. & W. Ry. Co.......
13,108,398
...
"
"
"
■"
"
"
Old Colony RR. Co^.-.i
Prov., Warren & Bristol RR. Co
Providence & Worcester RR. Co——
Rutland RR. Co
Connecticut River Railroad Company
Concord & Montreal Railroad
Connecticut & Passumpslc Rivers RR. Co
"
922
Norwich & Worcester Rli. Co..
M
"
971
98,132
4,867
9,551
23,520
1,015
2,469
1,464
Northern Railroad of New Hampshire..
"
400,000
$1,500,000
13,000,000
1,250,000
600,000
•00,000
Total
105.
p.
219,038
13,065,342
—
—
The Connecticut Company
Cent. New Eng. Ry, 1st M. 4% 50-yr. bonds..
Harlem River & Port Chester Prior Lien Deb's.
Conn. Co. Equitable Lien 5% gold Debentures.
Providence & Daniolson Ry. Co. 5% 1st and
Refunding Mortgage Gold Bonds
Sea View RR. Co. 1st M. 5% Gold Bonds....
*
—v.
Boston & Providence RR.
[Compare V. 104,
p.
•
and
584,699
1264, 1388, 1489.]—.. j..$96,512,516
.
Boston & Maine Railroad.
(84th Annual Report—Year ended June 30 1917.)
Temporary Receiver J. II. Hustis, Sept. 12, wrote in subst.:
Aug.
(gross) $3,738,777, notably: Grading, $240,087; bridges, trestles
culverts,
$124,316;
ties, rails and
other track material, $454,517; shops and
enginehouses,
$294,625; equipment (60 locomotives,
$1,415,893, &c.), $1,820,833.
Credit items, namely equipment retired
(including 18 locomotives, 52 passenger cars, 735 other cars, &c.), $575,041,
and land sold, $50,775, reduced the net amount of property additions to
$3,112,960, which was charged as follows: To investment in road and
equipment, $1,714,771; to leased roads, $1,279,587; as additional rental
or teased roads, $118,602.
During the,year there was charged to operating
expenses for depreciation and retirements of equipment the sum of $1,018,-.
624; and profit and loss was charged with $77,855 for depreciation which
gated
433,843
1209,1104.
Receivership.—-On
it matured would have left a cash balance of $5,876,182.
Included in the
cash balance is the profit and loss credit balance of $1,852,967.
Additions and Betterments.—These expenditures during the year aggre¬
730,213
2,738,763
2,364,927
276,220
395,766
208,162
130,750
40,000,000
1,270,028
13,000,000
1,250,000
'
29
1916
the
U.
S.
District
Court appointed
James H. Hustis temporary receiver of the road, with authority to do such
acts as
might be necessary to prevent a forfeiture of any lease or operating
contract, without prejudice, however, to his right thereafter to abandon
such lease or contract as the court should direct.
Up to the present time
the system has been kept intact.
'
Many holders of bonds or notes of the company have inquired why In-,
terest on them has not been paid.
The answer is that the great bulk of
these bonds and notes are not secured by mortgage, and it is not the prac¬
tice of the courts to confer authority to prefer holders of unsecured bonds
or notes over other general creditors by paying their debts in
part, either
principal or Interest, before the final liquidation.
..
it a recent meeting the directors authorized the following statement.
Digest of Statement of Board of Directors.
The primary object of this board, in August 1916, was to secure a pro¬
tective receivership, and they still believe that no one who really has the
accrued prior to July 1 1907.
New Fiscal Year.—Future reports will be made for tbe calendar year.
' Increased Rates.-—In view of the financial burdens suddenly thrust on
the railroads, your representatives, in conjunction with those of all other
railroads, appeared before the I.-S. C. Commission last May requesting
a 15% increase in the freight rates.
If granted, this would have netted
your railroad, based on last calendar year's business, an increase of about
$4,600,000.
Commercial and financial interests of New England favored
the advance, appreciating that the proposed additional burdens would be
small in comparison with the losses to which the public had been and would
be subjected by inadequate service.
•
■/".;*
.*
The application was denied with the right to renew.
Certain increases
which, as nearly as can be estimated, will approximate 4% on the total
freight revenue, were granted.
In denying the application the Commission
recognized that "Among the Eastern carriers those located in New England
appear to* present the most serious condition."
Need of Increased Facilities.—The increasing business and the ihability
at all times to handle the business with expedition and economy again
emphasizes the need of increased facilities.
The 60 new' locomotives deliv¬
ered-last winter have been of material assistance, and the improvements
now being completed at East Deerfield will directly aid in
facilitating freight
movement.
Although the necessity is urgent for a constructive program
of improvements, under the existing circumstances little can be undertaken.
Increase in Operating
Efficiency.—During the fiscal year 1912 the average
revenue freight train load was 264.9 tons.
In 1917 it was 374.2, an in¬
crease of 41.3% over 1912.
The carload (tons per loaded freight car mile)
has also increased from 14.9 tons in 1912 to 18.2 tons in 1917, a gain of 22.1 %.
interests of the stockholders
or creditors at heart will urge the immediate
a permanent receiver, which would bring the proceedings
step nearer to liquidation.
It is said that there are three possible ways for ending a receivership:
Equipment Owned and Acquired from Leased Roads as at June 30.
1917. "
1916.
1915.
1914.
appointment of
one
,
(1) by sufficient improvement in its earnings, (2) by liquidation or (8) by
voluntary reorganization.
The possibility has seemed rather remote that the road could avail itself
of the first of these methods within any reasonable time, and the great in¬
creases in the prices of labor and supplies, particularly c.oal and iron,
during
the present calendar year has greatly strengthened the conviction that this
method is impracticable.
Liquidation would mean a sate of the assets to
pay creditors, leaving to the stockholders only the right to share, in the
a
.
surplus fif there is any) of the selling price, after the debts
are paid in full.
Voluntary reorganization is a matter of barter between lessors and lessee,
and
the B.
Leading Features of Proposed Plan (Shown on p. 14 of "Ry. & Ind. Section").
! (1) The leased lines shall give up their leases and turn over all their
prop¬
erty to a consolidated company, their present stock to be exchanged for
a first pref, stock in the consolidated company, carrying a cumulative divi¬
dend equal to the dividends on their present stock.
The leased lines have
unifoMnly Insisted that if they are to become stockholders in a consolidated
company, subject to all the financial risks of the business, they should not
do it for less than their present income.
We are convinced that no reorgani-.
zation is likely to go through unless this point is conceded.
(2) The stockholders of the B. & M. RR. shall furnish new money to
nearly the amount of its present floating debt by subscribing for $12,324,000
new 6% pref, stock in amounts equal to $30 per share
upon all the outstand¬
ing common stock and $15 per share upon the pref. stock of the B. & M.
The common stockholder may meet his obligation to purchase' such new
stock either by (a) Himself subscribing at par; or (6)
Providing a sub¬
stitute who shall buy this new stock in his stead, the underwriters
guaran¬
teeing. that this substitute shall not cost him over $5 per share; or (c) Sur¬
rendering 20% of his preserit stock; or (d) Borrowing from the underwriters
for one year at 6% the $30 per share to pay bis subscription,
giving his old
and new stock as collateral security for the loan.
Of the new stock placed,by this compulsory subscription,
60% is to be a
first pref. stock, equal in priority to the stock given to the leased line stock¬
holders, and 40% a convertible preferred, inferior in priority only to said
first
preferred.
(3) An issue of $12,500,000 of 5% bonds to be created to fund floating
debts and for needed additions and improvements.
(4) The purchase by the consolidated company of the Hampden RR. for
$1,660,000 First Preferred 5% stock and $1,400,000 5% pref. stock, or a
total in stock of $3,060,000.
This plan must be approved by the directors of all the
companies parties
to it: also by their stockholders, in each Instance by a two-thirds vote:
by
the Federal trustees of the B. & M. with the approval of the court which
appointed them. (This means that the plan must- be submitted to the U. S.
District Court) and by the P. S. Commissions of Maine, New
Hampshire
and
Massachusetts and by the courts in the
receivership proceedings
the B. & M. and Conn. River RR.
It is unlikely that any plan
that contains in it any seriously objectionable elements will
against
run
this
•
Locomotives
——1,133
Passenger cars
1,848
Freight cars
!_.
22,583
Company service cars
1,338
Electric St. Ry, equipments.
68
Fioating equipment.
4
2
»
successfully
gauntlet.
Year's Results.—Operating revenues, which increased
$4,916,612, or 9.4%
over the previous year, were the largest in the history of the road.
How¬
the operating expenses increased $6,250,118, or 17.3%, so that the
net operating revenue decreased $1,333,506. or 8.4%.
After the inclusion
of income from sources other than operation and the deduction of all
charges
the net income was $1,880,449, as compared with $4,065,691 for the
pre¬
vious year. - The operating ratio (percentage of operating revenues taken
bjr operating expenses) for the year was 74.5%, as compared with 69.5%.
ever,
1,091
1,925
23,246
1,346
„_
....
Commodities
Carried for
'
Years ending June 30
1,176
1,953
23,832
1,349
.
68
2
1,220
1,958
24,393
1,241
672
'
-
67
2
(Tons
of 2.000 Pounds).
(Tons.)
Agriculture. Animals.
Mines.
Forests. Mfactores.
Miscell.
1916-17-3,885,219 1.278,723 7.255,328 4,221,141 6,610,969 4,936,605
1915-16._--4.039,715 1.254.326 6.600.143 3,752,116 5,969,820 4,880,919
& M. stockholders must Choose between the best terms open
and the uncertainties of the receivership: the lessors must choose between
reorganization and the probabilities of a cancelation of their leases by the
receiver, and the resulting necessity of operating their own lines.
Thus
the directors of the B. & M. and of its directly leased lines have come very
close to agreeing upon a plan (see details, V. 104, p. 2009) which they are
willing to recommend to their stockholders, involving thfe following features:
[VOL. 105.
FISCAL RESULTS.
OPERATIONS AND
1916-17.
2.259
Miles operated June 30
1915-16.
'
1914-15".
1913-14.
2,252
2.252
2,252
Operations—
:
•
Passengers carried...- 47.377,303
42",518,745
43,472,158 47,032,535
Pass, carried one mile..891,259,032 798,694,644 849,948,853 896.081.331
Rate per pass, per mile.
1,865 cts.
1.851 cts.
1.795 cts.
1.769 cts
Freight (tons) carried.. 28.188,985
26,49.7,039
22.678,480
24,752,884
Fr't (tons) earr. 1 mile.3257060,140 2961598,986 2416458,253 2635138,719
Rate per ton per mile..1.041 cts.
1.079 cts.
1.114 cts.
1.057 cts.
Gross earnings per mile$25,111$22,939
$20,609
$21,262
x
y
„
x Excludes street railways (46.80 miles in 1916-17)-.
railways and water lines.
y
Excludes electric
.
INCOME
ACCOUNT
FOR
Passenger
Freight..
YEARS
"
Earnings—
-
—
—
Mail, express, &c_
Transportation rev.
Incidental
„
(water line)-
—
;
-------
Total operating revenuesExpenses—
:• "
.
.
expenses
.
——
Transportation expenses.
General expenses
Miscellaneous operations
Total operating expensas
Per cent of oper. expenses to
Net operating revenue
Taxes accrued
earnings
—
_
—
Uncollectibles
Operating income
$6,414,842
$5,986,603
7,881,110 4 . 6.588,044
42-6,841
421:797
26,08-5.259
21.757,066
1,363,339
1,238.292
276,686
206,157
......
$7,197,017
6.697.311
448,090
20,178,333
1,188.851
200,169
$42,448,077 $36,197,958 $35,909,772
(74.48)
(69.51)
•
(76.94)
$14,543,963 $15,877,469 $10,763,277
2,123.477
1,986,267
1.978,223
1,235
2,624
5,944
-$12,419,251
$13,888,578
75,267
175,267
174.767
1,090,588
995,448
1,029,707
—$13,585,106 $15,059,293
$9,983,584
Dividend income-
Int., rents, &c., received
Net
30.
$56,992,040 $52,075:428 $46,673,049'
..
Maintenance of way and structures._
Maintenance of equipment
Traffic
JUNE
1915-16.
1914-15$15,028,317 $15,502,197
33.909,489
31.963.489
26.912,397
4,475,370
3,606,769
3,079,146
15,172
14.406
17,125
1,713,252
1,462.447
1.162,184
----------
—
ENDING
1916-17.
--$16,878,757
-
income——^.
■—^
$8,779,110
Deduct—
Rentals of leased roads
Hire of equipment
Other rents
Interest accrued—„
Sinking fund payment
—_
1
——
Total deductions
Balance, surplus or deficit---
—
$5,653,960
2,898,308
$5,626,029
2,074.248
524,750
2,578.056
49,583
-
485.844
2,725.477
82,004
$5,589,405
1.196,325
476,970
3,026,561
28,,785
.$11,704,657 $10,993,602 $10,318,046
sur.$l,880,449sur$4Q65,69l def.$334.462
—
Oct. 6 1917.]
COMBINED
THE
INCOME ACCOUNT FOB
ENDING
YEARS
CHRONICLE
JUNE
30.
Including the Boston & Maine RR., Vermont Valley BR., Sullivan County
KB.* York Harbor A Beach RR., Mt. Washington Ry., St. Johnsbury A
Lake Champlain RR., Montpelier A Wells River RR., Barre & Chelsea
RR. and Conway Electric St, Ry.. with inter-co. transactions eliminated.
Revenues—
Freight—
Passenger—
Mail and express.___
Other transportation—
Incidental
Date of
__1
——
Principal
Annual
Maturity.
Amount.
Int. Charge.
General—
$
Dom.Govt.loan 1916-17.
Guaranteed
by
S
5,892.366
•333,895
G. T. P. Branch Lines Co.—
Sask'n Bran., 4% bonds. Jan .22
1939
Sask'nTerm.,4i^% bds.Dec.18
Alberta Bran.,4% bds.Feb.25
1943
1939
Alb'taCoal Br.,4% bds..Feb.l5
1916-17.
1915-16.
1914-15.
.$35,260,050 $33,317,450 $28,048,794
17,408,404
15,508,510
15,986,262
2,732,354
2,119,922
1,835,991
1,919,370
1,637,017
1,384,410
1,739.002
1,479,135
1,175,029
_____
1415
1942
Total
_______________________
11,347,848
453,914 Province of Sask'n.
84,701
do
do
1,882,240
2,430,000
-
97,200 Province of Alberta
46,384
do
d?
1,159,596
—202,494,151
on 3% and 4% bonds due
Julyll917,
provided for out of balance of the author¬
—
—
7,684,178
—
Less—Interest
Total operating revenue
to be
-$59,059,181 $54,062,035 $48,430,486
ized 1917 $8,000,000loan—
Expenses—
Maintenance of way, &c______
Maintenance of equipment
Traffic expenses
•„
Transportation
______ _
_
_
i >_
_
$6,300,704
6,794,020
433,231
22,531,726
1,279,921
206.157
$6,734,153
8,111,540
439,060
26,987,704
1,398,011
276,687
_.
General expenses
Miscellaneous
$7,589,976
6,909,115
459,833
Estimated
.
20,885,327
1,226,306
200,170
Taxes accrued.
_
_
.$43,947,155 $37,545,760 $37,270,726
.$15,112,026 $16,516,275 $11,159,760
2,235,550
2.094,311
2,085,875
2,625
1,237
5.945
—
Operating income-
—-$12,875,238 $14,419,339
1,303,935
1,148,327
$9,067,940
1,204,766
Gross corporate income. ——.$14,179,173 $15,567,666
$10,272,706
Other Income
Deductions—
on
Hire
equipment-.
of
Other
leased roads._____
$5,654,960
2,969,343
601,020
2,863,193
-
rents.
Interest
-
...
accrued,
Discount
on
notes
$5,627,029
2,128,187
548,353
3,014,343
$5,590,405
1,236,950
556,429
3,324,758
11,819
28,785
...
I
Sinking fund payment—-
surplus from operation, G. T.
Pacific Ry. System, lncl. G. T. P. Branch lines...
;
Balance, surplus or deficit.
82.604
49,584
j
-
$12,138,100 $11,399,915 $10,749,146
_sur .$2,041,073sur$4167,751 def.$476,440
..$7,494,761
•
x Interest on Mountain Section
3% bonds, amounting to $1,655,122, is payable
by the Dominion Government for the seven years from Jan. 11916, without recourse
on the Grand Trunk Pacific Ry. Co.
BONDS,
&C.,
AUTHORIZED,
ISSUED
Par Value
Gross
Net aft.
Dividends
Other
Interest,
Paid.
Earnings.
Taxes.
Income. Rents, &c.
1916-17-$586,656 $156,221 $129,240 $236,828
1915-16- 535,351
185,620
141,343
242,077 (10)8100,000
Balance,
or Def,
sur.$48,632
def.15,114
(10)$50,000 sur.$160,133
sur .83,197
(10)50,000
—
S
$8,829
5,400
NET
9,963,000
7,533.000
50,000,000
1917-18.
$
$
68,040,0p0
2,041,200
9,601,926
408,240
398,520
9,016,297
7,116,692
31,411,986
15.000 000
10 000,000
7,533,000
34,879,253
15.000 000
10,000,000
15,940.800
8,440,848
6,727,250
337,634
6,000.000
6,000 000
9,720,000
5,892,366
6,000.000
9,095,512
5,892,366
300,000
486,000
333,895
8,000,000
_
Proceeds.
Charge
$
Loan from Dominion Govt--
.
Int.
68,040,000
10,206,000
9,963,000
68,010 000
10,206,000
9,720 000
...
Total (G. T. Pacific Ry.)
210,402,800
(2) Grand Trunk Pac. Branch Lines—.
Alberta Branches 4% bonds, due
Feb. 25 1939-
Alberta
—
,
—
301,320
1,395,170
15.000.000
600 000
10.000,000
400,000
sur.$13,815
sur.6,514
_
(4) Mount Washington Ry. (March 31 Years).
1916-17
$30,153
$3,769
$64
$112
1915-1618.354
2,852
223
sur
-
."$3,721
sur .3,076
-
1,159,596
—
11,400,000
Terminals
4)4%
bonds,due Dec.18 1943—...
SaskatchewanBridges
bds.,
2,430,000
1,159,596
11,347,848) 15,397,971(
.
2,160,000
due Deo-18 1943—
(5) St. Johnsbury & Lake Champlain RR. (June 30 Years)
1916-17-$347,454 $29,742 $20,891 $223,594
def.$172,962
1915-16- 351.810
40.559
21,144 201,874
def.140,171
7,001,979
bonds,
—
SaskatchewanBranbhes 4% bonds
due Jan. 22 1939...
Saskatchewan
185,674,467
3,022,500'
—
Coal Branch 4%
dueFeb. 15 1942-
(3> York Harbor & Beach RR. (June 30 Years).
$1,628
1,646
AND
Net
Sur.
_____
(2) Sullivan County RR. (Jane'SO Years).
1916-17 __$642,059 $223,950
$26,189 $40,006
1915-16
600,784 237,485
116,823
12,536
OUTSTANDING,
Issied and
Authorized. Oustanding..
(1) Grand Trunk Pacific Ry.—
1stM.3% bds., due Jan. 1 1962..
4% bds.,ser."A", due Apr. 1'55.
4% bds., ser. "B," due Apr. 1 1955
4% bds., L. Sup., due Apr. 1 1955
4% debenture stock, perpetual—
4% debentures, due July 1 1923—
4% bonds, due April 11919
4% sterling bds,, due Jan. 11962
Loan from Dominion Government.
5% secured notes, due Mar.21921.
(1) Vermont Valley RR. (June 30 Years).
$21,016
10,268
AND
PROCEEDS THEREFROM (ALSO INT. CHARGE FOR YEAR END. JUNE 30
'18).
-
RESULTS OF SUBSIDIARY COMPANIES FOR YEARS END. JUNE 30.
—
1,100,000
Net required—
.
Total deductions
1916-rl7~ $58,073
1915-16
45.579
594,761
——
Less—Estimated
.
Uncollectibles
Rentals
$6,494,761
-
operating loss, Grand Trunk Pacific
Coast Steamship Co., Ltd—100 000
Estimated for betterments, Incl. rolling stock...... 2,000,000
Total
Total operating expenses..
Net operating revenue-
$1,189,417
Balance
1,882,240
1,300,000
———
.
Total(G.T;
—
(6) Montpelier & Wells River RR. ( June 30 Years).
1916^17 -$290,281
$9,914
,$3,601
$29,238
1915-16
293,048
36,944
3,749 "
23,289 llH).$ 13.422
def .$15,722
(7) Barre & Chelsea RR. (June 30 Years),
1916-17-$122,094
$9,140 $27,428,
$5,437'
1915-16-130,939
18.410
27,3Q7
3,635
Total
Pac.Branch lines).
main
line
19,032,096
16,819,684
15,397,971
682,199
branches-.
and
(seealsoTablel)———229,434,896 202,494,151 193,300,001
7,684,178
Note.—An Issue of $1,468,440 Saskatchewan 4% bonds, due Jan. 22 1939, and
$1,882,240 Saskatchewan Terminal bonds, duo Dec. 18 1943, the immediate Issue
sur
sur
-
.
of which has been approved by the
(8) Conway Electric Street Ry. (June 30 Years).
1916-17- $10,522
$1,384 —$6,717
1915-16.,
10,775
def.798
1917.
1917.
1916,.
$
•
Liabilities—
$ •
Road A equlp't. _92,394;572
impt. on leased
90,679,800
railway prop'y. 2,776,420
2,657,889
Inr. in affll.
Stocks
271,327
271,327
437,618
Bonds—i__'
537,618
Notes...-——
977,677
Advances
238,925
Other In vestm'ts.10,794,466
982,273
1916.
$
.
$
Common stock—39,505,391
Preferred stock.. 3,149,800
Prem.
on
stock
cos.:
—
.
def.$5,333
def. 7,467
SHEET JUNE 30.
BALANCE
Assets—
6,669
——
.3,982
.$11,131
sur.22,081
(5)$20,000
(5)20,000
.
39,505,391
3,149,800
com.
6,501,620
6,501,620
Funded debt——43,338,000
debt to affil. cos
588,527
Loans A bills pay.13,306,060
13,306,060
9,784*221
Traffic, Ac., bal. 2,409,312
2,319,421
Accts. & wages..
3,189,852
Sec.,Ac.,on hand
163,441
1,446,206
Cash
2,895,757
8,960,177
Time
drafts
and
3,800,681
Mat'd int., Ac— 2,036,893
Rents & ifat. accr. 1,146,103
Accrued taxes...
deposits
5,063,000
deposits,
20.565
2,008,395
2,145,178
1,852,346
690,527
1,852,346
690,357
fund. debt.
275,137
287,000
Accr .depr. (e:j't.)
7,259,985
Oth.unadj. accts.
825,406
191,341
6,480,832
615,499
—
.
Special
Traffic, Ac.,, bal.
41,73$
aDue leased rds.
385,947
122,660
Oper. reserves...
Agts. A conduc..
Material & supp^
3,401,170
7,890,370
2,978,598
Miscellaneous...
2,118,284
debit item
199,880
1,921,431
227,369
Prepaid int., Ac.
87,952
85,076
1,226,837
886,313
Defid
Other unadjusted
debits
Unextlng.
on
Add'ns.
Sink.
—_
133.007,000 126,808,369
•
to prop.
id.
191,341
1,446;206
1,481,497
23,966
bl ,862,967
Total—.133,007 .Q00 126,808,369
At expiration of leases,
b After deducting $41,447 misc. net items.
Note.—The company guarantees June 30 1917: $1,328,000 St. Johnsbury
A Lake Champlain RR. 1st M. 5s due March 1 1944; $500,000 Concord &
a
Clareraont N.
H. RR. 1st M. 5s due J ait. l 1944; $100,000 Peterborough
A Hillsborough RR-. 1st M. 414s due July 1 1917; $300,000 Portland Union
Ry. Sta. Co. sinking fund 4% bonds due July 1 1927-29 guaranteed jointly
the Maine. Central RR., and $2,300,000 Vermont Valley RR. 6%
with
notes due Aug. 31 1916, guaranteed by Connecticut River RR. and the Bos¬
ton A
Mj^ine RR.—V. 105, p. 1308, 1102.
Grand
Grand Trunk Pacific Branch Lines Co.
last June
in
connection
^
,
filed with the Canadian
with
the
application,
duly granted, for further Government loans of $7;500,000 to
meet interest requirements for the Grand Trunk Pacific Ry.
Co. and the Grand Trunk Pacific Branch Lines Co. bonds
for betterments, &e.
Compare V, 105, p. 497, 818, 997.
ESTIM. CASH REQUIREMENTS FOR PERIOD JULY 1 '17 TO JUNE 30 '18.
Dale of
Principal
Annual
Amount. Int. Charge.
Maturity.
_
GrandTrunk Pacific Ry.—
$
Guarantied by.
$
Lake Superior Branch—
4% First Mortgage
—
-April 1 1955
7,533,000
301,320 Grand
Trunk
Ry.
Prairie Section—
3% First Mortgage
Jan. 1
4% Series "A"
April 1
4% Bonds due 1919—.April l
July
4% Debentures
Mountain
1
1962
1955
12,869,280
10,206.000
Dominion Govt.
403.240 Grand Trunk Ry
386,078
1919
10,000.000
400,000
do
do
1923
5.692,437
227.697
do
do
Section—
3% Flrfit Mortgage ...Jan. 1 1962
4% Series "B"
April 1 1955
...
4% Debentures
4% Sterling bonds
July 1 1923
Jan. 1 1963
Loan from Dora. Govt4 % Debenture
....
stock —Perpetual
.
_
5% Secured notes——Mar. 2 1921
55,170,720 xl ,655,122
9,963,000
398,520
9,307,563
372.303
8,440.848
337.634
6,000 000
300 000
34,879.253
1,395.170
9,720.000
_ .
(2)
$114,470,884 o/ Government Aid to Grand
Trunk Pacific,
(a) Subsidies—Provincial, $376,320; municipal, $350,000; total
$726,320
(b) Other Cash Aid—being direct investment of Dominion Govt.$70,311,716
Under the "implementing clause" the Dominion
*
Government has paid to the Grand Trunk Pacific. $6,263,716
It has also lent upon or bought securities as follows—
.
May 1909 4% Prairie section bonds bought at par. 10,000,000
Aug. 1913 4% debs, due in 1923 bought at par.. 15.000,000
Loanof 14, sec. by pledge of $7,500,000 of 4% bds
6,000,000
1913-14 3% 1st ratge. bohds (bought frdm co.)__• 33,048,000
Loans to the amount
of
$8,000,000 were authorized by
Parliament in 1916.
[V. 102, p. 1811.]
(c) Guarantees by Dominion Government of outstanding bonds,
in addition to those actually held "by Government—
' > ■
>
Guarantees by the Dominion Government: 1st Mtge. 3% bonds,
$34;992,000; 4% sterling bonds of 1962, $8,440,848: total—$43,432,848
'
.
antees on
Pacific
BraLnch Lines Co. Provincial guar-
bonds outstanding.
________ _ _
s.;—
_—. - - _
488,000
Dominion Govt.
Grand Trunk Ry.
do
do
Dominion Govt.
Grand Trunk Ry.
do
do
.
.$13,469,004
Grand Trutik Ry. Co. stands as guarantor of the following out¬
standing debentures and bonds issued and loans made to the Grand Trunk
Pacific Ry. Co.—
The
Grg,nd Trunk Liability for Grand Trunk Pacific (Total.Guarantees $97,301,252)
The
G. T. Ry. Co. stands guarantor of-4% series A Prairie
division, $10,206,000; 4% series B Mountain division, $9,963,000; 4% Lake Superior division', $7,533,000; total.—$27,702,000
4% Perpetual Debentures.
34.879,252
5% secured notes (secured by pledges of 4% debentures)
— _
9,720,000
Canadian Government Loan of 1913, $15,000,000; of 1909,
$10,000,000; total...
25.000,000
Amount Advanced by Grand TrUnk
Grand Trunk
Parliament
System,
Ry.Co.—Feb.29 1916 (total, $26,179,728.)
,
Grand Trunk Pacific Ry. Co.
______— —
GrandTrunk Pacific Branch Lines Co—
_____—
Grand Trunk Pacific Saskatchewan Ry
______ —
Co.—
(Financial Statements Dated June 1917. etc.)
was
Railway
Advanced to—
Trunk Pacific Itailway
The following official statement
Trunk
-
(3) Grand Trunk
redem.
oflmpr.bds...
Grand
.
prem.
Profit A loss
Total
820,767
643,803
Miscellaneous
5,162,230
300,924
777,012
to
report of
(1) $28,145,693 of Government Aid to Grand Trunk Ry\
(a) Subsidies—Do minion Government, $3,423,699; Provinces,
$4,077,233: municipalities, $5,502,128— _
$13,003,060
(b) Loan—The Dominion Government made to the Grand
Trunk Ry. Co. many years ago, a loan (interest on which has
never.been asked for or paid) amounting to
....
15,142,633
43,338,000
sold....
Aid
the Royal Railway Inquiry Commission
shows the roads, comprising the Grand Trunk Ry. System
undertaking, to have received aid as follows:
Non-negotiable
239,736
1,481,497
Misc. phys. prop.
Government
The
Saskatchewan Govt., Is lncl. in above figures*
•
_
$801,784
13,369,638
214,500
Development Co,, Ltd
—
11,793.907
.$123,280,980
Advances the Grand Trunk Ry. holds the companies
Pacific
The total commitment of Grand Trunk Ry. Co. was..
In respect of these
—
$24,334,017 notes. .
The present annual liability of the Grand Trunk in connection with the
Grand Trunk Pacific system is estimated to be considerably over $5,000,000
.
per
annum;
...
and after Jan. 1923, it will increase to over $7,000,000.
Letter to Inquiry Commission from E. J. Chamberlin, Then
dent of the Grand Trunk Ry. Co., Jan. 30 1917,
Presi¬
replying to the first question asked in your letter "as to the effect on
the Grand Trunk proper of the loss of the $25,000,000 investment," it is
perhaps necessary to repeat to some extent what has already been said
from time to time on the subject.
The advance to the Branch Lines Company—every dollar of it—repre¬
sents money paid by the Grand Trunk in order to complete the lines, the
bond issues having been found insufficient for the purpose, together with
interest accruing.
These branch lines were intended to be, and ha va been,
important feeders to the parent company, the present financial position of
which would have been much worse than it is had they not been constructed.
The Grand Trunk Railway Co. having furnished the money necessary
to complete these lines would naturally look upon the confiscation of its
investment as a crime.
The money was put into it in good faith, in the
belief that the Grand Trunk Pacific was largely a national undertaking.
That the railway has turned out so far not to be a success is no fault of theirs,
but can be attributed directly to the action of the Government in sub¬
sidizing competing lines and in many ways, enormously adding to the cost
of construction.
There is not a shadow of doubt that had the course
In
subsequently followed by the Government been known when application for
i
1416
CHRONICLE
THE
the Grand Trunk Pacific charter
was
made, that road would
never
For some time past the high price of oil used in the manufacture of gas
and in generating electricity has militated, among other things, against
accomplishing the best results which the company was justified in expecting.
The company has paid all of its $40,000 outstanding notes and is grad¬
ually extending its business, but has been hampered by difficulties which
for the time being prevent the issuance of additional bonds for the
purpose
of providing new money for betterments and extensions.
have
been built.
These are the facts
as
understood by the Grand Trunk directors and
shareholders.
The
,
„
repudiation of this legitimate indebtedness in
made
Company's
any arrangement
with the Government would not only injure the Grand Trunk
credit, but might induce
a
spirit of hostile criticism
on
the part of investors
Trunk securities in London and New York that might easily
upon the credit of the country.
foregoing remarks apply also to the advances to the Saskatchewan Ry.
The Grand Trunk Pacific Development Co. was organized with a view
to obtaining, for the Grand Trunk Pacific Railway, terminals and townsites, in order to induce settlers to take up land on the line of the railway.
The whole of the common stock was owned by the Grand Trunk Pacific
Ry. Co.
The enterprise was an endeavor to do at our own expense exactly
what in the case of the Canadian Pacific and Canadian Northern companies
had been provided by the Government by giving land subsidies.
The
money advanced by the Grand Trunk Railway Co. would have been repaid
had it not been for the collapse of land values in the west, owing to the
in
Grand
CALIFORNIA
react
The assets of the company are
estate.
RAILWAY
June 30 Years—
The
culmination of the boom in real
[Vol. 105.
Total income
Expenses, taxes,
Net
do
prior pref..
original pref.
Bal., surplus ordef
ACCOUNT.
1914-15.
1913-14.
$203,328
36,947
$141,268
14,072
$699,992
19,282
$18,544
x$28,000
.
on
on
1915-16.
$92,425
73,881
income
Dividend
POWER CO.—INCOME
&
1916-17.
$166,380
x$196,000
$127,196
$680,710
x$l99,500
$206,500
def.$72,304
sur.$96,118
.
37,8.092
—
def.$9,456
def.$29,620
x Dividends are deducted by the company from profit and loss
surplus,
but shown here for the sake of simplicity.
'
owned
by the Grand Trunk Pacific Railway Co, and the operations of the
Development Company accrue entirely' to its benefit.
To the second question asked as to the effect on the Grand Trunk proper
should the operation of the Grand Trunk Pacific be left as it is and the
former not be relieved from Its guarantees, there can be only one answer:
It would mean a receivership for the Grand Trunk Company, carrying with
It the destruction of its credit for some time to come and the impairment
of the credit of the whole Dominion.
I can hardly add anything to lend additional force to the remarks already
made in order to indicate the justice of our claim.
If we have been guilty
CALIFORNIA RY.
& POWER
a
8ecurs.
$
"
Un.RRs.of S.Fr.
Coast
.
Val.
G.
1,925,000
2,925,000
&
Elec.Co
Cash
20.000
deposit.
on
1917.
Liabilities
$
owned..47,739,469 47,739,469
receivable
Notes
CO.—BALANCE SHEET JUNE 30.
1916.
1917.
Assets—
_
to compete with us, its success being dependent entirely upon a large influx
of settlers in the west?
While this expectation has not yet been fulfilled,
42,393
37,572
102
"""60
22,341
27,975
Un. RRs. of S. Fr.
Accrued
CoastV.G.A El.Co.
700
int., &c_
Deferred charges.
1916.
$
5
stock.. 2,800,000
2,800,000
Preferred stock... 6,874,400
6,874,400
Common stock
40,000,000 40,000,000
Notes due Feb.'17.
1,000,000
RRs.&Pow.Dev.Co.
ibll.783
-
of too much optimism in the inception of the scheme, does not the same
criticism apply to the Government which subsidized a railway system
Prior pref.
22,500
Unadjust. credits."
Acer. int.
34,127
on notes.
16,667
Prior pf. div.July 1
49,000
Prior pf. stk.for redem
800
1,400
4,558
14,014
Total .........49,713,885
50,777,980
Profit and loss...
.
it is not unreasonable to hope that it has
only been deferred, and that
eventually the Grand Trunk Pacific Railway system will prove an excellent
national
asset.
Views of
an
English Stockholder, "Financial Times", Mont., Sept.29.
The majority of the Commission recommended
the taking
over
of the
Grand Trunk, and the Grand Trunk Pacific, by the Canadian Government,
and, if a suitable price be paid, the shareholders no doubt would be very
pleased that they should do so,
This year the Grand Trunk Railway has petitioned the
Canadian Govern¬
ment to be allowed to raise its
freight rates 15% on account of the hugely
enhanced expenditure caused by the
war
conditions, the enhanced cost
of labor and coal alone far more than justifying this increase, but so far this
increase has not been granted.
Here in England railway passenger fares in all railways in the Kingdom
since the war began have been advanced 50% and freight rates have also
been raised.
We now hear from Canada that the Government has decided to take over
Ry., and to deal apparently generously with that
and that the Government has decided to lend the Grand Trunk
the Canadian Northern
company,
Pacific $7,500,000 at 6% to enable them to carry their business on until the
Government decides what further steps they will take in connection with
that
The
speech
California
of
....49,713,885 50,777,980
deemable, providing the surplus was adequate for such purpose.
The
company also has a contingent liability of $100,000 respecting the purchase
of certain bonds in corinectiin with the reorganization of the United RRs.
of San Francisco.
SUBSIDIARY COMPANIES' INCOME ACCT. FORYRS. END. JUNE30
—U. RRs.
1916-17.
$
of S. F-Sierra & S.F.P.Co.- Coast V.G.& El.
1915-16.
1916-17.
1915-16. 1916-17 1915-16
$
'
'
>''
$
$
$
$
Gross earnings.7,458,142
7,751,743 1,438,047 1,364,853 270,914 249.417
Op. exp.&taxes 5,252,202 5,414,034
465,899
449,661 178,115 153,942
Net earnings.2,205,940
Other
income..
163,121
2,337,709
178,525
972,147
30,086
915,192
59,110
92.799
2,516,234 1,002,234
974,302
93,656
96,158
1,604,026
339,070
176,400
*845,778
806",487
59,440
59.556
156,456
167,815
34,216
36,652
95,475
857'
683
Thomas
White in introducing those
measures into the Dominion Parliament would give the impression that the
Government intend treating the Grand Trunk fairly, and not as the
Drayton Commission advised, and this is what might be expected.
It seems to me that there are only two ways of dealing with the matter.
(1) By taking over the Grand Trunk Pacific from the Grand Trunk in
the way suggested by Mr, Smitbers, and thus leaving the Grand Trunk a
compact railway, only making it obligatory that it should establish a
working board in Canada and' that the London Board should confine itself
to the general direction and the finance of the company, or
(2) That the Government should acquire the Grand Trunk Railway from
the shareholders, and with it, of course, their interest in the Grand Trunk
Pacific, paying them suitably.—V. 105, p. 997, 909.
railway.
Total
a Includes (1) United RRs. of San Francisco stock, $5,000,000 1st
pref.,
$20,000,000 pref. and $7,950,000 common. ,(2) Sierra & San Francisco
Power Co., $19,999,000 capital stock.
(3) Coast Valleys Gas & Elec. Co;.
stock, $2,000,000 pref. and $2,999,500 common.
(4)
San
Francisco
Elec. Rys., $9,997,600 capital stock; and (5) other securities, $1,240.
Note.—On June 30 1917 $200,000 prior preference stock would be re¬
Sir
Railway
&
Power
Company.
Gross income 2,369, 061
Bond interest bl,594,364
Otherint., &c__
334,519
Rentals & leases
176,700
Bal.,surplus.
396,738
263,479
b Includes in 1916-17 interest
on United Railroads 4% bonds, $941,454,
underlying bonds, $652,910, against $941,680 and $662,346, respectively, in 1915-16. „■
*
Interest charges in 1916-17 include interest on 1st Mtge. bonds, $358,333, against $325,000; interest on 2d M. Series "A" bonds, $60,000 yearly;
interest on 2d'M. Series "B" bonds, $423,150, against $417,989, and mis¬
cellaneous deductions, $4,294, against $2,499.
and
on
UNITED RRS.
OF
FRANCISCd—BALANCE
SAN,
SHEET
JUNK.Z0.
■
1917.
(Fourth Annual Report—Year ended June 30 1917.)
Pres. Mason B.
Assets—
Starring, Aug. 25, wrote in substance:
Notes Canceled, <fec.—The United
Railways Investment Co. has procured,
canceled and delivered to the California" Railway & Power Co. said Cali¬
Company's $1,000,000 5% gold notes due Feb. 1 1917. which have
been cremated and the cp. relieved of liability thereon (V. 105, p. 717),
Dividends>—The quarterly dividend of 1 % % on the cumulative prior
preference stock was paid July 1 1916, and a dividend of 1% was paid
Oct. 1 1916: since that date, owing to the pending reorganization of United
Railroads of San Francisco and its inability to pay either interest or divi¬
dends to this company, we have discontinued dividends; also, for the same
no
15 1916.
Railroads of San
-
>
1st pref. stock
Mortgage
funds
Investment
In
and certificates-
855,700
tion of bonds
underlying,
&
Cliff
6%
House-Ry.
350,000
—
Sierra
..
San Francisco Power
Co.—Railway Power Contract.-—On June 30
1917 th,e connected load was 59,872 k. w., equivalent to 80,252 b. p.,
with 4,752 elecrtic and 1,204 water Customers, while at June 30 1916 the
'connected load was 52,303 k. w., equivalent to 70,111 h. p.; with 4,137
electric and 1,172 water customers.
During the year the total number of kilowatt-hours of electrical energy
delivered into the system from all sources was 206,681,464 k. w. b.,
of
which 172,470,250 k. w. h. were generated in"the company'?? own
plant
and 34,211,214 k. W. h. were received from other
companies in which there
is included 32,054,100 k. w. h. received under City Electric Co. contract.
The company's second large storage development, known as
Strawberry
Dam, with capacity of(5,832,000,000 gal., has proven successful and satis¬
factory.
The company^s-4Une reservoirs have a total capacity of 12,416,000,000 gallons.
*
Sundry additions and betterments during the year cost $244,261;
i
On Nov.
15 next the contract will terminate between United Railroads
of San Francisco and the City Mectrie Co., under-which for
number of
years the railroads has purchased from City ElectrkrCo. a part of the elec¬
trical energy used in the operatic n of its cars, for wrhich it
paid an average
a
of about $350,000 per annum; thereafter the railroads under its contract
with the Sierra & San Francisco Power Co., is to
purchase such energy
from the latter Company at a sav ing to the railroads estimated to be about
$100,000 per annum, which should be reflected in railroads' net earnings;
also,
by taking
on
this additional load,
company should increase about
the gross earnings of the power
$246,000 p .a., and its net earnings $140,000.
Prospective large increases in iis business, together with the aforesaid
increased demand from United Railroads, has caused the
power company
to purchase, and it is now installing at its North Beach
power station, a
9,000 k. w. turbo-generator.
When such additional installation Is com¬
pleted, the steam generating capacity of that station will equal 27,000 k. w.
To provide funds with which to
pay for the additional generating capacity
and the extension of its business, the Sierra & San
Francisco Power Co.>
with the sanction of the Calif. RR. Commission, in Oct. 19lb Sokl an addi¬
tional $1,000,000 First Mtge. bonds.
Proceeds are being or will be ap¬
plied not only to the foregoing addition and betterment, but to such others
as tbay seem profitable or desirable
(V. 103, p. 1691).
Coast Valleys Gas
Electric Co.—The connected load on June 30 1917
was 8,054 k. w., with 4,038
electric, 2,141 gas and 1,273 water customers,
against a connected load of 6,687"k. w\, with 3,771 electric, 1,995 gas and
1,227 water customers at June 30 1916.
During the year electric sales
amounted to 6.311,133 k. w. hours and gas sales to
39,915,800 cubic feet,
against 5,769.368 k. w. h. and 37,127,700 cu. ft., respectively, for 1916.
280,000
1,000,000
53,507
126,891 Bond Int. due and
1,076,085
5,231'
receiv..
Discount
on
740,000
1,925;000
348,218
1,834
cos.
Notes receivable..
fund¬
unpaid;.
ed debt
804,823 Deposits rec., &c_
511,965 Mtge. sk. fd. res've
733,065
Materials & suppl's
*500,557
44,622
Accrued interest..
44,922 Deprec'n
'88,033,096 87,126,410
15,120
397,212
97,745
436,400
207,956
48,190
960,665
64,490
500,587
1,313,413
62,579
477,497.
104,992
Profit andloss."...
Total
.15,120
376,147
90,406
458.215
191,371
956,498
111,003
d992,091
reserve.
Other reserves
,
Co.
5,000,000
740,000
Note payable
1,834 Accounts payable181,409 Wages & salaries
5,053 Accrued interest..
261,267 Accrued taxes....
outstdg. stks. of
,
Accounts
Park & Ocean RR. 6%
$170,000
Ferries & Cliff House 6%.. 167,000
Market Street Ry. 5%
243,000
$
5,000.000
10,000 Notes payable Cal.
Ry. & Pow. Co. 1,925,000
26,400
Miscellaneous.
United Railroads 4%---.$1,505,000
1916.
S
200.000
Income def'd notes
For acquirement of
United
tion of April
Francisco.—The amended plan of reorganiza¬
26 1917,. as promulgated by the reorganization committee
operative .June 2 1917, but which has not yet been carried
into effect, contemplates important changes and disposition of capitaliza¬
tion of that company.
(See V. 104, p. 1703,2012, 2344):
During the year additions and betterments were made to a total of
$180,735, $138,701 of which was spent on track and roadway: this amount
was charged
to reserve for depreciation.
There was appropriated from
surplus for depreciation reserve $550,000, and items aggregating $193,085,
including the aforesaid $180,735 were charged against the same.
Up to June 30 1917 an aggregate amount of $2,435,000 par value of
mortgage securities had been retired and canceled from investment made
with sinking fund moneys, comprising bonds as follows:'..
,
-
764,537 5% promls'y notes 1,000,000
se¬
curities
Funds for redemp¬
Cash.
'
-
81,380,370 Preferred stock..„20,000,000 20,000,000
860,468 Common stock...17,948,600 17,948,600
sinking
Mortgage bonds;c36,152,000c36,152,000
2,172,870
2,172,870 Equip, trust notes
and declared
Park
Liabilities—
$
ties &franchises.81,354,538
Trust equipment.
860,468
accrual of interest oh United Railroads' notes has been made
since Dec.
1917.
1916.
Railroads, proper¬
fornia
reason,
.
$
"1,270,610
8$,033,096 87,126,410
Total.
c Includes sinking fund 5% bonds, $23,854,000, hnd underlying bonds
assumed,'$12,298,00Q.
d After deducting $550,000 provision for depre¬
(net) $8,002.
Note.—The company guarantees both principal and interest of $1,416,000
San Francisco Electric Rys. bonds and $45,000 Gough Street Co. bonds.
ciation and adding miscellaneous items aggregating
BALANCE
SHEETS,
Property
M.
2d
"B"
JUNE
OTHER
SUBSIDIARIES.
on
37,000
Notes & accts. receivable
Materials & supplies
Unamort. disct.
&
96,284
430,959
453,888
100,757
29,240
39,852
24,885
8,021
38,594
24,210
247,341
19,225
20.539
$6,171,110
$6,120,616
2d
M. "B" bonds
e413,408
■
191,364
exp.
147,995
securities..
Miscellaneous
$6,004,852
37,000
52,459
1,106,307
for matured int.
$5,810,567
and
Cash—•
34,301
h263,938
■.
Profit and loss
Total
OF
$35,652,599 $35,407,988
bonds
scrip in treasury,
2d M. "B" bds. & scrip
on
30,
-Sierra & S. F. Pow. Co.- -Coast Val. G. & E. Co.1917
1Q16
1917.
1916.
Zccrfo™
17,107
327,712
$37,899,372 $36,871,695
..
24,400
Capital stock
$20,000,000 $20,000,000 k$5,000,000 k$5 ,000,000
First Mtge. bonds
7,500,000
6,500,000
900,000
900,000
2d M. bds., series "A"..
1,000,000
1,000,000
2d M. bds., series "B"..
8,500,000
8,500,000
Accounts payable, &c__
110,488
157,555
92,847
80,447
Mat'd"nt. pay. in cash.
260,110
660
247,790
2,400
Acer, int., taxes, &c
193,943
28,913
171,049
25,388
'
int. 2d M. "B"
bds. payable in bonds
Deprec n, &c., reserves.
Mat'd
Miscellaneous
52,459
279,492
2,880
96,284
194,216
4,800
Total
$37,899,372 $36,871,695
63,799
43", 615
m84~891
Profit andloss
68*767
$6,171,110
$6,120,616
Consists of notes receivable, $448, and accounts receivable, $412,960
(incl. estimated amount of $102,358 for 1917 (against $109,169 in 1916)
adjustment of power account against United RRs. of San Francisco, sub-.
e
ject to adjustment Sept. 30 1917.
h After debiting $75,212 depreciation
of property and equipment and $17,470;sundfy items,
k Includes $2,000,000 preferred stock and $3,000,000 common,
m After
deducting
miscellaneous items aggregating (net) $18,092."—V. 105, p. 1308.
OCT. 6
1917.]
THE
Maxwell Motor Co., Inc., Detroit and
CHRONICLE
and
New York.
On
subsequent page will be found the report for the late
fiscal year ending July 31 1917, including the remarks of
President Walter E. Flanders.
CONSOL. PROFIT AND LOSS ACCOUNT YEARS ENDING JULY 31.
1915-16.
1914-15.
$5,531,034
1916-17.
Net, after taxes, &c—_$5,342,728
Other Income
572,176
$2,337,950
♦Depreciation—
$2^4.956
130,000
200,000
200,000
:
—
$1,770,423
$256,726
$5,926,892
'•
$500,256
$407,208
.137,641
139,151
-
339,979
$2,560,040
Gross income ____—-$5,914,905
Sinking fund———
Inventories reserve
1913-14.
$1,430,444
222,090
395,857,
First preferred-dividends976,427
Second pref. divs—(6%)607,650
Common
$2,338,982
$5,510,775
dividends_(iq%)1.277,800
♦
Depreciation
on
and replacements,
addition there
the first pref.
—.
.
.
$1,666,326
$3,171,794
$1,505,467
$1,505,467
buildings, machinery and tools over and above repairs
Includes regular quarterly dividends of 1 % % and in
x
was
issued during the year for the accumulated
dividends
on
stock $1,748,660 dividend warrants, of which $1,619,940
stock and the remaining $128,720 out¬
standing Aug. 31 1916 have been paid in cash,
y After deducting corpora¬
tion income tax of 2% but before deducting excess profits tax.
have been converted into first pref.
BALANCE SHEET JULY 31.
CONSOLIDATED
.
(For details in 1917 see a subsequent page.)
Assets—
1917.
1916.
1917.
Liabilities—
S
$
Real estate,
bldgs.,
mach. & equip. 5,846,738
Investments-j... 1,259,867
Good-w ill .models,
4,166,162
1,300,604
Div.war'ntslst pf.
Balance
due
8,971,356
395,057
Accrd. wages, &c.
1,510,144
743,325
Customers' depos.
Liberty bonds....
175,180
172,018
2,878,431
399,827
418,526
643,913
Accounts payable-
706,952
receivable-
Inventories—. 10,813,430
Notes receivable..
Accts.
ful accts.,
Mtge.
on
167,500
contr. of sale...
Cash
——
aSight drafts
Sinking fund
-
.
---
CONSOLIDATED
222,758
483,016
_
3,269,553
1,597,095
Surplus
INCOME ACCOUNT FOR
IQIfi-17
944,291
Other income.
185,000
Net earnings
$966,546
29,867
Total net income.
Deduct—
Interest on bonds
50,804,146 46,841,241
Sight drafts with bills of lading attached, out for collection (discounted,
$1,071,320 as per contra side).
No provision has been made in the above for excess profits tax.
The
liability for corporation income tax has been included herein at 2 %rV. 105,
p. 1002, 914.
,
a
Interest
notes—
on
1st pref. (5%)--
on
2nd pref
Dividend
says
Balance,
in substance:
Pacific Steamship Co.—Tkis company has been organized to operate, for
a period, of ten years from Nov. 1 1916; the steamships of the Pacific Coast
Co. and the Pacific-Alaska Navigation Co., under identical charters, and
its capital stock is owned in equal amounts by the two companies named.
Each of these two last named companies receives, payable monthly,0 from
the operating company, as charter nire or rental, for each of the first two
years of the term, 10 %, for each of the following three years, 11%, and for
each of the remaining,five years, 12 %, on the valuation of the ships upon the
company's books, and, in addition, through ownership of one-naif of the
stock of the operating company, has a one-half interest in the further
earnings of that company.
As compared with the previous year, the return to the company from its
steamships decreased $93,566, the decrease being due to the loss of revenue
of SS Congress and the loss occasioned by the longshoremen's strike which
*
June
1
to
the
first
week
in
October.
76,250
(4)160,000
(3)210,000
A
conservative
sur. or
$771,081
$687*,571
$815,087
$1,044,822
def—sur$225,332sur.$365,822def.$125,998def.$209,889
Includes P. C. SS. Co. operations for four months only.
equipment on steamers unappropriated and other items aggregating (net)
$Om IUAD*
CONSOLIDATED BALANCE .SHEET JUNE 30.
$
$
Propertyaccounts.19,457,924 21,178,465
and bonds
Stocks
of sundry cob—
Cash:
Due
—
—
..
agents,
.
Due
<
•
254,621
22,296
270,715
1,027,150
42,839
•
623,086
Land
Notes receivable.
coal
fuel oil.
Advancing oil prices have resulted in better prjlces and greater
demand fbr the company's coal.
Railroad Earnings.—The gross earnings of the Pacific Coast RR., for¬
merly Columbia & Puget Sound RR., increased $125,046 and the net earn¬
ings increased $62,496.
Payments made during the year by the Chicago
Milwaukee & St. Paul Ry. for the rental of tracks of the Pacific Coast
RR., amounted to $51,444.
This Item is credited under miscellaneous
income, but in determining the value of the last named company as a
contributor to the earnings of the Pacific Coast Co., this item, that is,
$51,444, should be added to the net earnings of the Pacific Coast RR.
The net earnings of the Pacific Coast Ry. increased $20,778.
Other Income.—Rentals, dividends, grain warehouses and Port. San Luis
Wharf earnings increased $11,445.
1
Outlook.—While wages and cost of material and supplies have, as in
other parts of the country, greatly increased, the outlook for business
during the coming year is favorable, subject in some measure to Govern¬
ment regulation of the coal industry.
It is hoped that a policy will be
adopted which will yield a fair return, and sufficient to stimulate the
increased production needed by the communities dependent for fuel supply
upon the coal mines of western Washington.
Report of V.-Pres. & Gen. Mgr. E. C.Ward, Seattle.Wash., Aug. 28 '17.
Pacific Coast Steamship Co.—The gross earnings decreased $2,621,867,
and net earnings $397,661.
These figures include the operations of the
steamers for the
period July 1 to Oct. 31, inclusive, on which date
they
were released to the
Pacific Steamship Co.
(see above).
The
substantial decreases shown above are occasioned by a comparison of four
months of operation this year
with twelve months of operation last year.
Earnings were also seriously affected by the longshore strike, which was in
progress from June 1 until early in October of last year, and by the disaster
to the. S3. Congress.
The steamers City of Puebla, Meteor, Montara and
Tampico have been
sold at favorable prices, it having been considered advisable to take ad¬
vantage of existing market conditions to realize on these older vessels.
Settlement was made with the hull underwriters of the Congress for ap¬
proximately the face value of the policies.
Subsequently, a favorable
offer having been received for the vessel in her damaged condition, it was
considered advisable to dispose of her rather than to rebuild her.
The
Srofit resulting is held in suspense pending settlement of various outstandaccounts.
ig
Property Account during the year decreased (net), $417,639, notably as
to $345,235 through the sale of SS. Queen and SS. Homer to the Pacific
Coast Co., and as to $71,717 through sale of furniture and wharf equip¬
ment, sold to Pacific S3. Co.
Pacific Steamship Co.—This company, in whose capital stock the Pacific
Coast Co. has a 50% interest, began operations on Nov. 1 1916.
The
earnings for the period July 1 to Oct. 31 1916, inclusive, and the rentals
received by the Pacific Coast Co. for the charter hire of its steamers, added
50% interest in the net income of the Pacific Steamship Co., for the
period Nov. 1 1916 to June 30 1917, inclusive, determine the net revenue
from the Pacific Coast Co.'s floating property for the fiscal year to have
been $93,566 less than for the previous year.
To this less favorable
showing, the longshore strike of 1916, and the loss of the net earnings of
the Congress;
the large contributing factors.
The year as a whole has not been a favorable one for passenger business,
and the earnings in this department, show a substantial decrease.
Cargo
business has been generally satisfactory.
As in other' enterprises, the
steamship company has had to meet heavy increases in cost of labor, fuel
office
———
Prepaid accounts.
Claims aget. underwriters
Materials &
Total
-V.
—
,
suppl's
Accrd. bond int..
36,697
303,417
546,952
173,358
256,328
p.
$
1,625,000
4,000,000
7,000,000
1,525,000
4,000,000
7,000,000
5,000,000
400s000
445,498
129,063
20,833
71,659
5,000,000
600,000
442,067
69,063
20,833
,
Bills payable.—_
64,061
~2~09S
62,600
21,856
20,180
789,332
137,954
27,018
633,406
342,949
151,262
3,817,891
3,692,944
Improv.„&c., res.
Collect'ns for traffic
not yet earned.
661,765
26,705
53,863
80,835
261,258
398,511
370,316
326,426
60,300
—.,_,.23,721,760 23,235,118
104,
notes,.
Vouchers,
Taxes accrued....
'
Miscellaneous
1st Mtge. bonds..
402,500
Invest, acct. N. Y.
operations was due to the large available quantity and low price of
contracts..-
Coal and lumber,.
Common stock...
&c.:._
Dividend Aug, 1..
and
notes
1916.
$
120;550
companies &
Individuals
Liabilities—
1st pref. stock—
2nd pref. stock...
Serial 5%
con¬
ductors; &c—.
1917.
1916.
1917.
Assets—
$360,000.
Pacific Coast Coal Co.—The net earnings of this subsidiary, including
lumber sales, increased $79,781,
The depression in recent years in the
.
The total profit and loss surplus, June 30 1917, was $3,817,891 after
Montara, Meteor, Tampico, and City
of Puebla, sold and deduct $86,923 fuel oil installation and life savlnge
estimate places the loss in net earnings due tathese two causes at
to its
139,709
76,250
(4)160,000
addition $169,164 profit on steamers
.
from
common..
on
110
.
on
Div.
$834,933
$^50,000
9,375
36,702
21,415
41,418
46,080
76,250
76,250
(4)160,000 (5^)220,000
3)210.000 (5^)385,000
49,912
Miscellaneous.
Div.
$689,089
$250,000
37,500
39,919
$250,000'
35,625
25,987
1
$825,685
9,248
Total——
The Pacific Coast Company.
continued
4.
$7,063,650
6,237,965
$680,420
8,669/
$1,053,393
$249,131
25,677
on steamships, &c_
Depr, of coal mines, &c_
(20th Annual Report—Year ending June 30 1917.)
Barnum, N.Y., Oct. 1,
IQIO-
$6,284,493
5,604,073
$978,467
74,926
$996,413
•
Loss
Pres. William M.
1Q14-15
$7,212,557
6,234,090
-*$5,859,494
Oper. expenses & taxes4,892,948
197,000
171,889
Total
YEARS.
JUNE 30
60,000
5,510,775
1Q16-10
Gross earnings
Res. for conting—
2,946,384
350,184
---
—
8,017,444
tomers' disc'ts.
1,852,305
.-50,804,446 46,841,241 f
Total
INCREASES IN GROSS AND NET EARNS. YEAR END. JUNE 30 1917..
Gross
Oper. Exp.
Net
'»Company—
i
;
Earnings.
& Taxes.
Earnings.
Pacific Coast Co
——$1,353,063
—$1,341,142
—$11,921
Pacific Coast Steamship Co.—2,621,867
—2,224,207
—397,661
Pacific Coast Railroad
+ 125,046
+62,550
+62,496
Pacific Coast Railway
+29,117
' +8,339
+20,778
Pacific Coast Coal Co. (coal dept.)
+670,408
+596,435
+73,973
Pacific Coast Coal Co. (lum. dept.)
+16,080
+10,272
+5,808
735,410
scriptions......
Sight drafts on cus¬
....
Improvements made during the year were as follows: Steamships Homer
Queen bought, $345,234; other additions, $221,032; total $566,266.
Steamships sold (namely Congress, City .of Pueblo, Tampico, Montara,
Meteor, Aurelia and Curacao), total cash value, $2,034,889; and other
deductions, $7,595; net deductions from property, $1,476,219.
1,922,893
Liberty bonds sub¬
&c-.0.114,402 Cr.131,769
receiv.
12,709
investment.
and
1,071,320
Due on contracts.
Reserve for doubt¬
279,742
......
on
plant construct-
—25,457,363 26,190,470
names
$
......
Real estate mtges.
trade¬
patents,
1916.
S
1st pref. stock out.13,915,142 13,764,121
2d pref. stock out. 10,127,468 10,127,468
Com. stock out... 12,778,058 12,778,058
marks and trade
gross earnings Increased $670,408; and net earnings $73,973.
The total output of the mines was 657,619
tons, an increase of 135,032 tons.
The amount of coal sold at all depots
from company's mines was 581,971 tons; other domestic
coal, 37,814 tons;
and foreign coal, 14,706 tons; a total of 634,491 tons, an increase of
122,747
tons against last year.
During^ the year 94,385 tons of briquets were
manufactured and 91,835 tons sold, an increase of
49,517 tons and 43,215
tons respectively.
During the early portion of the year the business of the company was
moderate in extent, but during the winter and spring months the volume of
its business was favorably influenced by the substantial increase in the cost
of fuel oil.
The wages of coal mine employees were advanced on
Sept. 1,
and to meet rapidly changing conditions, again on June 1.
This, together
with heavy increases in the cost of material and supplies, has
substantially
Increased the costs of mining coal," These Increases in costs have been
met in part by advance In coal prices and to as great an extent as market
conditions have permitted.
In order to plabe the company in better position to
supply the demand "
for this class of fuel there has been acquired, since the
c)ose of the fiscal
year, the Issaquah Mine, at a cost of about $300,000.
This mine produces
coal Similar in quality to that of the Newcastle Mine, and it is anticipated
that it will prove a valuable acquisition.
The Pacific Coast Co.—A. new wharf and two warehouses at Pier No.
11,
Seattle, are being constructed to replace the structures destroyed by fire
in June 1916.
These improvements are nearly completed, and satis¬
factory leases have been entered into which will yield a fair return on the
■
x2,750,013 (2^)306,988
Balance, surplus. ——y$2,506,669
Total surplus July 31
$8,017,444
in rates.
Pflci/ic Coast Coal Co. (coal dept.).—The
.
a
It has thus far been possible to largely offset these by.
supplies.
increases
(.Fourth Annual Report—Year ending July 311917.)
1417
.
Employees' fund..
Deprec'n,&c.,accts.
Disposition of S, S.
Congress susp'd.
Miscellaneous...
Profit and loss..
-
w
-
68,416
Total—.—23,721,760 23.236,118
1903, 367.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Year Now Ends Dec. 31.—
Boston Elevated RyFiscal
We
are
advised tnat this company issued no report for year ending June 30
1917, inasmuch as the Legislature has
railway companies in Massachusetts
p.
ordered that the fiscal year of street
shall end with Dec. 31.—V. 105,
908, 715.
Boston & Lowell RR.—Loan—Bonds Paid.—
We are informed that the company recently borrowed $200,000 on its
notes (dated Sept. 18 1917; to provide funds for the payment of a like
amouht of bonds which matured Oct. 1 1917.—V. 104, p. 255.'
Brooklyn Marginal
*TLR.—Railroad Companies Unable to
Undertake Construction.—Regarding the
plan for
a
railroad
along the water front in Brooklyn, a project for which the
Gity Board of Estimate several years ago voted to appro¬
priate $6,000,000 (no part of which has yet been expended),
President Samuel Rea of the Pennsylvania RR. in a letter
sent to Mayor Mitchel on Sept. 26 says in part:
period the estimated cost of this railroad, as based on the
Now similar plans would cost
was made of the revenues,
expenses and fixed charges, and the result was an aggregate deficit to be
distributed among the various railroads, based on their contribution of
tonnage of over $700,000 per annum.
This annual loss to'the railroads on
the business was more than any one of them could bear.
Feeling my own
responsibility in the matter, I had an investigation made to ascertain
whether tbe Pennsylvania and Long Island railroads together might assume
It in order to meet the views of the authorities of the City of New York;
but under the narrow margin of <?ur earnings as a whole we were unable to
In the pre-war
specifications of the city, was $12,000,000.
at least $15,000,000.
A careful estimate
undertake the project.
We
_
_
prepared a modified plan whereby the city
....
...
..
should share in the outlay,
first, by materially lowering the cost of construction in the first instance,
believing that lines laid on the surface of the streets would be effective and
sufficient at the outset, and that as the tonnage grew the elevated railroad
might be built.
Even on that basis, as against the lighterage system of
deliveries free at the respective piers, the use of the facilities of the marginal
railroad, and the difficulty and expense
of suitable yards on the Brooklyn
1418
shores,
THE
railroads would be Involved In a greatly
corresponding saving or Improved efficiency.
the
without
a
CHRONICLE
increased expense
G.
Dawes, Pres. Ohio Cities Gas Co., Columbus, O.; James A.
Patten,
Bartlett, Frazier & Co., Chicago; Frederick W. Scott, 8eott &
Stringfellow,
Richmond, Va.; Charles Hayden, Hayden, Stone & Co., N. Y.; James N.
Wallace, Pres. Central Trust Co.., N. Y.; E. K. Boisot, Pres. First Trust &
Savings Bank, Chicago; James Speyer, Speyer & Co., N. Y ; A. C. Rearick,
N. Y. (representing the Holland ownership of 114,000
shares); John R.
Morron, Pres. Atlas-Portland Cement Co., N. Y.; J. W. Burdlck, Pres.
West Penn Steel Co., Brackenridge, Pa.
The foregoing statement is sent to the stockholders by order of the
board
adopted at a meeting held Sept. 26 1917, at which were present John G.
Shedd, Chas. Hayden, James A. Patten, James Speyer, Frederick W. Scott,
James E. Gorman. James N. Wallace, Beman G. Dawes, N. L. Amster.
All the foregoing, except Mr. Amster, voted in favor of
sending the state¬
ment to the stockholders.
Compare V. 105, p. 1308.
You may have noticed that while the railroads of the Eastern section of
4the United States have increased their gross revenues for the first seven
months of this year by $78,584,186, as compared with the same
period of
last year, their net revenues have decreased $39,986,123,
notwithstanding
their larger capital assessment and the partial increases In rates allowed
by
the I.-S. C. Commission, which will
only to a moderate extent offset the
increased expenses.
The outlook for the net revenues of these Eastern railroads—which
really
the terminals for the whole United States—is not
are
cannot
encouraging; they
undertake large terminal projects like this, which create a large
deficit.
,
If the City of New York builds this railroad and undertakes to
operate
It Itself, It must, I feel sure, make a large deficit, unless with the
superior
advantages offered It is able to collect an additional charge from the con¬
signees, or increases its taxable values.
Even then I question whether
Cleveland & Youngstown RR.—New Terminal.—
This company has awarded a contract for the construction of
such fair charge as would be admissible would
recoup the
If this be true, the railroads cannot be
terminal
city for the loss.
expected to assume that loss.
Compare "State & City Department" V. 100, p. 1850, and V. 98, p. 1391.
•
at Orange Ave. and East 12th
St.,
$675,000.—V. 103, p. 144.
p.
1308.
Argentine Ry.—Results.—The London "Statist"
of Sept. 8 1917, in an article on the
property, reports: •
Income Account
June 30
1916-17.
Gross
earnings.,
Expenses
Ratio earnings to exp_.
£5,737,000
3,702,000
68.78%*
64.53%
Net earnings
-£1,635.000
Miscellaneous income225.000
Net income.
Years (1916-17 Estimated).
1915-16.
1914-15.
1913-14.
£5,237,000
3,602,000
£2,392,000
,135.000
£541,000
91,000
60,000
100,000
£541.000
on—.
■
8,000
3,000
£2,511,000
91,000
37,500
8,000
•,
436,000
436,000
436,000
436,000
Ordinary stock-->.(2%)564,000 (4)1,128,000 (5)1,409.000 (5)1,409,000
Deferred stock (5%)41,000
41,000
—
———
Balance, sur. or def__sur.£38,000def.£104,000
Surp. brought forward142,000
346,000
Total:
—
—
Total
surplus—
~
£180,000
sur.£6,000sur.£213,000
440,000
227,000
£180,000
£242,000
100,000
£446,000
100,000
£142,000
:
' £346,000
£440,000
•'
£440,000
A press despatch on Sept. 24 said: "A general strike on eleven
Argen¬
tinian railroads began at midnight last night. Traffic has been
absolutely
paralyzed
on
all railroads except some small Government lines in the in¬
terior."
-
•
A
later, report
states that
the privately owned
railways of the
Rosario district of Argentina, in conjunction with other lines, have
given
notice to the Federal Railway Commission of a contemplated increase of
22% in all their tariffs, to take effect Dec« 15 1917.
An increase of 10%
in rates went into effect Oct. 1 1915.
It is understood that freight rates
in the district average between 1.4 and 1.8 cents per ton
mile.—V.105 ,p.605.
Central of Georgia Ry.—-Neiv Equipment.—
Vice-Pres. L.
preparing
an
W. Baldwin on Sept. 27 announced that this
company is
order for rolling stock to cost approximately $2,500,000, viz.: \
13 locomotives (10 Mallet typp and 3
passengpr), $100,000 each_$l ,300,000
14 passenger cars (12 day coaches, 2 parlor cars) $20,000 each.
280,000
700 freight cars (200 stock and 500 ventilation), $1,200 each
,840,000
—V. 105, p. 997, 385.
,
Chesapeake & Ohio Ry .—Annual Meeting.—
The shareholders will vote Oct. 23 on
changing the date of the annual
meeting to the Tuesday preceding the last Tuesday in April.—Y.
105, p.
1208. 997.
Chicago & Alton RR.—•New Fiscal Year—Earnings.—
As the fiscal year of the company has been
changed to end Dec. 31,
June 30 1917 annual report will be issued.
.
no
Chic. Burl. &
Quincy RR.—Stricken from List—-Officers..
This company's Southwestern Division 4s of
1921 have been
on the New York Stock
Exchange.
Claude G. Burnham, Vice-President in
stricken
from
charge of traffic, has been elected
Executive Vice-President, assisting the President in all
departments of the
road.
E. P. Bracken, General
Manager, succeeds II. E. Byram, who
resigned as Vice-President in charge of operation to become President of
the Chicago Milwaukee & St. Paul
(announced last week, V. 105, p. 1308).
Conrad E. Spens has been elected
Vice-President in charge of traffic, and
L. B. Allen has been chosen General
Manager.—V. 105, p. 1308, 715.
Chicago & Eastern Illinois RR.—Status—Sub. Co.—
See Evansville &
Indianapolis RR. below.—V. 105.
p.
The unwarranted communication
recently sent to the stockholders by
Boston director is designed to create in
the minds of the stockholders a
dissatisfaction with the conduct of the affairs of
your company, which in
the opinion of the board the facts
do
not
of
justify.
the
present board of directors is representative of
any
controlling interests, nor have any former interests asked or re¬
quested representation on the board.
Your board is a particularly repre¬
sentative one, largely made
up of the men who have put the company in
Its present improved condition
through the recent reorganization and who
have a large financial interest in the
property and are striving to work
out
its future.
The director refers to the
money which he has recently returned to the
shareholders.
This was not his
money, but was paid to him out of the funds
of the Reorganization
Committee, and had it not thus beeii paid it would
be in the treasury of the Rock
.
Railway.
The present plan of
electing the full board ordirectors each year was the
vote of the
Reorganization Committee on which there was
unanimous
no
diversity or
opinion.
The
new
directors
were
all elected to fill vacancies
in the board in accordance with
the by laws—i. e., by the remaining direc¬
tors, the only way in which they could have been
lawfully elected.
All
of these directors were
elected for the balance of the term
expiring Oct. 11,
which time the stockholders
themselves will elect a full board of directors.
jAr^sen
ouJi
a form °f proxy by the officers was in accordance
large corporations, and one that has been followed
by this company for more than 40
years.
To obviate any question as to
the selection of these
names, a blank space was left in the proxy so that
any
stockholder might insert, as his
representative, the name of any director
or other stockholder.
In the interest of
economy the directors passed a resolution that no
salaries be paid to the Chairman of
the executive committee, the Chair¬
man of the finance
committee and the Chairman of board, the director as
Chairman of the executive
committee alone voting against this resolution.
The company has passed
through many trials and vicissitudes and it has
been hoped by the officers and
members of the board that these were all
with the custom or
many
East and that a united effort for theregret morethe company could nowthe
success of
be
ad.
No shareholder
possibly
than the members of
can
Doara
an
undignified controversy.
Each stockholder must determine for
prefers to have his proxies voted for men as
yet un¬
himself whether he
named
or by
sending proxies to the Secretary or proxy committee to have
voted for the following as
directors fall except Mr. Rearick being
members of the present
board—Ed.]*
.
them
A/r
'
,?S^nL%esid^ of .the
&
Marshall Field
company, Chicago: John G. Shedd, Pres.
Co., Chicago; Nathaniel French,
Davenport, la.; Beman
that
the
6-cent
fare
is
unreasonable.
By adopting this device the
can collect a 6-cerit iare
question.—V. 105, p. 1309, 1208
will avoid injunction proceedings and
until the P. U. Commission passes on the
Dallas (Tex.)
Electric Co.—New Franchises Formally
Accepted Subject to War Proviso—New Companies—Rate Re¬
ductions.—On Sept. 27 C. W. Hobson and J. F. Strickland
filed their formal acceptances of the new street
railway and
light and power franchises with the City Commission.
Mr.
Hobson at the same time stipulated as regards the railway
franchise that while he would proceed to expend the required
$1,000,000 for improvements and additions, he must be
excused from building the proposed interurban lines, as
planned, unless the, delay be accepted as being covered by
the clause in the franchises reading "unless prevented by
war, strikes,* riots, acts of.God, casualty or other causes
which could not reasonably have been anticipated."
The City Commission, after a short deliberation,
replied: "Messrs. O. W.
Hobson and associates: We want to be perfectly frank with you gentlemen,
as
ypu
have been with
us.
We intend to
see
that the franchise,
granted
as
by the people, and the contract, as ratified by the people, are faithfully
carried out in every particular as written, and without alteration; and we
sincerely believe that you gentlemen in good faith intend to do this.
There¬
fore, we can see no reason for any disagreement between us.
We think
that your statement of present existing conditions is correct, but we are
unwilling to undertake to construe the contract at this time.
We will not
attempt to construe it until it becomes our duty to do so officially.
We
will then construe it in the light of conditions existing at that time."
The new companies operating under these franchises and
enjoying, it is understood, the advantages of a close alliance
with the Electric Bond & Share Co. of N. Y., are:
Dallas Railway Co.—Officers: C. W. Hobson, Pres.; H. M. Hughes,
Vice-Pres., and Henry Lange Jr., Sec.-Treas.
Directors: J. C. Duke,
II. A. Olmsted, W. A. Green, W. R. Ellis, John H. McDonald. Judge
M. L. Morris, J. K. Hexter, H. M. Hughes, H. E. and C. W. Hobson.
Dallas Power & Light Co.—Officers: J. F. Strickland, Pres.; W. B. Head,
Vice-Pres.;"Fred M. Lege Jr., Vice-Pres.; C. E. Calder, Sec. & Treas.; J. C.
Thompson, Asst. Sec. & Asst. Treas.; and C. L. Cox, Asst. Sec. & Asst.
Treas.
Directors; J. F. Strickland, W. B. Head, A. A. Jackson, Frank E.
Austin, E. L. Flippen, C. L. Sanger, W. H. Gaston, Fred M. Lege Jr.,
T. E. Jackson, George W. Loudermilk, A. S. Grenier, C. E. Calder, Harry
L. Seay, C. L. Cox, S. I. Munger, Edward Titche and C. R. Jones.
Prior
reading
the filing of the acceptances,
to
an
the Commission passed to first
ordinance confirming and re-enacting the ordinance granting
franchise to the Northern Texas Traction Co., passed Jan. 8 1917 [which
will result in a lease of its property in Oak Cliff to the Dallas Ry.
Co.]
a
and the execution of
Co.
an
interurban operating contract, with the Dallas Ry.
under the direction of the city.,
A second ordinance giving the city the right to grant
in Dallas was passed as an emergency order.
'
former
Island
tion
company
The "Dallas News" of Sept. 28 says:
a
member
Bridge¬
port, Conn., on'Sept. 28 avoided passing directly lipon the application of
the City of Bridgeport for an injunction against the
company from increas¬
ing its fares, by suggesting that the new books of tickets contain a refund
clause by which the cover is worth 15 cents in the .event of at final adjudica¬
1103, 997.
Chicago Rock Island & Pacific Ry.—Statement by Direc¬
tors.-—A circular sent out
Sept. 26 over the signature of
Secretary George H. Crosby says in substance:
No
Litigation.—.
In connection with the increase in the fare on this
company's lines from
five to six cents, Judge Howard J. Curtis, in the Superior Court in
.
The surplus after deducting all charges, for the year ended June 30 1917
was $495,035 against a deficit of
Sl7l,078 for 1915-16.—V. 105, p. 605.
,
the list
Connecticut Company.—Fare
.
-12,500
—
Renewals fund, &c—
sure that you can get par for your bonds if
you will stand pat.
[An offer, it is stated, has also been made through the Cleveland Trust
new mortgage bonds.
An assessment
is payable at the Cleveland Trust Co. before Oct. 10.
The majority of the bondholders' committee, it is
understood, approve the
assessment and the exchange of bonds, while Mr.
Kleybolte ana John F.
Tyler of Philadelphia dissent and claim that $250,000 of the. bonds have
been withdrawn from the plan.]—V. 105, p. 180, 72.
£2,689,000
£491,000
91,000
—
about
Co. to exchange these bonds for
178,000
£2,577,000
freight
a
cost
feel
58.54%
£2,260,000
—
Pref.stock (4K%)
£6,058.000
3,547,000
58.43%
£2,035,000
225,000
£1,860,000
Interest on deb. stocks.
£541,000
Western section annuity
91,000
6% notes...
180,000
5% notes—
Miscellaneous-interest.10,000
Dividends
£5,755,000
3,363,000
.
to
With the abandonment of the foreclosure action by the Cleveland Trust
Co., the trustee, the previous offer of Jfincke, Bangert & Co. [of Ptaila.j to
bid $850 per $1,000 bond at the foreclosure sale became
inapplicable to
the situation.
They have, therefore, made a new offer in writing to pay
$850 for each $1,000 bond, conditioned only upon the acceptance of this
offer by holders pf $501,000 bonds out of the
$1,000,000 outstanding, in
order to enable them to remove the Cleveland Trust Co. as trustee.
I still
Central
■
Cleveland,
Columbus Delaware & Marion Electric RR.—Cash
Offer
for Bonds.—In circular of Oct. 4 addressed to holders of 1st
5s of 19017 Rudolph Kleybolte of Cincinnati
says in'brief:
California Ry. & Power Co.—Board Increased—Report.—
The directorate has been increased to 12 members, with the addition of
Lyman P. Hammond, of Bonbright & Co.
See "Annual Reports" on a preceding
page.—V. 105,
[Vol. 105.
A statement
been
had
that
leases
over
all lines
also filed which shows that charter proceedings have
form the Dallas Ry. Co. out of the Dallas Consolidated
was
Electric Street. Ry. Co., Metropolitan Street Ry. Co., Rapid Transit Ry.
Co. and the Dallas Interurban Terminal Association.
\
Statement
by
Mr.
Strickland—New
Lighting
and
Power
Co.
Acceptance of Franchises.—The filing of the acceptance of the franchises
by Mr. Hobson and myself, we trust, is the final act in the solution of the
railway and lighting problems of the city of Dallas.
We realized
at the time the Mayor, in April 1916, suggested that we organize local
companies to take over these properties and operate then under the "serviceat-cost" plan of franchises, that the undertaking was a very large one, but,
being citizens of Dallas, we were interested in bringing about an equitable
solution of the complicated problems.
'
'
A few days after the election last April, at which the franchises were
ratified by the people of Dallas, thereby making it possible for us to take
over the properties, the United States entered the war
against Germany.
This declaration of war made it exceedingly difficult to raise the
large sums
of money called for in the franchises, but one by one we have surmounted
all difficulties, and our acceptance of the franchises to-day
means, of course,
that we are prepared to carry but every commitment in them.
The acceptances of these franchises completes the
undertaking of Mr.
Hobson and myself as a joint enterprise.
Henceforth the management
of the two companies will be entirely
separate.
Mr. Hobson and his
associates will control the street railway properties, while
myself and
associates will control the power and light properties.
Dallas Power & Light Co.—Speaking for the lighting
company, the name
of the new corporation as just brganized is Dallas Power &
Light Co.
New Rates, &r.—The new schedule of lighting rates will be
put into effect
street
,
as
of Oct. 1.
The franchise fixes the maximum rate at 8c. net.
-
On Nov. 1
next the rate called for in the franchise is 7c. net.
I am glad to say to the
public that on Oct. 1 we will put into immediate effect the 7c. rate, thus
giving to the patrons of the lighting company at that time a reduction of
more than 22% upon the rates now
being charged.
Notwithstanding the fact that the price of materials required for improve¬
ments and extensions has been practically doubled on account of war orders
of the Government the lighting
company is
prepared to begin spending the
$1,000,000 for improvements and extensions called for in the franchise,
begin as soonAas plans can be drawn and approved by the
City.
fcg
"
kku
feta
a<—— g-.iMM
and work will
•
.
Oct. 6
1917.]
THE
Important
Provisions
of
New
CHRONICLE
Franchises.
dated July 9 1914, in their circular of
Sept. 21 explaining the
necessity for modifying said agreement, say in subst.:
Railway.—The
new railway company by the terms as drawn is required:
To build an interurban not less than 30 miles in lenarth, from some
outside point into Dallas, work to be begun within six months from the time
of operation under the ordinance
passed, the interurban to be put in actual
(a)
As you know, the above bonds bear the
guaranty of Evansville & Terre
Haute RR. which Co., in 1911 was consolidated
with the Chicago & East¬
Illinois RR. Co.
In May 1913, the last
named company was placed
hands and foreclosure
suits, including one under a mortgage
covering all the Evansville & Terre Haute
property, have resulted in a
decree in accbrdance with which it is
expected that the Chicago & Eastern
Illinois system will in due time be sold and
reorganized. In that reorganiza¬
tion we expect to obtain for you a settlement of
the above guaranty-claims
service within
18 months from that date, unless prevented by war, strikes,
riots, acts of God or casualty or other cause which could not have been
ern
in
reasonably anticipated.
(b) To begin an interurban not less than 30 miles in length from some
outside point into Dallas, work to begin within six months from the time
when the gross earnings of the lines east of the Trinity River exclusive of
the interurbans shall bear the same proportion to the then property value
as the gross earnings for the calendar year of 1913.
(c) To expend the sum of 81,000,000 in altering, reconstructing, re¬
arranging and improving the properties originally put in operation by the
new company, the city to receive 8200,000 as liquidated damages for failure
to comply with the agreement.
Schedule of Fares.
.
Cash fare 5 cents; twenty-two tickets for one dollar.
Cash fare 5 cents; six tickets for 25 cents.
Cash fare 5 cents; seven tickets for 25 cents.
Cash fare 5 cents; eight tickets for 25 cents.
Said schedules to be applied as follows- Whenever after paying or pro¬
viding for the return on property value, the repair, maintenance and depre¬
ciation reserve and the accident reserve are not less than normal and the
,
with
surplus
150,000 by the amount of $40,000, made
froportionate accrued payments be it shalltherefrom, facie evidence of the
be prima shall be more than
of lowering the rates, and the Board of Commissioners shall
immediately adopt a newer and lower schedule of rates.
•
Compare also V. 102, p. 1896; V. 103, p. 2238; V. 104, p. 1489; and page
35 of "Electric Railway Section."—V. 104, p. 1800.
.,
Dallas
Dallas
(Tex.) Railway.—Merger—Rates.—
(Tex.) Electric Co. above.
.
Southwestern Traction
Co,—Construction, etc.
.
This company has received a franchise running for 35 years and has
commenced construction of its interurban line, which will extend eventually
from Dallas to Trving, Eagle Ford.
Cleourne, Mansfield, Alvarado and Glen
Rose, and possibly to Stephenville, at a cost of about $2,500,000.
The
company has Issued bonds to the amount of $2,500,000.
Under the terms of the franchise just granted a five-cent fare is guaran¬
teed for local traffic in Dallas.—V. 105, p. 909.
crowded into the situation in recent months, including
embargoes, con¬
gestion of traffic, shortage of freight cars, increased per diem charges, the
Adamson law with its increases in wages, the
Europoean war and the enor
mous increases in the cost
of fuel, labor and supplies, &c.
Inadequate
tariffs on coal (the main tonnage of the road) and unfair divisions of
through
coal rates
were also inherited from the former
management.
The receivers' reports show that the road has not yet been able to earn
the cost, of operation.
Efforts are being made to Improve the coal tariffs
hope that conditions
develop which will afford a basis for reorganization and the financing
involved, it.is obvious that if the road continues to run behind, it might be
better if possible to sell the property
promptly to, say, some one or more of
the powerful connecting lines if indeed the Court doas not insist on a
prompt
judicial sale.
In order therefore to vest your committee not only with further time to
prepare a plan of reorganization, if deemed desirable, and also with full
power and discretion, with or without a plan, to adjust the above mentioned
guaranty-claims, and the sale of the railroad property or of the bonds de¬
posited, certain modifications of the deposit agreement, have been filed.
Committee:
Frederick H. Shipman, Chairman; William B. Cardozo,
Ellis W. Gladwin, Edward H. Ladd, Jr., Raymond M. Smith, and G. T.
Townsend, with Geller, Rolston & Horan as Counsel, 22 Exchange Place,
N. Y., Edwin Gibbs as Secretary, 22 William St., N. Y;, and The Farmers'
Loan & Trust Co. as Depositary.—V. 105j p. 1309.
and divisions, but while the committee is not without
may
Ft.
RR.—Proxy Committee—Proposed
Board— The committee formed for the protection of the
interest of the holders of preferred and common stock an¬
nounces that it has named three of its members,
viz., John
W. Platten, J. Horace Harding and Harrison Williams, to
act as a proxV committee at the stockholders' meeting to
be held Oct. 116, and that this proxy committee and large
stockholders of the company have reached an agreement
by which substantial representation upon the board of direc¬
William A. Tucker, temporary Chairman; Thomas E. Murray, New
York; J. Levering Jones, Jay Cooke, Randall Morgan and Henry Sander¬
son, Phila,
A circular will be issued another week giving full particulars.
See Ft. Wayne & Wab. Vail. Trac. Co. below.—V. 105, p. 1103, 909.
same on or
2116).
The
new
(V. 104,
board, they state, will probably include:
Bush, Harry Bronner, Arthur Coppell, George J. Gould, J. Horace
Harding, George G. Haven, Edward T. Jeffery, John W. Platten, Finley
J. Shepard, Harrison Williams.
[The new names are those of Messrs. Bron¬
ner, Harding and Platten, replacing E.D .Adorns Kingdon Gould arid Benj.
McAlpin.
So far as is known, there is no likelihood of a contest between
the Gould, Missouri Pacific and Coppell interests with reference to the
election.) On the contrary, the election„ it is understood, will re-establish
to a certain extent the community of interests formerly existing between
the Denver & Rio Grande, the Missouri Pacific and the Western Pacific.
Nothing further than this, it is said, is likely to come out of the matter, at.
least until the litigation regarding the guaranty of the Western Pacific
Railway bonds by the D. & R- G. and the $34,000,000 judgment against
the last named company has been concluded.
The Denver'"News" states
that, "according to reliable information received there on Sept. 27, George
J. Gould had yielded to a proposition that will put the D. & R. G. under
the complete domination of the Missouri Pacific group, with the elimination
Committee.—P. M. Chandler (Chairman), E. W. Clark, Cyrus S. Gray,
A. A. Jackson, John H. Mason, C. 8. W. Packard, It. Lancaster Williams.
J. K. Trimble, Sec., Franklin Bank BIdg., Phila.
Henry C. Boyer and
Joseph S. Clark,.counsel.
directors
on
was
succeeded in both positions by E. L.
Brown, formerly Vice-President, of the company.
1104.
Co.—Bonds, &c.—*
Grand
105,
Trunk
Railway Co.—Status of Western
sions—Subsidies, &c —
■
*
p.
997.
Exten¬
,
Seo Grand Trunk Pacific
under "Annual
Ry. Co. and Grand Trunk Pacific Branch Lines
Reports" on a preceding page.—V. 105, p. 997, 818.
Great Northern Ry .—Holdings
of Hill Estate.—
See Editorial columns in this Issue.-—V. 105, p.
Leavenworth
This road
Union
has
Pacific
&
been
RRs.
715, 606.
Topeka Ry.—Sale.—
sold
by
the
interests
to
Atchison
by
headed
Topeka
F.
L.
&
Santa
Wells
of
Fe
and
Chicago.
Mr. Wells has become President, succeeding u. T. McClelland, and Albert
J. Isherwood has been elected Secretary and Treasurer, succeeding E.. L.
Copeland..
An executive, committee has been formed to work out a plan
operation of the road.
Until Judge John G, Pollock or the
lifts the receivership and approves the new ownership,
for permanent
Federal Court
W. A. Austin, Leavenworth, Kan., the receiver, will continue to operate
the
property.
Electrification has been talked of for some time past.
The
extends from Leavenworth to Topeka, 56 miles, including 1 mile
trackage in Leavenworth and 10 miles trackage from Merlden Jet. to To¬
peka over the Atchison Top. & S. Fe,
,
1
•
The present company succeeded the property of the Leavenworth To¬
peka & Southwestern (foreclosed) in 1900.
Compare V. 70, p. 76.
road
Louisville. Ry.—Exchange of Stock.—
•
See Louisville Traction
Louisville
Co. below.—V,
104, p. 1702.
(Ky.) Traction Co.—Dissolution Plan.—
incident to the war, involving increased
taxes, &c., the continued existence of the traction company is considered a
needless
expense.
Company
says:
"It is therefore proposed to dissolve
the Louisville Traction Co. and to have that Company distribute the stock
it
owns
in the Louisville
Railway Co. to the stockholders of the Louisville
Traction Co.
This will be accomplished by giving share for share of pre¬
stock and by giving seven-tenths of a share of common stock in the
Railway company for every one share of common stock in the Traction com¬
pany:" This procedure, it is stated, would in no way decrease the amount
of dividends to be received by the stockholders."
The Louisville "Courier-Journal" of Oct. 2 adds: "It is pointed out that
the company's only asset consists of its ownership of the stock of the
Louisville Railway Co.
It owns all of the stock except five shares.
The
stock of the Railway company consists of $2,500,000 preferred stock and
$5 456,600 common stock.
The letter says it is believed that a stock divi¬
dend could be declared by the Railway company to the Traction company
so that the latter would
own $3,500,000 preferred stock and $8,322,790
common stock.
The stock of the Traction company is $3,500,000 preferred
and $11,889,700 common.
This would permit of the exchange of the stock
on the basis planned.
Compare V. 104, p. 1702, 1387.
ferred
Kingdon Gould, who is now in military service, resigned as a director
and was succeeded by S. N. Rice.
At least two other changes in the list
of directors, it is stated, will be made at the annual meetings this month.
J. Horace Harding and J. W. Platten will then enter the board.
The re¬
tirement of President Mudge was predicted last week by the "Denver
News" as practically certain to follow the proposed closer relations of the
road with the Missouri Pacific.—V. 105, p. 1309. 1103, 1098.
Denver & Salt Lake RR.—Denied—Rates Advanced.—
Touching the press dispatch from Denver, that plans are under consid¬
eration for reorganizing this company and for financing the proposed 6-mile
tunnel through James Peak, we learn
from the bondholders'
protective
committee (E. R. Tinker, N. Y., Chairman) that the statement is mislead¬
ing and incorrect, reorganization matters being still quite indefinite and
the matter of new financing having received no attention as yet.
The Colorado P. U. Commission has granted this company permission
to advance passenger rates from 414 cents to 5 cents on one-way tickets.
The Commission, however, refused to authorize a raise in round-trip rates
and the
p.
See Grand Trunk Pacific Ry. under "Reports" above.—V.
In view of the added expenses
the
regular monthly. meeting of the
Thursday, H. U. Mudge resigned as a director
and President and
See V. 105,
Grand Trunk Pacific Branch Lines
of the Gould interests except as minority members of the board."1
New President.—At
before Nov. 15 1917 with the Commercial Trust
Co., Phila., depositary, or the Fidelity Title & Trust Co.,
Pittsburgh, Pa.
(See adv. on another page.)
tors will be accorded to the stockholders' committee
B. F.
Wayne & Northern Indiana Traction Co.—Pro¬
tective Committees.—The following committee has been ap¬
pointed to protect interests of common & pref. stockholders:
Denver & Rio Grande
p.
a
Ft. Wayne & Wabash, Valley Traction Co—Deposits
Requested—Committee.—The committee named below gives
notice to holders of First Consolidated Mortgage 30-year 5%
gold bonds due" March 1 1934, that in view of the default
made in the payment of the interest due on the bonds Sept. 1
1917, the holders of these bonds are requested to deposit the
necessity
See Dallas
first lien
on the property, were authorized and
sold, for the acquisi¬
tion of rolling stock and locomotives and for
rehabilitation, betterment and
repair to roadbed, bridges "and terminals.
The receiver has largely com¬
pleted the work and purchases for which these certificates were issued, and
the road has begun to have the benefit of those
improvements.
But disturbing general conditions -with which you are familiar
have
reserve exceeds normal by 50%, the fares shall
next lower schedule than the one then, in force, and if
be reduced to the
after operating six
months the surplus reserve exceeds normal by 30%, the fares shall again be
reduced to the next lower schedule, and further reductions shall be made
at six months intervals until the surplus reserve shall amount to less than
10% in excess of normal.
Whenever the surplus reserve is reduced to onehalf of normal, the grantee may at six months intervals put in force the next
higher schedule than the one then in force until the surplus reserve equals
90% of normal.
*
Grantee may make such rates for special and chartered cars as the Board
of Commissioners approves.
Children under 12 and students under 17
•years of age are entitled to reduced rates.
Each of the foregoing rates of fares when in force shall be the rate of fare
for a continuous single ride within the present limits of the city of Dallas
in one direction, over any route of said company.
Children of 12 years of age or less, and students of not" more than 17
years of age, shall be carried on the company's lines for one-half of the regu¬
lar fare collected for transportation of adult persons as now required by law.
Light Agreement.—Concurrently with the final passage of the.ordinance
granting an electric light and power franchise, J. F. Strickland, in writing,
agrees to expend the sum of $2,000,000 in altering, reconstructing and
rearranging and improving the distributing system, power plants and
properties and in making additions and extensions, viz., $1,000,000 to be
expended within 18 months after grantee of franchise begins to operate
under the ordinance, and $1,000,000 within 42 months after the expira¬
tion of the first 18 months..
i
The reduction in the light rate also is on a graduating scale, and there
will be an immediate reduction to the following rates: For the first 800,
k. w. h. per month, 8c.; for the next 1,200, 6c.; for the next 3,000, 3.6c.
For power the rates range from 5c. for the first 300 k. w. h. per month
down to 1.2c. for more than 90,000 k. w. h. per month.
The above schedule of rates will continue in force for one year, and there¬
after are to be changed from time to time as follows: Whenever the amount
credited to the interest fund, less the proportionate accrued payments to
be made therefrom shall be less than $150,000 by the amount of $40,000, it
shall be prima facie evidence of the necessity of raisipg the rates, and the
Board of Commissioners shall immediately adopt a newer and higher
schedule of rates.
Whenever the balance in the interest fund, less the
receivers
advantageous as conditions permit.
The Evansville & Indianapolis road
Itself, however, is not, we under¬
stand, to be included in the reorganization of the Chicago & Eastern Illinois
system as now proposed.
The Court, because of the large annual
deficit,
dropped the road from said system and on March 1 1916 a separate receiver¬
ship was obtained for the line in connection with a foreclosure bill filed
under both mortgages in the U. S. District Court in Indiana
The receivers' task has been a difficult one.
The road had always been
operated without organization, motive power or rolling stock, and its road¬
bed, bridges and terminal facilities were in depleted condition.
In the
expectation that it might be made to earn its own living, orders were
entered by the Court renouncing certain burdensome
contracts, including
a contract which had
prevented the road from the free operation of its own
terminal properties at-Terre Haute; and
$600,000 Receiver's Certificates,
"
'
1419
Maryland Electric Rys.—New Director.—
John P. Baer, of Hambleton & Co., has been elected a director to succeed
C.
Iredell Iglehart,
also of Hambleton & Co., who is now in the second
officers' camp at Fort
Myer.—V. 98,
p.
1767.
price of mileage books asked by the railroad.—V. 105, p. 818.
Evansville
holders'
&
Indianapoli3
RR.—Statement
by
Bond¬
Committee.—The bondholders'committee represent¬
ing both 1st Mtge. 6s and consols deposited under agreement
Minneapolis & St. Louis RR.—Directors.—At the an¬
nual meeting, Oct. 2, the following directors were elected:
New
directors: F. C. Letts, Pres. National Grocer Co., Chicago; F. A.
Chamberlain, Chairman of the Board, First and Security National Bank,
THE
1420
Minneapolis, Minn.; and F. E. Kenaston, Pres. of the Minneapolis Thresh¬
ing Machine Co.
Directors re-elected: Charles Hayden, F. H. Davis, J. 8. Bache, W. H.
Bremner, II. E. Huntington, F. P. Frazier, S. B. November, and Eugene
V. R. Thayer.—V. 105, p. 1104.
.
,
„
.
_
Minneapolis St. Paul Rochester & Dubuque Electric
Traction Co.—Again Ordered Sold.—
Judge Wilbur F. Booth in the United States
District Court at Minne¬
apolis on Sept. 28 handed down a decision prohibiting the abandonment or
dismantling of this company's line (except as below indicated), and ordered
that the property be again offered for sale, the time and place to be fixed.
The Court orders that: (1) The property be first offered as one parcel,
(2) In default or bids for the property so ofiered it
as a whole, but with the privilege to the
purchaser to abandon the operation of and to dismantle that part of the
line extending from Auto Junction to Luce Line Junction.
Upset price,
$450,000.
(3) In default of bids as aforesaid the property shall again be
upset price $400,000.
shall be
offered
as
follows,
offered in two
parcels: (a) That portion from Auto Junction to Luce Line
Junction, without equipment, with the privilege of dismantling: upset price,
$100,000.
(6) That portion extendingfrom 54th St., Minneapolis, to Northfield, with, equipment, and other property not included in parcel "a";
upset price, $350,000.
(4) In case parcel "a" is not thus sold, parcel "b"
shall nevertheless be offered as above provided and if not sold purchasers
thereof shall have the option of purchasing parcel "a" above mentioned
for $100,000.
If said option is not exercised, then parcel "a" shall again be
offered for sale without upset
price.—V. 105,
73.
Texas Ry.—Interest
&
Missouri Kansas
p.
Payment'.—
Judge Hook In the U. S. Circuit Court at St. Louis on Sept. 28 ordered
Receiver Charles E, Schaff to pay the interest on a note for $425,000 held
by the National City Bank of New York, and obtain an extension of six
months' time on the note, which is due Oct. 1.
The note iA secured by $874,500 General Mortgage bonds of the West
Lumber Co; and $867,000 Consolidated Mortgage bonds of the M. K. &
T. Ry. Co.
Y. 105, p. 1209.
Missouri Pacific
Ry.—Closer Relations.—
See Denver & Rio Grande RR. above.—V. 105, p. 716,
National Railways of
Bedford
New
P.
8.
Commission
has
decided that reduced rate
tickets be eliminated and a straight six-cent fare authorized on this com¬
During 1915 the company was permitted to increase its unit
cash fare from 5 to 6 cents and sell tickets at the rate of 20 for $1.
On June
25 last the company sought withdrawal of these tickets.—V. 101, p. 923.
pany's line.
York
New
New
Haven
&
Hartford
RR.—Plan
to
Place
Company on Us Feet by Sale of Preferred Stock to Shareholders, Proceeds to retire $45,000,000 Notes.—The share¬
holders will be asked to vote Oct. 24 at a special meeting,
following the annual meeting, on a plan for relieving the
company from the handicap, of its outstanding $45,000,000
notes which must of necessity be renewed at short intervals
at' greater or 'less cost.
For this purpose it is proposed to
create an issue of $45,000,000 7% cumulative preferred
stock, par $100 a share, for which the shareholders will be
permitted to subscribe. An official statement setting forth the advantages of the
plan will be found under "Reports" above.
This statement
furnishes recent statements as to earnings to prove the strong
position which the preferred shares should enjoy. It is under¬
stood that the Pennsylvania RR., owning on Dec. 31 1916
$5,312,500 of the stock, and other of the leading shareholders
approve the plan.
The average number of shares held by
stockholders is only 60.9.
Annual Meeting.—The fiscal year having been changed to
end Deo. 31, the shareholders will also vote Oct. 24 on hold¬
ing the annual meeting in future years on the third Wednes¬
day in April.
See aiso advertisement on another page.
Increased
Efficiency.—The work of the directors arid
officers and employees for the last four years in trying to
increase the efficiency of the property is now beginning to
bear fruit.
For example, in the months of March, April,
May, June and July, there was an increase over 1916 in the
number of tons handled one mile (which is the unit of freight
sendee given to the public) and a decrease in freight train
miles brought about by an increase in loading, viz.:
,
Increase in No. Tons
Decrease in
One Mile.
Month—
March
54,805,127
April _____39,304,184"
May.
55,698,826
June
37,267,576
July......33,212,673
_
Resulting in Earnings
April.
May
June
July...
9,711;
24,845
28,821
76,693
115,647
1.51%
3.72%
4.19%
11.84%
17.44%
Freight Train Mile—
..^.$5.42, an increase of $
5.44, an increase of
•
5.65, an increase of
—
—
______
Increased Tons
per Train.
Train Miles.
42.92%
17.83%
23.77%
16.08%
14.97%
per
March
Freight
6.42, an increase of
6.25, an increase of
'
.796
.492
.61
1.09
1.35
110.49
*
40.72%
74.56
99.87
115.26
134.53
22.45%
29.14%
32.10%
40.05%
>
or
or
■
27.53%
or
or
The average train load in June was 474.38 tons and in July470.43 tons.
The co-operation of shippers and commercial organizations,
public
authorities and of the Railroad War Board in Washington have all helped
to
bring about these
105, p. 1209, 1104.
; Northern
results.
See
also
"Annual
Reports"
above.—V.
...
Electric
Ry., California.—Bankruptcy Pro¬
ceedings Against Indorsees.—The majority of the creditors
having refused to accept the offer of $1,000,000 or about
16% of the face value of all the claims, the creditors' com¬
mittee has been compelled to bring involuntary bankruptcy
proceedings against the directors who were chiefly responsible
for financing the enterprise.
The creditors' committee,
however, expresses the view that this offer of settlement is
as advantageous to the creditors as any which may be had.
"Upon
an
examination of the facts and figures presented, the committee
sums offered are largely in excess of any recovery available
a distribution of the assets of the debtors, and are
believes that the
to the creditors from
advised that such offers
were
made possible
only through the co-operation
of
friends, who desired to assist the debtors, and believe that these offers
represent a substantial recovery, that should not be lightly disregarded.
Creditors at the meeting referred to, holding claims aggregating fully
$2,000,000, expressed their desire and willingness to accept the offers
if again made.
Under the advice of counsel, the committee has instituted involuntary
proceedings in bankruptcy against the above-named debtors, and is confi¬
dent that they can be induced to renew their Offers, as 'compositions' under
the Bankruptcy Act, if the committee can secure a previous assurance from
a large percentage of creditors, that such offers of
composition will be ac¬
cepted.
Your consent will; of course, be upon the condition that a-thor¬
ough investigation of the debtors' affairs in tpe Bankruptcy Court shall
prove that the facts and figures submitted to the committee are correct.
Hammon, Eugene J. de Sabla Jr.
settlement these five endorsers
issue offered $1,000,000 jointly as follows: The
Sloases, $500,000 (in lieu of any rights accruing under the Sloss trust and
security agreement of Jan. 31 1914); W. P. Hammon, $250,000: E, J. de
Sabla Jr., $150,000, and E. R. Lilienthal, $100,000.
The pending modifi¬
cation of the reorganization plan, it appears, does not provide for the ad¬
justment of their liability.—V. 104, p. 1703, 1489.
of
the
$5,000,000
note
Pennsylvania RR.—Assistant to President.—
Rodgers has been appointed an assistant to the President.—V.
1310, 1105.
G.
J.
105,
p.
Penn Yan
as
(N. Y;) & Lake Shore Ry.—Fare Increase.—
This company has been granted
follows:
A 6-cent fare between
5 cents; 5 cents within
now
permission to increase its rates of fare
points in Penn Yan and. Holmes Inn,
city limits, but nearby points just outside the
city will be in the 6-cent zone; round-trip fare between Branchpoint and
Penn Yan from 40 cents to 48 cents.. There will be four fare zones on the
line and an increase of 1 cent will be charged in each zone.—V. 99, p. 49.
Pere Marquette Ry.-—Second Dividend on 5% Cum. Prior
Pref. Stock.—A quarterly dividend of $1 25 per share (1^%)
has been declared on the $11,200,000 Prior Preference stock,
payable Nov. 1 to holders of record Oct. 15.
The initial
dividend on the stock paid Aug. 1 amounted to $1 66 2-3
April, May, June and July. <
and covered the months of
Final Distribution
The
of Profits to Underwriting Syndicate.—
J. & W. Seligman & Co.,
Peabody & Co., have sent out checks
Syndicate Managers,
Reorganization
Robert Winthrop & Co. and Kidder,
in final settlement of profits to the
participants in the syndicate.
This
The Superior Court of Thurston County at Olympia, Wash., on Sept. 19
granted a writ of review ordering a rehearing of the evidence in the case of
the company's petition for the rascinding of the 4-cent fare in Seattle.
It is contended "That: The order signed by the commission [granting th«
company a straight 5-cent fare] was and is unreasonable and unlawful,
especially in that it assumes that $15,000,000 is the value of the railway
properties, when, in truth and in fact, the commission has never determined
the valuation of the system in Seattle, and had before it at the time of ac¬
cepting said valuation as the basis of its order that the 4-cent ticket was an
unreasonably low rate no competent evidence of the value of the company's
property upon which it should be permitted to figure a reasonable return."
Compare V. 105, p. 1209. 820.
Reading Transit & Light Co.—New Fare Schedule.—
has filed with the Pennsylvania P. S. Commission a new
providing for ah increase from 5 to 6 cents on the suburban
and Lebanon, to go into effect Nov. 1.—V.
1210,607.
\
..'.-*■■■■■
This company
schedule bf fares
lines of Reading, NorrLstown
105,
p.
.
Louis Southwestern
St.
Ry.—New President.—
J. M. Herbert has been elected President to succeed
Edwin Gbuid, Who
remains Chairman of the Board.—V. 105, p. 998, 384.
St. Paul Southern Electric
Pres.
Ry.—Default—Committee.—
Irving Todd is quoted as saying in substance:
The St. Paul Southern is just about
breaking even on operating expenses.
There is no money to pay interest'on bonds.
It is reported that owners of
first mortgage bonds, with interest in default, have taken "steps to foreclose.
Officers of the road have done the best they could, but there simply is not
enough business to pay for the operation of the road and leave anything
over
for mortgage interest.
In fact, there is not enough business to
warrant the road.
I do not know what to advise,
*
[The second
mortgage bondholders, it is reported, have appointed a
W. W. Cutler to Investigate and make a report upon
100* p. 2168.
committee headed by
the status of the road.]—V.
Joaquin Light & Power Corp.—Bonds Offeted.—
Francisco, are recommending an ad¬
company's First and Refunding Mtge.
6% bonds of 1910 due Aug. 1 1950 but callable at. 105 and int.
Int. F. & A. without deduction of normal Federal income tax.
San
Girvin & Miller, San
ditional amount of this
The
territory served covers seven of the principal
counties of the San
i.e., Mariposa, Merced, Madera, Fresno, Tulare, Kings,
a territory about 195 miles in length by 78 miles in
width, with a population amounting, according to census of 1910, to
192,514, which is increasing rapidly.
Joaquin Valley:
and
Kern Counties,
.
Capital Outstanding as of Sept. 1917.
.
.
Divisional bonds (closed).$2,786,0001Conv.Ser. A6%gold Deb_$l ,000,006
& Refunding Mtge.
Pref. stock 6% Cum
6,500,000
First
7,455,000|Common stock_*____ —-.11,000,000
bonds (thisissue)
Earnings for calendar Years as Certified by Accountants.
1912.
1914.
1915.
1916.
Gross operating revenue_$l,363,643
Net income avail, for int.
$842,211
$1,827,588
$1,766,374
$1,806,772
$1,123,007
$1,082,988
$1,086,773
373,651
474,462
484,697
474,995
Tot. bnd. int. ch'gs (net)_
Compare V. 101, p.
$468,560
$648,545
$598,291
$611,778
2149; V. 104, p. 1903.—V. 105, p. 1001, .915.
Island
Rapid Transit Ry —Reduced Service.—
Bal. avail, for divs.,&C__
„
17.21%
9,.94%
12.11%
20.53%
or
ceedings are Leon Sloss, Louis Sloss, W. P.
and E. R. Lilienthal.
In the attempted
Puget Sound Traction, Light & Power Co.—Writ.—
Mexico.—New Director.—
(Mass.) & Onset Street Ry,—Rates.—■
Massachusetts
If they are found incorrect it is the purpose of this committee to proceed
with the bankruptcy proceedings to a finality."
The committee signing this statement is composed of Philip L. Mason,
A. E. Sbarboro and A. L. Reed.
The defendants in the bankruptcy pro¬
profit, together with that previously distributed, represents, it is said, a
total profit of 6.7% to the underwriters.—V. 105, p. 73, 910, 1310.
498.
Henry Bruere has been elected a director and a member of the New York
local board, to succeed Ramon P. Denegri, resigned.—V. 105, p. 716.
The
[Vol. 105.
CHRONICLE
Staten
As
a
tentative
regulation, revocable if the P. S. Commission finds the
service furnished not adequate, this company will be permitted to reduce
its train service between 9 a. m. and 4 p. m., to a forty-minute interval on
its Arlington and South Beach lines and may reduce to one
each on these lines, its service between 9 p. m. and 5 a. m.
applied at first to eliminate 88 trains in all.
Twin
City Rapid Transit Co.—Wage Advance.—-
This company
threatened
10%, effective
committee representing the men, who
.has advanced the wages of its employees
Oct. 1. following a conference with a
had
train per hour
The company
Compare V. 105, p. 608.
to
strike.—V. 104, p. 447.
of San Francisco.—Suggested. Pur¬
Lines by the Municipality Looked Upon
with Favor.—Recommending that the city of San Francisco
purchase the properties of the United Railroads Co. and thus
solve the city's transportation difficulties, the Public Utilities
Committee of the San Francisco Board of Supervisors on
Sept. 25 adopted the following resolution:
United
Railroads
chase of Company's
Resolved, That it is for the best interests of the people of the city and
all of the proper¬
purchased upon
equitable terms; and be it further
Resolved, That the City Engineer be and is hereby authorized to confer
at once with a representative of the United Railroads for the purpose of
arriving at a basis of valuation and that he report at an early date to this
county of San Francisco that the city and county acquire
ties of the United Railroads if said properties can be
Board.
Adoption of the resolution, it is stated, does not commit the city to the
purchase of the properties, or to any plan of valuation to arrive at a price
to be paid, should the purchase be decided upon, but only appoints the
City Engineer to confer with United Railroads representatives, to attempt
to arrive at a basis upon which the value of the properties might be ascer¬
tained.
No plan is officially before the committee or the Supervisors.
Whatever plan is adopted, any scheme of purchase and any price to bd
paid must be ratified by the people of the city at an election, which could
not be held before next July.
J
•
■
*
0®T. 6
1917.J
THE
CHRONICLE
Mayor Rolph of San Francisco, following the conference
adopted, addressed a
letter to the Board of Supervisors in which he stated:
at which the above resolutions were
It
was
the consensus of opinion, without difference or division, of these
many representative men (those attending
stances demand
immediate action.
The
the conference] that circum¬
reorganization committee is
unanimously of the opinion that it would be appropriate for the company
to sell to the city, and would use all of its influence to bring about that re¬
sult.
The committee has not given any consideration to the details, but is
willing to co-operate to bring about a sale on equitable terms.
Jesse W. Lilienthal, President of the company, is
quoted:
I am heartily in favor of the suggestion (the sale to the city], as it has been
reported to me by those who attended this morning's conference.
It has
been my hope from the beginning of my administration that I might pre¬
cipitate negotiations for the acquisition by the city of the United Railroads
properties at a price that should be fair and equitable to both parties.
A
man does not have to be an enthusiast for municipal ownership to realize
that this is the solution of the situation which otherwise means needless
waste in duplicating lines. "
And further in
a
statement made to the
employees he
says:
"
A negotiation has been started by the city looking to the acquisition of
the United Railroads.
If any such agreement should ever be arrived at
it will take many months, under the most favorable circumstances, to con¬
summate such a matter.
As we have stated before, we wish you to under¬
we will not entertain any such overtures except upon the indis¬
pensable condition that the employees who have remained loyal to the ser¬
vice shall, in any event, permanently retain their present positions.
stand that
The
conference
at which
the
foregoing resolutions were
adopted followed, it is said a meeting held on Sept. 24, the
Mayor, a committee of citizens and the members of the re¬
organization committee being present, at which it was pro¬
posed to appraise the physical property
now and buy on the
installment plan, and also to agree with the United Railroads
on a year determined to be a fair measure of its net earnings
or take an average of five years' net earnings as the price to
be paid by the city each year for every year of the franchises.
The method proposed contemplates no bond issue, but Would
be carried into effect
through a charter amendment which on
adoption by a vote of the people not earlier than July 19 1918
and ratification by the Legislature, would give the city pos¬
session of the system.
its
investigation of the financial condition of the company to determine
a position to pay the Wage demands of the platform men.
whether it is in
Appeal to U. S. Supreme Court to Prevent Parallel Line.—
The Company on Sept. 26 appealed to the U.S. Supreme Court from
the
decision of the State Court at San Francisco denying the injunction against
the four tracks on Market St.
This action was taken to protect the rights
of the company in the event of the purchase negotiations failing or being
defeated by vote.
.
Compare V. 105,
p.
1310, 910.
Income Account and Balance Sheet.—
[See California Ry. & Power Co. under "Annual Reports" oh
page.]—V. 105, p. 1310> 910.
.
United Ry. & Electric Co. of
a
preceding
Balto.—Wage Advance.—
conductors, motormen and shop¬
by two cents per hour, making approximately $250,000 yearly added
to the
payroll.
About 3,700 employees will benefit.—V. 105,
p.
1105, 910
United Light & Rys. Co.—Results for
Earnings from operations of sub.
cos,
Aug. 31 Years
and other sources:
—
1915-16.
1916-17.
Aug. 31 Yrs. 1916-17.
1915-16.
Gross income.$2,016,845 $1,850,434 Bds. disc., &c.
Exp. & taxes.
164,112
140,901 Pref. divs___.
Int. charges..
429,921
383,010 Balance, surp.
Combined
of
$181,995
592,516
$226,021
602,724
$594,067
$552,012
earnings, including subsidiary companies:
1916-17.
1915-16.
Aug. 31 Yrs: 1916-17.
1915-16.
Gross earns..$7,241,842 $6,736,188 Int. & pf. divs.Sl ,450,311 $1,339,118
Net, after tax.$2,738.680 $2,676,829 Balance, surp.$l,288,369 $1,277,711
—V. 105, p. 820, 499.
-
Louis.—Objections to Proposed Plan .—
meeting of the Public Utilities Committee of the St. Louis Board of
Aldermen on Sept. 17 last, a committee of the Chamber of Commerce
entered opposition to certain features of the proposed ordinances looking
toward the settlement of the differences between the city and the company.
It is thought likely that these measures although approved in general will
be in part redrafted.—V. 105, p. 1105, 717.
a
United
Railways Investment Co.- ■Earnings.—
June 30 Yrs. 1916-17.
1915-16.
Total income_$l,891,583 $1,766,226 Prov.
Exp.,
taxes,
1915-16.
1916-17.
toward
$84,441
$73,743
$714,803
Bond interest.
935,150
954,900 Total deduc's.Sl ,891,583 $1,189,064
Other interest
157,189
160,421 Balance, surpj$577,162
None
The total profit andloss
surplus June 30 1917 was $7,055,715 after cred¬
iting discount on bonds purchased for sinking fund, $106,700.
The annual report of the California Railway & Power Co., a subsidiary
of the United Railway Investment Co., will be found on a preceding page.
—V. 105, p. 717.
Western Maryland
Ry.—Coal Co. Merger.—
Monongalia Coal Lands Co. under "Industrials".—'V.
105,
p.
717.
Winston-Salem Southbound Ry.—Earnings.—
Years
Gross
Ending.
Earnings.
Dec. 311917. $790,336
June 30 1916609.993
—V. 92, p. 1180.
orders and
war
conditions, and while, therefore,"
representing normal operations in times
opinion, the war and the
other, should be kept intact
going concern.
It is reasonable to expect that, so long
bs the war lasts, the profits from war orders will
continue and in that case
the amounts realized will make possible a substantial reduction in the out¬
standing indebtedness and a partial amortization of the war plants.
The improved conditions since the receivers took charge have attracted
the attention of outsiders and inspired in them a desire to
gain control
of the business either by purchase or through a
reorganization of the com¬
pany.
Some of those who have thus been active were connected with the
former management of the company and their renewed intervention in its
affairs would hardly be calculated to inspire the confidence of the stock¬
holders.
Up to this time we have been able to frustrate all such plans,
but as the financial condition of the company
improves this danger will
increase.
Another danger
appearing even more imminent is the action
recently taken by the committee of bondholders.
That committee has,
through the trustee under the mortgage, served certain notices upon the
receivers which evidence an intent to institute foreclosure
proceedings.
Any dissenting depositor pf stock will be allowed 20 days in which to
withdraw on payment of his share of expenses, &c.
Howard Bayne, a Vice-President of Columbia Trust Co., has been added
to the committee, which includes also Henry Auchu (formerly Pres. Key¬
stone National Powder Co.), Asa K. De Witt (State Senator), Justus Von
Lengerke (formerly Pres. National Powder Co.), F. E. Baldwin (State
Senator), John Rice (formerly Pres. Pluto Powder Co.), with Thos. H.
Hammond, Secretary, room 1631, 120 Broadway, N. Y. City.
Compare
V. 105, p. 1311, 999.
and conserved
as a
,
.
American Can Co., N. Y —Dividends.—
Current press reports which we have been unable to substantiate state
that an interest identified with the company says that remaining back
dividends on the preferred stock amounting to 3.71% will probably be
paid in December.
It is not likely that the common stock will be placed
on a dividend basis this year.—V. 105. p. 999.
American Pipe & Construction Co., Philadelphia.—
Receivership.—The shareholders on October 1 declined to
approve the appointment of Robert Wetherill, now tem¬
porary receiver, as permanent receiver for the company and
selected the following Committee to protect the interests of
,
the stockholders:
Walter George Smith, Chairman ex-officio; S. Price Stevenson, Francis
M. Brooke, Horace F. Weeks, Francis X. Quinn, Alexander Henry Carver,
Secretary.—V. 105, p. 1311, 74.
y
Amer. Smelting &
Net after
Taxes, Ac.
$404,818
.276,725
Other
Income."
$25,459
24.693
Refining Co.—Bonds Tax Exempt:—
The mortgage securing the issue of 1st Mtge. provides that th<? 30-year
5% Series "A bonds which include all the bonds recently listed on the N.
Y. Stock Exchange, being those issued in exchange for the Series "A" and
Series "B" pref stock of the American Smelter Securities Co., shall be pay¬
able both principal and interest "without deduction for any tax, assessment
or Governmental'charge
(including- Federal income taxes but excepting
inheritance taxes and State Income taxes), which the company or the
Trustee shall be required to pay or retain therefrom under any present or
future law of the United States of America or of any State, county, muni¬
cipality or other taxing authority therein."—V. 105, p. 1099, 608.
American Spirits Mfg. Co.—Decision.—
below.—V. 103,
American Sumatra Tobacco Co.—New Directors.—
F. de C, Sullivan has been elected a director of this company.
Charles
Sobey, formerly a director, and M. L. Floyd, formerly Pres. of the Con¬
necticut Tobacco Co. (recently acquired—-V. 105, p. 182), were also elected
directors.—V. 105, p. 1311, 815.
Woolen Co.—Wage Increase.—
This company announces an increase of 10% in the wages of its «niU
employees effective Oct.. 8.—V. 104, p. 949. 756.
Amoskeag Manufacturing Co., Boston.—Report.—
June 2 '17. May 31 '16. May 31 '15. May $1 '14.
Years ending—
Cotton & worsted cloth:
•
^
(yds.)—-.-202,872,976 200,576,754 213,983,728 235,049,159
Sold (yds.)!..:
200,223,653 201,552,242 217,683,396 229,633,588
Cotton bags produced..
1,203,335
1,713,339
1,491,042
1,179,295
do
do
sold...
1,209,553
1,715,817
1.487,466
1.169,408
Produced
Interest
Rents
Charges.
$247,275
250,644
Ac.
$56,380
38,540
*
Received from sales....$30,439,215 $20,684,294 $19,124,682
29,569,372
19,354,641
17,856,943
Cost of manufacturing..
Balance....
.
Common divs.
($4H>—
($3)
$1,333,609
• $518,400
518,400
Balance,
sur.
.
$1,179,181
$518,400
518,400
ordef..sur.$296,809sur.$142,381
Surplus,
$126,622
12,235
AND MISCELLANEOUS,
Conn.—Earnings.—An
I
June last were about $20,000,
for July about $25,000 and for August probably $30,000.
At the present
time the business, we understand, is running at the rate of $3,500,000 a
year gross, as against a total of $2,000,000 for 1916.
The stock was sold
less than a year ago at $35 a share, but the present market is 18 to 23, al¬
though these quotations are merely nominal.
The company has a large and growing business, and has paid dividends
since Dec. 31 1908. totaling over $350,000 in cash and $300,000 in stock.
The dividend due Sept. 1, however, was passed.
The company in its cir¬
cular to stockholders report that the dividend has been more than twice
earned, but that owing to the increased cost of raw materials it has thought
It best to conserve its cash resources and make payment of this divdend
some time in the not distant future.
[Capital stock auth. $1,500,000; issued
$1,000,000, par $25.J
Compare V. 105, p. 1210; V. 103, p. 2343.
informed that the net earnings for
pAetna Explosives Co.,
of Stock.—The
for deposit of
stock, both common and preferred, with the Columbia Trust
Co., as depositary, not later than Oct. 15.
In circular of
Sept. 29 they say in brief:
Inc.—Deposit
stockholders' protective committee is calling
The report of the receivers, dated Aug. 201917, shows the profits realized
during the brief period from April 19 1917 to July 31 1917 are in a, large
$1,079,413
$518,400
$1,022,887
$518,400
518,400
618,400
sur.$42,61S def.$13,913
June 2 '17. May 31 *16.
Real estate and machinery...
Merchandise, cashand accounts receivable.......
Total.
$3,000,000
15,952,545
$3,000,000
14,876,388
.'.$18,952,545 $17,876,388
_9
Liabilities—
Acme Wire Co., New Haven,
exchange journal says:
are
.
$764,417
+258,470
GENERAL BALANCE SHEET.
Assets—
Balance.
$20,658,269
19,893,852
$1,267,739
—188,326
$1,329,653
—150,472
+463,767
.
Net profits
Preferred divp.
$869,843
....
Increase in inventory.
Notes and accounts payable.
We
62.
The ouster suit brought by the State of Louisiana against this company,
has been dismissed on the motion of the State Attorney-General, who, in'
giving the reason tor the action, stated that "the company satisfactorily
compromised cases -with the sugar planters, handled last year's crop fairly,
and has shown a disposition to continue to treat the industry fairly."
The dismissal of this suit was foreshadowed by the settlement in April
last (V. 105, p. .1492) of 185 so-called '•planters' damage suits," asking,
treble damages under the Sherman Anti-Trust Law, ^mounting to $159,000,000.—V. 105, p. 1311.
Profit and loss and reserves..,
INDUSTRIAL
p.
American Sugar Refining Co.-^-Case Dismissed.—
Results—
losses on secur. owned.
-
&c
See
war
insure the future success of the
company.
In our
commercial plants, co-operating with each
American
United Rys. of St*
At
of,
peace, the fact is that the company is doing alarge and profitable commer¬
business which should be increased
and, under proper management,
cial
See Distillers' Securities Corp.
This company has increased the pay of
men
the result
those earnings cannot be taken as
.
At the request of the Supervisors, the Calif. RR. Commission has started
on
measure
1421
........
—$5,408,942
13.543.r603
$4,840,858
13,035,530
.1...
:.-(^ $18,952,545 $17,876,388
The capital stock as of June 2 1917 consists of 172,800 shares of common
stock and 115,200 shares of pref., both with no par value,—-V. 103,p. 1304.
Total.
Anaconda Copper Mining Co.—Copper Production lbs:
1917—September—1916
Decrease.} 1917—9 Months—1916
Decrease.
2,800,000
29,400,000
26,600,000J 189,025,000 250,900,000 61,875,000
A heavy decrease in production for September 1917 was expected in view
of the shutting down of the mines for the greater part of the month.
Partial
operations were resumed on Sept. 24 and at last advices were being con¬
ducted on a 55% of capacity basis.—V. 105, p. 999, 1211, 1311.
Associated. Dry
Goods Co.—Subsidiary Co. Stock.—
See James McCreery & Co.
below.—V. 104,
p.
1492.
Atlantic Gulf & West Indies SS. Co.—Tonnage
Subject
Charter.—The following published statement,
has been revised for the "Chronicle:"
to Government
it is probable that by Oct. 15
90% of the company's 300,000 tons of steamers will be under Gov¬
This does not mean that on that date the Govern¬
ment will take 90% of the tonnage and immediately divert it to transat¬
lantic service,
But the new rates when they go into effect will amount to
the Government taking over the boats.
If not needed for war purposes the owners may continue to operate them
in regular lines of business but at the new schedule of rates prescribed by the
Government.
In case the company kept 60% or 70% of its tonnage for
Under the new steamship rate arrangement
about
ernment charter rates.
THE
1422
& time for coastwise
service this new rate arrangement would therefore
practically mean an increase in coastwise rates.
It is settled that as plans stand now the Government agrees to pay
charters ranging from $5 75 per ton up to $7 based on size of boats.
Under
this charter the Government pays for all coal consumed, pays the war risk
insurance and certain minor items of expense.
The owner of the boats pays
for hire of the
crew
and their board and for ordinary marine insurance.
The war risk insurance is of course the big factor and
[Vol. 105.
CHRONICLE
this is borne entirely
by the Government.
The notes will provide the company with funds
and over $1,000,000 new cash working capital.
for corporate requirements
Net earnings for the year ending July 1 1918, based on actual sales to
date, are estimated at $800,000.
After interest and pref. dividend, an
earning capacity of nearly $7 per share on the common stock is indicated.
In two years' time the annual net earnings (based on pre-war prices) should
approximate $1,500,000.
Assets as Appraised Giving Effect as of April 1 1917 to New Note Issue.
Property Assets—Permanent equipment and development, $1,227,563; mineral lands and leases, $7,078,250; investment in
ships, $325,260; total..
.
..$8,631,073
Current Assets—Cash, new capital, $1,000,000; in subsidiary com¬
In the case of this company with its 90 steamers the bulk of these boats
classify between 2,500 and 4,000 tons and it seems likely that their charter
party rate will average around $6 50 per ton.
It is also to be remembered
that the company has 20,000 tons of steamers not under the American flag.
This tonnage will not be subject to the new rates or to war use.
In addition to its steamers the company has 165 tugs and lighters.
They
represent several thousands of tons and several millions of property.
If the'
Government uses them it will naturally pay for their use.
This will be in
addition to what is earned from regular charter rates for steamers.
Of the
panies (B. I. Co.'s proportion), $51,131; total
$1,051,131
Accounts receivable, $842,752; deferred prepaid insurance and
bond discount, $91,908; sinking fund for retirement of above
bonds, $95,950: inventories, ore on hand, &c., $338,907; total. 2,420,648
Less current liabilities, $422,978 bonds and long-time notes of
two subsidiaries, $1,200,000. total
$1,622,978;
company's 90 steamers there are 11 or 12 which are less than 2,500 tons.
Theso boats yvill not be disturbed at present.—V. 105, p. 1211, 911.
Total Net Assets, exclusive of good will, going'value, &c_.
An extra dividend of 1%
dition to the regular
was
date by Breitung & Co. and
paid Oct. 2 on the common stock in ad¬
quarterly \V%%.
Burns
In July and August last 5% extra
paid.—V. 105, p. 292.
was
Baltimore Tube Co.r—New Directors.—
Hopkins have been elected directors to
resignations of Henry M. Keith and Edward S.
Hyde of New York.—V. 104. p. .666.
Butte &
Bethlehem Steel Corp.—Orders: etc.—
to be a new high record.
The directors are expected at their next meeting
to declare the regular dividends on all the stock Issues.
Capacity of the
company's plants is being increased and the company is expected to be in a
stronger financial position in 1918 than during current year. V.105,p.l311.
Bon Air Coal & Iron Corp .—Second Payment.—
th? recent payment of more than a half million dollars on
property by the successor corporation interests, which payment was
distributed among the various holders of the bonds of the old company
(V. 105, p.T211Ki'a second payment of $220,000 has just been made, ap¬
plying to the land property of the company.—V. 10.5, p. 1211.
In addition to
Condensed Milk Co.—Milk Price Announce¬
company's subsidiary
the Borden's Farm Products Co., Inc., makes an announce¬
our'
advertising columns which
V. 103, p. 1592):
we
cite in part
as
follows (compare
The price of milk at
the farm is again increased,
effective Oct. 1 1917.
selling prices must also,be increased.
producers have named a price of $3 10 per cwt. for milk containing
3% butter-fat, with an additional 4c. for each one-tenth of 1% of butter-fat.
Judged by the fat content of the milk purchased this month and the
record of October milk of former years, the quality of the milk purchased
The
by this company in October will average at least 3.9% butter fat.
These
9 points over 3% add 36c. to the base price of $3 10, making a total cost of
$3 46 per cwt., or approximately 7Mc. per quart.
This is an increase of
lHc. per quart over the present prices to the producer.
This makes neces-.
sary an increase of at least 1 He. per quart in our selling prices.
We fear that in view of the present very large decrease in sales, this price
increase will not be sufficient to cover the increased cost of milk and the
resulting from decreased volume of, business,
However, in view of the present trying
living, we have decided to defer any
increase beyond the 1 He. forced upon us, until spch time as we have an
opportunity to learn from our records and accounts of the extent to which
the disposition of surplus milk and our decreased volume of sales under
present prices have increased costs, as well as to observe the extent of any
further decrease in sales following Oct. 1 price adjustments.
A study of the latest costs under present reduced volume and particularly
the effect of a further decrease in sales, if experienced, may make a further
advance necessary in the near future.
However, under present conditions
we prefer to forego reasonable profits temporarily and to make sure of the
necessities of the situation rather than possibly to add
unnecesarily
greater fixed expense per unit,
a
conditions
to
an
profit of jlc, per quart.
under which we are all
already burdensome situation.
1917, and until further notice, selling prices will be:
Home Service-r-In metropolitan district, delivered at your home, in
properly protected packages and at a proper temperature:
■
Half-pints condensed milk. ..13 .cts, [Quarts fluid milk, Grade B__14cts.
Half-pints route cream..
16 cts. jQts. selected milk, past. , Gr. A 15cts.
Half-pints extra heavy cream.21 cts. [Quarts certified milk, Grade A 20 cts.
Store Dottle Service.—In New York City, bottled milk and cream delivered
at stores for distribution by them, you faking delivery
at the store:
Grade A milk, quarts, 13>£c. each; Grade B milk, quarts, 12Hc. each;
plus bottle deposit of 5c.
'
*
Bulk Service.—Grade B milk in cans will be delivered to stores for 10 cts.
Effective Oct.
1
.
quart and cream, buttermilk and pot cheese at proportionate prices.
•
The Dairymen's League, representing 42,000 members, claim that the
500,000 dairymen's cows on their farms are in danger of being slaughtered
on account of the scarcity of labor, high prices of feed and low prices for
milk, unless more milk is used.
:
Several public inquiries into the rise in the cost of milk are proposed.
—T.105, p. 292.
•
per
,
Breitung Iron Co;—First Lien Secured Notes.—This
has made an issue of $1,500,000 First Lien 10-year
convertible 7% secured notes, dated Aug. 1 1917,
due
Aug. 1 1927, but redeemable at 105 and int.
Denom.
$1,000 and $500. Auth. $3,000,000.
A circular shows:
company
The notes
of
are
convertible Until Aug.
1 1922 into
common
stock
on
basis
share stock for each $100 notes.
If called for redemption may be
prior to redemption date.
Int. P. & A. at the office of the trustee, The Guardian Sav. & Trust Co.,
Cleveland: also at Guaranty Trust Co. of N. Y., or Continental & Com¬
mercial Nat. Bank, Chicago.
lib so far as mayube permitted by law, the
company agrees to pay the interest on these notes without deduction for the
one
converted
(until
Aug.
1
1922)
up
to 30 days
stmount of the normal Federal income tax, in
force on Aug. 1 1917The
has no mortgage indebtedness.
Subsidiary companies have out¬
standing $1,200,000 bonds and long time notes.
A special fund is to be
created from 50% of the earnings after note interest and pref. dividends in
each year, up to July 1 1920, to be maintained at an amount equal to that
existing on that date, either in property or otherwise, so long as any of this
npte issue is outstanding.
After July 1 1920, 25% of all earnings, after
interest and pref. dividends shall be applied to the redemption of notes.
company
;
Pres. E. N. Breitung, Aug. 31 1917, reports in substance:
The
principal mines controlled oy the company are located in the NeRange, and with the other mining
alone, comprise over 1,300 acres, of
gaunee District of the Marquette Iron
lands controlled in this one district
which
1,000
aforesaid
acres
are
known to be within the iron formation.
With the
properties have been consolidated several iron mining properties
in other
districts and development of all the properties is proposed
The
has facilities for the transportation of ores in the boats of a subsidmry and has arrangements (which have extended over a long period)
with affiliated interests in Cleveland for the sale of the product of its
subsidiaries.
company
The
are the
direct and
only obligation of the company and
by the deposit with the trustee of all the capital stock of the
subsidiary companies owned.
Payment of principal and interest is further
secured by an assignment by the owners of the fee of the
principal properties
m the Negaunee District, of all
ground rents, royalties and other payments
due and to become due to such fee
owners, as additional security for the
payment of the principal and interest of this issue.
This virtually ties the
notes to the fee.
The company agrees that any additional stock or pro¬
perty belonging to its present subsidiaries which may be acquired shall be
are
previous page.—V. 105, p. 609, 501.
Superior Mining Co .-Concession-—Litigation.—
in the U. S.
at Butte, Mont., in the case of Minerals Separation vs.
Superior, the latter company was ordered to file a bond of $2,500,000 and deposit all earnings with the Court pending the decision of the
U; S. Court of Appeals at San Francisco, for alleged misuse of the plaintiff
company's processes.
The defendant company, however, has obtained
a concession agreed to by all parties whereby it will be able to continue
operations.
Under- the original Court order the closing down of the com¬
pany's mine was understood to be inevitable.
Under the concession agree-'
ment it is believed that the company will still have to deposit with the
Court its monthly net profits and withhold dividends until final decision
is reached.
Compare v. 105, p. 1211, 1106.
;
'
Court
Calgary Power Co., Ltd.—New Director.—
R. W. Killam has been elected
director.—V. 103. p. 576.
a
California Petroleum Corp —Common Stock to be
outstanding voting trust certificates therefor, with authority to add
(1) $32,600 common stock on official notice of Issuance in exchange for
outstanding scrip, and (2) $123,000 common stock from time to time on
official notice of issuance and payment in full, making total amount to be
listed $15,000,000.
for
Consol.
Earnings.—6mos. end. June 30 1917 and cal.yr. '16.
6 Mos. '17.
$811,949
493,721
318,228
V. 105,
.
Canada Copper Corp.,
The outstanding
Ltd;—Bonds Called.—
($63,800) trust convertible gold debentures have been
called for payment Jan.
1 next.
These will be refunded from an issue of
$2,500,000 10-year 6% 1st M. sinking fupd cohv. gold bonds.
See
V. 105, p. 609; 912.
v
Canada Foundries & Forgings
The
shareholders
will
vote
Oct.
directors to purchase the De Laney
Y.—V. 104, p
1705. 1047.
Cerro de Pasco Copper
Co., Ltd.—Acquisition.
10 on ratifying the proposal of the
Forge & Iron Co., Inc., or Buffalo, N.
Corporation.—Production.—
*
Sept. 1917.
Copper production (in lbs.)..
—V. 105, p. 1000.609.
9 Mos. 1917.
7,041,000
52,575,000
.
Charcoal Iron Cq. of America.—Preferred and Common
Stocks.—Webb, Lee & Co., Detroit, are specializing in the
preferred and
described
as
stocks of this Michigan enterprise
the world of
The bankers report:
common
of the largest producers in
one
charcoal pig iron.
•
Capitalization Authorized and Issued (See Balance Sheet).
Cumulative pref, 6%, par $10.
Divs. J.&D. Tax ex'pt in
Common, 6%» par $10.
Divs. payable Q-M
Timber Fur. 6% bonds dated May 15, 1917(see also bal.
Mich..$5,217,250
2,839,350
sh^et).
325,000
The $325,000 6% Timber Purchase bonds will be retired in full, three
years from date.
Both stock issues are listed on Detroit Stock Exchange and dealt in
Chicago, Toronto, Montreal and on New York Curb.
Properties.—The plants and furnaces have recently had several hundred
thousand dollars expended on them to maintain the modern physical equip¬
ment located at Newberry, Manistique and Boyne City, in Mich., and Ash¬
land, Wis.; the Yale Mine on the Gogebic Range at Bessember, Mich. The
company is believed to be the largest producer in the world of charcoal pig
iron, wood alcohol and acetate of lime (manufacturing cost of charcoal pig
iron $15 per ton).
Manufacturing cost of alcohol 20c. per gal., selling price
how 70c. per gal.
1917 output estimated 1,400,000 gals.
Acetone, used
in explosives; hardwood lumber, iron ore, &c.
Suppliesi—The company is building and equipping a new shaft with
capacity of 500,000 tons of ore per year.
A contract has been made to
deliver 200,000 tons per annum for the next ten years.
The company
recently purchased 5o.000 acres of hardwood timber in Gogebic County
adjacent to the Ashland furnaces, and in Luce and Schoolcraft Counties
adjacent to the Newberry furnace.
[See balance sheet below.]
Business - Prospects .—The company has sold approximately all its 1917
supply at excellent prices and has contracted to deliver more than half of
its 1918 output at an average price of more than $45 per ton.
Charcoal pig
iron sells for $1 to $4 more per ton than coke pig iron.
On account of the
great shortage, charcoal pig iron is in great demand$60 per ton. Similar
aving no difficulty in contracting for their output at and the company is
conditions
prevail in the demand for acetate of lime and acetone.
BALANCE
.SHEET
1917.
S
Inventories
9,054,408 8,029,814
1,346,369 1,314,323
adv.
on
ore
pay'ts
355,241
275,651
on
purchase
Misc. advance
Cash
149,676
33,744
60,501
115,544
5,834
120,675
Unexpired insur. &
prepaid taxes
Liberty bonds
1916.
$
i
Common-stock
2,839,350 2,839,350
6% Tim. Pur. bds.
Tim.
253,500
193,251
24,500
54,305
Bank loans
325,000
Advance sec. by pig
iron warrants
...
Adv. for
325,000
Pur.
contract
pig
Iron accts. rec
Advance
1917.
5,217,250 5,217,250
Ashland
Notes & accts. rec.
less
30.
Liabilities—
6% pref. stock
Cost or props., new
construe. & adds.
JUNE
1916.
S
Assets—'
548,000
24,000
157,500
72,000
new cons.
Notes payable.
Accts. payable, &c_
....
~35, 669
37,860
373,428
242,330
2,286
172,274
Accrued interest
318,§99
Special reserves
5,753
Accrued taxes
notes
Year '16.
6 Mos. '17.
Year'16.
Grosjs earnings$l,433,813 $2,081,154 Bal. for pf„div.$l,057,967
246,861
earnings. 1,162,392
1,511,658 Pref. di vs. (2%)
Bond int., &c.
104,425
699,709 Bal., surplus.1
811,106
The total accumulated surplus June 30 1917 was $1,391,085
p. 501, 391.
Net
Income, cap. stk. &
secured
subjected to these notes.
The total net assets of the company and its subsidiaries, "exclusive of
good will and going value, are $9,428,743.
The subsidiaries have quick
assets and readily convertible outside investments of more than $1,200,0001
Listed.
The N. Y. Stock Exchange has authorized the listing on and after Oct. 1
1917 of $14,844,400 common stock on official notice of issuance in exchange
It naturally follows that our
and leave
a
In connection with the recent decision of Judge Bourquin
District
this
ment in
oh
Butte &
According to "The Wall Street Journal," this company has now a total
more than $400,000,000 of new business on its books which is understood
ment—Necessity for Increase.—This
Supervision of
(Coal), N/Y.—Government
for Coal and Coke.—
See Editorial columns
John M. Dennis and Robert D.
Borden's
Bros.
Retail Prices
fill vacancies caused by the
of
;..$9,428,743
[An offering of these notes, it is expected, will be made at some future
Childs & Co., of N. Y.—Ed.]—V. 105, p. 999.
Atlantic Steel Co.—Extra Common Dividend.—
excess
taxes
(an-
ticipated).
17,967
1.
-1,487,627
Surplus
Total
11,217,690 9,916,145
Total
621,541
11,217,690 9,916,145
Officers and Directors.—Pres., Frank W. Blair, Pres. Union Trust Co.,
Detroit; Vice-Pres., J. W. Mitchell, Toronto, Ont., and Edwin Lodge,
Detroit; Secy*, H. H. Bingham, Detroit; Treas., F. W. Hutcbings, Detroit;
Directors, Frank W. Blair, Edwin Lodge. Henry M. Campbell, Detroit; F.
M. Harrison, N. Y. City; J. W. Mitchell; A. L. Fullerton, London, Eng.;
Geo. J. Webster, Marquette, Mich.—V. 105, p. 501.
*
Oct. 6 1917.]
CHRONICLE
THE
be extracted from
Chevrolet Motor Co.—Shipments—New Director.—
of
1,664
cars
1917 were 3,502 cars against
for the corresponding period in 1916, an increase of 1,838 cars,
P. McLaHghlin has been elected
105, p. 501.
•
a
director to fill a vacancy.—V.
6,824,127
105,
—Y.
A dividend of
Co.—Copper Production {in lbs.).
record
Increase.
6,363,447
1917—8 Monthsl916-~
498.011 53,939,598
47,576,151
,1917—August—1916.
Increase.!
6.326,116
913, 609.
p.
Downey Shipbuilding Corp.—Successor Company
Everett
Bond
Rental on
Balance,
Int.,&c,. Over. Prop. Surplus.
1917.,,
$1,991,691
$182,863
$60,508 $188,446
$150,461
1916
1,639,243"
157,265
57,958
187,701
265,675
For the 6 mos. to June 30 1917 the company paid $143,198 in dividends,
against $187,509 for the corresponding period in 1916.
Other, income in 1917 includes net benzol earnings, $153,389, against
Net (after
Other
Taxes).
§216,552
354,069
p.
865. 562.
This company announces the sale of Defender Mfg. Co. toEfkayMfg. Co.
The Defender Mfg. Co. was recently purchased by the Claflin's, Inc.,
from the Mercantile Stores
Corporation lor about $500,000; the proceeds
being used to reduce the principal of the $1,206 ,856 Defender notes of the
Mercantile Stores Corp., making about 47.31% so paid, along with 24%
paid from other sources.—V. 105, p. 822, 183.
Gas & Electric Co.—Report.—
See California Ry. & Power Co. under "Annual Reports" on a,preceding
page.—V. 103. p. 1304.
Colt's Patent Fire Arms
See
Mfg. Co.—Purchase
William E. S. Goodrich have
elected
Continental
Gas
&
Electric
Corp.,
Cleveland.—
Offering of Collateral Trust Notes.—Otis & Co., Cleveland, O.,
offering at a price yielding 7%, an issue of $1,200,000
Collateral Trust 6% Convertible 3-year notes' secured by
deposit of $1,600,000 of the company's First Lien Collateral
Trust sinking fund 5% bonds.
The bankers report:
are
These notes are dated Sept. 1 1917;
Due Sept. 1 1920.
Denoms,
$1,000, $500, $100.
Convertible at par into the foregoing bonds at 93^
and Int. at any time on qr before maturity or date of redemption.
Int. Mi.
& S. at The Citizens Savings & Trust Co., Cleveland, Trustee, or at The
First National Bank, N. Y.
The company agrees to pay normal income
tax, not exceeding 4%, and to pay the Pennsylvania State tax.
Redeem¬
able in whole or part on 30 days' notice, at 100
and interest.
Authorized.
Capitalization—
ceivers
Dyestuff & Chemical Corp.—Temporary Re¬
Appointed—Suit to Prevent Carrying Out of Plan.—
Judge Hough in the Federal District Court at New York on. Oct. 2 ap¬
pointed John W. Herbert and Frank H. Piatt as temporary receivers of
this company.
The application was made on behalf of the Central Foundry
Co., whose claim amounts to $14,277, and which is the basis of art equity
suit now pending in the courts. In an effort to prevent the carrying out of the proposed reorganization
plan, Morton, Lachenbruch & Co. have brought suit against the corp.—
V. 105, p. 1213.
Fort
Shelby Hotel Co., Detroit.—Bonds Offered.—
Bolger, Mosser & Willaman, Chicago and Detroit, and
Watling, Lerchen & Co., Detroit, recently offered, at par and
int., $600,000 First Mtge. 6% gold bonds of this company,
incorporated in Michigan. A circular shows:
dated
May 1 1917, due serially.
Int. M. & N. at the
Denom. $1,000, $500, $100 c*.
Red.
102 and int., upon 60 days' notice.
Maturities, $7,500
1923; $10,000 1924 to 1928; $12,500 1929-1933, and
$300,000 May 1 1934.
f
are
Union Trust Co., Detroit, trustee.
.
Co.—New Directors.—
Allen Moore, Francis R. Cooley and
directors.—V. 105, p. 719.
Outstanding.
Common stock
$5,000,000
$1,859,000
6% Preferred stock—
5,000.000
1,265,800
5% bonds..
5,000,000'■> *1,915,000
6% 3-year notes
2,000,000
**1,200,000
*
In addition $1,600,000 bonds have been deposited to secure the note
issue,
**Additional notes can be issued, (a) only when secured by the 5%
bonds at 75% of their par value, (b) not in excess of 60% of improvements.
.
any int. date at
M. & N. 1919 to
on
Data from Letter of John C. Thomson, Pres. & Gen. Mgr., June 15
Capitalization.—This consists of these bonds, $600,000 auth. and out¬
standing, $250,000 7% cum. pref. stock and $350,000 common
stock.
The amount of bonds to be issued is limited to 50% of the value of the land
($200,000) and 50% of the cost of the building, equipment and furnishings.
stock have been subscribed at par.
Security.—A first and closed mtge. on the entire property, incl. land,
building, equipment and furnishings, having a value estimated at $1,200,-*
000.
The land (owned by the company) was appraised at $200,000.
Building.—The building favorably located will be ten stories in height
and of fireproof construction.
The exterior will be.taplestry brick and cut
stone and the interior will be designed with proper regard for art, comfort
and convenience.
There will be 410 rooms.
The entire amounts of both pref. and com.
Earnings.—Net earnings are estimated, after all expenses, including
depreciation, taxes and insurance, to provide a sum nearly throe times the
requirements of the bond issue, including both int. and principal payments.
Officers.—John C. Thomson, Pres. & Gen. Mgr.; Chas. A. Bray, V.-P.;
G. Brewster Loud. Sec.-Treas.
General Gas & Electric Co.—Sub. Co. Control.—See Pa. Utilities Co. below.—V. 104. p.
Motors
General
Combined
Earnings of Subsidiary Companies for Calendar Years and Year
Ending June 30 1917 {With in this Year Present Interest Charge):
Earnings—
1916-17.
1916.
1914.
1912.
Gross earnings
....$1,185,423
$714,203
$550,330
$264,708
Net earnings
358,174
234,662 - 191,672
101,683
Int. on bonds (incl. note issue).
167,775
88,630
64,525
35,750
.
....
Letter of Pres. C. S. Eaton, Addressed to Bankers.
Organization.—Organized in 1912, and through its subsidiaries it serves
76 adjacent communities in the developed sections of Western Iowa and
Eastern Neb.
The service supplied, without competition, consists of
electric light, power, heat, ice and gas—one or all; its principal business
being to furnish electric light and power through high tension transmission
lines from central stations; also owns all the bonds and stocks of the Canada
Gas & Electric Corp. serving, without competition, the City of Brandon,
Manitoba.
The total population served is 145,000.
The proceeds of this issue provide funds for extensions and improvements
and furnish about 60% of the purchase price of Canada Gas & Electric Corp.
Valuation.—The properties nave been valued on a basis of replacement
cost, using 1914 prices at $6,000,000.
The total outstanding indebtedness,
including this issue, is $3,115,000, or less than 60% of the net value of
the physical properties.
Earnings.—For five years. 1912 to 1916, inclusive, the average net earn¬
ings of the corporation have been. 2 8-10 times the interest on bonds out¬
standing.
During the. same period the corporation has paid annually 6%
dividends on its preferred stock and 2% on its common stock.
Franchises.—Franchises of constituent companies are very satisfactory.
"—V. 105, p. 1312.
'»»•
' «■
Summary of
,
.
•
•*-*** -
This company on Oct. 1 paid $1 per share on account of capital dis¬
tribution.
This distribution is made from reserve account for depletion,
is not subject either to the Federal normal
Massachusetts income tax.—V. 103, p. 2240.
and
or
Corn Products Refilling Co.-r-Bonds
One
additional tax
nor to
*
*■
,
.
Called.——
and
fourteen
($114,000) 25-year 5%
at par
Cressidan Apartments," Chicago, III.—Serial Bonds Of¬
fered— S. W. Straus & Co., Inc., are offering ar par and int.,
to net 6%, .$175,000 First Mtge. 6% Serial bonds dated June
8 1917 due serially.
Int. J. & D. 8 at any office of S. W.
Straus & .Co., Inc.
Circular shows:
These bonds may be redeemed at
103 and int. in reverse of numerical
int. date thereafter upon 60
order at the end of the second year or on any
Present normal Federal income tax paid.
Trustee, S. J. T.
Straus.
Denom. $100, $500, $l,000c*.
Maturities. $7,500, June 8 1919:
$8,000, 1920; $8,500, 1921; $9,000, 1922-23-24;
$9,500, 1925-26, and
$105,000, 1927.
Mortgagors, William N. Dunning and Roy F. France.
is
now
General Petroleum
Building.—The bonds are a direct closed first mortgage on the land in fee
on the Cressidan, an apartment building of the small suite type.
It
will be a six-story concrete frame, fireproof building, completely furnished
and supplying hotel service to tenants.
The building will contain 70
surnished apartments, 55 of two rooms each and 15 of one room.
The land
fronts 65 ft. on Sheridan Road and is 193 ft. deep.
The land and building
are appraised at $250,000.
Fire insurance of $175,000 is carried.
Earnings.—These based on rentals obtained in this vicinity are:
Gross annual rental income (estimated)
$39,600
Estimated net after expenses, incl. taxes, insurance and operating
cost, with a liberal allowance for repairs..
26,600
and
Dallas
Corp.,
(Tex.) Power & Light Co.—Franchise—Rates—
(Tex.) Electric Co. under "Railroads" above.
Davis Coal & Coke Co.—Merger.—
See Monongalia Coal Lands Co. below.—V. 105, p. 719, 392.
.$4,884,889 Depreciation on equipmt_ $647,794
658,163
4.278,042 Exhaust, of oil lands-.1.
407,691
94,143 Other deductions
4,372,185 Preferred dividends
(7%)224,851
314,870
.
Balance surplus
$2,118,816
Gross
Net
profits-______
earnings..
_.
Other income
J
Gross income
Int.
on
__
—
funded debt
.
As to
new
$1,650,000 secured notes offered see V. 105, p. 75, 1213.
& Producing Co.—Notes Sold.—
Co., N. Y., jave placed privately
$150,000 6% Car Equipment notes, dated Sept. 15 1917,
due $50,000 Sept. 15 1918 and $75,000 Sept. 15 1919.
In¬
terest payable M. & S. at the Columbia Trust Co., N. Y.
Denom.
$1,000.
An approved statement says:
General
Refining
Frederick S. Dudley &
The
care
proceeds are to be used to purchase
of increased production, &c.
The company was
interests located in
County field of Southern Kentucky and
Cumberland Refinery, Good Luck Oil Co. and
in Davidson and Sumner counties.
Company
leases and operates approximately 5,000 acres of oil lands, on which are
17 producing wells.
Refining capacity of 800 (not 500) barrels a day, is
located at Nashville, Tenn.
Capital stock, authorized, $1,250,000; outstanding, $980,000; par, $1.
No bonds.
Directors (and officers): Pres., John A. Dix, former Governor
of N. Y. State; Sec. & Treas., Howard Hendricksdn; Gen. Mgiv, Thomson
Douglas; Supervising Engineer, Samuel Baer: Gen. Counsel, W. Bernard
Vause.
General office. 4th & 1st Nat. Bank Bldg., Nashville. Tenn.
Allen
the
Northern Tennessee, viz.,
the J. P. Hynes holdings
Sulphide Co .—Bonds Called.
Seventy-eight First Mtge.
each, and 20 bonds
for payment Oct. 1 at par and
New Haven, Conn.
of $1,000
Gillette Safety
Razor Co.—Sub. Co. Dividend.—
Razor Co. of Canada, Ltd., a subsidiary of this
has declared an annual dividend of 8% on its $500,000 capital
stock, payable Oct. 15 to holders of record Oct. 1 1917.
This dividend
compares with 6% for the years 1915 and 1916, and 5% for 1913 and 1914.
—V. 105, p. 1213, 1108.
The
Gillette Safety
company,
Granby Consol. Mining, Smelting & Power Co., Ltd.
9
•
1916-17.
1915-16.
$
$
^-11.975,439
Metal invent.(adj.) 283,746
9,299,337
Total earnings..
12,259,185
int.).
5,025,251
197,225
230,320
co.
a
verdict for $250,000 in a suit brought against it
by The Western
in the Peoria, 111., courts.
the American Spirits Co. made a contract with
for the delivery to the latter of corn germs, which were to
A number of years ago
the oil company
June 30 Years—
1916-17.
$
1915-16.
$
9,299,337
3,819,295
June 30 Years—
Sales
Total income... 5,452,796
3,819,295
Net (after
Other Income
1,349,962
Deprec'n, &c. res.
Divs. received
Dividends paid...
1,256,266
2,846,568
2,919,384
Tot.sur.June30 9,434,038
6,587,470
surplus
..
899,911
During the year the company produced 41,878.568 lbs. of copper,
599,349 ozs. of silver and 29,821 ozs. of gold.
The average price of copper
at New York received was 27.4c. per lb., and for silver 71c. per oz.
In
1916-17 the average cost at the Hidden Creek mine was 11.5c. per lb. for
copper, against 10.09c. per lb. in 1915-16, while the average cost for the
Phoenix mine mounted rapidly and was 20.8c. per lb., against 14.25c.
The directorate has been reduced from 13 to 11.
Northrup Fowler has
resigned, and M. K. Rodgers
died in July.—V. 104* p. 1595.
Grass Creek Petroleum Co.—Extra Dividend.—
An extra dividend of $7 per share has been declared on the stock in
addition to the regular quarterly $3 per share both payable Nov. 15 to
holders of record Oct. 15. A like amount was paid in Aug.—V. 105, p. 502.
Great Lakes Transit
Oil
25 additional tank cars to take
incorporated Sept. 2 1916 in Del. and consolidated oil
"
Distillers Securities Corp.—Favorable Verdict.—
This company's subsidiary, the American Spirits Mfg. Co., has been
awarded
San Francisco.—Combined
Earnings for Year ending June 30 1917.-
Balance
in course of construction, and its completion, free
guaranteed to the bond¬
and clear of all mechanics' liens, is unconditionally
holders of S. W. Straus & Co.
See Dallas
a
recent meeting announced that the dissolution of the
had been accomplished, and that there is now but one
namely the General Motors Corp,—V. 105, p. 1312, 812.
Directors after
company,
days' notice.
The building
.
Dissolved.—
General Motors Co.
Gila Copper
Sinking Fund gold
called for payment Nov. 1
and int. at Title Guarantee & Trust Co., N. Y.—V.105.P.1312,1212.
hundred
bonds of 1906 ($963,000 outstanding) have been
2643.
Corp.—Old Co.
— _
ContinentarZinc Go.^-Capital DistribuMon.—
See plan, V. 105, p. 1212.
Federal
The bonds
—
Westinghouse Elec. & Mfg. Co. below.—V. 105, p. 1212, 718.
Connecticut Light & Power
E.
been
(Wash.) Gas Co.—New Co. In Possession.—
See Puget Sound Gas Co. below.
.
Claflin's, Inc., N. Y.—Sale of Plant.—
Coast Valleys
—
105, p. 392, 292.
Income.
$146,093 in 1916.—V. 104,
•
5% was paid Sept. 30 on the $400,000 stock to holders of
This is the first distribution since 1915—V. 103, p. 581.
Sept. 20.
See Milliken Bros., Inc., below.—V.
Citizens Gas Co. of Indianapolis.—Earnings.—
6 Mos.end.
Gross
June 30.
Earnings.
distillation
Dominion Park Co., Ltd., Montreal.—Divs. Resumed.—
_
Chino Copper
used by the American Spirits Co. in the
addition^ to the
110%.
R.
corn
spirits and alcohol.
The latter company charged in the suit that in
corn germs, a certain kind of starch had been for many
years utilized for the benefit of the oil company in the manufacture of oil
cake.
—V. 105, p. 719.
-
The shipments for week ended Sept. 29
or
1423
Corp.—Freight Service Discontinued.
dispatch from Milwaukee says that part of this company's fleet
taken over by the Government, It would cease accept¬
ing freight on Oct. 2.—V. 104, p. 167.
A press
of ships having been
Great Northern Iron Ore Properties.—Hill
this issue.—V. 105, p. 184.
See Editorial columns in
Holdings.—
THE
1424
Hoover Steel Ball
Metropolitan Edison Co.—Subsidiary Company
Co., Ann Arbor, Mich.—Stock—Divs.
no
preferred stock), report as follows the dividends paid by this com¬
organized Mar. 1 1913 to manufacture ball bearings of
pany, which was
various sizes:
1914
Dividends—
1917
(to Oct. 1) 45%
1916
60%
1915
9%
42%
100%
130%
paid during 1913, as there was a very small paid-in
capital account, the company practically paying for plants out of the first
year's earnings.
See offering V. 104. p. 1902, 2015.
Cash..
Stock
....
No dividends were
Control.'
Utilities Co. below.—V. 105, p. 1313, 1214.
See Pennsylvania
McWilliam, who are recommending this company's stock, of
which there is $1,800,000 authorized and $1,219,580 outstanding (no bonds
Holt &
and
[Vol. 1(L_
CHRONICLE
Miami Copper
Co.-—Copper Production {in lbs.)—Divs.—
Decrease.
38,645,998
6.584,387
been declared on the
In August last an
extra of $1 per share was declared along with the regular $1 50.
And in
connection with the omission of the extra dividend at this time Vi -e-Pres.
J. Park Channing is quoted as saying: "On account of the strike which we
had during August and September we thought it only fair to omit the
1917—9 Months—1916
Decrease.]
1917—September—1916
1,900,000
4,381,367
2,481,367(32,061,611
A regular quarterly dividend of $1 50 per share has
stock payable Nov. 15 to holders of record Nov. 1.
extra dividend."
Hudson Telephone Co., Jersey
City, N. J.—Sale.
company's property is advertised to be sold at public auction at
Jersey City, N. J., on Oct. 19 1917, subject to the lien, so far as it extends,
of a certain mortgage dated Dec. 1 1896, and given tq the State Trust Co.,
trustee, to secure tne issue of $300,000 First Mtge. bonds ($200,000 of
which are now outstanding).
Incorp. in N. J. in 1884.
Stock increased
from $6,000 to $300,000 in Feb. 1896.
Thomas F. Tumulty, receiver.—
V. 69, p. 1150.
This
Dividend.—
An extra dividend of 2% has been declared on the $5,000,000 stock in
addition to the regular quarterly 4% both payable Nov. 15 to holders of
record Oct. 23.
Previous dividends in 1917 were Feb. 4% regular and 2%
extra: May and Aug. 4% each.—V. 104, p. 1148.
-y
.
Co.—Note Offering.—A. B.
Leach & Co. are offering privately at a price said to be 99
and int. this company's new issue of $1,000,000 First Lien
Collateral 7% gold notes dated Sept. 1 1917 due Sept. 1
1920.
An exchange journal reports:
Oil
&
Transport
These notes are part of an authorized issue of $3,000,000, secured by
deposit of $5,000,000 of the company's 10-yr. 6% debentures, the inden¬
ture securing which prohibits the company from mortgaging, pledging or
otherwise disposing of the stocks of its subsidiary companies, except as
security for these notes.
Funds provided are for construction of a pipe
line from the Tepetate oil district to the Gulf of Mexico, construction of
loading station, tanks, &c., to take care of oil from the company's 70,000bbl. well on the Tepetate hacienda.
The company has beside the two note Issues a capital stock of $30,000,000, $22,500,000 of which is issued.
It owns or controls the Capuchinas
Oil Co., Esfuerzo Tampiqueno, 8. A., Compania Petrolera Nayari, 8. A.,
Compania Metropolitana De Oleoductos, S. A., and Compania Mexlcana
de Petroleo La Libertad, 8. A., all with holdings in Mexico; the Antilllan
Corp., operating in Cuba, and the Colombia Petroleum Syndicate, Ltd.,
with concession in Colombia, South America.
(See last week's item on
Metropolitan Petroleum Corp. through which company the Island Co.
controls certain oil properties.)—V. 105, p. 1313.
Jersey City Water Supply Co .—Cannot Reopen Suit.—
"Engineering News Record" of Sept. 20 says:
The
Jersey City has no legal grounds for an application to reopen
and the Court of Errors and
suit in which the Court of Chancery
held that the hypochlorite plant at
the law¬
Appeals
Boonton, N. J., fulfilled the contract
of the company to furnish pure and wholesome water, says Marshall A.
Von Winkle, special counsel, in an opinion submitt&d to ,the Jersey City
Commission.
Mr. Von Winkle holds that newly discovered evidence, in
existence when the case was tried, would be necessary to reopen the case,
and that none such exists., Even though the Court of Chancery did make,
a mistake in Its decision, which was confirmed by the Court or Error* and
Appeals, says Mr. Von Winkle, there is now no relief.—V. 93. p. 1107
Kathodian
Bronze
World" Sept. 29
Works.—Status.—The
"Financial
published the following:
effort this week to sell 100
the curb market was $1 per
A holder of Kathodian Bronze stock made an
shares of stock and all he could secure for it on
share, according to the official quotation.
Once the stock sold as high as
$60 a share and over, but that was in the days when the curb brokers
wildly speculated in the stock, believing that the stories they heard about
exceptionally profitable, contracts for the manufacture of cartridges meant
that the company had real orders.
However, they turned out to be simply
tentative bids for such work which did not materialize.
On a lesser scale
speculators were hit as badly by Kathodian Bronze as by Submarine Boat..
Looking back upon the rapid rise and equally fast descent "of Kathodian
Bronze, the lesson is again impressed upon investors that it is dangerous
to be credulous.—V.. 104, p. 2556.
i
Kerr Lake Mining Co. of New
Aug. 31
Expenses,
Years—
Income. Taxes, cfee;
1916-17-..,-.$666,441
$21,175
1915-16
672,479
20,405
-
-.
.
Total
Balance,
Sur. or Def.
'
(23%)$690,000
def.$44,734
(20%) 600,000
sur.
52,074
Surplus.
a$7,759
67,493
Kerr Lake Mining Co., Ltd. (Operating Co.).
Total Inc.
Exp.,Dep.,&c.
Divs.
Surplus.
Tot. Surp.
1916-17
$1,909,465
$565,990
$672,000
$677,475
$1,711,045
1915-16
1,286,209
472.508
666,000
141,701
1,033,569
a After deducting $15,000 amount written off.
The capital stock of the
operating co. consists of 400 shares of par value ($40,000) and the holding
co. of 600,000 shares of $5 each ($3,000,000):—V. 104, p. 2556.
Lake Superior Corporation.—New Director.—
The directorate has been increased to 12 members with the addition of
R. Home Smith of Toronto.—V. 105, p. 1313, 994.
Lehigh Valley Coal Sales Co —Dividend—
A
dividend of 4%
has been declared
on
Linde Air Products Co.—Amalgamation.—
See Union Carbide & Carbon
Corp. below.—-V. 105, p. 914.
Lindsay Light Co.—Extra Dividend.—
.
An extra dividend of 17 % has been declared on the common stock, in
addition to the regular quarterly 3 % on the common stock and 1%% on
the preferred stock, all payable Nov. 30 to holders of record Nov.' 1.
.A
like amount
was
paid in August last.—V. 105,
Long Bell Lumber Co.,
Kansas
p.
dissolution of this corporation have been con¬
completion by the Downey
corporation
the corpora¬
tion, will extend over a period of between 12 and 18 months.
After pro¬
viding for all the outstanding indebtedness and obligations of the corpora¬
tion, the directors have determined to make a first distribution on or after
Oct. 25 to the pref. shareholders of record Oct. 20 amounting,to $10 per
share.
Such distribution to be made at the Farmers' Loan & Trust Co:,
22 William St.. N. Y. City.—V. 105, p. 502, 288.
•
.
A ■,
The
proceedings for the
The directors anticipate that the
Milwaukee & Chicago Breweries
Mo.—Called.—
Missouri Plate
Mining Co. above.—V. 105, p. 1214, 1109.
Glass
Co.
This company, all of whose stock is owned by the Associated Dry Goods
a certificate with:.the Secretary of State increasing its capital
Treasurer Louis Stewart Jr. is quoted
as saying that this does not mean an
expansion of business, but is merely
a
bookkeeping matter."
Co., St.
bonus of
block of this company's 7% Cumu¬
20% in common stock, a
preferred stock.
Tax free in Mo. Pref. stock $2,000,000, common, $3,500,000.
An adv. says:
lative
The
preferred stock is redeemable at $11 per share.
Sinking Fund pro¬
ft. on all glass manufactured and sold.
The com¬
operates (at Valley Park, Mo.) the second largest indepen¬
vided at 5 cents per sq.
pany owns and
dent plate glass
plant in the U. S.; also 200 comfortable homes
An extra dividend of
iy2% has been declared on the common stock in
addition to the regular quarterly 2H
%, both payable Oct. 18 to holders of
record Oct. 3.
In April last the dividend was increased from 2% to2%
quarterly.—V. 104, p. 2456.
Marlin-Rockwell Corporation— Notes Called.—
Two hundred and twelve ($212,000) 2-year conv. 6% notes of the Marlin
Arms Corp. (old name) (outstanding $1,500,000) have been called for pay¬
ment Nov. 7 at 105 & int. at Bankers Tr. Co.. N. Y.—V.105,p.ll08, 1002.
plate glass.
At full operation of present equipment earnings are esti¬
preferred dividend requirements.
Introduction of newcapital will inbrease present possible output, provide new equipment and
bring plant to greatest capacity.
Contracts accepted require the entire
output of the plant for more than seven months at present rate of produc¬
tion; and the company has declined more orders than could be filled within
two years.
Compare V. 105. p. 503.
]
of
mated at five times
Monongalia Coal Lands Co.—Exchange—Sale to Davis
in circular dated at
Coal & Coke Co.—V.-Prds. M. D. Kirk
Baltimore Oct.
1,
says
in substance:
Transp. Co.—Bonds Called.—
the sale of steamers.
393.
The
;
a
on
Monongalia Coal Lands Co. will accordingly receive one share of stocii of
the Davis Coal & Coke Co. for each three shares of stock of the Monongalia
Coal Lands Co• upon surrender
•the Equitable Trust Co. of New
of the same for cancelation to the trustee,
York, 37 Wall St., N. Y, City.
(The out¬
standing stock of the Davis Coal & Ccke Co, was at last accounts
000.].
See that co.
,
Co., Inc.—Amalgamation Proposed—
Carbon
National
$3,960,-
y. 105, p. 719.—V. 105, p. 393.
Exchange of Common Stock, jltresident James Parmelee in
circular dated at Cleveland, 0., Oct. 1 1917, announces that
the directors have decided to accept and transmit to the stock¬
on behalf of the proposed Union Car¬
Corp. (see that company below) to exchange^
shares of its capital stock for the common capital stock of
National Carbon Co,, Inc., share for share.
The circular
further says in substance:
' •
an
offer made
bide & Carbon
Please send
your
common stock certificates, properly endorsed, as
promptly as possible to Bonbright & Co., Inc., 25 Nassau St., N. Y. City.
Stock will be received for exchange up to the close of business on Oct. 31
1917.
The deposit of stock will not affect the payment of the usual divi¬
dend payable on Nov. 1 1917.
Nothing is being done to interfere with the
preferred stock ojf the National Carbon Co. and the unification of strong
varied interests will strengthen it.—V, 105, p. 1314, 914.
Electric
Nevada-California
Corp.—Payment of all Ac¬
cumulated-Dividends.—A dividend of $1 50 per share has been
preferred stock, payable Oct, 30
Sept. 30 1917, covering the
accumulated dividend on the preferred stock toDet. 1 1917.
Compare map, etc., in "Railway & Industrial Section."
-V. 105, p. 1314, 1202.1
on
the outstanding
holders of record at noon,
to
Nevada Consolidated Copper Co.—Production
Decrease.J
1917—8 mos.—1916.
1,248,030
53,362,998
59.573,099
1917—Aug.—1916.
6,439,984
7,688,014
—V. 105, p. 914, 720.
'
.
{in Lbs.).
Decrease.
6,210,101
•
New England Cotton
Yarn Co.—New Companies.—■
A press dispatch from New Bedford, Mass., on Oct. 3 reports the in¬
corporation of the following companies to take over the remaining plants
of this company, viz.:
Nobska Spinning Co, of Taunton, $100,000 7%
cum.
pref. and $240,000 common stock; the Cohannet Co. of Taunton;
of Fall River and the Sanford Spinning Co. of Fall
7% cum. pref. and,$500,000 common stock.
Globe Yarn Co.
River, all with $500,000
—V. 105, p. 914.
Ohio
been
company
still operates
Cities
Gas
" '
.
,
Co.—Production.—The following has
officially revised and corrected:
new
wells in the Cabin Creek field of this company
in West Vir¬
ginia were recently brought in with an initial daily flow Of 430 bbls. and 200
bbls., respectively.
The Cabin Creek field, which the Ohio Cities Gas Co.
practically monopolizes, produces oil of such a bigh grade that it sells at a
premium over Pennsylvania crude, now quoted at $3 50 a barrel.
The
company will use this production at its new refinery in the Cabin Creek
field, with a capacity of 2,500 bbls. a day, thus adding approximately $2 50
a barrel profit over the crude price.—V. 105, p. 824, 294.
Onomea
Sugar Co.—Extra Dividend.—
An extra dividend of 60 cents
Oct. 20.
syndicate headed by the Mercantile Trust & Deposit Co., Baltimore (see
V. 102, p. 613).
Approximately $2,000,000 have thus far been retired,
leaving about $1,600,000 now outstanding.
The bonds will be retired out
from
;
t
meeting of the stockholders of the Monongalia Coal Lands Co.,
July 16 1917, the sale of the property and assets to the Davis Coal
& Coke Co. for $1,500,000 of the stock of that company was authorized
and directed.
This sale has been completed, and each stockholder of the
At
held
(3%) per share has been declared on the
(2%) per share payable
in addition to the regular
stock in addition to the regular monthly 40 cents
This company has called for payment on Jan. 1 next, at 103>3 and int.,
all the outstanding 25-year 1st M. sinking fund 6% gold bonds, due Jan. 1
1941.
The original Issue of $3,600,000 was placed in Feb. 1916 by a
of proceeds
for workmen;
the city water works; modern Valley Park Hotel and an inexhaustible supply
Of hierh-grade silica sand—the most important ingredient in the manufacture
The two
Maple Leaf Milling Co.—Extra Dividend.—
vessels.—V. 105. p.
Mo.).—Offer¬
(Valley Park,
ing of Pref. Stock.—The F. J. Stuart Investment
Louis, Mo., is offering at $10 per-share, with a
the
Co.-—Stock, Increase.—
stock from $100,000 to $4,100,000.
& Miners'
the stock payable
North American Co.—Litigation.
Minerals Separation
See Butte & Superior
Co., has filed
Merchants'
Co.—Dividend.—
A dividend of 3% less income tax has been declared on
15 to holders of record Oct. 1.—-V. 102, p. 1064.
Oct.
75.
City,
Seventy ($70,000) First and Ref. Mtge. 6% gold bonds, Series "A,"
dated May 1 1907, have been called for payment Nov. 1 at 101 Yt and int.
at Central Trust Co, of Illinois, Chicago.—V. 97, p. 54.
(James) McCreery &
,
Shipbuilding Corp. of all the uncompleted contracts of the
under the agreement and the liquidation of the other assets of
declared
j
13 to
comparing
the stock payable Oct.
holders of record Oct. 4,
A like amount was paid in July last
with 2^% quarterly since Oct. 1912.—V. 104, p. 2557.
-
(Inc.,N. Y.)—Initial Distribution of
$10 to Shareholders under Dissolution Plan.—Secretary C. T.
Clark, 111 Broadway, N. Y., announces in substance:.
holders
York.—Earnings.—
Dividends
Paid.
Total
lbs. and the September
Milliken Brothers
summated.
Indiana Pipe Line Co.—Extra
Island
The August copper production was about 250,000
production 1,900,000 lbs.—V. 105, p. 1214, 1109.
16
In July last an extra of 3% was paid
quarterly 2%.—V. 105, p. 185.
Palmolive Co. (Soap Mfrs.), Milwaukee, Wis.—Stock
Offering.—A syndicate composed of Edgar, Rieker & Co.,
and Morris F. Fox. & Co.,, Milwaukee, and Bosworth,
ChanUte & Cp., Denver, Colo., is offering at 973^2 and divs.
Oct. 6
to
yield 7.18%, this company's issue of 7% Cumulative pref.
A circular shows:
(a. & d.) stock par $100.
stock fs redeemable all or part upon 30 days' notice on any
Divs. Q-J.
No mortgage without consent of
Net quick assets to be maintained equal to pref.
outstanding.
A sinking fund of $2,500 plus 5 % of the maximum pref. stock
at any time issued, together with an amount equal to all dividends paid upon
common stock in excess of 12% during the calendar year then ending, must
be credited annually out of earnings beginning on Dec. 31 1918, to a special
surplus account for the retirement of pref. stock by purchase at 105 and
divs. or less, or called by lot at 105.
Upon a default for 30 days as to two consecutive divs., or for 60 days as
to sinking fund or net quick assets requirement, the pref. stock may elect a
majority of directors.
The pref.
div. date at 105 and divs.
75 % of pref. outstandng.
1917.
Purpose of Issue.—This new issue of pref. stock will provide cash to pay
for the hew Toronto plant, additional working capital to take care of our
rapid growth, and also provide for the retirement through exchange of an
,
from
Pres.
Caleb
E.
Johnson: Milwaukee, Sept. 21
pref. stock.
Organization.—Originally started in Milwaukee in 1864 as a partnership
and was incorporated in Wis. Dec. 31 1894, as the B. J. Johnson Soap Co.
Recently the name was changed to The Palmolive Co.
The principal pro¬
ducts are Palmolive soap, cold cream, shaving soap, washing powder, talcum
powder, galvanic laundry soap-, &c.
Properties.—The main plant is at Milwaukee, Wis.
Also owns all of the
capital stock of the Palmolive Co. of Canada, Ltd., with plant at Toronto.
The principal buildings in Milwaukee are six stories high, and the floor area
is over 229,000 sq. ft., protected by sprinkler system.
A reinforced con¬
crete warehouse contains 16 tanks for the storage of olive oil, cocoanut oil,
palm oil, cotton seed oil, &c.; total capacity over 2,500,000 pounds.
The
company employs about 450 in the Milwaukee plant and 55 at Toronto.
The new plant at Toronto is expected to be occupied in Dec. 1917 and the
company will th. n dispose of the present plant in Toronto.
existing issue of $375,161 of
Capitalization—
•
Preferred stock
The result will be. that you will own the
Plymouth Cordage Co., Boston.—Financial Statement.—
July 31 Years—
Gross sales
Available for Dividends, Including Palmolive Co. of Can.,
After all Expenses, Taxes, Interest, Depreciation, &c.:
Net Earnings
1917.
Assets—
After
350,6881Six
j
amounted to $2,634,700.
S
s
Capital stock
4,000 000
4,000,00#
Mdse.& supplies. 8,014,938
Impt.&depr.res. 1,000 000
180,811
1,724,040
5,269,694
537,729
receivable, &c_
Liberty bonds
8,105,811
4,345,997
Unexpired insur.
168,359
Cash—
$656,442..
finished goods,
$786,451
supplies, glycerine, &c. at cost—
—
*,
Miscellaneous
investments, $7,640; unpaid subscriptions to
Capital stock, $100,562..
Prepaid taxes, $30,000; advertising stock, unexpired insurance,
prepaid interest, discount on stock, &c., $135,088
■-—
Land, buildings, machinery, equipment, &c., reproductive value
as appraised at July 1
1916, $1,061,673; additions since (at
cost)
including estimated additional outlay on Canadian
plant, $264,784; deduct—depreciation reserve, $99,403.—
Liabilities—
'
1,246,117
.
1,227,051
,
$591,200; less—proportion of proceeds from sale
Notes payable,
stock to be applied in reduction of loans, $430,000...
payable, $253,344; due officers & employees, $102,319...'
Accrued taxes, $224,752; reserve for redemption of premium
161,200
358,663
$10,000; miscellaneous liabilities, $17,947.
...
7% Cumulative Pref. stock, auth. $1,000,000; Issued
Common stock auth. $2,000,000; issued $1,565,671: sub-scribed,
but unissued (including stock dividends applicable thereto)
1,562 shares, $156,200; total........
-
252,700
975,161
of pref.
Accts.
coupons,
Balance, surplus..
1.721,871
63,315
.....
Pennsylvania Salt Mfg. Co., Phila.—Earnings—Div.—
June 30
Total
Int. on
Deprecia- Exc. Prof.
Divs.
Balance
Years.
Income.
Notes.
lion.
&c.-, Taxes.
(8%)
Surplus.
1916-17.S2.533,447
$33,333
$447,957, $150,000
$600,000 $1,302,157
1915-16. 2,807,546
75,892
200,000
,600.000 ,1,931,654
A quarterly dividend of 2\4% has been declared on the stock, payable
Oct. 15 to holders of record Sept, 29.
A like amount was paid in July
comparing with 2% quarterly since Jan. 1915.-—V. 104, p. 2313
Pennsylvania Utilities Co.—Change in Control.—
We
the Metropolitan
particulars in V. 105, p: 1214, 1313) the common stock
controlled by that company, although the pref.
ownership remains as heretofore with the General Gas & Electric Co.
105, p. 613:
:
are
advised that as a result of the formation of
Edison Co. (see full
of Pa. Utilities Co. is now
stock
—V.
...
Acer.int.&taxes_
Notes
and
43,860
27,884
6,893,342
#,7®2,lt4
accts.
payable
Deprec. of plant.
100,000
78,998
Surplus—
656,751
2,611,61#
.11,868,894
Total
-,.24.462,848
12.522,418
Total...
24,462.848
12,522,418
The company has increased its dividend from 8% to 12% per annum,
having declared a regular quarterly dividend of 3%, payable Ool. 2$ fc#
holders of record Oct. 1.—Compare V. 105, p. 1314, 825.
Plymouth Rubber Co.—New Officers, etc.—
Following the change in control of the common stock, the new officers
are:
James J. Clifford, President; Chas. "W. McDermoH, VicePres.t and J. E. Stone, Treas.
The foregoing and A. Sydeman, J. O.
Haartz, W. G. Thomas and Marshal Cutting have been elected directors.
The company is said to have done a gross business '"of some $3,000,00#
last year."—V. 98, p. 1772.
>
elected
Premier Motor Corp.,
Ind.—Government Order.—
A press dispatch from Indianapolis, Ind., on Oct. 1 says that this «ovporation has obtained a $15,000,000 contract to build motor trucks for *h«
U. S. Government, work to begin within 30 days if proper tools and
machinery can be obtained.—V. 103, p. 2160.
/
Prest-O-Lite Co.,
Inc.—Exchange of Stock.—
The directors recommend that the stockholders
deposit their stock with
the Central Trust Co., N. Y.,
on or before Oct. 31 in exchange for th«
shares of the new Union Carbide & Carbon Corp. (which see below), oh a
basis of 2 shares of the latter stock for each share of Prest-O-Lite Co,
The deposit of stock will not effect
Oct. 31 1917—V. 105, p. 915.
,
the payment of the usual dividend
on
Procter &
Gamble Co.—Suit Dismissed.—
Judge Hand of the U. S. District Court at New York has dismissed that
company's suit against the Berlin Mills Co., in which the complainant com¬
pany alleged infringement of its patent, the manufacture of a food product
known as "Crisco"., consisting principally of cottonseed oil and used as a
lard substitute.
Judge Hand ruled that the patent is void for lack of in¬
vention.—V. 105, p. 1215. 825.
Puget Sound Gas Company.—Successor Co*
This company is the successor of the Everett (Wash.) Gas Co., th#
E verett company having passed out of a friendly receivership about Sept. 1.
H. M. Byllesby & Co. will continue to operate the property.
108,202
165,088
—
Notes & accounts
(Total each side $3,532,909.)
Cash, $130,OOO; accounts and notes receivable,
Inventories of raw materials, work in progress,
191#.
1917.
Liabilities—
$
mos.
1902
423,000
1914
2,250,700
For the first six months of the current year sales
1916.
2,290,000
deducting reserve of $110,000 for
Consolidated Statement as of June 30 1917.
1913-14. •,
$11,300,00$
1914-15.
$11,027,521
JULY 31.
$
1914———$245,411 ICalendar Year 1916--.....$358,918
...
1915-16.
$11,300,000
SHEET
6,349,700
Real est.&mach.
Ltd.,
ending June 30 ,17.*274,028
estimated excess profits tax.
Statement of Annual Sales (1917 Full Year Estimated).
Year.
Sales,
Year.
Sales.
Year.
Sales.
1887
—$105,000
1907
$801,000
1915
.$2,953,300
1892
171,000
1912
1,535,900
1916
4,108,500
1897-.....- 288,000
1913.—...1,771,500
1917 (est.). 5,250,000
*
1916-17.
_$22,000,000
BALANCE
payable and current bank accommodations and the latter will be largely
liquidated through the funds received by the sale of pref. stock, the auth.
amount of which we have just increased from $400,000 to $1,000,000. *
Calendar Year 1913
number of shares of * Hkm
as you now own shares #f
(of N. J.).
All expense incurred in carrying out the plan will be borne by the com¬
panies respectively, including any taxes that may be imposed on anr
transaction incident to the proceeding.—V. 105, p. 1314.
To Be Outstanding.
$1,000,000
Authorized.
$1,C00,000
balance sheet)
2,000,000
1,721,800
We have had various amounts of pref. stock outstanding since 1897 and
the company has never passed a dividend on its pref. stock.
The company
has no funded debt or obligations of any kind other than current accounts
Common stock (see
Calendar Year
same
vable °f The Phila. Elec. Co. (of Penn.)
Phila. Elec. Co.
.
.
Data
1425
CHRONICLE
THE
1917.]
Ray Consolidated Copper Co .—Production {in Lbs,).—
1917—August—1916.
7,749,509
6,597,032
—V. 105, p. 915, 721.
Increase. I 1917—8 Mos.—1916.
1,152,477 62,842.798
49,012,870
Increase.
13,829,928
Rio Grande Light, Heat & Power Co.—Offering of
$1,000,000 Pref. Stock—Caraher & Co., Inc., N. Y. and
Phila., are offering at $285 each, blocks of stock of this new
company,
each block consisting of $300 7% Cumulative pref.
(a. & d.) stock and $100 common stock issued on account of
the new hydroelectric development at White Rock Canyon,
Sandoval
County, New Mexico.
Capitalization.
7% C.iimv pref. stock
A circular shows:
Par, Both Classes $100.
$1,000,000]Common stock.-..
$2,000,000
Phila., Sept. 20 1917.
Organization.—Organized in New Mexico to acquire, construct and
operate hydroelectric developments; the company has acquired necessary
Digest of Letter of Pres. Charles Q. Wilfong,
develop hydroelectric power
White Rock Canyon, about 20 miles
Albuquerque.
real estate and water rights and franchises to
on
the Rio Grande, at the mouth of
west of Santa
Fe and 45 miles north of
Territory.—rAlbuquerque, N. M., which will be supplied, is the largest
city in the State, having a population of upwards of 50,000 directly con¬
tiguous.
The city of Santa Fe will also be supplied and in addition the
growing cities of Las Vegas and Belen.
The Atchinson Topeka & Santa
Fe RR. with shops at Albuquerque and Belen will be supplied with illumi¬
nation and power.
The University of New Mexico* at Alb iquerque, has
already contracted for service for pump irrigation upwards of 60,000 acres.
The company will supply among others the Senorito Mine and the Sandoval
Consolidated Mines, the Sante Fe Dredging Co., and EI Oro Dredging Co.,
in the San Pedro gold district.
_
Philadelphia Electric Co. (of N, J.).—Plan for Exchange
of Stock $ for $ for Stock Phila. Electric Co. (of Penn.).—
Regarding the meeting to be held Oct. 17 to authorize an
exchange of the capital stock for a like amount of stock of
the Phila. Electric Co-, (of Penn.), Pres. Jos. B. McCall in
a circular dated Sept. 25 says in subst.:
As stated at the annual
meeting on April 11
1917,
our
plan called for
corporate organization of your company covering the
plants, systems and franchises of ail the electric light
companies originally operating in the City of Philadelphia to The Phila.
Electric Co. (of Penn.); the retirement of the trust certificates secured by
the stocks of the district companies; and provision for financial require¬
ments of the system by the authorization of an issue of $60,000,000 of 5%
bonds, of which bonds $35,335,000 have been issued.
[V. 103, p. 326,
1416; V. 104, p. 261, 565, 2113; V. 105, p. 294.]
In our judgment the time has arrived for the final exchange of your
stock in the £1. J. company for the stock of your Penn- company, in order
to complete the plan of unification and reorganization.
This final action
will eliminate the operation of these properties through the medium of a
holding company, involving as it does, a complicated system of account¬
ing/considerable duplication of taxes and much unnecessary expense, which
is becoming increasingly cumbersome and burdensome.
Philadelphia Electric Co., whose stock you own, Ls a holding company
organized under the laws of New Jersey.
There are now issued and out¬
standing 999,510 full paid shares of stock of the par value of $25 each,
aggregating $24,987,750.
Its property includes all the shares of stock of:
The Philadelphia Electric Co. (of Penn.)
Delaware County Electric Co.
Beacon Light Co. of Chester, Penn.
Bala & Merion Electric Co. ,
The Cheltenham Electric Light, Heat & Power Cot
and other shares of stock of subsidiary companies no longer engaged in
business or about to be dissolved.
The authorized capital stock of The Philadelphia Electric Co. (of Penn.) Ls
$50,000,000.
There are now issued and outstanding 999.510 full paid
shares of stock of the par value of $25 each, aggregating $24,987,750.
All
these shares are owned by Phila. Elec. Co. (of N. J.) (V. 104, p. 868.)
simplifying
the
transfer of all
the
Plan Now to Go Into
Effect.
1. To close the accounts and pay the debts of Phila. Elec. Co. (of N. J.).
2. To transfer to The Philadelphia Electric Co. (of Penn.), subject to
the approval of the P. S. Commission of Penn., all shares of stock of other
companies, and to transfer also
to the Penn. Corp. whatever miscel¬
laneous assets then remain, leaving in the treasury of Philadelphia Electric
Co. (of N.J.) only the shares of stock of The Phila. Elec. Co. (of Penn.).
3. To dissolve Phila. Elec. Co. (of N. J.) under the New Jersey statutes.
4. To effect an exchange by the stockholders of Phila. Elec. Co. (of N.J.)
of their shares of stock for an equal number of shares of stock of The Phila.
Elec. Co. (of Perm.) of like par value. ^
„
Property.—A reinforced concrete dam and power house will be constructed.
140 ft., thus storing about 25
The power station will contain five turbines of 5,000 h. p.
volts and stepped up to
66,000 volts by transformers.
' :
The company will have in operation
150 miles of transmission linos.
This development will have a total capacity of 25.000 h. p. with an annual
output of about 100,000.000 k.w. hrs.
Contracts and commitments for
power and light from consumers call for upwards of 34,000,000 k.w
hrs.
yearly. Contracts now held coyer rates varying from 1
to 3c, per k.w. hr.
Earnings.—Estimated operating rasults are expected on the basis of the
estimated income from full operation.
Gross income from fiuli operation
(100,000,000 k.w. hrs, at average lc. rate), $1,000,000; net, a/ter operating
expenses, $950,000.
/
Officers and Directors.—Charles G. Wilfong, Pres., Phila/; Augustus WJ
Dotterrer,
Vice-Pres., Director Fairmount Savings Trust Co.. Phila.;
Daniel L. Evans, Esq., Seoy & Treas,, Counsellor-at-I/aw, Phila. and
Pottstown, Pa.; Joseph A. Buckwalter, M. D., Treas. Iyuckwalter Stove
Co., Royersford, Par, Elwood Rhoades, Phila.,Director Pni>la., Norristown
& Germantown RR.; 8. S. B. Campbell. Lancaster, Pa/, Capitalist; Hon.
William H. Musser, Ilarrlsburg, Pa.; Hon. J. H. Vaughn. City Treas. of
Santa Fe: Harry J. Bahr, Pottstown, Pa.; C. A. G. Hiliberg, N. Y., Chief
Engineer).
~
'
/
(K. E, Van Kuren, District Manager of the Westinghouse EJlectric &
Mfg. Co. of Texas, reports favorably on the need'for a development of this
kind in this particular field.)
The dam will
billion
each.
raise the present water level
gallons.
Electrical energy will be generated at 6,600
■
Scranton
Electrizeo.-^ThreeSFear
Notes
Sold.—The
offering of this company's Tn>ce=Year notes referred to in
last week's issue Vas made jointly by Edward B. Smith &
Co. and Harper^ Turner, Phila., at a subscription price of
97M and int. to net over 7%.
The notes have ail been sold.
See offering V. 105, p. 1315, 825.
Sears, Roebuck & Co.—Sales.—
1917—September—1916
Increase. I 1917—9 Months—1916
Increase
$11,231,442 $9,716,339 $1,515.103!$119,155,827 $94,706,203 $24,449,624
—V. 105, p. 1004, 503.
*
Shawinigan Water & Power Co.—Stock Increase.—
The shareholders will vote
Oct. 31 on authorizing
an
increase in the out¬
standing capital stock from $15,000,000 to $20,000,000, the total authorized
amount,
it is understood that none of new stock will be issued at present.
Pres. J. E. Aldred was quoted on Sept. 26 as saying that before the end
of the year
18,000 h.p. of new business would go into effect on the system,
This amount is in addition to the
load so far this year.—V. 105, p. 185.
15.000 h.p. at Shawinigan Falls alone.
6,000 h.p. connected up us new
THE
1426
Sierra & San Francisco Power
Co.—Report.—
See California Ry. & Power Co. under "Annual
page.—V. 105,
p.
CHRONICLE
1110, 1004.
Reports"
on a
preceding!
^
.
'
Spanish River Pulp & Paper Mills, Ltd., Toronto,—
Status as to Interest Payments-—Maturing Instalments Fully
Paid Since Funding of 1915-16.—In reply to an inquiry J. G.
Gibson, Asst. Sec.,
says
in substance:
The postponed Interest Is represented
(a) in case of Spanish Co. and
and
July in the years 1915 and 1916. (b) In the case of Lake Superior Paper
Co. by those due Sept. 1914, and March and Sept. 1915 and March 1916.
In connection with the. Spanish Second Mortgage Notes, these were
practically canceled, and in exchange therefor the holders received what
are now described as "A-Debentures,"
representing the principal of the
old notes, maturing March 1 1924, and bearing interest from March 1
1916,
Then a promissory pote was issued in lieu of all accrued interest on
the old second Mortgage Notes.
These promissory notes are payable
June 1 1922, Without interest.
i
No further interest has been postponed since the above arrangements
were made, and all interest on all of the bonds- and debentures of the com¬
panies since the above dates has been paid.
The time for the payment of the postponed interest, I may state that
the time for this in the case of the Spanish River and Ontario Pulp first
mortgage bonds is Oct. 1 1922.
In case of the Lake Superior Paper Co.'s
first mortgage bonds the time is June 1 1922.
The sinking fund provisions with respect to the Spanish River first
mortgage bonds were postponed for five years from the year 1914.
In
the case of the Lake Superior Paper first mortgage bonds the sinking fund
provisions were postponed for five years from 1915, and in the case of the
Ontario Pulp & Paper Co. bonds these provisions were canceled for the
years 1915 to 1919.
See annual report in V. 105, p. 1205.
Ontario P. & P. Co. by the coupons due the first days of January
[Vol. 105.
The company reserves the right to retire any part of the pref. issue at
107H and div. on 90 days' notice, but agrees to redeem $25,000 pref. stock
annually, Jan. 1 1921-1935, incl., at $100; 1936-1940, incl., at $102.
An
annual sinking fund, beginning Jan. 1 1920, provides an amount to retire
the stock due the
year following.
No additional pref. stock may be sold
except for the purchase of new properties or for, extensions and betterments;
times the dividend requirements
on all pref. stock, incl. the new issue.
The pref. stock cannot be increased
without % consenting vote of the pref. stockholders.
No mortgage without consent or at least H of the stockholders present
at a duly called meeting.
After the pref. dividends have been paid, an
amount equal to 10% of the ne* remaining earnings must be placed annually
to surplus fund until said surplus account is equal in amount to the
pref.
stock.
No common stock dividend can be paid out of said surplus.
The
pref. stock will receive an extra dividend of 1% in any fiscal year that the
common stock dividends exceed 8%.
The pref. stock has full voting rights; if default is made in payment of
interest or redemption of the pref. stock for one
year, the entire voting
•power is to be vested in the pref. stock until default is remedied.
and then only in case the earnings are 2
Data from Letter of Pres. W. B.
The
company owns and operates,
competition, service stations and transmission lines, furnishing
either electric light, power or gas to 10,000 customers in the following cities
and towns; North Platte, Columbus. Neb.; Aberdeen, Watertown, Yank¬
ton, So. Dak.; Chariton, Lucas, Woodburn, Lacona, Russell, Osceola,
Murray, la.
Property.—The plants are modern and in excellent condition.
The company, through ownership of Stock of the companies cited above,
represents a total value in excess of $2,550,000. The aggregate of bonds
outstanding is $1,044,500.
After issuance of $500,000 of pref. stock there
still remains an
equity, in excess of $1,000,000.
Purpose of Issue.—This stock is sold to reimburse the company for hew
property investments, extensions and betterments which have been made
and
are
in course of construction.
Stanley Motor Carriage Co., Newton, Mass.—Divs.—
preferred stock on Oct. 1 to
management assumed charge
May 5, earnings, it is stated, have been seven times 1st preferred divi¬
dend requirements.—V. 105, p. 295; V. 104, p- 2348,
v
A quarterly dividend of 1*4 %".was paid on
holders of record Sept. 25.
Since the new
Struthers Furnace Co.,
Cleveland.—Bonds' Called,—
This company called for payment on Oct. 1 at Guardian
Co. of Cleveland, $75,000 of its 1st Mtge. Collateral Trust
Savings & Trust
6% bonds which
This leaves outstanding
mature April 1918. Oct. 1918 and April 1919.
$375,000 of a total of $750,000 offered by the Tillotson & Wolcott Co..
See offering in V. 93, p. 1026.
Cleveland, In Oct. 1911.
Sullivan Machinery Co., Chicago.-
-Extra Dividend.—
An extra dividend ot 1.-/0 has been declared on the stock in addition to
Au
cAua uiviucuu ui
1%
the regular quartly 1 XA%, both payable Oct. 15 to holders of record Oct. 1.
A like amount was paid in April and July last.—V. 105, p. 816.
Capitalization.
Preferred 7% cumulative (now offered)
Combined
_
Income
Statement
company's surplus in; Liberty bonds, and using them for a Christmas
See V. 105, p. 1315.
dividend to stockholders of around 25%.
S^vinehart Tire & Rubber Co.—New Directors, etc.—
Lyman H. Treadway,
Sigmund Korach and P. A. Snyder have been
elected directors.
Andrew Dis has been elected Vice-Pres. and
—V. 104, p. 1904.
a
director.
Temple Coal Co., Scranton, Pa,—rPref. Stock Retired.—
The entire outstanding issue oi 8%
was
retired.—V. 105,
p.
was
1216.
Bond skg. & impt. fund___
Ohio .—Acquisition, &c
—
The company, we learn, has acquired one-half interest In the Pitt Gas
Coal Co., Washington County, Pa., the output of which will be used to
supply the company's requirements of gas coal.
An open-hearth plant
Is now being built consisting of seven 100-ton furnaces, part of which isexpected to be in operation the latter part of November.
The blooming
mill and bar mill will not be ready, however, until some time in February.
At the present time there is $6,000,000 common and $6,000,000 pref.
itock outstanding, with no bonds.—V. 105. p. 1216, 296.
TJnion Carbide Co., N. Y.—Exchange of Stock.—President
George O. Knapp in circular of Oct. 1 announces that the new
Union Carbide & Carbon Corporation (see that caption be¬
low) will offer to stockholders of Union Carbide Co. 2^ shares
of its stock for each-share of Union Carbide stock, and that
the directors of Union Carbide Co recommend accepting same.
.
Assenting shareholders should send their stock certificates, properly
endorsed, to the Central Trust Co., 54 Wall St., N. Y. City.
Stock will be
received for
deposit and exchange up to the close of business on Oct. 311917.
Compare V. 105, p. 916, 722.
Union
Carbide
&
Carbon
Corporation.—Amalgama-
tian.—This company, it is announced, will be formed under
the laws of N. Y. with an authorized issue of 3,000,000 shares
of stock, all of one class, without nominal or par value; and
will exchange shares of its capital stock for shares of the cap¬
ital stock of Union Carbide Co. (V. 105, p. 916, 722), the
Prest-O-Lite Co., Inc. (V. 104, p. 458), and the Linde Air
Products Co. (V. 104, p. 668), and also for the common stock
of National Carbon Co., Inc. (V. 105, p. 914, 1314).
Companies and Stock Included in Plan—Terms .of Exchange.
^Existing Companies—
Stock.
Par.
For i Share.
Tot.NewShrs.
Union Carbide Co. stock_$39,607,754
$100
2H new Shrs. 990,194 shrs.
Nat. Carb. Co., Inc., com.419,2508hs. None
1
Mo
419,250 shrs.
Prest-O-L. Co., Inc., stk_100,000shs.
None 2
do
200,000 shrs.
Linde Air Prod., common $11,912,300
$100
3.H
do
See below
The outstanding stock of Linde Air Products Is owned to a considerable
extent by Union Carbide Co.; there is also $750,000 preferred stock.
1916.
44,4661
Combined Statement of Properties
Assets ($4,072.094)—
:
Plants and franchises..
Accounts receivable
Coal and merchandise
Owned and Operated
.
as
of July 31 1917.
Liabilities ($4,072,094)—
cos. owned
|
,•
$3,916,963]Stock in sub.
80,9491
by U. P. & L. Co
40,598 Surplus
6,350 Bonded debt of sub.
Miscellaneous
Cash
cos__
$2,203,500
330,025
1,044,500
12,768[Bills payable
444,735
14,4651 Accounts payable
Franchise—Rates.—Franchises
49,334
satisfactory; contain no burdensome
provisions.
Rates are fair and reasonable.
Management.—W. B. Roberts, Pres.; Willis Todd, V.-Pres.; C. T.
Kountze, Treas.; T. L. Davis, Sec.
[At our request; the bankers offering this company's stock have furnished
us with the following table of capitalization of the constituent companies
in the various communities served.]
are
Company—
Cap. Stk.
Aberdeen, (So. Dak.) Lt. & Pow. Co.______$600,000
Southern Iowa Electric Co
Bonded Debt.
[$279,500 1st M. 6s
\
.
Columbus, (Neb.) Lt., Heat & Power Co.
North Platte, (Neb.) Lt. & Power Co.
500,000
300,000
500,000
50,000
253,500
Watertown (So. Dak.)
Tide Water Oil Co .—Status, &c.—
The "Oil Trade Journal" for October publishes a five-page article setting
forth with numerous illustrations the growth and development of this com¬
pany since its incorporation in 1888.—V. 105, p. 1004. 503.
Trumbull Steel Co., Warren,
31
Dec.
Yankton (So. Dak.) Lt., Ht. & Pow. Co
Light & Pow. Co
Cum. Prei. stock ($1,200,000)
called for payment Oct. 1 at 105 and div.
The original issue of $2,000,000
was offered in July 1914 by Brown Bros. & Co. (see V. 99, p. 203).
In
May 1916, $800,000
ending
Gross earnings 12 plants. __$440,7891Applicable to pref. divs. _ .$101.916
Net, after taxes____^____. 215,319 (Preferred dividends _______
35,000
Interest charges
68,937 Bal. for res. deprec'n, &e__ $66,916
Bond sinking fund.
<
$500,000
1,000,000
__
Common stock
____________
Swift & Co., Chicago.—Dividends.—
In connection with the declaration last week of an extra dividend of 2%,
the directors, it is said, discussed the policy of investing a large part of the
Roberts, Omaha, Neb., Sept. 8 1917.
Company.—Organized in Neb.; the
without
60.000 2d M. 6s
240,000 IstM.bds
60,500 1st
1st
2d
1st
1st
150,000
40,000
38,000
183,500
M. 6s
M. 6s
M. 6s
M. 5s
M. 6s
—V. 105, p. 1216.
United Shoe
Machinery Corporation.—Merger.—
The New Jersey P.
U. Commission has approved the merger of this
and the United Shoe Machinery Corporation.
The new com¬
pany to be known as the United Shoe Machinery Corporation with a capital
of $50,000,000.—V. 105, p. 78.'
company
Utah Copper Co.- —Copper
1917—August—1916.
18,796,012
20,315,440
—V. 105, p. 916, 614.
Production (in Lbs.)—.
Decrease.1
1917—8 mos.—1916.
1,519,4281136,212,947
Westchester Fire Insurance
The shareholders will
vote
Oct.
25
Increase.
125,567,130 10,645,817
Co., N. Y,—Stock Increase
dn
a
.
proposition to increase the
capital stock from $500,000 to $1,000,000.
Westinghouse Elec. & Mfg. Co .—Sale of Meriden Ptaht.
This company's subsidiary, the New England Westtaghouse
ized for the purpose of
Co.,
organ¬
manufacturing an order of 1,800,000 rifles for the
Meriden, Conn.* to the Colt's Patent
Russian Govt., has sold its plant at
Firearms Co.
.
The Boston "News Bureau" of Oct. 3 says:
.
By the sale of its Meriden, Conn., rifle plant to the Colt's Patent Fire¬
Co., Westinghouse Electric has made an advantageous transfer of
fixed assets into liquid capital.
The transfer will give Westinghouse about
$1,000,000 cash.
The Russian rifle contract has been filled at three dif¬
ferent plants.
The main rifle producer was at Chicopee Falls,Mass.
The
Meriden plant, however, was a complete rifle maker in and of itself..
It
has been turning out about 1,000 rifles daily for the last four or five months.
arms
Present
expectation, is that productive capacity of the Chicopee Falls plant
be so increased as tp
for the decreased production due to sale of the Meriden plant.
At present Westinghouse is making 5,000 rifles daily.
The Meriden
plant represents 20% of this output.
There is every reason to believe that
this 20% can be retrieved by increased output in the Chicopee Falls and
Pittsburgh works and the company have the cash advantage of this sale.
In connection with the rifle work at Pittsburgh can
make
up
Incidentally, this sale is of interest because it shows how important are
becoming the machine-gun requirements of this country.
The Colt's
people had to have more plant facilities" and this purchase was the quickest
method of seeming them.—V. 105, p. 1319, 1216.
West Porto Rico Sugar
Co.—Stock Increase.—
We are advised that the capital stock has been increased from $3,000,000
to $15,000,000, of which $10,000,000 is 8% cum. pref.. and $5,000,000
common.—V. 105, p. 614.
.
,
Officers and Director? of the New Corporation.
Directors.—C. K. G. Billings and Nicholas F. Brady, Union Carbide Co.,
N. Y.; Charles A. Coffin, General Electric Co., N. Y.; G. W. Davison;
White Star Refining Co., Detroit.—Notes Offered.-—The
Union Trust Co., Detroit, is offering an issue of this com¬
Myron T. Herrick and Andrew Squire, Nat. Carbon Co., Cleve.; Conrad
Hubert and James Parmelee, Nat. Carbon Co., N. Y., and Washington,
D.C., respec.; Roger C.Sullivan, Chicago; F. C.Walcott, Nat. Carbon Co.,
Englewood, N. J.; George O. Knapp and James N. Wallace, Union Car¬
bide Co., N. Y., and Jesse J. Ricks.
Officers.---Myron T. Herrick, Chairman of the Board; George O. Knapp,
President; Edgar F. Price, Giles W. Mead, M. J. Carney and J. S. Crider,
Vice-Presidents; H. E. Hackenberg, Secretary, and Giles W. Mead, Treas.
pany's $125,000 gold notes dated July 1 1917, due in five
equal semi-annual instalMents commencing Jan. 11918, but
redeemable at par and int. on any interest date.
Penom.
$500, $1,000.
Union Oil Co. of Calif.—Extra Dividend.—
An extra dividend of 1% has been declared on the
addition to the rer '
~
record Oct.
$34,904,400 stock in
The company, Incorporated in Mich., conducts a general oil distributing
Earnings for period 1910-June 1 1917 show substantial increases.
business.
(F. W.) Woolworth Co.—September Sates.—
1917—Sept.—1916.
$8,246,860
$7,348,691
V. 105, p. 1110, 614.
Increase A1917—9 mos.—1916.
Increase.
$898,169 [$64,815,163 $57,777,900 $7,037,263
a
wLh 1H%
Union Power &
Light Co., Omaha.—Offering of Pref.
Stock.—Bums, Brinker & Co., Omaha, Neb., are offering
at par and div. an issue of $500,000 7
% Participating Cumu¬
lative Pref. (a. & d.) stock of this
company, which operates
12 light, power and gas plants in Neb,, la. and So, Dak.
Wright-Martin Aircraft Corp .—New President, dec.
General George W. Gocthals has been elected President of this company,
succeeding J. F. Alford, and also a director.
Marshall J. Dodge of Bertron, Grtscom & Co. has also been elected a director, to fill a vacancy.[The loss on the French motor contract how nearly completed will, it is
said, aggregate between $400,000 and $500,000.
The United States
Government contract is expected to show a substantial profit, probably
larger than the loss on the French order.—-V. 105, p. 614. ]
«ST. 6 1917.]
THE
CHRONICLE
1427
nn&Sxrmmjettts.
jqwrrts
MAXWELL MOTOR COMPANY
INCORPORATED
FOURTH ANNUAL REPORT—FOR THE
YEAR ENDED JULY 31
1917.
'
Detroit, Michigan, September 15 1917.
To its Stockholders:
The fourth annual report of the Maxwell Motor Company,
Inc., for the year ended July 31 1917, is herewith submitted.
The net earnings of the company , as shown by the ac¬
companying statement of West & Flint, certified public ac¬
countants
of New York, amount to $5,507,697 01 after
deducting a corporation income tax of 2% and without any
deduction for
profits tax.
Regular quarterly dividends of l%% have been paid on
an excess
the First Preferred Stock during the past fiscal year.
Four
quarterly dividends of 1H% each were paid on the Second
Preferred Stock on October 2 1916, January 2 1917, April 2
1917, and July 2 1917.
Four quarterly dividends of 2lA%
each were paid on the Common Stock on October 2 1916,
January 2 1917, April 2 1917, and July 2 1917.
Because of the uncertainty of the excess profits tax which
is still undetermined by Congress, and to conserve the com¬
pany's cash assets and provide the proper quantity of raw
materials for future manufacturing operations, it Was deemed
advisable at the directors' meeting of August 14 1917 to pass
.
the dividend
sold
during the past fiscal year
shows an increase of 39% over sales the previous year. /
The net working assets of the company and its subsidiaries
at the close of its fourth fiscal year are $12,280,977 05.
The
inventories have been taken at actual cost; we have no obso¬
lete materials of any kind in our factories.
The present
market price of the inventory is considerably larger than
cars
the amount shown
The American
our
by
the books.
on
as
carried
on
our
books
are
con¬
servative and substantially correct.
(A copy of the report
of the American Appraisal Company is printed in this annual
statement.)
file in
10,127,467 99
Common
—$13,000,000 00
221,942 42
Less—In Treasury
:
—
12,778,057 58
Balance Due on Plants Construction......
Current Liabilities:
"
Accounts Payable—Audited Vouchers— $1,932,991
Accounts Payable—Unaudited Vouchers.
945,439
Wages—Accrued—
106,082
Taxes, Insurance, &c.,—-Accrued.
293,744
Customers', Deposits
418,525
Due on Contracts, &c
643,913
Liberty Bonds, Subscription——
197,000
Sight Drafts on Customers—Discounted
1,071,319
.
_
$36,826,667 58
172,018 33
.
...
.—
.....
—
,.
10
71
14
64
89
04
00
6Q
5,609,616 12
Reserve for Contingencies.
185,600 00
—_
...
Corporate Surplus—
»
Undivided Surplus—July 31 1916—.
$5,510,775 36
Net Income for the Year Ended July 31 19175,507,697 01
...
$11,018,472 37
Deductions—
Dividends paid during year.
$2,861,876 61
Sinking Fund Appropriation
139,151 42
3,001,028 03
8,017,444 34
Total.
..$50,804,146 37
-
No provision has been made in the above for Excess Profits Tax.
liability for Corporation Income Tax has been included herein at 2 %
We
certify that, in
our
The
.
opinion, the annexed Consolidated
General Balance Sheet properly states the financial condition
of the Company at July 31 1917, and that the accompanying
Cphsolidated Statement of Income for the year ended July 31
1917 correctly states the profits from operations, not includ¬
ing any element of profit on goods in the hands of Subsidiary
Companies, or Appreciations of Capital Assets by reason of
Appraisal.
"
V;"/:/"
WEST & FLINT,
Accountants and Auditors.
Appraisal Company in a special report , which
office, advise us that the net sound or present
day values of these properties (after deducting depreciation
of $2,215,296 00) is $8,305,389 46 or $2,909,650 39
.more than the net figures at which we carry them pn our
01
*
00
872,532 01
.
The American
on
Preferred—$11,000,000
Less—In Treasury
^
us
Appraisal Company has just completed an
real estate, plants and machinery in which
it states that these items
is
Second
.1.......—...$13,915,142 01
—....
the Second Preferred and Common Stock.
on
The number of
appraisal of
LIABILITIES.
Capital Liabilities—
First Preferred
50 Pine
our
New
Street,
York, September 11 1917.
reserve
books.
MAXWELL
MOTOR
AND
Sales contracts with distributors have been
more
at
signed for 32%
automobiles of all models than had been contracted for
the
same
period;last
date also indicate that
we
will find
we
will be able to manufacture during
the next fiscal
ready market for all of
a
SUBSIDIARY COMPANIES.
STATEMENT
ENDED
MOTOR
COMPANY,
INCORPORATED.
CONSOLIDATED GENERAL BALANCE
JULY 31
FOR
INCOME
1917.
YEAR
THE
*
V
vertising, Selling, Administration and Taxes.$5,342,728 24
,
WALTER E. FLANDERS, President.
OF
JULY 31
Net Earnings from Operations, after deducting
Costs of Manufacturing and Expenses of AdOther Income—
^ear.
Following this report are the Profit and Loss Account,
containing additional information as. to the results of the
year's operations, and the Balance Sheet.
X
MAXWELL MOTOR COMPANY, INC., /
MAXWELL
CONSOLIDATED
Bales contracts received to
year.
the one-ton trucks that
-
,
Cash
Discounts on Goods Pur-"
chased—.— ——$327,964 01
Sundry Miscellaneous Revenue— 244,212 30
'
572,176 31
—
Total.—.
Deductions—r
—I—$5,914,904 5
——
'
•
.
Depreciation on Buildings, Machinery and Tools; over and
above Repairs and Replacements.—..
Net Income for
.
_
407,207 54
the Fiscal Year ended July 31 1917—
and without
j
.$5,507,697 01
Corporation Income Tax at 2% deducted,
deduction of Excess Profits Tax.—
SHEET—
.
.......
1917.
ASSETS.
;
Capital A$sH»—
♦Real
INCORPORATED,
COMPANY,
.
Buildings, Machinery and Equipment
$7,201,878 84
Less—Reserve for Depreciation 1,355,140 95
Estate,
WEST
& FLINT
Accountants and Auditors
.
50 Pine Street,
New York
'
r—:
*Per
$5,846,737 89
William H. West, A.C.A.,
Appraisal of American Ap¬
John Flint, C.P.A.
praisal Co., July 31 1917.
Investments in other Properties
Goodwill, Patents. Models, Trade Marks and
Trade Names........
1...
.$26,190,469 54
of Surplus appropriated for retirement of
First Preferred Capital Stock
$179,805 61
Less—Real Estate, Buildings,
Machinery and Equipment,
Ac., Appreciation——
553,300 72— 733,106 33
of Directors, Maxwell Motor Company, Incor¬
porated, New York.
Gentlemen:
.
We have made an
Maxwell Motor Company, Incorporated,
Maxwell Motor Sales Corporation,
25,457,363 21
....
———.—$10,813,429 92
•
1,510,144 34
706,952 34
175,179 50
Cash.,
..$1,852,304 61
Sight Drafts, with Bills of Lading attached, out for coilec\
tion
(discounted to the
amount
of $1,071,319 60—
see opposite)
;—— 2,946,384 08—4,798,688 69
■
$18,004,394 79
Less—Reserve for Accounts Doubtful of Col-.
lection
114,40162
^
.—.
17,889,993 17
Sinking Fund—Central Trust
New York, Trustee:
Cash....
Securities (First
tificates)
Company of
-—-
$21,078 65
Preferred Voting Trust Cer¬
——329,106 00
—
Total—
——
Ltd.
Corporation being the selling agent
in tbe United States, and the Canadian Company bemg the
Canadian Branch of the Maxwell Motor Company, Incor¬
porated.
The treasury stock, the notes receivable, the cash in hand
and on deposit and the sight drafts on dealers, with bills of
lading attached, have been verified by examination or by
proper certificates of deposit.
The notes and accounts receivable have been examined
and the collectibility thereof inquired into; in our opinion
the reserve as set up is adequate.
The inventories at the factories and at the branch selling
companies have been taken by the Company at values stated
by the nianagement to be the actual cost or less and free from
obsolete materials; current market prices of tbe raw materials
are considerably in excess of those at which same, were pur¬
chased and as included in the inventories.
Maxwell Motor Company of Canada,
.
.
•
t
.
the Maxwell Motor Sales
$140,429 50
34,750 00
.
audit for the fiscal year ended July 31
of—
1917 of the books and records
,
Receivable....
,
To the Board
'
Liberty Bonds:
Due from employees
Company ownership.....—
„
September 11 1917.
$7,106,605 34
Less—Amount
Notes
(N. J.)
1,259,867 45
;———
•
Current Working Assets—
Inventories
Accounts Receivable
C.P.A. (N. Y.).
350,184 65
..$50,804,146 37
,,
,
,
.
,
THE
1438
The inventories include
approximately $8,500,000 of
raw
stock, finished and partially finished materials at the fac¬
tories: $1,000,000 cars in hands of selling companies, and
$1,300,000 parts for service.
During the year the costs of production have been charged
with the sum of $407,207 54 and a corresponding credit
added to the
reserve
for depreciation of buildings, machinery
and tools, this sum
being additional to all charges for general
repairs and replacements. ,
The $1,259,867 45 shown on the Balance Sheet for invest¬
ments represent the Maxwell Motor Company's interest in
the Briscoe Manufacturing Company (Detroit) and the New¬
castle Realty Company (Newcastle, Indiana).
.
The Sinking Fund provisions in connection with the retire¬
#
ment of First Preferred Stock have been
amount of
[VOL.105.
CHRONICLE
observed; cash to the
$139,151 42 has been paid to the Trustee, and has
a reduction of the goodwill account of $179,805 61
acquisition of First Preferred Voting Trust Certifi¬
cates during the year of the par value of $165,500, making a
total of such certificates held by the Trustee of $329,106.
A re-appraisal of the real estate, buildings, machinery and
equipment owned by the Company^ at Detroit (Michigan),
Dayton (Ohio), and Newcastle (Indiana), has been made by
the American Appraisal Company, and the books adjusted
to the increased values shown thereby, $553,300 72.
A cor¬
responding credit of equal amount has been applied in reduc¬
tion of the goodwill account.
The appraisal noted above
does not include the Company's properties in Minneapolis,
Kansas City and Windsor, Canada, which properties are
devoted to the assembling of cars.
In arriving at the income for the year no provision has
been inade for the contemplated Excess Profits Tax.
The
Corporation Income Tax has been accrued on the basis of 2%.
The Company has no liability, contingent or otherwise, on
outstanding notes or drafts of any character other than sight
drafts, with bills of lading attached, discounted to the
amount of $1,071,319 60, which are promptly taken up by
Times
Commercial
The
"YoMMERClTlTEPlfoME
Friday Night, Oct. 5 1917.
Though conservatism is still very noticeable, business. ,is
gradually increasing.
All the big industries are active,
though in some eases they are hampered by the scarcity and
dearness of coal and the scarcity also of labor. The Govern¬
ment is still a big buyer of all sorts of merchandise.
This
gives a fillip to business all over the country.
At the big
cantonments, consumption of goods is enormous.
There
are some sixteen of them and they are supposed to hold about
40,000 men each.
They have been equipped with lighting
and power systems, water, sewerage, &e.
They are said to
have taken already something like 500,000,000 feet of lum¬
resulted in
ber.
and the
It took nearly 25,000 freight cars, it seems,
to transport tbe lumber.
Vast quantities of paper roofing,
nails and carpentry of all sorts have been used.
The streets
are paved
and have telephones as well as electric lights,
water, &c.
Evidently the plan is to provide comfortable
cities of preparation for vast armies of men before they
are transported to Europe to engage in the great war.
All
this has imparted a striking impetus to American trade.
And now the country is astir in marketing the new bond is¬
sue
of $3,000,000,000 and upward.
Meanwhile, there is
very little speculation.
Cotton advanced some $12 50 a
bale on larger speculative trading than has been seen for some
time past.
But as a rule speculation has been relegated to
the background in this country.
The people are in grim
.
the dealers
The
as cars
.
■
reach destination.'
Company has
outstanding bonded indebtedness
no
whatsoever.
-
Respectfully submitted,
;..
;
:
/
(Signed) WEST & FLINT.
earnest about the
AMERICAN
COMPANY,
M.
MILWAUKEE
Maxwell Motor Co.,
Anthony, Comptroller,
Inc., Detroit, Michigan.
In
<
compliance with
made
an
your request we have caused to be
examination of your plant account records and a
personal inspection of your properties for the purpose of
determining the accuracy of the plant values as carried on
your books.
The properties covered in our. investigation comprise:
Oakland Avenue Plant
Highland Park Property
i
General Office Furniture
Plant No. 1 and 4
Detroit, Michigan
"
"
"
war
and
in
are
"
New Castle Plant
"
New Castle, Indiana
so
•;
#
of.
capital investment are conservatively
substantial basis and maintained by
means of a very systematic and comprehensive system of
plant records and we find that the results as shown by your
plant account records, conform very accurately to present
conditions of your pfant properties.
Your plants are of good design,, substantially built, well
arranged and equipped with modern machinery and tools
for the manufacture of automobiles.
The buildings and
equipment are.well maintained and in good condition. Your
manufacturing methods appear to be efficient and well
organized.
Our investigation herein reported upon did not include the
property of the Briscoe Manufacturing Company, Detroit,
Michigan, the New Castle Realty Company, New Castle,
Indiana, or the Maxwell Motor Sales Corporation.
upon
a
1
Respectfully submitted,
THE
[Corporate Seal]
(Copy.)
AMERICAN
<
.
"
favorable
as
to excite
com¬
are
OF
MERCHANDISE IN NEW YORK.
Oct. 1 1917. Sept. 1 1917.
Oct. 1 1916.
____._bags_l.421,667
mats.
13,488
..bags. 676,413
Sugar...
capital investment in the land, buildings, machinery
equipment based upon the appraisals made by you in
1914, plus the actual cost of additions to properties to July
31 1917, is carried on your books at $6,750,880 02.
Our investigation revealed minor differences at some of
the plants, which after, being adjusted prove the above total
values as carried on your books to be conservative and sub¬
stantially correct.
The depreciation reserve carried against capital invest¬
ment is set up on your books at $1,798,793.73.
This is the
result of bringing forward a reserve established at the date
of organization, supplemented by monthly charges based
upon fair, liberal annual rates of depreciation.
From our
examination of the condition of these properties we are of
the opinion that a reserve to cover the loss in value from
depreciation at this time could be consistently carried at
established
any¬
selling at good prices.
It is regrettable that
is not coming more freely to market at the
very high prices now ruling.
Possibly novel measures mayyet be taken by the Government to bring it out.
Wages
are so high
that from Philadelphia comes the suggestion
that as the Government has been fixing prices of various
commodities, it may yet have to consider the stabilizing of
rates for labor.
On the other hand, as already intimated,
there are some drawbacks.
These are well known.
They
include the scarcity and dearness of many raw materials,
as well as labor, shortage of cars in various parts of the coun¬
try and the high cost of living.
The raising of vast armies
in this country tends more or less to dislocate trade.
And
money rates have been stronger.
But, on the whole, the busi¬
ness situation in this country is not unfavorable; quite the
big and
STOCKS
and
...
mood to tolerate
The total is very small compared with recent per¬
iods and also compared with the last four years.
The crops
APPRAISAL
Per (signed)
L.
H.
COMPANY,
OLSON,
General Manager.
Cotton
Not
14.500
-72,669
55,736
625
625
13,200
20.300
'
-76,383
6,795
63,800
prime Western, 24.52@24.72c.; refined to
South America, 26.50c.; Brazil,
Continent,
27.50c.
629.854
54,607
129,525
published during war.
LARD lower;
the
952.1C9
32,854
681,527
______
..bales.
bales.
_.bbls_
_______
Manila hemp
Flour
*
1,364.406
8,026
tons.
,_
—.....No.
records
no
ment.
Coffee, Brazil
Coffee, Java
Coffee, other
The
Your
these tem¬
conservative trading, with the United States
Government coming first and the population everywhere
cheerfully acquiescing in this or any other plan looking to
the efficiency of the American army and navy.
In various
parts of the country there are plans for a wheatless, meatless
and a fireless day.
Women are also taking action in the
campaign of economy and conservation.
Meanwhile, the
"
"
Dayton, Ohio
.
Plant No. 2 and 3
$1,355,140 95.
on
the wheat crop
APPRAISAL
August 31 1917.
Walter
Gentlemen:
have been at work
thing but
are
Mr.
men
cities.
record of business failures is
:
THB
Thousands of
porary
26.25c.;
^Futures
Fluctuations
on
declined at
one
time and
the whole have been in rather
been
less
has
support.
has
limits.
less
At times there has been heavy liquid¬
ation.
Packers have sold moderately.
On declines, how¬
ever, new buying appeared.
Hogs advanced at one time.
Last week's hog packing wras only 289,000, against 585,000
last year.
Since March 1 the total is 14,610,000, against
16,772,000 for the same time last year, a decrease of 2,162,000, or something over 12%.
Deliveries of 1,500,000 lbs.
of lard on October contracts on Thursday caused a decline.
To-day prices advanced.
The Belgian Relief Committee
has purchased lard and meats, it is stated, to the amount of
20,000,000 lbs.
This caused a sharp demand for lard and
meats for nearby delivery.
Distant' months ar6 not much
changed.
Hogs to-day were 5 cents lower at Chicago.
There
Sentiment
then rallied.
narrow
been
aggressively bullish.
For th. week there is a net decline in lard.
DAILY
CLOSING
PRICES
OF
LARD
FUTURES
IN
CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
delivery..cts.24.65
January delivery
23.95
24.50
24.60
23.92
24.60
24.02
23.92
23.56
24.40
23.< 0
October
23.82
PORK higher;mess,$48 50@$49; clear, $47 @$49 50; beef
products higher; mess $30@$31; extra India mess, $49 @$51.
Cut meats higher; pickled hams, 10 to 20 lbs., 25@27)^c.;
pickled bellies, 33@35c.
Liverpool reports / the general
market strong with prices advancing, owing to scarcity of
export offerings and light supplies.
It adds that American
holders continue reserved and their offerings limited.
A fair
business, it states, is noted in lard at firm prices.
Owing to
the British embargo against Scandinavian countries, it is
believed that exports from there of meats will cease. Arggentina shipments are moderate.
Butter, creamery, 46@
46%c.
Cheese, State, 26}^c.
Eggs, fresh, 45@46c.
OCT. 6
CHRONICLE
THE
1917.]
COFFEE lower; No. 7 Rio, 8Me.; No. 4 Santos, 9
fair to good Cucuta,
10M@10Mc. Futures have, declined
to new low levels on this move following lower prices in
Brazil.
Rio exchange has also fallen of late after advancing
earlier in
the week.
Receipts continue large.
Stocks at
the ports are 436,000 bags larger than a year ago and 625,000 bags larger than at this time in 1915.
It is stated that
some
11,000 bags mostly mild grades have been sold of late
for
export, supposedly to France.
In general, however,
spot business has been light.
Lower prices do not stimulate
it.
To-day prices closed 1 to 3 points higher.
There is a
Closing prices follow:
decline for the week, however.
net
October..cts 7.07@7.10
November ._7.15 ai7.17
December
7.25 @7.25
January
February, cts 7.39 @7.4^
7.47@7.48
March..
April
May
7.31 @7.32
.7.56@7.5«
__7.66@767
...—
June.... cts 7.75@7 76
._._.7.84@7 85
July
Aug..
..7.88 @7.90
September _7.92 @7.94
on
the Pacific Coast.
There
out.
was
The Food Administration at
Washington announces that brokers, jobbers and other
buyers do not as*yet require licenses and refiners and beet
sugar producers should sell to their usual trade.
It is added
that, "Within a short time the President will make a proqlamation requiring the distributing trade to secure licenses far
enough ahead so that the entire trade will have ample time
to procure licenses."
•
has
been
in
moderate
demand
and
firm.
Frost damage, it is believed, has reduced, the yield.
That
of itself accounts largely for the firmness of prices,.
The
consumption of Sumatra tobacco is liberal. That fact is
very manifest.
The latest weekly Government weather
report said that the tobacco harvest was practically finished
city,
raw
A
a
conference
tons
of shell
steel and
have
been
paid for.
fact,
as a
American seed, $1 17@
PETROLEUM
firm; refined in barrels, 810.35@811.35;
bulk, 85.50@86 50; cases, $15 50@$16 50. Naphtha, 73 to
76 degrees, in 100-gallon drums and over, 47Me.
Gasoline,
firm; motor gasoline, in steel barrels, to garages, 24c.; to
consumers, 26c.; gasoline gas machine, steel, 41c.; 72 to
76 degrees, 28@32c.
Local fuel oil has advanced half a
cent, based on the higher course of crude oil and an in¬
creased demand.
Crude prices remained unchanged. As
regards the September production of new oil wells east of
was
9,399 bbls. less than in August, but the
completions gain^drT99.
Kansas was the most remarkable
regards new production, although completions were less.
Its new production total was the heaviest on record.
The
gain was largely due to Butler Co.
Gulf Coast returns
show a heayy loss in new production, although completions
were much greater.
Interest in the eastern fields centres in
Kentucky, where the new production for September in¬
creased,
Closing quotations were as follows:
as
Pennsylvania dark $3 50 North
CabellMercer black...
2 57
2 23
Crichton
Corning
Thrall—
—
,__$2 08 Illinois, above
2 08
degrees
1 98 Kansas
2 12
and
Soto
30
_.$2 12
Okla¬
Somerset, 32 deg.. 2 40 Caddo, La., light. 2 00
Ragland
1 10 Caddo,La.,heavy. 1 00
2 00 Electra
2 00 Canada
2 48
2 00 Mnrat)
1 20
2 00 Healdton
1 90 Plymouth
2 00
2 03 Henrietta
23Mc.
Some
...
plants
have
closed down for the want of raw material.
Lead higher on
the spot at 8 @8Mc-. but lattefly has been quiet, in sympathy
with position of copper.
Supplies are more than ample.
Tin higher on the spot at 63%c., in sympathy with a higher
London market.
Total arrivals, 175 tons; afloat, 9,000 tons.
Spelter firm on the spot at 8M@8Mc., with a weaker tech¬
nical position.
PIG "IRON has
Furnaces
been quiet, awaiting the settlement of
quoting prices on new contracts.
They are busy on old orders.
Pnces in general are largely
nominal, aside from basic and No. 2 foundry at 833.
It is
said that some Southern producers will continue to quote at
833, Birmingham basis, regardless of the freight of 84 to the
North.
ply.
are
not
Some think that the demand will outrun the sup¬
It remains to be seen how this; kind of figuring will turn
■
significant cir¬
a
•'•/
■
Friday Night, Oct. 5 1917.
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
208,398 bales, against 185,430 bales last week and 160,421
bales the previous week, making the total receipts since
Aug. 1 1917 1,103,756 bales, against 1,574,596 bales for the
same period of 1916, showing a decrease since
Aug. 1 1917
-
of 470,840 bales.
Galveston
Texas City.....
Tues.
Wed.
12,654
21,090
1,738
11,778
12,188
Thurs.
7,666
7,620
72,996
1,738
681
4",322
8",298
4,817
4,185
5,848
502
471
171
672
76
400
35,352
2,292
'2~90d
"2",900
7,241
Pensacola
Jacksonville
Savannah
6,003
10,412
5,867
6,246
6,747
6,000
3",230
"608
1,521
2,248
610
1,152
3,197
648
696
1,056
1,054
42,516
6,000
10,639
4,342
7,946
Brunswick
1~233
_____
Wilmington
_
_
_
1,799
609
_
Norfolk
267
1,674
-
548
777
.
N'port News, &c
137
"50
New York.
~
_____
5",322
13,412
402
196
2,792
_
137
7,749
138
"291
68
Baltimore
Total.
7,882
___■
Charleston
\
Fri.
"681
Pt. Arthur, &c__
New Orleans
Mobile
Mon.
,
.
.
Sat.
3,891
6,683
362
362
Philadelphia.-..
Totals this week.
26,780
34,2391
V
33,413
46,459
21,038
The
46,469 208,398
following shows the week's total receipts total since
Aug. 1 1917 and stocks to-night, compared with last year:
,
1916.
1917.
Stock.
Receipts to
Oct. 5.
Week.
Galveston.
Texas City___
Port Arthur, &c_
72,996
1,738
New
35,352
2,292
Week.
1916.
398,588 139,735
1,738 11,571
340
9,027
162,799 67,395
2,204
23,254
681
Orleans.
Mobile
Since Aug
This
Since Aug
1 1917.
This
Pensacola
Jacksonville.
~2~, 900
Savannah
Charleston.
42,516
6,000
10,639
Wilmington
"4,342
_______
Brunswick
Norfolk..
4",330
8,168
285,441
43,000
32,806
15,979
39,982
7,946
50,635
2,500
8,749
7,176
28,461
137
827
13,412
34,218
"294
402
18,951
25,295
2,528
402
N'port News, &c_
New
York..
Boston
Baltimore.
6,683
Philadelphia
362
1917.
646,833
43,218
2,673
265,372
38,928
6,705
13,006
323,333
34,500
48,606
40,240
92,645
8,515
1,620
4,905
3,121
1,155
429
376
Totals.—208,398 1,103,756 324,221
1.574.5961
1916.
125,653
2,227
293,858
27,890
89"856
200" 154
10,351
12,368
7~706
"4,264
127,005
4,000
19,954
42,288
33,925
175,654"
12,500
52,643
42,086
44,702
85~6§7
73",834
8,723
14,692
4,023
4,924
.3,060
3,964
"
575,4941
.
951.901
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Galveston
72,996
2,419
35,352
2,292
42,516
6,000
10,639
4,342
...
TexasCity,&c
New Orleans.
Mobile..
_____
Savannah
Brunswick...
Charleston,&e
Wilmington.
_
Norfolk
7,946
Tot, this week
Since Aug.
•
1913.
1912.
185,410
45,108
36,491
10,010
64,599
8,450
21,480
24,104
23,367
"2", 409
108,210
17,107
31,014
22,240
120,373
16,500
38,330
28,132
19,665
1,241
6,036
162,032
408.848
421,208
1915.
139,735
11,911
67,395
2,204
50,635
2,500
8,749
7,176
28,461
100,082
20,331
34,546
2,144
55,508
4,000
18,770
13,376
20,441
137
N'port N.,&c.
All others-
1914.
1916.
1917.
Receipts at—
.
.
81,969
2,372
14,577
4,843
29,975
637
11,572
3,940
9,738
132
23,759
"5",455
13,445
208,398!
324,221
282,775
The exports
186
2,003
_
602,624 2,143 ,279 2.053,090
1. 1,103,756 1,574,596 1,314,313
for the week ending this evening reach
total
a
of
180,888 bales, of which 99,410 were to Great Britain,
44,077 to
France and
37,401
to
other destinations.
Exports for the week and since Aug. 1 1917 are as follows:
Week ending Oct
manufacturing
differentials, which it is hoped will be fixed by the end of this
week.
,■'
■.
THE MOVEMENT OF THE
COPPER steady; electrolytic, 23M<l; for fourth .quarter
electrolytic,
This is considered
COTTON
2 00
homa
2 60
2 38
-
Strawn
De
Indiana
Princeton
1 50
....
WooBfcer
Lima
South Lima—
In
cumstance.:
rule
21@22c.; Ceylon, 16@163^c.; Palm, Lagos, 20@21c.; Soya
bean, 15M@16c.; corn, 14e.
Cod, domestic, 8S@90c.
Spirits of turpentine, 48 M @49 Mc.
Strained rosin, common
to good, $6 75@86 85.
Rockie§ it
Government wants large quan-*
buying plates unusual extras
our
tities of machine tools.
leaf has been
$1 20; city boiled American seed, $1 19@81 22; Calcutta,
81 40.
Lard,
prime, $2 05@82 10. ■ Coeoanut,
Cochin,
the
couple of thousand
a
an
schedule conforming to prices already announced.
in Washington will soon take
place.
Next
week President Wilson, it is stated, will announce
prices
on
semi-finished steel, rolled products and various
grades
of pig iron.
The United States Government has again
bought finished material heavily. England wants 400,000
upon
in the Central States under favorable weather conditions and
the crop was ripening in Wisconsin.
Havana
firm without, however, being at all active.
In
the trading has been light.
OILS.—Linseed lower;
reported of
Eastern Pennsylvania furnace.
STEEL has been quiet, awaiting the working out of
prices on the recent basis decided upon by the Government.
Committees of manufacturers, have been
trying to fix
Boston
TOBACCO
sale
a
tons of No. 3 iron at 832 at
_
SUGAR higher for granulated; centrifugal steady with
96-degrees test, 6.90c.; molasses, 89-degrees test, 6.02c.;
granulated 8.35@8.50c.
Raw sugar has been in moderate
demand.
Canadian refiners have bought to some extent.
Offerings on the other hand have not been very large.
The
total stock at Atlantic ports is 56,028 tons against 64,669
tons last week, 133,961 last year and 243,700 in 1915;
receipts for the week 22,359 tons against 28,156 last week,
27,111 last year and 12,621 in 1915.
It may be added that
meltings for the week were 31,000 tons only against 41,000
last week, 60,000 last year and 46,000 in 1915.
California
refiners are pushing their markets in the West.
Chicago
and other markets between the Rocky Mts. and the Missis¬
sippi River are receiving new beet sugar sold on the basis of
7.25c.
1429
5 1917
From Aug
Exports
from—
Great
52,271
26,755
18,603
3,000
Total.
30,942 109,968
Pt.Arth.,&c.
NewOrleans
Mobile
3,100
24,703
6,582
168,277
5,492
134,379
21,367
1,929
51,061
59,164
13,661
14,866
85,407
5,974
12,000
400
7,600
12,400
Norfolk..
New
York.
8,380
2,322
2,959
21*944
Boston
5,974
Total.
52,442
247,474
1,783
38",917
8,650
7,275
181,946
42",732
31,451
21,367
1,929
125,244
59,164
11,146
29,866
15,000
30,964
1,104
69,812
186,183
23,048
26,526
3,033
11,218
Phlladel'a
San
Other.
26,755
lV.Hf,
Wilmington
Baltimore..
France.
26,526
Pensacola.
Brunswick
Britain.
7,600
6,582
Savannah.
5 1917
Great
j
Britain.] France. Other.
Galveston..
1 to Oct
Exported to-
Exported la—*
3,033
7,142
11,218
7,142
Fran
Washington
Total....
99,410
44,077
37,401 180,888
593,445
166,618
182,498
942,561
Totatfl9ie.
95,849
18,418
72,758187,025
479,357
21.000
66.401148.240
294,167
145,034
122,2661
370.416
356,195"
994,877
772,628
TotafliQtS.
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared,, at the ports named.
We add similar figures for
New York.
On
Shipboard, Not Cleared for—
Ger¬
Great
Britain.
Oct. 5 at—
Galveston
New Orleans.
Savannah
_
_
—
Charleston.
France.
Other
Cont't.
wise.
Total.
Stock.
42,082
1-693
5,600
19,000
7.000
83,571
66,904
120,505
19,954
8,658
28,325
66,097
76,653
13,555 104,827
26,229 193,013
9,762 117,538
470,667
758,888
975,154
8,000
2,005
2,000
10,535
2,893
3,000
23.547
18,054
1,500
22,952
6,500
_
Mobile
5,000
5,000
"950
"743
Norfolk
York....
New
Leaving
Coast
many.
Other ports—
7,000
Total 1917—
60,844
93,960
52,009
600
8",000
e". ooo
Total 1916—
Total 1915—
6,000:
26,999!
17,668i
100
24,428
45,825
37,999
,
Speculation in cotton for future delivery, which had been
quiet for some time, became more active last Tuesday at
an advance on that day of 105 to 124 points.
That was due
to two very bullish Government reports, first On the ginning
at 10 o'clock and the next on the crop condition at 11 o'clock.
ginning, which had been generally expected to be some¬
thing like 3,000,000 bales up to Sept. 25, turned out to be
only 2,498,381 bales, as against 4,062,991 bales for the same
time last year and 2,904,063 for the like period two years
ago.
This of itself caused a noticeable advance.
But the
condition figures were so surprising that they occasioned a
veritable stampede of the shorts.
They were 60.4 %, against
67.8 on Aug. 25, 56.3 last year, 60.8 in 1915 and 73.5 in
1914, with a ten-year average of 65.7%. The average de¬
crease in condition for September, it will be seen, was 7.4%,
as against 4.9 last year, 8.4 in 1915 and a ten-year average
of 5.2%.
Oklahoma lost 22 points, Tennessee 15, Missis¬
sippi 12, Arkansas 11, Alabama 10, South Carolina 7, Georgia
Louisiana and North Carolina 6, Florida 4 and Texas 2.
The Government estimated the crop on the strength of the
above figures as 12,047,000 bales, exclusive of linters, against
,11,449,930 bales last year, 11,191,820 in 1915, 16,134,930
in 1914 and 14,156,486 in 1913.
Spot markets advanced
sharply.
At a New Orleans cotton convention on the day
of the issuance of the two reports, a minimum price of-30
cents was agreed upon as the price justified by present quota¬
tions of manufactured cotton products.
At the same time
resolutions were adopted declaring against price regulations
by Congress or the delegating of authority to regulate to any
The
•
to hold back cotton has been
selling has not been a really
owing to the lateness of the crop,'
person or body.
A disposition
manifest at the South.
Hedge
depressing factor this season,
which is said to be two to three weeks behind
that of last
[Vol. 105.
CHRONICLE
THE
1430
year.
The generality of private crop reports issued previous to
that of the Government on the 2d inst. were about 62.5%,
prices, for the total was larger by over 600,000 bales than in
the big crop year of 1914-15, when prices were low.
And
now prices are, roughly,
10 cents more than they were a
year ago.
A difference of $50 a bale, it is believed, will
prove a strong incentive to market the crop with unusual
celerity, whatever may be said by conventions here and there
about cotton being worth a minimum of 30 cents a pound.
Then, again, an open fall could increase the crop materially.
This, of course, is universally recognized.
It is believed,
too, that before long the hedge selling here must increase ma¬
terially, as a reflex of the buying of actual cotton at the South.
Furthermore, it is said, that on the rise offerings at the South
were increasing.
Many have held aloof, it seems, until the
Government reports appeared on Oct. 2.
Then they began
to sell at the tempting prices which those reports caused.
It was said that on the 2nd inst. in some parts of the South
the basis had fallen 25 to 50 points.
The textile industries,
too, were very much disappointed by the Government re¬
ports.
It remains to be seen whether they will follow present
prices.
Some think the spinners have been caught napping;
others that they are fairly well supplied for some months to
come,and may, in some cases, try the policy of buying from
hand to mouth until the effect
movement of
be
can
seen
of
increased
an
the crop.
To-day prices advanced 39 to 41
points, but lost about three-quarters of this later on profittaking.
Liverpool bought on balance and trade interests
bought more or less.
The forecast was for cooler weather
on both sides of the Mississippi, and some bought fearing
possible frost over Sunday.
Japan and Great Britain are
said to be buying quite freely at the South.
The market
here is long.
Spot1 cotton closed at 26.75c., an advance
of 145 points for the week.
.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mon.
Tues.
25.25
—25.20
NEW YORK
26.20
26.75
1909 .el
16.95
1915
12.75
1908....— 9.05
1907—- —11.75
1905
11.10
1898—
14.20
1905
10.40
1897
1912——.11.25
1911
.10.10
1910
....14.10
1904.—
10.60
1903
1913...
13.40
1901 -c—_ 8.38
1900
10.75
1896
8.19
9.12
6.31
SALES
...
AT
NEW
1887-_._--_
1886—
YORK.
>:■'
Closed.
9.44
9.44
-.—
SALES.
:
Market
Closed.
Quiet,
Quiet,
Quiet,
St'dy,
Quiet,
Quiet,
..
8.69
10.38
1889.
10.75
1888— ....10.31
—
6.62
1895-
8.19
1892.__t.-_, 7.88
5.44
_.
1894.
9.65
AND
1893-c
Spot Market
—
26.75
1891
1890.
7.31
...
Futures
Saturday.
Monday
l
Tuesday
Wednesday.
Thursday
Friday-....
Fri.
26.85
1899
1902--,.-. 8.94
MARKET
27.25
QUOTATIONS FOR 32 YEARS.
1917-c
1916
1914__
Thurs.
Wed.
,
10 ptsl dec..
5 pts. adv
95 pts. adv..
105 pts. adv.
Spot.
Barely steady,
Steady,
Barely steady.
Steady..
40 pts. doc.. Steady___—
10 pts. dec__ Steady.
^Contract, Total.
_
_
....
—
"500
'500
500
500
_
:
ranged from 60.6 to 64.5%,
Nearly 100 members of the
Exchange, in endeavoring to guess the Government report,
and
gave an average estimate
ernment figures proved to
and bounds.
pected.
and
on
bales.
of 62.2%, so that when the Gov¬
be 60.4, prices advanced by leaps
On the 1st inst. they were stated at 49,235 bales,
bales, a total in two days of 97,772
Also,, the temperatures at the South have been low
more
active at> Fall River and also here, at
advance in
some
prices.
Cotton yarns have been firmer.
The
Liverpool market resumed trading on Oct. 1 on the basis of
good middling.
The trading there is in single, months in¬
stead of double, as previously, and will be permitted only
for five months ahead, and the first month to be January
1918.
Fluctuation on any one day may not vary more than
Id. from the previous closing.
No orders will be accepted
from persons resident outside of the British Empire or coun¬
tries allied with Great Britain.
The day following the Gov¬
ernment report Liverpool advanced 120 American points
on the spot and 145 to 170 points on futures.
Of course the
.
#
bullish effect of the Government report on
Liverpool prices
intensified by the unusual smallness of the Liverpool
stocks.
On
the
3d
inst.
prices
advanced
roughly
123
to
130 points here
on
heavy covering of shorts
was
trade
buying.
Besides
the action of the New
Orleans convention representing ten cotton-growing States,
in naming 30 cents per pound for the farmer as the minimum
price, had no little effect.
Liverpool cabled that the Con¬
tinent was a free buyer, while it was understood that Italy
was purchasing in this market.
On the other hand, it re¬
mains to be seen how the price will be affected when the
crop movement begins in earnest.
That cannot be put off
much longer.
It is inferred that the present high prices will
stimulate picking, ginning and marketing to an unwonted
degree.
Last year the ginning up to Sept. 24 was, as we
have seen, 4,062,991 bales under the spur of relatively high
;
...
_
^
.
..
...
highest, lowest and closing prices at
New York for the past week have been as follows:
v
Saturday, Monday,
Oct It
29
Tuesday, Wed'day, Thursd'y,
Oct
Sept
Range.
2
•
Oct
Oct
3
f-'-
Friday,
Oct
4
Week
5
;
:
October—
the 2d inst. 48,537
have been
—
FUTURES.—The
Moreover, exports have been larger than ex¬
enough to excite more or less apprehension.
Killing frost
has happened over wide areas of the belt at times in the past
in the early part of October.
Of late there have been tem¬
peratures of 40 and thereabouts over a large area of the belt.
In fact, on the 2d inst. as low as 33 degrees was reported in
one section of Alabama.
Weather reports will be watched
with unusual interest from now on.
More than ever it is
true that the size of the crop depends on the average date of
killing frost.
This is clear from the fact that the plant is
two to three weeks late.
And it is recognized that if this
should prove the third short crop in succession, the effect on
prices might be very marked.
Meanwhile, too, print cloths
and
Total
24.10-.35 24.10-.-35 24.40-/45 25.55-/60 26.04-.65 25.88-.30 24.10-/65
24.23-.24 24.27-.28 25.30-.34 26.55-.58 26.10 — 25.95 —
^...
Closing
—
November—
j'
Range
23.76
—
Closing
23.83
—
26.27
—
24.03
25.12
—
—
26.18
*
—
—
26.05
—
25.53
—
25.07
__
—
—
23.76-/05
_
'
December—
•
Range..... 23.50-.79 23.60-.87 23.90-/06 25.15-/15 25.27-.95 25.15-.69 23.50-/15
Closing.... .23.63-.66 23.83-.85 24.92-.95 25.98-.00 25.28-.31 25.37-.40
January—
.
■
V 11
.
•'•
23.41-.65 23.43-.67 23.70-190 25.08-.00 25.08-.85 24.99.50 23.41-/00
Range
Closing.
23.46-.47 23.63-.65 24.77-.80 25.84-.86 25.10-.13 25.19-.21
...
February—
"V
-
Range. L—
—4
—
—.
Closing.... 23.52
23.68
—
24.82
—
4—
—
—
25,S9.
—
25,15
—
25.25
—
__
—
A
—
March—
Range..... 23.53-.75 23.53-.78 23.75-198 25.20-,13 25.18-.95 25.10-.57 23.53-/13
23.56-.57 23.74-.75 24,83-.84 25.94-.97 25.18-.20 25.28-.30
Closing
—
April—
__
_■
„
23.58
Range
Closing.... 23.59
May—
—'
—
24.60
23.78
—
24.87
—
—
—
—
—
25.98
-*•
23.58-Z60
—
—
25.21
—
25.30
w_
—
*
23.70-.87 23.64-.87 23.90-/09 25.35-.20 25.30-.02 25.25-.71 23.64-/20
Closing.... 23.67 — 23.83-.86 24.93-.94 26.02 — 25.31-.32 25.39-.41
June—
Range.
Range.....
Closing..
July—
.
—
—
23.66
..
—
—
__
—
23.83
_
—
—
—
24.93
~T-
—
—
—
—
_—
25.30
26.00
__
—
—
—
25.39
—;
—r
___
_
—
—
25.43-.05 25.38-.88 25.32-.65 23.75-/05
— 25.32-.34 25.40
—
Range
23.77
—
23.75-.81 24.50
Closing
23.69
-r-
23.85-.88 24.95-.97 26.04
August—
Range.
—
——.
/ 25c.
—
——
—-
—
—
r—
■**-"—
——
——-
—
—
—
—__
....
Closing, v.. 23.54
124c.
—
23:70
—
24.80
126c.
—
25.85
—
25.15
—
25.25
'
...
•
.
—•
—
'
,
.
QUOTATIONS FORMIDDLING COTTON AT OTHER
MARKETS.—Below are the clewing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton
Week ending
Oct. 5.
Saturday, Monday.
24.40
Galveston
24.13
on-
Tuesday. Wed'day. Thursd'y.
Friday
24.40
24.13
25.00
26.10
25.50
25.50
24.32
25.25
25.63
25.63
23.88
24.50
25.75
25.63
25.50
24
24 %
23%
23%
25%
25%
25%
25%
25%
Wilmington..
23%
23%
26
25%
24% @25 25%
24%
24%
Norfolk
23.75
26.00
New Orleans-..
Mobile
Savannah
...
Charleston
Dallas
25.88
24.50
25.50
26.00
25.75
26.00
25.50
26.45
27.50
27.10
27.00
24.00
25.00
26.13
24.00
24.00
24.50
26.00
23.70
24.55
25.60
25.75
26.00
24185
24 .T5
24.35
25.10
26.00
25.30
24.95
25.35
24.50
24.00
24.62
25.62
25.62
25.25
...
Houston
Little
25.00
24.50
25.45
23.88
...
24.00
24.50
Baltimore
Philadelphia
Augusta.
Memphis
—
Rock
25.75
26.00
Oct. 6
THE
1917.]
THE VISIBLE SUPPLY OF COTTON
to-night,
CHRONICLE
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
made
as
by cable and telegraph, is as follows.
Foreign stocks,
as well as the
afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
October 5—
Stock at Liverpool
Stock at London
329,000
30.000
42,000
—
from telegraphic reports Friday night.
The results for the
in the last two years are as follows:
up
week and since Aug. 1
„
Since
Week.
Via St. Louis
786,000
19,000
56,000
—
Via Mounds, &c
Island
Via Rock
635,000 1,059,000
*1,000
*1,000
*2,000
*1,000
177,000
198,000
2,000
6,000
a68,O0O
a43,000
85,000
166,000
*1,000
*1,000
392,000
Stock at Bremen
142,000
3,000
62,000
9,000
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
—
439,165
to-day
830,921
31,749
Total"to be deducted...
223,000
154,712
9,707
59,625
132,475
44,778
131,742
•
*
Including movement by rail to Canada,
37,000
*311,000
44,000
*283,000
377,013
470,834
U. U. ports stocks.
TJ. S. interior stocks
_r
to-day..
—
951,901 1,092,692
830,921
736,530
31,749
12,844
-1916Since
Week.
Since
Week.
Aug. 1.
Aug. 1.
208,398
Net overlapd to Oct. 5
14,927
Southern consumption to Oct. 5_. 88,000
1,103,756
132,575
839,000
324,221
44,778
79,000
1,574,596
131,742
.—311,325
83,716
2,075,231
84,223
447,999
137,231
2,459,338
477,187
Came into sight during week—395,041
Total in sight Oct. 5—:
—
——
2,159,454
spinners* takings to Oct. 5— 50,593
256,377
Receipts at ports to Oct. 5
...
Total marketed
Interior stocks in excess
...1,844,093 2,964,584 3,335,900 1,916,297
American
Revised.
-1917-
Sight and Spinners'
Takings.
In
37,000
*375,000
150,198
408,348
459,576
>
1,175
Europe.^
a
foregoing shows the week's net overland movement
has been 14,927bales, against 44,778 bales for the week last
year, and that for the season to date the aggregate net over¬
land exhibits an increase over a year ago of 733 bales.
The
"485,000
338,000
575,494
439,165
47,434
Continental stock
Total
696,000
35,000
*186,000
Manchester stock
U. S. exports
425,000
10,022
12,341
37,262
,
.30,498
of American and other descriptions are as follows:
bales.
191,367
1,225
2,614
5,868
1,962
.14,927
Leaving total net overland *— -.14,927
American—
Liverpool stock.
54,485
80,992
15,760
57,960
..
..2,943,093 3,695,584 4,490,900 3,099,297
Total visible supply.
Of the above, totals
American afloat for
—
..
459,576
1,175
12,844
287,187
.45,425
495,000
736,530
47,431
—
6,898
8,598
16,462
.20,859
1,031
8,608
628,000 1,025,000 1,416,000 1,356,000
77,000
42,000
24,000
88,000
150,198
Amer. cotton afloat for Europe..
338,000
377,013 *470,834
19,000
Egypt,Brazil,&c.,afloat for Eur'pe
48,000
25,000
22,000
Stock in Alexandria, Egypt
65,000
60,000
152,000 *100,000
528,000
Stock in Bombay, India___.i— *780,000
365,000
495,000
408,348
Stock in U. S. ports
575,494
951,901 1,092,692
II. S. exports
383
7,762
9,037
10,348
79,103
7,544
10,809
51,171
87,068
Deduct shipments—
Total European stocks..
India cotton afloat for Europe
Stock in IJ. S. interior towns
383
1,886
1,455
827
183
Via Virginia points
Via other routes, &c—
•
Aug. 1.
O70.301
14,433
a34,301
7,600
____
Via Louisville
861,000
*29,000
*170,000
222,000
3,000
29,000
22,000
*20,000
357,000
395,000
216,000
Total Continental stocks______
Since
Week.
Aug. 1.
91,780
38.S15
13,602
5,753
Via Cincinnati
Total Great Britain..
Stock at Hamburg.
-1916-
1917
„
Oct. 5.
Shipped—
1914.
934,000
71,000
54,000
563.000
19,000
44,000
bales,
__
Stock at Manchester,
1915.
1916.
1917.
1431
753,000
585,230
2,936,525
East Indian, Brazil, &c.—
Liverpool stock
London
stock
Manchester stock
_____
Continental stock.
—
India afloat for Europe^.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India.
_____
Total East India, Ac.
Total American
138,000
30,000
238,000
71,000
5,000
*84,000
106,000
19,000
9,000
*30,000
42,000
48,000
65,000
*780,000
...
10.000
19,000
19,000
*74,000
88,000
27,000
152,000
495,000
*120,000
77,000
19,000
*100,000
528,000
24,000
25,000
60,000
365,000
301,000
Nor.
Week—
i9i4—Oct.
1913—Oct.
.1,099,000
731,000 1,155,000 1,183,000
....1,844,093 2,964,584 3,335,900 1,916,297
—
follows:.
Saturday, Monday,
Oct.
29.
Sept.
1.
Tuesday, Wed'day, Thursd'y,
Oct.
2.
Oct.
3.
Oct.
4.
Friday,
Oct.
5.
October—
"a Revised.
23.18-.58 23.43-.56 23.50/.57 25.06-.65 24.93-.63 24.85-.33
23.45-.46 23.49-.50 24.56-.57 25.63-.65 24.98-.99 25.07-.08
Range.
Closing—.
December—
figures for 1917 show
an
increase
last week
over
';
•
'vU
vS
'•
22.74-.95 22.72-.95 22.98/.11 24.10U1 24.25-.00 24.68-.19
22.74-.80 22.91-.92 24-03-.05 24.95-.01 24.28-.30 24.40-.43
Range.....
Closing
of 154,052 bales,a loss of 752,491 bales from 1916, a decrease
of 1,547,807 bales from 1915 arid a decline of 156,204 bales
from 1914.
Bales.
Since Aug. 1—■ •
Bales.
448,787 1915—Oct.
8.
1
2,294,562
345,703 1914—Oct.
9
1,535,930
--—562,754 1913—Oct. 10-——3,038,940
-
1
ORLEANS CONTRACT MARKET.—The high¬
NEW
Continental imports for past week have been 16,000 bales.
The above
294,790
years:
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past weekhave been as
Total visible supply
.___-.2,943,093 3,695,584 4 490.900 3,099.297
Middling Upland, Liverpool
19.37d.
9.93d.
7.24d.
5.30d.
Middling Upland, New York
26.75c.
17.00c.
.,2.50c.
....
Egypt, Good Brown, Liverpool..
33.00d.
.5.78d.
10.25d.
8.10d.
Peruvian, Rough Good, Liverpool
27.50d.
14.00d.
lO.lOd.
.
8.75d.
Broach, Fine, Liverpool
19.00d.
9.35d.
6.85d.
.4.80d.
Tinnevelly, Good, Liverpool
■
19.78d.
9.37d,
6.97d...
4.95d.
♦Estimated,
8..
9__
10---
19i5—Oct.
...
—.
sight in previous
Movement into
50,277
January—
Range..
'
22.75-.94 22.72-.96 23.00/.14 24.38-.15 24.30-.04 24.23-.72
22.75-.79 22.93-.94 24.04-.08 25.00-.08 24.33-.34 24.45-.48
...
Closing....
March—•
AT THE INTERIOR TOWNS the movement—that
is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below.
• :V;
the
.
22.80-:10 22.86-.09 23.16/.27 24.58-.30 24.47-.12 24.40-.85
22.89-.91 23.0G-.08 24.22-.24 25.15-.21 24.47-.49 24.61-.64
Range
Closing....
May—
23.16 — 23.15-.20 23.3S/.44 25.09-.38 24.60-.27 24.78-.02
24.76-.78
23.04-.07 23.21-.23 24.37-.40 25.30-.32 24.60 •
Range
Closing
Tone—
Steady.
Steady.
Spot......
Options
...
Movement to Oct
Receipts.
Towns.
Movement to Oct
5 1917
Slocks
Ship¬
ments.
Week.
Season.
5.
Receipts.
I Week
'Ship
Ala., Eufaula..
498
1,688
634
1,406
567
Oct.
6.
2.432
1,821
1,440
2,004
1,879
18,101
12,944
14,976
SClma
3,766
1,650
Ark., Helena._
946
1,854
Little Rock..
4,892
7,591
1,689
3,054
7,977
5,004
14,151
Bluff...
3,000
6,224
1,000
7,848
Ga., Albany...
714
8,219
552
2,584
9,535
1,499
I
4.444
13,370
3,448
3,735
7,083
11,612
16,110:
8,054!
12,502
55,526
27,678
13,186
29,212
4,470
13,813
13,276;
10,173
65.590
27,501
1,000
5,030
4,549
68
Pine
Athena.,,
.
Atlanta
•
'•
,5,911
27,080
48
Columbus
3,000
125,259
5,948
Macon.,
6,118
37,635
489
2,924
460
2,393
36.141
22,332
12,208
Augusta......
Rome.......
6.411
8,424
10,083
11,169
3,113
1,539
10,200
9,733
7,835
17,629
4,080
24,335
13,561
524
1,362
457
1,312
144
Clarksdale*..
8,115
15,527
20
14,785
4,308
14;736
257
13,990
Greenwood..
5,000
12,604
2,000
9,444
6,940
28,973
5,820
18,814
5,957
500
7,092
773
3,853
250
4,514
10,872
1,300
5,549
2,560
12,940
1,427
7,591
202
2,204
34,301
6,017
8,745
Yazoo City
..
N.C.,Gr'nsboro
Raleigh'..
3,085
423
2,153
863
6,125
83,644
600
4,684
1,217
1,748
2,020
4,709
13,602
38,868
13,637
•
1,200
5,367
"
700
"
623
203
Cincinnati.
1,411
24,061
1,482
23,536
Okla., Ardmore
Chickasha...
2,000
3,250
1,100
2,966
Hugo.
► Greenwood.
.
.
750
2,732
21,589!
4,844
14,842,
13,837|
11,331
1,934
77
'
1,579
3,268
1,881
5,594
2,118
4,697
"1,527
2,538
2,106
2,864
1,077
1,095
2,670
1,796
10,661
2,715
5,596
5,503
537
1,486
422
987
986
13,950
45,479
8,345
46,101
49,520
...
S.C., Greenville
._
Tenn.,Memphis
Nashville.
242
71,107
20,437
1,768
864
...
Oklahoma
25
...
50
56
423
1,559
2,503
1,124
7,897
1,838
4,598
3,700
6.433
...
32,935
4,594
11,956
72,026
Houston.
Paris.
3,107
519,967
8,508
San Antonio..
1,232
13,045
Total, 41 towns229,1271,154,249
♦Last year's
3.412 11,002 14,239
4,006
4,436
3,083
55,121 112,218 153,306;
7,735
3,206
2,059
1,445
536
265
13,319
5,398
7,089
2,956
1,757
9,191
4,814
728
6,537
1,265
17,315
2,246!
22,559
17,715
20,173
36,757
469
5,000j
7,628
967
3,942
1,680
7,730
12,194
14,723
17,894
3,855;
4,308
763,962115,960182,901
44,774
6,008 11,138
26,172!
2,6293,300
145,41l'439,165 441,3021,872,537 303,071830,921
figures are for Greenville.
The above totals show that the
interior stocks have in¬
during the week 83,716bales and are
bales less than at the
same
time last year.
to-night 391,756
The receipts at
the same week
-' ' - \
■•
all towns have been 212,175 bales less than
las fyear.
5,516
575.
1,947
894
3,232!
2,478
152,490 21,276136,291
6",000
461
3,814
Honey Grove.
2,529j
•
82
5,466
12.142
Brenham
Clarksville
7,330
27,595
70
1,398
928
Tex., Abilene..
Dallas
2,338
1,028
2,100
Vicksburg
Mo.J, St. Louis.
creased
761
1,500
....
Natchez
O.,
,
3,000
Meridian
'
'
REPORTS
Steady'.
TELEGRAPH.—Advices
BY
South this evening indicate that
favoring weather picking has progressed very well and
some
Little
localities of Texas is reported to be about completed.
no
or
rain has fallen except in
Alabama,
9,118
66
in
Steady 1
by telegraph from the
13,140
24,953
2,057
,
with
Quiet.
Steady.
Irregular Irregular
Alabama and Florida.
Damage by rain and high
La.,Shreveport
Miss.,Columbus
.
WEATHER
to us
Quiet.
Steady.
.
36,112
24,774
2,465
10,957 110,497
9,683
1,482
13,232
54,841
8,597
50,166
450
9,687
37,487
8,602
62,382
1.51,649
2,708
6,613
"
7,715
1,885
1,674
5,839,
Montgomery..
"
Stocks
Week.
Season.
125c.
/24c.
ments.
Oct.
Week.
6 1916
Quiet.
Steady.
Texas.'-
winds is reported from portions of
and it is stated that little top crop is expected in
■
Galveston,
Tex.—Conditions were favorable for harvesting
during the week and picking is about completed in southern
and southwestern Texas.
Warm days with cool nights pre¬
vailed and plants made small growth.
Little/top crop is
expected.
the week.
Abilene,
Moisture is needed in southern Texas. Dry all
Average thermometer 77, highest 86, lowest 68.
The thermometer has averaged
and the lowest 52.
has been no, rain the past week.
The thermometer has averaged 80, ranging from 63 to 96.
Brownsville, 7'ez.—There has Been no rain the past week.
The thermometer has ranged,from 54 to 92, averaging 73.
Cuero, Tex.—No rain.
Average thermometer 75, highest
Tex.—No rain.
72, the highest being 92
Brenham, Tex„—There
99 and lowest
50.
.
,
_
.
Tex.—There has been no ram during the week.
thermometer has averaged 73, the highest being 91 and
Dallas,
The
the lowest
54.
v
.
Tex.—There has been no ram the past week.
The thermometer has averaged 73, ranging from 54 to 92.
Henrietta, Tex.—No rain.
The thermometer has ranged
from 49 to 96, averaging 73.
Ilunlsville,
Tex.—it o ram. Average thermometer 71,
highest 92 and lowest 49.
Kerrville, Tex.—We have had ram on one day of the past
week, the rainfall being ninety-two hundredths of an inch.
The thermometer has averaged 66, the highest being 92 and
Fort Worth,
,
the lowest
40.
w
,
_
.
,
.
.
Lampasas, Tex.—We have had no ram during the
The thermometer has averaged 72, ranging from 48 to
,
week.
96.
1432
THE
CHRONICLE
Longvicw, Tex.—We have had no rain the past week.
The
thermometer has ranged from 50 to
90, averaging 70.
Luting, Tex.—No rain.
Average thermometer 74, highest
94 and lowest 53.
THE AGRICULTURAL
DEPARTMENT'S SEPTEM¬
BER
ment of
Agriculture
cotton crop
was 60.4% of a normal,
compared with 67.8% on Aug. 25 1917.
on Sept. 25 1916, 60.8% on Sept. 25
1915, and 65.7% the average
Sept. 25 for the past ten years:
56.3%
on
no rain the
past week.
The
thermometer has averaged
71, ranging from 50 to 92'.
San Antonio, Tex.—'There has
been no rain the past week.
The thermometer has
averaged 75, ranging from 56 to 94.
Weatherford, Tex.—We have had no rain during the week.
The thermometer has
averaged 68, ranging from 48 to 89.
Muskogee, Okla.—There lias been no rain during the week.
The. thermometer has
ranged from 44 to 95, averaging 70.
Ardmore, Okla.—Dry all the week. Average thermometer
72, highest 96 and lowest 49.
Eldorado, Ark.—There has been
A condition of
and
60.4%
North
.
Florida
_
_
_
....
...
Louisiana
_
.
Arkansas
rain
on
56
59
64
68
65
66
72
56
.
.....
.
The thermometer has
averaged 67, the
being 85 and the lowest 50.
Albany, Ga.—There has been rain
week,
the rainfall
dredths.
reaching
one
on
two
days the past
sixty-two hun¬
ranging from
inch and
The thermometer has
averaged 70,
50 to 90.
■;
Savannah, Ga.—We have had rain on three days during
the week, the rainfall
being eighteen hundredths of an inch.
The thermometer has
ranged from 55 to 87,
averaging 72.
Charleston, S. C.—We have had rain on three days of the
Week, the precipitation being
sixty-nine hundredths of an
inch.
Average thermometer 71, highest 86, lowest 56. <
Greenville, S. C.—There has been rain on two days of the
past week, the rainfall being eighty-two hundredths of an
inch.
The thermometer has
averaged 61, the highest being
80
...87
....60.4
(.indi¬
67.8
56.3
North Carolina..
South Carolina..
...174
...220
,
221
165
105
124
79
165
.-.183
125
"N 184
..193
______
Louisiana.
Texas
170
Arkansas
....
.
135
—
157'
..198
...
Tennessee.
Missouri
Oklahoma
182
206
200
..289
California..
Arizona..
.
191
225
-.170
...
191,000
163
.209
154
400
281
169
—
-368
2,498,000
2,814,000
1;323,000
11,640,000
2,577,000
886,000
'
45,000
15,000
&68.3
156.6
181.5
rain the past week.
no
53 to
81,
The thermometer has ranged from
66.
The following statement we have also received
by tele¬
graph, showing the height of the rivers at the points named
averago
at 8 a, m. of the dates
given:
Oct. 5 1917.
Feet.
Oct. 6 1916.
Feet.
.
New
Orleans
,
Above
Above
Memphis
zero
of gauge.
of gauge.
4.8
_
5.8
Week
Receipts at Ports.
1917.
1916. {
Stock at Interior Towns.
1915.
1917.
1916.
1915
Receipts from Plantations
1917.
1916.
.
....
...
8.8
4.2
of gauge.
SEPT.
25.—The
58, 481
24
75,216
79 ,181
31
99.115 139 059
■
7
■
14
21
28
5
6.4
^Census Bureau issued
"
1917.
Albama
;
....
.
on Oct.
2 its
'
Georgia
...
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
310,756
112
60,960
1,710
19,020
715,512
28,614
47,678
233,930
1,179,406
Virginia
1
other States
392,217
60
300,984
2,989
16,368
746,607
178,634
197,395
8,999
49,136
219,157
259,543
55,517
1,907,183
1,106
85
United States.
137,478
"1914."
48,343
1,515
1,752
581,288
153,145
115,499
225
>
Texas..
1915.
35
....
;
Louisiana
1915 and 1914:
1916.
94,857
...
...
Arkansas
California
Florida
8
2,498,381
781
4,081,989
,
114,361
179,748
1,293
82,931
2,136
258,947
9,143
1,146,953
■
99,347
2,656
25,579
768,095
94,119
163,298
*
84,517
104,154
303,794
16,032
1,334,342
260
2,903,829
5,602
3,393,752
♦Included in all other States.
The number of round bales included this
year is 60,904, contrasted with
The number of Sea Island bales included is
18,731, against 31,261 bales
1916 and 19,091 bales in 1915.
The distribution of Sea Island cotton
1917 by States is: Florida, 9,282
bales; Georgia, 9,382 bales, and
South Carolina, 67 bales.
in
for
The corrected statistics of the
Sept.
112,138
142,060
160,421
185,430
187, 016100,526
253,166
261,941
287,143
325,618
438,889 19,919 39,499
433,353 62,772 64,574
428,150 102,930 136,037
21,259
18,534
67,290
285, 561306,456
355,449
693,690
454,818 117,416
497,366 150,836
575,202 185.622
650,579 253,736
208,398324,221282,775
439,165
830,921
736,530 292,114 461,452 368,756
1916
182, 381176,839
230 375 284,998
411.183
542,558
248,363 127,194
267,946 219,387
361,750 362,834
436,693 381,833
stocks
were
at
interior
towns.
plantations for the week
they were 368,756 bales.
Last
were
year receipts
from the
bales 461,452, and for 1915
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
a
following brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last two
seasons, from all
which statistics are obtainable; also the
sources
takings,
gone
out of sight, for the like period.
from
or amounts
Vl
1
are
615,597 bales.
quantity of cotton ginned this
Cotton Takings.
season
prior
1917.
1916.
Week and Season.
Week.
|
*
Visible supply Sept. 28
2,789,041
Visible supply Aug. .1
:—._
American in sight to Oct. 5._._
395",04 i
Bombay receipts to Oct. 4..
Other Indian shipm'ts to Oct. 4
Alexandria receipts to Oct. 3
Other supply to Oct. 3 *
Total supply
510,000
52,000
510,000
51,000
Season.
Week.
Season.
3,351,164
2,814,776
2,159,454
585",230
212,000
10,000
21,000
26,000
24,000
4,000
51,000
32,000
82,000
27,000
'
3,198~251
2,000
2,936,525
109,000
3,207,082
5,257,230 3,984.394
6,403,776
2,943,093
2,943,093 3,695,584
3,695,584
2,314,137
1,835,137
479,000
2,708,192
2,060,192
648,000
Deduct—
Visible supply Oct.
5
Total takings to Oct. 5.a.
Of which American
Of which other
*
39
84,855 bales in 1916 and 32,412 bales in 1915.
to
267,293
266,271
on
the returns for the like
period of 1916,
All
281,900
244,073
247,888
1.—That the total receipts
Aug. 1 1917 are 1,187,979 bales;
2,051,783 bales, and in 1915 were 1,574,166
bales.
2.—That although the
receipts at the outports the
past week were 208,398- bales, the actual movement from
plantations was 292,114 bales, the balance going to increase
in
the growth of 1917
Arizona
256,517
The above statement shows:
from the plantations since
the amount of cotton ginned up to Sept." 25 from
as follows, round bales counted as half
bales, and excluding linters, comparison being made with
raport
28,735
24,070
72,493
Sept.
at
CENSUS BUREAU REPORT ON COTTON GINNING
TO
60,808
The
5.1
5.1
zero
17
,
6.4
7.4
■
1915.
Aug.
5.2
Above zero of gauge.
Below zero of gauge.
Above
Nashville
Shreveport
Vicksburg
zero
96.0
RECEIPTS FROM THE PLANTATIONS.—The
follow¬
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland
receipts
nor
Southern-consumption; they are simply a statement of
the weekly movement from the
plantations of that part of the
crop which finally reaches the market
through the outports.
ending
263,989
218,989
45,000
288,810'
246,810
42,000
Embraces
receipts in Europe from Brazil, Smyrna, West
Indies, &c.
This embraces the total estimated
consumption by Southern mills,
839,000 bales in 1917 and 753,000 bales in 1916—takings not
being available
—and the aggregate amounts taken
by Northern and foreign spinners,
1,475,137 bales in 1917 and 1,955,192 bales in
1916, of which 996,137
bales and 1,307,192 bales American.
5 Estimated.
a
—We have received
a copy of a chart
showing the course
prices during the past three seasons, issued by the
Shepperson Publishing Co., who have it op sale as a hanger
of cotton
or on
bond paper.
\
h
'.
■>"
....
34,600,000
average.
Oct
.
Charlotte, N. C.—There has been rain on three days during
the week, the rainfall
reaching eighty-six hundredths of an
inch.
Thermometer has averaged 62, ranging from 46 to 78.
Memphis, Tenn.—Favorable weather for gathering the
crop, which is now making better progress.
There has been
98
99
110
105
120
2,745,000
66,000
*422
_j.
.
82 and the lowest 41.
%5
105
101
150,000
All other.
♦Seven-year
N 112
.99
100
95
95
72
■C.
'
164
.
Area.
47,000
1,475,000
2,950,000
5,178,000
194
..113
.....
% of 1916
Planted
Acres.
244
-.140
.....
Florida
Alabama
65.7
.
Final.
242
215
160
...221
Georgia.
310
...221
72
63
*95
-Acreage Planted, 1917-
,10-Year
Average.
1916.
Final.
cated).
Virginia
•
93
1917.
Mississippi
high¬
68
67
_
.....
-Yieldper Acre (lbs., lint)-
Mobile, Ala.—Some localities report considerable loss of
cotton in the field as a result of
heavy wind and rain.
We
have had rain on two
days of the past week, the rainfall
reaching three inches and ninety-nine hundredths. The ther¬
mometer has ranged from 55 to
81,
est
„
—;
United States
averaged 69, ranging from 53 to 85.
averaging 69.
Selma, Ala.—Rain has fallen on three 'days during the
week, the rainfall being three inches and sixty-five hun¬
dredths.
Highest thermometer 78, lowest 49, average 63. Madison, Fla.—There has been rain on two days of the
past week, the rainfall being two inches and
seventy-two
_
_
Arizona
inch.
an
_
....
Oklahoma
day during
one
hundredth of
40
63
.
California.
being 91 and
65
61
..
.5,3
_
Shreveport, La.—There has been no rain during the week.
Average thermometer 68, highest 86, lowest 51.
v
Columbus, Mis.?.—There has been no rain the past week.
one
_
70
68
48
.65
.1 __________76
62
.
Tennessee
Missouri
.
58
36
__________.69
_
_
68
'
61
...
78
71
53'
55
63
...
Alabama
Texas.
..67
.62
______
Ten-year
Average.
1916.
85
61
_____________
Mississippi
thermometer has averaged 70,
ranging from 54 to 85.
New Orleans,
La.—Dry all the week.
The thermometer
has averaged 73. \
reaching
abandonment)
Sept. 25
1917.
__63
South Carolina
,
Vicksburg, Miss.—There has been
per acre of 168.3lbs.
-.69
Carolina
Georgia
during the week.
averaged 65, the highest being 89 and
\;':y
Little Rock, Ark.-—There has been rain on one
day the past
week, to the extent of two hundredths of an inch.
The
the week, the rainfall
The thermometer has
yield
a
Sept. 25
States—
Virginia,..
■■
The thermometer has
averaged 68, the highest
the lowest 45.
Sept. 25 forecasts
on
total production (allowing
1% from planted area for
12,047,000 bales.
Last year the production was 11,449.930
bales;
two years ago,
11,191,820 bales; three years ago, 16,134,930
bales, and
four years ago,
14,156,486 bales.Comparisons of conditions, by States, follow:
rain
no
a
of about
The thermometer has
hundredths.
Oct. 2:/
on
Sept. 25
on
Paris, Tex.—There has been
tie lowest 42.
following statement, showing the
Sept. 25, was issued by the Depart¬
on
The Crop
Reporting Board of the Bureau of Crop Estimates of the United
States Department of
Agriculture estimates, from the reports of the corre¬
spondents and agents of the Bureau, that the condition
of the
74, high¬
90, lowest 58.
REPORT.—The
condition of cotton
•
Nacogdochesj Tex.—We have had no rain during the week.
The thermometer has
averaged 70, ranging from 47 to 92.
Palestine, Tex.—No rain.
Average thermometer
est
[Vol. 105.
Oct. 6
1917.]
THE
CHRONICLE
EGYPTIAN COTTON CROP.—The Alexandria Cotton
Co., Ltd., of Boston* have the following, under date of
Alexandria, Aug. 24th.:
Humidity in the interior has continued to be excessive, and has thus
again favored the development of the
pink boll worm.
There is a marked
a delay in the maturity of the bolls, due to weaker vegetative
tendency for
vigor of the
jplant, brought about by the prolonged cool
a?*tJJulyi,tuis constitutes
of the
pink boll
1917.
Receipts at—
1916.
Since
Week.
Week.
10,000*
132,000
RECEIPTS
Week.
78,000
AND
Aug. 1.
31,000
,
19i7.
1916.
1915.
Receipts (cantars)—
This
week
44,959.
119,379
1
Since-.
Week. Aug. 1.
Exports (bales)—
To
Liverpool.
61,955
142,270
i
9,824!
8,147
4,882
5,993
19,022!
3,625
335
5,717
3,290
3.376-
3",290
2~434
1,920
15,010
5,354
15,411
12,749
10,071
48,524
1,133
i,'-
Total
Since
Week. Aug. 1
l.j
1,996
_
!
Since
Week. Aug.
L996
To Manchester
To Continent and India
To America
53,700
96,896
exports
*
,
17,623[
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ending Sept. 12
44,959 cantars and the foreign shipments 1,996 bales.
<
were
-
MANCHESTER
MARKET.-—Our
by
day* below and leave those for previous weeks of this and
last year for comparison:
,
1917.
8% lbs. Shirt¬
Col'n
ings, common
32.8 Cop
Twist•
Mid.
to
Aug. d.
d
1916.
V
s.
finest.
814 lbs. Shirt¬
Cot'n
ings, common
328 Cop
Twist
Up's.
Mid.
to
finest.
Up's
1
d.
d.
a.
d.
d.
<1
•
a.
d.
A
d.
s.
17
25%
@
25% 141LH @19 0
19.30 12%
@
13.14 7
9
@9
9
8.86
24
25%
<4
26% 14 0
#18 6
@
1414 8
3
@10
3
9.42
31
25%
@
26% 14 0
@18 6
18.90 13%.
18.25 14
@
15
8
6
@10 714
9.90
24
@
25% 13 9
@17
@
1514 8
8
6
9.38
14
23%
@
25
@17
@
1514 8
8
@10
@10
21
24
@
@
15 % 8
8
@10
6
9.62
25%
@,
25% 137J4 @17 16% 17.82 U%
26% 14 0
@18 0% 18.62 1414
@
1514 8
8
@10-6
9.47
©
1554 9
0
@1010%
9.93
Sep.
13
6
17.25 1414
16.90 14H
10^
9
9.51
6
(■
'
5
26%
@
28
14-3—@18 6
19.37 1454
SHIPPING NEWS.-—In
harmony with the desire of the
Government to observe secrecy as to the destination of cotton
ieaving United States ports, our usual details of shipments are
suspended until further notice;
.
*
COTTON
New York
FREIGHTS.—Current rates for cotton from
are as
follows, quotations being in cents
pound:
per
Liverpool, 5.00c.; Manchester, 5.00c.; Havre, 8.50c.; Genoa, 10.00c.;
Leghorn, 8.50c. nom.; Christiania, 4.00c.; Naples, 10.00c.; Oporto, 10.00c.;
Barcelona, 9.00c. nom;; Lisbon, 9.00c.; Japan, 3.00c.; Shanghai, 3.00c.;
Vladkvistok, 3.00c. nom.
.
LIVERPOOL.—By cable from Liverpool w6 have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Sept. 14.
11,000
Sales of the week__
Sept. 21.
17,000
Of which speculators took
Of which exporters took
American
Sales,
Actual
Total
_____
stock
___•
_
...
Of which
American__—:
Total imports of the week.
Of which American._________
Amount
afloat.
Of which American-..
___•
Oct. 5.
17,000
"
1
__
_
8,000
1,000
46,000
267,000
171,000
71,000
71,000
157,000
119,000
_______
export.^......:
Forwarded
Sept. 28.
13,000
______
10,000
9,000
43,000
261,000
164,000
38,000
31,000
171,000
133,000
61,000
266,000
172,000
66,000
52,000
197,000
152,000
12%
p.m.
NeioCont't
d.
12,000
1,900
7«,000
329,000.
223,000
141,000
116,000
.
',
d>
January.
February.
The tone of the Liverpool market for spots and future^
day of the past week and the daily closing prices of
means
17 52-100d.
Friday.
4
4
12%
4
12%
4
4
12%
12%
p.m. p.m. p.m. p.m. p.m.
p.m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
Old Cont't.
October.
HOLI¬
60
87
02
69
00
79
79
63
50
67
90
58
88
67
30
38 '
77
67
67
51
55
47
17
____
52
42
17
March
April
May
17 52
Wed'day. Thursday.
17
20
27
42
55
63
17
10
17
43
52
75
75
62
54
54
38
34
44
44
28
32
20
50
34
34
18
22
67
17
67
76
67
47
25
06
.
DAY
17 47
17" 05
16 40
25
60
75
10
25
35
5Q
60
70
22
60
32
42
92
42
52
42
16
06
37
45
30
12
16
26
76
26
36
26
16
Mar.-Apr.
May-June
July-Aug.
57
16
_
25
96
35
15
85
1
05
40,
22
40
v
BREADSTUFFS
v
#
Friday Night, Oct. 5 1917.
*
Flour has been firm witji an active demand.
The supply
continues to be small, in spite of some increase in the re¬
■
ceipts.
Mills are offering on a very restricted scale.
The
production at the West is large, but the demand to all ap¬
pearances is larger.
Gradually, it is believed, the equilibrium
will be restored.
Just now, however, there is a good deal
of dissatisfaction among buyers at their inability to get
adequate supplies.
Prices on the spot show very noticeable
premiums over those for flour to arrive;
Profits obtained
by dealers are so high that it is intimated that the ques¬
tion is being considered by the Food Administration.
It is
not believed that unreasonable profits will be tolerated for
any great length of time.
Many are disappointed that prices
have not declined since the Government took hold.
It is
here
believed that for
times.
time at least the flour trade will have to
a
different scale from what is
on a
seen
in peace
That is to say, that buyers will have to content them¬
with temporary supplies at least for a time.
In
Liverpool prices have been firm, with only moderate offer¬
ings by local mills and smaller export offerings.
The spot
demand there has been good and foreign arrivals are
into immediate consumption.
In Liverpool they
going
think
American clearances will continue liberal according to the
Food Comptroller's plan.
Australia is grinding freely for
foreign account.
The total output of flour last week at
Minneapolis, Duluth and Milwaukee was 452,000 barrels,
against 476,000 last week and 325,000 for the same week in
1916.
The total from Sept. 1 to Sept. 29 was 1,808,000
barrels, against 1,525,000 barrels for the same time last year.
Wheat has declined on No. 2 red, while other grades
showed no change.
The private estimates of the crop
exceed the last Government figures.
Two of these estimates
put the total at 680,000,000 to 682,000,000 bushels, against
the Government estimate a month ago of 668,000,000 bushels
and 640,000,000 bushels harvested last year.
But receipts
a't the terminal points continue small.
This is one of the
great drawbacks of the situation from the economic stand¬
point.
Australian wheat, however, has arrived at PacificCoast ports.
Some think that, these receipts will ultimately
reach something like 25,000,000 bushels, as the grain is
coming in returning lumber boats.
Stocks in Canada are
rapidly increasing.
In Oklahoma. farm stocks are said
to be
12,000,000 bushels, against 7,500,000 bushels a
year ago.
The total American visible supply increased
last week 6,082,000 bushels, as against an increase in
the same week last year "of 3,371,000 bushels.
In Canada
the increase was 5,162,000 bushels, or more than double
the increase in the same week last year when, to be exact,
it
was
2,470,000 bushels.
But
the trouble is that
even
so
the total North American visible supply is only
32,082,000 bushels, against 93,580,000 a year ago and
43,227,000 at this time in 1915.
At the same time it is said
that the winter wheat acreage this season is likely to be far
the largest ever known.
That does not sound unreasonable
with No. 2 red quoted here f. o. b. at $2 26.
It is said that
some
the
of
sections
West
gaged in wheat raising will
Kansas
it
is
At
the
same
time
That
are
light.*
each
are
spot cotton have been
go
have
not
into it now.
hitherto
en¬
In parts of
the increase in area will be 25%.
supplies on' the Continent of Europe
of
that big. importations
necessary.
Canada
which
that
said
______
______
given
are
17
_
selves
received
report
cable to-night from Manchester states that the market has
been disturbed by the advance, but thete-is a moderate
trade in printing and dyeing cloth.
We give prices for to¬
7
12 M 1254
p.m. p.m.
Thus:
Tuesday.
to
Oct. 5.
be conducted
rNote.—A cantar is 99 lbs.
Liverpool for each day
pence and 100ths.
Monday.
OF
years:
Alexandria, Egypt,
September 12.
Since Aug.
Saturday.
149,000
SHIPMENTS
COTTON.—The following are the receipts and
shipments for
the week ending Sept. 12 and for the
corresponding week
previous
given in
_
Since
Aug. 1.
are
Oct .-Nov.
Jan.-Feb
1915.
Since
■Aug. 1.
12,000
....
ALEXANDRIA
•
prices
Sept. 29
weather of June
Sept. 13..
of the two
The
worm
BOMBAY COTTON MOVEMENT.—The
receipts of
India cotton at Bombay for the week
ending Sept. 13 and
for the season from
Aug.l for three years have been as follows:
Bombay--v
The prices of futures at
1433
below^.
a great danger, owing to the rapid propagation
and increases the probability of boll-shedding.
The
percentage of bolls attacked by the pink boll worm has now increased, and
may be estimated at from 15 to 35%.
Morning fogs are not reported, so
far. to have caused
any damage.
•
.
follows:
as
.
v
A
can
'
means,
Market,
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.
Quiet
Quiet
Quiet
Quiet
Easier.
f
12:15
•
\
P. M.
1
18.62
18.72
19.32
19.25
Mid.Upl'ds
19.17
19.77
Good Mid.
Uplands*
19.82
19.37
20.40
i
20.10
HOLI¬
Sales
___
DAY.
_
3,000
Futures.
Market
1
opened
/
Market
(
------
M.
1
20
@30
pts. adv.
3,000
,
Steady at
3,000
Quiet
at
3,000
73 @85
5@15
Steady,
19@24 pts.
pts. adv.*
pts. dec.*
decline.*
Steady, 35 Firm, 98@ Quiet, 16® Quiet,
12
@42
pts. 100 pts.adv 21 pts. dec. pts. dec. on
I
4
P.
3,000
Steady at
:
■;
1
Quiet.
adv.
new
&
20 pts.
,
old.
on.
20
on
on
new
&
100 pts. on
old.
on
new
unch.
old.
&
on
new
&
20
pts. on 6ld.
6,382,000 bushels,
as against 12,832,000
Argentina, owing to the strike,
shipped only 52,000 bushels, against 264,000 in the pre¬
vious week and 672,000 last year; India 462,000, against 1,792.000 last year; North America, 4,828,000 bushels, against
9,184,000 bushels.' In India heavy rains have delayed the
movement and shipments are lighter on account of the
scarcity and dearness of ocean freights.
In Argentina the
strike has spread to the ports and this seriously affects ship¬
ping.
In France the weather has been cool and wet, and
therefore not favorable to late crops and harvesting.
Stocks
there are small and new wheat is moving slowly.
To make
matters worse, foreign arrivals are lighter.
Advices from the
United Kingdom state that the percentage of the world's
shipments to the United Kingdom is less than the require¬
ments.
The weather, moreover, is -wet in England and na¬
tive crops ar
moving slowly.
Crop accounts from Russia
are
gloomy.
This. applies both to quantity and quality.
exports were only'
Saturday.
Spot.
course,
It looks as though all that America and
spare will be needed.
Last week the world's
in the
same
week last year.
,
*
New eontraeti
.
1434:
The
The weather has been
there
was
generally cold and wet. Harvesting
delayed by the lack of labor and poor economic con¬
ditions. It is said that the food situation in Russia is
critical,,
especially in the cities, owing to poor railroad facilities and the
difficulty of replenishing supplies. It is added that both civil
and military conditions are very unsettled. In Italy the yield
and quality are alike unsatisfactory and that country
will have -to import on a large scale.
Things are in such a
state in Italy that economy in the use of wheat is being
urgently recommended; From Scandinavian countries con¬
tinue to come reports of great scarcity after poor crops, both
as regards
quantity and the quality of the grain.
In this
country the great trouble, as already intimated, is the
slowness with which the crop is being moved.
Farmers are
evidently holding out against the Government. It remains
to be seen what the Government will do.
Receipts are in¬
creasing slowly, but that does not help matters much.
It
may be of interest to recall that in considering possible action
by the Government sooner or later that Food Controller
Herbert C. Hoover in addressing" a conference of members
of the Food Supply Commission in Philadelphia recently said
^prosecute the war, success¬
fully as a democracy, an autocratic government in the pro¬
duction, distribution and consumption of food, at least, will
be adopted.
There is a big profit in wheat raising at present
prices, according to the common understanding. To-day
there was some increase in the receipts at Chicago and the
Northwest, but there is a good demand from mills, especially
for hard winter and spring wheat.
DAILY CLOSING PRICES OP WHEAT IN NEW YORK.
Sat.
Mori.
Tues.
Wed. Thurs. Fri.
.cts.226
226
226
226
226
226
No. 2 red.—
No. 1 spring-
Indian
_.__229
—
corn
229
with
has advanced
a
.
229
229
229
good demand and
229
some
estimates smaller than that of the Government.
have ranged from 3,115,000,000 bush, to
3,182,000,000 bush., as against the Government estimate a
month ago of 3,248,000,000 bush.
And stocks are not
increasing rapidly. There was a decrease last week in the
North American visible supply of 1,544,000 bush., against
an
increase in the same week last year of 611,000 bush.
This leaves the total at only 1,561,000 bush., against. 6,667,000 bush, a year ago and 4,159,000 at this time in 1915.
In Liverpool prices have been firm, partly owing to the con¬
tinuance of the strike in Argentina and light American
offerings.
In. Liverpool the spot demand has been good
and general offerings small.
On the other hand the weather
has of late been on the whole better, though early in the
week frost was reported in Illinois, Indiana, Iowa and Mis¬
souri,
But it is believed it did no serious harm.
Cutting
in early planted fields is under way, though very little new corn
is expected for several months. The bulk of the corn accord¬
ing to the latest weekly'Government report is safe in Kansas,
private
Two
crop
of
Missori
them
and
Nebraska
and
also
in much; of
Illinois.
In
Iowa
80% will be safe by Oct. 15. Receipts of old corn
have been very moderate.
But the tendency of prices for
old corn is towards a lower basis in gradually readjusting
the scale of values
to
the
new
To-day prices
crop.
were
higher.
Frost was predicted for overnight m Wisconsin,
Minnesota, Iowa and Illinois.
Country offerings are in¬
creasing.
Receipts are small, but for the. moment they
seem- sufficient to supply the current deiriand.
Prices are
higher for the week.
DAILY CLOSING PRICES
>
,
OP CORN IN NEW YORK.
Sal.
;
Man.
Tues.
Wed. Thurs.
Fri.
No. 2 yellow....
cts-215
215
210
208
207
206
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
December delivery in elevator.cts.118%
May delivery in elevator
.
—
118%
115%
115%
119%
116%
120
116%
118%
115%
1)9%
116
Oats advanced
slightly with corn and it is clear enough
that the country is not anxious to sell.
Certainly receipts
are small..
The North American visible supply increased
last week only 297,000 bushels against an increase in the
same week last year of 2,251,000 bushels.
This leaves the
total only 20,922,000 bushels against 55,858,000 bushels a
year ago.
In Liverpool prices have been steadier owing to
lighter export offerings and some demand from consumers.
Of late the December position here has been noticeably
strong, owing to the lightness of the receipts and nervous¬
ness of shorts.
Western farmers are evidently holding back
their supplies.
It is feared that the visible ,stocks will
increase only moderately at least for a time.
Though the
crop is admittedly large farmers, it is quite as clear, are not
selling,at all freely.
Under the circumstances there is not
much hedge selling.
On the other hand, the export demand
has latterly decreased sharply.
So le estimates of the crop
are
1,615,000,000 to 1,621,000,000 bushels against the
Government estimate a month ago of 1,533,000,000 bushels
and the harvested crop last year of 1,251,992,000 bushels in
1916.
This year's crop will be far the largest ever known.
Meanwhile however there are big withdrawals of oats from
storage at Chicago.
This of itself has tended to strengthen
prices, yet latterly both the export and domestic demand has
been light and prices are firm but have not moved decisively
upward.
To-day prices were irregular, closing slightly
higher.
Pre riums on spot oats declined at Chicago.
A
,
Standards..
..cts.
„
.
-
"66 "
66%"
Mon.
Sat.
Tues.
58%'
61%
58
..
60%
.
...
Winter clears
Spring patents
Spring straights
Spring clears
Wed. Thurs. Fri.
59%
59
59%
61%
60%
61%
Buckwheat flour
— —
Graham flour
GRAIN.
Corn, per
Wheat—per bushel—f. o. b.—
N. Spring, No. 1, new
$2 29
N. Spring, No. 2
Red winter, No. 2. new— 2 26
Hard winter, No. 2-2 25
Oats, per bushel, new—
cts.
Standard..
No. 2,
...
white
;
No. 3, white
-
No. 4, white-.;
bushel—
No. 3 mixed
f.
b.
o.
No. 2 yellow kiln dried
No. 3 yellow—
$2 06
2 05
Argentina
Rye, per bushel—
New
67
67%
66%
66
180
York
i.
c.
Western
c.
f.
$1 95
i. f.
1 95
;_1 45@1 45
Barley, malting.
Barley, feeding.,-
.....
1 14
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 2.—The influences of weather
on
the crops as sum¬
marized in the weather bulletin issued by the Department of
Agriculture for the week ending Oct. 2
COTTON.—The weather conditions
were
were as
follows:
favorable for picking cotton
In Louisiana, Texas and Oklahoma and this work progressed rapidly.
In
the central and eastern parts of the cotton district, however, the rainy
weather delayed picking and lower temperatures, insufficient sunshine ana
heavy rains produced conditions unfavorable for the development of the
crop.
The damage by wind to cotton in connection with the tropical
storm was confined to a comparatively small area in western Florida,
southwestern Georgia, southern Alabama and southeastern Mississippi,
and in these sections most of the crop had been gathered, except in south¬
western Georgia and southern Alabama, where, some cotton was beaten
from the bolls and soiled.
The picking of cotton is about completed in
Texas, except in the northern counties; the crop is not promising in this
State.
Cotton is making very little progress in Arkansas also, where picking
is general in the central counties, and just beginning in the north.
The
bolls are dropping considerably in parts of Oklahoma, Arkansas and Ten¬
nessee.
Cotton Is opening rapidly on loam land in the delta region in
Mississippi, but slowly on the heavy soils.
WINTER GRAINS.—Plowing and seeding of winter grains progressed
in a very satisfactory manner in practically all sections of the country,
except in a few localities where the soil is still too dry.
The soil for the
most part, however, is in excellent condition foe seeding and germination
and the early-sown grains are coming up well.
It is estimated that onehalf of the winter wheat land has been seeded in Kansas and the remainder
rapidly as possible.
In Missouri 70% of the wheat
and probably 20% sown.
The acreage of winter
in many districts.
The heavy rains in south¬
eastern States have put the ground in good condition for seeding winter oats.
SPRING GRAINS, &c.—The threshing of spring grains is well under
way in the upper Rocky Mountain region and is nearly finished in some
localities; the threshing of flax continues.
The weather was favorable for
rice harvesting in Texas and Arkansas, but this crop was seriously damaged
in southeastern Louisiana by the tropical storm.
The buckwheat harvest
was becoming general, with generally satisfactory yields.
Heavy rain fell during the week in northeastern Kansas, and much in
Missouri and moderately large amounts in northern and central Illinois,
eastern Kentucky and eastern and central Tennessee.
Practically no rain
occurred in most of Nebraska and South Dakota, while in the large part of
the principal corn-growing States the rainfall was mostly light.
The tem¬
perature averaged 2 to 4 degrees a day below the normal in the Ohio, lower
Missouri and central and upper Mississippi valleys.
As a result corn
matured rather slowly in the central and eastern corn States.
In the north¬
is being
planted
as
land has been prepared
wheat has been increased
part of the country the temperature was somewhat higher and corn
more rapidly.
»
CORN.—Nearly all of the corn is safe from serious frost damage in the
northern tier of States and cutting is under way.
The crop is beyond frost
damage in Nebraska, except in some very late fields.
In Kansas also the
bulk of the Crop is free from frost, although the late planted, as well as the
grain sorghums, require at least ten days to fully mature.
The bulk of the
crop is also safe in Missouri, while 50% of the replanted river lowlands are
beyond danger from frost damage.
In Iowa very good progress was made
in the maturing of corn, but fully one-third of the crop is not yet safe from
ordinary killing frost and much more would be seriously damaged by a
freeze.
It is estimated that not more than 88% will be safe by Oct. 15 in
Iowa, and that from 5 to 10% will require practically all of the month.
Frosts on Oct. 1 in Indiana and Illinois* did not appreciably damage the
corn crop.
Corn is hardening well in Illinois and much is now safe from
frost damage.
The balance of the crop in this State will require 10 to 15
days to fully mature.
About two-thirds of the crop is safe in Indiana and
the remainder needs from one week to ten days.
Corn matured rather
ern
matured
.
rapidly in .Ohio on account of the dry winds, and good progress was made
in cutting.
The bulk of the crop is now safe from frost damage in that
State.
Cutting is well advanced in Pennsylvania and in practically all of
the southern part of the country.
The crop matured slowly in Kentucky,
but the greater part is beyond frost damage.
The statement of the movement of breadstuffs to market
from figures collected by
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
indicated below
are
prepared by
us
the New York Produce Exchange.
Flour.
Receipts at-
Chicago—
Minneapolis
Duluth
Barley.
Rye.
411,000
191,000
1,285, 000
68, 000
833, 000
1,397,000
2,000
220,000
.979,000
612,000
127,000
140,000
3,000
457,000
21,000
129, 000
1,000
649,000
87,000
4,000
28,000
29,000
138, 000
211, 000
.
"5", 000
Detroit-
16,000
...
Louis
96,000
Peoria
Kansas
Oats.
1,712,000
2.3,000
Toledo......
St.
Corn.
79,000
2,721,000
-
...
Milwaukee...
Cleveland
Wheat.
bbls.mibs. bush. 60 lbs bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.BGlbs:
659,000
3,068, 000
110,000
573,000
1,135,000
160,000
41,000
City.
Omaha......
35,000
655,000
255,000
-
139,000
200,000
116,000
462,000
Sam® wk. '16
334,000
6,898,000
11,442,000
Same wk. '15
421,000
18,591,000
2,402,000
3,891,000
5,390,000
1917.
2,545,000
15,702,000
21,396,000
1916—
3,289,000102,725,000
3,017,000 99,205,000
33,699,000
30,814,000
Total wk. '17
341,000
"3",000
524, 000
70,000
22,000
436, 000
151,000
5,000
3,869,000
1,291,000
3,745,000
3,871,000
1,064,000
431, 000
726, 000
7,849,000
7,729,000
6,789,000
847,000
Since Aug.l—
1915.
Total
69,775,00019,903,000
5,967,000
68,519,000(20,577,000 6,009,000
61,129,000i 17,335,0001 4,978,000
receipts of flour and grain at the seaboard ports for
29 1917 follow:
the week ended Sept.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
38,000
Philadelphia
Baltimore
258,000
421,000
42,000
960,000
84,000
347,000
68,000
620,000
129,000
New York
_
...
15,000
175,000
196,000
"T.666
770,000
285,000
45,000
420,000
N'porfc News.
Mobile..
"
117*666
"*27",660
12,000
46,000
513,000
3,000
*""32",000 "*614",000
""22",666
501,000
249,000
1,000
*""2*666
1,569,000
199,000
158,000
4,134,000
Since Jan.1'17 16,069,000 157,568,000 44,967,000 113,136,000 14,210,000
528,000
8,344,000
Fri.
-.
December delivery, in elevator.cts- 58
May delivery.in elevator—
61
Spring, low grades
Kansas straights, sacks. 11 00@ 11 25
.-10 50® 11 00 Kansas clears, sacks...
City patents
12 80
10 50@10 75
11 25 @12 00 Rye flour
Boston
67
67%
67%
No. 2 white
66
66
66%
67%
67%
67%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
-----
closing quotations:
Montreal
OF OATS IN NEW YORK.
Sat.
Mon. Tubs
Tues.
Wed. Thurs.
66"
are
FLOUR.
New Orleans
small net advance is noted for the week.
DAILY CLOSING PRICES
following
Winter, low grades
Winter patentsWinter straights'-
.
that if the United States could not
[Vol.. 105.
CHRONICLE
THE
426,000
Total wk. '17
Week "1916—
Since Jan. 1*16
1,000
.
768,000j
7,162,000
20,328,000:310,089,006I
335,000
736,000
2,650,000
48,823,000 146,630,000 23,034,000
.
379,000
9,114,000
Oct. 6
THE
1917.]
CHRONICLE
The exports from the several seaboard ports for the week
ending Sept. 29 are shown in the annexed statement:
Flour,
Oats,
bushels.
Exports from—
Corn,
bushels.
barrels.
bushels.
New York
546,223
Boston
230,911
299,404
Baltimore
bushels. bushels. bushels.
Government crop condition report and forecast for a
disap¬
pointing yield, stimulated renewed activity in the markets
for dry goods during the week.
There is also increase
anxiety on the part of manufacturers as regards supplies
—
159", 702
420,0001
Total week..
171,391 68,674
650.351 429,759
1,076,538
7,621,550
19I6___.
1,075,3111665,747 138,415
—
922,694.289,136 690,504
New York, Friday Night, Oct. 5 1917.
sharp advance in cotton, due to the unfavorable
The
138,415
151,647
373,465
19,645
130,199 646,102
11,689] 68,674
Newport News.
Week
THE DRY GOODS TRADE
Peas,
Barley,
Rye.
Wheat,
of
„
The destination of these exports
the
Corn.
Wheat.
Flour.
Week
Since
Week
July 1 to—
sept. 29
July 1
Sept. 29
July 1
1916.
United Kingdom.
Continent
1916.
1917.
Bushels.
Bushels.
505,564
771,437
90,876
113,166
2,652
19,606
West Indies..—
Brit. No. Am. Cols
Other Countries..
Total——
1,503,301
3,953,095
1,076,538
7,621,550
-
68,674
429,759
1916
11,912,864
9,145,919
3,570
4,177
487,357
585,133
,
11,445
19,630
1,652
4,127
1916.
Bushels.
¥l", 820
So. & Cent.Amer.
Total
1917.
Barrels.
1917.Barrels.
4,048
,
Bushels.
7,636
159,702
1,000
1,667
3,284,145
2,107,829
2,428
14,941
1,386
"""¥,464
Bushels.
North Amer*
Since
July 1.
Bushels.
Since
new
Since
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
"147,666
9,038,000
303,000
4",484",000 34,561,666
""52",000
¥,068",000 13,*73¥666
17,980,000
9,864,000
7,222,000
8,995,000
14,000
568,000
984,000
""¥4",000
T,~07¥,666
2,467,666
6,382,000 107,352,000 143,873,000
534,000
14,600,000
50,977,000
India....:.
Oth.countr's
—
,
America.—The
of
both
Canadian
manifests
and
has
Government
exports until after ten
a
officially prohibited the
days.
This is effective
war.
The
quantity of wheat and
mentioned
was
corn
afloat for Europe on dates
follows:
as
Corn.
Wheat.
-
United
United
\
Kingdom.
Continent.
Total.
Kingdom.
Bushels.
Bus.shel
Bushels.
Bushels.
Sept. 29 1917.
Bushels.
Bushels.
Not avail able
Sept. 22 1917.:
Sept. 30 1916.
Total.
Continent.
Not avail able
Oct.
2
19,576,000
45,472,000
24,960,000
1915.
26,121,000
visible
The
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Sept. 29 1917 was as follows:
at
granary
GRAIN STOCKS.
Wheat.
United
New
Boston
...
„
——_
Oats,
Corn,
bush.
bush.
States-
York..
578,000
bush.
99,000„
1,106,000
1,160,000
748,000
405,000
1,097,000
57,000
....
73,000
Philadelphia l--.-___-.-__.
594,000
95~66O
Baltimore-
546,000
510,000
237",000
4X006
Newport
New
News.——
Orleans....
—
......
Galveston
.....
......
Detroit..
.......
...
.....
Chicago
Duluth-
——
Minneapolis.
...
Louis.
3,000
1,973,000
218,000
"¥,666
323,000
Kansas City.
Peoria.
121,000
3,000
s¥,666
570,000
10,000
63,000
9,000
—
Indianapolis.
336,000
_
Lakes
On
85,000
94,000.
....
On
247.000
244,000
111,000
4,000
3,716,000
339,000
81,000
1,007,000
716,000
828,000
773,000
19,000
45,000
24,000
445,000
122,000
564,000
101,000
,621,000
107,000
305,000
24,000
48,000
642,000
515,000
20,000.
Canal and River..
1,281,000
...
31,000
602,000
100,000
94,000
Total Sept. 29 1917*
7,789,000
Total Sept. 22 1917*..'.. 6,856,000
Total Sept. .30 1916.....57,416,000
Total Oct.
2 1915..^.15,900,000
1,136,000 14,263,000 1,826,000 5,111,000
1,805,000 12,657,000 1,939,000 5,189,000
5,0^3,000 38,866,000 1,006,000 2,460,000
3,444,000 14,381,000 1,235,000 2,946,000
Including Canadian wheat, now duty free.
Note.—Bonded grain not Included above:
more,
in
34,000
■
Othalia........
•
"i",665
779",600
602",000
.
10,000
167,000
'
bush.
33,000
18,000'
.*...
...
Barley.
940,000
15,000
81,000
512,000
8,000
17,000
261,000
181,000
......
Milwaukee.
St.
64,000
297,000
.
Buffalo.........
Toledo
Rye.bush.
116,000*
Oats, 123,000' New York, 8,000 Balti¬
136,000 Buffalo, 18,000 Duluth: {total, 285,000 bushels,
against 2,216,000
1916; and barley, 202,000 in New {York, 2,000j Duluth; total, 204,000, against
277,000 in 1916.
Canadian—
Montreal
•—
Ft. William & Pt. Arthur.
Other
Canadian
Total Sept. 29
Total Sept. 22
Total Sept. 30
_
815,000
29,000
5,425,000
1,244,000
1917
7,484,000
1917
5,084,000
1916*..-.10,383,000
2 1915
Total Oct.
*
...
10,336,000
729,000
2,700,000
230,000
29,000
3,659,000
26,000
4,443,000
674,000 11,366,000
3,000
893,000
3,000
18,000
3,000
18,000
4,000
376,000
129,000
2,000
34,000
3,000
Including Canadian at Buffalo and Duluth.
Summary-—
7,789,000
7,484,000
1,136,000 14,263,000 1,826,000 5, 111,000
18,000
29,000
3,659,000
3,000
29:1917
15,273,000
1917——11,940,000
1916—-.67,799,000
2 1915——26,236,000
1,165,000 17,922,000 1,829,000 5,129,000
1,831,000 17,100,000 1,741,000 5,193,000
American...—
Canadian
Total Sept.
-
Total Sept: 22
Total Sept. 30
5,767,000 50,232,000 1,040,000 2,836,000
Total Oet.
3,447,000 15,274,000 1,238,000 3,075,000
are
taking cotton
The firm¬
mill calcu¬
prices for the manufactured product, and
as a
bring about lower prices have been badly
finding it difficult to place orders.
about accepting large business,
are now
reluctant
and
South
American
countries
with fair sales of
Adverse shipping facilities, how¬
unfavorable factor in the situation.
ginghams reported.
still
an
DOMESTIC COTTON GOODS.—In
,
Revised.
to
continue
Central
dress
'
during the continuance of the
of linens
material market has again upset
cotton would
ever, are
North
Issuance
users
owing to the uncertainty surrounding the raw material situa¬
tion.
Further reports of labor difficulties have beep re¬
ceived from producing centers; not only is skilled labor grow¬
ing scarce, but demands are continually being made for
higher wages and mills having large orders on their books
are reported to be falling behind with deliveries.
Quite a
good inquiry for export account continues to be noted from
13,949,000
1,026,000
462,000
__
Australia...
as
raw
disappointed, and
..j.
Argentina
*
Week
1.
78,514,000 105,686,000
4,608,000
4,828,000
Russia
Total
of the
lations
-
Sept. 29.
Since
July
Former
extensively, while bagging interests have been liberal
Mills
Week
so as cotton
result many classes of goods have been withdrawn from sale,
with others readjusted to much higher levels.
Merchants
who had been holding off in hope that the early movement of
al916.
1917.
al916.
Sept. 29.
Danube
com.
Wheat:
.
supply situation, and especially
buyers of heavy cotton goods to replace burlaps.
The world's shipments of wheat and corn for the week
ending Sept. 29 1917 and since July 1 1917 and 1916 are
shown in the following:
1917.
acute
increasing scale.
more
ness
Exports.
an
is being used as a substitute for wool, flax and jute on* an
171,391 5,412,747
65Q.351 14,690,531
21,071,215
86,195,126
higher.
ties of
"
4",685
the South with many
advocating 30 cents per pound
Although exports from this country continue
of moderate proportions, the prediction of a- yield
slightly in
excess of 12,000,000 bales has brought to light the possibili¬
Since
July I
compelled
material at the beginning of
now
out
Since
\
raw
still higher as the season progresses.
and
Week
Sept. 29
Since
those
season as
wiH have to pay
Exports for Week,
and
Never before have mills been
such high prices for
prevailing, and the fear is that they
There is
considerable talk of concerted holding movements through¬
for the week and since
below:
as
material.
raw
5,965
to pay
July .1 1917 is
1435
sympathy with the
strength of raw material, markets for staple cotton goods have
developed a much firmer undertone and while many up¬
ward revisions in prices have been made it is believed that
additional advances are pending.
Manufacturers point out
that operating costs are steadily climbing with raw material
advancing and more difficult to obtain. Notwithstanding
the fact, however, that the high prices for goods ahd increased
cost of living in other directions will no doubt result in de¬
creased consumption, buyers appear to be becoming greatly
concerned over their ability to provide for future require¬
ments.
Jobbers have been more active in, the market for
spring goods and there have been no offerings on the part of
second hands at concessions under mill prices.
The im
proved inquiry for finished goods has resulted in higher
prices, and fine goods, which have ruled comparatively dull
of late, are reported to be selling more freely.
There has
been a good inquiry for denims from Government agents,
who have also purchased liberal quantities of blankets.
There continues to be
an
active demand for
wjash goods, with
novelty effects in printed cottons readily taken.
Ginghams
are likewise
selling well, particularly the newer large plaid
dress ginghams.
Print cloth markets have displayed more
activity with fair sales reported.
Gray goods, 38%-inch
standard, are quoted at 10^e.
WOOLEN
GOODS.—Comparatively quiet conditions
have prevailed in markets for woolens and worsteds.
The
high prices are having their effect in curtailing consumption,
and some action on the part of the Government in conserving
the supply of wool is expected within the near future.
There
is considerable talk of regulating styles to save yardage, such
as eliminating patch pockets, belts and turn-up cuffs.
While
mills in most cases have sold their entire output of goods for
next spring, according to reports, the yardage has been far
below
normal
with
many
orders materially cut down.
quiet, as retail trade is not as active
Jobbers who still hold stocks of
goods which they purchased at comparatively lower prices',
however, are said to be doing a good business.
FOREIGN DRY GOODS.—Trade in linens is very satis¬
Dress goods markets are
as
had been expected.
factory, though the situation as regards supplies is growing
more acute.
Prices are also advancing, but when goods are
obtainable the price question appears to be a secondary con¬
sideration.
Buyers in all cases though are not willing to
meet the higher prices asked and are turning their attention
to cotton substitutes.
The latter are selling well and like¬
wise display a very firm undertone.
The situation abroad
shows no signs of improvement as spinners continue to find
it difficult to secure sufficient raw material for their require¬
ments as the British Government controls the flax situation.
Arrivals of linens from abroad continue light and in most
cases importers have disposed of the entire shipment before
it arrives, thus keeping stocks down to a minimum.
Quiet¬
ness has prevailed in markets for burlaps, but in view of the
smallness of supplies, prices have ruled firm.
Light weights
,are quoted at 11 -50c. and heavy weights at 15.25c.
[Vol. 105.
CHRONICLE
THE
1436
Our
record
PUBLISHED WEEKLY.
placed in September of the last five years:
1917.
.U-..
For One Year
$10 00
6 00
For Six Mouths
European Subscription (including postage)*
European Subscription six months (including postage)...—
-...-i
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)..
Canadian Subscription (including postage)
WILLIAM
B.
13
7
£2
£1
$11
00
50
14 s
Front, Pine and Depeyster Sts., New
11 s
50
The number of
oj
of
a true statement of the ownership, management, etc., of the
publication for the date shown In the above caption, required by the Act
August 24 1912, embodied In Soetion 443, Postal Laws and Regulations, printed
knowledge and belief,
of
the reverse of this form, to wit:
(1.) That the names and addresses of the
and
business
and
427
232 and 315,
were
issues made during September
This contrasts with
for
569
respectively.
1917 and
August
with 509 and 703 for
September 1916.
add the following table show¬
For comparative purposes we
the
excluding temporary loans and also
issues, for September and the nine months for
aggregates,
Canadian
'
*
publisher, editor, managing editor,
are:
managers
1917
ing
aforesaid
on
88,6S0,966
municipalities emitting permanent bonds
and the number of separate
*
.
None
None
York City in September, $22,730,000 in 1917, $14,085,479 in 1916, $16,597,700 in 1915, $102,127,800 in 1914 and
$42,493,908 in 1913.
x Includes $100,000,000 Dominion Government loan.
by the Act of Congress
Commercial & Financial Chronicle, published weekly a1.
New York, N. Y., for October 1 1917.
State of New York, County of New York, ss.: Before me, a notary public, In
and for the State and county aforesaid, personally appeared Jacob Selbert Jr., who,
having been duly sworn according to law, deposes and says that he is the editor of
the Commercial <fc Financial Chronicle and that the following Is, to the best of his
1912,
24
45,398,533
17,256,464
♦Including temporary securities Issued by New
York,
Statement of the Ownership, Management, Ac., required
Aug.
26,025,969
-.52,976,847 141,814,393 55,844,918 126,151,937
Total
COMPANY, Publishers,
DANA
$
1913.
g
1914.
g
1915.
/•
g .
1916.
$
(U.S.)24,432.579
22.174,179 26,707,493
13,378,480
♦Temporary loans(U.S.)28,181,368
18,541,199 22,247,495 107,865,574
Canadian loans(perm't)
362,900x101,099,015
6,889,930
1,907,883
Bonds of U. S. Posses'ns
None
None
None
None
Gen.Fund bds.CN.Y.C)
None
None
None
3,000,000
Permanent loans
-
-
Subscription—Payable in Advance
Terms of
table below of all the various
comparison is given in the
A
forms of securities
3ptje Ctoratle.
Canadian long-term obligations
that
shows
September amounted to only $362,900.
floated in
a
series of years:
-
Front St., New York.
Editor, Jacob Selbert Jr., 138 Front St., New York.
Managing Editor, Jacob Selbert Jr., 138 Front St., New York.
Business Managers, George B. Shepherd and W. D. Riggs, 138 Front St., N. Y.
(2.) That the owners are (Give names and addresses of Individual owners, or If a'
corporation, give Its name and the names and addresses of stockholders holding 1%
or more of total amount of stock):
Owner. William B. Dana Company, 138 Front
St., New York.
Stockholders: Estate of William B. Dana (beneficiaries, Maria T,
Dana and W.S.Dana), Jacob Selbert Jr., Arpold G.Dana, Grace Newton Dana,
and Albro J. Newton; address of all, 138 Front St., New York.
(3.) That the known bondholders, mortgagees and other security holders, holding
1% or more of total amount of bonds, mortgages, or other securities are:
(If there
are'Done, so state.)
No bonds or mortgages on property, and therefore no "bond¬
holders, mortgagees and other security holders."
(4.) That the two paragraphs next above, giving the names of the owners, stock¬
holders, arid security holders, If any, contain not only the list of stockholders and
security holders as they appear upon the books of the company, but also, in cases
where the stockholder or security holder appears upon the books of the company
as trustee or In auy other fiduciary relation, the name, of the person or corporation
for whom such trustee is acting, is given: also that the said two paragraphs contain
statements embracing affiant's full knowledge and belief as to the circumstances
and conditions under which stockholders and security holders who do not appear
Upon the books of the company as trustees, bold stock and securities in a capacity
other than that of a bona fide owner; and this affiant has no reason to believe thatany other person, association, or corporation has any Interest, direct or indirect, in
the said stock, bonds, or other securities than as so stated by him.
(Signed) Jacob Seibert Jr., Editor.
Sworn to and subscribed before me this 28th
day of Sept., 1917.
Thomas A. Creegan, Notary Public, Kings County.
Certifi¬
cate filed in N. Y. Co. No. 37.
(My commission expires March 30 1919.)
Month of
Publisher, William R. Dana Company, 138
"
.
22,174,179
368,388,101
1903.
26,707,493
13,378,480
406,496,817
408,044,823
1902.
.
.
26,025,969
288,204,714
1900.
25,469,643
317,912,921
1899.
26,487,290
314,503,570
1898.
18,364,021
231,921.042
1897.
.
23,001,771
272,389,451
1896.
.
...
34,531,814
243,241,117
1895.
47,947,077
199,722,964
1.53,152,345
1894.
1893.
141,021,727
1892.
.
1914
1913
1912
.
;
1911
1910
.
....
.
1909
1908.......
1907
.
1906
8,980,41,8
9,825,200
.
1905
Nine Mos.
September.
.$10,694,671 $197,921,657
111,745,993
8,762,079
117,678,855
9,179,654
i 99,324,001
14,408,056
97,194,441
4,033,899
95,026,437
7,201,593.
83,150,559
6,173,665
106,387,463
9,272,691
56,229,416
3,693,457
1904.
$349,571,926
.
1916
1915
.
Forth*
Month of
For the
Nine Mos.
September.
.$24,432,579
1917.
.
.
1901.
,
.
.
.
.
.
.
.
3,885,137
92,253,916
90,454,836
40,974,566
6,242,952
.
63,583,834
11,423,212
8,249,347
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
It will be given later.
month's bond sales in detail.
News
Items.
Argentina (Republic of).—Discount Notes Redeemed.—
our, editorial columns this week.
See reference in
Benton
MUNICIPAL BOND SALES IN SEPTEMBER.
Dealings in permanent long-term municipal bonds during
the
month
of
This compares
September "reached
a
total of $24,432,579.
with $29,993,473 in August, $85,435,665 in
July (including $55,000,000 4^s put out by New York
and
of in
September 1916
was
City)
The aggregate amount disposed
$25,053,873 in June.
$22,174,179. Last month's total
but for the announcement
would doubtless have been larger
that
a
would be offered to the public
.'.. *
: •.
second "Liberty Loan"
in October.
.
The largest
disposal of long-term, bonds in September was
by the city of Philadelphia, which received subscriptions,
at par
beginning Sept. 17 and closing Sept. 21 for $7,275,700
The issue was all placed with local in¬
Other large sales made last month were: Knox-
4% 30-year bonds.
vestors.
ville, Tenn., $800,000 5s at 100.14; Milwaukee, Wis., $400,,000
4^3 at 100; Omaha, Neb., $400,000 5s at 101,75; State
of
Oregon, $500,000 4s at 94.426; Portland, Ore., $1,500,000
43^s at 95.29; St. Francis County, Ark., $450,000 6s at 103.50
and State of Tennessee,
$1,000,000
4^s
at 100 and int.
Among the unsuccessful offerings of long-term securities
in
September, aggregating.
over
$3,500,000 and consisting
mostly of bonds carrying 4^ and 5% interest,
were
$650,000
4K% 20-year bonds of Kansas City, Mo., for which only
one
bid of 98
the
bonds would
was
In
issue
January last
of 20-year
$500,000 of
be taken by the city's own sinking fund.
The remainder, it is said,
bid.
It is stated that
received.
bonds
would not )be sold until par was
this
city received
bearing the
same
107.929 for
an
rate of interest.
Bergen County, N. J., offered two issues of 4p2% bonds on
Sept.
bids.
17, aggregating $582,000, but failed to attract any
The city of Seattle offered without success on
Sept.
15, two issues of bonds amounting to $740,000.
In addition, to the sales of
to
above,
there
were
also
long-term obligations referred
September
during
negotiated
$28,181,368 temporary loans, including $22,730,000 shortterm securities
(revenue bonds,
revenue
notes
and corporate stock notes)
these
latter, $15,000,000
1917,
were
as
bills, tax deficiency
of New York City.
revenue
bills,
follows: J.
P.
Morgan
&
Co.,
Of
maturing Dec. 5
awarded at public sale by the city
on
$5,000,000
Sept. 24
at
3%%,
$5,000,000 at 3.85% and $4,500,000 at 3.95%; and to Hallgarten & Co., $500,000 at 3%%.
York
A description of New
City's disposals last month is given on a subsequent
page
of this Department.
County (P. O. Prosser), Wash.—Court-House
Illegal.•—The sale to Denver bankers of the $125,000
court-house bonds authorized by the Board of County Com¬
missioners in December last—V. 104, p. 85—was nullified,
according to local papers, by a decision of the State Supreme
Court on Sept. 19, making the injunction restraining the
Bonds
-
issuance of the bonds
permanent, and thereby reversing the
order be set
declaring the
illegal the Supreme Court said:
>>
>
*
lower court, which ruled that the restraining
aside and the sale of the bonds executed.
In
bonds
The record in this Case is reeking with
bad faith.
By jugglery and se¬
bond issue is to be foisted upon the taxpayers of Ben¬
Issuance and attempted sale of bonds is nothing more than
the individual acts of Clements and McNeil, deliberately concealed from
all those entitled to knowledge of the contemplated action.
The action
cretive procedure a
ton County.
of these two
faith
as
Commissioners'was
so
arbitrary, fraudulent and in such bad
to merit the cehsure of the law.
It appears
that J. B. Clements and A. G. McNeil, the two
ruling, accompanied by E. A.
Davis of Pasco, conferred with Zent '& Powell, attorneys of
Spokane, and decided secretly to authorize a bond issue to
build a new. court house, on the ground that publicity would
cause litigation.
Mr. Zent, it is said, appeared later with
bonds drawn, which Mr. Clement signed as County Com¬
missioner, hacLthe County Treasurer countersign at his home
on Sunday (Dec.
3) and on the" same day informed the
County Auditor that the necessary bond sale resolution
would be passed the next day, which was done, both Com¬
missioner- Clements and McNeil voting to accept an offer
of Denver bankers to take the bonds at 53^%.
The Supreme Court's opinion was written by Judge Mor¬
ris and was on an appeal by H. A. Bier of Kennewick on be¬
half of taxpayers of Benton County.
Commissioners cited in the
.
Canada
of).—Proposed
oj War
Savings Stamps.—We referred in our editorial columns last
week to the proposed issuance by the Canadian Government
of war savings stamps, in denomination of 25 cents.
These,
stamps are to be offered to investors in connection with the
war savings certificates, full particulars of which were pub¬
lished by us on Sept. 1, page 859.
Business Profits War Tax Act 1916 Amended.—In last
week's issue of our paper (pages 1250 and 1251) we published
in part "The Business Profits War Tax Act 1916" of Canada
as
(Dominion
Issuance
amended in 1917.
British Government Obtains New Credits in Canada—Muni¬
tions
Production.—Reference
to
this
was
also made
in
our
editorial columns last week.
France
(Republic of).—Payment oj Second Dollar Com¬
mercial Credit.—See reference to this in last week's isshe of
our
paper, page
1250.
Maine
(State of).—-Official Vote Cast on All Prop^^'t^s
at Special Election.—The official vote cast "for" and."against* '
the five proposed constitutional amendments submitted to
the voters at
was as
a
special election
follows:
on
Sept* 10—V. 105, p. 1329
Suffrage to women
"against."
equal terms "with men.
upon
Vote, 20,604 "for" to
38,838
25,416 "against.'
Vote, 22,588 "for" to 24,593
Vote, 29,584 "for" to
Tenure of the office of Sheriff.
Division of towns into polling places.
"against."
Relating to military.
Vote, 20,585 "for" to 23,912
Apportionment of representatives. Vote, 22,013"for"
"against."
to21,719 "against.
of).—Governor to Enter Army— Keith
Neville, millionaire Governor of Nebraska, will, it is said,
resign and enter the army. He has been appointed Colonel of
the 7th Nebraska Regiment and will begin his new duties as
soon as the regiment is Federalized.
Concerning the same
Nebraska
(State
"I cannot go on
State to enlist unless I enlist also."
the Governor said:
urging the people of my
City.—Tentative Values of Real Estate and Per¬
Property for 1918.—The Department of Taxes and
New York
sonal
Assessments
year
on
opened the assessment books for the
Oct. 1
of ordinary real
The tentative assessed value
1918.
corporations for 1918 is announced
to be $7,930,351,113; an increase of $96,475,577 compared
with the tentative figures for 1917;
The final figures for
1917 were $7,792,981,355.
We give below the estimated
figures for 1918, comparison being made with both the esti¬
mated and the final figures for 1917:
estate and real estate of
importance, it is said, were passed, including tbe enactment
of a law preventing tbe foreclosure of deeds of trust and otber
chattel mortgages against soliders and sailors without due
and a'mple process. Other important measures approved were:
Creating the Home Guard of Texas.
A bill to regulate emigrant agents in Texas and to regulate employment
bureaus, to prevent exodus of Texas labor.
Creating an express lien on public lands so as to permit loans on school
lands by Federal Farm Loan bank.
Validating charters and amendments to charters to cities of over 5,00#
inhabitants.
Permitting wholesale druggists in local option territory to sell alcohol
retail druggists.
The transfer of funds accruing to the State from oil lands from the Fish,
Game and, Oyster Commission to the Genera] Fund.
." Amending the law appropriating $750,000 for Texas National Guard
expenses and reducing that appropriation to $400,000.
Providing that the House may be called to consider impeachment charges
either by petition of a majority of the members or by the Speaker and thirty
members signing the call.
If impeachment charges are preferred and tho
Governor fails or refuses to call the Senate then the Lieutenant-Governor
to
(
may
issue such call; if he does not act within fifteen days after the charges
are preferred „then the! President pro tern of the Senate may issue the call;
if he refuses or fails to do so within twenty days after preferment of charges
the Senate may be, convened on majority vote of the members.
.
ESTATE.
REAL
-Final Rolls-
Figures-
-Tentative
1917.
1917.
Manhattan (Ordinary real estate
$4,719,682,756 $4,693,178,646 $4,679,692,596
(Real est. of corporations
106,383,650
109,149,640
106,156,940
Bronx
(Ordinary real estate648,241,931
634,570,101
630,882,481
\Real est. of corporations
49,785,250
48,820,430 ,
47,405,500
Brooklyn../Ordinary real estate.
1,709,922,351
1,673,189,196 1,666,307,845
iRea! est. of corpprations
32,942,840
36,518,995
30,061,045
Queens
(Ordinary real estate
530,404,210
512;867,098
510,032,993
\Real est. of corporations
36,232,900
36,555,790
.
35,395,640
Richmond-/Ordinary real estate.
92,300,925
85,409,560
83,451,435
\Real est. of corporations
4,454,300
3,616,080
3,594,880
1978
Loan.—The details of tht
made public by Secretary of
27, were published by us last
editorial columns and further particulars appear
department the present week.
United States.—-^Second Liberty
second Liberty Loan offering,
the Treasury. McAdoo on Sept.
week in
in the
our
same
1918.
Boroughs.
as
$7,700,552,173 $7,599,214,601 $7,570,367,350
229,798,940
234,660,935
222,614,005
COUNTY
Int. M. & S.
ASHTABULA,
Ashtabula County, Ohio.—BOND ELECTION.—It
on the question of
*
election will be held Nov. 6 to vote
an
Issuing $140,000 subway bonds.
SCHOOL DISTRICT (P. O. Assumption), Chris*
County, Ills.—BOND SALE.—On Sept. 25 the $20,700 5% schoo
105, p. 1122—were awarded to the Illinois State Bank of As¬
sumption at 101.
ASSUMPTION
$7,930,351,113 $7,833,875,536 $7,792,981,355
Grand total of real estate
does
above
not
include
franchises.
special
The
by the State Board of Tax
Commissioners and returned to the Tax Department of the
assessments for these are made
They were reported as follows
$302,494,867; The Bronx; $35,939,013;
Brooklyn, $94,532,547; Queens, $24,436,374; Richmond,
$4,164,844; total, $461,567,645.
•
; ' ;
The total of the tentative personal assessment list for 1918
is $795,541,695, or $305,431,520 less than the tentative
figures Tor 1917.
Enormous reductions are always made in
these figures by the "swearing off" process.
For instance,
the estimated figures of $1,100,973,215 for 1917 being reduced
more than 680 millions, the final figures amounting to only
$419,156,315.
In 1916 over
billions were deducted
from the estimated figures.
'
The following table shows the amounts for the various
classes of personal property on the 1918 list, compared with
the tentative and final lists for 1917; the final figures for
1917 being designated, by means of an asterisk (*):
city in January each
year.
for 1917: Manhattan,
PERSONAL
tian
bonds—V.
ATHENS, Limestone County, Ala.—BOND OFFERING.—Sealed bids
Oct. 12 by Ernest Hine, Mayor, for approxi¬
6% gold coupon street-impt, bonds.
Denom. $1,000.
Date "when sold."
Int. annually.
Duo one-tenth of the issue yearly.
Cert, check for $5,000, payable to the Mayor, required.
Authority,
Chap. 32, Art. 26, Sees. 1410-1411, Code of Ala., 1907.
Bonded debt,
excluding this issue,(Oct. 1), $88,500.
Floating debt, $2,000.
No sink¬
ing fund.
Assess, val. 1916, $1,368,728.
Total tax rate (per $1,000), $20.
will be received until 8 p. m.
mately $135,000
AUBURN, Cayuga County, N. Y.—BOND SALE.—On Oct. 2 the
$200,000 4M% coupon or registered water-filtration bonds (V. 105, p.
1224) were awarded to E. H. Rollins & Sons of N. Y. at 102.273.
Other
bids
were:
M. M. Freeman & Co.,Phila_101.168
Y.102.01
101.09 t
Harris, Forbes & Co., N, Y.101.691 Edmunds Bros., Boston
Horn blower
Weeks, N. Y_ 101.333 Equitable Trust Co., N. Y—101.01'
100.639
Remick, Hodges & Co., N.Y_ 101.293 Redmond & Co:, N. Y
H. A. Kahler & Co., N. Y—101.19
M. P. Conway of Auburn bid 101.70 for $5,000.
Geo. B. Gibbons & Co., N.
AUBURN
Non-Resident Personal.
Corporation.
Resident
Personal.
Estates.
Non~
Personal of
SaxeLaw
,
Sub. 1.
Resident.
Resident.
Section 7,
Sub .2.
$
S
Sect ion
7,
,
,
BARRE (Town), Orleans County, N. Y.—BOND SALE — On Sept.
the $8,000 5drainage bonds—V. 105, p. 1330—were, awarded to'H.
Kahler & Co. of N. Y, at par.
,
29
A.
SCHOOL DISTRICT (P. O. Bemidji),
Minn.-—BOND OFFERING.-*—-Sealed bids will bo
Oct. 9 by J. T. Tuomy, Clerk Bd. of Ed., for
$8,000 5% 15-yr. school equipt. bonds voted Sept; 22.
Denom. $1,000.
Date
"when
issued."
Int semi-ann.
Cert, check for $75 required.
Bonded debt, incl. this issue, $80,000.
Assessed val., $1,816,033:
BEMIDJI
PROPERTY.
(P. O. Tiro), Crawford County, Ohio.—
of 199 to 157 the question of issuing school
held Sept. 26.
TOWNSHIP
BONDS VOTED.—By a vote
bonds carried, it is stated, at an election
Beltrami
Boroughs.
INDEPENDENT
County,
received until
BENTON
7:30 p. m.
COUNTY
O.
(P.
Vinton),
Iowa.—BOND OFFERING.—
by W. A. Koster, County
machine purchase.
Auth.
Sealed bids will be received until 12 m. Oct. 17
$ '
Manhattan—
•
■
'
70,002,00011,430,500 30,,220 200
280,300
1917—
319 204,900 208,325,700
115 304,800
261,609,50039,656,500 28,499 800
2-7,106,100 149,104,10030,190,200 14,233 200
,499,800
1917*
,168,300
1918— 276 956.400 169,993,500
Bronx—
17 ,890,900
6,008,700
1,918,000
293.000
17 ,272.500
6,250,700
5,504,000
200.000
5 ,420,900
742,600
3,244,900
116,000
1918— 116 ,972,730
44,964,115
4,220,000
14,000
17,000
99,,657,425
42,497,565
21,182,000
2,524,000
33,,752,900
15,235,500
1,304,400
32,000
Treasurer,'
1917*
1917—
5%
coupon
voting
Chap. 3, Title 6, supp. to Code of 1913.
Denom. $1,000.
Date Jan. 1
1918.
Int. J. & J. at the Co. Treas. office.
Due $1,000 yearly Jan. 1
1919 to 1936, incl.
Cert, check for $1,000, payable to the Co.
Treasurer, required.
Bonded debt, including this issue, $115,000.
No
floating debt.
.
SCHOOL DISTRICT (P. O. Binger), Caddo, County,
VOTED.—According to reports the question of issuing
school building bonds, carried at an election held recently.
BINGER
Okla.—BONDS
Brooklyn—
,"1917*
$18,000
for
from
32,000
7,177,915
1918,.
Queens—
N. Y.—BOND OFFERING..—Wo are
BOLIVAR, Allegany County,
advised by Albert J. Matson, Attorney-at-Law of this village, that bids
will be received until 8 p. m. Oct. 23 for $6,300 street highway impt. bonds
Denom. $630.
Date Oct. 1 1917.
Due $639
Oct. 1 from. 1918 to 1927 ipcl.
Cert, check or draft for 10% of
required.
An issue of $7,500 bonds was offered
without success on Oct. 2.—v. 105, p.: 1122.-
at
not
exceeding 5% int.
1918."
28,,089,800
7,169,450
1,16?,500
36,000
1917—
28,,007,075
6,280,850
5,036,000
257,000
yearly
5,,191,850
1,104,450
3,763,500
206,400
the amount of bonds bid for
2,142,500
1,419,850
429,000
1,121,000
197,000
1,030,300
182,000
1917*
Richmond—
2,,435,600
1917—
2 ,738,050
1
' 1917*—
,115,000
,
321,500
.
2,000
3,531,800
3,200.300
Manhattan.
Bronx.
Brooklyn.
Queens.
%
S
$
$
.
„
BOWERBANK SCHOOL
•
T
.
■
Date Sept. 20 and due Nov. 1$
interest to follow.
'
;•
Total.
Richmond.
4 the $6,000 6%
5-l6-yr.
DISTRICT, Kern County, Calif.—BOND>«
of Los Angeles were awarded on June
coupon building bonds at 102.35.—▼.
R
serial
104, p. 2154.
1917----- 860,796,200
1917*— 339,106,700
29.227,200 165,892,99029,580,925
9,524,400
St. Clair County (P. O.
57,502,71510.266,200
$
•' $
4,901,600 795,541,695
5,475,9001100973215
2,756,300 419,156,315
Bond
improvement bonds.
$20,000 sewerage system
bonds to be used for the purpose of liquidating an
old debt incurred by this county in 1870 when $250,000
bonds were issued for the construction of the Clinton and
Memphis branch of the Tebo & Neosho RR., which line was
never built, and only $19,000 of the issue has ever been paid.
The new bonds, if authorized, will be dated Nov. 1 1917 and
bear interest at not to exceed 5 %.
A similar proposition was
defeated at an election held Dec. 12 1916.—V. 103, p. 2257.
(State of).—Special Session of Legislature Adjourns
Enacted.—The third called session of the
—Moratorium Law
Legislature adjourned sine die on Sept. 29.
In
addition to the impeachment of Governor Ferguson,"to which
we referred in theseTcolumns last week, a number of bills of
Minn.—BOND SALE.—On Sept.
20
$12 000 5% 10-yr. permanent improvement revolving bonds were
awarded to Wells & Dickey Co., of Minneapolis, at par and int.
Denom.
$500.
proposed issuance of $550,000
coupon
An
BRAINERD, Crow Wing County,
on
Liquidate Old Debt.—A special election will be held
35th Texas
BOYNTOft, Muskogee County, Okla .—BONDS AUTHORIZED.—
ordinance has been passed, it is stated, authorizing the issuance of
■
Osceola), Mo.—To Vote
Oct. 9 to vote upon the
Texas
1 000,000 at 414%,
1917.
•
Date Sept. 20 1917 and due Nor.
follow.
SALE.—Torrance, Marshall & Co.,
26,110.600 166,187,845 36,458,750
on
750,000 at 4M%, interest to
\
16 1917.
■:*
3,297,300
TOTAL BY BOROUGHS.
1918—. 561,882.900
Issue to
Mass.—TEMPORARY LOANS.—During the month «f
local bankers the following loans:
Date Sept. 20 1917 and due Nor. 19
BOSTON,
1918-,— 442,345,430 230,278,265 77,625,00011,775,500 30,220,200
1917— 466,879,950264,774,665'294,452,500 42,834,500
.—,28,499,800
1917*.— 160.785,450 36,560,065 172,378,300 31,999.000 14.233.200
GRAND
on
September this city negotiated with
$250,000 at 4%, interest to follow.
1917.
Total—
.
1
follows:
(P. O. Fort Wayne), Ind.—BOArD SALE.—A*
Increase of $14,000 5% road bond3 was awarded on Aug. 18 to Sidney
Spitzer & Co. of Toledo at 100.03.
Denom. $1,400.
Date Sept. 1 1917.
ALLEN
is stated that
Total of ordinary real estate
;
Ne^otiationsthisweek
Bond Proposals and
have been
—.
Total real estate of corporations—-
The
1437
CHRONICLE
THE
Oct. 6 1917.]
Prin. and semi-ann. int. payable at the above co.
Date Sept. 1 1917.
County,
Boxelder
BRIGHAM,
Utah.—BOND
ELECTI ON.—Th#
water-works bonds will be submitted to a vote,
question of issuing $80,000
it is stated, on
Oct. 18.
Va.—BOND SALE.—On Oct. 2 the
impt. bonds (V. 105, p. 1225), were awarded to
expenses.
BRISTOL, Washington County,
$20 000 5% 20-yr. street
Baker, Watts & Co., of Baltimore, at par and int., less $400 for
Other bids were!
C. W. McNear & Co., Chicago, 5% bonds, $19,000, accr. int.
to date of
bonds to them! and, in addition, they to furnish the litho¬
graphed blank bonds free of expense to the city: or b\i % bonds, par, accr.
int. to date of delivery, and a premium of $115, and, in addition, furnish
the lithographed blank bonds free of expense to the city.
Channer & Sawyer, Cincinnati, $19,510 and, in addition, accr. int. to
delivery of the
date of delivery.
,
H. E. Jones,
bonds, par.
Weil, Roth &
_
,
Bristol, Va., par, less a commission of 5%; or for 5H %
Co., Cincinnati, par; accr. int. to date of delivery, provided
of $800 to cover cost of furnishing blank bonds,
they be allowed the sum
attorneys' fees, &c,
,
!
1438
THE
CHRONICLE
The Provident Savings Bank & Trust Co., Cincinnati, par and accr. int.
to date of delivery, provided
they be allowed the sum of $980 to cover
attorneys' fees and other expenses incident to the purchase and sale of bonds.
DE BACA COUNTY (P. O. Fort Sumner), N. Mex.—BOND ELEC¬
TION.—The proposition to issue $37,500 court-house and jail erection bonds
will be submitted to a vote, it is stated, to-day (Oct. 6).
BRISTOL COUNTY (P. O. Taunton), Mass.—NOTE OFFERING.
„
Reports state that the Co. Treas. will receive bids until 9
$75,000 5% 1-year notes, payable Oct. 10 1918.
a,
of
(2) $1,000 and (1) $500.
Date Aug. 10 1917.
1937, subject to call after 10 years.
BUFFALO, N. Y.—BOND SALES.—The following 4% bonds, aggre¬
gating $75,367 65, were purchased at par by the City Comptroller for the
account of the various
DUBOIS
sinking funds during the month of September:
water bonds.
Date Sept. 1 1917.
Due Sept.
$39,000 00 refunding
1
Idaho.—DESCRIPTION OF BONDS — The
$2,500 6% municipal electric light plant bonds awarded on Aug. 10 to the
Latah Co. State Bank of Deary at par (V. 105, p. 1331), are in the denoms.
DEARY, Latah County,
Oct. 9 for
m.
[Vol. 105.
Int. J. & J.
Due July
COUNTY
(P. O. Jasper), Ind.—BOND SALE.—On Sept.
24 an issue of $16,000 4% bridge bonds was awarded to the Huntingburg Bank of Huntingburg at par.
Date Sept. 24 1917.
Int. J. & D.
1942.
4,550 00 voting machines purchase bonds bonds.
Date Sept. 15 1917.
Due July 15 1918.
16,624 77 Dept. of Public Works bonds.
Date Sept; 15 1917.
Due
Sept. 15 1917.
:
;
15,192 88 Dept. of Public Works bonds.
Date Sept. 15 1917.
Due
Sept. 15 1917.
"
Due June
1928.
%
OFFERIIG.—Sealed
proposals will be received until 2 p. m. Oct. 16 by B. S. Skinner, Mayor,
for the following 5%
■
BONDS PROPOSED.—The question of Issuing $103,000 subway, library
dam and creek bonds is under consideration, according to local papers.
15
DURHAM, Durham County, No. Caro.—BOND
bonds:
$250,000 water bonds.
,
Due
1917.
1
'
' '
.
.
Date Jan.
'
.
Jan.
on
1
as
follows:
$3,000 1920 and 1921; $5,000 1922, 1923 and 1924: $6,000 1925
.
'
■
CABOOL
SCHOOL
DISTRICT
(P.
O.
Cabool),
Texas
and
County,
1937;
Middlesex County,
Mass.—LOAN OFFERING.
Henry F. Lehan, City Treas., will receive bids until 12 m.'Oct. 9 for a loan
of $100,000 Issued in anticipation of revenue and maturing Nov. 16 1917.
The First National Bank of Boston will certify as to the genuineness of these
notes and their legality will be approved by Ropes, Gray, Boyden,& Per¬
kins of Boston, whose opinion will be furnished purchsaer.
CANTON,
-
COUNTY (P. O. Logansport), Ihd.—BOND OFFERING,
Hoffman, Co. Treas., will receive bids until 10 a. m. Oct. 10 for
$16,600 AVz% E. A. Leffel road bonds of Bethlehem Twp.
Denom.
$415.
Date Oct. 2 1917.
Int. M, & N.
Due $830 each six months from
May 15 1919 to Nov. 15 1928, incl.
CHANDLER, Lincoln County, Okla.—BONDS AUTHORIZED,
Reports state that an ordinance was recently passed authorizing the is¬
of $76,000 refunding bonds.
\;"'V
CHARLESTON, Tallahatchie County, Miss.—BOND OFFERING,—
Sealed bids will be received until 2 p. m. Oct. 9 by W. G. Wyatt, Mayor,
for $13^,500 water works plant bonds at not exceeding 6% int.
Denom.
to suit purchaser.
Date Oct. 9 1917.
Int. semi-annually.
Bids will be
considered for straight 20-yr. bonds and for 10 to 20-yr. serial bonds.
Cert, check for $500, payable to the Mayor, required.
Bonded debt,
$40,000.
Assess. vai. 1916, $540,197. '
■/
r
,
.
CINCINNATI,
Ohio .—BONDS AUTHORIZED.—'The City Council
passed an ordinance on Sept. 18 providing for the issuance of $2,500 6%
10-yr. Walworth Ave. impt. bonds. -• Date Oct. 1 1917.
Int. semi-ann.
CLALLAM COUNTY SCHOOL DISTRICT NO. 62, Wash.—BOND
SALE.—On Sept. 22 the $5,0001-20-yr. (opt.) building bonds were awarded
to the State of Washington at par for 5s.
Keeler Bros, of Denver bid
$5,035. for 6s.
DenOm. $250.
\
.
CLAREMONT, Los Angeles County, Calif.—BOND SALE.—G. G.
BIymyer & Co. Of San Francisco were awarded in January an issue of
$5,000 5% playground-site-purchase bonds at 102.24 and int.
Denom.
$200.
Date Feb. 1 1917.
Int. B. & A.
Due $200 yearly.
.
CLEVELAND, Ohio.—BOND ELECTION.—An
Nov. 6, according to local papers, to vote on
and
sewer
$1,000,000 hospital
election will be held
the question of issuing $3,-
bonds.
.
-
•
CLEVELAND
TOWNSHIP,
SALE.—The $25,000 5% 30-jr.
out success on
Johnson County, No. Caro.—BOND
coupon road building bonds offered with¬
Feb. 5 (V. 104, p. 977) have been sold.
COLUMBIA* Maury County,
Tenn.—BOND
SALE.—On Sept. 29
funding bonds
(V. 105, p. 1225) were
the $50,000 b¥i% 20-yr. coupon
awarded to James E. Caldwell & Sons of Nashville at 101 and int.
were:
;
C.
W.- McNear & Co.,
JF. C. Hoehler & Co., To-
Other
bids
^Chicago
—
*.$50,356 00J
Weil, Roth & Co., Cincin-
cago
ledo.._
$50,010 00
*
(Elston & Co., Chicago
49,085 00
50,250 001Provident-Sav. Bank&Trust 49,050 00
I W.L.SIayton&Co., Toledo. 48,308 00
nat_^
Hanchctt Bond Co., Chi-
50,277
—______—
50i
•
.
.
COLUMBIA COUNTY (P. O. Lake City), Fla.—BOND ELECTION.
—The proposition to issue the $500,000 road construction bonds (V.
105,
p. 1015) will be submitted to a vote on Oct, 9.
J. L. Markham is Clerk
of Circuit Court.
•
,
COLUMBUS,
Ohio.—BONDS AUTHORIZED.—Local
papers
state
City Council on Sept. 18 passed an ordinance to isse $6,000 5%
High Street impt. bonds.„ Denom. "$500.
Due $500 yearly on March 1
that the
from 1918 to 1929, incl,
CONCORD, Cabarrus County, No. Caro.—BOND OFFERING.—■'
Sealed proposals will be received until 7.30 p. m. Oct. 8
by Geo. H. Rich¬
mond, City Treasurer, for the following bonds:
$57,000 6% 10-year serial coupon assessment bonds.
Int. semi-annual.
77,000 5% 20-year local improvement bonds.
27,000 5% 30-year refunding bonds.
Int. semi-annual.
The bonds will be issued in denomination to suit
purchaser.
Cert, check
for 2% of amount of bonds bid for, payable to the
City Treas., required.
Purchaser shall bear all expense of investigation and
printing bonds.
CONOVER
GRADED
Chicago),
III.—BbND
state that the question of issuing $1,000,000
county
submitted to the voters at the November election.
ELECTION.—Reports
hospital bonds will be
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—BOND
ELEC¬
TION.—An election will be held Nov. 6 to vote on the question of
issuing
$1,250,000 jail, insolvency court,
criminal court and presecuting
attorney's offices building bonds.—V. 105, p. 1015.
the
CUYAHOGA FALLS, Summit County, Ohio.—BOND OFFERING.
—Proposals will be received until 12 m. Oct. 13 by W. F. Williston, Village
Clerk, for the following 5% sewer assessment bonds:
$13,195 00 Front Street sewer bonds.
Denoms. 13 for $1,000 and 1 for
$195.
yrly.
/
,
Date June
on
Dec,.
l^60, 1 from 1924
Due.$1,195 Dec. 1 1917, $1,000
1923 incl., and $2,000 yrly. on
to
to 1926, incl.
,625 00 Front Strfee sewer bonds.- Denoms. 9 for $800 and 1 for $425.
Date June 1 1917.
Due $425 June 1 1918 and $800 yrly. on
,««
««
2uneJ from 1919 t0 1927, incl.
1,198 00 So. Water Ave.
$298.
„
1 1917.
from 1918
1
ro„
.o
sewer
Date June
1
bonds.
Denoms. 9 for $100 and 1 for
Due $298 Dec. 1 1917 and $100
1917.
1 frora 1918 Kl92^ incl-
£n
4,532 53 East Side sewer bonds.
Denoms. 4 for $1,000 and 1 for $532 53.
Date June 1 1917.
Due $523 53 Dec. 1 1918 and $1,000 on
^S^-,1*1920- 1922. 1924 and
oi
1926.
21,400 00 Hotel Ave. sewer bonds.
Denoms. 20 for $1,000 and 5 for $280.
Aug. 1 1917.
Due $4,280 yrly. on Aug. 1 from 1918 to
1922, incl.
Prin.
and semi-ann.
Cert, check for
Treas.,
int. payable at the
10% of the
time of award.
Cuyahoga Falls Savings Bank.
for, payable to the Village
amount of bonds bid
required._ Bonds to be delivered
and paid for within 10 days from
Purchaser to pay accrued interest.
o^£RBT' Delaware County, Pa .—BOND
20-30-yr.
412
(opt.)
SALE.—The $15,000 4^%
impt. bonds offered on Aug. 6—V. 105, p.
by the school district sinking fund.
coupon street
have been purchased
DAVENPORT,
Scott
County,
Iowa.—BONDS
AUTHORIZED.—
Local
papers state that a resolution has been passed
by the City Council
providing for the issuance of $142,000 sewer bonds.
DAWSON COUNTY SCHOOL DISTRICT NO. 76
(P. O. Brunelda),
v(i
n7~/cP^Pr- SALE.—The $1,000 6%
5-year building bonds offered
on
July 21 (V. 105, p. 93) have been awarded to the State of Montana at
par.
1940;
Date "Aug. 1 1917.
1927, inclusive.
$15,000
1920
&
""
,
New York.
bank or trust company
"
Certified check upon
an
incorporated
for 2% of bonds bid for, payable to the City Treas.,
as to
the genuineness of the signatures
city officials and'the seal impressed thereon, and their legality will
will be furnished
and must be
Oct. 23.
& Masslich, of New York City,
purchaser without charge.
accepted and paid for
Bids must be made
on
blank forms which,
EDGEWATER,
together with other
said trust company.
or
official notice of this bond offering will be found
ments elsewhere in this
whose opinion
These bonds will be delivered
b|y the purchaser at said trust company
information, will be furnished by the Mayor
The
1 from
The bonds, will be prepared under the supervision of the U. S.
Mtge. & Trust Co., which will certify
of the
>
Due $2,000 yearly Aug. 1
Principal and semi-annual interest payable at U. S.
Trust Co.,
required.
1942;
*
1926, inclusive, and $3,000 yearly Aug.
to
$1,000.
1936 and
and
Due $8,000 yearly Aug. 1
1927 to 1938, inclusive.
Denom.
1935,
1941
,
Date Aug. 1 1917.
bonds.
1930 and 1931;
1934; $11,000
and
1939
among
the advertise¬
Department.
Bergen
County,
N.
3.—BOND OFFERING.—Peter
F. O'Brien, Boro. Clerk, will receive bids until 8 p. m. Oct. 23, it is stated,
for
$270,000 5% 20-year aver, sewer bonds.
Int. semi-annual.
check for 2% of the amount of bonds bid for required.'
EL
Cert,
PASO, EI Paso County, Tex.—BOND ELECTION PROPOSED.—
Local papers state that an election will probably be called shortly to vote
questions of issuing $100,000 school and $100,000 water-works bonds.
ELYRI A,
on
Lorain
County,
Ohio.—BONDS
AUTHORIZED .—On
Sept. 18 the City Council authorized the issuance of $40,000 paving and
sewer bonds, it is stated.
>
w
,--
.
EUREKA,
Lincoln Cotinty, Mont.—BOND OFFERING.—H. G.
Pomeroy, City Clerk, will sell at public auction at 8 p. m., Oct. 26, $16,000
6% 10-20-yr. (opt.) coupon water bonds.
Denom. $1,000.
Date July 1
1917.
Prin. and semi-ann. int. (J. & J.) payable at the City Treas. office
or at" the option of holder at some bank in N. Y.
City designated by City
Treas.
,
A certified
check by some responsible bank for $800,
the City Treas., required.
Purchaser to pay
incl- this issue, $35,500.
No floating debt.
val. 1917, $535,000.
payable to
accrued int.
Bonded debt,
Sinking fund, $521.
Assess,
.
•
EVANSTON, Cook County, Ills.—BOND OFFERING .—Bids will be
received until 3 p. m. Oct. 15 by Wirt E. Humphrey, Char, of Finance
Committee for $30,000 5% coupon fire apparatus and equipment bonds..
Denom. $1,000.
Date July 1 1917.
Int. semi-ann.
Due $5,000 yearly on
July 1 from 1919 to 1924, incl.
Cert, check on a Chicago or Evanston bank
for 5% of the amount of bonds bid for, payable to the City Comptroller
required.
The right is reserved to sell to the Firemen's Pension Board of
Evanston the $5,000 due on July 1 1924.
FAIRMOUNT, Robeson, County, No., Caro.—BOND SALE.—The
$30,000 30-yr. coupon public improvement bonds offered without success
oh March 7 (V. 103, p. 1075), have been sold.
E. W. Floyd is Town Clerk.
FLEMINGSBURG
SCHOOL
DISTRICT
(P.
O.
Flemingsburg),
Fleming County, Ky.—BOND SALE.—We are advised that the $10,000
additional school bldg. bonds, voted July 21 (V. 105, p. 307), have been
sold.
;•
•
.
FRAMINGHAM,
Middlesex County, Mass.—LOAN OFFERING.—
Reports state that the City Treasurer will receive bids until 12 m. Oct. 9
for a temporary loan of $50,000, issued in anticipation of revenue and ma-,
turing Jan. 16.
'
FRANKLIN SCHOOL TOWNSHIP (P. O. Freedom), Owen County,
Ind.—BOND OFFERING.—Bids will be received until 2p.m. Oct. 12 by
B. Franklin i Twp. Trustee, it is stated, for $1,800 5% 10-year school
R.
bonds.
■
...
FRANKLINVILLE,
On Oct.
'
...
•
V
■
Cattaraugus County, N. Y,—r-BOND SALE.—
2 the $6,000 5%
1-10-year serial paving bonds (V. 105, p. 1226)
Grierson, of Franklinville, at 100.20 ahd interest.
awarded to E. J.
Other
DISTRICT (P. O. Conover), Ca¬
tawba Coqnty, No. Caro.—BOND
,SALE.—We are advised that the
$10,000 6% 20-yr. coupon school bonds offered on April 21 (V. 104, p.
1412) have been disposed of.
m
from
were
SCHOOL
COOK COUNTY (P. O.
1928 to
sewerage
be approved by Caldwell
suance
000,000
from
50,000"
Mtge.
S.
1928; $8,000 1929,
1933; $10,000
1938,
80,000 funding bonds.
Stark County, "Ohio.—BOND ELECTION.—An election
issuing $145,000 sanitary
CASS
IT.
and
$13,000
$16,000 1943 and 1944, and $17,000 1945.
CAMBRIDGE,
will be held Nov. 6 to vote on the question of
trunk sewer-and $288,506 91 deficiency bonds.
1926; $7,000 1927 and
$9,000 1932
Mo.—BONDS VOTED.—By a vote of 129 to 21 the question of issuing
school building bonds carried, it is stated, at a recent election.
bidders were:
H. A. Kahler & Co., N. Y
100.18II. W. Sherrill & Co., Poughk..100.05
FULTON COUNTY (P. O.
Rochester), Ind .—BOND OFFERING.—
Proposals will be received until 2 p. m.; Oct. 10. by.Wm. H. Biddinger,
Co. Treas., for the following AXA% road impt. bonds;
$12,600 Mason H. Gross et. al. road bonds of Henry Twp.
Denom. $630.
8,600 Frank Smoker et. al. road bonds of Henry Twp.
Denom. $430.
Date Oct. 1 1917.
Int. M. & N.
Due one bond each six months from
May 15 1918 to Nov. 15 1927, incl.
GENESEE
Petitions
are
COUNTY (P. O. Flint), Mich.—BONDS PROPOSED.—
being circulated, it is stated, asking the County Supervisors
issuance pf $100,000 tuberculosis-sanitarium bonds.
to authorize the
GLEN DALE,
Maricopa County,
Ariz.—BOND OFFERING,—Sealed
bids will be received until 7 p. m. Oct. 22 by Hanfy G. White/Town Clerk
for $50,000 6% 20-yr. gold coupon sewer system bonds.
Auth. Title
52,
Chap.
2
Rev.
Stat,
of Ariz.,
1913.
Denom. $500.'
Date July 1 1917.
Due July 1 1937.
An unendorsed
cert, check for 10% of amount of bid, payable to the Town Treas:,
req.
Purchaser to pay accrued int.
Bonded debt, including this issue (Sept.
29 1917), $111,000.
Assessed val. $920,000.
Int. J. & J. at Glendale
or
New York.
GORDON SCHOOL DISTRICT (P. O. Gordon), Wilkinson
Ga.—BOND ELECTION PROPOSED.—An election will be held
County,
shortly to
vote
on
the question of issuing $25,000 5% building bonds.
GOSHEN
COUNTY
Wyo.—BOND
SCHOOL
SALE.—On
Sept.
DISTRICT
29,
$10,000
awarded to the State of Wyoming at 102.87.
NO.
6%
2 (P.
school
O. Lingle),
bonds were
Int. semi-ann.
GRANT COUNTY (P. O. Canyon City), Ore.—NO ACTION YET
TAKEN.—We are advised that no action has yet been taken towards the
offering of the $140,000 road bonds, voted June 4 (V. 104, p. 2155).
GREEN BAY, Brown
will
be
County, Wis.—BOND OFFERING.—Proposals
received until 10 a. m. Oct. 10 by W. L. Kerr, City
Clerk, for
$107,000 4}4% coupon Whitney school-building bonds.
Denom. $1,000.
Date Nov. 1 1917.
Int. M. & N.
Due yearly on Nov. as follows: $4,000
from 1919 to 1922, inclusive; $5,000 from 1923 to 1927.
inclusive; $6,000
from 1928 to 1932, inclusive; $7,000 from 1933 to
1936, inclusive, and
$8,000 1937.
Cert, check on some national bank of Wisconsin for $500
required.
Bonded debt, including this issue. Sept. 25, 1917, $822,050.
Floating debt, $40,000.
Sinking fund, $3,000.
Assess, val. 1916, $26,054,987; est. actual value, $30,000,000.
HADDON HEIGHTS, Camden County, N.
No award
offered
on
was
made of the $14,900
Oct. 2,—V.
105, p. 1226.
5%
J.—BONDS NOT SOLD.
1-20-year serial fiinding bonds
-
.
Oct. 6
Butler County, Ohio.—BOND SALE.—On Sept. 26
10-yr. waterworks impt. bonds—-V. 105, p. 1016—were
fund (n,o price mentioned).
Other bidders were:
R. L. Day & Co., Boston_$l0,119 00 Channer & Sawyer, Cin__ 10,027 00
Ohio Nat. Bk., Columbia. 10,061 35 Hamilton Dime Sav. Bk.,
Hamilton
—$10,020 00
Seasongood & Mayer, Cin. 10,060 50
Bertram & Co.,
A. E. Aub & Co., Cin____ 10,057 00 Da vies,
Cincinnati
10,013 00
Provident
Sav.
Bk.
&
Co.,
Cincinnati
10,051 00 Weil, Roth & Co., Cin.__ 10,012 50
HAMILTON,
5%
the $10,000
awarded to the sinking
______
LUNA COUNTY
COUNTY
HANCOCK
sale
was
Tenn.—BONDS NOT
5% 5-14-year serial coupon
Sept. 25. (V. 105, p. 1016.)
(P.
O.
Sneedville),
made of the $100,000
pike-road bonds offered on
HARDIN COUNTY
(P. O. Kenton), Ohio.—-BOND SALE.—On
Sept.. 24 the four issues of 5% 1-4-year serial pike bonds, aggregating
$54,800—V. 105, p. 1226—were awarded, it is stated, as follows, at par
pike bonds to First National Bank of Dunkirk.
Savings Bank.
Commercial Bank of Kenton.
9,840 Strahm pike bonds First National Bank of Kenton.
Highslip-pike bonds to Kenton
14,400
HA WARDEN, Sioux County,
The following
MARION COUNTY (P. O.
city-hall erection bonds carried,
COUNTY
____
.$33,083
____
33.035
33,009
Napoleon), Ohi o.-^-BONDS AWARDED IN
SALE.—Reports state that Sidney Spitzer & Co. of
Toledo recently purchased at par and int. at a private sale $93,600 of the
$113,950 5% road bonds offered without success on Sept. 18.—V. 105,
HENRY COUNTY (P. O.
1226.
■
.
...
'
■
MARSHALL COUNTY (P. O.
CITY,
AWARDED IN PART.
—Of the three issues of 4K % 6 2-3-year aver, highway-impt. bonds offered
On Oct. 1—V. 105, p. 1332—the $14,600 highway-impt. bond issue was
Bank of Portland at par.
1
MARTIN COUNTY ,(P/0. Shoals), Ind.—BOND SALE.—On Oct.
$2,100 434% 10-year highway-impt. bonds—V. 105, p. 1227—were
the
awarded to the White
:
Weil,
MARYVILLE, Blount County, Tenn .—BOND
just disposed of
County, Ohio.—BONDS DEFEATED.—The question of issuing $68,500
SALE.—This city has
No. 4,$5,500 General
$11,000-Street Improvement District
Improvement District No. 4, $22,000 Street Improvement District
and $8,000 Street Improvement District No. 2 6% bonds.
election.
KANABEC
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Ogilvie), Minri.—BOND SALE.—On Sept. 28 the $30,000
awarded to Wells & Dickey Co.
.;..vr
1-:T'.-f*
for $2,111 18, equal
MARTINSBURG, Berkeley County, W.'Va.—BONDS AWARDED
IN PART.—On Sept. 17, $100,000 of the $190,000 5% 20-34-yr. (opt.)
general impt. and paving bonds (V. 105, p* 95), were awarded to
Roth & Co., of Cincinnati, at 101.
•
schoolrhouse bonds failed to carry, it is stated,, at a recent
River Bank of Loogootee, Ind.,
to 100.562.
There wrere no other
JEFFERSON TOWNSHIP RURAL SCHOOL DISTRICT, Madison
bonds—V. 105, p. 1227—were
Plymouth for $5,810, equal to
There were no other bidders.
100.172.
of
Plymouth), Ind.—BOND SALE.—On
1 the $5,800 434 % highway-impt.
awarded to the Plymouth State Bank of
Oct.
An ordinance
awarded to the Peoples
bidder*.
DISTRICT (P, O. Marion), Marion County,
PROPOSED.—The question of issuing $250,000 schoolbonds will be submitted to the voters, it is stated.
Ohio.—BONDS
'
JAY COUNTY (P.O. Portland), In d—BONDS
is being
building and auditorium
Johnson County, Iowa.—BONDS AUTHORIZED.—
was passed on Sept. 28 by the City Council providing for the
$25,000 5% coupon bridge bonds.
Denom. $1,000.
Date
Oct., 1 1917.
Prin.and semi-ann. int. (M. & N.) payable at the First Nat.
Bank, Chicago.
Due $3,000 Nov. 1 1933 and 1934, $9,000 Nov. 1 1935
and $10,000 Nov. 1 1936.
D. T. Davis is City Clerk.
IOWA
Ohio.—BONDS PROPOSED —
$50,000 La-Rue-Richwood pike bonds
the County Board of Commissioners..
SCHOOL
MARION
school
HUNTINGTON COUNTY (P. O. Huntington), Ind.—BIDS RE JEC¬
bids received for the $2,812 40 4lA% read bonds offered on
issuance
question of issuing
Ed. G. Sourbier,
al road bonds of
Interest annual.
1928, inclusive.
considered, it is stated, by
TED.—AH
Sept. 24 were rejected.
COUNTY (P. O. Marion),
MARION
The
HOBOKEN, N. J.—NOTES AUTHORIZED.—On Oct. 3 the Board of
Commrs, passed an ordinance providing for the issuance of $125,000
notes at not exceeding 5% int., maturing in not more than one year.
COUNTY (P. O. Indianapolis), Ind .—BOND OFFERING.
MARION
—Proposals will be received until 10 a. m. Oct. 16 by
County Treasurer, for $38,500 434% C. H. Tacoma et
Center Twp.
Denom. $1,925.
Date Oct. 15 1917*
Due $1,925 each six months from May 15 1919 to Nov. 15
PART AT PRIVATE
p.
Ocala), Fla.—BOND OFFERING.—Uncon¬
received until 2 p. m. Nov. 7 by P. H. Nugent,
$75,000 6% Dunnellon Special Road & Bridge
District road and bridge-construction bonds.
Auth., Chap. Nos. 6208
and 6829, Florida Laws; also vote of 51 to 31 at an election held July 17.
Denom. $1,000.
Interest semi-annually at the .Bank of Dunnellon.
Due
$25,000 in 5, 10 and 15 years.
Certified check for 3% of amount of bid
required.
This district has no bonded debt.
Assessed valuation 1916;
$1,000,000; true value (estiihated),.$3,000,000;
.
ditional sealed bids will be
Iowa .—BONDS VOTED.—By a vote of
repair-fund funding bonds offered on Sept. 28—F.
Danville
State
Bank,
Danville____„___-__.
Fletcher American National Bank, Indianapolis
Merchants National Bank, Muncie-______-___-
Calif.—BOND
Fresno County,
DISTRICT,
$1,500 6% school bonds were awarded to Louise B.
$1,520 (101.333) and int.
Denom. $300. 'Date Sept. 4 1917.
Interest annually in September.
Due $300 yearly from 1918 to 1922, incl.
(P. O. Danville), Ind.—BOND SALE.-—
bids were received for the $33,000 4M% 3-year gravel-road105, p. 836.
HENDRICKS
SCHOOL
McKINLEY
SALE.—On Sept. 11
Bootes for
Clerk of Circuit Court, for
11,200 Lotz & Davis pike bonds
235, to 25 the question of issuing $18,000
it is stated, at an electioh on Sept.- 25.
OFFERING.—1This
ened, affecting the corporate existence, or the boundaries of said municipal¬
ity, or the title of its present officials to their respective officas, or the
validity of these bonds.
Bonded debt, including this issue, $150,000.
Sinking fund, $7,000.
Assess, val. $13,049,000; true value (est.), $20,000,000.
O. II. Hughes is Co. Clerk.
and interest:
$19,360 Kenton Lima
(P. O. Deming), N. Mex.—B0ArD
county is offering for sale $25,000 5% 20-20-year (opt.) jail bonds.
Auth.
Sees. 1156 to 1171, N. Mex. Stat, of 1915; also vote of 102 to 18 at an elec¬
tion held Aug. 2.
Denom. $1,000.
Date Aug. 2 1917.
Prin. and semi¬
annual int. (J. & J.) payable at the Co. Treas. office.
Official circular states that there never has been any default in the payment of any obliga¬
tions of the city and there is no controversy or litigation pending or threat¬
— — ___
SOLD.—No
1439
CHRONICLE
THE
1917.]
No. 3
CITY INDEPENDENT SCHOOL DISTRICT (P. O.Jdason
Cerro Gordo County, Iowa.—-DESCRIPTION Or BONDS. •
MASON
City),
$75,000 5% 20-year
NO. 3
Memorial University site-purchase
The
5H % building bonds (V. 105, p. 1123) were
of Minneapolis at par and interest.
and building
bonds, awarded on Sept.
CITY, Mo.—BONDS AWARDED IN PART.—No par bids
received for the four issues of 4 H % 20-year bonds, aggregating $650,-
KANSAS
were
000, offered on Sept. 29 (V. 105, p. 1123).
It is stated that the City Comp¬
troller has decided to take $500,000 of these bonds with the city's own sink¬
ing fund.
The remaining bonds will not.be sold until par is bid for thesame.
KENMORE, Erie County, N. Y.—BOND OFFERING.—Bids will be
16 by E. W. Johnson, Village Clerk, for $9,000 sewer'
bonds were authorized by a vote of
20 to O. H. McNider, of Mason City, for $76,250
(101.666) and interest (V. 105, p. 1332).
The bonds are in the denomina¬
tion of $1,000 and dated Oct. 1 1917.
Int. M. & N. Due Oct. 1 1937.
f
St. Lawrence County, N. Y.—BONDS NOT SOLD—
received for the $75,000 434% coupon highway bonds offered
MASSENA,
No bids were
Sept. 28.—V. 105, p.
on
1332.
received until Oct.
■ann.
Crown Point), Ind.—BOND OFFERING—
proposals will be received until 10 a. m» Oct. 13 by Mathew J.
Michael Seberger road bonds of John
Township.
Denom. $650.
Date Aug. 15 1917.
Dud $650 each six
months from May 15 1918 to Nov. 15 1927, incl.
quired.
Due $150
H.
6%
Int. semi-
1925, incl. Cert, check
payable to the Vil. Treas., re¬
be delivered and paid for within 10 days from time of
yearly on Oct. 1 from 1918 to
of the amount
10%
for
Date Oct. 1.1,917.
Denom.. $150.
public-hall-corist. bonds.
and $23,529 funding 5% bonds.
These
49 to 8 at an election held Oct. 2.
LAKE COUNTY (P. O.
"
MELROSE, Paulding County, Ohio.—BOND OFFERING.—N.
Prentice, Vil. Clerk, wil? receive bids until 12 m. Oct. 20 for $1,200
of bonds bid for,
Bondjj'to
Purchaser to pay accrued int..
Sealed
award.
Brown, Co. Treas., for $13,000 43^ %
MIAMI, Saline County, Mo.—BOND ELECTION.—The
issuing $200,000 electric-light and .water-plant-impt. and storm-sewerconstruction bonds will be submitted to the voters, it is stated, on Oct. 17.
„
LAKE LONG DRAINAGE DISTRICT (P. O. Plaquemine), Iberville
Parish, La.—BOND OFFERING.—Bids will be received until 11 a. m.
by Joseph A. Grace, Secy. & Treas. of Board of Commrs., for the
following 5% drainage bonds:
$60,000 bonds.
Denom. $100.
Date Sept. 1 1917.
Int. semi-annual
(M.&rS.)4
Due on Sept. las follows: $1,500, 1918,1919 and 1920;
$1,700, 1921, 1922 and 1923: $2,000, 1924, 1925, 1926 and 1927;
$2,100, 1928; $2,200, 1929, 1930 and 1931; $2,300, 1932; $2,800,
1933 and 1934; $2,900, 1935; $3,000, 1936; $3,100, 1937; $3,200,
1938; $3,300, 1939; $3,400, 1940 and 1941; and $3,500, 1942.
115,000 bonds.
Int. semi-annually.
Due serially for 25 years, payable
at such times as the Board of Commrs. may determine*
Oct. 30
•
•
LAKEWOOD
CITY
SCHOOL
DISTRICT
(P.
O,
Lakewood).
Cuyahoga County, Ohio.—BONDS OFFERED BY BANKERS —C. E,
Denison & Co., of Cleveland, are offering to investors $500,000 5% 8"-35-yr.
serial coupon building and equipment bonds, at a price to yield 4.75%.
These bonds are legal investments for Rhode Island, Vermont, and New
Hampshire savings banks and eligible for Postal Savings deposits.
Legal
©pinion by Messrs. Squire, Sanders & Dempsey, of, Cleveland.
The sale
of the above bonds was reported in V. 105, p. 1332.
LAMBERTVILLE, Hunterdon County, N. J.—BOND OFFERING—
Finger, City Clerk, for an issue
question of
Denom. $500.
Due part each
year beginning Dec. 31 1918.
Bonded debt, including this issue, $50,000;
floating debt, $28,000; total debt, $78,000; assessed valuation, $2,000,000.
4H% coupon funding bonds not to exceed $28,000.
Date Oct. 1 1917.
Int. J. & D. at office of City Treasurer.
LAWRENCE, Essex County, Mass.—BOND OFFERING.—Proposals
will be received until 12 m. Oct. 10 by William A. Kelleher, City Treas.,
,for $75,000 4M% coupon tax-free school bonds.
Denom. $1,000.
Date
Sept: 1 1917.' Prin. and seihi-annual int. (M. & S.) payable at the office
of the Old Colony Trust Co. of Boston or at the City Treasurer's office.
Due $4,000 yearly on Sept. 1 from 1918 to 1932, incl., and $3,000 yearly
on Sept. 1 from 1933 to 1937, incl,
These bonds will, be engraved under
the supervision and certified as to genuineness by the Old Colony Trust
Co. of Boston and their legality will be approved by Ropes, Gray, Boyd en
& Perkins of Boston, whose favorable opinion will be furnished purchaser.
Total bonded debt (excl. this issue), Sept. 14 1917, $4,187,580; water bonds,
incl., $772,000.
Total valuation« 1916, $245,832,055.
Temporary loan
debt, $1,415,000.
(P. O. Powhatan), Ark .—BONDS OFFERED
Thomson & Co. of St. Louis are offering to
investors $68,000 5H% Road Impt. Dist. No. 5 bonds.
Denonxs. $500
and $1,000.
Date Aug, 1 1917.
Prin. and semi-annual int. (F. & A.)
payable at the Mercantile Trust Co., St. Louis.
Due on Aug. 1 as follows:
$3,000, 1923 and 1924; $3,500, 1925 and 1926; $4,000, 1927, 1928 and 1929;
$4,500, 1930 and 1931; $5,000, 1932 and 1933; $5,500, 1934; $6,000 and
$6,500, 1937.
Bonded debt of Dist., $68,000.
Assess, benefits, $278,100.
An issue of $65,000 Road Dist. No. 5 bonds was recently reported sold to
Lesser-Goldman Cotton Co. of Little Rock.—V. 105, p. 1123.
LAWRENCE COUNTY
BY BANKERS.—Lewis W.
DISTRICT NO. 9, Wash.—BOND SALE.
—On Sept. 29 the $45,000 5-20-yr. (opt.) coupon building bonds (V. 105,
p. 1227), were awarded to the State of Washington at par for 5s.
Other
LEWIS COUNTY SCHOOL
bids
were:
i
J. E. Price
& Co., Seattle
bM % $260 00
534%
45 00
45 00
x
53*1 % 402 00
_________
6%
711 00
_____—6%
520 00
1
-_-6%
250 00
^.6%
249 75
__________r-__6%
51 00
_'
Coffman-Dobson & Co., Chehalis, Wash
Farmers & Merchants Bank, Centralia, Wash___
Morris Bros., Inc., Portland
C..E. Miller, & Co., Portland_______
Co.„Spokane—
____
Keeler Bros., Portland
___■_—
J. H. Tilden & Co., Seattle
C. II. Coffin, Chicago
•-_____
Union Trust
(P. O. Troy),
Ohio.—BOND
__5 34 %
.
OFFERING.—Sealed
Aud.,
accrued int.
FORKED DEER RIVER DRAINAGE DISTRICT
NO. 4,, Henderson and Carroll Counties, Tenn.—BONDS OFFERED
BY BANKERS.—Little & Hays Investment Co. of St. Louis is offering
to investors $33,000 6% drainage-improvement bondsDenom. $500.
Date April 1 1917.
Interest annually on April 1 at the Third Nat. Bank,
St: Louis.
Due on April 1 as follows: $500 1920 and 1921, $1 >000 1923
and 1924; $1,500 1925, 1926 and 1927; $2,000 1928, 1929 and 1930; $2,500
1931, 1932, 1933 and 1934; $3,000 1935 and 1936; and $3,500 1937.
Legal¬
MIDDLE FORK
ity of bonds
approved by Theo. S. Chapman, attorney, Chicago.
TOWNSHIP SCHOOL DISTRICT, Erie County,
MILL CREEK
Pa.
$50,000 5% 3-10-year (opt.)
offered on Sept. 13 (V. 105, p. 927), $32,000
National Bank of Erie at par.
MINERAL CITY, Tuscarawas County, Ohio.—BIDS REJECTED.
—All bids received for the $8,000 6% water-works bonds offered on Oct: 1
—BONDS
AWARDED IN PART.—Of the
gold coupon tax-free bonds
were awarded to th6 Second
—V.
105, p. 1017—were
rejected.
COUNTY (P. O. Williamson), W. Va—BO^DS TO BE
PRIVATE SALE.—Blake Taylor, County Road Engineer,
advises us under date of Oct. 2 that arrangements have been made for
private sale of the $1,000,000 highway-construction bonds voted May 10
(V. 104, p. 2156).
MINGO
SOLD
AT
MISSISSIPPI
COUNTY (P. O. Charleston),
Mo.—BOND SALE—
(V. 105, p. 1124) were
Co.; and Wm. R.*
Sept. 17 the $375,000 5% coupon road bonds
awarded jointly to Kauffman, Smith, Emert Invest.
On
Compton Co.
of St. Louis at 99 and
int.
•
Davie
County,
No. Caro.—BOND OFFERING
POSTPONED.—The sale of the $12,000 6% coupon street-improvement
bonds advertised to be sold on Sept. 25 has been postponed for 90 days.
Denom. $1,000.
Date Oct. 1 1917.
Interest semi-annual. Due $1,000
yearly Oct. 1 from 1926 to 1937. inclusive.
Z. M. Anderson is Town Clerk.
M6CKSVILLE,
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND SALE—
Sept. 28 the two issues of 5% bonds, aggregating $25,000, V. 105,
On
p
1227, were awarded as follows.
bridge bonds to the Teutonia Nat. Bk. of Dayton at
10!000 detention-home bonds to A. E. Aub & Co. of Cin. at
$15 O00
Other
bidders were:
$150,000
bridge.
& Co., Boston
A E. Aub & Co., CincinnatiRudolph Kleybolte & Co., Cincinnati
J. C. Mayer & Co., Cincinnati
Seasongood & Mayer, Cincinnati
Dayton Sav. & Trust Co., Dayton
Bids for both issues were:
Provident Savings Bank & Trust Co.,
Channer & Sawyer, Cincinnati
$15,058
15.052
15,024
15,021
15,016
15,007
R. L. Day
Int.
Rate. Premium.
Bidder—
COUNTY
MIAMI
proposals will be received until 10 a. m. Oct. 29 by O. N. Peters Co.
for $23,500 5% coupon'road-impt. bonds.
Auth. Sees. 1178 to 1231Gen.
Code
Denom. $500.
Date Sept. 1 1917- Int. semi-ann.
Due $2,000
yearly on Sept. 1 from 1918 to 1920, incl., and $2,500 yearly on Sept. 1
from, 1921 to 1927, ,incl.
Cert, check for 5% of the amount of bonds bid
for
required'.
Bids must be unconditional.
Bonds to be delivered and
paid for within 5 days from time of award.
Purchaser to pay
Bids will be received until Oct. 10 by S. A.
of.
question
will
MIAMI, Ottawa County, Okla.—BOND ELECTION.—The
$200,000 6% 25-year sewer, water and fire equipment bonds
the voters on Oct* 16/ John L. Crank is Mayor.
of issuing
bo submitted to
Sidney
*
Spitzer & Co., Toledo._—
Conditional bid.
'
Cincinnati..,
r
50
00
00
00
00
50
190.50 and int.
100.62 and int.
$10,000
detent.-home.
*$10,054
1 0,052
10,016
10,014
10,011
10,007
00
00
00
00
00
50
$25,142 50
25,077 50
25,045 00
1440
THE
CHRONICLE
[VOL. 105.
MONROE
COUNTY (P. O.
Clarendon), Ark .—BONDS OFFERED
by BANKERS.—G. H. Walker &
Co., of St. Louis, are offering to inves¬
tors $47,000 of an issue of
$188,000 o% coupon Road District No. 1 road
bonds.
Denom. $500.
Date Sept. 1 1917.
Principal and semi-annual
interest
payable at the Mississippi Valley Trust Co.. St. Louis.
Bonded
debt of district, $188,000.
Estimated actual value of land and
property is
$3,000,000.
MOUNT
KISCO, Westchester County,
N.
Y.—BOND
SALE.—On
Oct. 2 the three issues of
454 % water bonds, aggregating
$13,500—V. 105,
1333—were awarded to If. A. Kahler &
Co., of N. Y., at 100.11 and int.
Geo. B. Gibbons &
Co., of N.
p.
Y., bid
PAULDING, Paulding County, Ohio.—-BOND
OFFERING.—Harry
L. Hoffman, Vil. Clerk, will receive
proposals until 12 m. Oct. 27 for
$3,350
5% refunding bonds.
Denoms. 6 for $500 and 1 for
$350.
Date Aug. 1
1917,
Int. semi-ann.
Due Aug. 1 1937.
Cert: check for
10% of the
amount of bonds bid for, payable to the Vil.
Treas., required.
Bonds to
be delivered and paid for within 10
days from time of award.
Purchaser
to pay accrued interest.
par.
PAWHUSKA, Osage
County, Okla.—BOND ELECTION PROPOSED.
—It is reported that an election will
probably be called to vote on the ques¬
tion of issuing $75,000
gas-plant bonds.
?
"
MURRAY CITY VILLAGE SCHOOL
DISTRICT (P. O.
Murray),
Hocking County, Ohio.—BOND SALE.—On
Sept. 29 the $2,300 6%
1-4-yr. serial school bonds—V. 105, p.
1227—were awarded to A. E. Aub
& Co., of
Cincinnati, for $2,307 (100.304) and int.
Tillotson & Woleott
Co., of Cleveland, bid $2,302.
PEMBROKE, Robeson County, No. Caro.—BONDS NOT TO BE REOFFERED.—-N. Mclnnis, Town Clerk, advises us that the
$10,000 20-yr.
municipal publie-impt. bonds offered without success on June
19 (V. 104,
p. 2573) will not be placed on the market
again.
MURRAY COUNTY
(P. O. Slayton),
BONDS.—The $108,000 5% drainage bonds Minn.—DESCRIPTION OF
awarded on Sept. 17 to Wells
& Dickey Co., of
Minneapolis (V. 105, p. 1333), are in the denom. of
$1,000
and dated Oct. 1 1917.
Int. A. & O.
Due serially from 1922 to
PERSON COUNTY (P. O.
Roxboro), No. Caro.-^-VALIDITY OF
BONDS TO BE TESTED.—M. R.
Long, Chairman of the Central High¬
way Commission, writes us as follows
regarding the re-offering of the $225,000 5% road bonds (V. 104,
p: 1931):. "In order that there might be no
possible grounds for prospective purchasers
doubting the validity of our
-
1937.
NASHVILLE, Term.—RESULT OF BOND ELECTION.—At
the elec¬
tion held Sept. 27, the
questions of issuing the following
5% bonds, aggre¬
gating $1,2o0,000, received a favorable
vote:
-v
$25,000 police station impt. and
police alarm system installation bonds.
The vote was 3,002 to
2,863.
Due in uneven amounts
yearly
on March 1 for
25 years.
"
'
55,000 fire hall building and equipment bonds.
The vote was 3,977 to
2,343.
Due in uneven amounts
yearly on March 1 for 20 years.
45,000 city hospital impt. and nurses'
home erection and
equipment
bonds.
The vote was 3,367 to
2,508.
Due in uneven amounts
yearly on March 1 for 25 years.
1,000,000 trunk and lateral sewer construction bonds.
The vote was 3,417to 2,333.
Due in uneven amounts
yearly on March 1 for 40
years.
It is provided in the ordinance
authorizing the above
sewer bonds that same
may be issued in installments from
timejto
time, upon such terms and amounts, or all at one
time, as the
Board of Commrs. shall hereafter
determine.
125,000 site-purchase and grammar school
building and equipment bonds.
The vote was 2,723 to
2,625.
Due in uneven amounts
yearly
on March 1 for 30
years.
All of the above bonds are
dated March 1 1918.
Int. Mar. & Sept.
The following bond
propositions, submitted to the voters at the same
issue when offered,
were
PITTSBURG
V-
.v.
„
<
'
'
;
2,346
2,578
......2,153
2,449
2,386
opening bonds
library equipment bonds..
light plant equipment
gutted
"For."
.
*
street
construction
NEWARK, N. 3.—TEMPORARY LOAN.—tin Sept. 26
$1,500,000, dated Sept. 29 1917, and maturing March
awarded to J. S,
Itippel & Co., of Newark;
a
{)ilotage bonds. the office of the Date July 1 1908.
nt. payable at
Denom. $1,000. Port of Portland.
-
temporary
was
at 5% interest.
Int.
■
do
do
•
do
•_
do
:
*3 %
do
do
...
.....
do
/On
■
*3%
fOn
*3%
[On
IDec.3119171
or before|
500,000
/Dec. 3119171
On
before!
Dec.311917J
Stock Notes...-
*3%
On
or
Jan.
do
.*3%
On
2
or
Jan.
Total tax notes
*
or
800,000
.....$1,400,000
$250,000
after
1918
after
100,000
2 .1918
"
$350,000
NIAGARA FALLS,
Niagara County, N. Y.—BIDS.—The other bids
received for the three issues of
4 %% registered
bonds, aggregating $40,000,
awarded on Sept. 28 to
Sidney Spitzer & Co. of New York—V.
105,
—were as
p.
follows:
1333
;
$10,000
$15,000
$15,000
Paving.
Building.
School.
$10,019 00 $15,130 50 $15,139 59
Cummings, Prudden & Co., New York.
10,015 60
15,178 74
15,192 60
H. A. Kahler &
Co., New York
10,013 00
15,093 00
15,103 00
Isaac W. Sherrill &
Co., Poughkeepsie.- 10,012 00
15,181 50
15,226 50
B. J. Van
Ingen, New York
10,009 00
15,013 50
15,021 00
Horn blower &
Weeks, New York.
10,008 00
15,070 50
15,084 00
Wm. R. Cqmpton &
Co., New York... 10,000 00
15,190 00
15:150 00
NORTH
TONAWANDA, Niagara County, N. Y.—BOND OFFERING.
—Additional information is at
hand relative to the
offering on Oct. 9 of
the $25,000 5%
street-impt. bonds—V. 105, p. 1333.
Proposals for these
bonds will be received until
8 p. m. on that day
by F. C. Goltz, City Clerk.
Denom. $2,500.
Date Oct.
•"
....
1 1917.-
Prin. and semi-ann. int.—A. &
O.—
payable at the Chase Nat.
Bank, N. Y.
Due $2,500 yearly on Oct. 1 from
1918 to 1927, incl.
Certified check fof $500,
payable to the
-
-
NORWOOD CITY SCHOOL
DISTRICT
ton
County,
(P.
O.
City- Treasurer,
Norwood), Hamil¬
Ohio.—BOND OFFERING.—Further
details are at hand
relative to the
offering on Oct. 29 of the $120,000
5% coupon schoolbo.nds.
Proposals for these bonds will be
received until 12 m. on that*
aay" by
HaJ°ld ,,Ryland- Clerk of the Beard of Education. Auth., Sees. 7625
and 7626, Gen. Code.
Denom. $500.
Date, day of sale.
Interest semi„£jlle^2'00() Sept.-24 1934 and 1935, $3,000 Sept. 24 1936 and
I&^A1^000 Sept- 24 1938 and 1939< $20,000 Sept. 24 1940 and 1941, and
$25,000 Sept. 24 1942 and 1943.
Certified check for 5% of the amount of
bonds bid for, payable to
the Clerk Board of
Education, required.
Bonds
to be delivered and
paid for within 15 days from time of
award.
Purchaser
to pay accrued interest.
Bonded debt (including this
issue), $1,034,000.
Assessed valuation,
$262,972; tax rate (per $1,000), $15 40.
Thase bonds
were offered without
success on
Sept. 24 as 4Ms.—V. 105, p. 1333.
NORFOLK, Va.—BONDS NOT YET
OFFERED.—Up to Sept. 29 no
date had been set for the
offering cf the $50,000 water-wurks,
$15,000 sewer
and $600,000
municipal-dock-construction bonds—V. 104, p. 2037.
Rob¬
ert E. Steed is
City Clerk.
,
OKMULGEE, Okmulgee County, Okla.—BONDS
DEFEATED.—The
question of issuing $145,000
5% water and
an election held
Aug. 7.
sewer
bonds failed to carry at
PARIS, Lamar County, Tex.—-BOND
ELECTION.—'The question of
issuing $20,000 5% 10-30-year
opt. street-improvement bonds
mitted to
a
vote on Oct. 9.
will be sub¬
.
;
•
<
election
issuing $18,000 street-paving
TO
BE ~TSS
UED'TIIIS" YEArT-
action towards the issuance of
the
$1,000,000 street improvement bonds (Y. 104,
p. 2476) will be taken until
RICHMOND COUNTY (P. O.
Rockingham), No. Caro .—BOND
received until Nov. 7
by L. J. Bell, County
Superintendent of Schools, for $12,500
school-building bonds.
BOND SALE.—The $15,000
county-home and $25,000 road
30-year
serial bonds offered on March 5
(V. 104, p. 682) were awarded on that
day
as 4Ms to W. L.
Slayton & Co., of Tolede
OFFERING.—Proposals will be
RICH SQUARE SCHOOL
DISTRICT, Northampton County, No.
Caro .—BOND OFFERING.—Sealed bids
will be received until 12 m.
Oct. 13
(to be opened at 12 m. Oct. 15) by F. J.
Long, Secretary of County Board
of Education (P. O.
Jackson), for the $25,000 6%
school-building bonds
voted June 16—V. 104, p. 2574.
Denom. $500 or $1,000.
Int. semi-ann.
Due $3,000 in 5 years; $4,000 10
years; $1,000 in 11, 12, 13,14 and 15
years;
$2,000 in 16, 17, 18 and 19 years and $5,000 20
years from date.
Certified
check for 2% required.
This district has no bonded debt.
Assessed valua¬
tion
191,7, $310,246.
Ohio.—BOND SALE.—W. L. Slayton &
of Toledo submitted a bid of
100.12, less $176 for expenses, for the
$2,000 sewer system, $1,100 water works and
$4,0001 ewage system and
disposal plant bonds offered on Oct. 1.
Denom. $500.
Co.
award of the above bonds will bo
made
-
*
Int. J. & J.
on
The
Oct. 8
ROCHESTER, Olmstead County, Minn.—BOND SALE.—An
issue'of
$29,000 city-improvement bonds has been sold to local
investors.
•'
Geo. B. Gibbons &
Co., New York
required.
1918.
RITTMAN, Wayne County,
..
Purchased by the Sinking Fund.
1
next year.
$100,000
,
do
RIC H MON D, Va .—BONDS NO T
The City Auditor advises us that no
300,000
before 1
or
July
RENVILLE COUNTY INDEPENDENT
SCHOOL DISTRICT NO. 79
(P. O. Olivia), Minn.—BONDS VOTED.—The
$800,000
•
.*3%
Total Corporate
Tax Notes
before 1
or
Due
question of issuing to the
State of Minnesota $7,000
refunding and $3,000 funding 4% 15-yr. bonds
carried at the election held
Aug. 20, the vote being 19 to 0.
Geo. E.
Peterson is District Clerk.
$5,180,000
$500,000
1 Jan. 2 1918/
Feb. 15 1918
4%%
...
Prm. and semi-ann.
QUINCY, Gadsden County, Fla 1—BOND ELECTION.—An
will be held Oct. 9 to vote on the
question of
bonds.
J. B. Ball is Mayor.
'
$80,000
...
1
PULASKI COUNTY (P. O.
Winamac), Ind.—BOND OFFERING.—
Bids will be received until
3p.m. Oct. 20 by J. J. Lowry, County
Treasurer,
4XA% Samuel L. B. White et al. road bonds of Beaver
Twp.
Denom. $200.
Date Sept. 4 1917.
Int. M. & N.
Due $200 each six
months from Nov. 15 1918 to Mar. 1
1928, inclusive.
100,000
5,000,000
On demand
dis¬
for $4,000
Amount
Feb. 15.1918
__«3%
Total Revenue Bonds of
1917....
Corporate Stock Notes—
Water Supply.
Rapid Transit
Maturity.
Dec. 3 1917
.4^%
Total Revenue Bills of 1917
Special Revenue Bonds of 1917..
do
"
4%
do
this
Certified check on a Portland bank for
5% of bonds hid for, payable to the
Port of Portland, required.
Purchaser to pay accrued int.
The legality
of the bonds has been affirmed
by the Supreme Court of Oregon.
These
bonds are the unsold portion of an issue of
$500,000 voted June 1 1908.
Bonded debt, $694,000.
Assessed valuation of Port,
1916, $297,985,275.
Tax rate (per $1,000), $1 10.
$15,000,000 revenue bills disposed of at public sale on
1333), the following revenue bills,
tax-deficiency notes
were also sold in
September:
.
Crawford
that
OFFERING.—Proposals will be received until 4 p. m. Oct. 18 by
J. P. Doyle, Assistant
Secretary, for $50,000 6% gold coupon towage and
and corporate stock notes
Revenue Bills of 1917
do
do
do
state
high-school-bldg. bonds.
—BOND
2,637
NEW YORK CITY.—BOND
SALE AND TEMPORARY
LOANS.—
During the month of September the
City Sinking Fund purchased at par
$13,000 4% corporate stock for the
construction of rapid transit
railroads,
maturing July 1 1967.
p.
Pittsburg),
papers
PORT OF PORTLAND (P. O.
Portland), Multnomah County, Ore.
3,069
2,721
NEWTON INDEPENDENT SCHOOL
DISTRICT (P. O.
Newton),
Jasper County, Iowa.—BOND SALE.—The
$150,000 high-school bonds
offered without success on
Aug. 6 (V. 105, p. 626) have been awarded to the
White Banking Co. of
Davenport.
In addition to the
O.
(P. O. Crookston), Minn.—BONDS AUTHORIZED.—A
resolution has
been passed by the Board of Education
providing for the issuance of $15,000
4% refunding bonds.
Due $5,000 July 1 1930, 1931 and
1932.|
POMROY TOWNSHIP
(P. O. Brook Park), Kanabec
County,
Minn.—BONDS VOTED.—At a recent election this
township authorized
the issuance of $10,000 bonds.
E. O. Severson, Town Clerk.
■
Sept. 24 (V. 105,
(P.
question of issuing the $3,500 park-purchase bonds.—V.
104, p. 2157.
POLK COUNTY
INDEPENDENT
SCHOOL DISTRICT NO.
"Against."
3,013
2,766
29 1918,
DISTRICT
PLACERVILLE, El Dorado County, Calif.—BONDS DEFEATED.—
We just learn that the election held
May 31 resulted in the defeat of the
NEOLA
INDEPENDENT SCHOOL DISTRICT
(P. O.
Neola),
Pottawattamie County, Iowa.—BONDS
VOTED.—The question of
issuing the $18,000 5% building and
equipment bonds carried at an elec¬
tion held Sept. 25.
Due $1,000 yrly. from 1920 to
1937, inch
N. E.
Hough is Secy. Bd. of Directors.
loan of
SCHOOL
County, Kan.—BONDS PROPOSED.—Local,
defeated:
•
180,000
25,000
55,000
25,000
having same taken before the Supreme Court
opinion."
I ,
1
trict is contemplating the issuance of
$200,000
'
time,
are
PHILIPSBURG, Granite County, Mont.-—BOND OFFERING.—
Wm. Neu, City Clerk, will sell at
public auction at 8 p. m. Oct. 8 $10,000
6% coupon water bonds.
Denom. $500.
Date Aug. 1 1917.
Int. Jan.
and July 1.
Due Aug. 1 1937, subject to call on and after
July 1 1927.
Bids must be unconditional.
The approving opinion of F. Wm.
Kraft,
Attorney of Chicago, will be furnished to the purchaser
by the city.
A
similar issue of bonds was offered on
Sept. 17 (V. 105. p. 837).
.
$220,000 viaduct bonds
we
of North Carolina for their
.
ROSS
Toledo
at par.
ST,
TOWNSHIP, Ohio.—BOND SALE.—Sidney
was
axzarded
on
Denom* $500.
Spitzer & Co. of
Aug. 12 $6,000.5%% 4-yr. serial sidewalk
bonds
Date Sept. 1 1917.
Int. J. & J.
;
CLAIR COUNTY
(P. O. Osceola),
Mo.—TO VOTE ON BOND
ISSUE TO LIQUIDATE OLD
DEBT.—See item
this department.*
ST.
on
a
preceding
page of
JOHNS,
Clinton County, Mich.—BONDS
DEFEATED—-The
question of issuing $30,000 waterand
light-plant bonds failed to carry, it is
stated, at a recent election.
ST. PAUL, Minn.—CERTIFICATE
SALE.—We are advised that oil
June 15 $3,229,800 4% certificates to
defray current budget expenditures
were sold "o\3r the counter"
to local investors
at. par.
Denoms. $100,
$500 and $1,000. "Date June 15 1917.
Int. J. & D.
Due June 15 1918.
SANDERS COUNTY SCHOOL DISTRICT
NO. 2 (P. O.
Thompson
Falls), Mont.—BOND SALE.—On Sept. 24 the
$8,000 6% 7-20-yr. (opt.)
Thompson State Bank for $8,075
(100.937)
pay cost of preparing bonds.
Other bids were:
International Trust Co., Denver—Par.
Hanchett Bond Co., Chicago—Par and
$17 premium.
Merchants Tr. & Sav. Bank, St, Paul
(bid on 5%%
bds.)—Par, less $75.
Wells-Dickey Co., Great Falls—Par and interest, less
$120.
First Nat. Bank, Barnesvilie,
Ohio—Par, int. and $51 premium.
H. C. Speer & Sons Cq.,
Chicago—Par, less $300.
Sweet, Causey, Foster & Co.,
Denver—Par, int. and $52 premium.
Ferris & Hardgrove,
Spokane—Par, interest and $8 premium.
Jas. N. Wright & Co., Denver—Par
and interest, less
$395.
Interest on bonds payable
semi-annually.
school bonds were awarded to the
and int.
Purchaser to
SARPY
COUNTY
(P. O.
Papillion), Neb.—BOND SALE.—-On
Sept. 17 the $50,000 5% bridge bonds were awarded
to the Bank of
Gretna,
Gretna, and the State Bank of Papillion at
par.
Denom. $1,000.
Date
Sept. 15 1917.
Interest annually on Sept. 15.
Due $5,000
yearly Sept. 1
from 1918 to 1927, inclusive.
Bonded debt, this
issue, $50,000.
Assessed
valuation, $4,368,137.
SAUM
SCHOOL DISTRICT (P. O.
Saum), Beltrami County, Minn.
VOTED.—The question of
issuing to the State of Minnesota
$7,000 4% 20-year funding bonds carried at an
election held Sept. 22.
SCOTLAND NECK, Halifax
County, No. Caro.—BOND SALE.—
The $80,000 5%
—BONDS
coupon
V. 104, p. 474 have been
water-works
disposed of.
?md sewerage bonds mentioned
in
OCT. 6
1917.]
SCRANTON,
Pa
1-25-yr, serial coupon
,1126—-were awarded to
THE
CHRONICLE
.—BOND
On Sept. 24 the $100,000 4<A%
SALE.—
or registered municipal impt. bonds—V.
105, p.
Harris., Forbes & Co., of N. Y.» at 100.88.
THAYER
F°tiJntA 4°'7?
defeat
»
The
SEATTLE, Wash.—BIDS REJECTED.—All bids received for the $350,000 water ext. and $390,000
light and power plant gold bonds offered on
Sept. 15 (V. 105,
838)
p.
were
vote
foHows'0
Sealed proposals will be received until 12 m. Oct. 20
by Karl Warnes, Vil.
Clerk, for $2,000 6% water-works-system bonds.
Auth. Sec. 3939, Gen.
Code.
Denom. $500.
Date Sept. 1 1917.
Int. ann.
Due $500
4}4s
on
bonds,
favorable
a
BEND,
vote,
St.
reports state,
Joseph
was
to
1917.
carried, it is
recent election.
,
^
(Borough), Cumberland County, N. J.—BOND SALE.
coupon or registered bonds, aggregat¬
$23,000—V. 105, p. 1127—were awarded to Geo. B. Gibbons
& Co.,
of N. Y., at par and interest.
WARREN, Trumbull County, Ohio.—BOND
OFFERING.—Sealed
Proposals will be received until 12 m. Nov. 3 by Geo. T.
Hechlinger, City
Aud., for $66,500 5% coupon site-purchase, street impt. and
bridge bonds.
Auth. Sec. 3939 Gen. Code.
Denom. $500.
Date Aug. 1 1917.
Int.
semi-ann.
Due $6,000 yrly. on Aug. 1 from 1930. to
1939, incl., and
$6,500 Aug. 1 1940.
Cert, check for $500 payable to the
City Treasury
required.
Bonds to be delivered and paid for within 5
days from time of
award.
Purchaser to pay accrued interest.
WARSAW, Duplin County, No. Caro .—BOND SALE.—On
Sept. 24
the $20,000 6% 1-20-yr. serial
electric-light bonds (V. 105, p. 1228) were
awarded to the*Wachovia Bank & Trust Co. of
Winston-Salem at par and int.
WASHINGTON COUNTY (P. O. Meadow
View), Va .—BOND SALE.
38-yr. Glade Spring Dist. public-impt. bonds offered
on May 28 (V.
104, p. 2158) have been disposed of.
1 from 1918
STAR SCHOOL DISTRICT (P. O. Star), Haskell
County, Okla.—
BONDS VOTED.—The question of issuing school bldg. bonds
the First Nat. Bank of Hendricks.
VINELAND
—The $18,000 6%
1941, inclusive.
a
Wasson!
ing
Ind.—BONDS PROPOSED.—
20-year water-works bonds is under
SPRINGFIELD, Sangamon County, III.—BONDS PROPOSED.—
The question of issuing $300,000 bonds is being
considered, it is stated.
reported, at
H.
7~the three issues of 5%
t
Due $500 yrly. Oct.
15
TURNER TOWNSHIP (P.. O.
Checotah), Mcintosh County, Okla.
VOTED.—The proposition to issue road
construction bonds
carried at a recent election,
according to reports.
County,
Int. J. & J."
Aus
—BOEDS
SOUTHPORT, Brunswick County, No. Caro.—BOND SALE.—On
Sept. 25 $12,000 514 % water-works bonds were awarded to Elston & Co.
of Chicago at par and int., less attorney's fees and dost of
printing. Denom.
Date Oct. 1
vrlv
COUNTY (P. O. Parsons), W.
Va.—PURCHASER OF
BONDS.—The purchaser of the $60,000
5% 15-yr. serial Dry Fork Dist.
road-impt. bonds awarded in May for $60,100
(100.166)—V. 105, p. 1334—
consideration, it is stated,
$500.
$500
us that $171 000
4*4%
awarded to local investors at
Denom. $100 and $500.
Date Aug. 15 1917.
Int. F. & A.
The sale of $30,000 of these bonds was
reported in V. 105, p. 1019.
SIMPSON TOWNSHIP, Mcintosh County, Okla.— BONDS VOTED.
—At a recent election the proposition, to issue road-construction bonds
SOUTH
1922
par and int.
Shelby County, Ohio.—BOND OFFERING.—Sealed
The question of issuing $40,000 4%
15
TOPEKA, Shawnee County, Kans.—BOND SALE.—W.
bids
will be received until 12 m. Oct. 29 by Melvin L.
Rhoades, City Aud., for
$214,700 street-impt. assess, bonds at not exceeding 5*4% int.
Auth.
Sec. 3914, Gen. Code.
Denoms. 424 for $500, 3 for $400 and 5 for $300.
Date Sept. 1 1917.
Int. semi-ann.
Due $10,500 Mar. 1 1920, $11,000
Sept. 1 1920 and Mar. 1 1921, $10,500 Sept. 1 1921, $11,000 each six
months from Mar. 1 1922 to Mar. 1 1923 inch, $11,500 Sept. 1 1923,
$10,500 Mar*. 1 1924, $10,000 Sept. 1 1924, $10,500 each six months from Mar. 1
1925 to Sept. 1 1927 incl., $11,000 on Mar. 1 and Sept. 1 1928 and Mar. 1
1929 and $10,700 Sept. 1 1929.
Cert, check for 2% of the amount of bonds
bid for, payable to the Vil. Treas., required.
Bonds to be delivered at
office of City Treas. on Nov. 19.
Purchaser to pay accrued merest.^
received
$1,000 Aug.
15 1937
Date Aug. 15 1917.
Prin. and semi-annual int.
payabl
of Oregon in N Y City
Bonded debt, including
thesft
$47,000; water debt included, $32,000.
Assess, val. 1916, $296,082°
Commissioner of Finance and Revenue, advises
1-10-yr. serial street paving bonds have been
July 2. (V. 105, p. 96.)
SHELBY
(Town), Orleans County, IN.
X.—BOND
SALE.—On
Sept. 29 the $2,000 drainage bonds (V. 105, p. 1334) were awarded to the
Union National Bank of Medina at par for 5 Ms.
:
*
SIDNEY,
to call after Aug. 151927.
Due Aug. 15 1942,
subject to call after Aug. 15
Due
from 1923 to 1936 incl. and $1,000 Aug.
_
SHAWANO, Shawano County, Wise.—CERTIFICATE~SALE.—On
14 at
p. 1228) are described as
Due Aug. 15 1942, subject
refunding bonds.
Oct. 2 the $28,000 5% water and
light-impt. certificates were awarded to
the Harris Trust & Sav. Bank of Chicago at
par, less $194 for expenses.
Denom. $1,000.
Date Oct. 1 1917.
Int. J. & J.
A similar issue of cer¬
success as
s" nc* of Portland (V. 105,
ms
9,000 funding bonds.
"s
offered without
DISTRICT
(P. Q. Thayer), Oregon
^ DEFEATED.—The election held Sept. 29 resulted
question of issuing $35,000 road bonds (V. 105. p.
1334).
"for" and 174 "against."
Sig.OOO water bonds.
6,000
yrly. on
Sept. 1 from 1918 to 1921 incl.
Cert, check for 2% of the amount of bonds
bid for, payable to the Vil. Treas., required.
Bonds to be delivered and
pjiid for within 10 dc vs from time of award.
Purchaser to pay accrued int.
was
143
was
ROAD
TOLEDO, Lincoln County, Ore.—DESCRIPTION OF BONDS.0J6%bonds, aggregating $27,000, awarded on August
rejected, according to reports.
SHANESVILLE, Tuscarawas County, Ohio.—BOND OFFERING.—
tificates
1441
SPECIAL
WATERTOWN, Middlesex County, Mass.—BOND OFFERING.—
Bids will be received until 3:30
p. m. Oct. 9 by H. W. Brigham, Town
Treas., for the following 43^ % coupon bonds:
$7,500 surface drainage bonds.
Denoms. 7 for $1,000 and 1 for $500.
Due $1,500 Oct. 1 1918 and
$1,000 yrly. on Oct. 1 from 1919 to
1924, incl.
•
•
•
6,000 water main extension bonds.
Denom. $1,000.
Due $2,000 Oct. 1
1918 and $1,000 yrly. on Oct. 1 from 1919 to
1923, incl.
Date Oct. 1 1917.
Prin, and semi-ann. int, (A. & O.) payable at the
Fourth Atlantic National Bank of Boston.
These bonds will be engraved
under the supervision and are certified as to their
genuineness by the Old
Colony Trust Co. of Boston, and their legality will be approved
by Story,
ThOrndike, Palmer & Dodge, of Boston, whose opinion will be furnished
purchaser.
Total debt (excl. this issue) Oct. 1 1917, $820,000.
Assessed
valuation 1916, $21,301,892;
borrowing capacity Oct. 1 1917, $84,518.
_
.
TACOMA, Wash.—BOND SALE.—On Sept. 20 the $180,000 5%
coupon
South Eleventh St, Ry. ext. bonds (V. 105, p. 1019) were awarded
to the Light & Power Reserve Fund of
City of Tacoma at par.
There were
or
no
reg.
other bidders.
<■■■
1
•
TERRA BELLA
IRRIGATION DISTRICT
(P. O. Terra Bella),
Tulare County, Calif.—BOND OFFERING RESCINDED.—The sale of
the $100,000 (part of an issue of $1,000,000) 6% irrigation
system bonds
which was to have taken place on Sept. 29 V. 105, p. 1228) was called off.
.
NEW
LOANS
NEW LOANS.
DURHAM, N. C. Road Dist. No.3,Bossier
BONDS
of the
City of Din-ham, N. O., for the purchase
any part of the following bonds:
or
$250,000 Water 5s, dated January
maturing January 1st, as follows:
"
.
$3,000.-1920
3,000.-1921
5,000—1922
5,000—1923
5,000—1924
6.000-,-1925
6,000—1926
7,000—1027
7.000—1928
$8,000,-1929
8,000-1930
8,000.-1931
9,000—1932
9,000.-1933
10,000-1934
11,000-1935
11,000-1936
.
•
11,000-1937
-
-
.:
1st;
1917,
$13,000.-1938
13,000.-1939
13,000.-1940
15,000.-1941
15,000—1942
16,000.-1943
16,000.-1944
17,000.-1945
,
.
Funding 5s, dated August 1st, 1917,
maturing in numerical order, eight bonds on
August 1st of each of the years 1918. to 1927, both
inclusive'.
\
$50,000 Sewerage 5s, dated August 1st,. 1917,
maturing August 1st, as follows:
$2,000
3,000
Denomination,
annual
1920 to
1938
$1,000.
„
Principal
Benton, Louisiana, until noon SATURDAY,
NOVEMBER 10, 1917, for $49,500 Public Im¬
provement
Bossier
Bonds
Parish,
'
...
and
•
semi¬
interest
An annual and unlimited tax upon all taxable
property for the payment of principal and interest
is provided by the enabling acts and
by proceed¬
ings of the Board of Aldermen.
"
The bonds will be prepared under the
of the
.
the
United
States
Road
denomination
District
No.
3
FINANCE public utility developments.
of
of
BUY AND SELL securities.
Mortgage &
DESIGN steam power stations, hydro¬
States at the Seaboard National Bank in the
City
electric
developments,
transmission
of
New York.
These bonds are issued under
Act No. 256 of the Laws of
Louisiana, 1910, and
are due and payable as follows:
lines, city and interurban railways,
September 1, 1918
1926
1919
1925
1931
1932
1941
1942
1944
to
1920
CONSTRUCT either from
signs
said
be
bonds
must
made
payable
Louisiana.
neers or
our
de¬
own
architects.
on
public utility properties,
proposed extensions
accompany all bids,
to the Treasurer of
The approving legal
or new
projects.
MANAGE railway, light, power and gas
Bossier Parish,
opinion of John C. Thomson, Esq., of New York
City, will be furnished to the purchaser without
charge.
.
<
.
The right to reject any and all bids is
hereby
companies.
reserved.
BOSTON
NEW YORK
R. B. HILL, Clerk,
and
from designs of other engi¬
or
REPORT
at least Two and One-Half Per Centum of the
par
of
plants
buildings.
1945
1946
A certified check on some national bank
doing
business in the State of Louisiana or some solvent
bank chartered under the laws of said State for
to
industrial
plants,
gas
.
$500 due
1,000
1,500
2,000
2,500
3,000
CHICAGO
Police "Jury of Bossier Parish.
super¬
of
of
Louisiana,
dated September 1,
$500 each, with
payable semi-anually
March
1
and
September 1 of each year, both principal and in¬
terest payable in lawful
money of the United
1916,
same
payable at United States Mort¬
gage & Trust Company, New York.
vision
STONE&WEBSTER
Sealed bids will be received by the
undersigned
value
1926
1927 to
in
interest
$80,000
.
Parish, La.
PUBLIC IMPROVEMENT BONDS
8paled proposals will be received until 2 o'clock
P. M., OCTOBER 16, 1917, by the
undersigned
at the Council Chamber of the Board of Aldermen
of all
FINANCIAL
$49,300
$380,000
CITY OF
.
Trust
Company, New York City, which will certify as
to the genuineness of the signatures of the officials
and the seal impressed thereon.
Legality will be
approved by Messrs. Caldwell & Masslich, New
York City, whose approving opinion will be fur¬
nished to the purchaser without charge.
All proposals must be on blank forms which will
be furnished by the undersigned or said "Trust
Company, and must be enclosed in a sealed
envelope marked "Proposal for Bonds," and ad¬
dressed to the undersigned, and be
accompanied
by certified check, drawn to the order of Jos. H.
Allen, Treasurer, upon an incorporated bank or
trust company, or a sum of money for or in an
amount equal to two per centum of the face
amount of bonds bid for, to secure the
City against
any loss resulting from the failure of the bidder
to comply with the terms of his bid.
Bonds
will
MELLON
NATIONAL
BANK
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS
SEPT. 11, 1917
RESOURCES
'
Loans, Bonds and Investment Securities
Overdrafts.
U. S.
...
3j^% Certificates of Indebtedness
Cash
.....
.....
Due from Banks
...
..
§132,8947720
delivered to purchaser at the
office of said Trust Company in New York
City,
Dated, Durham, N. C., October 1st, 1917.
B. S.
SKINNER,
Mayor.
LIABILITIES
Capital
^
Surplus and Undivided Profits.,.
Reserved for
Depreciation, &c
Circulating Notes..
Deposits..
_________
GEO.
W.
WOODWARD,
Clerk Board of Aldermen.
8,000,000 00
4,654,372 57
19,864,435 11
-
be
October 23rd, 1917, and must then be paid for.
p*KThe right to reject any or all bids is reserved.
No bid of less than par will be considered.
,
..$100,375,863 41
\ 48 92
,
01
,
.1.
,§6,000,000 00
4,087,115 52
987,148 78
4,940,200 00
116,880,255 71
§132,894,720 01
,
.
WENDELL, Gooding County, Idaho.—DESCRIPTION OF BONDS.
and sidewalk impt., $6,000 village-hall and $2,000 ceme¬
Canada. Its Provinces and Municipalities*
—The $7,000 street
& Co.
djited
Due in 20 yrs., subject to call after
tery 6% 10-20-yr, (opt.) bonds recently awarded to James N. Wright
of Denver for $13,100 (V. 105, p. 1229) are in the denora. of $500 and
May
Int. Jan. & July.
1917.
1
19
BAY, Milwaukee County, Wise .—PRICE PAID
1020—were awarded as follows:
$400 7% 5-yr. Finn's Lake School Dist. No. 2089 debentures to Manu¬
facturers' Life Insurance Co. at 98.
FOR
2,500 7% 10-yr. Wayne Sch.^Dist. No. 3467 debentures to the Bond &
Debenture Corporation at 98.
^
12,700 7% 10-yr. (9 issues) debentures to Geo. A. Stimson & Co. of Toronto
at 100.03.
The sale of these bonds was reported in last week's
"Chronicle." page 1335.
;
No award was made of the $4,500 6>£% 15-yr. Lamont Sch. Dist,
No. 641 debentures offered on same date.
*.
BONDS.—The price paid for the $50,000 5% 1-20-yr. serial general fund
bonds awarded on Sept. 17 to the Wisconsin Trust Co., of Milwaukee
(V. 105, p. 1229), was 101 and int.
l
SCHOOL DISTRICT NO.
102, Wash.—
notice no sale was made
bonds advertised to be sold Sept. 29.
COUNTY
WHITMAN
BONDS NOT SOLD.—On account of a defect in the
of the $5,000 building
COUNTY
WILLIAMS
O.
(P.
Ohio.—BOND JSALE.—On
Bryan),
$6,000 electric pumping station debentures.
LANARK, Ont.—DEBENTURE SALE.—An issue of $50,000 6% 20-yr,
stated, to C. H. Burgess & Co., of Toronto.
SCHOOL DISTRICT NO. 5 (P. £>, Wilson),
of 41 to 2 the question of issuing
$5 000 20-yr. school bonds at not exceeding 6% int. carried at the election
held Sept. '22,
Charles L. Coon is Supt." of Schools.
debentures was awarded, it is
LUMSDEN,
MARGO, Sask.—DEBENTURE SALE.—W. L. McKinnon & Co., of
Regina, have been awarded an issue of $1,500 debentures.
DISTRICT, Northampton County, No.
Caro.—BOND OFFERING.—Sealed bids will be received until Nov. 6 by
P. J. Long, Secy. Co. Bd. of Ed. (P.O. Jackson), for $5,000 6% school
bonds.
A similar issue of bonds was offered on Aug. 4 (V. 105, p. 205).
YOUNGSTOWN, Mahoning County, Ohio.—BONDS A WARDED
IN PART.—The following bids were received for six of the thirteen issues
of 5% coupon or registered bonds, aggregating $131,915, offered on Sept. 24:
$4,500
$10,865
§29,900
§19,215
$5,000
$25,000
Street
paving
Salt Spgs. WarerlySt
Bridge.
Hospital.
Signs. CasstusAv. St.Sewer. SewerBds.
$
$
$
$
$
$
Farson, Son & Co,..*5,001 07*25,227 50*4,500 91*10,882 06*29,965 84*19,250 47
It. L. Day & Co..... 5,001 50 25.085 00 4,504 05,
■
Canner <fc Sawyer...
25,031 25 .......
.
-------—---t—
Sidney, Spitzer & Co. ....... 25,057 50
29,911 66
Seasongood & Mayer.
25,000 00 ... —.
Prov. 8. B. ATr. Co.
25,051 00
v----- -'2- "i.n."...:.;'.';:-,..:
Estabrook & Co. of Boston and J. C. Mayer & Co., of Cincinnati bid 100.03 for all
SCHOOL
OTTAWA,
Ont.—DEBENTURES
AUTHORIZED.—By-laws
were
passed by the City Council on Sept: 4 providing for the issuance of $19,957
sewer, $38,335 sidewalk and pavements, $101,016 street widenings, $229,565 for pavements, $2,226 paving Dalhousie Street, $120,984 local impt.,
and $231,791 by-law debentures.
£
.
■
^
OUTREMONT, Que.—DEBENTURE ELECTION.—An election will
issuing $1,000,000 refunding and
$500,000 municipal improvement 6% 5-year debentures.
Interest semi¬
annual.
E. T. Sampson is City Clerk.
•
be held Oct. 15 to vote on the question of
,
.
,
SMITH
ronto to
bentures
,
,V
Ont .—OPTION TO
PURCHASE
purchase at 97-50 $135,000 6%
offered oh Sept. 17.
•
TISDALE TOWNSHIP, Ont .—DEBENTURE OFFERING.—W. H.
Wilson, Twp. Treas. (P. O. South Porcupine), will receive bids until 12 m.
to-day (Oct. 6) for $23,000 School District No. 1 and $10,000 School
District No. 2 6% 15-yr. registered school debentures.
Date Oct. 15 1917.
Prin. and int. payable in So. Porcupine or N. Y. at option of holder.
WINSLOW
'
issues, but securities which were held in
(Rural
Municipality),
Sask.—DEBENTURE
SALE.—
An issue of $5,000 debentures has been purchased by W. L. McKinnon &
the
Co., of Regina.
Sinking Fund as investments.
"
ENGINEERS.
TRUST COMPANIES.
THE
ATLANTIC MUTUAL INSURANCE COMPANY
New
J'GWHITE oomeames
York, January 25th, 1917.
with the Charter of the Company, submit the following statement of Us affairs on the
JJ 1st of December, 1916
The Company*s business has been confined to marine and inland transportation insurance
premiums on such risks from tho 1st January, 1916, to the 31st December, 1916-.—.--.,.$8,087,174.02
Premiums on Policies not marked off 1st January, 1916
—
.........
903,703.66
S'&s Trustees
DEBENTURES
20-instailment hydro-electric de¬
-
♦Successful bids.
The above bonds are not new
FALLS,
GRANTED.—An option has been granted to Brent, Noxon & Co. of To¬
-
'.'Issues,-.'
Sask.—DEBENTURES VOTED.—By a vote of 52 to 14
$7,000 6% 10-yr. electric-light and power debentures
13—V. 105, p. 1020.
:r * :
*
the question of issuing
carried at the election held Sept.
WINTHROP, Suffolk County, Mass.—TEMPORARY LOAN.—'On
Oct. l a temporary loan of $250,000, dated Oct. 1 and payable Jan.YO 1918,
was awarded, it is stated, to tiie Metropolitan Trust Co# at 4.35% discount♦
.
,
GRIMSBY, Ont .—DEBENTURE SALE.-*- On Sept. 15, $17,500 6%
20-yr. debentures were awarded, it is stated, to W. F. Morgan Dean &
Co., of Hamilton.
"
'
COUNTY
—
ELECTION.—On
issuing
election will be held Oct. 9, it is stated, to vote on the question of
No. Caro.—BONDS VOTED.—By a vote
WOODLAND
Ont.—DEBENTURE
TOWNSHIP,
CHAPLEAU
Sept. 28 $18,500 5% road-impt. bonds were awarded to the Provident
Savings Bank & Trust Co. of Cincinnati at 100.02.
The Farmers Nat.
Bank of Bryan "and the Citizens Securities Co. bid par.. Denom. $500.
Date Sept. 10 1917.
Int. semi-ann.
Due $1,000 on Mar. 10 and $1,500
on
Sept. 10 from 1919 to 1923 incl. and $1,500 each six months from
March 10 1924 to Sept. 10 1925 inclusive.
WILSON
ALBERTA SCHOOL DISTRICTS.—DEBENTURE SALE.—On Sept.
three of the four issues of school debentures, aggregating $20,100—
V. 105, p.
10 years.
WHITEFISH
[VOL. 105.
CHRONICLE
THE
1442
tn conformity
.
Premiums..
Total
;f*emiums marked off from 1st
^nterest on the Investments of theCompany received during the year
Interest on Deposits in Banks and Trust Companies, etc.....—
4ent received less Taxes and Expenses...
.................
iS6fr"tosurance Premiums and Returns or Premiums
including
of
550,385.62
' $2,451,18577
Utility and Industrial
Properties
43 EXCHANGE
PLACE, NEW YORK
LONDON
$1,389.298 73
....
...
—
Public
REPORTS-—VALUATIONS— ESTIMATES
908,971.10
586,832.53 $
"■
Sinenses,
Managers
$3,360,156.87
...§322,138.57,
....
,
CHICAGO
compensation of officers and clerks, taxes, stationery,
advertisements, etc......
A
103,475.76
109,638.68 $
......
Less* Salvages.......
lie-insurances.....
Contractors
$337,271 .78
...
'
Purchasers
Operators
,—$7,855,092.25
January, 1913, to 31st December, 1916-
urmemtd during tho year....
Financiers
Engineers
.$8,990,877,68
.........
———
dividend of Interest of Six per cent
on
740,899.72
$
....
—.—
the outstanding certificates of profits win do paid to fh»
-holders thereof, or their legal representatives, on and after Tuesday the sixth of February next
The outstanding certificates of the issue of IH1 will be redeemed and paid to the holders thereof, oi
terest thereon will
The certificates to be the sixth of February next, from
canceled,
gelt legal representativeSi on and after Tuesday produced at the time of payment andwhich date all
General
cease,
Engineering &
Management Corporation
A dividend of Forty per cent, is declared on the earned premiums of the Company for the year ending
dist December, 1916, which are entitled to participate in dividend, for which, upon application, certificate#
will oe Issued on and after Tuesday the first of May next.
By order of the Board,
G bTANTON FLOYD-JONES, Secretary?
r
TRUSTEES
,
ANTON A.
EDMUND L. BAYLIES,
ANSON W
JOHN N BEACH,
NICHOLAS BIDDLE,
SAMUEL T. HUBBARD,
LEWIS CASS LED YARD,
JAMES BROWN,
IOHN CLAFLIN,
GEORGE C CLARK,
CLEVELAND H DODGE,
CORNELIUS ELDERT,
RICHARD H EWART,
Q. STANTON FLOYD-JONES,
PHILIP A 8. FRANKLIN,
HERBERT L. GRIGGS
WILLIAM H
HARD,
RAVEN.
LEFFERTS,
RIKER,
DOUGLAS ROBINSON,
JUSTUS RUPERTI
WILLIAM JAY
GEORGE II. MACY;
of
SAMUEL SLOAN,
WILLIAM SLOANE.
NICHOLAS F. PALMER.
WALTER WOOD PARSONS.
CHARLES A. PEABODY,
JAMES IT. POST,
CHARLES M. PRATT,
DALLAS B. PRATT',
A
A
Electric
Light, Power,1 Water, Gas*
Ice and Street Railway Properties,
LOUIS STERN,
WILLIAM A. STREET,
GEORGE E.
We
TURNURE,
lic
RTOHARD H. WILLIAMS.
RAVEN. Chairman of the Board.
(Mock
670.000.00
.....
and
Warrants of the City of
York
and
Stocks of Trust
Companies and Banks'
Stocks and Bonds of Railroads......
(Other Securities:...
New
......
....
1,773,550.00
3,588,.F75.20
367.185.00
Companies
...
Wall Street; William
Exchange Pluce......
jfiteal Estate- on Staten Island (held
undei
provisions of Chapter 481,
Street
Laws of
1887)
Premium Notes...................
Bills Receivable
.....
Cash lo
2.000,000.00
3,900.000.00
...
........
...........................
nated
Premiums
Risks—
on
Termi¬
of
to
■
t
— —
not
Settled, including Com¬
pensation, etc.-..-.:
...
of Profits Ordered Re¬
deemed, Withheld for Unpaid Pre¬
75,000.00
866,035.06
1.068.547,73
miums
income Tax Withheld at
the Source..
Suspense Account
;...
Certificates of Profits Outstanding...
Reports
and
General
158,309 M
Alex. O.
Humphreys
22,557,84
1.210.2O
5,899.75
7,668,850.00
Alten 8. Mi le*
/
ENGINEERS
-
Power—Light—Gas
166
BROADWAY
NEW
YORK
206,311.98
2,808,785.77
135,000 00
$13,546,488.68
$17,458,990.74
.......$3,912,502.06
.....
$49,286.30
...
$25,933.03
Ete-tosurance due or accrued. In companies authorized in New York, on the 31st day of
December, 1916, amounted to—
$ 245.472,80
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
$
63,700.00
ttm Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
......$1,988,969.90
MINING
ENGINEERS
Thus leaving a balance of..
..........
Accrued Interest on the 31st day of December, 1916, amounted to
Rents due and accrued on the 31st day of December, 1916, amounted to
H. M. CHANCE
&. CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIE!
...
the basis of these increased valuations the balance would be..
.
Pub¬
HUMPHREY'S* MILLER, Inc
373.669-04
Certificates
hands of European Bankers
to pay losses under policies payable
to foreign countries
Uash In Bank
times
Mortgage
Preferred Stocks.
neering.
Claims
cor.
and
and
Vice-President.
Estimated Losses and Losses Unset¬
tled in process of Adjustment
$ 3,632,239.06 *
Premiums on Unterminated Risks
" 1,135,785 42
Certificates of Profits
and Interest
266,399 25
Unpaid
Return Premiums Unpaid
106,624.24
Taxes Unpaid—
174.943 9C
.-.'.i
...
Re-insurance
Special Deposits in Banks and Trust
jileaJ Estate
Valuations,
st
Issues
First
LIABILITIES.
ASSETS.
United States and State of New Yolk
.
prepared
Entire
Utility
Bonds
CORNELIUS ELDERT,, President.
WALTER WOOD PARSONS, Vice-President,
Bonds
are
offer
GEORGE C. VAN TUYL, Jf.
CHARLES E. FAY, 2d
141 BROADWAY, NEW YORK.
Expert Operators and Engineers
SOHIEFFELUt,*
CHARLES D. LEVEP.ICH,
'
•
JOHN J
.
.........$6,285,864,09
Examined, Managed, Appraised
Drexei Bldg.
PHILADELPHIA
THE
CHRONICLE
Cotton
John D.Herklotz
HTrutft Companies*
Chas. O. Corn
August Schierenberg
XXI
The NEW ENGLAND
Rhode Island
TRUST COMPANY
Paul Schwara
Frank A. Kimball
Hospital Trust Company
/
Herklotz,
Corn &
Co.
COMMISSION MERCHANTS
BOSTON, MASS.
CAPITAL, $1,000,000
Providence, R. I.
SURPLUS, $2,000,000
Safe Deposit Vaults
15 William Street
Authorized to act
New York
as
CAPITAL
Executor, and to receive and hold
$3,000,000
SURPLUS
3,500,000
in trust or on deposit from Courts of
Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
money or property
Law
MEMBERS OF
New York Cotton
Exchange
Exchange
Exchange
New York Coffee Exchange
Chicago Board of Trade
«
Also acts as Trustee under Mortgages and
New Orleans Cotton
New York Produce
Agent and Registrar of Stocks
Interest
Allowed
Transfer
as
,
•
•
JOHN E.
G. A.
Secretary
LADD, Asst. Treasurer
RAYMOND MERRILL, Asst. Treas.
CHARLES E. NOTT, Asst. Secretary
GEORGE H.
:
RALPH S.
ORRIN C. HART, Trust Officer
ARTHUR F. THOMAS, Asst. Trust Officer
R. B. QAGE, Manager Safe Deposit Vault
Liverpool Correspondents:
FREDERIC ZEREGA & CO.,
McFADDEN & CO., LTD.
Alexandria Correspondents:
REINHART & CO., LTD.
•.
.
Franklin W.
Alfred Bowditch
James R.
Hobbs
Hooper
David P. Kimball
20-24 EXCHANGE PLACE,
NEW YORK
MEMBERS
S, Parker Bremer
George H.
Davenport
Francis W. Fabyan
Frederick
Frank
P.
COTTON
BOSTON,
FALL RIVER,
PROVIDENCE,
NEW BEDFORD,
ROBERT
Edwin M.
'
Gage
Morris Gray
Rowland Hazard,
MOORE
Herbert
\
1850
Sears
Shattuck
L.
The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts.
-
-
2,500,000
received
CO,
Imp. & Trad. Nat. Bank
Good men, whether experienced In life
Insurant
upon
:.e
;
favorable
-
■
—
a
.:>•
for
a
limited territory, if desired, and
secur<
for themselves, in addition to first year's commis
v
sion,
banking,
and
invites
the
banks, corporations, firms, and
to
accounts of
individuals.
not, may make direct contracts with this Com
pany,
terms
Thoroughly equipped to handle all business
pertaining
&,
WILLIAM II. PORTER, Banker.
ED. TOWNSEND, Pres.
or
-
RAY
CLARENCE H. KELSEY, P res.Title Gu.& Tr Co.
50,000,000
-
Accounts of banks and bankers
Members New York Cotton Exchange *.
Asociate Members Liverpool Cotton Association,
D„ PRESIDENT.
Finance Committee.
$6,000,000
-
Deposits.:
JOHN P. MUNN, M.
CHICAGO
Surplus & Profits
MERCHANTS
WILLIAM
1917
Sharp
Henry
125 West Monroe St.,
Delmonico Building
56 Beaver Street, New York
COTTON
Dart.
Richards
M.
Arthur R.
Capital
COT
«&,
Swan,
OF ILLINOIS
New York City
UTICA, N. Y..
WELD & CO.,
LIVERPOOL.
H.
Royal C.Taft,
J. Arthur Atwood,
William C.
TRUST COMPANY
PHILADELPHIA
;
FYank
MERCHANTS
.
Callender,
Holbrook,
Sullivan,
Benjamin M. Jackson,
Frank W. Matteson,
CENTRAL
Stephen M. Weld & Co.
82-92 Beaver Street,
Merrlman,
Charles C. Gardiner,
Alfred K. Potter,
William L. Hodgman,
Henry H. Proctor
Fish
II.
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Isaac B.
Ernest Lovering
Walworth Pierce
Sydney Harwood
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
Goddard,
Henry D. Sharpe,
James E.
Robert A. Leeson
Alexander Cochrane
GWATHMEY & CO.
Robt. H. I.
'
• */
Edward
Arthur Adams
Bradley
Edward D. Pearce,
Herbert J. Wells,
Lyman B. Goff,
Howard O. Sturges,
Walter R.
George Wigglesworth, Chairman
J. D. Cameron
CAPRON, Asst. Secretary.
RICHARDS, Asst. Secretary.
Stephen O. Metcalf,
BOARD OF DIRECTORS
COMMISSION
Milan Correspondents:
WILLIAMS, Asst. Secretary
HARRINGTON, Asst. Trust Officer
HENRY B. HAGAN, Asst.
Secretary
ERNEST A. HARRIS, Asst.
EDWARD B
NEW YORK
.
HENRY L. SLADER, V.-President
JOHN H. WELLS, Secretary
HENRY N. MARR, Secretary
PHILADELPHIA
.
THOMAS H\ WEST JR.,
Vice-President
WILLIAM A. GAMWELL, V
FREDERICK P. FISH, Vicfe-President
FREDER'K W. ALLEN, Treasurer
25 Broad St.
de
WELLS, President
"
HORATIO A. HUNT, Vice-President
PRESTON H. GARDNER, V.-P. & Trust
Officer
.-President
ARTHUR ADAMS, Vice-President
ALEXANDER COCHRANE, Vice-Pres.
MERCHANTS
121 Chestnut St.
et
HERBERT J.
and Bonds.
Deposits Subject to Check.
on
JAMES R. HOOPER, President
Geo. H. M°.Fadden & Bro.,
Havre Correspondents:
SOCIETE dTMPORTATION
DIRECTORS.
OFFICERS
London Commercial Sale Rooms (Coffee E.)
COTTON
or
a
future.
renewal interest insuring an income for th<
Address the
Company at its Home Offic*
No. 277 Broadway, New York City.
Successors to "
GEO.
COPELAND
COTTON
25-26 Cotton
Orders for
on
&
CO.,
BROKERS.
Exchange
CHARTERED 1853
New York
_
future
delivery contracts executed
the New York and Liverpool Cottqn Exchanges
jfactors*
Capitalr
'
Surplus and Undivided Profits,
JAMES TALCOTT, Inc.
Founded 1854
Production
of
Sales Cashed
Mills
With
WALL STREET
45-47
Financed
or
Without
This Company acts as Executor, Administrator, Guardian,
Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates
Guarantee
225 FOURTH AVE.
New York
City
$2,000,000.00
$14,534,092.74
on
deposits.
'
It holds, manages and invests money, securities and other
property, real or
personal, for estates, corporations and individuals.
EDWARD
WILLIAM M.
W.
SHELDON, President
KINGSLEY, Vice President
WILLIAMSON PELL, Asst.
WILFRED J.
Secretary
WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secretary
TRUSTEES
JOHN
WILLIAM
SdHTDTafiALLATTN
STEWART, Chairman of the Board
PAYNE
WHITNEY
FRANK
EDWARD
JAMES
CHAUNCEY
LYMAN
Members of the
ROCKEFELLER
LYMAN
STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
A.
J.
W.
SHELDON
KEEP
JAMES
KINGSLEY
OGDEN
MILLS
CORNELIUS
HENRY
W.
N
VINCENT
WILLIAM
GAGE
WILLIAM
CHARLES
F.
SLCANF
WILLIAM
M.
STEWART TOD
WILLIAM
Broadway
New York
L F. DOMMERICH & CO.
FINANCE
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
•
GEO.
B,
EDWARDS
*
l»
!
BROKER
Tribune Building. NEW YORK, N. Y.
General Offices, 254 Fourth Avenue
FOR SALE.—Timber, Coal, Iron, Ranch and
other properties.
Confidential
Negotiations,
Investigations,
Settlements. Purchases of Property.
United
States,
West
Indies,
Canada,
Mexico
NEW YORK
Established,over 60 Years
/
JR.
^
ASTOR
HOFFMAN.
New York Stock Exchange
111
BLISS
de FOREST
ARTHUR CURTISS
THE
XXII
[VOL, 105.
CHRONICLE
jFtnatttial
jfimttttal
jftnanttal
Chicago Junction Railroad 4s
;
C.W.McNEAR& COMPANY
.6%
.'Gold Bonds
Pac'fie Power & Light Co. 5s
Kentucky & Indiana Term. 43^s
MUNICIAPL BONDS*
Bruns.-Balke-Coll. 7% pfd. Stk.
INVESTMENT SECURITIES
New Morrisson Hotel
Utah Power & Light 7% Pf.Stk,
Chicago.
76 West Monroe St.
of
.v,:;,
3
Chicago
AM ES, E ME RICH & CO.
NetlEarnings
times Interest Charges
105 So. La Salle St.
Powell, Garard & Co.
First Nat. Bank Bide.
CHICAGO
MILWAUKEE
Investment Securities
Bolger, Mosser & Willaman
29 So. La Salle St.,
Chicago
Chicago
Philadelphia
Argentine Government
New Orleans
Detroit
Dallas
5% Internal Gold Loan of 1909
EVERSZ& COMPANY
C. F. Childs &
Negotiate and Issue Lpans for Railroads
»nd Established Corporations.
Buy and Sell Bonds suitable for in vestment.-
134 So. La Salle Street '
.
INVESTMENT BANKERS
CHICAGO
NEW YORK
CHICAGO
208 So. La Salle St.
SAFETY
120 Broadway
\
105 So. La Salle St.
Borland Building
TAYLOR, EWART A CO.
PAPER
CHECKS
Successors to
;
YARD & TAYLOR
George La Monte & Son
INVESTMENT BANKERS
105 South La Salle Street
New York
•
Established In
••
CHICAGO
Cotton
Municipal, Railroad and Public
Utility Bonds *
1856.
Henry Hentz & Go.
'
COTTON
'
•
US the New York, Liverpool and New Orleans
Ootton Exchanges.
Also orders for
COFFEE AND SUGAR
At the New York Coffee Exchange.
GRAIN AND PROVISIONS
At the Chicago Board of Trade, and
COTTON SEED OIL
At the New York Produce Exchange.
Hubbard Bros. & Co.
bankers
HIGH-GRADE
MASS.
INVESTMENTS
Lehigh Pow. Sec. Corp. 6% Notes
Members of New York & Boston Stook Exchanges
R. E, Wllsey & Company
"
'
111 West Monroe Street
CHICAGO
W.G. SOUDERS & CO.
COFFEE EXCHANGE BUILDING
.j
INVESTMENT BONDS
EMERY, PECK & R0CKW00D
NEW york
DETROIT
MILWAUKEE
COTTON MERCHANTS
109-412 Continental & Commercial Bank
Cotton
on
CHICAGO
:
BONDS
INVESTMENT
Hopkins, Dwight & Co,
COTTON
chicago
;:y;.
„
Consignments.
BIdg<
La Sails Street
208 South
Liberal Advances Made
PRINCE & CO.
H.
BOSTON,
Lt, & Pow. Co. 1st 6s
Dubuque Electric Co. 1st 5s
Nebraska Power Co. 7% Pref.
16 1to 22 William Street, New York
Execute Orders for Eutiure Delivery
HANOVER SQUARE
F.
Commonw.
COMMISSION MERCHANTS
,
Wollenberger & Co.
CAPITAL, 8500,000
CHICAGO
the Banks in
FOR THEIR
81 Broadway
'
.
New York City use
NATIONAL
.
'
U. S. Government Bonds
4
AO 07
Om /O
Company
Specialists
>
and'
KING, HOAGLAND & CO.
COTTON-SEED OIL
Continental a Commercial Bank Bids.
.
(1).
(V
NEW YORK.
1
CHICAGO.
commission merchants
Room 52, Cotton Exchange Building,
n
ILL.
/
.
(Established 1863.]
;
•
W. T. HATCH & SONS
.
RAILROAD,
"
MUNICIPAL AND
CORPORATION BONDS
hut
LEHMAN. STERN & CO., Limited, New Orleans
M
71
Broadway,
Application
New York
-
MEMBERS OF
NEW
LEHMAN BROS.
YORK STOCK EXCHANGE
Nos. 16-22 William Street, New York.
Members, ol the Stock, Cotton, Coffee
and Produce Exchanges, New York,
...
Devitt, Tremble & Co. Inc.
Orders executed on the above Exchanges, as.well
as In New Orleans, Chicago and foreign markets.
0
FIRST
NATIONAL BANK
27
RICHMOND, VIRGINIA
Capital and Surplus,
t
:
Established 187Q
.
-
PINE STREET
Chas. R. Burnett, Vice Pres.
in
Members New York Stock Exchange.
chicago
philadelphia
Dealers
INVESTMENT SECURITIES
$3,000,000
Addison, Vice Pres. & Cashier
115 BROADWAY
Q
-
NEW YORK
John M. Miller Jr., President
W. M.
PominicK & Dominic^
INVESTMENT BONDS
DETROIT
Correspondence InrUed
Great Northern
Ry. 5% Notes
Elston &
Sept. 1. 1920
Company
GAS AND ELECTRIC BONDS
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchadge
60
Broadway
New York
St. Louis
Philadelphia
39 South
Milwaukee
La Salle Street
CHICAGO
Municipal Bonds
Send for
MUNICIPAL
our
List of "Tax secured" Bonds
Yielding 4.10%
to
6%
THE HANCHETT BOND CO.
39 South La Salle Street
chicago
@FedFRASER