The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
—
u
'
fiitanrml
INCLUDING
Bank
&
SATURDAY, SEPTEMBER
105
Railway Section
State and City Section
Industrial Section
Electric
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Railway
Ouotation Section
1
NO, 2723
1917
Week ending August 25.
—
Clearings at
Inc. or
PUBLISHED WEEKLY.
Terms
of Subscription
1917.
—Payable ia
Advance
of Advertising
$i 20
22 0©
29 00
50 00
87 0®
C
&
B.
DANA COmPANT,
Front, Pine and Depeyster Sts.i
Pnbllsliers,
New York»
CLEARING HOUSE RETURNS.
following table, made up by telegraph, &c.. Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,579,109,162, against $5,195,317,334 last week and $4,927,044,718
the corresponding week last year.
by Telegraph.
Week ending September
1916.
Pittsburgh
Detroit
Baltimore
New Orleans
$2,085,480,861
315,867,877
186,414,288
117,811,779
86,713,908
77,766,875
53,179,741
46,190,871
34,455,000
29,326,264
22,530,229
+ 11
+ 18
+ 36
Eleven cities, five days
Other cities, five days
$3,977,212,073
601,479,842
$3,055,737,693
489,016,297
+ 30.2
+ 23.0
$4,578,691,915
1,000,417,247
$3,544,753,990
1,382,290.728
$5,579,109,162
$4,927,044,718
Chicago
Philadelphia
Boston
Kansas City.
St. Louis
San Francisco
Total
AU
all cities, five
cities, one day
Total
*
all cities for
days
week
Grand Rapids...
Dayton
Evansville
Springfield, lU...
Wayne
Youngstown
Airon
Canton
Lexington
Rockford
Qulncy
South Bend
Bloomington
Decatur
Springfield, O.
Mansfield
..
Jackson
Lima
Jacksonville,
111..
Lansing
Cent.
+ 29 2
+ 21.1
+ 36 6
+ 62 8
+ 28 2
+ 31 8
+ 41
+33
Owensboro
Tot.Mld.West
San Francisco
Los Angeles
Salt Lake City..
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
San Jose
7
Fresno
9
3
5
Pasadena
North Yakima
+ 29.2
..
Adrian
Portland
1917.
1.
Toledo
Peoria
Seattle
Per
$2,693,860,502
382,461,052
254,651,222
191,754,465
111,207,030
102,321,510
*75,000,000
61,760,930
38,568,000
34,688,683
30,738,679
New York
f
IndianapoUs
Columbus
Ann Arbor
The
—Returns
Milwaukee
Danville
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Selbert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
VIoe-Pretldenta: Arnold G. Dana, 8eo.
Addresses of all, Office of the Company.
CleaHngs
Cincinnati
Cleveland
Detroit
Fort
Per Inch Space
transient matter per inch space (14 acate lines)
(8 times)
Two Months
,
Three Months (13 times)
Standing Business Cards
Six Months
(26 times)
Twelve Months (52 times)
I^ICAGK) OFFICE— 39 South La SaUe Street, Telephone Majestic 7396.
Smith, 1 Drapers' Gardens, E.
•iiONDO}! Office— Edwards
WII^LIAM
Chicago
27 6
+ 13.2
Partly estimated.
Total Pacific.
Kansas City
Mlnneapohs
Omaha
St.
The
full details for the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figure* for the week ending August 25 follow:
Paul
Denver
St.
We
. .
Reno
Long Beach
Joseph
Des Moines
Sioux City
Wichita
Duluth.-
Topeka
Lincoln
Clearings at
Davenport
Cedar Rapids..
Week ending August 25.
—
Jnc. or
1917.
1916.
$
$
3,021,695,256 2,613,527,756
Philadelphia
285,446,347
211,733,521
Pittsburgh
79,863.009
59,988,327
Baltimore
38,290,743
33,696,439
Buffalo...
18,696,183
13,637,146
Albany.
3,991.499
3,764,925
Washington
9,980.316
6,577,643
Rochester
5,302,913
4,506,521
Scran ton
3,050,402
2,914,831
Syracuse
3,845,081
2,596,813
Reading
1,990,794
1,777,411
Wilmington
2,627,083
2,321,573
Wllkes-Barre
1,825,762
1,700,184
WheeUng,W.Va.
3,907,262
2,699,746
Trenton
2,455,767
1,651,441
York.
1,030,320
921,694
Erie
1,753,565
1,276,567
Chester
1,042,003
1,050,366
Greensburg
760.000
750,000
Btnghamton
772.900
686,700
Altoona
550.000
528,955
Lancaster
1,881,055
1,531,518
Montclalr
355.444
337.463
Total Middle. 3,491,113,704 2,970,177,540
Boston ..
196,679,420
148,289,122
Providence
8,523,500
7.500,900
Hartford
5,574,332
7,123,272
New Haven
3,894.144
4,050,248
Portland
2,200,000
1,907,000
Springfield
2,829.567
2,823,364
Worcester
3,071,808
3,135,001
Fall River.
1,494,472
1,412,068
New Bedford ...
1,271,542
1,065.209
944.482
814,978
Holyoke
721,134
739,448
Bangor
.551,462
514.737
Total New Eng
227,755,864
179,375,347
New York
Note.
Dec.
1915.
%
$
1,820,373,902
147,975,438
51,028,901
27,336,329
9,517,722
5,531,593
6,097,606
3,693,954
3,109,268
2,188,451
1,470,675
1,787,318
1,562,093
1,628,329
1,722,044
730,196
940,810
740,963
643,122
582,000
454,476
1,214,621
358,499
+ 15.6
+ 34.8
+ 33.1
+ 13.6
+ 37.1
+ 6.0
+ 52.5
+ 17.7
+ 4.7
+ 48.1
+ 12.0
+ 13.2
+ 7.4
+ 44.7
+ 48.7
+ 11.8
+ 37.4
—0.8
+ 1.3
+ 12.5
+ 4.0
+ 22.9
+ 5.3
+ 17.5
+ 32.6
+ 13.6
—21.7
—3.9
+ 15.4
+0.2
—2,0
+ 5.8
+ 19.3
+ 15.9
—2.5
+ 7,2
+ 27.0
2,090,688,360
115,776.855
6,155,100
6,305,205
3.136.382
1.582,874
2,442,663
2,284,407
829,342
870,146
651,524
570,541
349,081
140,954,120
1914.
$
907,119,770
125,425,711
46,818,438
31,485,793
9,500.508
4.886,599
5,915,369
2,974,769
2,597,210
2,340,785
1.490,843
1,646,450
1,560,415
1,632,804
1,338,192
700,215
879,819
526,925
514,873
607,200
476,488
1,430,203
262,116
1,152,122,495
96,427,244
5,853,700
3,741,897
2,685,206
1,659,346
1,989,460
1,958,869
832,092
895,059
601,095
677,273
361.486
117,682,727
—For Canadian clearings see •'Commercial and Mlscellaneoua News.'
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
BilUngs
Totloth.West
St. Louis
New
Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Nashville
Fort Worth
Savannah
Norfolk
Birmingham
KnoxviUe
Chattanooga
Jacksonville
Mobile
Augusta
Little
Rock
Charle.ston
Oklahoma
Macon
Austin
Vicksburg
Jackson
Tulsa
Mu.skogee
Dallas
Total Southern
Total
all
Dec.
444,512,562
35,700,636
66,716,769
47,477.994
22.537,484
12,846,000
9,357,300
9,803.654
5,000.000
4,300,000
2,956,977
2,994.783
2.414,488
1.120,566
2,959,627
6,754,000
2,809,775
749,743
1,632,672
1,012.906
820,455
1,232,681
926,169
1,320.837
964,520
475,000
650,000
600,000
418,698
958,038
323,960
94,293
442,809
692,885,396
371,904,850
26,491,000
44,789,568
41,537,012
16,516,312
8,936,620
8,136,800
8,778,645
3,500,000
3,624,441
2,923,916
1,929,012
1,352,247
1,475.877
2.374.744
3,587,000
2,395,648
426,721
1,108,580
729,544
656,555
811,475
611,116
731,123
616,167
442,211
575,000
560,000
306,334
769,555
250,000
119,459
336,829
%
+ 19.5
+ 34.8
+ 49.0
+ 14.3
+ 36.5
+43.8
+ 15.0
+ 11.7
+ 42.9
+ 18 7
+ 1.1
+ 55.2
+ 78.5
—24.1
+ 24.6
+ 88.3
+ 17.3
+ 75.7
+47.3
+ 38.8
+ 25.0
+ 51.9
+ 51.6
+ 80.6
+ 56.5
+ 7.5
+ 13.0
+7
+ 36.6
+ 24.6
+ 29.6
—20.9
+ 31.5
559,304,361
87,369.553
24,084,000
22,898,852
12,945,648
11,438,502
6,000,000
2,910,494
4,705,136
3,462,916
1,771,704
1,886,703
800,000
1,769,176
676,139
577,256
400,000
701,546
184,397,625
58,832,131
22,326,306
15,499,954
10,996,405
8,369,861
4,158,096
2,179,248
3,808,559
2,776,003
1,588.023
1,482,900
658,290
1,225,009
823,849
397,795
333,610
464,749
s
$10 00
3«W One Year
6 00
Star Six Months
(including
13 00
postage)
Suropean Subscription
7 60
European Subscription six months (mclucling postage)....
£2 14s.
Annual Subscription in London (including postage)
£1 lis.
Six Months Su^jsoription in London (including postage)
$11 60
Oanadiaii Subsonption (including postage)
Subscription includes following Supplements—
Sank and quotation (monthly) RAILWAY AND IiTOUSTRiAi,' (3 times yearly)
Electkic Railway (3 tunes yearly)
3AILWAY Earnings (monthly)
3TATE AND CITY (semi-annually) BajsKees' Convehtion (yearly)
Terms
1916.
1915.
1914.
+23.9
S
271,154,229
24,303,850
27,129,752
26,989,519
12,549,709
7,690,820
5,712,900
6,954,530
2,691,716
2,982,239
1,724,114
1,568,806
1,053,448
1,168,358
1,407,228
2,027,000
1,444,709
593,536
809,540
575,998
581,987
669,017
486,704
528,833
745,063
505,150
450,000
464,527
226,186
444,020
204,064
45,892
245,167
406,128,611
375,479,813
+48.5
45,591,576
36,000,000
254,794,678
24,965,850
19,311,701
23,585,914
13,630,388
7,118,592
4,965,200
5,104,340
3,301,755
2,705,669
2,150,809
853,570
851,274
1,163,063
1,144,105
573,000
153.111
616,265
826,696
686,068
516,949
673,823
451,996
665,452
543,890
410,077
416,990
360,619
189,808
414,673
133,229
40,000
360,259
+ 7.9
17,916,472
17,430,686
+ 47.7
10,562,503
11.570.574
+ 17.7
9,137,112
8,871,142
+ 36.7
5,630,639
4.941,905
+ 44.3
2,877,679
2,822,304
+ 33.5
1,553,092
2,017,453
+ 23.6
2,802,849
2,585,772
+ 24.7
1,612,428
1,733,397
+ 11.5
1,543,048
1,488,995
+ 27.2
860,880
753,627
+ 21.6
544,788
586,070
+ 44.4
672,872
944,351
—17.7
683,571
520,440
+ 45.2
313,459
324,000
+ 19.9
247,466
270,000
+ 51.0
463,714
437,512
135,920,788 + 35.7
103,014,148
93,298,804
103,562,492 + 30.4
135,060,205
62,081,874
54,223,255
24,481,951
24.505.964
+ 0.1
17,223,378
22,413,483
30,000,000
24,725,475 + 21.3
16,554,664
15,589,185
—7.0
11,999,060
12,903,868
9,878,259
8,659,814
13,672,824
14,131,995
+ 3.4
8,457.492
7,361,002
9,261,203 + 39.0
12,869,417
6,307,629
5,201,118
4,915,499 + 32.3
6,502,465
4,245,802
4,381,882
3,803,577 + 30.7
4,972,509
2,562,713
2,976,686
5,351.648 + 20.5
6,450,741
3,327,332
3,365,014
—7.9
4,975,448
4,631,635
3,593,473
4,200,209
1.874.232 + 55.9
2,922,953
1,340,264
1,604,863
2,722,224 + 21.1
3,297,749
1,663,641
1.592,169
1,553,648 + 31.8
2,047,736
1.215,627
1,172,518
1,653,778 + 45.8
2,411,924
1,419,446
,1372.971
716,629
+ 0.5
720,141
590,332
533,470
1,473,075
+ 1.2
1,490,766
994,194
189,762
426,903 + 28.4
547,292
313,717
540,857
540,557
559,467
+ 3.5
357,187
361,130
1,883,540
+ 9.1
2,054.000
1,145,008
1,097,882
1,625,837 + 13.8
1,850.000
876,213
1.133,388
794,831 + 29.5
1.028.393
551,735
615,351
399,466 + 11.8
446,573
203,909
204,307
600,000 + 50.8
904,836
450,838
309,187
223,918,725 + 21.2
271,405,621
145,354,727
139,800,503
92,118,604 + 33.4
122,934,319
66,090,067
59,543,915
21,888,064 + 34.4
29,412,420
13,870,367
15,412,509
2.7
15,762,166
+
16,180,497
12,845,492
10,687,277
8,546,092 + 52.1
13,000,000
6,500,000
5,795.405
—3.4
4,000,000
4.139,904
3,320,200
2,133,621
15,205,804 + 80.7
27,472,650
8,226,557
6,300,000
13.184,804 + 66.5
21,951.743
8,975,276
8,841,277
4,934,322 + 52.4
7,521.250
2,907,171
3,999,393
5,712,482 + 56.9
8.962,340
4,481,105
4,943,050
7.894,869 + 39.2
10.991,521
6,174,438
4,969,802
5,573,032
+ 6.4
5,927,541
3,408.209
2,376,044
3,768,187 + 41.6
5,335,306
3,069,183
3,225,911
2,167,617 + 48.0
3,207,310
2,111,506
2,242,483
1,920,636 + 27.1
2,313,312
1,352,047
1,601,957
78.5
2,104,552 +
1,982,568
3,755,866
2,151,433
2,371,659 + 43.9
2,000,000
3,413,494
2,200,000
1,030,000 + 23.0
859,651
1,267,021
900,000
+ 4.5
1,583,187
825,000
1,655,010
1,217,281
71.4
+
1,626,988
1,206,769
1,393,537
2,788,949
1,532,461 + 34.5
1,083,247
2,061,000
1,267,658
4,706,348 + 137.1
2,169,900
11,170,000
1,807.600
3,908,917 —71.1
1.945,729
1,129.982
2,207,432
886,046
1,500,000 + 46.7
2,200.000
876,987
159,514
+ 4.7
146,295
143,230
166,977
295,243 + 24.4
267,872
306,997
367,189
3,033,063 + 113.8
1,097,267
1,312,431
6,485,000
908.284 + 74.9
600,381
768,119
1,588,427
6,127.872 + 55.0
10.500,000
35.4
158,402,403
234,604,671 +
148,7 25,699
327,75 9,124
5.195,317,334! 4.303,301 .432 + 2^.7 3T0447542„569 2,027,1107041
Outside N. Y.. 2,173,622,078 17689,773:67(11
+28.6
1
,22471687467 l7l 19 ,990,271
'•
THE CHRONICLE
842
(Vol. 105.
This, added to
place the figure at less than 5%.
the 13% which the banks are legally compelled to
keep on deposit with the Federal Reserve banks,
THE FINANCIAL SITUATION.
The growing firmness of the money market this
week call loans on the Stock Exchange yesterday would make the total reserve required the same as
having advanced to 6% makes desirable a study of last year, namely 18%. But 5% additional on the
the position of our New York Clearing House banks; net demand deposits last Saturday would have called
undoubtedly that position is not as strong as could for $118,024,800 more reserves, whereas the vault
be wished. Since the change in the method of holdings of cash, as already stated, were only
figuring the reserves of the member banks of the $86,420,000, a shortage of $31,604,800, which to that
—
—
Federal Reserve system, the weekly return of the
Clearing House has not been easy to interpret.
The practice of the Clearing House in its weekly
returns is to ignore altogether the vault holdings of
cash of member banks of the Reserve system. The
Federal law now leaves vault reserves entirely at the
discretion of the individual banks, but requires that
they keep the whole of their legal reserve, which
made
only $37,172,120. In tabular form the showing for
the last four weeks on the 18% basis would be as
follows:
in
the case of the banks at this centre is 13% against
demand deposits and 3% against time deposits, with
the Federal Reserve banks. With the vault reserves
not counting in the totals of reserve and the amount
of these vault reserves varying from week to week, it
may easily happen that important changes in the
reserve position of member banks will remain hidden
from view if comparison is confined to the item of
For the same reason such a
legal reserve alone.
comparison may be wholly misleading. As will
readily be comprehended, an apparent improvement
in the legal reserve may be no improvement at all
because
extent would have trenched on the small surplus
reserves recorded on the 13% basis, leaving it at
at the expense of the vault reserves,
versa, a supposed impairment of the legal
reserve may turn out to be no impairment at all
because offset by an augmentation in the vault hold-
and vice
Therefore, for a correct interpretation
of the Clearing House results, it is necessary to
examine the two items together.
In all recent weeks vault holdings of cash have
ings of cash.
Surplus
F. R.
Reserves
ber
13%
on
Basis.
Mem-
Banks
Vault
Cash.
Add'l
Total
Reserves
18-.25--.
76,455,990
68,776,920
It will
House
92,632,000
92,390,000
89,351,000
86,420,000
Surplus
on
Surplus in
1916 on
on 13%
A gainst
18%
18%
Basts.
Deposits.
Basts.
Basis.
August
4.-- 168,735,880
11.-. 72,035,370
5%
Reserve
261,367,880
164,425,370
165,806,990
155.196,920
$
S
S
119,185,050 142,182.830 112,311,780
119,057,650 45,367,720 103,087.140
115,889,350 49.917,640 127,593,220
118,024,800 37,172.120 125,390.360
thus be seen that our
New York
Clearing
on a very narrow
at a time when prepara-
institutions are working
margin of surplus, and this
tions will soon have to be made for the movement
of the crop,
Liberty
Loan
and
also for the placing of the
new 13%
While the
for several billion dollars.
surplus reserve last Saturday on the
new
18%
basis (not
was only $37,172,120, at the
corresponding date last year it was $125,390,360.
But perhaps the Federal Reserve banks which
we are being educated to rely upon in an increasing
degree for loan accommodations have been greatly
strengthening themselves in recent weeks either
the twelve Reserve banks as a whole or the New
York Federal Reserve Bank by itself. These Reserve banks are in position to extend almost unlimited loan accommodations now that the member
banks are required to keep all their legal reserves
on deposit with the same. It is no more true,
however, of these Reserve banks than it is of the
Clearing House institutions that they have strengthened their position within recent weeks quite the
the
basis)
—
been steadily diminishing, benefiting legal reserves
to the extent that the cash has been transferred to
the keeping of the Federal Reserve Bank. Confining
ourselves merely to the four weekly returns issued
during the month of August, the vault holdings of
cash were reduced first from $92,632,000 Aug. 4, to
$92,390,000 Aug. 11, then to $89,351,000 Aug. 18,
and then to $86,420,000 Aug. 25. Yet despite the contrary. Take the New York Federal Reserve
On Aug. 3, with the complehelp from that source surplus reserves of the Clearing Bank for example.
tion
of
transferring to it the extra
of
process
the
House banks and trust companies last Saturday were
only $68,776,920, against $76,455,990 Aug. 18, reserve required to be kept on deposit by member
$72,035,370 Aug. 11, and $168,735,880 Aug. 4. banks under the late amendments to the Federal
It is quite common for newspaper writers to compare Reserve Law, its total gold holdings stood at $684,present surplus reserves with those of a year ago, but 421,000, but from this there was a reduction to
that is evidently erroneous since the basis for com- $645,505,000 on Aug. 10, to $617,304,000 Aug. 17,
puting the reserve is so different, the legal reserves while last Saturday the amount was down to only
—
now
being
13%
for
demand
stated, whereas a year ago
it
deposits,
was 18%.
as already
And
that
is
taken of vault cash,
true even though no account is
this vault cash falling far short of making
difference between
up the
13% and 18%.
In ignoring the vault cash the Clearing House
computations not only make the comparisons misleading, but they also serve to hide the fact that on
the basis of the same reserve requirements as to
vault cash and Federal reserve balances combined as
a year ago the surplus would be reduced to the
vanishing point. While, as already stated, the law
does not undertake to fix the vault reserves, leaving
that optional with the banks themselves, no one in
would contend that vault holdings are
unnecessary, and a conservative estimate of what
prudently managed banks would hold would not
his senses
$574,307,000, being a loss of over $110,000,000 in
the three weeks.
This is the more noteworthy as
the member banks of the Reserve system in this
holding reserves with the Federal Reserve Bank of New York greatly in excess of the
legal minimum, this being done at the expense of
their holdings of vault cash.
In addition the nonmember banks have also been turning over large
amounts of gold to the Reserve Bank. Last week
alone the non-member bank deposits with the
Federal Reserve Bank of New York were increased
from $11,461,000 to $30,923,000.
In the face of these diminishing gold holdings the
New York Federal Reserve Bank, in common with
the Reserve banks elsewhere, has been pushing out
increased amounts of Federal Reserve notes, and
last Saturday the total of these notes actually in
district are
^
——
Se»«.
1
THE CHRONICLE
1917.]
843
As officially announced the Department makes
was S224, 151,000, as against $216,321,the
was
drop in condition from July 25 only 2.5 points,
Of the $224,151,000, $44,645,000
000, Aug. 3.
secured by commercial paper. A year ago the New and shows the average condition now to be 67.8,
York Federal Reserve Bank had only $55,330,000 against 70.3 on the earlier date. This contrasts
the lowest condiof notes out, and not a dollar of the same was se- with 61.2 on Aug. 25 last year
tion ever officially announced for the date given
cured by mercantile paper as collateral.
If we take the operations of the twelve Federal 69.2 in 1915 and a ten-year average of 70.9.
As
same,
regards
result
is
the
the
individual States, an improvement in
Reserve banks combined the
only in greatly emphasized form. Last Friday condition during August is noted in Virginia,
these twelve Reserve banks held altogether (includ- North Carolina, Mississippi, Louisiana, Arkansas,
ing the gold held by the Federal Reserve Agents Oklahoma, Tennessee and Missouri; and in South
as collateral for reserve notes) $1,372,229,000 of Carolina and Alabama the status of the crop is given
gold, as against $1,367,673,000 Aug. 3, and $1,- the same as a month earlier.
But due to the conat
amount
was
when
the
tinuation
of
on
July
drought
in important sections of Texas,
20,
380,020,000
With no more gold, but rather less, condition in that State as a whole is announced
its maximum.
than on July 20 the volume of Federal Reserve as 13 points lower than on July 25. In explananotes in actual circulation in the interval increased tion of the report the Department states in effect
There are now $573,049,000 of Fed- that no rain of real benefit fell in central and south$39,000,000.
eral Reserve notes in actual circulation, as against ern Texas during the month, and as a result the
only $156,345,000 twelve months ago, and of the crop deteriorated rapidly. In fact doubt is expresent year's total $138,771,000 is secured by pressed as to any benefit accruing to the crop there
commercial paper as collateral, while last year the from rain at this late date. In portions of northern
amount out on mercantile paper was no more than and eastern Texas, on the other hand, and in almost
circulation
—
$16,004,000.
As
far as
new note issues are concerned, the Reamply equipped to deal with any
serve banks are
the entire cotton belt east of the Mississippi there
was improvement during the month, the exceptions
to this general statement being portions of Florida
problems or with any emergency that may arise, and Georgia where, because of too much rain, boll
but that is not the only element in the case, and weevils are said to be ravaging the crop.
In
the fact that the gold holdings after having been the older weevil-infested States, however, the
so heavily increased through the recent amend- pest is said to be doing less damage than in former
ments are being maintained only with difficulty, years.
and that the volume of outstanding notes is steadily
being increased, suggests caution. The gold held
against the Federal Reserve notes in actual circulation
on Friday of
—
same
last
week formed 863^% of the
But this covers the whole
a high figure.
twelve banks combined. Some of the smaller
Reserve banks have reserve notes out almost to the
full
hmit. Thus the Federal Reserve Bank of
Richmond had no less than $20,518,000 of notes
in actual circulation, of which $12,424,000 was out
against commercial paper as collateral, with no
more than $8,781,000 of gold on deposit with the
Federal Reserve Agent. In this cas?, therefore,
the gold reserve was only a little over 40% the
the exact ratio being 42.80%.
legal minimum
—
—
The cotton condition report for Aug. 25, issued
by the Department of Agriculture yesterday, was
in sharp contrast with that for the same date a year
ago in that
terioration
indicated only a very moderate deduring the preceding month, whereas
it
1916 a marked falling off in condition occurred.
Furthermore, this latest report is of a character
to warrant the conclusion that with normal weather
hereafter practically every State except Texas
will give a better account of itself than last year
and in several instances decidedly so. This interpretation of the current situation finds confirmation in the Department's own analysis of its information, the probable outturn for the season being
placed at 12,499,000 bales, not including linters,
this comparing with a production of 11,363,000
As gathered from the weekly
bales last year.
official weather bulletins and our own and other
private advices, the only notably adverse cause
operating upon the crop during the month was
drought in portions of Texas, although an excess
of rain was reported at times in some Atlantic and
Gulf districts.
in
Gold and
production in the United States
in the calendar year 1916, according to the final
compilation issued this week by the Bureau of the
Mint and the Geological Survey, jointly, was, in
each instance, not much in excess of the reduced
totals indicated by the preliminary estimate promulgated at the close of the year. As regards gold,
this final statement exhibits a yield of 4,479,057
fine ounces valued at $92,590,300 from the mines
of the country, which is not only 408,547 fine ounces
or $8,444,700 less than the result for 1915, but
smaller than in all preceding years back to and inLosses
cluding, 1906, only excepting 1907 and 1913.
from 1915 are to be noted in all the leading States,
except South Dakota, with the greatest declines
recorded in Colorado, Nevada and Montana. In
fact, aside from the State already mentioned, increased production is confined to Oregon and the
Philippine Islands, with the progress in mining in
the last named noteworthy, however, the outturn
having advanced from $247,600 in 1909 to $1,320,900 in 1915 and $1,514,200 in 1916.
In the early approximation the output of silver
was stated at 72,883,800 ounces and this is now
raised to 74,414,802 ounces, an aggregate of 546,273 ounces under the 1915 product, but in excess
Due, however, to the much
of all earlier years.
higher price ruling for the metal consequent upon
the urgent demand from abroad, the value of the
year's yield was decidedly greater than in 1915
$48,953,000 comparing with only $37,397,300, with
the average price per ounce $0.65784 and $0.49889 reIt thus follows that considered from the
spectively.
point of view of value of the product almost every
State did better in the latest year, notwithstanding
that only in Arizona, Colorado and Utah was there
a quantitative increase over 1915.
silver
THE CHRONICLE
844
In another remarkable and statesman-like note
President Wilson on Monday replied to the recent
peace proposal of Pope Benedict. In brief the reply, which we print in full on another page, was a
refusal to negotiate with the present German rulers
on the ground that their acts in the past had proved
that they were not to be trusted. The President
said that while every heart not blinded and hardened by the deplorable war must be touched by the
moving appeal of His Holiness, it would be folly to
take the suggested path of peace, unless it did in
To deal with such
fact lead to the goal proposed.
a power as the present rulers of Germany, upon
Pope Benedict's plan, would mean a recuperation
official
(Vol. 105.
dispatches, however, suggest a redoubhng'of
artillery fire
and
of aerial reconnoisance, indicating
preparations for a renewed offensive. The Italian
line is now not more than twelve miles distant from
Meanwhile, official advices from
the Trieste line.
Rome received at the Italian Embassy at Washington
indicate that the great Italian movement of the last
two weeks
is
about to be followed by an Italian naval
offensive in the Adriatic with the ambitious object
of destroying the Austrian fleet.
latter to
come out from Pola
The
failure of the
to attack the Itahan
and British monitors which are deluging the Hermada
with their shells seems to have encouraged the naval
authorities to believe that
it is
possible to "dig out"
and renewal of the attempt at world the hidden Austrian fleet. A dispatch received at
domination by that Power which now was balked the Embassy states that the Italians have conquered
but not defeated, after sweeping a continent with up to the present moment about 300 square kilothe blood of innocent women and children and metres of new territory and are collecting an enorthe helpless poor as well as of soldiers. Peace to be mous amount of material abandoned by the Austrians
permanent the President argued must be based upon on the Bainsizza plateau.
the fate of all the peoples and upon justice and fairA pause has taken place on the western front for
ness and the common rights of mankind.
We
cannot, he said, take the word of the present rulers which a continuation of stormy weather seems priof Germany as a guarantee of anything that is to marily responsible.
In the Verdun sector the Germans
seem to have ceased entirely their counterendure, unless explicitly supported by such conclusive evidence of the will and purpose of the Ger- attacks against the newly- won French positions,
man people themselves as the other peoples of the evidently having found the task useless. As to the
world would be justified in accepting. There ap- Russian situation nothing of an encouraging nature
pears reason to believe that the President's note is to be drawn from the press accounts of the week.
was dispatched after frank conferences with the Some little source of hope, however, may be found in
Entente Governments and that it represents the the semi-official intimations at Washington that the
position of the Entente Powers as a whole.
The press accounts are being "doctored" possibly at the
of the strength
German
the Vatican, according to dispatches that have reached here via Amsterdam,
will not be ready for a week.
It is stated that Berreply
to
cable terminal at Petrograd, for the purpose of fur-
German interest by making conditions appear
worse than they in fact are. But quoting the press
lin and Vienna have agreed, but that further ne- accounts, while the Russians west of Fokshani have
gotiations were necessary involving Turkey and deserted their posts, thereby permitting the Teutonic
Bulgaria. Our own allies will, it is understood, be Allies to make further gains, they are giving battle
prompter. It is expected that the Pope, when all to the invaders in the region of Ocna and have reresponses have been received, will review them in pulsed strong attacks. Between Reshti and Fokan endeavor to point out the various features upon shani a majority of the men comprising two Russian
which it obviously is possible to reach an agree- regiments deserted their trenches and fled, but the
ment, and then to itemize those other features Russian commanders are said to have taken steps to
restore the former status of the line by filling the
which appear to require negotiation.
It seems difficult to believe, however, that the gap with loyal men.
German military machine is by any means in such
Following the reports of fresh disaffection among
a frame of mind that it will accept the sacrifice of
self-annihilation which President Wilson so frankly the Russians on the east Bukowina front, which came
puts forward as the price of peace. Some of the prior to a retirement in Southern Moldavia, Premier
recent press dispatches that claim to represent the Kerensky, in a speech at the closing session of a
German attitude intimate that the Kaiser will re- conference in Moscow of various Russian political
spond to the American note by ordering the concen- interests, reiterated his former statement that order
tration of undersea frightfulness upon American is to be brought out of the chaos by the exercise of
interests.
This, we think, is very apt to be a mere the death penalty for cowards who throw down their
matter of surmise on the part of the correspondents. arms in the face of the enemy. The possibility that
No direct criticism of the note appears to have come a rule of "blood and iron" already has begun with the
forward either from Berlin or Vienna. But in Lon- deserters before Fokshani is indicated in the latest
don, Paris and other of the Entente centres, and Russian official communication, which says that one
throughout our own country, it has called forth un- of the cowardly regiments was "dispersed." The
Germans have thrown into the battle-line in Moldavia
stinted praise.
some of their tried attacking troops, who doubtless
Italy has continued to occupy the centre of the will press to the full the advantage they have gained
stage in the week's military operations. Further through the cowardice of the Russians.
The real object of the Moscow conference which
progress of a definite character has been made,
though latest accounts indicate that the Austrians opened on Sunday was to consider the present situon the Bainsizza plateau have been powerfully rein- ation of the country and outline plans for a new
forced and strong counter-attacks are being thrown national government.
At the outset Premier Kerensky
constantly at the new Italian positions.
announced that any attempt to take advantage
The official
reports from Rome are not very enlightening as to of the conference for an attack on a national power
the final position in the sector behind Trieste. Un- as embodied in the Provisional Government would be
thering
Sept.
1
THE CHRONICLE
1917.]
845
by "blood and iron." The con- fact which suggests that the Government is preference was attended by representatives of important pared if it feels such a course necessary to prevent
neutrals upon whom
political, economic, commercial and scientific organi- American money going to
zations and by persons prominent in public life. Germany, offering coal and other essential supplies
There does not appear to have been any definite in return, makes demand for gold. Enemy counAt its conclusion on Thursday tries and European neutrals adjacent to Germany
result to the meeting.
the Premier said that although the different political and its allies are treated in a separate section of
groups have criticised the Provisional Government, the proclamation, the text of which, with the Presithey had shown clearly a desire to arrive at an agree- dent's supplementary statement of explanation,
ment. "The Provisional Government," he declared, we print on a later page. This action is regarded
"will stand on guard over the revolution.
It will in Administration circles at Washington as being
suffer no counter revolutionary attempts, whatever one of the most important steps yet taken against
be their source, for the Provisional Government is the enemy.
repressed pitilessly
the incarnated will of the whole Russian people." He
did not regret having convoked the conference which,
although it had not yielded practical results, had,
allowed all Russian citizens to say
frankly what they think is necessary for the State.
nevertheless,
The toll of the German underwater boats last week
was somewhat higher, having shown an increase from
the preceding seven-day period of 3 of the larger size
ships, making 18, while 5 vessels under 1,600 tons
were sunk, against 3 the week preceding. No fishing vessel was sunk. The Italian merchant marine
week ending Aug, 26 comprised one
large steamer, 2 small steamers and 2 small sailing
losses for the
vessels.
A
total of 588 vessels of all nationalities,
aggregating 388,565 tons, arrived and 567 vessels,
with an aggregate tonnage of 363,765, left Italian
ports.
The French losses during the same week
comprise 3 ships of more than 1,600 tons and one of
less than that size.
Four vessels were attacked unsuccessfully in the same period.
Our Navy Department has allowed it to become known that merchant
ships are being convoyed systematically across the
An
examination of the records shows that
the loss of convoyed ships by submarines has averaged less than one-half of 1%. Details of the convoy system are withheld. It was stated, however,
Atlantic.
that American war vessels are regularly escorting
fleets of British, French or other Allied merchantmen
across, the protection being supplemented when the
reached by destroyers and other
patrol craft.
American naval officials believe that
an effective system for checking the submarine
menace is being built up gradually JDut certainly.
No U-boats have been captured by the Americans.
It is the best judgment of high officials, however,
that several have been sunk by Admiral Sims's destroyers and they are confident that the submarine
menace will be substantially abated as the number of
destroyers and other craft available for the work is
increased.
Reports have been received indicating
that the British 7,000-ton steamship Verdi, one of
the latest vessels of the Lamport & Holt line, has
been sunk with the loss of six of her crew.
danger zone
is
President Wilson on Monday issued a proclamation setting forth the attitude of our own country
in respect to exports to the neutral countries of Europe.
These countries hereafter are to obtain no
supplies from the United States which "either
directly or indirectly"
of benefit to
may
the enemy."
made the "occasion
The proclamation be-
be
came effective on Thursday. Coin, bullion, currency and evidences of debt are included in the descriptive list, although it is specified that these
items will not be put under the licensing system except on order of the Secretary of the Treasury, a
The London market for gilt-edged securities has
shown evidences of some depression this week, an
outcome, very largely, of the poor results of last
week's offering of the Australian loan of £4,500,000
in 43^% bonds.
The price was 983^. The underwriters find that they have to take 58% of the
total and the bonds are already selling at a discount
of /^%The pause in the military operations on
the western front has proven another source of discouragement, while the crop situation has likewise
exerted an unfavorable influence.
The London papers of Wednesday featured as a matter of serious
national importance the disastrous effect of the
weather on the crops, a protracted period of bad harvesting conditions having culminated in a savage
gale with at times a velocity of 100 miles an hour,
accompanied by sweeping deluges of rain. The
damage extends virtually throughout the whole
United Kingdom, though it is greatest in the western
counties of England, where the crops are heaviest
and where the grain fields in many instances now
are little better than tangled masses of discolored
straw.
The London "Times" in an editorial says
that the results of the disastrous weather of the wettest August in 25 years discount seriously the optimistic mood about food supplies which had been
gradually gaining ground. The paper adds that recent estimates of the harvests in the United States
and Canada are more favorable than the earlier
calculations, but that "is a treacherous source from
which to draw much encouragement." Food economy, it adds, is more essential than ever, and there
should not be the slightest slackening of Jthe rigid selfrestraint demanded of each individual.
The Russian
situation furnishes still another link in the chain of
depressing influences on the London market.
New South Wales, which borrows independently
of the Australian Commonwealth, is to offer bonds
on the English market in a short time. New Zealand has recently distributed an internal loan of
£12,000,000 43/^% tax-free bonds at par, for which it
is expected a quotation will be sought on the London
The
reconstruction scheme of
the Brazil railways has been announced. There are
But the bonds are to be conto be no assessments.
securities,
while fresh capital is
income
verted into
market
after the war.
to be found in France
by means
of a prior lien issue
Quotations for securities at
compiled
by the "Bankers'
the British
Magazine" do not reflect the week's depression, since
they are for the month ending Aug. 20. The aggregate value of 387 representative London Stock Exchange securities at that date was £2,728,193,000,
of 21,000,000 francs.
centre as
representing a decrease of £1,799,000, or 1-10 of 1%
British Railways declined 1.2%
for the month.
during that period. South African mines 1.2%, and
THE CHRONICLE
846
American railways'. 0.1%, while
funds improved 0.2% and foreign
0.6%. The aggregate value of
(£2,728,193,000) compares with
and India cable of open market rates at other European cengovernment bonds tres, so far as we have been able to ascertain. Money
the 387 securities on call in London has been advanced to 4% from
£3,370,709,000 on 3M% a week ago.
British
July 20 1914, the nearest date preceding the actual
outbreak of the war. Silver has still further advanced, touching 46d. per ounce, owing to scarcity
Rumors are current that the British
of supphes.
Government contemplates the adoption of measures
An official adto check speculation in the metal.
announced
in
been
India
has
draft rates to
vance
17d. per rupee for immediate cable transfers; this
reflects the difficulty in providing rupees in sufficient
volume to meet the demand which has been greatly
increased by India's favorable trade balance as well
as the scarcity of silver.
No definite announcement yet has appeared as
to the probable date of the new British war loan.
The British Treasury's statement shows that the
national expenditure last week amounted to £28,330,000, while the total outflow was £75,671,000,
which includes £23,283,000 Treasury bills repaid
and £14,000,000 in advances repaid. The preceding
The week's
week's expenditure was £54,647,000.
revenue amounted to £10,567,000, while the total
inflow from all sources was £73,045,000, which includes £41,999,000 Treasury bills, £12,172,000 American credit and £2,307,000 exchequer bonds sold. The
Treasury balance at the close of the week was £23,112,000, a decrease of £2,626,000. Treasury bills outstanding are £822,850,000, an increase of £18,724,000.
The London banks
freely.
November bills quite
that no new loan will be issued
are buying
This suggests
by the Government
this year.
iVoL. 105.
The Bank
England again has added to its stock
of gold, this week's statement showdng an increase
£150,851, although the total reserve was reduced
£322,000, the result of an increase of £423,000 in
note circulation, while the proportion of reserve to
liabilities declined to 18.21%, as compared with 19%
a week ago and 24.91% last year. Public deposits increased £1,825,000, and other deposits £3,849,000.
Government
were expanded £1,416,000.
week recorded an increase of £4,169,000.
Threadneedle Street's gold
holdings now stand at £54,203,491, comparing with
£56,197,498 in 1916 and £68,433,258 the previous
year.
Reserves aggregate £32,346,000, against £38,495,563 last year and £54,558,458 in 1915. Loans
total £105,498,000.
A year ago the amount was
£91,941,125 and £145,105,473 in 1915. The Bank
reports, as of Aug. 25, the amount of currency notes
outstanding as £158,269,992, compared with £158,-
the situation which will arise when the war ends and
energies now being devoted to munitions must be
securities
Loans (other securities) this
190,505 a week ago. The amount of gold held for
the redemption of such notes remains at £28,500,000.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out
of the
Bank
Bank week, inasmuch
for the
as the
Bank
has discontinued such reports.
We append a tabular
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
It is reported that a
plan for a combination of British explosive companies,
embracing about 15 concerns headed by Nobels, is
nearing completion. This is designed to take care of
of
1917.
1916.
1915.
1914.
1913.
Aug. 29.
£
Aug. 30.
£
Sept. 1.
Sept. 2.
Sept. 3.
£
£
£
40,406,000 36,151,935 32,324,800 35,287,760
46,525,000 52,361,446 137,935,493 28,676,628
131,093,000 102,140,601 87,921,638 133,818,826
Governm't securities 57,899.000 42,188,314 44,418,357 28,023,971
Other securities
105,498,000 91,941,125 145,105,473 121,820,692
Reserve notes & coin 32,346.000 38,495,563 54,558,458 30,924,9.52
Coin and bullion... 54,303,491 56,197,498 68,433,258 47,772.712
Proportion of reserve
Circulation
Public deposits
Other deposits
to liabilities
rate
18.21%
24.91%
24.15%
19.04%
5%
&%
5%
5%
Bank
29,463,415
9,519,982
44,565,994
12,453,405
27,632,438
32,236,737
43,250,152
59.59%
4M%
turned to other poducts, notably the production of
The Bank
chemicals.
of
France this week reports a further
increase in its gold holdings of 2,110,025 francs.
Very little of a financial nature is being cabled This brings the total (including 2,037,108,500 francs
from Paris at the moment. The Bourse is without held abroad) to 5,311,827,475 francs, comparing
animation, though Russian securities, not unnat- with 4,812,732,064 francs (of which 573,773,871
francs were held abroad) in the corresponding week in
urally, are depressed as a result of the deplorable
military conditions.
Mexican securities are in active 1916 and 4,326,353,720 francs (all in vault) the year
demand, bank shares of that Republic showing firm- previous. Silver decreased 312,000 francs for the
Bills discounted increased 31,023,000 francs,
ness on rumors of the arrangement of a loan to pay week.
while the Bank's advances were reduced 11,420,000
off the national debt interest that is now in arrears,
francs.
Note circulation showed the large gain of
and create a State bank. These proposals are not
Treasury deposits decreased
confirmed, however. The French Government has 100,345,000 francs.
francs and general deposits gained 67,075,fixed the price of coal at 110 francs per ton, which 2,657,000
000 francs. Note circulation now totals 20,568,913,compares with last winter's high price of 300 francs.
from Berlin.
The Frankfurter ''Zeitung," a copy of which was
received at Amsterdam on Wednesday, says the
seventh German war loan will be issued in the middle
of September on the same terms and under similar
The newspaper reports
conditions as the sixth loan.
Financial news
is
also very scarce
that the re-opening of the
contemplated.
German exchanges
is
not
European centres continue
to be quoted at 5% in London, Paris, Berlin, Vienna
and Copenhagen; 53^% in Italy, Portugal and Norway; 6% in Petrograd and 4^% in Switzerland, Holland and Spain. In London the private bank rate
has remained at 4^% for sixty and 4 13-16% for
ninety -day bills. No reports have been received by
Official rates at leading
000 francs, against 16,424,647,330 francs a year ago
In the week endin 1915.
ing July 30 1914 the amount outstanding was 6,683,185,000 francs, that being the last statement issued by
and 13,060,001,490 francs
the
Bank
after the
commencement
of hostilities until
Dec. 24th. Comparisons of the various items with
the statement of last week and the corresponding
dates in 1916 and 1915 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Gold Holdings
In France
Abroad
Total.
—
Changes
Week.
ror
.
Francs.
Inc.
2,110,025
No
..Inc.
chiinge.
Status as of
Aug. 30 1917. Aug. 31 1916.
Francs.
3,274,718,975
2,037,108,500
Francs.
4,238,958,192
573,773,871
Sept. 2 1915.
Francs.
4,326,353,720
.-
2,110,025 5,311,827,475 4,812,732,064 4,326,353,720
Silver
Dec.
312,000
259,983.000
338,609,583
366,716,066
Bills discounted. -_ Inc. 31,023,000
763,139.000
448.318,612
283,759,962
Advances
Deo. 11.420,000 1,112,371,000 1,174,834,884
587,284,840
Note circulation. --Inc. 100, 345,000 20,568,913,000 16,424,647,330 13,060,001,490
Treasury deposits.. Dec. 2,657,000
15.244,000
30,787.529
80,163,048
General deposits. ..Inc. 67,075,000 2,596.731,000 2.213,659,126 2,499,078.881
Sept^
1
THE CHRONICLE
1917.]
of Germany in its statement
the following changes:
23
shows
issued as of Aug.
Coin increased 5,040,000 marks; gold expanded
388,000 marks; Treasury notes increased 20,298,000
marks; notes of other banks showed an expansion of
The Imperial Bank
976,000
marks.
marks;
marks.
marks. Investments increased 20,451,000
Other securities were increased 66,938,000
increased 43,599,000
Bills discounted showed the enormous decrease of 301,761,000 marks; advances were reduced
5,838,000 marks; deposits decreased 205,532,000
marks, and liabilities registered a contraction of
notes
in
circulation
The amount of gold on hand
31,913,000 marks.
A year ago the
2,402,854,000 marks.
is now
Bank's stock of gold amounted to 2,468,582,000
marks and in 1915 to 2,406,330,000 marks. Note
circulation July 31 was 8,359,669,000 marks; it was
6,863,160,000 marks in 1916, 5,317,218,000 marks
the previous year and 3,999,962,000 marks in 1914,
just prior to the commencement of hostilities.
Saturday's bank statement of New York Clearing
House members, which will be found in more complete form on a later page of this issue, about fulfilled
expectations.
The loan item was decreased S22,422,000.
Net demand deposits, however, in contrast
with the heavy reduction of the previous week, regis-.
tered an increase of $61,179,000, and now stands at
$3,550,509,000 (Government deposits of $119,555,000 deducted). Net time deposits were reduced
Cash in own vaults (members of the
$2,943,000.
Federal Reserve Bank) declined $2,931,000, to $86,420,000 (not counted as reserve). Reserves in
Federal Reserve Bank of member banks were decreased $10,224,000, to $363,281,000, as against
$167,871,000 a year ago. The reserve in own vaults
(State banks and trust companies) also decreased,
viz., $11,693,000, to
$117,473,000, though reserves
in other depositories of State
banks and trust com-
panies registered an expansion of $22,653,000. CirAggregate reserves
culation increased $15,000.
showed a nominal increase for the week, namely,
$736,000, to $563,499,000 (not counting $86,420,000
cash in vault of member banks of the Reserve system), as against $678,488,000 held in 1916, although
an increase in the reserve required of $8,415,070
caused a decline of $7,679,070 in the surplus reserves, which brought the total amount of excess
reserves down to $68,776,920, on the basis of only
13% reserves for the member banks of the Federal
Reserve ystem (but not counting cash in vault held
by these banks). At this date last year excess reserves totaled $125,390,360.
Of the total vault cash
held by Clearing House members, $169,611,000 is
specie, as compared with $385,249,000 the year preceding.
circulars
to
847
their
out-of-town
correspondents
in
which they speak of the rate, 534%> Q-s appearing
"attractive" as compared with rates for high grade
paper.
In future offerings this rate may be changed
to meet market conditions.
The present figure,
however, seems to be exerting somewhat of a stimulative influence on the market for mercantile paper
as a whole, even New England mill paper, which
now being
with
5% basis, as compared
43^% a
week ago. A still further demand for funds was in
connection with the payments on Tuesday for 33^%
Treasury certificates of indebtedness of which the
banks in the New York district had taken more
than half of the $250,000,000 recent offering. The
net balances from last Wednesday's clearings at
the New York Clearing House established a new
record, namely $133,761,391.
On the same day
the Federal Reserve Bank of New York had a credit
balance of $116,228,039 at the Clearing House,
which also was a new high level and was due to the
payments for the Treasury certificates already referred to.
It
compares with $115,701,136 on
Aug. 10, the day following payments for a previous
issue of Treasury certificates and payments for
$100,000,000 of Canadian Government notes. On
that day the net balances amounted to $127,736,879.
Referring to money rates in detail, loans on call
covered a range of 2}/^@,Q%, against 2@d% last
week. Monday 3% was high, 23^% low and
the ruling rate.
On Tuesday the maximum was advanced to 33^%, while the low was 3% and renewals
33^%. Wednesday the range was 2%@33/^%, and
334% still the renewal basis. On Thursday another
advance was recorded to 4%, while 33^% was the
low and ruling quotation. Friday's range was 43^@
6% and 53^% was the basis for renewals. Fixed
maturities were somewhat firmer in tone, especially
during the closing days of the week, when indisposition of lenders to negotiate large amounts of funds
caused an advance to 4@43^% for sixty days, against
4(^43^% a week ago; ninety days to
commands
usually
lowest
rates,
are
quoted on a
2^%
4^@4%%,
months to 4%@5%, against
43^%;
4^(^4%%, and five and six months to 5@53^%,
four
against
4^@5%.
Transactions were limited to
A year ago sixty-day funds were
quoted at 2%@2>%, ninety days at 3@334%, four
months at 33^@33^%, and five and six months at
against
small proportions.
3K@3M%.
In mercantile paper, too, there has been a stiffening in rates and sixty and ninety days' endorsed bills
receivable and six months' names of choice character
have moved up to 5@5}4%, against 43/^(^5%,
while
names not
so well
known now
^/4%, against 53^% a week
require
534@
Trading showed
restricted by an in-
ago.
no increase in activity, being still
adequate supply of offerings.
In local money circles a further hardening tendency
Banks' and bankers' acceptances ruled firm, with
has developed which is not unnatural in view of asked rates closing a shade higher.
The situation
the week's demand for funds. These have included was called quiet. Brokers do not appear to look for
the final installment on the Liberty bonds ($20,- any substantial increase in this class of business for
200,000) which was payable on Thursday, as well the present, at least. Detailed quotations are as
as a second offering of $15,000,000 of British Treasbills, 90 days, at 5^%, and also preparations
follows:
Spot
ury
for the
September dividend and
which are among the largest
interest
of the year.
payments
understood that virtually all of next week's $15,000,000
offering of British Treasury bills has been applied
for, the out-of-town applications having been particularly heavy.
Certain institutions have sent
It is
Eligible bills of
member banka
Eligible bills of
non-member banks
Ineligible bllU
No
Delivery
Deliver!/
Ninuy
Sixty
Thirty
wUhln
Days.
Days.
Days.
30 Davs.
35^@3Ji
3^A®Z'A
3H®3K 3H@3H
4Ji@4
4Ji@4
i%@Zyi
Z%®Z'A
4H®3Ji
3Ji bid
4
bW
bid
6
changes in rates were announced this week by
any of the Federal Reserve banks, as far as our
Prevailing
rates
for various
goes.
knowledge
THE CHRONICLE
848
paper at the different Reserve banks are
the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
classses of
shown
in
trading in sterling on Thursday was almost at a complete standstill; demand was still quoted at 4 75523^^
7555, cable transfers at 4 76 7-16 and sixty days
@4
at 4
72@4 72^.
as ever
CLASSES
OF
DISCOUNTS AND LOANS
[Vol. 105.
On Friday
the market was dull
and actual quotations were
still
unchanged.
were 4 72(aj,4: 12% for sixty days,
for demand and 4 76 7-16 for cable
7555
553^@4
transfers.
Commercial sight on banks finished at
4 75^, sixty days at 4 71^@4 71^^, ninety days
Closing
rates
4
member Bank*. Coll. Loam.
maturity
3H
15 days' maturity
3H
1 to 16 days'
3H
DUcoanti:
I to
18 to 30
81 to 60
81 to 90
•'
••
•
•
"
4
4
4
••
3
3H 3M
3H 3H 3H 3H
3
4
4
4
4
4
Agricultural ani
LUe-Stock PapiT
—
—
—Rate
4H
Rate
of
3H
4H 4H
4H
4H
3J^
3m;
3}i
4
4
4
to
3!^
H%
4%
3
4
to
3H 3H
3H
4
4
4H 4 4
4H 4« 4M 4H
4
4
4
5
6H
3H 3H 3M 3>4
3H 3H 3H 3H
3H 3H 3Vi 4
3H 3H
3H
on member banks' 1-day
tbe loan operations of tbe Government.
•
4
4
3M 3H 3H
3H 3H 3H
3hi 3H 4
5
for banlEers' aooeptancea, 2
2%
4
4
4
—
01 days to 6 months maturity
Tradt Acceptartca
1 to 80 days' maturity
31 to 60
81 to 90
Commodttv Paper
1 to 90 days' maturity
JVoW.
4
4
3H
3H 3H
3H
3H 3W
3H 3M
093^@4 69%, documents for payment (sixty
days) at 4 713^@4 71^/8 and seven-day grain bills
at 4 743^@4 74 9-16.
Cotton and grain for payment closed at 4 75%.
The new crisis in Russian affairs was the dominatat 4
ing factor in this week's operations in the Continental
Premier Kerensky's utterances before
the Moscow conference on Monday, voicing his conviction that "Russia was in mortal danger and facing
exchanges.
4%.
collateral notes In connection with
have been confined the gravest crisis of her history," had a distinctly
very largely to cable transfers, for which the rate disconcerting effect and started a selling movement
during the week has not varied from 4 76 7-16. of widespread proportions on the part of London,
What other changes have been recorded are so trivial which in turn seemed to cause further liquidation in
as to be without significance.
Indeed, the entire this market. As a result the quotation for rubles
sterling exchange situation may very readily be dis- broke repeatedly, being at length forced down to the
missed with the remark that it continues under the unprecedentedly low level of 17.00 for checks not
arbitrary control that has existed for so long a period. only the lowest point on record, but a drop of 3.80
The inclusion of gold in the Government's export points from last week's closing figure and 34.55 below
embargo list will make it possible to keep better the rate ruling just before the war. Later in the week
check upon the ultimate destination of the large the situation was aggravated by persistent reports of
amounts that are at present going forward. The fresh disaffection among the Russian troops, accomFederal Reserve Bank of New York has undertaken panied by rumors of wholesale desertions and the conan investigation designed to show the amount of the sequent retirement of the armies operating in Southprecious metal in circulation outside of the banks. ern Moldavia. These developments, not unnaturally,
This seems in line with the obvious determination of exercised a more or less general depressing influence
the Reserve Board to obtain unchallenged control of and declines were noted in nearly all of the other
the gold supply of the country. Exports of the pre- exchanges, with the undertone throughout nervous
Lire were weak and heavy, registercious metal to Spain are to be especially watched, as and irregular.
suspicion has been aroused it is understood, that ing a further recession to 7 51 for sight bills, prinsome part of the shipments may be finding their way cipally, however, as a result of liberal offerings
into Germany.
Gold movements to Japan are be- coupled with a restricted demand. Francs were aplieved to represent settlements necessitated by the ex- parently only slightly affected by the week's detension of financial operations in the Eastern field, velopments, and in fact closed a shade firmer.
All
and especially in the sale to Russia of war materials, transactions in German and Austrian exchange have
which, unfortunately, are doing so little practical been suspended and quotations are unobtainable.
good. The gold movement for the week has aggre- The sterling check rate on Paris closed at 27.18
gated $14,144,000, including $10,315,000 to Japan, (unchanged)
In New York sight bills on the French
$500,000 to Canada, $1,000,000 to ChiH, $1,000,000 centre finished at 5 77, against 5 77%; cables at
to Peru, and $1,329,000, the destination of which is 5 76, against
5 76%; commercial sight at 5 78,
against 5 783^, and commercial sight at 5 84, against
withheld.
As to quotations in detail, sterling exchange on 5 843^ a week ago. Lire closed at 7 51 for bankers'
Saturday, as compared with Friday of the previous sight bills and 7 50 for cables, which compares with
week, was quiet but steady, with demand a shade 7 46 and 7 45 last week. Rubles finished at 17.75.
firmer at 4 7555; cable transfers remained at 4 76 7-16 The final quotation of the previous week was 20.80.
and sixty days at 4 72@4 723^. On Monday a Greek exchange closed at 5 123/^, against 5 04 last
somewhat easier tone was noted, and demand declined week for sight bills.
Sterling exchange operations
—
,
.
4 75523/2@4: 7555, although cable
transfers and sixty-day bills continued at 4 76 7-16
and 4 72@4 723^, respectively; trading was exceptionally light and the weakness was attributed
chiefly to the sentimental influence of the sensational
decline in rubles, following Premier Kerensky's
warning of Russia's imminent peril. Business was
dull and inactive on Tuesday and quotations ruled
without change from the levels of the preceding day.
Wednesday's dealings presented no new feature; the
fractionally
to
was again small and rates
remained at 4 7552 J^@4 7555 for demand, 4 76 7-16
for cable transfers and 4 72@4 723*^ for sixty days.
As a result of the partial holiday granted in honor of
volume
of transactions
the departure of National
Guardsmen
in
New
York,
As to the neutral exchanges, the outstanding
fea-
ture was the decline in Swiss francs, which again
turned
weak, and, in consequence of largely increased offerings, broke to 4 60 a drop of no less
than 22 points from the recent high record. The
Scandinavian exchanges moved irregularly, though
without essential change. Pesetas were about steady,
and guilders, following weakness in the initial transactions, rallied and closed at a slight net advance.
Bankers' sight on Amsterdam finished at 41%,
against 41%; cables at 42 against
41 15-16;
commercial sight at 41 13-16, against 41 11-16, and
commercial sixty days at 41, against 413^ on
Friday of last week. Swiss exchange, after declining
to 4 60, rallied and closed at 4 56 for bankers' sight
—
II,
I
.
Sept.
THE CHRONICLE
1917.]
1
and 4 54 for cables. This|compares with 4 41 and
4 39 a week ago. Copenhagen checks finished at
Checks on Sweden closed at
30.10, against 30.10.
33.30, as compared with 33%, and checks on Nor-
way
finished at 30.40, against 30.30 the preceding
week.
A
Spanish pesetas closed at 22.10.
week ago
the close was 22.40.
The Mew York Clearing House banks,
in their op-
849
practices and long-cherished principles of international action and honor; which chose its own time
for the war; delivered its blow fiercely and suddenly;
stopped at no barrier, either of law or of mercy;
swept a whole continent within the tide of blood."
This power, the note proceeds, "is not the German
people"; and to deal with it for re-establishing peace
would "involve a recuperation of its strength and a
renewal of
its
policy;
permanent
would make
it
necessary to
hostile combination of nations
erations with interior banking institutions, have lost
create a
$1,761,000 net in cash as a result of the currency
movements for the week ending Aug. 31. Their
receipts from the interior have aggregated $7,185,000,
while the shipments have reached $8,946,000. Adding the Sub-Treasury and Federal Reserve operations
and the gold exports, which together occasioned a
loss of $143,874,000, the combined result of the flow
But if, then, we and
our allies will not deal with a government thus autocratic and irresponsible, what then?
On this point
the note is perfectly clear. The refusal to deal with
the German Emperor or his ministers is not made
and out of the New York banks for
the week appears to have been a loss of $145,635,of
money
into
000, as follows:
Week ending August
Banks.
Banks' interior movement
Sub-Treas. and Fed. Reserve operations and gold exports.
. - .
Total
The
Net Change in
Out of
Banks.
Into
31.
$8,946,000 Loss
$7,185,000
23,731,000
Bank Holdings.
$1,761,000
167.605.000 Loss 143.874.000
$30,916,000 5176,551,000 Loss$145, 635,000
following table indicates the
amount
of bullion
European banks:
in the principal
against the
absolute under
August 31 1916.
August 30 1917.
Gold.
Silver.
Total.
£
£
£
54,303,491
141,388,760
124,728,300
142,189,000
63,718,000
England. _ 54,303,491
France a.. 130,988,760
io",4bb",666
Germany . 120,142,700 4,585,600
Russia *.. 129,490,000 12,699,000
Aus-Huu.c 51,578.000 12,140.000
Spain
70,975,000 29,546,000 100, .52 1,000
Italy
33,393.000
2,616,000 36,009,000
Netherl 'ds 54,738,000
602,400 55,340,400
Nat. Bel. h 15,380,000
600,000 15,980,000
Switz'Iand 13,750,000
13,750.000
Sweden .
11,365,000
11,365.000
Denmark. 10,840,000
"l52',600 10,992,000
Norway .
7,151,000
7,151,000
Tot. week. 704,094,951
Prev.week 702,609,748
Gold.
Silver.
Total.
£
£
£
56,197,498
56,197,498
169,558,328 13,544~,366 183,102,688
123,451,800
1,263,650 124,715,450
8,303,000 163,233,000
154,930.000
51,578,000 12,140,000 63,718,000
45,156.000 30,325.000 75,481,000
38,441,000
3,705,000 42,146,000
48,818,000
685,900 49,503,900
15,380.000
600,000 15,980.000
10,907,100
10,907,100
9,213,000
9.213,000
'
8,969,000
2'r7".000
9,186,000
6,328,000
6,328,000
73,341,000 777,435,951 738,927,726 70,783,910 809,711,636
72,771,650 775,381,398 742,794,495 70,815,390 813,009,885
a Gold holdings ot the Bank of France this year are exclusive of £81,484,339
held abroad.
* The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad. On the
latest reported date, the amount so held, £230,800,000.
c July 30 1914 in both years,
h Aug. 6 1914 in both years.
THE PRESIDENT'S REPLY TO THE
POPE.
people."
We
cannot take their
word this is the core of the matter "unless explicitly supported by such conclusive evidence of the
will and purpose of the German people themselves
as the other peoples of the world would be justified
in accepting."
Lacking such guarantee, "treaties of
settlement, agreements for disarmament, covenants
—
all
conditions.
up arbitration
to set
—
in the place of force, territorial
adjustments, reconstitutions of small nations," could
be depended on by no one if made with the present
German Government.
The President does not
stipulate a German revodoes not present as an ultimatum even
He
a change in the personnel of German rulership.
expressly says of the German autocracy that "it is
no business of ours how that great people came under
But he refuses to take the guarantees
its control."
of such rulership unless the German people shall have
found means (which it is wholly left to them to find)
lution.
Banks of
German
He
for asserting their
own
will
and power to participate
in such guarantees.
As
how such
a situation is to be created, the
President quite properly has nothing to suggest. As
he puts it, that is not our business. Undoubtedly
a total change in the German system of government
such as the often-imagined establishment of a
But not many
republic would achieve the purpose.
people have looked on that constitutional change as
probable in Germany at least so long as the league
of States composing the present German Empire is
—
to
—
—
The first impression on the mind of most people, itself made up of monarchies and principalities, and
we imagine, when they read the President's reply to
so long as the German people themselves continue
the Vatican on Wednesday, was that peace negotiaBut the purpose
to prefer the Imperial framework.
tions had been rendered less practicable and more
would equally be achieved, in line with Mr. Wilson's
remote by its stipulations. The note refused perempstipulation, by a change from the present German
torily to negotiate with the existing German Governsystem of administration of home and foreign affairs
ment, on the explicit ground that "the word of
by a Prime Minister personally chosen by the Empresent rulers of Germany" cannot be taken bj^ itself
responsible to the people for his acts, not
peror
"as a guarantee of anything that is to endure." It
was a not unnatural inference, on first consideration
of this very striking attitude, that inasmuch as the
existing Imperial
Government
still
controls both the
army and diplomatic service of Germany, refusal to
deal with that Government regarding terms of peace
would make even an exchange of views on the ques-
—not
removable by an adverse vote of the legislative body
on his policies, and, therefore, not controllable in
such policies by the German people to a system in
which, as in constitutional governments like those of
France, England and Italy, the Prime Minister's
tenure of office should depend on a legislative ma-
—
jority in support of his policies.
tion impossible.
The purport of the note is, therefore, clear. The
But further examination of this noteworthy State
President is not willing to treat for peace with
paper gave a somewhat different impression.
Mr.
government which he believes deliberWilson plainly states
"The
his general principle as follows:
object of this war is to deliver the free
peoples of the world from the menace and the actual
power of a vast military establishment, controlled
by an irresponsible Government, which, having
secretly planned to dominate the world, proceeded
to carry the plan out without regard either to the
sacred obligations of treaty or the long-established
the autocratic
ately brought on this war, and which, in conducting
the war, has violated pledges, treaties and rules of
warfare subscribed to by itself. But we are nevertheless, prepared to treat with a government repreNot the lea.st striking
senting the German people.
fact in the public's reception of Mr. Wilson's note is
the instantaneous recognition of these facts by the
THE CHRONICLE
850
[Vol
5*5.
German-American press. Those newspapers, which certainly speaks for the European Allies in removing
have hitherto in most instances been wholly at odds both considerations from the contemplated terms.
The President, it should be observed, does not in
with the President's policies, displayed on the very
latest
note
was
this
published
morning when
a most any sense guarantee the Teutonic Empires against
remarkable unanimity of judgment, to the effect that disintegration. He merely disapproves the placing
our Government's attitude was wisely chosen, and of such disintegration as a condition of peace by the
that it would advance the prospects of peace. Thus Entente countries. In rejecting the idea of "punitive
the New York "Staats-Zeitung" wrote and its posi- damages," he certainly does not dismiss the requiretion fairly embodied that of even the most uncom- ment of reparation by Germany for her illegal ravages
in Belgium and France. That would be altogether in
promising German-American newspapers:
the nature of restitution, not of punishment. The
"The President has cleared the atmosphere
President makes no reference to Alsace-Lorraine, or
The invitation extended to the German people
to Poland, or, indeed, to the captured German
quite a different thing from a command to carry
out those political reforms essential to our accepting colonies. But of this it is to be said that, since the
the word of the German Government alone as bind- President was simply refusing to treat with the
ing, should work to hasten the completion of the task Imperial German Government, even on the terms
upon the accomplishment of which they have set out. suggested by the Pope, he was naturally not required
"Sooner or later, Germany must take her place to state what terms the Allies would insist upon, if
among the governments in which responsibility to they were able to negotiate with the German people.
—
.
.
.
—
the people follows responsibility of the people."
This attitude toward the Imperial German Government was not the sole new position taken in the
President's note.
In the following statement, he
deals with another equally difficult question surrounding peace negotiations:
"Punitive damages, the dismemberment of empires,
the establishment of selfish and exclusive economic
leagues, we deem inexpedient, and in the end worse
than futile, no proper basis for a peace of any kind,
least of all for an enduring peace.
That must be
based upon justice and fairness and the common
rights of
mankind."
It will be observed that this statement of our own
purposes sweeps aside the proposals of the economic
conference of the Entente countries at Paris in June
of last year.
That conference recommended that a
period should be fixed by the Allied Governments,
"during which the commerce of the enemy powers
shall be subjected either to prohibition or to a special
system which shall be efficacious;" and that the
Allies should unite "in preserving for the Allied
countries, in preference to all others, their national
resources during the period of commercial, industrial,
agricultural and maritime reconstruction."
This
was no very indistinct threat of an economic boycott
Germany. But the President's note also repudiates the inference commonly drawn from the
Allies' answer of last January to Mr. Wilson's request
for declaration of their war purposes
namely, their
apparent stipulation that the Austrian Empire
would be dismembered, so far as any provinces in it
desired such separation.
The Allied note of January
What
prospect for peace, then, does the PresiThe attitude of the
dent's communication open?
German- American press, already referred to, throws
some light on that question. Indeed, this GermanAmerican attitude pretty clearly reflects the situation
in Germany itself; where for many months a struggle,
conducted with increasing acrimony, has been in
progress between the Imperial House and its agents
on the one side, and the party of enlarged popular
The demand of the Reichstag
liberty on the other.
has been, first for a constitutional form of government, next for peace negotiations.
The Imperial dynasty may continue to fight
against such surrender of its autocratic privileges;
but the fight, notwithstanding an occasional seeming
compromise, has been going against it. If now the
United States, its allies and most of the civilized
world outside the Central Powers take the final
position that they will treat for peace with such a
constitutional government, but will not treat with
an autocracy which refuses political rights to its
citizens, we are inclined to think that the end of the
German political struggle cannot be far off. But all
of us have yet to learn how the President's note is
being received by the German Empire, by Austria,
or
by the German people.
of
—
did not stipulate exactly this;
it merely declared for
"the liberation of Italians, of Slavs, of Rumanians
and of Tsecho-Slovaks from foreign domination."
But its purport was plainly recognized, both by the
Entente Powers and by their enemy, and the effect
of the declaration of purpose was to stiffen the wavering determination of Austria to pursue the war. That
Government clearly felt that otherwise her extinction
as a great power might be inevitable.
Now the discarding of both stipulations by the Allies
as a sine qua non of peace, has long been foreshadowed.
Both were soon recognized, both at London and on the
Continent, as tactical mistakes sure to prong the war.
The threat of an 'economic war" after peace found little
favor in the press, especially of England, and it was
used effectively by the German Government to convince its subjects that the enemy was determined on
the ruin of Germany.
Mr. Wilson, therefore, pretty
'
FIXING PRICES OF FOOD
AND FUEL:
In its initial stage, "Governmental control," toward
which we have been steadily tending, is now being
fastened upon the American people. The necessary
laws have been passed; the machinery has been
created and set in motion.
It is admittedly a war
measure, though it has yet to demonstrate its
efficacy.
What may be termed
production price
has been "fixed" for wheat and coal. Successive
steps in establishing prices and profits along the line
from producer to consumer are in process. And
predictions as to probable effects take a wide range]
We note that the press, in general, withholds judgment. The experiment is a bold one; it is now at
its very beginning; no one cares to do more than
original
suggest possible results.
Two causes seem to contribute to the alleged
necessity of fixing prices in these fundamental necessaries of life: first, to prevent undue extortion on the
people through the opportunity supposed to exist by
virtue of a state of war, and to provide at a reasonable
cost the supplies required for a successful conduct of
that war; and second, (we^may^assume this from the
Sept.
1
THE CHRONICLE
1917.]
open announcement of an intent to buy for the
Allies) to secure a stabilized price in world markets
in the interest of foreign as well as domestic consumers.
The magnitude
does not deter the
advocates and administrators of the plan. And it
must be admitted that wherever stern and repressive
measures are invoked they are likely to be met in a
conciliatory spirit born of patriotic desire to serve
of the task
This is by no
the best interests of the country.
to say, however, that producers will not seek
means
There
851
a test which is even higher than that of a
high court, and this is the test of circumstances,
conditions and natural laws.
Viewed in this light,
this arbitrary interference in4ndustry and trade must
appear such a gigantic task as to be doomed to failure through sheer want of appreciation. And yet
it may, owing to other and wholly unlike conditions,
measureably succeed. How can it be possible for
one nation to fix prices in the markets of the world
by a civil statute? How may a domestic price be
fixed that is stable and not subject to evasion, while
is
and will not make a foreign price remains? Assisted by a series of
Government
should specified embargoes, it may seemingly be done, but
earnest representations to the
injustices appear.
Indeed, meetings are under way, must it not always be done at the expense of the inand called, for these purposes. And while food and ternational democracy of effort and production?
fuel react upon each other, it would seem, at the And just here a ray of light penetrates to point out a
very outset, that no small part of this huge under- weakness, to induce a caution, and to suggest a
taking must consist in the proper adjustment of the probable result, at least to outline one of the insuperprices named upon these commodities, to the remain- able difficulties.
It is averred that in fixing the
ing prices of all other commodities not under direct original price of whear and coal care has been exerGovernmental control.
cised that such price be fixed at a figure that will susWith his many and practically unlimited powers, tain and even encourage or stimulate production.
Herbert Hoover stands a veritable Colossus in this Yet at the very inception of the effort we find the
new world of dictators; Harry A. Garfield occupying hard wheat farmers of the Northwest protesting
the next lower round. These men issue final orders. against the minimum price established and saying
And behind them are sundry Boards, Commissions in effect that the size of the 1918 crop depends upon
and Departments which presumably supply informa- a present readjustment, while at the same time soft
tion upon which all edicts are based.
And yet, when coal producers of the South are sending committees
you look at the proposition squarely, it would seem to Washington to show that the price fixed at the
to stagger belief that an arbitrary power can enter mouth of the mine prevents their continued operatrade and industry in the present disrupted state of tion.
the world and successfully carry such an undertaking
At once it stands out clearly that the power to
to a conclusion that will do justice to all interests compel adoption of an arbitrary price is not a power
concerned, or that will even excuse its imposition that can compel future production. Not only must
upon the rights of the individual to carry on his one price be fitted to all prices on all commodities,
business in his own way guaranteed by the Constitu- domestic and foreign, to stand, but the effect of
tion.
Yet nothing short of this attempt is now being world conditions must be taken into the account.
made. But for our future guidance, it should be And if we admit this, we are back again to the conrecorded, here and now, that whatever of success trol and price fixing of the natural law of supply and
does attend this movement must be largely attribut- demand, though it be interrupted and not normal.
able to a spirit of forbearance and of acquiescence In such a case, the new law cannot succeed unless
to protect their rightful interests,
due to a sincere desire to serve the nation
in its
time
of dire need.
That food control had its origin in a servile adopmethods used by despotic governments of
Europe, and that it is contrary to the spirit of our
tion of
not failed of reiteration during
the long discussion of the law. Discussion is past,
and the preliminary steps in the enforcement of a
law of the land are now before us. The theory is
now to be put to the test, is to become a practice.
But, lest the Legislative and Executive branches of
the Government, by means of these war measures,
completely dominate the life of the people, it is well
free institutions, has
to recall that the test of a law, as applied to civic
under our system, is made before the Supreme
Court, or the Judiciary division of the Government.
rights,
None
of these recently created laws
have yet been
tested by this tribunal, nor has this tribunal been
annulled.
These are civil statutes, though their
cause may be attributable to war. And while
exigency seems to blind us to the fact that we have
a supreme tribunal of justice to which appeal may
always be made, this Court of last resort is not
abrogated by a state of war, though, at such a time,
citizens may hesitate to invoke its powers.
It is the duty of the executive branch, nevertheless,
to enforce the law, and all law.
An innovation
should not deter duty, although an impression might
prevail that an "administration" is avid for power.
This price
is not a creation of arbitrary national will, but an
automatically established price set up by age-long
effort and adjustments, affected by unprecedented
The issue is, thus, attempting
present conditions.
to make a price rigid which by its very nature shifts.
And unless a dictator can compass and apply all
knowledge, he cannot arrive at a rightful price, and
the producer is worsted by the effort, and will diminIn this event the consumer may have
ish the supply.
a cheap price and yet starve.
This brings us to the most dangerous feature of
the great undertaking. The other day the subway
traffic in New York City was suspended for several
hours for want of coal. Behind this price-fixing and
its effect upon the production of coal and wheat
and
our
bread
stands that portentous
we must bake
power (or threat) of Governmental "taking-over,"
Soft coal lies in indeterminate strata
operation.
of our territory.
stretches
under vast
It is so near the
surface some times that the earth is removed above
it and it is then blasted out.
Considerable portions
All that is produced tends
of it are wagon hauled.
to establish an average price.
But suppose the dictator does not dictate the proper price, what then?
And under other conditions and influences, the same
applies to anthracite.
We are nearing the winter
Can price be made without transportation
season.
cost being considered, and is there not danger that
it
arrives at a price so previously fixed.
—
—
THE CHRONICLE
852
so complete* a readjustment
tion being itself
necessary, transportaimpeded, that we enter on the exis
periment at a most unpropitious time? It will little
avail the poor of congested districts in great cities
that a price, even retail, be fixed, if they cannot buy.
Owing to conditions, coal famines have already occurred, and though fuel be given priority of transportation, if any large proportion of mines should
shut down ,f can the Government open and operate
them, and prevent shortage? No one knows, and
only the extreme test can determine.
From all these considerations it would appear that
to the evils of a terrible war, other evils may be added.
That they might ensue without control laws no one
will deny.
But production, industry, trade, attacked at the same time by two abnormal forces,
must meet them both. For three years, in our country, they had been adjusting themselves to one; can
we hope to escape complications, even suffering and
loss, while they adjust themselves anew to another?
No one dares, or cares, to make predictions!
One thing is certain, food and fuel are primary
necessaries.
The human dynamo must run as well
the
as
other.
You may stop hoarding and speculation, but when will the farmer sell his wheat; and
when and how will the manufacturer's coal bin be
filled? In time of peace such an undertaking would
be regarded as heroic. Does it grow less in time of
war? We can do no more than hope for the best,
.
[Vol. 105.
was not, and perhaps could not have been, submitted
and direction.
Yet in all these questions principles, policies and
methods must be considered. And not only do we
to the people for specific declaration
discover great changes in the evolution of the new
regime, but we are confronted, often, with what
seem to be irreconcilable conflicts. Thus, when
take up the matter of a proper "excess" profits
we are at once aware of difficulty and doubt.
the first place the people have never passed upon
Yet the argument
is
is
constantly
made
conscripted for some, wealth
that since
may
life
And
the condition and need
almost forbid examination. One proposition is already crystallized into a law, which must be obeyed,
scripted for others.
and the other proposal undergoing the same process.
And while a seeming acceptance of the latter is no
doubt due to the enactment of the former, we are
not relieved from an examination of the announced
parallel.
who voiced this sentiment.
In a sense "all" is taken when that which sustains a
life
taken.
Yet the conscripted citizen who
is
patriotically lays down his life as a soldier for the
State is never to be compared to one who merely
gives his wealth.
And even under this law, by its
It
was a Shylock
selective
of old
conditions,
one
may
lose
his
life,
trusting that patriotism
of self-sacrielse could.
established
by a
selective conscription act
When
while
So that
all is
not
and the
becomes subject to sacrifice to and for the State, then, and in a much less
noble way, may all wealth be said to become subject
parallel fails.
EXCESSIVE TAXATION OF
"EXCESS" PROFITS.
is
the
well be con-
fice will
It
In
rightfulness of this so-called "conscription of wealth."
another can, or must, only lose his labor.
the i^rinciple of equal and exact justice to
and the spirit
work the wonders that nothing
we
tax
all life
day to conscription or confiscation to the State. And
So many cherished prin- though it may be argued that it is better to take
difficult to discuss public
measures
of the
temperate manner.
and customs of the past are being thrust aside great wealth than all wealth, the principle of selecthat sometimes a spirit of indignant protest rises, tion, embodied in the military conscription bill,
only to be confronted by a realization of the stern comes in to say that wealth per se may be conscripted
requirements of a state of war. High above us all in such a way as not only to defeat justice, but to
stands our country, our nation, engaged now in a destroy the power of the State itself to attain victory!
At once we are confronted by conflict. A food
vital undertaking, and in our unswerving loyalty to
its glory and its good we submit, obey, support, and and fuel control law has been enacted upon the
almost cease to question. Yet in this very duty of principle that to maintain itself in the present emerpatriotic citizenship, none of us can escape the gency the State has a right to declare that no one
in a
ciples
responsibility of considering carefully the steps
we
take and the means we invoke. To fail to bear
opinions and express them is to shirk a proper aid to
those whose responsibilities are greater than ours,
the lawfully chosen servants of the people. Too
grave are the issues that confront us for cavil or
carping criticism, yet none the less may. we escape
and comment.
And the difficulty which many an earnest citizen
has in transporting himself from the old viewpoint to
reflection
the
new
suggests, discloses, the extreme difficulties
which constantly beset Congress.
There
is
not time
Take the
and perhaps
to return to the people for instructions.
declaration of
war
itself,
—
it
was not,
could not have been, submitted to the free voters of
the Republic. Once the declaration is made questions
of deepest import must be settled involving the future
and present welfare of the people. From the condition of war there is no escape, save through victory
or peace, or both at once.
Conduct of the war immediately becomes paramount. Conscription of men
as a
means and method,
therefore,
was not, and
perhaps could not have been, submitted to the voters,
for approval or rejection.
In like manner, a proper
division of taxation between bonds and direct levies,
a profit out of war conditions.
A dictator
is appointed, and various boards, to so fix prices
that all war profits shall disappear.
This done.
shall
make
Congress proceeds to lay an "excess," or war, profits
tax of anywhere from forty to eighty per cent.
If
the administration of the price-fixing law is a success,
the execution of the "excess" profits tax will yield no
revenue, and we shall find ourselves plunged into a
deep of indebtedness from which there can be no
escape save by subsequent issues of bonds. And so
from confused and confusing principles we pass to
conflicting policies and methods, knowing that we
must meet expenditures now estimated at a million
dollars an hour, and at the same time conserve the
strength of the nation to fight on.
If the labor of men on farms is necessary to sustain those in the field, and should be continued and
exempted, why should not the saved-up labor, or
capital, invested in going industries, by the same
rule, and through the same national need, be continued and exempted? The product of field-labor
and of factory labor (we personify the industry) is
not given to the Government. Each is sold as in the
old way, and a price is fixed upon or for its sale, a
price in the interest of consumers, nation and allies,
Sept.
THE CHRONICLE
1917.]
1
that shall not yield a profit due to or because we are
Why does not the matter end there? In
at war.
other days we have had this question of Governmental
confiscation of "wealth" before us, and no one, save
a few theoretical extremists ever undertook to set a
We seem now alline where it should begin or end.
most to accept the doctrine and in doing so are in
danger of defeating the very end sought to be obWhy do we not test industry, or wealth
tained.
itself,
It
by
selective
may
good?
be suggested that we are confusing profits
with property. We recognize the distinction. And
by the very recognition we point out, that by an
inviolable law of progress in any successful going industry a pari of profits become property or the institution fails and that, consequently, an excess profits
tax, laid on top of a regular profits tax, at such a
rate as is proposed by some, for a period of five years,
would probably destroy every industry in the land.
If governments in war really need to conserve industry to sustain active military undertakings, it would
seem that to introduce a system of progressive
anaemia into business is about the worst way. What
will be the state of these excessively taxed industries
three or five years hence, and despite the seeming
groundswell for peace throughout the world, no one
knows how long this war will last ? We are spending
and loaning billions, now\ Who will win the war,
if perchance through a policy of enervation of industry we shall shoot away our substance in the first
few years of conf Uct ?
Again, a going business is a growing business. It
is proposed to take a three-year average before the
war (discussion has gained that much, if it is a gain)
and set it over against a year now. A not very prosperous period, though normal, against an abnormally
prosperous one. But who is to separate the natural
growth of a business and the profits thereon from the
profits of this test year?
In effect, and there is no
escape from it, this system does confiscate reinvested
—
daily.
853
The Treasury must be
filled
— and every one
is zealous of our continued production, our industrial
Experts come in
with estimates of the yield of revenue from various
sources and by sundry methods.
Note that these
If, then, doubt appears as
are in all cases estimates.
ability.
to
what
Measures are being
will actually ensue,
laid.
which
is
the safest guide,
principles or these sets of figures?
No
one knows
revenue a new law will bring. But if
production should be sustained, and business pays,
is it not safer to trust to principles than estimates?
If the principle fails, the end is disastrous and the
revenue also fails; but if only the estimate fails, and
business is sustained, it still lives to pay a new revenue
upon some reasonable base. And there still remains
the resort to bonds.
We often stumble in our haste.
what amount
of
A CHEERING MESSAGE FROM FRANCE TO
AMERICA.
As the days approach
the
full
for
significance of the
America to recognize
war measured by the
something of comfort
and possible strength to those who may be the first
costliest of sacrifices, it will give
to face the sad realities to
know what
a great people,
which has suffered much and is fast winning a new
place in American hearts, feels toward us, and how
individually they interpret and bear their own great
sorrows and the struggle which is for them so heroic
and so grievously prolonged.
At the recent annual general assembly of the
French Protestant churches, held in Paris, the President, Professor Andre Weiss of the Law Faculty of
the Institute, in the course of his presidential address
at the opening, spoke as follows in words which
we
are glad to translate:
"Everywhere the delegates going from us to
America will hear the echo of the enthusiastic expressions of sympathy which recently greeted the
illustrious visitors sent from France to the land of
Washington and of Lincoln. Everywhere they will
again our ardent faith in the success of our
declare
and must deteriorate business beyond the
armies, our unchangeable purpose to break the fetters
mere abstraction of the so-called war profits. A from Alsace and Lorraine now held captive, and to
profits
goes backwards. It does
these war-profits, so-classed,
business goes forward, or
it
not stand still. And if
should all be reinvested in industry, the augmentation
of production would be sure, and there would be a
larger base for corporation tax.
And they must go
into industries, securities, or national bonds
—but a
by personal expenditures.
The question of credit obtrudes. With repairs and
betterments forbidden, with vast sums of individual
earnings swallowed up in the war bonds, industrial
credit must go begging.
Credit is so large a part of
small part being dissipated
the capital of business that its preservation is not
only a concern of the Government but a safeguard in
war. A buoyant credit begets new industry and
thus increases production to meet the waste of war.
A sluggish credit is like stagnant blood in the veins,
a source of disease and death. Do not these "excess"
profits, for the very reason that they cannot be actually abstracted from all normal profits, furnish a
ground of taxation which renders all dividends un-
management precarious, any and all
dubious? Under these conditions, must not
certain,
profit
all
credit languish?
And
in proportion as credit dies,
production dies, and a nation is prevented from increasing the momentum of the energy of war, and
travels toward defeat.
Recurring to our premises, Congress is confronted
with enormous expenditures. These are being made
secure for our country, together with the necessary
reparation, all those guaranties without which the
peace to which we all aspire would be only a dream
between two hecatombs.
"Everywhere they will have confirmation, with a
filial emotion, of the love which from all American
I heard a few days
hearts goes out toward France.
ago my eminent confrere, M. Bergsen, compare the
sentiments aroused in the New World toward our
country to the tenderness which each of us feels
toward our great national heroine. For the Americans, France, ennobled by her trials, is the Joan of
Arc of the nations.
"To what do we owe this reverence, this respectful
tenderness, this fervent admiration? Without doubt
in large part to the memories, always alert, of LafayBut these memette and his companions in arms.
ories were not sufficient to obtain for us American
sympathy in the sad days of 1870. Let us proclaim
it aloud, the honor of having recovered it, of having
in fact won it, is due to the brave conduct of our
democracy before the aggression of Germany, to
the bloody holocausts which all Frenchmen have
accepted without a murmur, to their complete oneness in array against the enemy, to the discipline
which they have freely imposed upon themselves
in the hour of peril and to which they have not
ceased
to
subject
themselves.
Our
friends,
the
Americans, have not been willing to leave to us alone
the privilege of making sacrifices.
"Honor involves obligation, no less than does
In order that the good-will which from
nobility.
THE CHRONICLE
854
all sides is shown toward us, and of which now we
have precious evidence from the United States, may
fulfill all the promises which it has held out to us,
it is indispensable that France should maintain the
qualities and the virtues which have won their
regard; that she sustains, free from all weakness and
all compromise, her high moral personality; that her
sons, those at home no less than those at the front,
keep unimpaired their courage, their steadfastness,
their faith in the destiny of their country.
An imperious obligation rests upon all loyal citizens.
It
is to fight with all the means in their power against
the lassitude, against the enervation, alas, too natural after three years of the most horrible of all wars,
but which would easily become criminal. It is to
resist a discouragement which would be for our heroes
dead on the field of honor, for our wounded, for our
devastated provinces, the cruelest of injuries. It is
to show to those who have not eyes to see, the certain
victory, the victory waiting to be made, the sole
pledge of all well-being and all progress.
"To this duty I give you formal assurance that we
shall not prove recreant.
You have not forgotten
the enthusiasm with which we responded to the
appeal of the Sorbonne: 'All France to the front for
the victory of the rightV
Every earnest household in
[Vol. 105
they take the opportunity to enlarge and solidify
the popular forms of their government, and display
through all a unity of thought and action and a spirit
of sturdy devotion which, though without their
sternness, the world has been accustomed to think
belonged only to Cromwell's "Ironsides." The
"poilu" exhibits a new form of heroic patriotism
which in its serious but cheerful fortitude will long
stand pre-eminent. In it is heard the voice of the
people of France speaking for the clearing of the
vision and the strengthening of the faith of the
people of America.
It is Europe's answer to the
immortal pledge at Gettysburg that "Government
of the people, by the people, and for the people shall
not perish from the earth."
TRADE ASSOCIATIONS NOW UNDER
CONDEMNATION.
Very few newspaper readers noticed an obscure
local item, one morning this week, recording that
the Association of Employing Printers in this city
had obtained formal judicial approval of its applica-
France has answered with us and has sounded the tion for a charter, the objects set forth in the petition
France. Our assembly must
therefor being "to foster trade and commerce in the
be the point of departure of organized and decisive
reveille of the forces of
the attacks, against all the intrigues printing industry, to protect trade and commerce
which aim to sabotize the country and to force a from unjust and unlawful exactions, to diffuse accu'strike' upon the hearts of the people.
In this rate and reliable information among its members as
crusade for the common good, for France victorious, to the standing of merchants, and other matters."
for liberty, for all which makes life worth living, we Unless some dark designs are hidden in the last
shall fight in the front rank."
three words, this appears to be an innocent undertaking
and to be for the general interest, inasmuch as
Though this is the voice of the Protestant churches
of France, it may be accepted as the voice of France. what helps one industry towards prosperity should
As such it is evidence that despite the perilous ways presumably help all. Probably few persons outside
in which under the pressure of the war Democracy of those directly addressed also noticed the announceis moving, the many mistakes it must inevitably ment, a few days ago, that a call has been issued to
action against
all
has failed, the various manufacturers in New Jersey to meet in
Democracy is not a failure. The great Republic Newark, three weeks hence, and then, in the exwhich is its leader and chief representative in Europe pected presence of the Governor and other prominent
men of affairs, to organize the Manufacturers' Assois showing a capacity for government, a strength in
organized effort and a universal readiness for pro- ciation of the State of New Jersey. This is not,
longed and heroic sacrifice, which go far to answer like the other, confined to a single trade, but is adthe fears of those who prophecy that republican dressed to such varied industries as textile makers,
soap makers, lead pencil makers, sewing-machine
forms of government must prove incompetent.
There is need of this testimony to-day. We find makers, rubber and rubber tire makers, glass works,
Tocqueville, with all his enthusiasm over what he chemical works, wire and steel works, and many
found in America, felt compelled to think that others equally unlike except in the desire to practice
Democracy would "in the end set all the guaranties industry for a profit.
of representative government at nought."
The war, explains the author of the call, is largely
In 1863
Freeman believed that "the disruption of the United responsible for the plan. The importance of New
States" had come. In 1880 Sir Henry Maine, with Jersey and its steady growth as a manufacturing
all his wide experience, thought the downfall of our State seems to require some representative body
form of government inevitable. And, latest of all, which shall adequately express needs and enlarge
Lecky, the champion of the people and patriotic influence. Laws are daily enacted "which have a
Irishman as he was, reluctantly confessed that vital bearing upon the ability of manufacturers to
"Democracy had not established itself anywhere as continue to do business and to embrace the oppora permanent form of government." The wailing tunities for trade which will come at the war's conplaints of the faint-hearted, mingled with the curses clusion."
The primary object of the association
and threats of the copperheads throughout the War "will be to work for the advancement of the manuof the Rebellion, are with us to-day in far too facturing interests of the State of New Jersey, the
abundant force. Meanwhile the people are bracing welfare of the employees, and the benefit of the ultithemselves for the hours of sacrifice and sorrow which mate consumer."
It has long been known that birds of a feather
must come. Many can face trial that is brief; it
takes a clear-eyed and rooted faith to endure pro- flock together.
It is natural and common for men
longed distress. Here we have the testimony of a in a specific line to associate for their own defense and
Democracy of many millions, who for three years advantage; also there are State and even national
have stood the test of such a war as the world had associations like this now proposed. It would therenever seen, ravaging their land, destroying their fore not be worth while to take notice of this particupeople and their homes, threatening the very exist- lar movement in so familiar a direction, but for an
ence of their nation, and they not only do not falter. announcement of some ten days since, which also
make and
the
instances
in
which
it
,
Sept.
1
1917.';
THE CHRONICLE
The Senate
probably few observed in^thejoverwhelming tension
war situation.
For more than a quarter-century we have had a
brief and general statute, declaring unlawful all
attempts to monopolize trade or to combine for the
purpose of restraining trade or commerce, and providing for repressing such combination. For about
three years we have also had a Federal Trade Commission for the announced purpose of ferreting out
and suppressing "unfair methods of competition in
trade or commerce." This body has not yet accomplished enough of good to really justify its exof the
push
855
struggling'^with propositions to
is still
higher^, the surtaxes] of the
income tax and to
off, what are called excess profits;
propositions are successively offered, in the hope of
satisfying the rabid hostility to wealth.
It is idle
take thicker cuts
'^
what point the tug will cease, but
what many Congressmen seem unable to comprehend (perhaps because they have no practical knowlto conjecture at
edge of business) is that profits cannot be simultaneously suppressed and taxed. It does not seem
to dawn upon them that Governmental interferences
are among the most serious of the problems which
business
of
the
subjects
it
men must meet; that business is already
In the present year, one
istence.
has dealt with is the combination in making news- regulated nearly to its death; that the most paralyzing
print paper.
It decided that a combination in that of influences is uncertainty; that, piled upon the norindustry exists and has boldly violated the law; but mal uncertainties from which mankind is never free,
instead of proceeding in the manner prescribed and and the extraordinary tension of the war, comes the
the manner followed in certain other cases, it made utter uncertainty what the politicians in Congress
with the violators a composition agreement whereby will do. This uncertainty is increased by the vacillait was to determine a scale of prices for the coming tion which has been shown upon such vital subjects
half-year, and it reported this action openly to the as that of "control" and taxation.
Can business
President, at the same time disavowing any intention thrive in such a maze of uncertainties? Can it pay
It made a like report the taxes which Congress seems disposed to lightly
to do what it had just done.
to the Senate, recommending that Congress legislate and unthinkingly demand, if it does not thrive?
for taking over all the paper mills, thereby confessing Would it not be both level common sense and patriotits own incapacity to deal with the subject.
The ism together to indicate a distinct change of feehng
Commission made this recommendation more than towards business from suspicion to friendliness, from
once; and about a fortnight ago filed once more what the disposition to harry and hinder to an assurance
is called "a final report," including the makers of
of some relief-giving degree of freedom ?
book paper in condemnation with those of newsprint,
and saying that "the effective regulation and superTHE MILITARY.INSURANCE BILL
vision of such activities by some governmental
FAVORABLY REPORTED.
agency would tend to restore healthy competition in
With one dissenting vote, the military insurance
these industries, and thereby to reduce prices to a
bill was favorably reported from committee to the
more normal basis."
House on Wednesday. The provision that the
So far, this is in line with the Commission's plea
compensation insurance to a widow or widowed
of non possumus and its appeal for commandeering
mother "shall continue until two years after her
private plants, but this "final" report goes further:
remarriage or until her death" was changed by
"The Commission also desire to call the attention striking out the "two years after." Article^ IV
of the Congress to the necessity for the enactment of was changed by cutting in half the maximum
legislation regulating the activities of trade associations.
The print paper and other investigations of
the Commission show that although trade associations are originally organized for legitimate purposes,
and often engaged
in healthful activities which serve
a useful purpose, nevertheless some of them indulge
in practices which tend to destroy competition and
defeat the objects of the Sherman Law."
So, then, the original Anti-Trust Law, supplemented by the law creating this body to investigate
and take action, and also the Clayton Law, which
undertook to amplify the subject and facilitate the
work of the special body, is now pronounced insufficient.
We have a law forbidding and providing
means for suppressing unlawful combinations. We
have a special Commission for finding and suppressing unfair conduct in competition. This body holds
up its hands and appeals to the Government to lay
hold of and operate industries which it finds itself
unable to deal with. Now comes an appeal to regulate trade associations.
Since such an association,
made up of diverse industries, -.or even combining
specific associations in some extreme case, is not an
operating industry, and therefore cannot be taken
over and worked by even the most^; aggressive Government, this latest and "finaU'f^ appeal is really
against associating in industries,: either by prohibiting them or by putting f^up under an inflexible
"~"
supervision.
.
110,000.
These changes are well as far as they go, but that
IV is not sufficient. The need of a generous provision for men in the war service is conceded,
and the old pension scheme is hopelessly bad, notwithstanding some will probably be found adhering
in Article
to
it
for selfish reasons.
Mr. Roosevelt has written
a letter to the reputed author of this bill, indorsing
it in his usual positive and sweeping manner.
He
correctly calls it a "constructive" measure, he justly
appreciates "the emphasis laid on the family" by it
and the "provisions for re-education;" but he would
hardly claim to be an expert upon insurance, and he
seems to overlook, as Congressmen also may overlook unless the fact is very thoroughly emphasized,
that the other articles of the bill provide an ample
and liberal insurance, which is duplicated in a
singularly loose
this final article
manner by the
final article.
which should be dropped
It is
entirely,
or be still further modified.
For, as we pointed out last week, it offers a form
of insurance, "convertible after war" (but not speci-
fying at
what time
after war) without medical exa-
mination, into such form of policy and at such provision for premiums "as may then be prescribed by
This might prove a personal gift to
regulations."
"Regulathe persons interested, or it might not.
tions" might then offer a bonus of any size, at the
country 's^^expense, forlno^limitationTof any kind^s
THE CHRONICLE
856
(Vol. 105
not be consulted, because their competence is assumed
In this instance,
to be offset by their self interest.
the danger is that the bill may be rushed through
Such an offer without careful examination, upon the emotional cry
offer no special individual attration.
means, now, whatever anybody believes it may mean that the country is not now counting costs and that
when the time arrives; its utter looseness and vague- it is not possible to do too much for those who are
ness, out of place in any contract, ought to condemn risking themselves in its service.
it, were there no other objection.
Mr. Roosevelt errs in saying that "when the
JAPAN'S INCREASING FOREIGN TRADE.
Government takes away the insurability of the man
it ought to give him a substitute, and government
That other countries besides the United States
insurance, as outlined in the bill, is the only substi- are experiencing a decided expansion in their foreign
tute." The first clause (beginning with "when") is trade as a result of the war in Europe, is clearly
conceded, but insurability is not necessarily lost by indicated by recently issued statistics. This is
war service; on the contrary, many thousands will especially so of Japan, which, on account of the
come out of it physically untouched, mentally en- demand upon it for supplies for use in the conflict,
riched rather than hurt, and with enviable reminis- as well as through the grasping of opportunities to
cences and reputation, the latter so marked that their extend its commerce in localities where heretofore
business prospects in future life may be helped rather Europeans have had the call, has since hostilities
than harmed. Plainly, these fortunates have no just began turned its balance of trade from the import
title to an insurance largely at the expense of their side of the account largely to the export.
countrymen. As for those who fall on the field or
In all the various groups into which the mer-
contained in the section; or, on the other hand, a
practical wisdom derived from experience meanwhile
might bring the offer down to a basis which would
in hospital or are blighted
by wounds
or exposure,
the answer to Mr. Roosevelt is that the previous
articles of the bill do provide a "substitute" for
insurability
and do
it
amply.
Were
this
not so,
criti-
cism would be barred; since it is so, the final article
is unnecessary.
This Article IV offers insurance up to $5,000 at
a rate of $8, which is made to include the temporary
mortality risk on civilians, the costs of the business,
and the war risk. No company would write term
insurance on civilians at so low a rate, and as for the
war risk there is no adequate experience and one
man's guess is as good as another's. A few months
ago, company officers went over the subject, discussing it among themselves and with the Treasury, and
could not agree on a uniform course. Some reserved
the right to call for a war permit and determine its
price; one named an extra of $25 per $1,000, restricting the amount; one or two named 5% extra ($50 per
$1,000) and one or two put the extra as high as 10%,
these extras being of course on the understanding
that any error was to be kept on the side of
safety and the money would be subject to possible
refund after experience had given its demonstration
.
would admittedly be a gross betrayal of trust if
company managers should write policies freely, without reference to war risks, thus throwing the burden
upon a part of the population; no more should Congress, as trustee for the people, cast upon them all
an unnecessary and unjustifiable burden. This part
It
be dropped; at the least, it should
be made less vague, and should be limited in application to those whose insurability is not impaired
by the service, or (at the very least) Section 404
should be changed so as to limit the insurance to a
year or two after the war, in which time the physical
impairment or non-impairment might be discoverof the bill should
able.
A
point which needs emphasis is that no weight
justly belongs to the probably inevitable suggestion
that the insurance companies object for selfish
reasons.
Their view appears to be that a limited
amount of insurance should be given those in the
service without cost to them, thus being a gratuity
instead of contributory.
But their right to be heard
is clear, and one of the continued mistakes of govern-
ment
in the last
few years
is
chandise exports of the country are segregated important gains were recorded in the first six months
of the current calendar year with the augmentation particularly marked in articles wholly manufactured or for further use in manufacture. Among
specific articles the greatest increase is in raw silk,
the value of the outflow at 141,214,037 yen (a yen
equally about 50c.) exceeded the six months of 1916
by 34,491,521 yen. Other notable gains recorded
are 29,469,436 yen in cotton tissues, which is 20%
more than the values of the shipments for the period
a year ago; 26,238,305 yen in copper ingots and
slabs; 11,827,309 yen in cotton yarns and 6,279,092
yen in zinc ingots and slabs. Food exports were
almost double those of 1916, with beans and peas
showing a value of 15,872,943 yen, against only
4,221,523 yen and sugar 11,605,300 yen, against 5,565,446 yen. The only noteworthy decrease in
any of the schedules is in cotton undershirts and
drawers, which dropped from 14,327,694 j^en to
7,680,757 yen. Altogether, the exports from Japan
for the half year ended June 30 1917 reached a value
of 708,502,786 yen, against 469,565,750 yen last
year, or an expansion of 238,937,036 yen, and the
augmentation as compared with 1915 is over 407
million yen.
While much less imposing in extent, imports
also exhibit a very satisfactory gain for the six
months. In food items as a whole a nominal decrease is to be noted, but raw materials show an
increase of 34,233,742 yen, with cotton, flax, hemp
jute, wool and oil cake the chief contributors, while
an expansion of 33,185,609 yen in manufactures,
wholly or partly completed, is to be found in greatest
measure in iron bars, rods. &c., and machinery.
The aggregate value of the inflow of commodities
for the half-year was 447,948,440 yen, this contrasting with 380,440,952 yen in 1916 and 288,743,000 yen in 1915. Finally the net balance of
exports for the period in 1917 at 260,554,346 yen
contrasts with but 89,124,798 yen in 1916 and
the extremely small amount of 12,171,000 yen in
1915.
The
in
gold
large
movement
for the six
accretions of the metal,
months
resulted
the inflow into
Japan at 172,923,449 yen exceeding the outflow
by 109.773,339 yen, this comparing with a net inflow of 28,205,522 yen in 1916.
need
men
that business
.
Sept.
1
THE CHRONICLE
1917.]
CANADIAN SHIPBUILDING ACTIVITY.
857
the tenor of the covenant to that effect, and substitute a new and different provision which would
require merely the giving of information at the source,
thereby obliging the holder of the bond to pay the tax
notwithstanding the existence of the tax-free cove-
Aug. 30.
Commercial activity on the Atlantic and Pacific
seaboards of Canada has received a valuable impetus
from the shipbuilding orders placed by the Imperial nant upon which he has been relying to secure him
Munitions Board for the British Government. Not exemption from the tax, we wish to say that in our
only are all available yards engaged on orders that estimation the relative convenience or inconvenare certain of extensions for two or three years to ience of one method over the other should count for
come, but very few of the companies especially organ- little in a discussion of the matter. The question is
Canada,
Ottawa,
ized in recent
have
months to handle ship construction
failed to receive contracts.
too big a one to consider from any such minor standpoint.
Eighteen months ago not a ship of any description was being built or even planned in British
Columbia, and the lumber trade of the Province
was wilting for lack of tonnage to handle foreign
orders.
At the time of writing, the value of shipbuilding contracts placed in British Columbia is
The
change of method will be to
shift the burden of the tax from the corporation to
the bondholder. That is admitted on every side and
is why the change is being so vigorously contested.
It seems to us it is beside the point to argue that
the tax is a tax upon income and therefore the holder
eighteen million dollars, representing in the main as the recipient of the income ought to pay the
business placed by the Imperial Munitions Board same.
It strikes us it is just as much a tax upon
which acts for the British authorities. The ma- income if the corporation is obliged to pay it as it is
jority of the British Columbia ships will be of a when the levy is upon the holder.
standardized pattern, of wooden construction, 2500
By the tax-free covenant the corporation whose
tons, 250 feet long and 43 feet extreme breadth. The bond issues contain the covenant solemnly declares
machinery is of single screw, triple type of geared that: ''Both the principal and interest of this bond are
turbines of 590 i. h. p.
Douglas fir wood is specified, payable without deduction for any tax or taxes which
but an allowance is made that substitute woods the railway company may be required to pay or to
may be used for construction in the Eastern Mari- retain therefrom, by any present or future law of the
time Provinces.
United States or of any State or territory thereof,
Wooden vessel types were entirely a choice of the railway company hereby agreeing to pay such tax
necessity, for all of the Canadian steel mills are or taxes."
Langua;ge could not be broader or more
already overtaxed and the British Columbia ship- unambiguous. Relying upon the representations
yards have been forced to import from the United thus contained in the bonds, investment
purchases
effect of the
-
States the greater part of their steel requirements,
as structural shapes, plates, etc.
vessel
construction
is
Most
of the steel
being done in the Eastern
Canada shipyards and on the Great Lakes.
Whether the wooden type will be able to
billions
,
justify
a question on which
many of the shipbuilders have grave doubts. The
same reasons that banished the wood hull from the
main routes of trade ten years ago are expectefl to
further contracts after 1920
by the
have been made in implicit
confidence that the provision would be lived up to
whenever legislation should be enacted levying the
tax or taxes immunity from which it was intended to
provide.
Later Congress became a party to the arrangement It might have provided that the tax should
be collected from the owner. Instead it provided
literally
is
.
that the tax should be collected at the source of the
income, obliging the issuing corporation to pay it
come into play the moment the demand for tonnage where it had bound itself to do so by the
tax-free
and the supply of cargo space become more equalized. covenant, hut not otherwise. This the national
legis-
The
building of steel ships in
Canada
gives rather
lature did deliberately and after mature considerapromise. Under normal conditions the
There was now a double guaranty
tion.
that of
British yards could turn out steel freighters of eight
the corporation and that of Congress and since then
to ten thousand tons at about $40 to $50 a ton,
these tax-free bonds have been purchased with even
whereas to-day some British yards are receiving $140
greater avidity by investors, by trustees and other
a ton and for early delivery owners are off ering a bonus
fiduciaries and by financial institutions.
The quesThe increased British scale removes temporarily at tion now, therefore, is merely
that of acting in good
least the disadvantages under which the Canadian
faith
good faith not alone on the part of the corAtlantic yards were helpless to make any headway.
poration, but even more so, good faith upon the part
In the Maritime Provinces there are, in addition
The pubhc has a right to expect stabilof Congress.
to the ships ordered by the Imperial Munitions Board,
ity of Government poHcy in a matter of such great
about fifty vessels ranging up to 2600 tons, but
importance. For Congress now to change the
averaging about 400 tons, contracted for by private
method of collecting the tax so as to shift the burden
companies. The terms on which the Munitions
of the tax from the corporation to the holder would be
Board is placing its contracts are on the basis of cost
distinctly a breaking of the obhgation of good faith
plus percentage.
which would reflect upon our Federal legislative
body for a long time to come. This is a considerINTERFERENCE BY INCOME
WITH TAX- ation
transcending all other considerations, and
FREE COVENANT OF CORPORATE BONDS.
besides which everything else pales into insignificance.
In printing the following communications, preWe now give, without comment, the communicasenting possibly some new phases of the question
tions mentioned at the outset of these remarks:
whether Congresss would in amending the income
Philadelphia, Aug. 22 1917.
tax law be justified in changing the provision in the Editor, The Commercial & Financial Chronicle:
Dear Sir. — We have read with Interest the editorial in your issue of
existing law requiring the collection of the normal
August 18th regarding the proposed change in the collection of the normal
tax at the source of the income, thus compelHng the Federal income tax on bonds, and the objections raised by The Investment
Bankers' Association; and a somewhat different point of view may be worcorporations to assume the tax in accordance with thy of consideration.
greater
—
—
TAX
—
THE CHRONICLE
858
Immediately upon the publication of the complete
lievonue Act, early in July, wo pointed out the changes
that would result in the collection of the tax, and now we direct your
attention to some of the offsetting advantages.
gk In the first place
the original purpose of the Income Tax Law was to
levy a tax upon Incomes that Is, upon the lenders and not upon the
borrowers. This purpose was defeated to such an extent as tlie borrowing
corporations assumed the tax. Therefore, there is no breach of faith on
the part of the Government in trying to make effective the law as It was
originally intended.
Second, the returns, instead of being made more Intricate, should
become much more simple, it being much easier to compute the tax uj)on
one's income !vs a whole than upon its various parts.
Third, tlie corporations do not contract to reimburse or refund the
normal tax, but they merely agree to pay both principal and interest
without deduction for any taxes so far as they may lawfully do so. We
do not know of any corporation that agrees to continue paying the normal
tax under a different method of collection, and we do not see how any
bondholder could claim a refund, unless the corporation had specifically
covenanted and agreed to reimburse the bondholder, in addition tp its
This same point
obligation expressed in the usual tax-exemption clause.
came up some years ago with regard to bonds of school districts in I'ennsylvania, and municipal lawyers were very careful to specify that not only
should both principal and interest be free of any State tax, but that the
school district specifically covenanted and agreed in the bond form to pay
any such tax as might be levied on the holder.
Therefore, with regard to the income tax, the exemption clause Is not an
agreement to pay the normal tax, but simply an agreement to pay the
principal and interest without deduction for any taxes that may be levied
at the source.
How, then, has there been any impairing of the obligation of contract?
Practically every modern corporation mortgage contains a tax-exemption
clause, which is valueless as far as State taxes are concerned, to the resident
of a State other than that in which the corporation is domiciled.
Residents
of Pennsylvania are liable for a four-mill tax upon the bonds of foreign
corporations held by them, even though such bonds may contain clauses
specifying that both principal and interest are payable without deduction
for national or State taxes.
Fourth, the new method of collection will save owners of taxable bonds,
or of bonds which are exempt only in part, of the annoyance caused by
deductions from their coupons when the same are deposited in bank for
collection.
The average bond owner dislikes to have his bank account
charged with small collections or tax items.
Fifth, at the present time a large number of bonds are subject to the
normal tax that is, the tax is deducted from the coupon. Others are
payable without deduction for the tax regardless of the rate. On others
the interest is payable without deduction for the normal tax up to 1 % and
As a result, there is endless
still others without deduction up to 2%.
confusion upon the part of both bond seller and bond owner to keep track
of the various exemptions.
This would all be done away with under the
new method of collection, and would be some compensation to the bond
owner for the increased burden upon Mm; as well as saving the bond
houses a lot of annoyance.
Sixth, under the "information at the source" method, the information
certificates would presumably be transmitted to the Collector of Internal
Revenue, so that there should be no great risk of the tax revenue being
decreased through not being reported. Furthermore, on account, of the
certificates being in the hands of the Government instead of in the hands
of the corporations, the misuse of the information contained in them would
be minimized; and this is not one of the smallest advantages of the new
method, for there has been a great deal of criticism of information getting
S'
You"
will rncall that
draft.'of the
War
—
—
—
;
into improper hands heretofore.
cite these facts merely to show that there are arguments on both
sides of the question, and we are not so sure but that, as a general proposition, the advantages of the "information at the source" method outweigh
the disadvantages.
Yours very truly,
We
FREDERICK PIERCE &
CO.
[Vol. 105
TAX-FREE COVENANT— INVESTMENT HOUSES
OPPOSE ABOLITION OF TAXATION AT SOURCE.
That tho propo.sal to abolish taxation at the source, under
the pending war revenue bill, would destroy the value of the
tax-free covenant bonds "bought and paid for by investors
with the understanding that tlie debtor corporations would
pay the normal income tax" is pointed out in a communica-
by a number of investment houses to Secretary
Treasury McAdoo. The bankers take occasion to
state that "as paying and fiscal agents who are required to
withhold the normal income tax we do not object to the
system of deduction at the source. Moreover we see no
material advantage or difference in operation of information
at source compared with deduction at source so far as the
duties of paying and fiscal agents under the law are concerned." We quote below their communication urging that
no change be made in the present arrangements:
New York, Augtist 23 1917.
Hon. William G. McAdoo,
tion addressed
of the
The Secretary
of the Treasury,
Washington, D. C.
Sir: A report has been current among bankers that the Treasury Department advocates that deduction of normal income tax at source be abolished,
and that information at the source be substituted. We hope this report is
As the distributers of corporate securities sold with the tax-free
incorrect.
covenant, and thus as the representatives of a vast number of investors
throughout the country, we wish to call attention to the fact that bolishing deduction at the source would destroy the value of the tax-free covenant
in those corporate bonds which have been bought and paid for by investors
with the understanding that the debtor corporations would pay the normal
income tax.
We appreciate that the tax-free covenant is a matter of concern primarily
between the corporations and their security-holders, but at the same time
we urgently request before any action is taken the Treasury Department
properly look to the objectionable effects of such a change. As paying and
fiscal agents who are required to withhold the normal Income tax, we do
not object to the system of dedection at source. Moreover, we see no
material advantage or difference in operation of information at source
compared with deduction at source in so far as the duties of paying and
fiscal agents under the law are concerned.
We assume there are no urgent administrative advantages in changing
the present system of deduction at source, because abolishing this system
of necessity would make less certain the collection of all the tax and also
would increase greatly the work of the Internal Revenue Bureau by requiring a very large number of people to file annual returns which would be
imnecessary under the system of deduction at the source. Moreover, the
present law provides both deduction at the source and information at the
source, and it would seem that any additional Information needed or
desired on account of the expected lowering of the personal exemption may
be obtained without disturbing the system provided by the present law
with which the collecting agencies and bond owners are now familiar. A
careful survey of the sentiment on this matter among the distributers of
securities in this city shows that the views expressed above are practically,
if indeed not entirely, unanimous.
We deem this question to be one of material importance and trust that
we may have your thorough consideration of the points involved and your
co-operation in retaining the principle of deduction at source in the new
Revenue law. We are taking the liberty of sending copies of our telegram
to the members of the Senate Finance Committee and to Senators Wadsworth and Calder, of New York.
Respectfully,
NORFOLK & WESTERN RAILWAY COMPANY
Philadelphia, Pa., August 25 1917.
To the Editor of the Commercial & Financial Chronicle:
Dear Sir. Your article on page 647 of the issue of August 18th, entitled
"Moral Question Involved in Interfering by Income Tax with Tax-Free
Covenants" (in which the objections of the Investment Bankers' Association to the change made by the concluding sections of the pending War
Revenue Bill, whereby information at the source is required, instead of
collection at the source) contains a number of what seem to me misleading
—
and not wholly ingenuous statements.
The Investment Bankers' Association
quoted as renewing
objection
that the change will "throw an onerous and difficult labor of making
return upon many persons of small incomes." Is this correct? Will not
persons in receipt of incomes of $1,000 or $2,000 be required to make
annual returns whether the tax on interest is deducted at the source or not?
To say that the Government, by directing payment of the income tax
by the individuals receiving the income is interfering vrith existing contracts
of corporations (to pay principal and interest of bonds without deduction
for any taxes which they may be required to pay or retain therefrom) is
an extreme and unwarranted statement. The corporations have not obligated themselves to pay any tax which the Government may impose upon
the individual, except where it is specifically pro^-ided that such tax shall
be paid "at the source."
Your article states that "many bond issues have been planned to be more
attractive to investors by a definite agreement to pay interest and principal free from any existing or future tax by any State or by the Federal
Government." The omission in this statement of the words "which the
corporation may he required to pay or retain therefrom" gives a totally misThere was certainly never any intenleading meaning to the statement.
tion on the part of the corporations to pay any tax whatever which might
be imposed upon the interest and princial after it reached the hands of the
is
WHITE,
WELD
KEAN, TAYLOR &
& CO..
RHOADES & CO.,
WM. A. READ & CO.,
KIDDER, PEABODY &
WINSLOW, LANIER &
REDMOND &
HARRIS, FORBES & CO.,
CO.,
CO.,
Gold and subsidiary coin
In Canada...
.
E. H.
CO.,
ROLLINS & SONS.
July 31 1917. June 30 1917. June 30 1914.
$
$
$
28,948,841
50,349,060
53,474.064
17,160,111
21,893,779
23,578.458
—
Elsewhere
Total
Dominion notes
Deposit with Mln'er of Finance
for security of note circulation
Deposit in central gold reserves
Due from banks
Loans and discounts
Bonds, securities, &c
Call
Call
and short loans In Canada.
and short loans elsewbere
than In Canada
Other assets.
Total
imposed by the Act of
were required under this
January 1 1917, and the
1%
While some individuals
Individual was obliged to pay the remaining 1 %
endeavored to saddle this additional 1% upon the corporations, there was
no good ground for such endeavor, and the refusal of the corporations to
pay such tax could hardly be called immoral or a breach of contract.
The corporations have no wish or intention to repudiate theii' contracts
to pay par and interest in full, but it is clearly within the right of Congress
to say whether the income tax shall be a direct one, payable by the individual who receives the income, or an indirect one collected for him through
the corporation, and such action by Congress can in no reasonable manner
be construed as impairing the obligation of the corporations' contracts.
Yours truly,
E. H. ALDEN, Secretary & Assistant Treasurer,
ESTABROOK &
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the return for June 30 1914:
ASSETS.
72,242,839
122,743.664
77,052,522
122,617,160
46,108,952
92,114,482
5,756,623
50,220,000
167,402,661
972,709,227
375,843.952
71,376,788
6,982,421
43,450,000
163,574,209
980,687,246
322,608,856
76,085,220
6,667,568
3,050,000
123.608,936
925,681,966
102,344,120
67,401,484
151,875,676
82,514,589
159,309,133
81,256,032
137,120,167
71,209,738
2,072,686,019 2,033,622,799 1.575,307,413
2%
illustrative of this, the income tax of
September 8 1916 may be cited. Corporations
in the period prior to
Act to withhold only
CO.,
CO.,
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
its
owners of the bonds.
As
LEE, HIGGINSON & CO.,
REMICK, HODGES & CO.,
KISSEL, KINNICUTT & CO. POTTER, CHOATE & PRENTICE,
LIABILITIES.
189,866,666
112,088,966
111,647,959
113,499,203
%
189,866,666
112,081,966
111,643,114
113,494,533
%
192,866,666
115,434.666
114.811,775
113,368,898
154,692,268
42,265,643
634,696,074
929,442,340
37.114,375
3.894,725
25,167,671
156,625.701
48,323,862
627,663,857
900.510.552
31,707,183
3,120,615
22,482,516
99,138,029
44,453,738
458,067.832
663.650.230
32,426,404
20.096.365
12,656,085
s,
Capital authorized
Capital subscribed
Capital p;ud up
Reserve fund
_
Circulation
Government deposits..
Demand
deposits
Time deposits
Due to banks
Bills
Other
payable
llabUities
._
Total, not including capital
or reserve fund
1,827,273,096 1,790,434,286 1,330,488,683
Note.
Owing to the omission of the cents Jn the official reports; the
fOOCinKS In the above do not exactly ai^ee with the totals slven.
—
—
Sept.
1
THE CHRONICLE
1917.]
SALE OF SECOND LOT OF BRITISH TREASURY BILLS
BY
J.
P.
MORGAN &
CERTIFICATES
A second offering of $15,000,000 ninety-day British
Treasury notes was disposed of on Monday last by J. P.
Morgan & Co., fiscal agents for the British Government in
the United States. This week's installment of the notes
was sold on the same discount basis, 5J^%, as last week's
As announced in these columns last Satamount issuable is limited to $15, 000, 000 maturities
eachweek,butthe total amount outstanding at any one time is
not to exceed $150,000,000. The notes have foimd ready
buyers indeed the applications for them have been so nusimilar offering.
urday, the
—
merous that arrangements for the placing of the third installment were practically completed this week, although the
payment for the same will not be made until Tuesday next.
The rate of 5M%. it is understood, will apply on the third
Circulars of certain institutions to their out-of-town correspondents, from whom large orders have been received,
refer to the 534% as appearing "attractive as compared with
rates for high-grade paper."
lot.
LATEST OFFERING OF TREASURY CERTIFICATES
OF INDEBTEDNESS 20% OVERSUBSCRIBED.
of the Treasury
McAdoo late on Aug. 25, that the $250,000,000 offering
3J^% Treasury certificates of indebtedness (referred to
of
in
these colums last week), subscription books to which closed
12 o'clock noon Aug. 25, had, with final returns yet to be
received,
been oversubscribed approximately 20%. A
statement issued by Secretary McAdoo read:
In accordance with previous announcements, subscriptions were closed
noon to-day, local time, on the offering of $250,000,000 of Treasury
certificates of indebtedness, and incomplete reports to the Treasury Department from the Federal Reserve banks show that the issue was oversubscribed approximately 20% which will form the basis of allotment.
The certificates are payable Nov. 30 1917 with interest at the rate of
per annum from Aug. 28.
at
,
SH%
An
Associated Press dispatch from Washington on Aug.
24 stated that the Government is saving $2,500 a day owing
to the failure of banks and others to collect money due them
for the earlier issues of short term certificates of indebtedness, issued months ago and now past maturity.
The
dispatch said:
The Government is making a clear profit of nearly $2,500 a day on the
procrastination of bankers and others in collecting money due them for
short term certificates of indebtedness, issued months ago and now past
maturity. More than a month has passed since the last of these certificates matured and at present approximately $25,000,000 of the issue is
still outstanding.
interest, the rate on the Liberty Loan and the rate paid by
At
foreign Governments for money loaned them by the treasury, the amount
represented by outstanding certificates would yield approximately $2,500
a day. The entire proceeds of the Liberty Loan so far as paid in (there
yet remains one installment to be paid) has been spent for domestic needs or
loaned to America's allies and the treasury in now meeting demands upon
it largely with the proceeds of the first issue of certificates, $300,000,000 in
anticipation of the second Liberty Bond issue.
Some of the $25,000,000 outstanding is undoubtedly deposited as collateral for Government deposits, some has not been turned in apparently
because the holders are careless and some certificates may have been lost,
but all have ceased to bear interest.
3M%
,
FINAL INSTALLMENT ON LIBERTY LOAN PAID
AUGUST
30.
The fifth and final instaUment on the $2,000,000,000
Liberty Loan was paid in at the Federal Reserve banks on
Aug. 30. The installment called for 30%, but inasmuch as
a great majority of bond subscribers had previously paid up
in full for their subscriptions, the total paid into the Treasury
on Aug. 30 amounted to less than $100,000,Q00. The pay-
ment at the Federal Reserve Bank of New York, it is said,
amounted to somewhat over $20,000,000. When the fourth
installment was turned in on Aug. 15 the total payments at
the bank were about $588,000,000 of the allotment of
$621,000,000 in this district.
Subsequently, however, a
considerable additional amount was received by the bank.
With the payment of the final instaUment, the financial
transactions, incident to the flotation of the first Liberty
Loan
offering,
reached
a
NEW CANADIAN WAR
CO.
Announcement was made by Secretary
satisfactory
conclusion.
859
The
Liberty Loan was offered on May 14 and subscription books
closed on June] 15 .| The Government has already spent
more than the $2,000,000,000 obtained from the issue, this
amount alone having been lent within the last fewjmonths on
account of piirchases by the AlUes in the American market.
Owing to the fact that the proceeds of the last loan are
exhausted it is believed that Secretary McAdoo may announce the opening of subscription books for the forthcoming
issue sooner than he had actually intended.
We
mentioned
SAVINGS CERTIFICATES-
AND DEBENTURE STOCK
SOLD.
week
that
the
columns last
Cananow offering to investors a war savings
in these
dian Government is
$8 60, for which the holder will get $10 at the
end of 3 years. We now learn from a circular issued by the
Department of Finance at Ottawa that these certificates are
issued in four denominations $10, $25, $50, and $100
and run for 3 years from the date of purchase. The prices
are $8 60, $21 50, $43, and $86 respectively— that is to say,
for every $8 60 you lend to the Government now, you will
receive a certificate entitling you to $10 at the expiration of
3 years.
The discount is equivalent to an interest rate of
over 5% compounded half-yearly. Individual purchases
are limited to $1,500.
The certificates may be surrendered at any time before the
end of the 3 years, if the money is needed, on the following
certificate at
—
basis:
Certificate of
$10
During first 12 months at
$8 60
After 12 months but within 24 months at.. 8 90
After 24 months but within 36 months at. . 9 30
$25
$2150
22 25
23 25
$50
$43 00
44 50
46 50
$100
$86 00
89 00
93 00
The certificates which are issued for the purpose of helping
to provide the money necessary to finance Canada's share
in the war, are redeemable free of exchange at any branch
of
any chartered bank
in
Canada, or at any Money Order
Post Office in Canada.
The Secretary to the Minister of Finance advises us that
up to Aug. 28 the total sale under the 3-year offering of war
savings certificates made by the Canadian Government in
January in $25, $50 and $100 denominations, the price
being respectively $21 50, $43 and $86, had been $10,019,656.
Up to the same date the Government had disposed of
$9,825,000 of the offering of 5% 3-year debenture stock
in October last for the purchase of war supplies and
issued in amounts of $500 or any multiple thereof.
In our
issue of Jan. 20 we gave a description of both of these
made
offerings.
NEGOTIATIONS FOR LOAN TO GREECE.
Negotiations for an advance from the United States to the
Greek Government of 100,000,000 drachmes, or about
$20,000,000, are well under way, according to mail advices
from Athens on August 2 to the Associated Press, received
The authorities at Athens,
in the United States Aug. 24.
it is said, desired to know first whether the plan would
be acceptable in principle, before entering into details
as to the exact amount, rate of interest, length of
loan, security, &c.
It was the intention, also, to use this
loan for the civil administration of Greece, leaving to England and France to supply the funds for Greece's military
and naval equipment. The press advices further say:
This was the plan of M. Jonnart, the French High Commissioner to
Greece, who put the new Government on its feet and of Venizelos, President of the Council, and undisputed master of the new regime. But
word now comes that in case the American authorities make the advance,
they want it used for the military and naval purposes of the war, and not
This may change the plans somefor the civil administration of Greece.
what, so that the United States will furnish the war funds, and France
and England
will finance the civil administration.
Should the advance be made, it will be the first participation of the
United States in Greek finances, although most of the other great Powers
have had a hand in these finances for many years back, and six of them,
forming the International Finance Commission, practically control the
The United States would probably be asked to name
finances of Greece.
a member of this Commission in case the American advance is finally decided upon, and would thus have a hand in safeguarding its own funds
and also in straightening out all the foreigh finances of Greece. At present
England, France, Russia, Italy, Germany and Austria have representation on the Commission; the German and Austrian representation being
temporarily suspended.
As a result of the work of this Commission, Greek finances have been
placed on a reasonably stable basis, after being in an unsatisfactory conOne of the old loans dated back from the Greek war
dition for years.
of independence in 1830, when the new and struggling nation was. comIt was not
pelled to pay the unheard-of rate of 50 cents on the dollar.
until a few years ago that this old loan was finally paid off.
When Greece had to pay a war indemnity of $30,000,000 to Turkey, as a
result of the Turko-Greece war of 1897-8, the foreign Powers finally stepped
in, first supplying the cash to meet the indemnity, and then taking over
the partial administration of finances. This has continued ever since,
and the European Powers are to-day carrying on the foreign financial adThey control the big State monopolies on toministration of Greece.
bacco, salt, petroleum, matches, playing cards, cigarette paper, emery,
and stamps, as well as the customs receipts of the Piraeus, the port of
Athens, and many other chief ports.
Last year the Commission had receipts of 16,800,000 drachmas; disbursements, 9,800,000 drachmas, and balance for paying of loans, 6,800,000 drachmas. The largest yield from the State inonopolies was from
stamps, 10,000,000 drachmas; next tobacco, 8,000,000 drachmas; petroleum, 5,000,000 drachmas; salt, 3,600,000 drachmas.
The war has had a bad effect on the Commission's receipts from the
Greek customs. Ordinarily the Piraeus yields 40,000,000 drachmas a
When the reyear, but last year it yielded only 23,000,000 drachmas.
ceipts of the International Commission roach a certain minimum, then the
860
THE CHRONICLE
customs of additional ports are placed at its disposal. Thus most of the
bost-yielding resources of Greece are under the direction of this foreign
organization, which administers it. however, strictly in the interest of
Greece, and with a success which has restored conditions to a reasonable
and promising basis.
In case the American loan Is made, the question of rate, security, &c.,
Greece paid 5% for her last loan. But that was a strictly
will come up.
commercial transaction, whereas It is assumed that an advance by the
United States at this time would not be a strict business affair, but more
In the nature of co-oporation of one of the Allies in the present war in
measures of assistance to one of the smaller nations favorable to the Allied
cause, and in a territorial position capable of rendering the Allies groat
help or great harm. Many of the war experts still contend that the war
will ultimately be settled in the Balkans along the Salonikl front, in which
case Greece will be a decisive factor in the final solution. And. in any
event, its water front on the Mediterranean and its territory and citizenship In the Balkans give it a sure and commanding position, both in the
affairs of the Near East and in the problems of the Balkans, long the stormcentre of Europe and the cause of the present war.
Should the United States ask for security for the advance, there are
many resources still available for this purpose. Probably the best of these
are the customs receipts of Saloniki, the great Greek naval base, where
the Allied forces are now concentrated. Besides this, there is even a richer
field of security in the vast stretches of Thessaly and Macedonia, the
garden-spot of northern Greece. But in the matter of security, as in rate
of interest, it is assumed that the United States would not wish to drive
too hard a bargain, but would make the advance because it served the
Allied cause and assisted one of the small nations of which America has
declared itself the champion.
On Aug. 11 advices from Athens stated that the Greek
Financial Minister Negropontes, replying to an interpellation in the Chamber, had stated that the Cabinet of exPremier Skouloudis contracted two secret loans with the
Bleichroeder Bank of Berlin of 40,000,000 marks each,
repayable in three months after the signatm-e of peace.
The first loan was arranged Jan. 2 and the second in April
1916, and the Lambros Ministry obtained a third similar
loan of forty millions in January 1917. Of these loans, it
is said, only 10,000,000 marks had been paid up by the
bank. M. Negropontes further declared that the Venizelos
Government would 'accept liabilityjfor these loans. At the
same time, he emphasized the heavy responsibility of the
Skouloudis Government, which negotiated the loans without the authority of the Chambers, and kept them secret
while at the very time they were trying to oblige the Western
Powers to make them another loan of 120,000,000 marks.
The Minister also called attention to the fact that the
second loan almost coincided with the abandonment of Fort
Ruprel to the Bulgarians.
ADOPTION IN FRANCE OF BILL TO PREVENT
SPECULATION IN EXCHANGE.
A bill, growing out of what is said to be unwarranted
speculation in foreign Exchange, has been adopted by the
French Chamber of Deputies; it is designed, it is said, to
enable the Government to keep a closer watch on the books
and records of those dealing in foreign money. The "Journal of Commerce" in its issue of Aug. 22/printed the following advices from Paris under date of July 30 relative
to the new measure:
The Chamber of Deputies has adopted a bill, on the advice of the recently appointed exchange committee, with a view of giving the Government more exact information as to the exchange. The preamble to the
bill points out that the exceptional conditions of the war have made the
exchanges exceptionally sensitive and have caused unprecedentedly wide
fluctuations.
As a result speculation has ensued, a speculation that is
Conin no way justified, as in normal conditions, by its regulating effect.
sequently it is thought desirable that it should no longer be possible for
exchange operations to be effected without their being closely followed.
The preamble further points out that the chief French banks have gladly
furnished all information requested by the Government, but that in view
of the growing number of individuals and companies undertaking exchange
operations in France it has become indispensable to insist on the Information required being produced and given in legal form.
The exchange
committee, with this object, invite the Chamber to make it obligatory
for anyone who deals in any way in foreign money to keep legal books,
where all operations are recorded, for inspection byjthelauthorities.
NEWLY ORGANIZED CLEARING HOUSE IN
(Vol. 105
The consequence
refu.sed absolutely to deposit these with any bank.
that the note issue of the Bank de France is unduly inflated, reaching
nearly twenty milliards of francs.
This large note issue is partly due to the hoarding of bank notes by
people who have handed over gold, or, who have made war profits, and
also to other causes, the underlying cause, however, in every instance
The
I)(:ing the refu.sal of people to place money on deposit in banks.
(luestlon is naturally causing anxiety to the Government, as will be seen
from the statement of an official character discrediting the idea that the
fJovernment should attempt to meet the problem by the demonetization
That such a proposal should have been brought
of gold and other coins.
forward in the form of a bill is evidence of the gravity of the problem.
have
is
MISSOURI
Chapter
LAW GOVERNING RESERVES AGAINST
BANK DEPOSITS AMENDED.
2, Article 12 of the
Revised Statutes of Missouri
amended by an Act of the General Assembly,
approved March 25 1915, concerning the reserves of banks,
1909, as
trust companies, savings banks and safe deposit institutions,
was amended in 1917 by repealing Section 71 of the 1915
Act and enacting in lieu thereof a new section (Section 71),
concerning reserves against deposits. Section 71 remains
substantially the same except that a new paragraph has
been added requiring that every bank located in cities
having a population of 200,000 or over, must maintain
reserves against its aggregate deposits in the amount of
18% of such deposits, and at least 7% of such deposits
must be maintained as reserves on hand.
tion 71 as
We
print Secreads, italicizing the portions added this
those eliminated we put in black face type and
it
now
year and
black face brackets:
Every bank
shall
posits, as follows:
Reserves Against Deposits.
maintain reserves against its aggregate demand de-
1. Eighteen per centum of such deposits, if such bank is located in a city
having a population of 200,000 or over and at least 7% of such deposits shall
be maintained as reserves on hand.
2. Fifteen per centum of such deposits, if such bank is located in a city
having a population of 25,000 or over and less than 200.000; and at least
6% of such deposits shall be maintained as reserves on hand.
3. Fifteen per centum of such deposits if such bank is located elsewhere
in the State.
The reserves on hand required by this section shall consist
of any form of coin or currency, authorized by the laws of the United States,
provided that a bank located in a city having a population in excess of 200,OOO shall not count Federal Reserve notes as a part of its reserve on hand. If
any bank shall have become a member of a reserve bank, it may maintain
as reserves] and reserve on deposit with such Federal Reserve bank
such portion of its total reserves as shall be required or permitted of members of such Federal Reserve bank; and if such bank has an office in a city
having a population of 200,000 or over, the remainder of its total reserves
shall be carried as reserves on hand: Provided, however, that any bank becoming a member of a Federal Reserve bank, and while it continues such
member, shall be required to maintain only such reserves as are required
by the Federal Reserve Act and amendments thereto.
4. Any director, officer or employee of a bank who makes any agreement,
express or implied, before or at the time of issuing a certificate of deposit
by which its holder may demand or receive payment thereof in advance
of its maturity, or who before or at the time of receiving a savings deposit,
makes an agreement, express of implied, by which the holder of the savings
pass book may demand or receive payment of the savings deposit in advance of the time provided for payment under the rules and regulations
under which the savings deposit was received, shall forfeit and pay the sum
of $100 for each violation of this provision to be collected as provided for
in this Act.
Approved April 10 1917.
.
DEVELOPMENT OF BRANCHES OF FEDERAL RESERVE
BANKS AND BRANCH BY-LAWS.
Referring to its action in July in definitely deciding upon
the estabhshment of branches of Federal Reserve banks at
Spokane, Wash., and Omaha, Neb., the Federal Reserve
Board in the August Bulletin also stated that the estabhshment of other branchs at Pittsburgh, Cincinnati, Louisville and Denver is under consideration.
The proposed
creation of a branch at Baltimore was previously announced,
but the details of its organization, the Board says, have
not yet been completed. Along with its announcement
relative to the new branches, the Board has made pubUo
PARIS the standard by-laws for use in the branches.
TO FACILITATE CHECK CLEARANCE.
The formation of a new clearing house in Paris to faciU- MILITARY EXEMPTION FOR EMPLOYEES OF RESERVE
tate the clearing of cheeks is made known in maU advices
BOARD OR RESERVE BANKS NOT SOUGHT.
received from Paris under date of July 15, and printed in the
In making known that exemption for its own employees,
"Journal of Commerce" as follows on Aug. 8:
and those of Federal Reserve banks from military service
A new
bankers' clearing house has been formed in Paris at 2 Rue des
Formerly there was a Chambre de Compensation in Paris, but
Recently
this only included a comparatively restricted number of banks.
a Caisse de Compensation was established to meet the needs of other bankThese two bodies have
ing firms, including British and American houses.
now fused under the title of Chambre de Compensation. At a meeting
held to-day. at which representatives of all of the principal British and
American banks operating in Paris were present, it was stated definitely
that the policy of the organization would be not only to facilitate the
clearing of checks but also to do everything possible to promote the use
of checks.
It must be remembered that the check system is at present very little
developed in France, an evil that at present is unfavorably affecting French
finance.
In many case Frenchmen have responded patriotically to the
tppeal of the Government for gold, but, bringing their gold to the Bank
Je France, they have insisted on receiving bank notes in exchange, and
Italiens.
would not be generally asked by the Reserve Board,
Gov. Harding in July, we learn from the Reserve Bulletin,
sent the following letter to the Reserve banks:
The Federal Reserve Board has, during the past few weeks, received
communications from several Federal Reserve banks asking if any action
could be taken looking toward the exemption of their employees from the
operation of the Federal draft for military service.
The Treasury Department has more recently referred to the Board
letters and telegrams from the governors of most of the Federal Reserve
banks asking if this exemption could be secured on the ground that the banks,
are fiscal agents for the Government and are doing a large amount of additional work incident to their duties as such, and in connection with the
bond issues.
9^4
While the Board appreciates the importance of protecting the organiza~
tions of the Federal Reserve banks,
it is
imable, after very careful considera-
,
Sept.
1
THE CHRONICLE
1917.]
tion, to find any grounds upon which to base a request for the exemption
The law does not authorize
of employees of Federal Reserve banks.
specific exemption in favor of the employees of Federal Reserve banks or
of the Federal Reserve Board, and while the banks will doubtless suffer
some inconvenience, just as member banks, insurance companies, and
mercantile concerns will, the Board believes that the executive officers of
the Federal Reserve banks should, as a rule, release cheerfully any employees who may be drawn under the selective draft, fUling their places
either with men who are beyond the draft age or with competent women
as has been done to such a great extent in all belligerent countries. The
Board does not see how it can take the position that Federal Reserve banks
are so much in a class by themselves that general exemption in their favor
should be requested, and it does not believe that such a request could be
granted if made. The Board realizes the possibility that some employees
may be drawn whose services are especially valuable to the banks, and in
such specific cases it would suggest that application be made for exemp,
tion.
PRESIDENT WILSON REJECTS THE POPE'S PLEA
FOR PEACE.
by President Wilson of the peace overtures
of Pope Benedict XV was made known this week in the reply
cabled to Ambassador Page for delivery to Foreign Minister
Balfour for transmission to Rome. The President's answer
to the Pope's plea for peace, which was addressed to the
leaders of all the belligerent nations, was given out Tuesday
night, Aug. 28, by the State Department for publication
on Wednesday. It is understood that the President's
conclusions are in line with the Allies' vie-vvs. The note
embodying the Sovereign Pontiff's proposals was given
The
rejection
Aug. 18, having only been made public
that week, although, as revealed in President Wilson's reply,
To quote President Wilson, His
it bore date of Aug. 1.
Holiness in substance proposed "that we return to the status
quo ante beUum and that then there be a general condonation,
disarmament and a concert of nations, based upon an acceptance of the principle of arbitration; that by a similar concert freedom of the seas be established; and that the territorial
claims of France and Italy, the perplexing problems of the
Balkan States, and the restitution of Poland be left to such
conciliatory adjustments as may be possible in the new
temper of such a peace, due regards being paid to the aspirations of the peoples whose political fortunes and affiliations
wiU be involved."
"It is manifest," says the President, "that no part of this
program can be successfully carried out unless the restitution of the status quo ante furnishes a firm and satisfactory
basis for it."
The President essays that:
in our issue of
We
believe that the intolerable wrongs done in this war by the furious and
brutal power of the Imperial German Government ought to be repaired, but
not at the expense of the sovereignty of any people rather a vindication
of the sovereignty, both of those that are weak and those that are strong.
Punitive damages, the dismemberment of empires, the establishment of
selfish and exclusive economic leagues, we deem Inexpedient and in the
end worse than futile, no proper basis for a peace of any kind, least of all
That must be based upon justice and fairness and
for an enduring peace.
the common rights of mankind.
—
"To deal with such a power by way of peace upon the plan
proposed by His Holiness the Pope would, so far as we can
see," the President sets out, "involve a recuperation of its
strength and a renewal of its policy; would make it necessary
to create a permanent hostile combination of nations against
the German people, who are its instruments and would
result in abandoning the new-born Russia to the intrigue,
the manifold subtle interference and the certain counterrevolution which would be attempted by aU the malign
influences to which the German Government has of late
accustomed the world." In stating that "we cannot take
the word of the present riders of Germany as a guarantee of
anything that is to endure, unless explicitly supported by
such conclusive evidence of the will and purpose of the
German people themselves as the other peoples of the world
woidd be justified in accepting," the President adds that
"without such guarantees, treaties of settlement, agreements for disarmament, covenants to set up arbitration in
the place of force, territorial adjustments, reconstructions of
small nations, if made with the German Government, no
man, no nation could now depend on." The reply in full is
as foUows:
Washington, D. C, August 27 1917.
TO HIS HOLINESS BENEDICTUS XV., POPE:
In acknowledgment of the communication of your Holiness to the belligerent
peoples, dated Aug. 1 1917 the President of the United States requests me to
transmit the following reply:
Every heart that has not been blinded and hardened by this terrible war
must be touched by this moving appeal of his Holiness the Pope, must feel
the dignity and force of the humane and generous motives which prompted
It, and must fervently wish that we might take the path of peace he so
persuasively points out. But it would be folly to take it if it does not In
fact lead to the goal he proposes.
Our response must be based upon the
stem facts, and upon nothing else. It is not a mere cessation of arms he
desires; it Is a stable and enduring peace.
This agony must not be gone
through with again, and it must be a matter of very sober judgment what
will insure
us against
it.
.
.
861
His Holiness in substance proposes that we return to the status quo ante
bellum and that then there be a general condonation, disarmament, and a
concert of nations based upon an acceptance of the principle of arbitration;
that by a similar concert freedom of the seas be established; and that the
territorial claims of France and Italy, the perplexing problems of the
Balkan States, and the restitution of Poland be left to such conciliatory
adjustments as may be possible in the new temper of such a peace, due
regard being paid to the aspirations of the peoples whose political fortunes
and affiliations will be involved.
It is manifest that no part of this programme can be successfully carried
out unless the restitution of the status quo ante furnishes a firm and satisfactory basis for it. The object of this war is to deliver the free peoples of
the world from the menace and the actual power of a vast military establishment, controlled by an irresponsible Government, which having
secretly planned to dominate the world, proceeded to carry the plan out
without regard either to the sacred obligations of treaty or the long-established practices and long-cherished principles of international action and
honor; which chose its own time for the war; delivered its blow fiercely and
suddenly; stopped at no barrier, either of law or of mercy; swept a whol6
continent within the tide of blood not the blood of soldiers only, but the
blood of innocent women and children also and of the helpless poor; and
now stands balked, but not defeated, the enemy of four-fifths of the world.
This power is not the German people. It is the ruthless master of the
German people. It is no business of ours how that great people came under
its control or submitted with temporary zest to the domination of its
purpose; but it is our business to see to it that the history of the rest of the
world is no longer left to its handling.
To deal with such a power by way of peace upon the plan proposed by
His Holiness the Pope would, so far as we can see, involve a recuperation
of its strength and a renewal of its policy; would make it necessary to create
a permanent hostile combination of nations against the German people,
who are its instruments; and would result in abandoning the new-born
Russia to the intrigue, the manifold subtle interference, and the certain
counter-revolution which would be attempted by all the malign influences
to which the German Government has of late accustomed the world.
Can peace be based upon a restitution of its power or upon any word of
honor it could pledge in a treaty of settlement and accomodation?
—
Responsible statesmen must
now everywhere
see,
if
they never saw
before, that no peace can rest securely upon political or economic restrictions meant to benefit some nations and cripple or embarrass others, upon
vindictive action of any sort, or any kind of revenge or deliberate Injury.
The American people have suffered intolerable wrongs at the hands of the
Imperial German Government, but they desire no reprisal upon the German
people, who have themselves suffered all things in this war, which they did
not choose. They believe that peace should rest upon the rights of peoples,
not the rights of Governments the rights of peoples, great or small, weak
or powerful their equal right to freedom and security and self-government
and to a participation upon fair terms in the economic opportunities of
the world the German people, of course, included, if they will accept
—
—
—
equality and not seek domination.
The test, therefore, of every plan of peace is this: Is it based upon the
faith of all the peoples involved, or merely upon the word of an ambitious
and intriguing Government, on the one hand, and of a group of free peoples,
on the other? This is a test which goes to the root of the matter; and it is
the test which must be applied.
The pm-poses of the United States in this war are known to the whole
world to every people to whom the truth has been permitted to come.
seek no material advantage of
They do not need to be stated again.
any kind. We believe that the intolerable wrongs done in this war by the
furious and brutal power of the Imperial German Government ought to be
repaired, but not at the expense of the sovereignty of any people rather a
vindication of the sovereignty both of those that are weak and of those that
are strong.
Punitive damages, the dismemberment of empires, the establishment of selfish and exclusive economic leagues, we deem Inexpedient,
and in the end worse than futile, no proper basis for a peace of any kind,
That must be based upon justice and
least of all for an enduring peace.
fairness and the common rights of mankind.
cannot take the word of the present rulers of Germany as a guarantee
of anything that is to endure unless explicitly supported by such conclusive
evidence of the will and purpose of the German people themselves as the
other peoples of the world would be justified in accepting. Without such
guarantees treaties of settlement, agreements for disarmament, covenants
to set up arbitration in the place of force, territorial adjustments, reconstitutions of small nations, if made with the German Government, no man,
no nation, could now depend on.
We must await some new evidence of the purposes of the great peoples
God grant it may be given soon and in a way to
of the Central Powers.
restore the confidence of all peoples everywhere in the faith of nations and
the possibility of a covenanted peace.
—
We
—
We
ROBERT LANSING,
Secretary of State of the United States of
America
Associated Press advices from Paris on Aug. 26, quoted a
dispatch to the Intransigeant from Rome as saying:
Vatican circles say that Pope Benedict does not intend to issue a second
or explanatory note to clear up his peace proposals, as it had been reported
he would do, but
offering
will
wait until he has heard from the belligerents before
any interpretation of
his original
communication
when the British and Belgian Ministers
Vatican were received separately by Pope
the
accredited to
was made as to the meaning of the referinquiry
Benedict,
ence to the freedom of the seas in the Pope's peace proposal.
The Pontiff is said to have replied that he intended to give
to this condition the same meaning as that of President
Wilson in his message, while leaving ample liberty to the
belligerents to agree in future discussion as to details.
According to the "Tribune" of Aug. 24 the United Press
was authorized to make public the following statement on
that day by the Papal Secretary of State at Rome concerning
the Pope's peace plea:
On Aug.
22,
two points In the Pontifical appeal for peace, treating respecdisarmament and freedom of the seas, were suggested by President
Wilson's well known message to the Senate.
Consequently, we are Inclined to believe that they will now find, on the
part of the American people, the same reception that they enjoyed when
President Wilson proclaimed them at the Capitol.
and fourth points, wherein mutual condonation of war exmages, as well as mutual restitution of occupied territories,
u were formulated from public speeches recently delivered by
The
first
tively of
,
THE CHRONICLE
S62
statesmen of the different belligerent nations and ft-om resolutions passed
by
thoir respective parliaments.
Therefore the same statesmen cannot refute them now without contradicting themselves.
Moreover, it is necessary to remark, as to condonation of damages caused
by the war, that there is an exception applying particularly to Belgium.
The fifth and sixth points concern special territorial questions, about
which the Holy Father docs not and could not propose any definite and
concrete solution. Consequently ho confines himself to expressing the
wish that said questions shall be examined in a conciliatory spirit, taking
Into consideration, as far as possible, any just aspirations of the people.
The Holy See wishes to emphasize the fact that the appeal was not
suggested by any of the belligerent powers and was not inspired for the
particular advantage of any warring nation.
Finally, the Holy Father .said nothing about democracy and the democratization of any existing government, because history teaches us that a
form of government impo.sed by arms does not and cannot live, and also
out of respect for the free will of the people themselves, who, having the
right of universal suffrage, may choose whatever form of government they
please.
For the rest, democracy will receive such an impulse from the war that
wisdom must prevent it deteriorating into any excessive forms, such as
anarchism.
A serai-official statement issued at Rome on Aug. 17
stated that the Vatican considered the reproach of a part of
the press that the Holy See has not condemned violations of
law, such as atrocities committed, as unjust, since Pope
Benedict, faithful to his principle of impartiality, in his note
had the intention of acting as peacemaker, and not as judge,
and also because he lacks the necessary powers to do so.
No peacemaker, the statement added, would have had the
faintest chance of success if he began by trying to prove
which side is right and which is wrong. The Pontiff went
as far as possible, the statement continued, to make understood what his feelings are without risking the failure of his
proposal on the rocks of Austro-German iU-feeling. Besides,
it concluded, the Papal proposals were in solemn condemnation of those responsible for the war methods adopted and
the barbarities committed.
In a special cable from Rome the New York "Times" of
Aug. 18 said:
The "Corriere d'ltalia," the semi-official Vatican organ, strongly combats
the view that the Papal peace note was compiled in accord with the Central
Empires, saying that, on the contrary, the proposals favor the Allies.
It suggests that the plan imposes on the Central Empires heavy sacrifices,
such as disarmament, the resurrection of Poland and the possible restitution
of Alsace-Lorraine, the Trentino, and Trieste, which it holds, is quite right,
as those who were responsible for the war have been hoping to obtain from
Hegemony, it is also indicated,
it satisfaction of their thirst for conquest.
must stand the severest losses, accepting a new European arrangement based
on the principle of nationalities.
If the two groups of belligerents accept and enter negotiations, says the
paper, there is no necessity to conclude an armistice, which the Pope does
not mention in his note. The Russo-Japanese peace, it is recalled, was
negotiated at Portsmouth without interrupting military operations.
THE WAR REVENUE BILL IN THE SENATE.
on the war revenue bill is fixed for Monday
agreement reached by the Senate on Aug.
under
an
Sept. 10
petition filed on the previous day was
when
cloture
the
30,
Thursday's
agreement also provides for the
withdrawn.
The
final vote
war
section of the bill not later
than Sept. 5, and the income tax provisions not later than
It provides further for earUer action if the debate
Sept. 7.
disposition of the
profits
ends sooner than expected. The agreement was reached
following a spirited debate between Senators Simmons and
Underwood on war profits, and after Senator LaFoUette had
blocked an effort to fix next Monday as the day for a vote.
A petition for cloture, signed by 56 Senators, to limit debate
and force the early passage of the bill, was presented on
Wednesday, the 29th, by Senator Simmons; a vote on the
It was
cloture was to have been taken yesterday (Friday)
after Senator Simmons had consented to the withdrawal of
the petition;, that the date for the final vote was agreed to.
The provisions increasing letter postage and embodying
the publishers' tax were taken up this week by the Senate
as in Committee of the Whole; On the 28th, the Senate,
by a voteiof|i,39j,to 29, kiUed the House provision increasing
letter postage from 2 to 3 cents an ounce; the provision carried in thej House JbiU had been retained in the bill by the
it had been estimated that
Senate Finance Committee;
$50,000,000 annually would be raised through the higher
On Aug. 29 the provision for a 5% special tax
letter rate.
.
to raise $7,500,000, was eliminated
In lieu of the House zone system for
increasing|second class postage rates by $19,000,000 and the
Finance Committee's substitute proposing a flat rate increase of one-quarter cent a pound, estimated to raise
$3,000,000, the Senate on Aug. 29 by a vote of 40 to 35, substitutediSenator McKellar's zone system to raise $12,600,000
additional.
An effort to strike out the section entirely and
leave present postage rates unchanged will be made later.
Senator McKellar's amendment provides:
on publishers, "^designed
without a roU
call.
[Vol. 105.
That on and after Jan. 1 1918 all newspapers, magazines and other publications regularly admitted to the mails as matter of the second class when
mailed by the publisher, shall hereafter be subject to the following rates of
postage, the zone system now applying to parcel post matter bo be adapted
also to second class matter:
Local first, second and third zones (under three hundred miles), Ic per
pound.
zone (three hundred to six hundred miles) 2c per pound.
Fifth zone (600 to 1 ,000 miles) 3c per pound.
Sixth zone (1,000 to 1,400 miles), 4c per pound.
Seventh zone (1,400 to 1,800 miles), 5c per pound.
Eighth zone (over 1,800 miles), 6c per pound.
Provided that free-in-country circulation provided by law shall continue
as at present; and provided, further. That the Postmaster-General may
hereafter require publisher to separate or "make up" to zones, or in such
manner as may be directed all matter of the second class when offered for
Provided that this section shall not apply to farm or religious
mailing.
newspapers and periodicals nor to newspapers and periodicals entitled to be
entered as second class matter and maintained by and in the interest of
religious, scientific, educational, philanthropic, agricultural, labor, or
fraternal organizations or associations, not organized for profit, and none
of the net income of which inures to the benefit of any private stockholder
or individual, but that with respect to such publications the rate shall be
'
as under existing law.
If'outh
,
,
Senator Hard wick on Aug. 27 had advocated a substitute,
indorsed bj^ the Post Office Department, proposing to maintain the present cent-a-pound rate on news portions of publications, but increasing by graduation from three to eight
cents a pound the second-class rate on portions devoted
He cited that $80,009,000 annually is lost
to advertising.
by the Government in carrying bulky second-class matter,
mostly magazines, filled with advertising, at the one cent
mail rate.
Senator Weeks of Massachusetts on Aug. 28 in opening
the debate on the publishers' tax provision and advocating
their elimination, urged the rejection of the Hardwick
and McKellar substitutes, according to the Philadelphia
"Record." He made an appeal for the publishers who, he
said, had had lean years, and whose costs continue to mount.
He
said:
There are three propositions in the pending bill which, in effect, tax the
second class mail and will be in addition to the other taxes imposed by this
legislation.
—The House provision providing for a zone system.
— The Hardwick amendment, which provides a special tax on
advertising.
Tliird — The Senate provision increasing the second class rate a quarter
First
Second
of a cent a pound and imposing a special tax of
from such publications.
5%
on the income received
From the standpoint f o equity and justice the publishers of the country
well say, "A plague on all your houses."
"Nobody denies that second class mail is carried at a loss," said Senator
may
Weeks, "but whose fault is it? Congress established and maintained the
rates.
This is a most inopportime tune to punish not tax the publishers.
Having permitted a great business to be developed under this
—
—
condition, is it fair or reasonable to take the time when the industry is
laboring under the heaviest possible burdens to commence to change it ?
"In fact, it is doubtful if the publications of the United States under
present conditions, taking them by and large, are getting a new dollar for
an old one. This is due to the abnormal increases in the cost of everything
which publishers must use and to their Inability to pass along to the con-
sumer these additional costs.
"Everyone, from the President down, who has had or is having anything
to do with revenue legislation, has reiterated that taxes should be so levied
This legislation
that they would not materially damage any enterprise.
would materially damage a great industry and, therefore, it should not be
passed."
Senator
Weeks denied the oft-repeated statement that the Government
Official investigacarries periodicals at a loss of $80,000,000 annually.
tion, he said, showed the deficit much less.
The zone system, he declared,
would ruin a very large part of the press.
"I am hi favor of increasing the rates," he said, "but not at a time when
a great industry
is
laboring under serious embarrassments peculiar to
itself."
With the disposition of the publishers' tax provisions
Senator Simmons submitted amendments of the Finance
Committee increasing the bill's war profits taxes, the Committee's proposals being designed to preA^ent more radical
The Committee agreed
increases which have been urged.
(according to the daily papers) to amendments canying warprofits taxes of more than 33%, in place of the present
provisions for 26%.
The amendments would increase
the war-profits tax yield from $562,000,000 to about
$850,000,000.
A maximum
tax of
60% on war
profits exceeding
300%
was fixed by the Committee
against the 50% maximum on profits of over 250%, fixed
in the pending bill.
A mimimum exemption of 6% and a
maximum exemption of 10% was also among the Committee amendments of the present week; under the bill
drafted by the Senate Committee a flat 6% exemption was
provided. Senator Simmons is said to have explained
of the
normal pre-war
profits
that with approximately $200,000,000 now paid in income
tax by corporations, aggregate tax returns from corporations this year would amount with the new schedules to
Following the submission by Senator
Simmons of this week's proposals of the Finance Committee
Senator Bankhead submitted an amendment which would
levy war profits taxes at the following graduated rates,
after exemption of $5,000 and 8%.
On profits of 5% ad$1,286,000,000.
Sept.
1
THE CHRONICLE
1917.
10%, 10%; between 10 and 15%,
25%; between 15 and 20%, 50%,, and above 20%, a tax of
75%.
On Aug. 28 Senator La Follette introduced eight amendments, proposing taxes on war profits as follows:
ditional
1.
2.
3.
4.
At
At
At
At
5%; between
76%,
72%,
68%,
64%,
yielding
yielding
yielding
yielding
5 and
$2,280,000,000.15. At
$2,160,000,000.16. At
$2,040,000,000.17. At
$1,920,000,000.18. At
60%,
56%,
52%,
48%,
yielding
yielding
yielding
yielding
$1,800,000,000.
$1,680,000,000.
$1,560,000,000.
$1,440,000,000.
designed to tax war profits 80% was ofof California on Aug. 27.
Johnson
Senator
fered by
An amendment
On Thursday,
the 29th, in anticipation of the possible
many amendments were introduced.
Gore
and Brady sponsored provision
Senators HoUis,
levy to rates ranging from 50%
war
profits
to increase the
La
Follette presented a substitute
to 66 2-3%, and Senator
adoption of cloture,
designed to raise about $3,500,000,000. principally from
war profits, incomes and liquor taxation. The day's debate was occupied largely by Senator Simmons and Senator
Underwood, former House leader and revenue expert. In
a three-hour speech the latter vigorously criticized the committee's war profits plan and Senator Simmons defended the
plan and attacked Senator Bankhead's substitute, supported
by Mr. Underwood. Denouncing "money slackers," Senator Underwood said the committee's war profits scheme
bill
would work many
earnings and was
injustices,
exempt many large'corporations'
He opposed pringraduated rates and the basis of calculating profWhile the Bankhead substitute, based upon actual
fits.
value of invested capital, is estimated to raise $589,000,000,
as compared with $1,060,000,000 from the committee plan,
"full of
dark places."
cipally the
by the so-called compromise amendments presented on the 29th, Senator Underwood and also Senator
Borah declared they believed the latter estimate was much
larger than actual results would show.
The graduated war profits rates Senator Underwood
characterized as unjust to corporations and their thousands
of stockholders, although just in the individual income tax
provisions.
Senator Underwood urged a high tax on profits
which exceed 18%. He assailed the committee provision
declaring that a 300% profit must be reached before a tax
"Can you tell me what right an
of 60% could be levied.
American citizen has got, when his life is at stake and soldiers are on the firing line, to say that he shall have 75%
of his profits and the Government 25%?" demanded the
Alabama Senator. "There is no reason why he should withhold 75% of his profits from the Government when he is
as increased
863
the United States and its Allies. ^The Secretary declared
was absolutely necessary that the $4,000,000,000 bond
issue in the bill to be used to finance another loan to the
Allies should be voted as quickly as possible.
Approxiit
mately $500,000,000 monthly is needed from this country
to carry the Allied campaign to July 1 1918, he said, and
while sufficient money is in sight to last until Nov. 1, after
that it will be necessary to turn to the proposed new authorization for funds.
The Secretary's bond taxation plan was also the subject
of much discussion on Aug. 27.
Opinion was divided at
the conference as to whether the plan would prevail. The
chief objection advanced was that it would discriminate
against the bondholders and open the way for tax dodgers.
Some members of the Committee, it is stated, proposed
that half of the bond issue be made at 4%, subject to taxation and the other half should be non-taxable at 3M%.
Opposition also developed to the plan authorizing the
Secretary of the Treasury to fix the life of the bonds and
the interest rate on the proposed new $2,000,000,000 war
certificate issue.
Secretary McAdoo appeared before the
Committee again on Aug. 29, and the general fiscal relations of the United States and her Allies were again discussed. Before the Committee on the 29th the Secretary
declared that about $19,000,000,000 will be needed by the
United States and its Allies up to June 1918. Republican
opposition to the measure disappeared on Aug. 30 when
Administration leaders agreed to minor compromises.
Plans were made on the 30th to have the bill giyen early
consideration in the Senate, following the Revenue bill
there as quickly as possible.
Tentative arrangements
made on the 30th provided that the bill be reported to the
House with the following provisions: Bonds to bear
interest; bonds, certificates of indebtedness and war savings
certificates to be subject at least to income super-taxes but
not to normal income or war profits tax; interest rates on
war savings certificates and certificates of indebtedness to be
fixed by the Secretary of the Treasury; foreign bonds taken
in exchange for loans to be resold at not less than their
purchase price, and the Secretary to make no deposits of
moneys accruing from bonds as certificates without obtaining interest.
4%
The
details of the
war savings
which the proposed offering
what
is
under
somestated, been per-
certificates plan,
to be issued, modelled
after the British plan, have,
it
is
making profits amounting to 200%."
Exemption from taxation of dividends declared by banks
and trust companies out of surplus and undivided profits
accumulated or earned prior to March 1 1913 was proposed
Another by Senain an amendment by Senator Pomerene.
tor Ransdell would put a tax on cigarettes ranging from
2 cents on those retailed for not more than 5 cents to 50%
on those sold at 25 cents or more. Senator HoUis proposed
Department at Washfected by
it
is
said,
is
to sell five-year bonds
The plan,
ington.
through the post offices and other agencies in denominaThe idea behind the suggestion of war
tions from $5 up.
savings certificate, said a special dispatch to the New York
"Journal of Commerce" on Aug. 27 is to encourage savings
in the United States and more especially to encourage the
small investor to assist in the prosecution of the war. For
minimum incomes
from $4,000 on incomes of married and $3,000 on
unmarried persons to $2,000 and $1,000, respectively.
On Aug. 24 tentative approval was given to the elimination
of the House retroactive taxes on 1916 incomes which were
instance, said the dispatch, a man can purchase a 5-year
$5 bond on the partial payment plan, and receive $6 for it
when redeemed at the end of the 5-year period, the extra
The total purdollar representing the interest accruing.
chases of each person would be limited to $1,000 in order
to keep the bonds from large investors.
to eliminate the provision lowering the
to be taxed
estimated to yield $108,000,000.
HOUSE COMMITTEE CONSIDERS SECRETARY
McADOO'S ELEVEN BILLION DOLLAR BOND BILL.
The House Ways and Means Committee had under consideration this week the proposal of the Secretary of the
Treasury for legislation authorizing the issuance of $11,538,945,460 of bonds and certificates. It is expected that
the Committee will favorably report to the House to-day
the Secretary's measure providing for the needed authoriztion.
As drafted by the Secretary and laid before the
Committee the measure would authorize the issuance of
bonds to retire the $3,000,000,000
$7,538,945,460
non-taxable
issue now authorized to cover loans to
the Allies, and to provide $4,000,000,000 for further loans
to the Entente countries, the latter to be put out in the
form of a $2,000,000,000 issue of Treasury certificates of
indebtedness and $2,000,000,000 of war savings certificates of small denominations.
All would draw
interest
and would be subject only to super-taxes and war profits
and excess profit taxes. Secretary McAdoo appeared before the Ways and Means Committee on Tuesday (Aug,
28)_and behind closed committee room doors was questioned in regard to the general financial[transactions_^between
4%
3M%
4%
experts in the Treasury
PRESIDENT'S PROCLAMATION TIGHTENING EXPORT
SHIPMENTS.
In a proclamation issued by President Wilson on Aug. 27
the Government's control of exports is tightened; the edict
forbids the shipment of practically aU articles of commerce
to European neutral and enemy countries, and extends the
list for which license is required in shipments to the Allies
and neutrals other than European countries, to include
cotton, all meats, sugar and most of America's other export
commodities. This is the second proclamation issued by
the President placing an embargo on U. S. shipments to
countries; the earlier one, embargoing foodstuffs, coal
and other important export commodities, was issued on
July 9; the new list set out in the proclamation of this week
all
embodies the full list now banned, including the additions
Exports to Germany and her allies are formally
since made.
prohibited by the President's order, and this is understood
to mean that the export control is about to supersede the
British system of giving letters of assurance for American
cargoes. Up to the present time there has been nothing
except the British blockade to prevent the shipment of
American goods to Germany. Monday's order in this
respect, it is pointed out, accomplishes one of the purposes
THE CHRONICLE
864
Trading -with the Enemy bill pending in Congross.
In a statement accompanying this week's proclamation, the President stated that one of the first intentions of
the Government will be to see that no American products
are made "the occasion of benefit of the enemy, either
sought
in tho
Officials interpreted the order as
directly or indirectly."
forecasting a vigorous use of the export control as a war
weapon and a policy of the strictest rationing of countries
contiguous to Germant. Coin, bullion, currency and evidences of indebtedness are placed under export license,
restrictions to
governing
European neutrals, but only when regulations
export have been promulgated by the
their
Secretary of the Treasury.
The President's order contains the first formal aimouncement of the transfer of Administration of the export control
from the Department of Commerce to the Export Administrative Board, of which Vance McCormick is Chairman. When the Administrative Board made the fact
public on Aug. 22, it was explained that the action was taken
to facilitate the issuance of licenses.
The Administrative
Board has on it besides Mr. McCormack, who represents the
State Department, A. E. Taylor, representing the Department of Agriculture; T. D. Jones, representing the De-
partment of Commerce, and John B. White, representing
the
Food Administration.
We give below the President's proclamation of Monday last:
A PROCLAMATION
by the President of the United States of America.
Whereas, Congress has enacted and the President has on the. 15th day
of June 1917 approved a law, which contains the following provisions:
"Whenever during the present war the President shall find that the public
safety shall so require, and shall make proclamation thereof, it shall be
unlawful to export from or ship from or take out of the United States to
any country named
In such proclamation any article or articles mentioned
in such proclamation, except at such time or times, and under such regulations and orders, and subject to such limitations and exceptions as the
President shall prescribe, until otherwise ordered by the President or by
by the Congress: Provided, however, that no preference shall be given to
the ports of one State over those of another.
"Any person who shall export, ship or take out, or deliver or attempt to
deliver for export, shipment, or taking out, any article In violation of this
title, or of any regulation or order made hereunder, shall be fined not more
than $10,000, or, if a natural person, imprisoned for not more than two
years, or both; and any article so delivered or exported, shipped or taken
out. or so attempted to be delivered or exported, shipped or taken out,
shall be seized and forfeited to the United States; and any officer, director
or agent of a corporation who participates in any such violation shall be
liable to like fine or imprisonment, or both.
"Whenever there is reasonable cause to believe that any vessel, domestic
or foreign. Is about to carry out of the United States any article or articles
in violation of the provisions of this title, the Collector of Customs for the
district in which such vessel is located is hereby authorized and empowered,
subject to review by the Secretary of Commerce, to refuse clearance to any
such vessel, domestic or foreign, for which clearance is required by law. and
by formal notice served upon the owners, master or person or persons in
command or charge of any domestic vessel for which clearance is not required by law, to forbid the departure of such vessel from the port, and it
shall thereupon be unlawful for such vessel to depart.
Whoever, in violation of any of the provisions of this section, shall take, or attempt to take,
or authorize the taking of any such vessel out of port or from the jurisdiction of the United States, shall be fined not more than $10,000 or imErisoned for not more than two years, or both; and, in addition, such vessel,
er tackle, apparel, furniture, equipment and her forbidden cargo, shall
be forfeited to the United States."
Now, Therefore, I, Woodrow Wilson, President of the United States of
America, do hereby proclaim to all whom it may concern that the public
safety requires that, except at such time or times, and imder such regulations and orders, and subject to such limitations and exemptions as the
President shall prescribe, until otherwise ordered by the President or by
Congress, the following articles, namely: All kinds of arms, guns, ammunition and explosives, machines for their manufacture or repair, component
parts thereof, materials or Ingredients used in their manufacture, and all
articles necessary or convenient for their use; all contrivances for or means
of transportation on land or in the water or air machines uicd in their
manufacture or repair, component parts thereof, materials or ingredients
used in their manufacture, and all instruments, articles and animals necessary or convenient for their use; all means of communication, tools, implements, instruments, equipment, maps, pictures, papers, and other articles,
machines and documents necessary or convenient for carrying on hostile
operations; coin, bullion, currency, evidences of debt and metal, materials,
dies, plates, machinery and other articles necessary or convenient for their
manufacture; all kinds of fuel, food, foodstuffs, feed, forage and clothing,
and all articles and materials used in their manufacture; all chemicals,
drugs, dyestuffs and tanning materials; cotton, wool, silk, flax, hemp, jute,
sisal and other fibres and manufactures thereof; all earths, clay, glass, sand
and their products; hides, skins and manufactures thereof; non-edible
animal and vegetable products; machinery, tools and apparatus; medical,
surgical, laboratory and sanitary supplies and equipment; all metals, minerals, mineral oils, ores and all derivatives and manufactures thereof; paper
pulp, books and printed matter; rubber, gums, rosins, tars and waxes, their
products, derivatives and substitutes, and all articles containing them;
wood and wood manufactures; coffee, cocoa, tea and spices; wines, spirits,
mineral waters and beverages, shall not, on and after the 30th day of August
in the year 1917, be exported from or shipped from or taken out of the
United States or its territorial possessions to Albania, Austria-Hungary,
that portion of Belgium occupied by the military forces of Germany, Bulgaria, Denmark, her colonies, possessions or protectorates, Germany, her
colonies, possessions or protectorates, Greece, Leichtenstein, Luxembourg,
the Kingdom of the Netherlands, Norway, Spain, her colonies, possessions
or protectorates; Sweden, Switzerland or Turkey (excluding any portion
of the foregoing occupied by the miUtary forces of the United States or the
nations associated with the United States In the war), or any territory
occupied by the military forces of Germany or her allies; and
/ do hereby further proclaim to all whom it may concern that the public
safety requires that, except at such time or times, and under such regulations and orders, and subject to such limitations and exceptions as the
President shall prescribe, until otherwise ordered by the President or by
Congress, the following articles, namely, coal, coke, fuel oils, lubricating
oils, hand lantern oil, naphtha, benzine, red oil, kerosene and gasoline;
all bimkers, food grains, flour and meal therefrom, corn flour, barley, rice
flour, rice, oatmeal and rolled oats; fodder and feeds, oil cake, oil meal
cake, malt and peanuts; all meats and fats, poultry, cottonseed oil, corn
[Vol. 195
oil, copra, desiccated cocoanuts, butter, fresh, dried and canned fish,
edible or Inedible grease of animal or vegetable origin, linseed oil, lard,
tinned milk, peanut oil and butter, grapeseed oil, tallow, tallow candles
and stearic acid; sugar, gluco.se, syrup and molasses; pig iron, ferrosilicon
and spiegcleisen; steel ingots, billets, blooms, slabs and sheet bars; Iron and
steel plates. Including ship, boiler, tank and all other iron and steel plates
ono-olghth of an Inch thick and heavier, and wider than six Inches; iron and
steel structural shapes, including beams, channels, angles, tees and zees
of all sizes; fabricated structural iron and steel, including beams, channels,
angles, tees, zees and plates, fabricated and shipped knocked down; scrap
Iron and scrap steel; ferromanganese; tool steel, high-speed steel and alloy
steels and machine tools; steel hardening materials; fertilizers. Including
cattle and sheep manure, nitrate of soda, poudrette, potato manure, potassium salts, land plaster, potash, cyanamide, phosphoric acid, phosphate
rock, super-phosphate, chlorate of potash, bone meal, bone flour, ground
bone, dried blood, ammonia and ammonia salts, acid phosphates, guano,
humus, hardwood ashes, soot, anhydrous ammonia; aeronautical machines
and instruments, their parts, and accessories thereof; arms and ammunition;
all explosives, nitrate of potash, rosin, saltpeter, turpentine, ether, alcohol,
sulphur, sulphuric acid and its salts, acetone, nitric acid and its salts,
benzol and its derivatives, phenol "carbolic acid" and its derivatives,
toluol and Its derivatives, mercury and its salts, glycerine, potash and its
salts, ail cyanides and films; carrier and other pigeons; anti-aircraft instruments, apparatus, accessories; all radio and wireless apparatus and its accessories; optic;! glass, optical instruments and reflectors; cotton and cotton
linters, wool, wool rags, wool and khaki clippings and wool products, flax
sisal, jute, hemp and all manufactures thereof; hides, skins, leather, leather
belting, sole and upper leather, leather boots and shoes, harness and saddles
and leather clothing; soap and soap powders; all engines and motors oper-
ated by steam, gas and electricity, or other motive power and their accessories; metal and wood- working machinery; oil well casing, oil well drilling
Implements and machinery and the accessories thereof; steam boilers,
turbines, condensers, pumps and accessories thereof; all electrical equipment, crucibles, emery, emery wheels, carborundum and aU artificial
abrasives; copper. Including co;jper ingots, bars, rods, plates, sheets, tubes,
wire and scraps thereof lead and white lead, tin, tin plate, tin cans and all
articles containing tin, nickel, aluminum, zinc, plumbago and platinum;
news paper, prmt paper, wood pulp and cellulose; ash, spruce, walnut,
mahogany, oak and birch woods and industrial diamonds shall not, on
and after the 30th day of August in the year 1917 be exported from, shipped
from or taken our of the United States or its territorial possessions to
Abyssinia, Afghanistan, Argentina, that portion of Belgium not occupied
by the military forces of Germany or the colonies, possessions or protectorates of Belgium, Bolivia, Brazil, China, Chile, Colombia, Costa Rica,
Cuba, Dominican Republic, Ecuador, Egypt, France, her colonies, possessions or protectorates; Guatemala, Haiti, Honduras, Italy, her colonies,
possessions or protectorates; Great Britain, her colonies, possessions or
;
—
protectorates; Japan, Liberia, Mexico, Monaco, Montenegro, Morocco,
Nepal, Nicaragua, the colonies, possessions or protectorates of the Netherlands, Oman, Panama, Paraguay, Persia, Peru, Portugal, her colonies,
possessions or protectorates; Rumania, Russia, Salvador, San Marino,
Serbia, Slam, Uruguay, Venezuela (excluding any portion of the foregoing
occupied by the military forces of Germany or her allies) or any territory
occupied by the military forces of the United States or by the nations
associated with the United States in the war.
The regulations, orders, limitations and exceptions prescribed wUl be
administered by and under the authority of the exports administrative
board, from whom licenses, in conformity with said regulations, orders,
limitations and exceptions, will issue.
In witness whereof, I have hereunto set
hand and caused the seal of
the United States of America to be affixed.
Done at the City of Washington, this 27th day of August in the year of
our Lord 1917, and of the independence of the United States of America
the 142d.
,
my
WOODROW
By
WILSON.
the President,
ROBERT LANSING,
Secretary of State.
The
following is the President's statement accompanying
the proclamation:
The purpose and effect of this proclamation Is not export prohibition
but merely export control. It is not the intention to interfere unnecessarily
with our foreign trade; but oin* own domestic needs must be adequately
safeguarded, and there is the added duty of meeting the necessities of aU
the nations at war with the Imperial German Government. After these
needs are met, it is our wish and intention to minister to the needs of the
neutral nations as far as our resoiu-ces permit.
This task will be discharged without other than the very proper qualifications that the liberation of our surplus products shall not be made the occasion of benefit to
the enemy, either directly or indirectly.
The two lists have been prepared in the interests of facility and expediency.
The first list, applicable to the enemy and his allies and to the
neutral countries of Europe, brings under control practically all articles
of commerce, while the second list, applicable to all the other countries
of the world, make only a few additions to the list of commodities controlled
by the proclamation of July 9 1917. It is obvious that a closer supervision and control of exports is necessary with respect to those European
neutrals within the sphere of hostilities than is required for those countries
further removed.
The establishment of these distinctions will simplify the administrative
processes and enable us to continue our policy of minimizing the interruption of trade.
No licenses will be necessary for the exportation of coin, bullion, currency and evidences of Indebtedness until required by regulations to be
promulgated by the Secretary of the Treasury in his discretion.
(Signed)
WILSON.
WOODROW
It
was announced on Aug. 27 that beginning that day
appUcations for licenses should be made to the Exports
Administrative Board, 1435
Street, Washington, or to
the branch office at 11 Broadway, New York.
The Board
it is understood will also have branch offices at Boston, Chi-
K
cago, St. Louis,
PRICE FOR 1917
New
Orleans,
WHEAT
San Francisco and
CROP FIXED BY PRESIDENT
WILSON AT
A
price of
Seattle.
$2 20.
$2 20 a bushel for No. 1 northern wheat at
Chicago (the basic grade) with differentials for other grades
and markets, was fixed by President Wilson on Aug. 30, in
accordance with the recommendation of the special committee of the Food Administration. Dr. Harry A. Garfield
THE CHRONICLE
Sepi". 1 1917.]
The differentials between grades and classes of wheat and
between the different primary markets of the United States
as established by the United States Food Administration,
upon which the committee on prices bases its recommenda-
head of the committee which consists of eleven members.
The prices fixed are for the 1917 wheat crop; that determined
upon for the basic grade is twenty cents higher than the
minim iim price of $2 stipulated imder the Food Control Act
The Committee's conclusions as to the
for the 1918 crop.
1917 crop were arrived at after three days' deliberation.
Labor representatives on the Commission voted at first for
a price of $1 84 while the farmers' representatives advocated
$2 50; the compromise price of $2 20 was finally agreed to
unanimously. The Committee's recommendations were laid
before the President on Thursday afternoon, and thereupon
In a statement issued that night anapproved by him
nouncing the price the President said:
is
tions, are as follows:
Prices at interior primary markets:
Relative market basis:
No. 1, dark hard winter, $2 24.
Chicago, Galveston, New Orleans,
Hard winter basic, $2 20.
basic.
Red winter
basic, $2 20.
Yellow hard winter, $2 16.
Soft red winter, $2 18.
Dark Northern spring, $2 24.
Red spring, $2 18.
Humpback, $2 10.
Amber durum, $2 24.
Durum basic, $2 20.
.
my
own
It is the hope and expectation of the Food Administration and
also that this step will at once stabilize and keep within moderate bounds
the price of wheat for all transactions throughout the present crop year
and In consequence the prices of flour and bread also.
The
Washington, August 30 1917
Section 11 of the food Act provides, among other things, for the purchase
and sale of wheat and flour by the Government, and appropriates money
The purchase of wheat and flour for our allies, and to a
for the purpose.
considerable degree for neutral countries also, has been placed under the
I have appointed a committee to
control of the Food Administration.
determine a fair price to be paid in Government purchases. The price now
recommended by that committee $2 20 per bushel at Chicago for the basic
grade will be readily adhered to by the Food Administration.
It is the hope and expectation of the Food Administration and my own
also, that this step will at once stabilize and keep within moderate bounds
the price of wheat for all transactions throughout the present crop year,
and in consequence the prices of flour and bread also. The food Act has
given large powers for the control of storage and exchange opertaions, and
these powers will be fully exercised. An inevitable consequence wUl be
that financial dealings cannot follow their usual course. Whatever the
advantages and disadvantages of the orduiary machinery of trade. It
cannot function well under such disturbed and abnormal conditions as now
exist.
In its place the Food Administration now fixes for its purchases a
fair price, as recommended unanimously by a committee representative of
all interests and sections and believes that thereby it will eliminate speculation, make possible the conduct of every operation in the full light of day,
maintain the publicly stated price for all, and, through economies made
possible by stabilization and control, better the position of consumers also.
Mr. Hoover, at his express wish, has taken no part in the deliberations
of the committee on whose recommendation I determine the Government's
fair price, nor has he in any way intimated an opinion regarding that price.
,
WILSON.
report to the President follows:
United States Food Administration,
Washington, August 30 1917.
To the President of the United States:
The undersigned committee has been asked by you to recommend the
price which the Government should pay for the 1917 crop of wheat.
In its deliberations the committee has kept constantly in mind the three
following factors:
1— The fact that the United States is at war.
2 The need of encouraging the producer.
3
The necessity of reducing the cost of living to the consumer.
The normal laws of supply and demand have been violently interfered
with and Congress has undertaken to offset this disturbance by conferring
extraordinary powers upon the President to stabilize prices. Each of the
foregoing factors grows out of conditions which have received the careful
attention of the committee.
Chief among them are: That the wheat
yield in a great and important section of the country has this year been
below the norma) that over against this situation is the crying need among
the whole body of the population, especially the wage earners, that the
rising tide of costs shall be stayed and reduced as rapidly as possible consistent with the welfare of the producer; that the Government is at the
present time engaged in the great task of reducing and stabilizing costs of
other staple commodities; that the wheat of the world is abundant for its
needs, even disregarding the stores in Russia, but because of lack of shipping
and war conditions the burden of supplying wheat to the Allies and to
neutral nations rests for the time being on the United States and Canada.
Your committee has also considered the fact that the Government price
for the 1917 wheat crop is, in effect, a continuing guarantee until the miniprice guaranteed by Congress for the crop of 1918 goes into effect,
(July 1 1918.)
It has considered the relation of the 1918 minimum price
guarantee to the price here recommenedd. It has also considered the
effect which an early termination of the war would have upon the wheat
markets of -the world.
In reaching its conclusion the committee has been guided by the principles you have announced, that a fair price should be based upon the cost
of production for the entire country, plus a reasonable profit.
We have
relied upon the cost estimates for the crop of 1917 furnished by the United
States Department of Agriculture, checked by the results of our independent investigations and the evidence submitted to the committee by
producers and their representatives.
The committee has considered the regulations recently established by
the United States Food Administration Grain Corporation for the different
grades of the wheat, through which all transactions in wheat are to be
standardized and speculation to be entirely eliminated. Also that profits
to the grain dealers, miller, and flour dealers have been regulated and
reduced by the Grain Corporation, effecting a material reduction in the
cost of flour.
In consideration of the foregoing facts and circimastances, this committee
respectfully recommends that the price on No. 1 Northern Spring Wheat, or
its equivalent, at Chicago be S2 20 per bushel.
Respectfully submitted,
.
—
—
west.
In denying reports that Mr. Hoover was attempting to
influence the price-fixing committee, headed by Dr. Garfield, to put a price of $1 65 on the 1917 wheat crop the Food
Administration on Aug. 25 gave out copies of a telegram
;
sent by Mr. Hoover to a North Dakota newspaper, which
declared that the Food Administrator was offering no suggestion as to price. Mr. Hoover's reply, made in response
to a statement of
GARFIELD,
Chairman,
THEO. N. VAIL,
J. W. SULLIVAN,
E. F. LADD,
F. W. TAUSSIG.
EUGENE E. FUNK,
H. J. WALTERS,
C. S. BARRETT.
J. W. SHORTHILL,
L. J. TABER.
W. N. DOAK.
Congressman G.
W. Young,
published in
the Fargo "Forum," was as foUows:
In respect to the statement in your issue of Aug. 20, Congressman Young
appears to be under an entire mislmpression. I have not only never
proposed SI 65 per bushel for wheat, but no other price either, above or
below, nor have I given any advice or suggestions as to price to the committee appointed by President Wilson to determine a fair price. This
body embraces not only a fair representation, but an actual majority of
the entire farming industry, and it is composed of men in whom the whole
country should have complete confidence to make a determination in the
interest of a nation now engaged in a life and death, struggle for its very
mum
H. A.
York, 10c. more than basic.
Baltimore and Philadelphia, 9c.
more.
Buffalo, 5c. more.
According to the "Times" members of the Food Administration and Price Fixing Committee were of the opinion that the
price fixed would be accepted with little complaint, although
protest from some of the districts, such as North Dakota,
it is stated, may not be unexpected.
It was the North Dakota branch of the industry, says the "Times," which made
the fight for a price of $3, hoping that a figure would be
named, at least, somewhere in the neighborhood of $2 50.
A Government-fixed minimum price of $3 a bushel for No.
1 northern wheat, |other grades to be priced on differential
not exceeding four cents a bushel, was urged in a resolution
adopted by the representatives of farmers of Minnesota,
North and South [Dakota, in conference on Aug. 26 at St.
Paul, with' Governor Burnquist of Minnesota. The resolution
was sent by telegraph to Chairman Garfield of the Federal
Price-fixing Committee, and a delegation of three was selected to go to Washington to support it.
E. G. Quamme, President of the Federal Land Bank of
St. Paul, headed a delegation of farmers and business 'men
from North Dakota^and^Minnesota, which^_\Tsited JWashington last^weelk, to protest against the fixing of $1 65 per
bushel as the price of wheat
Tho mas^ Cooper, director
of the extension^department of the North Dakota Agriculture College, one of_the_delegation, declar ed on Aug .^,22 that
$1 70 per bushel is the approximate cost to the farmer, of
raising his crop under the present conditions and pointed
out that the price, said to have been suggested by Herbert
C. Hoover, Food Administrator, would entail an average
loss of 30 to 40 cents a bushei to the farmers of the NortS^
—
WOODROW
St. Louis, 2c. less.
New
20.
Soft white, $2 18.
White club, $2 16.
The basic grades are No. 1 hard
No. 2 of each grade is 3c. less. winter ,\^ red < winter^' and Northern
No. 3 6c. less. No. 4 10c. less.
spring.
THE WHITE HOUSE.
The Commission's
Kansas City and Omaha, 5c. less
than basic.
Duluth and Minneapolis, 3c. less.
Red durum, $2 13.
Red walla, $2 13.
Hard white basic, $2
President's statement in full follows:
—
865
existence.
My
'
duty is simply to see that the farmer realizes this fair price, whatever it may be, and to see that the consumer obtains his bread without
the speculative profits in between the farmer and the consumer, which were
maintained over the first half of this present year. I assume the farmer no
more wants to bleed the consumer by obtaining more than a fair price than
he wants to be bled by the producers of food and other commodities, who
It is a primary consideration
are also being asked to maintain fair prices.
that the coimtry must have intense production of all commodities, and that
the farmer must receive just returns for his effort, and I have no doubt
that the President's committee is considering the problem in this spirit,
and that every loyal citizen will accept it.
HERBERT. HOOVER.
J. F. BeU, Chairman of the United States Millers Committee, on Aug. 30. issued the regulations governing the
profits of the millers, in accordance with the Millers Committee, organized last week. A profit of 25 cents a barrel on
flour and 50 cents a ton on feed are to becomeeffective on
Sept.
1.
The statement
that the basic price for wheat fixed by the
President and the limiting of millers' profits to 25 cents a
barrel meant approximately $12 50 a barrel for floiu*Jat
THE CHRONICLE
866
Chicago, or about 60 under Thursday's prices was made
in a special dispatch tolthe NowSYorkV'Times" from.Chicago
on Aug. 30. It was also stated that it meant a price at New
York, Boston and Philadelphia of about $13 a barrel. The
"Times" in giving Thursday's Chicago prices said:
To-day's Spring wheat was quotod at $13 10 a barrel, with new Spring
and Winter wheat flours approximately $1 and .SI 60, respectively, lower.
The market at to-day's close on No. 1 Northern Spring wheat was $2 .38
to %2 45 a bushel, with No. 2 Northern Spring quoted at S2 30 to $2 40,
No. 2 red at $2 20 and No. 2 hard wheat at .$2 2.5 to S2 28. About 4K
bushels of wheat go to make up a barrel of flour weighing 196 pounds.
The fact that the Food Administration's Grain';^ Corporation would purchase wheat for millers as well as for the
American ana Aiiiea uovemments was revealed in a statement issued on Aug. 24 by the Grain Price Fixing Committee.
The announcement which explained the method
by which the Grain Corporation would meet its operating
expenses, told of a plan for furnishing seed to farmers and
set forth that wheat will be purchased by grades as follows:
When announcement is made of a reasonable price for the 1917 No. 1
Northern Spring wheat the Food Administration will at the same time state
the basis on which the Grain Corporation will buy the different grades of
wheat in the principal grain markets.
The e.xpense of the Grain Corporation will be met by voluntary fees paid
by the millers and export buyers and will not be deducted from the price
fixed.
The Food Administration,
ment,
which
is
it
in co-operation with the Agriculture Departproviding for the establishment of suitable stocks of seed wheat,
proposes to sell to the farmer without any profit.
A summary
issued
by the Department
of Agriculture last
month indicated that the farmers of the United States received an average of about $1 44 for their 1916 wheat crop,
comparing with 98 cents for their 1915 crop, 99 cents for
their 1914 crop and 79 cents for their 1913 crop.
During
the past year, it was pointed out, the price advanced steadily
from 93 cents a bushel on July 1 1916 to $2 48 on June 1
1917. Sales were heaviest during August and Ughtest in
June. Total sales during the year were estimated at about
615,000,000 bushels, as compared with about 850,000,000
bushels in the preceding season. The Department reported
the following in regard to the trend of prices to the farmers
of the country.
The level of prices paid producers of the United States for the principal
crops decreased about 6.2';^ during July; in the past 9 years the price level
increased about 0.2% during July.
On Aug. 1 the index figure of prices
was about 108.4% higher than a year ago, 121.6% higher than two years
ago and 119.7% higher than the average of the past nine years on Aug. 1.
The price of meat animals, hogs, cattle, sheep and chickens to producers
of the United States decreased 2.2% from June 15 to July 15.
On July 15
the index figure of prices for these meat animals was about 42.6% higher
than a year ago, 67.8% higher than two years ago and 66.3% higher than
th e ave rage of the past seven years of July 15;
fejifeThe Department of Agriculture also announced that the
monthly marketings of wheat by farmers have been in the
following proportions during the last four seasons:
Estimated amount sold monthly by farmers of the United States
(millions
of bushels):
Month—
July
August
September
October
November
December
January
February
March
AprU
1916-17.
82
110
103
87
60
35
44
20
24
19
18
13
May
June
Total
615
1915-16.
60
94
122
123
105
94
58
68
32
33
1914-15.
141
106
125
100
83
60
41
46
26
1913-14.
108
88
94
85
64
50
32
28
31
23
25
850
804
660
19
PERMISSION FOR ARGENTINE WHEAT EXPORTS
SOUGHT.
Announcement was made on Aug. 29 of the arrival at
Buenos Aires of a commission representative of grain interests
from Rosario to petition the Argentine Government to permit
wheat exports, so that the marked fall in prices last week
might be counter-balanced. The commission claims that
300,000 tons of the grain are available for export without
prejudice to home demands. The Spanish Ambassador has
requested the Ufting of the embargo to the extent that a large
shipment might be sent to Spain. Com prices are also said
to
be
Food Administration points out that the price agreed on
"means $7 25 cane sugar basis f.o.b. seaport refining points,
such as New York, Philadelphia, New Orleans, Boston and
San Francisco," and adds that "it is the intention of the Food
Administration to adopt certain measures which will effectuexceeded during the
even upon imported sugar." We give the
ally assure that this price .shall not be
coming year,
statement in large part below:
Owing to the holders of the remainder of the Cuban crop asking exorbis
tant prices for their sugar, the price has advanced during the last few weekby over IKc. per pound. The new Cuban crop will not be available until
the latter part of December, and if this high price is to continue tmtil that
time, the American public will have paid about $30,000,000 more for their
The beet sugar prosugar, than would have otherwise been the case.
duction of about 800,000 tons begins to come into the market during the
month of September and should furnish the bulk of supplies between then
and the first of next year, when the Cuban crop will be available.
In response to a request from the Food Administration, representatives
of 80% of the domestic beet sugar industry of the United States have been
in conference with the Food Administration in Washington during the
past week. As a result of this conference these beet sugar producers
reached the agreement to limit their price to a basis that will make possible
the 330,000,000 saving to the public.
The representatives of the beet sugar producers who were in Washington
during the past week have pledged themselves to secure the active cooperation of the other 20% of the beet Industry and have every reason to
believe that the action of the industry wUl be tinanimous.
This patriotic action of the domestic beet sugar industry in acting as a
control over the price demanded for imported sugar will not only make the
saving mentioned above between now and the end of the year, but wUl
contribute largely to establish a lower price for Imported sugar throughout
next year.
In order that sugar may reach the dealer without intermediate speculative
profits between the producer and the retailer, the wholesale grocers of
America have voluntarily agreed with the Food Administration to limit distribution charges in such a manner as to eliminate the possibility of speculative or exorbitant profits, and the Food Administration will be able at
a later date to announce the price at which wholesale sugar should be
It will then be
delivered to the large consuming centres of the country.
for the consumers themselves to see that they receive just treatment from
the retail dealer.
It will be of Interest to the trade to know that the price agreed upon
means $7 25 cane sugar basis, f.o.b. seaport refining points, such as New
York, Philadelphia, New Orleans, Boston and San Francisco.
It is the intention of the Food Administration to adopt certain measures
which will effectually assure that this price shall not be exceeded during
the coming year, even upon imported sugar, and it is hoped that as soon
as the Cuban crop is available, the price will be less than .S7 25.
It is desirable for the public to bear in mind, the Food Administration
points out, that in order for the Allies to be supplied with sugar, from the
West Indies in place of their usual source of supply, which is now cut off,
the public must reduce its consumption of sugar by every means possible.
That there is room for reduction in consumption without hardships must be
evident when we consider that the average American consumption is about
85 lbs. per person per annum, whereas the new sugar regulations In England limit the consumption to 21 lbs. per person per annum.
This year the beet sugar crop will not be moving freely in the country
before the first of October, and therefore there will be a few weeks delay
before the reduced price becomes effective.
This affords an opportimity
for distributors and retailers to dispose of sugar purchased by them at a
higher cost level.
Refiners of sugar cane have been asked by the Food Administration to endeavor to contract for raw sugar at a figure
which would make it possible for them to limit their prices
to 734 cents per pound, or $7 25 per 100 lbs., the same as
has been agreed on by the beet sugar industry. The cane
sugar refiners have been invited to attend a conference at
Washington next Wednesday to discuss the cane sugar industry and price-fixing.
44
37
22
17
40
(Vol. 105.
falling rapidly.
ALL STEPS IN DISTILLATION TO CEASE SEPT.
IMPORTS OF DISTILLED SPIRITS PROHIBITED.
9.
Ail processes in the production of distilled spirits for beverage purposes, according to a ruling issued by the United
States Food Administration, on Aug. 17 must cease at 11
o'clock p. m., on Saturday Sept. 8.
This limitation is
placed by Section 15 of the Food Control law, which reads:
That from and after thirty days from the date of the approval of this
Act, no foods, fruits, food materials, of feeds shall be used in the production of distilled spirits for beverage purposes.
The Act, the text of which was printed in these columns
Aug. 11 was approved Aug. 10. The thirty day period
named will expire midnight Sept. 9. As this date falls on
Sunday, and as the Internal Revenue laws prevent the operation of distilleries after 11 o'clock at night on Saturday
imtil the following Monday at 1 a. m., it was ruled by the
Food Administration that the provisions of Section 15 will
become effective at 11 p. m., Saturday, Sept. 8. It is
stated by the Food Administration that the law contem-
REDUCTION AGREED TO BY SUGAR PRODUCERS
EXPECTED TO RESULT IN SAVING OF $30,000,000.
A reduction of about 1 34 cents a pound from the present
plates that all steps in the process of distillation shall cease at
the point of time indicated in the ruling.
So far as the
utilization of foods, fruits, and food materials or feeds for
sugar price is expected to result from the action of the beet
sugar producers of the country in agreeing with the Food
Administration to limit the price of their sugar. The saving
thus effected is expected to amount to $30,000,000 to the
consuming public between now and the first of the year. A
statement given out for publication on Aug. 27 by the
the production of distilled spirits for beverage purposes is
concerned, the Act should be construed as to inhibit the
initiation of any step, unless the entire process may be fuUy
completed prior to 11 p. m., of Sept. 8 1917.
In calling the attention of Collectors of Customs to the fact
that the importation of distilled spirits is prohibited after
—
.
Sept.
1
.
THE CHRONICLE
1917.]
Sept. 9 the Treasury Department through L. S. Rowe,
Assistant Secretary, said:
Your attention is invited to section 15 of the Act approved Aug. 10,1917,
which provides that "from and after thirty days from the date of the approval of this Act no foods, fruits, food materials or feeds shall be used in
*
*
Nor
*
the production of distilled spirits for beverage purposes.
shall there be imported into the United States any distilled spirits.
You are hereby instructed to refuse entry to any distilled spirits arriving
Any such spirits
in the United States after midnight of Sept. 9, 1917.
arriving at your port should be refused entry and seized by you, and the
case reported to the United States District Attorney, in accordance with
article 922 of the Customs Regulations of 1908.
Press advices from Cincinnati on Aug. 17 in stating that
distillers throughout the United States would turn over their
plants to the Government for war purposes the moment
they close on Sept. 8 under the requirements of the food law,
announced the issuance of the following official statement at
Cincinnati by the National Wholesale Liquor Dealers Asso-
867
following^ message to Chairman Garfield of the Government's price-fixine committee urging a minimum price
of at least $2J;50Jfor No. 1 northern spring" wheat:
The undersigned members of the Minneapolis Chamber of Commerce, in
view of existing cost of production of wheat at present, respectfully suggest
that your price committee fix the price for No. 1 northern spring wheat at
interior terminal market at not less than %2 50 a bushel.
COMMISSION TO DIRECT ALLIED PURCHASES IN
AMERICAN MARKETS.
Announcement was made"
at Washington' on Aug." 24'"of
creation
of
Allied
Purchasing
Commission which? will
the
an
supervise all purchases in the United States for the Allied
Governments. The Commission is composed of Bernard
Barueh, Chairman, Robert S. Lovett and Robert S.
M.
all three members of the recently created War
Board of the Council of National Defense.^ The
ciation:
announcement of the formation of the new purchasing comThe plants will be held subject to the necessities of the Government for
mission followed conferences on Aug. 24 between Secretary
DLstilleries are as
the purpose of making alcohol for war munitions.
necessary to modern warfare as artillery. It takes nearly two pounds of of the Treasury McAdoo, Lord Northcliffe, head of the
alcohol to make one of smokeless powder
permanent British War Mission in this country; Jean~T.
The distillers have been and will contlnuo to be as patriotic as any other
Jusserand, the French Ambassador, and Boris Bakhmetieff 'the
citizens.
^__«__^^_______«—
Russian Ambassador, at which an agreement was reached:
FUTURE TRADING IN WHEAT ENDS IN CHICAGO providing that the new Commission shalFmake all' purc hases
—MINNEAPOLIS SUSPENDS TRADING.
"or their Governments.
Italy, Belgium and Serbia, it b&In accordance with the resolution adopted by the direc- eame known on Aug. 27, have also agreed to make their
tors of the Chicago Board of Trade on Aug. 14 (referred to purchases in American markets through the" newly formed
Secretary McAdoo', on Aug. 24, issued the folin these columns on Aug. 18) the wheat pit of the Chicago Commission.
board was closed on Aug. 25, thus bringing to an end specu- lowing statement, announcing the creation of the Commission
The action of the directors in
Formal agreements were signed to-day by the Secretary of the Treasury,
lative trading in wheat.
approval of the President, on behalf of the United States, and by
closing the pit, as heretofore stated, was taken at the re- with the
the representatives of Great Britain, France, and Russia for the creation of
quest of Herbert C. Hoover, the Food Administrator, who a commission with headquarters at Washington D C through which all
asked that dealings and quotations in futures in wheat be purchases made by those Governments in the United States shall proceed.
Brookings,
Industries
—
,
,
suspended in order not to interfere with the Government's
endeavor to stabilize wheat prices. Regarding the closing
of the wheat pit, the Chicago "Herald" of Aug. 26 said:
The close of the Chicago wheat pit was without ceremony. In the
natural order of things it had been in the process of closing for several
weeks. There were few trades. From a market standpoint they were
Old timers, as is their wont, became reminiscent. They
inconsequential.
recalled scenes of the past and wondered what the future would be.
They remembered how the wave of a hand and the raising or lowering
of a finger caused the winning of one fortune and the loss of another. They
recalled the unwritten tragedies of which the world never hears and in the
very lack of interest in the last day of wheat speculation on the Chicago
board conjured up memories of the past which the honor of the profession
holds forever to itself.
The passing of the speculative trade in wheat yesterday was a most un
The trade has been confined to a half a dozen brokers
interesting affair.
Mr. Hoover requested that trading be suspended
for the last two months.
From
before Sept. 1 as it would lead to complications when he took hold.
a trade aggregating 50,000,000 bushels per day in the pit it has dwindled
to 100,000 bushels and yesterday 150,000 bushels covered the business.
Where traders were disposed to handle 500,000 to 1,000,000 bushels of
futures in a few minutes not only for the speculative, but for the milling
and export trade, they handled 5,000 to 10,000 bushels per day.
The decline in the wheat trade started when the Board of Trade directors, acting upon suggestions from the Federal authorities, stopped trading
in May wheat on May 14, with the price, at $3 25 for May delivery, the
highest known, while the cash wheat was 20c. above the May and none was
It was followed a little later
to be had to deliver on future contracts.
by the suspension in trading in the July and restrictions on operations in
September, buying being prohibited except by shorts, who had contracts
to cover.
,
.
.
,
expected that similar agreements will be signed with representatives
Governments within the next few days.
The agreements named Bernard M. Barueh, Robert S. Lovett and
Robert S. Brookings as the commission. These gentlemen are also members of the recently created War Industries Board of the Council of National
Defense, and will thereby be able to thoroughly coordinate the purchases
of the United States Government with the purchases of the Allied Powers.
It is believed that these arrangements will result in a more effective
use of the combined resources of the United States and foreign Governments in the prosecution of the war.
It is
of other allied
The new Commission
will
have
its'
headquarters in Wash-
ington, and, it is said, wiU avail itself of all the organized
facilities already in operation for the prosecution of the war.
Its organization marks the first step of the President toward
carrying out his announced policy of seeing that the Allies
get their war suppUes at the same prices as the United States
Government. Competition wiU be obviated between this
Government andjthe buyers for foreign Powers, and a fixeS
be maintained on aU supplies purchased
The appointment of the Commission, it is pointed out, does not mean that the foreign
representatives now purchasing war supplies in this country
Instead of placing
will be superseded by the new board.
their orders directly with manufacturers, however, these
repesentatives have agreed to turn them over to the new
price,
it is
for the
said, will
war
in this country.
Commission
The directors of the Board of Trade held a meeting on
Aug. 21 to consider the question of providing a method of
settling existing contracts in wheat for future delivery,
open at the close of business on Aug. 25, and decided to
wait until the Government has fixed the price on wheat,
and then appoint a committee to fix the settling price on
unclosed contracts. A statement issued by J. P. Griffen,
President of the Chicago Board of Trade, following the
directors' meeting on Aug. 21, according to the'i.Chieago
"Herald," read:
It became_lmown on_Aug .__29 that Mr. Barueh had appointed Alexander Legge, of the International ""Harvester
Co mpany as his chief assistant to direct purchasing activiLeonard Replogle, the dispatches from Washington
ties.
on Aug. 29 said, is to have charge of steel purchases7 and
Eugene Meyer, Jr., will be the director of purchases of
copper.
^_______^^^^_«^^_^
At a meeting of the board of directors the question of providing a method
of settling existing contracts in wheat for future delivery, open at the
close of business Aug. 25, was carefully considered.
The situation has become involved because of the request of the Food Administrator that the
trade refrain from asking deliveries of wheat after Sept. 1, and that the
entire handling of wheat be left to the Food Administrator after that date.
It was the intention of the board of directors, when trading ceased on
Aug. 25, to permit members having sales for future delivery to complete
such sales by making deliveries in the regular manner if they so elected.
The request of the Food Administrator makes it necessary to fix the settlement price on all wheat contracts open at the close of business on Aug. 25.
The committee appointed by President Wilson to fix the price on wheat
have not yet reported the figures at which the Government will handle the
wheat, consequently the board of directors have adjourned until Friday,
hoping that in the interim the price will be set by the price-fixing committee, so that the directors may proceed to appoint a committee and fix
a settling price on unclosed contracts.
Under orders issued by the Board of Grain Supervisors for
Canada trading in wheat for future delivery ceased on all
grain exchanges in Canada yesterday (Aug. 31). The
official order was posted as follows on the Winnipeg Grain
Exchange on Aug. 17:
,
WHEAT PRICES IN CANADA AND SUSPENSION OF TRADING IN FUTURES.
FIXING OF
It is hereby ordered by the Board of Grain Supervisors for Canada that
trading in wheat for future delivery shall cease in the grain exchanges of
Canada not later than the first of September 1917.
(Signed)
MAGILL, Chairman,
ROBERT
McDonald,
A. R.
secretary.
The directors of the Minneapolis (Minn.) Chamber of
Commerce on Aug. 22 announced that, at the suggestion
of Food Administrator Hoover, trading in wheat and rye
In announcing the order and its posting by the Winnipeg
Exchange the Montreal "Gazette" stated on Aug. 18 that
for several weeks previous October was the only future
option in which any business had been done on that Exchange, and that transactions had been comparatively of
small volume.
The fixing of a price of $2 40 a bushel for the wheat crop
of Canada for delivery not later than Aug. 31, was also
would be
hundred members
announced on Aug.
order of the Board
futures
discontinued
of the
after
Sept.
1.
Chamber on Aug. 22
Several
sent the
17.
of
The
price
was
fixed in the following
Grain Supervisors for Canada:
THE CHRONICLE
868
It Is hereby ordered by the Board of Grain Supervisors for Canada that
until the 31st of August 1917, Inclusive, the price of wheat, basis No. 1
northern in store at public terminal elevators at Fort William and I'ort
Arthur, shall not exceed nor be less than two dollars and forty cents ($2 40)
per bushel. This applies to all wheat, whether of the old or of the new
crop, in store in public terminal elevators at Fort William and Port Arthur
up to an^ including Aug. .31 1917. Holders of warehouse receipts, which
hold any date prior to and including Aug. 31 1917, will be entitled to the
above bvsis price of $2 40 per bushel. No. 1 northern wheat, only on condition that they have sold the wheat at Fort William and Port Arthur and
delivered the receipts therefor not later than noon of Aug. 31 1917.
(Signed)
MAGILL. CImirnan,
ROBERT
A. R. McDonald.
An
to fix
Sccmlary.
explanation as to the reasons wliieh impelled the Board
the price at $2 40, was made by Sir George Foster in
the Canadian House of Commons on Aug. 16, and the
Montreal "Gazette" printed the following account of the
same:
a question by Hon. Frank
Oliver, based upon a resolution
Replying to
passed by the Alberta executive of the Non-Partisan League at Calgary,
the Minister of Trade and Commerce pointed out that the course taken by
the board had prevented a speculative rise in the price of wheat and a
corresponding increase in prices of breadstuffs from which both the people
of Canada and those of Allied countries would have suffered.
Sir George
said that passage of food control legislation in the United States would
permit co-operation between the two countries to control and equalize
wheat prices and had already caused a fall of United States prices to below
the Canadian maximum. The Minister admitted that the fixing of a maximum price for wheat carried with it logically the regulation of the price
of flour and other staple food products and intimated that this subject was
under consideration. At the same time, he pointed out that no action had'
been taken with regard to the price of the wheat of the 1917-18 crop.
"The Non-Partlsan League," Sir George Foster said, "protests against
the action of the Board of Grain Supervisors in fixing a maximum price of
$2 40 for No. 1 Northern at Fort William and affirms that as admission
duty free to the United States was made possible by Act of the Government,
the advantage of the higher price in the United States should not be denied.
"in normal times this position would be justifiable, but these are abnormal
times, and the conditions imposed by the war introduce and give force to
other considerations. The British and Allied Governments are in urgent
need of supplies of wheat, and are appealing to Canada and the United
States for their total available surplus.
That appeal is accentuated by the
practical impossibility of readUy getting supplies from Australia, India and
Argentina on account of the difficulties of transport. To carry supplies
from Atlantic ports to Great Britain and the Allies, ships have been diverted
from Oriental, Australian and Mediterranean services, and the Royal
Wheat Commission are loading a large number of vessels simultaneously at
Atlantic ports. An even flow of grain is necessary in order to prevent
ruinous delays in the dispatch of these vessels and to keep the supply for
the Allied needs.
"Canada was, therefore, urgently pressed to forward for shipment all its
surplus of the crop of 1916-17 for August delivery.
This surplus was lying
mainly in storage in the elevators, and held for the highest possible prices,
and sales at greatly advanced offers were not forthcoming. The Board of
Grain Supervisors, appointed to secure and facilitate the movement of this
grain faced this situation.
"The United States Government had no authority for fixing prices on their
side of the line, pending the passage by Congress of necessary legislation,
and any attempts by the AlUes to purchase for present pressing needs would
have unduly promoted speculative prices in that country. If no maximum
price had been fixed in Canada, the attempt to purchase for pressing
August delivery would have sky-rocketed wheat prices, flour would have
followed wheat, and bread would have followed flour, and both the Allies
and all consumers in Canada would have suffered for the benefit of a limited
number of holders of grain in store, bought at much lower prices.
"The board, therefore, decided to fix what many considered the high
price of $2 40 for No. 1 Northern at Fort William and to stop dealing in
futures on the exchange.
That action has aided in securing the required
supply of wheat for the Allies and prevented a large speculative rise in
wheat, which would have been closely followed by a corresponding increase
[Vol. 1©5.
the export of Canadian wheat to the United States without
permission of the Board.
CANADIAN FLOUR EXPORTS TO UNITED STATES
PERMITTED ONLY UNDER LICENSE.
^,.
:[[
V
^"i^The'^cport of iCanadian flour to the" United' States for the
period for which the export of Canadian wheat to the United
is prohibited, is forbidden under an Order-in-CouncU
passed at the instance of the Food Controller. It is provided, however, that licenses for the export of flour may be
issued where it is deemed advisable.
Concerning the restrictions on flour exports, the Montreal "Gazette" on
Aug. 18 said:
States
This action has been taken, owing to the situation which has been
developed since the Board of Grain Supervisors for (Canada set a maximum
price for No. 1 Northern wheat of $2 40 per bushel, Fort William, on
Aug. 1 to cover the balance of the old crop. WhUe the price was fixed in
Canada, in Minneapolis, it has since reached S3 10 for No. 1 Northern
spring wheat with a corresponding increase in the price of flour.
With
Canadian wheat at $2 40 and the price of flour not fixed, certain of the
Canadian millers have been shipping to the American market to get the
benefit of the higher prices over there.
In order to secure as much as possible of the balance of our Canadian
wheat and flour for our consumption and that of Great Britain and our
allies overseas, the Food Controller has prohibited the shipping of Canadian
flour during the period of prohibition of wheat export.
The effect of thJa
is to bring wheat and flour on a par to the Canadian consumer and the
,
Allies overseas.
The
by Canada will be followed by the United States.
be close co-operation between the two food administrations.
The central comcmittee of the United States millers, appointed by Herbert
Hoover, has the matter under consideration and has been notified of the
Canadian embargo.
There
action taken
will
The order embodying the prohibition is as follows:
AT THE GOVERNMENT HOUSE AT OTTAWA.
Saturday, the 18th day of August 1917.
Present: His Excellency the Governor-General in Council.
His Excellency the Governor-General in Council, on the recommendation
of the Minister of Customs, is pleased to order and it is hereby ordered
that the Order-in-CouncU of 20th September 1915, prohibiting the exportation of wheat flour and certain other articles shall be and the same is
hereby amended by striking thereout the words "wheat floiu'," and that,
under the provisions of Sections 242 and 291 of the Customs Act, the
exportation of wheat flour shall be prohibited to all destinations abroad
other than the United Kingdom, British Possessions and Protectorates:
Provided that licenses permitting the exportation of wheat flour to countries in alliance with the United Kingdom in the present war may be issued
imder regulations by the Minister of Customs.
RODOLPHE BOUDREAU,
Clerk of the Privy Council.
AUGUST
31
FOOD SUPPLY DAY.
Food Supply Day
as a reapproval of Secretary Houston's plans
for taking the national food survey.
Besides its tabulation of food stocks in retail stores, the Department of Markets, ^assisted by^other Bureaus of the Department of Agriculture .^undertook '^on that day a canvas of food stocks on
farms, in storage, [in' the hands of manufacturers and whole-
Aug. 31
is
virtually proclaimed
sult of the President's
ThevDepartment ^of Agriculture
an announc ement' available for publication on Aug. 29
salers^a,nd'Un""the^homes.
i^'
,
In flour and breadstuffs in Canada, which would have greatly enhanced
said:
the present high cost of living.
This does not mean that every householder and every store In the land
"It appears to be a case in which the general and public interests of the
will give a complete list of all provisions on hand, but It does mean that
vast majority must be considered paramount to the gaining by a few of a
food suppUes,
temporary higher speculative price. The Board has not stopped the export some 10,000 representative households will tabulate their
and
from
of the homes of the country as a
these
Index
a
fairly
accurate
of wheat by individual farmers, but has only required Information of quanrepresenting avertities and grades shipped.
The Board has fixed no prices for the crop of whole may be obtained; it means also that in 43 counties,
age conditions for a certain per cent of the total population, as well as in
1917-18.
"Now that the required legislation has been passed at Washington and New York City, which represents a peculiar problem, a local canvass will
be made of retail stores.
the Controller of Food Prices appointed, co-operation between the two
About 350,000 wholesale and large retail concerns, storage places and
countries may be expected to control and equalize the prices of wheat in
manufacturing and jobbing establishments report directly to the Departboth. The immediate effect of the completion of this legislation in the
and the
United States and the organization founded thereon has been to cause a ment on special forms, which have been sent out for the purpose,
crop reporters of the Department will furnish records made out, through
rapid fall in wheat prices in that country and to-day's transactions are
them, of the stocks on about 350,000 farms. Thus the large holdings In
below the fixed Canadian price.
"As to the composition of the Board of Grain Supervisors, the Govern- the hands of commercial concerns will be shown by actual inventory, while
ment gave the most careful consideration to that matter. The intricacies the reports from the selected farms will serve as a basis for estimates of
and the involved character of the business under supervision, and the com- these products of the entire country.
Scope of the Inquiry.
plex and widely extended mechanism connected therewith, made it necesBy getting returns from these four sources, it is thought that the survey
sary to have some men intimately acquainted with the trade as members
will be fairly conclusive, especially since the law authorizes supplementary
of the Board, and an endeavor was made to represent fairly the consuming
and producing interests. Mr. Wood, as President of the Canadian Coimcil inquiries at later dates to round out the figures. The farm figures will give
what the producer has, and the others the suppUes in the succeeding progress
of Agriculture, Mr. Rathwell, as a prominent farmer of Saskatchewan, and
Mr. Crerar, who is an influential member of the Grain Growers' Associa- from the farm through manufacturer, storage man and wholesaler, to the
retailer, and eventually to the consumer.
The consumer's record, to be
tion, specially represent the producers' interests.
made up by householders, will give not only what the family has on hand,
"It is admitted that the fixing of a maximum price for wheat carries
but what it consumes by specific periods. The figures of consumption will
logically the regulation of the price of flour and other staple food products.
These matters are now under consideration and the completion of United furnish definite checks as to how far the farm, wholesale and retaU stocks
will go toward furnishing the actual food needs.
States control legislation will render control co-operation possible in the
operations of the Canadian Pood Controller."
Hon. Mr. Oliver asked if it was intended to maintain the fixed maximum
RETAILERS.
while prices were as they were.
Sir George replied that it was not intended to interfere with the orders
In furtherance of the plans, announced in these column
of the Board, while the price of $2.40 fixed for the balance of the crop was
last week, to conduct a nation-wide census of food supplies,
at present higher in Winnipeg than the price in Minneapolis.
Hon. Mr. Oliver: "I want to know if the prohibition of the exports of an inventory of food stocks held in retail estabUshments in
grain to the United States is to continue."
York City and in the city and rural portions of 43 counSir George Foster: "The action of the Board would be nugatory if the
Board fixed a price here and then allowed people holding the grain to ties in various parts of the country was begun on Aug. 31 by
ship it off to the States."
a' detailed and personally super\-ised survey, conducted by
INVENTORY OF FOOD STOCKS OF
New
Prior to the above action, the Board of Grain Superhad previously (on July_27)[issued>n^orderj)rohibiting
visors
the!4U. S. Department of Agriculture. A statement
ublic^by^the Department on Aug. 27 says:
made
Sept.
1
THE CMSONICLE
1§17.]
Estimates from these figures will make it possible to approximate the
quantity of all of the food on hand in such establishments In the country.
To get this result the counties have been selected with great care. Including
some as presenting conditions which will reflect varied types of life and inThe survey of retail stocks is only one of the four now under way,
dustry.
the other three being the stocks on farms, in wholesale commercial establishments and storages, and in the homes of the consumers. Aside from
the cities and counties in which the detailed work will be done, the survey
of retail stocks of food will be handled by schedules through the mails.
The actual work of making the surveys will be directed by the Bureau
of Markets of the Department, assisted locally by the agents of the Bureau
Other local agencies
of Chemistry and of the States Relations Service.
such as boards of trade, chambers of commerce, retail grocers' associations,
farm bureau agents, and other State, county and city officials, have assured the Department of their assistance. The blanks for detailed reporting of stocks on hand are distributed locally in cities by local health and
police officials under the direction of the Bureau of Chemistry, and in rural
communities by county agents and patriotic organizations under the general direction of the States Relations Service.
Counties Selected.
Aside from New York, where an Inventory will be made, the largest city
Its county,
selected as a part of the basis of estimating is Cleveland, Ohio.
Cuyahoga, was selected because Cleveland is centrally located with reference to large Industrial centres and may be considered as a typical manufacturing and commercial centre. A detailed survey of New York City
will be made as a separate problem; but, owing to its large size, it cannot
be used as a part of the basis for estimating for the entire country, since it
would completely overshadow the total of all the other selected districts
combined.
The second group of counties includes the cities of Syracuse, N. Y.;
Dallas, Tex.; and Altoona, Pa., with its outlying towns of Tyrone and
Juniata. These three are thought to represent conditions as they exist
In a city which depends on manufacturing one which has a big agricultural
back-country, and one which depends on the mining industry.
The grouping, as a whole, is in accordance with population. The first
group, represented by Cleveland (Cuyahoga County) is for metropolitan
The second group includes
districts with a population of 200,000 or more.
counties with cities of a population of 50,000 to 200,000. The third group
takes counties with cities 25,000 to 60,000; fourth, from 10,000 to 25,000;
and so on down to 2,500, and then certain counties having no city or village of 2,500 population.
,
Other Group Divisions.
In the third group of counties are the cities of Montgomery, Ala.; Topeka, Kan.; Binghamton, N. Y., and Sacramento, Cal.
The fourth group includes Concord, N. H.; Butler, Pa.; Jackson, Tenn.;
Iowa City, la., and Walla Walla, Wash.
Group five has five cities with their outlying country population. They
are Oneonta, N. Y.; Americus, Ga.; DeKalb, 111.; Bowling Green, Ky., and
Provo, Utah.
Group six includes ten coimties with cities of from 2,500 to 5,000 and the
index cities are Springfield, Vt.; Stroudsburg, Pa.; South Boston, Va.;
Allegan, Mich.; Lake Geneva, Wis.; McPherson, Kan.; Marshall, Mo.;
Canton, Miss.; Stillwater, Okla., and Marshfield, Ore.
The final group, in counties having no towns as large as 2,500 population.
Includes 15 towns, as follows: Eatonton, Ga.; Carthage, N. C; Seaford,
Del.; Rosedale, Ind.; Pembina, N. D.; Marysville, Kan.; Hartford, Ky.;
Lawrenceburg, Tenn.; Enterprise, Ala.; Fairhope, Ala.; Rector, Ark.;
Mansfield, La.; La Grange, Tex.; Castle Rock, Colo., and Raymond, Wash.
Why the Places Were Chosen.
These places were selected because of the impossibility of making a complete Inventory of the stocks of the smaller retail concerns throughout the
country. This careful and detailed sur\ ey of the retail stocks in the representative cities and rural districts, together with results obtained from
schedules that are mailed out, forms the basis on which the retail stocks of
the whole country will be estimated.
It is known, of course, just what Is the actual population in each of the
seven groups represented by the forty- three counties, and just what proportion their population bears to the population of the group and to the country
as a whole.
NEW YORK
AND RESTAURANTS NOT TO
ADOPT BEEFLESS DAYS.
HOTELS
In indicating the likelihood of a change in the food conservation plans of the hotels and restaurants in New York,
John McE. Bowman, President of the Biltmore and a member of the United States Food Administration, on Aug. 19
said:
It looks now as if there would be some modifications of our previous program, as Mr. Hoover feels that some of the suggestions might upset conditions, and for this reason he has decided not to have a "beef less day,"
but to ask us generally to conserve our meat and whenever possible to reduce
the portions and the prices accordingly, in this way suggesting to the public
that they can fill out their meal with fish and sea foods first, then vegetables, fruits, salads and cheese at the end of the meal.
Mr. Bowman also had the following to say:
At present we are not prepared to launch our plan from Washington, as
there remain for settlement two or three important points.
On a nationwide campaign of this kind more haste usually means less speed. Mr.
Hoover feels that we ought to go slowly and without factional differences,
be perfectly sure of our ground and our public before we start.
To begin with, the food administration only came into existence about
ten days ago and although a great deal of work had been done before, there
many matters of import that remain. There is the selection of the Federal food representative in each State with
the hotel and restaiirant
men are expected to work in harmony and to consult regarding appointments in the different districts they represent. There probably will also
York a State food representative appointed by Governor Whitbe In
man. It must be remembered that although there are 16,000 or 17,000
hotels in the country with which we can co-operate, there are possibly
are
whom
New
150,000 restaurants that must be counted on to help put this propaganda
over.
My
role In Washington is more as a representative of the hotel and restaurant interests than as an appointee of Mr. Hoover and I believe for this
reason that they should back me to the very limit on anything that goes
out from the Food Administrator's office. While they might not at all
times agree with the plan and scope, the fact remains that it has the approval
of Mr. Hoover and his confreres at Washington and that they have the final
word. He is not going to ask them to do anything that will ruin their
869
When
the suggestions are boiled down the plan from top to
"Eat plenty, eat wisely, but without waste."
The plan is to send a card to every^hotel man and restaurant man, which
we will ask him to sign and which will pledge him to carry out the suggestions of the Food Administration.
In return he will receive his card of
membership which he can display in his hotel or restaurant and I hope
that every man in our business will sign this card and send it to Washington. He is not signing it for Mr. Hoover or Mr. Bowman, but he is signing it for the flag under which he is doing business, and if he is not carrying
a gun at the front he is at least showing his patriotism by trying to save
enough to feed the man who is carrying the gun.
business.
bottom
all
will read:
As noted
New York
in our issue of July 21, the original plans of the
and restaurants proposed the serving of
institution of one beefless day each week,
the partial elimination of wheat roUs for breakfast, and the
addition to wheat bread of not less than 10% of some other
kind of flour, such as rye, potato, banana or rice. The
Food Administration, in announcing on Aug. 1 that as a
result of action taken on that date by the Hotel and Restaurant Committee stimulation in the production of beef to the
extent of one biUion pounds within two years was expected,
hotels
"war bread," the
said:
The
members
of the committee pledged themselves to buy 10,000
These calves,
their keep for a two-year period.
weighing approximately 75 pounds, will increase in weight dtiring this time
to 1,000 pounds or more.
The hotel and restaurant men gave it as their belief that the pledge of
"buy a calf" can be extended among the interests they represent to at least
1,000,000 calves. With an average increase in weight of 1,000 pounds per
animal, it is estimated that an increased production of 1,000,000,000 pounds
of meat will be brought about which otherwise would not take place.
Among the resolutions adopted at to-day's meeting were the following:
That at least 10% of some other kind of flour, rye, potato, banana, corn,
rice, &c., should be put in wheat bread and rolls.
That there should be
service of individual portions of bread and butter of uniform weight, with
not more than two rolls of not more than an ounce and a half, with not
more than one ounce of butter with each single service. That a greater
proportion of rolls served for breakfast should not be made of wheat.
That bread and butter be served with the first course only, not before, as
has been the custom for years, imless asked for by the guest. That all
stale bread and trimmings from toast bread be sterilized and then be made
into war bread to be served to employees and guests.
That the practice
of serving toast as a garniture with various dishes should be discontinued.
That rice or corn cakes be featured instead of wheat cakes. That Tuesday
of each week shall be designated on which beef will not be served.
This
is to be known as the "beefless" and not the "meatless" day.
That the
service of young animals, such as veal, baby lamb and suckling pigs, be
discontinued as far as possible. That braising and stewing should be encouraged and frying eliminated as far as possible so as to conserve butter
and lard. That soap-making by hotels and restaurants be encouraged.
That chickens, ducks, poultry of all kinds, fish and lobster and other sea
foods be featured on menus. That fresh vegetables be made up into attractive dishes.
That both fresh vegetables and fresh fruit salads be
featured, and that the use of canned fruits and vegetables during the fresh
vegetable and fruit seasons be discouraged. That the icing and frosting
of cakes with sugar should be discontinued as far as possible.
That the
use of cube sugar be discouraged and granulated sugar substituted as far
as possible, and that the use of honey be encouraged as much as practicable.
That the American plan hotels check their orders through the kitchen the
same as European plan houses by having guests write orders and serve
only what has been written. That table d'hote meals in a la carte hotels,
restaixrants and clubs be abolished.
That the United States Government
urge the various States to lengthen their fish and game seasons and that
these seasons be made uniform throughout the country.
The members of the Hotel and Restaurant Committee who were In
attendance at to-day's meeting were:
John M. E. Bowman, Hotel Biltmore, New York City; George R. Benton, Hotel Savaimah, Savannah, Ga.; Frank C. Hall, Hotel Somerset,
Boston, Mass.; Tracy C. Drake, The Blackstone, Chicago, 111.; Wallace
N. Robinson, Hotel Baltimore, Kansas City, Mo.; Thomas D. Green,
Hotel Woodward, New York; S. S. Childs, 200 Fifth Avenue, New York;
James Woods, Hotel St. Francis, San Francis, Cal.; John Tait, "Taits,"
San Francisco, Cal.; Chas. Consoloo, The Monticello, Norfolk, Va.; John R.
16
calves,
and arrange for
Thompson, 350 North Clark Street, Chicago, 111.; John Cavanaugh,
250 West 23d Street, New York City; Ralp Gushee, Claremont, Riverside
Drive, New York City; Chas. R. MacDonald, Atlantic Hotel Supply Co.;
Chas. E. Gehring, Hotel Review, New York City; and Frank F. Hight,
New WUlard, Washington, D. C.
COMMISSION TO INVESTIGATE I. W. W.
ACTIVITIES IN THE WEST.
The appointment of a special commission which -will
make a tour of the country to investigate the activities of
W. W. and
other labor disturbances in the Western
determine the real causes of the agitation and to assist further in the adjustment of the labor
situation, was recommended to the President by the Council
the
I.
States, in
an
effort to
and its Advisory Commission on Aug.
thought that the prevailing labor trouble in the
West has been inflamed by pro-German interests. The
proposed commission, it is said, will endeavor to get aU the
of National Defense
27.
It is
and give them the fullest publicity where
found that German influence is playing a part in the
The Council of National Defense on Aug. 27
agitation.
issued the following statement regarding the commission:
facts in the case,
it is
In accordance with the determination of the Government to omit nothing
which might aid in the adjustment of social disturbances of every character throughout the country, the Council of National Defense and the
Advisory Commission in joint session have passed a resolution asking the
President to designate a new commission to have as its special field the investigation of the type of disturbances best represented in the public
mind by the I. W. W. agitations in the Western States. The proposed
commission would have the authority and support of the President to In-
THE CHRONICLE
870
vestlgate and report on such agitations and labor disturbances related
thereto.
The resolution had the unanimous support of the members of the two
bodies.
It was originally suggested by Conunissioner Samuel Gompors,
who was instrumental in framing the recent agreement for settling ship-
yard striltos through an adjustment commission, and who has been active
In working toward a solution of all outstanding labor problems.
It is felt that the suggested commission, going from one State to another
representing the National Government, perhaps meeting in each Instance
the Governors of the States with the view to lending sympathetic counsel to
the State Governments and dealing both with employers and employees in a
conciliatory spirit, would go far toward discovering the real causes of this
particular manifestation of social discontent
and
assist further in
the ad-
justment of the whole industrial situation.
Press dispatches from Washington on Aug. 28 stated that
officials there were confident that the labor unrest on the
Pacific Coast and in the Northwest had passed its climax,
and that conditions would rapidly improve. Reports to
the Departments of Labor and Justice from field investigators, the dispatches said, indicated that dissatisfaction
exists among the ranks of the Industrial Workers of the
World and that the organization may soon face internal
strife.
Hundreds of members of the I. W. W., it is said,
have become dissatisfied over the failure of the threatened
general strike of agriculture and construction workers
in
Washington,
Oregon,
Idaho
and
Montana,
and
in
certain localities many already have indicated their
desire to leave the organization.
The failure of the
general strike was brought about by the arrest on
Aug. 19 of James Rowan, District Secretary of the Industrial Workers at Spokane, and twenty-six other alleged
members of the I. W. W. A company of Federalized Idaho
National Guardsmen under command of Major Clement
Wilkins, on instructions from State officials and from
Colonel Clarence W. Dentler, in charge of the United States
Army in the Northwest, raided the headquarters of the
I: W. W. in Spokane and seized the disturbers.
Judge
Hugo Oswald in the Superior Court at Spokane on Aug. 24
denied a petition for a writ of habeas corpus in behalf of
Rowan and seventeen of the other I. W. W.'s arrested on
Aug. 19. Judge Oswald ruled that Major Wilkin in arresting
the I. W. W.'s acted in the capacity of a duly authorized
officer of the United States, and that in those circumstances
the State Court had no jurisdiction in the matter.
The general strike was called for Aug. 20 by Secretary Rowan, who demanded that I.
prisoners inWashington, Idaho, Montana and Oregon be released, a ten hour day in the harvest
fields, better sanitary conditions, no discrimination against
union men and the privilege of organizing workers. The
swift and unexpected action of the military authorities at
Spokane in arresting the agitators had a powerful inflenee
in deterring the radical members of the I. W. W. from going
on strike on Aug. 20 (the day chosen for the general walkout) and only a small number of men are said to have left
their jobs.
The use of Federal troops in repressing the
I. W.W'swas a result of the conference in Portland, Ore., on
Aug. 12 of the Governors and representatives of the States
of Washington, Oregon, Idaho, Montana, Utah, Nevada
and California. The Governors met in conference to
formulate plans for the best co-operation in dealing sternly
with the I. W. W. menace. Realizing that the I. W. W.
agitators gain their power by appealing to workers of the
lower classes, the Governors decided to inaugurate speaking
campaigns in all their States to educate the public to the
rightfulness and gravity of the war, and systematically
to urge the enlistment of friendly aliens and promote the
education of aliens in Americanism with a view of converting
them into loyal citizens.
W.W.
(Vol. 106.
OUR GOVERNMENT AND LABOR.
For the purpose of informing business men of the country
something of the declared policy of the United States Government with regard to labor matters in connection with the
war, a bulletin has been issued by a committee of the Chamber of Commerce of the United States which is cooperating
with the Council of National Defense. It is the result of
personal investigation made by Waddill Catchings, of New
York, Chairman of the Committee. It is said that when
the President, Secretary of War, or other member of the
Administration desires information or advice with regard
to some labor problem, reliance is had upon the Secretary of
Labor. Consequently it is the opinion of the Committee
there should be widespread knowledge of the Secretary's
official statement concerning his general position regarding
labor activities dm-ing the war and controversies between
employers and employees during this time. The National
Chamber Bulletin says:
First it may be said that on April 7 of this year the Council of National
Defense adopted a resolution submitted by the executive committee of
the Committee on Labor of the Council of National Defense, including the
following: "That the Council of National Defense mil issue a statement
to employers and employees in our industrial plants and transportation
systems advising that neither employers nor employees shall endeavor to
take advantage of the country's necessities to change existing standards.
When economic or other emergencies arise requiring changes of standards,
the same shall be made only after such proposed changes have been investigated and approved by the Council of National Defense."
The Secretary of Labor is of course a member of the Council of National
Defense and on April 23, speaking for the Council, he said, referring to the
above resolution: "The Council of National Defense takes this position that
the standards that have been established by law, by mutual agreement or
by custom, should not be changed at this time; that where either an employer or an employee has been unable under normal conditions to change
the standards to their own liking, they should not take advantage of the
present abnormal conditions to establish new standards."
TheSecretary of Labor also said: "That employersand employees in private industries should not attempt to take advantage of the existing abormal conditions to change the standards which they were imabie to change
under normal conditions."
The Secretary mentioned, according to the Chamber bulthe hours of labor as among the standards referred to,
and pointed out that by custom certain standards constituting a day's work had been established varj-ing from 7 hours
per day in some kinds of office work to 12 hours in continuous operation plants. With regard to the organization of
letin,
unions, the Secretary said, the bulletin continues, that speaking solely for himself, his attitude Avas that:
Capital has no right to interfere with workingmen organizing labor any
more than the workingman has a right to interfere with the capitalists
The two are on a parity on that point, and so my feelorganizing capital.
ing is that in the present emergency the employer has no right to interfere
with you in your efforts to organize the workers into unions, just as you
have no right to interfere with capitalists organizing capital into corporIf you can get a condition where efforts to organize the workers
are not interfere with and where a scale of wages is recognized that maintains the present standard of living it occinrs to me that for the time being
no stoppage of work should take place for the purpose of forcing recogations.
,
nition of the union.
The above statements should be carefully studied by all
business men, the National Chamber bulletin urges, as
they are said to represent the declared policy of the Government with regard to labor matters in connection with the
war. The buUetin adds:
There is no doubt that many persons in the Government to-day believe
that it is important In connection with the prosecution of the war that labor
should become organized and be dealt with by the emploj'er and the Government through these organizations. The message brought to this country by James Thomas and Charles W. Bowerman, who were sent over from
England by Lloyd George to advise this country as to what had been
done in England in connection with labor problems, was that the English
Government tlirough the war had recognized the importance of dealing
with labor through labor organizations, having encouraged the fiuliher
organization of labor and dealt with organized labor on all problems which
affect labor.
In England labor has been largely unorganized for some
years.
Senator Myers of Montana introduced in the Senate on
Aug. 15 a bill which has as its aim the suppression of I. W.
W.'s and other disloyal citizens who endeavor to interfere
with the conduct of the war. The bill makes it unlawful
for anyone in the presence of others to utter disloyal, thi-eatening, profane, violent, scurrilous, contemptuous, slurring
abusive, or seditious language concerning the Government
Constitution, President, Army, Navy, soldiers, sailors,
their uniforms, the flag, or the "good and welfare" of the
nation.
The bill also prohibits language that would bring
any of the above into "contempt, scorn, contumely or disrepute," and utterances "calculated to incite or inflame resistance to any duly constituted Federal or State authority
As regards
in connection with the prosecution of the law."
I. W. W.'s the bill prohibits advising, urging or inciting
"any cm-tailment of production in this country," or the curtailment of anything "necessary or essential to the prosecution of the war, with intent to cripple or hinder the United
States."
On the other hand many persons here emphasize that conditions in this
country are essentially different from England, and that in this instance
as in others, English experience will be most helpful to us if used with
discretion.
All agree that industrial peace should
be promoted during these times of
concentrated national energy. As indicated above, the spokesman^for
the Government has taken the position that industrial peace will be promoted by continuing the status existing when the war began so far as standards of hours and recognition of the union are concerned wherever strikes
are necessary to secure changes in such conditions.
But the Secretary
of Labor has expressed his personal opinion that the peaceful organization
of unions may go on.
ATTITUDE OF INSURANCE EXPERTS TOWARDS
BILL FOR INSURANCE OF SOLDIERS AND SAILORS.
The following
Home
letter
Life Insurance
HOME
from President George E. Ide of the
Company
is
self
explanatory:
LIFE INSURANCE COMPANY.
New York, Aug.
28 1917.
The Financial and Commercial Chronicle:
Prom time to time, editorial comments and statements by persons interested in the War Insurance Bill now before Congress have shown that
the public at large is misinformed as to the attitude taken by life insurance
people in regard to this measure.
HiSiuii
To
the Editor of
.
Sept.
1
THE CHRONICLE
1917.]
of the Treasury some time ago appointed a committee
This
to consider the so-called War Risk Insurance Bill.
committee and a committee of actuaries which was also appointed by the
Secretary of the Treasury gave much time and attention to the proposed
measure and were requested by the Treasury Department to consider all
For that reatheir deliberations and conclusions as strictly confidential.
son their views in regard to the matter could not be made public until
The Secretary
of insurance
men
bill was introduced in Congress.
The advocates of the bill have allowed the Impression
the
to prevail that this
insurance committee is opposed to the bill because it savors of Governmental insurance and consequently is opposed to the interests of private
insurance companies. Our committee has not taken this position but has
considered the bill in a spirit of fair-minded patriotism.
To those who are not familiar with the measure, it might be well to state
that Article IV above referred to offers a plan of optional life insurance
to the soldiers and sailors in addition to very liberal allowances and compensations which are granted gratuitously to the dependents of enlisted
men and officers who suffer partial disability, total disability or death.
Our committee has taken the position from the start that it is strongly
in favor of the bill; that it believes it to be a wise measure, as supplanting
our present pension system; that it must be broad in its scope and liberal
in its terms so that our soldiers and sailors may realize that they have
behind them the good will of the nation and that their dependents in any
event will be fully taken care of, which the nation can well afford to do.
Our committee has objected to Article IV (optional insurance) which, in
addition to the above general benefits, offers to the men insurance or death
indemnity in an amount not to exceed $10,000 upon the payment by the
insured of an annual premium which would average about $8 per thousand.
Our committee did not object in any way to this insurance for the soldiers
and sailors in addition to the other benefits of the bill, provided it was
equitabhj given to all (which can only be the case if the Government bears all
the cost) and we suggested that if it was felt that the other provisions of
the bill were not liberal enough, a stated amount of insurance should be
given to every enlisted man without cost to him. Our opposition to Article IV. was not intended in any way to curtail the benefits under the bill
and we expressed the feeling that if the provisions in the bill, covering
compensation for partial disability, total disability or death, were not
liberal enough, they should be made more liberal and in our first report
we recommended certain increases under these articles.
One of the advocates of the bill in commenting upon it has said that
"It is nothing short of criminal to fail in the adoption of legislation necessary to the effective conduct of the war through fear of such legislation
Our committee distinctly objects to the insurance
in time of peace."
article of the bill because there is no reference in the bill to the fact that this
Article IV is a war measure, nor is there any statement of intention of abandoning the issuance of new insurance under this article when the war is
over.
The particular article of which we speak provides for term insurance
during the period of the war, and after the period of the war conversion
into some other regular form of insurance, but the terms of this conversion
are not stated and the whole matter is left to future regulation and adjustment. This part of the bill is vague and loosely constructed.
In brief, the attitude of our committee is this: We believe as much as
anyone in the great merit of this general proposition. We think a system
of compensation for the soldiers and sailors should be devised upon scientific lines, but, having been called in as experts, to criticise the bill, we
cannot indorse it where it is vague, unscientific and discriminatory. It is
necessary obviously that the bill should be quickly passed, but there is no
reason why a splendid measure should be spoiled by the addition of an
article of very doubtful value, which has been presented to the public in
871
taken, and I hope that for the most part those accepted in the first cal
would be found to be men who had not yet assumed such relations.
1
"The Selective Service law makes the fact of dependents, rather than the
fact of marriage, the basis for exemption, and there are, undoubtedly,
many cases, within the age limits fixed by law, of men who are married
and yet whose accumulations or other economic surroundings are such that
no dependency of the wife exists in fact. Plainly the law does not contemplate exemption for this class of men.
"The regulations promulgated on June 30 1917 should be regarded as
controlling in these cases, and the orders issued under that regulation
directing exemption boards to establish the fact of dependents in addition
to the fact of marriage ought not to be abrogated."
2. The attention of this office has been invited to the fact that, in a few
instances, local boards have certified to district boards as held for military
service, men whose families are actually dependent upon them for support
on the theory that the wife is able to work and should be put to the necessity
of going to work to support herself and children.
This situation is addressed in the following opinion of the District Board of New York City, in
which opinion this office concurs, with the understanding that the phrase,
"support available from relative," is support, partial or total, previously
extended to the applicant himself.
"We do not concur in the view suggested in some quarters that in case
of wife and children actually dependent on applicant's labor for support,
and where there are no other means of support, the wife should be put to
the necessity of going to work to support herself and children.
Bona fide
dependency of wife and children on labor of applicant where in his absence
they will be left without reasonably adequate support, after duly taking into
consideration soldier's wages and support available from relatives, as stated
in the rulings of the Provost Marshal General, is ground for discharge."
This opinion clearly and adequately expresses the intent of the law in
this regard.
3. Paragraph B, compiled rulings of this office No. 6, addressed a state
of affairs where the parents or other relatives of the wife or husband are
able, ready, and willing adequately to support the wife and children, if
any, during the absence of the husband. This ruling was responsive to a
class of cases that had been brought to the attention of this office where
claims of discharge had been made on the ground of dependency on a
husband, who, as a matter of fact, was not dependent upon himself. The
ruling directed the attention of local boards to the fact that scrutiny of
cases of this kind might disclose that no discharge was advisable.
It was not intended that Paragraph B of the compiled rulings should
apply to the case of the head of a famUy whose family, at the time of his
sumjnons and prior thereto, were and had been mainly dependent upon
his labor for support.
4. Instances in which local boards have been in error in respect of these
two classes of cases are rare. It was to be expected that with some 4,500
local boards there would be some ununiformity of decision in this regard.
To provide against this ununiformity. Section 27 of the regulations provides
for the automatic appeal of all dependency cases to the District Boards.
District Boards should scan the decisions of local boards on questions of
dependency, and wherever it appears that such decisions are illegal (as in
the two cases just mentioned, or otherwise), or where these decisions seem
to be so far ununiform as to result in an unequal operation of the law, the
District Board should reverse or modify the decision of the local board.
POLICEMEN AND FIREMEN NOT EXEMPT AS A
CLASS FROM SELECTIVE DRAFT.
According to a decision of Provost Marshal General
Crowder, which was made known on Aug. 27, policemen and
firemen will not be exempt from mihtary service because of
their occupations.
The decision was made in reply to a
"The conclusion is entirely request
in the same article, reaches this concUision:
by
Police Commissioner Arthur Woods of this city,
clear.
The last article, covering the insm-ance plan under that name,
should be dropped from the bill for the other provisions are both ample which had been transmitted to Secretary, of War Baker by
and generous."
Governor Whitman. In his letter to Commissioner Woods,
To this I might add, if the other articles of the bill are not ample and
General Crowder, according to the "Evening Post," said
generous, we recommend that they be made so. The insurance committee
that he took up the request of the New York City Police
in its first report suggested certain increases in this line.
GEORGE E. IDE,
Department on the orders of Secretary Baker, and that the
Chairman of Insurance Committee Appointed by the Secretary of the Treasury.
conclusion had been reached that it would be impossible to
make such a ruling as the one desired. The specific request
was
that in cities of a population of 2,000,000 or more,
PRESIDENT FAVORS EXEMPTION OF MARRIED MEN
pohcemen
and firemen should be discharged from service
WITH DEPENDENTS.
such a rule for the larger cities would be unfair to
To
make
As the result of the intervention of President Wilson into
the smaller cities. General Crowder ruled, and policemen
the question of exemption of married men from military
firemen, unless they have other grounds for exemption,
and
service, Provost Marshal General Crowder, following a
will be taken into military service.
The Provost Marshal
conference with Secretary of War Baker, on Aug. 25 sent
General disposed of the fact that 3,000 of the 10,000 New
out to the Governors of the various States a supplemental
York City policemen were subject to the draft, by saying
explanation of the regulations governing the status of
that of this number approximately only 300 would be taken
married men under the selective draft law.
a way to create false impressions.
"The Commercial and Financial Chronicle" in an article in its issue of
Aug. 25 gives an extensive analysis of this bill. In speaking of Article
IV, it says the looseness of this section is enough to condemn it, and again
The
President's
pointed out, is that the actual need of support,
not marriage, is to be the grounds upon which the exemption
boards shaU determine whether a man who claims exemption
because of dependents should be excused from military
decision, it
service.
is
The
effect of the President's action, it
is
said, will
be to excuse those whose wives, children, or parents are
absolutely dependent for support upon the income derived
from the man's labors. In a letter to Secretary Baker,
quoted by General Crowder in the ruling promulgated on
Aug. 25, the President states it as his opinion that the
regulation directing local boards "to estabhsh the fact of
dependents in addition to the fact of marriage ought not to
be abrogated." General Crowder's ruling, embracing the
President's opinion, is as follows:
A
feeling has been expressed that, in passing on claims for discharge
local boards ought in no case to refuse a
discharge to a married man or to the head of a family. The law under
which local boards act requires that before such a discharge can be granted
dependency, as well as relationship, must be established. The matter
1.
on the ground of dependents,
having been presented to the President, the following are his orders thereon:
"We ought as far as practicable to raise this new national army without
creating the hardships necessarily entailed when the head of a family is
by the
first draft,
and the
loss of this
not be noticed in so large a force.
number of men would
The Provost Marshal
General also ruled against exempting policemen and firemen
because of the fact that "if firemen and policemen were
exempted, medical students and others would most likely
make
claims for exemption from military service on the
ground that they are saviors of life and limb."
CONVICTIONS FOR VIOLATIONS OF SELECTIVE
DRAFT LAW.
Manton in the United States
Court in this city on Aug. 20 sentenced Dr. S. J.
Bemfeld and Louis I. Cherey, former members of Local
Exemption Board 99 with headquarters at Rivington and
Lewis Streets, to serve two years in the Federal prisonjat
Atlanta, after they had pleaded guilty to a charge of conspiring to defeat the selective draft law by taking bribes
In passing sentence
to exempt men from military service.
on Cherey and Dr. Bemfeld Judge Manton remarked that
Federal Judge Martin T.
District
the
maximum
penalty provided by the statute for their
THE CHRONICLE
872
offense was' imprisonment formal term of two years andBa
fine o fXSlO.OQQ-:: His failurelto impose the penalty of a
fine .was. explained by Judge Manton as due to the fact
[Vol. 105
an investigation'of the board's records. Every
the board, it is said, will be reexamined.
According to the New York„"Times" the records in the case
of Adelman show that he first appeared for examination
before the board on Aug. 4, when he stood the test and the
board passed him. On Aug. 14 the board notified Adelman
that he had been accepted for service and would be duly
certified to the District Board as one of the quota of Board
About that time the Department of Justice agents
59.
found that Adehnan's card had been changed and thatlSe
had been marked "exempted for physical reasons." The
investigation is alleged to have disclosed that the exemption
was bought for $300, and the arrest of Dr., Fritz followed.
Justice began
man exempted by
Government does not wish to accept tainted money
form of a fine." Kalman Gruher, who was charged
with taking part in the conspiracy as a go-between of "fixer"
and' who^ pleaded not guilty on Aug. 20, was after trial and
conviction sentenced to twojyears imprisonment at Atlanta by Judge Manton on Aug. 21. Following an investigation into the board's conduct by State and Federal
authorities, Governor Whitman, at the direction of President Wilson, on Aug. 10, ordered the immediate removal
of all three members of Board 99, namely Louis Cherey,
"
tn^ >. ixtLWi
__
Dr. Bemfeld and Dr. Henry M. Groehl. The board's
_
^^
Thirty Germans were arrested near Tripp, S. D.,'on
records were seized, and Cherey and Dr. Bernfeld were
arrested.
Dr. Groehl, a brother of Magistrate Groehl, Aug. 27 on a charge of; having^, viola ted the Espionage Act in
was exonerated by the Federal authorities on Aug. 11. Eaving signed and circulated a petition demanding a referenGruher was arrested on Aug. 11 and two days later, Aug. dum on the draft and the war, and attempting to intimidate
13, together with Cherey and Dr. Bernfeld, was released county officials who were administering the selective draft.
under $5,000 bail each. A new board to replace the one The Germans were later arraigned before United States Comremoved by the Governor, was selected for Board 99 on missioner E. T. White and were bound over to the Federal
Aug. 12. It consists of Max Steindler, Louis Birnhak and District Court for trial. On Aug. 14 fifteen other Germans
Dr. Louis Spanier. All registrants who were passed upon had been apprehended on a similar charge, and again on
by the old board, whether qualified or disquaUfied, are be- Aug. 21 fifteen more^^were arrested for signing the petition.
ing reexamined by the new examiners
The Federal Grand
Jury in this city, which investigated the workings of the ^William' V.*^ McCoy and J. W. Phipps, Virginia mounold board on Aug. 15 returned two indictments against taineers, were found guilty by a jury in the Federal Court
Cherey and Dr. Bemfeld and one against Gruher. The at Big Stone Gap, Va.,_on Aug. 17 for "recruiting men_to
first indictment was against Cherey, Dr. Bernfeld and
destroy arms and ammunitions of the United States GovernGruher, and was for conspiracy to evade the selective draft ment," and were sentenced to served five years in the Federal
law. The second was against Cherey and Dr. Bernfeld, prison at Atlanta.
Other indictments against them, chargunder Section 117, United States Criminal Code, relating ing interference with the selective draft law were dismissed.
The McCoy and Phipps (as stated in these columns on June 2)
to an officer of the Government accepting a bribe.
fact that members of Board 99 were accepting bribes in were arrested as the result of an investigation by Federal
exempting men from military service was revealed to the officials of a plot under which it was planned to destroy
Government authorities by Abraham Leicher, who was the bridges, rob farmers and banks and to kiU State militiafirst witness for the Government at the opening of the trial
men. More than two hundred mountaineers, it is stated,
on Aug. 20. According to the "Times" Leicher testified had signed oaths swearing allegiance to this cause; the atthat Gruher ^had approached him on Aug. 6 with the proposal tempt failed because of the arrest of McCoy and Phipps.
that he might obtain exemption if he would pay $300 to
Dr. Bernfeld. Leicher stated that he refused the offer,
In a fight between organized resisters of the selective
was examined, and passed by the board. He said, however, draft and posse men at HoldenviUe, Okla., on Aug. 5, Ed.
that Dr. Bemfeld told him that he might be exempted for Blalock, one of the objectors, was shot and killed, and two
weak eyesif he would pay $300, $150 to goto an eye specialist of the posse men were wounded. The objectors were said
for his opinion that Leicher's eyes were bad and $150 to to be members of the "Working Class Union" and had
Dr. Bemfeld. Leicher declared that he decHned the offer, congregated in the woods near HoldenviUe, where they were
but later, after hearing rumors that there was a great deal of discovered by the posse men.
grafting in the district, he telephoned to the United States
tEat "the
in the
'
-
.
District Attorney's office
and
told his story.
Dr. Henry Seligman of 740 Driggs Avenue, Williamsburg, Brooklyn, who had for several weeks been serving
as a volunteer examining physician on Local Exemption
Board 52, and Lazarus Jacobson, a Ufe insurance agent, were
arrested on Aug. 21 on a charge of conspiracy to violate
the selective draft law. It is said that Jacobson, working
in conjimetion with Dr. SeUgman, endeavored to arrange
with Joseph Levy, a registrant in District 52 for his exemption, on the payment of $200.
Levy communicated with
the Federal authorities, and arranged to meet Jacobson
on Aug. 21, near the exemption board headquarters and in
the presence of United States Marshal Power, and two
agents of the Department of Justice gave Jacobson, it is
charged, $75 in marked bills. Jacobson was immediately
arrested. Levy then went to the district board headquarters, where he underwent his physical examination at the
hands of the regular board physicians. He was disqualified
because of a rupture, but when examined by Dr. Seligman
the latter pretended that (apparently in accord with a prearranged plan) Levy had flat feet. Marshal Power then
ordered Seligman's arrest. The regular members of Board
52, WiUiam Ocker, Samuel Widder, and Dr. Walter E.
Hurley have been exonerated by Deputy Attorney General Conkhng, who has charge of the exemption boards in
this
city.
Dr. Albert Fritz, a physician who has been assisting
59, with headquarters in the New Utrecht High
School, Brooklyn, was arrested on Aug. 24, on the charge
of having conspired with Louis Adelman of 60 Bay Thirtyfirst Street, Brooklyn, to obtain the exemption of the latter
from military service. Dr. Fritz, after being arraigned before United States Commissioner Cahoon was later taken
to the Raymond Street Jail in default of $10,000 bail.
Following Dr. Fritz's arrest agents of the Department of
Board
BUSINESS MEN CALL PATRIOTIC WAR CONVENTION.
An emergency call to the business men of the country for
a great war convention, to be held at Atlantic City, Sept.
17-21, has been issued by the Chamber of Commerce of the
United States. In a statement concerning the movement,
issued on Aug. 15, R. Goodwyu Rhett, President of the
National Chamber, said:
The nation's business to-day is war, and every business man, firm and
corporation must now subordinate individual interests to the common
cause.
This they are ready to do; all that is needed is direction as to what to
do.
The results of this meeting, which has been called by our Executive
Committee which has been in session almost continuously for the past three
months, will show business the way, and inform the public as well.
Victory in the great struggle in which we are engaged depends largely
on the power, intelligence and speed of the industry of the United States;
upon our ability to produce faster and better than ever before, the things
necessary to efficient warfare.
This convention of American business men
should show, not to our people alone, but to the whole world. In what
spirit and with what determination business faces the task ahead of us.
Out of common council we hope to see what we may do to develop still
greater efficiency and render greater service in carrying the war to a quick
and successful conclusion.
Elliott
is
H. Goodwin, Secretary
of the National
Chamber,
quoted to the following effect:
The Chamber of Commerce of the United
States has gone flatly on record
against a profit out of war.
It must not be overlooked, however, that
business in peace time is conducted for profit.
That is the rule of the
game. Without profit it cannot live. Success of business is measured
by
profit.
men are perfectly ready to work on another basis so
long as they can live, but they must have clearly indicated what the new
basis will be, along what line they shall proceed and what is expected of
them. AVithout criticism of them it may well be said that Government
officials have been too busy in the immediate crisis creating armies, sending them to the front, and providing them with immense supplies, to do
more than go after the supplies from the business men and not to outline
a policy along which business can proceed.
Patriotic business
It is said that never have business men in America faced
such rapidly changing and uncertain conditions. It is
stated on behalf of the Chamber that there will be thoughtful discussion of them by prominent speakers.
Business
vsdll also be done in group meetings, the groups reporting
as resolutions are reached to the general gathering. ^The
1
Sept.
1
THE CHRONICLE
1917.]
attendance will go beyond tbe'membership of the National
Chamber. The statement adds:
principal topic of discussion will be the duty that business owes the
in war.
The strongest possible emphasis will be laid upon
There will come the question of how business of the country may
this.
render even greater service in winning the war. This will include what
may be done to control prices, how priority may be most quickly and
effectively established, how greater efficiency in land and water transportation shall be developed, how we may best provide for and protect our
forces on land and sea and those dependent upon them at home, and what
steps may be taken for better education of the nation on the issues at stake
A
Government
in the war.
Ways and means by which business must readily adjust Itself to the
conditions produced by the war will be considered. Also there will come
the questions of how we shall provide for business enterprises not essential
to the nation in war time, food conservation, its special importance to
business men, industrial relations and employment problems, and foreign
trade, banking and credit in war time.
Of particular interest will be the readjustment after the war for which
This will include the question as to what will be
business must prepare.
the course of prices on raw materials and finished products after the war,
how we shall plan for replacing our men in industry after they return from
the war, and what new responsibilities in international relations may be
expected after the war.
GOVERNOR
WHITMAN
SIGNS STATE FOOD CONTROL
BILL.
Governor Whitman on Aug. 29 signed the New York State
Food Control Bill passed by both the Assembly and Senate
on Aug. 24 by votes of 99 to 31 and 43 to 3, respectively.
The bill as approved provides for the creation of a Food Control Commission, composed of three members 'who are to
serve without salary under appointment from the Governor
and subject to confirmation by the Senate. The Act will
remain in force until the Governor, after the war is over,
shall have declared through proclamation that the emergency
for which the Commission was created shall have ceased to
.'-^.
exist.
~ The Commission
'H
"'•
given'broad powers of control over the
distribution of necessaries, of hfe, a term defined in the hill
is
as including foods, feeds, seeds, fuel oil, fertilizers, tools,
utensils and Implements required for the production of foods,
feeds and fuel except gas, natural or artificial. The hoarding
of food products or destruction, or acts to limit the output
or the facilities for distribution of any of the articles defined
as necessaries with a view to enhancing their market value
are declared unlawful, as are also wasteful practices and
monopolization or attempts to monopolize food products.
When hoarding is discovered the Commission is required
If within three days after
to notify the Federal authorities.
notice they have not taken action, the Food Control Commission is authorized to proceed against the hoarder under
summary process issued by the Supreme Court, and if sustained shall have the right to take steps for an equitable
distribution of the hoarded supplies or may seize them and
have them sold at public auction, paying to the original
owner the proceeds from the sale, less the cost of the legal
proceedings and other necessary expenses.
Repetition of the
constitute
ground
for
the
revocation
offense would
of charter
of an offending corporation or of its right to do business
within the State. Hoarded supphes which have been seized
may, if an emergency exists, be sold to relieve public necessity and the fair value of the supplies seized, as established
by a board of appraisal, paid to the owner.
The new law also confers power upon the Food Control
Commission to license food manufacturing plants and storage
warehouses and to estabhsh rules and regulations for their
conduct, violation of which would be followed by prohibition
to continue in business and the enforced sale of the stock at
public auction.
The Commission would have power to compel common
carriers to give preferential treatment to necessaries of life,
to direct methods of distribution that shall insure the eUmination of waste and to accept the delegation of any powers
that may be conferred upon it by the United States Govern-
ment.
Food and fuel may be bought and sold under the Act by
mimicipalities, either for the purpose of stabihzing prices or
to reheve public necessity, but the permission of the State
Food Control Commission must
first be obtained.
In a memorandum filed with the biU, the Governor said:
"So many false statements have been made about the contents and
probable effect of this measure that
"As
I
deem
it
wise to
file
this
memorandum.
have stated repeatedly, the producer must be encouraged so that
production will be increased and thus a greater supply of food products be
I
obtained; conversely, if the producer is led to believe that he is to be injured
and deprived of a return sufficient to stimulate him to greater efforts, there
will be a food shortage.
"Unfortunately the interests which opposed the passage of this bill made
an effort to lead the farmers of this State to believe that its passage would
materially injure them. I hope that their effort was unsuccessful, as it
would be little short of a calamity If these selfish interests had in any
appreciable measure been successful.
873
"On the other hand, certain objectors have endeavored to create the im
pression that the bill as passed is not sufficiently drastic and does not carry
out the suggestions contained in my message.
"At the outset it must be remembered that the drastic powers conferred
upon the Commission are discretionary, and that while It is necessary to
clothe the Commission with these powers it may not be necessary for*lt
to avail itself of all of them.
"The bill does not authorize price-fixing.
"Section 14 of the bill under consideration provides that, with the consent of the Commission, 'any municipality in this State may, In case of an
actual or anticipated emergency on account of a deprivation of necessities,
by reason of excessive charges or otherwise, purchase food or fuel with
municipal funds." Any municipality may also store and sell food and fuel.
"Sections 5 and 6 will prevent hoarding and speculation and make it
Illegal to destroy necessaries or wilfully permit preventable waste.
Sections 9 and 16 provide for the collection and distribution of Information In
regard to our food supply.
!^
"It is hoped that by reason of the publication of these reports and the
activities of the Commission that the producer will be kept Informed as to
where he can sell his produce to the greatest advantage and will be able to
get more direct communication with the market and with the consumer."
The products belonging to the farmer are not subject to seizure, the
Governor explained. He says also:
"The farmer will be benefited by the power of the State Food Commission to purchase, by the provisions in regard to publicity, by the power of
the Commission to compel carriers to give preference to transportation of
necessaries, and by the provision authorizing the Commission to make rules
preventing the destruction of sound and marketable food by health officers.
"The interests of the consumer and of the people of the State of New
York are inseparably bound up with the interests of the farmer. The
honest distributer and middleman are essential parts of our economic sys-
^
tem.
"It would be most unfortunate for any class to feel that It Is bearing more
than its share of the burdens of the present war. We must all bear our fair
share If we are to co-operate so as to accomplish the result for which we are
striving.
The passage of this bill will go far towards lessening the burden
and equalizing
its
distribution."
After passing the above bill and other measures of minor
importance on Aug. 24, the Legislature took a recess until
Sept. 6. This was done, it is said, to give Governor Whitman time to select the three members of the Food Control
Commission, and members of the Farms and Markets Council,
created in legislation of the regular session.
While the Governor has not indicated who he will name as
members of the Commission, rumor has it that George W.
Perkins, Dr. W. H. Jordan, head of the Agricultural Experimental Station at Geneva, and William H. Miner, of West
Chazey, a wealthy farmer, are being considered.
Mr. Perkins, in speaking of the passage of the State Food
Control Bill and the probable appointment of himself as one
of the Commissioners, said:
Of course I am very glad that Governor Whitman's Food Control Bill has
passed.
I have been very deeply Interested in this question for more than
three years and have given it much thought and study in co-operation with
my associates on Mayor Mitchel's Food Supply Committee and my
associates on Governor Whitman's Market Committee.
The more these
committees looked into the question the more deeply were they impressed
with the necessity for constructive, forward-looking legislation to the end
that the present conditions, so grossly unfair to both producer and consumer, might be remedied.
There is no doubt in my mind that in the future the people of this State
will look back at this fight, which has been altogether too long drawn out,
with a feeling of deep gratitude to Governor Whitman for the splendid,
courageous fight he has made. Only those of us who know of the powerful
and sinister influences that have been arrayed against him can appreciate
the desperate nature of the fight he has had.
The question now turns on the administration of the law. Senator
Brown has requested me to withdraw from the entire fight. He seems to
think I am a candidate for membership on the proposed Commission. I
am not and never have been, and the Governor is well aware of it.
This is not a time for any true American to be thinking of himself. Men
and women should be thinking of what they can do for their country and
for each other.
We are in the most tragic period in the world's history.
Events are placing a burden on all of us, which some can bear without
suffering, but to most people it means a desperate struggle.
As we get
deeper into the war that struggle will become harder and harder, particularly for those least able to bear it.
I have been trying to help make it
easier.
I have nothing else in the world In mind.
I have never had the slightest desire for public office and have no interest
In office holding.
I have a deep interest, however. In doing what I can to
make conditions better, and I do not need permission from any one in the
Legislature or out of It to continue my activities in this direction.
The hardest condition the people of this State have to bear is the food
condition.
As it exists at present it is an outrage on farmer and consumer
alike, and it should not be tolerated for another Instant.
It not only
needs to be controlled by a law with teeth in it, but the law needs to be
administered by men who will use every tooth In it.
I want to see Governor Whitman backed up in Its enforcement by men
who will do things. Who they are matters httle; what their pu pose is
matters a great deal. The office as such is a mere detail In the whole
thing.
It is a matter for small men to fight over, but which men with
vision and purpose would regard only as means to an end.
The Governor is not under the sUghtest obligation to nominate me as
one of the Commissioners. As for saying that I would not serve were the
Governor to request it, I will say no such thing, for no man has the right
In times Uke these to refuse a call to render any public service in connection
with the war which his Government, State or nation calls on him to perform.
THE RUSSIAN NATIONAL COUNCIL AT MOSCOW-
FRANK DECLARATIONS.
Moscow was
the scene this week of the extraordinary session of the National Council, originally proposed to have been
held a month earlier, but deferred until the Russian Cabinet
had been definitely reconstructed. The conference was held
to consider the military and political problems confronting
the country.
The sessions opened on Sunday, Aug. 26, and
THE CHRONICLE
874
were concluded on Aug. 30. A message to the assembly
from President Wilson, in which the latter gave assurances
that the United States Government is willing to extend
"every material and moral assistance" to the Government of
Russia, figured in the events of Tuesday, the President's
cabled message reading as follows:
President of the National Council Assembly. Moscow:
I take the liberty to send to the members of the great council now meeting In Moscow the cordial greetings of their friends, the people of the
United States, to express their confidence in the ultimate triumph of Ideals
of democracy and self-government against all enemies within and without,
and to give their renewed assurance of every material and moral assistance
they can extend to the Government of Russia in the promotion of the common cause in which the two nations are unselfishly united.
WOODROW
WILSON.
The Council apparently did not
to,^any definite
place itself on record as
program or proposals, but at the third general
Premier Kerensky, in bringing the conference to a
although the different political groups had
criticised the Provisional Government, they had shown
clearly a desire to arrive at an agreement.
The Premier desitting
Notwith-standlng the none too friendly attitude toward the mother country of certain nationalities of the Rus.sian State, M. Kerensky continued,
the Russian democracy would give them all It promised through the Provisional Government, and all that the Constituent Assembly might yet
But when the limit of tolerance was paussed, or where
decide to grant.
there was a desire to take advantage of the nation's difficulties In order to
The Premier
violate the free will of Russia, they would cry "Hands off."
said the Government would prevent by force reopening of the dissolved
Diet in Finland, and that he hoped the country would approve this decision,
llis statement was cheered.
"The Government will endeavor," the Premier went on, "to protect the
army against the subversive influences which deprived soldiers of all sense
of military duty and will struggle energetically against the Maximalists,
against all attempts by them to corrupt discipline."
The Premier said his colleagues would describe the widespread disorganization in the country, adding:
"In order to remedy this, we mu.st make all sacrifices, abandoning our
I)orsonaI and party interests."
M. Av.skentieff. Minister of the Interior, and M. Prokopovitch, Minister
of Trade and Indu.stry, followed M. Kerensky.
The Minister of the Interior described the task of organizing the provinces.
The Minister of
Trade and Industry told of the cost to Russia of the war.
COST OF WAR.
close, said that,
clared that:
The Provisional Government will stand on guard over the revolution.
It will suffer no counter revolutionary attempts, whatever be their source,
for the Provisional Government is the incarnated will of the whole Russian
people.
It does not regret having convoked the conference at Moscow,
which, although it has not yielded practical results, has allowed all Russian
citizens to say frankly what they think necessary for the State.
Mr. Kerensky then spoke of the services rendered to the
country by the revolutionary democracy, which, he observed,
took power at a terrible moment in the life of the State.
He added in conclusion:
Whoever endeavors
succeed, for they have
to wrest their conquests from the people will never
now become public property.
At
the opening session on Sunday Premier Kerensky told
the conference that Russia is passing through a period of
mortal danger. He declared that any attempt to take advantage of the conference for an attack on the national power,
as embodied in the Provisional Government, would be repressed pitilessly "by blood and iron." The press dispatches
further quote his opening remarks as follows:
Those who think the moment has come to overthrow the revolutionary
power with bayonets are making a mistake. Let them take care, for our
authority is supported by the boundless confidence of the people and by
millions of soldiers, who are defending us against the German invasion.
The Provisional Government is convinced that all of you who have come
here will forget everything except your duty toward your country and the
revolution.
The Government believes it can tell the truth, not only to
our friends, but also to our enemies those who are destroying our troops,
and those among us who are waiting for the moment when they may be able
to raise their heads and pounce upon the free Russian people.
I say again
that I will hide nothing from you, for we have come together for the first
time to speak to you frankly, to tell you of the unbearable, the immense
responsibility which we are bearing, despite all the blows we are receiving.
Citizens, the State is passing through a period of mortal danger.
I do
not say more, for you all understand. You see it, for each of you experiences it, in a different way. You all know the task incumbent upon you
for the struggle against a powerful, implacable, and organized enemy demands great sacrifices, self-denial, deep love of our country and the forgetting of domestic quarrels.
Unfortunately, not all who are able are
willing to offer all this on the altar of their country, ruined by war, and they
thus render the critical situation of our country more serious every day.
In our political life this process of disorganization is worse, even causing
certain nationalities living in Russia to seek their salvation, not in close
union with the mother country, but in separatist aspirations. On top of
all this come the shameful events at the front, when Russian troops, forgetting their duty to their country, gave way without resistance to pressure
of the enemy, and thus forged for their people fresh chains of despotism.
We fell so low because we could not free oiu-selves from the fatal inheritance of the old regime, which we hated but obeyed because we feared it.
Therefore, now, when power rests on liberty, not on bayonets, we are
transported with delight, although there is some hereditary distrust of this
new power.
Those who once trembled before the government of autocrats now boldly
march against the Government, with arms in hand. But let them remember that our patience has its limits, and that those who go beyond them will
have to settle with a Government wliich will make them remember the time
of Czarism.
We shall be implacable, because we are convinced that supreme power alone can assure the salvation of the country. That is why
I shall oppose energetically all attempts to take advantage of Russia's national misfortunes, and whatever ultimatum is presented I shall subject
it to the supreme power and to myself, Its head.
—
The Premier declared that the destructive period of the
revolution had passed and that the time had come to conContinuing, he
solidate the conquests of the revolution.
said:
For this reason we ask you, citizens, whether you feel within your hearts
the indispensable sacred fire for the attainment of this object, whether you
represent here, in Moscow, the national strength which is necessary to
assure the prosperity of the country or will give the world and us another
picture of decadence?
A little time ago we indignantly replied to a proposal to conclude a separate peace.
A few days ago we witnessed another atternpt, equally base,
directed against our allies.
The latter rejected it with equal indignation,
and in the name of the great Russian people I say to our allies that it was
the only reply we expected of them.
The
At
press dispatches add:
and cheered loudly the diplomatic repre-
this point the delegates arose
sentatives of the Allied Powers.
The Premier then paid a tribute to the Rumanians, saying that if they
were forced temporarily to abandon their country they would find hospitality in Russia.
[Vol. 105.
year of the war, said M. Prokopovitch, cost Russia 5,300,000,000 rubles; the second year 11,200,000,000 rubles, the third year already
18,000,000,000 rubles, while the total revenue for 191.3 was 16.000,000,000.
Regarding the question of food, he said that the country's po.sition was
extremely difficult. There was actual scarcity in several provinces and
a minimum in Petrograd and Moscow.
He was endeavoring to nurse such
industries as remained, and he considered it necessary to control the profits
of manufacturers in order to prevent them from becoming rich at the expense of the populace.
Vice-Premier Nekrasoff told the conference how expenses had increased
during the war. He said that in 1914 about 219,000.000 rubles of paper
currency had been put in circulation, 223,000,000 in 1915 and 290,000.000
in 1916; that in the first two months of 1917 there had been issued 846,000,000, and from March onward the issue averaged 832,000,000 rubles
monthly.
The budget, said M. Kekrasoff, was in a profoundly abnormal condition
because it had placed on one side the cost of the war, and thus, in effect,
there were two budgets, one giving a false impression of prosperity and the
The
first
other concealing the germs of financial catastrophe.
The Vice-Premier admitted that the new regime was costing the country
much more than the old, and that the new administrative bodies were absorbing enormous sums, the Food Committee for instance.
He said the
financial difficulties were largely due to the extraordinary increase in the
pay of workers, and instanced the Putiloff factory, the workers of which
alone had been paid this year 90,000,000 rubles.
Another source of difficulty was the small amount of revenue from taxation, excise charges and
other sources.
Direct taxation could not keep pace with the State's expenses, and indirect taxation was becoming a necessity.
Continuing, M. Nekrasoff enumerated a series of measures which would
strengthen the financial position of the country, including various monopolies, especially on sugar, tea and matches.
He emphatically denied reports that the Government was contemplating confiscation of private possessions of landed property.
It would never, he said, embark on such a
dangerous adventure, beUeving firmly that the citizens of the country
would do their duty.
The Mayor of Moscow in a speech said the population of the ancient
capital could not support the anarchial minority which was trying by a
strike to detract from the importance of the conference.
Premier Kerensky thanked the Mayor, saying that his speech would instill new strength and confidence in the Government.
Premier Kerensky reviewed troops at the Hippodrome at
26, and in addressing them said he was
convinced by the valor they were showing that they would
be able to drive back the enemy at the front and crush any
attempt at counter-revolution. General Korniloff, the Commander-in-Chief, arrived at Moscow from Petrograd on
Sunday (Aug. 26) and was greeted by great crowds. In an
address he said it was a source of satisfaction to be able to
Moscow on Aug.
tell
the
army that Moscow was the watchword for the welcountry and war to a victorious end. Gen.
fare of the
Korniloff, it is stated, at first hesitated to attend the conference, having, it is said, considered the Government's attitude with regard to the organization of the army too indefinite.
It is reported, however, that Premier Kerensky
succeeded in dispelling his doubts.
The opening day, it is announced, was devoted to conferences of the different groups of delegates. The discussions
dealt principally with the Government's statements, the
reply to be made and the attitude to be taken at the general
meeting. According to the press accounts, the Maximalists
reached the conclusion that the conference did not represent
the wiU of the nation and was of an anti-revolutionary
character.
They decided to demand from the assembly a
dictatorship of the proletariat, by the handing over of all
power to the Council of Workmen's and Soldiers' Delegates,
and voted to leave the hall if the majority should be unwilling
to share their viewpoint.
The Internationalists insisted
on abolition of the death penalty and renunciation by the
Government of its purpose to put down by force the separatist movements in Finland and Ukraine.
The Popular
SociaUsts urged maintenance of the death penalty. At
the meeting of Constitutional Democrats, Professor Paul
MUukoff said no solution could be reached except in line
"with the national program, and that if Premier Kerensky did
not put into execution the measures foreshadowed, the ruin
of the country would be inevitable.
Gen. Korniloff, who with his arrival on Sunday was
greeted as the "Savior of Russia," in addressing the National
Sept.
1
THE CHRONICLE
1917.
Council at its second sitting on Monday expressed his firm
belief that the measures which he proposed would imme"I beheve," he said, "that
diately be put into execution.
Russian
of
the
people will save the
the
reason
the genius and
I
brilliant
future
for our army.
country. I believe in a
General
restored."
wiU
be
The
believe its ancient glory
said that the death penalty, restoration of which he had
asked, together with other measures, constituted only a smaU
part of what was necessary in an army stricken with the
In
terrible evils of disorganization and insubordination.
comthe present month soldiers had kiUed four regimental
manders and other officers, and ceased these outrages only
when they were threatened with being shot. Quite recently
one of the regiments of Siberian Rifles, which had fought so
splendidly at the beginning of the revolution, abandoned its
Nothing except an order to
positions on the Riga front.
exterminate the entire regiment availed to cause it to return
We give the further account of what he
to its positions.
had to say and the other speakers of the day as reported in
the press dispatches as follows:
"Thus we are implacably fighting anarchy in the army," the commander
"Undoubtedly it will finally be repressed, but the danger of
continued.
fresh debacles is weighing constantly on the country.
have lost the whole of Galicia,
"The situation on the front is bad.
the whole of Bukowina and all the fruits of our recent victories. At several
points the enemy has crossed our frontiers and is threatening our fertile
southei^ provinces. He is endeavoring to destroy the Rumanian army
and is knocking at the gates of Riga. If our army does liot hold the shore
We
,
of the Gulf of Riga, the road to Petrograd will be opened wide.
"The old regime bequeathed to Russia an army which, despite all the defects in its organization, nevertheless was animated by a fighting spirit
and was ready for sacrifices. The whole series of measures taken by those
who are completely foreign to the spirit and needs of the army has transformed it into a collection of individual groups which have lost all sense of
duty and only tremble for their own personal safety.
"If Russia wishes to be saved, the army must be regenerated at any cost.
We must immediately take measures such as I have referred to, which have
been approved in their entirety by the acting Minister of War."
General Korniloff then outlined the most important of these measures, in
addition to restoration of the death penalty, which are: First, restoration of
discipline in the army by strengthening of the authority of officers and
nonconunissioned officers; second, improvement of the financial position of
officers, who have been in a very difficiilt position in the recent military
operations; third, restriction of the functions of regimental committees,
which, although managing economic affairs of the regiments, must not be
permitted to have any part in decisions regarding military operations or
the appointment of leaders.
"The strength of every army depends upon conditions in the district In
"The blood which will inevitably
its rear," General Korniloff continued.
flow diiring the restoration period may be shed in vain if the army, having
been reorganized and prepared for battle, remains without reinforcements
and fresh supplies of projectiles and equipment. I therefore think it indispensable that the measures taken at the front should also be applied in
the rear."
The commander then went on to say that, according to information at
his disposal, the condition of the railways was such that by November the
army would not receive any more supplies. In support of his statement he
quoted a telegram from the Commander-in-Chief of the southwestern front,
saying that the shortage of bread and biscuit on this front amounted almost
General Korniloff then read figures relating to the production
to famine.
of war materials, which he said had fallen, compared with the period from
October 1916 to January 1917. by 60% for guns and shells and 80% for
airplanes.
"If this state of affairs continues," he added, "the Russian armies will
find themselves in the same state as in the spring of 1915, at the time of
the retreat in Poland, Galicia and the Carpathians."
He expressed his firm belief that the measures which he proposed would
immediately be put into execution. "I believe," he said, "that the genius
and the reason of the Russian people will save the country. I believe in a
brilliant future for our army.
I believe its ancient glory will be restored."
N. C. Tcheidse, President of the Council of Workmen's and Soldiers'
Delegates, who was received with frenzied applause by the left and with
cries of "Long live the leader of the Russian revolution," read a .statement
showing that only the active support of the revolutionary democracy
would make possible the regeneration of the army and the country, and the
salvation of Russia.
"The democracy," he said, "cannot be detached from the revolutionary
country: and nothing but power based on support of the countless masses
of the people can save the country from its critical position and give the
victory over our enemies without and within."
M. Tcheidse jdeclared the unified revolutionary democracy recognized
that the vital interests of the country and the revolution demanded the
application of the following measures:
First, in the domain of food supplies, the Government, pursuing a firm
policy, should maintain a monopoly of cereals and a policy of fixed prices
for agricultural products.
Second, in the domain of commerce and industry, the defense of the country and the supplies of munitions demanded more radical measures for the
regulation of transport and the increase of the productivity of industry.
Third, the finances required the rigorous application of laws dealing with
the income tax and war profits, besides other reforms, such as the introduction of succession duties and of taxes on articles of luxuty corresponding to
their increase in value, with other fiscal measures.
As regards loans, the
Government should take strong measures to make all bear their full share.
Fourth, agrarian reforms should be introduced to prevent all usurpation of land, whether by individuals or groups of individuals or societies.
Fifth, regarding the organization of the army, the respective rights and
duties of the army commanders, commissions and army organizations should
be defined.
Regarding the question of nationality, the Government should pass an
Act granting to all nationalities the right of deciding their lot, upon agreement, in the Constituent Assembly.
M. Tcheidse concluded with an appeal for support for the Provisional
Government, which, he said, should be invested with full and complete
powers.
Vladimir Naboukoff, a prominent Social Democrat, speaking in the name
of the first Duma, declared the country aimed at the establishment of a
strong and independent power, uninfluenced by political parties; a power
875
which, based on democratic principles, would establish obedience to the
law, civil liberty and personal security.
The speaker emphasized the absolute necessity of the independence of the high command of the army from
every private influence.
Naboukoff said the members of the first Duma
repudiated with indigntion all thoughts of a separate peace, and that if
they were to have peace they did not desire it to be the result of German
victory, but the consequence of the triumph of Russia and her allies.
Alexinsky made a similar declaration on behalf of the second Duma.
General Kaledines, leader of the Don Cossacks, read a resolution adopted
by the Cossacks, demanding above everything, for the salvation of the country, the continuation of the war until complete victory was attained, in
close union with the Allies.
General Kaledines proposed, with the same end
in view, the following measures:
First, placing the army outside of politics; second, suppression of regimental committees and councils and the restriction of the functions of
those which may be maintained with a purely economic mission; third,
revision of the declaration of soldiers' rights; fourth, reinforcing discipline
by strong measures and by the application of those measures to the districts in the rear; fifth, restoration of the rights of commanders to inflict
punishment.
The reading of the resolution was pimctuated by cheers from the Right
and by some protests from the Left.
M
M
.
.
At the thirdf general sitting of the conference, on Wednesday, railway representatives, including M. Froloff of the
Engineers' Alliance, reported that there existed a state of
utter disorganization of transportation, which, unless improved, would|cease completely by November. The representatives*gave warning that the consequences would be tertible both,'at;home and on the front, and that the army might
turn on the country and commit unexampled excesses. The
extreme demands of the railway workers, the speakers said,
played an important part in this disorganization. They
caUed on aU those engaged in the transport services to sacrifice
personal ^"interests for those of the country. In giving further details; of ^;,Wednesday's sitting, the press dispatches
state:
M. Grusenberg, speaking as the representative of the Jews, said that they
loved their country notwithstanding their unprecedented persecution under
the old regime, and had contributed greatly to the emancipation of the people and the defense against the enemy.
Representatives of Ukraine and of Western, or White, Russia, said the
people were ready to make any sacrifices for the good of the country. The
spokesman for the Letts declared Courland would never belong to Germany.
Delegates representing the Mussulman Alliance said all Muss ulm an citizens
of Russia fully supported the Provisional Government.
General Grouzinoff, former Military Governor of Moscow, told the delegates the chief problem was to save Russia from the enemy, and that to this
end it was necessary to re-establish army discipline by eliminating politics,
strengthening the authority of the leaders, limiting the power of soldiers'
committees to economic functions and giving the Commander-m-Chief
opportunity to exercise unreserved authority.
General Alexieff, former Commander-in-Chief, made a long address in
which he recounted the history of the Russians' military setbacks and their
He drew contrasts between the army of the old regime, poorly
causes.
equipped with mechanical resources but strong in warlike spirit, and the
present army, well supplied with food and arms but completely poisoned
and enfeebled by ill-interpreted and ill-applied doctrines which have been
the famous Order of the Day No. 1. These docput forward, notably
trines, he declared, had split the army into two opposite camps, officers and
soldiers, which have become almost irreconcilable.
Speaking of the committees elected by the soldiers of the various units.
General Alexieff said they were useful to the army from an economic standNone the less subversive
point, but were fatal to discipline of the troops.
was the influence of Government commissaries, whose appointment, he asserted, created an extremely dangerous quality of power.
The General maintained that after publication by the Government of the
declarations of the rights of soldiers, all respect toward leaders disappeared,
the officers becoming veritable martjrrs and having to pay very dearly for
the offensive of Aug. 1 and the subsequent retreat. The General cited
some remarkable illustrations of this. On one occasion, he said, when an
attack was being launched, the force which advanced was made up of 28
All the others looked
officers, 20 non-commissioned officers and 2 soldiers.
on coldly while these heroes perished.
The General declared it would be impossible to carry on the war to a victorious conclusion unless the strongest possible efforts were made by the
Provisional Government and by the troops themselves to reanimate and
regenerate the army.
After Mme. Catherine Breshkovskaya, the "Grandmother of the Revolution," had appealed to the Government to pass from words to actions,
and help the army conquer the enemy. Prince Peter Kropatkin, who was
not on the list of speakers was heard on the request of the whole conference.
He called upon all Russians to prevent the fatal eventuality of a German
victory, and expressed the hope that Russia would now be proclaimed a
,
m
,
federative republic.
This sentiment, submitted to the conference for the first time, evoked
a long continuous ovation In honor of Prince Kropatkin.
Other speakers against a separate peace were loudly applauded.
The Exchange Telegraph correspondent at Moscow, in
London on Aug. 27, in stating that "Premier
advices to
Kerensky's speech in opening the national conference did
not satisfy a single party or succeed in uniting the different
groups in mutual service for the country," added:
The democrats are dissatisfied with the dictator-like government.
practical program for the carrying out of
They also are dissatisfied with the Premier's declaration regarding the impossibility of imagining a country without freedom, saying this is no time to talk of freedom and social reforms.
The various groups are expected to speak out freely and voice their
Much depends on whose words find an echo in M. Kerensky's
aspirations.
The anti-democrats expected a
measures to put down anarchy.
own
aspirations.
Personally, I do not believe the Cabinet will undergo changes, as a
Should
coalition is the only possible form of government at this juncture.
the conference fail in a last effort to organize a national government, the
responsibility will fall on those elements which put the interests of their
own classes above those of the country.
Moscow has resumed its normal aspect. The strike has been discontinued and the Moscow Council of Workmen's and Soldiers' Delegates
THE CHRONICLE
876
with other organizations, has appealed to the population to abstain from
demonstrations. The Potrograd Maximalists of the Central Executive
Council have been deprived of their mandates on account of unwillingness
to submit to the decision against separate action.
A London
dispatch of Aug. 28 also stated that the reading
of President Wilson's message was the first and only incident
that brought complete agreement in the Moscow convenOtherwise, the dispatch added, the chasm was aption.
parently wider between the Constitutional Democrats and
the Workmen's and Soldiers' groups. This dispatch continued:
Declarations of leaders of the most influential Russian parties at yesterday's sitting of the conference gave rise to the hope that the Government
would be strengthened. Although various groups In private conferences
accepted scores of resolutions against the Government, they did not bring
them forward.
L. TseretoUi, former Minister of the Interior, said that if the Russian
democracy had not brought on the revolution there would have been a separate peace long ago.
Professor Paul M. Milukoff, former Foreign Minister and leader of the
Constitutional Democrats, urged immediate application of the policy of GenHe said the Constitutional Democrats would given condieral Korniloff.
tional support to the Government.
reply made by the Moscow Conference to President
Wilson's greetings, in the form of a resolution, was received
It said:
at Washington on Aug. 30.
The
The message of greeting of the President of the United States to
Moscow State Council, being read in conference on Aug. 27, the Council
the
has
manifested by enthusiastic cheers Its gratitude for the wishes formulated by
the President, emphasizing that the feeling of the great democracy and its
faith in the common triumph of the Allies for the sake of justice and liberty
are shared by all the people of Russia.
President Wilson is said to have again turned his attention
to the situation in Russia at a conference on Thursday with
EUhu Root, who headed the American Mission. Mr. Root
and other members of the mission have been pressing the
immediate necessity of material, as well as moral assistance
to the Provisional Government, and besides the recent
$100,000,000 credit, other steps already have been taken
toward that end. Further steps may follow Thursday's
conferences. After his talk with the President, at the
latter's suggestion, Mr. Root, with other members of the
mission, discussed Russian affairs with Secretary Lansing.
The dispatches from Moscow on Aug. 30, in stating that
a spirit of confidence in the ultimate benefit to accrue from
the national conference, was expressed by representatives of
the various groups which participated, added:
Their hopes are based on no definite policies enunciated or measures
adopted, but upon the spirit of conciliation observed among the factions
and a clearer understanding growing out of the discussion of the governmental problems.
Professor Paul Milukoff, spokesman of the Constitutional Democrats, expressed skepticism as to the permanent benefit to be derived, saying:
"The routes of the several groups seem to have approached one another,
but I am afraid that this is only temporary. A certain unity seems possi-
The declarations of the Socialists, as well as the non-Socialists, promM. Tseretelli, former
some concessions, but will these materialize?
ble.
ise
Minister of the Interior, expressed a desire to follow a course leading to
union and collaboration. How far this desire will be shown in facts can
be learned only in the future."
M. Tseretelli, who is a prominent member of the Council of Deputies,
How
said: "There is a bridge between the bourgeoisie and the Socialists.
strong it will be depends upon how far the wealthy classes help the Government to realize the reforms contemplated. The conference gave positive
results which have united so far as is possible the vital forces of the coun,
try."
General Alexieff the former Commander-in-Chief, said :"Postponement
of the reorganization of the army threatens the most serious consequences
Serious attention must be paid to the report and recomin the near future.
mendations of General Korniloff."
M. Youreneff, the Constitutional Democratic Minister of Public "Works,
said: "If further concessions are made, it will be possible to reach an agreement between the organized forces of the country."
M. Pieschehonoff, Minister of Supplies and National Socialist, said:
'
'The union of the political group seems to have taken a favorable turn."
,
of the
Assistant Minister of Social Tutelage, has been appointed
Secretary of State for Public Instruction.
A one-day strike in protest against the Moscow Conference
was announced on Aug. 25 by labor unions opposing
it.
The
leaders of the unions declared the conference to be "counterrevolutionary," and that it was not possible for democratic
They regarded the conference
organizations to participate.
Maximalists and Social
as an effort to deceive the masses.
Revolutionists likewise voiced opposition to the conference.
They held a meeting in which it was resolved that the conference was unrepresentative of the people and announced
that they would not abide by any decision taken.
In a copyrighted cable dispatch to the New York "Sun"
from the London "Times" on Aug. 25, it was stated that the
Council of Workmen's and Soldiers' Delegates had decided
by a vote
of
264 to 304 against any strike demonstration or
interference with the conference.
On Aug. 21 it was stated that the Provisional Government
had invested the Ministries of War and Interior jointly ndth
the right to arrest persons whose activity constitutes a particu ar danger for the defense of the State and its internal security and liberty acquired by the revolution.
These Ministers, it was added, were also given power to call upon these
persons to leave Russian territory within a fixed period and
to arrest them in case they do not do so, or in case they return to Russia on their own initiative
was reported on Aug. 18 that the Pro-visional Government had approved a Secretariat General for the Ukraine
which, until the Constituent Assembly decides the whole
It
question of self-government, will be the organ of adminisMembers of the Secretariat will administer the
tration.
Provinces of Kiev, Volhynia, Podolia, Poltava, Tchernigov,
and others, if the zemstvos desire. It will be composed of
Secretaries General for Finance, Agriculture, Public Instruction, Commerce and Industry, Home Affairs, Labor and
National Questions. Bills for administration in these departments wiU be drafted and submitted for the Government's approval. The local authorities will apply to the
Secretariat, which, after informing the Government, will
transmit the latter's orders to district executive bodies.
A statement to the effect that the Russian Government
plans drastically to reduce unnecessary expenditures, and
would
commission
with this end in
was made to the press by Minister of Finance Nebrassoff on Aug. 19.
M. Nebrassoff is said to have stated that
extra allowances for soldiers' wives, which the Council of
Delegates supports, would cost the State 11,000,000,000
rubles.
A half billion rubles is being spent for the maintenance of food committees. The outlay for the miUtary
will be reduced where the expenditure is not necessary for
the efficiency of the army, but expenditures for railroad construction, development of water power and in other productive measures will be continued.
Concerning revenues,
M. Nebrassoff said it will be difficult to increase direct taxation.
There will be no forced loans, but the Government
proposes new voluntary loans and State monopolies, the latter including sugar, matches and tea.
The Minister stated
that he hoped the budget for 1918, excluding the outlay for
the war, would not exceed 7,000,000,000 rubles.
appoint
a
special
•view,
Moscow
conference was given in an
Exchange Telegraph dispatch to London from Petrograd on
The composition
[Vol. 1G5.
Aug. 20 as follows:
Petrograd and Moscow Town Councils, 15 delegates each; other large
towns, 7 each; Council of Soldiers" and Workmen's Delegates, 100; Peasants, 100; Town Zemstvos, 400; co-operative societies, 300; industry, 120;
agricultural societies, 100; representatives of science, 100;
Duma,
400.
Moscow
conference, Premier
At the conclusion of the
of the death
re-establishment
Kerensky announced the partial
according
discipline,
army
penalty as a necessary measure of
to the Central News Petrograd correspondent,
the Premier as saying:
who quoted
of Justice I abolished the death penalty, but as Minister of
War I decided it necessary partially to re-establish it. This re-establishment hurts to the very soul, but for the salvation of the country we will
General Alexieff, former Commander-in-Chief of the Russian forces, in an interview on Aug. 30 asserted that Gerdri'ving the Rumanian army from
positions in order to compel Rumania to conclude a
separate peace or to enter into an alliance with the Teutonic
many's strategy aimed at
all its
The
of the Russian Government, General
must be transferred to Moscow, although
Petrograd at the present is not really threatened. The situation on the Russian front, he added, though serious, was not
allies.
seat
Alexieff continued,
hopeless.
As Minister
The army must be organized and disciplined, each
combatant occupying his proper place and each recognizing his duty as well
kill
with
all
our souls.
as his right.
The disciplinary tribunals will be conserved and wUl receive the authority
Indispensable for the maintenance of the army as an efficient organization.
The Provisional Government has authorized the admission of women to all forms of State service on the same conditions as men. Countess Panin, who for a time was
An official annoimcement to the effect that the deposed
Russian Emperor, Nicholas, was at Tobolsk, a Western
Siberian to-wn, which recently achieved publicity in revolutionary Russia as the birthplace of Gregory Rasputin, the
mystic monk who is said to have wielded a remarkable influence over the ex-Emperor's family up to the time of the
priest's assassination in Petrograd last December, was issued
as follows on Aug. 19:
:
:
.
Sept.
1
THE CHRONICLE
1917.]
Owing to reasons of state, the Government decided to transfer to a new
residence the ex-Emperor and ex-Empress, who are detained under guard.
The place selected was Tobolsk, where they were taken after requisite
measures to insure their safety. With them went of their own free will
their children and certain of their entourage.
was announced on Aug. 23 that the Russian Provisional
Government had postponed until Nov. 25 the elections to
the Constituent Assembly .^^- The first ^'meeting of_the_As-'
sembly will not take place until Dec. 11.
It
-
-
-
'
8&r
(^"Russia's coaFsupply "was "discussed'^on 'Aug .'19 at a confer-
ence of members of the American Railroad Commission,
headed by John F. Stevens, with M. Paitchinsky, Assistant
Minister of Trade and Industry. ^The Americans urged that
Russia take immediate steps to increase the output of coal,
and said that the members of the American mission would
(lo everything possible to assist and take_^special^ measures
to^ bring
about the desired result.
^ The"condition of "railway
equipment
in Russia
is
described
as "deplorable" by Chief "^Traffic Manager Shubersky, in
charge of railway transportation along the front. An Associated Press dispatch from Petrograd on Aug. 24 in report-
ing this said
He has just made a report to the Committee of Engineers of the Department of Communications. He declared the work accomplished during the
He cited figures to show that
five months since the revolution "tragic."
at the end of the present half-year there were 700,000 freight cars fewer
than in the same period a year ago.
At the beginning of 1917, said M. Shubersky, there were 34,000 broken
of the total. To-day there are 52,000, or 25%.
locomotives, or
Similarly the cars out of commission were 25,000, or 4.8%, against a present number of 46,000, or 8%. The speed of trains has been reduced from
72 versts daily to 52. General political and economical disorganization is
16H%
the reason given.
__^__^_^_^_^_____^____
RESTORING CAPITAL PUNISHMENT IN RUSSIA.
The text of the telegram which restored capital punishment in Russia and brought about the dismissal of Gen.
Brusiloff was printed in the New York "Tribune" of Aug.
12 in the following article from its Stockholm correspondent
The full text of the famous telegram which restored capital punishment
in Russia and led to the dismissal of General Brusiloff and the appointment
of General Komlloff as Commander-in-Chief of the Russian armies, has
reached here.
General Korniloff sent the telegram to Premier Kerensky. It was counIn reading
tersigned by the then acting Minister of War, Boris Savinkoff.
the telegram, it must be remembered that it was written from the battle
front by a practical soldier who consented to deceive neither himself nor
Kerensky regarding the seriousness of the crisis.
"Leaderless soldiers are in full flight from the fields which are not even
regular battle fields," the message read. "Tnere exists endless terror and
shame such as never have been known since the creation of the Russian
armies
"Either these desertions en masse must cease and the revolutionary Government abolish this shameful infamy, or, if that is impossible, the inexorable course of history will bring to the head of the nation other men who
will be able to exterminate the shame but at the same time will destroy the
achievements of the revolution.
"This would mean the country's ruin.
"I, General Korniloff, declare that our country perishes, and I therefore
demand the immediate suspension of the offensives on all fronts for the
preservation of the army, thus saving it to be reorganized on the basis of the
strictest discipline and thus ending the sacrifice of the lives of those heroes
who deserve to see better days.
"The restoration of capital punishment is an absolute necessity. The
Government's mild measures have undermined the army's discipline, causing inexpressible cruelties by the soldiers, who became absolutely uncontrollable in their brigandizing, terrorizing and murdering.
The restoration of capital punishment will save many innocent lives.
"I declare that I will never consent, as long as I remain in a responsible
post, to serving as the means of my country's ruin and I will lay down all
the powers of a commander unless the Government approves of my pro,
posals."
THE JAPANESE WAR MISSION ARRIVES AT
WASHINGTON.
The Japanese War Mission to this country, headed by
Baron Kikujiro Ishii, bearing a message of congratulation
and appreciation to President Wilson from the Emperor
and people of Japan, arrived at Washington on Aug. 22,
and was given a warm and enthusiastic welcome. At the
Union railroad station the members of the mission were
received by the Japanese Ambassador, Aimaro Sato; Secretary of State Lansing, Assistant Secretary of State Philips,
Colonel W. W. Harts, personal ipilitary aid to President
Wilson; A. R. Ruddock, Secretary of the American Embassy in Tokio, and the entire personnel of the Japanese
Embassy at Washington. After greetings had been exchanged between the members of the mission and the reception party, Baron Ishii and his colleagues were taken to
waiting motor cars and under the escort of United States
cavalry, were driven to the Perry Belmont residence, which
has been placed at their disposal during their stay in the
Capitol.
Baron Ishii, head of the mission, later granted an
interview to the newspaper men, in which he expressed his
gratification for the welcome given the mission.
said
(according to the daily papers):
To say I am pleased to be in Washington would be too conventional. am delighted we are all delighted with the cordial reception tendered t-
He
—
—
877
us everywhere and with the splendid spirit of hospitality and of good wlD
we have found
at
all
points.
In speaking to the gentlemen of a newspaper press which wields such
enormous power in this great country, I am well aware that purely conventional and formal utterance is worse than nothing it sounds empty.
But, at the same time, what can I say? I have not even done my first
duty as a guest. Obviously it wouldibe improper therefore to anticipate
the message I carry from the Emperor of Japan to your great President.
last visit to America was just 10 years ago and even on my short
drive through your very beautiful streets this morning, I was able to mark
many changes for the better, though Wasliington has always remained a
pleasant memory. Many things have changed and now that Japan and
America are together brothers in arms and fighting for a great common
cause I have every hope and confidence in success, victory and for permanently continued international amity.
—
My
The Japanese Mission, it is stated, has not come to this
country on a commercial or political errand, but to greet
the United States as a brother nation, fighting for a common
end to make democracy safe for the world and to decide
after consultation how best the two countries can co-operate,
both in an economic and military sense, to bring the war to a
successful conclusion.
While Baron Ishii is vested with
plenipotentiary powers, the questions to be discussed will
not be political, but those of expediency and mutual assistance. Among the most important problems to be discussed,
it is said, is that of the disposition of the Japanese shipping,
with the view to making it of the greatest assistance in the
conduct of the war. It is stated that Japan stands ready
to render the desired assistance and to contrive means to
do so, it is said, is one of the prime objects of the mission.
Baron Ishii presented his credentials to President Wilson
on Aug. 23, and with them an autograph letter from the
Japanese Emperor congratulating the President and people
of the United States upon their decision to enter the war
against Germany. Baron Ishii in tendering his credentials
recalled seeing American and Japanese colors waving together at the relief of Pekin in 1900, and told the President
that it was a source of pride to every Japanese that the
United States now was fighting for a peace based on the
independence of the smallest and weakest of States, "on
contempt of the arrogance of materialistic force, on reverence for the pledged word." He said:
Mr. President: On this occasion I have the good fortune to be the bearer
—
—
of a special message of welcome and deep appreciation from his Imperial
Majesty, the Emperor of Japan, to the President and sovereign people of
the United States of America, on their momentous decision to co-operate
in the great
war now raging.
.gl
His Majesty, interpreting the unanimous sentiment of Japan, congratuIt has been arrived at,
lates your great country on this determination.
not lightly and in a moment of passion, but after the exercise of a noble
patience and in a spirit of unselfish chivalry which have excited the admiration of the whole world. That America is now fighting on the side of
Japan is a source of pride to his Majesty and to every Japanese.
tj
It is not the first time, I may be allowed to remind you, Mr. President,
that this has happened. In 1900 I had the privilege of seeing with my
own eyes the American and Japanese colors waving together, when the
allied troops, in the face of terrible difficulties, triumphantly relieved the
I well remember the skill and courage with
besieged legations at Pekin.
which the American civilians and soldiers co-operated in the defense.
The resourceful bravery which those few Americans showed then American legions will show now.
The auspicious co-operation of the United States of America and Japan
in the tremendous task of restoring the reign of mutual confidence and
good will among the nations of the earth cannot but draw us closer together.
Our common efforts are directed to seeking an enduring peace,
based on respect for the independence of the smallest and weakest States;
on contempt for the arrogance of materialistic force; on reverence for the
pledged word. In the service of these common ideals our two countries
must surely realize a far nearer friendship than before.
This is no ordinary war. It is an issue between common morality and an
inhuman system of calculated aggression which would render all friendly
The welcome fact that the United States stands
intercourse impossible.
side by side with the Allied Powers is a guarantee of early victory, and
his Imperial Majesty hails it as such with deep gratification.
In replying to Baron
Ishii's
remarks President Wilson
said:
Mr. Ambassador:
It is with a sense of
deep satisfaction that
I receive
from your hand the letters whereby you are accredited as the Ambassador
Extraordinary and Plenipotentiary of Japan on special mission to the
United States. It is a pleasure to accept through you, from your imperial
soverign, congratulations on the entrance of the United States into the
great conflict which is now raging.
The present struggle is especially characterized by the deveIopment"^of
the spirit of co-operation throughout the greater part of the world for the
maintenance of the rigltt of nations and the liberties of individuals. I
assure you Excellency i.h it, standing as our countries now do, associated
in this great struggle for the vindication of justice, there will be developed
those closer ties of fellowship which must come from the mutual sacrifice
May the efforts now being exerted by an indignant
of life and property.
humanity lead at the proper time to the complete establishment of justice
and to a peace which will be both permanent and serene.
I trust that your Excellency will find your sojourn among us most agreeable, and I should be gratified if you would be so good as to make known
to His Imperial Majesty my best wishes for his welfare, for that of your
wonderful country and for the happiness of its people.
^^^
I am most happy to accord you recognition in your high capacity.
Baron
23,
Ishii,
made an
before calling
official
visit
upon the President on Aug.
the State Department.
In
to
the meantime Major General Sugano, the military representative on the Japanese Mission, called upon Secretary
of
War
Baker, and Vice-Admiral Takeshita paid his reNavy Daniels. Later in the
spects to Secretary of the
THE CHRONICLE
s^s
afternoon Secretary Lansing went to the Belmont residence
to return the Ambassador's call, and the Secretaries of War
and Navy called on Major General Sugano and ViceAdmiral Takeshita respectively. In the evening of Aug.
23 the members of the Japanese Mission were entertained
The guests included
at a state dinner at the White House.
the members of the Cabinet, the Justices of the Supreme
Court, prominent members of both houses of Congress, and
ranking officers of the Army and Navy. Members of the
mission were guests on the evening of Aug. 24 at dinners
given by Cabinet officers in honor of the diplomatic, military and naval groups. Secretary Lansing entertained
Baron Ishii, Secretary Baker, General Sugano and SecreThe members of
tary Daniels Vice-Admiral Takeshita.
the mission visited the Naval Academy at Annapolis on
Aug. 25, the next day, Aug. 26, with Secretary and Mrs.
Daniels as hosts, sailed down the Potomac on the Presidential yacht, Mayflower, to Mount Vernon, where Baron
Ishii placed a wreath of roses and chrysanthemums on the
tomb of Washington. At the same time Baron Ishii pledged
the eternal friendship of his people to the United States,
and voiced a message to the world that Japan is in the war
with every ounce of her strength and resources and will
He said:
fight to the bitter end for her allies.
In the name of my gi-aclous sovereign, the Emperor of Japan, and representing all the liberty-loving people who own his sway, I stand to-day
not to eulogize the name of Washington for that
in this sacred presence
—
—
fVoL.
M'5
It Is an Anglo-French, Slav, Itallan-Japanese-Amerlcan peril to the
misdemeanants of the world.
Let us never permit hereafter that evil tongues or wicked propaganda
even the simplest-minded among our people to forget the ancient
friendship of our nations or weaken the ties of mutual respect and regard
In which we hold each other.
shall cause
addressing the Senate was repeatedly apThe most generous and enthusiastic outburst
from the Senate chamber and galleries came, the dispatches
say, when he declared that "Japan took up arms against
Germany because a solemn treaty was not to us a 'scrap of
Baron
Ishii in
plauded.
paper.' "
clusion the
He
stand
ident's
read his address in English, and at its conof the mission lined up about the Presto receive the individual Senators. Baron
members
remarks were as follows:
No words at my command can give adequate
Ishii 's
expre.s.sion to the profound
appreciation I have of this honor you confer upon lis.
Wc know full well
the exalted dignity and the proud traditions off this illustrious branch of the
great Legislature of the United States, and in the name of my country,
my mission and myself, I thank you most sincerely. To accept your
courteous invitation and to occupy even the smallest fraction of the time
allowed for the momentous deliberations of this august body is a great responsibility a responsibility I do not underestimate, but from which I may
not shrink.
I shall not, however, abuse this rare pri\ilege by attempting to address
at length, in a language of which I have but little command, trained leaders
of thought and masters of argument and oratory.
But I grasp this occasion to say to you that the whole people of Japan heartily welcome and
profoundly appreciate the entrance of this mighty nation of yours into
the struggle against the insane despoil er of our civilization. We all know
that you did not undertake this solemn task on the impluse of the moment;
but that you threw your mighty weight into the struggle only after exercising a most admirable patience with a firm determination that this world
shall be made free from the threat of agression from that black shadow of
a mighty military despotism wielded by a nation taught with the mother's
milk that human right must yield to brutal might. To us the fact that
you are now on the side of the Allies in this Titanic struggle constitutes
already a great moral victory for our common cause, which we believe to
be the cause of right and justice, for the strong as for the weak, for the
great as for the small.
We of Japan believe we understand something of the American ideal of
life and we pay our most profound respects to it. Jefferson, your great.
Democratic President, conceived the ideal of an American commonwealth
to the rule not imposed on the people by force of arms,|butas a free expression of the individual sentiments of that people.
Jefferson saw Americans
Not as a set of people huddled together under the muzzles of machine guns
but he saw them as a myriad of independent and free men, as individuals
only relying on a combined miUtary force for protection against aggression
from abroad or treachery from within. He saw a community of people
guided by a community of good thought and pure patriotism, using their
own special talents in their own special way under their own sacred rooftrees.
Not a machine-made nation, but a living, growing organism, animated by one passion—the passion of Uberty.
I assure you, gentlemen, that the Japanese ideal of national life is, in
its final analysis, not so very far removed from yours.
We conceive of our
nation as a vast family, held together not by the arbitrary force of armed
men, but by the force of a natural developemnt. We shall call the common
force that animates us a passion of loyalty to our empire and to our homes,
as we shall call that of Americans a passion for liberty and of loyalty to
—
—
were presumption but to offer the simple tribute of a peoples' reverence
and love.
Washington was an American, but America, great as she is, powerful as
she is, certain as she is of her splendid destiny can lay no exclusive claim
Washington is now a citizen of the world; to-day
to this immortal name.
he belongs to all mankind. And so men come here from the ends of the
earth to honor his memory and to reiterate their faith in the principles
to which his great life was devoted.
Japan claims entrance to this holy circle. She yields to none in reverence and respect nor is there any gulf between the ancient East and the
newborn West too deep and wide for the hearts and the understandings
—
—
of her people to cross.
It is fitting then that men who love liberty and justice better than they
love life— that men who know what honor is should seek this shrine and
here, in the presence of these sacred ashes, re-dedicate themselves to the
service of humanity.
It is a fitting place, at this time, when all the world is filled with turmoil
and sufferings, for comrades in a holy cause to gather and here renew their
fealty to a righteous purpose, firm in the determination that the struggle
must go until the world is free from menace and aggression.
Japan is proud to place herself beside her noble allies in this high resolve
and here, in the presence of these deathless ashes, she reaffirms her devotion to the cause and the principles for which they wage battle, fully determined to do her whole part in securing for the world the blessings of
liberty, justice and lasting peace.
As the representative of my people, then, I place this wreath upon the
tomb of Washington with reverent hands; and in so doing, it is my proud
privilege to again pledge my country to those principles of right and justice which have given immortality to the name of Washington.
—
their flag.
Blind loyalty without rational consciousness of the responsobility of
but another name for slavery, while a right of liberty ill-conceived,
ignoring the mutual human affections and respect for the rights for every
man which form the essence of true loyalty must be tantamount to anarchy.
These two passions passion of loyalty and passion for liberty are they
not really one? Is not the same control working in both cases the intense desire to be true to our innermost selves, and to the highest and best
that has been revealed to us?
You must be free to be Americans and we
must be free to be Japanese. But our common enemy is not content with
this freedom for the nation or for the individual, he must force all the
world to be German too! You had hoped gainst hope that this was not so,
but that noble hope fled and your admirable patience was exhausted.
You did not hesitate then to face the issue, and the foe as you are facing
it with that great American spirit which has loved and still loves liberty,
which loves the right more than peace and honor more than life.
We of Japan took up arms against Germany because a solemn treaty
was not to us "a scrap of paper." We did not enter into this war because
self is
THE JAPANESE MISSION BEFORE THE SENATE.
Baron
Ishii
and the other members of the Japanese Mison the floor of the Senate on Aug. 30,
sion were received
where they were given a cordial welcome.
In the absence
In
presenting Baron Ishii to the members of the Senate, he
declared the occasion "symbolizes complete international
fraternity which common consciousness of international
honor has brought about." Referring to German propaganda. Senator Saulsbury declared evil attempts had been
made to breed distrust and hatred among friends of the
United States. He continued:
Japan joins our great young nation in pledging anew a continuance of
of Vice-President Marshall, Senator Saulsbury presided.
our old friendship which the troublemakers of the earth have tried so hard
to interrupt.
We now know how industriously insidious attempts have been made
by the Prussian masters of the German people to bring about distrust
and hatred in the world. We know what evil attempts they have made
to breed hatred and distrust of us among our friends, and we welcome
this opportunity to heartily congratulate our old friends who honor us
to-day that by the capture of Tsing-tau and the German islands in the
Pacific Japan has completely removed from the Far Eastern world the
only threat as we believe, to peace and prosperity, the only threat to lasting
peace in Eastern Asia.
"The yellow peril was made in Germany, and Shantung was seized;
the Slav peril was made in Germany, and Servia was overwhelmed and
Russia was invaded, but the thick-witted, smug, self-centred supermen
of Germany, entering their last attempt at conquest, have roused a real
a real peril to themselves and the free nations who believe in interperil
national honor, in the binding force of treaties, and in the pledged word
are grimly though sorro^vfully enagaged in creating, perfecting and bringing
to successful issue an alliance for the benefit of all earth's people, which
will protect the rights of nations, small and great, and enable them to lead
—
—
their lives in peace, and lead them unfraid.
This alliance threatens only rapacity, greed, hypocrisy, and nationalized
brutality.
Our alliance is indeed a peril, but only to the new pirates of the
seas, to the assassins of the air; to those who violate international decency
and fair dealing, who misuse the forces of developed science and distort
the teachings of philosophy, who would destroy civilization itself in the
effort to accomplish world domination.
This peril our alliance has created is the peril to the Central European
Powers, but bears no color label. It is and will be In the future the common glory of all true men of all free nations everywhere to have joined in,
in its creation and success.
—
—
—
we had any
gratify.
We
selfish interest to promote or any ill-conceived ambition to
are in the war, insist on being in it, and we shall stay in it
because earnestly, as a nation and as individuals, we believe in the righteousness of the cause for which we stand, because we believe that only by a complete victory for that cause can there be made a righteous, honorable and
permanent peace, so that this*world may be made safe for all men to live in
and so that all nations may work out their destinies untrammelled by fear.
Mr. President and gentlemen, whatever the critic half-informed or the
hired slanderer may say against us, informing your judgment of Japan, we
ask you only to use those splendid abilities that guide this great nation.
The criminal plotter against out good neighborhood takes advantage of the
fact that at this time of world's crisis many things must of necessity remain
imtold and imrecorded in the daily newspapers, but we are satisfied that
we are doing our best. In this tremendous work as we move together,
shoulder to shoulder, to a certain victory, America and Japan must have
many things in which the one can help the other.
have much in
common and much to do in concert. That is the reason I have been sent
and that is the reason you have received me here to-day.
I have an earnest and abiding faith that this association of ours
this
proving of ourselves in the highest, most sacred and most trying of
human activities the armed vindication of right and justice must bring
us to a still closer concord and a deeper confidence one in the other, sealing
for all time the bonds of cordial friendship between our two nations. Again
We
—
I
—
—
—
thank you.
Dispatches from Washington on Aug. 30 stated that,
despite the secrecy which surrounds the conferences between
Federal officials and the tiapanese Mission, there is good
reason to believe that Baron Ishii has indicated the willingness of his Government to despatch troops to the Russian
front if the suggestion is agreeable to Russia and the rest of
Sept.
1
THE CHRONICLE
1917.]
her allies. Japan, the dispatches said, is reported to have
a considerable force aheady in Manchuria for that purpose.
RECEPTION TO BELGIAN WAR MISSION IN
NEW
YORK.
The Belgian War Mission, which
arrived in
New York
City on Aug. 20t was officially welcomed to the city on the
The day's ceremonies began with an automofollowing day.
bile ride from the Hotel Biltmore up to 120th Street and the
East River, where the members of the Mission, headed by
Baron Moncheur, were taken on board the Police Boat
"Patrol," for a trip down the river and around Governor's
Island, after which they were landed at the Battery and
escorted up Broadway to the City Hall. While the guests
received hearty applause on their way up Broadway, in
deference to the request of the Mission that the greetings
be such as would befit a country in mourning, like theirs,
the city's reception did not take on the air of the more
rousing welcome accorded the British and French Missions.
Notwithstanding the more quiet greetings, the visitors were,
At the City Hall Mayor
nevertheless, warmly received.
address the guests, and in
formally
the
first
to
Mitchel was
heart
of America has gone out
"the
that
telling the visitors
he said in part:
people,"
yoiir
to your country and
For seven weeks you have been the guests of the United States. For
seven weeks the American people, through Presidenrt Wilson and our national Government, through the local government of each community that
has been privileged to receive you and through spontaneous individual
expression, have testified to the deep-seated universal sympathy of the
freeman of this land for your noble, gallant, courageous, afflicted nation.
Since the day when the wanton aggression of Prussian autocracy tore up
the Treaty of 1839 as a scrap of paper and hurled the first German regiment
across the frontier of Belgium in flagrant violation of her neutrality, the
heart of America has gone out to your country and your people. With
unbounded admiration the people of New York and of all America watched
the magnificent resistance of your whole nation to overwhelming odds; saw
how the indomitable spirit of Belgium's little but heroic army stopped the
rush of German conquest long enough to allow the French and English, to
marshal their forces and save Paris.
But to-day we are bound
All this we have felt and stUl feel for Belgium.
We are now allied in a common cause. We are emto her by a closer tie.
barked in the same great undertaking. America has entered this war in
part, it is true, in self-preservation, but in part also that Belgium may have
This war cannot end, indeed, we are pledged it shall not end,
justice.
until the Belgian people are restored to their own territory and their na-
To that America,
tional integrity insured against aggression for all time.
in common with her allies, is pledged with all her resources, a pledge that
for the safety of Belgium, for the safety of Americans and of the world,
must be redeemed by the fighting manhood of America on the battlefields
of Europe.
Frederic R. Coudert,
tee,
who
fered
Chairman
of the
Mayor's Commitwrongs suf-
also addressed the visitors, recited the
by Belgium and added:
You represent, incarnate and embodied the great cause of America and
of civilized mankind. There is no instance in history so momentous as
those first three days in August, when the fate of the whole world himg on
Belgium. Belgium had everything to lose, save only her honor, and the
nations waited on her choice. When the cannon mouths opened on Liege,
that was the biggest day since the dawn of the Christian era. Belgium's
decision sent a thrill through America more of a tlu-ill than it had received
—
fought for its own independence.
The people of Belgium had two choices. They could choose between
safety and self-immolation.
They chose national destruction, with honor.
We welcome you in our hearts. We welcome you at every portal.
since
it
Baron Moncheur
in responding to the greetings spoke,
according to the "Times," as follows:
—
Your Honor, Ladies and Gentlemen On behalf of myself and my colleagues of the Belgian Mission I thank you most sincerely for your very
cordial invitation to your city and for the cordial welcome which you are
giving us here. The eloquent words which I have heard will fill us with
confidence and hope.
have been sent by our King to express to the
Government of the United States, and through the Government to the allnoble American nation, the heartfelt thanks of our sovereign, of our
Government, and of all our people, our thanks for the generous aid that has
been given to our stricken fellow-citizens, and for what America is now
going to win back our independence, and to make the world safe for
liberty-loving nations.
It has been our privilege to make an extended tour of your country, and
we had the opportunity of expressing our sentiments of gratitude in many
places throughout your wide land, but we feel that nowhere can one reach
the heart of America better than in this great metropolis of your country,
which has, I may say, become the metropolis of the world.
Mr. Mayor, as envoys of our King and of our nation, we have many
things for which to thank the citizens of your great metropolis.
It was there
that the first movement was started for the relief of our suffering people
immediately after the wanton destruction of Louvain. As the needs of our
people increased your unbounded charity and sympathy increased with it.
Your sympathy and help have never failed. You have not only given
ua of your treasure in our necessity, but you are now giving us your blood
to win back our freedom.
No words can express our sentiments, but I
offer to you, Mr. Mayor, and through you to all the people of New York,
the heartfelt gratitude of my sovereign and of every Belgian.
We
—
,
After the reception at the City Hall the guests were
escorted up Broadway and at Washington Square Baron
Moncheur was presented with an American flag, a flag of
the City of New York and a gold medal, John Wanamaker
and Rodman Wanamaker deUvering addresses on sheets of
parchment which were likewise given to the head of the
mission. The day's events also included a trip to Van
Cortlandt Park where several regiments are now in camp,
879
an auto ride to Brooklyn and an informal dinner in the
evening at the Ritz Carlton. On Wednesday Aug. 22^^
members of the mission were the guests of Theodore Roosevelt
at Oyster Bay and on Thursday the mission reviewed the
Seventh Regiment in Central Park, visited the MetropoUtan
Club, had luncheon at the Claremont and were given a
dinner at the Ritz Carlton in the evening by the Belgian
colony in this city. The Belgian War Mission arrived in
this country on June 16 and was welcomed at Washington on
the following day. Reference to their Washington reception
was made in these columns June 23 and June 30. Before
coming to New York last week they visited Philadelphia on
August 20 where they were welcomed and entertained by
the city and various representative bodies. Besides Baron
Moncheur, the members of the mission the party received in
New York included M. de Cartier de Marchienne, Belgian
Minister in Washington; Lieut .-Gen. Leclercq of the Belgian
Army, Major Leon Osterrieth and Lieut. Count Louis
d'Ursel, aides-de-camp; Hector Carlier and Jean D. Mertens.
Capt. T. C. Cook, U. S. A., acting as aid to Gen. Leclercq,
James G. Whitely of the Belgian Legation and Warren D.
Robbins, represented the State Department.
THE MONARCHY ON TRIAL IN GREECE— NOT YET
TIME FOR A REPUBLIC.
The declaration said to have been made in the Greek Chamber
on Aug. 25 by M. Boussios, Opposition member, that King
Constantino had never abdicated, but had been dismissed by
the Allied Powers, as proved by the fact that the act of abdication had not been presented to the Chamber, is reported to
have raised a tumult in the Chamber. The press accoimts
add:
Premier Venizelos and other Deputies left their seats to protect M. Bousfrom personal attacks by angry members of the majority.
Later the possibility and opportuneness of establishing a republic in
Greece were discussed. M. Venizelos declared that Parliament did not
consider that the time had arrived for a republic, but beUeved it is duty to
give the monarchy another trial.
This statement was brought out by the speech of George Cafantaris,
Chairman of the delegation which recently visited America, who said he
was deeply impressed with what he had observed of republican instituHe moved the Government's draft of the
tions in the United States.
reply to the Throne speech but closed with a strong expression in favor of
the establishment of a Greek republic.
M. Venizelos promptly made a short declaration to the effect that the
views of M. Cafantaris did not represent the Government's position. He
said he had often told the former King Constantlne that the nations of the
world were gradually approaching the idea of abolishing the institution of
kingship and it depended upon the existing kings themselves to hasten or
postpone this inevitable consummation. Unfortunately, Constan tine's
policy had been such as to deal a mortal blow to the idea of a monarchy,
and many Greeks who formerly opposed a republic now admitted its advisability in principle, though he considered it still premature.
"The Government, nevertheless," continued the Premier, "is of the opinion that it is cur duty to give the monarchy another trial.
This, of course,
is a final trial, but I am sure that the Greek people and the coming Constituent Assembly will be disposed to render possible the continuation of our
present system of democracy presided over by a king."
jgg
This statement was received with prolonged applause, as clearly defining
the Government's position on the recent growing tendency toward a resios
,
public.
VOTE OF CONFIDENCE IN
NEW GREEK
GOVERNMENT.
A vote of confidence in the new Greek Government was
passed in the Athens Parliament on Aug. 27. At the same
time the Chamber adopted a resolution greeting Serbia.
Premier Venizelos, who spoke for six hours, traced the course
of events in Greece from the last Balkan war to the present.
He gave a detailed accoimt of his conferences with King
Constantine in the early days of the Eiiropean war on the
question of departure from neutrality. He said the Kin g
acted in bad faith. Constantine's Royalist advisers, the
Premier asserted, took advantage of the Bang's iUness and
duped the people by persuading them they must choose
between the King and himself (Venizelos), between peace and
war. "The Royalist policy sacrificed the interests of Greece
to serve Germany," M. Venizelos went on.
"Constantine's
motto was 'Deutschland uber Alles.' " The Associated
Press dispatches also state:
Mr. Venizelos dealt severely with one-time Premier Gounaris, expressing
the conviction that he was in reaUty an agent of the Central Powers.
Referring to the German propaganda, Mr. Venezilos said Baron von Schenck,
chief propagandist, who was expelled from Greece last year, was working
under royal patronage.
The Premier corroborated his statement throughout his speech by interesting revelations taken from diplomatic documents.
His address was interrupted frequently by applause. The opposition was represented only
sparsely in the Chamber and did not imdertake to reply to the speech.
"'
King Alexander took the oath
of office
on Aug. 4 amid
great pomp and ceremony. Reaching the Chamber at
10:30 o'clock, the King was met by a Parliamentary committee ,^the|Couneil[of:Ministers and the clergy and escorted
tojthe legislative hall, which was profusely decorated with
THE CHRONICLE
880
[Vol. 105.
The Diplomatic Corps was presflowers and national flags.
ent in full dress and the Chamber was filled with Deputies,
Ministers and guests. The King wore the white uniform of a
General, with numerous decorations. His entrance was
To arrest further defection of Important neutrals is an extremely serious
and Important task confronting us," said Dr. Kuehlmann. "We can only
solve It successfully by observing the principle that in politics might counts,
but also right, and that only if we base our conduct on both can we hope to
Furthermore, we still have relations with the belachieve lasting results.
the signal for hearty cheers. As he remained standing to
take the oath. Premier Venizelos was at his right and the
President of the Chamber at his left. The oath was taken
upon a Bible handed him by the officiating Bishop of the
Greek Church. As this portion of the ceremony was con-
ligerents, although, of course, official relations are ruptured, yet currents
of public opinion waft across the border line of the trenches.
"Wo have finally to consider our relations with our enemies. Although
direct diplomatic relations have been broken, public opinion Is not bound by
Our newspapers reach enemy
frontiers made by our guns and trenches.
Every official remark, even
countries, and we study enemy journals.
though uttered in confidential conversation, reaches our enemies in some
form or other, or goes as an echo. It is our Important duty to study the
psychology of our enemies, to follow their intrigues and the changing currents of public opinion, so that our hand may not be proffered when tha
spirit of our enemies Is hard and unbending, and also so that sharp words
may not be said when the ice on the other side is melting and a conciliatory
feeling is beginning to be shown.
"There is also the factor of relations between the German Federal States
and the Reichstag. 'I ask the Reichstag to give me its confidence. Now,
when we probably are beginning the last year of the war and I say it after
mature consideration we desire, as far as my department is concerned, to
begin with the firm intention of holding out until a satisfactory end has
been reached, trusting in our incomparable army and its great commanders,
in our young and brilliant fleet, and in the sound sense of the German peoI hope for a peace which will guarantee Germany in future against a
ple.
recurrence of the sufferings of these times."
cluded, the hall rang with cries of "Long Live Alexander."
"Long live the Constitution." and "Long live Venizelos."
King Alexander then read the speech from the throne on
the future attitude of Greece toward the belligerent Powers.
He was again cheered at the conclusion.
M. Venizelos, according to a special cable to the New
York "Times" on Aug. 18, in response to a request for a message to the British people on the opening of the fourth year
of the war, was quoted as follows:
After three years of war I am now more than ever convinced of the
triumph of the nations representing the democratic idea, and
pleased that Greece may throw in her lot with these.
final
I
am
Replying to a question in the House of Commons on Aug.
Greece was now definitely at war with Germany, Austria, Turkey and Bulgaria.
In a statement at the time of the reassembling of the Greek
Parliament in July, Premier Venizelos said that Greece was
in the war with the Entente, and that no formal declaration
13, Foreign Secretary Balfom- said
to this effect was considered necessary, the Venizelos Government established at Saloniki before the deposition of
King Constantino having declared war and placed troops
in
the field.
From London on Aug. 3
it was reported that a state of
had been declared in the Greek department of Attica,
including Athens and Piraeus, according to a dispatch from
Athens to the Exchange Telegraph Co. The Department of
Boetia, adjoining Attica on the north, was also said to have
been placed under martial law. A Renter dispatch from
Athens stated that the proclamation of a state of siege in
Attica was due to threatened agitation on the part of the
siege
late regime.
The proclamation
is
subject to Parliamentary
CON STAN TINE OF GREECE UNFAVORABLE TO ALLIANCE WITH GERMANY AT OUTBREAK OF WAR.
An Athens
dispatch to the Exchange Telegraph Co. at
is authority for the statement that among
the diplomatic documents found in Athens since the change
in the Greek Government is a dispatch of former King Constan tine's written a few days after the war began, in response
to a message from Emperor William, who proposed that
Greece should range herself on the side of the Central Powers.
Constantino is quoted as having said in his reply:
The Emperor well knows my personal sympathies, as well as my political
London on Aug. 20
me
to his side.
GERMAN CHANCELLOR DECLARES SHIPPING LOSSES
REPORTED BY LLOYD GEORGE AS "ARTIFICIAL
MANIPULATIONS."
In deriding Lloyd George's account of diminishing shipping
the German Viee-Chancellor, Karl Helfferich, is
quoted as saying that the British Prime Minister's statements
"are artificial manipulations of figures. He mixes net and
gross losses, anxiously avoiding particulars as to total British
The Vice-Chancellor's remarks were
losses in tonnage."
course
of
the recent debate in the Main Comin
the
made
mittee of the Reichstag, and an account of what he had to
say was contained in dispatches from Amsterdam on Aug. 24.
He is quoted as having said that the real reason why Great
Britain entered the war, was the fact that Germany's trade
in 1917 presumably would have reached the level of Great
Britain's.
The further account of what the Vice-Chancellor
has to say follows:
losses,
"This war," the Vice-Chancellor said, "is the result of tension created
fact that Great Britain was constantly feeling the glaring and increasing disproportion between her superior world and naval power and
Germany's increasing economic strength.
"One ought clearly to recognize that Great Britain's object was our
economic oppression. To abandon one's self to any illusion in this respect
would be fatal."
Dr. Helfferich repudiated as unjustified the reproach that he ever had
made any prophecies respecting the efficacy of the German submarine
by the
sanction within five days.
opinions, attract
—
—
Nevertheless,
it is
impossible for
me
to
understand in what manner 1 could be useful to him in mobilizing my army.
The Mediterranean is at the mercy of the united fleets of England and
France, which could destroy our navy and merchant marine, occupy our
islands, and, above all, prevent concentration of my army, which could be
Without
effected only by sea, in the absence of railway communications.
it being in our power to be useful in any particular, we would be wiped off
the map. I am necessarily of the opinion that neutrality is imposed upon
us.
Gottlieb von Jagow, then German Foreign Secretary, is
reported to have replied to Constantine that Emperor William would understand the necessity of maintaining neutrality
He advised Constantine to reach an underfor the present.
standing with Sofia and Constantinople.
GERMANY'S FOREIGN SECRETARY SAYS NOT ONLY
MIGHT, BUT RIGHT, COUNTS.
In hoping for "a peace which
will
guarantee Germany in
future against a recurrence of the sufferings of these times,"
Richard von Kuehlmann, the German Imperial Foreign
Secretary, in his maiden speech to the main committee of the
Reichstag, on Aug. 23 expressed the view that "we probably
The new Secretary
are beginning the last year of the war."
according to Amsterdam advices from Berlin, dwelt on the
tremendous responsibility in assuming office "when the
country is beset by the mightiest of enemies without and
grave difficulties within," and the statement that "a policy
based on might alone and not on right is doomed to failure
from the beginning," is credited to him. The Associated
Press dispatches in setting out what he had to say said:
Dr. von Kuehlmann laid down the following program: First, the maintenance of cordial relations with Germany's allies, and, second, with the
neutrals, "whose right and necessary conditions of existence we shall be
most careful to respect as far as is compatible with enemy trickery and our
own military needs."
warfare.
"Prophesying," he said, "I leave to Great Britain. Premier Lloyd
George's statistics in his latest speech are mere humbug.
If the British
Premier, contrary to his declarations in April, now draws a favorable
picture of the situation although it certainly has not become more favorable—this proves, first, that public feeling in Great Britain urgently needs
to be comforted, and, second, that Lloyd George considers it necessary
to play upon German public opinion.
"This impression is confirmed by the obvious consideration that Premier
Lloyd George's words can only be explained by the same direct menace
which operates, despite the prospect of American aid, in the tremendous
dash on the western front with an immense concentration of men and
material. This menace is not so much on land or in the air as it is in the
water.
"The opinion, shared by Mr. Lloyd George, that fine weather is particularly favorable for U-boat activity is a mistaken one.
Smooth seas
and lulls in the wind are very disagreeable for U-boats, especially in view
of the enemy's defensive measures, regarding aircraft in particular.
Some
U-boat commanders are of the opinion that submarine warfare can be
carried on with still better results when the weather is not too fine and the
nights are longer.
"The navigation of ships imder escort obstructs the scope of the U-boats,
of course, but it also involves considerable disadvantage for the enemy
owing to the fact that such a flotUla is unhandy and has difficulty in eluding
a submarine attack quickly.
"As sea traffic diminishes, sinkings, of course, will probably decrease
gradually. To-day the sinking of even a single ship is felt much more
intensely by the Entente than at the beginning of the U-boat war.
"The statements of our naval staff respecting the tonnage resources of
Great Britain may be regarded as exact. Mr. Lloyd George's statements
are artificial manipulations of figures.
He mixes net and gross losses,
anxiously avoiding definite particulars as to total British losses in toimage.
It is interesting to note his remark that all tonnage sunk among that
requisitioned for the military must be compensated from tonnage available
for commercial purposes.
His statement respecting British shipbuilding
must be viewed with the utmost doubt.
"For continuation of the U-boat warfare all materials and the personnel
required are ready in ample measure, so that, in a military aspect, there
cannot be any doubt that it will be continued efficiently."
—
LORD ROBERT CECIL ON CAUSES LEADING TO THE
WAR.
A
recital of the causes
made by Lord Robert
in a talk
which brought about the war was
Cecil, British Minister of Blockade,
on Aug. 24 with a representative
Lord Cecil as follows:
of the
Associated
Press, which quotes
I see they again are talking In Germany about how England started the
war. It is an old song, but I think the tune has come, particularly in the
United States, when It Is well to restate briefly the bald facts regarding the
beginning of this great conflict.
Sept.
1
THE CHEONICLE
1917.]
Frankly, I do not think any one anywhere can honestly believe that England began the war. If any person had arisen in a public assemblage in this
country two weeks before the war began and asserted that in a fortnight
we would be plunged into the greatest international conflict that the world
has ever seen, the speaker would have been regarded by everybody as
a dangerous lunatic. Our people's thoughts were the furthest possible
from war and our statesmen were overwhelmingly occupied with domestic
affairs, particularly the Irish question, to the almost complete exclusion of
international politics.
It is true that some of our people had been saying for a year or more
before that time that Germany intended to attack us, but their warnings
fell on deaf ears, so much so that no preparations were made.
Certainly, we did not start the war. Who did? I thmk the answer is unquestionable.
For at least a year before the war began, Germany had
definitely made up her mind to fight.
An Italian writer has told us how, in 1913, Germany approached the Italian Government with a view to taking action in the Balkans, but Italy said
she would regard such a war as offensive and not defensive, and would not
lend her support. Germany withdrew her proposals, as she did not t hink
she then was strong enough to go it alone.
American Ambassador Gerard has told us that the German Crown Prince
made no secret of his desire for war and that he even expressed the hope
that it would come before his father died, and he added that if it didn't
come before his father died. It would come as soon as he, namely, the Crown
Prince, ascended the throne.
Balfour's secretary, Ian Malcolm, has also quoted his conversation with
the Crown Prince, in which the Prince suggested that England and Germany
should combine to destroy France.
There is no question but that Germany had made up her mind that somewhere about the summer of 1914 would be the best time for war, this because
the new French military service Act would not have become effective and
the Russian strategic railways would not yet be ready. Moreover, they
knew thoroughly the conditions of corruption in Russian official life, and
they hoped our domestic preoccupations would keep us out although they
were determined to go on with their plans whether we stayed out or not.
In every country there are men of many different opinions. The extreme
war party in Germany actually welcomed and desired our entrance, as it
gave them an opportunity to kill two birds with one stone. The wiser
ones, no doubt, hoped we would stay out so they could take us singly later,
followed still later, as Ambassador Gerard has pointed out, by the United
,
States.
This was the situation in Germany when the Sarajevo murders came and
gave the war party its eagerly awaited opportunity. The Austrians deThere is no reasonable doubt that
livered their ultimatums to Serbia.
these ultimatums were submitted to Germany and approved, and there is
no doubt it was then and there decided that whatever was Serbia's answer
they would proceed against Belgrade.
The ultimatum was couched in such arrogant terms that a favorable reply
was difficult, but little Serbia managed to pen readily that which practically
acquiesced in all the principal demands and agreed to submit the remainder
Nevertheless, the Teutons moved on Belgrade.
to The Hague Tribunal.
You are familiar with the efforts which the English Foreign Secretary,
Sir Edward Grey, made to have the Teuton demands submitted to arbitration or conversation.
The Teutons brushed all efforts aside.
Meanwhile, Russia, who could not stand by idly while Serbia was being
crushed, began mobilization. France entered next. Then came our demand on Germany for an understanding in respect to the neutrality of
Belgium, an undertaking which France had already cheerfully given. Such
an undertaking being refused, we came in.
That is the simple story of the war's origin. The most crushing Indictment against the Central Powers is that they over and over again rejected
all proposals for conferences on the eve of war
conferences which must in-
—
evitably have resulted in averting the conflict, because it would have been
shown how flim sy was the whole structure upon which the Central Powers
were starting the world war.
PERU'S APPROVAL OF
WAR AIMS OF
U.
S.
The
text of the message to the Peruvian Congress delivered
on July 28 by President Pardo, indorsing the attitude of the
United States in entering the war and intimating that the
waters of Peru were open to American warships was received
on Aug. 23 from the American Minister by the State Department and made public by the latter on the day of its
receipt as follows:
President Wilson, in his message read before the American Congress on
the 2d of last April, set forth the motives of intervention of his country in
the European war, and the plans pursued to save the principles of peace and
justice in the world, declaring that the United States would be satisfied
only when they have consolidated the faith in liberty which the nations
can give, adding that they will fight for the triumph of democratic rights;
for the liberation of those who are living under oppression and have no
voice before their governments; for the rights and liberties of the small
nations; for the universal dominion of justice, and because the concert of
all the people carry and assure peace and humanity, and may make the
entire world positively free.
Peru, which in all its acts of international life has endeavored to incorporate these principles of justice in the judicial and political relations of
the American people; Peru, which in a war not far back sacrificed for these
ideals the blood of its sons, the richness of its treasuries, and the hopes of
its future, can not be indifferent to the words of President Wilson, and
adheres, once more, to such noble purposes.
The sufferings of humanity during these years of terrible war, which
draws to her the more powerful and more peaceful democracy of the history,
shall not have been sterile if with its effort there is raised the new building
of international society upon the immovable foundation of justice and of
respect to sovereignty.
Brazil, Cuba, Bolivia, and Panama have suspended their diplomatic
relations with the Central Powers.
Uruguay has taken the initiative that the South American States may
receive in their ports American warships as brother nations and not belligerents, a concept compatible with terms of benevolent neutrality, to
which act my Government has adhered to with sympathy.
On Aug. 22 it was reported from Amsterdam that annoucement had been made by the Berlin "Vossische Zeitung"
that Peru had sent an ultimatum to Germany. We referred
last week to the refusal of the Peruvian Government to submit the circumstances of the sinking of the Peruvian bark
Lorton to a prize court for adjudication, declaring the sinking
^o have been unjustifiable and insisting upon the reparations
881
and indemnities previously claimed. It appears however,
from the Amsterdam advices, that the Hamburg Prize Court
has passed on the case anyway and recently refused damages
to the owners of the Lorton, assigning as the reason that the
bark when stopped and asked for her nationality hoisted the
British flag.
It is also alleged that the Lorton was carrying
contraband for England. The "Vossische Zeitung" says
that in view of the threatening tone of Peru's note the
Imperial
German Chancellor has ordered
decision referred to the
the
Hamburg
Upper Prize Court.
BELGIUM PROTESTS AGAINST ITS DIVISION BY
GERMANY.
A protest by the Belgian Government against German
violations of international and moral law has been addressed
to the allied and neutral governments.
Protest is made
against Germany's action in redistricting Belgium, so that it
wiU have two Governments and two capitals, instead of one,
and to the deportation or arrest of Belgian officials who
resigned their posts rather then continue in office under the
new regime. The protest, it is said, begins by the citation
of Article 43 of the Fourth Hague Convention, according to
which an occupying power must, in so far as it is possible,
govern occupied territory in conformity with the territory's
own law. The protest then points out that this clause was
violated by the Germans in March, 1917, by a decree creating two administrative regions, with capitals at Brussels and
Namur, and by decrees of April 13 and June 9 and 10 confirming the execution of the March pronunciamento. These
decrees, says the protest, completely overturn Belgian law
and gravely violate the Belgian Constitution, which divides
Belgium into provinces and places the capital at Brussels.
The protest says:
The German decrees superimpose divisions of privinces and on each
division made up of provinces in a manner that the Constitution does not
recognize.
They dismember one of the provinces and put in it two capitals
in place of one.
The measures have only the goal of serving German
interests to the detriment of Belgium, and creating a schism between the
Belgians.
_^_^he protest then takes up the part which Belgian officials
played in the administration until ,"certain_^of them have felt
it^ their duty to resign so^ as to show, the- sentiments which
animate the entire body of Belgian, functionaries." The
result of these resignations, says^the document, has been to
subject the country to new rigors contrary to human law.
The German Government has denied them the right to
refuse their service, and has arrested and deported them to
Germany, though when they originally agreed to carry on
their normal functions it was under the express stipulation
that The Hague Tribimal conventions would be respected.
The protest concludes as follows:
In the presence of systematic flagrant violation of international law by
the acts denounced above, the Belgian Government protests solemnly
against the administrative separation which the occupying power is forcibly
establishing in Belgium, and against acts of violence to which functionaries
,
^
are subjected
who
excercise their incontestable right to refuse to lend their
hand to what they consider in justice as abusive and unjustifiable measures.
The Belgian Government denounces this new violation of human rights to
the allied and neutral Governments who subscribed their signatures to the
convention concerning the laws and customs of war on earth.
.^^ccording to^HavreJadvices .of ';Aug. 26, it is officially
announced^by_the_Belgian Government that Jfc he_G ermans
have ordered the Bank of Courtrai, West Flanders, to transfer
its funds immediately to Brussels .| About a thousand Flemish
civilians have_been|deported to_,Zeebrugge to do work of a
military nature, according to the. official announcement.
Civilians are also being similarly employed at Blankenberghe
and near the Dutch border. Near Ypres the Germans are
requisitioning barges in large numbers, but fifty-five out of
sixty boatmen at that point have refused to work for the
Germans, despite promises of good pay. At Malines aU
walnut wood has been requisitioned to make rifle stocks.
DR. WEKERLE APPOINTED PREMIER OF HUNGARY.
Announcement that Dr. Alexander Wekerle had been
appointed Premier of Hungary in succession to Count
Moritz Esterhazy was reported, according to Amsterdam
dispatches of Aug. 21 by the Wolff Bureau, the semi-official
German News Agency, in a dispatch from Budapest. Dr.
Wekerle was Premier and Minister of Finance in Hungary
from April 1906 to January 1910. The resignation of the
Wekerle Cabinet was due to the breaking up of the coalition
party which had supported Wekerle when he endeavored to
establish a Hungarian State bank independent of the exAustrian banking institution. A dispatch from
isting
Amsterdam on Aug. 19 said there was a likelihood of the
resignation of Count Esterhazy owing to friction between
THE CHRONICLE
882
the Premier and Count Karolyi, president of the Hungarian
Independence party, particularly on the question of foreign
policy and the conclusion of peace.
NEUTRAL SHIPPING IN GREAT BRITAIN'S PORTS
TO BE TREATED AS ENEMY.
According to a statement reported to have been made
House of Commons by Lord Robert Cecil, Minister
of Blockade, the British Government in principle is of the
opinion that neutral shipping which has been persistently
and continuously assisting Great Britain's enemies should
be treated after the war on the same footing as enemy shipping.
Vessels that lie in port in consequence of the German
Government's threats, the Minister added, would certainly
be considered as assisting the belligerent objects of the
in the
____^
enemy.
AUSTRIA-HUNGARY CONSIDERS CHINA'S DECLARATION OF
WAR
ILLEGAL.
war on Germany and
China's declaration
of
AustriaHungary, proclaimed Aug. 14, is considered by AustriaHungary as illegal and unconstitutional, according to delayed Pekin advices of Aug. 16, which state:
Dr. Arthur von Rosthorn, the Austro-Hungarian Minister at Peking, in
a note replying to a notification from the Chinese Foreign Office announcing
the existence of a state of war, says:
"1 must consider the declaration unconstitutional and illegal, as according to so high an authority as ex-President Li Yuan-hung, the declaration
requires the approbation of both houses of I'arliament."
All
German banks have been taken over by
the Chinese.
EMBARGO BY GERMANY ON CHINESE AND SIAMESE
CREDITS.
Amsterdam advices
Aug. 20 report a dispatch from
Berlin as announcing that an embargo has been proclaimed
on Chinese as well as Siamese credits in German banks.
The seizure of all property in Germany belonging to the
Government of Siam or to its citizens was reported at London on Aug. 19 in an Amsterdam dispatch to Reuters, Ltd.
of
SULPHUR TO CANADA EMBARGOED BY THE
U. S.
The
placing by the United States of an embargo on exports
of sulphur to Canada was made known on Aug. 23.
It is
stated that the action was taken in order that the supply for
war needs of the United States might not be unduly decreased.
Canadian wood-pulp mills, furnishing supphes for
about three-fourths of the news-print paper used in the
United States will, it is said, be seriously affected. Sulphur,
classified with explosives, is included in .the list of commodities for which export licenses are required. No shipments win be hcensed, officials said to-day, until Canada has
presented complete estimates of the requirements of Dominion news-print makers and of the needs of explosives factories.
According to press advices from Washington the impression
was given by officials on Aug. 23 that, while there is every
desire that the newspaper industry suffer no embarrassments
war needs wiU be given first consideration, and it was suggested that sulphur may be permitted to go to Canada in
limited quantities only, even after the issuing of licenses is
resumed
GERMAN MERCHANT SUBMARINE DEUTSCHLAND
CONVERTED INTO WAR VESSEL.
dispatch
from Copenhagen on Aug. 15 stated that, acA
cording to German fleet gossip reaching the Associated
Press, the German merchant submarine Deutschland, which
visited the United States prior to its entrance into the war,
into a war submarine and had been
The Deutschland, the disfitted with six torpedo tubes.
patch said, may soon leave for the Pacific to operate against
had been converted
from San Francisco. The submarine, it is
stated, was to have started activities some time ago, but an
explosion on board while the vessel was on a trial trip made
repairs necessary which delayed its departure for the Pacific.
ocean
traffic
GERMANY
TO
INDEMNIFY ARGENTINA FOR SINKING OF "TORO."
A favorable reply
demands relative to Germany's submarine campaign as affecting Argentine's shipping was received this week by the Argentine Government,
and is said to have relieved a tense and critical situation.
to Argentina's
The note concerned
in particular the torpedoing of the
steamer "loro" and the German Government announces its
decision, after a new investigation of the case, "to indemnifj'
the Argentine Government."
The following is the text (in
[Vol. 105
handed to the Argentine Government by
the German Minister at Buenos Aires, on Aug. 28:
The German Imperial Government desires to maintain cordial relations
part) of the note
with Argentina, and, to prove with facts its friendly sentiment, has decided,
after a new Investigation of tho Tore case, to indemnify the Argentine
Government.
The Imperial German Government
declares at the
same time that the
in which Argentine shipping would share, forms one
As a consequence of the illegal acts of its
of the objects of this war.
enemies the liberty of action of the Imperial German Government is limited,
freedom of the seas,
but it willingly acknowledges the dictates of international law and will
endeavor to observe them.
The naval forces of the German Empire have received orders and instructions in agreement with this viewpoint, and the Imperial German
Government is convinced that after these declarations no incident will
occur to disturb the friendly relations between Germany and Argentina.
The note
is also said to contain the statement that Ger"in order to maintain friendly relations with Argentina, is willing to modify her blockade of enemy coasts, allowing freedom of the seas to vessels under the Argentine flag
carrying food."
On Aug. 28 the Argentine Foreign Office made public the
many
entire correspondence
of the "Toro."
It
with Germany concerning the sinking
showed that Germany's note probably
averted the possibility of Argentina severing diplomatic
On July 4 Argentina sent to Berlin a note conrelations.
cerning the "Toro" case, which said in part:
In accepting the German Government's settlement of the Monte Protegido case, this Government understood that Argentina's rights were recogand that indemnification would prevent a repetition but in view of
another violation of our rights, we must now ask for an assurance that
there will be no further violations.
nized,
,
On July 24 the German Government replied. It said the
sinking of the "Toro" was not the result of unrestricted
submarine warfare, but in accordance with international
law permitting the sinking of contraband cargoes when it
was impossible to take them to port. The Argentine
Government on Aug. 4 notified Germany that it would
consider the Declaration of London in settling the question,
adding:
It is impossible to admit that, wliile Argentina is guaranteeing the persons and property of Germans in Argentina Argentine interests on the seaS
can be attacked and destroyed by the Imperial German Navy. It is Inconceivable that the natural products of Argentina should be considered contraband of war at any time. The Argentine Government cannot recognize that the interchange of her national products may be made a motive
for warlike and restrictive discrimination, and is therefore unable to accept
the proposals made.
must insist on reparation and guarantee of freedom of the seas for Argentine vessels.
.
We
Germany replied on Aug. 17 that, notwithstanding the
objections which could be made to the Argentine claims, the
Imperial Government in a desire to maintain friendly relaArgentina would agree to the same solution as in
the "Monte Protegido" ease. The German Government
agreed, it is stated, to pay the difference between the value
of the "Toro" and the insurance on the vessel, and said it
would recognize Argentina's right to freedom of the seas in
accordance with international law, provided Argentina
endeavored to prevent its flag from traversing the restricted
zone. Argentina refused to consider the proposition and
tions with
on Aug. 24 demanded an immediate
solution.
This week's
followed.
The Foreign Office at Buenos Aires on Aug. 28 also issued
the following official statement concerning the negotia-
reply of
Germany
tions with
Germany:
After the delivery of the second Argentine note to Berlin the German
Minister held several conferences with the Argentine Foreign Minister
in an attempt to solve the questions in dispute.
These met with no success, because, though the Foreign Minister was willing to give explanations, Germany insisted on the condition that Argentina prevent her
vessels from traversing the blockade.
The Foreign Minister explained
this insistence to the President, who refused the condition as being absolutely incompatible with the spirit of Argentina's demands, which insisted
upon a solution of the difficuly in accordance with the sovereign rights
of the nation.
fc^
After the refusal of the President further to consider a solution of the
situation based on the German condition, the German Minister requested
Berlin to eliminate the condition.
Argentina's claims have been satisfied
in all their terms, and without any restrictions.
Press dispatches from Washington on Aug. 29, in stating
that "any hope felt here (at Washington) that Argentina
would support the allied nations in their war against Germany
has been virtually abandoned as a result of the German
Government's success in satisfjang the demands of the
Buenos Aires Foreign Office in connection with the sinking
of the little Argentine steamer "Toro."
Added in part:
Germany's agreement to pay indemnities for ships sunk and her promise
not to destroy other ships under the Argentine flag caused Secretary Lansing to point out to-day that the Imperial Government has made a greater
promise to the United States and then had broken its work.
Examination of the facts indicates that Germany will not be embarrassed
by keeping this latest promise because Argentina has no important mercantile marine engaged in transatlantic trade.
It became known to-day that a large part of the German money which
was in American banks at the beginning of America's war with Germany
has been transferred to Argentine banks. Some of this money has been
invested there, but most of it is merely held on account.
.
Sept.
1
THE CHRONICLE
1917
Argentina's position may prove an embarrassment to Brazil, her neiglibor on the north. Brazil is at war, although no declaration of the fact has
been made. Her fleet is patrolling the South Atlantic in co-operation
with the United States fleet and her mercantile ships are being protected
in their transatlantic voyages in the same way as are American ships.
It is regarded as possible that the presence of active German agents in an
adjoining country might interfere with Brazil's program.
883
President Menocal declined to consider offers to purchase or lease,
wnether made by governments, navigation companies or individuals. He
regards these prizes of war not as agencies for commercial profits, but to be
used, as he states in his decree, for the common benefit in aiding to bring
the war against the Government of Germany to a prompt and victorious
end. President Menocal would not sell them, but he has given them to
the United States. It is just another Illustration of Cuba's generous spirit
and of her earnest purpose to co-operate with her allies to the full extent
of her power.
SWEDEN AND
ITS RATIONING BY THE UNITED
STATES.
Satisfaction as to the result of his visit to the United
States, where he had gone as a special envoy to take up the
export question, was expressed at Stockholm on Aug. 25
by Herman L. F. Lagercrantz, ex-Swedish Minister to the
United States. Count Lagercrantz is quoted as follows:
All the officials I dealt with showed the greatest consideration and
courtesy and I have reason to believe a foundation has been laid for obtaining a satisfactory outcome of the negotiations which will now be continued.
There' is in America an opinion that Sweden has been feeding Germany
and is still doing so, but I am glad to say American high officials I have
met Icnow better.
The American way of administering the rationing of the Allies and
It is wonderful how quickly the Americans
neutrals has my admiration.
learned to deal with the task now facing them. There is no doubt the
Swedish Government will handle the negotiations from a practical point of
view without insisting upon formal judicial points. You can be sure that
from this side the greatest willingness to obtain a positive result will be
shown.
SHIPS.
placing of an embargo on Danish ships, prohibiting
their sale to citizens and companies not Danish, is made
known by Consul General E. D. Winslow at Copenhagen,
whose advices are printed as follows in "Commerce Reports"
Aug.
for
20:
The Minister
of the Interior has issued an embargo on all Danish ships
that are registered, or for which there has been issued temporary registration or vessels that are large enough to be registered that are being constructed in the Kingdom. This embargo means that Danish ships can in
no way, shape, or form be sold to citizens or companies not Danish.
No ships being constructed for foreign account, or which are completed
for non-citizens of Denmark and which on this date have not been put
under the flag of the foreign nation can be sent out of the Kingdom or put
In commission under a foreign flag without special license from the Department of Commerce.
All owners of ship building plants are compelled to give the Minister of
Commerce full details of every new contract for the construction of vessels.
,
am now
going to stay over here for some time, but the negotiations in
be continued by Mr. Hjalmar Lundbohm, a prominent
business man, who will sail soon.
I trust I have made clear to the people
in office that our demand for necessities is bona fide and that we are not
acting as a medium for supplying America's enemies with any such things
I
DANISH EMBARGO ON
The
America
will
we want from her.
On Aug. 23 Ira N. Morris, the American Minister, had
an audience of half an hour with the King, discussing the
relations of Sweden and the United States and the requirements of Sweden. In a speech on Aug. 22 dealing with the
position of neutrals, Admiral Lindman, Sweden's Foreign
Minister, expressed the hope that the people of America,
as weU as those who direct America's policy, would take a
broad and humanitarian point of view, and that the American
nation, with which Sweden had had such close relations,
would not be willing to cause his country serious difficulties
Referring to measiires adopted by the United States to
limit food exportation, the Minister gave an account of
imports of grain into Sweden and of exports of provisions.
He is credited with saying that there had been virtually no
shipping of grain from the country during the war, and that
the quantity of pork and other meat exported by no means
reached the extent sometimes rumored.
as
FRENCH IMPORT ALLOWANCES ON RAW COTTON
AND
cablegram from the American Consul General at Paris
on August 14, announces the publication of a Ministerial
order fixing the amount of raw cotton and silk which may be
imported annually The cablegram was printed in 'Commerce
Reports" for Aug. 17 as follows:
.
A
statement that
storation, complete
the "first condition
of peace
is
re-
and without reservation," was made by
Lloyd George at the luncheon of the Serbian Society of Great
Britain on Aug. 8 in honor of N. P. Pachitch, the Serbian
Premier. The Premier added that he believed in little nations, and that he belonged to one himself, saying:
Serbia has sung
I believe in the nation which can sing about its defeats.
right through the centuries, not of victory, but of defeat that submerged
her in the flood of barbarism. Serbia always has hoped, and now her day
of reckoning comes.
The nation that sings of her defeats is immortal.
However long this war may last, Great Britain's honor is involved in
seeing Serbia free.
Serbia and Belgium are the guardians of the gate, and
bravely have they defended them. The troops of Serbia never have been
disheartened; they are still guarding the gate.
The British extend once
more the hand of friendship to Serbia.
will go through the war together to the end.
We
follows: "Eight hundred and fifty thousand bales from America, Great
Britain, Egypt, British India; 4,000 metric tons of raw silk from China,
Japan, British India. Importers must make declaration of such purchase
to Ministry, and on arrival of merchandise must send copy of customs
Imports of raw cotton and raw silk from other
declaration to Ministry.
countries than above remain subject to the authorizations, except in casea
where reciprocal arrangements have been made with such other countries."
CHANGES IN FRENCH EMBARGO ON TEXTILES AND
FRUITS.
The following cablegram to the Department of Commerce
from the American Consul-General at Paris, under date of
Aug. 3 made known the changes in the French embargo on
and
fruits.
Ministerial order of Aug. 1, published Aug. 2, abrogates the export
perraits for the following articles to Allied and American countries: "Woolen
knit goods, comprising gloves, piece goods, embroidered or ornamented
articles, and articles other than for men; casein, horns, and similar raw
products; manufactured pork butchers' wares (French term charcuterie
fabrique), fruits for distilling; medicinal fruits; honey; cotton textiles,
except those bleached or unbleached, with linen warp, weighing more than
22 kilos per 100 square meters; woolen textiles, except those for wearing
apparel, weighing 400 grams and more per square meter, of uniform color.
Same order permits exportation, etc., without special permission to the
usual Allied and American coimtries of cotton textiles except those bleached
or unbleached, with linen warp, weighing more than 15 kilos per 100 square
meters; woolen textiles, except those for wearing apparel, weighing 300
grams or more per square meter, of uniform color.
NEW
ZEALAND'S PAPER NEEDS.
The shortage of paper in New Zealand and the advancement of the view that American manufacturers might be
able to furnish larger paper stocks for that country was made
known by the "Official Bulletin" at Washington of Aug. 11,
Premier Lloyd George is also quoted as having stated that
Europe owed much to Premier Pachitch, for it was through
in
his action that "civilization accepted the challenge of the
barbarism of Prussia."
Winslow at Auckland:
B ecause of the shortage and
GERMAN STEAMSHIPS SEIZED BY CUBA GIVEN TO
UNITED STATES.
A
decree transferring to the United States Government
four large German steamships seized as prizes of war by the
Government of Cuba when that country declared war against
Germany in April, was signed at Havana on Aug. 21 by
President Menocal in the presence of General Marti, Secretary of War and Navy, and William E. Gonzales, United
States Minister to Cuba. The vessels are the Bavaria, of
3,898 tons; the Olivant, of 3,841 tons; the Adelheid, of 2,476
tons, and the Constantia, of 3,026 tons.
The first three
named ships are in Havana Harbor, where they have been
undergoing repairs for several months. The Constantia is at
Cienfuegos. A fifth ship taken over by the Cuban Government the Kydonia, of 2,390 tons is retained as a transport
for army supplies.
Minister Gonzales, when asked the
amount the United States Government was to pay for the
four ships, is said to have replied, "absolutely nothing."
He is also quoted as saying:
—
—
'
Ministerial order of Aug. 13, pubUshed to-day, fixes quantities of raw
cotton and raw silk which may be imported annually from Aug. 16 as
textiles
LLOYD GEORGE DETERMINED TO FREE SERBIA,
SILK.
A
the following report from
Consul General Alfred A.
high prices of paper several newspapers In
the different centres of the country have been obliged to suspend and
several others to increase their price in some cases to double what the
charge was before the war. The New Zealand Government has reduced
the size of certain of its publications and is talking of discontinuing others.
During the past year Canada has been supplying a large share of New
Zealand's print-paper Imports. It would seem that American manufacturers might be able to furnish a larger proportion of the paper stocks
consumed in this country than they now do.
—
THE NEWSPRINT PAPER SHORTAGE IN GERMANY.
Announcement that the German Government intends to
ration the paper supply inasmuch as the public has ignored
continual warnings to economize, is reported to have been
made in the German papers, according to Amsterdam dispatches on Aug. 17. It is stated that the rationing will
begin within the next two months and that the card system
Owing to the shortage in newsprint paper
will be used.
severe restrictions had been previously placed on German
newspapers, this action resulting in protests being made to
the Government authorities for a relaxation of the restricThe newsprint paper regulations, effective July 1,
tions.
e ported in[ditiatcL(s^ licni CoptriLagen
on June 21, pro-
THE CHRONICLE
884
vided for restricting the large German newspapers to an
allowance ranging from 11 to 443^% of the fornaer consumption.
The reduction in the paper supply, according to a dispatch from Berlin via London, on June 18, resulted in an
increase in advertising rates by twenty of the leading papers
of BerUn.
An interesting sideUght on wartime newspaper
conditions in Germany has been furnished in the German
Press Year Book for 1917. Associated Press dispatches
from Copenhagen on June 15, printed in thee "Tribune" of
July 1 contained the following regarding the Book's revela^
,
tions:
It shows that'there are 562 fewer newspapers In Germany to-day than
In 1914.
Of the 2,938 still appearing, many which three years ago employed four editorial writers, are now conducted tn both their business
and editorial departments by the proprietor himself.
The circulation of hundreds of papers has been heavily reduced. Sixtythree papers are eking out a wartime existence on a circulation of 500 copies
per day, and there
Is one paper with only 150 subscribers.
The largest
said to be 270,000.
Only 805 papers have Increased their subscription price, but In no case
to exceed 30%, and these are Issued at 50 cents to 60 cents per month,
including In most cases both morning and evening as well as Sunday
editions.
About one-third of all German newspapers now publish Identical stereotype matter supplied by agencies In the larger towns. This syndicate
literature consists to a large extent of the material issued by the Gov-
dally circulation
is
ernment.
(3) The form requires under items 4, 5 and 6 the figures shown on the
books of the corporation on June 30 1917, but if the corporation prefers
it may state the figures shown on the books at the close of the last fiscal
year, such as Dec. 31 1916.
(4) If the stock of the corporation Is listed on an exchange or is dealt tn
on the New York curb, the fair value should be computed under Case I
from the Mghest price bid on the last day of each month, or the last day of
the month on which a bid was made. A corporation, if it prefers, may
average the fair value throughout the entire fiscal year by showing on a
statement attached to the back of the return the highest price bid for the
stock on each day throughout the year.
(5) If the stock is not listed on an exchange or the New York curb, the
fair value may be computed from actual sales made during the preceding
If, however, there are not sufficient sales of
fiscal year, under Case II.
stock listed under Case II to establish a basis for estimating the fair value
of the total capital stock, the corporation will be required to fill out Case III.
(6) If the stock is not listed on an exchange and no sales have been maide
to the knowledge of the officers signing the return, the corporation should
set forth under Case III the amount of net profits earned during the preceding five years, as shown by the returns of net Income for that period,
together with the average number of shares outstanding each year, and
compute the percentage of profits per share earned each year. The
average percentage of profits over the five-year period indicate the earning
The fair value of the stock may then be estimated from the
capacity.
earning capacity of the corporation. It has been found upon examination
of the returns of net income of a large number of different classes of corporations listed on an exchange that they earn approximately the following
rates in order to make their stock worth par:
Per cent.
Banking:
8
States west of Mississippi River
6
States east of Mississippi River
10
Mercantile
^TAKING OF SOUTH AFRICAN WOOL BY GREAT
M ining
iiifi^*?^i!MS^i>^^< BRITAIN 4:1 :-i;-<.iiB^*r"
Industrial
i?^^
The
recent ass ent o f a large majority of South African
fanners and wool merchants to the proposal of the^ British
GovernmentJLhat^it take oyer the new clip on the basis of
prices_de3ignated_for_th e_19J7^18 Austrian elip7 taken over
lately at last year's [rates or|at an average price in the grease
of 31 cents, is characterized by the First National Bank of
Boston as "another step in the subordination of private
enterprise to ;State control as a result of the world war."
Continuing, the bank in its Foreign Trade Letter of Aug. 4
,
said:
This price Is very low compared with values on similar wools on the open
markets of the world. Best fine staple wools, for Instance, out of the
Australian clip were commandeered at 90 to 93 cents, clean basis In Australia, and would be worth In the Boston market to-day. If available, about
$1 85 to $1 90.
Thus the South African growers stand to sacrifice considerable in the price of their wools, although the clip at the Cape, of course
is hardly worth as much. Intrinsically, as the Australian.
It is estimated
that there are left unshipped in Australasia (as of July 1) at least 500,000
bales of the old clip and about 25% as much more In South Africa.
Dalgety's figures on Australasian wool exports, for the pastoral year ending
June 30, show 1,263,000 bales from Australia (a decrease of 322,400 bales);
411,000 bales from New Zealand (a decrease of 99,650 bales); total 1,674,000 (a decrease of 422,050 bales compared with the previous year). With
such surplus stocks in the British Colonial markets, there could be little
excuse for the non-exportation of a considerable proportion of this surplus
to the United States, were the latter country In a more favorable position
with reference to shipping. Japanese manufacturers and merchants have
been better served in this respect than American and the Oriental has made
his debut in both the South African and South American markets tills
year to his own decided advantage because he had the transportation
facilities.
The South American woolgrowers are looking forward to the
next season with great optimism. Increasing prices have been paid in
Buenos Aires for mid-season second clip wools and consequently contracting
for the new fleeces on the sheep's back is only at extreme prices.
The
United States is expected to be a big buyer again in the River Plate markets
next season. During the nine months to the end of June, America took
65% of the total shipments of about 315 million pounds from Argentina
and 72% of the 60 million pounds exported from Uruguay. English merchants and manufacturers are complaining rather bitterly of the strict
control exercised by the Government over wool and its manufacture, believing that larger allotments for civilian and particularly for export trade
might safely be made even In view of the difficulties of assuring an adequate future supply of raw material.
^
I,
CAPITAL STOCK
TAX— INSTRUCTIONS
FOR
COMPUTING RETURNS ON REVISED BLANK
In cases where there have been no sales of their stocks,
corporations have in many cases been asked by the Collector
of Internal
Revenue
in this district to
amend
their returns
and been told to follow the instructions issued by the Treasury Department on June 25 in estimating the value of their
shares, upon which the capital stock tax is computed. We
accordingly give the Department's circular as follows:
TREASURY DEPARTMENT.
Commissioner of Internal Revenue,
Washington, D. C, June 25 1917.
To Collectors of Internal Revenue and Internal Revenue Agents:
Form 707. Return for Special Excise Tax on Corporations organized in the United States.
The blank return of capital-stock tax, Form 707, for the taxable period
July 1 1917 to Juno 30 1918, which is required to be filed on or before
July 31 1917, has been revised and the following suggestions are made
Office of
—
making up this return:
tax is computed on the fair value of the stock of the corporation
for the preceding taxable year, which is the fiscal year July 1 1916 to June 30
1917, as stated at the head of the return.
(2) If a corporation has Increased or decreased its capital stock during the
fiscal year, a statement should be attached to the back of the return setting forth the number of shares of stock outstanding each month, with the
average fair value of the stock for that month computed under one of the
three cases.
for the information of corporations in
(1)
The
(Vol. 1§5.
10
10
15
10
Oil-producing companies
Oil-refining
Public
companies
utilities.
1
Railroads
^
8
Light and power companies
J
(3) Electric railways
(7) Corporations that have no regular earnings, such as companies organized for the purpose of developing and selling timber land, mining property and other real property, and corporations that have earned no profits
in the past five years or have only been engaged in business one or two
years, cannot very well estimate the value of the stock from their earning
capacity.
They are permitted, therefore, to fUe a detailed statement,
attached to the back of the return, showing their assets and liabilities
outstanding on June 30 1917, or at the end of their last fiscal year, and may
estimate the fair value of the stcok from the book value.
(8) Holding companies and subsidiary corporations are both required to
file returns and pay the capital-stock tax, and no deductions are allowed on
the return of the holding corporation for the tax paid by a subsidiary.
(9) Subsidiary companies may compute the fair value of their capital
stock In accordance with the method prescribed tn T. D. 2493 by apportionment of the fair value of the total capital stock of the parent company
among the various subsidiaries tn proportion to the earnings.
(10) The 50% penalty for delinquency In filing returns, as well as the
specific penalty imposed by Section 408 of the Act of Sept. 8 1916, on corporations for carrying on business without payment of special tax, will be
strictly enforced against corporations that fall to file returns of capitalstock tax within the time prescribed by law or by the collector.
(11) Domestic insurance companies are not permitted to deduct reserves
and deposits maintained or held In the United States for the protection
of, or payment to, or apportionment among policyholders, as such reserves
and deposits are reflected In the fair value of the stock as computed under
Cases I, II and III.
Form 708. Return for Special Excise Tax on Capital Invested in
(1)
(2)
—
the United States by Foreign Corporations.
has been decided that the amoimt
of capital invested tn the transaction of business In the United States by
foreign insurance companies Is the amoimt of "surplus to policy holders,"
as shown by the convention form of report to State Insurance departments.
Foreign Insurance companies are permitted to state the amount of surplus
to policy holders as shown by the report for the last fiscal year ended Dec. 31
(12) After careful consideration It
1916. The only deduction allowed is the amount of deposits actually required by States in which the company is transacting business.
DAVID A. GATES,
Acting Commissioner of Internal Revenue.
BANKING AND FINANCIAL NEWS.
Only four shares of bank stock were sold at the Stock Exchange this week and no sales of either bank or trust company stocks were made at auction.
Shares. BANK
New York.
Law. High. Close. Last previous sale.
4 National
Bank
of
Commerce. . - 168
168
168
Aug. 1917
—
170
The New York Coffee and Sugar Exchange wiU be closed
to-day, Saturday, Sept. 1. As Monday (Sept. 3) is Labor
Day, the members and employees of the Exchange will have
a three-day week-end holiday. As indicated in these col-
umns
New York
Stock Exchange and Cotton
In
for all members and employees
to witness the "send-off" parade of the New York National
Guard in this city on Thursday, the Governors of the Stock
Exchange, Consolidated Exchange and Produce Exchange
by a special vote suspended business on their respective
exchanges at Thursday noon for the remainder of the day.
The New York Cotton Exchange, which was expected to
close on Thursday afternoon, failed to do so owing to the
last
week, the
Exchange wiU also be closed
order to give an opportimity
that the^necessary
could not .be.iihad.
f_aet
At a meeting
Bank on Aug.
Citizens'
for the three-day holiday.
quorum
of the
of the directors of the
Board
of
Managers
Chemical National
H. Johnston, Vice-President of the
NationalBank of Louisville, Ky., was elected Vice 29, Percy
.
Sept.
1
THE CHRONICLE
1§17.
President and a director. Francis Halpin, formerly Cashier,
and I. B. Hopper, formerly Assistant Cashier, were also
made Vice-Presidents. At the same meeting, Edward H.
Smith, Assistant Cashier, was appointed Cashier in the place
Mr. Halpin, and John B. Dodd, chief clerk, and Samuel
T. Jones, bond and stock clerk, were appointed Assistant
Mr. Johnston, whose election as Vice-President
Cashiers.
of the Chemical follows the elevation of Herbert K. Twitchell
to the Presidency, was born at Lebanon, Ky., thirty-six
years ago; he received his early training in the Marion NaIn 1906 he was appointed
tional Bank of Lebanon, Ky.
National Bank Examiner and had charge of the national
banks in Kentucky during the years 1907-08. In 1909 he
was made Chairman of Examiners for the Southern States,
which territory embraced the States south of the Ohio and
In 1911 he was promoted
east of the Mississippi rivers.
of
to one of the four positions of National Bank Examiner at
Large, and during 1911-12-13 served in that capacity and
also as Clearing House Examiner in the city of LouisviUe.
In October 1913 Mr. Johnston was elected Cashier of the
Citizens' National
Bank
of LouisviUe
and
became
to become
in 1915
Vice-President, which position he now resigns
Vice-President of the Chemical National Bank. In 1914-15
he served as Secretary of the Association of Reserve City
Bankers, and in 1916-17 as President of the Association of
Reserve City Bankers, having relinquished ,the Presidency
in
June 1917.
The stockholders of the Irving National Bank of this city,
at a meeting on July 28, voted in favor of increasing the capital of the institution from $4,000,000 to $4,500,000. The
new stock wiU be sold at $150 and the privilege of purchase
will be open to holders of record Sept. 4 and wUl expire
Oct. 4. The increase in the capital of the Irving National
was taken in accordance with the plan (referred to in these
columns on June 16) under which the Irving National and
the Broadway Trust Co. wiU be united under joint stock
ownership.
«
new
duties to-day,
and
teas in this city.
He assumes his
1.
On to-day, also, the new
September
Secretary and Treasurr of the Mercantile Trust, H. D.
Campbell, begins his active connection with that institution.
Mr. Campbell comes from Seattle, where as the Vice-President
of the Washington Savings & Loan Association he has been
a prominent figure in banking circles on the Pacific Coast.
On Aug. 27 John A.
Terrace was appointed an Assistant
Foreign^Department of the Guaranty Trust
Company of New York, with which institution he has been
connected since March 1916. Before coming to New York
he was Acting Manager of the Royal Bank of Canada, in
Montreal, and prior to that was with the Bank of Scotland
in Edinburgh and London.
Mr. Terrace is 34 years of
age, and was born in Dysart, Scotland.
Manager
of the
At a meeting of the directors of the American Exchange
National Bank of this city on Aug. 28 Louis S. Tiemann and
Mercer P. Moseley were elected Vice-Presidents. Mr.
Moseley until recently was President and Publisher of the
New York "Commercial."
William G. Shaible, formerly Vice-President and Treasurer of the Citizens' Trust Co. of Schenectady, has been
chosen Treasurer of the Chase Securities Corporation, the
newly organized subsidiary of the Chase National Bank of
this city.
Mr. Shaible, who is also Chairman of Group V.
of the New York State Bankers' Association, will assume
his new duties on Sept. 5.
•
The State Banking Department
an increase
in the capital of
F. F. Walker has been chosen Manager of the New York
branch of the Royal Bank of Canada. Mr. Walker had been
Manager of the Montreal branch of the same bank and will be
succeeded by R. L. Ritchie, who has been Branch Manager
for the Royal Bank of Canada at Regina, Winnipeg and
Halifax. Mr. Ritchie will in turn be succeeded at the Halifax Branch by F. St. Clair Harris, Assistant
Manager
of the
Vancouver Branch.
&
Norfleet, of Memphis, Tenn. has been elected Vice-President of the Mercantile
National Bank, of Memphis, Tenn., succeeding the late
James F. Hunter, whose death was noted in these columns
on July 28. William M. Mathews, President of the Forest
Products Chemical Company has been elected to succeed
Mr. Hunter as a director of the institution. Mr. Norfleet,
we understand, will not be an active Vice-President, since
J. P. Norfleet, of the firm of Sledge
,
taken up with the Sledge
and other business connections.
his time is
&
Norfleet
Company
an experiment made by the German Insurance
Ky., the dayUght saving plan will be
continued by the bank for an indefinite period. The Bank's
clocks have been set back one hour and a half, enabling the
employees to start work at 7:30 a. m. instead of the usual
time, 9 a. m., and also enabling them to complete their work
considerably earlier than has been customary. The banking
hours remain the same and all work not nescessary for the
day's balance is held over until the next morning. J. E.
Huhn, Manager of the Savings Department of the Bank, is
quoted as follows regarding the results of the experiment:
As a result
Bank,
of
of Louisville,
The
revolution "of things as they were" naturally required supreme
on the part of some of the employees; however, the result has been
an ample reward for a hard task, and the one and a half hours of the morning are paying a big dividend in the afternoon.
Instead of working until
6:30 or 7 o'clock, the boys hurry home at 4 o'clock to get much needed
exercise and recreation in their backyard gardens, and return the next
morning bright and happy and more efficient than ever.
It was the original intention of the officers to use the daylight saving
plan during the sommer months only, but the results have been so great
that it will be continued indefinitely.
efforts
•
Peter S. Duryee, who has been in charge of the New York
office of the American Red Cross War Fund, has been appointed Assistant to the President of the Mercantile Trust
& Deposit Company, 115 Broadway. Mr. Duryee was
formerly president of the fu'm of Duryee & Barwise, wholesale traders in coffees
885
Albany has approved
the Ogdensburg Bank, of Ogdensat
N. Y., from $100,000 to $200,000. In increasing the
capital the bank will declare a stock dividend of $100 per
share.
The stock has a par value of $100. The enlarged
capital is expected to become effective about September 1
burg,
«
Eugene M. Stevens, formerly connected with the Stevens-
Chapman Co. of Minneapolis, Minn., investment dealers,
has been appointed head of the bond department of the
Illinois Trust & Savings Bank of Chicago, 111., to succeed
the late William E. Colt.
A. Rauzin has been elected President of the new Mercantile
of Savannah, Ga., capital $100,000, which
expects to open for business on Sept. 4 at 223 Boughton St.
Other officers of the new institution are: H. C. Shup trine
and A. J. Cohen, Vice-Presidents; Valmore W. Lebey,
Cashier, and Morris H. Bernstein, attorney. The directors
are: H. D. Weed, William Marcus, M. H. Bernstein, H. C.
Shup trine, A. Rauzin, M. Blumenfield, W. D.' Jones, A. J.
Cohen, M. Wilensky, G. H. Johnson, B. Weitz, J. Lichtenstein, F. W. Dasher, W. G. Sutlive and I. A. Solomons Jr.
Bank & Trust Co.
The Stockholders Auxiliary Corporation, the recently
organized subsidiary corporation of the Bank of Italy, of
San Francisco, Cal., has recently purchased a controlling
interest in the International Savings & Exchange Bank of
Los Angeles for the purpose of merging it with the Los
Angeles branch of the Bank of Italy. The Auxiliary Corporation has also purchased the Redwood City Commercial
Bank and the Savings and Loan Company, of San Mateo,
Cal. These two institutions will also be operated as branches,
as soon as Superintendent of Banks William R. Williams
approves of their transfer. The deposits of the International
Savings & Exchange Bank are $3,755,115 and the capital
and surplus, $500,000. The Redwood City Commercial
Bank and the Savings and Loan Company have joint deposits
of $528,871 and resources of $646,481.
Standard Bank of South Africa, Ltd.,
Thursday
(Aug. 30) received a cable from
55 Wall St., on
the head office of the bank in London, reading as follows:
Subject to audit directors declare interim dividend at rate of 14% per
The agent
of the
annum
The bank's investments stand in the books at less
less income tax.
than market value at 30th June last, and all other usual and necessary
provisions have been made.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
of
of
Aug. 9 1917:
GOLD.
of England gold reserve against its note issue shows an increase
The receipt of $8,045,000
of £963,600 as compared with last week's return.
On the other hand, S4, 113, 000
is reported at Philadelphia from Canada.
has been engaged for export, mainly for Japan. Gold to the value of a
million and a half sterling is being shipped from Japan to India.
The
French Minister of Finance has deposited a proposal for a law authorizing
the issue of 25, 10 and 5 centime pieces in bronze, coated with nickel. The
type is destined to be that of the latest nickel coin with a round hole i
its centre.
The Bank
THE CHRONICLE
886
SILVER.
price rose ^d. to 41(1. on Aug. 3, and after remaining at that fl^re
next day rose by substantial fractions at a time to 42 l-16d. This figure
The marlcet has been famished for
is a fresh record since January 1892.
supplies, although demand cannot be described by any means on a large
scale.
It is stated by the "Mining Age" of New York that the output of
Mexico has fallen from 70,000,000 ozs., at which it stood prior to civil war.
to about 7,000,000 ozs. The output of its neighbor and competitor in
production, the United States of America, has been increasing steadily,
The total for
rising from 52,440,800 in 1908 to 72,883,800 ozs. In 1916.
1917 is expected to be about 75,000,000 ozs. This enhanced production of
the United States of America does not malce up for the Mexican decrease.
It is anticipated, however, that the world's production for 1917 will be In
the neighborhood of 200.000.000 ozs., a total which exceeds the 197,729,376
estimated for 1916. Naturally mining companies are straining every nerve
If the forecast
to take advantage of the high level of prices now attained.
for 1917 be correct, the world's production will be 25% larger than in 1914
(160,626,019 ozs.), when it was at its lowest since the year 1897. It will
be observed from the following figures of the Indian currency returns that
he silver holding is again increased by over two crores.
July 15
95,19
22,19
7,11
4,42
{In Lacs of Rupees)
July 22.
97,18
24,31
6,98
4,42
July 31
99,31
26,38
7.03
4,42
The stock in Bombay consists of 1,400 bars, the same as reported last
week. The stock in Shanghai on Aug. 4 1917 consisted of about 21 ,250,000
ozs. in sycee and .$15,000,000. as compared with about 20,600,000 ozs.
Very large shipments are being
in sycee and $15,500,000 on July 28 1917.
made from San Francisco to China.
Quotations for bar silver, per oz, standard:
Notes in circulation
Beserve in silver coin and bullion
Gold coin and bullion in India
Gold in England...
cash Aug. 941
42 1-16 cash
3
Average
4.41
41.487
411^
Bank rate
4
5%
Bar gold, per oz. standard.. 77s. 9d.
8
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is 1 7-16d. above that fixed
a week ago.
Aug.
Aug.
Aug.
Aug.
UH
stocks
Air 6c Steam Coupler
3,500 Excel. Zluc*Lead, SI ea.
London,
Week ending Aug.
31.
SUver.peroz
Aug. 25. Aug. 27. Ang. 28. Aug. 29. Aug. 30. Aug. 31.
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
d.44%
45
45
46
46
45H
HoUday56H
56
56Vg
56H
56H
Consol.s, 2;i per cents
British, 5 per cents.
British, 4
per cents
French Rentes (in Paris) __fr.
^
French
War Loan, 5%
Paris)
941-2
94^
"
97H
94H
97K
94H
97H
"
62.25
97!^
62.25
62.25
62.25
"
87.85
87.85
87.85
87.90
94}^
97H
(in
fr.
The
"
price of silver in
New York on
SIlverinN. Y., peroz_..cts.88K
the same day has been:
8SVi
90M
89M
90M
88?i
GOLD AND SILVER PRODUCTION IN THE UNITED STATES.— The Bureau of the Mint and the Geological
Survey issued on Aug. 28 the following joint statement as
to the final figures on the production of gold and silver in
the United States during the calendar year 1916:
GOLD.
I
Alabama
358
780,037
197,989
1,063,302
928,075
987
51,195
Alaska
Arizona
California
Colorado
Georgia
Idaho
*
Fine Ounces.
Value.
$7,400
16,124,800
4,092,800
21,980.400
19,185,000
20,400
1,053,300
1,266,317
6,680,252
1,936,910
7,551,761
$833,000
4,394,600
1,274,200
4,967,900
11,570,399
5,782
7,611,500
3,800
100
499,300
84,800
9,240,100
9,000,600
I
I
|
I
Illinois
1.53
Michigan.
J
16
50
25
20
10
25
_.
.
.
Olslahoma
Oregon _
Philippine Islands
Porto Rico
South Carolina
South Dakota
Tennessee
Texas..
Utah
Vermont
.
.
Virginia
Washington.
Wyoming
Total
*At the average
New
&
Messrs. Barnes
10 Peerless JUonse Shoe, pref., SlOl
each
\
10 Peerless Horse Shoe, com., $101 lot
each
2 Northeast Pa. RR
20 Commonwealth Title
2 Fidelity Trust
j
1
&T
I.
250
.574
of
Company.
Railroads (Steam).
Atch Top & Santa Fe, 00m. (qu.) (No.49)
Atlantic Coast Line Co., Conn. (quar.)._
&
Ohio,
common
Great Northern (quar.)
Illinois Central (quar.) (No. 127)
Norfolk
&
& pref..
(quar.)
(quar.)
Ash., pref. (quar.)
Western,
common
Phila.
Germantown A Norrlstown
Pitts.
Youngst.
&
Preferred
Southern Pacific Co. (quar.) (No. 44)...
Union Pacific, common (quar.)
Common (extra)
Preferred
Wisconsin Central, preferred
Street and Electric Railways.
.Arkansas Vol. Ry.
Light, pref. (qu.)
Brooklyn Rapid Transit (quar.)
Central Arkansas Ry. A Lt., pref. (quar.)
Cent. Miss. Val. El. Prop., pref. (quar.).
Cities Service, com, and pref. (monthly).
Common (payable In common stock) _
Cities Service, com. A pref. (monthly)
Common (payable In common stock)..
Connecticut Valley Street Ry., pref
Cumberland Co. (Me.) P.AL. com. (qu.) .
Detroit United Ry. (quar.)
Eastern Wisconsin Elec. Co., pref. (quar.)El Paso Elec .Co., com .(qu.) (No .25)
Frankford & Southwark,PMla. (quar.) . .
15
300
7,471,700
5,700
500
3,859,000
300
500
580.600
20.200
210,100
93,837
664,319
13,545,802
138,200
61,700
437.000
8,911,000
1,964
1,300
508
294,516
3,407
193,700
2,200
4,479,057
S92.590.300
74.414,802
S48,953,000
Washiiigton(D.C.)Ry.
ounce for
West Penn Rys., pref. (No. 1)
West Penn Tr.AW.P., pf. (qu.) (No.
buying
—
Galv. -Houston Elec. Co., pref. (No. 21)...
HoughtonCo. Trac, pref. (No. 19)
Ironwood
Bessemer Ry.
Lt., pf .(qu.)
Northern Ohio Trac.
L., com. (qtiar.)...
Nor. Texas Elec. Co.. com. (qu.) (No. 32)
&
&
&
Preferred (No. 24)
Philadelphia Company 5% pref
Rochester Ry. A Light, pref. (quar.)...
Second ct Third .Sts. Pass.. Phila. (quar.)..
Terre Haute Trac.
Light, pref
United National Utilities, pref. (quar.) .
&
A Elec, com.(qu.)
Wisconsin-Minn. L.
.
—
Among other securities, the following
Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By
Messrs. R. L.
Day &
stocks.
6 Webster
& Atlas Nat. Bank
2 Lawrence
Mfg
3 Laurel Lake Mills
10 Springfield St. Ry., pref
5 N. H. Electric Rys., com
5 Draper Corporation
7
4
Waltham Watch, common
Waltham Watch, pref
By
Shares.
Messrs. Francis
Co., Boston.
$ per sh.
Stocks.
%
SOON.H.Elec. Rys com
412
37 First National Bank
30 Ludlow Mtg. Associates, ex-diV-131
202'.^
4 Lowell Gas Light
20 Hood Rubber, com., ex-rights_.125
208
.
121
93
45
5
126
13
Remington
pref. v.
13
78H
National
t.
.
Typewriter,
c
Shawmut Bank
1st
68
205
Henshaw & Co., Boston:
$ per sh Shares
Stocks.
15 Mass. Lighting Cos., common.. 13M |2 Hood Rubber pref
Stocks.
S per sh.
stk .scrip 4
.
\
.
S per sh.
102
IH
& Pow.,
Banks.
pf. (qu.)
Chemical National (bi-vtonthly)
Lawyers' Title Insurance
&
Trust (quar.)
Nov.
Sept.
Sept.
3>A Oct.
Sept.
I'A
SI .50 Sept.
l=i Sept.
IH Sept.
500. Sept.
1
Sept.
Sept.
I'A Oct.
2
Oct.
50c. Oct.
2
Oct.
2
Oct.
IH
IV2
IM
1^
fVi
Vi
/H
3
1
2
Wa.
2H
4H
3
3
IH
IH
1
3
IK
Oct.
Oct.
Sept.
Sept.
Sept.
Sent.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Sept.
Sept.
IJi
2H
IM
Sept.
Oct.
3
IH
IM
IH
IH
to
to
Holders of rec
Sept. 16
Sept. 16
Holdeis
Holders
Holders
Holders
of
of
of
of
rec
rec
rec
rec
Sept.
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug. 23
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
Aug. 31
rec
rec
rec
rec
rec
rec
rec
Sept. lOo
Sept. 11
Sept. 11
Sept.
Oct.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Inclusive.
,
$1.25 Sept.
3
Days
Holders of rec July 31a
Sept. 1
to
Sept. 9
Holders of reo July 21a
Holders of reo July 210
Hci'lers of rec Aug. 31a
Holders of rec Sept. 15
Holders of rec Sept. la
Holders of rec Sept. 1
Aug. 21
to
Sept. 3
Sept. 20
to
Sept. 25
Sept. 20
to
Sept. 25
Holders of rec Aug. 7a
Holders of rec Aug. 7a
Holders of rec Sept. 7a
Holders of rec Sept. 7a
Holders of rec Aug. 25a
Holders of rec Aug. 10a
Holders of rec Aug. 10a
Holders of rec Aug. loa
Holders of rec Aug. 15a
Holders of rec Aug. 28o
Holders of rec Aug. 31a
Sept. 22
to
Oct. 12
Holders of rec Aug. 6a
Holders of rec Aug. 15
Holders of rec Sept. 21
Holders of reo Aug. 310
Aug. 21
to
Sept. 3
Holders of rec Aug. 20a
Holders of rec Aug. 25a
Holders of reo Aug. 28a
IH
IH
11)
Trust Companies.
Auction
Books Closed.
$1.50
IVi
Maine Central, preferred (quar.)
Minn. St. Paul & S. S. M., com.
361,444
276
24
186,679
15
24
28,087
977
dealers'
When
Payable.
2H
146,000
11,600
calendar year 1915, SO. 05. 784.
These figures compare with the production of 1915 4,487.604 fine ounces in gold
and 74.961,075 fine ounces of sliver, being a loss in the gold production of 408,547
line ounces and 546,273 fine ounces in the silver product.
Per
Cent.
Sept.
Sept.
Sept.
Sept.
2
Preferred
Sept.
Boston & Albany (Quar.)
2
Buffalo & Susquehanna, com. (.Quar.)
IH Sept.
Canadian Pacific, com. (quar.) (No. 85).
2H Oct.
Oct.
Pref erred
2
75c. Sept.
Chestnut Hill (quar.)..
Sept.
2
Chic.igo Burlington & Quincy (quar.)
Sept.
10
Extra
Sept.
Chicago Milwaukee & St. Paul, common.
2
Preferred
314 Sept.
Chicago tS: North Western, com. (quar.)
\H Oct.
Oct.
Preferred (quar.)
2
Cine. N. O. & Tex. Pac, pref. (quar.)..
IJi Sept.
Cleveland & Pittsburgh reg. guar. (gu.). 87 ^aC. Sept.
Special guaranteed (quar .)
50c. Sept.
Sept.
Cripple Creek Cent., com. (qu.) (No. 31)
Sept.
Preferred (quar.) (No. 47)
1
Delaware & Hudson Co. (quar.)
2)i Sept.
Erie & Pittsburgh (quar.)
87HC. Sept.
Baltimore
606
221,887
17,643
tlie
IstSs
87?i
1,500 Ciev. & Erie Ry. Ut .5s, 1929 20
4,000 El Tiro Copper, 1st Os, 1917.
Jan. 1913 coupons on
4 flat
1,000 Am. Finance & Secur. 6s. .S5 lot
3,000 Vicksburg Lt. & Trac. Ist 5s,
1932
66
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
1,901, .500
price of silver per fine
ua
DIVIDENDS.
Preferred (quar.)
York
SI
91,985
73,249
29
300
Deposit
S160 lot
Bonds.
Per cent.
$2,000 Autosales Gum & Choc.
68, 1921
25,000 No. Carolina special tax
bonds, tr. certfs., Wil. Char. &
R. RR. and West. No. Car. RR.,
87C>i lot
't
1,138,000
1,100
1,514.200
600
lot
Safe
j
1,738
400
New Maiden Lane
Lofland, Philadelphia:
23,000
600
10
ipersh. Shares. Slocks.
S per sh.
2 Market St. Title & Tr. (S35 pd.) 105K
115
Continental Puiis. Ry
5 Fire Assoc, of Phil., $50 each.. 307
Contineutai-Euuit. Trust, S50
88
50 People's Nat. F. Ins., $25 each. 15Ji
each
Beecher-Kay Realty
$ 1 ,000 lot 20 Independence F. I. Security,
$25 each
22 ^
..)
New Jersey Steel, pref
$4 26 H. K. MuitordrSoO'ca'chV." 6'6-66Ji
New Jersey Steel, com
_ . _
lot
Empire Lumber
Bonds.
Per cent.
Amer. Finance & Securities
\ $3
lot
SI ,000 Pottstown & Phenix Ry.,
Lee Lash Studios, com
/
1,3.50,000
4,328,400
9,064,700
25c. per sh.
25 Taxi Service of Phlla. com.$l
Stocks.
Shares.
""'(is'soe
1,113
209,386
438,505
North Carolina
I
759,068
128.860
14,046,054
13,682,097
935
1,729,917
Missouri
New Hampshire
New Mexico
Ry
5 Intcnstato Street
Importation]
$1,000 No. Aracr.
Co. Ist coll. tr. 53, 1932:1
July 1902 coupon on
991 Autosalea Gum & Choco.6c. per sh.l
late.
&
Maryland
Montana
Nevada
Value.
200 Internat. Schools of Latlnl
America com. $50 each}S40
80 Atlan. Coast Lumber pref.
lot
1 ,000 Comstock Tunnel. $2 ea.$39 lot
25 Taxi Service of Phlla. pref.,
1
20
22
York:
j
I
Pittsburgh & West Va., pref. (No. 1)
Reading Co., Ist preferred (quar.)
St. Joseph South Bend & Southern, com
SILVER.
Slate or Territory.
Fine Ounces.
|
250 Los Ocotes Mg. i Mill.,
$1 each
2,280 Union Zlno & Lund pref.,
SI each..
880 Union Zluo * Land com.,^$36
lot
$1 each...
2,000 Pitts. Dick Creek Mining,
1
each
%
Name
daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Automatlol
50 WestlDKhouse
By
New
Sons,
Stocks.
.
ENGLISH FINANCIAL MARKETS— PER CABLE.
The
&
Messrs. Adrian H. Muller
By
The
[Vol. 105
Aug. 310
10
la
la
8
Aug. 15a
Aug. 21a
Sept, 15
Sept, 15
Aug. 15
Aug. 15
25a
250
rec. Aug.
rec. -Aug.
rec. Aug.
rec. Aug.
rec. Sept.
160
20a
6a
rec Sept. la
rec Sept. 4a
rec Sept. 15a
rec Aug. 15a
rec Aug. 15a
rec Aug. 16a
rec Aug. 160
rec Aug. lOo
rec Aug. 25a
rec Sept. 10
Sept. 2
to
of rec Aug. 310
Aug. 16
Aug. 16
Holders of rec Sept.
Sept.
to
6
Sept.
la
16
Aug. 20a
Holders of
rec.
1
Aug. 26
to
Aug. 31
1
Sept. 16
to
Oct.
1
MUcellaaaous.
Adams Express
SI .50 Sept.
S1.50 Sept.
Oct.
S3
(quar.)
75c Oct.
American Beet Sugar, preferred (quar.)..
IH Oct.
American Coal
Sept.
5
American Cotton oil, common (quar.) II
Sept.
I
.American Express (quar.)
$1.50 Oct.
American Gas (quar.)
.
2
Sept.
Amer. Graphophone. com. (qu.) (No. 50)
IH Oct.
American Hide A Leather, preferred
2}6 Oct.
Amer. International Corp. com. (quar.)
75c. Sept.
American Locomotive, common (quar.).
IH Oct.
Preferred (quar.)
\K Oct.
American Pneumatic Service, first pref.. $1.75 Sept.
Second preferred
75c. Sept.
Amer. Power & Light, com. (qu.) (No.iO)
1
Sept.
American Radiator, common (qu.ar.)
Sept.
3
(quar.)
A]ax Rubl)er, Inc. (quar.)
Mining (quar.)
Amer. Bank Note, pref.
Alloucz
Hol.'iers of rec. .Aug.
Holders of rec. Aug.
Holders of rec, Sept.
Holders of rec, Sept.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept.
of rec
of rec
of rec
of rec
of rec,
of rec
Aug.
Aug.
Aug
Aug.
Sept.
13a
31a
12a
15a
15a
310
15a
31a
21a
15a
10a
of rec, Sept.
of rec Sept. 15
Oct. 16
to
Oct. 16
to
Sept. 21
to
Sept. 21
to
Holders of rec Aug. 21
Sept. 29
Sept. 21
to
Sept.
Sept.
Sept.
Sept.
18
18
15
15
,
J
8BPT.
1
.
THE CHRONICXE
1917.
When
Per
Name
H
.
of
Company.
Miscellaneous (Continued).
American Sower Pipe (quar.)
Amer. Smelting & Refining, com. (qu.)..
Preferred (quar.)
Amer. Sugar Refg. com.
(quar.) (No. 104)
Preferred (quar.) (No. 103)
Amer. Sumatra ToOacco, preferred
American Teli'grapli & Cal)!o (quar.)
American Tobacco, common (quar.)
Amer. Window Glass Co., preferred
Associated Dry Goods, 1st pref. (No.
I
Cent.
Payable,
Books Closed.
Days
50c. Sept. 20 Holders of rec. Sept. 10a
Sept. 3
to
Sept. 15 Aug. 25
Aug. 19
Aug. 11
to
Sept.
Holders of rec. Sept. la
Oct.
Holders of rec. Sept. la
Oct.
Holders of rec. Aug. 18a
3>^ Sept.
Holders of rec. Aug. 31a
IJ^ Sept.
Holders of rec. Aug. 15a
Sept
5
Sept. 6
to
Sept. 5
3i4 Sept.
IH
IM
1%
IM
Uolderi of rec. yov. 15a
1).
1J4 Deo.
Holders of rec. Aug. 20ii
Sept
5
Atlantic Refining (quar.)
Sept. 9
to
Sept
Sept. 1
2
Atlas Powder common (quar .)
Sept. 9
to
Sept. 1
Sept
Common (e.\tra)
3
Holders of rec. Sept. 15a
Bethlehem Steel, common (quar.)
2H Oct.
Sept. 15a
of
Holders
rec.
Oct.
Common, Class B (quar.)
2H
Holders of rec. Sept. 15a
Preferred (quar.)
IM Oct.
Holders of rec. Aug. 22a
Blackstone Vai. Gas & El., com. (quar.). $1
Sept.
Holders of rec. Sept. 20a
Booth Fisheries, common (.quar.) _
50c. Oct.
Holders of rec. Sept. 20a
Preferred (quar.)
IM Oct.
Holders of rec. Sept. 1
Borden's Coud. Millc, pref. (qu.) (No. 63).
IH Sept
See note "i"
British-American Tol)acoo, ordinary
6
Sept. 29
Brooklyn Union Gas (quar.)
IM Oct. 1 Holders of rec. Sept. 13a
of rec. Aug. 21a
Holders
Brown Shoe, common (quar.)
1)^ Sept. 1
Buckeye Pipe Line (quar.)
Sept. 15 Holders of rec. Aug. 25
S2
50c. Sept. 15 Holders of rec. Aug. 3 la
Calif. Packing Corp., com. (qu.) (No. 2).
Holders of rec. Sept. 20
California I'ackiug Corp., pref. (quar.)..
1% Oct.
Holders of rec. Sept. 20
California Petroleum Corp., pref. (Quar.)..
1
Oct.
Calumet & Ariz. Mining (qu.) (No. 55).. $2
Sept. 24 Holders of rec. Sept. 7a
Special (No. 1)
SI
Sept. 24 Holders of rec. Sept. 7o
Calumet tS: Hecla Mining (quar.)
?25
Sept. 26 Holders of rec. Sept. 5
75c. Sept. 15 Holders of rec. Aug. 31a
Cambria Steel (quar.)
Extra
750 Sept. 15 Holders of rec. Aug. 31a
to
Sept. 20
Canadian Locomotive, com. (No. 1)
1 Sept. 10
1)^ Oct.
Sept. 20
Preferred (quar.)
to
1 Sept. 10
IJi Oct.
Carbon Steel, common (quar.)
1^ Nov. 15 Nov. 11 to Nov. 14
Nov. 14
Nov.
11
to
Common (extra)
Nov.
15
2M
Case (J. 1.) Thresh'g Much., pref. (qu.)
1% Oct. 1 Holders of rec. Sept. 10a
CelluloidCo. {quar.)
2
Sept .29 Holders of rec. Sept. 14a
Central Foundry, ordinary pref. (quar.).
IJi Sept .14 Holders of rec Aug. ila
Sept. 10
Central Leather, preferred (quar.)
1 Holders of rec
IJi Oct.
Cerro de Pasco Copper (quar.) (No. 7)..
Sept. 1 Holders of rec Aug. 17a
SI
E.xtra
50c Sept. 1 Holders of rec Aug. 17a
Chandler Motor Car (quar.)
1 Holders of rec. Sept. 15
2
Oct.
Eitra
1 Holders of rec. Sept. 15
1
Oct.
Charcoal Iron Co. of Amer., com. (quar.)
1 Holders of rec. Sept. 20
20c Oct.
3
Sept. 20 Holders of rec. Sept. 5a
Chesebrough Manufacturing (quar.)
50c Sept. 20 Holders of rec. Sept. 5a
E.xtra
Chicago Telephone (.quar.)
2
Sept. 29 Holders of rec. Sept. 28a
Sept. 1
to
Sept. 10
Chiids Company, common (quar.)
IH Sept.
Preferred (quar.)_
IH Sept. Sept. 1 to Sept. 10
Cleveland & S.indusky Brewing, pref
IH Sept. Holders of rec Aug. 15
Holders of rec Sept. 290
Oct.
Colorado Power, common (quar.)
yi
Holders of rec Aug. 31a
Preferred (quar.)..
IH Sept.
Holders of rec Aug. 22a
Connecticut Power, pref. (qu.) (No. 18).
134 Sept.
Consolidated Gas (N. Y.) (quar.)
Holders of rec Aug. 90
1% Sept.
_•.
Holders of rec Aug. 27
Continental Oil (quar.)
3
Sept.
Holders of rec. June 30
Continental Paper B.ag. com. (extra)
6
Oct.
Holders of rec. June 30
Common (extra)
\}4 Nov.
Holders of rec. June 30
Preferred (extra)
IH Nov.
Copper Range Co. (quar.) (No. 41)
$1.50 Sept. 15 Holders of rec. Aug. 22
Extra (No. 42)
$1
Sept. 15 Holders of rec. Aug. 22
Cosden & Co., preferred (quar.)
8Mc Sept. 1 Holders of rec. Aug. 20
to
Crescent Pipe Line (quar.)
75c, Sept. 15 Aug. 23
Sept. 16
Cresson Cons. Gold
(monthly)
lOo. Sept. 10 Holders of rec. Aug. 31
Crucible Steel, pref. (quar.) (No. 60)
IM Sept. 29 Holders of rec. Sept. 15a
Holders of rec. Sept. 12a
Cuban-American Sugar, com. (quar.)
2H Oct
Holders of rec. Sept. 12o
10
Common (extra)
Oct
Holders of rec. Sept. 12a
Preferred (quar.)
IH Oct
Cudahy Packing, common (quar.)
IM Sept. 15 Sept. 6 to Sept. 14
Seven per cent preferred
3H Nov. 1 Holders of rec. Oct. 20
Holders of rec. Aug. loo
Deere & Co., preferred (quar.)
IH Sept
Diamond Match (quar.)
2
Sept. 15 Holders of rec. Aug. 31a
Dominion Glass. Ltd., preferred (quar.).
1% Oct 1 Holders of rec Sept.(il2
Dominion Iron & Steel, preferred (No. 33)
3H Oct 1 Holders of rec Sept. 15
Dominion Power & Tran.^m., com. (qu.)...
1
Sept 15 Holders of rec Aug. 31
Dominion Steel Corp., com. (gu.)(No. 14).
1
Oct.
1 Holders of rec Sept.
5
du Pont(E.I.)dc Nemourn & Co., com.(qu.)
4\i Sept 15 Holders of rec Aug. 31
Debenture stock (quar.)
IH Oct. 25 Holders of rec. Oct. 10
du Pont (E.I.)deNemours Powd.,eom.(qu.)
IH Nov 1 Holders of rec. Oct. 20
Preferred (quar.)
IH Nov 1 Holders of rec. Oct. 20
Eastern Steel, common (quar.)
2H Oct. 15 Holders of rec. Oct. 1
Common (extra)
Sept. 1 Holders of rec. Aug. 18
5
First and second preferred (quar.)
IH Sept. 15 Holders of rec. Sept. 1
Eastman Kodak common (extra)
Sept. 1 Holders of rec. July 31a
5
Common (quar.)
2H Oct. 1 Holders of rec. Aug. 31a
Pref erred (quar.)
IM Oct. 1 Holders of rec. Aug. ''la
Fairbanks, Morse & Co., pref. (quar.)..
Sept. 1 Aug. 21
to
Aug. 31
liii
Federal Mining & Smelt., pref. (quar.)..
IH Sept. 15 Holders of rec. Aug. 25a
Federal Sugar Refg., common (quar.)..
IJi Sept. 15 Holders of rec. Sept. 12
Freeport Gas. pref (quar.)
I'A Sept. 1 Holders of rec. Aug. 28
Galena-Signal Oil. common (quar.)
3
Sept. 29 Holders of rec. Aug. 31a
Preferred (quar.)
2
Sept. 29 Holders of rec. Aug. 31a
Holders of rec. Aug. 15a
General .\8phalt, pref. (quar.) (No. 41).
IH Sept.
Holders of rec. Aug. 22a
General Chemical, common (quar.)
2
Sept.
Holders of rec. Sept. IS
General Chemical, preferred (quar.)
114 Oct.
iiolders of rec. Aug. 24a
General Cigar, Inc., pref. (quar.)
15i Sept.
General Development (quar.)
Holders of rec. Aug. 15a
2
Sept.
Holders of rec. Sept. 15a
General Electric (quar.)_
2
Oct.
Holders of rec. Sept. 20
General Flreproofing common (guar.)
IH Oct.
Preferred (QUar.) (No. 42)
Holders of rec. Sept. 20
Hi Oct.
General Petroleum (quar.)
Sept. 21
to
Sept. 30
Oct.
v2H
Globe Soap common (quar)
Sept. 1
to
Sept. 16
1J4 Sept.
First. 2d .and special pref. stocks (quar.)
1H
Sept. 15 Sept. 1
to
Sept. 16
Globe-Wernicke. common (quar.)
2
Sept. 10 Holders of rec. Aug. 31
Goodrich (B. F.) Co., common (quar.)..
1
Nov. 15 Holders of rec. Nov. 5a
Preferred (quar.)
Holders of rec. Sept. 21a
IJi Oct.
Goodyear Tire A- Rubber, common (quar.)_,
Aug. 21
Sept.
to
Aug. 31
3
Great Atlantic X- Pacific Tea, pref. (quar') _
Holders of rec. Aug. 31a
1 "A
Sept.
Great Northern Paper
of
Holders
rec.
Sept.
Aug. 25
2M
Harbison-Walker Refract., com. (quar.).
Holders of ree. Aug. 20a
IH Sept.
Preferred (quar.)
Holders of rec. Oct. 10a
1>^ Oct.
Hartman Corporation (quar.)
Holders of rec. .Aug. 15o
IK Sept.
Hart. Schnffner & Marx, Inc., com. (qu.)Holders of rec. Nov. 20a
1
Nov.
Holders of rec. Sept. 20a
Preferred (quar.)
\H Sept.
Haskell & Barker Car (quar.)
Holders of rec. Sept. 15o
75c Oct.
Heywood Bros. & Wakefield, Co., pref..
Holders of rec. Aug. 24a
3
Sept.
of rec. Sept. 1
Indian Refining, preferred (quar.).
Holders
Sept.
IK
Holders of rec. Sept. 1
Pref. (account accumulated dividends) - h5\i Sept.
Inland Steel (quar.)
Holders of rec. Aug. 10a
2
Sept.
Holders of rec. Aug. IR
Internal. Cotton Mills, pref. (quar.)
IM Sept.
Int. Harv. of N. .1., pf. (qu.) (No. 42)..
Holders of rec. Aug. lOo
1% Sept.
Int. Harvester Corp., pref. (qu.) (No. 18)
Holders of rec. Aug. 10a
IM Sept.
International Nickel, common (quar.)..
$1.50 Sept.
Holders of rec. Aug. Ifio
International Salt (quar.)
Holders of rec. Sept. 15a
IH Oct.
Internntiiinal Silrer. pref. (quar.)
Holders of rec. Sept. 20
IH Oct.
Interstate Elcc. Corp. .pref. (quar. )(No. 7)
Aug. 20
to
Aug. 31
IH Sept.
Kennecott Copper Corp. (quar.)
to
$1.50 Sept. 29 Sept. 8
Sept. 9
Kerr Lake Mining (qu.ar.) (No. 48)
25o. Sept. 15 Holders of rec. Sept. la
Kings Co. Elec. L. & Pow. (qu.) (No. 70)
2
Sept. 1 Holders of rec. Aug. 21a
La Belle Iron Works, common (quir.)
Sept. 29 Sept. 1(3
3
to
Sept. 20
Preferred (quar.).
2
Sept. 29 Sept. 10
__
to
Sept. 20
Lackawanna Steel, common (quar.)
IH Sept. 29 Holders of rec. Sept. \Aa
LacledeGasLlght.com. (<iuar.)
IH Sept. 15 Holflers of rec. Sept. la
Lake of the Woods Milling, com. (quar.)
2
Sept
Holders of rec. Aug. 25
Prefer-ed (quar)
Holders of rec. Aug. 25
IH Sept
Liggett fi Myers Tobacco, com. (quar.).
Sept.
Holders
3
of rec. Aug. L5a
Liggett & Myers Tobacco, pref. (quar.)
Holders of rec. Sept. 17
\H Oct.
Louisville Gas & Elcc, pref. (guar.).
Holders of rec. Aug. 20a
IH Sept.
Mackay Companies, com. (quar.) (A'o.49).
Holders of rec. Sept. 8a
IH Oct.
Preferred (guar.) (No. .55).
Holders of rec. Sept. 8a
1
Oct.
Holders of rec. Sept. 7
Magma Copper Co. fquar.)..
50e. Sept.
,
,
.
,
,
,
.
M
,
.
,
.
&M.
Name
Inclusive.
887
of
Company.
MlscellsBeous (Coacluded).
Mahoning InT»atment
ManatI Sug»r, common (quar.)
Manhattan Slilrt, com. (quar.) (No. 10)
Maryland Coal (extra)
Maxwell Motor, Inc., 1st pref. (quar.)..
May Department Stores, common (quar.)
Mergenthaler Linotype (quar.) (No. 87).
Mexican Petroleum, Ltd., pref. (guar.)
Middl* W«s» UtlUties, pref. (quar.)
Mollne Plow. 1st prof, (auar.)
Second preferred (fuar.)
Montana Power, com.
(quar.) (No. 20)..
Preferred (quar.) (No. 20)
Montreal Cottons, common (quar.)
Preferred (quar.)
Motor Service, com. (quar.)
Preferred (quar.)
Muskogee Gas
Elec, pref. (quar.)
National Acme (quar.)
Nat. Biscuit, common (quar.) (No. 77)..
A
NalionalCandy, common
.....
Isl and 2)»d pref. (No. 30)
Nat. Cloak A Suit, pref. (qu.) (No. 13)..
Nat. Enam. <k Stpg., pref. (quar.)
National Lead, common (quar.)
When
Payable.
2H
2
Oct
IH
IH
IH
IH
IH
Sept.
Sept.
Sept.
Oct.
Oct.
1
Sept
Sept
Sept
Sept
Sept
2H
1
3
IM
1
IH
2
IH
1J4
75o. Sept.
IM
IH
3H
IH
IH
1
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
12
12
1
29
29
15
Oct.
2
Oct.
1
IM Sept 1
2H Sept .21
2H Sept .21
Sept
1
1
4
Oct. 15
Oct. 15
2
3
Sept. 20
IM Oct. 1
IH Sept. 1
Nov. 30
/20
iH Sept.
$1.25 Sept.
IM Oct.
$1.25 Sept. 20
S4.75 Sept. 20
IM Sept. 15
.
Air Brake (quar.)
Extra (quar.)
i'fd.(qu.).
Extra
Niles-Bement^Pond, com. (qu.)" (No. 61)
North American Co. (quar.) (No. 54)...
Northern Ohio Electric Corp., pref. (qu.)
NoTaScotlaSt.ACoal, com.(pay.com.stk.)
Ogllvle Flour Mills, Ltd., pref. (quar.)..
Ohio Cities Gaa, common (quar.)
Ohio Cities Gas, pref. (quar.)
Ohio Oil (quar.)
Extra
Pabst Brewing, preferred (quar.)
Pacific Mall SS., preferred (quar.)
Packard Motor Car, pref. (quar.)
.
IM
IM
IM
IM
IM
IH
Southern Pipe Line (quar.)
South Penn Oil (quar.)___
Southwestern Power A Light, pref. (qu.)
South West Pa. Pipe Lines (guar.)
Standard Gas A Elec, pref. (quar.)
Standard Oil (California) (quar.) (No. 35)
Standard OH (Kansas) (quar.)
Extra
Standard Oil (Kentucky) (quar.)
Standard OH of N. J. (quar.)
Standard Ollof New York (quar.)
Standard Oil (Ohio) (quar.)
Extra
6
5
IM
3
IH
2H
Common
Steamship (bi-monthly)
U.
Extra
United States Steel Corp., com. (quar.).
S.
(extra)
Utah Consolidated Mining (quar.)
Wayland OH A Gas, common (quar.)
Wesl'house, Church, Kerr
Preferred (quar.)
Wheeling
Steel
&
&
Co., com.(qu.)
Iron (quar.)
Extra
White
White
(J.G.) Co., pref. (qu.) (No. 57)__
(J.G.) Engin'g, pf. (qu.) (No. 18)
White(J.G.)Mgt.Corp., pf.(qu.) (No. 18)
White Motor (quar.)...
Wilmington Gas, preferred.
Wolverine Copper Mining
Preferred (quar.)
Worthington
Pump &
Machln..
Oct.
Oct.
IH
IM
IM
Sept
Sept
Sept
3
pf.
B (guar.)...
Yukon-Alaska Trust (quar.)
Yukon Gold Co. (quar.)
Preferred
A
(qu.)
2
IM
IM
IH
SI
7Hc.
31
rec. Sept. 10a
rec. Aug. 20a
rec. Sept. 4o
rec. Sept. 15a
rec. Aug. 15
Aug. 31
to
to
Sept. 1
Sept. 15a
Sept. 15a
Sept. 5
Sept. 5
of
of
of
of
of
of
of
Sept.
to Sept.20
of rec. Sept. 150
rec.
rec.
rec.
rec.
rec.
rec.
rec.
of rec.
of rec.
of
of
of
of
of
of
of
of
of
of
of
of
7
21a
21a
31
15a
Sept. 28a
Aug. 28
Aug. 28
Aug. 21a
to
to
Holders
Holders
Holders
Holders
Holders
Holders
Aug. 26
Aug. 26
Sept.
Aug.
Aug.
Aug.
Aug.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
8o
7a
Aug. 24
Sept.
Sept.
Sept. 10
Sept. 20a
Aug. 15
Sept. 4a
Sept. 4a
Aug. 24o
Sept. 22
Sept. 22
rec. Aug. 20a
rec. Nov. 20a
rec. Aug. 23
rec. Aug. 15a
of rec. .Sept. 15
of
of
of
of
to
to
to
7
Sept. 11
Sept. 11
Sept. 10
30
24
29
20
1
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
ree
rec .
rec
rec
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
18g
300
15
190
20
Aug. 18o
Sept. 4
Aug. 15o
Aug. 15a
Aug. 15a
Aug. 24
la
Oct.
Nov. la
Aug. 31a
Sept. 15a
Sept. 5a
Oct. 15a
Sept. I5a
1
Aug. 28
Sept. 20
Sept. 20
Aug.
Aug.
Aug.
Aug.
15 Sept. 1
to
15 Sept. 1
to
1 Sept. 16
to
15 Holders of rec
15 Holders of reo
Sept. 1
to
Sept. 1
to
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept. 16
Sept. 16
Sept. 16
Holders
Holders
Holders
Sept. 29 Holders
Sept
Aug. 23
Holders
Oct.
Holders
Sept.
Holders
Oct.
Holders
Oct.
Holders
Oct.
Sept
Sept. 8
Sept. 29 Sept. 8
of
of
of
of
of
of
of
of
Aug. 28
Aug. 15a
Sept. 12
Aug. 21
Sept. 15
Aug. 31
Aug. 15a
Sept. 15
Sept. 15
Oct.
1
.
rec
rec
rec
rec
rec:.
rec
rec
rec
to
of rec
of rec
of rec
of rec
to
of rec
of rec
of rec
of rec
of rec
of rec
of rec
of rec
of rec
of rec
of reo
of rec
of rec
to
.
.
.
.
.
.
to
of rec
of rec
of rec
of rec
31a
31a
31
31
Sept. 15
:.
2
S6
24
20
20a
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug. 22
Aug. 22
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug. 22
25 Holders
15 Holders
Holders
Holders
Holders
Holders
Holders
Holders
30 Holders
1 Holders
Dec. 1 Holders
16
10c Sept. 1 Holders
5c Sept. 1 Holders
IM Sept. 29 Sept. 1
Sept. 29 Sept. 1
3
Sept. 24 Holders
$1
10c. Sept. 11 Holders
Sept
Holders
1 '4
Holders
IH Sept
$1
Woolworth(F.W.)Co.,com.(qu.)(No.21.)
to
of
of
of
of
of
1 Holders of rec,
20 Sept. 9
to
20 Sept. 9
to
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
1 Holders of rec.
Sept. 1 Holders of rec
Sept. 1 Holders of rec
Sept. 29 Holders of rec.
Sept. 1 Holders of rec.
Oct.
1 Holders of rec
Sept. 15 Holders of ree
Sept. 15 Holders of rec
3
2
3
2
-.
-
of rec.
of rec.
Holders of rec. Aug.
Sept. 15 Holders of rec. Aug.
Holders of rec. Sept.
Oct.
Holders of rec. Sept.
Oct.
Holders of rec. Sept.
Oct.
Sept.
Sept.
Oct.
Sept.
5
Sept.
3
Oct.
3
Oct.
1
Stromberg Carburetor (quar.)
75c, Oct.
l
Sept.
Studebaker Corporation, common (quar.)
Preferred (quar.)
IM Sept.
Stut2 Motor Car Co. of America (quar.)
$1.25 Oct.
Oct.
Swift A Co. (quar.) (No. 125)
2
Tennes.see Eastern Elec. Co.. pref. (qu.)
IH Sept.
Texas Gas A Elec. Co., pref. (quar.)
IH Sept.
4
Oct.
Thomp.»n-Starrett Co., preferred
Tonopah-Belmont Development (quar.)
12Hc, Oct.
Tooke Bros., Ltd., pref. (quar.) (No. 19)
IM Sept.
Oct.
Underwood Typewriter, common (quar.)
1 H
Preferred (quar.)
IM Oct.
Union Bag A Paper Corp. (quar.)
IH Sept.
Union Slock Yards (Omaha) (guar.)
IH Sept.
Union Tank Line
2H Sept.
United Cigar Stores of Amer., pref. (qu.)
IM Sept.
United Drug, common (quar.) (No. 3)
IH Oct
United Drug, second preferred (quar.)..
IH Sept.
Oct.
United Dyewood Corp., common (quar.).
1 H
Unlterl Paperboard, preferred (quar.)
IH Oct.
10c Sept
United Profit Sharing (extra)
U.S. Envelope, common A preferred
3H Sept
U.S. Gypsum preferred (quar .)
IM Sept.
Oct.
16
_
U. S. Industrial Alcohol, common
,
Aug.
Aug.
Aug.
Aug.
of rec.
Sept
Pan-.imer. Petroleum & Transp., pref.(qu)
Pennsylvania Water & Pow. (qu.) (No. 15)
Pettihnne-Mulliken & Co., 1st & 2d pf.(qu.)
Philadelphia Electric (quar.)..
43.75c Sept
Pier ce-Arroic Motor Car, pref. (quar.)
2
Oct.
Pittsburgh Steel, preferred (quar.)
IM Sept
Porto Rlcan-American Tobacco (quar.)__ g4
Sept.
Pressed Steel Car, com. (quar.) (No. 28).
IM Sept
Pure Oil (quar.)
SOc. Sept
Quaker Oats, common (quar.)
Oct.
3
Preferred (quar.)
1J4 Nov.
Quincy Mining (quar.)
Sept.
$5
Railway Steel-Spring, common (quar.)..
IM Sept.
Preferred (quar.)
IM Sept.
Republic Iron <k Steel, com. (qu.) (No. 4)
IH Nov.
Preferred (quar.) (No. 56)...
IM Oct.
Ritz-Carlton Hotel, preferred
ftSH Sept.
Roanoke Water Works, preferred
Sept.
S3
St. Joseph Lead (quar.)
75c. Sept.
Special (dlstrib. from res've for amort.)
50c. Sept.
San Joaquin Light & Poirer, pref. (quar.).
IH Sept.
Savage Arms Corporation, common
IH Sept.
First preferred
IM Sept.
Second preferred
IH Sept.
Sears. Roebuck & Co., preferred (quar.)
IM Oct.
Smart-Woods, Ltd., com. (quar.)
Holders
Holders
Holders
Aug. 22
Holders
Holders
Holders
Holders
Holders
Inclusive.
Aug. 19
Aug. 19
3
New York
Common
Books Closed.
Days
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept. 29
3
IH
IH
Preferred (quar.)
National Sugar Refining (quar.)
National Surety (quar.)
Nebraska Power, preferred (quar.)
N. Y. A Queens El. L. & Pow.,
New York Transit (quar.)
Per
Cent.
.
to
to
of rec
of reoI.
of rec
of rec
to
of rec
of rec
of rec
of rec
of rec
to
to
.
.
Aug. 20a
Aug. 240
Sept. 19
Sept. 19
Sept. 15
20a
Aug. 20o
A>ig.
Sept. 15
Sept. 10
Aug. 22a
Aug. 22a
Sept. 22
Sept. 21
Aug. 31
Sept. 150
Sept. ITiO
Sept. 5a
Aug. 31
Aug. 300
Aug. 310
Sept. 15
Aug. 15a
Sept. 14a
Oct.
la
Aug. 15
Aug. 15a
Sept. 150
Aug. 20a
Oct. 20a
Aug. 16
Aug. 10
Sept. 4
Sept. 4
Sept. 8
Sept. 10
Sept. 1
Sept. 1
Oct.
1
Oct.
1
Aug. 150
Aug. 150
Aug. 15a
Sept. 150
.Aug. 31
.Sept. 8
Aug. lOo
Sept. lOo
Sept.20
Sept. 20
Sept.
9
Sept.dlS
ft Less British Income tax.
d Cora Transfer books not closed for this dividend,
/Payable In common stock. (7 Payable In scrip.
« F.iyable In stock.
t Transfers received in order in London on
h On account of accumulated dividends,
or before Sept. 8 will be In time to be passed for i)ayment of dividend to transferees.
March 1 1918.
1917 and
Sept.
1
* DecLared 7%, payable
u Special dividend for the purpose of enabling stockholders to make contributions of
thesame to thcRelCross Association 8100,000.000 fund. 5 Declared 10% payable
1
in qu.irterly installment beginning Oct
rection.
3H%
3H%
THE CHRONICLE
888
—
National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
national banks
For conversion of State banks:
The First National Uank of Makoti, N. Dak. Capital
Conversion of the First State Bank of Makoti.
$25,000
CHARTERS ISSUED.
Original organization:
The Tanners' National Bank
of
Woburn, Mass.
8100,000
Conver.sion of State Banks:
Capital
First National Bank of Buhl, Idaho.
Conversion of the Buhl Bank & Trust Co.
Stillwater Valley National Bank of Absarokee, Mont.
Capital.
Conversion of the Stillwater Valley State Bank of Absarokee.
The
Total capital
of Mobile National
Canadian Bank Clearings.— The
ending Aug. 23 at Canadian
in 1916,
clearings for the
cities, in
show an increase
INCREASE OF CAPITAL APPROVED.
The First National Bank of Crandall, Texas.
Capital increased from .125,000 to ,1,50,000. Increase
The First National Bank of St. Petersburg, Fla.
Capitalincreasedfrom$.50,000to$100,000. Capital--
25,000
50,000
INCREASE OF CAPITAL.
Week ending August 23.
Inc. or
Canada
1916.
S
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
081,600
,786,614
,284,051
The
261,137
--
,265,972
,978,335
Halifax
Hamilton
St. John
439,033
851,867
Calvary.
,420,286
,953,662
--
$50,000
200,000
Edmonton
,670,539
Kegina
507,900
503,994
Brandon
Saskatoon
2,000.000
150,000
50,000
25,000
--$2,550,000
BANKS LIQUIDATING TO CONSOLIDATE VTITH NATIONAL
BANKS.
Citizens' National Bank of Friendship, N. Y.
Capital
$50,000
Liq. Agts., M. W. Potter and C.J. Rice, Friendship.
Succeeded by the Union National Bank of Friendship.
The First National Bank of Friendship, N. Y. Capital
75,000
Liq. Agts., B. F. Drake and F. R. Utter, Friendship.
Succeeded by the Union National Bank of Friendship.
The Sonora National Bank, Sonora. Cal. Capital
75,000
Liq. Agt., C. H. Segerstrom, Sonora, Cal.
Consolidated with
The First National Bank of Sonora, Cal.
65,012,557
42,552,746
42,687,077
6,550,000
4,323,028
3,482,488
1,968,809
3,436,455
1,854,017
625,920
294,963
Victoria
Moose Jaw
,057,409
Lethbridge
Brantford
Fort William
New WestminsterMedicine Hat
983,117
708,890
646,338
391,149
443,846
625,115
597,950
528,578
Pctrrborougti
Sherbrooke
Kitchener
Total Canada
Dec.
S
,605,865
-
London.
3,866,7.53
1,658,295
1,524,656
1,851,183
2,395,876
561,844
1,224,057
898,883
620,317
551,645
535,423
330,096
336,421
518,697
527,944
426,935
220,514,190 189,696,202
$200,900
is
1915.
%
+ 25.5
+ 29.4
— 23.2
+ 41.7
+ 21.7
+ 22.8
+ 51.3
+ 29.2
—0.1
+ 66.1
+ 17.8
+ 6.6
+ 23.9
+ 11.5
—9.6
+ 22.8
+ 17.7
+ 58.5
+ 28.5
+ 20.7
+ 18.5
+ 31.8
+ 20.6
+ 13.3
+ 23.9
+ 16.3
The
The Federal Reserve Banks. — Following
in the aggregate of
16.3%.
1917.
1937.
Total capital
week
comparison with the
Clearings al-
Until close of business Aug. 18
Total increase
$100,000
Consolidated with the Peo-
25,000
--$175,000
First National Bank of Sonora, Cal.
Capital increased from $100,000 to $150,000. Increase
The American National Bank of Pensacola, Fla.
Capital increased from $300,000 to .$500,000.
IncreaseThe Liberty National Bank of New York, N. Y.
Capital increased from $1,000, 000 to $3, 000, 000. Increase
The Merchants' National Bank of New Haven, Conn.
Capital increased from $350,000 to $500,000. Increase
The First National Bank of Sheridan, Wyo.
Capital increased from $50,000 to $100,000. Increase
The First National Bank of Troy, Kan.
Capital increased from $25,000 to $50,000. Increase
Banking Association, Mobile, Ala.
Capital
Liq. Agt., P. J. Inge, Mobile, Ala.
ples' Bank of Mobile.
50 000
EXTENSION OP CHARTER.
The FarKO National Bank, Fargo, N. Dak.
OTHER LIQUIDATIONS.
The Bank
same week
Capital
[Vol. 105.
1914.
53,384,207
30,399,078
14,841, .583
4,973,860
3,302,126
2,884,605
1,919,385
2,641,214
1,525,282
2,427,091
1,525,734
183,676
759,938
121,678
.397,305
686,483
539,431
340,328
445,640
290,692
216,406
1.55,531
390,217
45,218,982
31,249,212
17,998,280
7,192,262
3.936,851
2,830,496
1,740,602
2,273,098
1,474,947
3,195,432
1,512,913
2,029,223
2,511,484
1,355.715
364,019
794,823
741,832
322,299
480,841
635,546
308,290
275,784
367,968
127,551,550 128,810,899
—
Imports and Exports for the Week. Under instructions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the New York Custom House have been suspended in-
Under the circumstance our usual compilation is
definitely.
omitted until such time as the figures may again be given out.
the weekly statement issued
by the Federal Reserve Board on August
25:
Relatively small variations in total resources and liabilities, accompanied by considerable shifting of funds, offset in part by compensating movements in other accounts, are shown by the weekly bank statement issued as at close of business Aug. 24 1917. Aggregate reserves were reported at
1,424 millions, against 1,427 a week ago. Government deposits decUned from 110 millions to 60 millions, while aggregate deposits, including both public and those made by member banks on reserve account, fell off from 1,424 millions to 1,351 millions.
During the week aggregate withdrawals by the New York Bank from Liberty Loan depositaries amounted to 110 millions, while at the same time
there were paid out to representatives of foreign governments and deposited in national banks, 40 millions on behalf of France, 50 millions on behalf
of Great Britain and 2.5 millions on behalf of Russia.
The sum of 7.5 millions was paid to the representatives of Belgium, making a total of borrowing on behalf of the Allied nations of 100 millions.
Large offsetting gains were made through an increase in non-member bank clearing accounts, from
11.6 millions Aug. 17 to 32.9 millions Aug. 24. At the same time the amount of notes collateraled by U. S. securities fell to the lowest point thus far registered since the issue of the Liberty Loan, anaounting on Aug. 24 to 8.4 millions, as against 11 millions on Aug. 17 and 9.2 millions on Aug. 3. The total of
collateral notes not secured by Government obligations showed a moderate decline, from 44.7 millions on Aug. 17 to 36.5 millions on Aug. 24, a shrinkage of a little over 8 millions, of which nearly 3 millions was accounted for by the decline in the holdings of notes protected by United States securities.
As in past weeks, the process of transferring funds between the Federal Reserve banks, in order to carry out the Government loan and disbursement operations, has proceeded actively. During the week the percentage of cash reserves to net deposits increased from 77.4 per cent to 80.6 per cent,
while the change in the percentage of note reserves to outstanding circulation showed a decline from 91.7 to 86.5 per cent.
From the earning standpoint, there have been only minor changes, total earning assets falling about 11 millions, from 376.2 millions a week ago
to 364.9 millions. Bills discounted fell off considerably more than this, the total change being to 128.4 millions from 143.9 millions a week ago. This
decline was in part offset by an increase in bills bought in the open market from 155.3 millions to 159.5 millions.
Holdings of long and short-term Government securities and municipal warrants continued substantially unchanged throughout the week.
Analysis of the amounts of acceptances held by various Federal Reserve banks shows substantial declines at New York and Dallas, while the figures given for the Cleveland, St. Louis and Minneapolis banks indicate considerable net additions to their holdings during the week.
There has been a further gain during the week in capital stock, large additions being made in the First District through increases in the capital
stock and surplus of national banks, while the admission of State institutions of considerable resources in other districts made substantial additions
to capital stock accounts at the local Federal Reserve banks. In the aggregate, gains in capital account amounted to $391,000, while total earning
assets represented 624% of the paid-in capital of the Reserve banks, as compared with 647% for Aug. 24.
Acceptances constituted 43.7% of the total
earning assets, while discounts were 35.2%, United States securities 20.8% and wari-ants 0.3%.
The falling off of Government deposits at Reserve banks was greatest in Boston, where the decline was over 10.5 millions; New York, where it was
more than 29 millions, and Richmond, where it was about 7 millions. A few institutions, like Chicago and Minneapolis, neld their public deposits at
the old level or increased them slightly. The fact that the second subscription of the month for Treasury certificates of indebtedness did not close until
Aug. 25 prevented the banks from feeling the pressure of demand for accommodation with which to pay for these securities while the near arrival of
the period of actual subscription for the second issue naturally led to the closing up of some advances obtained for the purpose of participating in the
first issue made during the earlier part of the month.
Federal Reserve notes outstanding increased by about 14 millions, rising from 613 millions on Aug. 17 to 627 millions on Aug. 24. The notes
reported in actual circulation advanced from 558 millions to 573 millions.
There was very little change in the volume of notes held by the banks,
which continued at slightly less than 55 millions throughout the week. Federal Reserve agents held 488 miUions in gold and 146 millions in paper
against outstanding F. R. notes.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
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
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business August 24 1917.
we
Aug.2i
RESOURCES.
Gold coin and certificates
Gold settlement fund
&c
Total reserves
discounted members.
^iUn hniight- in open irif^rkAt.
—
Bills
Total bills on hand.
U. S. Government long-term securities.
U. S. Government short-term seourltleB
.
Municipal warrants.
Total earning assets
other F. R. banks
Due from
5%
— net
Total deduc'ns from gross deposits.
redemp. fund agst. F. R. bank notei
All other resources
Total resources
426,751,000
397,067,000
52,500,000
399,198,000
410,502,000
52,500,000
413,849,000
409,852,000
52,500,000
399,785,000
438,153,000
52,500,000
S
460,764,000
405,739,000
52,500,000
488,119,000
403,821,000
52,500,000
$
471,492,000
388,353,000
52,501,000
876.318,000
862,200,000
502,588,000
9,795,000
876,201,000
485,467,000
9,274,000
890,438,000
467,845,000
9,390,000
919,003,000
434,193,000
9.067.000
944,440,000
423,889,000
11,691,000
912,346,000
428,338,000
12.687,000
S
$
In vault. -
Total gold held by banks.
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, sliver,
1917. Aug. 17 1917. Aug. 10 1917. Aug. 3 1917. July 27 1917. Jul;/ 20 1917. Jul;/ 13 1917.
S
$
Julu 6 1917,
s
47fl,359.000
371.380.000
52,501.000
Aug. 25 1916.
$
259,799,000
110,951,000
894,240.000
413,715,000
9,748,000
370,750,000
163,834,000
1,637,000
1,372,229.000 1,374,583,000 1,370,942,000 1,367,673,000 1,362,263,000 1.380,020,000 1,353,371,000 1.317,703,000
53,117,000
53,709,000
51,789,000
52.540,000
50,301,000
38,314,000
52,906,000
47,545,000
536,221,000
12,265,000
1,424,769.000 1,427,489,000 1,424,059,000 1,421, .382 ,000 1,414,052,000 1,430,321,000 1,400,916,000 1,356,017,000
130,948,000
134,229,000
138,459,000
129,853,000
128,407,000
143,946,000
161,386,000
140,163,000
174,183,000
149,790,000
195,097,000
201,664,000
155,329,000
197,725,000
159,557,000
194,937,000
548,486,000
27,032,009
82,146,009
488, .536,000
7,375,000
287,964,000
45.226.000
30,480,000
1,232,000
299,275,000
45,129,000
30,552,000
1,223,000
284,019,000
41,276,000
32,604,000
1,274,000
305,131,000
42,422,000
25,464,000
1,249,000
333,556,000
41,135,000
35,818,000
1,469,000
359,111,000
42,265,000
33,050,000
2,186.000
304,902.000
243.000
210.387,000
376,179,000
11,688,000
230,704,000
359,173,000
1,655,000
205,761,000
374,266,000
4,746.000
197,058,000
436,612,000
4,113,000
210,630,000
500.000
339,000
242,392,000
500,000
1,882,000
204,106,000
500,000
425,000
201,804,000
500,000
492,000
335,100,000
43,961,000
30,359,000
2,441,000
331,517,000
42,935,000
28,659,000
2,442,000
109,178,000
46,796,000
8,205,009
27,863,009
411,978,000
all, 106,000
204,756,000
411.861,000
7,005,000
242,S,67,000 t253,722,000
405,553,000
19,465,000
251.374.000
192,042,000
21,654,000
193,650,000
500,000
1,057,000
247,081 .000 t260, 727,000
5r-t,ooo
500,000
270,839,000
500,000
851,000
21,654,000
500,000
3,541.009
2.001.140,000 2,048,442,000 1,988,263,000 1,998,444,000 2,021,237,000 2.116, 124,U00 t2074 790 000 2,033,760,000
726,223,000
1,611,000
786,000
——
.
.
Sept.
.
THE CHRONICLE
1917.]
1
889
Aug. 24 1917. Aus. 17 1917, Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917. July 13 1917.
LIABILITIES.
Aug. 251916.
$
57,970,000
57,881,000
57,825,000
58,093,000
58,484,000
56,765,000
140,447,000
143,032,000
110,110,000
59,972,000
,121,129,000 1,130,817,000 1,101,614,000 1,192,887,000 1,135,456,000
10,274,000
12.269,000
8,547,000
11,637,000
32,933,000
Capital paid in
Oovernment depoalts
One to members ^reserve aooount
Due to noa-members clearing aooount
Member bank deposits net
—
July 6 1917.
——
57,723,000
57,681,000
57.657.000
184,631,000
300,872,000
143.626.000
.164,995,000 1,019.672,000 1,112,347,000
4,767,000
6,847,000
5,000,000
55,353,000
50,099,000
502,421,000
Collection items
137,955.000
171,916,000
132,053,000
122,493,000
137,815,000
165,284,000 tl53, 363,000
164,588,000
Total gross deposits
1,351.989,000 1,424,480,000 1,374,828,000 1,393,974,000 1,424,850,000 1,519,677,000 tl480 754,000 1,425,561,000
540,785,000
549,244,000
534,015,000
534,226,000
627,459,000
532,508,000
F. R. notes in actual circulation
558,782,000
573,019.000
2,828,000
4,182,000
2,459,000
1,175.000
2,306,000
1,960,000
F. R. bank notes In eireulation, net liab.
4,907,000
5,473,000
2,039,000
2,976,000
2,088,000
2,192,000
1,887,000
21.908.000
All other liab., Inel. foreign Govt, credits
2,180,000
12,145,000
552,520,000
156,345,000
1,690,000
305,000
2,001,140,000 2,048,442,000 1,988,263,000 1,998,444,000 2,021,237,000 2,116,124,000 t2074 790,000 2,033,760,000
726,223,000
Total
liabilities
Gold reserve aijainst net deposit liab .
Gold and lawful money reserve against
net deposit
Gold
72.9%
77.4%
91.7%
80.6%
86,5%
liabilities
F.R. notes
res. agst.
JtS 70.0%
In act. circ'n.
.Aug.
74.6%
74.2%
74.7%
76.1%
69.8%
79.3%
90.1%
79.1%
88.2%
78.8%
83.0%
78.1%
81.5%
78.6%
82.8%
79.3%
80.3%
72.1%
105.8%
3,819,000
49,000
107,006,000
51,000
42,796,000
1,028,000
94,698.000
20,000
56,508,000
101,000
4,135,000
49,000
115,223,000
321,000
44,799,000
51,000
94,431,000
1,028,000
73,893,000
20,000
5,210,000
49,000
$
129,642,000
1,084,000
59,099,000
51,000
87,864,000
1,028,000
77,852,000
20,000
4,654,000
3,000
613,646,000
54,864,000
601,227,000
51,983,000
590,389,000
49.604,000
584,464,000
50,449,000
583,937,000
49,711,000
558,782,000
S
16-30 days bills discounted and bought.
16-30 days municipal warrants
31-60 days bills discounted and bought.
31-60 days municipal warrants
61-90 days bills discounted and bought.
61-90 days municipal warrants
Over 90 days bills discounted and bought
Over 90 days municipal warrants
Federal Reserve Notes
Issued to the banks
—
Held by banks
In circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
74.6%
24 1917. Aug. 17 1917. Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917 July 13 1917.
—
Distribulion by Maturities
1-15 days bills discounted and bought.
1-15 days municipal warrants
74.8%
88,781,000
1,028,000
55,667,000
99,799,000
1,028,000
56,555,000
96,681,000
146,000
43,718,000
90,114,000
146,000
49,472,000
94,373,000
51,000
47,515,000
1,028,000
80,982,000
146,000
57,330,000
3,117,000
58,000
3,335,000
49,000
627,307,000
54,258,000
563,049,000
579,957,000
47,449,000
670,725,000
43,266,000
20,000-
I
I
y
137,041,000
I
I
I
)
179,838,000
23,493,000
549,244,000
540,785.000
534,015,000
534,226,000
532,508,000
527,459,000
156,345,000
983,160,000
169,490,000
983,160,000
166,545,000
974,960,000
164,777,000
965,460,000
161,237,000
944,100,000
159,949,000
302,660,000
66,197,000
813,670,000
223,281.000
816,615,000
232,151,000
810,183,000
226,246,000
804,223,000
224,266,000
784,151,000
213,426.000
236,463,000
56,625,000
862,752,000
235,445,000
845,621,000
231,975,000
831,663,000
230,436,000
627,307,000
613,646,000
601,227,000
590,389,000
584,464,000
583.937,000
579,957,000
570,726,000
179,838,000
269,015,000
287,793,000
277,698,000
262,328,000
230,331,000
218,358,000
218,118,000
203,120.000
114,796,000
138,771,000
25,780,000
193,741,000
111,058,000
25,051,000
189,744,000
115,760,000
24,676,000
183,093,000
122,544,000
22,864,000
182,653,000
150,271,000
21,568,000
182,294,000
160,048,000
22,801,000
182,730,000
151,619,000
23,190,000
187,030,000
157,010,000
22,805,000
187,790,000
"l6,00'4',066
627,307,000
613,646,000
601,227,000
590,389,000
584,464,000
583,937.000
579,957,000
670,726,000'
179,838,000
146,664,000
125,588,000
120,711,000
due t) ot.aer Federal Reserve banks. tRevlsed figures.
133,478,000
170,664,000
168,233,000
158.473,000
162,733,000
17,048,000
Issued to Federal Reserve banks..
—
How
Secured
gold coin and certificates
lawful money
By
By
By commercial
paper
Gold redemption fund
With Federal Reserve Board
Total
Oommerclal paper delivered to F. R. Agt.
Amount
4.628,000
3,000
106.657,000
417.000
47,412,000
923,000
98.797.000
1,079.000
74,323,000
20,000
4.428,000
3.000
Aug. 25 1916.
1,039,560.000 1,019,'560,000 1,002,960,000
171,297,000
176,808,000
173,939,000
—
Amount chargeable to Agent.
In hands of Agent
a
116,730,000
1,117,000
59,380,000
222,000
80,995,000
1,079,000
73,367,000
Jnly 6 1917
11,138,000
37,900,000
WEEKLYSTATEIVlENTofRESOURCESandLIABILITIESofEACHofthel2FEDERALRESERVEBANKSatCLOSEof BUSINESS AUa. 24
Boston.
New
York. PMladeVa Cleveland. Richmond.
Atlanta,
Chicago.
St.
Louis.
Minneap. Kan.
City
Dallas.
San Fran
'17
Total.
KE SOURCES.
s
coin & ctfs. in vault 26,544,000 229,517,000 28,739,000' 29,869,000
S
s
s
$
8
$
Gold
6,228,000 7.007,000 40,115,000 4,337,000 17,092,000 8,469,000 13,681,000 15,153,000 426,751,000
Gold settlement fund
17,553,000 117,279,000 26,867,000 54,347,000 30,798,000, 5,684,Ono!46,481,000 25,678,000 7,871,000 38,263,000 6,025,000 20,221,000 397,067,000
Gold with for'n agencies. 3,675,000 18,112,000 3,675,000 4,725,000 1,837,000 1,575,000 7,350,000 2,100,000 2,100,000 2,625,000 1,838,000 2,888,000 52,500,000
fi
St
Total gold held by bks 47,772,000 364,908,000 59,281,000 88,941,000 38,863,00014,266,000 93,946,000 32,115,000 27,063,000 49,357,000 21,544,000 38,262,000 876,318,000
Gold with F, R. Agents. 5,822,000 206,898,000 32,161,000 32,121,000 8,781,00018,902,000 70,007,000 15,953,000 19,292,000 14,476,000 15,636,000 28,487,000 488,536,000
500,000
2,500,000
700,000
Gold re lemptlon fund..
44,000
850,000
602,000
244,000
382,000
522,000
427,000
589,000
15,000
7,375,000
74,094,000 574,306,000,92,142,000 121106000 48,494,000 33,770,000 164197000 48,450,000 46,944,000 64,355,000 37,607,000 66,764,000 1372229000
Total gold reserves
Legal-ten. notes, sllv.,&c. 3,724,000 39,406,000 1,204,000
491,000
131,000:
653,000 3,413,000 1,593,000
334,000 1,153,000
347,000
91,000 52,540,000
77,818,000 613,712,000 93,346,000 121597000 48,625,000,34,423,000 167610000 50,043,000 47,291.000 64,689,000 38,760,000 66,855,000 1424769000
Total reserves
Bills:
—
Discounted Members 16,959,000 15,327,000 9,762,000 5,950,000 13,691,000 5,690,000 12,757,000 8,657,000 12,727,000 12,206,000 6,942,000 7,739,000 128,407,000
Bought In open market 17,544,000 49,895,00018,608,000 20,026,000 2,384,000' 1,608,000 19,601,000 5,461,000 2,281,000 11,504,000 1,985,000 8,657,000 159,557,000
Total bills on hand
34,503,000 65,225,00028,370,000 25,976,000 16,075.000 7,298,000 32,358,000 14,118,000 15,008,000 23,710,000 8,927,000 16,396,000 287,964,000
S. long-term secur's..
610,000
2,805,000,
549,000 7,918,000 1,192,000;
704,000 12.062,000 2,255,000 1,859,000 8,849,000 3,970,000 2,453,000 45,226,000
S. short-term secur's. 2,194,000
3,538,000 2,548,000 2,918,000 1,969,000 3,522,000 3,360,000 1,465,000 1,554,000 1,784,000 1,868,000 3,760,000 30,480,000
Municipal warrants
131,000 1,055,000
46,000
1,232,000
U.
U.
Total earning assets. 37,307,000 71,568,000 31,598,000 37,867.000 19,236,00011,524,000 47,780,000 17,838,000 18,421,000 34,343,000 14,811,000 22,609,000 364,902,000
other Federal
Reserve banks Net.
639,000
586,000
458,000
3,033,000
a243,000
1,416,000 22,253,000
Uncoliected Items
14,441,000 58.652,00028,539,000 16,714,000 12,417,000 9,421,000 27,354,000 10,011,000 5,076",000 10,739,000 8,905',006 8,118,000 210,387,000
Total deductions from
gross deposits
15,080,000 58,652,000 28.539.000 16,714,000 12,417,000 10,837,000 49,607,000 10,597,000 5,076,000 11,197,000 8,905,000 11,151,000 210,630,000
6% redemp. fimd against
Fed. Res. bank notes
400,000
100,000
500,000
All other resources
10,000
179,000
66,000
84,000
339.000
Due from
—
Total resources
LIABILITIES.
Capital paid In
Government deposits
Due
to
— Re-
130205000 743,932,000153483000 176178000 80,278,00056,850,000 264997000 78,488,000 70,788,000 110629000 62,755,000 100699 000 2001140 000
5,373,000
9,112,000
members
12,123,000' 5,277,000
6,365,000 3,470,000 2,507,000 7,651,000 3,260,000 2,524,000 3,203,000 2,757,000 3,974,000 58,484,000
4,126,000 1,809,000 6,237,000 5,578,000. 1,021,000 11,245,000 3,071,000 5,535,000 3,446,000 3,042,000 5,700,000 59,972,000
serve account
72,319,000 420,957,000 70,694,000 104649000 37,275,00026,740,000 150525000 43,762,000 35,800,000 66,858,000 29,980,000 61,570,000 1121129000
to non-members
clearing account
30,924,000
1,746,000
263,000 32,933,000
Collection Items
13,745,000 24,841,000 26,250,000 13,729,000 10,671,000 4,794",000 18,226,000 7,442",o66 2,517,000 7,283",006 3,659,000 4,798,000 137,955,000
Due to F.R. banks Net'
15,425,000 6,488,000 2,788,000 2,713,000
139,000
589,000
Due
—
Total gross deposits.. 95,176,000 496,273,000105241000 127453000 56,237,000 32,555,000 181742 000 54,275,000 43,991,000 77,587,000 37,270,000 72,331,000 1351989 000
F. R. notes In act. clrcul. 29,323,000 224,151,00042,728,000 42,358,000 20,518,000 21,788,000 75,537,000 20,953,000 24,227,000 24,344,000 22,728,000 24,394,000 573,049,000
F. R. B'k notes in clrcul.
5,473,000
5,473,000
All other liabilities, Incl.i
foreign Govt, credits.'
333,000 11,385,000
237,000
2,000
22,000
53,000
46,000
67,000
12,145,000
1130205000 743,932,000153483000 176178000 80,278,000 56,850,000 264997 000 78,488,000 70,788,000 110629000 62,755,000 100699000 2001140000
Total IlabUltles
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUGUST
Boston.
New
York. PMladeVa
Cleveland.
Richmond
Atlanta.
Chicago.
St Loult.
Minneap. Kan.
City
24 1917
Dallas.
San Fran.
Total.
Federal Reserve Notes
S
S
S
Rec'd from Comptrol'r 62.680 000 466 ,160,000 71,500,000 64,000,000 35,840,000 37,180,000 112060000 33,700,000 38,640,000 42,720,000 42,920,000 32,160,000 1039560000
Returned to Comptr'r 11,958 000
,342,000 10,939,000 6,439,000 12,235,000 7,707,000 3,433,000 6,490,000 6,962,000 8,559,000 10,071,000 3,673,000 176,808,000
Chargeable to F. R. Agt. .50,722 000 377 818,000 60,561,000 57,561,000 23,605,000 29,473,000 108627000 27,210,00031 ,678,000 34,161,000 32,849,000 28,487,000 862,752,000
In hands of F R Agent. 14,900 000 126, 920,000 15,000,000 13,440,000 2,400,000 6,600,000 27,300,000 4,490,000 5,890.000 9,280,000 9,225,000
235,445,000
.
.
Issued to F. R. Bank.
Held by F. R. Agent
Gold coin and ctfs
Gold redemption fund
With Fed. Res. Board
Commercial paper
Total
Amt.
of
commerc'l paper
delivered to F.
35,822,000 250,898,000 45,561,000 44,121,000 21,205,000 22,873,000 81,327,000 22,720,000 25,788,000 24,881,000 23,624,000 28,487,000 627,307,000
22,210
1,612
2,000
10,000
000 196, 805,000 4,220,000 10,007,000
3,353,000 14,102,000 2,370,000 12,610,000
269,015,000
3,338,000
000 10, 093,000 2,362,000 2,114,000
781,000 1,324,000
840,000
940,000 1,046,000 2,822,000 1,497,000 25,780,000
349,000
000
25,579,000 20,000,000 8,000,000 14,240,000 69,658,000 11,760,000 4,250.000 11,060,000
204,000 26,990,000 193,741,000
000 44,000,000 13,400,000 12,000,000 12,424,000 3,971,000 11,320,000 6,767,000 6,496,000 10,405,000 7,988,000
138,771,000
35,822,000 250,898.000 45,561,000 44,121,000 21,205,000 22,873,000 81,327,000 22,720,000 25,788,000 24,881,000 23,624,000 28,487.000 627,307,000
R. Agt 10,164,000 44,644,000 13,406,000 13,508,000 16,075,000 3,978,000 11,509,000 6,772,000 6,496,000 11,982,000 8,130,000
146,664,000
F.R. notes outstanding. 35,822 000 250 898,000 45,561,000 44,121,000 21,205,000 22,873,000 81,327,000 22,720,000 25,788,000 24,881,000 23,624,000 28,487,000 627,307,000
F.R. notes held by banks 6,499 000 26 747,000 2,833,000 1,763,000
687,000 1,085,000 5,790,000 1,767,000 1,561,000
537,000
896,000 4,093,000 54,258,000
F .R. notes In act .circ'n 29,323,000 224,151,000 42,728,000 42,358,000 20,518,000 21,788,000 75,537,000 20,953,000 24,227,000 24,344,000 22,728,000 24,394,000 563,049,00,
THE CHRONICLE
890
[Vol. 105.
—
Statement of New York City Clearing House Banks and Trust Companies. The following detailed Btatement
The figures for the
shows the condilioii uf the Now York City Clearing House members for the week ending Aug. 25.
In the case of the totals, actual figures at end of the v/eek are also
separate banks are the averages of the daily results.
The surplus reserves are calculated on the basis of new reserve requirements as fully explained in "Chrongiven.
icle," Volume 105, pages 229 and 127.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBEK3.
Capital.
Net
Loans,
Profits.
Discounts,
Investments,
Week Ending
/Nat. JJanka June 201
IBtate Banka June 20/
Autt. 25 1917.
Bank
and
Legal
Tenders.
Oold.
of Federal
Reserve Uank.
Bank of N. Y., N.I3.A.
Mercliants' Nat. Baak.
Meoh. & Motals Nat...
National City Bank...
Chemical Nat. Bank
S
$
2,000 000
5 220.000
2 501».5OO
2,000 000
g 079.400
6,000, 000
25,000 000 c45 ,955.600
,676.100
3,000, 000
871,800
1,000, 000
Atlantic Nat. Bank
84,300
300 000
Nat. Butchers & Drov.
5,000 000
,315,100
American Exch. Nat
,236,000
Nat. Bank of Comin.. 25,000 000
,294,200
3,500 000
Chat. <fc Phenlx Nat...
3,000 000
,601,300
Hanover Nat. Bank
2,550 ouo
,594.800
Citizens' Nat. Bank
1,000 ooo
,107.800
Market & Fulton Nat..
,000
WO
,875,900
Bank..
3,.
Corn Exchange
1,500 ,000
,868,000
Importers" & Trad Nat
5,000 ,000
.807,900
Nat. Park Bank
200 000
85.100
East River Nat. Bank.
1.000
000
.027,000
Second Nat. Bank
10,000 ,000
,399,900
First Nat. Bank.
4,000 ,000
,.558,900
Irving Nat. Bank
500 000
299,800
N. Y. County Nat
10,000
,000
603,100
Chase Nat Bank
900,500
1,000 ,000
Lincoln Nat. Bank
1,000 ,000
362.700
Garfield Nat. Bank
250 ,000
432.000
Fifth Nat. Bank
000
1,000
,168,300
Seaboard Nat. Bank..
3,000 ,000
,010,300
Liberty Nat. Bank
1.000 ,000
848,300
Coal & Iron Nat. Bank.
1.000 .000
,170,900
Union Exch. Nat. Bank
1,000 000
142,900
Nassau Nat., Brooklyn
1,500 000
123,000
Broadway Trust Co...
—
.
.
Average.
S
41,121,000
23,734,000
137,813,000
470,507,000
56,007.000
14,265.000
2.430,000
103.089,000
280.805.000
60,495.000
139.459.000
33,972,000
10.825.000
110,084.000
34,079.000
163,128.000
2.786.000
19.074.000
198,037,000
86,557,000
9,372,000
253,087,000
18,183,000
10,385,000
6,740,000
45,586,000
74,773,000
9,791,000
11,632,000
11.898.000
26,073,000
Average.
%
Average.
%
60,000
67,000
177,000
1,043,000
58,000
70,000
8,000
Average
Average.
%
164,000
140,000
S
316,000
103,000
125,000
490.000
6,723,000
20S,000 3,59,S.OO0
1,613,000 3,116,000 1,482,000
430,000
791,000
302.000
217,000
347,000
184.000
28,000
30,000
39,000
1,816,000
034,000
595,000
2,096,000 1,711,000
900.000
1,.586,000
899.000
571,000
10,117,000
826,000 1,919.000
740,000
156,000
49,000
243,000
424,000
34,000
2,065,000
1,963,000
396,000
388,000
143.000
990,000
48,S,000
799,000
515.000
31,000
115.000
30,000
124,000
372,000
93,000
2,296,000
542,000 1,271,000
1,212,000
461,000 2,096,000
220,000
176.000
50,000
4,086.000 3,184,000 2,175,000
339.000
96,000
299,000
142,000
70.000
264,000
75,000
173,000
82,000
806,000
824,000
509,000
742,000
167.000
166,000
182,000
117,000
171,000
145,000
231,000
75,000
89,000
188,000
56,000
455,000
158,000
561.000
281,000
130,000
635,000
234,000
47,000
327,000
1,771,000
97,000
276,000
10,000
230,000
18,000
126,000
117,000
417,000
437,000
115,000
29,000
70,000
14,000
39,000
103,000
15,000
164,000
Totals, avge. for week 125,850,000 217.820.300 2,478,427,000 40,262,000: 15,865,000 23,836,000
actual
actual
actual
actual
condition
condition
condition
condition
State Banks.
Bank
Bank
Manhattan Co
Aug.
Aug.
Aug.
Aug.
25...
18...
11..
4
Not
Mem
Bank
Metropolitan Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germanla Bank
Bank of the Metropolis
West Side Bank
N. Y. Produce Exch..
State Bank
2,050,000
1,500,000
500,000
500,000
200,000
2,000,000
250,000
750,000
100.000
200,000
400,000
1,000,000
200,000
1,000,000
1,.500,000
Totals, avge. for week
12,150,000
condition
condition
condition
condition
Aug. 25 ...
Aug. 18...
Aug. 11...
Aug. 4
of
of
America
Greenwich Bank
Pacific Bank.
People's
actual
actual
actual
actual
Totals,
Totals,
Totals,
Totals,
Trust Companies.
Not
Brooklyn Trust Co
Bankers Trust Co
U.S.Mtge.& Trust Co.
Title Guar. & Trust Co.
Guaranty Trust Co
Fidelity Trust Co
Lawyers Title <fe Tr. Co.
Columbia Trust Co
Peoples Trust Co
New York Trust Co...
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co.
Totals, avge. tor week
Totals,
Totals,
Tc'als,
Totals,
actual
actual
actual
actual
condition
condition
condition
condition
Mem
1.500,000
11,250,000
2,000,000
5.000,000
25,000,000
1,000.000
4,000.000
5.000.000
1,000,000
3,000.000
1.000.000
1.000.000
2.000.000
62,750,000
Reserve
with
Legal
Federal
Reserve
Notes.
.'illver.
&c.
Members
Totals,
Totals,
Totals,
Totals,
Additional
Deposits
National
|
Net
.Ve(
Bank
Demand
Time
Circula-
Deposi-
Legal
Deposi-
Deposits.
Deposits.
tion.
taries.
taries.
Average.
Average.
S
2,054,000
25,896,000
76,033,000
7,857,000
2,202,000
246,000
16,046,000
34,745,000
8,673,000
22,011,000
4,311,000
1,794,000
14,912,000
4,464,000
20,532,000
427,000
2,044,000
29,549,000
10,137,000
1,416,000
40,114,000
2,314,000
1,383,000
890,000
8,199,000
13,118,000
1,473,000
1,459,000
1,286,000
3,264,000
Average.
Average.
Average.
S
$
$
34,6.55,000 3,187,000
783.000
811,000 1.838.000
19.439.000
143.346.000 6,008,000 3.777.000
463.732.000 7,448,000 1.782.000
50.125.000 1,904,000
439,000
14.146,000
875,000
150,000
49,000
1.984,000
92,274,000 9,488,000 4,972,000
258,370,000 11,832,000
63,822,000 6,722,000 f,739",660
200,000
148,385,000
28,841,000 1,020,066 1,020,000
10,454,000
117,000
111,198,000
29,267,000
100,000 "'5V,666
150,990,000 3,548,000 3,563,000
50,000
2,742,000
762,000
15,315,000
155,622,000
580,000 4,912,000
640,000
93,978,000
224,000
199,000
9,956,000
650,000
241,945,000 20,760,000
894,000
17,187,000
29,000
397,000
200.000
9,286,000
249,000
5,640,000
320.000
70,000
16,000
48.045.000
499,000
67.756.000 2,110,000
413,000
10.237.000
14.000
398,000
456.000
10.517.000
50,000
10.136.000
500.000
779.000
24.703,000
$
5,5,50,000
7,203,000 370,999,000
2,344.093.000 79,591.000 30,663,000
16,085,000
16,405,000
17,384,000
18,894,000
23,372,000
24,275,000
25,092,000
24,122,000
6,312,000
6,446,000
7,449,000
7,271,000
303,281,000
373,505,000
374,888,000
462,873,000
2.360.496,000
2.317,787.000
2,381,153,000
2,383,701,000
347,000
1,542,000
2,020,000
541,000
8:2,000
224.000
413.000
73.000
377.000
35,000
95,000
138,000
54,000
47,000
218,000
98,000
326,000
503,000
294.000
523.000
328.000
353.000
140.000
595,000
64.000
129.000
1,241,000
107.000
162,000
555,000
86,000
491,000
503,000
166,000
90,000
360.000
205,000
47,000
99,000
31,000
6,000
35,000
66,000
90,000
130,000
32,000
116,000
336,000
6,814,000
2,336,000
615,000
645,000
177,000
1,419,000
232,000
297,000
58,000
270,000
313,000
829,000
251,000
1,180,000
1,202,000
227,797,000 20,105,000
4,024,000
5,571,000
1,809.000
16,638,000
226,386,000 18,963,000
226,919.000 21,430,000
228.379.000 21.330.000
228.3,54.000 22.723.000
4,169,000
4,011,000
4,061,000
4,027,000
5,652,000
1.766.000
1.718.000
1.670.000
1.488.000
17,592,000
12,654,000
Bank.
35,379,000 1,983.000
241,115,000 20.6.57.000
67,699,000 5.273,000
45,399,000 2,483,000
401,732,000 36,463,000
713,000
10,955,000
26,225,000 1,449,000
89,421,000 5,507,000
24,740,000 1,305,000
79,800,000 4,228,000
19,306,000 1,447,000
858,000
13,488,000
54,866,000 4,252,000
441,000
81,000
48,000
149,000
535,000
70.000
364,000
233,000
90,000
69,000
458.000
83.000
52.000
248,000
375,000
191,000
144,000
962,000
76,000
40.000
621,000
98,040,000 1,110,125,000 86,618,000
78,251,000
87,373,000
88,435,000
98.408,000
2,462,789,000
2,474,558.000
2,531,179,000
2,388,266,000
40,651,000
42,225,000
42,465,000
42,345,000
Bank.
of Fed eral Reterne
48,605,000 5.149,000
5.283, 800
34,726,000 3,621,000
6.854, ,500
13,148,000
970,000
1.337, 600
443,000
994, 200
9,709,000
3.113.000
126,000
488, 000
18.436.000
792,000
2.109, 400
354,000
4.268.000
806, 200
6.574,000
796,000
848, 000
2.431, 000
16,626,000 2,145,000
5,343,000
313,000
831, ,900
681,000
778, ,100
6,820,000
806,000
2.244 ,300
15,036,000
110 ,000
977 ,600
687 ,100
4,323,000
18,606,000
22,464,000
26,681,700
of Fed
3.194. 900
bers
eral
30,700,000
30.685.000
30.365.000
30,215.000
16.268, 100
4.619, 300
12,454, 900
28,274, 400
1.224, 100
5.378, 600
6.547, 700
1.537, 900
11,664, 500
1,282, ,100
526 ,000
5,067 ,500
Aug. 25...
Aug. 18...
Aug. U...
Aug. 4...
96,000
47,000
70,000
506,000
18,000
268,000
1,108,821,000
1,118,941,000
1,112.218.000
1,130.588.000
condition
Aug. 25..
Grand
Grand
Grand
Grand
condition
condition
condition
condition
Aug. 18... 3,820,418,000
Aug. 11.. 3,871,770,000
Aug 4.. 3,756,208,000
July 28-.. 3,773.538,000
a U. S. deposits deducted, $170,084,000.
53.111 000
33.725 000
13.139 000
9,820 000
2,945 000
16,967 ,000
3,873 ,000
6,242 000
17,474 000
4,830 000
6,845 000
13,816 ,000
4.183 000
19, .394
26,000
146,000
12,000
150,000
000
25.036 ,000
35,000
1,005,000
231,400,000
369,000
1,372,000
1,769,000
2,087,000
2,502,000
232,194,000
226,911,000
228,578,000
234,796,000
3.58,000
1,467.000 1.410.000
10.688,000 13.694.000
2,844,000 3.458.000
1,482,000 1.256.000
20,444,000 4,658,000
440,000
602,000
934,000
89,000
3,306,000 3,909,000
858.000
1,135,000
268.000
5,582,000
898.000
565.000
251.000
627.000
2.458.000
194.000
29.348 000
213,762 ,000
56,876 000
29,640 ,000
358,884 ,000
8,821 000
18,687 000
66,116 ,000
22,707 000
66,544 000
17,9.52 000
12.537 000
49,155 ,000
,148,000
,451,000
,135,000
,243,000
,840,000
30,000
168,000
277,000
81,000
268.000
420.000
188.000
191.000
947.000
30.000
44.000
298.000
184,000
113,000
116,000
68.000
499,000
2,673,000
3.470,009
3,366,000
52,305.000 31,-212,000
951,029,000 122809000
2,733,000
2,588,000
2,700,000
2,959,000
2,722,000
3,428,000
2,870,000
2,541,000
3,217.000
3,359,000
3,107,000
2,075,000
65.144.000
47.429.000
49.381.000
49.144,000
957,819,000
944,632,000
941,426,000
982,320,000
5,2.59,000
5,444,000
5,560,000
12,5.52,000
17.991,000
372,000
389,000
421,000
Ketertt
Grand aggregate, actual
Comparison prev. week
actual
actual
actual
actual
79,361,000
81,564.000
83.160.000
81.957.000
bers
2,57,000
35,616.000
32,306.000
31.314.000
39.988.000
Grand aggregate, avge 200,750,000 342.542,000 3,816,349,000 146985000 22,562,000 32,877,000 12,378.000 439.942.000
Comparison prev. week
—34,568,000 -5,060,000 -1,017,000 -1,226.000 —156,000 + 15429000
aggregate,
aggregate,
aggregate,
aggregate,
National
teith
7.50,000
404.000
.956,000
,348,000
909,000
,549,000
,470,000
,546,000
123690000
124416000
122027 000
122815000
33526522.000 202769000 30.663.000
+ 6,177,000
+290,000
-1,889,000
3,797,996,000 137865000 22,987,000 31,746,000 11.295.000 446,017.000 36.988.000 b35.50509 ,000 203409000 30,700,000
—22,422,000 -13163 000 —17,000 -1,216,000 —228,000 + 12429 000 + 2913 000 + 61.179,000 -2,943,000
+ 15,000
b U.
151028000
152230000
163474000
176427000
23,004,000
24,145,000
25,880,000
26,762,000
32,962.000
33,406,000
32.223.000
35.453.000
S. deposits deducted, $119,555,000.
11,523,000 433.588.000 .34.075.000
12,228,000 436.821.000 33,401.000
ll.7.'«4.000 530.008.000 42.490.000
12.700,000 447.748.000 44.292.000
b3489330,000
b3.551157,000
b3600817,000
b3544214.000
30,685,000
30,365,000
.30,215,000
30,157,000
c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
ATerages.
Cash
Reserve
in Vault.
Members Federal
State Banks*
Trust Companies*.
Aug. 25...
Aug. 18..
Aug. 11...
Aug. 4..
Inc.
a
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
%
$
$
370.999.000 370.999.000 307.119.820 63.879.180
6.495.000
41.652.000
16.638.000
48.147.000
31,509,000
5.777.650
96,127,000 52.305.000:148,432.000 142.654.350
Reserve Bank...
Total
Total
Total
Total
Reserve
in
Depositaries
127,636,000
131,147,000
135,732.000
135,468,000
Not members
or
Dee.
Cash
Reserve
in
Depositaries
b
Inc.
e from
Week.
Reserve
in Vault.
+ 8.944.240
+ 2.52.660
+ 1.762.850
d
363.281.000 363,281.000 309,245.310 54.035.690
30.550.000 17.592.000 48.142,000 41.794,920
6.347.080
86.923.000 65.144,000 152,067,000 143.672.850
8.394.150
Prevlotis
439.942,000.567. .-.78.000491.426, 170 76.151,830 +10.9.59,7.50 117.473.000446,017,000
424,513,000 555.660.000 490.467.920 65.192,080 —60.888.5.80 129.166,000 433.588.000
491-.773,000 627.505.000 501.424,3401126,080.660 —32,811,680 129.617,000 436,821,000
523,717.000 659.185,000500.292.6601158.892.340 +26.854.260 140.679.000 530.008.000
Total
Reserve
Surplus
Reserve.
Re^iuired.
Reserve.
or
Dec.
e from
Previous Week.
—15.710.080
+ 2.119.060
+ 5,911,950
563,490.000494,713.080 68.776,920 —7,679,070
+4.420.620
562.754.000 486.298.010 76.455.990
566,438,000 494,402,630j 72,035,370 —96,700,510
670.687.000501.951.120 168.735.880 +61.844.310
ol Federal Reserve Bank.
the reserve required on net demand deposits in the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Aug. 25. S2. 387. 730; -Aug. 18. S2. 418. 660; Aug. 11. $2,491,290; Aug. 4. S2.405,970.
b This is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was .as follows: Aug. 25. S2. 380. 830; .Aug. 18. S2. 446.920: Aug. 11, 82,494.800: Aug. 4. S2. 458. 710.
c Amount of cash In vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 25, 587,166,000; Aug. 18, S91 ,114,000;
Aug. 11, 892,745,000: Aug. 4, 595,219,000.
d Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 25, $86,420,000; Aug. 18.589,351,000
Aug. 11, 592,390,000; Aug. 4, $92,632,000.
"
'-
'^^''
*
a This
Is
Sept.
THE CHRONICLE
1917.]
1
The State Banking Department reports weekly figures
showing the condition of State b«nks and trust companies
in New York City not in the Clearing Home, and these are
shown
in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
from
(.Figures
Furnished by State Bauking Department.)
Amg. 25.
$848,846,500
69,916,800
Loans and investments
Specie
Currency and bank notes
DuefroniF.R. Bank
of
9 ,890 ,900
New York
4,500,000
1,033,244,800
Total deposits
Deposits oliminatlng
amounts due from reserve
and from other banks and trust
comuanles in N. Y. City, and exchanges and
U. S. deposits
Reserve on deposits
Percentage of reserve, 27.5%.
Differences
previous week.
Dec. 51,747,200
421,000
Inc.
37,700
Dec.
500,000
Inc.
Dec. 9,098,700
depositaries
849,080,600
214,445,000
Dec.
Dec.
1,441,600
2,481,300
RESERVE.
Cashlnvaults
Deposits In banks and trust cos
Trust Companies
State Banks
SU.891,300 10.57%
16,266,700 14.44%
$62,416,400
123,870,600
9.39%
18.63%
25.01%
5186,287,000
28.02%
Total
$28,158,000
Week
Ended
—
of the
Loans
and
Demand
Inoestnients
Deposits.
Specie.
$
7...
14...
21...
28...
Aug. 4.-.
Aug. 11...
Aug. 18...
Aug. 25--t Included
hell by State
Legal
Tenders.
S
475,815,8
422,145,7
384,989,4
329,535,0
Reserve in
institutions
S
which are not included
AND TRUST COMPANIES.
BAlSrKS
T^usl Cos.
Banks
in
in
Greater N. Y. Greater N. Y
State
Week ended Aug.
25.
Trust Cos.
Banks
outside of
outside 0/
Greater N. Y. Oreate'r
Y.
State
N
.
Capital as of June 20
24,050,000
89,550,000
12,488,000
19,606,700
Surplus as of June 20
41,732,300
178,822,000
15,164,946
17,526,400
439,294,400 1,857,319,800
+ 2,323,000 —7,312,100
183,666,500
305,371,200
+ .354,100
—1,425,500
Loans and investments..
Change from last week.
Specie
taries.
%
51,011,1
49,912,3
53,462,7
53,222,1
53,677,3
68,170.8
57,716,8
51,494.8
50,081,6
42,216,7
42,943,0
42,498,6
42,127,9
Non-Member Banks and Trust Companies.
non-member
STATE
Deposi-
448,008,4
5^6,826,9
428,299,4
472,058.0
433,165,4
438,452,1
436,413,5
382,767,1
510.708,4
291.2.39.7
344,917,0
611.983,4
322,798,7
4,717,858,8 4,347,431,5 266.628.2
619,631,5
317,701.a
4,710,961,4 4,470,813,5 259.984.4
542,251,6
304,717,2
4,048,569,3 4,3.57.673,4 253,222,4
622,761,8
322,326,3
4,619,359,2 4,414,094,9 272,244,7
677,656,8
295,363,8
4,586,150,2 4,421,443,0 253,147,1
644.247,2
294,148,2
4.628,044,8 4,434,759,0 251,205,2
288,142,4
568,014,9
4,701,510,7 4,370,867,2 245,643,8
580,079,3
281,906,7
4,665.195,5 4,375.602,6 239,778.8
with "Legal Tenders" are national bank notes and Fed. Reserve notes.
banks and trust cos. but not those held by Fed. Reserve members.
June 2--. 4,568,490,8 4,510,318,2
June 9
4,595,549,2 4,501,821,4
June 16... 4,663,499,0 4,469,643,2
June 23... 4,674,645,6 4,326,848,6
June 30... 4.687,753,2 4,301,435,6
July
July
July
July
Total
Cash in
Vault.
t
S
In addition to the returns of "State banks and trust companies in New York City no< in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State.
The figures are compiled so as to distinguish 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
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917
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 computation of the reserves were given in the "Chronicle" April 4
1914 (V. 98, p. 1045).
New York
City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figuret.
The averages
891
31,984,500
141,581,000
Change from last week.
—1,476,500
—1,722,200
Currency and bank notes.
Change from last week.
16,950,800
12,890,300
—650,300
—890,200
22,346,900
13,150,100
+ 2,097,000
—485,300
Due from F.R.Bk.ofN.Y.
Change from
last
week-
540,138,900 2,213,907,700
194,331,000
313,703,200
last
week. —10,850,800 -11,897,400
—441,100
—1,866,100
Deposits
Change from
Reserve on deposits
Change from last week.
101,663,300
381,479,800
30,481,500
36,674,000
—721,500
—4,888,500
—622,600
—2,149,300
P. C. reserve to deposits.
23.5%
23.7%
22.9%
23.2%
18.7%
19.1%
15.3%
16.1%
Percentage last week..
+
—Following
Increase over last week.
is
in the "Clearing
•
Decrease from last week.
the report made to the Clearing House by
House return" on the preceding page:
olearing
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending Aug. 25
Net
Capital.
Profits.
1917. jNat. bank a June 201
\ State ban!is June 20/
Members of
Federal Reserve Bank
Battery Park Nat Bank
First Nat. Bank. Brooklyn...
Nat. City Bank, Brooklyn
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken...
Second Nat. Bank, Hoboken.
National
Loans,
Discounts,
Investments,
Reserve.
Legal
Deposi-
Additional
Deposits
with Legal
Deposi-
Notes.
taries.
taries.
&c.
&
Legal
Tenders.
Gold.
Silver.
Federal
Average.
%
5,000
7,000
11,000
561,000
13,000
5,000
19,000
Average.
$
65,000
96,000
92,000
76,000
71,000
30,000
46,000
626.000
728,000
2,417,000
8,603,000
10,048,000
4,470,000
7,655,000
4,221,000
6,466,000
6,672,000
20,007,000
4,744,000
149,000
483,000
659,000
354,000
073,000
172,000
302,000
538,000
863,000
288,000
8,000
135,000
35.000
5,124,000
75,203,000
600,000
200,000
1,095,800
335,000
700,000
1,430,800
Average.
%
6,158,000
Reserve
with
Bank
Average.
S
1,211,000
National
Net
Net
Bank
Demand
Time
Circula-
Deposits.
Deposits.
tion.
Average.
$
6,551,000
5,264,000
61,000
98,000
65,000
11,000
524,000
533,000
850,000
312,000
309,000
269,000
Average.
$
1,179,000
641 ,000
464,000
2,959,000
862,000
695,000
480,000
5,131,000
5,492,000
4,020,000
2,615,000
2,715,000
475,000
258,000
4,008,000
7,080,000
21,000
71,000
110,000
129,000
42,000
44,000
1,000
85 000
199,000
40,000
210,000
688,000
118,000
91,000
416,000
60,000
119,000
549,000
653,000
242,000
484,000
316,000
150,000
428,000
1,235,000
239,000
20,000
416,000
494,000
12 000
25 000
105,000
64,000
483,000
264,000
45 000
204,000
177,000
4,481,000
645,000
2,253,000
974,000
10,027,000
6,790,000
492,000
86,000
35,000
44,000
27,000
63,000
16,817,000
578,000
79,000
Grand aggregate
Comparison previous week
6,796,000 11.375,300 135,178,000
6,685,000
—364,000
Grand
Grand
Grand
Grand
Grand
6,796,000
6,795.000
6.795,000
6,795,000
6.796,000
135,642,000
133,220,000
132,355,000
133,119,000
133,104.000
.
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Bank
Columbia Bank
International Bank
Mutual Bank
New Netherland Bank
W. R. Grace & Co.'s Bank...
Yorkville Bank
Colonial
Mechanics' Bank, Brooklyn..
North Side Bank, Brooklyn..
Total
$
442,700
697.800
625,500
S
400.000
300,000
300,000
400,000
250,000
220,000
126,000
Average.
S
Average.
S
Average.
S
54,000
Average.
9
190,000
679,000
417,000
428,000
3,412.000
2,450,000
295,000
119,000
390,000
198,000
217.000
101,000
31,788.000
7,346,000
1,510,000
218,000
64,000
352,000
360,000
2,043,000
402,000
1,986,000
9,144,000
9.224.000
4 440 000
7 834 000
4,210,000
2,756,000
7.140,000
20,576,000
4,384,000
211,665
236 000
294,000
2,682,000
12 000
50,000
400,000
4,315,000
4,359,000
71,694,000
3,886,000
94,000
71,000
387,000
341,000
891,000
195,000
7,757,000
3,788,000
1,358,000
3,000,000
90,000
165,000
728,000
1,086,000
11,545,000
4,358,000
2,818,000
+ 22,000
1,397,000
—49,000
1,452,000
+ 19,000
—19,000
+ 81,000
6,734,000
5,726,000
6,662,000
5,805,000
6,335.000
1,433,000
1,488,000
1,228,000
1.216.000
1.280.000
2,796,000
2,886,000
2,840,000
3,000,000
2.986,000
1,416,000
1,453,000
1,416,000
1,524,000
1,430,000
8,970,000
8,768,000
8,647,000
9,094,000
9,419,000
1,318,200
768,700
629,400
338,200
6,548,000
5,991.000
6,212,000
5,501.000
6,863,000
5,886,000
86,000
65,000
85,000
214,000
92,000
46,000
38,000
1,995,000
4,820,600
43,158,000
100,000
400,000
300,000
500,000
200,000
200,000
600,000
100,000
1,600,000
200,000
463,300
1,003,400
725,100
133,000
600,800
226,000
562.700
664,600
781,800
173,400
4,100,000
74,000
15,000
41 ,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co.. Bayonne
Total
aggregate
aggregate
aggregate
aggregate
aggregate
Aug. 18
Aug. 11
Aug. 4
July 28
July 21
11.375,300
11,376,300
11,376.300
11,375.300
11,375,300
9 051 000 12,525,000 all5,027,000 15,589,000
1,510,000
—820,000
+ 54,000
—5,000
13,807,000 0115,847,000
16,.52 4, 000 all3, 153,000
16.092,000 all 1,956,000
13,421,000 all4,636,000
13,128.000 all5.591.000
15,535,000
15,372,000
15,598,000
15,238,000
15.337.000
1,615,000
1,514.000
1,514.000
1.612.000
1.516.000
-1,282,000
a U. 8. deposits deducted, $3,031,000.
—
Boston Clearing House Banks. We give below a
summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
B08T0N CLEARING HOUSE MEMBERS
Aug. 25
1017.
Circulation
55,6.59
&
dlsc'ts
Investmenta.
Individual fleposlts, Incl.U.S.
banks
Due to
Loans,
000
000
000
000
000
000
000
458,576
367,516
123,330
Time deposits
33,606
Exchanges for Clear. House. 12,570
Due from other banks
68.918
Cash In bank & In F. R. Bank 57,646 ,000
Reserve excess In bank and
Federal Beeerre Bank
15,702,000
—
Change frtm
Aug. 18
Aug. 11
yreriryut meek.
1917.
1917.
Dec.
Dec.
.513,000 $5,672,000 $5,681,000
5,3.59,000 463,935,000 451,798,000
Inc.
19,000 367,497,000 358,846,000
4,126,000 127,4.56,000 124,266,000
2,103,000 35,709,000 36,564,000
525.000 13,095,000 13,943,000
3,965,000 72,883,000 76,757,000
1,043,000 68,689,000 66.781.000
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
1,018,000
16,720,000
18,443.000
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
r-
3%
basis of 10% reserve for demand deposits and
for time
Previously the basis was 15% against demand
deposits.
Reserve requirements of trust companies
deposits alone.
remain on old basis of 15%. See volume 105 page 333.
Week ending Aug. 26 1917.
Two
ciphers (00)
Aue.18
omitted.
Nat. Banks Trust Cos.
Capital
Surplus and profits
Loans, diso'ts & Investm'ts
Exchanges for Clear.House
Due from banks
Bank
deposits
Individual deposits
deposits
Total deposits
U.S.deposlt8(not included)
Res've with Fed. Res. Bk.
Cash reserve in vault..
Total reserve held
Reserve required
Excess reserve
Time
$20,475,0
45,9.59,0
399,269,0
15,944,0
119,983,0
163,798,0
332,880,0
3,806,0
500,484,0
44,5.50,0
17,242,0
61,792,0
36,189,0
25,603,0
$11,000,0
33,607,0
153.977,0
1,616,0
2,481,0
3,116,0
128,624,0
13f,74b',6
14.186,0
7,363,0
21 ,,549,0
19,146.0
2,403,0
Total
$31,475,0
79,566,0
553,246,0
17,560,0
122,464,0
166,914,0
461,504,0
3,806.0
632,224.0
18.321,0
58,736,0
24,605,0
83,341,0
55,335,0
28,006,0
1917.
$31,475,0
79,485,0
553,273,0
17,970,0
117,399,0
162,641,0
4,58,742,0
3,774,0
625,1.57,0
16,530,0
54,025,0
24,3.54,0
78,279,0
55,107,0
23,272,0
Aug. 11
1917.
$31,476,0
79,503,0
648,231,0
20,286,0
116,660,0
159,700,0
463,912,0
3,894.0
627,508.0
13.629.0
55.942,0
24,816,0
80,767,0
55,253,0
25,604,0
THE CHRONICLE
892
IJauluers
©a^jette.
Street,
—
tries and to issue as many billions of Government bonds as
people of the largest and smallest means, and all classes
between the two, can, by any sort of device, be persuaded to
gated substantially more than one-third of the whole. It
ex.-div. and soon lost nearly 3 points more.'^ It
closed at \0^]^, a net loss of over 8 points within the week.
The railway list was not, of course, so hard hit as others,
but New York Central, St. Paul and Reading declined from
23^ to 4 J-^ points. Several industrial issues covered a much
wider range. When at the lowest to-day, Industrial Alcohol
showed a loss of 143^ points. Bethlehem Steel B nearly
10, Cigar Stores 93^, Crucible Steel 12 3^, Butte & Superior, Lackawanna Steel and Studebaker from 8 to 9 points,
Treasury officials have this week asked Congress to
authorize a loan of $7,500,000,000 at 4%, and yet this is
only a little more than one-third the estimated cost of the
war (nearly $20,000,000,000, including $4,000,000,000 loaned
to the Allies) during its first year.
This attitude on the part of those who control the finances
and many others from 5
of the nation is bewildering to many men of affairs in all
parts of the country, but especially in financial circles at
At the Stock Exchange this week it has been
this centre.
the chief cause of a decline in security values, including
bonds as well as stocks, such as is rarely seen except in time
The matter of controlling prices for foodstuff
of panic.
and other commodities, which has been placed largely, if
not wholly, in the hands of one man, has also contributed
somewhat to the feeling of perplexity and distrust which
prevails.
of the absorbing events of the
week has been
STOCKS.
Foreign Exchange.— Sterling exchange ruled quiet
throughout the week, with virtually no changes in quotaExchange on Petrograd declined to a new low record,
tions.
namely, 17.00, and closed at 17.75. Otherwise the Continental exchanges were nervous and irregular.
To-day's (Friday's) actual rates for sterling exchange were 4 72@4 72 }i
for sixty days, 4 7552 H ©4 7555 for checks and 4 76 7-16 for cables.
Commercial on banks, sight 4 75H sixty days 4 71}i@4 71^, ninety days
4 6934 @ 4 69%, and documents for payment (sixty days) 4 71Ji@4 715^.
Cotton for payment 4 75% and grain for payment 4 75%.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 83%
Germany bankers' marks were not quoted
for long and 5 77Ji for short.
Amsterdam bankers'
for sight, nominal for long and nominal for short.
guilders were 41% for short.
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high and
.
fr.
low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual—
High
for the week.. .4
for the week
4
Sixty
Days.
—
Cables.
4 76 7-16
—
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week... 4111-16
Low for the week
41
Domestic Exchange. Chicago,
4 76 7-16
5 77
5 77?i
5
76M
42 1-16
41 15-16
41 15-16
4154
Boston,
10c. per $1,000 discount.
par.
St. Louis, 15c. per $1,000 discount bid and 5c. discount asked.
San Francisco, 10c. per $1,000 discount. Montreal, $.9375 to $1.09 per
$1,000 premium. Minneapolis, 10c. per $1,000 premium. Cincinnati
par. New Orleans, sight 50c. per $1,000 discount and brokers' 50c. rep-
—
mium.
i
^^
_^
State and Railroad Bonds. No sales of State^bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been exceptionally dull and weak, the volume of business reported
in this department having been made up largely of foreign
issues.
Of the first named, in a list of 22 relatively active
bonds, 2 are fractionally higher, 16 are an average of about a
point lower and 4 are unchanged. The list referred to includes Atchison, Baltimore & Ohio, Chesapeake & Ohio,
-.
.
—
i
Inter-Metropolitan, Distilling Securities, Missouri Pacific
Southern Pacific, St. Louis & San Francisco, New York
'^
Central and United States Steel issues. ^
"^3 A' -«.i53
_ia
.*,
^
—
"United States Bonds. Sales of Government bonds at
the Board are limited to the Liberty Loan 3Hs at 99.88 to
99.98.
For to-day's prices of all the different issues and for
the week's range see third page following.
—
Railroad and Miscellaneous Stocks. For various
some of which are noted above, the stock market
has been continuously and at times exceptionally weak. No
issue traded in escaped the downward movement.
To-day's
market has been by far the most active of the month on
renewed efforts by the bear element and some real liquidation. U. S. Steel led the movement on sales which aggrereasons,
Range for Week.
Sales
for
Week
Lowest.
I'
Highest.
Range since Jan.
Lowest.
1.
Highest.
Par. Shares $ per share.
S per share. $ per share. S per share.
100
29 100
Aug 30100 Aug 30,110
Apr 140
Jan
1
Adams Express
Am
Hank Note pref_.50
Aug 25[ 47 Aug 2
47
Aug 53% Jan
Aiii Urake Sh & F pf.lOO
Aug 30!l85 Aug 30 176
Apr 200
June
Aniorlcaii Express
100
Aug 31 3:98 Aug 31 90
July, 128%
Jan
Associated Oil
100
Aug 30 61 Ji Aug 27> 57
May 78% Jan
Atlantic Blr & Atl. . . 100
Aug 28 li'4 Aug 28 13% Feb] 17% Apr
Barrett pref
100
200 107
Aug
Aug 29 1063^ Juneill?
107
Feb
Batopilas Mining
20 1,000
IH Aug
I'A Aug 27
Jan
% JuncI 2
Brunswick Terminal. 100
700
10
Aug 25 7% Feb! 14% June
S'A Aug
Burns Bros
400 94
Aug
100
96% Aug 25 89
Jan 125% Apr
Butterick
100 1,100 13
Aug 25 14 Aug 28: 12
Mayl 19% Jan
Calif Packing
no par 7,500 5 39% Aug 31 41% Aug 27| 36
Augl 42% Aug
Calumet & Arizona
10
200 77J^ Aug 31 79
Aug 31: 76
Apr! S4A May
Case (J I) pref
115 84
100
Aug 28 84 Aug 28 80
July 88
Jan
Central Foundry
400 28
Aug 31 30 M Aug 29 28
100
Aug 36% Aug
Cent & So Am Teleg. 100
10 114H Aug 31 1141^ Aug 31 114
June 155
Jan
Computing-Tab-Rec 100
300 37J< Aug 31 40
Aug 27| 37% Aug 46
Jan
Elk Horn Coal
500 2514 Aug 30 28M Aug 25j 253i Aug 38% June
50
Federal Min & Smelt 100
300 20
Aug 31 23 Aug 28: 11% Feb 26% Aug
Preferred
100
200 45
Aug 29 45 Aug 29; 37
Jan 54% July
Flslier Body pref
100 90
Aug 27 90 Aug 27| 86%
100
__
July 95
Mar
Gaston W&WInc-nopar 12,800 37}i Aug 31 413^ Aug 251I 28
Feb 41% Aug
General Cigar Inc.. 100
100 36
Aug 27 36 Aug 27 33
Julj'i 443^ Mar
Preferred
100 98% Aug 31 98% Aug 31 98 3i Juncil04% Apr
100
Gulf Mob & Nor ctfS-10
200 17
Aug 28 17% Aug 281 14% Augj 17% Aug
Haskell&BarkerC. nopar
500 37'A Aug 31 38% Aug 25! 373i Aug; 40
June
Haviina El Ry L & P 100
10 100
Aug 28 100 Aug 28 99% Jan 99% Jan
Homestake Mining. .100
100 107
Aug 27 107 Aug 27, 101
July 131% Jan
Int Harvest N J pref. 100
200 n3H Aug 31 113% Aug 31 113% Aug 121
Jan
Jewel Tea Inc
400 35H Aug 31 37
Aug 3ll 353^ Aug 78
100
Jan
Liggett & Myers pf . . 100
397 HI
Aug 30 111 Aug 30 110
Aug 125% Jan
Rights
6,400
IH Aug 28 I'A Aug 29 1
Aug| 1 H Aug
Manhattan (Elev) Ry 100
300 113
Aug 28 113!^ Aug 28 113
Aug 129(4 Jan
May Dept Stores. _. 100 200 51 Aug 30 SlVi Aug 30 51
Aug 66% Mar
National Acme
50 1,100 33 H Aug 31 33% Aug 27 33% Aug 35% July
Natl Cloak & Suit. . . 100
100 71'A Aug 31 71% Aug 31; 70 'A May 84
Jan
Nat Rys Mex 2d pf.lOO 1,000 5 'A Aug 27 6% Aug 29
Aug 7
Jan
N O Texas & Mex v t c. 1,825 261^
32
Aug 31
'A Aug 28: 15% June 36 H Aug
Nova Scotia S & C.IOO
700 100
Aug 30 101
Aug 27 90
Feb 125
Jan
Ohio Fuel Supply
Aug 31 50 '4 Aug 27; 45% May! 54
25 1,000 48
Feb
Owens Bottle-Mach 25
Aug 31 92 'A Aug 28 80
600 91
Apr 106
Jan
Pacific Tel & Tel
200 22 H Aug 28 22% Aug 31I 22
Aug 34% Jan
100
Pan-Am Pet & T pref 100
344 94
Aug 25 94 Aug 29, 89
June 98
Jan
Peoria & Eastern
100
7% Aug 29 7% Aug 29 7
Aug 12
100
Jan
Pierce-ArrowMot.TJopar
200 38'A Aug 28 38 H Aug 28 38% Aug 41% June
Preferred
500 95% Aug 31 96}^ Aug 29 95% Augl 9834 Aug
lOO
Pitts Cin Chic & St L 100
100 71
Aug 31 71 Aug 31: 66
May' 82
Jan
Pond Creek Coal
10 1,100 21}^ Aug 31 23% Aug 28 21% Augl 26 3f Aug
Quicksilver Mg prel.lOO
100
1% Aug 31 1% Aug 31' 1% June 4% Feb
Royal Dutch ctfs dep_
8,300 65
Aug 25 673^ Aug 27 59
May 67% Aug
Savage Arms
400 75H Aug 28 80
Aug 28, 72
June 108
100
June
Sears, Roebuck, pref 100
230 125
Aug 27 125 Aug 28| 125
Mavil27% Jan
So Porto Rico Sugar. 100
100 180
Aug 29 180 Aug 29 165
Feb 209
May
Preferred
50 115
Aug 28 115 Aug 28 112
loo
May 114% Feb
Standard Mill pref. 100
100 82 M Aug 31 82% Aug 31! 82% Aug 90
Jan
Superior Steel
Aug 31 413^ Aug 2.T 34% May 51% June
100 1,200 39
Tidewater Oil
525 204 5i Aug 31 206 H Aug 30 194% June 206% Aug
100
United Drug Ist pref-50
200 53 '4 Aug 30 54
Aug 27, 51% Apr 54
Jan
United Dyewood pf.lOO
100 95 H Aug 29 95% Aug 29 93
Aug 95% July
United Paperboard
100 24
Aug 31 24 Aug 311 24
Aug 33 H May
U S Realty & Impt. . 1 00 200 12 Aug 31 13 Aug 2.5 10
Jan 22% Jan
Wells, Fargo Express 100
300 91H Aug 31 92
Aug 27i 90 K July 144
Jan
Western Pacific
100 2,400 15)4 Aug 25 15% Aug 27i 123^ Apr 18% May
Preferred
100
200 45
Aug 25 45 Aug 28:, 39
._ 3i May 48
July
Westinghouse Air Br. 50
340 111
Aug 31 11334 Aug 31 110
July 113% Aug
Wilson & Co pref... 100
100|l01% Aug 31 101% Aug 3111 97
Feb 107
Mar
100 47
100 185
200 l98
300 61)^
100 14Ji
—
5 76
—
—
31.
.
Checks.
4 7555
4 75523^
72
72
Paris Bankers' Francs
High for the week... 5 83?^
Low for the week
5 84 >4
Low
Week ending Aug.
'
Presi-
dent Wilson's answer to the Pope's peace proposal. It is
a clear, concise statement of the reason why the Pope's plan
cannot be approved by om* people, which is .simply that the
object for which we took up arms against the Central Powers
will not have been attained.
Other happenings of the week have had little or no effect
The weekly crop bulletin was again highly
in Wall Street.
all important crops are now so far
nearly
favorable, and
well
past the danger zone.
advances as to be
call
loans
reached 6% yesterday, and those in
The rate for
touch with the situation predict a higher level of rates in the
money market during the autumn than has recently obtained.
also 27.18
to 7.
For daily volume of business see page 901.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
buy.
One
105.
opened
Friday Night, Aug. 31 1917.
Situation. While
economists, food conservators and others are urging the
people of the United States to stop all waste and practice
a stricter economy in domestic affairs, Treasury officials and
Congress have apparently forgotten all else in their eagerness
to lay the heaviest taxes possible upon all incomes and indus-
Wall
The Money Market and Financial
[Talk,
_
Outside Market. Trading on the "curb" this week as a
whole was on a small scale though the business done was at
steadily declining values.
Prices reached the lowest levels
of the week in to-day's trading.
The munitions and motor
stocks as usual were the chief sufferers.
Chevrolet Motor
after a loss of 10 points to 80, slumped on Thursday to 70
and ended the week at 75. United Motors was conspicuous
in the early part of the week for an advance of over 2 points
to 24, but thereafter moved downward, reaching 20 J^ to-day
with the close at 203^. Aetna Explosives com. decHned
about 2 points to 53^ with the final figure 5J^. The pref.
sold down from 44 J^ to 40 and up to 43.
Air Reduction ran
down from 95)^ to 86 and ends the week at 87J4. Bethlehem Steel new class B com., w. i., was introduced this week
at 110>^ and fell to 105 M, recovering finally to 106.
The
rights were traded in also for the first time down from 5 to
2^ and up finally to 3. Curtiss Aerop. com. sold down from
45 to 383^ and at 39 J^ finally. Submarine Boat after an
advance from 28 to 29 }i broke to 24^ and ends the week
at 251/^.
Wright-Martin Aircraft com. from 10 receded to
814 and finished to-day at 8^. Standard Oils were very
quiet.
Illinois Pipe Line sold off from 227 to 218.
Prairie
Pipe Line from 265 moved up to 270, then down to 245.
Standard Oil (Calif.) lost 11 points to 247 and Standard Oil
of N. Y. 14 points to 271, the latter's final transaction being
at 273.
The other oil shares wdth a few exceptions held
fairly steady.
Merritt Oil was one of the heaviest losers,
dropping from 373^ to 30, the close to-day being at 31^.
Midwest Oil com. decUned from 1.35 to 1.15 and recovered
finally to 1.19.
Midwest Refining fell from 180 to 160 and
ends the week at 164. Glenrock Oil made its initial appearance at 10 J^, moving up to 12^ and down finally to 12.
Mining stocks without feature. Bonds slightly lower.
A complete record of "curb" transactions for the week
will be found on page 901.
2
2
New York
Stock
Record,
Exchange— StockTWO
PAGES.
Daily,
893
Weekly and Yearly
OCCUPYING
For record of salea during the week of «tocki usually inactive, lee preceding page.
HIOH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Sales/or
the
SatUTday
Monday
Aug. 25.
Aug. 27.
S ver share
»9834
*94
•108
6812
*6838
5912
99i2
97
109
Tuesday
Aug. 28.
$ per share
9S7g 99
*95
97
•HO
29^8
6534
53I4
•37
•
68%
68I2
69
6S3s
•25'
•53
•41
•8
•15
26
65
46
200
9
I7I2
2334
2334
35
35
27
•26l2
10578 10578
3478 36-%
•101
•9I4
55
1934
•53
14l2
•26
6II2
102
•10
3OI2
5112
8378
3118
•21
•118
•80
•101
521s
18
6738
5412
39
*
•25"
*53
*43
105
200
8
*15l2
2358
•3434
•26
10518
35I8
IOII4
934
55I2
1934
54I2
I4I2
30
938
54
I9I4
•52
'23'
6II2
*39
44
•I22I2 1231
•1414 16
•100 107
•IIOI2 117
57g
30
3034
6734
647s
IO5I2 IO5I2
200
108
145
109
150
40
70
Oils
*39
*121
15
102
"•534
*10l4
2978
5158
6
lHa
31
53
8438
311
23
119
85
•3OI2
•43
47
28
6312
8818
39I2
•40
•15
11
•26
94I2
2778
*55l2
17
•20l2
•85
28
*63l2
8734
*38i4
I8I4
•25
I414
31
52I2
47
11
27I2
94I2
20
5634
I6I2
2OI2
86
•85
88
26I4
18^8
•2514
1834
33
•25
I4I4
141s
•1238
•64
71
5l8
•378
2634
•8312
9II4
5I4
4l8
27
•99
8734
*
'43"
•106
73
•113
•35
35
•75
90
I3I2 •13
64
63
109
73
116
73I4
106
62
6.5I2
•
10
21
11634
85
5218
1818
27I4
6412
8818
4OI4
4112
1534
3II4
47
*38
122
122
6018
10
'*5i'2
•10
8258 83
3034 3138
2034 2034
II6I4 II6I2
"
2634
86I4
•3812
8712
40I4
4112
16
3114
4312
11
8534
•3734
26
94
•26
*30l2
43I2
26
63
26
63
87I4
4012
40
40
15
1518
30
301
*43l2
•1012
47
1634
1958
1634
*16U
1634
*19l2
2OI2
*19l2
85
85
•82
135
87
•83
8OI4
*7U
•16
I3I2
33
14
31
5i8
378
49
538
378
*
"4112
10638
69I4
•112
3558
•75
13
ens
14
51
56
25
6OI2
6212
•11
68
93
100
67
•91
11738
•198
101
4858
9612
•30
20
•55
71l8
103
•6II2
6234
•Q07,
2612
85
*28
27I4
9358
2658
11
2712
9418
265s
55
55
55
I35I2
8OI4
"512
2812
52
52
33
1334
32I2
49
•44
49
64
5
4
4
2538
2534
I2I4
5
•378
25
12I4
2812
64
26I4
62
62
8412
•3734
3958
lonu
6II2
6II2
63I4
62
•907o inoio
BM aad ukea prlcea: no eaita on tUs day.
t Ex-righta.
I
4,600
1,420
700
500
12,400
3,710
1,300
1,900
33,100
1,800
4,600
1,900
1,200
200
400
200
2,300
500
400
150
1,600
400
20,200
3,500
16,650
4,475
1,050
1,900
3,000
6,509
1,000
8618
40
3958
4,650
1,200
29,750
320
600
7,300
200
26
191 14
26
93
27
2612
54I4
•28
•13
29
•44
III2
54I2
I6I2
1.32
78
7I2
16
IOI2
48
25I2
I7I2
100
1,000
500
8,300
15,700
1,550
700
100
100
14,600
300
1,207
100
1,200
3,400
2,900
2,300
33
I3I2
29I2
1,200
500
49
•12
•26
160
1358
325
28i2
62
6l8
5
007,
"eoo
46
378
2314
63
800
3012
5
62I4
100
20,500
6,200
14,900
•43I2
*10l2
83
•89
•6II4
59I2
600
•29
,
;
6212
65I2
4,500
5,400
700
1,600
7,900
600
I5I2
15
4
25I2
300
800
44
25I2
•8212
83
91
89
•9978
§9978 9978 •9978 101
86I4
86I2
85
82
85
97 *
97 *
97 *_
"41'
'46l'2
4234
4II2
42
3834
10638 1061 IO6I2 •106
108 •105
721
67I4
685g 70
69
703s
116 •112
•111
II5I4 •IIII2
116
35I2
35I2
*34l2
34I2
3558
35
•75
•75
•75
95
95
96
13
1278
13
13
13
1218
64
6H2 6II2 60l8 6II4
6912
*13l2
•13
14
15
14
13/
51
4818 4818 •48
•46 I
51
55I2 5612
57
5612
55
62
26I4
24I2 2534
24I4
25
2558
.59I2
6258
61
6018 6018
59
62I4 63I4
59I2
6612
62
63
IO3I2 IO4I2 IO3I4 IO3I4 10318
108
•III4
•11
15
15
15
11
67
66
66
6438
651s
•91
93
93
•98
100
100
9858 9858
9718
99I2
95I4 9612
94
9534
9234
112
111
IIOI2 111
111
•IO9I2
66
6338 65
6212 64
61
11638 113
II4I2 11234 114
3:108
•113
118
»113
116
11468 •113
44I2 4634
48
42I2
44
4558
11838 11734 118
11758 II8I2 11734
202
198
200
198
198
195
•10078 102
101
IOOI2 ICOI2 101
49I2 49I2
5OI2
48
4834
46
9678 •96
•96
97I2 •96
98
.39I2
•30
37
•30
35
35
2II2
I9I4
I8I2
15
18
1734
60
55
55
56
66
53
73
7058 7II2
7018 7II2
68
95I2
10658 102
104
101'2 IO2I2
86
90
m78
86
I3I4
•26
64
8112
3118
•81
85
10034 101
5178 62
*16l2 1758
62
•28
1238
28I2
558
10
33
1034
4778
2514
m
29I4
18
8I2
6OI2
10
1341s I35I4 3:13012
8OI4 8OI4 178
*7t2
9I2
7l8
•16
18
16
*10l2 11
1038
48
48
4714
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1758
18
17
19
15
*83
*30ls
•84
•89
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53
87
1378
5
64
53
,•19
•50
20
3012
12-38
834
85s
201
I3I2
•26
64
15
2158 2218
317s 32I2
2438 2438
10414 10412
3234 34
10134 102
I6I2
*19l8
3012
•44
198
9
15
•100
1634
9334
2612
IO2I2
12134 12134
I4I4
I4I4
534
375
5,400
65
46
43
122
14
105
3,400
100
70
2034
•63
•43
101
198
•8
43I2
26
63
1538
40
8II2 S3
8OI2
3034 31
3038
20I2
2OI2
II6I2 117
111434
44
•40
5234
*38
85
63
28
65
Oils
•81
85
102
10138 •101
5178 52
517s 52
•14
16
16
175s
62
62
•81
101
27I2
6418
52I4
44
117
534
6638
107
106
145
30
55
15
7234 7334
IO5I2 IO7I2
6112 6178
6478 66I4
inn'>
44
10
3OI2
•I2I2
*26l2
6OI4
56
104U •103
22
58
30
I6I2
1958
89l8 89li
•9978 101
8712 88I2
501;
•26
56
9258
39I2
*12l2
2612
6II4
11
26
•84
98
19I4
52
15
26
27
85
102
56
52
68
206
19
52
52
15
2678
6258
6712
•54
878
287g
30
68
57:
834
52
•27
•64
40
90
IO4I2 IO4I2
33I2 34I2
IOOI2 10034
29I2
•1238
74I2
661
534
33
25
52
14
97
44
109
74
116
24
2234
2834
31
•44
8834
2II2
32I2
9
I5I2
11
•28
101
I5I2
53
8312
3II4
32
48
5012
•967g
•997, inr-
110
I8I4
514
4l8
I9I2
5318
I2I2
198
*8
60
15734
575s
2014
9934 IO2I2
192
*14l4 1512
14
'100
105 *100
25I2
50
98
36
23
60
107
62
•39
122
I8I4
11834 11834
•35
•20
•55
I2I2
2612
6118
9
55
211s
•53
•43
30
13434 13658
8OI4
•7I2
9I2
•17
19
1418
Week
Shares
•35
•67
35
70
22
55
46
34
•67
11
29I2
•80
35
199
8
16
285s
6512
5334
27I2
94I2
27I2
•98
9934 lOOU
99"8 IOOI4
96
•111
•111
112
112
•111
67I4 6734
66I4 6712
63
118
118
117
11734 114
•115
•115
118
118
•115
49I2
48
4734 4938
47
•49I2
1914
•52
25
50
•97
36
•20
•55
•5358
I9I4
•45
102'
III2
878
1058
5778
26=8
•196
102
44
IO3I2
2278
3234 3314
25I4 2514
IO4I2 10412
3378 3478
10034 101
47I2
25I4
18
51
204
I2I4
2812
6II4
36
70
26
56
46
22 14
lUd
5778
2612
•6214
•198
102
54
16
49
•50
•11838 11834
70
23
55
46
36
•67
•23
•53
•43
103
198
8
III4
•1334
•91
•98
40
47I4
1478
IO4I2 •103
•11
15
67l2 6712 •67
53
49
26
•13%
93
100
lOla
28
I3I2
6334
I4I2
5734
2534
6158
66I2
5418
2834
9358
2678
•26
I36I4 13612
*79l2 80
*7l2 IOI2
*16l2 19
1012 IOI2
14
•91
•98
25
63
15
•3012
*43i2
49
66
53I4
28I4
44
•40
*10
*25
65
62
44
29
64
89
1518
3II4
•1238
67
•103
•11
52
$ per share
98I4 99
55I8
iohs 102
16
18
62
I6I2
63
67
31
21
116
»81
52I4
56
447g
825s
118
85
102
17
21
27
•83I2 85
•90
93
•100 101
89
89
•
97
'44'
•10
29
53
9834
Friday
Aug 31
per share
98I4
98
*95i2 97
10878 10878
675s 68
683s 6838
97
109
67
558
1114
9858
•95
109
68
27I2
65I4
30l8
122
•I4I4 16
•100 106
117
15
*30l2
*43l2
49
•106
73
•112
35
•75
•13
64
122
15
102
61
*39
•121
41
•45
•6l8
•378
eus
44
•2614
4II2
*31
•44
•62
I2I4
"
28
*40
13638 13638
•7912 80
8
8
•17
19
•25I2
•52
55
68
1078
28I4
66I4
5378
$ per share
Thursday
Aug 30
96
96
*109
110
68I4
68
6834
681s
•68
»68
69
68
69
•60
60
•60
62
60
161
161 Il57ls
I59I2 162
161
57I8
57I2
58I4
58
5812
58
10
10
10
10
lOis
lOls
3OI2 301?
29
31
31
32
66I4
66
66
6738
66
6638
IO6I2
1071?:
107
107
IO712 •107
•106
106
108
108
106
106
150 •140
150 •140 150 •140
IO5I2 XIO234 103
1985g 200
*8
8
9
1712
16
16
23I2
2358
2234
33I2 33I2
3534
27
2534 2534
10534 10458 10518
3612
3312 3534
lOlU 101 IOII2
9I4
938
9
54I2
5334 5334
*19l2
1958
20
28
49
9878
200
94I4
27I2
1078
66I2
10634
8618
•3812
11
2712
9434
49
10
•3OI2
•38
•67
23
•53
•43
39
70
26
55
46
32I2
2II4
62
44
5778
5614
3II4
2II4
5218
I7I2
68
60
160
68I4
843,
102
I8I2
68I4
*107
140
108
145
31
84
118
•80
10212
52l8
28I4
6312
8834
3912
411
1534
3078
9838
*95
97
108^4 10884 •IO8I2 110
6878
6838
59^8 591s 6II2
I6II2 I62I4
162
162
5812 59
59
59
IOI2 IOI2
lOU IOI4
»30i2 30"s
3178 3178
6734 67 's
67
6712
•10634 108
"10034 108
•107
$ per share
Wednesday
Aug. 29.
378
25
83l2
8912
10034
85
97
4012
108
69I4
II5I4
34I2
800
3,000
600
5,900
100
600
75
13,600
12,200
200
12,500
600
95
125s
6018
13
51
5434
2434
593.1
6178
10318
11
6458
9718
9414
2,700
2,600
200
200
7,000
10,100
2,600
14,200
400
300
800
100
30,450
IUI2
1,100
6212
11034
6,000
9,200
120
44
11812
I97I4
101
4718
98
11,400
4,600
1,100
1,400
4,100
3434
300
200
I9I2
3, .500
53
7058
10134
•6II4 62I4
56
5812
innio
300
44,6.50
9,120
450
21,4.50
^00
Leaa than 100 aborei.
PER SHARE
STOCKS
NEW YORK STOCK
EXCHANGE
7% preferred when Issued..
6% preferred when issued..
ChR 1 &Pac ctfs of dep full pd
Clev Cin Chic & St Louis.. 100
Do pref..
100
Colorado & Southern
100
Do Ist pref.
100
Do 2d pref
100
Delaware & Hudson
100
Delaware Lack & Western.. 50
Denver
Rio Grande
100
Do pref
100
<fe
95
Aug 22
1077s July 3
6758 Aug 23
68
54
Aug 28
May
8
14812
Feb
7
55
May
May
May
9
10
29
9
9
6512 July 5
10612 Aug 15
50
Aug
Aug
Aug
Aug
Aug
29
22
23
23
22
625I4
Feb
8
106
144
2634
6312
34
67
Aug 30
20
Feb 10
July 9
5OI2
May
42
Marl2
9934
Aug 30
Aug 29
198
5I2
9
May25
12 JulylS
2II2 Aug 30
100
Do 1st pref
3178 Aug 31
100
24 Aug 30
Do 2d pref.
100
Great Northern pref
100 3:10114 July 5
2734 Feb 3
Iron Ore properties.. iVo par
Illinois Central
100 Feb 3
100
8I4 MaylS
Interbor Con Corp, vtc No par
5034 May 6
Do pref
100
1858
Kansas City Southern
May 9
100
52 May 9
Do pref
100
I2I4 Aug 28
Lake Erie & Western
100
25 JulylO
Do prel..
100
67I4
Lehigh Valley
May 9
50
39 May26
Long Island certta of deposit. .
119 May 4
Louisville & Nashville
100
14 Aug 30
MInneap <fe St L (new)
100
99 July 9
Minn St Paul & S S
100
114 Aug 2
Do pref
100
5 May 4
Missouri Kansas & Texas. 100
10 May 9
Do pref
100
2334
May 9
Missouri Paclf lc(new) when iss.
51 Mar 7
Do pref (or Inc bonds) do
8OI2 Aug 31
New York Central
100
3018 Aug 22
N Y N H & Hartford
100
N Y Ontario & Western... 100 2OI2 Aug 30
2:11434
Norfolk & Western
Aug 31
100
8II2 Aug 16
Do adjustment pref 100
Northern Pacific
100 I98i2 July 9
6138 May 9
Pennsylyanla.
60
16 Aug 29
Pere Marquette v t c
100
5312 Mayl2
Do prior pref V t
100
40 June 8
Do pref vtc.
100
2034 Apr 16
Pittsb &
Va interim ctis 100
6358 Apr 17
Preferred interim ctfs
100
8358 May 9
Reading
50
3912 Aug 25
Do 1st pref
60
3968 Aug 31
Do 2d pref.
..50
St Louis & San Fran new . 100
14 Aug 23
25 Feb 3
St Louis Southwestern
100
43I2 Aug 29
Do pref...
100
IOI2 Aug 28
Seaboard Air Line
100
25I4
Mayl6
Do pref
100
8834 May 9
Southern Pacific Co
100
23 May 9
Southern Railway
100
Do pref
616s Mayl5
100
I3I4 May 9
Texas A Pacific
100
1718 MaylS
Third Avenue (New York) 100
8434 Mayl2
Twin City Rapid Transit. . 100
12878 May 9
Union Pacific.
...100
7614 May 9
Do pref.
100
612 Feb
1
United Railways Invest. . . 100
1512 Junel4
Do prel
100
10 Aug 23
Wabash
lOO
4458 May 9
Do pref A
100
23 May 9
Do pref B
100
17 Aug 31
Western Maryland (new). 100
35 Apr 9
Do 2d pref
100
13
May 7
Wheeling & Lake E Ry...l00
29 Aug 31
Do preferred
100
45 July 9
Wisconsin Central
100
industrial & Miscellaneous
I2I4 Aug 30
Advance Rumeiy
100
27 Julyl7
Do pref
100
AJax Rubber Inc
50 160 Aug 31
5 May29
Alaska Gold Mines
10
378 July 9
Alaska Juneau Gold Mln'g.lO
2018 Feb 3
Allis-Chalmers Mfg v t c.lOO
7914 Feb 3
Do preferred v t c
100
83 Feb 3
Amer Agricultural Chem..l00
9858 Feb 10
Do pref
100
81 Feb 1
American Beet Sugar
100
91i2May 9
Do pref
100
36 Feb 3
American Can
100
103
May 7
Do pref
100
57 Feb 3
American Car & Foundry. 100
11438Julyll
Do pref
100
34l2Aug31
American Cotton Oil
100
92 MaylO
Do pref..
100
10 Feb 2
American Hide 4 Leather. 100
52 JulylO
Do pref
100
878 July 9
American Ice (new)
100
4818 Aug 29
Do pref (new)
100
52 Aug 31
Amer International Corp . 100
1534 Feb 3
American Linseed
100
48 Feb 3
Do pref
100
59l2Aug31
American Locomotive
100
102 May 4
Do pref
100
8l2Mayl4
American Malting
100
53 June 4
Do pref
100
9034
May25
Amer Smelters Sec pref B.lOO
97i8Aug31
Do pref Ser A stamped..
9234 Aug 31
Amer Smelting & Refining. 100
Do pref
100 ill0l2Mayll
52 Feb 3
American Steel Foundry.. 100
10438 Feb 3
American Sugar Refining.. 100
115 Aug 23
Do pref
100
30 May26
Am Sumatra Tobacco
100
Amer Telephone <fe Teleg.. 100 116i4Mayll
184 Apr 21
American Tobacco
100
100 Apr 24
Do pref (new)
100
371s Feb 3
Am Woolen of Mass
100
94 Feb 3
Do pref
100
Am Writing Paper pref 100 36 Aug 30
15 Aug 29
25
Am Zinc Lead 4 S
.53
Aug 31
Do pref
25
68
Aug 31
Anaconda Copper
60
89I2 Feb 3
I SS Line ctfs 100
Atl Gulf &
54 Feb 8
Do pref certfs
100
43 Feb 3
Baldwin Locomotive
100
99
Mnv .;
r>o
nrpf
100
M
W
W
na
rlglits.
• a-4tTl(l«n<I.
Lowest
Highest
i per share
98 Aug 31
Erie
c Bi-<Ut.
Range /or Previotu
Year 1916
1
basis of lOO-share lots
Lowest
Railroads
Par
Atch Topeka& Santa Fe.-lOO
Do prel
100
Atlantic Coaat Line RR...100
Baltimore & Ohio
100
Do pref
100
Brooklyn Rapid Transit-. 100
Canadian Pacific
100
Chesapeake & Ohio
100
Chicago Great Western... 100
Do pref
100
Chicago Mllw & St Paul.. 100
Do pref.
100
Chicago & Northwestern.. 100
Do pref
100
Chic Rock Isl <fe Pac (new) w 1
PER SHARE
Range Since Jan.
On
$ per share
107i2Jan 8
IOOI2
Feb
1
3:9812
Jan 4
Jan 18
7678 Jan 17
82 Jan 4
IO6I2
8II2
7212
81
119
85
Hignest
$ per share $ per sbart
IOOI4 Apr 10878 Oct
1673s Mar23 3:16212
6534 Jan 3
58
1134
141s Jan 10
4134 Jan 2
33
92 Jan 4
125i2Jan 29
89
123
124UJan 19 123
17212 Feb 16 §165
Dec 102
Apr 126
Dec 96
Aug
Dec
Mar
Apr
Apr
Apr
Dec
Dec
Dec
Apr
Feb
Nov
Jan
Jan
8878 Jime
I8334 Jan
71
Oct
80
I6I4
Dec
4712
IO212
13618
13478
Oct
Jan
Jan
Jan
176
Dec
63858
6258
Dec
38i2June26
84i4Apr 14
71
Apr
14
69i2June27
51 Jan 16
80 Jan 29
30 Jan 4
57i2Jan 9
46 Marl7
15178 Jan 19
238 Mar24
17 Jan 6
41 Jan
3434 Jan
4914 Jan
3934 Jan
II8I4 Jan
3818
1063s
1718
Mar
Jan
Jan
46
Dec
Apr
Feb
Apr
Apr
40
Mar
631
38
70
2434
14878
Dec
216
Mar
Mar
Mar
878
16
32
46
40
115
32
9934
1512
Apr
Dec
Dec
Dec
Dec
Apr
Dec
Dec
Apr
Dec
72I4 Jan
2578 Jan
5812 Jan 30
25I4 Jan 3
5334 Jan 3
69
79l2Jan
2
14
74I2
Jan
Jan 4
32i4Jan 29
119 Jan 3
12118
Mar
Apr 13
12812
Jan 2
20i2Jan
34 Jan
61 Jan
10358 Jan
6278 Jan
29I4 Jan
13858 Jan 24
8912 Feb 3
318
4334
13334
127
Apr
11
llOUJan
3
Jan 25
Jan 2
73i2Jan 17
57 Jan 8
3534 June 1
68 Junel5
6738
3684
104i4Jan 3
45 Jan 29
45i2Jan 16
Jan 2
32 June26
63 Jan 4
18 Jan 3
3912 Jan
3
2638
98l2Mar24
3338 Jan
3
70i2Jan 30
1934 Jan
4
4834 Jan
2
95 Jan 20
1491s Jan 2
85 Jan 24
1138 Jan
2
2334 Jan
1534 Jan
58 Jan
30I2 Jan
23 Apr
41
Mar27
2278
5068
5414
Jan 2
Jan 22
Jan 2
18i2Jan
Jan
80 Jan 25
lli2Jan 4
371s
8l8Mar26
3258
867s
9612
May 31
Mario
May
2
103i2Jan 24
102i2Feb 15
98 Jan 24
53 May28
llli2June 6
803s June26
11834
50I2
May28
Jan
101i2Jan
5
9
17i4Mar29
75 Jan 4
167s
Aug 6
56
July 11
6234
Aug
2318
5658
10
32
26
116
May
Apr
Dec
Deo
Deo
Deo
Dec
Sep
60
Dec
Dee
38% Deo
73I2 Dec
Sep
Sep
Apr
Dec
3634
72
Sep
Sep
May
Mar
Feb
Jan
Feb
Feb
15l2May
7518
4178
4114
16
37I2
14
3418
94I4
18
56
6I2
May
Sep
Apr
Apr
Apr
Apr
Apr
Feb
48
94
Nov
Mar
12934
Apr
i80
734
Sep
May
1318
Sep
Sep
41I2
Mar
17
25
Apr
21
Dec
Dec
46
33
14
3038
63
IOI4
684
Apr
Aug
Oct
July
Dec
Oct
19
July
70I2 July
63
Apr
96 Mar
6 134
93
44
Feb
Apr
10778
Dec
Dec
52
July
11688
4818
Aug
Dec
98
Jan
June
884
45
Oct
13I4
24I4
3812
6478
II4I4
7778
3438
14718
8918
11878
Dec
2218
4734
IOOI4
49I2
108
55
Nov
Oct
Oct
Oct
Jan
Oct
Apr
8418
55I2
8718
140
36
130
137
10
26
114
Oct
June
Oct
6218 Oct
5734 June
156
Oct
242 Nov
23I4 Oct
52I2 Oct
4658 Jan
5918 Jan
5412 Jan
12712 Jan
5034 Jan
10978 Oct
2118 Jan
7712 Jan
3214 Jan
6478 Jan
30 Dec
86
37
Mar
Oct
Jan
Dec
Oct
May
Jan
Oct
'll'5"i2
'sep
46
52
May
3012
3212
57
19I4
Feb
Dec
Deo
Deo
Dec
4218 Oct
10418 Jan
3634 Deo
7312 Dec
2184 Deo
68I2 June
99
15388
8412
2114
3934
17
6OI2
3278
June
Oct
Sep
Jan
Jan
Jan
Dec
Deo
2738 Deo
5812 Dec
5612 July
2U4 Dec
43
Apr
8918 Deo
2612
IOI4
Jan
Jan
38
92
102
Nov
Nov
Nov
IO3I4
IO8I2
Nov
Deo
June
68I2 Sep
11538 Sep
102
Dec
7812
II912
58i8
Mar
102
Mar
2 01 2
8478
Oct
Oct
Deo
9
29l8Aug
7
6434 Aug 6
8234 Jan
4
10678 Jan 20
17
Dec
38I4
Mar
58
July
99I2 July
2778
6234
98I4
109
Nov
Nov
Nov
Nov
1934Mar30
71l2July28
99i4Jan 31
IO2I4
11234
Mario
June 2
1 1718 Jan 19
75 June 7
12638 June 9
121i2Jan 25
Aug
5612
12812
Jan 24
220
Marl2
June 9
54l2Marl0
Jan 26
72l2Jan 26
4138
87 May 26
121l2Jan 22
66 Jan 4
7612 July 2
102i->Jfln
» Beiore
44
104
Apr
2:12318
Dec
Feb
Apr
Dec
Dec
115i8May
97I4
102
1227s
1181s
Nov
Nov
Nov
Oct
73
Dec
12568
I23I2
Oct
Oct
11
10934 Jan 18
5834 June 9
100
8412 July
9134 July
88I2 Apr
IO914 Apr
^F.
payment
188
IO5I4
37
92
Jan
11
Jan
2988 July
5912 July
77
56
6OI2
52
qs7.
Apr
July
Dec
Dec
Dof
ZI3412 Sep
22978 Nov
113
Sep
5878
102
76I4
9778
87
Nov
Mar
Nov
Apr
Nov
10538 Nov
14734 Deo
7334 Nov
1185g Jan
no"" Mnv
of 1st Installment.
New York
894
Record— Concluded— Page
Stock
2
For raoord of aalai during th* weak of ttocka uaually inactl>a, aaa aaoond paga pracadlnii.
aiOB AND
WW
PER SHARE
SALE PRICES— PER SHAliE, NOT PER CENT.
SaUsfoT
the
Saturday
Monday
Aug. 25.
Auii. 27.
Tuesday
Aug. 28.
Wednesday
Awj. 29.
Thursday
Any 30
Friday
31
Week
Aug
STOCKS
NEW YOUK STOCK
EXCU.4NGE
Lowest
Shares
lnduftrlal&Mlsc.(C*n.) Par
$ ver s/tare $ per share $ per share $ per share % per share $ per thart
100
IO6I2 102
101
101
103
IOOI2 IOOI2
000 Barren Co (Tdej
105 •103
•104
10.)
105
100
112
10934 11012 IO912 IO9I2
II312 112
JJelhlebem Hteel
II412 112
113
1 ,950
113
113
100
Do clana U commoti
IIOI2 IIII2 10938 lll-'4l 10838 11078 IO712 10912 I0514 10812 10334 10678 142,200
»103
100
107
107
110
yref•108 114
103
Do
300
113
103
100 113
113
2.5I4
27I4
10
34I4
27
2678
2734
.Superior
Coi^per
3334
30
2658
Butte
A
9,300
35
•35
30
I7I2
I7I4
18-38
I8I2 1834
1834
17
17
2.900 Calllorula Petroleum v t c.lOO
»18»g 2018 •I8I4 1934
47I2 48
4634 47
100
4634 47
•48
4612 4634
Do pref
50
1 ,.500
•4812 51
100
8378 8512
82
8538
8712
88i8 88'8
84
89
87
807a 8314 39, .^00 Central Leather
•112
•111
114
•112
pref
100
11334
11334
Do
114
800
113
•113
113
115
33I4 33I4
No par
33I4 3378
34
33
33I4 33I2
3334 34I2
32
33
4,100 Cerro de Pasco Cop
79I8
79I2
100
8OI2 8II4
8O34
80
7812 79
3, .500 Cbandler Motor Car
8138 82I4
81=8
81
I6I2
25
1614
1718
1638
17V8
17
17
1818
17
9,200 Chile Copper
18
18
18
5II2
53I2
5158
5178
5278
5
53
62
Copper
5412'
5118
Chlno
54
54
10,300
54
14
43I2 44I4
44I2 4612
46I4 4634
47I4'
100
43
4412
461
5,800 Colorado Fuel * Irou
437s 45
39I4 3978
39I8 40
100
3858 391s 10,300 Columbia Gas ikElec
•4II2 421
4034 41
393s 4934
10418 10534 •104
108 •104
107
104
108
•106
105
2,200 Consolidated Oas (N V)..100
107 •106
•90
•90
*90
100
95
95
•90
Can
•90
97
Continental
97
•93
95
9612
•
•
*
IO6I2 •
100
111
111
•
111
Do pref
10612
111
'31'
32I2
3II2
2934 3934
2934 3034
32I2 32^8
2858 2978 32,950 Coru Products Rellnlng-..100
30
97I4
•97
97
99
100
97
97
9634 9634
Do pref
98
900
98
98
98
69I4
66I2 09
7134
6818 71
7018 77I4
7018 78l2
163,000 Crucible Steel of America. 100
78
79%
9978 997s
9978 9978 •9912 9934
Do pref
100
9914 99I4
•9978 IO212 •9978 101
1,100
29I4 3II4
32I2
34I4 34I2
No par
32
32
27
3212 34I4
29
30,900 Cuba Cane Sujjar
311s
*89l4
•89
•88I4 90
100
8912 •88
90
90
8878 89I4
Do pref
90
400
89
*175
180
100
•186
185
186
181
180 •175
•185
189
189
185
500 Cuban-American Sugar
108 *100
105 *100
108
•100
100
•104
Do pref
108 •104
108 •104
108
26I4 26=8
*26l2 27I1
2414 2538
2534 2634
2538 2.534
24
2514 11,400 Distillers' Securltlea Corp. 100
*978
•978
9 '4
978
978
978
10
10
10
10
978
3,000 Dome Mines, Ltd
934
9'8
I55I2 •151
15512 151
15212 14958 15058 1497s 150
•151
147
100
14958
4,200 General Electric
IO8I2 11012 10612 10334 10612 10833 105
IIII2 112
nils 113
IO8I2 39,900 General Motors tem ctfa.-lOO
*84l2 86
*S4l2 86
83
83is
8412
83
Do pref tem ctfa
100
•8412 86
83
83
1,100
45I4 4534
46I4
45I2 45I2
45
4738 48
4618 47I4
100
2,100 Goodrich Co (B F)
•47U 4834
IO3I2
IO2I2
103
102
102
•100
pre!
•10418 105
10358 101
10358
Do
100
10514
1,868
81l8 •81
*81
7812 8OI2
84
79
S* P
100
81
80
85
79
79
1,300 Granby Cons
*41
4OI4 4012
4OI4 4OI4
•41
42
41
41
42
40
40
900 Greene Cananca Copper.. 100
104
100 104
IOOI2
10034 102
98
103
93
101
2,200 Gulf Stales Steel tr ctl3...100
*108 114 •103
*108
114 *108
114
114 •108
Do lat pref tr ctfa
100
114
I
M
54
•17
*53
3278
8934
3734
3112
*6734
•44
4134
86
•1934
*80
•64
32i8
•66
•2058
9518
*94l2
3612
56
*86
*110
541;
19
56
*100
160
53 12 54
I7I2
*53
I7I2
56
•99
5118
•lOU
54
'5'3'34
18
54
•11112 II6I2 •112
117
3218 33I2
3234 34
3314
9OI4
9138
90
887s 9OI2
3712 371?
3658 37I2
3778
3II2
3178
31
3178
3U2
68I2 •68
6712 68
69
44
4412
45
45
48
4138 42I4
4034 42
42
86I2
8II4
8538
85
86
2OI2 •20
1978
21
191s
8218 •80
8212 •80
821s
6412 *64
6412
6412 •64
32I2 32I2
3218
315s 3234
•67
6712 68
68
68
20l8 2OI2
2078 2078
21
9II2 94I4
94
9534
95%
*94l2
94I2 94I2
96
96
36S4
3534 36I4
3812 3634
56I4
S3l2 561s
5278 55
90
114
*104l2 108
•115
120
3334 34
•86
•110
90
114
*104i2 107
•115
33I2
120
34I8
•86
•110
103
•115
3II2
89
114
104
120
337s
•95
51
•16
160
52
5OI4
52I4
18
161s
1618
52I4 63
IIII2 112
34I4
32
88I2 90
37I4
3658
27I2 311s
67
6712
44I4
44
40% 4118
8U8 821s
•19
I912
•SO
8218
§6418 641s
32
6734
2014
32
69
9U2
20i2
9338
94
94
34I4
5238
S5l8
•110
*103
115
3078
51
51
10934 IIOI2
32I2 337s
88I2 8958
3638 3634
29I2
28
65I4 66
*43l2 45
4OI4 41
79I4
82I4
,
•19
20
•80 J 82
64l2
*64
32 12 3234
69 -/69
2OI2
9 Us
2OI2
9334
•92
351s
4:96
341s V.3434
54
52I4
,-;"53l2
85
•110
100
•leu
3958
49I4
638
27I4
7218
34
I918
•64
32
•66
69
2OI2
9218
1934
8978
•92
96
34I4
53I2
3314
5178
90
110
100
120
3II2
37I2
•98
381s
100
52I2
5318
4812
4678
658
638
27
2778
*72
74
47
8712
103
118
142
4334
IOOI2
2618
8212
103
18
16218
23I8
38I4
4812
46
96
44
llU
I23I2 12458
121
•12878 133
I21I4
121
129
18
*18
21
*52l2 58
13612 139
102
116
140
46l8
3378
61
102
116
140
48
•99
IOOI2
2478 2512
783s 8038
10158 102
16
15
I6II4
160
2318
23
3634 38
•47
48
441s
4558
"46i'2
4012
96
1534
160
16
163
105
105
834
834
78
44
75
4234
116
*110
II9I4
121
•12612 129
17
1634
54
13134
104
62
109
104
6058
107I8
6II2
60
52
50i8
2'7'
12312
•100
1
103
5934 6II2
10578 10578
58
50
59
50
11934 110914 II2I4
117
1165s 117
97I4
93I8 96
I5I2
I.5I8
16
1211s 12158
11738 11338
IOII2 102
17
17
*38l2 40
46
801
6412
32I2
8712
85
43
•45
80
60
III4
110
68
94
7818
1918
8OI2
62I4
85
43
•109
•64
•92
47
4012
7178 74
76
IO3I2 •103
10412
4OI4
40
40
*115
6 Us
*48l2
44
40
33
45
108
•105
44
47I8
•10212 108
•61
6518
•102
109
2II4
2158
21
I25I4 I25I4
136
•54
61
61
I6I2
17012
•100
27
651s
1,85
I712
178I4 17934
78I4
7712
•104
10412
*40l4 42
*Sl2
26
.
100
54
109
17
50
IIII4 IIII4
321s 3334
86I2 8938
3618 37
i
4OI4 4OI4
4OI2
4138
39
3918 4012
3812
•98
•98
•98
*98
100
100
100
100
*53i8 54
*53l2 55
*53l8
54
54
54
55
*103 109 •103 109 •103
•102
109 •102
109
*22
2II2 2178
2234 •2218 2234
2134 22I4
21
*129
•125
140
129
129
136 *125
130 •125
•5878 61
•5878 61
5878 61
5878 5878 *55
46I4 4978
45I4 49
5134 5238
50 5238
461s
6I4
6l8
6l8
•6
634
612
612
6
6
*26l2 28
27I2 27I2
27I4
2612 2612
27
27
*72
*72l2 74
72I2
74
72
72
72
7218
34I2
3.512
34
35
34
46i8 48
45I8
4718
461s 4734
•85
•86
•83
88
6II2 62
6712 6712 •66
65
65
6158
*102
103 •102
10212 IO2I2 •102
103 •102
*116
116 118 •116 118 •116
118 •116
141 142
I4OI4 142
142
143
142
142
*50l4 5II4
49I2 5OI4 •48
5II4
5038
4758
*98
•99
99
IOOI2 *99
99
99
99
26S4 27
2658
26
27
2558 26
2518
8II2 8534
8634 8718
81
85
83
80
IO2I2 IO2I2 §10238
IO2I2 IO2I9 IO2I2 IO2I2 •102
*1578
•16
1534
16
1534
1534 *15l2
18
•165
I6.5I4
I6OI4 165
I6O34 163
170
160
23I4 23I4
•2334 24
*23l2
23
24
231.
3978 3978
40
39
3634
383s
*50
51
48
50
48
4818
52I2
44I2 47I4
44I2
52
52
*
•
96
96
"42"
42
4118
6II4
•15
60
*82
114 §110
103
100
*113
*1141s 130
3II2
3II2
31
31
8518
114
108
115
•98
*78
43
49I2
38
seu
IO9I2 •109
47I2
37
IO912
60
60
9158
43I2
9218
45ls
70
•6.512
31
•94
6212
•125
•122
*32l2
•93
•55
94
94
96
57I2
63I2
122
121
12G
124
36
97
60
'Bid and asked prices: no sales on thla day.
Ex-dlvldend
43I2
29I2
43I2
2818
3II2
5934
123
I2II2
*32l2
36
•80
97
57l>
i
Leaa than 100 shares,
t
Do 2d pref tr ctfs
23,000 Inspiration Cons Copper
200
700
500
91, .500
59,800
8,100
6,800
1,400
800
20,450
21,300
800
100
00
4,300
2,100
2,300
31,800
200
100
20
luternat Agrlcul Corp
100
Do pref
100
Intern Harvester of N J.. 100
Int Mercantile Marine
100
Do pref
100
Intern Nickel (The) v t C..25
International Paper
100
Do stamped pref
100
Kelly-SprlnRfleld Tire
25
Kennecott Copper
No par
Lackawanna Steel
100
Lee Rubber & Tire
No par
Mackay Companies
100
Do pref.
100
Maxwell Motor Inc tr ctfs. 100
Do Ist pref atk tr ctfa. 100
Do 2d pref stk tr ctfa. 100
Mexican Petroleum
100
Do pref
100
8,600 Miami Copper
5
25,800 MIdvale Steel & Ordnance.. 50
300 Montana Power
100
47
Do pref
100
1,400 National Biscuit
100
1,000
Do pref
100
10,700 Nat Conduit & Cable No par
6,000 Nat Enam'g 4 Stamp'g...lOO
Do pref
100
1,200 National Lead
100
Do
pref
li)0
5,600 Nevada Conaol Copper
5
200 New York Air Brake
100
100 North American Co
100
51,950 Ohio Cities Gas (The)...
25
3,400 Ontario Silver Mining
100
1,700 Pacific Mall
..5
500 People's G L & C (Chic).. 100
1,600 Philadelphia Co (Plttsb)...50
10,900 Pittsburgh Coal of Pa
100
500
Do pref
2,600 Pressed Steel Car
100
100
200
Do pref...
100
100 Pubhc Serv Corp of N J. ..100
1,360 Pullman Company
100
2,200 Railway Steel Spring
100
300
Do pref
100
14,700 Ray Consolidated Copper.. 10
70,480 Republic Iron & Steel
100
950
Do pref
100
1,100 Saxon Motor Car Corp... 100
3,500 Sears, Roebuck & Co
100
500 Shattuck Ariz Copper
10
& Refg...A''o par
700 Sloss-Sheffleld Steel * Iron 100
67,150 Studebaker Corp (The)... 100
Do pref
100
400 Stutz Motor of Am Inc. No par
4,700 Tennessee Copper A Chem w I
30,400 Texas Company (The)
100
86,400 Tobacco Products Corp
100
600
Do pref
100
900 Transuei WllllamsSteel No par
100 Underwood Typewriter... 100
100 Union Bag & Paper
100
700 Union Bag <t Paper (new). 100
1,600 United Alloy Steel
No par
54,000 United Cigar Stores
100
Do pref
100
704 United Fruit
lOO
2,500 U S Cast I Pipe A Fdy
100
100
Do pref
..100
18,900 U 8 Industrial Alcohol
100
Do pref
XOO
9,713 United States Rubber
100
100
Do Ist preferred
100
2,300 U 8 Smelting Rel 4
50
lOOl
Do pref
50
806,100, United States Steel
lOO
4,8001
Do pref.
100
14,700 Sinclair Oil
M
38, 100!
800,
Utah Copper
Utah Securltle.3 vtc
1,000 Virginia-Carolina
"""800
1,84.5!
19, .500,
"""766;
15,100
200
4,200
300
200
Do pref
Virginia Iron
10
100
Chem... 100
100
CAC
100
Western Union Telegraph. 100
Westlughouse Elec A Mfg.. 50
Do 1st preferred
..50
White Motor
50
WllIy»-Overland (The)
25
Do pref sub recta full pd 100
Wilson A Co, Inc,
100
Woolwortb (F W).
.100
Do pref
...100
Worthhigton P A
v t c.lOO
Do pref A V t c
100
Do nref B v t c
] no
vtc
M
Sx-rubts. a Bx-rlgbta. a Bx-dlv.andrlgbta.
PER SHARE
Range Since Jan. 1
basis of WO-share lots
OS
Highest
S per share
1 0012 Aug 31
10912 Aug 31
103 Mar 1
103 Aug 31
25I4
17
Aug 29
Aug 31
May 12
46
70
Feb 1
109l2Mayl8
32 Aug 31
75i2July
I6I4 Aug 29
4818
3812
3418
Feb
Feb
Feb
3
2
3
104 Aug 31
8212 Feb 3
108i2May31
18 Feb 2
9634 Apr 11
5OI2 Feb 2
99I4
Aug31
Aug 31
8.5l2Feb 14
159 Feb 14
27
99l2MaylO
1134 Apr 20
95s
Range for Pretiout
year 1916
JunelO
1
515 Jan 4
156 Junell
135 Jan 5
52l4Jan 26
30i2Jan 25
62l4Jan 25
101i2Junell|
11578
Jan
251
Feb 20I
104»4 Mar20|
2758Marl2
75i8Feb 3
40 Apr 23
Aug
96
102
117
48
31
Feb 3
Feb 10
Feb 1
I314 Feb 5
35I4 Feb 5
107i2May 9
1934 Feb 1
6258 Feb 8
3618 Aug 31
6518
Aug
Aug
44
June29
40
Feb
Feb
26
7018
103s
31
31
1
3
July 5
79i2Aug 9
6334July27
2918
Aug
69
JulylS
1934
8158
Aug
90
33I4
5178
85
no
13
31
Mar
May
1
3
Aug 31
Aug 31
Aug 30
July26
Aug 30
100
112
May
5
307g
Aug 29
24
Feb
90i2May
52 Feb
May
101
3
9
3
6334
Mar
.58
June
7
7
4778 Apr 4;
13458 Jan 18
IO3I4 Junc30|
112i2Feb 7
37i4Julyll
Jan 2
9178 July 2
3
11734 Jan
6514
9412
Jan
Jan
4
3
9238 Jan 17;
May
Junel3|
117i2Feb 2|
66I2 Junell
1
June20
Feb 2
9618 June26
90
Feb
Feb
Feb
15
July 3
23
60
160
2218
3634
4278
44I8
1
1
1
Aug
30,
Feb
21
Aug 30
Apr 21
July 5
June29
13
1567s
4812
Feb 2
Aug 30
Feb 3
98
May28
40
Feb
May
92
834
7434
4058
3
4738Mar21j
4958 Jan
1634
62
100i2.^.pr 21
97i2Apr 28
Feb 9
104i2May21
5934
Apr 131
4
zlU
114
Nov
Aug
2934
II312
9912
12478
7638
IOOI2
26978
85
June
5OI4
IOSI4
Dec
43
Dec
Dec
Jan
Dec 110
Dec S4i2
Dee 2912
Apr I8714
Dec 135
Dec 93
Dec 80
Dec II6-34
24
18
159
120
88I2
4912
IIOI2
80
34
71
87
72
July
June
May
May
May
4258
Apr
11
37
Aug
Dec
IO8I2
Jan
Dec
9I2
Mar
78
251s
6478
44
65
32
885s
8912
1934
901s
118
Jan
July
June
4212 July
97
114
July
Jan
37
93
42
101
6378
I6SI4
Dec
Dec
Mar
Nov
Nov
17
8434
233
Jan
Oct
Nov
Nov
Sep
Sep
Nov
Nov
Nov
Nov
Nov
Sep
Nov
4014
Feb
9314
Nov
17
Dec 167
1085s
5334
lOOis
IO8I4
4812
8058
1534
I7714
48I4
June
Sep
99
July
Jan 20
Jan 26
19i2June20
243 Jan 10
105
4812
Aug 21
Marl2
Sep
14
Dec
Dec
7912
1912
24112
5958
IO912
Aug 20
86
Jan
110
15l4Mar22
4I4
May
Jan 22
4933 June 2
8712
Oct
129
Aug 14
Marl4
69
6III2
13618
Feb
Feb
10534
Jan
1518 Jan
4812 Feb
I69I2
2818
6712
17012
12778
12034
15438
24I2
Jan 22
June26
63 Jan 29
171i2Junel3
106 Junel4
67 Aug 14
11434 Jan
3
4
6734 Jan
52I4 Jan
3
94I2 Dec
9912 July
4734 Mar
10618 Feb
3
46
May31
May
8
3
11214
Jan 26
MaySl
121i4Jan 19
Mar30
77
9934 Jan 19
56
.
Jan
Mar
Sep
Deo
Nov
Dec
Mar
June 6
Feb
it
Sep
Oct
Dec
I6I4
50
Dec
Nov
July
7434 July
Feb 9
Avr 16
ATav 9
Oct
May
37
May25
23I2
91
Dec
Nov
22
Jan 22
Aug 23
MavlO
Aug 31
Nov
9
2434
June28
June
5934Mar29
7434Mar30
2934
11.834
92
57
120
121
88I4
108
137
177
Mar
9
31
31
9
9
3418
186
June
June
Aug
Aug
May 19
Sep
Nov
Nov
Sep
Jan
607s June
12958 Jan
10558 Jan
95I4
13658
2438
Nov
99
93
20
1
66»4 Aug
43l2Mav
Sep
Sep
Jan
Feb
91
6834 June
6 134
IO314
14
Feb
9034Mayll
43l2Aug31
Jan
Jan
Nov
Dec
38
Feb
46
Apr
Mar
Nov
Nov
Nov
Nov
Nov
Nov
Aug
Aug
151s
34I4
10434
Oct
Dec
Dec
31
Nov
May 10
May
Apr
Feb
118
48
534
1134
5238
9.S18
Oct
Oct
Sep
June
Jan
Oct
49
99
11658
Deo
lOOisMay
75
Apr
Mar
Dec
Dec
Mar
Dec
Deo
Apr
May
Jan 4
238l4Jan 22
56I2
Sep
Dec
7578
I24I4
liss
6512
32
68
8514
6414
107
Apr
3612
Dec 100
Dec 7458
Dec 11718
1597s
May25
7512
11478
II714
131I2
12958
Jan
Sep
June
Junell
101 Jan 22
32i4Apr 3
9410 June 7
10578
66%
Mar
16712 Jan 26
68
74
12678
55078
c 12558
68I4
109
118
124
IIII4
15
31
6
June
June
7434
297g
4938
Jan 6
26-3s Junel 1
4
27
16
26
Dec
Apr
Dec
Dec
Dec
Dec
66I2
193
115
190
Aug
57
30I2 June27
18
Dec
Dec
May
120
33
63i4Mar23
lOeUJan
Feb
3878
Feb 17
Mar21
63I4
5378
14434
100-38
8934
7238Mar21
14378 Apr 19
7I8 Feb 14
74
Jan
30
122i2Jan 5
127 Jan 5
39 Junell
45l2July28
99S4Julyl2
3914
152
64
117l2Mar28
Nov
Nov
Feb
106
56
67l2Jan 15
61'4Jan 17
74i8Jan 18
40 Jan 20
106i2Jan 10
9778 June 8
43I4 Apr 30
67i2June 7
109i4Jan 25
June
Jan
Sep
40
112
Aug 31
Aug 29
II712
Jan
Jan
Nov
Nov
1958 July
4618 July
3818 Apr
3OI4 Sep
12934 Dee
75I4 Jan
May26
107
4
88I2
Junel3
Jan 2
5018
1037s
3
May
123
June
Apr
10878 Jan
77i2June 6
4
6412 Jan
Aug 31
Mayl7
91i2Feb 3
113 June 8
12884 Aug 28
49
Mar
Aug 31 llOijJan
3II4
91
40
IO514
4258
803g
P13-38
tJ61i4
9
31
14
31
136
43
Nov
Mar
4178 Dec
15 June
367sMar23
95l2Mar24
42 Jan
45 Aug
48 Aug
87 12 Aug
90 Aug
60 Aug
83l4Jan
100 June28 il07 Jan
116 Aug 31 131 Jan
3234
Nov
186
2178May22!
60l2July23
123 Jan 2
156
5 Feb 3
18 Feb 3
68i2May29
Jan 20
Jau 3
47
137
110
Feb 3
125i4Aug31
Aug 24
Aug 29
700
July
91-34
205 Apr le,
107l2Aug 7
32 Jan 21
24'4Jan 9
17134 Jan 26|
114
6878
45I4
Jau
126
1314
112-38
8
2078
415
41
Aug 31
gSUApr 20 125 Marl6'
83 Aug 29
93 Jan 4
45 July 2
GlUJan 19;
102 Aug 30 112 Jan 4,
147
Highest
Lowest
i per share t per sbart.
al27l2 Dec! I67I2 Dec
t per share
136 Jan 2
May2S
Jan 4
52l2Jan 18
3812 Jan IS
100 Mario
7018
Dec
57
50
June
3:7934
Mar
115
36
108
41
87
May
June
Apr
Apr
I8I2
120
114
7034
II.5I4
Oct
Oct
Nov
Aug
Aug
June
Nov
Nov
Apr
Jan
Dec
Dec
8II2 Nov
5312 June
12934 Nov
123
130
273s
Nov
Nov
Deo
51
Jan
Dec
5II4
Dec
II4I2
7234
1051 2
7158
70
45
34
94
Apr
79
Dec 5938 Oct
Dec 71325 June
Dec 117 June
July
Mar
Nov
Oct
Mar
Mar
84l4Mar30
151
12618
37-38
97I4
63
Jan 22
Jan 17
JunelR
Junell
JiineT.!
Far SlOO Der abare.
f
lis
123
25
95
52
Jan
June
14134
July
July
Julv
3638
126
100
661,
Oct
Nov
Sep
Sep
Ren
CertUlcates of deposit.
—
A
1
New York Stock Exchange—Bond Record,
— "and
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now
III
BONDS
Week ending August
31.
5^
41918 Q- F
3s coupon
1925
4a registered
192o
4a coupon
D Pan Canal ll>-30-yr23-«:193G Q- F
1938 Q-.M
10-30-yr
2a..
Canal
Pan
OS
1961
O 8 Panama Canal 33 g
U S Ptullpylne Island 43.1914-31
Governaient.
Foraigsi
1919 F -A
Amer Foreign secur 53
iinglo-Krench 5-yr 58 Kxter loan.
Argentine Interna! 53 ol 1909.. M- 3
Bordeaux tClty oU 3-yr 63.1919
CMneso (Huliuaag Ry) 53 of '11 i -D
Oaba External debt o3 ol 1901. M- S
Kxter dt 5s of '14 ser A... 1949 F1949 FExternal loan 4 43
1921
Doailnion of Canada g 53
S
3
3
3
Jan. 1
—
—
1920
1931
secured loan.
99
97
90
95I4
:
93 18
89 '8
93^4 Sale
6712 68
9918 99:14
95
86 12
A-O
A-O
A-O
Do
1931
dterllng loan 43
1919
Lyons (City of) 3-yr 6s
Marseilles (City of) 3-yr 63.. 1919
Mexico Ester loan £. 53 of 1899
—debt 43
K
&
3-year5Ji temp notes
M temp notes
Temporary notes 5 H3
Temporary noteaoV^s
5-year 5
N
1919
192
1918
1919
951:1
95
95
Q-D
A-O
MM- S
M-N
M-N
XThese are prices on the bisis of S5<o£
and City Securities.
Y City— 4 >i 8 Corp stock. 1960 M- S
1961 M- 3
4>ia Corporate stock
1966
4 Jis Corporate stock
1965 J -D
Corporate
stock
4.Ss
1963 M- S
4Hs Corporate stock
1959 IVl-N
4% Corporate stock
195S
4% Corporate stock
1957
4% Corporate stock
1950
1% Corporate stock
A-O
1957
1917
Corporate stock
1957
Corporate 3tock...l954
N Y State— 43.
1901
Oanal Improvement 43
1961
Canai Impi-ovement 43
1962
Canal Improvement 4s
1960
Canal Improvement 4)^8.1904
Canal Improvement 4>is.l965
Highway Iraprov't 4>i8..1963
itilgliway Improv't 4>is..l965
Virginia funded debt 2-33... 1991
-
4H%
SH%
Brown Bros ctla
Railroad.
Ann Arbor Istg 4s
ftl995
Atch Top & a Fe gen g 48... 1995
Registered
..1995
Adjustment gold 43
ftl995
Registered
A1995
M-N
M-N
M-N
M-N
M-N
IW-N
M-N
M-
S
J
J
J
J
- J
- J
- J
- J
J - J
M- S
M- S
J
-
32
93
ftl995
38
Sale
t 77I2 Sale
9758 Sale
95
J
Nov
Nov
M-N
J
-D
-D
-D
98
88
8SI4
8712
79I2
88
81
74
94
9358
9333
9334
4912 July'17
35 Aug '17
94
77I2
97I2
7712
9773
955g
9458
9934
9958
97-i8
97I4
9612 97I4 9734
9714
9734
IOII2 10218 102
10134 Sale 10134
9373 94I2 9373
9378 94
9373
937g 9414 9373
9334 97I4
93
10134 Sale 10134
lOOls
lOOls
10178 Sale 10134
9112 84
83
*9958
101
9958
10034
100 10218 100 Is
100
9j7g
10708 i09
107'8
103
10934
IO7I4 11314 10934
IO8I4
85
63
86I2 Sale
*85
'
8018 '83
59
98
98
81
99
99
Aug
Charles
L4
N
4Hs---
1964
gu gold 53... 1928 M-N
Ist gu gold 43. 1938 J - J
Sav Ist gold 78.1936 J - J
W
&.
01952
1934
..1934
1918
aiilt & Ohio prior 3H8
1925
Registered
AI925
ist 50-year gold 43
A1948
Registered
ft 1948
30-yr conv 4H8
1933
Refund & gen 53 Series A. 1995
Pitts June 1st gold 6s
1922
PJunc &
Div Ist g 3 i^s 1925
PLEi
Va Sys ref 43. . 1941
Southw Dlv Ist gold 3.43 1925
Cent Ohio R 1st c g 43^3. . 1930
ClLor&Wcon latg 5S.-.1933
Monon River Istgu g 53.. 19 19
Ohio River RR Ist g 5s.. . 1936
General gold 53
1937
Pitts Clev & Tol 1st g 63. . 1922
Pitts & West 1st g 4s.. . 1917
auffalo R & P gen g 5a
1937
Consol 443
1957
Ail A West 1st g 4s gu
1998
Clear <fe Mah Ist gu g 53.. 1943
Roch & Pitts Ist gold 6s.. 1921
Consol Ist g 6s.
1922
Canada Sou cona gu A 58.. 1982
Oar Clinch & Ohio lat 30-yr 53 '38
Central of Ga 1st gold 5s..pl945
Conaol gold 58
1945
Chatt Dlv pur money g 43 1951
Mac & Nor Div Ist g 5s.. 1946
Mid Ga & Atl Dlv 5s
1947
Mobile Dlv Ist g 53
1946
Gea RR & B of Ga col g 53..1937
Cent of N J gen'l gold 58
1987
Registered
ftl9S7
Am Dock & Imp gu 5s-.-1921
Leh k. Hud RIv gen gu g 59. "20
Long Br gen g 4a.. 1941
Cent Vermont Ist gu g 43-.el920
Cheaa <fe O fund <Sc Impt 58. . 1929
lat consol gold 53
1 939
Registered
1939
General gold 4H3
1992
Registered
.1992
20-y^ar convertible 4 4s. . 1930
30-year conv secured 58..1946
Big Sftndy lat 4b
1944
Coal River Ry lat gu 43.. 1945
Crair? Valley Ist g 53
1940
Potts Crock Br 1st 43
1946
R & A Dlv lat con g ia 1989
2(1 connol gold 4»
lOSU
gold 43.
1st gold 68
1st gold 53
BU Sp Oca & G gu g 4a
coll
BavFA W
M
W
N Y&
•*No
IT. j^ l»;.l_y;
M-N
A-O
A-O
J
J
- J
- J
Q-
A-O
Q-
J
81
78
83
j'-D
J - J
M-N
M-N
J - J
M-
S
A-O
F-A
J -D
A-O
A-O
-
J
M-
S
J
M-N
A-O
J - J
F-A
J -D
A-O
J -D
F-A
M-N
J
-D
J
-
J
J
J
-
J
-
J
J
865g
77
8712
7973
87
81
9713
J
105
100
(W- S
F-A
A-O
J
J
-D
-D
.1
-
J
J
-
J
J
-
J
-
J
J
1
May'17
Aug
Aug
Aug
91
78
83
91
11
112
86
78
Jan
Aug
Aug
89
84I4
9433
9214
8414 97I8
9413 IOII2
'12
'17
'17
79
78
8414
100
9938
84
80
107
90
85
100
993g
107
99I2 99!j
IOII2 IIII2
101»4 IO2I2
'16
'16
'17
10934 109»4
98 10518
'17
May'17
Aug '17
Aug
Aug
85
'17
'17
06
78
103
91
'17
8OI4
S47g
73
S2
73
Ma7'17
.\p.-ll.
103
78
103
975a 9758
1045s IO4I2
90
9713
109
I2OI2
IO8I2 118
102
IO4I4
90
Apr
92
10034 110
Mar'17
85I2 N0VI6
9634 Feb '16
84-4 Jan '13
82I4 Aug '17
dDaj
»94i2
IO712 IO7I2
9753 Jime'17
IO4I2 Apr '17
82
Utjjt t-is wiei. aDJeJa:i'.
100
Nov'18
91
"so"
9334
91
'17
8434
IOOI2 IO2I3 IOOI2
IOOI2
I&II2 J»n '17
... 8273 83 Aug '17
8534 Mar' 17
77I2
771a Sale
78
8138 Sale
8II4
85I2
70
70
*95
70
99
86
8412
9234 .Mar'17
84I4
8512
94I8
95
90
90
90
107
9934 1045g
87
9638
8512 95I2
IOOI4 IO712
86
9334
7712
9814 IOII4 100
iuce'13
92
"73" IOOI2 Jan '13
78 Feb '17
"91"
89
9834 IO6I2
98
IOOI3 10078
'17
'17
'17
IO9I4 .\Ug'17
IO3I2 Aug '17
102
Apr "17
111
102
88I4
9638
95ig
78
103
lOlig
Q-
M- 3
81
10
99
98
73I2
90
»2
80
100
95
Q-F
J - J
M-N
M-N
10934 117'8
IO8I4 110
Apr
10114 IOII2 10034
97
9058
IU9I4 110
M- S
11078
IOOI3
10134 IIOI2
9II2
84
101
105
10034 IO6I2
100 10212
9978 IO6I2
1077g I1718
11812
97
J
J
J - J
101
100
6058
10612
103'8 red
1025j 108
10612 Dec
1041s IO712 10934 Jan
100
105
9912 Aug
85
111
110»4
9378 1021a
9373 10218
9373 IO2I4
Nov
-
101
101
lof
M-N
J
9714 IO4I2
9733 10534
9734 106
8512 Sale
8478
S5l2
9534
100 Apr '17
9738
9938 Juno'17
9»)4
lOlU
16
IOOI2 105' IO7I2 Feb "17
104
107'2 Nov'16
10412
107 Feb '17
9j3a June'17
9934 IO712 101'2 Aug '17
99 10134 Mar'17
'so"
97
8OI2
9812
987g
93
9334 9812
98 IOOI4
9812 IOII2
7558
9573
115
90
92
"84I4 Sale
9438
3973
97
93
91
Sale
150
293
243
660
391
Aug '17
Aug '17
Nov' 16
Aug '17
8434 91
9934 103
8758 Sale
8414
82
90
1
35
92
6058
86I2
8712
8OI4
96
8434 Sale
97
50
4012
6O53
86I2
8712
8434
J
93
Mar'17
93I2 May'17
99S4 Juiy'17
8718
8758
8512 Aug '1/
100
IOOI4 Aug '17
80i8 'sfis 8633 Aug '17
11218
" 12978 Aug '15
"80
79
80 Aug '17
11434
115
July'17
100 ^
105
July' 15
9812
9933 Deo '16
unified
lat
76l2
97I2
20
30
Aug 16
3
Ala Mid
Bruns &
82
July'17
iVI-
Gen
101
88*4
8853
7312
93I2
'17
Cal-Arlz l8t& ref
M- S
M- 3
J -D
IOOI4
eepfie
'8.1"
4H8"A"I962
100
78
'17
-
3FePres<Sc Ph 1st g 5s... 1942
XX\ Coast L 1st gold 4s
A1952
9658
86I2
10058
6II4
81
99
98
8.5I2
81
9678
72 14
100
50
IOOI4
9014
863s
95I4
94I4
94I2
9733
93
1
July'17
July'17
July'17
July'17
Aug
85
93
66
97
8018
102
J
J
-
9812
9534
9012
15
12
July' 17
10178
S
J
340
30
'17
'17
'17
10134
9d73
9373
Aug '16
Jan '16
J
J
J
5
21
19
9733
IVI-
1910
93
92I2
Aug
Aug
Aug
1955
1960
lO-year 53
1917
East Okia Dlv 1st g 4s... 1928
Rocky Mtn Dlv l3t 43... 1965
Trans Con Short L Ist 43. 1958
of
IO214
5OI4 June'17
8512
80J4
39
127
'J3
9714
4978
Q-
9518
95I4
74
105
797
'17
'17
'17
96
9434
9738
9373
9933
99I4
J
A-O
A-O
Aug
Aug
Aug
95
Sale
93^8 Sale
99X(i Sale
99^8 Bale
8s deferred
Stamped
3onvgold4s
3onv 48 Issue
VS
9354 9334
9^08 Sale
oO's
. _
t
J
itate
New 4^3
Now 4>43
74
9558
9334
9334
.Vug; 17
9934
90
'15
9338
8638
95I4
M-N
M-N
1954 J
1921
or 1904
Gold
yarls. City of, 5-year Gs
Tokyo City os loan of 1912
I 2-yr Ss. . 1918
of Gt Brit
—
t
July'15
Mayi7
Feb
July'17
96
90
96
9434 Sale
9734 S^ie
French Repub 5Hs
88I4
Japanese Govt iioan 4^3.1925 f"- A I 8712
1S25 J - J : si'34 88^4
OeiConA series 4Hs
7912 Sale
do "German stamp".
—
99»4
99»4
9912
09
9858 lOl's
10431 110
IO412 lUlg
Mayl7
85
68
High
lOflho
9612
99^4
99I2 July"17
IO512 Aug '17
IO512 Aug '17
98I4 Oot '15
9533 Sale
9318 sale
80
mail No. Low
99
99.98 5489
9Si2 .lug '17
9934 Jau '17
100
A-O
M-N
—
99.88
96
96
80
Q-M
Q-F
do
do
Since
Last Sale
9714
9634
9914
9914
10512
10512
Q-F
Q-F
Do
Do
Range or
Aug. 31.
g9.94 Sale
—
—
Friday
Ask Low
U. S. Government.
S 3H3 Liberty Loan (w 1)1917 J -D
<tl930 Q- J
O 8 2a conaol registered
cJ1930 Q- J
O S 23 consol coupon
Q-F
-.A;191S
8 33 registered.-
D
D
O
U
Range
Price
EXCHANGB
N. Y. STOCK
78
7934
90
94 »8
IOOI2 IO8I2
10418 IO4I2
83
9
75
8fl'4
94
92
7712
86l->
84
84
0434
8II2
88I2
8134
73
e'O-d.M:.-/.
87
— ——
Weekly and Yearly
Friday,
Interest"
—
except for
BONOS
Price
N. Y. STOCK EXCHANGE
Week ending August 31.
895
income and defaulted bonds.
Friday
Aug. 31.
WiU's
Range
or
Last Salt
Range
li
Since
Jan.
1
Choaapetvke & Ohio (Con)
High Nt. Low High
Bit
Atk Lov
88I1 8ept' 16
Greenbrier Ry let gu g 48. 1940 M-N
70
Warm 3pring3 V Ist g 5s.. 1941 M- S
II314 Feb '15
59I4 5973 June'17
Chic & Alton
597g
ref g 33. . .1949
6234
RailWdj/ l3t lien 3Hs
45
44
44
44
533g
1950
Chic B & Q Denver Div 4S-.1922
100 101
99 Aug '17
99 100
Illinois Dlv 3 Hi
7913
7912 7913
79
89
1949
'8878 90
lilluols Div 43
8834
8878
8834 98
1949
Iowa Div sinking fund 5a. 1919
lOOSg IO2I2
10034 10118 100>s Aug '17
98I4
Sinking fund 4s
9978
9612
98
July'17
98
1919 A-O
Joint bonds.
See Great North
Nebraska Extension 48
9318 Sale
9313
9313 99
9318
1927 M-N
Registered
98 July' 16
1927 M-N
99I8 June' 16
Southwestern Dlv 4b
1921 M- S
87I2
General 43
85
9713
87 Aug '17
87
MS
1958
Chic &. E III ref & Imp 48 g. . 1955 J - J
33
3OI2 33
3313 33
July'17
27I2 35
33
U S Mtg 4 Tr Co ctfs of dep..
July'17
35
IO5I3 IO712
1st consol gold 6s.
Mar'17
..1934 A-O 10313 10434 106
884I2
General consol lat 5s
70
June'17
8O34 90
M-M
1 937
U 3 Mtg & Tr Co ctfs of dep
87
90
87 June'17
Guar Tr Co ctfs of dep
90
July'17
90
76
76
'13
Purch money 1st coal 53.. 1942 F -A
61
"25" 9734 Feb
Chic&IudCHy 1st 5e... 1936 J - J
32
41
32
Mar'17
Chicago Great West lat 48.. 1959 M- 3 '643i 6558 6412
6412
6414 73I2
Chic lud & Loulsv Ref 0a.l947 J - J 101 108
112% Mar'17
112% II5I8
Refunding gold 5s
IOOI2 10034
IOOI2 Apr 17
1947 J - J
'17
Refunding 4s Series C
8412 Apr
8412 85I4
J
1917 J
Ind & Loulsv lat gu 4a
72
70 Mov'16
1956 J - J
"90'
"96I2
Chic Ind &. Sou 5U-yr 4a
1956 J - J *76 "94" 9612 Jao '17
Chic L S 4 East 1st 4Ha...l9(J9 J -D
02
8738 Deo '16
Chicago Milwaukee 4 St Paul
7712 80
Gen'l gold 4s Series A...el989 J - J
8178 Aug '17
8178 96
Registered
9258 Feb '16
«19S9 Q- J
86I4
86 Bale
Permanent 4e
8534
8534 96I4
1925 J -D
805g Sale
8II2
Gen&ref Ser A 4^8
8058
8058 9812
«2014
July'17
9618
84
84
Gen4ref4>is(temporary form)
96
Gen ref conv Ser B Ss
95
95
95 107*8
a2014 F-A
'17
72I2 825g
6034 78
Gen'l gold Z^s Ser B
7212 Aug
cl989 J - J
8918 9018 Aug '17
9018 I05I4
General 4Hs Series C...el989 J - J
7934
'17
8O53
8058 945g
25-year debenture 48
Aug
J
J
1934
86% 8633 86
8638
Convertible 4)^3
8578 10234
1932 J -D
Chic 4 L Sup Dlv g 58.. .1921 J - J IOOI4
10334 Jan '17
10334 10334
lOQis
Chic 4 Mo Riv Dlv 5s
102 Aug '17
IOOI2
102
1926 J - J
Chic & P
101
IOOI4 104lg
lOOSs
1st K 5s
1921 J - J 10058 101
9OI2 Apr '17
C 4 Paget 3d 1st gu 4m. 1949 J - J 78
9012 95I4
Dubuque Dlv 1st s f 6s.. .1920 J - J 102 "8 10612 104 July'17
103 105
Fargo 4 Sou assum g 6s.. 1924 J - J 10538 108 110 June'13
9973
10034
lOOlg
Iji Crosse &
July'17
lOOls IOII4
J
lat 5s
1919 J
Wis 4 Minn Div g 53
July'17
10438
100
100
1921 J - J lOOis 101
Wis Valley Dlv 1st 68
107
Deo 16
1920 J - J IO2I2
sesg
97I2 IOII2
Mllw 4 No 1st ext 4H8..1934 J -D
977g July'17
Cons extended 4^8
10258 Dec '16
951s
1934 J -D
91
96
91
Aug '17
9OI2 98I4
Chic 4 Nor West Ex 48 1886-1925
91
O7I2 Jan "17
Registered
9712 97I2
1886-1920
75I8 "77" 75
Aug '17
General gold 3Hs.8638
75
1987 M-N
"16
79
8II4
Registered
Oct
2)1987
"89"
'17
90
General 4s
89
Aug
86
9818
M-N
..1987
95I8
9612 86
86
Aug '17
Stamped 4a
86
1987 M-N
IO2I4
10473 10478 Aug '17
104Vg 118
General 53 stamped
1987 M-N
IO4I4
Sinking fund 6a
111 Jao '17
111
111
1879-1929
IO9I2 Apr '16
Registered..
1879-1929 A-O '98'
103
98
98
IO5I2
Sinking fund 59
08
1 879-1929
97
IO3I2 Apr '16
Registered
1879-1929 A-O
'17
100"
100
lodli
Aug
100
10238
Debenture 6s
1921 A-O
100
IO2I2 Oot '16
Registered
1921 A-O
10834 100
'9918 ios'g
Sinking fund deb 5s
July'17
1933 M-N Im
9973 10414 June'lO
Registered
1933 M-N
Des PlalnesVal 1st gu 4 >i si 947 M- 8 '8514
10I12 Oot '16
Frem Elk 4 Mo V 1st 6s 1933 A-O 10818 11312 ll'2l4 Aug '17
II214 II8I4
71
87
Man G B 4 N
88 Jan '17
88
88
l8t 3H8 1941 J - J
M1IW4SL lstgu3Hs.. 1941 J - J
10318
Sale
10318
10313
Mil L 8 4 West Ist g 68. 1921 M- 8
10318 IO714
10434 Apr '17
Ext 4 imp 8 f gold 58.. 1929 F-A 101
IO4I2 10434
11178 Dee '15
Ashland Dlv Ist g 6i.. 1925 M- 8 10458
Mich Dlv 1st gold 68- 1924 J - J 104
11112 NOT'16
8658 8718 89
Mll Spar 4
July'17
9434
84
1st gu 48. 1947 M- 8
9912
9934
9934 July'17
Bt L Peo 4
9934 lOSSg
1st gu 5a. 1948 J
J
Chicago Rock lal 4 Pac 68.. 1917 J - J
100 June'17
997g 10078
10033 Apr '17
Registered
1917 J - J
1003s 1003s
80 Sale
8OI2
Railway general gold 48
80
90
79
1988 J - J
85I2 8534
Mar'17
Regis tered
87
J
1988 1
69
Sale
40
6914
69
7Sl8
Refunding gold 48
69
A-O
1934
71
83
80 Aug '17
20-year debenture 5s
84
70
1932 J - J
'17
9853
9858 Aug
Coll trust Series P 4s
9878
98
1918 M-N
'687^
6512
74I2
Aug
'17
6712
R I Ark 4 Louis Ist 4Hs- 1934 M- 8
65
97I4 July'17
9612 100
Burl C R 4
9658 10278
1st g 58.. 1934 A-O
C R I F 4 N Ist gu 5s. . 1921 A - O 9612 100 97I2 June'17
9712 9712
'16
97
9934 Oct
Choc OkIa 4 G gen g 58..ol919 J - J
July'15
9753
Consol gold 58
1952 M-N
55
60
56 Aug '17
Keok 4 Des Moines Ist 58.1923
62
55
6478 6712 68
Aug '17
St Paul & K C Sh L 1st 4^8 '41 F-A
6334 75
'17
111
110 Aug
Chic St P
110 II8S4
4 O cons 6s... 1930 J -D
91i8
91
Apr '17
Cons 6s reduced to 3^8.-1930 J -D
91
"9818 96I4 Aug '17
90
96I4 103
Debenture 53
IW8
1930
II8I4
111
June'17
Ch St P 4 Minn Ist g 6b. .1918 M-N 109
111
118 Not'I6
North Wisconsin Ist 68... 1930 J - J llOlg
IOII4
103
10218
July'17
StP48Clty 1st g 68
101>4 104
1919 A-O
9514
" IO6I2 Nov'16
Superior Short L 1st 58 g.ffI930 M- S
'80
82 Jan '17
Chic T H 4 So-East 1st 5s. . 1960 J -D
82
82
IO5I2 108
Chic 4 West lud gen g 68..ffI932 Q-M 10518 107 IO512 Aug '17
6978
7018
6978
70
6978 77
Consol 50-year 4s..
1952 J - J
00 May'17
9634
Cln H 4 D 2d gold 4 He
90
1937 J - J
lat 4 refunding 48
..1959 J - J
90
90 May'17
90
1st guaranteed 4s
70
1959 J - J
25
July'15
Cln D 4 I 1st gu g 5s
1941 m-N
88
Mar'll
C Find 4 Ft
Istgu 48 g. 1923 M-N
06
July' 14
Cln 14
lstgug4s
1953 J - J
96 Jan '17
98
96
Day 4 Mich 1st cons4Hs. 1931 J - J
0514
67
8II2
67
67
67
Clev Cin Ch 4 St L gen 4a. 1993 J -D
82I4
8412
8312
July'17
87
8312
J
20-year deb 448
1931 J
Feb '17
IOOI4 101
General 5s Series B
1993 J -D "74'34 9912 101
8II4 8373 Maf'17
8378 87
Cairo Dlv 1st gold 48
1939 J - J
79 Feb '17
81
79
Cln
& Dlv 1st g 4s.. 1991 J - J 6534 72
7433
7553
7473
July'17
833g
7473
M-N
St L Dlv 1st coll tr g 4s. .1990
7434
73 12 June'17
73>2 73I2
8pr 4 Col Dlv Istg 4s... 1940 M- S
7112
84 Nov'16
Val Dlv I8tg48
1940 J - J
IOOI2 IOOI2
1920 M-N lOl's 1041; IOOI2 June'17
C I St
C consol fis
85ig Aug '17
85I4
8518
88
84
lat gold 48
41936
88I2 May'15
*:1936
Registered
97 14
10258 Jao '17
Cln a 4 CI cons 1st g 5s.. 1923 J - J
IO6I2 11618
C C C 4 I gen cons g 68.. 1934 J - J 10718 Sale 10718 10718
75
July'08
94
1940 A-O
lud B A
Ist, pref 48
O Ind A Istpret 5a...(fl93R Q- J 88 55
51
5714 June'17
5714 75
Peoria A East let cona 48.1940 A-O
I5I4 20
3OI4
18
Juiy'17
18
1900 Apr
Income 48
96I4
96I4
'17
9753
95I2
Aug
10234
A-O
CleveSUortL Istgu 448.. .1901
2I4
334
638
712 May'17
1734
1947 J - J
Col Midland Ist gold 43
2I4
6I2 May'17
738
1134
2
Truat Co certlfa of depoail
84
Bale
84
8438
96
84
1929 F-A
Colorado 4 Sou let g 48
Sale
78
7Sl8
78
8734
78
M-N
193.'i
Refund * Ext 448
IOOI2 lOolg
Ft
A DenC lstg68...1H-.>l J -D IOOI4 10034 10034 July'17
84
Conn A Pua RIvs lat g 48... 1943 A-O
93V8
"16
94 Feb
Cuba RR lat 50-year 5a g..l962 J - J
Del Lack A Western
88I4
8118 82
80
80
Juiy'17
Morris A Ess 1st gu 3 48.2000 J -D
10718 IO414 July'17
IO414 IO7I4
1921 J - J 105
N Y Luck A 1st 68
10213
98
100
July'17
100
1923 F-A
Construction 58
94I8 99I2
9413
9473 '96I2 9413
1923 M-N
Term A Improve 4s
75I8 8248 10218 Feb '03
Warren 1st ref gu g 3^3- -2000 F-A
RR
—
A-O
W
M
D
F-A
F-A
Q-F
A-O
A-O
W
NW
NW
N—
W
A-O
M
W
W
W M
WW
L&
Q-F
Q-F
W
W
W
W
ffDu3 June. ftDueJuIy.
it
Due Aug. oDueOot. pDueNov. jDueDec,
sOptlonsale
New York Bond Record—Continued— Page
896
N. Y.
BONDS
STOCK KXCHANGE
Week
Dtl
<k
eodliie
Hud
Ist
August 31
4Hb
Igt&reMs
78 .. 1917 M1917 M- S
1922 J - J
1943 IH-N
conv 3 Ha
Saratoga lot 7a- . 1921
Or l8t cona g 4a. 1936 J
Susii
&.
R
-
col 1 trust 4s
A.
Dea Moines Un Ky 1st g 58.
Det & Mack— lat lien g 4s..
Gold 4a
1937
1937
Elgin Jollet & Eaat lat g 5s. 1941
Brie Ist consol gold 7s1920
Brie Ist extg4s
1947
2d ext gold 5s
1919
Sdextgold 4^8
1923
4tli oxt gold 53
1920
6Va ext gold 4a..
1928
NYLE&Wl8tgId7s.. 1920
Brie 1st cons g 4a prior
1996
1996
lat conaol gen Hen g 4s. 1996
Registered
1996
Penn coll trust gold 4s. 1951
50-year conv 4a Series A 1953
do
Series B.
1953
Gen conv 4s Series D
1952
Chic A Erie Ist gold 53. . 19S2
Clev & Mahon Vail g Ss . 1938
Erie & Jersey Ist s t 6s..- 1955
Genesaee River 1st s f 6s.- 1957
liOng Dock consol g 6s . 1935
Coal & RR Ist cur gu 6s. 1922
Dock & Impt lat ext 53.. 1943
<fe Green L gu g 5s.. 1946
Y Susq &
1st ref 5s. 1937
2d gold 4Hs
1937
General gold 5a..
1940
Terminal lat gold 58
1943
Mid of
J 1st ext 58
1940
Wllk&East Istgug 58.. 1942
Ev & ind 1st cons gu g 6s
1926
Evansv & T
let cons 6a
1921
lat general gold 5s..
1942
Mt Vernon 1st gold 6s 1923
Bull Co Branch 1st g 5s... 1930
Florida E Coast Ist 4Ha
1959
Fort St U
Co 1st g 4Hs. 1941
Ft Worth & Rio Gr lat g 48. 1928
Galv Hous & Hen lat 6a
1933
g 5a
N Y&
NY
.
J
6712
A-O
M-N
1949
1917
1995 J
1995 J
Reclfltered
W
N
7612
57I2
-
-D
-D
N
H
D
M- S
M- S
A-O
- J
J
J
J
-
•
-
- J
F-A
A-O
A-O
A-O
M-N
J - J
J - J
J - J
A-O
M-N
- J
M-N
J - J
F-A
F A
M-N
A-O
J
J
-D
J - J
J - J
A-O
A-O
A-O
J
-D
J
J
-
J
-
J
57I2
A-O
J.J
W
Green Bay &
deb ctfa "A"
Debenture ctfa"B"-.
Gulf & S I 1st ref <fe t g 68. I 1952
Hocking Val Ist cons g 4H8. 1999
Reglatered
Feb
Feb
J
-
J
-
1999 J
-
J
J
J
& H V l8t ext g 48... 1948 A-O
ColAToI 1st ext 4s
1955 F-A
Col
Houston Belt <fe Term
1951 J - J
1951
lstgold3Hs
1951
Registered
19S1
Extended let gold 3H8.. 1951
Registered
1951
lat gold 38 sterling
1951
Registered
1951
Collateral trust gold 4a
1952
Registered
1952
1st refunding 48
1955
Purchased lines 3^8
1952
L O & Texas gold 4a... 1953
1953
Cairo Bridge gold 4s
1950
Litchfield Dlv lat gold 3a 1951
Loulsv Dlv & Term g 3 Ha 1953
Registered
1953
Middle Dlv reg 53
1921
Omaha Dlv lat gold 3s
1951
8t Louis Dlv & Term g 3s 1951
Gold 3Hs..
1951
Reglatered
1951
Sprlngf Dlv Ist g 3 Ha... 1951
Western llnea Ist g 4s.. 1951
Registered
1951
Bellev A Car Ist 6s
1923
Carb & Shaw let gold 48. 1932
Chic St L &
O gold 53.. 1961
Reglatered
1951
Gold 3 Ha
1951
Registered
1951
Joint lat ref 58 Series A. 1963
Memph Dlv Ist g 48... 1951
Registered
1951
St Louis Sou Ist gu g 4s. 1931
Ind III & Iowa lat g 48
1950
Int & Great Nor 1st g 68
1919
James Frank & Clear 1st 4a. 1959
Kansas City Sou let gold 3a. 1950
1950
Ref & Impt 63
Apr 1950
Kansas City Term 1st 4s... I960
Lake Erie & West 1st g 5s.. 1937
2d gold 68
1941
North Ohio 1st guar g 5a. 1945
Leh Val
Y 1st gu g 4Ha.. 1940
Reglatered
. 1940
Lehigh Val (Pa) cons g 4a.. 2003
9nns
General cons 4 Ha
N
N
N
•No
price Friday; latest bid
J
J
-
J
-
J
"§9" IIII
66
5278
Sale
Sale
10212
62
76
87I2
89
86I4
10318
J
-
J
J
-
J
J
-
J
-
J
J
A-O
J
J
-
J
J
81
2812
60
69I4
9534
Aug'17
96
June'16
^_
9058
1
111
—
—
—
—
—
—
—
—
90l8
82I4
Nov'lH
Apr '17
Aug'17
Aug
85I2
June'17
"so" July' 09
"82"7; "8518
9514
8412
8568
'sii'z
8278
76
84
May'17
7858
IIII
79I4
Aug'17
Jan
'17
96I4
9018
9934
8512
8512
80
85
92
84I2
8558
95
89
9434
Aug
June'16
8058
8458
Nov' 16
May'17 ....
Nov'lO
May'lO
Feb
72I2
72I2
71
8712
8458
90
Oot '09
'95'
Aug'n
"8318 "90'
77
99
7834
58I4
65
"8218 Safe'
8238 83
9612
76I4 83
99
9278
9538
9434
87
90
this
97I9
week.
Apr
81
June'17 iii:
89
96
'17
'17
Apr
96
8212 June'17
6058
60
63 Oot '00
8218
82
96I4
8058
897«
8234
8278
2
2
__
5
16
8468
90
Aug'17
Feb '17
Mar'17
95
9518
95I8 Aug '17
8312 July'17
957« Julv'17
aDueJan.
93
88
IO2I2
81
89
95I2
9412
82
96
8068
8978
2
88
9412 100
8212 93
7II2
60
8ri2
95
-
J
M-
91"
J
-
F
-
MMM-
J
MJ
-
AMJ
9OI2
FAMMMM-
Guaranteed general 48
1977
of Mex ifrlor lien 4 Hs. . 1926
Ist consol 4s
1951
O Mob & Chic 1st ref 5a. 1 1 960
New Orleana Term 1st 4s. 1953
N O Tex <fe Mexico 1st 6a. I - 1925
Non-cum income 6a A
1935
N Y Cent RR conv deb 6s 1935
Consol 4s Series A-..
1998
Ref & Imp 4Hs "A"
2013
N Y Central & R g 3H8. . 1997
Registered
1997
Debenture gold 48
1934
Registered
1934
Lake Shore coUg 3Ha
1998
Registered
1998
Mich Cent coll gold 3HB- . 1998
Registered
1998
Battle Cr A Stur Ist gu 3s. 1989
Beech Creek 1st gu g 48.. 1936
Registered
1936
2d guar gold Ss..
1936
Registered
..1936
Beech Cr Ext
1st g
Moh AMal
N
c
N
N
Due
89
90
10418
9OI2
104
6OI2
82
103
85
IIOI4
10258
8734
06l8
IOOI2
10338
94
106
94
106
Feb
Apr
-17
'17
July' 17
96I4
76
8138
95
99
10134
Aug '17
May'17
Feb '05
Aug '17
May'16
Nov' 16
8534
87
68
39
2718
4958
J
-
33
A
-
...
94
69
42
28
51
Sale
35
6634
F
A-
64
45
M
7234
5358
M
J
M
77
76
Mar' 10
Nov'lO
80
47
46
60
84
46
87
92
94I2
95
68
3812
2718
50
33
40
6912
7OI4
52
75
52
76
M
M
..
100
95
7812
•
72
7214
77I2
92I2
10034
Aug
Deo
7812
8078
72
78
10434
102
IIOI4
7612 7734
9134 Sale
7618 7658
7612 79
J
J
M
M
85
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68
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75»4
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July'17
90
68
93
90
84
May'17
102
Aug
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93
90
91»4
30
30
'16
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"16
July'17
Aug
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1015g 108
Mar'17
May'17
Feb
70
'17
'17
'13
'16
'13
Aug'17
Feb '16
Deo
F
A-
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5414
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Sep '15
30
69
M
98'4
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375g
2618
4968
101% 103
79
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A-
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J
97
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95
63
97
92
91
89
434 57
19 100
106
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A-
45
100
84
46
87
92
64
July' 14
30
35
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84
58
80
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82
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94
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60
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106
103
M
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9312 9478
9II4 9178 92
8918 91
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10038 IOOI2 IOOI2
..
..
..
'17
4818
Jan
97»4
965g
106»4
IO312
98I4 109
1031j
8II3
Aug
Aug
107
100
79
'17
Feb
94l2
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94
99
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II3I8 Deo '16
10338 Oot '16
46
93
Apr
901g
IO3I4
82
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10834 10834
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79
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81
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89l8 90l2
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10834 Jan '17
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89
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75
78
94
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90
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94
106
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108
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101
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94
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1944
2004
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'17
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83"
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80
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lat gold 48.. 1990 J ffl990
L&
7618
71
69
MJ
87
IIOI2 11058 111
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101
10934 10258 May'17
8SI4 8818 Aug '17
86
9668 Jan '17
9918 IOOI2 10012 July'17
10334
10338 July'17
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74I2
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88I4
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7618
90
86
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May' 14 ....
Apr '17
Feb '14
May'17
92
80
80
8558
8978
7558
10734 II7I2
1512
80
"9934 IIII 192 June'16
7212 Jan '17
61
6214 6912 71
Mar'17
7778 Aug '17
69
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11512
Sep '12 ---.
75
84
89
74
9818
'15 _._-
Mar'17
Nov'15
86
1938 J
1951 M-
sinking fund 4 Ha.. 1936
St Loula Div 1st ref g 43.. 2001
Dall & Waco lat gu g Ss. . 1940
Kan City & Pac 1st g 4s. 1990
Istgug 58
1942
& Okla Ist guar 5s. 1942
of
Istgug 58. 1942
Sher Sh & So 1st gu g 5s. 1942
Texas & Okla lat gu g 53. . 1943
Missouri Pacific (reorg Co)
Ist & refunding 6s
1923
1st & refunding Ss
1926
lat & refunding Ss .. .
1065
General 43
.
"
Missouri Pac 1st cons "g 6s
1920
Trust gold 5s atamped. al917
1st collateral gold 58.
1920
Registered
1920
40-year gold loan 4s
1945
lat & ref conv 5s
1959
3d 7a extended at 4%
"l938
Boonv St L & S 1st 58 gu 1951
Cent Br Ry 1st gu g 48. 1919
Cent Br
P lat g 48. .
1948
Leroy & C V A L 1st g Ss 1926
Pac
of
lat ext g 4s
1938
2d extended gold 5s.
1938
St L Ir
& S gen con g 68.1931
Gen con stamp gu g Ss 1931
Unified
ref gold 48... 1929
Reglatered
1929
Rlv &
Dlv lat g 48. . . 1933
Verdi V I <fe
lat g Ss. . . 1926
Mob & Ohio new gold 6s
1927
let ext gold 6s
S1927
General gold 4s
...1938
Montgomery Dlv 1st g 63 1947
St Louis Div 5s
1927
St
Cairo guar g4s-.
1931
MoK&E
MK
M K &T
10
90
-
J
IO2I2 106»l
'17
7934 8OI4
8018
8014 83
83 Aug '17
95 Jan '11
92
103U Apr '17
9612 i04ii 9612 Aug '17
90
100 Aug ' 16
MQMJ
1
'17
9578
8018
9812
MMM-
-
2d gold 4a
86I4 98
10838 10838
113 12478
35
84
J -
-
Gen
100
M-
A
Since
June'17
94U June'16
8514
-
J
99
121
118
8912
Apr
M-
Mlasissippl Central lat 5s--. 1949 J
MO Kan & Tex
IO5I2
87
100
85I4
9834
-
M8SM&Al8tg4slntgu.'26
Aug
Deo
82I4
1st gold 6s..
10134
95
85
IOOI2 105
8038
9068
i
'17
95
'17
'13
Iowa Central
93
111
118
Oot
8038 87
4818 Sale
lat ext gold Sa
1st
refunding 43
1
Aug
87
MStP&SSMcong4aintgU-1938 J l8t Chic Term a f 4a
1941 M-
97
99
IO312
-
J
Rang*
Jan.
8U34
MMQQJ
II
High No. l>ou> High
Feb '17
11312 114
Mar'17
113 113
105
1934 M&
1949 MRef & ext 50-yr 5s Ser A. . 1962 Q Dea M & Ft D Ist gu 4s.. 1935 J -
&
May'16
Aug '17
June'17
98
72
75
9538
95I4
J -
lat consol gold Sa
1st
refunding gold 48..
Refunding gold 4a
July'17
851? June'16
9568
96
Last Sale
10318 ...
Minn & St L 1st gold 78... 1927 J Pacific Ext 1st gold 6a
1921 A-
102
96
88
—
ManllaRR Sou lines 4s--. 1936
Mex Internat Ist cons g 48.. 1977
—
2812
'16
'16
lOig
5s. 1963
Aug. 31.
-
gu g 6a.. 1921 F
Gen cons gu 50-year
Weet't
Range or
113
-
J
J
PTie4
Fridav
Bid
A Ik Low
10218112
114
AA-
Stamped guaranteed
1977
Mldland Term Ist 8 f g 58.1925 J
67
May'06
Aug'17
1st
L4 Jeff Bdge Co gug 4s.. -1945
IO6I4
10212
IOOI2
June'17
June'17
& Atl
S&N Alaconsgug5s-..1936
100
89
83
80
"84"
Penaac
107
July 17
97S4Jan '14 ""1
90
N<tCBdgegengug4HS-1945
IO7I2
11238
'17
'10
80
82
94
109
108
108
8912
9612 Mar'16
85I2 Nov'15
86I4 July'17
10838 Jan '17
M
10678 10678
'17
Apr
gu g 58.1933
L& N &M &M
84
9912 109
100
1st
Mem
64
'17
'17
Jan
9058
*9134
M-N
IVI-
V
172
953gAug'17 ..--
92
J
M-N
J -D
A-O
A-O
29
51
Aug
Nov'll
J
J
68I4
6878
Aug
Aug
'§2U, '87I2
75I4
-
-
90
6214
5OI4
June'12
78
84
82
J
J
88
'17
8978
13614
9978 102
100
lOOSg
10934
79I2
6934
70
IOI4 1158 10
61
.D
M- S
J -D
J -D
J -D
J -D
J -D
J -D
J -D
M- S
July'17
Aug
95
113
84
J.J
F-A
F-A
73I2
Co
M
N
9758 10012
99I2 IO2I2
5812
1941
EH&Nash
99
87I4
108
"
87
-D
J
J
J - J
99
78U
Jan
111
118
96I4 95
IO212
95
- J
- J
-
'17
6412
99I2
10678
92
60
"f
94
104
1047g 109I2
9812 99I2
Mar'17
gu g 58. . 1U4 1
M
N
N
June'16 -"--
120
114
J
J
J
-
May' 17
64
60
J
J
Mar'08 ....
Jan '17
94
Jan '17
104
5OI4
931s
"9058
38
8434
74I3
68
98
9812
——— ~ —•—
Mar'17
Aug
73
88
58
A-O
A-O
J
'17
'17
2812 Jan '17
IOOI2 June'17
8518 June'17
ioi
90
'16
7512 July' 16 ---84 Aug '17
84
93
10518 Feb '17
IO414 10518
100 Aug '17
100 104
108
67
100
M- S
M- S "75"
A-O
F-A
F-A
68
1st
31.
1933
1933
lat int reduced to 4s
1945
Leh&N Y lstguarg48
1945
Roglatered
1st
cons
gold
58.
-A1931
Long laid
/11931
l3t consol gold 48
1938
General gold 48
Ferry gold 4Hs
1S*22
1932
Gold 4a1949
Unified gold 48...
1934
Debenlure gold 5s
20-year temp deb 5s
1937
1949
Guar refunding gold 48
Registered
1949
Y B & B lat con g 5s. 1935
Y & R B 1st gold 5s
1927
Nor Sh B 1st con g gu 58.01932
Louisiana <fe Ark 1st g 5s... 1927
Louisville & Naahv gen 68.. 1930
Gold 5s...
1937
Unifiedgold48....1940
Registered
1940
Collateral trust gold 58.. .1931
1st g 6a
1919
L Cln & Lex gold 4HS-..1931
O & Ist gold 6s
1930
2d gold 68
1930
Paducah &
Dlv 48.. 1946
St Louis Dlv 1st gold 63-. 1921
2d gold 3a.
1980
Atl Knox & Cln Dlv 43... 1955
Atl Knox & Nor lat g 53.. 1946
Bender Bdge 1st a f g 6a.. 1931
Kentucky Central gold 43. 1987
Lex & East lat 50-yr Ss gu 1965
Ist g4Hs 1946
L & N-South
Joint 4a.. 1952
Registered
A1952
NFla&S Istgug 63
1937
'17
'11 ....
IO312 103
July'17
103
10334 10334 Aug '17 ____ 103
II212
1123» Aug'17
11238
9918
100 June'17
100
97
IO2I2 July'17
IO212
IO2I2 Mar'17
9334
101
82I4
82I4
Aug'17
8212
IOOI4 Deo '06 _--IIII "6834 74 Nov'17
95
108 Jan '17
10618
J
J
A-O
M-N
- J
M-N
M-N
49I2
1
5712
97I2 June'17
99I2 July' 17
9434 Nov'15
10958 IO712 Deo '16 .--4
Sale
7838
79
6884 84
Deo '16 __
22
5878 5812
5914
1st 58 1937 J - J
Central Ist gold 48
Registered
Illinois
91
Deo
82
99
9578 Sale
95I2 9534
90
9534
K
86
70
77
6712
10518
97I2 9812
1921 J - J
Registered
b 1921 0- J
let 4 ref 4
8 Series A... 1961 J - J
Registered
1961 J - J
8t Paul
& Man 4s
1933 J - J
1st consol gold 6s
1933 J - J
Registered
1933 J - J
Reduced to gold 4H8 1933 J - J
Registered
1933 J - J
Mont ext 1st gold 4s... 1937 J -D
Registered
1937 J -D
Pacific ext guar 48 £... 1940 J - J
E Minn Nor Dlv Ist g 4s. 1948
Minn Union let g 6a
1922 J - J
Monte Istgug 6s
1937 J - J
Registered
1937
lat guar gold 68
1937 J - J
Will <fe 8 F 1st gold 6a 1938 J -D
M
7OI4
11
'17
Aug
Aug
94
8778
C B & Q coll 4a
Reglatered
Leh Val Coal
Registered
8938
76
6912
"90"' 10612
A-O
Great Nor
7811
38
9918
95I4 100
9868
97
Leh V Term Ry
107
16
July' 17
104
64
100
94
'17
38
99
107
51
High
72
6II4
58
70
84
79
95
Aug
Apr
37
lOOis 103
9734 101
J
J
Aug
Aug
9812
-D 88
M- S lOUg
J
7812
76
78
81*12
J
2
95
95
72
70
68
57
A-O
J - J "II
M-N 96
M- S 10634
M-N 94I2
No. Lou
BONOS
STOCK EXCHANGE
Week ending August
Jan. I
1127gDeo'18 --_.
73
79
84
59
95
75
*76
35
N. Y.
Since
101
Aor'17
101
lOl'j
101i« Mar'17 .... 101>8 101>8
9734 9712 June' 17 ....
9712 IOII4
16 88
89
90
90
9912
7818
J
Ra»a*
1^
*J
mgb
Ask Low
-
Det Rlv Tun— Ter Tun 4 Ha 1961 M-N
Dul MIssabe <t Nor gen 5s. . 1941 J - J
Dul 4 IronKange 1st 58
1937 A-O
Dul Sou Shore & Atl
Last Sale
75
4H»
1940 J
Guaranteed
Rio Gr West lat gold 48.. 1939 J
<fe
Aug. 31.
10634
7112
J
Improvemeal gold 6a
M tge
Week's
Range or
97%
1936 J - J
192S J -D
1955 FIst <k refundlug 5a
Rio Gr June Istgug 53... 1939 J - D
J - J
1940
Gr
gold
4a...
Rio
Sou Ist
Oonsol gold
Price
FrUtav
97I2
88I2
A-O
A-O
M-N
1935
1946
20-year couv Ss
Oenv &
1^5
•?»•
Bid
S 100
Pa Ulv
Registered
lit Hen equip g
Alb &
Rensa
1
|
[Vol. 105.
2
s
Option
89I4
sale..
80
101
811*
10211
— —
Sept.
Week ending August
Friday
Week'M
Range or
Aug. 31.
Last Sale
Price
Lfe
31.
N Y Cent & H R RR (Con.)
Ask Lots
Bi4
N Y 4 Pu 1st cons gu g 43 1993 A 1932 J
Pine Creek reg guar 6s
B WAOcon Istext58..ftl922 ARW&OTRl3tgug5a..l918 MButland Ist con g 4^s
1941
Og A L Cham 1st gu 4a gl948 J
Rut-Canada Istigu g 4s. 1949
8t Lawr & Adlr Ist'g 5a. .. 1996
2d gold 63
1996
Utlca & Blk RIv gu g 4a.. 1922
I>ake Sboro gold 3 Ha
1997
Registered
1997
Debenture gold 4s
1928
25-year gold 43
1931
Registered
1931
Ka A <fe G R Ist gu c 53---1938
Mahon C'l RR Ist 53
934
Pitta & L Erie 2d g 53. ..a 928
Pitts McK & Y lat gu 69
932
2d guaranteed 63
1934
MoKees&B V Istg
918
Michigan Central 58
1931
Registered
„
J
-
85
A-
78
M-
M
M
90l8 Safe"
9OI2 9078
J
A•
M-
1937 A1931 M-
Debenture 43
West Shore lat 4s guar. ..2361 J
95I4
lOStg
,
9934
99I2
9912
.
1947
IVI-
947
1954
955
956
956
948
930
954
955
955
IH-
AJ
43.
Ist 49..
R cons g 5s
954
955
June'08
74I8
8118
8412
62
"so"
•
F
•
89
6912
88
79
'8I34
Nor
Pacific prior lien g 4s.
.
M
937 M
938 M'
941 J
922 J
989
997
Guar
lo-2.5-y<!3r gold 49.
40-year ?iiar 49 ctts Ser E
CInL€b4 Xorgu4sg
CI 4 Mar Ist gu g 4H9..
CI 4 P gen 2U 4 Hs ser A.
SerlesB
Int reduced to 3H9-
C S'/^s
n Ska
4 Plttsgug3HsB.,
1940
R 4 t ex Ist gu g 4H8-1941
Ohio Connect 1st gu 4s
1943
Pitta Y A Ash lat cons Ss. 1927
Tol ?7 V 4 O gu 4H9 A. ..1931
Gr
i'-^e
49
PC C 4 St L
Series
Series
Series
Rprte?
•No
cru
9OI4
47
M
Q
A
J
Q
J
C
79
72
92
8818
7812
1933
19*2
9978
8338
6768
6758
6758
9212 June' 12
78I4
8018
79
74
"90'
"85'
81
M
94
M-
10134
9258
75I2
57
122
114
I2012
8712 8718
9412
86
S5
Sale
91
8712
Deo
..
M-
88I4
981.
F
M-
9118
J
90
HI
93
81
95
Aug
122
87
86
46
"4
97
84I2 Sep '16
92 Aug '17
86
92
9534
93
62
61
691$
67I4
91^8 9178
10434 IIOI2
99
92%
97 '2 Feb '17
94
IOOI2
IO9I2 110
79
8758
93I2 99
10178
92I4
Jan
9714
8518
84i8
100
5
13
6
9178
101
99I2 99I2
IOII2 IO2I4
95
9912
91*4 101
100 10734
92 IO4I2
9178 9778
97
9753
92
M
9978
97
72I2
72I2
7212
8II4
997g
1003a
Mar'17
Aug
87
Apr
Feb
81
Aug
'17
'17
'17
'17
9973
87
80
8114 July'17
721.. '8531
8734 Deo '16
88I2 90
89 Aug '17
9234 Apr '17
8218
Aug '17
86
8734 86
9OI4 May'17
9212
98I4
102
Apr '17
92I4
104
Deo '1
VII4 Feb '12
9018 Oc\ '12
88I2 Feb '17
8278
88 Apr '17
9018 Jiily'12
102
Mar'I7
M»7'14
99
"'jfsi
100
99
89
93
99I4
93I4
93I4
8818
109
98'4
99I2
0918
9812
99
91
94
Peb
Apr
9734
Aug
98
99
July'17
June' 17
and asked.
aDue
"17
'16
'17
95I4 Oct '16
96
guar gold
May' 10
Apr '17
Jan.
Mar'17
6Due
Feb.
9978
991s IO2I4
lOO'ig 10214
8II4
89
9234
86
87
8634
8II4
»6l4 IOOI2
88I2
8914
88
88
98»4
99I2
99
9834
99I2
-
J
J
J
J
-
J
-
J
A-O
Oct
J
J
-
J
-
-
J
J
J
A-O
ctfs of deposit-
-
-
J
J
.
Stamped-.
W
4
unlf 5s
1952
Gray'3 Pt Ter 1st gu g 53.1947
S
APass lstgug43
1943
Istskfdg5s
1919
Seaboard Air Line g 43
1950
Gold 4s stamped
1950
Adjustment 53
ol949
Refunding 48
1959
Atl BIrm 30-yr 1st g 43..el933
Car Cent Ist con g 4s... 1949
FIaCent4Pen 1st g.5s-.. 1918
lat land gr ext g 5s
1930
Consol gold 5s
1943
Ga 4 Ala Ry Ist con .5a..oI945
Ga Car 4 No lat gu g 53. . 1929
Scab 4 Roan 1st 53
1926
Southern Pacific Co
Gold 4s (Cent Pac coll). .41949
Registered
ft] 949
20-year conv 4s
..gl929
20-year conv 5s
1934
Cent Pac 1st ref gu g 43. . . 1949
Registered
1949
Mort guar gold 3Hs--*1929
Through St L 1st gu 48.1954
G H A S A 4 P l9t 5a .1931
2dexten5sguar..
1931
Gila V G 4 N 1st gu g 5s. . 1924
Hous E A
T l8t g 59- . .1933
Ist guar 58 red
1933
istg 58 int gu... 1937
Gen gold 43 Int guar.. .1921
Waco A N
dtv lat g 68 '30
AAN
latgug53
1941
l-oulslana West Ist 63
1921
Morgan's La A T Ist 7a..I9I8
lat gold 6s
1920
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 5a- . . 1927
So Pac of Cal Gu g 53. . . 1937
So Pac Coast 1st gu 43 g- . 1937
San Fran Terml Ist 4S-..I950
Tex 4 N O con gold .5s.. .1943
So Pac RR ist ref 4s
1955
Southern 1st cons g 5s
1994
Registered
1994
Develop A gen 4s Ser A
1956
Mob 4 Ohio coll tr g 49... 1938
Mem Dlv lat g4H9-5s.-. 1996
St Louis dlv 1st g 4s. 1951
AlaCen Ist g 6s
1918
Ala Gt Sou 1st cons A 53-. 1943
Atl 4 Char A L Ist A 4Ha 1944
1st 30-yr 5s ser B
1944
Atl 4 Danv Ist g 4s
1948
2d 4s...
1948
AtlA Yad Istg guar 43... 1949
E T Va 4 Ga Dlv g 53
1930
Con 1st gold 53
1956
E Ten reo lien g 5s
193S
Ga Midland l3t 3s
1946
Ga Pac Ry 1st g 6s
1922
Knox 4 Ohio l8t g 6s
1925
Mob 4 Bir prior Hen g 53.1945
Mortgage gold 49
1945
H ATC
W
—
—
Rich 4 Dan deb 5s8tmpd-1927
Rich A Meek lat gu 43... 1948
So Car A Ga lat g 53
1919
Mid
D 4-53... 1921
J
J
-
J
J
-
J
-
J
J
A-O
A-O
F -A
A-O
MJ
J
J
J
J
-
J
J
-
S
J
- J
-
-
J
J
J
J
J
-D
-D
M- 8
J -D
F- A
J
J
F- A
J -D
A-O
M-N
J
J
M-N
M-N
M-N
J - J
A-O
M-N
1021s
99I2
"95I2 '9^"
eMay. ;Due
Since
Jan. 1
J
J
-
J
-
-
J
J
A-O
J
A-O
J
J
M-N
J - J
A-O
-
J
J
J
-
J
J
-
J
-
J
A-O
M-
82
42
95I4
8758 Sale
62
62
75
75
July.
ADue Aug. oDue
Oot.
Apr
75
Mar'17
63I2
Aug
90
May'17
'17
76
567g
II212
111
9612 104
74I2
75
75
70
63
90
6312
78I4
78»4
90
lllSg
102
6912 79I8
'17
62
62
62
Feb
'17
78
May
75I4
5534
6238
Aug
87
88
Mar'17
Jan '17
1
90
80
57
61
62
651»
62
65
72
71»g
7514
57
'17
10018 lOOIg
8212
78
3 75I4 8268
17 5534 68
6238 701j
86I4 87
7534
8978
8658
89
75
8138
103
9II2
92
"99l8
IOOI2
10034
102
9712
104
93I4
8018
97
83
8712 Sept' 16
Aug
'17
86
84 Feb '17
Feb
IOOI4
9912
Jan
100
Oot
99I8
Apr
8458
9634
100I4
Sale
6412
77I2
75
9612 9OI2
67I4
71
104 10238
9834 9812
92
97
70
8434
84
IOOI2 102
95
9812
99I2 IO2I2
103
9II4
8558
97
'16
66I2
Apr -17
Aug '17
Aug '17
Sep '16
Apr '17
9612 10234
65
9812
8312
8II2
83I4
July'17
Juiyi7
99
65
May'17
97
99
ior34 III!
9812
96I4
IO3I8
84
75
105
75
100
9934 108
99 IOII4
July'17
65
64
IOII2 107
10934
IOII2 IOII2
IOII2
IO2I2
IO312 June'17
106 Sept' 16
101
6212 72
72 Apr -17
102
May'17
74
72
100
10434
98
lOllg
Sep
'12
9858 Aug '17
10212 June' 11
103I8 Aug '16
10412 Deo 'Ifi
9934 108
Juiy'17
9978 lOOls 100
103
105
Mar'I7
84
Feb '17
91
9378 Mar'17
8212
95
9534 Mar'17
105
9012
9378
IO6I2
9II2
9378
95
97
98
May'17
Apr '17
64
89
64
10612 Nov '04
9818 July'17
9712 100
Jan -ir
98
10412
97
99
82
97
99I2
86
May'17
Aug '17
Mar'17
95I2 IOII2
9412 Sale
9Sl2 July'17
94I2
95
60
70
90
64
89
9812
99
7518
8OI2
92I4
52
80
47
25
54
83
49
7978
87
1858 Mar'Ofi
80 Apr '17
96
9812
63
Sale
93
8712
8734
8438
8OI2
88
96
74
8934
lOlSg
99I2 102
88I2
8B
951 100
9438 102
July'17
Aug
Aug
Aug
89I4
100
90
84
100
82
78
93
52
-17
F»b
90
78
93
52
80
50
90
6412 77
77I2 7812
9012 lOlls
67I4 84
80
80
75
9312
89I4
"95"
90
10012 100
9858
7978
July'17
97
100
73
"96"
'8458
90
97
103
1061j
961
10178
99
'93I2
97I2
63
9118
8712
Aug
9978 10078 100
100
88
8884
81
9558 IO4I2
9378
82
Nov'16
Jan '17
Mar'16
Feb '17
100
7
IO3I2 Aug
9212 June'17
IO9I2 Nov'15
i6()34 IOII2 Deo '16
10538 109 June'14
10434 10434 July'16
IOII4 105
Jan '16
105 Oot '16
"9812 99
Aug '17
10714 IO7I2 Sept'16
93l2 Aug '17
81
Sale" 8018
95
102
75
29
112
9558
96
88
99I4
97
'17
'17
'16
"17
'16
'17
Aug
"8458 Sale
9634 97
64I2
7714
'14
8134
82
IOOI2
101
96I4 95
95I8
94
Feb
8II4
9558
88
99I4
99 1023g
IOOI4 IOOI4
June" 1
IOOI4 June' 17
99
82
-
D
'17
9612 Aug '17
78 May' 16
74I2 Mar'17
90
J
J
J
RR
63
76
8II4 Sale
9558 Sale
100
A-O
63
7534 Sale
-
co-year gold 4s
.1950
Coll tr 48 g Ser A..
191 7 F - A
Tor Ham 4 Buff Ist g 48..ftI046 J -D
Ulator 4 Del lat oon g 58...I92S J -D
1052
l»t refund g 4.s
Union Paoiric laf g 49
1917 J - J
R»jrl'n«red
1947 J - J
ZO-year conv 4e
1927 J - J
I8t * ref 43
..^2008 M- 8
J
Ore
N«v
oon
4»..in4fl
A
g
46
Aug
9634
J
-
71
61
62
97
*72""
15
88lj
40
99I4 June'17
Deo '15
101
10334 Deo '16
Aug '17
9018 10018 97
A-O
J - J
M-N
M- S
A-O
J
J
7U8
77I2
6412
1
9858
D
-
82
66
63
74I4 7714
5534 Sale
-
I
51
111
10018
J
J
J
J
J
M
W 1st gold 4s
19 17
Tol St L 4 W pr lien g 3 Ha..1925 J
T0IP&
6412
79
60
125
6312
77I4
J
-
61
79
65
53
60
79
961i
9812 Jan '14
J
J
-
95
97
31
'17
6878
6OI2
61
-
A-O
M-N
M-N
87
8834
88
56
-
J
J
J
J
8758
9OI2
Nov'll
70
July'17
70
68
-
May'17
July'17
6912
9012
64I4
10078
-
II3I4
8758
9012
77«4
42
109
88
70
57
90
S
J
J
J
J
Jan
18
'17
'17
'17
8334 Oct '16
8034 Mar' 11
7834 Feb '17
74I4 Sep "16
101
10312 IO4I4 Aug '17
7012
70
6912 70
-
-
109
85i2
Mar'17
"so" 111.
95
Jen
80
99
85
70
42
109
Aug
'657i "6978
9612
100
42
Aug
Sale
7812 79
6434 Sale
51 Sale
10418 110
100
Mar'16
88
60
High
95I2 95l|
9OI4 97
9834 103»8
IO3I4 IO314
87
85
70
9134
88
WAN W
ADue
70
50
101
J
J
J
-
High No. Low
9Si2 May'17
9OI4 Aug '17
9834 9834 July'17
IO3I4 May'17
10318
IOII4 100 June'17
J
-
W04 W
Juno,
Ask Low
91
91
-
A-O
9734 10338
98
99
Last Sale
-D
M- a
..1926 M- S
1931 m- s
M-N
1936
1
Va 4 So'w'n 1st gu Ss. .2003 J - J
Ist cons SO-year Ss
.1958 A-O
latcy gu43
192
24 F-A
Spokane Internal IstB is.. .19 5.S J - J
'
Ter A of St L Ist e 4 ''i 9 -.1939
A-O
lat con gold 59
1804 -1944 F-A
Gen refund 8 f g 43
19
953 J - J
St L
Bridge Ter gu g Ss 11930 A-O
Tex 4 Pac I8t gold Ss
.2000 J -D
2d gold Inc 5»
Mar
,_
.f2000
La Dlv B L Istg OS
J - J
I
I93I
WMln
istguSaal930 F- A
Tol 4 O C Ist gu 58
.1935 J - J
Western Dlv Ist g Ss
19)3S A- O
General gold 58
. 1935 J -D
Kan 4
1990 A-O
Ist gu g 43
I
2d 20-year 5a.
1927
J - J
I
ser
58
5s
General Ss
B
F
Aug. 31.
IW-N
M
97
93
91
102
-
1st g 4s bond ctfs. . 1989 M-N
2d g 4s Income bond ctfs.pl989 J - J
Consol gold 4s
...1932 J -D
Virginia
Series
Series
100
'93
8518
10218
St L 8
W
9318
85
11834 134
II7I4 13634
II8I2 135
'17
92
102
110
J
J
K C Ft S 4 M cons g 68 1928 M-N
K C Ft S A M Ry ref g 43- 1936 A-O
K C 4 M R 4 B Ist gu 53.1929 A-O
W
'Ifl
82
92
101
92
80
Nov'16
Nov'16
Apr '17
9978 10018 Feb '17
99I2 July'17
IOII2 Juiyi7
Sale
Sale
Sale
92l8 Sale
83
77
74
8258
9612 101
July'17
93
67
J
A-O
1947
1951 J
1951 J
M
Aug '17
9658 Aug '17
11278 July'17
75
98
92
101
92
guar
price Friday; latest bid
57
Mar" 1
12378 May'17
I13I4
II7I4 Mayi7
12058 July'17
117.2
86
82=8
86
103 Sept; 16
9958
86I2 July' 17
8II2 86
8518
8518 Sale
86
8478 8418 Aug '17
"6II2 62
62
6234
6II4 June'17
8934 9158 May'17
84
10434 June'17
10278
IO5I4 IO9I2 Dot '15
107 Oct '16
iooss
100 Jan "17
9934
887g Mar'17
79
84
86I2 Deo '16
70
80
110
Aug '17
10418 110
"94'
J
55
Mar'12
Apr '16
Deo '14
Feb '14
66I2
J
J
F
'13
'17
'09
80
4H9 A-.
D 4s guar
57
7818
81
M
July'14
Aug
Aug
Aug
99iz
J
NI
87
88
5378 55
107
57
B guar
K 3 hm
79
102
112
Guar 3 Ha coll trust reg A- 1937
Guar3H9 coll trust serB. 1941
Guar 3Hs tnjat ct's C
Guar 3 Hs trust etfs D. .
K
75I4
64
77I4
88l8
May'15
A
A
A
J
1921 J
C
68
5612
49
9334 IIOI2
IO512
Trust Co
do
Range
81
A4
8F4NP
95I2
'17
"12
Apr '16
Jan
Jan
74
F
W
Series
Series
9112
7912
65
932
996
996
RR
ScrlegC
95
7714
Apr '17
Apr '17
1934
.1917
1st consol gold 43
1968
Wash Cent lat gold 48
1948
Nor Pac Term Co Ist g 6s.. 1933
Oregon-Wash 1st 4 ref 4s. ..1961
Pacific Coast Co 1st g Ss
1946
Paducah4 11l8 lat 3 f 4)^3.. 1955
Pennsylvania
1st g48-.. 1923
Consol sold 69
919
Consol gold 4s
943
Consol gold 48
"I .948
Consol 4Hs
III 960
General4H3
965
General 4^3 (wh Issfjune '65
AUeg Val gen guar g 4S-- 942
R RRAB'ge 1st gu 43 g [936
Phila Bait 4
Ist g 43.
943
Sodus Bay & Sou 1st g os. 924
Sunbury 4 Lewis 1st g 43 936
U N J RR 4 Can gen 4s-. 1944
Pennsylvania Co
Guar 1st gold 43^3
1921
Erie
58
1st g 58...
Refunding gold 4s
Week's
Range or
.
Stamped..
Ist terml
58
50
Sale
ctfs of deposit.*.
Registered
8212
8II2 94
8178 93l«
IOOI2 IOOI2
9838 10034
9018 9934
'17
'17
7714
88ig
11278
2d 58
Seriep
Series
Deo
Aug
Co
Southw Div
9134
95I2
80
M
N
Registered
55
77I4
M
Registered
„„, Q
997
General lien gold 33
(i2047 Q
Registered
a2047 Q
St Paul-Duluth Dl V g 43- . 1996 J
8t P 4
P gen gold 63. . . 1923 F
Registered certificates. . 1923 Q
St Paul 4 Duiuth 1st 5s.. 1931 F
D
Mar' 17
8178
82
8178 Aug '17
IOOI2 Jan '17
9838 July'17
95 Aug '17
Trust
do
.930
M
4^8
June'17
RR
795gSep '16
71 Nov'16
F
Dlv'l Ist lien 4 gen g 49. ;944 J
10-25-year conv 4s
932 J
10-20-year conv 43
932
Pocah C 4 C Joint 4s..
C C 4 T 1st guar gold 5s.
Sclo V4NEl3tgug4s..
8418
A
M
W Y04
Registered
8418
88
79
1
W
4 ext g 6s.
99I2
82I4
85I2
75
•
99I2
86
49
94
46 J
918
Boston Terminal 1st 49... 939 ANew England cons 53
945 J
Consol 4s
[945 J
Providence Seeur deb 43. 957 M
Prov A gprlngfleld Ist 5s. 922 J
Providence Term 1st 43
956 in
4 Con East 1st 4 Hs. . 943 J
Wret lstg4s
g 992 MRegistered S5,000 only..ff 992
General 4s
[955 i
Norfolk Sou 1st 4 ref A 5s.. 961 F
Nort 4 Sou 1st gold 5s
941 IVI
Norf 4 West gen gold 6s
931
1st gold 63
1st cons g 4s..
Registered
Jersey Central coll g 4s
1951
Atlantic City guar 4s g...l951
St Jos 4 Gr Isl Istg 48
1947
St Louts 4 San Fran (reorg Co)
Prior Lien aer A 4s
1950
Prior lien ser B 53
1950
Cum adjust ser A 69
ftI955
Income geries A 6s
/il960
8t Louis 4 San Fran gen 6s-1931
General gold 5s
1931
St L 4 S F
cons g 49- . 1996
General 15-20-yr 5s
1927
Price
Friday
85I4
-
1940 A-O
1943 J - J
1997 J - J
1997 J - J
Reading Co gen gold 4s
10334
M-N
FA-O
Q-F
M-N
43 1937 J
97I2
9634
7978
8118
8458
57I4 '69'
.961 J
NYWches4B lat ser 1 4H
N H 4 Derby cons cy 58..
10-25-year conv
57
50
50
57
Feb
'17
'14
Sh4LE
f
87
7978 July' 17
8118 Aug '17
8458
8458
M-
Naugatuck RR Ist 49
954 M
N Y Prov 4 Bo8ton 4s... 942 A-
New River
N 4 W Ry
8978
1st 30-yr s
lat g 53
1st consol gold 53
8734
July'16
87
90
.956 J
New Eng Ist gu 43-.
Hartford St Ry 1st 4a
77
78
90
103
'17
65
J
J
Aug
Aug
94
H
N Y N H 4 Hartford
Cent
4
10
Deo
May'17
8418
80
J
Pitts
'15
8418
J
Conv debenture 63
July' 17
July' 17
9OI2
9038
9038
95
16
Ry
Philippine
Jan '09
123U Mar' 12
,
Cons Ry non-conv 43
Non-conv deben 43
Non-conv deben 43
Non-conv deben 4s
Non-conv deben 43
Harlem R-Pt Ches Ist
2d gold 4Hs...
...61921
Pere Marquette Ist Ser A 5s 1956
1st Series B 48
1956
130i«
107
Equip trust 4H3-. 1917- 925 J
Y Connect lat gu 4)^3 A.. 953 F
Non-conv deben 43
Non-conv deben 3Hs
Non-conv deben 3Hs
Non-conv deben 43
Non-conv deben 4s
Con V debentureSHs
80
78
90
4
4
897
Bid
-D
J
J
2
3
31.
Q
997g 104'4
IOOI4 IOOI4
80i8 90
7058 70*8
8018
Apr '17
7
5 =
Series
4s guar
. 1957
Series 1 cons gu 4H9
1963
C St L P lat cons g Ss. . 1932
Peoria
Pekin Un 1st 63 g. . 1921
June' 09
Nov' 16
Nov' 16
9712 July' 16
103
,
817g
""
NYC Lines eq tr5s..l9162361,
•22
_- M-
Improvement
A
.
P C C 4 St L (Con.)
Series F guar 48 gold... 1953
High
7612 94
92
101
103
105
NYChlc&StLl3tg43-..„„. A-
Registered
8018
70*8
IO412
Q
Li
Registered
1
.
'
Housatonlc
—
BONDS
STOCK EXCHANGE
Week ending August
1
Nov
90
97
J
J
J
J
97
78
9612
7712
76t2
N. Y.
Since
Jan.
IOII2 June'17
IOOI4 Feb '17
99
Range
May'15
113
J
J
J
J
^1
High No. Low
76l2
7612 79
IO8I2
99I4
SO'g Sale
6314
70 "7012
J
Registered
..1940 J
J
3 Ist gold 3H3--. 1951 M1st gold 3^3
1952 M20-year debenture 43..
A4a
B 4 N Y Air Line
"
.
New York Bond Record— Continued— Page
1 1917.]
BONDS
STOCK EXCHANGE
N. Y.
—
7
..
.
'17
'17
'17
97»4
62
80
50
SO
831a
60
87I2
95I2 IOOI2
80
96
Mar' 15
9012
91
88
June'17
88
8438
8512
Aug
Aug
'17
'17
31
8934 100
P8I2
99I8
8438 95
8512 95I2
90
88
pDue Nov. jDue Deo. sOption
sals.
New York Bond Record— Concluded— Page
898
!t,
BONDS
STOCK EXCHANGE
Y.
'I
Week HOdlni August 31.
Onion Pacific (.Cou.)—
Ore Sbort Una Ist i 68. . . 1922
1948
1st coDBol g 6s
1929
Quar refund 43..
1926
Utah A Nor gold 5s
1933
l8t extcDded 4a
1955
Randalls con* g 4s Ser A
1957
Consol 48 Series B
Veracruz* P lit Bu 4^^8.-1934
1962
Virginian Is 1 5s Series A
1939
Wabash 1st gold 5s
1939
2d gold 6s
1939
Debenture Series B
1921
iBt Hen egulp 8 fd g 6s
1954
1st Ucn 50-xr g term 4g
1941
Det ACh Ext 1st 8 53
Dee Moines DIv 1st g 4s. . 1939
1941
Om DlT l8tg3HS
1941
Tol & Ch DlT 1st g 4s
Wash TermI IstguSHs
1945
1946
Ist 40-yr guar 4s
West Maryland 1st g 4s
1952
Weet N Y * Pa l9t g 5a
1937
Oen gold 4s
1943
Income Ss
Western Pae
Whoellng
1st a 58
1926
Metropolitan Street Ry
Bway A 7th At lat c g 58.1943
Col A 9th At 1st gn g 53- . 1993
Lex At A P F lit gu g 5S- .1993
MetWSEI (Chle) 1st gts.. 1938
Mllw Elec Ry A Lt cons a 5a 1926
Refunding A exteo 4HS..1931
MInneap 8t 1st cons g 5s. ..1919
Montreal Tram lit A ref 59-1941
New Orl Ry A Lt gen 4H3. . 1935
N Y Munlclp Ry 1st s f 6s A 1966
Y Rys lit R E A ref 4s.. .1943
30-year ad] Inc 5a
al942
J
-
J
9714
J
-
J
92
1st
A
ref 5s..
166'
r-
8318
88U
J
80
30
92
35
M-N
J
M-N
-
IKI-N
r -A
-
J
M-
3
J
J
J
-
J
J
-
J
J
-
A-O
M- 3
r -A
r -A
-
95I4 95H
lOOis Salo
95
93
80
98
67
99'<
72
76I4
861)
66I4
100
'
'46
M-
S
-
J
J
J
J
-
IW-N
J
-
-
Un Gas
lit eons g 5s -1945
Gas ls» 3 5S--.1947
NYGELHAPgSs
—
AC
price Friday: latest bid
8538
100'4
9953 100
98'4 99%
92
92
J
-
-
-
A-O
J
A-O
J
J
-
-
Aug
Aug
Aug
77I2
78
70
70
93
79
56
58
16
100
"eo'ig
61
8912 Sale
8418
"88"
8478
85
85
85
99
9912
8912
86
63
21
Sale
Sale
78%
75
"aotj
-9-9-
J
-
J
-D
M-N
A-O
A-O
-
J
J
Q- F
100
60
89
85
60
6412
5912
69
62
85
94
96
9634
99
63
20
90
60
84
70
lOlSj
9712
Sale
M-
S
J
J
-
July'17
J
-
J
F- A
M-
A-O
M- S
M- S
91
J
91
J
J
-
-O
M- N
M-M
7 A
M-N
J
-
i
-D
J
-
92
99=4
100
96
IOOI2
100
'17
9719
'17
Fib '15
107
Aug
Aug
Oct
'17
'17
'16
101
Aug
'II
93I2
Aug
98
July'17
9954
977,
90
'17
'17
9934
9778
June'17
9638
9638
Sale
87
90
100
110
94
95
lOO
lis
87
IOOI2 103
9814
"9334
89tt
79
99
28
52I2
51
20
75
7278
9013
95
9834
9712
79I4
9934
71»4
47%
86I4
7812
9OI2
100
1021a 1021a
S 647, 8OI4
26 3534 731a
100
108
611a
90i»
98
102
Jan
July'17
Apr '17
Mar'17
94
July'17
99I4
Noy'16
92
July'17
84
July'17
981s
Aug
and asked, a Due Jan. d Due
'17
April.
94
IO3I2
96l2 IO5I4
1161a
103
110
88
110
89U
98% 103%
9778 102%
93'4
90
IO3I2 1047,
98 105'4
77la 88
9612 101
101
86I4 9375
95
100
113
9S
100
89
94
89
100
103«»
101%
93
101i«
9414
103
971a 101
87I4
9818 IOII2
84
eDueMay.
p
72
60
60
86I2
8212
GranbyCons MSAPcon6sA'28
Stamped
1928
Great Falls
Pow
1st s
f
6s.. 1940
1941
Mercan Marine s I 68
Montana Power lat 68 A
1943
Morris A Co Istsf 4H8
1939
Mtge Bond (N Y) 4s ser 2.. 1966
10-20-yr 5s aeries 3
1932
N Y Dock 50-yr 1st g 48
1951
Niagara Falls Power lat 5s.. 1932
Ref A gen 6s
al932
Nlag Lock A O Pow Ist 6s.. 1954
Nor States Power 26-yr 68 A 1941
Ontario Power
F 1st 5s... 1943
Ontario Transmission 5s
1945
Pub Senr Corp N J gen 6b.. 1959
Tennessee Cop Ist conv 6s.. 1925
Wash Water Power 1st 5s.. 1939
Wilson A Co 1st 25-yr i f 68.1941
Manufacturing & Industrial
Am Ag Cbem 1st c 6s.
1928
Conv deben 5s
1924
Am Cot Oil debenture 58... 1931
Am Hide A L iBt 8 f g 6s
1919
Am Sm A R 1st 30-yr 68 serA d'47
Am Thread 1st coll tr 48
1919
Am Tobacco 4C>-year g 6s... 1944
Gold 4s
1951
Am Writ Paper 1st s f 5s
1919
Bsldw Loco Works 1st 68
1940
Cent Leather 20-year g 6s.. 1926
Consol Tobacco g 4s
1961
Com Prod Ref s f g 68
1931
Ist 25-year s f 6».
1934
Cuban-Am Sugar coll tr 68.. 1918
Distil Sec Cor conv Ist g 5s. 1927
E I du Pont Powder 4 Hs. . . 1936
General Baking 1st 25- yr as.l936
Oen Electric deb g 3H8
1942
Debenture 6s
19S2
IngorsoU-Rand Ist Ss
1935
Int Agricul Corp I st 20-yr 6g 1932
Int Paper Co 1st con g6s
1918
Consol cony Bf g 6s
1935
Liggett A Myers Tobac 7s. . 1944
6s
1951
Lorillard Co (P) 7e
.1944
58
1951
Mexican Petrol Ltd eon 6s A 1921
N
Nat
*
J
-
J
J
-
J
A-O
- J
F-A
J - J
A-O
M-N
A-O
F-A
M-N
A-O
M-N
J.J
A-O
A-O
F-A
M-N
M-
S
J - J
A-O
F-A
- J
M-N
A-O
F-A
M-N
M-N
A-O
A-O
J
J
J
-D
-D
F-A
M-
1
-
J
J
M-N
F-A
J - J
A-O
F-A
A-O
F-A
A-O
A-O
-D
-
J
M-N
M-N
-
J
A-O
M-N
-
J
-
J
-
J
-
J
-D
-
J
F-A
-D
A-O
- J
A-O
M
1926 J - J
1942
1932 J -D
Debenture 5s
ol926 M- S
CahabaC
Co Ist gu 68... 1922 J - D
Col F A I Co gen 8 f 6s
. _ 1943 F-A
Col Indus 1st A coll Ss gu...l934
Cona Ind Coal Me Ist 5s... 1935 J -D
Cona Coal of Md IstAref 5s. 1950 J -D
Continental Coal 1st g 5s... 1962 F-A
OrRlTCoalAC l8tg6B.../il919 A-O
111 Steel deb 4Hs.
1940 A-O
Indiana Steel 1st Ss
1952 M-N
Kan
1st a f g 5s.. 1951 J - J
Lackaw Steel Ist g 68
1923 A-O
Ist cons 58 Series A
1950 M- S
MIdvale Steel A O conT e f 6sI936 M-S
Pocah Con Collier Ist s f 58.1957 J - J
Repub I A S 10-30-yT 68 s f.l940
Buff
M-N
A ref 5s guar A
A 6usq Iron s f 68
M
F-A
AHCAC
A-O
St L Rock Mt A P 5s 8tmpd.l955 J - J
Tenn Coal I A RR gen 68..1951 J - J
U 8 Steel Corp Icoup (fig63 M-N
a F 10-60-yr Ssfreg
(J1963 M-N
—
Victor Fuel 1st a f 68
1953 J - J
Va Iron CoalACoke Ist g 58-1949 M- S
A
.
2397
CumbTAT 1st A gen 6s... 1937
Keystone Telephone 1st 6s 1935
Mrtropol Tel A Tel 1st s f 5s 1918
Mich State Teleph Ist 6s. ..1924
:« T A N J Telephone Ss B-.1920
N Y Telep Ist A gen • f 4H8.1939
Pac T-1 A Tel 1st 5s
1937
South Bell Tel A T Ist s f 68 1941
West Union coll tr cur 5s... 1938
Fd and real est g 4 H9
1950
Mut UnTel gu est Ss
1941
Northwest Tel gu4Hsg..l934
June,
ft
Due
84
102
105
97S4
Sale
93I4
88U
7212
897g
98
101
Aug
96
102
Mar'17
72
60
62
'17
72
60
'17
8912
897g
94 Apr '17
96
86
87
8334
10834
92I2
113
83
102
102
72
841j
60
85
Aug
Aug
38
89la
847g
9478
__
92
95
86
94
98
89
8634
8212
931a
9OI4
16
6
89
'17
'17
31 10834 118
110
10 92Ia
9212
IISI2
2'J 113
'17 __-- 100
'17
83
2 981a
102
Aug
Aug
Aug
90
83
94
July'17 --__
'17
9II4
93I2
IOII4
132
101
871a
1091a
100 109»4
9714 1027a
88% 961*
9278 100»4
937g
90
June'17 ----
9734
9012
927g
Apr
96la
103
101
106
1
62
96%
98
101%
3
Aug
Ul
ti
'14
June'16
!!
90
91
Aug
100% Sale
98% Sale
'17
84
93
100'4
100%
98%
98%
9278 937g July'17
IOII4 10 % Aug '17
8934 Sale
91I2
8954
89
103
9812 Sale
i
86I2
90
100
Sale
98
119
39
9934 1037«
—
98
119
84
86% 93
88% 94I4
991a 1041a
3J
-
99
94l»
5
5
2,
98% 106
9214
97«4
';iOO%
61, 8934
1'
9578
10 119
104%
1!
9278
991a
119%
83% 86
88I2 Apr '17
87I2
88I4
lOlii July'17
98
9812
81
90
90
84
5
90
June'17
87
93
9934 9978 lOSiaJan '14
99'4 Sale £,9934
100
8712
87%
2
June'17
96
105
Bigi
7478 June'17
7478 751a
102 IOII2 July'17 -- -- 100
103
102 IO6I2 Oct '16
94I2 94I1
9134 84I2 Jan '17
88
91
90
9OI4
86
81
86 '2 8678
Sale
93
98
119
82
98
1
15
S6
101
j
63<
97
Mar'17
81
97% 99
92
10414
103
81
97I4 July'17
97I4 99
9718 98
98 Aug '17
96% 99%
10078
100%
- 100
102
100% Aug '17
74I2
75 Sale
XU4
75
75%
59
IO312 104 May'17 ---- 103
1041*
86la Mar' 16
90
7812 8II2 7812 Aug '17
81%
78
4'
100% 100
100%
9978 106%
'13
100
Oct
"75I2 "76" 75
9 71% 79%
75
100 14 IOOI2 lOOU
2 99% 102
IOOI4
!
t
9*
Sale
II712 119
98I4 99
II712 II8I2
97I2
97
107 IO712
IO7I2 IIOI2
9878
9014
100
101
99
120
99
Aug
98l2
II8I2
II8I2
97
97
53
Sale
83I4 Sale
99
104%
II678 128
1
2:1
99
97
103
100% 102%
Aug'17
Aug'17
93I2
104
Sale
9934
Sale
9978 100
9978 100
94I4 9578
9212 98
---, 911a
64
102
83I4
103
95
9934
99
100
9978
83%
Aug'17
95%
Aug'17
99%
9514
July'17
'17
Deo '14
Aug '17
79I4
Mar'14
91
July'17
99% Feb
8578
86
100
Sale
9934
98"
98r4"
99
98
99
99
91I4 Sale
9212 93
983j Sale
87
91I4
9212
98%
88
1
49
16 101
99 83
__
102
4 95
99
99
100
21
64
104%
92«4
109
100»4
103
102?4
101%
98% 104
12
2
94
95
91
Apr
73
94I4
8 134
100
94
94
106%
93%
88% 90%
82 102
July'17
95
91
99
101
9OI2 9012
78I4 Sale
78I4
92"
64
102
98% 99
93% 101
3
9312
102 Sale 102
IO2I4
89i2 82»4 Aug '17
8312 9112 88I2 May'17
99%
129
!
IO2I2
98I4 99%
9312 Sale
102
95
118
98
\
14
99
10712
IO7I2
4 IO6I3III
IIOI2 Aug'17 .... 1051a IIOI2
991a June'17
98 102
92
91% Aug '17
90
Sale
49 987g 103
9978
100
10212 102^4 Aug'17
1017g 106
10312
50
102
98% 100%
i|
'17
102
96%
93%
97%
77% 81
90
.
35
91
96
86
94
'14
Mar'16
1
86
100
July '15
27
9934 10378
8|r97i2 101%
7 93I2 107%
98I4
99
26
9134
91
95S4
92% S^
98% 101%
84% 86
Aug'17
13
9812
Apr '17
IOII2 IOOI2 July'17 .... 100% 103%
10334 Sale 10334
104% 117 10334 107%
105 10334 Aug'17
10354 107
76
80 Deo '16
8678 87
90
Aug'17
86
T«l*ph*n»
Ara Telep A Tel coll tr 48. . . 1929
Convertible 48..
..1936
30-yr convertible 4 48
1933
S0-5T temp coll tr Bs
1946
Cent Dlst Tel Ist SO-yr 8s.. 1943
Commercial Cable lat g 48.-2397
Due
90
8312
J
Nat Starch 20-yr deb 6g
1 930 J
National Tube IstSs
1952
T Air Brake 1st conv 68.. 1928
Railway Steel Spring
Latrobe Plant Ist ef 6s. ..1921 J
Interocean P 1st s f 5s
1931
Standard Milling 1st 6s
1930
The Texas Co conv deb 8S-.1931 J
Union Bag A Paper 1st 5s.. 1930 J
Stamped
1930 J
U 8 Realty A I conv deb g 6s 1924 J
U 8 Rubber 10- yr col tr 68.. 1918 J
lat A ref 63 series A.
1947 J
U S Smelt Ref A conv 6s. 1926
V-CarChem 1st 15-yr 33...1923 J
ConT deb 6s
<1924
West Electric 1st 68 Dec
1922 J
Westlngh'se E A
notes 58-1917
N
Sale
Sale
9212 Sale
113 Sale
102
96
91
£00!
101
9778 100
M-N
M-N
M-N
A-O
ref 6s series C..1921
Stpg Ist 6s. ..1929 J
Enam A
7212
Sale
110
- J
Jan.
'17
8734
88% 87%
6II2
8978 Sale
*
9778
96
86
Sine*
or
Latt Sale
Nov'16
'98" 101%
99 Aug
100
102
I
Resist ered
94I2 IO2I3
86 14
Range
Ask Lom
High No.
97% 98 Aug '17
100%
-D
m- s
M- 8
M- 8
J -D
Coll tr Aconv 6s ser A w
Computing-Tab- Rec 8 f 88. . 1941 J
nil
J
M
Tclifraph
95
100
115
98
89
105%
-
Booth Fisheries deb 8 f 8s... 1926 A-O
Braden Cop
coll tr 8 f 6a.I93I F-A
1952 A-O
Bush Terminal lat 4s
Conaol 58
1955 J - J
BIdgs 58 guar tax ex
1960 A-O
Cerro de Pasco Copp cut 6s 1925 M-N
ChloUnStat'nl8tgu4HsA 1963 J - J
Chile Copper 10- yr cony 7s. 1923 M-N
lat
47 I0518 129"
lOHa IO8I4
98% lOIU
July'17
9412 July'17
99 Sep '03
CoDT deb 68 series B
Armour A Co Ist real est 4Via'39
Caal lr*n a Ct«*i
Beth Steel Isteitsf 6s
97I2 101
8454 91
100
95
1948
1925
1 926
M deb 88 A
Alaska Gold
M
9SI4 1061a
95
'17
Mltc*llan«»iis
coll tr g 4s
Adams Ex
Ist lien
'17
Jan
9778 lOO
90
99I4
May'15
Fib '13
June'17
June'17
94
100
100
Sept' 15
1003$ iOOl» July'17
94i8 99
9712 May'17
J
M- S
94
95
931a
108
-
941a
53
42
9078 Deo '16
9618 June'17
92
94
82'4
82
84
96
81 ig
731a
3II4
SOU Apr
98
99%
82
105
I2OI2 110
87
lOOia
80
3II4
97
96
100
60
June'17
Aug
0538
251a
82
98S4
IO3I2 Apr '17
98l8 99I2 98
99
78I4
78I4
78I4 Sale
IO5I2 June'17
100
9612 Aug '17
i
64
4
25
1212
3114
J -O
J -D
F -A
-
"21
69I4
70
9914
F-A
M-N
75
79
58
70
60
50
Q- F
J
3
86I4
63%
9712
8434
A-O
M-N
741a
97'4
60
971a Sale
80
8312
9934
9778
9018
87
Mar'I7
Jun«'13
9812
IOII4
IOII4
8e»4
Aug
54
9334
98I4 100
92
93
75
96S4 101
89I2 90
I914
J
M-N
A-O
A-O
A-O
53
Aug
S
7714
101% 101%
100 101%
May'17
98I4
Sale
100
102
101
101%
Nov'16
'17
Oct '08
Mar" 17
6OI2 Aug '17
103
98
88I2
8878
80
89I4
May'17
May'I7
Apr '17
Mar'14
2158
7738 Aug '17
88I2 Nov'16
7278 July'17
9OI2 Feb 17
95
82
82
80
70
98S4
98»4
9712 July'17
79 Aug '17
60
25
82
M- S
-D
F -A
90
77
1957 J
1950 J
ref 68
Int
9712 lOHj
100% 10178
77I2
'17
623
84
100
IW-
Feb
8478
J
J
18
70
84
M-M
- J
F-A
-
68
8914
1003« Feb '17
lOO's Apr '17
79 Aug '17
84 Jan '14
lOS's Sale IO5I8
IOOI4 102
9812 9934 9812
IOII2
J
9034
89I4
I512
100
83U 91
'
58
16
88
8412 877g
IOOI2 103
80
July'17
58
75»4
I03»4
99% 99%
17
'17
'17
IO2I2 Mar'17
6578 Sale] 657a
6578
38
Sale
3534
38
100
101
July'17
98
98 Aug '17
A-O
A -0
93I2
7713
93
J
J
80
30
A-O
-
66
99
100
IOOI2 June'17
IW-N
J
9812
92
78
J
J
J
J
9838
lOO'g
95
98
77
3
-
28
'17
99i» 101
F-A
-
8512
84I4
86I4
85I4
Apr '17
Feb '17
Mar'I7
Apr '17
May'17
May'13
100
90
-D
M- S
M- 3
P- A
J
Mar' 17
Got '16
77
July'17
J
-
22
80
1051a
84I4
75'4
68
9838 Sale
I5I2
J
J
67«4
July'17
100%
73
67
J
J
J
J
78
100
'13
'17
'17
'17
'15
Aug
-
-
99
9034
J
J
J
'16
-17
9012
7018
91
A
Apr
Aug
Aug
Westchester Ltg gold 68
931* IOOI2
1067(
911a 101
July'17
Jan
98
99
May'17
Aug
947i
FrUav
Aug. 31
Range
Week't
Price
1^
iia.
Bid
92
8314 July'17
J
A-O
- J
A-O
A-O
Aug
108%
31.
Union Elec Lt A P Ist g 58.. 1932 M- S
Refunding A extension 6s. 1933 M-N
United Fuel Gas let i f 68. ..1938 J - J
1944 F-A
Utah Power A Lt 1st fis
Utica Elec L A P lit g 68. ..1950 J - J
92
8134
-
f'-
Oct
High
8138
78
F-A
Buffalo City
Clncln Gas A Eleo IstArel 5o 1956
Columbia G A E 1st 5i
1927 J
Columbui Gas 1st gold 53. .1933 J
Consol Gas cony deb 6s
1920
ConsGasE LAP of Bait 5-yr5s'21
Detroit City Gai gold 03. .. 1923
Detroit Gas Co cons 1st g 5s 1918
Detroit Edlion lit eoll tr 5s. 1933
lat A ref as nr A
»1940
Eq G L N Y lit cons g 58.-1932
Gas A Elec Berg Co c g 53.. 1949
Havana Elec consol g Ss
1 9S2
Hudson Co Gai lit g Ss
1949
Kan City (Mo) Gas Ist g 58.1923
Kings Co El L A P g 5s
1 937
Purchase money 68
1997
Convertible a»b 6s
1925
EdElIIIBkn Ist cou g 4s. 1939
Lac Gas L of St L lat e 5a..el919
Ref and Bit lit g Ss
1934
Milwaukee Gas L Ist 4s
1927
Newark Con Gai g Ss
1948
1948
Purchase money g 4s
1949
Ed Eleo III lit cons g 5s. . 1995
NY&Q El L A P lit con g Ss 1930
Pacific G A El Co
Cal G A
Corp unifying * ref 58-..1937
Pacific G A E gen A ref 58.. 1942
Pac Pow A Lt lit A ref 20-yr
68 International Series
1930
Pat A Passaic O A El 5s
1 949
PeopGas
lit cons g6S-. 1943
Refunding gold 5s
1947
Reglsterefl
1947
Ch O-L A Coki lit gn g Si 1937
Con G Co of Ch lit BU g 5il936
Ind Nat Gas A Oil 30- yr 5»1936
Mu Fuel Gas 1st g u g Ss. . 1947
Philadelphia Co cony 6i
1919
Con V deben gold 3a
1922
Stand Gas* El oonT i f fls..l82S
Syracuse Lighting lit g 3i..l931
Syracuse Ujtht A Power 6s- . 1954
Trpnton G A El lat g 5s- ,. 1949
105
99
78
100
80
7434 75
80
8414
76I4
80
95
911a
67
66
103
101
84
88
37
1
88
85
J
J
813s June'17
421a Aug '15
9568
95>4
100
10018
93I2
93I2
BONDS
STOCK EXCHANGE
Week ending August
UtIcaOasA Eleo
July'17
J
-J
.16
-17
May'17
Aug '17
J
F-A
88I2
9714
76
8912
M-
103
'17
97I4
Apr
Apr
N. Y.
IO31J 1081a
86
80
F-A
J
88I1
No. Lott
77
78
78
J
F-A
F-A
F-A
90
Hloft
'17
-17
Aug
Aug
Aug
Jan.
76
74
77
89
75
6784
IH-N
J
8718
9714
102
"921a
A- O
J - i
J - J
10458
103
85% Sal"
A- O
1934 J
Ga« and EUetrlo Light
Atlanta O L Co Ist g 53
1947
No
8712
M-N
AdJ Inc fla
al960
Third Ave Ry 1st g 5s
1937
Ry A Lt 1st s f 5s. . 1923
Undergr of London 4Hs
1933
Incomi 6i
194S
Union ElcT (Chic) 1st g 5s. . 1949
United Rys InT 5i Pitts lsS-1926
United Rys Rt L lit e 4s
1934
St Louis Tranalt gu 5s
1924
United RRi San Fr if 4s... 1927
*
103
-D
FAJ
Trl-Clty
Bklyn
Ask Loa
10412 105
J
J
Portld Ry Lt A P 1st ref 5s. 1942
Portland Oea Eleo 1st 5a. 1935 J
8t Jos Ry L
A P 1st g 53. . 1937
St Paul City Cab cons g 53.. 1937 i
Third Ave 1st ref 4»
1960 J
Va Ry A Pow
Sine*
-
J - J
N
A-O
N Y State Ryi 1st cons4H8.1962 M- N
Portland Ry 1st A ref 5e
1930 M-M
H
Range
Lait Salt
aid
F-
Wheel DlT 1st gold 5a
1928 J - J
Exten A Impt gold 5s
1930 FRefunding 412S serlea A.. 1966 M- S
RR let consol 48_..
1949
Trust CO ctfs of deposit
Wlnston-Salem SB 1st 4s. 960
Wis Cent 60-7T 1st gen 48... 949
Sup A Dul dlv A term 1st 4s 36
Str»«t Railway
Brooklyn Rapid Tran g 5s
945
Ist refund oony gold 4s.. .2002
6-year secured notes 5s913
Bk City 1st COB 4s.. 1916- 941
Bk Q Co A 8 con gu g 53.. 941
Bklyn Q Co * S Ist 58
941
Bklyn Un El l»t g 4-5s
950
Stamped guar 4-58
050
Kings County E Ist g 4s.. 949
Stamped guar 49
949
Naasau Eleo guar gold 4s. 931
Chicago Rys lit 5s
927
ConnRyAL IstArcf g4Hs 951
Stamped guar 4Hs
951
Det United lat eona g 4>5s. 932
FtSmlth Lt A Tr lit 3 5s
936
Hud A Manila* 5i Ser A
957
Adjust Incomi 5»
957
N Y A Jersey lit 5«
932
iDterboro-Metrop coll 4H8- 958
Interboro Rap Tran 1st 5s.. 968
Manhat Ry (N Y) cons g 48.: 990
Stamped tai-execipt
980
Week'$
Rangt or
J
A-O
J
J
A-O
2>1943 Nov
1st ser A 5a... 1946 M-3
ALE
Prici
Fritau
Aug. 31
[Vol. 105.
4
July, i Due Aug.
J
-
1
8512 Sale
m-
s
HI- s
-D
J -D
Q- J
Q- J
J
Ji
-
J
-
J
J
M-N
F-A
M-N
M-N
J
-
J
J
-
J
J
-
J
M-N
M-N
J
-
J
99
98
100
96I4 Sale
10054 102
85I2
93I4
99
96
IOII2
73
68
9684
73
98
32
86
Aug
85%
92«4
9314 101
IO684
99
95 10178
'17
99
96%
Aug'17
Nov'16
4
133
100
July'17 -- ..
69
97I4
1
97 14
95
'16
.-__
98 Apr
9978 100
May'17
100
9714 99% Apr '17
99
69
103
69
10178
97
99»4
lOllg
9312 Sale
96I4 Sale
94
95
92
95
98
101%
101%
101% 101%
101% Aug'17
9312
96I4
94
11
93I4 IOOI4
9612
31
94
98
94
92%
92I4
IOII2 IOII2
94
961.1
102
3
94
97
10134
5
91%
Aug'17
92I4
May'17
Nov'16
103%
99'4
101% 101%
_
-
oDueOot. p Due Nov. rDueDeo. iOptionsale.
2
2
'
Sept.
2
BOSTON STOCK aXGHA^QB—Stocfe
1 1917.]
SHARE PRICES— NOT PKR CENTUM
Saturday
Monday
\
PRICES.
Thursday
Aug 30
IVednesday
Tuesday
Aug. 28.
Aug. 27.
Aug. 25.
1
Aug. 29.
STOCKS
BOSTON STOCK
Sales
9/ th»
Friday
Week
Aug 31
Shares
Record
BONDS
899
S«« Next Page
Range Sinea Jan.
Range for Previotu
Year 1916
1
EXCHANGE
Lowest
Highest
Lowest
Highett
I
I
150
150
•57
150
102
28
*1S6
150
57
102
28
190
*2
5
57
5812
•28
•186
103
29
190
*2
5
•
I
I
*150
*57
100
28
•186
152
58
100
28
190
150
57
97
28
•186
97
28
188
*2
5
•2
5
1
150
58
99
27I4 28
57
57
97
96
27
27
Last Sale 190 Aug'17
5712
30
1
34
• _
1*
30
5
>*
'*
5
5
34
34
34
... *150
•150
.
100
lis" 125
*59
•12512
*115
•60
*125
61
100
125
61
i»
94
5I2
*4l2
•23
31%
313i
23
i
3212
3214
IIOI2 IIOI2 •11012 112
•25
•100
•43
•55
•25
27
103
44
57
100
•43
•56
125
61
27
100
44
•150
*
100"
»
125
60
•125
60
Last Sale 126"Aug'l7
Last Sale 8458 Aug'17
9412
5I2
9412
"*4r2
100
IIOI2 112
IIOI2
HOI2
•25
100
•25
100
43
56
27
100
"5
40
99
43
•56
3OI2
31
95
95
•22
3012
23I2
3138
112
Last Sale 2612 Aug'17
43I2
56
100
43
.-.
'56
56'
Aug 2 178 Jan 11
Aug 22 79 Jan 19
Aug 31 133 Mar22
Aug 31 45 Mario
May22 213 Jan 30
160
57
96
27
175
2
July 3
3
9
June28
30
July 3
July 2
Electric Cos..
pref
Do
55
318
29
23I2
'•il'a
Wore
<Sc
Do
Chic June
•no
31
•95
27
100
4318 44
56
56
•22
24
3034
3T12
95
5I4
pret
Boston
90
10
5
109
9
10
*4l2
514
•22
Do
Nov'16
30
30
Last Sale 150 May'17
100
Last Sale 125 june'i?
60
60
34
•8434
95
•gs
*5
^23
*31
95
5I4
23
¥9"
^8434
95
5I4
2312
•60
*125
I
'
*93
9412
*150
99
]
*8434
*8434
30
30
100
100
100
100
Boston & Providence
100
Boston Suburban Elec Cos...
121 Boston Elevated
52 Boston & Lowell
138 Boston & Maine
July'17
July'17
Last Sale 3
Last Sale 30
Last Sale 412
I
&
46 Boston
150
•57
•97
150
Railroads
Albany...
Ry A U 3 Y...100
pref
Connecticut River
100
Fltobburg prer.
...100
Georgia Ry <fe Elec stampdlOO
Do pret
100
Maine Central
100
Mass Electric Coa
100
Do pref stamped
100
Hertford
100
Northern New Hampshire . 100
Old Colony
100
Rutland, pref
100
Vermont * Massachusetts. 100
West End Street
50
Do pref
100
NYNH&
Aug
30
150
31
Jan 5
June 6
Junel2
June28
June 19
June 2
99
120
60
122
83
94
Aug 25
May
3
8
Apr 28
20
Aug 21
95 Aug 28
IIOI2 Aug25
3038
2434
Feb
2
38
150
108
140
7812
Feb
5
5
Jan
Jan 27
Mar28
Mar22
133 Jan 17
9212 Jan
9
10018 Mar 7
638
June26
3II4 July 3
5234 Jan
2
105
136
Apr
3
Jan 6
34i2Feb 13
Aug 30 110 Jan 15
Aug 21 58l2 Marl7
55I2 Aug 13
74 Jan 6
99
43
Dec
Apr
Deo
Aug
200 Aug
172
8512
119
34
412
Feb
Dec
3
Mar
4
42
150
Feb
Oct
102l2Apr
123 Sept
6914 Sept
122 Jan
z86 Jan
98 Sept
4I2
26
50
97
Dec
Dec
Dec
Jan
198
Feb
Feb
23512
May
Jan
Feb
512 Jan
45i8July
154 July
110 July
5
4OI2
Feb
Feb
13184 Deo
94 Deo
162
87
102
884
44
77'4
Dec
107
157
20
May
IOOI2
Aug
125
i55
69
Sept
July
I34I4
Feb
88I2 Jan
145
52
35I2
Jan
Aug
Aug
Jan
Sept
Feb
Dec
Mar
67>2
Jan
86
Feb
Misccllaneeus
91
100
*9l
100
91
100
•lU
93
•9012
lOOSg 10058
1001s
*ll4
1=4
•114
134
*10l4
•IOI4
•I014 11
11
•II712 118 '•11612 11712 115
11712 11558
II512 11512 •lis
11818 118I2 iis's 11884 II7I2
•50
*50
50-34
5034 •4934
97I2 9712
97
97
96
•7II2 74
^73
•73
74
8912' *S8
•88
8912 •88
*9l2
•9
•9I4
IOI4I
10
10612 107
IO512 10714 103
•6112 6212 •
•61
62
•I6I4 I634I
I6I2 17
•I6I2
•8
•8
•8
834
834
•186
190
185
186
185
•151
152
•150 152
15238
•100 101
10058 10058 IOOI2
•92
92
93
9H4
92
73I2 74
•74
•74
75
•146 15012 *146
I5OI2 •146
•1
•1
212
*1
212
I
I
•88
•92
•88
•92
110
•128
90
'
•11012 lYl
•129
131
•101
102
•35r2 36"
*13l2 1378
15158 152
60
*
60
30
•2918
638
101
35I2 '3'5"l2
1378
1378
1521a 153
36
.75
65
22
•S7l2
*lli2
•.55
60
•35
79
550
•17
•54
36
79
59I2;
2I4
5I4I
HI2I
•6
6I2
•41
13
83
•2
99
5
32
80
80
555
•5314
56I2
2I4
•5114
52
58I4
238
1034
6I4
•134
•81
•22I4
3I4
•
2I4
*2
912
312
9I4
•314
•658
1^8
82
23
3I4
14
•2212
•
858
17
•1
*ll4
•55
24
80
858
I7I4
lis
II2
5.51
8534
8534
23
90
23
*26l2
76
90
27
76
2I4
6312
8712
2812
•23
314
80
"k'z
I6I2
•1
138
»
28
546
17
17
12
•2
9
•314
•6I4
2
178
8OI2
•79
22
3
15
25
81
•2II4
3
•13
22
t
I6I2
I6I2
II4
1
1
16
•1
138
II4
II4
•lU
55
5434
55
5212
8534
•2212
Sn'g
•26I4
86
23
90
27
76
86
85
22I2
86I4
22I2
89
90
*25l2
26
74
2158
8912
•2514
*23l2
3
25
•778
334
8
•23
6
*78l2
4034!
12
24I2
73
9I8
3I2
•314
6I2
684
•1034
•184
1«4
80
81
22
3
15
80
8I2
I6I4
*8l4
II4
II2
53I2I
•1
ISis
16
16
16
IOI2
•IOII4 10134 •10034 IOII2
16
•97
4i'>l
.378^
312:
45
i
.25!
•IBld and asked prices,
4'4
*3l2
•3
•45
.25
3'X.
1618
97J4
4I4
378
3I2
46
.30
79
545
884
•3I4
3I2
684
11
•6
1058
II2
2
134
1»4
79
21
3
•234
8I2
I6I2
114
74I2
25
26
73
•iMi
Us
714
714
L'lSt Sale
234
7
3l8
8
2I4
62
8712
28I4
538
3I2
6I4
IO84
2
184
79
21
3
284
1
52I2
85I4
2II2
83
•25
69
25'4
/O34
7
7I4
24
July' 17
2I2
2l2
•7
714
8
3l8
3i8
3
Ln.st Site .5912 Mar'17i
5I4
534
5I4!
51s
li4
1-38
II4
114
59
5912
59
59
58% 59
4984
50
49I2
3
50
50
3
16
3
16
•97
4l8
3I2
3
45
.30
I
1.534
97
4I4
*4l8
312!
••3I2
•3
3I4I
45
a Ex-dlvidend and rlghU.
4I4
378
3I4
47
48
.30'
3 Is
I.5I2
9634
.20
<
.30
3'/('«
•1.512
•9.334
4ig
3I2
3
45
.30
234
78
20
20
4,045
10
65
27
68
30
897
42
350
20
525
47
710
2
1,285
296
392
1,157
102
10,543
20
2,325
Do
.100
pref
Amoakeag Manufacturing
Do
pref
Art Metal Construe Inc
10
Atl Gulf *
1 S 8 Lln«s.-100
Do pref...
100
W
Cuban Port Cement
East Boston Land
50
31
16
94I2
4.'i8
312
3
4612
.301
Assessment paid,
10
10
Edison Electric Ilium
General Electric
100
100
McElwaln (W H) 1st pref. 100
Massachusette Gas Cos
100
Do pref
100
Mergenthaler Linotype
100
Mexican Telephone
10
Mississippi River Power.. 100
Do pref
100
New Eng Cotton Yarn
100
Do pref
100
New England Telephone. . 100
Nlpe Bay Company
100
Nova Sootia Steel
100
Pullman Oomoany
100
Punta Allegre Sugar
50
Reece Button-Hole
10
Swift 4 Co
100
Torrington
25
Do pref...
25
United PTult
100
Corp..
United Shoe Mach
25
Do pref
25
U 3 Steel Corporation
100
Do pref
100
Ventura Consol OH Fields. 5
AC
Mining
125 Adventure
385 Ahmeek
Con
25
25
350 AleskaGoM...
Algomah Mining
2,495
55
1 ,090
500
320
1,182
Calumet
A Arliiona
165 Hancock Consolidated
Indiana Mining
Island Creek Coal
90
423
42
891
326
220
Do
pref..
11638
7l2Apr 13
10
Jan 22
Jan 4
71
143
June2
July20
81
169
1
Maris
11 Junel5
32I2 June26
30
60
Jan 9
Jan 10
IO6I2 Aug 30
127 JulylO
90 Apr 24
138 June20
30 Feb 15
July 11
13
Feb
Feb
133
65
28
3
3
I26I4
Aug 20
Aug 30
X48
June 19
2612
9938
Aug 16
134
11
40
95
9212
I24I2
Mar30
Jan 31
JulylO
JunelS
Jan 17
Mar26
Aug 7
Mario
Jan 19
Jan 11
16«i<Jan 25
40 Jan 3
147
113
16
Mar29
1627gApr 10
68 June 7
35 May28
1 6512 Jan 22
58I4 Jan
3
30ig
Mar 8
May28
Feb 3 135
116i2Mav 9 121 Jan 27
5 Aug 30
87a Jan 2fl
2
Aug
94
Feb
18
3
Aug
29
May 16
58
Feb
16
Aug 29
Aug 29
55
10% Feb
.50
26I4
7312
525
16
51
5518
3
3
Junel5
Aug
31
Feb 3
Feb 3
July 3
Apr 23
Aug31
Apr 23
May
4
10i2Aug27
414
1 14
70
Jan
Junell
214 Jan 20
52 Jan 26
85i4Jftn 20
590 Feb 20
27i4Jan 16
63 Mar 7
68 Jan 17
3 Jan 12
7i4Jan 10
3
10 Jan
May 10
9
li4June 8
834 Aug 30
27gMayl6
5 Feb 9
Aug 31
li2Aug31
1% Aug 20
77
21
2
14
22
76
Feb
3
Aug 31
July 9
Jan 27
Jan 25
Jan 24
684 July 2
15's Aug 30
.00 Feb 18
II4
52I2
7812
1
2I2
7
3I8
6
20i2Jftn 19
4
Mar22
7612
JunelS
94
30
Apr 28
434
18
5
838
Jan 18
Aug 22
Jan 27
Jan 2
Jan IB
Aug
2
leijJsn 17
May23
Sij Mar24
98
Jan
3
26i»
Mar
7
2
3
6
Jan
mjApr
30
9214
884
24I4
Mar20
Mar20
Apr
14
Julys 1
Julyl9
Aug31
Aug 30
Aug 28
Apr
Mar
3
6
2
2 Jao
10 Jan
5
30i» Mario
OI4 Jtuo
2
165g Mar n
8I4
60
Jan 6
Jan 15
Sij Julyll
9634
Aug 30
11838
4
Apr 23
Apr 23
658
14l2Apr
w HaU-paWJ
Mar
184
Feb
Aug
Dec
91
10
84
56
May
Dec
29i2JuIy
60 July
76, July
HaAug
42
66
510
Dec
Dec
June
July
34S4 June
IOI2 June
2 July
42 Sept
88 Jan
25 July
6
3i2Mar
II2
10
3
7
Nov
89
Feb
181
214
19
44
42
66
140
165
.50
3l2Aug31
21i2Fcb 20
May 26
Jan 16
2
6 Jan
5'8Jan 25
Junel2
Apr 24
53I2
Aug 23
21s
Mar
Jan
6
3
lis
lli2Mar
July
II4
July
Apr
Feb
Deo
Dec
176
59
Oct
Oct
16i2May
177
70
33
Oct
Nov
Mar
I6884
6312
Aug
31
Sept
May
12958 Nov
12284 Nov
13 Jan
578 Deo
12512N0V
26I2
Jan
212N0V
8312
9758
8618
18
Nov
Apr
Nov
Nov
513 Feb
l05i4Mar
Nov
Nov
Nov
73% Nov
8734 Nov
378 Mar
714
20
Deo
Not
1314N0T
120
Nov
5514NOV
2312N0V
6I2NOT
7334 Deo
9312 Deo
43
Nov
5% May
19i8
2084 June
6112 Jan
Jan
Mar
Nov
Nov
July
July
II2 Jan
77i2JuIy
15 Jan
434 July
9 July
20 Dec
77 Dec
Nov
155I4
8
Aug
Jan
Mar
10084
Feb
July
Feb
186 Oct
102i2Sept
101
79
284
914
314
1338
250
640
27
lli2July
Mar
Not
14734 Deo
7212 Nov
2578 July
Dec
July
46 July
6412 July
2 July
434
79
June
14
81
321$
8984
5
5
10
z Ex-dlvldend.
7984
115i4Feb
658 Sept
JunelS
94iiFeb 21
28'4
Utah- Apex Mining..
h Ex-rights,
Jan
Jan
13612 Jan
50 June
2812 Jan
July
2,60.')
.15
125
35
28
Dec
Apr
Dec
Feb
Feb
70
4
4
3
15812
35I2
15
Maria
9
40
102
95
3
3
2% Jan
25
25
25
25
12O84 Dec
10218 Jan
Feb
67»4 Jan
C2ij Jan
125 Victoria
115 Winona
205 Wolverine
765 Wyandott
35 Nov
23i2July
50 Jan
Dec
Aug 3
Mar28
3I2
I4N0V
Dec
59
Feb
1
10
Mar 12
Feb 2
3i4Mayl8
17g
Dec
July
June
July
Mayl2
65 Utah Copper Oo
275 Utah Metal A Tunnel
8I4
225 Dec
159i4Apr
95 June
79 Sept
78 Sept
155 May
20
52
1,173 Utah Consolidated
27 Jan
42 Jan
w8i8 Apr
67«4
47
1
10114
Mar28
Jan 3
27iJsD 13
284
4812
1
Mln... 50
July
Mar
50
A
10158
6
pref
Do
Jan
Jan
2
Jan
Tuolumne Copper
S Smelt Refln
92
66
98
Apr
Feb
6I2N0V
9
Nov
I912N0V
3
5,325
975
155
n
102 Nov
64 Apr
95i2Mar 105 Dec
84 Dec
314 Apr
16 May
7 Dec
Apr
12514
Oct
106
114i2Mar 124 Oct
13412 Sep
123 Dec
6684 Nor
42 Aug
Aug 28
Aug 29
17i2Feb
81 Apr 24
23 Feb I
69 Aug 31
x7
24
Mar
Jan 17
46I2 Jan
3
4i4Apr
1058
3
1514
9
28
Mar
73
92
Feb 18
Jan 2
8684 Aug 30
Jan
2
2
2
2
6
41UJan 26
July25
178
Jan
108 Jan
lli2Jan
Apr 23
39i«« Apr 23
12 Aug 29
6
68
5
14 Mar
126i4June 9
121i2Jan 24
128i4Jan 26
58 June 8
100i4June 9
75 July 17
97ij Jan
5
170UJ»n 1"
102 Jan 18
lOOlj Mar23
1
25
385 Ma« CODSoi
365 Mayflower-Old Colony... 25
25
1.50 Michigan
25
273 Mohawk
5
Consolidated
210 Nevada
25
835 New Arcadian Copper
5
95 New Idria Quicksilver
100
10 New River Company
100
pref
Do
5
850 Nlplsslng Minos
15
1,238 North Butte
25
530 North Lake
25
300OJlbway Mining
25
325 Old Dominion Co
25
565 Osceola
10
2,010 Pond Creek Coal
25
366 Quincy
100 Ray Consolidated Copper. 10
180 St Mary's Mineral Land.. 25
50 Santa Fe Gold A Copper.. 10
10
780 Sh.Hnnoo
10
Shattuck-Arleona
25
500 South Lak«
25
95 Superior
10
Copper.
Superior
Boston
2,185
A
25
Tamarack
25
1,166 Trinity
9
8
220
78
5
Jan
July21
100
100
25
25
25
25
25
23.
Aug 29
Feb 3
Feb 3
II2
25
2
lOSijJan 27
175
150
100
87
414
Keweenaw Copper
1
94S4May
8i2Mayl6
1134 Aug 7
8912 Feb 23 121itJan 22
55I2 Feb 9
66 Jan 4
1314 Feb 3
2018 June22
10
10
25
Isle Royale Copper
Kerr Lake
Mayl2
Feb
40
9412 Feb 3
6712 May21
8734 July27
20
1
135 Lake Copper Co..
10 La Salle Copper
165 Mason Valley Mine
SU Jan 2
Feb 3
113l2Aug31
»2
25
25
5
25
9
1051*
10
10
.
UgApr
25
25
Amer Zinc, Lead & Smelt. 25
Do pref
25
Arliona Commercial
5
Butte-BalaMava Copper.. 10
Butte A Sup Cop (Ltd)... 10
75 Calumet A Hecla
200 Centennial
Chlno Copper
2,426 Copper Range Cons Co...
480 Daly-West
985 Davis- Daly Copper
1,680 East Butte Copper Min...
400 Franklin
Feb 14
9812 Feb 13
84
478
306 Allouez
Greene Caiianea
II2
90
I
26
50
pri:f
6
•1
5212
89
26
73
90
Do
86 Amer Sugar Refining
100
Do pref
137
100
2,695 Amer Telep & Teleg....-.100
10 American Woolen of Mass. 100
4OI2
14
8I2
1618
85
Do
200 Amer
Agrlcul Chemical
100
pret
100
Pneumatic Service.. 50
Oranby Consolidated
Aug'17
2138
8212
Amer
1
8I2
I5I2
*l2
22I2
52
111
81
I4I2
II2
II4
1034
6I2
2
2134
112:
3
538
22I2
5I2
3
2
8534!
I'/T.
•278
28
2I4
8.5I4
5l8
3
28I4
534
87
53I2
5I2
61
2I4
6II2
•8684
53
85
5
50
214
6212
•21
24
Last Sale 80
3I4
6OI2
4978
•80
•40
•13
2184
•284
I4I4
22
318
6II2
49I2
6
80
80
•21
358
iK> 1%
6OI2
60
49I2 50
1012
9
3I8
II2
..50
26I4
•6
I3I2
558
I'/e l'/«
7I4
7I4
•23
..50
26I4
77I2
545
1034
41
•2
2I2I
334
6
•40
•13
6238
3I4
II2
.25
IOI2
1078
•284
•7I2
5I2
•3
5
3I4
7I2
I'l
45
2l8
•234
7I2
3
6
*4l8
*3l2
53
5612
11
11
•184
2
•134
178
"814
74
545
•2
55
76
.75
"iT
16
1684
1634
17
Last Sale 55
Aug'17
55S4
5534 56
5518
2I4
•2
2
2
478
478
478
5
28
8%
17
545
"16%
79I2
7858
7978
546
83s
812
1'/.
.35
*.50
•27
.51
28
5I2
634
III2
15
11
29I2
634
11
24I2
56
11
5I2
334
22
3
•13
56
613g
2I2
18
III4
56
2
•2
1758
*28l4
9I2
3I4
6
•.25
60
Aug'17
19
29
7I2
46
151
17S4
88
7I4
•3
60
20
•87
712
44I2
148
6312
8712
•714
4I2
378
3I2
8I2
63
6II2
8684
7I2
•41s
•3I2
8I2
64
55
*52l2
2I4
712
•278
96l2
63
1034
..50
64
I'S
6112
50
50
95
2I2
55
7812
4034
13
•li^6
•49
134
64
6
3I4
2234
.75
81
1'8
334
•114
101
98
9812
•484
5
5
Last Sale .56 Aug'17
5
•77
•40
2
•134
79I2
98
5
6
2
9I2
2
81
100
83
578
17s
•99
6
578
7
•2
1012
•1^6
•7I2
62
2
478
IOI2
1'4
25
4
9
•60
2
•26
5
•I'/s
•23
•3
•1338 1378
I49I4 15212
60
30
*.50
6312
16
57I8
238
578
2I4
9I4
•134
3i8
40>4
13
2934
11
2I4
•13
•23
6
•78
42
11
•134
81
•22
*2l8
478
1012
79
31
578
56
5
•291 2
2
100
478
555
54
6I4
29
550
1738
14
3
5%1
.55
•17
65
88
• llj
131
•29
129
III4
.55
1734'
5
IOI2
i
8712
5812
11
79I8
•214
7
90
io7
60
2II2
5812
32
79
4II2' •41
•13
13
III2
334
185
I.52I4 15234!
65
64
•20
I
.75:
6434
*86i2
7
•11
17
13934 140
35I2 36
*13l2 1378
.75
35
I
•3l8
•88
•92
107
•127
100
3
100
5
*.50
*34
3
•9
1378
12
65
5%
•2
129
101
143
37
•.50
60
65
87
•2I4
90
l"o"8
1118
555
*17
I712
54I2
•IOI2
•80
•8
•181
89
89
99I2 100
IOII2
97
•61
62
60
60
16
16
Last Sale 8I2 Aug'17
185
185
150
150
101
101
88I4 89
89
91
73I4 74I2 •74
75
Last Sale 146l2Aug'17
Last Sale 184 July'17
Last Sale 11
June' 17
Last Sale 33
July'17
Last Sale 8884 Aug'17
Last Sale 92I2 Aug'17
IO6I2 107
107
IO712
127
127
IOOI2I
99
97
9912
140 140
"35r2 3'5"34
36
36
104
62
I5OI4
15238 150
1001? •100
101
91l8 92
9238
7314 74
75
15012
15012 •146
2I2
•1
2I2
60
•2918 30
129
130
4812 49
21I2
79I2
550
•5
8*4
4812
9612
72I2
72
88I2 88I2
•834
IOI4
IOOI4 IO214
IOI4
I6I2
60
65
•57
.60
•2l8
102
•61
•4734
9612
8912
•834
II4
Last Sale 11
Aug'17
113
II314 11084 UO34
II6I2 II312 II4I4
116
II712 118
II712 118
97
73
96
73
•88
17
185
II4
11
11412 11412
II5I2 II6I2
117=8 USis
•49I2 50
I52I4 15334
30
6418
2II2
12
•58I4
106
62
lU
•lOU
9I2
•13%
61
I
5I4
64
22
8912
*88
^92
•2
2I0'
101
101
*5
5I4
•.60
.751
212
•.50
74
90
100
114
Last Sale 28
I26I4 129
130
131
129
127
127
4834 4834
481
49
4812 4812
48
48
*26i2 2712 •27
2734 •27
271? •27
2734
27
27
I20I4 12134! 11878 121
11858 11934 1112
11538 IO9I2 11178
*116i4
•116
II7I2
11634 11634
11634 •11612 117
"5"
6I4I
6
5
578
6
6
6
6
"5U
131
4812 4834
•2612 2712
121
12112
•11718 11758
•100
•5
n
11512
11618
118I2
5012
9734
I
•igi's
130
•2
90
110l2ftl07
131
^128
IOO84 IOII4 101
•142
143
90
100
134
88I2 88I2
99I2 100
484
108
Nov
Nov
33I2N0T
lOU Jan
Jan
2434
31% Nov
9314
914
Nov
Nov
3212N0V
412
27g
83
105
2334
IO912
3684
110
Jan
Apr
Nov
Nov
Deo
Not
Not
Nov
378
Jan
1212
Feb
7 July
2434 July
4 Aug
40% Feb
12i2July
28t2
li2
35
Jan
Aug
July
.15 Jan
5418 Jan
49 Feb
4I4
278
I212
75
Dec
Jan
June
514
Dec
284
384
Jan
45
li«
Mar
Oct
Aug
8I2
Jan
Jan
Oct
Jan
1284 Jan
2i2Deo
884
56I4
81% Nov
5384 Apr
Sig Apr
3012N0T
127%
Nov
lli2Mar
8I2N0V
8I4
6712
23^
Nov
Feb
Feb
THE CHRONICLE
900
[Vol. 105.
—
Outside Stock Exchanges
Chicago Stock Exchange. Complete record of transacChicago Stock Exchange from Aug. 25 to Aug. 31,
compUed from the official sales lists, is as
inclusive,
both
tions at
—
Boston Bond Record. Transactions in bonds at Bos
ton Stock Exchange Aug. 25 to Aug. 31, both inclusive:
follows:
Friday
Bonds—
U S Liberty Loan 3 %8 1947
Last
Week's Range
Sale
Price.
of Prices.
99.90
Am Agrlc Chem 58. ..1928
Am Tel & Tel coll 48. .1929
Atl
W
G&
I
SS L
58.
.
85
96
80%
88%
96%
95%
1959
1949
Q 48
U S Y 58.1940
Gt Nor-C B & Q 48.-1921
1932
N E Telephone 58
1934
New River 58
United Fruit
4%8
1923
"97"
95%
High.
99%
86%
96%
81%
88%
96%
95%
98
79
98
103
105%
79
98%
95% 95%
97
Baltimore Stock Exchange.
to
Week.
1,000
18,000
5,100
40,000
1,000
1,000
2,000
1,000
1,000
22,000
14,000
1,000
Low.
High.
July
Aug 102%
97
95
May
Jan
Jan
98%
record of the
official sales
all dollars per
Friday
Last Week's Range
Sale
Price
Par
Stocks
Atlantic Petroleum
Bait Electric pref
Cosden
& Co
5
41% 41%
95%
10
9
111%
100
100
10
100
247
301
Dock
Sc
25c
3,941
62,478
412
4%
4%
465
34%
34% 35%
171
18
61
18
61
71%
71% 71%
70% 71
79% 79%
72
-28
3>
i
6s
97%
103
Elkhom
Fuel 5s
1918
Fair & Clarks Trac 5s 1938
Georgia Pacific 1st 6s. 1922
Ga Sou & Florida 53_ _ 1945
St & St P C it 5s. . 1928
Monon V Trac 5s small '42
Mt V-Wood notes 6s. 1918
Norf & Atl Terml 5s. . 1929
Norfolk St Ry 5s
1944
Pennsy
& P 5s
1940
United Ry &E4s
1949
Income 4s
1949
Funding 5s
1936
do small
1936
97%
99%
99
73
100
75
6
27
28
200
489
270
3%
10
3%
97% 97%
103
103%
95
96%
97% 98%
99% 99%
99
99%
102
97
98% 98%
91% 91%
100% 100%
W
79%
60%
2
6
102
97
M
13
80
72
100
94
96
"B"
Elkhorn Coal Corp 6s 1925
28
25
19
61
83% 83%
101% 101%
6s
Console, EL&P notes 6s w
Consol Coal conv 6s. .1923
Cosden Gas 6s "A"
10%
50
RR conv deb 4s sm
Atl C L
Bait Dry
340
95
Ic
Wayland Oil & Gas
Bonds
6%
no
10%
Preferred trust ctfs. .100
Monon Vail Trac
100
Mt V-W Mills pref v t r 100
Northern Central
50
Pennsyl Wat & Pow. . . 100
Public Service BIdg pref..
Robinson Oil preferred
United Ry & Elec
50
Week.
High. Shares.
110%
Rights
Warrants
Cosden Gas preferred
5
Davison Chemical.. no par
Houston Oil trust ctfs. . 100
Range since Jan.
88
88
101
101
92
92
79% 79%
60% 60%
83
83
84% 84%
Pittsburgh Stock Exchange.
$500
3,000
30,000
26,000
6,000
41,000
4,000
3,000
3,000
4,000
1,000
2,000
500
2,000
5,000
1,000
3,000
12,000
4,000
1,000
100
Low.
5%
High
Mar
June
46
41
July
90
May 123%
109% May
100
Aug
10
Aug
Ic
Aug
50
Aug
4% Aug
34% June
17% Mar
60
60
May
Feb
60% Mar
79% Aug
70% June
100
6
27
3%
18%
Jan
Jan
Jan
Jan
Jan
25c
25c
Aug
Aug
127
114
5%
Jan
Jan
44%
23% Apr
67% Jan
June
75
73
89
84
July
Jan
Jan
Jan
Aug 102%
6
Aug
Aug
Aug 35% Jan
July
83% Aug
101% Aug
97% Aug
102% May
93
Aug
95
Aug
97% Aug
99% Aug
Aug
99
102
Aug
Aug
97
5
Jan
92%
Jan
110
Mar
95
Aug
97% Aug
101% Jan
107% Jan
101% Feb
106% Jan
102% Jan
July
102% Jan
98%
91% Aug 91% Aug
98% Feb 101% Aug
88
101
June
83
83
92%
Aug 103%
91% July
79% Aug
60% Aug
Aug
May
95%
84%
67%
90
90
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Stocks
Sale
Par. Price. Low.
—
Amer Sewer Pipe
1 00
Amer Wind Glass MachlOO
49%
Diana Mines. _..
1
Gold B.ir Mines
1
Harb-Walk Refrac com 100
39%
Belle Iron Works.
Preferred
Lone Star Gas
100
lOO
100
Mfrs Light & Heat
50
Nat Fireproof ing com- . . 50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Gas new.
Pittsb Brewing com
Preferred
MM
. -
.
Mt
Pittsb Coal deb 5s
5s
X Ex-dividend
1931
1931
108
57
57
2
112
98%
63%
7e
39% 40
69% 71%
112
29c
21c
126
2%
116%
122% 122%
98%
63% 66%
98
5
5
12
12
19
47%
47% 50%
27
27
lie
650
420
6%
San Toy Mining-.
1
Union Natural Gas
100
USGla.ss
100
U S Steel Corp com _ 100 rllO%
Wesfhouse Air Brake- 50 111
West'house El&Mfg comSO
45
P»i« 'Bonds
Cent Dlst Telep .5S-..1943
Ind Brewing 6s.
1955
Monon Riv Con C&C 6s' 49
Pittsb Brewing 6g
1949
West Penn Rys
108
6c
125
50
50
Pitts Cons
&T
1
Plttsb-Jerorae Copper
1
Pittsb &
Shasta Copp 1
Pittsb Oil & Gas
100
Pittsb Plate Glass.
100
Ross Mining & Milling..,.!
17
52
28c
19c
125
Independent Brewing- -50
La
17
48
45
800
25
93% 93%
Preferred
100
Amer Wind Glass pref. 100
Cable Consol Mining _. 1
Caney River Gas
25
Columbia Gas & Elec 100
Crucible Steel com
100
Week.
High. Shares.
99
2%
16
lie
63c
40e
6%
121
130
150
175
45%
xUOH
110
5
12
20
29
2%
16
lie
70c
42c
7%
121
13c
15c
175
47
121
113
10
2,900
25
150
200
6,200
5,934
25
295
470
25
110
1
,063
385
100
35
5,668
2,780
15
25
8,100
12,400
14.400
2,760
23
1.50
3,400
1.50
410
465
555
44% 47%
1,657
101% 101%
S2,000
1.000
1.000
1,000
5.000
4.000
43
43
117% 117%
55
99 H
99
55
99'^
99
23%
Fisheries, com, new.
-100
Preferred .Chic Cy&CRy pt sh prefChic Pneumatic Tool -.100
Chlo Rys part ctf "2"
Chic Rys part ctf "3"
Booth
65
13
Commonwealth-Edison 100
Cudahy Pack Co com. . 100
Deere
& Co,
117
117
100
pref
117
Range since Jan.
16% May
19%
45
62
May
93% Aug 124%
105
4C
Jan
Aug
43% Feb
35% Feb
59% Apr
Mar
22c
15c
122
1%
71%
July
Jan
June
Feb
Jan
July
May
May
17% May
5
12
43% Jan
26% Aug
1% June
May
10
8c
Feb
May
May
4% May
47C
40c
118
12c
Mar
57
Aug
47% Apr
90% July
Apr
1
48c
130
3%
May
168% May
May
33
Jan
Mar
Jan
Aug
120
Preferred
._
.
National Carbon,
68%
new
76
128
Preferred new
People's Gas Lt& Coke. 100
Prest-O-Llte Co, Inc
Quaker Oats Co
1
144
Jan
100
162
Preferred
100
Sears-Roebuck com-.. 100
Shaw
preferred- -100
Stew War Speed com.. 100
Rwlft&Co
100
Union Carbide Co
100
Unit Paper Board com. 100
U S Steel common
100
57
149%
183%
23%
& Co, pref.
& Co common- - 100
Ward, Montg
Wilson
112
-
59%
101%
100
Preferred
Bonds.
Boota Fish
90%
89
Cudahy Pack 1st M .5sl946
Lib Loan 3%s when issued
Metr
Side El 1st 4s- 1938
94
99.92
W
G L & C ref g 5s. 1947
Peop
Pub Serv Co
1st ref g 5s '56
South Side Elev 4% 8. 1924
Swift & Co 1st g 5s... 1944
Wilson & Co 1st 68-- -1941
I Ex-dividend
.
82%
99%
6Ex-50%
May
Apr
117% Aug
45
99
99
Apr
Jan
July
Range since Jan.
High. Shares
Low.
1.
305
93
23
83
20
65
305
1
1
117
115
100
rll6
68
118
118
b275
75
39
1,20(
23
5
High.
93
23%
85
20%
67%
13
13%
1%
1%
68%
76
128
72
142
22
56
30
4%
21
16c
1.55
1.20
Aug
July
July
July
Jan
Jan
17% Mar
2Io
185
47
Mar
Jan
May
Jan
Aug
103
50 %
118
68
Jan
Jan
Jan
Jan
100% Mar
100% Feb
35%
Feb
78
Jan
June
Jan
12
25
394
1
300
96%
113% May
68
Aug
16% Feb
39
Aug
65% May
77% Aug
68% June
102
Feb
290
May
64%
101
102%
3.5
Jan
June
58
Apr
90
78
Mar
83% Aug
130
106
Aug
Jan
155% Aug
Jan
Aug 115
Aug 239
Feb
Jan
96
Mar
101
Jan
May
Apr
23% Aug 34% Jan
110% Mar 134% May
339 112
Aug 117% Jan
3,108
57% Aug 84% May
333 101
Aug 107% May
$5,000
22,000
2,000
99% 99% 5,000
98% 98% 7,000
94
95
10,000
99.82 99.94 150,950
61
61
1,000
91% 91% 1,000
88
88% 3,000
90% Aug
89
82% 82%
97% 98%
99% 100
Aug
89
94% Feb
99% Mar
97% Jan
99% July 102% Feb
98% Aug 103% Jan
Aug 100% Jan
Aug 100.10 July
94
99.50
60% Aug
70%
Jan
Jan
Jan
Jan
Jan
Jan
Aug 96%
Aug 96 %
82% Aug 89%
97% Aug 102
99% Aug 103%
91
88
1,000
15,500
4,000
cEx-25%
Aug
90
90
90% 90%
stock div.
Jan
129% Apr
100% Aug
132% Mar
5
59
89
Feb
Feb
3
2
142 %
Feb 165%
Feb 210
169
1,329
720
23% 26%
115%
132%
25
Apr
340
88% May
53% Aug
10
112
Aug
128
2,219
3,437
116
Feb
Feb
36C
99%
3,326 Cl60
167
93
58
154
194
116
Aug
117
108
7C
9C
1,644
2C
74%
July
May
1% Aug
31
5C
49
65
381
Philadelphia Stock Exchange.
stock dlv.
—The
Aug. 25 to Aug. 31, both inclusive,
official sales lists, is
given below.
a Ex-rights.
complete record
Exchange from
compiled from the
Prices for stocks are all
For bonds the quotations
dollars per share, not per cent.
are per cent of par value.
Friday
Stocks
—
Par.
Preferred
100
Buff & Susq Corp v t c. 1 00
Elec Storage Battery.. 100
General Asphalt pref. -100
Insurance CoofNA
10
Keystone Telephone
50
Lake Superior Corp... 100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers-10
Little Schuylkill
50
Mid vale Steel & Ord. . . 50
North Pennsylvania
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Phila
Co
(Pitts)
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
|
Low.
100
30
89%
High. Shares.
100
30
5
119
33
25
226
78
134
175
3,415
89% 89%
58
58%
59
58
60
60
26
25%
25%
11%
16%
16
75
75
60%
60%
11%
17%
76%
61%
25
25
51
53%
75
58
21
Aug
51
2
51
500
94%
52
52%
38
29
38%
29%
29% 29%
29% 30%
29%
7
2
1.466
84%
4%
6%
88
963
20
38
29
34
77
2,087
10
43
130
2,802
1,410
103
34
77
84% 89%
4%
6%
9
49
99.90
Amer Gas &
Elec 5S-.2007
do small
2007
Baldwin Locom Ist 53 1940
Consol Trac N J 1st 5s 1932
Elec & Peoples tr ctfs 4s '45
do small
1945
Harwood Electric 6s ..1942
Inter-State Rys coll 4s 1943
Keystone Teleph 1st 5s '35
Lake Superior Corp 5s 1924
Lehigh & N E 53
1954
Leh Vall gen cons 4 %s 2003
Leh Vall Coal 1st 5s.. 1933
Penna RR gen 4%s serA'65
Phila.
Co. cons.
4%
6%
Am
X
Ex-dlvidend.
1930
9
49%
82
99.50 99.96 136,250
90
13,000
90
700
90
90%
99
76
70
1 1
99
92
92
89
100
100
89
1,000
76%
78
52% 52%
95
48
95
51
101% 101%
93
93
93
103% 103%
100
88
l<'eb
May
Jan
June
53%
.A.ug
90
92
July
May
51% May
37%
28%
28%
27%
88
73%
97
89%
37,000
5,000
6,000
101
74%
97%
1
2,0001
Apr
Aug
May
Apr
34
May
76
June
84% May
4
May
5%
Jan
100
33
98
66
Aug
Jan
Jan
Jan
Jan
Jan
67%
70%
27% Feb
14
Jan
24
85
Mar
Jan
79% Jan
25% Mar
54% Jan
67% June
94
100
57%
Jan
June
Jan
9
Feb
Jan
Jan
Jan
Jan
34!.^ June
84
Jan
103% Jan
43
34%
34%
34%
5
Aug
7% Mar
41% July 47% Jan
76% May 91% Alar
99% Feb 134% May
48% June
66
Feb
99
90
90
Aug
Aug
Aug
9%
53 %
92
100.5
97 %
July
99
50
95
43
May
Jan
Feb
Apr
June
Jan
97% Mar
104%
Aug 102%
75% Aug 84
Aug 86
70
100% Aug 104
101%
57
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Aug 99
Aug 58% Mar
101% Aug 104 % Jan
Jan
Aug 102
93
102% June 106% Jan
91% Aug 98% Apr
May
Aug 92
Apr
Aug 102
Aug 102% May
July 113% Jan
88
Aug 96% Jan
100% July 102% Mar
Apr
74% Aug
70
97
Aug 99 % Jan
89
100% 40,000 100
100%
2,500 100
108% 108%
4,000 108
101
73%
97%
,000
15,000
5,000
2,220
1,000
1,000
1,000
7,000
2,000
5,000
1,000
11,000
100% 100%
&
Phila Elec 1st (new) 5s '66
do small
1966
Phila & Read Term 5s 1941
Reading gen 4s.. . 1997
Spanish
Iron 6s .1927
United Rys gold tr ctf 4s' 49
49
80
898
24,510
485
93
70
101% 101%
99
coll tr 5s tr rects
Welsbach Co 5s
24%
July
July
286
364
20
52
100
Bonds
May
May
Tonopah Mining
1
Union Traction..
44
50
44
45
United Gas Impt..
78
78
50
78%
U S Steel Corporation. 100 j:109% xl09% 122
Wm Cramp & Sons
Aug
89% Aug
54% June
58% May
59
1.
High.
Low.
100
30
11
15
56
90
95
90
Range since Jan.
pref
(cumulative 6 % )
50
Phdadelphia Electric... 25
Phila Rapid Transit
50
Votmg trust rects... 50
Phila & Western pref... 50
Philadelphia Traction.. 50
Reading
50
Tono-Belmont Devel
1
U S Liberty Loan 3%a 1947
%
Aug
25
105
99% 100%
160
93
54
149
180
Feb
25
94
July
81
20
60
383
153
Feb
95% Aug
75
98C
17
120
70
28
39
70
79
128
Feb
445
10?
235
100%
June
of transactions at the Philadelphia Stock
Jan
Jan
Jan
Jan
7
17%
Feb 136% Ma,y
Aug 157% Feb
45% Aug 58% May
36
Low.
90
8 f d 68.. .1926
Chicago City Ry 5s.. 1927
Chicago Rys 5s
1927
Chicago Telephone 5S- 1923
Common w-Edison 58-1943
Warwick Iron & Steel 10
West Jersey & Sea Shore 50
102
110
101
Week.
300
00
99% June
73% Apr
Apr 135
28c
Apr
12e
Jan
Jan
Jan
Jan
110
lie
122% Aug 128%
90%
61%
1.
High.
Low.
of Prices.
27
39
.
. _
Lindsay Light
Middle West Utilities com.
American Gas temp rects
American Railways
50
complete record of
transactions at the Pittsburgh Stock Exchange from Aug. 25
to Aug. 31, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are aU dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.
Sales
for
Sales
for
1
101% Aug
98% Aug
—The
Friday
Last Week's Range
100
Shipbuilding
WW
1.
of Prices.
Low.
6
50
Baltimore Tube
100
Consol Gaa, E L & Pow 100
Consolidation Coal
100
Sales
for
Amer
Diamond Match
100
& Marx,coml00
Exchange from Aug. 25
is
American Radiator.... 100
IIart,Shaff
given below. Prices for stocks are
share, not per cent.
For bonds the quotations are per cent
of par value.
lists,
Week's Range
June
100
98% May 104% Jan
85
Aug 92% Jan
95% Aug 102
Jan
78
May 85% Jan
80% July 89
July
96% Aug 102% Mar
95% June 99% Jan
98
Aug 100% Mar
79
Jan
82
Mar
101
Mar 112% June
31, both inclusive, compUed from the
Aug.
Sale
Par. Price.
Stocks—
99
—Complete
transactions at the Baltimore Stock
Friday
1.
Last
99.80 99.90 142,520
99%
Chic Burl &
Chic June &
Pond Creek Coal 6s.. 1923
1944
Swift & Co 1st 58
Low.
Range since Jan.
Sales
for
—
5
Sept.
—
.
Volume
Friday
Last Week's Range
Sale
NEW YORK STOCK EXCHANGE
WEEKLY AND YEARLY.
TRANSACTIONS AT THE
DAILY,
Week ending
Aug. 31 1917.
Saturday
_,
103,745
311,794
549,593
566,985
419,335
898,858
_
_
Tuesday
Wednesday
Thursday.
Friday
_
__
.
_
Total
84,852,100;
2,850,310 5267,190.550
U. S.
Bonds.
Foreign
Bonds.
5243,000 5308,000
741,000
429,000
900,000
799,000
086,000
834,000
905,000
431,000
781,500 1,583,000
53,517,500 5,423,000
54,601,500
Week ending Aug. 31.
Salts at
tSb
5393,000
870,000
946,000
797.000
478.000
1,117,500
59,497,500
29,865,900
51,000,300
52,216,250
39,758,500
Mun.
State,
Bonds.
Par Value.
Shares
_
Railroad,
&c..
Stocks.
Jan.
1 to
— No. shares.
1917.
Aug. 31.
1916.
1917.
2.850.310
126.853.605
3.504,247
$267,190,550 5291.098,450 511,651.390,255
5400
561,400
_-
Par value.
Bank
1916.
shares, par
107,366,930
59,337,863,590
5172,100
Bonds.
Government bonds
55,423,000
3,517,500
4,601,500
State, mun., &c.. Ms.
RR. and misc. bonds.
Total bonds
513,542.000
5659,450
181,683,500
508,877,500
553,849,250
228,172.500
358.772.000
512,000
4,702,000
8,825,500
Anglo-AmerOil
5691,220.450
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Philadelphia.
Week ending
Aug. 31 1917.
Bond Sales.
Shares.
Saturday
2,945
Monday
9,948'
13.0871
Tuesday
Wednesday
Thursday
Friday
Total
1.844
5.867
10.278
6.644
7,918
17.434
546,750
32,0.50
50.600
75,150
16,118
13.764
21.445
61,1.50
33.920
5299.620
77.307
New York "Curb"
Bond Sales.
Shares.
Bond Sales.
Shares.
$19,600
24.500
40.600
22.000
40.000
29,000
865
491
659
2,188
756
530.400
30.320
43. .550
118.300
73,450
16,000
49.985
Market.
Baltimore.
'
1,783
5175,700
6.742
S312.020
—Below we give a record
of
the transactions in the outside security market from Aug. 25
to Aug. 31, both inclusive.
It covers the week ending Friday afternoon:
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for
bers of the
Exchange can engage
mem-
instance, only
in business,
and they are
—
permitted to deal only in securities regularly listed that is,
where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken
to insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records of
securities
The possibility that fictitious transactions
creep in, or even that dealings in spurious securities
be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances.
the transactions.
may
may
out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
It is
Week ending Aug.
Friday
Last Week's Range
31.
Sale
Stocks
Par. Price
Aetna Explosives
r (no par)
Preferred r
Air Reduction
Beth
Steel
5Vs
100
Co r(no par;
com B w i-_100
Rights, r
Butterworth-Judson .r.(t)
Carbon Steel, com r_.100
Car Ltg & Power, r
26
Carwen Steel Tool
10
106
3
3'4
10 K2
Preferred
Charcoal Iron
M
75
28M
39 H
6H
24
]
Holly Sugar Corp
Preferred
Keystone Tire
com
(t)
100
& R com. 10
Lake Torpedo B't com r 100
Lukens Steel 1st pref..l00
Marconi Wirel Tel of Am.
Marlln Arms v t c
Maxim Munitions
14
6
Pulp & Paper(t)
Prudential Pictures.r
5
Republic Motor Tr rights r
St Joseph Lead r
10
Mt & Pac Co r.lOO
St L
Smith Motor Truck r...lO
3H
5M
Am
R
Smith & Terry Trans pf . 1
Standard Motor Const. rlO
7K
44 H
95
llOH
2
5
60
96
60
97
9Ji
7
55
8'A
3J4
103i
7
55
85-
70
90
28 K 28 Ji
38 'A *45
6
6
2
2
59
59
24.500
850
•2,325
5,600
25,000
100
50
1,400
6,800
700
100
700
10,400
1,310
16,100
1,320
700
lOl'A 101
14
14
*5H
6H
111
3
121
15
15
3%
y*
19
35
3%
10
9M
2
Aug
Aug
40
85
May
Apr
2^ I'eb
y^ Aug
7
55
Aug
Aug
SH
Apr
70
28 'i
Aug
Aug
16
b'A
20*^
Feb
July
i'eb
,925
8,8.50
12,000
300
300
41,108
200
200
H
Mar
13
Vh
9H
R5
105 5i
400
19 H
5'A
10
Apr
14H June
2
40
96
3%
6H
3o%
High.
100
110
50
38,000
300
1
Low.
Apr
FeD
Feb
Feb
2,300
130
700
1
lA
1
1.
Week
24 H
24
2%
111
I'A
15
North
86
105 Ji
Range since Jan.
,000
IJi
5K Aug
96
Feb
•t% June
*47
Jan
1
14 H
3)4
4
Aug
May
Aug
May
Aug
'A
U'A Jan
29 'A
leb
3H July
Hii Mar
bH Jan
8
Julv
44 H Aug
99)A Aug
110 y^ Aug
o
Aug
70
July
109
Jan
5H Julv
14
Mar
11
May
55
Aug
9A
146
June
Jan
June
30
62 A Julv
13)^ Jan
25
Aug
3K Aug
63
102
18
M
10 3i
104
3%
Aug
Julv
Mar
Feb
June
June
Aug
122
4H
Feb
ISA Aug
9H Jan
6H Aug
%
21
Aug
July
37H Aug
9
12
15
20 M
3%
24
6M
2
iH
6
lA
4%
8A lOM
8H
19K
£1
218
245
N
6,900
15,000
2,700
2,150
4,200
61,000
A
6
18
1.
A
High.
Jan
Feb
June
3
Aug
Aug
20
6
lA
A
9
Jan
May
36
IH Apr
400
20
227
270
258
577
285
218
245
247
570
271
273
Jan
May
Apr
1
1
Arkansas Petroleum r
Barnett Oil & Gas r
Boston- Wyoming Oil r
Consol Mex Oil Corp
1
Elk Basin Petroleum
Elkland Oil & Gas r
Corp
Oil
Federal Oil r
Friars Oil r
I
3K
Jan
55i
July
Jan
49
A
7
June
July
July
2H
6% Mar
4 A July
4H May
17
300
16
Feb
2
100
125
70
210
245
247
570
270
July
250
444
445
800
345
18
216
5
1
5-16
1
4A
7-16
5-16
12
lOA
£1
1
18
1
H
31K
N Y & Texas Oil.r
1
com
«
r
Preferred r
9
9%
%
500
2,000
11,335
13.200
23.700
3.000
37,100
21,200
87,000
1,000
81c
llHc
45c
10
8V4.
22C
20c
26e
8%
Pennsylvania Gasoline
1
Penn-Kentucky Oil r
Penn Ohio Oil & Gas r
5
10
6
12'4
5Vi
1214
*6H
Rice Oil r
l
Sapulpa Refining r
6
Sequoyah Oil & Ref
I
Tuxpam Star Oil.r
1
United Western Oil r
I
Utah Petroleum (prosp't) 1
5-16
5-16
7-16
9A
10 J
1-16
Vacuum Gas & O Ltd
10
lA
lA
13-16
13-16
20c
3-16
1
7M
Victoria Oil new stk r..lO
West States Petrol. r
l
121-i
15-16
1
1
1%
1
22c
A
7H
A
A 11-16
iy»
5H
800
3,960
10,500
40,350
1,800
11,800
5,000
6,200
31,500
29,200
1,600
13,450
7 '4
y»
Wyoming Oil & Ref r
Wyoming Un Oil new
r(t)
Mining Stocks
Acme Cop Hill Mines
r. 10
IM
Alaska-Brit Col Metals.. 1
Alaska Standard Cop r..l
Arizona-Cornelia r
1
Atlanta Mines r
1
Austin Amazon. r
1
Big Ledge Copper Co.-.l
7-16
23c
9-16
30c
IH
lA
I
Bingham Mines
Booth
2Sc
1'*
12c
lA
I'A
62c
Copper r
Fortuna Cons r
Gil.i Copper r
67c
IH
IK
lA
7%
Merger r
Great Bend r
Green Monster MIn
Hecia Mining
1
16 5i
16K
51c
50c
'i2c"
10c
53c
6c
10c
5A
Magma
15-
12C
1
A
5
10c
5
10c
r
24c
15c
1
Nlplsslng Mines
w
I
Pittsb-Jerome Copper
Portland Cons Cop
Ray Hercules. r
Rex Consolidated r
9-32
26c
5-16
28c
215,,
21S16
13-16
14c
A
%
*44
9-16
3-16
31c
1.5-16
16c
38c
15-16
1
7
67c
13-16
"id
1
34,370
50,000
2,000
12,700
4,500
4,000
10.000
3.100
400
600
1.500
1,100
66,500
22,500
7,200
22,500
14,400
100
4,520
7,200
600
300
1
70c
70c
7-32
34c
2,700
3-16
30c
15-16 1,5-16
15c
25c
37c
A
1
'28c'
5
3H
28c
35^
1
17c
56c
52c
3-16
1
1
IbAc
1
'76c'
300
300
1,400
5,375
14,800
13,400
8,000
21.100
5.500
A
60c
8A
1
1%
1
A
47
25c
6K
63c
1
5%
12c
8%
lA
5
r..l
Richmond Mln MII&Rr.l
Rochester Mines
Santa Rita Devel.r
6H
5
. . 1
National Leasing r
.1
National ZIno & Lead r..l
NIcklas Mining
1
9-16 2 1-16
86c
94c
22c
13-16
14c
Vh
1
Mlllord Copper r
1
Mines Co of America
10
Mogul Mining r
1
Monster Chief r
1
Mother Lode r
1
Nancy Hanks-Montana r 1
15-16
5%
5
M cKinley-Darragh-Sav
Ohio Copper new
1
87c
9-32
27c
r..l 2 15-10
Copper.
10c
A
1
700
3,000
25.400
8,400
14,700
3,000
20,700
97,570
12,300
27,500
8,600
1,100
14,150
25.400
18.000
7.700
3,500
1,700
lA
1
Josevlg-Kenneoott Cop..l
Jumbo Extension
1
Magmatic Copper
Magnate Copper
Marsh Mining r
Mason Valley
9A
5A
9c
1
Louisiana Consol
1
'A
1
Kewanus r
La Rose Consolidated
2,5c
9
1
M
5H
2H
1^^ 13-16
1-16
lA
1
International Mines. r
1
Iron Blossom r
lOc
Kerr Lake
H
20e
Hudson Bay Zino Mines.
Jumbo Minof New
45c
23c
25c
Jerome Verde Cop
Jim Butler r
10
5^C
1
r
2H
A
5A
2H
1
Howe Sound
IM
15-16
35c
1
Consolidated. 10
2A
2Vs
6c
8c
15^
2A
IH
1
*73c
3c
7c
'4
1
IK
1
1
Emma
71c
lOJ^
H
1
69c
Calumet & Jerome Cop r 6
1>
Canada Copper Co Ltd. .5 2 3-16
Rights r
3c
Cash Boy
7}^c
I
Cerro Gordo Mines
1
Coco River Mining r
1
Consol Arizona Smelt
5 1 15-16
Consol Copper Mines
9
5
Consolidated Gold Minesrl
60c
Dundee Arizona Cop
12 A
8c
SA
9-16
Consol-Homestead r
1
Cresson Con Gold M&M.l
Duncixn M'g.feMilling r 50c
1%
12 A
8c
61c
1
Boston & Montana Dev-.S
Butte Cop & Zinc v t C...5
Butte-Detroit Cop&Z
1
Butte & N Y Copper
1
Caledonia Mining
5
2
llj'^c 13c
10
r
200
50 A
IVi
67C
80
40c
1
25.400
21.700
3,500
55.000
76,800
1,100
200
2,500
41,100
2,800
50
5-16
%
1%
78c
9c
Oklahoma Prod & Ref
5
Omar Oil & Gas com
I
Osage-Homlny Oil r
5
Pan-Amer Pet r
100
1
11-16
IH
1
1
Oil
%
37H
5-16
1.15
1.35
1 3-16
lYi
160
180
1«
1
Northwestern Oil.r
%
164
9. .500
6,605
18,000
13,100
54.000
6,700
7,500
5.300
1.000
68,000
87,000
1,500
13,100
15,000
6,100
1
1.19
1
iA
44.400
15,100
103-S
30
1
1
Oklahoma
A
5-16
3
10
3
50
r
r
18
13
12!-^
10
Oil r
A
IH
9-32
10
10
Preferred r
5
125-J
1
Metropolitan Petroleum 25
Midwest Refining
N Y-Oklahoma Oil
4M
100
r
7-16
1
1
9.700
49.500
13,300
208.000
1.875
15.000
1-16
II
1
1
5
Kenova Oil
Knlckerb-Wyo Pet.r
Midwest
50c
15-16
10
5-16
1
Preferred r
Lost City Oil r
Merritt Oil Corp r
2\
42c
41c
10>
75c
10
lOJ'
10
Henderson Farm
Houston Oil com
Internal Petroleum
49c
31c
40c
56c
15-16
1
9-16
1
46c
1%
10
r
7-16
1
38c
41c
1
r
9-16
47c
2
1
Cosden Oil & Gas certfa.r.
Crosby Petroleum r
1
Cumberland Prod & Ref r 1
Goldfleld
Goldfleld
High. Shares
101% 102
(no par)
r
10
Transportation
10
NY
5H
40
STA
ChalmersMotCorpCno par)
100
Co of Am. 10
Chevrolet Motor
100
Cities Service w i r (no par)
Curtlsa Aerop &
com (t)
Emerson Phonograph
5
Everett Heaney & Co r.20
Havana Tobacco com r 00
of Prices
Low.
Sales
/or
20 H
"i'A
Pipe Line
100
Prairie Pipe Line
100
Standard Oil (Calif)... 100
Standaru Oil of N J
100
Standard Oil of
Y ... 100
Glenrock Oil.r
Boston.
3
6M
Illinois
Esmeralda
5640,793,750
513,540,500
3
4.750
13,700
Low.
July
Subsidiaries
Allen Oll.r
York Stock
Exchange.
Q
24M 29M
lA 19-16
25H
OH
Former Standard
Q
8M
5
Range since Jan.
Week.
High. Shares.
Aug
Aug
Aug
Jan
June
Jan
Jan
Jan
Jan
Jan
Other Oil Stocks
New
Stoclvs
Corpr
Submarine Boat.. (no par)
Triangle Film Corp v t c.5
United E Aero r
5
United Motors r-.(no par)
U 8 Aeroplane Corp .r.. 6
U 8 Light & Heat
r. 10
U 8 Steamship
10
Wright-Martin Aire r..(t)
Sales
/or
0/ Prices.
Par. Price. Low.
(Con.)
Steel Alloys
K
901
Exchanges
of Business at Stock
Stocks
Monday
1
THE CHRONICLE
1917.1
1
5
16c
.5fic
.50c
3-16
4.5c
5O0
A
Aug
Aug
lOJ.^
July
Aui
•/f.
lA
9
470
11^
IK Aug
'A
rJan
June
June
8
10 K
July
42
Aug
May
Jan
4K BJan
1.80 July
IK Aug
Jan
Jan
May
A
188
7-32
8A
3
Feb
iMi Aug
60
Jan
1
Jan
14 K
Jan
76c
Jan
Jan
1
July
June
Feb
Mar
A Jan
IH Aug
IK Jan
Aug
63c
%
July
lii July
9 A Apr
7o May
53c
July
7«4 Feb
A Apr
IK Aug
Jan
1% Apr
lA Feb
Aug
Jan
IK Aug
'A
Aug
IH
Jan
3
Feb
35c
A
Aug
June
45^ June
254 Aug
H May
H May
Aug
16H Aug
12c
480
May
4!^cMay
4Ac May
%
7
5>s
Aug
Feb
Aug
July
1
Mar
K Aug
8c
1%
69c
July
Mar
A May
Aug
K June
230
3H
12c
July
Aug
K May
80c
Feb
40
Jan
190
75c
9o
5
46c
Mar
900
1'4
Apr
8O0
10c
37c
Aug
Jime
June
Aug
Aug
Aug
Feb
Aug
Aug
July
3-16 Miiy
|(Apr
Aug
Jan
15-16 Apr
6 A Jan
13 K June
12c
Jan
July
82o
14 K June
•2
Jan
A Mar
July
2A
Jan
2
75c
June
3
20c
16c
25^
I'At
Aug
Mar
Mar
May
A Aug
K Aug
45c
Aug
K Mar
714 Jan
2 A Aug
2
12
2K
A
2
Jan
Jan
Aug
16K Aug
25c
•770
lOo
Jan
Feb
13KC Aug
2K
9!^
8K
K
Jan
July
1
Jan
June
lOc
Aug
IK
3
1
'At
Jan
Mar
Aug
Aug
49c
Mar
6
Aug
Aug
25c
Feb
2%
K Mar
1 K June
59K Mar
35o
1
23o
3K May
I60
1
67c
May
52c
47o
'4'
1
20c
Jan
280
Pi
52e
Feb
Apr
Apr
28c Jan
Aug
5K Aug
2K July
K Mar
Apr
9Ho Jan
H July
Jan
11-16 Jan
IlJi Apr
1 3-16 Apr
13-16 June
Jan
Vs
3-16 Jan
3c
60
Jan
12 Ji
2
4% Aug
48o
IK
11-16
A May
A
Mar
Aug
6K Aug
A Aug
•6
Julv
9-16 July
A
lOli
54
12
Aug
42o
20c
Aug
Mar
I
Aug
Aug
May
May
g
1
5-16
5ii July
12 H Aug
15-16
Aug
IK June
July
1 3-16 Jan
480
July
6c
July
40c
Aug
8H July
2O0
July
7
K Mar
15
A
43
Apr
24
H May
65o
86c
115
Aug
125^
July
.500
35.000
10.500
55c
13,600
3-161
600
3
Feb
Jan
11
Aug
A July
Feb
6K Mar
Aug
A
Feb
21.500
200
1
Aug
1
June
1-16 June
14 H BMar
iA Aug
A Aug
17
K
13
.
75c
July
1
4H Apr
Aug
IK Jan
Jan
7A
3-16 July
70c
Aug
Aug
May
A
a
800
18,100
I
July
'A
"i
8%
3H
15c
340
10
28c
25HoJuly
1-16
18Kc
He
49c
27,300
400
67,400
38„500
3,315
3-16
62
1%
Aug
lA Aug
A May
1
lA
June
28,8.50
1
33c
45o
42c
Jan
June
Apr
8K Aug
2J<,
2 Va
880
K
46o
Aug
July
Jan
Mar
Jan
Jan
IK Apr
30c
76o
Aug
June
2
May
1%
8K
Jan
June
15^
Aug
IK Apr
5
56c
Jan
Jan
lA May
72c May
H
Jan
THE CHRONICLE
902
Friday
Last Week's Rani/e
MlnlD^
Rale
Stock*— (ConO/'O'' Price.
San Toy Mining
1
Silver KlDR of Arizona... 1
Sliver KlnRCons olUtah r 1
Silver Pick CoiiH r
1
Standard Sliver-Lead
1
4
Success MliilriK r...
Superior Cop (prosp't)
1
(t)
1%
Uev
r.l
IJclniont
YerrinBton
Mt Cop
H May
4
4i4
9c
90
21-32 21-32
290
2O0
1,400
2,000
2,100
19,500
1,700
m
IH
4%
2H
6%
i'A
2%
6H
19c
190
I'A
4K
4M
25c
iH
3H
27c
iVi
3^
80c
27c
88c
28c
%
67c
32c
67c
27c
1%
IH
27c
4H
4
94c
30C
15-16
74c
300
17-32
1
H
Yi
1
i%
Vi
30c
22c
29c
21c
31c
25c
98 K
98 14
96 M
993^
98 «
96 5i
99
9814
98 H
300
4,825
450
16,000
1,000
3^
Apr
Oo
Aug
H
May
May
May
1
4
2
5H
4K
260
Vi
60c
Aug
H Aug
3H May
•I80
Feb
4H Feb
19,9,50
9, .500
Jan
Jan
Apr
2'/,
6S0
200
July
%
Aug
620
27c
34c
Aug
Apr
140
200
July
July
I'-eb
Jan
Jan
Jan
7
& Ohio r)% 2-yr notes
Beth Steel 5% notes.. 1919
Canada (Dom of) 58.. 1919
Canadian Nor Ry 6a
Chalmers Motor 6% notes
Chic & West Ind RR 63 '18
91
H
99
lom
General Elec 6% notes '20
Great Nor Ry 5% note8'20
Hockins Valley Ry 6s
RuKjlan Govt OHs r.l919
...1821
6Mb
97
99 H
95
99
101
98
99 H
80
69
98
99 H
80
70
102
98 Ks
99 ^
82
71 »^
$5,000
82,000
406,000
125.000
20,000
12,000
189,000
40.000
20,000
66,000
42,000
98 K June
07 « May
96 M Aug
98% Aug
9m
98
Aug
Aug
K
100
July
97% Aug
99 K Aug
79 H May
69
June
620
2%
Odd
15-16
fiH
May
Jnn
Aug
270
6
4
Mar
July
7>4 July
30c June
IH Aug
Apr
840
30c
Aug
2% Mar
%
31o
6O0
Jan
Aug
Mar
100
98 Ji
\t7%
Aug
Feb
Aug
99H Aug
95
Aug
99Ji Aug
Aug
102
98 H Aug
99'/^ Aug
08 H
94 H
Jan
Jan
lots,
this
CURRENT NOTICE.
—William H.
Hodge, Manager Publicity Department H. M. Byllesby
& Co., Ctiicago, is the author of a pamphlet entitled "Rational Public
Ownership," being a reprint of a lecture which he was called upon to malie
at HatTrard University to the students of the Graduate Business School, last
April.
It describes a movement in which the Byllesby companies have
taken a prominent part for bringing the public and the companies into
closer harmony.
This plan, already in effect at more than half of the
Byllesby properties, is being extended as rapidly as possible to all of them.
— The "Directory of Directors in the City of New York," 1917-1918 edihas just been issued. The book contains the names of some 32,000
City directors in various corporations, with an appendix comprising selected lists of corporations in banking, insurance, transportation,
manufacturing and other lines of business, showing their executive olficers
and all directors. The book forms a comprehensive directory of the corporate interests in New York City. The price is $7 50 per copy.
tion,
New York
—Messrs. Redmond & Co., 33 Pine
St.,
N. Y.,
are offering forjinvest-
ment, Nassau County, N. Y., Gold 4}^% Refunding sBonds, fat price to
yield 4.30%; also City of Yonkers, N. Y., Registered 5% Bonds,Tdated
April 1 1917, at prices yielding 4.35%
Both these issues are exempt from
the Federal Income ;tax and personal taxation in New York State, and are
also legal investments for savings banks and trustees in New York StateFor further particulars see advertising pages.
.
—
Donald Brown, for the past three years Financial Editor of the
"Star," and formerly Assistant Financial Editor of the
Chicago "Post," is to become associated with Thomson & McKinnon, The
^Paul
Indianapolis
Rookery, Chicago, beginning Sept.
1.
—
H. B. Judson, who resigned last June as Manager of the bond "department of the Northern Trust Co., of Chicago, has become associated with
E.
W.
Clark
&
Co.. of Chicago.
New York
Banks and Trust Companies
City
*
IJond
77
125
242
100
7«
M
Co
iBTMIf
13
le
Pr«I«rr««l..
68
65
'';aiuitlt7
City
LawTeraMlf 120
93
Mtfi BOMl.
N»l 8ur»»y. 213
N T
America*..
Amer Exch
Atlantic
Battery Park
Bowery * . .
Bronx Borq*
Bronx Nat-.
BryantPark*
Butch & Dr
Chase
Chat
& Phen
Chelsea
Ex
Chemical
Citizens
City
Coal & Iron.
Colonial*
2500
Columbia*. . 320
Commerce.. tl68
Corn Exch*. 312
Cosmopol'n*
85
East River. .
65
Fifth Ave*. . 4200
215
Fifth
Fh-st
990
Garfield
180
Germ-Amer* 140
German Ex* 390
Germanla
Gotham .
Greenwich*.
Hanover.
Harrlman
Imp & Trad
Irving
Ask
Bid
545
235
175
165
400
150
150
140
90
360
220
100
385
200
450
210
j;200
555
240
182
Mark & Fult
Mech A Met
170
150
100
370
228
115
395
205
460
22c
Metropolis*.
Metropol'n *
Pacific*
Park
People's*...
Prod Exch*.
Public*
Seaboard
Second
Sherman
State*
320
95
75
4700
230
1010
186
150
410
220
200
340
695
255
500
218
350
705
265
515
223
385
320
300
•
Banks marked with a
this
week,
t
New
BU
Ask
330
245
310
270
340
255
325
300
295
185
•280
175
Mutual*
375
New Neth*. 215
New York Co 175
New York.. 400
23d Ward*.
Union Exch.
Unit States*
Wash H'ts*.
Westch Ave*
West Side*.
Yorkvllle*..
Brookh/n
Coney
Isl'd*
First.
Flatbush ...
Greenpoint .
Hillside *...
Homestead
Mechanics'
*
*
Montauk*..
Nassau
Natlon'lCity
North Side*.
People's
ebange
*
Merchants..
200
«75
Liberty
Lincoln
Banks.
Manhattan
(*)
270
460
200
200
230
440
400
125
100
115
150
500
275
160
200
575
York
Bankers Tr
B'way Trust
CentralTrust
Fulton
Guaranty Tr
Hudson
LawTlt&Tr
240
425
135
110
130
160
Lincoln Tr..
Metropolitan
Mut'I (West^
Chester)
N Y Life Ins
& Trust..
N Y?;Trust..
TitleGu&Tr
175
220
625
Transatlan 'c
Union Trust
USMtg&Tr
UnltedStates
Westchester.
135
270
150
165
120
115
125
90
200
255
175
130
1.30
Hamilton
Kings Co...
105
Manutact'rs
207
275
People's
v Ex-rlghts
450
164
780
285
Columbia 2.
100
Commercial
290
Empire
Equitable Tr 345
Farm L & Tr 445
Fidelity
470
220
Bid
Ask
New
125
255
140
150
110
are State banks.
stock,
225
200
Trust Go's.
208
260
370
135
105
100
385
460
170
790
292
30'0'"
355
455
215
275
377
142
110
105
395
125
950
598
340
175
385
420
985
130
975
608
350
400"
435
1010
140
Brooklyn.
Brooklyn Tr
Franklin....
Queens Co..
Rekltj ASSOC
(BrooklTB)
US Caaualty
90
C8TltleG*I
W«s * BroBi
*
Mtgt
80
1
ntlt
AM U
85
195
__--
93
205
76
173
180
Quotations for Sundry Securities
All
bead
prlo«i ar*
"aad
595
240
265
650
145
285
75
lataraat" azoayt wl^mr*
aarkad "f
610
250
275
lYs'
295
85
200
140
t Sale at auction or at Stock Ex-
RR. Zttulpmiita—PerCt.
Standard Oil Stock! Pt rSMare
Par Bid.
Anglo-American OH now. £1 •19
100 925
Refining
Atlantic
100 410
Borne-Scrymser Co
50 •94
Buckeye Pipe Line Co
100 390
Chcicbrough Mfg now
60
100
Colonial Oil.
100 680
Continental Oil
60 •35
Crescent Pipe Line Co
Cumberland Pipe Line.. 100 yl55
•25
Rights...
100 205
Eureka Pipe Line Co
OH com
100 150
.100 138
Preferred
100 215
Illlnoli Pipe Line
60 •97
Indiana Pipe Line Co
Inlernatlnnal Petroleum. £1 •I2I4
National Tranalt Co. ..12.50 •14
New York Transit Co... 100 200
Northern Pipe Line Co.. 100 100
26 •340
Ohio on Co
26 •42
Penn-Mei Fuel Co
25 •12
Pierce Oil Corporation
535
100
Prairie Oil t Gas
100 255
Prairie Pipe Line
100 350
Solar Refining
Southern Pipe Line Co.. 100 198
100 315
South Penn Oil
Southwest Pa Pipe Line*. 100 107
Standard OH (California) 100 242
Standard Oil (Indiana).. 100 740
Htandard Oil (Kanias)...100 530
Standard Oil (Kentucky) 100 345
Standard Oil (Nebraska) 100 500
SUndard Oil of New Jer.lOO 560
Standard Oil of New Y'k 100 270
Standard OH (Ohio)
100 z445
100 100
Swan& Flroh
Union Tank Line Co
100 i95
100 355
Vacuum OU
WaahlngtonOU
..10 •30
Bond*.
Per Ctnt.
82
Pierce OH Corp conv 0a.l024
Gaiena-Sifnal
A$k.
1£V Baltimore * Ohio 4H8
Buff Rooh A Pittsburgh 4)^8
Equipment 4s
Canadian Pacific iVjB
Caro Cllnchfleld * Ohio Ss.
950
430
98
410
70
600
39
165
35
215
Central of Georgia 58
Eyulpment 4H8
Chicago
Chicago
Hopkm* A
Allen
Armi..lOO
1
6
100
NUes-Bement-Pond com. 100 148
Preferred
100 104
Penn Seaboard Steel (no par) 48
Phelps Dodge & Co
100 300
Scovlll Manufacturing. . . 100 670
30
Thomas Iron
60
Wluohe8t«r Repeat Armi.lOO 850
Woodward Iron
..100
Equipment
1234
Erie 68
16
Equipment 4Hs
Equipment 4»
Hocking Valley 4s
Equipment 6s
210
105
350
47
Illlnoli
60 113
50 •46
Amer Lt 4 Trao oom
100 278
Preferred
100 105
60
Amer Power & Lt oom
100
82
Preferred
.100
Amer Public UtlUtlea comlOO 27
63
Preferred
100
Cities Service Co oom
100 263
8334
Preferred
...100
47
Com'w'lth Pow Ry t L.lOO
75
Preferred
100
99
Elec Bond 4 Share pref.. 100
IOI2
Federal Light i. Traction. 100
Preferred
48
100
81
Great West Pow 61 1946 .J&J
12
MlsslBsippl Rlv Pow com. 100
35
Preferred
..100
69
First Mtfie 68 1961... JicJ
North'n States Pow com. 100
86
96
Preferred
100
541.
North Texas Eleo Co oom 100
70
Preferred...
...100
53
Pacific Gas ft Eleo cons. .100
86I2
l8t preferred
100
Eleo
oom
PugetSd
TrLAPoom.lOO
19
60
100
34
100
Preferred
64
100
South Calif Edison com.. 100
87
Preferred
100 102
Southwest Pow & L pref. 100
90
•9
Standard Gas * El (Del) . 50
•34
Preferred
50
Tennessee Ry L * P oom 100
6
Preferred
27
..100
United Gas A Eleo Corp. 100
3
Ist preferred
65
.100
2d preferred
4
100
United Lt A Rys com
40
100
1st preferred
70
100
Weetem Power common. 100 13
Preferred
54
100
Preferred
Republic
Ry 4
Light
Central 68
Equipment 4H8
13
545
265
360
203
320
Kanawha A Michigan 4H8..
113
Missouri Pacific 5s
245
760
550
365
610
565
275
455
110
100
365
Mobile
LouilTlUe
A
M
A
Ohio 53
-
Equipment 4>^8
New York Central Lines 5s-.
Equipment 4)-i8
N Y Ontario A West 4H8...
Norfolk A Western 4H8
Equipment 48
PennsylvanlR
RR
4>is
Equipment 4s
St Louli Iron Mt A Sou 5s..
8t Louis A San Francisco 58.
Seaboard Air Line 6s
35
Equipment 4Hs
Southern Paelflo Co 4H8
Southern Railway 4H8
Toledo A Ohio Central 48...
84
Tobacco Stocks
Satis
Bid. A»k.
5.22 5.00
5.28
6.2s
6.80
6.25
6.70
6.70
6.25
6.50
6.60
5.70
6.15
5.10
5.90
6.70
5.60
6.50
5.50
6.40
6.40
5.20
5.20
6.70
5.10i
Nashville 68
Michigan Central 5s
Minn St P A S 8
4^8
Missouri Kansas & Texas 5s.
Per S)>a
6.20
6.35
6.40
6.20
6.70
6.70
5.60
6.50
6.60
5.15
6.15
6.05
6.05
5.90
6.50
5.90|
5.90I
5.25
8.60
5.50
6.00
6.00
6.15
6.50
6.15
6.15
8.25
6.60
6.60
6.20
4.90
4.90
8.26
6.16
5.20
6.20
8.20
6.00
5.00
4.90
4.90
6.20
4.90
4.85
5.00
5.40
6.30
8.20
6.20
5.10
5.10
6.10
4.86
4.86
4.76
4.75
5.25
8.50
8.20
6.20
4.96
6.20
5.10
re.
Par Bid. Alk.
American Cigar common. 100 108 112
05 100
Preferred
100
Amer Machine A Fdry..lOO 80 00
•17
18
Brltlih-Amer Tobao ord..£l
•18
19
Conley FoU
100 230
Johnson Tin FoH A Met. 100 100
MaeAndrews A Forbe»..100 205
98
Preferred
100
Reynolds (R J) Tobacco. 100 675
280
130
210
111
150
105
114
165
110
Ordinary, bearer
£1
Preferred
Preferred
100
100
.100
Skort-Tenn Notes
Per Cent.
Young
(J S)
Co
Amer Cot OH 6s 1917. MAN
Amer Tel A Tel 4 Hs 1918...
103
625
99'8 lOOlg
9978 lOOls
995g
983s
9838
10034
9834 99
9938
Balto A Ohio 8s 1918
9818
e« 1819
Beth Steel 6s 1919.. F*A 15 9818
Canadian Pao Os 1024. MAS 2 1003s
ChleA WesiIndOs'
——— .
18.
MAS
Erie RR 58 1919
A-O 06581 97
9818 9858
General Rubber 58 1918.JAD
.JAJ 10134 102
Gen Eleo 6e 1920
156
108
63
310
590
40
960
05
Hocking Valley as 1917.M-N
Int Harr 6i Feb 15 '18.F-A
JAJ
K C Ry» 6Hi 1918
K C Term Ry 4Hs '18. MAN
JAJ
4Hi 1921
Laclede Gas L &s 1019.. F&A
MIoh Cent 68 1018
MorganAWrlght
Public Utilities
*;
4J-J8
W
Preferred
Amer Gas
A Alton 4s
* Eaitem 111 6 Ha..
Chio Ind & LoulSY i^e
Chic St Louli A N O 5s
Chloago * N
4H8
Chicago R I * Pac 4)^8
Colorado A Southern 5s
155
142
220
100
Ordaance Stocks Per 8 hart.
44
40
100
Aetna Exploslvei pref
12
7
American A Brltiah Mfg. 100
40
20
100
Preferred
175
173
Atlai Powder common
100
09 101
Preferred
100
Babcock i: WUoox
100 121 124
Bllsn (E W) Co common. liO •450 500
73
60 •68
Preferred
Canada Fdye /c Forglngi. 100 160 170
Canadian Explosives com 100 e300 400
Preferred
100 105 -.--95
88
Carbon Steel eommon
100
96
90
iBt preferred
100
63
68
100
2d preferred
Colt'i Patent Fire Arma
97
92
100
Mff
duPont (E I) de Nemoura
100 250 260
& Co common
9912 101
100
Debenture itook
100 110 115
Eattern Steel
48
Empire Steel 4c Iron eom. 100 43
84
80
Preferred
100
Heroulea Powder oom
100 265 270
117
Preferrad...
100 115
Preferred
Banks- Af.y.
TItl*
126
98
216
Jan
I Listed on the Stock Exi Listed as a prospect.
t No par value,
week, where additional transactions will be found.
New stock, r Unlisted, u Ex-cash and stock dividends,
w When Issued, x Ex-dlvldend. v Exrlghta. z Ex-stock dividend.
•
change
120
235
Feb
Mar
Mar
Bonds
Bait
tma«c»H'l7
*a«r Kurtly
Aug
5
«H
Aug
y»
City Realty and Surety Companies
BU An
BU AH
BU Atk
New York
IH Aug
May
1
400
3,565
18,100
700
1,950
31,000
09,750
6,100
7,200
31,800
26,000
36,000
12-ie Jan
Feb
190
May
200
Feb
Aug
20c
1.
High.
43,500
7-16
U-IO 11-16 11-16
Utah Nat Mines r
1
Utlca Mines r
1
Verde Comb Cop r
50c
West End Consolidated. .5
VVlilte Caps Exten
lOo
WWte Caps Mining... 10c
White Cross Copper r
1
WUbert Mining
1
Low.
9-16
14c
1%
United Eastern
1
1
U 8 Tuncaten.r
United Zinc
(no par)
Unity Gold Mines
6
Week.
llHcMay
19c
Tuolumne CopiMjr r
1
United Copper Mining...!
Range since Jan.
Sales
for
1,000
13c
2K
6H
Tonopali Extension Mln.l
Tonopiai Mliiintr
1
Troy-Arizona Cop Co r..l
High.
Low.
'A
21-32
20c
Tonopah
0/ Prices.
[Vol. 105.
5s
Dec
1
'IS
N Y Central 4Hs.May 1918
N Y N H A H 5s.Apr 15 1918
116
49
282
107
65
86
31
66
266
99^8 lOOls
9978 IOOI4
98l2 99U
O8I4 99
97
99
88I2 99I4
99I4 99I2
100^8 10078
eo«8 99S8
91
94
Penn Co 4H8 1921. .JAD 15
Pub Ser Corp If J 6s '19. MAS
9818
0838
9878
991g
Rem Arm8U.M.C.5s'19FAA
79
84
Southern Ry 68 1919.. M-S 2
United Fruit 6b 1018. ..M-N
Utah See Corp 6i '22 .M-S 15
Winches RepArm858'18.M&S
9634 97I4
9934 100
8912 91
97I4 9784
84I2
48
78
100
laduatrlat
U Itcellaoeous
American Brass
100 292
12
50
100
American Chicle oom
62
68
100
Preferred
84
Am Graphophone (5om 100 75
85
14
100
Preferred
38
American Hardware
100, 130
71
Amer Typefounders com. 100 38
86
88
100
Preferred
98
Borden's Cond Milk com. 100 IOII2
106
57»»
Preferred...
..100;
81
100, 170
Celluloid Company
2
54
100'
Havana Tobacco Co
2
88
Preferred
lOOJ
23
/48
1922-.J-D
lit g 5i June 1
10
65
Interoontlnen Rubb com.lOO'
35I2 Intemat Banking Co
100| 160
69
66
International Salt
100!
89
A-Oj 75
lit fold 53 1951
105
International SHver pref.lOO| 94
97l(. Lehigh Valley Coal Sales.
50, •76
52
11
100
Otis Elevator common
83
35
Preferred
100
51?. Remington Typewriter
13
29
100
Common
66
7
100
1st preferred
46
65
lOOj
2d preferred
8
Royal Baking Pow com. .100 140
42
98
.100
Preferred
aad
297
54
71
78
90
135
40
90
103
109
180
2I2
4l2
53
11
"
61
77I2
98
79
55
87
14
69
50
150
99
71
I4I2
6512
• Per ihare.
6 Basis,
d Purchaser also pays accrued dividend, e New stock,
cash dividend
'Flat Price, n Nominal, i Ex-dlvldend
z Ex-200
j/ Ex-rights,
.
%
——
.
Sept.
1
THE CHRONICLE
1917. j
903
and ^axlr0a£ |tttjelligjenjcje.
RAILROAD GROSS EARNINGS.
Invitstmtnt
The followias table shows the gross earniugs of various STEAM roads from whioh regular weekly or monthly returns
oan be obtained. The first two oolumus of figures give the gi'oss earnings for the latest week or month, and. the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary statement to show fisaal year totals of those roads whoso 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 al! 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.
Tks returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week OT
Month.
Ala N O & Tex PacAla & Vicksburg.
Vlcks Shrev & P.
Ann Arbor
AtchTopeka& S F.
Atlanta Birm & Atl
Atlanta & West PtAtlantic Coast Line
Current
Year.
S
170,661
151,954
61,771
July
July
2d wk
July
2d wk
I
Previous
Year.
Jan. 1
to Latest
Current
Year.
$
143,225
.144.405
130,1221
.144,163
Aug
52,720 1 ,838,560
13775163 11704821 92 ,446,659
Aug
65,037
59,032| 2 339,074
June
127.976
107,298;
792,247
July
3,141,755 2,607,180 25 ,262,999
Chariest &
Car June
183,475
158,4101 1 ,078,233
Lou Hand & St L June
178,345
138,5801 1 ,037,118
a Baltimore & Ohio. June
11272 774 10345418 61 .170.347
June
B & O Ch Ter RR
174,6531
177.817
980.179
Bangor & Aroostook June
298,862 2 .395.247
313,637
Bessemer & L Erle. June
1,468.590 1.370.3.50 4 ,869.137
Blrmlngham South- May
99.796
92.012!
479'.161
July
Boston & Maine
5,217,679 4,719,795 33 ,267.279
Buff Roch&Pittsb. 3d wk Aug 325,746 291,5171 9 ,141,117
Buffalo & Susq RR. June
157,424
137,087
830,311
Canadian Nor Syst. 3d wk Aug 748,500 846,300 25 ,728,900
Canadian Pacific. 3d wk Aug 2,700,000 2,860,000 92 ,739,637
OaroOlinchf&Ohio June
278,551 2 ,091,184
376,179
,
Central of Georgia- July . .
1,342,540 1,119.170
519,313
Cent of New Jersey June ...
3,323.125 3.121.363
,936,055
Cent New England. June
504,580 464.281
,718,235
Central Vermont.. June
404.933
363,973
,113,521
Ches & Ohio Lines. 3d wk Aug 1,020.750 965,991
,416,026
June
Chicago & Alton
1,821,488 1,471,378
,730,862
Ohic Burl & Qulncy June
10660,943 8,283,114
,869,204
b Chicago & East 111 June
1.797,835 1,316,543
,047,319
c Chic Great West. 3d wk Aug
359,979 386,177
,230,131
1
1
W
Chic Ind & Louisv. 3d wk Aug
197,419
Chicago June RR.. June
271,800
ChicMllw& St P.. July
10195754
dChic & North West June
9,969,550
Chic Peoria & St L. June
Chic Rock Isl & Pac June
ChicRI&Gulf.. June
d Chic St P
& Om July
Chic Terre H & S E June
Gin Ham & Dayton June
Colorado Midland, June
e Colorado & South. 3d wk Aug
Cornwall & Lebanon June
Cuba Railroad
June
Delaware & Hudson June
Del Lack &,West.. July .....
Denv & Rio Grande 3d wk Aug
Denver & Salt Late 4th wkJuly
Detroit & Mackinac 3d wk Aug
Detroit Tol & Iront June
Det & Tol Shore L. June
Dul & Iron Range. June
Dul Mlssabe & Nor June
Dul Sou Shore & Atl 3d wk Aug
Duluth Winn & Pac June
Elgin JoUet & East. June
El Paso & So West. June
Erie
June
Florida East Coast. June
Fonda Johns & Glov June
Georgia Railroad.. June
Grand Tnmk Pac 4th wk July
Grand Trunk Syst. 3d wk Aug
M
Grand Trunk Ry 1st wk Aug
Grand Trk West. 1st wk Aug
Det Gr H & Milw 1st wk Aug
Great North System July
Gulf Mobile & Nor. July
Gulf & Ship Island- Juno
Hocking Valley
July
Kansas City South. 'July
Lehigh & Hud Riv. June
Lehigh & New Eng. June
&
Nav i.fune
NashvjSd
wk Aug
Maine Central
'July
Maryland & Penn.. 'June
Midland Valley
Tune
.
Mineral Range
3d wk Aug
Minneap & St Louis; 3d wk Aug
Minn St P & S S M. i3d wk Aug
Mississippi Central. June
O.Mo Kan & Texas. 3d wk Aug
A Missouri Pacific July
NashvChatfe St L. July
Nevada-Cal-Oregon 3d
213,966
156,701
1,304,848
993,199
199,894
63,101
7,619.246
145,705
1.50.886
315.650 247,650
5.113.085 4.228,744
Lehieh Valley
!June
Los Angeles &'S L-.j June
Louisiana & Arkan. June
/Louisville
134, .535
1,182,637
1.025,990
6,538,593
565,106
82,781
1,031,618
780,564
7.334.961 6.842,492
973.206 692,004
1.102,317
947,581
193.252
195.649
Central
July
^
Internat & Grt Nor June
c&
.300.313
1.829.950
314,851
1,045,143
117.429
365,902
40,012
815,773
2,685.809
4,939,157
548,700
81,847
25,874
225,226
148.920
951.449
2.124.430
86,012
131,367
1,398,626
1.173.468
7,337,141
652,309
87,087
283.639
176,892
1,371,233
1,055,261
201,392
63,870
8,089,011
226,792
170,-588
Illinois
LouLslanaRy
187,367
6,975,662
176,578
231,172
9,236,387
8,593,696
143,353
5.986.653
236.669
1,647,960
202.321
943.359
121.281
320,114
48.042
604.112
2,242,610
4,507,804
536,600
69,753
24,759
193.005
116.570
1,042.942
1.989.912
79,453
wk Aug
1,206,612 1.082,144
137.398
139.816
176.413
163.810
1,509,475 1.279,405
1,212,382 1,084,537
42.140
36.933
247.109
164.305
22,379
20,004
687,382
606,891
Date.
,691,784
,487,435
,857,721
695,711
,644,306
979,725
835,630
.628.376
921.628
081.788
570.865
458,413
,160.918
973,083
823,135
,463,400
,047,162
,686,116
,207,437
,932,314
.394.840
,190,915
299,226
171.978
,100,015
.045.011
,792,844
,056,753
302,601
,478,112
480,122
275.098
043.740
.74(
,498,363
.340 ,7.5f
838,403
954,831
730.984
.258.478
637.940
143,737
254.359
286,183
.983,804
.677.726
,202,905
120.267
835,449
,268,393
035.821
261,672
164.685
.698,441
,123,717
,639.440
258.286
605.516
863.286
511.100
,741,975
058,929
,606,036
,005,755
693.895
,000,854
091,408
,247,279
073,787
747,818
,954,124
.640,443
.518.134
106.374
.700.008
.435.817
289.140
743,682
.083,044
951,361
,037,072
250,648
.322.875
759,124
.761,482
Week
Previous
Year.
i
006,522
944.490
Northern Pacific
Northwest'n Pacific
Pacific Coast Co...
p Pennsylvania BR.
Bait Ches & Atl..
Cumberland Vail.
Long Ifl&nd
Mary'd Del k. Va
N Y Phlla A
Norf
Wash
W Jersey * Seaah
Phil Bait
k.
NY&
Western
Pa
Pennsylvania Co.
Grand Rap k Ind
,500,487
,436,351
,285.916
.694.738
Pere Marquette
250.399
,275,398
.981.607
.437,131
,987.763
995,139
786,558
.121,047
020,649
620,095
659,797
285,760
002.005
095,297
.697,848
113,550
,675,148
482.460
519,028
765,076
477,421
165,532
.576,792
980,850
.494,340
196,495
985.866
,392.148
.603.474
,587. .560
202,362
015.068
,482.510
.141.353
.700,707
800.707
227.303
043,716
674,165
744,887
480,373
401.192
980,537
252,659
247,570
693.806
644,064
,158,929
347.671
66.231
66.811,
867,660 723,682 25 ,583,567
6,341.000 5,571,000 43 ,869.602:37 ,423.860
1,194,500 1,054,267 8 310,176 7 456,744
7,617
10,256|
205,7061
208,508
Current
Year.
Previous
Year.
Increase or
Decrease.
833,679
3,660,997
1.879.655
605.483
3,896,759
3,845,511
161,534
1,909,402
507,250
322,642
30436 302
1,186,570
10,800,779
4.016,579
24,945,624
24,577,352
1,120,515
11,836,653
3,409,184
1.639,803
184025 822
8.186,499
41,149.677
5,067,709
2,046,163
2,691,507
36,623,828
42,148,323
2,112,027
2.100,257
154,555
466,342
1.870,347
108,135
571.925
2.830.321
1.072.328
1.395,469
7.188,125
576,335
6,445,727
July.
1,902.563 1,804,288 13,316.651 12,483,924
Aug
Aug
6.025,217 4.982,022 32.779.932
4,240,863 2,848,286 23.006,991
10276070 7.830,308 55,786.923
313,369 2.374,741
430.967
11,260
10,724
377,101
374,892 329,621 2,063,040
195,944
172,019 1.193,897
296,070 213,281 1,984,992
4.767,565 4.136,233 27,631,831
319,000 258,000 10.226,546
2,265.153 1,890,601 15,036,320
16086406 14255788 107156444
Aug
StLM
Current
Year.
Period.
Various Fiscal Years.
July
July
July
July
Pacific Coast
July
St Louis-San Francisco
July
8t Louis Southwestern
July
Southern Railway System
July
Alabama Great Southern
Cine New Orleans & Tex Pac. July
New Orleans & No Eastern.. Julj^
July
Mobile & Ohio
Georgia Southern & Florida.. July
& Atlantic.
Monthly Summaries.
1.9,33, .381
3.364,726
30137655 46010728 185557413 166768260
14386 765 12816187 90,640,089 82,663,703
44524419 38826914 276197 502 249431 963
kN
*
892,898
3,063,894
97,682,858
10,362.902
3,467,847
21,901,981
22,156,175
895,209
11,477,032
2,753,631
1,823,113
172520 748
7,623.939
38,489,037
5,137,562
2,188,910
2,368,614
33,987 178
36,538,577
619,859
621,942
159,597
267,645 2.755,965 2,046,596
1,680,637 8.934,255 8,387,976
469,824
105,126
510.062
561 .976 3.049,314 3,037,976
14,368,947
2,282,598 17,438,838
985,207 4.610,793 4,324,902
1,209,054 8,420,207 7,668,883
6,860,076 43,682,559 42,474,285
500,634 3,648.350 3,268,141
5,304,519 42.100.490 35,886,953
2,319,918 1.926,135 68.933.421
639,409 612,129 3,280.864
971,407 6,313,486
1,147.149
416.827 311,963 2.294,875
Aug 275.085 226,578 8,576,677
49,563
45,875 1,720,831
Georgia 80 & Pla. 3d wk Aug
651,617 460,267 3,116,263
Spok Port b 8«at.- June
2,364
79,148
Tenn Ala & Georgia 3d wk Aug
2,421
854,408
144.278
140,052
Tennessee Central. June ..._.
494.783 298,331 1.920,076
Term RR Assn. at L June
252.926
178,900 1,492,741
B Term.. June
Texas & Pacific
3d wk Aug 408,472 376,003 13.353,240
96,015
96,568
723,391
Toledo Peor & West July
172,001
132,518 4,385,705
Toledo St L & West 3d wk Aug
74,429
60,592
462,742
Trin & Brazos Vail. June
Union Pacific Syst. July
10722797 9,137,486 69,452,986
July
951,915
688,244 6,316,627
Virginian
July
3,370.603 3,024,919 22,653,640
Wabash
Western Maryland. 3d wk Aug 262.661 239,076 8,259,613
June
902.636 672,340 4,447,079
Western Pacific
119,907
98,936
744,360
Western Ry of Ala. June
1.086.880
958,234 4,701.829
Wheel & Lake Erie- June
1,474,860 1,068.683 9.628,579
Yazoo & Miss Vail. July
Canadian Northern
Duluth South Shore
Mineral Range
Previous
Year.
22748785 19639799 145320244 131283992
July
July
July
July
July
July
July
July
July
July
July
July
AGGREGATES OF GROSS EARNINGS— Weekly and
Weekly Summaries.
Year.
80.446
643,695
958,072 987,743
388,432 306,386
504,079 416,212
5,821,889 4,845,121
8,371,745 6,664,577
458,409 454,992
338,058 520 ,.569
975,796
,993,606
,101,105
Latest Date.
Current
Previous
Year.
7.404,0.54 7,080,327
June
June
June
Reading Co
Phlla & Reading. June
Coal k Iron Co.. June
Total both cos
June
Rich Fred k Potom June
Rio Grande South.. 3d wk
June
Rutland
St Jos & Grand lil. June
St L Browns V & M. June
St Louls-San Fran. June
St Louis Southwest- 3d wk
Seaboard Air Line. . June
July
Soulhern Pacific
k Southern Hy Syst. 3d wk
Ala Great South. June
Olnc N O t Tex P June
New Orl
E.. June
Mobile & Ohio. _. 3d wk
to
19544344 17308066 101679333
2.017,889
723,918
4,350.707
4.491,251
238,675
2,300,514
742,652
337,291
34747 241
1,485.674
o cr& Bt L
& Erie July
West Pitts k Erie July
All East k West. July
zpitts
Current
Year.
%
174.413
448,586
New Orl Great Nor. June
NOTex&MexLhies July.
/ New York Central June
Boston & Albany June
n Lake Erie * W. June
Michigan Central June
Oleve O O & St L June
Cincinnati North. June
Pitts & Lake Erie June
Tol Sc Ohio Cent. June
Kanawha & Mich June
Tot all lines above June
N Y Chic & 8t Louis June
N YN H * Hartf-. June
N Y Ont & Western July.
NY
Susq & West.. June
Norfolk Southern
June
Norfolk & Western. July.
Total lines
Eaat Pitts
674.146
or
donth.
866.241
254,015
,620,849
Jan. 1
Latest Gross Earnings.
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Aug
Aug
June
June
Aug
Aug
June
June
June
Aug
Aug
29.916,757
19.566.804
49,483.561
1.903.870
335,668
1,958,851
948,582
1,243,452
24,364,450
7,789,770
13,042,910
86,852,704
59.984,098
2.930.768
5,866,024
1,902,697
7,613,127
1,558,094
2.305,435
76,617
803,370
1,833.498
1,179,607
11,769,166
673,328
3,712,588
408,187
59,834,462
4,906,958
20,851,934
7,211,468
3,617,289
647,287
4,780.874
7.668,373
Previous
Year.
S6,115, 700 $6 390,000
558,676
637, 096
152,162
163, 746
,212,557
5,859, 494
56,388 367
,402,991
,846,000
2,254, 000
,781,642
15,909, 950
,641,402
6,337, 924
,060,440
12,466, 859
,781,662
4,403, 622
392
,601 ,065
1,934,
325,534
360, 517
Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Cur. Yr. Prev. Yr
34«,083 246,000 345,790,890 310,740.113 +86,0,50,786 11.31
14,792,.555
November. -348,863 248,0,58 330,258,7451306,606,471 +33,052,374 7.73
20,312,246
December ..316,811 216,669 262,171.169,242.064,235 +20,106.034 8.31
14,239.448
January
348,477 247.327 307,961,074 267,115,280 +40.845,785 16.29
14.779.798
February.. -249.795 348,7.38 271,028,066 269,272.382 + 2.655,684 0.99
15.096.291
March
248.185 247.317 321.317..580 294.068.345 +27,249,215 9.27
4th week July (29 roads)
20.483.799
.248.723 248,120 330.560.287 288,740,6,53 +37,819,634 13.10
April
1st week Aus; f30 roads)
14.103.97H
248,312 247,842 3,53.825,032 308,132.969 + 45,692,063 14.82
May
2d week Aug (29 roads)
14,337,363
+ 837,215 6.20 June
242,111 241,550 351,001,045 301.304,803 +49.696,242 16.49
3d week Aug (29 roads)
14,914,035
+979,3871 7.03
90,292 88,707,3361 77,925,579 + 10.781.757113.84
July
91,540
a Includes Cleveland Lorain & Wheeling Ry. 6 Includes Evanavillo & Terre Haute, c Includes Mason OUy & Fort Dodca and the Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, e Doea not Include earnings of Colorado Sprines *: Cripple
Creek District Ry. /Includes Louisville & Atlantic and the Frankfort & Cincinnati. <? Includes the Texas Ooatral and tho Wichita Falls Ones.
h Includes the St. Louis Iron Mountain & Southern, j Includes the Lake Shore & Michigan Southern Ry.. Chicaso Indiana * Southern RR., and
Dunkirk Allegheny Valley & Pittsburgh RR. * Includes the Alabama Great Southern. Cine. New Orleans & Texas Pacific. New Orleans & Northeastern
and the Nor. Alabama. /Includes Vandalla RR. n Includes Nor. Ohio RR. p Includes Northern Central.
We no longer include Mexican roads
In any of our totals
2d week June (28 roads)
3d week June (.'U roads)
4th week June (31 roads)
1st week July (32 ro.ids),..
2d week July (31 roads)
3d week July (31 roads)
14.823,511
3
12,827.696
12.908,767
17,367,652
12,673,738
13,119,199
13.125.306
18.082,217
13, .505. 346
13. ,500, 148
13.934,618
+ 1,995,815
+ 1,883.788
+ 2,944.594
15.57
14.60
16.95
+ 1.665.710 13.25
+ 1,660,699 12.66
+ 1.970,985:15.02
+2,401,582 13.28
+.508.6321 4.47
Mileage.
October
904
THE CHRONICLE
—
Latest Gross Earnings by Weeks. In the table which
follows we sum up separately the earnings for the third
week of August. The table covers 29 roads and shows 7.03
increase in the aggregate over the same week last year
Third week of Avgusl.
Buffalo Rochester
&
1917.
$
Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western _.
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & AtlanticGeorgia Southern
&
Florida
Grand Trunk of Canada.
Grand Trunk Western
Detroit Gr llav & Milw
Canada Atlantic
Ijouisville
&
1916.
S
34.229
•1
325.746
748,.500
2.700,000
1,020.750
3.59.979
197.419
365.902
548.700
25.874
86.012
49,563
1,371,233
291,517
846.300
2.860,000
965,991
386,177
176,578
320,114
536,600
24.759
9"7',86o
"5"4",759
160,000
"2"6",i98
45,875
841
45,788
12.100
1.115
6.559
3,688
1,304.848
66.385
"2b',
79,4.53
Nashville
1
Long Island
July '17
M
Western Maryland
Total (29 roads)
Net increase (7.03%)
1,509,475
22,379
252,659
1.279.405
20.004
247.570
.
693,806
867,660
275.085
7.617
11.260
319,000
2,319.918
2.364
408.472
172.001
252.661
644,064
723.682
226.578
10,256
10,724
49,742
143,978
48,507
2.58.000
61,000
393,783
""536
1.926,135
2,421
370,003
132,518
239,076
STEAM
2.639
Canadian Pacific.a
Julyl3,377.860
Jan 1 to July 31
84.734.637
Centralof Georgia. b---July 1.342.540
Jan 1 to July 31
8,519,313
Chic Milw & St Paul-b-July 10,195,754
Ui-; Jan 1 to July 31
62.478,122
Colorado &Southern-b- July 1.521,625
Jan 1 to July 31
10.099,748
Del Lack & West- b
July 4.939.157
Jan 1 to July 31
32,677,726
57
39,483
13,585
286,694
—
——
12.247.440 3.760.007 4.017.092
75.259.162 24.757.4.56 23,618.825
1.119.170
c395,167
c313,644
7,207,437 c2, 328,438 cl, 948,724
9,236,387 3.218.104 3.669.503
60.480,122 16,894,736 18.442.566
1.272.523
589.781
440.713
8,676,278 3,740,013 3.035.110
1,194,500
8.310.176
1,054.267
7,456,744
243.612
1,923,274
262.464
1,820,546
July 7,269,592
July
213,408
Julyl0,722,797
5,481,475
187,909
1,882,183
15,318
1,281,828
24,076
9.137.486 3,716,240 3.4.54.303
69.4.52.986 59.834,462 22,565,683 22.129,169
July
951,915
688.244
Jan 1 to July 31
6.316,627 4,906,958
Wabash-b
July 3.370,503 3.024.919
Jan 1 to July 31
22,653,640 20,851,934
Yazoo & Miss Valley-a- July 1,474,860 1.058.683
Jan 1 to July 31
9,628,579 7,558,373
470.358
2,853.764
1,061.061
6,821,071
306.690
2.026,463
306.586
2.355,848
1.016,342
6,731,950
228.601
1,883.323
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for uncollectible revenues and taxes, operating income
for July 1917 was $329,619. against $258,580; and from Jan. 1 to July 31
was $1,876,323 in 1916, against $1,563,277 last year.
j For July taxes and uncollectible railway revenue amounted to $677,312,
again.st $517,396 in 1916; after deducting which, net for July 1917 was
$4,789,712, against .$4,069,412 last year. From Jan. 1 to July 31. taxes.
&c.. were $4,994,745 in 1916, against .$3,740,019 in 1916. The return on
property Investment was 7.05% for the 12 months ending July 31 1916.
against 6.07% in 1916.
k After allowing for additional income for the month of July 1917, total
net earnings were .$237,202, against $201,005 last year, and for the period
from Ja n. 1 to July 31 were $1,359,061 this year, against $1,411,928.
Gross
Earnings.
•b
Cambria & Indiana
June '17
27.224
Net
Other
Total
Earnings.
S
Income.
$
Income.
23,042
1,001
1,55.143
135,052
21,907
18,456
3g.256
18,363
233,889
108,288
Carolina Clinch & Ohio
July '17
320,240
fei
'16
187,920
mos
'17
2.411.424
r. 7
'16 1,874,036
119,429
09,280
1,031,228
877,585
37,443
34,742
322,248
238,755
6
'16
'17
'16
mos
Del Lack
2,786
S
Charges
Taxes.
V
&
Balance,
Surplus.
o
126,744
14,494
7,716
81.778
46,836
26,548
12,248
174.018
79,908
156,872
104,022
1,353.476
1,116,340
119,769
114,202
848.575
770,167
37,103
deflO.lSO
504,901
340,173
41,042
19,964
2.55.796
mos
7
& West
332,0.52
346,224
439,285
437,682
479,890
317,834
2,474,818 defl.56.193
2,608,622 defl23,287
15,971
15,767
51.499
—555
16,532
15,212
13,031
13,006
1,339
.52.838
30,936
974
31.910
89,130
97,066
215,671
206,265
700,715
976,156
7,355
6,304
51,345
42,511
223,026
212,509
758,000
1,018,007
187,683
254,211
183,642
157,631
500,377
704,456
609,517
569,827
3,216,138
3.457,796
115,134
115,227
810,330
724,651
685,054
4,017,666
4,268,132
320,131
318,305
2,098.135
2,055,897
398,520
366,689
1,919,531
2,212,235
47,898
49,568
216,912
251,370
6,228
5,261
44,715
40,061
54,126
54,829
261,627
291,431
1,074
8.323
53,052
54,509
252,097
283,108
386.386
393.825
551,644
774,336
16,334
10,948
74,378
68,946
402,720
404,773
626,022
843,282
54,787
59,525
360,907
412,924
347,933
345,248
259,115
430,358
191,302
279.969
535,333
1,437.474
2,875
3,492
22,207
25,495
194,177
283,461
557 ..540
1,462,969
218,208
206.876
def24,031
76.595
571,925
.561.976
3,049,314
3,037.975
'10 2,282,598
'17 17,438,838
•16 14,368,947
Phila & Camden Ferry
July ^17
96,605
•16
87,236
7 mos ^17
546,682
•16
t. 507, 804
1,765,039 1,813,403
29,437,131 11,579,389 11,634,255
Illinois Central-a
July 7,334,961 5,842,492 1,350,539 1,022,661
Jan 1 to July 31
48,954,124 40,603,474 11,002,555 8,270.514
Maine Central. a
July 1,212,382 i;084,537
265,369
304,310
Jan 1 to July 31
8,037,072 7.101,105 1,671,584 1,859,022
Minneap&StLouis.a.-July
924,960
fc224,931
fc226,307
844,697
Jan 1 to July 31
6,085,835 6,042,082 A:l,396,358 41,661,249
NashvChatt&StL.b.-July
'10
'17
'10
873,957
797,724
2,318,625
2,545,335
561
3,501
2,146
def36,292
def65,156
Norfolk-
Phila Bait & Wash
July -17 2,830,321
Gross Earnings
Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
"^
%
%
%
Atch Top & Santa Pe.b-July 13, 775, 163 11,704,821 j"5.467.024 i4, 586,809
Jan 1 to July 31
92,446,659 78.487 ,435j33.762.010j2S.912,994
Atlantic Coast Line. a- -July 3.141.755 2.607.180
426,339
459.784
Jan 1 to July 31
25.262.999 21.644.306 6.898.964 6.718,613
Can Northern Syst
July 3.844.900 3.834.200
904.900 1.197.400
•
mos
7
57,538
55,990
& Va
108.135
105,126
510.062
409,824
Phila &
July '17
The table
following shows the gross and net earnings with charges and
surplus of
raih-oads reported this week:
Virginian-a
8,387,976
•16
^17
•16
NY
"3"2",469
14,914,035 13,934,648 1,266,081
979,387
mos
7
816,429
741,734
1,980,573
2,199,111
1,870,.347
l,080,-637
8,934,2.55
•16
'17
'10
Maryland Del
230,070
2,375
5,089
Net Earnings Monthly to Latest Dates.
Union Pacific.a
Jan 1 to July 31
mos
7
/
Minneapolis St Paul & S S
. . .
Missouri Kansas & Texas
Mobile & Ohio
.
_.
Nevada-Cialifornia-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia.
Texas & Pacific.
Toledo St Louis & Western
Jan 1 to July 31
Southern Railway. a
Ga South &Pla.a
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges
Surplus.
Penna RR—
$
S
S
%
%
$
'17
22,748,785 5,321.120 1.839,730 7,160.850 2.535,747 4,625,103
July
•16 19,639,799
5,104,468
1,948,705 7.053,173 2,395,790 4,657,383
7 mos '17 145,320,244 26,797,697 12,580,352 39,378,049 16,356,195 23,021,854
'16 131,283,992 31,332,061 13,418,297 44,750,358 16,020.391 28,729,967
Bait Ches A Atlantic
154.5.55
21.398
July '17
639
22,037
20,473
1,564
•16
159,597
40,080
726
40,800
28,301
12,505
621,942
41,421
6,128
47, .549
7 mos '17
135,757 def88,208
'16
619,8.59
76.410
—8,490
67,920
139,759 deI71,839
Cumberland Valley
218.290
466,342
5,442
July '17
223,732
39,530
184,202
'16
267,645
108,034
6,732
115,306
16,857
98.509
'17
2,755,965 1.240,216
61,930 1,308,146
7 mos
213,254 1,094,892
'10 2,046,596
945,803
65,181
1,010,984
129.167
881,817
July '17
Mineral Range
Minneapolis & St Louis
Iowa Central
Increase. Decrease.
[Vol. 1§5.
497,2.58
801, .528
39,384
.54,938
320
9,.530
West Jersey & Seashore
July '17
'16
1,072,328
985.207
mos •U 4,010.793
7
•16
July '17
'16
'17
'16
mos
7
4,324,902
NY&
Western
Pa
1,395.469
1,209.054
8,420,207
7,058,883
—
Pennsylvania Co
July '17 7,188.125 1,765.032
'16 0,860,070
2,350,421
6,0.54,173
7 mos '17 43,682,559
'10 42,474,285 11,843,906
Grand Rapids & Ind
July '17
576,335
111,373
'16
104,797
500,534
420.098
7 mos '17 3.048,350
'16 3,268,141
542.793
Pitts Cine Chic & St L—
'17
July
6,445,727 1,759,515
'16 5,304,519
1,307,073
7 mos '17 42,100.490 8,590.350
•16 35.885.953
7.803.185
— Total East P. &
Whole
RR.
Net
Gross
Penn Earnings.
System
S
July '17
1,471,832
del8,863
1.007,548 2,772,580 1,871,501
1.231.130 3,581,551
1,920,771
7.237.017 13,291,190 10,597,.591
7.237.996 19,081,962 11,997,942
901,079
1,060,780
2,693.599
7.084,020
4,259
3,798
44,334
40,687
115,632
108,595
464,432
583,480
80,935
68.752
469,990
494,112
34,697
39,843
def5,564
89,368
58,886
59,541
418,337
442,416
1,818,401
1,427,214
9,008,687
8,245,001
811,806
724,577
5,729,800
5,135,309
1.000,595
702,637
3,278,887
3,110,292
&
E.after
Taxes, &c.
— — Total
-Total West P.
E.
Gross
Net after
Earnings. Taxes, &c.
s
S
S
7,786,634 14,386,705
30,137,055
1. 557. 771def 1000,231
All Lines
Gross
Net after
Earnings. Taxes, &c.
s
s
44,.524.419 11,446,396
38,826,914 11,233,650
276197,502 51,050,216
249431,963 61,498,998
•
3,059,762
'10 26,010,728
7,390,111 12,810.187 3,843,-539
7 mos '17 185.5.57.413 35.903.135 90.640,089 15,147,081
•16 166,708,260 41,155,238 82,663,703 20,343,760
The return on property investment for the system East
West was 5.07% for
the 12 months ending July 31 1917, against 6.09% for the same period In 1916.
The figures upon which this return is based do not Include road and equipment
expenditures made out of income or surplus prior to 1907.
&
Chic St
M & Om-July
P
7
N Y Ont & West
mos
Balance,
Surplus.
$
481,457
507,877
2,783,883
3,289,762
356,923
405,822
1,218,951
1,418,375
213,297
234,321
1,558,130
1,684,882
112,208
122,040
720,273
892,627
268,160
273,556
1,225,753
1,604,880
244.715
283.782
mos
Other
Gross
Income.
Income.
Fixed
Charges.
Balance,
Surplus.
S
S
Buff
after
mos
78,037
85,464
652,700
788,043
1,233,292
1,508,021
6,170.235
9,190.450
905,241
208,051
926,042
581.979
6,983.842 def813,607
6.770.740 2,419,710
313,472
317.037
1.464,058
1,815,968
94,100
78.849
739.481
678.710
407,632
395,886
2,204,139
2,494,078
179,002
176,519
1,255,332
1,228,833
228,630
219,337
948,807
1,265,845
26,435
41,174
146,518
220,447
Lines
108,734
247,146
1.184,322
439,788
51,159
38,066
406,855
292,052
77,.594
23,456
24.097
4,201,968
3,424,992
Pitts
•
mos
S
498.678
525,748
1,155,255
1,422,557
5,517,475
8,402,407
5,217,679
•18 4,719,795
^17 33.267.279
•16 31,160.918
Roch &
after
Taxes.
S
& Maine
July 17
7
958,072
987,743
5,067,709
5,137,552
Taxes.
July '17
7
•16
'17
'16
Net
Gross
Earnings.
S
1,829,950
1,647,960
'17 11,954,831
'16 11,436,351
-.July '17
7
Boston
17
16
Net
Fixed
Charges.
Gross
Earnings.
•16
^17
•16
1,377,654
1,105,526
8.161.192
7,098.532
Buffalo & Susquehanna—
July '17
146,701
•16
142,288
7 mos '17
977,012
5.53.373
104,5.56
512,499
171,213
54,138
55,143
388.817
341,286
8,840
3,006
74,185
35,805
117,574
250,152
1,258,507
475,653
40.537
58.458
333.410
458,489
77.037
191,694
925,097
17,164
def94.963
242,841
4,107,005
3,667,833
3,555,080
3,538,747
551,925
129,086
June30'17 56,379.244 10,060,976 def458,861 16,202,115 13,992.393
2,209,722
373,166
'16
965,413
New
Orleans Tex & Mex
July '17
448,586
'16
643,695
7 mos '17 3,660,997
•16 3.063,894
St Louls-San Fran
3 mos to
June30'17 14.064,913
'10 12,601,589
12
mos
79,240
to
'16 48,403,390 13,432,304
749,023 14,181,327 13,808,101
3 mos. to
June30
'17 14,632,510
'16 12.597.817
5,209,872
4.778.034
1,712,251
6,922.123
5,365,277
2.988.013
2,729,985
3.934.110
2,635,292
9,814.351
4.123,207 13.937,558
2,172,636 11,993,488
5,720,678
5,485,820
8,210,880
0,507.008
586,643
__
EXPRESS COMPANIES.
Month of June
6 mos. to
June 30
'17 27.738.569
'16 24,929,328
9,820,8.52
12mos.to
June 30 '17 54,390.140 19,633.424
'16 49.335,739 19,823,835
8.386.423 28.019.847 11.502.188 16,517.659
4,868,310 24,692,145 10,391,871 14,299,274
Hocking Valley
July "17
7
mos
'16
'17
'10
1,031,018
780.564
5,747,818
4,392,148
406..551
296.091
1,8.39.755
1,220,325
Norfolk & Western
July '17 5.821.889 2,051,861
'16 4,845,121
2,021,234
7 mos '17 36,623,828 13,729,902
'16 33,987,178 14,946,735
41.759
40,413
098.740
901,910
448,310
337,104
2.538.501
2,122,241
278,090 2,329,951
120,112 2,141.346
2,262,071 15,992,033
1,336,695 16,283,430
209.616
153,495
1.170.597
1,621,060
238.694
183,609
1,307.904
501,181
583,756 1,740,195
551,730 1,589,616
4,051,975 11,940,058
3.090,316 12.593,114
-Jan. 1 to June 30
1916.
1917.
S
s
1.392.212
1,666,191
1917.
$
Total from transportation.-Express privileges— Dr
1916.
$
369.528
197,490
291.029
155,615
907,643
758.254
Revenue from transport'n.
Oper. other than transporfn.
172,038
5,363
135,414
4,261
758,547
25,206
633,957
21,667
Total operating revenues.
Operating expenses
177,401
118,157
139,675
98,760
783,754
622,958
655,624
536,663
Net operating revenue
Uncollectiblerev. from trans.
Express taxes
59,244
39
6,000
40,914
34
7,930
160,795
264
36,000
118,960
215
32,930
53,204
32,950
124,531
85,81*
r\orthcrn Express Co.
Operating income
—
—
Sept.
1
THE CHRONICLE
1917.]
Month
1917.
' Southern Express Co.
$
Total from transportation... 1,670,755
—
of
May
1916.
Jan. 1 to May 31
1916.
1917.
* „,„ , „A -<,.,
8,352,353 7,386,567
4,317,649 3,857,877
856,974
$
1,460,245
759,361
Oper. other than transport'n.
813,781
31,313
700,884
32,958
4,034.703
175,399
3,528,690
150,614
Total operating revenues.
Operating expenses
845,094
660,934
733,842
574,565
4,210,103
3,316,806
2,679,305
2,841,742
r Net operating revenue
184.160
295
70,862
159,277
893,297
1,162
135,404
837,563
756,730
760,341
Express privileges— Dr
Revenue from transporfn.
Uncollectible rev. from trans.
Express taxes
Operating income
113,002
92
15,456
143,729
^673
76,547
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Jan.
Latest Gross Earnings.
Name
Road
or
1 to latest date.
of
Company.
Week or
Month.
Current
Year.
Current
Year.
Previous
Year.
Previous
Year.
Pow Corp June
739,025
787,086
118,178 110.917
190,682
152,547
23,326
44,761
946,833
998.088
186,330 177,845
383,495
Electric
June
416,385
65,662
64,368
Bangor Ry &
102,240
112,698
18,373
17,551
Baton Rouge Elec Co Jvme
322,411
287,556
BeltLRyCorp(NYC) May
60,290
70,817
458,222
510,250
91,447
82,913
Berkshire Street Ry. June
/7642000 /7178000 /44646,000 /41 179. 000
Brazilian Trac, L & P June
54,615
51,668
11.103
10,734
Brock & Plym St Ry. June
2607,401 2571,180 12,201.995 11,588,614
Bklyn Rap Tran Syst May
180,084
211,962
37,078
30,946
Cape Breton Elec Co June
147,607
143,698
24,886
23,882
Cent Miss V El Prop. June
604.126
674,425
Chattanooga Ry & Lt June
128,805 102,680
July
1365.312 672,190 11.186,109 4,737,345
Cities Service Co
210,616
243,321
47,431
43,527
Cleve Painesv & East June
409,413
116.813 106,612
448,186
Oleve Southw & Col. April
724,295 588,207 6,431,726 5,317,310
(/Columbia Gas «& El. July
402.830
509,699
83,127
Columbus (Ga) El Co June
67,953
311,975 280,350 1,919,346 1.709,251
Colum (O) Ry, L & P June
Com'wthPRy &Lt. July
1586,891 1379,381 10,859,627 9,467,214
June
861,398 816,941 4,763.660 4,495,551
Connecticut Co
443,626 363,295 3,199,885 2,622,193
Consum Pow (Mich) .July
244,435 242,379 1,406,983 1.298,708
Cumb Co (Me) P & L June
164,780 146.621 1,076,074
946,046
o Dallas Electric Co. June
928,161
887,091
Dayton Pow & Light July
129,772 116,895
July
877,283 705,667 6,874,787 5,555,928
p Detroit Edison
Detroit United Lines June
1517,668 1395,721 8,728,634 7,694,288
37,730
44,221
180,224
204,504
D D E B & Batt(Rec) May
Duluth-Superior Trac July
140.740 125,552
903,180
777,243
East St Louis & Sub. June
296,753 244,082 1,744,494 1,409,783
80,026
389,066
Eastern Texas Elec. June
68.127
458,067
El Paso Electric Co.- June
101.371
641.705
535.906
83.158
Ave May
715,193
808,504
42d SCM & St
150.474 178,864
206,448 194,772 1, 138.905 1,056,561
g Federal Lt & Trac. May
Galv-Hous Elec Co_. June
924,932
164.448 158,080
939,965
Grand Rapids Ry Co June
645,244
639,739
104,828 108,702
Syst
Pow
June
Great West
324.246 296,828 1,961,686 1.809,811
Hagers'n & Fred Ky. April
44.979
148.370
39,306
176.505
Harrisburg Railways June
99.664
560.149
546.634
97.588
Havana El Ry. L & P June
554.982 476.935 3.251.042 2.893,997
Honolulu R T & Land June
346,941
60,182
321,750
54,976
Houghton Co Tr Co. June
27.759
170,260
156,578
26,656
& Hudson & Manhat. July
488,701 449,095 3,623,013 3,410,310
Illinois Traction
July
1063,138 950,390 7,499,6,55 6,804,540
Interboro Rap Tran. May
3511.497 3231.008 17,585,884 16,100,716
Jacksonville Trac Co. June
65.516
345,556
316,320
50,081
Keokuk Electric Co. June
20.125
117,603
117,702
19.705
June
Key West Electric
11.743
67,574
56,674
9. .370
Lake Shore Elec Ry. .Tune
813,922
722,320
153.996 139,003
Lehigh Valley Transit July
268.711 229.723 1.599,574 1,396,693
Lewist Aug & Waterv June
75.669
399,267
366,794
72,030
Long Island Electric. May
21,111
88,297
86,262
22,074
Louisville RaOway.. June
263,884 264,179 1,535,661 1,522,146
Mllw El Ry & Lt Co. .July
614,717 541.177 4,497,725 3,974,633
Milw Lt, Ht & Tr Co July
210.455 190,412 1,232,512 1,013,017
Monongahela Vail Tr July
292,594 118.769 1,545,544
853,021
Nashville Ry & Light June
194.493 190.109 1.203,175 1,154,629
July
125,3.58 100,828
679,005
577,751
Y City Interboro. . May
307,661
64,502
66.278
305,316
N & Long Island.. May
36.654
37,942
159.836
156,669
& North Shore. . May
14.625
15,214
61.054
62,922
Y & Queens Co May
97,584 136,677
490,349
577.098
New York Railways. May
1045.801 1192.036 5,042,052 5.597.572
& Stamford Ry. June
174,560
38,781
36,597
168,252
Westches & Bost June
274,446
46.280
44.887
256,189
Northampton Trac June
17.488
16.319
102.567
98,392
Nor Ohio Elec Corp. Jvily
570,934 485,379 3,692.538 2,896,668
North Texas Electric Jime
179.406 149,460 1.064.226
906,153
Ocean Electric (L I). May
34,856
10.134
10.564
34,641
Pacific Lt&P Corp.. April
276.191 255,828 1,091,399 1,017,244
6r Paducah Lt & Tr Co June
150,515
23,652
24.201
151,584
Pensacola Electric Co June
30.148
24,321
158,696
141,382
Phlla Rapid Transit. July
2437,394 2214,928 ,17,133,862 15,637,298
Phila & Western Ry. July
318,207
55,775
46,833
288,107
Port(Ore)Ry,L&PCo. Jime
490,652 473,664 2,863,060 2,681.976
OPuget Sd Tr, L & P. June
755,872 632,891 4,549,689 3.844.945
ff Republic Ry & Light July
388,002 326,707 2,617,373 2,260,625
Rhode Island Co
June
511,983 500,107 2,829,690 2,728,612
Richmond Lt & RR. May
163,958
36,881
34,314
147,022
Jos
L
H
&
PSt
Ry,
July
868.839
124,128 110,725
778,863
Santiago El Lt & Trac May
45,543
219,950
43,540
221,845
Savannah Electric Co June
79,184
68,111
451.965
389.154
Second Avenue (Rec) May
69.222
313,010
79.548
331.750
Southern Boulevard. May
18.841
86.764
20,143
92.060
Southern Cal Edison. May
305,685 431.917 1,966.088 2.047,412
Staten Isl'd Midland. May
29.128
122.195
28.553
115.503
Tampa Electric Co.. Jvme
78.235
514.950
73.380
484.298
Third Avenue
May
350.327 348.111 1.705.118 1.688.054
Twin City Rap Tran _ July
858,177 880,859 6,034,122 5,890,275
Union Ry Co of
May
250.676 274.516 1.165,959 1.176,362
Viiginia Ry & Power. July
561,753 497,407 3,628„567 3,356,598
Wash Bait & Annap. June
93.504
494,989
68,619
419.811
Westchester Electric. May
44,570
50.236
204,997
220.703
Westchester St RR.. June
22,668
115,197
22.880
118,536
pWest Penn Power.. July
304,382 228,813 2,222,114 1.634,027
flWest Penn Rys Co. July
653,655 536,888 4,326,859 3,493,929
Yonkers Railroad
May
72,489
72.122
315.513
317.589
York Railways
July
83,717
79,516
598,365
551,554
Youngstown & Ohio. Jime
29.228
29.418
163,971
158,400
6 Represents income from all sources,
c These flgtires are for consolidated company. / Earnings now given in milreis. g Includes constituent
companies.
Adu-ond El
Atlantic Shore Ry... July
cAur Elgin & Chic Ry June
N
NewpN&HRyG&E
N
Y
NY
N
NY
NY
1
NYC
Electric Railway and Other Public Utility Net Earnings.
The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
-Gross EarningsPrevious
Current
Year.
Companies.
Ches & Potom Tel
Jan 1 to July 31
Chicago Telephone
Jan 1 to July 31
—
July
Year.
348,642
313,583
2,443,550 2,211,108
July 1,771.166 1,610,359
12,548.573 11,276,790
Net Earnings
Current
Year.
100,758
764,381
287,547
3,106,693
Previous
Year.
87,783
680,793
431,139
3,293,356
905
Gross Earnings
Current
Previous
Year.
Year.
Q
2
July 1,063,138
950,390
7,4 99,65 5 6,804,540
July 5,d'90'25 4,663,914
Companies.
Illinois
Traction -a
Jan
Net Earnings
Current
Year.
%
Previous
Year.
a>
353,645
337,312
to J ul y 31
2,65 2.561 2,551,4J!_6
1,826'',¥68
TelepT^o
1,803,490
Jan 1 to July 31
34,887,525 30,787,609 13,056,652 11,493,444
Northern States Pow Co. July
528,481
434,362
274,577
230,448
Aug 1 to July 31
6,693,636 5,678,067 3,542,78 7. .3,188,053
1
New York
Philadelphia
Co—
"
Natural Gas Dept
Apr 1 to July 31
July
Department
Apr 1 to July 31
Coal Department
Apr 1 to July 31
July
Oil
Elec
July
Lt& Pow Dept.. July
Apr
1
to July 31
657,372
3,160,876
44,182
191,809
167,291
618,263
724,090
2,778,255
1,236,707
Street Railway Dept. July
Apr 1 to July 31
.4,856,048
Porto Rico Railways... July
77,905
Jan 1 to July 31
522,885
Providence Telephone.. July
185,654
Jan 1 to July 31
1,249,441
Utah Securities Corporation
(Subsidiary cos only) .July
646,175
Jan 1 to July 31
3,666,894
1
506,714
2,633,673
27,392
106,851
.
-'.!>'
•
543,790
2,103,454
1,173,789
4,573,776
70,525
502,496
169,046
1,119,926
286,373
1,640,648
36,178
152,852
89,883
392,735
203,044
854,031
398,773
1,461,100
37,845
234,901
33,772
280,468
464,549
3,096,295
278,046
1,967,127
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Net after
Gross
Fixed
Taxes.
Earnings.
American Pow
& Lt. July
(Subsidiary cos)
12
mos
'17
853 ,732
"16
768 ,444
'17 10,928, 672
'16 9,899, 434
352,888
339,505
4,749,019
4,660,802
,M^.f^
195,329
1,484,253
21,482
80,677
245,103
958,944
362,397
1,561,551
36,871
260,296
42,671
311,016
245,790
1,699,951
Charges.
Balance,
Surplus.
183,811
148,234
1,949,766
1,744,809
169,077
191,271
2,799,253
2,815,993
Atl Gulf & West Indies SS Lines
(Subsidiary cos). June '17
4,305, 093
'16 2,937, 219
'17 22,734, 913
'16 15,596, 683
140 ,740
Duluth-Super Trac. July '17
'16
125 ,652
'17
903 180
7 mos
•16
777. 243
^17
110 ,391
Kansas Gas & Elec. July
•16
108 ,105
12 mos '17 1,707, 794
'16 1,471, 636
125 ,358
& Ry, & E.July '17
•16
100 ,828
'17
679 ,005
7 mos
'16
577 ,751
Pacific Gas & Elec. July '17 1,616 ,264
'16 1,466 ,001
7 mos '17 11,670 ,883
'16 11,041 ,975
Lt...July '17
138 ,597
Pacific Pow
•16
122 ,486
12 mos '17 1,553, 635
'16 1,440, 782
July "17
117 ,812
Portland Gas &
'16
97 ,758
12 mos '17 1,310 ,674
•16 1,261, 653
124,128
St Jos Ry,L,H & P.July ^17
•16
110.725
^17
868,839
7 mos
'16
778,863
'17
937,859
Third Ave System. June
'16
986,241
6
mos
.
NN H
G
&
C
12
mos
17 8,972,649
16 11,136,370
July 17
983,314
899,875
16
Twin City Rap Tr.July
7
mos
'17
'16
'17
'16
858,177
880,859
6,034,122
5,890,275
Gross
Earnings.
Com'th P,Ry & Lt.July
'17 1,586,891
'16 1,379,381
mos '17 10,859,627
'16 9,467,214
417,769
New York Dock. .July '17
•16
302,464
7 mos ^17 2,683,317
'16 1,944,865
670,934
Nor Ohio Elec Corp .July '17
•16
485,379
7 mos •I? 3,692,538
•16 2,896,668
1,569,575
1,065,689
6,636,582
4,652,064
44,837
46,343
277,002
234,630
22,858
42,990
612,909
672,266
52,872
42,681
259,729
217,455
682,721
627,816
4,666,278
4,902,430
76,476
62,736
778,716
721,427
58,439
45,208
620,918
616, 181
43,641
48,009
334,298
361,540
296,459
322,232
890,368
3,480,054
253,811
258,432
290,571
360,703
2,058,444
2,227,495
Net
Earnings.
$
721,936
691,847
4,927,417
4,918,010
221,991
162,682
1,364,078
890.936
227,717
240,113
1,443,635
1,469,637
587,127
982,448
135,933
929,766
3,664,449 2,972,133
819,964 3,832,100
14,738
132,074
14,400
133,186
102,214
1188,058
99,980
1143,776
23,124
def 266
18,063
24,927
239,252
273,667
210,050
362,206
20,812
a;32,591
19,711
123,551
143,979
1117,458
134,986
184,125
362,220
220,601
338,189
289,626
2,488,063 2,178,216
2,366,798 2,535,632
36,067
39,409
33,121
29,615
418,023
360,692
393,443
327,984
28,611
29,928
26,641
18,667
328,356
292,562
319,078
296,103
23,963
19,678
20,833
27,176
167,737
166,561
145,081
206,469
238,841
163,381
241,492
2108,740
677, 690wlf 1622, 326
646,862
1991,072
226,978
139,577
221,027
160,641
160,671
139,900
145,046
215,657
1,026,682 1,031,762
998,433 1,229,062
Fixed Chgs. Balance,
& Taxes. Surplus.
$
$
538.799
183,137
495,074
196,773
3,669,030 1,258,387
3,450,600 1,467,410
114,150
107,841
76,016
86,667
671,954
692,124
629,809
361,126
106,115
121,602
114,384
125,729
862,719
580,916
806,421
663,116
.
X After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.
—An index to annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index wUl
not include reports in the issue of the "Chronicle" in which
The latest index will be found in the issue
it is published.
The next will appear in that of Sept. 29.
of Aug. 25.
railroads, street railways
Hudson & Manhattan RR.
{Report for 6 Months' Period ending June 30 1917.)
INCOME ACCOUNT AND STATISTICS FOB SIX MOS. TO JUNE
Mos.
June 30
1917.
30.
$3,134,312
1,465,087
1916.
.$2,961,215
1,290,408
$2,768,623
1.165,495
$1,679,225
Net operating revenue...
.$80,940
Reserve for amortization of property.
138,939
125,000
958,266
$1,670,807
$80,940
134,573
125,000
950,523
$1,603,128
$80,940
121,716
125,000
942,033
$376,079
Bal. applicable to int. on Inc. bonds
41.71%
operating expenses to revenuesoperated-miles
4,149,106
Revenue car
35.704,370
Passengers carried
63.20c.
RR. revenue per car mile
22.19c.
RR. oper. expenses per car mile
$379,770
$333,438
Six
to
Gross revenue (all sources)
Operating expenses and taxes-.
Income deductions
Int. on N. Y. & J. 6% bonds
Int. 1st lien & ref. 5s and 1st M. 4J^s
RR.
Net RR. revenue per car mile
31.01c.
1916.
38.40%
39.06%
4,111,052
33,331,001
3,947,308
29,962,669
47.26c.
49.87c.
19.15c.
30.72c.
18.46c.
28.80c.
THE CHRONICLE
906
BALANCE SHEET AS OF JUNE
1916.
$
1917.
5
—
Assets
1917.
Cash
matured
for
coupons (contra)
Acc'ts receivable.
Deposits with pub-
20.776
172,765
lic departments.
Prepaid insurance.
taxes,
&c
&
Materials
9,086
194,035
sup-
plies, less res...
Acc'ts In suspense.
385,790
3,631
M
Total
...125,918,881 125001,276
The
balance of the issue of old 4H % bonds (S66,204,000) is deposited
with the trustees of the First Lien and Refunding Mortgage and the Adjustment Income Mortgage in accordance with the terms thereof.
a The account consists t)f appropriations made by directors as special
reserves created under the terms of the Adjustment Income Mortgage
to secure the proper, safe and adequate maintenance, equipment and operation of the tunnels, lines of railroad and other properties of the company,
or to preserve its earning capacity,
b After deducting appropriation to
V. 104, p. 1483. 863.
reserve for contingencies, 8375,000.
—
Third Avenue Railway System,
New York
City.
{Financial Statement for Fiscal Years ending JuneSO 1917.)
—
June 30 Years
Transportation rev
Other operations
1916-17.
1915-16.
1914-15.
1913-14.
$8,701,328 $10,837,076 $10,565,028 $10,456,705
271,320
299,294
320,831
401,511
Total oper. revenue.. $8,972,648 $11,136,370 $10,885,859 $10,858,216
Maint. of way & struct.
$998,770 $1,090,701
$925,974 $1,012,646
Maint. of equipment...
709,637
599,550
678,574
713,003
x225,962
781,085
2,726,243
862.804
983,338
x294,271
731,598
2,923,777
659,197
509,101
562,959
779,459
2,914,525
602,798
511,890
Total operat. expenses $7,287,840
Net earnings.
$1,684,808
Taxes
794,450
.$6,808,194
$4,328,176
848,122
$6,976,179
$3,909,680
731,035
$7,006,035
$3,852,181
730,785
Operating income
Other income
$890,368
164,925
$3,480,054
167,870
$3,178,646
81,128
$3,121,396
76,216
$1,056,283
$3,637,924
$3,269,773
$3,196,612
$548,080
$648,080
879,620
856,272
Adjust, income bonds(5)l, 126, 800
1,126,800
Interest on notes
4,665
6,197
Rents, &c
84,965
76,023
Sinlcing fund reserve...
33,480
33,480
Dividends paid
(1%)165,900(3%)497,700
$648,080
798,800
.$648,080
Depreciation
Power supply...
Operation of cars
Injuries to persons, &C-General & miscel. exp..
Gross income
511,250
779,131
2,849,9.30
614, (i09
525,466
Interest on
1st mortgage bonds..
1st Ref. Mtge. bonds.
1,126,800
9,304
52,746
30,000
693,192
1,126,800
134,173
38,061
30,000
Total deductions
$2,843,510 $3,144,561 $2, .'565, 730 $2,570,306
Balance, sur. or def.-def. $1,788, 227sur. $493 ,373 sur.$694,043sur.$626,306
X
No
additions have been
105, p. 499.
made
Assets
Cost of road
to depreciation reserve
1915.— V.
smce Dec. 31
Montreal Tramways Company.
Annual
Report—Year ending June 30 1917.)
(fith
President E. A. Robert on Aug. 1 reported as follows:
—
Results.
While the gross passenger earnings show the satisfactory increase of 14.46% over last year, operating expenses have increased 24.14%
The ratio of operating expenses to passenger earnings was 62.40% this year
against 67.63% last year.
—
Maintenance. The sum of $567,083 has been charged to Contingent
Renewal Account during the year, representing expenditures made for
compared with $313,676 last year. In addition, $792,848
has been expended in 1916-17 for maintenance of properties, plant and
equipment, and charged to operating expenses, mailing a total expenditure
during the year on the upkeep $1,359,931, against $897,470 last year.
Capital Charges, Bonds, &c.
During the year there has been expended on
capital account $1,509,489, against $320,872 last year.
In 1916-17 the company issued .$3,000,000 of its 5% 30-year gold bonds. From the saleof
these bonds there remains at the credit of the company $1,063,985, which
balance is at our disposal for extensions and improvements (V. 103, p. 2341).
1917.
1916.
S
$
and
equipment
New
12,909
12.909
120,781 N. Y.&Jorsey HR.
!}% M. bonds. ,5,000,000 5.000,000
751.218
1st M. 4H7o bds.
'944,000
•944,000
1st Ucn & refund.
M. 5s
3,086,384
37,521,234 37,232,734
893,643 Adjust Income
bonds
33,102,000 33,102,000
24,801 Real estate mtges.
967,000 1,110, .'•,00
159,206 Car purch.obllK'ns
548,000
732.000
Readjust, rcsorvo.
608,217
008,217
9,061 Rcs've tor contlng. a705,000
Acc'ts payable...
169,472
175,4.56
178,089 Mat'd tut. (contra)
20,776
24,801
Accrued Interest..
923,849
921,951
250,666 Rentals received In
_
_
advance
_
630
4,781
Operating reserves
46,317
114,871
Surplus account..
b52,438
380,014
12 5,918,881 125601,276
Total
$
scours, of predecessor corapiinlea
.
—
1916.
8
scrip. 39,904, 890 39,994,890
BcrlD. 5,242,151
6,242,151
Property acc'ts. .119,381,236 119513,367 Com. 8tk. &.
Investments
8,000 Prof. stk. &
1,000
SlockH to re(lc<:m
Proceeds of sales of
prop'ty released
from the Hon of
mortgages, &o..
111,071
Amortlza'n funds. 1,004,112
Bond discount and
exp. In process of
amortization... 3,694,309
940,471
Current cash acc't
BALANCE SHEET JUNE
30.
—
LiaMlUles
[Vol. 105.
coastructlon.
InvestmcntH
Accounts recelv'le
37,543,386 37,222,514
1,.509, 489
320,872
341,588
318,888
5.53,3.52
Stores
C;i»h In bank, on
hnnl A: on loan.
Underlying securities re<lemptlon
436,684
764,465
247,564
3,5.50
3,043
fund
Cash on
special de-
1,063,985
posit
42,260,725 39,009,758
Total
* Includes
~Tm^rovemmtsTl^c'^The°cm\
continued the worli of pllicing its
overhead feeder wires in the municipal conduit and has completed during
the year the worli commenced last year on Bleury St. and Parle Ave.
The installation of the first unit of 17,000 h. p. is practically completed
and it is expected will be in operation in August. Work has commenced
on the installation of an additional unit of 17,000 h. p.
Shells.
The work on the contract for machining shells is practically completed, but there still remains some final adjustments to be made. An
estimated amount has been provided for the war tax on the results of the
whole operations. The present accounting period being the third and final
period under the Business Profits War Tax Act. 1916.
Orders.
During the year we placed an order for 100 motor and trailer
cars of the latest type.
The first deliveries are expected shortly.
—
—
Contract. — At the
session of the Legislature the Government appointed a commission of five members, with power to make a new contract
last
between the City of Montreal and the company, and your directors trust
that this matter will be settled shortly, and result in enabling us to develop
and maintain its system to the best interest of the public and your company.
RESULTS FOR YEARS ENDING JUNE
1916-17.
1915-16.
Deduct —
City percentage
Bond &
loan int., &c.._
Int. on debentiu-e stock.
Taxes
Dividends (10%)
Prop'n disc, bonds sold.
Contingent account
War
tax (estimated)
Balance, surplus
1916.
$
S
*3 ,394.300
Common stock
3 ,343,600
Debenture stock . * 1 .000, 000* 10 ,000,000
Bonds and mtges. 19 .aiHMD") 10 625,116
Accounts* wages.
570. .530
401,239
Accrued Interest..
2.30,814
230,872
Acer, tax on e.irns.
377,8H
315,629
Unred'ra'd tickets
239.7:^8
237,215
Suspense account.
90.921
95,263
Dividend Au<,'. 1..
84,871
83,590
Capital reserve
600.000
600,000
Contingent acc't..
24.241
141,323
War tax
147, .581
74,013
Miscellaneous
24.440
22,922
Surplus
856,449
778,976
Total
42,260,725 39,009,758
V. 103, p. 2341.
—
490.
Co., New York.
Annual Report Year ended June 39 1917.)
Sylvanus L. Schoonmaker, Chairman of the Board, wrote
on Aug. 24 in substa^nce:
Results. — A profit of 39,406,998 resulted from the year's operations, from
which there has been deducted $2,205,319 for income and war taxes, leaving
a balance available of $7,201,680. After payment of the usual 7% divi-
American Locomotive
—
(16i/t
dend on the pref. stock of $1,750,000, four quarterly dividends (of l'A7q
each) on the common stock, aggregating $1,250,000, and a special Red
Cross dividend of (1%) $250,000, making a total of dividends paid for the
year of $3,250,000, there remained a surplus of $3,951,680, out of which
there was created a reserve of $2,000,000 for additions and betterments to
the plants. The remaining profit of $1 ,951 .680 was added to the accumuIn arriving at the net profits for the year there has been
lated surplus.
included in the manufacturing costs and deducted from earnings the sum
of $1 ,666,632 for depreciation on all classes of property.
—
Taxes.
The deduction for taxes of $2,205,319 fully provides for the income and war taxes which have been or are to be levied under laws existing
in the United States and Canada as of June 30 1917, but they do not include
any provision for the proposed new excess profits tax, the bill for which
was pending in Congress at the close of the company's fiscal year.
Additions and Beltermenls.
During the year there was expended for permanent additions and betterments to the plants $1,312,967, all of which
was charged against the reserve for additions and betterments created out
—
of the previous year's earnings.
—
During the year prices of materials of all kinds increased to
Prices, &c.
an unprecedented degree; a great scarcity of both skilled and unskilled
labor existed, notwithstanding that large increases in wages were made and
the working time of the shops shortened. These abnormal operating conditions which could not be fully anticipated, affected the profits on both
locomotives and munitions.
Both in Canada and the United States, the selling prices on mvmitions
were reduced to lower levels than prevailed in the preceding year, and the
new contracts for shells admitted, even under normal conditions, of a much
sm.iller margin of profit than previous contracts allowed.
The new contracts were for larger shells than those previously made, and necessitated
large additions of equipment and extensive alterations to plants, for which
$3,760,561 has been included in the mfg. cost and deducted from earnings.
Plants.
The munitions work at Richmond and Montreal will be completed in Aug. 1917. The work of restoring these plants to locomotive production uses has already been started and when completed the entire
capacity of all of our plants will be devoted exclusively to the manufactiu-e
of locomotives, which are urgently needed abroad as a war necessity, and
—
by the railroads of this country.
To increase the foundry capacity for locomotive work, the company
purchased on June 25 1917 the land and buildings of the Henrico Iron Works
Corp. at Richmond, Va., suitable, with improvements, for making locomotive gray iron castings.
As a part of the purchase price of the Henrico
property we assumed $25,000 Henrico Iron Works Corp. 1st Mtge. 6%
bonds maturing Aug. 16 1919.
It is our purpose to manufacture as much of the material entering in large
quantities into the construction of locomotives as can be produced to
economic advantage; therefore we purchased on July 2 1917 from the Perm
Seaboard Steel Corp. a modern steel casting plant, at Chester, Pa., known
as the Seaboard Works.
Our company acquired the full working organization of the Seaboard plant which has continued to operate without cessation, and its entire output is now being used for the company's locomotive
work (V. 104, p. 2454; V. 105, p. 182).
Liberty Loan Bonds.
The company subscribed for $1,000,000 U. S.
Liberty Loan bonds of 1917, but our final allotment was S612..500. Out
of this allotment 7,867 of the company's employees purchased $535,860 to
be paid for in weekly and monthly installments.
Notes.
On July 1 1917 the last installment of gold notes of Series "K"
issued in 1912 was paid, amounting to $1,336,000, leaving no gold notes
outstanding (V. 105, p. 718).
Unfilled locomotive orders on June 30 1917 were
Unfilled Orders.
$77,620,449, against $19,376,532 on June 30 1916. Munitions orders uncompleted on June 30 1917 aggregated $3,666,528.
RESULTS FOR YEARS END. JUNE 30 Unci. Montreal Locomotives).
also
—
—
—
1916-17.
1914-15.
1915-16.
1913-14.
Gross earnings
$82,213,845 $59,316,016 $9,303,298 $29,987,438
Mfg., maint. & admin.
expenses &deprec'n.. 72,614,654 47,4,50,5821 10.445,900 27.425,187
U.S.&Can.tax.onpro f 2,205,319
795,000
Net earnings
$7,393,872 $11,070, 4341oss$1142602 .$2,662,251
/
Int.
on bonds of constit.
486,124
349.378
cos.,jouponnotes,&c.
301.005
192,192
Available for dividend $7,201,680 $10,769,4291ossS1491980 .$2,076,127
Div. on pref. stk. (7%). 1,750,000
1,750,000
1,760,000
1,760,000
Div. on com. stk. (6%).
-.
1.250,000
Special Red Cross div.
com. stock (1%)
250.000
Bal.,sur. or def...sur..$3,951,680sr89,019,429dfS3,241,980 sr.$326,127
Res. for add'ns & bett'ts 2,000,000
3,000,000
Balance
stir.$l,951,6S0sr.S6,019.429df$3.241,980 sr. $326, 127
Note.
No provision has been made in 1917 for taxes imder the proposed
new "Excess Profits" Act, the bill for which was pending in Congress at
the time the company's books were closed.
—
CONSOLIDATED BALANCE SHEET JUNE
[Incl.
30.
American Locomotive Co. and Montreal Locomotive Works, Ltd.
1916.
1917.
.?
Liabilities—
S
25,000,000
stock.
..25,000,000
Common
lessdepr. re3've.47,138,127 48,530,258 Preferred stock... 25,000,000 25,000,000
Securities owned..
908,328
705,750 Bonds constit. cos. *1, 957.000 1,932,000
Cash
4,710,572 10,351,071 Gold coupon notes 1,336,000 2,722,000
Acc'ts receivable \ 12 ,025 ,332 / 1 1 ,769 ,379 Loans payable... 1,000.000
Bills receivable. . /
900,307 Subs. Liberty L.Bds. 516,800
\
Lib. Loan bds.1917
Accounts payaole. 4,424,079 11,018,725
subscribed
94,530
by
Accrued interest..
employees, less
6,860
5.098
Unclaimed int., &c.
in.st.all. p.aym'ts.
437,500
437.500
497,388
Pref.div.p!iy.July.
Mat'l& supplies.. 7,306,337 5,899,020 Com.div.pav.July.
312,500
Accrued interest250,000
3,959
1,704
do (Red Cross)..
Contract work In
Accr'd exp. Includ.
course of constr. 1 1 169 ,751
6,698,488
U. S. & Ciin.
Locomotives and
war &c taxes... 2,719,681
parts In stock..
120,387
141,725 Res. for add'ns,&c. 3,722,597 3,035,563
Deferred charges.
226,243
72,341 Res. for restorat'n
of munit'n plants
1,857,175
&c., contlng... 1,507,790
Profit and loss
15,917,369 13,965,689
Assets
—
1917.
1916.
S
S
Cost of property,
.
30.
1914-15.
1913-14.
Passengers carried
179,974,649 156.408.303 163,576,271 168,472,952
4.10 cts.
4.11 cts.
Car earns, per passenger
4.012 cts.
4.13 cts.
Transfers
63.451,272 55,542.897 53.416,530 58,120,066
Gross earnings.
$7,725,499 $6,609,765 $6,526,232 $7,142,804
4,206.114
Operating expenses
4,601.772
3,713,996
3,707,063
Net earnings
1917.
—
Llamuies
amount due on shares not yet exchanged.
special renewals,
—
4.59,593
480,911
30.
$3,123,727
$2,902,712
$2,811,235
$2,936,690
$491,431
858,542
800.000
98,400
337,881
$418,083
806,721
800,000
93,600
323,871
$414,149
825,415
800,000
92,800
278.880
350,000
110,000
276,000
276,000
$627,384
787,769
800,000
84,700
242.056
82,237
275,000
$77,473
$185,436
$124,991
$137,544
,
Total..
84,106,423 85,070,043
Tot.-il
84,100.423 85,070,043
Bonds of constituent companies in 1917 include $432,000 Richmond
Locomotive & Machine Works, $1,500,000 Locomotive & Machine Co. of
Montreal. Ltd., and Henrico Iron Works Corp., $25,000. V. 105, p. 718,
*
182.
—
WU
-
Sepi.
1
.
THE CHRONICLE
1917.
Texas Company, Houston, Texas.
{Report for Fiscal Year ending June 30 1917.)
Income Account—
1916-17.
1913-14.
1914-15.
1915-16.
Gross earnings
$54,339,050 $37,708,382 $26,391,745 $25,924,405
Oper.exp., taxes, &c-.. 3] .431.126 21.961.649 18,367,053 18,171,946
Net earnings
$8,024,692
$7,752,459
$1,647,315
200.557
$1,338,900
292,465
$1,395,321
171,163
3,350,000
3,ooor.ooo
2".550'',000
(10%)
(10%)
(8j^%)
Total deductions- .-- $7,715,898 $5,197,871
Balance to surplus- .-.$15,192,026 $10,548,862
$4,631,365
$3,393,327
$4,116,484
$3,635,975
Deduct
—
$22,907,924 $15,746,733
Sk. fd. & depr. account- $2,047,217
Prov.forbad,&c.,acc"ts.
136,180
Provision for taxes
1,000.000
Dividends
4,632,500
Percenter dividends.
(10%)
BALANCE SHEET JUNE
1917.
—
1917.
—
1916.
LiablUties
S
S
55 ,600.000
Plant account *_.37 ,865,537 46.857.435 Capital stock
Other investments I ,740.843 2.051,760 6% debentures... 16 ,386,000
Storehouse supp,- 1 ,702.656 1,538,617 6% serial notes
Stk. sub. new issue
Stocks of oil, crude,
refined, &c
40 ,178,773 29,993,611 Acc'ts & bills pay. 14 ,590,070
225.020
239,319 Provis'n for doubtUnexpired iusur..
ful acc'ts receiv.
300,000
Sub. co.'s BtocUs__19 .056,389
Bonds & mtges
2 ,690,657
8,298,407 Insur reserve fund
500,000
Bills & acc'ts rec. .11 ,018.394 15,187,370 Provision for taxes 1 ,356,873
do int. on debs,
491,580
Adv. to sub. COS.. 22 ,684.944 3,716,007
Contract advances
758,047
557,738
do int. on notes
Cash on hand
6 ,657,389
5,661,081 S. F.&depr.acct.l5 1891940
Surplus
40 ,270,189
Assets
S
.
144.584.652 114101,346
Total
BALANCE SHEET JUNE 30 (.INCLUDING SUB. COS.).
Assets—
1917.
1916.
1915.
Land, buildings and machinery
$15,146,327 $14,949,537 $14,776,713
Equipment and floating property-.. 3,147,160
2,907,207
2,709.823
Other investments
4,898,198
5,677,721
4,616,194
Mining properties
18,298,660 18,065,840 17,190,004
U. S. Liberty bonds
328,850
Brands, patents, good-wUl, &c
1
Sinking fund (amount unexpended)Accounts receivable
17,244,957
Notes receivable
8,211,015
Merchandise and supplies
9,246,434
Unexpired insurance, taxes, &c
288,271
Guar accts receiv new constr exp
chargeable to future oper., &c
1,907,208
Cash in bank and in transit
2,662,049
.
.
1910.
%
37,000.000
15,700,000
1,500,000
6,716,390
13,291,197
300,000
500,000
356,873
471,000
45,000
13,142,723
25,078,163
*
Investments in real estate, leases, tankage, refineries, ships, cars, terminals, distributing stations, natural gas wells and equipment. V. 105,
—
p. 613. 78.
American Agricultural Chemical Company, New York.
{Report for Fiscal Year ending June 30 1917.)
President Peter B. Bradley, Aug. 29, 'WTote in substance:
—
Results.
After deducting all operating charges, office and selling expenses, interest on bonds and notes, and after charging off $1,186,144 for
depreciation of plants and depletion of mines, and deducting $1,092,035
for freights, losses and contingencies, there remained a net profit for the
year of $5,546,355. From this amount there have been paid four quarterly dividends of 1J^% each on the pref. stock, aggregating $1,655,067,
each pn the common stock, aggregating
four quarterly dividends of 1 J^
$875,468, and a bonus to employees of $210,263, making a total of $2,740,balance
carried to the surplus account.
leaving
net
of
a
$2,805,557
798,
Conditions in the fertilizer industry during the past three years have been
very unsettled, due to many disturbing influences contributed directly
The world-wide depression that
or indirectly by the great European war.
immediately followed the first declarations of war brought about a rapid
decline in the price of cotton, which very seriously affected collections from
the South in the fall of 1914 and curtailed to a very considerable extent the
demand for fertilizers in that section during the spring of 1915, which,
owing to a nervous desire on the part of many manufacturers to unload their
products, led to lower prices. Then followed a long period of general readjustment of business to new conditions; the export of agricultural products
gradually developed to enormous rpoportions, which, in turn, led to a
greatly increased demand for fertilizers.
Strangely enough, several of the more important component materials
of fertilizers are equally essential to the production of explosives, such as
nitrate of soda, muriate of potash and sulphuric acid, all of which participated in an abnormal rise of prices.
With a rigid embargo placed on potash salts by the German Government
early in the war, prices for potash rose over 1000% nitrate of soda and sulphuric acid appreciated from 100% to 300%, while fuel, labor, machinery
and other supplies rose to new levels. As a result, the whole industry
became disorganized, necessitating a radical readjustment of prices to the
higher costs of production, as well as many changes in the composition of
mixed fertilizers, especially as to their content of potash, a normal supply
Not only was the
of which was absolutely unobtainable at any price.
market for raw materials abnormal but it was extremely unstable as well,
making it difficult and even hazardous to name prices on manufactured
products for future delivery.
The past fiscal year has brought no relief to these exceptional conditions,
but the enormous demand for food crops and cotton brought about by
the exigencies of war, has greatly stimulated the demand for fertilizers, so
that there was no difficulty in selling all the manufactured fertilizers which
were available last spring, though a still further rise in prices of raw materials, freights, insurance, &c., found the company's selling prices toward
the end of the season out of line with the cost of production.
Consequently, while our tonnage for the year ended June 30 1917 was
greater than that of the fiscal year of 1916. the balance of net profits
15}^
for 1917 (after deducting the bonus of $210,263 paid to salaried employees
during the year) was $109,435 less than in 1916. The proifts of the past
year, however, resulted more largely from the sales of manufactured
fertilizers and other regular commodities than was the case in 1916. when
considerable profits were derived from sales of products not ordinarily sold.
Phosphate.
Our phosphate mines have not been operated to full capacity during the past three years, owing to export shipments havmg been
almost entirely eliminated in consequence of the war. With the return of
peace, however, an extraordinary demand for phosphates from the European
countries seems assurecf, their soils having doubtless become greatly impoverished from the lack of this most important plant food.
Potash.
Potash is being produced in very limited quantities in this
country from the potash bnnes of the West, from kelp weed and from
aliinite, feldspar and other minerals, but these sources do not at present
promise an adequate normal supply of this material. We have not as yet
explored our potash fields in Spain, owing to the difficulties of doing this
kind_of work during the war. Some exploration work, however, which has
been done on nearby properties is considered very encouraging.
Outlook.
Fertilizers containing no potash have now given generally
satisfactory results the past two years, as they did in the early years of the
industry, long before potash salts were discovered in Germany.
The prospects for the current fiscal year are most encouraging, and we
anticipate that our sales will be limited only by our capacity of production.
%
;
.
—
INCOME ACCOUNT YEARS ENDING JUNE
Stock, commonStock, preferred
---
from—
1916-17.
of
sub.sidiary cos.j-x--- .$8,459,896
Other sources
249,320
Profits
Income
1915-16.
1914-15.
1913-14.
Totalincome
$7,947,506
227,322
$6,096,115
129,006
$5,280,151
92,227
$8,709,216
Lass freights, los.ses and
contingencies
$1,092,036
Interest on mtge. bonds
459,680
do debenture bonds425,000
Factory, min. rep. &dep. 1,186,144
$8,174,828
$6,225,121
$5,372,378
$858,801
468,331
415,061
987,107
$821,488
488,025
350,069
890,394
$893,386
502,908
109,575
800,794
Total
Profits-
$2,729,301
$5,445,527
$2,549,976
$3,675,145
82,306,663
$3,065,715
1,653,492
(4)737,236
1,654,176
(4)737,236
1,658",258
Bonus
-$3,162,860
$5,546,3.56
to employees
Pref. dividends (6%)---
Common
Surp lus
210,264
1,655,067
dividends-. -(5%)875,468
y$2,805,557
83,054,799
$1,283,733
(4)738,399
8669.058
X After deducting "operating charges" and in 1913-14 repairs and renewals, which are shown separately and deducted below in later years.
y The total accumulated surplus, June 30 1917, after deducting 8375,829
for adjustment of company's mterest in C. H. & N. Ry. less increase In
value of property sold, was .$11,068,116.
$18,430,900 $18,430,900 $18,430,900
27,627,200 27,558,200 27,558,200
2,047,756
1,706.757
106,540
4,835,081
9,069,000
9,428,000
8,500,000
7,500,000
300,3481
819,040
314,110/
526,060
8,638,388
9,776,701
$82,158,662 $75,490,303 .$80,054,679
1900, 1047.
Lake Superior Corporation.
{Report for Fiscal Year ending June 30 1917.)
The report
will be cited fully another week, giving particulars regarding the several controlled companies.
Tonnage Produced by Algoma
Annual Output
—
1916-17.
Steel Corporation.
1916-16.
1914-16.
1913-14.
Pig iron
348,519
258,504
212,917
311,904
Finished steel
216,466
280,296
183,439
325,680
The output consisted of shell steel together with rails and merchant bars.
OPERATIONS OF SUBSIDIARY COS. FOR YEARS END. JUNE
1916-17.
Net eamtngs from
1915-16.
30.
1914-15.
oper. of all sub.
&
other chgs-*$5,323,005 *$3,503,471 *$1,366,210
COS., subj. to deprec.
Add XJnappr. bal. from prev. years
(excl. Internat. Tran. Co. in '16-17) Cr .340, 087 De6.331,765
Cr.61,931
—
Total-
$5,663,092
$3,171,706
206,681
$1,428,141
62,000
Balance ..i
$5,663,092
Deduct Chgs., Divs., &c.. Paid by Sub. Cos.
Int. on bonds of sub. cos. and on bank
& other advances, dividends, &C-- $1,419,071
$2,965,025
$1,366,141
$1,513,539
$1,166,414
667,173
134,423
425,595
54,210
Am ts. written off in resp. of disc, &c.
—
set aside for Magpie Mine reserve sink. fd. payments in respect
Amts.
of Helen Cannelton, Lake Superior
mines, Fibom quarries, &c
Losses & expenses through sales of
miscellaneous assets,
&c
586,485
145,036
Appropriated as reserves for deprec'n,
renewals, &c., of special assets (incl.
rebuilding of coke ovens & docks;
also abnormal capital cost of construction and equipment)
General depreciation
Paid to Lake Sup. Corp. by sub. cos.
as int.on bds.,notes,&c.,and as divs.
1,243,155
1,600,000
342,859
$4,893,748 $2,606,307 $1,697,906
Total deductions
Balance carried forward by sub. cos-Sur.$769,344siu'.$358,718def.$331,765
Excluding the earnings of the Algoma Central & Hudson Bay Ry. In
1916-17 and 1915-16; also in 1916-17 Trans. St. Mary's Traction Co.
INCOME FOR FISCAL YEAR ENDING JUNE 30.
1916-17.
Int.
and
on
div.
Total
on 1st M. bonds.-General expenses
Int.
$342,859
26,174
$437,880
10,174
$453,834
$267,428
42,391
$335,760
277,3201
32,985/
$369,033
367,371
$448,054
424,644
&
$144,014
10,527
$26,456
25,072
$1,662
23,410
$23,410
$154,541
$50,527
$40,000
$25,072
823,410
$10,527
825,072
$23,410
loss
Balance, preceding years
Total
Res. for depr. of InvestInt.
on income bonds
(5)$150,000
Total surplus as per
balance sheet
$4,541
BALANCE SHEET JUNE
1916.
1917.
S
S
Assets
Invest & securities48 ,198,126 47,974,556
98,945
246,697
Real estate, &c
Acer. int. on Alg.
24,167
24,167
St. bds. owned.
545,403
Due by sub. cos.. 308,871
283,347
Accounts receiv..
190,071
Mortgage held
""572
136,350
Proc.of saleotinv.
—
—
.
—
82,896
66,703
5,374
Miscellaneous
unpaid
coupons
Cash
for
Interest
58,613
30.
Liabilities—
Capital stock
First mtge. bonds.
Income bonds
Accounts payable.
Accrued interest..
Coupons unpaid. _
Reserve account..
Voluntary
relief
206,297
fund
45,978 Miscellaneous
6,243 Income account..
1917.
1916.
S
S
,000,000 40,000,000
,294,000 5,472,000
,000.000 3,000,000
25,750
22,058
210,183
710.953
22,800
25,900
710,953
7,875
'4',54i
7,125
3,036
10,527
24,325
49,275,365 49,252,341
Total
1913-14.
$290,000
45,760
Other income
Bal., cred. prof.
1914-15.
$330,000
123,834
subsidiary cos.
ties of
1915-16.
securi-
Mineral lands, &C-
(incl. profits
_
Total liabilities---
—V. 104, p.
Cash
30.
965,913
2,109,660
8,079,6.30
$82,158,652 $75,490,303 880,054,679
—
—
1,566,565
2,652,520
13,138.081
,
—
,
%
8,989,831
242,683
4,193,114
1,579
15,444,629
8,795,493
9,009,951
241,606
1
210
Accounts payable, accrued taxes, &c_ 3,064,068
Notes payable
3,563,180
First mtge. convertible gold bonds..
8,608,000
Debenture bonds
8,500,000
Reserve for property depreciation
486,741
do
renewals
306,363
do
doubtful accts. & conting's.
604,084
Profit and loss, surplus
11,068,116
144.584,652 114101,346
Total
. ,
Total assets
Liabilities
30.
907
Total
49 275.305 49,252,341
June 30 1917) contingent liabilities on its guaranty of principal and interest of $10,080,000 bonds of Algoma Central &
The company had
(as of
Hudson Bay Ry.; $2,500,000 Algoma Eastern Ry.; $15,691,900 Algoma
Steel Corp., Ltd., 1st & ref. bonds, and $4,999,527 Algoma Central Terminals, Ltd., bonds.— V. 105, p. 824, 75.
Republic Motor Truck Co., Inc., Alma, Mich.
Year ending June 30 1917.)
{Fourth Annual Report
—
President F. W. Ruggles says in substance:
The net profits for the year ending June 30 1917 were $1,657.334. After payment of $85,539 in dividends on its own and Torbensen
Results.
—
Axle Co. outstanding pref. stock, the balance. $1,571,796, is equal to over
$20 per share on the 7(),325 shares of common stock outstanding.
During the late fiscal year we sold 12,914 trucks, total volume
Output.
of sales of both trucks and parts exceeding $12,600,000.
On Feb. 28 1917 the authorized common stock
Increase.
Stock
Common
was Increased from 62,500 shares of no par value to 100,000 shares of no
—
—
THE CHRONICLE
908
par value. Of the 37,500 additional shares authorized, 13,825 wore Immediately issued to bo exchanged with the Torbensen Axle Co. of Cleveland
for its entire Lssuo of outstanding common stock of 3,950 shares, which is
now In our treasury, thus making the present Issued capital 10,000 shares
of preferred stock, par value .$100, and 76,325 shares of common stock no
par value. 23,675 shares of authorized but unissued common stock are
in the trea.sury (V. 104, p. 957).
Sub. Company. The Torbensen Axle Co. is the largest manufacturer of
Internal gear driven axles in the country, and for the past two years has
furnished us with a large and constantly increasing number of our rear
axles.
Its capacity has been largely increased during the last six months,
and within the next 90 days it will furnl.sh the rear axles for our entire output, thus obviating the necessity of our depending upon any outside maker
for this most important factor in the success of the Hopublic truck.
Of the $1,657,334 net earnings of the Republic Motor Truck Co., Inc.,
$440,402 represents the earnings of the Torbensen Axle Co. That the
purchase of this company was a most desirable one from every standpoint
is demonstrated by the earnings which it has shown since its Inception.
Growlh in Our Business. The growth of the Itepublic Motor Truck Co.,
Inc., during the past year has far exceeded all expectations.
We are now
manufacturing five sizes of internal gear driven trucks, ranging in capacity
price
from
$895 to $2,675, the various sizes
from ^ ton to 3)^ ton, and in
making a total production quantity of about 2,000 vehicles per month.
Our business, as in the past, continues to be almost entirely domestic.
Republic trucks being distributed by about 800 dealers located in every
Le.ss than 2
of our sales represents foreign shipments
State in the Union
or business either directly or indirectly attributable to the war. This
great demand for our trucks makes necessary additional working capital
if we are to take advantage of the new business offered
The directors have offered for subscription to the common
JVcM) Stock.
stockholders the 23,675 shares of authorized common stock. Proceeds of
this additional common stock will be largely available for working capital,
as I estimate that $250,000 will cover any additional expenditures necessary
during the balance of the current year in order to give us the greatest manufacturing efficiency for an annual production capacity of between 25,000
and 30,000 trucks (V. 104, p. 957).
Dividend Prospects. "While your directors do not deem it advisable at
this time to make a cash distribution from last year's earnings, owing to
the great volume of business now offered, and which requires all available
working capital, they nevertheless believe that the large prospective earnings will enable them to place the common stock on a dividend basis during
the ensuing fiscal year.
Employees.
now have some 1,500 employees and efficient manufacturing facilities.
1916-17.
1915-16.
June Zf) Years—
1914-15.
1913-14.
Trucks sold
12,914
3,851
1,004
219
—
—
%
.
—
—
— We
Net
*
*$1,657,334
$538,526
Includes Torbensen Axle Co. earnings.
profits
$105,307
COMBINED INCOME ACCT. YEAR END. JUNE 30 1917
(Incl.
$16,382
Sub.Co.).
Net profits of Republic Motor Truck Co., Inc., and predecessor
and suljsidiary companies
$1 ,657,334
Deduct Proportion thereof accrued to dates of acquisition of
the respective properties, &c
273,107
—
Balance, net profits accruing to new company
$1,384,227
Deduct Pref. dividends, $85,539; expenses of preferred stock
issues of parent and subsidiary companies, $32,198
117,737
—
Balance
Surplus arising from re-appraisal of properties
Add
.... $1,266 ,490
247,179
—
Total as per balance sheet below
CONSOLIDATED BALANCE SHEET JUNE
$1,513,669
30 1917 (Including Sub. Co.).
Assets ($7,402,468)—
Land, $103,809; buildings and equipment, $722,638; machinery
and equipment, $575,425; tools, dies and patterns (depreciated value), $277,638; other equipment, &c., $80,744;
total, $1,760,255, less reserve for depreciation, $89,039; baU.J 1,671,216
Patent rights of subsidiary company
63,663
Inventories of raw materials, work in progress, finished parts and
trucks on hand, on consignment and in transit, at cost, viz.:
On hand and on consignment, $3,726,882; in transit, $815,089- 4,541,971
Accounts receivable, customers, less reserves, $581,518; notes
594,865
17,794
receivable, $13,347; total
Due from
officers and employees
Certificates of beneficial interest
in customers' deferred installment notes
Installments paid on subscription to $20,000 Liberty Loan
bonds, less amounts received from employees
Cash
in
banks and on hand
Prepaid insurance premiums, interest, &c
51,959
3,160
441,035
16,804
Liabilities (TotoZ $7,402,468)
7% cumulative pref. stock, 10,000 shares of $100 each
S 1,000,000
Balance of capital (excl. intangible values) represented by common stock consisting of 76 ,325 shares of no par value
1,007,456
Capital liabilities of sub. co. with public: Pref. stock, $679,500;
726,500
Purchase money obligations, mortgage notes, $47,000
Notes payable bank loans
770,000
Accts. payable, incl. accrued items: Merchandise creditors
(incl. liability for $815,089 in transit, per contra), $2,087,948;
accrued pay-rolls, $88,898; accrued commissions, $19,745;
2,290,834
accrued taxes, $42,955, and bonuses payable, &c., $51,288
—
94,009
Dealers' deposits
1,513,669
Surplus, as per income account above
Note.
Discounted sight drafts in course of collection secured by trucks
shipped, $953,843. No provision has been made in respect of excess
profits tax.
V. 105, p. 503.
—
—
GENERAL INVESTMENT NEWS
V
proinise-s the
company could not honorably recede even
,
—
_
Change as
—
Fiscal Year
holders will vote Oct. 25:
to
and Annual Meeting.
—
The company has
&
&
—
with the Secretary of State of Canada at Ottawa
a supplemental mortgage dated June 30 1917, Edward Bruce Read and
Frank JIarding Jones, trustees, modifying the first mortgage (debenture)
trust deeds of June 26 1905 and July 3 1906 in the manner recently announced. There are $2,548,675 (£525,700) of the l.st M. debentures outstanding, covering road in operation from Paspebiac, on Atlantic & Lake
Under the agreement
.Superior Ry., to Gaspe, Quebec, 10234 miles.
adopted by the bondholders, they will until the end of the war receive
V. 105, p. 289, 72.
interest payments only in so far as earned.
filed
—
Baltimore & Ohio RR. — New Toledo-Cincinnati Bonds and
Cash Ready for Distribution under C. H. & D. Plan. —
Hamilton & Dayton Ry.
—
—
Telegraph
Western Ry.
—
Chicago
Bamberger Electric RR. — New Name. —
Lake & Ogden RR.
Bay State Street Ry. — Equipment Notes Offered. — Kidder,
below.
See Cincinnati
Litigation.
Great
See
below.
V. 105, p. 715, 605, 601.
below.
See Salt
Pcabody
'
&
Co. and the Old Colony Trust Co., Boston, are
Q%%
this
offering at rates which will yield the investor
Gold Equipment notes,
company's issue of $1,308,000
approved by the P. S. Commission of Mass. and dated
circular shows:
Aug. 1 1917.
These $1,308,000 notes are due serially, $131,000 Aug. 1 1918-1926, incl.,
and $129,000 1927, but callable on any semi-annual (F. & A.) interest date
at 100 and int. on six weeks' notice.
This issue provides, in part, for the payment for 200 new semi-convertible
Pay-Enter 44-seat passenger cars and equipment, costing $1,631,000, the
title to which is to be vested with the Old Colony Trust Co., trustee, until
all of the notes have been paid.
V. 105, p. 817, 715.
6%
A
—
Boston Elevated RR.
— Money
Set Free.
—
to the company the
$500,000 deposited under legislation of 1897, and the Mass. P. S. Commission has authorized it to use this money for additions and improvements already completed. The company, it is said, has done addition and
improvement work costing about $2,263,000 in excess of stock and bonds
already authorized.
V. 105, p. 715, 496.
The Massachusetts State Treasurer has returned
—
Caldwell (Idaho) Traction Co.
— Lease. —
This company has leased the Wilder branch of the Oregon Short Line
Ry., 11.3 miles, now being operated by steam, but will electrify it a^ soon
as possible.
The company also contemplates extending its present line
connecting Caldwell with Hudson and McNeil, about 3 miles.
This company was incorporated in Idaho in 1910 and at last accounts
had $210,000 stock outstanding and was operating 13 miles of road. W. R.
Sebries is Pres. and W. A. Stone Sec, Caldwell, Idaho.
Carthage
& Copenhagen RR. — Sale. —
See Deer River
RR. Corp.
&
Ohio Ry.
See Hocking Valley Ry.
Chicago
— V. 87, p. 1418.
below.
—Decision. —
Great Western Ry. — Free Exchange of RR. and
Held Invalid. —
Chesapeake
below.— V.
105, p. 817, 497.
Telegraph Service
Judge Evans in the Federal Court at Chicago in an action between this
company and the Postal Telegraph Cable Co. has sustained an order of
the I.-S. C. Commission declaring invalid the usual provision in the contracts between the railroads and telegraph companies by which free service
is given on both sides.
The Commission decided that the telegraph Company must pay for its railroad service and the railroad company for its
telegraph service, notwithstanding any contract.
In an action between the Western Union Telegraph Co. and the Baltimore & Ohio RR. in which the same point was in dispute. Judge
Mayer in the U. S. District Court at N. Y. on Feb. 19 last handed down
a decision stating that an amendment to the Inter-State Commerce Act
permits the exchange of service between railroad and telegraph lines,
thus upholding the contract between this company and the Baltimore &
OhioRR., as made in 1887 for a term of 50 years, providing that telegraphic
messages shall be exchanged for transportation up to $10,000 a year, and
that half rates should be charged above that amount.
The decision overruled a previous I.-S. C. Commission decision (as that
sustained by Judge Evans see above) that the above-mentioned contract
was contrary to law because some of the services rendered were off the
company's lines.
In connection with this Western Union-B. & O. case, we learn that
Judge Mayer's decision has been upheld in the Court of Appeals and the
action now appealed by the telegraph company to the United States
—
.
— V. 105
,
p. 72.
&
St.
Paul Ry.
— New Treasurer. —
—
Cincinnati Dayton & Ironton RR. New Bonds Ready.
Sec Cincinnati llamilton & Dayton Ry below. — V. 103. p^ 320
Cincinnati Hamilton & Dayton Ry. B. & 0. Bonds
—
.
—
.
Ready. Notice is given, see adv. pages, that the new
Baltimore & Ohio Toledo-Cincinnati Division First Lien and
Refunding Mtge. 4% Series A bonds and cash, to which the
assenting holders of the bonds named below are entitled,
under the Reorganization plan of Feb. 15 1916 (V. 102, p.
1059) are now ready for distribution at the depositaries for
,
—
—The share-
(a) On acquiring the capital stock and indebtedness of the following
companies, which have been incorporated under the direction of the company, viz.:
^ .,
Santa Fe Railway Co., incorporated to build an
(1) The Barton County
extension westward from Holyrood, Kansas, the termination of the Holyrood Branch, a distance of 32 miles. The district served by, this line is
good agricultural land and this construction will bring a considerable existing traffic to our line as well as promote additional development of this
territory.
It is estimated to cost $750,000, or $23,437 50 per mile.
Santa Fe Railway Co., incorporated to build a
(2) The Osage County
branch line from Owen, Oklahoma, to Fairfax, Oklahoma, a distance of
62 mils. The district served by this line gives promise of great oil and gas
production and is now beginning to be developed. Also, this line will
shorten our route to Oklahoma and Texas approximately 40 mUes. The
estimated cost is $2,525,000, or $40,725 per mile,
^ „^
(3) The North Texas
Santa Fe Railway Co., incorporated to build a
branch line from Shattuck, Okla., westward through the Texas Panhandle,
a distance of 82 miles. The district served by this line is good agricultural
&
—
Atlantic Quebec & Western Ry. Supplemental^Morl^
gage Filed Modifying Rights of Bondholders.
—
needle St., London, in order that they may be endorsed and that the
coupons may be detached and new coupons attached in accordance with
the scheme and supplemental trust deeds. See plan in V. 102, p. 885,
1058, 2076, and brief summary in "Railway & Industrial Section," p. 6.
Bondholders of the Algoma Central Terminals, Ltd., should also deposit
theirbo nds \^ath one of the depositaries for similar purpose. V. 105, p. 71.
—
had seemed
Archibald G. Loomis has been elected Treasurer, effective to-day
Mr.
(Sept. 1), to succeed F. G. Ranney, who has asked to be retired.
Ranney has been Treasurer for thirty years. V, 105, p. 605, 388, 72.
Pursuant to the scheme of arrangement and compromise, holders of the
1st Mtge. 5% 50- Year gold bonds of this company are notified to produce
their bonds, with all unpaid coupons attached, to the U. S. Mortgage &
Trust Co., New York, or its agent, the Bank of Montreal, 46 Thread-
Algoma Central Terminals, Ltd. NewCoupons.
& Hudson Bay Ry. above.—^V. 105, p. 72.
Atchison Topeka ;'&" Santa FeTRy. Acquisitions
if it
The directors, however, are of the opinion that the
desirable so to do.
construction is desirable even under present conditions.
fiscal
year to end Dec. 31 to change the annual meetchange
the
To
(6)
ing of stockholders to April, and to provide that the successors to the four
cla.sses of directors now in office shall be elected at the annual meetings
V. 105, p. 714.
In 1918, 1919, 1920 and 1921, respectively.
Supreme^urt
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry. — Neio Coupons. —
See Algoma Central
,1)5
land, already fairly well settled and under cultivation, and badly needing
This line, it is estimated, will cost $2,200,000,
transportation facilities.
or $20,830 per mile.
Tlieso three lines are designed to develop promising territory and to serve
These branch lines were not only projected
as feeders for our main lines.
before the declaration of war, but promises were made to certain interests
along the lines in consideration of donation of right-of-way, from which
Chicago Milwaukee
—
OL.
the several issues, as follows:
&
O. RR. Co
Distribution to Holders of Existing Securities Other than the B.
Cash
New B. O.
Old Securities
Sum.
Amount.
Bonds.
Description
$7,500,000 First & Ref.M. 4s, guar, by B.& 0.-100% $7,500,000
1%
1,677,000
not so guaranteed 85%
1,425,450
do
do
Text
Cincinnati
Ironton
2,100,000
3,500,000
Dayton &
1st 5s.. 60%
225,000 Piqua & Troy Branch 1st 4s
225,000 Text
100%
—
——
&
i% A
Reorganization managers, Kuhn, Loeb
&
Co.
Depositaries: (a) For First & Ref. M. bonds. Bankers Trust Co., 14 Wall
N. Y.; (ft) For 1st M. bonds of the Cincinnati Dayton <& Ironton RR. Co.
and IstM. bonds of Pjgua
Troy BranchRR. Co., Equitable Trust Co., N.Y.
The new bonds will be delivered with coupons for interest from July 1
1917. At the time of such delivery, payment will be made of the cash
allowance of $10 for each $1,000 Guaranteed First & Ref. Mtge. bond and
Troy
of the cash adjustment of interest of $6 67 for each $1,000 Piqua
Branch bond, and of $36 for each $1,000 Cincinnati Dayton
Ironton bond.
St.,
&
&
—
&
Notice of Sale.
Aaron A. Ferris, Special Master, will sell at public auction at Dayton,
Ohio, on Sept. 25 1917, the property embraced under the First Mortgage
of the Ci nclnnati Dayton & Chicago Ry., dated 1892, the upset price being
$ 275.000.
Compare V.104,
p.
2641.— V.
105, p. 715, 389.
.J
——
—
909
THE CHRONICLE
—
with the Guaranty Trust Co. of N. Y., depositary, on or
Cities Service Co. — Sub-Co. Note Offering.
—V.
under
now closed at $888,000.
before Nov. 1917. The mortgage
Gas &
Proposed Plan Dated Aug.
Bankers' Statement
— and
now
owner
&
bonds
Dallas Southwestern Traction Co. — Contract
RR
which
Lackawanna & Wyoming
Sept.
See
1 1917.]
"Industrials" below.
Electric Securities Co.
105, p.
1
715, 606.
-Let.
a contract for the construc-
This company is reported to have awarded
tion of 49 miles of its proposed Lnterurban electric line between Dallas and
Cleburne via Eagle Ford, Irving. &c., to the Cherokee Construction Co.,
Sapulpa, Okla., calling for an expenditure of $2,500,000.
Deer River RR. Corp.
— Successor Company. —
This company was incorporated at Albany, N. Y., Aug. 27 with $100,000
auth. capital stock to take over and operate the Carthage & Copenhagen
RR., recently purchased at foreclosure sale by W. B. Van Allen of Copenhagen. The road extends from Carthage, N. Y., on N. Y. Central RK.,
V. 87. p. 1418.
to Copenhagen, 9 miles.
—
—
—
Denver Laramie & Northwestern Ry. Sold.
Western Sugar
A press report from Denver, Colo., states that the Greatmiles
long, from
Co. on Aug. 29 bought for $225,000 the middle section, 23
Brighton where it joins the Union Pacific, to Milliken where it joins the
Great Western Sugar road. Pres. A. D. Radetsky, it is said, will junk
the other 25 mUes. V. 105, p. 606.
—
Dominion Power
\ quarterly dividend of
&
Transmission Co.
1% has been declared on
the common stock,
Previous dividends were
payable Sept. 15 to holders of record Aug. 31.
2% semi-annually. V. 104. p. 857.
—
Empire United Railways, Inc.
—
— Dividend. —
Sold.
—
representing the Bondholders' Protective Committee at foreclosure sale on Aug. 28, bid in the property for $300,000.
V. 104, p. 2117.
Thomas W. Meachem,
—
Wayne & Northern Indiana
—Ft.
Committee— Recapitalization .—The
Traction Co. Default
company, it is announced, is unable to pay the interest due Sept. 1 on the
$1,059,000 Fort Wayne & Northern Indiana Traction Co.
First & Refunding Mtge. gold 5s, $6,966,000 Fort Wayne &
Wabash Valley Traction Co. 1st Consol. Mtge. 5s and
$1,200,000 Collateral Trust 6% gold notes. Reorganization
proposed and it is hoped may be accomplished without a
"Philadelphia News Bureau" says:
receivership.
is
desired, if possible, to avoid a receivership, and security-holders are
urged to deposit their securities with a protective committee to be composed
of some of all of the following, together with such others as may be chosen
A. Tucker, Jay Cooke, Percy M.
as representing large interests:
Chandler, J. Levering Jones and Randal Morgan.
It is necessary that additional capital be secured and that the bonded
debt of the parent company as well as certain of the constituent companies
be reduced. The companies particularly named are the Fort Wayne &
It
Scranton
Wabash Valley Traction Co. and the Lafayette & Logansport Traction Co.
The difficulties in which the company finds itself are due to a combination
The Bluffton accident, damage resulting from the 1913
of circumstances.
flood, the appearance of the jitney in Fort Wayne, the competition of the
city of Fort Wayne in the lighting field and the generally increased operating
contributing causes. It is hoped that the company's
affairs will be straightened out satisfactorily and that arrangements can be
made whereby the appointment of receiver may be avoided. V. 104, p. 1800.
expenses are
all
Grand Trunk
Howard G. Kelley
Pacific
Ry. — New
—
President.
—
Vice-President, has been elected President to succeed
Edson J. Chamberlin, resigned, who will continue as a director. V. 105.
p. 818, 497.
—
,
—
—
Greenville & Western Ry. Bankruptcy.
An involuntary petition in bankruptcy was filed in U. S. Court
S.
C.,
allege that the
Tille,
of property
is
in Green-
on Aug. 28 by stockholders and two creditors, who
company cannot meet current expenses, and material value
decreasing monthly.
&
— V, 99, p. 406.
—
—
Quito Ry. Suit Dismissed.
Guayaquil
Judge A. N. Hand in the U. S. Dist. Court at N. Y. on Aug. 24 dismissed
the suit brought against Speyer & Co. and the U. S. Mtge. & Trust Co. by
Erskine Hewitt on behalf of himself and all other bondholders of the company. "The action, which was filed on Jan. 2 1899, was designed to imThe litigation
press a lien upon moneys in the possession of Speyer & Co.
grew out of contracts made by the Government of Ecuador in 1897 and
1898 for the construction of a railroad from the port of Guayaquil, in that
country, to Quito. In dismissing the suit Judge Hand said that the complainant must seek relief "in the tribunals of Ecuador, where the contract
was made, or by diplomatic intervention." Compare V. 100, p. 2009.
V. 102, p. 975.
—
—
Hagerstown & Frederick Ry. Purchase.
The company has arranged to purchase control of the Chambersburg
Greencastle & Waynesboro Street Ry. Co., operating 32 miles of electric
railway in Maryland and Pennsylvania, and including the Waynesboro
and the Mercersburg Greencastle and Waynesboro
turnpike road.
The outstanding bonds on the purchased property aggregate $793,400.— V. 105, p. 389.
electric-lighting plant
—
—
Hocking Valley Ry. 6% Coupon Gold Notes. Kuhn,
Loeb & Co. and the National City Co. offered and promptly
sold at a subscription price of 99^, this company's new
issue of $5,000,000 6% coupon gold notes due Nov. 1 1918,
issuable to provide for the $4,000,000 notes due Nov. 1 1917
for other capital requirements.
Int. M. & N.
The indenture under which the notes are to be issued is to provide that
the company will not create any mortgage upon the lines of railroad owned
by it at the d ate of said indenture or upon any part thereof unless effective
provision is made in such mortgage that all of the notes then outstanding
and
,
,
and unpaid shall be secured under such mortgage by a lien prior to that of
any bonds or obligations issued under and secured by such mortgage.
Net Income, After Taxes and Fixed Charges, for Years ended June 30.
Years ended June 30
1917.
1916.
Net income
..$2,187,765 $1,081,765
Equivalent on outstanding stock to
19.89%
9.83%
Decision Permits C. & 0. Ry. to Own Company^ s Stock.
Last week the Circuit Court of Appeals of Franklin County, Ohio,
handed down a decision confirming the right of the Chesapeake & Ohio to
own Hocking Valley stock, thereby concurring with decree to similar effect
rendered in 1914 by U. S. Court at Cincinnati. Nearly all the other con.
ditions of the decree of last week had been complied with before decree wa
rendered and the remainder are in process of being carried out. Compars
.
V. 105, p. 818.
Kansas City (Mo.) Rys.
Service on the system
—
Strike Settled.
—
was resumed on Aug. 17
after a lapse of 9 days, the
company having agreed to recognize the right of its employees to be members of any labor organization as they see fit. The company further
agreed to meet and treat with duly accredited committees of its employees
as to any grievances concerning wages and working conditions which may
arise from time to time and in case of failure to reach an agreement the
matter will be arbitrated, each side to select one arbitrator, and the two
thus ch osen to select a third arbitrator. V. 105, p. 716.
—
Lackawanna & Wyoming Valley Rapid Transit Co.
—
Sinking Fund and Redemption Plan. Brooks & Co., Scranton,
Pa., are recommending to the holders of the
50-Year
Collateral Trust gold bonds of 1901 a plan for a sinking fund
and the estabhshment of a callable price of 105 and int.
Assenting bondholders are requested to deposit their bonds
,
5%
29.
the
of the
Valley
all of
are
capital stock of
Lackawanna
& Wyoming
pledged to secure the payment of the bonds of the
Valley Rapid Transit Co. dated July 23 1901, and issued under the deed of
trust of that company to the Standard "Trust Co., now merged with the
Guaranty Trust Co. of N. Y., as trustee. As such owner the Scranton &
Wilkes-Barre Traction Corp. has agreed that it will create a sinking fiind
for the purchase of said bonds, and will enter into an agreement with the
Guaranty Trust Co., N. Y., upon the following terms and conditions:
Sinking Fund. The company by the agreement will agree to pay unto
the trustee to create a sinking fund for the purchase of said bonds in each
and every year during the continuance of said deed of trust the sum of
$15,000 in cash, or in lieu thereof will deliver to the trustee said bonds
to the face of $15,000. All moneys so received shall be applied as follows:
To call by lot bonds of this issue which shall become subject to this plan,
for the sinking fund, at the price of 105 and int., provided sufficient bonds
cannot be purchased through tenders after due advertisement by the trustee
in newspapers in Scranton, Pa., Wilkes-Barre, Pa., and New York City,
once a week for 4 weeks, at less than 105 and interest prior to drawing by
All bonds called or purchased are to be forthlot bonds for redemption.
with canceled.
Under the terms of the agreement, the comCall Price of 105 and Int.
pany shall have the right to call by lot as above provided bonds of said
issue for the sinking fund at 105 and int., and shall also have the right to
call for purchase independent of the provisions of the sinking fund, at 105
and int., on 30 days' notice, by advertisement, any or all of said bonds.
Except as above provided, the rights of the bondholders shall be in no
way affected and their security shall not be impaired.
"This agreement shall become operative only in case bonds to the amoimt
of 90% of the total issue of $888,000 bonds outstanding are deposited with
the Guaranty Trust Co. of N. Y. City, trustee, on or before Nov. 1 1917.
The company, however, reserves the right to extend the time for deposit
of such bonds and to declare the agreement operative in case a less amount
of such bonds be deposited.
The operation of the sinking fund should steadily strengthen the security
of the issue by reducing the amount of bonds outstanding, and this, in
conjunction with the additional demand created by the sinking fund for
bonds subject to the agreement, should improve the market price for the
stamped bonds.
If the company shall exercise its right to call for purchase all of the bonds
of this issue which shall have become subject to the sinking fund and redemption agreement, holders of such bonds will receive 105 and int.,
a price not only well in excess of the present market price, but in excess of
any price which has ever prevailed for these bonds. V. 96, p. 1701.
is
. ,
—
—
—
Los Angeles & Salt Lake RR. — Purchase. —
is
Wm.
is
as to
Wilkes-Barre Traction Corp.
We are advised that this company has an agreement to purchase the
stock of the Riverside Rialto & Pacific RR., provided the California RR.
Commission will give its authority. The agreement provides that all
mortgages, liens, &c., wUl be discharged by the present owners before the
stock is transferred to this company. See V. 105, p. 606.
—
Manchester Traction, Light & Power Co. First Mtge.
Bonds Offered. William A. Read & Co. and Tucker, Anand int., $902,000 First
thony & Co. are offering at 93
Refunding Mtge. Sinking Fund 5% gold bonds dated Aug. 1
1917, due Aug. 1 1952. Authorized, $15,000,000; present
issue, $902,000.
A circular shows:
American Trust Co., Boston, trustee.
Interest is payable P. & A.
—
H
Denom. $1,000 c*, $5,000 r.
Callable at 105 and int.
Company. Directly or through subsidiary companies does the entire
electric light, power and <;treet railway business in Manchester, N. H., and
vicinity, the entire electric light, power and gas business in Na.shua, and
operates interurban roads from Manchester to Derry and to Nashua,
serving about 140,000 people. Of the total business about 60% is from
electric light, power and sras and 40% is from street and interurban railways. Earnings for 13 years have shown con.sistent increases.
Security.
Except for certain property of a value not in excess of $30,000,
held for pos.siDle sale, these bonds will be secured by a mortgage on the
entire property and assets, subject only to $2,000,000 existing underlying
liens, which the company agrees to pay at maturity and not to extend or
renew. In April 1921 this issue wUl thus become a first mortgage on all
—
—
property now owned.
"The proceeds of this bond issue will be used to retire floating debt and
provide for ne'w construction and the development of valuable waterpowers, transmission lines, &c. Additional bonds may be issued for refunding and for acquisitions, under guarded restrictions, but the outstanding par value of these bonds may not exceed twice the par value of outstanding stock.
The company may not issue bonds unless the combined net
earnings equal twice the interest on bonds outstanding and to be issued.
Sinking Fund. An annual sinking fund amounting to 1% of the bonds
outstanding on each Aug. 1, beginning 1919, to be applied to the purchase
of bonds at not to exceed 105 and int., and bonds are callable at that price.
Bonds purchased by the sinking fund will be held alive and the Interest
therefrom added to the sum annually invested in bonds.
Equity.
The $902,000 First Ref. Mtge. 5s will be followed by about
$3,900,000 par value of stock paying dividends of 8% and having a present market value of approximately $4,800,000.
Earnings as Reported to the Bankers for Years ended June 30.
—
—
1917.
1916.
1917.
$1,546. 618 $1,420,793 |lnt.&s.f.{$3,000) $173,581
I
Gross
Net
— V.
644,837
630,293 Balance
102, p. 66.
Midland Valley RR.
$471,256
1
—
1916.
$134,190
$496,103
—
Initial Income Interest.
The dihave declared that for the year ended June 30 1917
3% has been earned and is payable on Sept. 1 on the company's Adjustment Mortgage Series A bonds on presentation
of coupon No. 1 at the Fidelity Trust Co., Philadelphia.
V. 105, p. 181.
Missouri Kansas & Texas Ry. Co-Receiver Sought. ^A
petition was filed Aug. 30 in the U. S. District Court at St.
Louis by Speyer & Co. for the appointment of an additional
rectors
—
—
—
receiver of the company to act with the present receiver
hearing on the petition will be had
Charles E. Schaff.
by Judge William C. Hook in N. Y. City on Sept. 7 next.
From the petition it appears that Speyer
Co. are making
the application as owners of a large amount of the Two-Year
Secured gold notes (extended), and also of General Mortbonds and as representing their customers owngage
ing further amounts of the same securities.
The petition states that differences of opinion have arisen
between the receiver and the holders of the Two-Year notes
and General Mortgage bonds as to a number of questions of
policy which are specified in the petition, like prompt payment
of the interest on $40,000,000 First Mortgage and other
underlying bonds. In view of these differences and of the
fact that the interests of the junior security holders differ
from the interests of prior lien holders, the petitioners claim
that whether or not the conclusions of the receiver are sound
the junior security holders are entitled to a direct representation in the management of the road, and especially, it is
claimed, in view of the fact that the receiver has shown himself to be favorable to a plan which, the petitioners allege,
favors the holders of prior liens.
A
&
5%
4K%
THE CHRONICLE
910
Tho petition recites the unsuccessful efforts of the company In the early
part of 1915 to effect a reorKaiiizatioii without a recciivershlp and the ajipointrnent by tho execiillvo committee of Hallgarlen & Co., with whom
J. & VV. SoliKman «Sc Co. were later associated, to present a plan.
In Dec.
1916 these bankers, it is stated, informally submitted to several of the comsecurity
holders
tentative
a
plan,
mittees ropresentinK
which is not acceptable to many of tliem nor to the junior security holders represented by
Speyer & Co. Tho two principal features to which they objoctcid were,
first, that the fixed charges of tho new company were to be reduced from the
pro.sent amount of over S7 ,000,000 per annum (including sinking fund) to
$3,800,000; and, second, tho provision that the holders of tho Two- Year
notes and General Mort,?aii;e bonds, as a condition of participation, should
be obliged to underwrite the assessment imposed upon the stockholders in
order to secure the new money necessary for the reorganization.
Speyer & Co. point out that if the fixed charges are reduced as proposed
under this plan they will amount to only .53.77% of the average net earnings available for interest of the system for tho years 1911 to 1915.
They
contend that the fixed charges could safely be fixed at about .'54.500.000,
in wliich case they would still only amount to 62!<4% of the average net
earnings availal)lo for interest for the said years. They state that the fixed
charges of .?! ..'JOO.OOO are justified by the past and prospective earning capaity of tho system, especially in view of the now money which is to be raised
through the reorganization, and that it is necessary to issue securities bearing fixed charges to at least that amount in order to adequately compenThe proponents of the plan have resate tho present security holders.
fused to increase the fixed charges, and a controversy has arisen between
them and the junior security holders.
The aforesaid plan was based on the report of Coverdale & Colpitts.
Speyer & Co. obtained a report from Mr. Kendrick. the well-known railThese reports were at variance in many particulars especially
road expert
as to the prospective earnings of the system and as to the amount of new
money that could advantageously be expended for rehabilitation of the
property. [See the report of Coverdale & Colpitts. consulting engineers,
in V. 103, p. 1977; that of expert J. W. Kendrick in V. 104, p. 656, and that
For annual report for year ending
of receiver Schaff in V. 104, p. 1591.
Dec. 31 1916, see V. 105, p. 710.]— V. 105, p. 716. 710, 389.
.
— Merger Approved.—
The Pennsylvania RR. Commission has approved the merger of the
Lewis Run Ry. Co.. a short line chartered to construct a line in Allegheny
Coimty. Pa., with the Montour RR. The combined capital is $5,000,000.
The Montour operates in Washington and Allegheny counties and has
offices in Pittsbm-gh.
New
— V.
104, p. 764.
Orleans Texas
&
Mexico Ry.
—Income
Interest
New York
Central RR.
—
—
—
New
5%
4^%
ment mortgage bonds,
&
A.
series
The plan is to include in this collateral $10,000,000 bonds, the authority
to issue which w'as granted April 26 1917, and .a further $10,000,000 covered
by the present application. V. 105. p. 819, 716.
—
New York New Haven & Hartford RR.— Equip. Trust.
—A new issue of $1,160,000 4H% equipment trusts has been
created, maturing in installments up to and including Aug. 1
1927. This issue is secured by trust agreement dated Aug. 1
1917 with Commercial Trust Co. of Phila., Pa., as trustee
on new rolling stock representing a total cost of $1,729,248.
[General Manager -C. L. Bardo has been appointed Assistant to the
He continues in general charge of the operating department and
President.
will handle matters assigned by the President.) Geo. W. Wildia succeeds
Mr. Bardo as General Manager. V. 105, p. 716.
—
Oregon Short Line Ry.
— Lease. —
&
Electric Co.,
San Fran.
— Earnings. —
Gross
Net after Interest, Bal. for Accrd.Div. Bal. for
Earnings. Dep.&Tax. Disc.&c. Pfd.Divs. on Pf.Stk. Com.Div.
C>
^
Si
%
12 mos. •17.19,754.292 8.080,350 4,139,385 3,940,965 1,438,698 2,502.267
12 mos. '16-19,082.653 8,362,020 4,072,398 4,289.622 1,253,030 3,036,592
.-220,501
July 1917... 1,616,264
582,722
362,220
-July 1916--- 1,466,001
627,815 338,189 289,626
7 mos. 1917-11,670,883 4,666,278 2,488,063 2,178,215
7 mos. 1916-11,041,975 4,902,430 2,366,798 2,535,632
dispute
Gross earnings for year ending July 31 1917 include $335,864
account of rate litigation, against $372,995 for 1915-16; for the month
of July 1917, $23,729. against $25,193 for July 1916, and for the 7 months
to July 31 1917, $196,669, against $209,345 for the corresponding period
in 1916.— V. 105, p. 819. 185.
Periods end.
July 31
—
'9.
fli
—
m
— Decision in Canal Co. —
—
—
and 4 Months
July
Ry. Earnings for
Pennsylvania RR.
Suit.
V. 105, p. 819, 716.
See Pennsylvania Canal Co. under "Indus." below.
Pere Marquette
ending July 31 1917.
accruals.
4 Mos. '17.
$592,693 $2,771,702
$872,126
$196,499
662,715
140,707
Other income.
$577,089 $2,719,777 Divs. on prior
pref. stock.
51,925
15,604
186,667
Gross income-
$592,693 $2,771, 702 Bal., surplus.
$255,487 $1,150,193
4 Mos. "17.
Oper. revenue $1,902,563 $8,040,443 Gross income.
Oper. expenses 1,325,474 5,320,666 Taxes, &c
July.
July.
Int.
Net earns-.
—V.
1
104. p. 2642, 1490.
Philadelphia
& Western
(Electric)
Ry.— Earnings. —
1916-17. 1915-16.
June 30 Years— 1916 17. 1915-16.
Gross earnings -..$,538, 137 $491,488 Interest charges--$131,500 $131,400
(5)100.000(1^)25,000
Net income
252,394 237,820 Dividends
81,319
10,894
Balance, surplus.
Forpurch. of equip. 10,000
—V.
104. p. 2553, 1899.
Rates.
— Freight Rates from Pittsburgh Advanced. —
Freight rates from Pittsburgh to points east of that place went into effect
Aug. 20. representing an advance of 44 cents per ton on rails and semiOn finished iron and steel, wire products, &c., the rates
finished material.
represent an increase of from 12 to 17%. according to destmation.
V. 105, p. 820. 607.
Riverside Rialto & Pacific RR.
& Salt Lake RR. above.
—
Control.
— V. 105,
See Los Angeles
&
—
V. 102, p. 2167.
Scranton
&
See Lackawanna
RR.
its
— Name
name
$9,455,065
3,570,817
1.039.031
1916.
1916-17.
1915-16.
5,2.56
5,2.53
5,255
$8,819,143 $38,262,676 $.33,.547,466
3.008,240 14,211,6.58 11,710,606
774.206
3,904,910
3.145,328
Total oper. revenue--$14.064,913 $12,601 ,.589 $.50,379,244 $48,403,390
Maint. of way & struc. Sl,(j80,114 $1,912,242 S7. 194. 802 87.379,430
Maint. of equipment
2, 126, .547
2,385,045
9.825.999
8,122,918
Traffic expenses
212,779
226.313
842.613
847,194
Transportation..4,888,225
3,908,1.50 18,374,840 15,503.601
General expenses
435,319
328,175
1,579.284
1,294,950
Transporta'n for invest. Cr. 64, 170 Cr. 134. 284 Cr.361,723 Cr. 372, 334
Total oper. expenses. $9,278,^14
$4,786,099
584,131
Net earnings
Taxes. &c
88,625,640 $37,455,816 832.775,759
83,975,949 $18,923,428 815,627,631
550.957
2.202,4.52
2,195,327
Operating income
Other income
$4,201,968
76,458
83.424.992 $16,660,976 813,4.32.304
275,307
576,743
1.1.52,194
Total incomeHire of equipment
$4,278,426
$171,421
317,660
83,700.299 817.237.719 $14. .584,498
832,466 81,035.605
8403.171
245,710
1.133.079
8.52.501
$3,789,345
83,422,123 815,069,036 813.328,827
$2,128,455
581 ,085
527.880
$2,184,6.54
$3,237,420
$551,925
$3,293,037 $12,8.59,314 812,9.55,661
$129,086 82,209.722
$373,166
Rentals,
&c
Bal. for int. chargesInterest on
Fixed ch^e. oblig'ns.
Cum. adjust, bonds-
Income bonds
Total int. charges a.
Balance, surplus
$8,424,814
2,322,980
2,111,520
580.503
527.880
—
—
Changed.
—
to the Bamberger Electric
—
RR.
a For purpose of comparison the interest items are stated throughout on
,
new company.
Quanah Acme &
basis of interest charges of
The transactions of the
Pacific Ry., which company is operated separately, are not included in the above. The operation
of that company for the year resulted in a deficit of .$24,513 after providing for fixed charges.
V. 105. p. 717. 383.
Seaboard Air Line Ry.
—New Counsel.—
E Marvin Underwood has been
.
elected General Counsel of the
company
effective Sept. 1, to succeed Legh R. Watts, who asked to be relieved after
43 years of service with the company. Mr. Underwood retires from the
position of Assistant Attorney-General of the United States, prior to which
member of the law firm of King. Spalding & Underwood, of
Atlanta. Mr. Underwood, as Assistant Attorney-General, had charge of
the railroad cases of the Government
Among others the famous Adamson
Law case, the constitutionality of which, it will be recalled was tested, and
which Mr. Underwood won before the Supreme Court. He is said to be
one of the popular administrative attorneys of Washington.
The company, not being willing to release Judge Watts entirely, has
elected him to the position of Consulting Counsel.
V. 105, p. 820.
he was a
,
.
—
—
&
—
Illinois Ry.
Power Co. Control.
It is now reported from Chicago that toe entire control of this company,
recently purchased in the interest of the Middle West Utilities Co., has
Southern
been invested in the Central
ary .—V. 105, p. 717.
Third Avenue Ry.
Illinois
—
Public Service Co.,
Oct. 1
Income
leading subsidi-
its
Interest.
—
The Oct. 1 Interest on the 5% adjustment Income Mtge. bonds for the
3 months to June 30 1917, amounting to 1 1^%, it is said, will be paid.
President Resigns
Report.
Edward A. Maher Sr. has tendered his resignation as President, effective
Jan. 1 1918, after more than 25 years' service with the company.
—
—
See "Annual Reports" on a preceding page.
—V. 105,
p. 499.
Toledo Rys. & Light Co. — Higher Rates for Heating. —
The Ohio
P. U. Commission has recently passed upon this company's
The increase will apply to about 900
customers and will average about 37J^%. On Sept. 5 the new rates will
go into effect as on that date heat is turned into the pipes. V. 105, p. 291.
right to increase rates for heating.
—
—
of Annual Meeting.
annual meeting Oct. 9 on changing the
date for holding the annual meetings of stockholders to the second Tuesday
in April each year.
V. 105, p. 181.
The shareholders
will vote at the
—
—
United Rys. & Electric Co. of Baltimore. Convertible
Gold Notes Offered. Alexander Brown & Sons, Baltimore, are
offering at 97
and int. $3,000,000 6% 5-year Convertible
gold notes, to be dated Aug. 15 1917, to mature Aug. 15 1922,
but convertible into common stock at $30 per share during
the first two years, $32 during the third year, $34 during the
fourth year and $36 during the fifth year until Feb. 15 1922.
Int. F. & A. 15.
The bankers report:
The notes are redeemable (subject to the right of conversion) at par and
interest upon 30 days' notice.
Interest payable at the banking house of
Alex. Brown & Sons, Baltimore, Md. Trustee, Safe Dep. & Tr. Co.. Balto.
This Issue.
direct
obligation
of the company. Denom. $100. $500
The
and $1 ,000 c*. The proceeds are to be used for the purchase of additional
K
—
—
and improvement of the company's lines, for the improvement and betterment of the ser^ace.
Earnings.
Gross earnings for 1916 were $9,914,051, showing an increase
of nearly 10% over 1915. This year's increase has been at the ratio of
about 8%. Islet earnings over and above operating expenses, depreciation,
taxes, fixed charges, interest on income bonds, last year were 81,214,091,
or about 40 % of the total amount of notes offered
Out of the net earnings $818,448 was paid in dividends on the common stock.
These notes are part of an authorized issue of S5. 750. 000. The remaincars, for the extension
—
.
ing $2,750,000 of notes, bearing 5% interest, are reserved to be offered
shortly in exchange, par for par, for the company's 5% 5-year gold notes
(maturing Feb. 1 1921) now outstanding. The old notes so exchanged will
be canceled and retired. Any new notes reserved but not used to retire
old notes will be canceled.
For further particulars regarding the issue
see v. 105, p. 820.
—
—
United RRs. of San Francisco. Strike Situation.
In connection with the strike of the employees, who are demanding a
wage of $3 50 per day of eight hours and time and a half for over-time, it is
reported that on Aug. 21, the tenth day of the strike, over 42% of the old
men were still in the service of the company.
Pres. Lilionthal was quoted as follows on Aug. 18: "It is true that the
njen can force the company into barikruptcy but that will do them no good.
I think the public should realize that no dividends have been paid on stock
of the United Railroads for years; that there are pending foreclosure proceedings on defaulted bonds, and another threatened on the unpaid 4%
bonds, upon which no interest has been paid. A majority of the bonds
on which default has been made are held in California.
"With the growing competition of the Municipal RR. and the competition of the jitney bus, our income has diminished.
When I voluntarily
gave our men a raise on July 1, realizing the increased cost of living, I
figured out the last dollar I could spare."
On Aug. 20 a proposal looking to the immediate purchase of the company's property by the city of San Francisco was referred to the Board of
Supervisors and negotiations were forthwith commenced. Pres. Lilienthal
stated his willingness to consider overtures from the city. V.104, p.
-'''-'^
2344, 2012.
.,:v..,j <--) -i "
.
—
Washington Water Power
1190,
Co., Spokane,
Wash.
company has
— j"
petitioned the City Council of Spokane. Wash., for
cancelation of ordinance provisions for franchise taxes and maintenance of
pavement between tracks. Pres. D. L. Huntington states that the company under present conditions is operating at an actual loss. V. 104, p. 2236
This
—
Wilkesbarre Traction Co. Bonds.
& Wyoming Valley Rapid Transit Co. V. 101. p.
—
88.522,128
2,322,013
2,111,520
.
p. 607.
Eastern RR. Sold.
Rochester Syracuse
This company's property was sold at foreclosure sale on Aug. 28 to A.N.
Conxmittee. for $1,000,000. See
Protective
Bondholders'
Loasby, of the
plan, V. 104, p. 2642, 2119.— V. 105. p. 390.
Salt Lake & Ogden
This company has changed
1917.
5,242
Aver. mJIes operated.
Freight revenue
Pa.s.senger revenue
Mail, express, &c
Years end. June 30
Union Pacific RR. — To Change Date
See Caldwell Traction Co. above.^V. 102, p. 67.
Gas
—
— 3 Mos. end. June 30
—
.
Collateral Note Issue
In order
to provide $5,500,000 for additions and betterments and $9,500,000 for the discharge of outstanding indetbedness, the
York P. S. Commission for
company has applied to the
permission to issue and sell $15,000,000 promissory notes
maturing two years from Sept. 15 1917 and bearing interest
These notes it is proposed to
at not exceeding
p. a.
Refunding
secure by pledge of $20,000,000
Improve-
Pacific
—
%
directors have ordered the payment on Oct. 1 next of 3 J^
interest
on the .$15,158,000 5% Income bonds. An Initial distribution of lfi%
was made on April 1 last, making 6% for the year. V. 105, p. 67.
The
105
St. Louis-San Francisco Ry.
Earnings for .3 and 12
Months ending June '.iO. (Including Subsidiary Lines).
.
Montour RR.
Vol
I
—
'
.
«EPT.
THE CHRONICLE
American
—Pres. JuneSOYrs.
Co. —
1917.}
1
.
Status.
Wisconsin Power, Light & Heat
John I. Beggs wires the "Electrical World" as foll9WS reregarding purchases by Samuel Insull and associates:
Have not sold anv electrical properties or stocks. Insull and associate^
have bought large interest in additional stock issue Central Utilitie'>
Securities Corporation, whicii
is
a holding
company
controlling certain
hydroelectric and public utilities in Wisconsin and which has acquu-ed
recently large oil interests in Illinois. I retain my entire interest in the
company and continue as a director thereof. The properties in the Fox
River Valley controlled by me are not included or involved or in any way
affected by these negotiations, the ownership, administration and management of them remaining in my hands. V. 103, p. 1995.
—
Air Reduction Co.
—Rumored
Merger Plan.
— V. 105, p. 717, 60S.
—
Int.
Messrs. Sperling & Co., London, Eng., announce that the coupon on the
due
5% bonds due Sept. 1 1917 will be duly paid and also the couponspayaSept. 1 1914, which was postponed for three year.^; both coupons are
V. 105, p. 608.
ble at Parr's Bank, Ltd., and in New York and MontreaL
—
—
—
Albaugh-Dover, Chicago. Bonds Offered hy
Bank Trustee and Merely Depositary
—
the
Company
We
learn that the bonds described under this caption last week are
by the company itself, and not by the bank to which the President's
The bank in question acts merely as trustee and
letter was addressed.
agent to receive subscriptions. V. 105, p. 820.
offered
—
Allegheny Valley Water Co.
—Public
Sale.
—
Judge Dickinson in the U. S. District Court at Philadelphia, Pa., on
Aug. 22 directed Receiver C. H. Alderfer toofferthat portion of thisjcompany's property under his control at public sale on Sept. 17 at Tarentum
township, and to join in the sale of other assets which will come under the
jvirisdiction of an ancillary receiver, whose appointment will be sought in
the Pittsburgh Federal Court.
-
American Cotton Oil
Year Gold Notes Offered.
Co. — Refunding— One
and Two
—The First National Bank
New
of
issue of $7,500,000 One and Two Year
gold notes dated Sept. 1 1917, at a price for the one year
issue of 99 }4 and int., to yield about 5.80%, and for the
Two Year issue at 98 and int., to yield about 6.10%. Series
A, $2,500,000, due Sept. 1 1918, Series B, $5,000,000, due
circular says:
Int. M.
S.
Sept. 1. 1919.
Either series is redeemable at any time; with respect to One
This Issue.
Year Notes at 100}^ and int., with respect to Two Year Notes at 101 and
Authorized and outstanding issue, $7,500,000. Denom. SI, 000c.
int.
Purpose of Issue. From the proceeds of these notes $5,000,000 will be
used to retire an equal amount of notes maturing Nov. 1 of this year, and
the remainder will be used for working capital which is necessary by reason
of the growth of the co.'s business and the increased costs of raw materials.
No mortgage lien shall be created or placed upon the property without
the written approval first had and obtained of the holders of 80% of the
notes then outstanding, and also without providing for the security by
such mortgage of all the notes of this issue then outstanding, equally and
ratably with all the other indebtedness secured by such mortgage.
Earnings. For the current fiscal year ending Aug. 31 1917 (two months
estimated) net earnings are about .SI ,900,000. During the past ten years
net earnings have averaged $2,028,000, which is over 5 times the average
York
is
offering
an
5%
&
—
A
—
—
,
period.
— Thesame
general balance sheet of June 30 1917 shows current
fixed charges for the
Balance Sheet.
assets of $20,758,030, as against current liabilities of .$7,603,547, leaving a
surplus of working capital of $13,154,483, which is 131% of the entire
funded debt of the company. Furthermore the company has $16,000,000
invested in real estate, buildings, machiner^^ etc. V. 105, p. 608.
—
—
—
American Gas Co. Two-Year Secured Notes Offered.
Edw. B. Smith & Co., Bioren & Co., Henry & West and
& Co. all of Phila., are offering at 98 and int.,
yielding over 7%, this company's issue of $2,000,000 TwoYear
Seciu-ed notes, dated Sept. 1 1917, due Sept. 1 1919,
but redeemable at any interest period at 101 and interest
up to Sept. 1 1918 and 1003^ and interest thereafter. A
circular shows:
These Notes. Denom. $1,000. Coupons payable M. & S. Trustee,
Merchants' Union Trust Co. Authorized and outstanding, $2,000,000.
Bonbright
6%
—
Pennsylvania State tax refunded.
Specifically secured by deposit of bond and stock collateral having a conservative value of $5,960,000 (subject only to the lien of $1,570,000 American Gas Co. 5% bonds) the par value being as follows:
$4,425,000 Philadelphia Suburban Gas & Electric Co. common stock.
800,000 Philadelphia Suburban Gas & Electric Co. preferred stock.
1,997,500 Luzerne County Gas & Electric Co.
1,249,875 Burlington (Vt.) Gas Light Co.
697,500 Kmgston (N. Y.) Gas & Electric Co.
,
Rockford Gas Light & Coke Co.
Western United Gas & Electric Co. preferred stock.
Consolidated Light & Power Co., Kewanee, 111., 5s.
St. Clair County Gas & Electric Co. 5s.
Company. Incorporated in 1892, owns and operates valuable and successful gas, electric light and commercial power, and hydro-electric properties throughout the Eastern part of the United States.
One of the largest
of these is the Philadelphia Suburban Gas & Electric Co., which supplies
299,750
200,000
300,000
410,000
—
gas or electricity, or both, to a very large part of the rapidly growing
territory immediately adjacent to Philadelphia.
Share Capital. The corporation has outstanding $7,804,100 capital
stock, which is listed on the Philadelphia Stock Exchange and has a present
market value of over $8,000,000.
Earnings. Total interest on present debt, including the notes issuable.
For the calendar year 1916, after payment of all general exIs $378,500.
penses, the net revenue of the company was $865,523, or over twice the
—
—
above fixed charges.
company has paid continuous dividends
— Thefrom
1909 to 1915 and 8%_sinc e 1915.— V.
of 6% from
7%
105. p. 717, 182
American International Corp. Additional $10 Installment on Stock Called, Making 60% Paid in.
Dividends.
1894 to 1909.
—
.
—
The
directors on Aug. 30 1917 voted to call at the close of aufsiness on
Sept. 10 1917 for the payment of $10 on each share of the .stock of the corporation.
This call is payable at the National City Bank, 55 Wall St.
on Oct. 15.
This
will
make 60% paid
in.
The regular quarterly dividend of 75 cents per share has also been declared on the common stock, payable Sept. 29 to holders of record Sept. 15.
—V. 105, p. 821, 74.
American Lithographic Co.
— Sale of
Securities.
—
.,
The company gives notice that a meeting of the holders of the )onds
secured by the mortgage dated Mar. 31 1896 will be held at the office of
the Guaranty Tru.st Co., N. Y., on Sept. 12 1917. to vote on modifying the
said mortgage so that: "The company may, from time to time, sell or pledge
or hypothecate, or otherwise dispose of, free from the lien or operation of
this indenture, all or any of the shares of stock in other companies or any
bonds or other obligations of other companies which the company has
heretofore acquired, now owns or may hereafter own or acquire." particularly all or any shares of the stock of the Crowell Publishing Co.
______
—
—
Int.
on under-
American Malting Co. New Vice-President Earnings^
R. H. Lansdale has been elected Vice-President to succeed Stephen J.
Leonard, resigned. An.sel Phelps has resigned as a director.
The company's earnings for the fiscal year, exclusive of August, exceed
$825,000 net for stock.— V. 105, p. 3 00, 391, 182.
—Earnings.
Pref. divs.
p.
1915-16.
$64,867
55,292
234,840
$160,233
(6%) 255,897
993,859 Balance, surp.
1,025.165
—lyingsecurs.
V. 105,
608, 500.
$215,041
—
—
American Radiator Co. Government Order.
A press report quotes officials of the company as saying that the
Governon which the Bayonne, N. J., plant is engaged,
approximates $3,000,000, and will take six to eight months. Further
ment order
for naval guns,
Government
future.
—V.
orders, it is said,
104, p. 2554.
See East St. Louis
—
— Income
Alabama Traction Light & Power Co.
Public Utilities Co.
1916-17.
1916-17.
1915-16.
Gross earns. .$3,819,820 $3,309,586 Int. coll. bds- $172,858
Net income.. $1,688, 409 $1,509,091 Oth. int., &c19,448
may
be obtained by the company in the near
—
Lead & Smelting Co. — New
American Water Works
INDUSTRIAL AND MISCELLANEOUS.
See Union Carbide Co. below.
911
&
&
Electric Co.
Interurban Water Co. below.
Control.
—
— V. 105, p. 391, 291.
—
American Zinc,
Officers.
Comptroller William A. Ogg has been elected President to succeed
W.Baker,
Board.
V.
C.
who has been made Chairman of the
105, p. 291.
—
Anaconda Copper Mining Co.— Shut Down.
—
Due
to the strike situation at the Washoe smelter works at Anaconda the
company has announced a closing down of the smelters followed by a
Other
cessation of operations of all the company's mines in Montana.
mines dependent on the Anaconda smelters, it is believed, will also be
forced to suspend.
V. 105, p. 500, 182.
—
Armour &
Co., Chicago.
—New Plant. —
Press reports state that the company has let contracts for the construction of a large plant four miles from Sao Paulo, Brazil, on the Sao Paulo &
Sorocobana Ry. The company, it is said, proposes to erect a plant that
can handle 2.(500 cattle, 3,000 hogs and 2,000 sheep a day when running
at full capacity.
It already has a plant at Santa Anna do Livramento, on
the Brazil Ry., close to the Uruguayan frontier. V. 104, p. 2345.
—
Atlantic Gulf
& West
1917.
Operating income
Operating expenses
$4,305,094
2,735,518
Net earnings
Bond interest
$1,.569, 576
$137,127
War income and
prof its
excess
tax (estimated) -
income
—Net
V. 104, p. 2454,
of
June
•
—
1916.
1916.
1917.
$2,937,220 $22,7.34,913 $15,596,683
10.944,619
1,871,531 16,198,331
$1,065,689
$135,934
450,000
$982,448
6
—
Earnings.
Mos. ending June 30.
Indies SS. Lines.
Month
$6,536,582
$864,449
$4,6.52,064
$819,964
2,700,000
$929,755
$2,972,133
,8.32.100
1705.
Bethlehem
Steel Corporation.— $30,000,000 Convertible
Cumulative Pref. Stock Underwritten and to Be Offered at
Par to All Common Stockholders. Subject to the necessary
approval by the stockholders at a meeting called for Sept. 14,
the privilege is given to the holders of the ($15 ,001), 000)
common stock and ($45,000,000) Class B common stock of
the corporation to subscribe on or before Friday, Sept. 28
1917, at par, upon the terms and conditions hereinafter
stated, for $30,000,000 8% cumulative convertible preferred
stock hereinafter described, in amounts equalto one-half the
par amount of their respective holdings of the common stock
and Class B common stock as registered on the books at the
close of business Sept. 12 1917.
The Guaranty Trust Co. of N. Y., Bankers Trust Co. and
J. & W. Sehgman & Co. have formed a syndicate to underwrite the subscription for the $30,000,000 8% cumulative
8%
—
convertible preferred stock.
In order to insure the sale of the $30,000,000 of proposed Convertible
Preferred Stock, the Corporation has entered into an agreement with
Guaranty Trust Co. of New York, Bankers Trust Co. and J. & W. Seligman
& Co. for the formation of a syndicate to vmderwrite the subscription for
said stock, said bankers to receive as compensation for forming the syndicate an amount equal to 1J^% upon the par value of said $30,000,000
Stock and the syndicate (in which said bankers may participate) to receive
as compensation for their undertaking an amount equal to 5% upon the
par value of said $30,000,000, less an amount equal to 2% upon the par
value of such of said stock as the syndicate shall not be required to take.
Description of New Pref. Stock from Circular of Aug. 29, Signed by
Treasurer B. H. Jones (see also below).
(a) Will carry cumulative divs. at the rate of 8% p. a. from Oct. 1 1917.
(b) To the extent of its par value and dividends accrued and unpaid, it
will rank [in case of liquidation
Ed.] as to assets pari passu with existing
[See furtiier facts below.]
pref. stock, which is non-cumulative.
(c) Will be convertible without limit of time (except that in the case of
any thereof called for redemption, the conversion right will expire 60 days
after the first mailing and publication of the redemption call) into Cla.ss B
common stock, at 115 that is to say, one share of Class B common stock
will be issued upon the surrender of one share of said convertible preferred
stock and payment to the corporation of $15 in cash.
(d) Will be redeemable at the option of the corporation, at a premium
of 15% plus dividends accrued and unpaid, in its entirety or in amounts of
not less than 10,000 shares, on not less than 90 days' notice at any time
after three years from its issue.
(e) Said convertible preferred stock and the Class B common stock to be
issued upon the conversion thereof shall be subject to the same restrictions
in respect of voting power as the existing Class B common stock.
(/) None of said convertible preferred stock exchanged for Class B common stock shall be reissued without the affirmative vote of the holders of
two-thirds of each class of stock having voting powers who attend in person
or by proxy a stockholders' meeting called for the purpose of taking action
in respect thereof.
Further Particulars Regarding Subscription Rights, &c., from
Aforesaid Circular.
Upon authorization of the new stock, there will be mailed on or about
Sept. 14 1917 to the holders of the common stock and the Class B common
stock of record Sept. 12 1917, subscription warrants specifying the amount
of said convertible preferred stock for which they, respectively, shall be
Subscription warrants will be issued only for full
entitled to subscribe.
shares.
No subscription may be made on a fractional warrant, but if surrendered on or before Sept, 28 1917 to Guaranty Trust Co., 140 Broadway,
N. Y., with other fractional warrants in proper amounts, all properly endorsed, a subscription warrant for full shares will be issued in exchange
therefor.
The corporation will not sell or purchase fractional warrants.
The subscription price of each share of said convertible preferred stock is
par, payable in full in New York funds to Guaranty Trust Co. at the time
of making the subscription on or before Sept. 28 1917. All checks must
l)e certified and made payable to the order of said trust company.
The books for the transfer of the outstanding preferred stock and common
stock (but not for the Class B common stock, which does not have voting
powers) will be closed at 3 o'clock p. m. on Wednesday, Sept. 12 1917, and,
unless otherwise directed will remain closed until 10 a. m. on the day following the vote authorizing said increase in the capital .stock.
Application will be made to list said convertible preferred stock on the
New York Stock Exchange.
Statement to Stockholders by Chairman C. M. Schwab, N. Y., Aug.29.
Program Early in 1917 for Financial Requirement.
Early this year Bethlehem Steel Corporation made adequate provision,
under the conditions which then existed, for its financial requirements for
the years 1917 and 1918 by securing $15,000,000 of new money through the
sale of its class B common stock at par and by the sale of $50,000,000 of
two-year notes, of which approximately $37,600,000 will be self-liquidating
by the payment of that amount of pledged British Treasury notes of earUer
—
—
maturity
"^
The program In connection with which this financing was done contemplated the application of the earnings for 1917 and 1918 in excess of divi-
THE CHRONICLE
912
dends at present rates to a comprehensive construction program whJcU^ s
now well advanced.
The entrance of this country Into the European war htis produced such
abnormal conditions that the corporation is now confronted with the
necessity of raising a very substantial additional amount of cai)ital in order
to continue its construction program and provide for the requirements of
the greatly increased buhiness resulting from the war.
Principal Reasons for This Change in Financial Program.
1. While this year's earnint?s (before deducting taxes) have thus far
surpassed our estimates, having exceeded the earnings for the corresponding
period last year, a very large part of the earnings which we had intended to
expend upon improvements this year and next must be used for the payment of excess profits taxes and other war taxes.
2. The orders already taken for the U.S. Government entail an Increase
of about .$1.5,000.000 in the construction program as adopted prior to this
country's entrance into the war.
3. The increase in our orders to an amount in excess of $300,000,000 as
compared with about .5193,500.000 at the beginning of this year together
with the greatly increased cost of labor and materials, calls for an unexpected
increase in worliing capital, especially in connection with Government work.
Issue of 8% Convertible Cvmulative Preferred Stock Underwritten.
The directors have carefully considered the best means of providing the
required additional capital. The company's bankers advise against an
offering at the present time of obligations whetner in the form of shortterm notes or long-term mortfjage bonds. The directors have finally
decided to favor the sale of $30,000,000, par value, of 8% cumulative converfible pref. stock, as the method of financing present requirements that
is most advantageous to the stockholders and best adapted to strengthen
the corporation to meet the demands of the war.
Said convertible pref. stock is to be offered for pro rata subscription at
gar to the holders of the common stock and class B common stock, counsel
aving advised that the corporation is not permitted by law to offer subscription rights to the holders of the existing pref. .stock.
The subscription for said convertible pref. stock has been underwritten
by a syndicate formed by Guaranty Trust Co. of N. Y., Bankers Trust Co.
and
J.
& W.
&
Seligman
Co.
8%
Preferred Stock.
Assets, &c., Protecting This
directors regard the terms of the new issue as favorable to the stockholders considering existing conditions. I personally intend to exercise
associates in the manageall my subscription rights and am advised by
ment of a like intention on their part.
The book value as of July 1 1917 of the class B common stock into which
the new pref. stock is convertible is approximately $195 per share. This
is on the basis of taking the plants of the corporation at cost, less a liberal
deduction for depreciation to July 1 1917, and is after deducting, in order
to make provision for excess profits taxes and other Federal taxes for the
first six months of 1917, one-half of the estimated amount of such taxes
for the year, and is without making any allowance for good-will or for the
increased value of some of the properties of the corporation such as its ore
lands, the value of which greatly exceeds their original cost.
The books of the corporation show that as of July 1 1917, on the basis
stated in the preceding paragraph, after giving effect to the proceeds of
the proposed issue of convertible pref. stock, there will be about .'$160,000,000 of assets in excess of all obligations to protect the $-15,000,000 of pref.
stock, namely the $15,000,000 of present pref. stock and $30,000,000 of the
new convertible pref. stock.
[A letter written by Treasurer B. H. Jones is quoted as follows: "Since
the issue of our Purchase Money 5s (in 1916 see V. 103, p. 1793, 2157)
and up to June 30 1917, we have expended upon the properties on which the
bonds in question are a lien about $16,000,0(50. The equity in the property
which secured these bonds has thus been added to by the expenditure of
entirely new money to the extent of about $500 on each $1,00(5 bond. The
completion of construction under way will involve the expenditure of about
$27,000,000 additional, which It is now planned shall be completed by the
end of 1918."]
The
my
,
—
Facts as to Capital Stock from Adv. Calling Meeting Sept. 14.
$30,000,000
8% cumulative (non-voting) preferred stock (now offered]
7% non-cumulative preferred stock [practically all outstanding] 15,000,000
Common
Common
outstanding]
15,000,000
stock, Class B [whereof $45,000,000 only is outstand75,000,000
see below]
"Three hundred thousand shares (300,000) of said Class B common stock
shall be reserved and set aside for exchanges for said 8% Cum. Conv. Pref.
Stock as hereinafter provided, and shall not be used for any other purpose,
except when and as shares of said 8% Cum. Conv. Pref. Stock shall be
redeemed and canceled by the corporation as hereinafter provided, and then
only to the aomunt of such stock so redeemed."
"(a) The holders of the 8% Cumulative Convertible Preferred Stock shall
be entitled to receive, when and as declared by the board of directors,
dividends from the siUT)lus of the corporation or from the net profits
arising from its business, at the rate of 8% per annum and no more, from
Oct. 1 1917, payable quarterly on dates to be fixed by the by-laws of the
corporation or by resolution of its board of directors. Such dividends shall
be payable before any dividends shall be paid upon, or set apart for, the
7% Non-Cumulative Preferred Stock or the Common stock or the Class B
Common Stock of the corporation, and shall be cumulative, so that if in
any quarterly dividend period dividends at the rate of 8% per annum shall
not have been paid upon, or set appart for, the 8% Cumulative Convertible
Preferred Stock, the deficiency shall be fully paid or set apart for payment,
before any dividends shall be paid upon, or set apart for, the 7% NonCumulative Preferred Stock or the Common Stock or the Class B Common.
"(f) In the event of the dissolution or liquidation of the corporation,
whether voluntary or involuntary, the holders of the 8% Cumulative
Convertible Preferred Stock and of the 7% Non-Cumulative Preferred Stock
then outstanding shall be entitled to receive out of the assets of the corporation the par value of their respective shares, and, in the case of the holders of the 8% Cumulative Convertible Preferred Stock, an amount which
will be equal to the dividends accumulated and unpaid thereon, before
any pajrment shall be made to the holders of the Common Stock or the
If upon such dissolution or liquiclass B common stock of the corporation.
dation the assets of the corporation distributable as aforesaid among the
holders of the 8% Cumulative Convertible Preferred Stock and of the 7%
Non-Cumulative Preferred Stock shall be insufficient to permit full payment to them, respectively, of said amounts, then the entire assets of the
corporation shall be distributed ratably among the holders of said two classes
of stock according to the amounts which they respectively shall be entitled
to receive as hereinbefore provided.
"After payment in full of said amounts to the holders of said two classes
of stock, the remaining assets and funds of the corporation shall be divided
and paid ratably to the holders of the Common Stock and of the Class B
Common Stock.
,
"((7) The respective shares of the 7% Non-Cumulative Preferred Stock
and the Common Stock shall entitle the respective holders thereof to like
voting powers. The holders of the 8% Cumulative Convertible Preferred
Stock and of the Class B Common Stock shall not have any voting power in
respect thereof."
stock
(all
mg—
.
See advertisement on another page calling stockholders'
meeting and describing the several classes of stock in detail.
—V. 105, p. 821, 718.
—
—
Common Dividend. ^A
Co., Chicago.
quarterly dividend of 50 cents per share has been declared on
the common stock, no par value, in addition to the regular
on the pref., both payable Oct. 1 to holders
quarterly
of record Sept. 20.
The authorized common stock was changed as of July 1 from 100,000
shares of $100 each to 500,000 shares of no par value, 250,000 of the new
Booth Fisheries
\%%
shares being then exchanged for the outstanding common stock at a ratio
The common stock prior to this change
of five shares for one old share.
received on March 1 1917 a cash dividend (No. 1) of 2% April 1 and July 2
1917, 1%. The present declaration is equivalent to a dividend of
on the old $100 shares. V. 105, p. 609.
;
—
2K%
—
Boston (Mass.) Belting Co. Proposition to Sell Out at
$132 50 Per Share— %82 50 in Cash and $50 in Pref. Stock of
Boston Belting Corp. The stockholders will vote Sept. 14
—
1917 on accepting the offer of Willett, Sears & Co., Boston,
to purchase the assets of the company in accordance -with the
[Vol. 105.
following terms and conditions set out in the vote of the directors on July 18 and Aug. 21 1917.
The directors in a circular dated Aug. 21, say in subst.
We have received an offer of $132 50 per share, $82 50 in cash and $50
in a preferred stock of a new corporation, for the entire assets of the company, and unanimously recommend its acceptance by all the stockholders.
Upon a careful consideration of all the conditions alfecting the company,
we deem the price offered a good one. The offer is for all of the stock, each
stockholder receiving identically the same price. If this sale is fully consummated, this sum will be net to the stockholders, the purchaser agreeing
to pay coun.sel for the company a .sum equivalent to, but not exceeding,
one dollar per .share for legal expenses, it is neces.sary that not less than
two-thirds of the stockholders should approve the sale.
Digest of Proposition for Sale of Property Adopted by the Directors
July 18 1917.
Upon a vote of two-thirds of al the stock, to sell to Willett, Sears & Co.
of Bo.ston, the entire a.ssets of the company for the net sum of $825,000 in
cash and $500,000 of the pref. stock of a new Massachusetts corporation,
entitled the Boston Belting Corporation, which .shall acquire all of said
The pref. stock shall have a par value of $50 per share, and be
a.ssets.
limited to $500,000 with 6% cumulative dividends from July 1 1917, payable .semi-annually; it shall oe preferred as to assets in liquidation up to the
par value thereof and all accrued dividends; it shall be subject to call on 90
days' notice at $52 60 per share, and guaranteed both as to principal and
dividends by George P. Willett and Edmund H. Sears, jointly and severally.
There shall be no mortgage placed upon the assets of the Boston
Belting Corp. while this pref. stock is outstanding. The pref. stock shall
have no voting power, unless the semi-annual di\idend remains unpaid for
6 months, in which event the pref. stock shall have the sole voting power
until all accumulated dividends are fully paid.
The Bo.ston Belting Corp.
agrees to assume and pay all the liabilities of the company, payment of the
same to be guaranteed by Willett, Sears & Co.
That the said $825.00(5 shall bear interest at the rate of
p. an. from
Aug. 14 1917 to the date of the exchange of the sharas for the pref. shares
of the Boston Belting Corp., said interest to cease after Aug. 14 1918, and
thereafter P. S. Moseley & Co. of Boston, hereinafter named as depository,
.shall have the right to appoint the American Trust Co., or any other trust
company in Boston, as a depository in their place and stead, and to turn
over to said trust company any balance of said 8825,000 and int. that may
be in their hands, together with such preferred shares of the Boston Belting
Corp. as may belong to any stockholder of said Bo.ston Belting Co. who has
not already presented his shares for exchange. V. 103, p. 1414.
3%
—
Butler Bros., Chicago.
— Stock Inc. — Subscription
Rights.
The shareholders on Aug. 28 ratified the proposed increase in authorized
capital stock from $15,000,000 to $20,000,000, and holders of record on that
day were offered the right to subscribe for the new stock in the ratio of one
new share for every three shares now held. V. 105, p. 391.
—
California Packing Corp. (N. Y.).
A
Dividend.
—
dividend (No. 2) of 50 cents per share has been declared on the common stock, payable Sept. 15 to holders of record Aug. 31. V. 105, p. 182.
—
&
Calumet
Arizona Mining Co.
— Special Dividend. —
A dividend (No. 55) of $2 a share has been declared on the stock, payable out of surplus earnings along with a special dividend (No. 1) of $1 a
share, payable out of reserve for depreciation and depletion of ores, both
payable Sept. 24 to holders of record Sept. 7. V. 105, p. 822.
—
Canada Copper Corp., Ltd.
—New Bonds,
—
&c., Auth.
The shareholders voted Aug. 29: (a) to issue $2,500,000 10- Year 6% 1st
Mtge. Sinking Fund Convertible Gold bonds dated Jan. 1 1918: (6) to in-
crease the authorized capital stock to the extent of 1,000,000 shares,
833 .333 shares to be held for conversion of aforesaid bonds and the balance,
166,667 shares, to be held for future corporate purposes. SeeV. 105, p. 609.
,
Canton
Sheet Steel Co.
—
—
Control Purchased.
"The Canton Sheet Steel Co. has been
purchased by Philadelphia interests, whose names have not yet been made
public.
The purchasers will acquire all of the company's stock, consisting
(O.)
The "Iron Age"
of Aug. 23 says:
common
stock at $375 a share and $1,000,000 of pref. stock at
will remain as Gen. Mgr., and it is expected that nearly
all of the present official organization will be retained under the new ownerof $563,000
C. A. Irwin
$110.
ship.
The company makes black and galvanized sheets and sheet metal
The plant equipment includes seven black sheet mills, four cold
and eight galvanizing pots. It now has nearing completion an open-
products.
mills
hearth steel plant for making its own sheet bars. This consists of three
50-ton open-hearth furnaces and a continuous blooming and sheet bar mill."
100, p. 1920.
—V.
Chalmers
Motor Corporation.
—Readjustment
—
Plan
—
Lease of Plant to Maxwell Motor Co., Inc.
The shareholders
win vote Sept. 20 on the following plan for the readjustment
of the company's capitaUzation and the leasing of the plant
for five years to the Maxwell Motor Co., Inc., which will
turn over as rental 50% of the net profits of the plant to
the Chalmers Motor Corporation after the payment of the
interest on the $3,150,000
5-year 1st M. notes as a first
charge upon operations.
The plan provides (1) for the raising of $3,000,000 addi-
6%
working capital, which
is imperatively needed, by sale
notes at 95% to present shareholders (in amounts equal to $10 for each share held), or
at least $2,640,000 thereof, the bankers agreeing to take the
remaining $360,000.
(b) To permit each shareholder subscribing as aforesaid to convert one-half his stock into
cum. pref. stock on the basis of $100 of the latter for three
shares of the present stock of no par value.
In other words,
the holders of each 100 shares of stock will pay in cash $1,000
and will receive 1st Mtge. 6% notes $1,052 65,
cumulative pref. stock $1 ,666 66 and no par value com. stk. 75 shares.
The capitalization will then be as follows:
tional
of
M. 6%
$3,150,000 1st
8%
8%
Common stock authorized, no par value, 400.000 shares to be
retained by holders of present 264,000 outstanding shares. .198 ,000 shrs.
Pref. stock, 87o cum., par $100.
Redeemable at 110. Sinking
fund,
3%,
to begin July
1920.
$4,400,000
gold notes dated Oct. 1 1917, due
Oct. 1 1922. Denom. $1,000. $500, $100 and $50.
Int. A. &
O. Trustee, Metropolitan Trust Co., N. Y
3,150,000
Digest of Official Circular Dated Aug. 1917.
Expert Investigation. A thorough investigation of all the conditions surrounding the company's affairs was early in the year undertaken at the
instance of J. S. Bache & Co. and Chas. D. Barney Co., by Ford, Bacon
& Davis, mechanical and engineering experts, and West & Flint, certified
public accountants, which has taken the last several months to complete.
The result of these investigations proved conclusively that the company was
inherently sound. The report of Ford, Bacon & Davis on the plant, machinery and present model of car manufactured by the company is eminently
satisfactory.
The plant, as expressed in their opinion, being highly efficient, with ample modern machinery and much larger capacity than the
company is now utilizing. Furthermore, that the character of machinery
is such as to enable the company to manufacture many articles of commercial consumption other than the pleasure care now made by it.
The report
upon the present model car is to the effect that the same is mechanically
sound, is giving universal satisfaction to its present users, and compares
favorably with cars being sold by other manufacturers at higher prices.
West & Flint report that the quick assets of the corporation are more than
twice the amount of its liabilities; and the total assets more than three
times the amount; but that notwithstanding the fact that the inventory is
unusually large for the company's present output, it is not satisfactorily
balanced and requires the addition of a considerable amount of substantial
parts in order to manufacture the company's cars and gradually reduce
the inventory to a normal amount.
First
Mortgage 5-year
6%
—
1
—
Sept.
.
,
THE CHRONICLE
1917.1
1
—
—
Need of Working Capital Former Plan. The need of working capital wa
so urgent that, pending completion of the full investigation, a plan was presented to you on June 22 and approved at a shareholders' meeting held on
Julv 11. This plan, upon completion of the investigation, was found to be
inadequate because it failed to provide means to secure the necessary
management and to properly adjust the company's relations with its banks
and mercantile creditors. Under these circumstances, the bankers, representing a majority of the shareholders, did not feel justified in permittmg
the shareholders to provide the $2,640,000 proposed to be provided under
the said plan.
Nciv Plan. The bankers have since been diligently working to devise
a plan that would so secure any new money as to place it absolutely
beyond the risk of loss and at the same time obtain for the holders of the
264,000 shares held by the public out of the total of 464,000 shares outstanding the best protection possible, and, under the lease hereinafter referred to, a management of recognized ability in the automobile industry.
Outline of Plan Now Proposed.
Gold Notes. .53,000.000 of new cash capital is to be provided by the
issuance of 83,150,000 first mortgage 6% 5-year gold notes, secured on the
real estate, plant and fixed assets of the Chalmers Motor Co., which notes
are to be taken at 95% of par. ratably, by the holders of the 264.000 shares
in the amount of $10 of such mortgage notes for each share of stock now
—
—
held by them.
—
To give to
of Present Stock.
each shareholder subscribing to his ratable proi)ortion of the said notes
one share of 8% cumulative preferred stock of the par value of $100, retirable at $110 and int. and redeemable under a sinking fund of 3% commencing July 1 1920, for three shares of no par value stock now held by
him, to the extent of one-half of his present holdings, thus converting
132.000 shares of the said 264.000 shares of no par value stock into 44.000
shares of 8% preferred stock of the par value of $100 per share, the 132,000
shares of no par value stock thus converted to be returned to the treasury.
Bonus Stock. To each subscribing shareholder one-quarter of a share of
additional no par value stock as bonus for each $10 notes so subscribed for.
Lease of Plant. The leasing of the plant and assets of the Chalmers
Motor Co. to the Maxwell Motor Co., Inc., for a period of five years
(from Sept. 1917) under which lease the latter will (a) manufacture the
Chalmers cars. (&) preserve the name and good-will of the company; (c) convert its surplus inventory into cash and apply such cash to the payment of
the company's obligations; (d) utilize the surplus capacity of the plant for
other work; defray all the expenses of management; (c) provide any additional credit or capital on its own account that may be necessary; (/) pay
the interest on these mortgage notes as a first charge; and adjust the
company's relations with its banks and mercantile creditors, returning
annually to the Chalmers Motor Co. 50% of the net prof its from the operation of the plant and guaranteeing to deliver the plant at the expiration of
the lease in good order and condition, with its name and good-will pre-
8%
Cum.
Pref. Stock in
Exchange for
50%
,
—
—
served and the inventory properly balanced
We have been positively assured by the m.ost expert and competent authority in the automobile industry and by our bank creditors who deal
largely with automobile manufacturers and who have likewise secured
expert information on the subject, and it is our conviction that the $3,000,000 of cash to be provided is absolutely necessary but is also ample to place
the company in a sound and comfortable financial condition.
Bankers Agree to Take $364,000 of the Notes. Of the $3,000,000 to be provided the holders of the 264,000 shares of stock are only required to
pay $2,640,000, and J. S. Bache & Co. and Chas. D. Barney & Co.,
in New York, have agreed to provide at the same price, the remaining
$360,000 without, however, having the privilege of converting their stock
into preferred shares except in case of default of shareholders who enjoy
this conversion privilege.
Security for Notes.
The condensed report of West & Flint, certified accountants, shows that the mortgage notes, besides being definitely secured
on real property costing more than $6,000,000 and carried in the statement
at more than .14,000,000. has total assets as a margin of safety of over
$17,000,000. The preferred stock, after the deduction of all liabilities,
has assets of double the amount of preferred stock proposed to be issued
leaving an equity for the common stock without taking into consideration
trade name and good-will of approximately $10 per share.
Time Limit Subscriptions. The time granted by the banks and merchandise creditors and by the proposed lessee, whose firm proposition of
lease is in our hands, is limited to the date fixed for the shareholders' meeting.
Any delay in authorizing or subscribing will be fatal to the interests
of the shareholders as the alternative is the liquidation of the company's
affairs in order to pay its debts, and liquidation under such conditions
would necessarily cause great sacrifice of the valuable assets, and leave but
little, if anything, for its shareholders. For these reasons, please sign and
have witnessed the enclosed proxy; also sign the enclosed subscription blank
and forward same at once, either to J. S. Bache & Co., 42 Broadway,
or to Chas. D. Barney & Co. ,15 Broad St.. N.Y. City, or to Hugh Chalmers, care of Chalmers Motor Co., Detroit, Mich.
,
,
—
—
—
—
Consolidated Balance Sheet June 30 1917.
Assets (Toia? $14,481,403)—
Real estate, buildings, machinery and equipment, appraised
value Jan. 1 1916, less depreciation $712,489, $3,486,769:
add'ns to June 30 1917, $1,854,760, less depr. res., $1,194 ,373-$4, 147, 156
Investments in other cos. $30,002, less reserve for losses, $20,000
10,002
.
Inventories
(a) at factories, Detroit and Canada, $8,908,636;
less reserves, $537,247; bal., $8,371,389, and (ft) with .selling
COS., &c.. $743,324; less reserves, $209,500, bal. $533,824; total 8,905,213
Notes receivable, $98,697; accounts receivable, $958,686; total,
$1,057,383; less reserves, $120,729; balance
936,654
Cash on hand and in banks
334,236
Prepaid insurance, taxes and interest, unexpired proportion
75,542
Redemption of preferred stock
Good-will
— Cash
for par value prem.
___
______
__
&
int.
9,598
_
1
Liabilities (Total $14,481,403)
Notes pay., banks. &c.. $2,705,000; car drafts disc, $497,081_-$3,202,081
Accounts payable, vouchered, $1,416,771; unvouchered. $240,047 1,656,818
Due employees, ?49,914; due dealers on contracts, $92,997; total_ 142,911
Purchase money mortgages
104,340
Accrued interest and royalty payments
4,068
Reserve for contingencies
120,000
9,599
Liability for 81 shares pref. stock out., par val., prem. and int-_
Equity of Chalmers Motor Corp. and other holders of common stock
—
(1)
(2)
Notes payable, Chalmers Motor Corporation
6,873,704
Stockholders' equity, represented by common stock, $5,000,000; less purchased by company, $53,900; balance
4,946,100
-def.2,641,218
-t%5,-p-.-i83,-7-4-.
Chandler Motor Car Co.— Extra Dividend.
An
—
extra dividend of 1% has been declared on the $7,000,000 stock in
addition to the regular quarterly 2%, both payable Oct. 1 to holders of
record Sept. 15.
A like amount has been paid quarterly since Oct. 1916
with 1% to aid Red Cross in July last. V. 105, p. 718, 609.
—
Chino Copper Co.
.,
..I^.^Zt"'^"'^— 1916.
7,343.767
—
V. lOo.
6,883,403
— Copper
Production {in Lbs.).
Increase.]
1917— 7 Mos.— 1916.
460,364147.115,471
41,250,035
p. 609, 74.
—
Increase.
5,865.436
—
Connecticut Valley Lumber Co.— Bonds Called.
This company has called for payment on Sept. 15, at 102 and int., 108 of
Mtge. 6%, sinking fund gold bonds of 1908, at Federal Trust Co
Boston. There were outstanding on Aug. 1 $1,445,500. V. 96, p. 1843. "
,
rts First
—
Dartmouth Mfg.
Co.,
New Bedford.— Bx^ra Div.—
An extra dividend of 10%> has been declared on the common stock in
addition to the regular quarterly 3% on the common stock both ppyable
Sept. l.—V. 104. p. 2014.
East
St.
Louis
&
—
Interurban Water Co.— Collateral
Gold Notes Offered.
Halsey, Stuart & Co. are offering on
a
basis, .?400,000 Two-Year
CoUateral gold notes
dated Aug. 1 1917, due Aug. 1 1919. Int. F. & A. in N. Y.
„ Denom. $1,000, $500 and $100 c*. Authorized issue limited to $1 500 000 at any one time outstanding. Callable all or part on 60 days' notice
on Feb. 1 1919 or any day prior thereto at 100 J^ and int., and on any dav
subsequent thereto at 100 and int. Interest now payable, so far as may be
7%
6%
lawful, without deduction of the present
Trustee, the Farmers'
2%
normal Federal income tax
^^
Loan & Trust Co., New York.
913
Extracts from Letter of President A. M. Lyne, New York, Aug. 18 1917.
Organization.
The company supplies water without competition in
St. Louis, Granite City, Madison, Venice and Belleville, 111.
The
company was incorporated in 111. Aug. 15 1916 as a merger of City Water
Co. of East St. Louis & Granite City and the Belleville Water Supply Co.
Capitalization upon Completion of Present Financing.
—
East
Stock [$316,000
is
Authorized. Outstanding.
$5,066,000 $5,066,000
(V.104,p. 167) 3,480,500
1,500,000
400,000
preferred]_
PirstM.&Ref. 5% gold bonds
2-Year 6% Collateral Notes (this issue)
Undeposited bonds of predecessor cos., to retire
which 1st M. & Ref. bonds are reserved
(closed issues)
Junior Lien 5 % notes su bject to the pri or ien of the
First M. & Ref. bonds
_
(closed issue)
218,000
1
,
*456,500
equal amount of 1st M. & Ref. bonds is reserved.
In addition to the $3,480,500 First M. & Ref. bonds outstanding as shown
above, there will be pledged as security for the $400,000 2-Year 6% notes
3456,000 1st & Ref. 6%, gold bonds issued under the same mortgage.
Purpose of Issue. The proceeds of these notes wi 1 be used for better*
To refund which an
—
—
ments, improvements and extensions.
Security of Notes.
A direct obligation
pledge of $4.56.000 of First M. & Ref.
and will be secured by collateral
6% gold bonds. Series "B," due
July 1 1942, the bonds thus being pledged in the ratio of $100 of bonds for
each $88 of notes issued. Additional notes may be issued only upon further pledge of the First & Ref. 6s in like ratio.
Earnings for Years Ended June 30.
1917.
1916.
1917.
Gross, all sources_$590,291 $512,636 [Annual int. on ,$3,698,500
after
Net,
bonds and $400,000 2-year
taxes,
maint., &c
notes
$341,262 $319,581
$208,925
Control.
Stock owned by Amer. Water Wks. & Elec. Co., Inc.
For description of property, bonds, &c., see V. 104, p. 16'7, 2014.
1
|
—
1
Edmunds & Jones
—Indictment
Supplies. —
Corp.
of Manufacturers
of Automobile
The Federal Grand Jury on Aug. 30 indicted 38 manufacturers and jobbers of automobile supplies on the charge of having conspired to create a
combination in restraint of trade in violation of the Sherman Anti-Trust law.
The firms and individuals indicted are: William M. Webster, Commissioner of the National Association of Automobile Accessory Jobbers;
Willard W. Low, Thomas M. Brooks, Sidney F. Beech, Electric Appliance
Co., Automobile Supply Co. and the Motor Car Supply Co. of Chicago;
Fred Campbell, William K. Norris, W. L. Ferrier. McQuay-Norris Mfg.
Co. and the Fred Campbell Auto Supply Co.. St. Louis. Mo.; J. Stanley
Clemence and Ballou & Wright, Portland, Ore.; George E. Edmunds and
Edmunds & Jones Corp., Detroit, Mich.; Sidney B. Dean and Nicols,
Dean & Gregg, Inc., St. Paul, Minn.; Edward C. Graham, Washington,
D. C; F. Hallett Lovell Jr., Newark, N. J.; Richard R. Englehart and Sieg
Co., Davenport, la.; Harry R. Williams and the Gibson Co., Indianapolis,
Ind.; Fordyce B. Caswell and the Champion Spark Plug Co., Toledo. O.;
Charles E. Faeth and Motor & Machinists' Supply Co., Kansas City, Mo.;
Grant F. Discher, Gemco Mfg. Co.. Henry P. Andrea and Julius Andrea &
Sons Co., Milwaukee, Wis.: William Sparks and the Sparks-Withington
Co., Jackson, Mich.; Emil Grossman and the Emil Grossman Mfg. Co.,
Brooklyn, N. Y.; Arthur M. Moodv and the Wetmore-Savage Co., Boston.
V. 104. p. 2014.
and Jobbers
—
&
Electric Bond
Share Co., N. Y. Pref. Stockholders
Offered Right to Subscribe for .$1,000,000 Pref. Stock at Par.—
Holders of the pref. stock of record Aug. 30 1917 are offered the right to
subscribe to and including Sept. 20 1917, for $1,000,000 pref. stock at par
and dividends in the ratio of one new share for each 8 shares of pref. stock
held by them respectively. Fractional subscription warrant will not
entitle a holder to subscribe, but if presented on or before Sept. 20 1917
with other fractional subscription warrants aggregating $100, will be exchangeable for a subscription warrant for $100.
Subscriptions are payable in cash or in N. Y. exchange at the company's
office, 71 Broadway, N. Y., on or before Sept. 20 1917, or at the option of
the subscriber in two equal installments on or before Sept. 20 and Dec. 20
1917.
At the time of final payment an adjustment will be made between
interest at
p. a. upon the first installment and dividends at
p. a. on
such pref. stock. If purchase of the stock is completed before Nov. 1 1917
the accrued dividends will be computed from Aug. 1 1917 and after Nov. 1
and on or before Dec. 20 1917, such dividends shall be computed from
5%
6%
Nov.
1 1917.
stockholders have purchased 20,000 additional shares of comstock at par and dividends.
(When both lots of stock, common and
preferred, have been issued the outstanding share capital will consist of
$9,000,000 preferred and $10,000,000 common. The General Electric
Co. owns the common stock.] V. 105, p. 611, 502.
Common
mon
—
—
Fisher Body Corporation, New York. Earnings for 3
Months ending July 31 1917 {including Subsidiary Cos.).
—
Total earnings and income from all sources, incl. earnings from
operations, discounts earned, interest received, &c
$776,205
Deduct Interest on floating debt
28,856
—
earnings and income for 3 mos. ending July 31
—Net
V. 105, p. 502.
1917
$747,349
—
—
Gas & Electric Securities Co. Note Offering. Henry
L. Doherty & Co. are offering, at 98 J4 and int., to yield
6.95% to investors, this company's 2-year collateral trust
Auth. and outstanding, $1,000,000. A
Series A notes.
circular says in substance:
The notes are dated Sept. 1 1917, due Sept. 1 1919. Int. M. & S. in
N. Y., without deduction for normal Federal income tax. Denom.
$1,000 c*. Redeemable at any time, on 30 days' notice, at 101 and int.
Trustee, Bankers Trust Co., N. Y.
Secured by the deposit of bonds of public utility operating
These Notes.
companies, in the par ratio of 125% of collateral as compared to these notes.
The notes are the direct obligation of the company, which was organized in
1910 as an underwriting company to deal in public utility properties and
their securities, and now owns over $5,000,000 market value of assets in
addition to the ownership of the collateral which is deposited to secure these
notes, and has no debts, other than this issue.
The company may, from time to time, issue its collateral trust notes in
series, each to be lettered A, B, C, &c.. maturing at such time and bearing
such interest rate as the company may at the time of issuance thereof elect.
At the time of issuance of any series, the company may stipulate what
provision shall be made to secure same.
Capitalization upon Completion of Present Financing, Auth. and Outstanding.
Collateral trust notes, due
17% cum. pref. stock
$1,000,000
$1 ,000 ,000 Common stock
1 .000 ,000
1919
Earnings. Net earnings for the 12 mos. ending Aug. 1 1917 were
$429,578; to which add the income on the bonds deposited to secure this
issue, $64,000; making a total of $493,578.
Dividends on both classes of stock are paid monthly, and the rate on the
common stock at the present time is 6% annually.
Bonds Deposited with the Trustee to Secure These Notes.
—
—
Company
1
—
Amount.
Issue.
1st M.
Brush Elec. Co. (Galveston, Tex.)
City Lt. & Trac. Co. (Sedalia, Mo.)__lst M.
Southern Ont. (Can.) Gas Co., Ltd__lst M.
s. f 5s,
s. f. 5s,
due 19.52
due 1952
$200,000
200,000
450,000
30,000
40,000
150,000
5s, due 1953
Brantford (Ont.) Gas Co
_lst M. 5s, due 1929
1st M. 5s, due 1926
Shawnee (Okla.) Lighting Co
1st M. s. f. 6s, due 1927
Summit County Power Co. (Colo.)
Deep Well Water Co. (now Urban
1st M. s. f. ,5s, due 1950
Water Supply Co., N. Y. City)
180,000
All of the above bonds are direct mortgages upon physical property of
public utility operating companies, and in every case the interest charges
are being paid.
—
—
General Electric Co. Sub. Co. Stock Rights.
& Share Co. above. —V. 105, p. i292.
Glenrock Oil Co. New Project. R. C. Megargel & Co.,
N. Y., by advertisement on another page as a matter of
See Electric Bond
—
—
THE CHRONICLE
914
record only, announce tho formation of this company, incorporated in Wyoming, and havinK 21 wells with a combined
prodution of 1,800 bbls. daily. The adv. shows in substance:
This company has been formed to take over controlling interests In the
Glenrock I'etroleum, Hall Oil, Superior Petroleum, and other producinB
properties In Wyoniin«. Tho new corporation is capitalized at $10,000,000,
par value ,f 10, and will hold Ina.sos on :<,4X8 acres In the lii« Muddy district;
6,450 acres in tho Pilot Itutte district; half of 320 acres in the Elk Uasin
field; 40 acres and a l-16th interest in 160 acres in the Grass Creek field;
1,500 acres In the Lost Soldier field; 1 ,320 acres in the Dry Creek dome, all
In WyoniluK, and 0,250 acres in Montana.
There are 21 woUs on the.so properties with combined production capacity
Five wells are drillin« on the Big Muddy acreof about I ,S00 bbls. dally.
age, two on the joint properties in tho Elic Basin field, and contracts have
been lot for six additional wells in the Pilot Butto field. Several of the
properties are being operated jolntl.v with tho Midwest Refining and Ohio
Oil companies, who do the development and take the production.
Compare V. 105, p. 823.
Grasselli
Chem.
— Slock
Co., Cleveland, O.
Dividend.
June last.— V. 105,
p. 719. 75.
Great Atlantic
Announcement
is
Aug. 29.— V. 105,
&
made
Pacific
Tea
Co., Inc.
—President Dies.
of the death of Pres. George
p. 611, 184.
—
—
Great Western (Beet) Sugar Co. Acquisition.
& West. Ry. under "RR." above. — V.104, p.
Harroun Motors Corp. New Directors.
—
—
members
Kansas
—
Honolulu Plantation Co. — Dividend Increased. —
1
City.
dividend of 70 cents per share has been declared on the stock
payable Sept. 10. This compares with. 60 cents per month previously.
V. 104, p. 2644.
—
—
Corporation. Report. The fiscal
year having been changed to end June 30, President J, Walter
Drake's report covers the period ended June 30 1917.
Mr. Drake
Dec. 31 1916 of the
company's lands, buildings, machinery and fixtures as showing for these "a
present sound value of .$762,740 more than the value as shown on our
boolis" (see below).
The improvements and enlargements under way in
1916 were not completed until early in 1917. Owing to tho increasing cost
of materials and increase in wages, the half-year ended Dec. 31 1916 showed
a loss, but this was followed in the half-year ended June 30 1917 by a surplus
over pref. dividend of .$291,233. The list price of the standard (?,nd improved) car was increased $100 March 15 1917 and a further .$100 July 15.
Preparations are being made to turn out also a lighter car at a lower price.
Consolidated Income Account (Incl. American Gear & Mfg. Co.).
Year end. QMos.end.
G Montlis ending
June 30 '17. Dec. 31 '16. June 30 '17. June 30 '16.
Net profits
$337,009 lossS65,530
$271,479
$300,371
Prof. divs. (7% p. a.)-.
45,777
45,777
91,554
49,173
calls attention to the appraisal as of
Balance, sur. or dof-sur.$291,233dof.8111,307sur.$179,925sur.$251,198
Consolidated Balance Sheet June 30 {Including American Gear & Mfg. Co.).
1917.
S
1916.
S
1917.
1916.
Liabilities—
S
S
Lanfl, bides., equipCommon stock
5,192,100 5,190,100
* 1,482,047 1.248,729 Preforred stock
mcat, &c
1,307,900 1,309,900
Good-will,
trade
Bal. due acct. on Am.
names, &c
3,8,58,921 3,858,921
G.&Mts. Co. plant ySOO.OOO .300,000
Cash
339,2.56
490,608 Cuvr'tliab. (notdue) 858,700
785,463
Accounts receivable- x591,673
504,317 Res. for customers'
Raw and worked madopos. & redemp'n
terial, supplies, &c.,
of serv. coup
355,165
325,027
at cost
2,093,441 2,074,063 E.e,serve tor accrued
Prepaid Insurance &
interest, &c
40,580
03,888
taxes
20,232
48,938 Surplus
431,124
251,198
A.isets
—
Total
Total
8,385,570 8,225,576
8,385,570 8,225,576
* Includes in 1917 land, $95,625; buildings, $847,191; machinery, $363,357; factory equipment, ,$386,858; special tools, jigs, patterns for current
models, net, $54,396, and furniture and fixtures, $52,441; total, $1,799,868,
loss reserve for depreciation, $317,821; bal. as above, $1,482,047.
Tho
property investment, it is stated, was appraised as of Dec. 31 1916 and has
a sound value of $762,741 more than appears on the company's books.
X Includes in 1917 accounts receivable for cars protected by B-L drafts,
$476,613; for parts protected by customers' deposits, $104,774, and sundry
debtors, $41,013: total, $622,401, le.ss reserve for doubtful accts., $30,728.
•'Due Nov. 17 1917.— V. 103, p. 1116.496.
—
—
Illinois Pipe Line Co.^ President Resigns.
Roby Penn has resigned as President, effective Sept. 1, to become
connected with Midwest Refining Co., with headquarters at Casper, Wyo.
J.
—V.
104. p. 1148.
International Paper Co.
— Price
—
of Newsprint Fixed.
Secretary Baker by order of President Wilson informed the company on
Aug. 30 that the price of newsprint paper for use in publishing the Government's daily "Official Bulletm" has been fixed at 2H cents, comparing with
the company's price of 3 cents. The financial difference involved is about
$9,000 a year, the "circulation" of the "Bulletin" being about 80,000 a day.
—V.
—
—
Weeks— 1916.
1917 4
$1,112,346
.$927,4.54
Increase.]
See Union Carbide Co. below.
Mammoth Mining
4:
&
A press dispatch from Salt Lake City, Utah, says: "The Mammoth
Mining Co. has declared a dividend of 25c. a share, payable Aug. 29 to
This will bring the total for the company up to
.stock of record Aug. 22.
$2,740,000. The company has thus distributed 80c. this year, or $320,000
on the 400.000 shares of Issued stock. Tho company shipped 399 carloads
of ore in tho first six mos. of thi syear. July shipments total 80 carloads.
Manistique (Mich.) Pulp
$184,892189,366,227
— 1916.
$7,007,455
$2,358,772
—
adv. pages) offer for sale this company's 7% cumulative parAuthorized issue, $1,000,ticipating pref. stock, par $10.
000. No bonds. A circular shows:
This pref. stock participates equally with the common stock in the
distribution of dividends after each class has received 7% in any year.
This stock is followed by $9,000,000 of common stock.
Acreage.
Tho company (incorp. in Wise.) has acquired about 10,000
acres in Wyoming in the Salt Creek, Big Muddy, Cole Creek, Little Buffalo,
Ten.sleep. Midway and Table Rock (Neb.) fields; also 3,295 acres in Kan.,
principally in the counties of Neosha, Coffee, Crawford. Anderson and
—
equiphas 14 producing wells
— In Kansas the companyadditional
wells on the Neosha
Contracts have been
fully
Production.
lease
let for six
ped
and the drilling is being prosecuted. The drilling of additional wells is in
Wyoming
company
Kansas
properties.
In
the
is
other
progress on the
drilling seven wells.
and development of the
— Upon the completion of the
said, will bo over the 7%
Kansas properties alone, the net earnings,
capitalization.
and
common
requirements
on
the
entire
prof,
dividend
Officers and Directors. — Pros., L. N. Rosenbaiun, N. Y.; Sec.-Treas..
Wm. H. Grimes.
F. E. Brightman. Directors; Irving Shuman, Chicago,
drilling
it is
111.;
Baltimore, Md., and R. H. Walsh, Sheridan, Wyo.
[The company has contracted to acquire about 6,580 acres in Taylor and
Adair counties, Ky al.so 320 acres in the Lusk Wyoming field, and 40 acres
In the Salt Creek, Wyo., field, adjoining production.]
V. 105. p. 719.
—
.
Belle Iron Works.
— Extra
Dividend.
—
An extra dividend of $2 per share has been declared on the $9,915,400
common stock (par $100) in addition to the regular quarterly $1 per share.
both payable Sept. 29 to holders of record Sept.
paid in March and June last.
V. 104, p. 2238.
—
&
—Guaranteed
Savings Bank, St.
and interest by endorsement on each bond by Minnesota Tribune Co. and by W. J. Murphy, Minneapolis, Minn.
The bonds are dated Aug. 16 1917. Due serially. Denoms. $1,000 and
Interest M. & S. at the office of the Minnesota Loan & Trust Co.,
$500.
Authorized. $1,500,000; outstanding. $1,trustee, Minneapolis, Minn.
Maturities, $100, 000 yearly Sept. 1 1919, 1920and 1921; 3150,000
200.000.
cipal
1922 to 1927 inclusive.
Summary of Letter of President W. J. Murphy.
Security.
(a)
first mortgage lien on pulp mill and water power plant
now in course of construction at Manistique, Michigan, designed for an
initial capacity of 60 tons of ground wood pulp per day and 5.400 h. p. of
hydro-eleohvdraulic power.
(6) By a first mortgage lion on the
—
A
modem
plant of tho Electrical Development Co., near Crooliston. Minn.,
having an installed capacity of 3.000 h. p.. together with the deposit of a
majority of the capital stock of this company, with provision for release of
(c) Through
this lien and stock upon payment to the trustee of $500,000.
deposit of all the capital stock of tho Manistique Light & Power Co.. which
has no bonded or other debt, and can create none while any of those bonds
remain outstanding.
Guaranty.
The bonds are unconditionally guaranteed as to principal
ad interest bv endorsement of the Minnesota Tribune Co. which publishes
tho "Minneapolis Tribune," with highly satisfactory earnings; also guaranteed by endorsement by W. J. Murphy of Minneapolis. Minn., who has
tric
—
.
many important
—
interests.
Earnings.
Annual net earnings, available for bond interest, mcludmg
estimated earnings of pulp mill, are more than 43^ times the annual interest
requirements of these bonds.
StSKi-SSJ
t^t^ Safc'i,.fcr/iiK
Maxim Munitions "Corporation.
— Mortgage.—
i?||
•%
This comT)any has made a mortgage reported to be for $500,000 to tne
U. S. Mtge. & Trust Co., N. Y., covering the property of the M. M.
Seward & Sons Co. at Derby, Conn., which properties the Maxim company contracted t_o_^gurchase s ome mo nths^ago. V. 105, p. 72 0, 6 12. a
Maxwell Motor Co. —Proposed
Chalmers Motor Co. —
See Chalmers
Motor Corporation above.
—
5-Year Lease of Plant
— V.
to
105, p. 720.
Mercantile Stores Corp., N. Y.— Final Distribution
Sept. 10 from Sale of Claflin Corporation Capital Stock.
A final distribution of 21.8% on Series 1 Notes from the sale of Claflin
stock was declared payable Sept. 10. On the remaining notes a payment
of 1% will be made Sept. 10.
Compare V. 104. p. 2645. V. 105. p. 184.
Middle West Utilities Co. Control.
—
]
See Wisconsin Power, Heat
&
—
—
—
Light Co., and also Southern Illinois Ry.
—
& Power Co. under "RR.'s" above. V. 105, p.
Midvale Steel Co. Munitions, &c.
—
716. 607.
—
This company, employing 11,000 men, will, it is said, exclusively manuand equipment for a fleet of 150 new destroyers and for
merchantmen to be constructed by the Emergency Fleet Corporation.
Henry D. Booth, Gen. Supt. of tho plant, in asking exemption for the
3,500 employees subject to draft, told an appeal board that an agreement
to this effect had been reached at a conference between Secretary of the
NfUj^y^D .-in pi _ ajid a gro up of st eel jnfrs^hist_M_onda y^j^V^ 1 01, p. 1 192.
facture guns
—
i
Midwest Refining Co., Denver. Disposition of New Stk.
We are officially advised as of Aug. 24 that no action has as yet been taken
in capital stock
from
by the shareholders.
See
by tho directors as to the disposition of the increase
$20,000,000 to $50,000,000 recently authorized
V. 105. p. 720. 824.
—Rumored Merger Plan. —
—
Telephone Co. — New
See Union Carbide Co.
Nebraska
15.
Like amounts were
(Bell)
The Omaha "Bee"
below.—V.
105. p. 720. 612.
Stock.
of Aug. 11 says in substance: "The Nebraska Telephone Co. has been authorized to issue stock by the State Railway Commission in the amount of $500,000, about $350,000 of which will be used in
the construction of its new building in Omaha. Tho balance will be used
in taking up short time notes.
"The authorization was made last April, but tho company is required to
make a report to the Board whenever the Board orders the same, showing
how the money is being spent and an accountant is authorized to check up
the report."
[The amount of stock to be issued, authorized in April, was $1,100,000
to pay off an issue of 6% notes hold by the Amor. Tel. & Tel. Co.. and an
additional $900,000 for extension, betterments and additions to the property. (See v. 104. p. 1596).
At last accounts, tlie company had stock
outstanding of $7,500,000 and an issue of $4,000,000 4>i% 2-year notes,
dated Jan. 20 1916.]— V. 104, p. 1596.
Nevada Consol. Copper Co.
Bourbon.
La
Paper Co.
6%
Increase.
—
.
&
Paul, and the Minneapolis Trust Co. and the Minnesota
Loan & Trust Co., both of Minneapolis, are offering at
for 1919 and 1920 maturities and Q}4%
prices to yield
for 1921-1927 maturities, an i.ssue of $1,200,000 First Mtge.
serial gold bonds, unconditionally guaranteed as to prin-
32 Weeks end. Aug. 11.
1917—32 Weeks
Earnings
V. 104. p. 668.
National Carbon Co.
—V. 105, p. 502, 75.
Knickerbocker-Wyoming Oil Co.- Pref. Stock Offering.
L. N. Rosenbaum & Co. and Alfred H. Ebert & Co., (see
.
—Rumored Merger Plan. —
—
Co. — Dividend. —
Linde Air Products Co.
105, p. 502.
Je'wel Tea Co., Inc. — Sales for
— New President. —
6%
A monthly
Hupp Motor Car
Lake Superior Corporation.
Wilfred H. Cunningham, a member of the firm of Kurtz Bros., Phila.,
V. 105, p. 824,75.
has been elected President. See also "report" above.
Bonds Offered.— The Merchants' Trust
2347
with the addition of
V. 103, p. 1414.
1
of
—
These bonds will bo a fir.st closed mortgjige on 572.58 acres close to
tho city of Los Angeles, and valued by the officers of the company at
$898,629, and apprai.sed for the bankers by con.servative experts at more
than twice the amount of the bond issue. One hundred and eighty-four
lots. corai)rising 92.42 acres of said property, have been sold under conThese
tra<'t, on which contracts there remains due in excess of $118,000.
contracts are likewise assigned to tho trustees as security for said bonds.
H. Hartford on
Seo Denver Laramie
The directorate has been increased to
Howard F. Lea and A. L. Harroun, both
—
Laguna Land & Water Co. Bonds Offered. William
R. Staats Co., San Francisco, are offering $32.5,000 P^irst
(closed) Mtgo. 6% 6-year gold bonds in denom. of $100, $500
and $1,000 each.
—
An extra dividend of 3\4 % payable in common stock has boon declared
on the common stock in addition to tho regular quarterly 114% on both tho
common and preferred stocks, all payable Sept. 29 to holders of record
Extra cash dividends of 3 34% each were paid in March and
Sept. 15.
[Vol, 105.
1917— Ju?!/- 1916.
7,2,53,337
8.537.231
V. 105. p. 720.
—
Copper Production
—
1917 7 Mos.
1916.
51,885,085
1,283.894146,923,014
Decrease.
[
New England Cotton Yarn
Co.^Tenders.
(in lbs.)
Decrease.
4,962.071
—
Sealed proposals will be received until Sept. 10 for the sale of 1st M.
5% gold bonds, due Aug. 1 1929, to the New England Trust Co., Boston,
trustee, to absorb $250,000.
The outstanding amoimt on these bonds at
last accounts was $2,982,000.
V. 104, p. 2557.
—
—
—
New Haven Clock Co. Pref. Stock Offering. George H.
Burr & Co. are offering at 26 and div., yielding 6.73%, this
company's new $500,000 7% cumulative pref. (a. & d.)
stock (par value $25), issued to provide additional working
capital.
Dividends Q.-F.
The stock is redeemable at the option of the company at any time after
three years from date of Issue, at $27 50 and dlvs. Transfer agent. Guaranty Trust Co.. N. Y. Registrar, Chase Nat. Bank.
.
.
Sept.
1
Capitalization
THE CHRONICLE
1917,
{No Bonded Debt)
—
Outstand'g.
Authorized.
$500,000
$750,000
900,000
1,000,000
of the
of
two-thirds
No bonded debt can be created without the consent
outstanding preferred and common stocks.
Principal Features Summarized from Letter of President Walter
Camp. Dated July 20 1917.
This is the 100th year of the business now under the name of the New
1
Haven Clock Co.: the business consists of the manufacture of a large variety
The company
of clocks and low-priced watches, including wrist watches.
is now 300,000 watches behind in its orders, and employs from 1,800
to over 2,000 hands.
2. This 7% pref. stock is issued under a special authorization of the
Connecticut Legislature.
3. Since 1905 the company has paid dividends on its common stock which
(inclu.sive of one special dividend of 8 % ) have averaged annually over 6 %
4. The net liquid assets as shown by the balance sheet attached, exceed
three times, and the net tangible assets approximate four times, the
Preferred stock
Common stock
amount of this issue of preferred stock.
5. The company aerees that no dividends
will be paid upon the common
stock, unless the net liquid assets shall equal at least 125% and net tangible
assets at least twice the par value of the preferred stock outstanding.
6. A sinking fund of 10% of net earnings, after preferred stock dividends,
must be set aside each year, beginning Aug. 1 1920, to be used for the purchase and redemption of the outstanding preferred stock at not to exceed
,
$27 50 and accrued dividends per .share.
Balance Sheet as of Dec. 31 1916, after Giving Effect to Sale of this Pref. Stock.
Cash
$132,285 Notes and accounts payable $283 ,749
21,110
Notes receivable
15,024 Accrued liabilities
500,000
Accts. rec'le, net of reserves 484,972 Preferred stock
900,000
J. C. Plimpton & Co., Ltd.
13,438 Common stock
Inventories
556,543
1 ,205,731 Surplus
Prepaid int advances &c_
6 ,274
Plant ($835,645), less depr. 403,678
Total each side
$2,261,402
Directors (and Officers).
Walter Camp (Pres. & Treas.), Edwin P. Root,
(V.-Pres. & Sec), Pierce N. Welch and HenrvF. English, all of New Haven;
Edward Stevens, N. Y. City, General Manager N. Y. office, and Charles
W. Gross of Hartford, Conn.
[The company wae e.stabli.shed in 1817 under the name of Jerome & Co.,
and Mr. Camp was elected President in 1903, having acted as Treasurer
and General Manager in 1902 and previously in other capacities. The
plant, located at New Haven, Conn., covers about 150,000 sq.ft. (approximately a city block) and employs 1 ,800 to over 2,000 aands. An appraisal
in 1904 valued the properties at $890,347 (depreciated value); subsequent
additions, net, $31,036; total. $921,383, as against a valuation of $403,000
on the company's books.
The average annual net profits for the past five years, before plant depreciation charges and inclusive of interest on borrowed money saved by
this issue of preferred stock, it is stated, were over .$118,000, while, eliminating 1915, when profits were reduced by a strike, the average is over
$146,000. Germany having been cut off as a large factor in the trade,
the company contemplates taking advantage of the large growth of business
indicated for the next few years, and hence makes this addition to its
working capital.] V. 105. p. 612.
,
. ,
—
—
New York Telephone
Co. — Additional
Stock. —
This company has applied to the New York P. S. Commission for authority to issue $25,000,000 common stock, the proceeds to be used to discharge outstanding demand notes, reimburse the treasury for expenditures
from income for construction, &c. V. 104, p. 2645.
—
—New President. —
Richmond
—
Who
Northern N. Y. Utilities Co., Inc. —Additional
Niagara Falls Power Co.
Securities.
This comnany has applied to the New York P. S. Commission for authority to issue (a) $29,400 common stock, (6) $171,300 pref. stock and (c)
$477,000 bonds. The proceeds to be used to reimburse the company's
treasury and for the completion of a transmission line from Natural Bridge
to South Edwards.
V. 105. p. 185.
—
Pacific Telephone
&
Telegraph Co.
—Acquisition. —
&
This company and the Pacific States Telephone
Telegraph Co. have
applied to the Calif. RR. Commission for authority to authorize the Pacific
States Co. to convey all its rights of way in California to the Pacific Telephone & Telegraph Co. V. 104, p. 2232.
—
Paige-Detroit Motor Car Co.
President Harry M. Jewett is quoted
—Earnings. —
as saying: "Our output for the
second quarter of the present year, and including the first half of July,
shows a total of 6,179 cars, an increase of 25% over the cori-esponding period
last year.
No cars are on hand. On the contrary, it has been necessary
to cut our dealers' desired quota from 25% to 50%
The company has not
borrowed a dollar in over two years." V. 104. p. 2238, 1805.
—
Pennsylvania Canal Co.
.
—
— Bondholders'
Suit.
Judge Dickinson in the U. S. District Court at Phila. on Aug. 23 filed
an opinion sustaining the decision of Federal and State Courts upholding
the right of the Canal company bondholders to benefit in a fund which
the Court had ordered the Pennsylvania RR. to deposit in the Federal
Court for payment to the said bondholders.
The Court held that the loss suffered by the bondholders when the Canal
company was unable to meet its bonds at maturity, was due to the failure
of the railroad to maintain a sinking fund under the terms of a mortgage
under which the bonds were issued in 1870.
The Court said In substance: Accepting as we do the ruling of the State
Court in the proceedings upon the mortgage, we are bound to conclude that
under the terms of the mortgage the interest coupons have priority of payment in the distribution of the proceeds of the mortgaged premises sold as
the property of the Canal company and as against the canal company.
To hold, however, that the railroad company in an action against it arising
under the collateral agreement is entitled as a purchaser of the coupons to a
like priority of payment over the bondholders would be to deny the soundness
of the reasoning upon which the ruling already made in the case proceeded.
The Master was. therefore, we think, entirely right in holding (whether
the question wa^ strictly res adjudicata or not) that the ruling already
made, which resulted in the creation of this fund, compels the ruling that
the fund created for the payment of the bonds cannot be diverted to the
pajTnent of the coupons. Compare V. 104, p. 565.
—
Perry-Fay Co., Elyria, Ohio. Extra
extra dividend of 2 H % has been declared on
Divide?id.
—
An
the $1 ,500,000 stock in
addition to the regular quarterly 13^%, both payable Sept. 15 to holders of
record Sept. 1.
Earnings^
1916.
1915.
1914.
1913.
1912.
Gross sales
$762,011 $482,218 $265,340 $396,364 $435,778
Net prof its
209,356
72,701
16.475
86.868
99.72i
Incorporated in Ohio in 1906 as Perry-Fay Mfg. Co. to manufacture
nuts, screws, bolts, piston pins and an endless variety of parts made from
steel, brass. &c.
Reorganized in Dec. 1916 and changed name as above.
The authorized capital stock was then incre,i.sed from $500,000 to $1,500 R.
D.
Perry
is Pres., and W. W. Fay is Sec. and Treas.
000.
—
—
—
Deferred.
—
Pittsburgh Coal Co., Penna. Acquisition Status.
Chas. E. Lenhart and Fred. G. Kay, receivers for L. W. Seamons, are
quoted as confirming the third sale to this company of coal lands in Washington County, consisting of 3,253 acres of Pitts, vein coal and 300 acres
of surface, for -SI .007.929. The two previous sales total $768,385 and were
for 2,695 acres.— V. 105, p. 825, 394.
Porcupine-Crown Mines, Ltd.
— Dividend
This company. $1,200,000 of whose $2,000,000 stock (par $1) is owned
by the Crown Reserve Mining Co., Ltd., has decided to defer the quarterly
dividend usually declared at this time, owing to the shortage of labor.
Prest-0-Lite Co., Chicago.
See Union Carbide Co. below.
— y.
—Rumored
104, p. 458.
Pyrene Manufacturing Co., N.
Earnings.
—An
official
—
Status —
Merger Plan.
Y.— Financial
statement dated Aug. 15 says in subst.:
In Jan. la.st your directors brought to your attention the necessity of
additional working capital to the extent of $500,000 common stock at $10
915
(par value) per share. The capital thus secured not only places the comin a much stronger financial position but enables it to proceed along
constructive lines in the development of the business. On June 30 1917
current liabilities were reduced to 15% of current assets, as compared with
pany
49% on
Dec. 31 1916.
Current Assets
—
Cash in banks
Branch office advances
Dec. 31 '16. June 30 '17.
$28,383
$204,838
22,426
32,881
67,875
30,955
260,674
156.926
224 ,730
553 ,899
791,907
721,897
947
5,992
_.
Investments
The Pyrene Co.,
Ltd., for merchandise
bills receivable
Inventories of merchandise
Miscellaneous advances
Accounts and
Total current assets
Current Liabilities
$1,396,942
$1,707,388
$127,051
563,000
$120,780
130,000
—
Accounts payable
Notes payable
Total current liabilities
$690,051
$250,780
We have conducted two intensive sales campaigns throughout the
country, one in February and one in April, which resulted in a large volume
of business.
Foreign sales also have been quite satisfactory. For the 6
months ending June 30 1917 gross sales showed an increase of over 80%
compared with the same period of 1916; net profits (without reserve for
Government taxes) amounted to $341,856, or 23.3% on the outstanding
common stock of .$1,465,560. This is at the rate of 46J^% per annum.
For the cal. year 1916 the net profits were $284,490, or 29.1% on the then
outstanding common stock of $997,040.
The company has considerable business in hand and in prospect. It
should be remembered, however, that the campaigns referred to above so
stimulated activity in sales that no such volume of business can be expected
during the Last six^onths of the year as during the first six months. It has
also been the experience of your management that the volume of sales
as a rule, does not, in the last six months, approximate the volume of the
first part of the year.
Nevertheless, It is our confident belief that the
results for the current year will be satisfactory.
V. 105, p. 295.
—
— Stock — Report. —
Republic Motor Truck Co., Inc.
Common shareholders of record Aug. 31 will
be permitted to subscribe
at $55 per share for the 23,675 unissued common shares of no par value,
in the ratio of one new share for each three shares held by them, respectively.
The shareholders will vote on the matter on Sept. 8.
Hallgarten & Co. and George H. Burr & Co. have formed a syndicate for
underwriting the purchase of the shares not taken by common stockholders.
Sub. Co. Earnings.
—
See Torbensen Axle Co. below. See also "Annual Reports" on a preceding page.
V. 105, p. 503.
—
San Joaquin Light
& Power
Corp.
—Bonds. —
This company has applied to t'ae Calif. RR. Commission for authority
to issue and sell $750,000 First & Refunding 6% bonds at not less than
95%, or if unable to sell them, to pledge them as security for promissory
notes payable in three years. The proceeds are to be used for additions
and betterments. V. 104, p, 2239.
—
Sawyer-Massey Co., Hamilton, Ont.
Fiscal
Stacy C.
lias been elected President to succeed E. A. Wickes,
will remain a director. ^V. 105, p. 824, 503.
—
•
•
—
Net
Bond
Preferred
— Earnings.'—
Balance,
Total,
Year
Profits. Int., &c.
Sur. or Def.
Dividends.
Sur.orDef.
1916
sur. $21, 827
$72,208 $.50,381
xdef.$161,6H
sur. 66,951
1915
116,606
49,655
sur. 106,196
1914- -loss206, 802
47,471
sur.
39.244
(5M%)$78,750 def. 333, 023
deducting
After
appropriation
made
for
revaluation
of bills
$289,634
X
receivable and other liquid assets of the company.
V. 104. p. 2457.
—
Scripps-Booth Corp.
— Meeting Postponed
until Sept. 10.:
The meeting of the shareholders to vote on increasing the capital stock
from 70,000 shares, no par value, to 120,000 shares, no par value, has been
postponed until Sept. 10. V. 104, p. 1391.
—
Southern Counties Gas Co.
—Not
to
Issue Debentures.
—
This company has applied to the California RR. Comm. for authority
to set aside the Commission's order of July 5 last authorizing the company
to issue $298,000 6% 10-year debentures.
The company in its application says that it is inexpedient to issue or sell any debentures now. and it
wants its previous application for permission to issue them nullified.
V. 105, p. 186, 78.
—
Spring Valley Water Co., San Francisco, Cal. New
Notes.— We are advised that the $2,500,000 5% notes due
Sept.
1
1917 were paid
off at
maturity at the
office of
the
Union Trust Co. of San Fran., and in this connection we understand the company has sold $2,500,000 53^% promissory
notes dated Sept. 1 1917 and due March 1 1918, in amounts
to be hereafter determined and secured by General Mortgage
bonds of the company at rate of 117 +
The notes were
purchased by the Bank of California, Wells Fargo National
Bank and Crocker National Bank, all of San Francisco.
.
The California RR. Commission has authorized the corporation to issue
$3,500,000 promissory notes, to be secured by $4,100,000 of its General
Mtge. 4s and to be dated Sept. 1 1917 and mature March 1 1918. The company proposes to discount $3,000,000 of the notes on Sept. 1, at the rate
of 514% per annum, while on the remaining $500,000 of notes it proposes
to pay interest at the rate of 5}4%
The $3,000,000 of notes to be discounted will be used to pay $2,500,000
2-year Collateral Trust notes due Sept. 1 1917, and $500,000 of notes issued
nursuant to an order of the Commission of Dec. 29 1916. The remaining
$500,000 notes may be used to reimburse the treasury for capital expenditures prior to June 30 1917.
Between Dec. 1 1916 and June 30 1917, it is stated, the company has
expended for capital purposes, $563,720. In addition, it has paid the
Twin Peaks Ridge Tunnel Assessment No. 3, amounting to $197,253, and
the Twin Peaks Ridge Tunnel Assessment No. 4, amounting to $188,401.
which the company includes in its regular outlay.
The company's application to the Commission sets forth the earnings
in the first six months of 1917 as $602,866, compared with $1,054,278 for
the entire year of 1916 and ,$909,616 for all of 1915.
Favorable Report by Master in Rate Suit.
Master in Chancery Harry M. Wright of the United States District
Court at San Francisco in a report covering eight rate cases has ordered
$2,250,000 impounded rate money held by the court, turned back into the
treasury of the company. The report will be filed Sept. 7 with Judge Van
Fleet of the U. S. Court for approval or rejection.
The city is preparing objections to the findings and may carry the case
to the United States Supreme Court. City Attorney George Lull has expressed the opinion that the excessive water rates may be lowered through
the investigation now pending before the State RR. Commission.
The "San Francisco Chronicle" says' "The point at issue in each of the
eight cases was the validity of the ordinances passed by the Board of
Supervisors fixing water rates to be charged by the company for the years
beginning with 1907-8 and ending with 1914-15. In each of the years in
which the Supervisors sought to secure lower water rates, the company
filed a suit in the U.S. District Court alleging the rates fixed by the ordinances to be too low and asserting that enforcement of such rates would in
effect mean confiscation of the company's property under the guise of
—
regulation.
"The latter allegation was based on the Fourteenth amendment to the
Constitution, which forbids the taking of private property without due
In each of the years in which the Supervisors fought for
proce.ss of law.
lower water rates as the result of wholesale complaints nad protests from
property owners the water corporations .secured a temporary injunction,
CompareV. 100, p. 1S30.
effective until the final decree."
—
Construction Bid for City's Water Project Rejected.
Calif. Board of Works on Aug. 22 received only oiie full bid which it
rejected, for the 18-mile tunnel aqueduct which is to carry the pure waters
The
,
THE CHRONICLE
916
of notch-IIctchy tliroiinh Iho Slorra to San Francisco. That bid was
entered by 14. V,. Hlorrio & Co., buildens of the Twin I'oaks tunnel, for
approximately
(^oinmzxtml ^imjes.
';Ehc
S0.2.'")f).n00.
Ilealy-Tibbltis ('onstructton Co. bid S2..500, 000 on a 4Vj-mlle section; the LindKren Co. bid approximately $5,920,000 on a 9-mlIe section.
—V. 105, p. 722.
[Vol. 105.
The
Standard Tin Plate Co.
—Plant. —
"Iron Akc" of Auk. HI wild: "The Standard Tin Plate Co., whose plant
is located at Canonsburg, I'a., 23 miles from Pittsburgh, has more than
doubled the size of its plant in the past year, and now has one of the largest
and most modern independent tin plate mills in the country. OriKinally
started in 1904, witli four hot tin mills, but in 1906 six more were addtKl.
additional hot tin mills have been built, so that the jilant
In the past year
now contains a total of 23 hot tin mills, 2.3 sheet and 23 pair furnaces, and
The plant has a
there are 18 24-in. cold mills serving the hot mills.
monthly capacity of about 150,000 base boxes, about 95% of which Is
briKht plate and the remainder terne plate. The Continental Can Co. has
Its Canon.sburg plant adjacent to the works of the Standard Tin Plate Co."
I,'-!
—
Thompson
Coal Properties. Receiver Appointed.
(J. V.)
Preparatory to carrying out the plan by which the property will be turned
interests,
Judge A. G. Dayton, at Phillipi, W. Va., on
Hill
over to the
Aug. 24 appointed K. M. Hintz of Fairmont, W, Va., receiver for the
company.— V.
105, p. 722.
—
—
Torbensen Axle
—
Earnings.
Co., Cleveland, O.
Div.
This company incorporated Sept. 1 1916 in N. J. as successor to the
Torbensen Clear & Axle Co. and controlled through stock ownership by the
Republic Motor Truck Co., Inc. V. 105. p. 503 reports in the first
eoven months of the year earned .5424,358, or 15 times the regular dividend
—
—
requirement on the .$680,000 of pref. stock. Accumulated surplus is
The com$4.37,716, and the surplus of assets over liabilities .$1,513,216.
pany will complete an addition to the plant Oct. 1. and will then make
[See report of Republic Motor Truck Co.,
front as well as rear axles.
Inc., on a previous page.]
The company has declared the regular quarterly dividend of 1 J4 % on
the prefer, stock payable September.
Union Carbide Co.
"The Wall
— Merger
Talk.
—
Street Journal" on Aug. 25 said in substance:
Negotiations "if and as" were completed some time ago for the merger
of the Union Carbide Co., National Carbon Co., the Prest-O-Lite Co.
The combination has been
(V. 104, p. 458) and the Air Reduction Co.
completed in respect to the first three companies, but the entrance of the
Air Reduction Co. Into the combination is hanging fire.
Tentative terms call for the formation of a new company, with either
$200,000,000 stock, consisting of .SlOO shares, or of 2,000.000 shares of no
par value. Stocks of this new company are not to be offered for sale, but
will be issued only to stockholders of the companies entering the combine.
Union Carbide .stockholders will get 2!^ shares of the new stock for each
share of Union Carbide. National Carbon stock will be exchanged, share
for share, and it was proposed that Air Reduction stockholders should get
Prest-O-Lite will get two
1 M new .shares for each share of their stock.
shares of the new stock for each old share.
It is highly probable, also, that the Linde Air Products Co. (V. 104, p.
668) will go into the combination, although terms and considerations have
not been agreed upon. It was the entrance of the Llndo Co. into this
combination that restricted the negotiations concerning Air Reduction.
These two companies produce similar commodities, and the combination
might have been amenable to the Sherman law if the stock control of the
new and at present unestablished competitor were acquired. The negotiations with the Air Reduction Co. were, therefore, on the basis of a purchase
of assets rather than stock. The tentative terms for the entrance of the
Air Reduction Co. [i.e., the acquisition of its oxygen and hydrogen business
and assets] were based on claims as to value of assets made by that comofficials. The reason that this company is not yet in the merger is
said, is because of difference of opinion as to the value of these assets.
Air Reduction planned to withhold from the combination certain nitrate
processes, estimating the value of these retained processes at about $20 a
share.
It therefore seems that negotiations have been directed toward
realizing the value of 130 for the stock, which the people who went into
that corn pan y were assu red they would get. See also V. 105, p- 722.'-
pany's
is
United Fruit Co.— Production.
~~
—
approached 1,000,000 bags.
The revolution did not directly injure the United Fruit Co. properties
in Cuba, but it did frighten away labor and generally messed up the
situation right at the height of the producing season.
"Because of reduced output sugar profits this year will naturally fall
below last. In 1916 sugar profits, including income from investments in
other sugar companies, amoimted to $4,758,034. This year on a similar
test profits are not likely to exceed $3,000,000.
The difference has, of
course, been more than atoned for by profits derived from other departments of the business.
"As the sugar situation is lining up, however, there is no reason why
United Fruit should not have a remarkable year in sugar in 1918. It may
Compare
easily earn its entire 8% dividend from this one source."
V. 105, p. 614.
— Earnings. —
An
authorative statement savs: The gross sales for the fiscal year ended
June 30 1917 were about $33,000,000 and net profits were about $8,500,000.
The net earnings take into account the normal income tax, but make no
allowance for excess profits or surplus taxes which are not known as yet and
which, therefore, cannot be calculated. The 1917 net of $8,500,000 is
equivalent to slightly better than $7 a share on the $1 ,200.000 share capital.
The company is booked with business a year ahead and if schedules of
automobile manufacturers and other consumers are maintained it is in for
a period of big profits. On the same amount of business and the same
general conditions it should materially increase its net in 1918 as it has in
reality two additional new properties which will be earners this year and
which last year contributed nothing to the parent treasury. V. 105, p.
826, 78.
—
Utah Copper Co.
1917~July
18,127,154
—^1916.
20,302,228
— Copper Production
—
{in Lbs.).
1917 7 Mos. •1916.
Increase.
2,175,0741117,416,935 105,251.690 12,165,245
Decreiise.l
—V. 105, p. 614.
Western Power Co.
Canada, Ltd.
of
—
—Earnings. —
This company reports operating revenues for July 1917, of $35,777, an
increase of 7.3% over 1916, and net earnings of $25,243, a decrease of
1.8% compared with July 1916. The net earnings for the year 1917 to
date are $186,903, compared with $157,201 in 1916. For the twelve months
ended July 1917, the net earnings are $328,491, an increase of 30.5% over
the same period in 1916. V. 105, p. 614.
—
Western Union Telegraph Co.
See Chicago Great Western
Ry
.
—
Litigation.
under "Railroads" above.
Westinghouse Electric
We
&
Mfg. Co.
— Notes
—
—V. 105,p.l86.
to be
—
Paid.
are advised that this company's 10-year Collateral notes maturing
Oct. 1 1917 will be paid off at maturity at the office of Bankers Trust Co.,
N. Y., trustee. There will be no new issue of notes to replace the issue.
—V. 105, p. 614. 78.
Willys-Overland Co.
The net
—
—
Earnings.
months ended June 30 1917,
—
—
it is
said,
—
Wolverine Copper Mining Co. Dividend Reduced.
A semi-annual dividend of $6 per share has been declared on the stock,
payable Oct. 1 to holders of record Sept.
paid.—V. 105, p. 614.
8.
only another way of saying that private business halts until
the Government business is satisfied, or at least until prices
in certain trades are fixed.
It is noticed, too, that even the
retail trade in most parts of the country is smaller than it
was earlier in the year. It is true that a good business is
being done at cantonment centres, but this is the exception
that proves the rule.
The tendency to economy is still observable throughout the country, owing to the high cost of
living, which has thus far been but little mitigated.
One
thing which militates against business in private channels is
the uncertainty as to just what prices the Government will
fix on some of the great commodities of the country and also
as to just what will be done in the matter of taxation on excess profits.
The deehne in the stock market during the
week has attracted wide attention in the mercantile world
as reflecting the alarm felt in that particular.
Building
continues very dull and the Pacific Northwest lumber trade
is backward.
Scarcity of labor is still a drawback over much
of the country, and the worst of it is that it threatens to increase as time goes on and the draft absorbs larger and larger
numbers of the population. Also, car shortage continues
to check business to a greater or lesser extent, aggravating a
situation already bad enough from price uncertainties.
Southern and central Texas is suffering from one of the
worst droughts in its history, and it looks to very many as
though the cotton crop in that State would fall below 3,000,000 bales. A scarcity of pickers in the cotton fields of
the South is threatened.
And the Government has
measures to restrict exports of cotton to both neutrals and
the Alhes.
The corn crop needs warmer weather. The
season for it is late, cool nights having retarded the maturity
of the crop.
Tobacco and other late crops also need warmer
weather. With lower prices believed to be impending in
not a few branches of industry, some cancellation of orders
would be nothing surprising
On the other hand prosperity is
so marked in the great agricultural sections of the country
that fall trade is increasing.
It may yet exceed expectations.
There is a tendency to increase crop estimates both in this
country and Canada. It would not be surprising if the corn
crop of this country should turn out to be the largest on
record, especially if it gets the right kind of weather during
the next six weeks.
It is rather suggestive that Tennessee
is offering corn in Chicago for October shipment.
The
Government cotton crop report points to a yield more than
1,000,000 bales larger than that of last year, although the
condition of the crop as a whole is
under the 10-year
average and the condition in Texas is the lowest on record,
drought in parts of that State offsetting favorable conditions in other parts.
Meanwhile, the big industries are in
raany eases very busy on Government orders. These are
likely to continue large for some time to come.
Nor is it
beheved that the Government wiU dictate unprofitable prices
to any branch of business with which it is concerned.
On
the whole, the business situation is considered sound, aU the
more so because prices are gradually seeking a lower and more
conservative basis.
,
3%
LARD higher; prime Western, 24.05c.; refined to the
Continent, 24.50c.; South America, 24.75c.; Brazil, 25.75c.
Futures declined for a time and then turned upward with
hogs, the receipts of which have been running below the
estimates. Also Liverpool prices have been strong.
Peace
rumors have helped and cash trade has been good. And
packers have been free buyers. Liverpool has reported the
demand good, offerings light and prices strong. The British
Governnaent has decided to extend its control, and maximum prices for provisions generally have been annulled.
To-day prices advanced, with hogs and with packers buying
nearby delivery. Prices end higher for the week. Hogs
were $18 85.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Septemberdelivery.cts.22.57
October delivery
22.55
Man.
22.87
22.85
Tues.
23.05
23.05
Wed
23.30
23.27
Thurs.
23.47
23.45
Frt.
23.57
23.57
PORK
firm; mess, $46@S46 50; clear, $45@$46; beef
products, steady; mess, $29@$30; extra India mess, $42@
S43.
Cut meats lower; pickled hams, 10 to 20 lbs., 22
255/gc.; pickled bellies, 30@32c.
Liverpool reports strong
prices, light offerings and a good demand.
The British
Government has broadened its control of the pro-visions
trade and has discontinued maximum prices. Butter,
creamery, 43M@44c. Cheese, State, 24@24Mc. Eggs,
^@
were
approximately $6,000,000, which, after allowing for proportionate dividend
requirements on the $15,000,000 pref. stock, is equal to 14.72% on the
$37,273,844 common stock outstanding, or $3 68 a share, $25 par value.
Output for the first 6 mos. in 1917 amounted to 91,489 cars, against 94,477
for the corresponding period for 1916.
V. 105, p. 826, 614. ,.^^,^1 .^
profits for the six
Friday Night, Aug. 31 1917.
Trade continues largely under the domination of the Government, both as to transactions and prices. There is a
tendency towards a lower price level. The Government has
fixed the price of wheat for the 1917 crop at S2 20 on the
It is believed that it will
basis of No. 1 Northern spring.
reduce prices for iron and steel, as well as copper and other
Steel and copper, as well as other metals,
metals, sugar, &c.
have declined during the week. Everywhere throughout
the country there is a tendency to readjust prices from the
abnormally high basis to something nearer the normal.
Business, too, is not so active as it was a year ago.
This is
.
The "Bo.ston News Bureau" on Aug. 20 said: "The United Fruit in
This
this crop season should make a total of about 750,000 bags of sugar.
These figwill compare with an output of 899,000 bags in the 1916 year.
ures, of course, include the two centrals. Banes and Nipe.
This shrinkage
of 150,000 bags from the 1916 crop is almost wholly a matter of weather
and revolution. Without these two troubles the crop would easily have
United Motors Corp.
COMMERCIAL EPITOME
In April last $7 per share was
fresh,
44@45c.
COFFEE firm; No. 7 Rio, OJ/gc; No. 4 Santos, 10@10Me.;
fair to
good Cucuta, 10^@lle.
Futures have fluctuated
@
Sept.
1
THE
1917.]
HRONICLE
within narrow limits, but have declined slightly at times as
Recently there were
the weather has been more favorable.
rumors of frost in Brazil. The crop movement has been
heavy, and crop advices are good, but now it is stated that,
beginning Sept. 1, there will be an official limitation of reCovering caused a
ceipts at Santos of 5,000 bags daily.
moderate advance later. Here there is little disposition to
The Exchange here
trade, pending further developments.
To-day prices
1 as well as Sept. 3.
There
to 3 points higher, with sales of 34,000 bags.
is a slight advance for the week.
Closing prices as follows:
cts.8.15@8.17
Sept
cts.7.52®7.53 January- cts.7.88@7.89 May
8.22@8.23
October
7.6Ku)7.62 February ...7.95W7.96 Juno
8.29@8.30
8.02C^8.04 July...
November _.7.71('S7.72 March
December.. -7.80@7.81 April
8.0S@8.10
will
be closed on Sept.
closed
.
1
SUGAR
lower; centrifugal, 96-degrees test, 7.02c.; molasses, 89-degrees test, 6.02 @6. 05c.; granulated, 8.30
8.50c.
It is intimated that Food Administrator Hoover
has suggested that refiners drop the price to the basis of
This seenas
7.25e. on and after Oct. 1 for cane granulated.
to point to lower prices both of cane and beet sugar which
will begin to move in October.
Raw cane sugar is, of course,
expected to decline. Refiners will have a conference with
Mr. Hoover at Washington next week. Closing prices:
ctS-4.82
August
cts-6.28 December
cts. 5.38 April
4.84
September
6.18 January
4.98 May
8.16@8.17
October
.5.98 February
4.80 .lune
8.22@8.23
November
5.73 March
4.80 July—
—
OILS. Linseed firm; city raw American seed, $1 24@
$1 25; city boiled American seed, $1 25@S1 26; Calcutta,
$1 40. Lard, prime, fl 88@$1 90. Cocoanut, Cochin,
21c.; Ceylon, 16@17c.; Palm, Lagos, 18@18}^c.; Soya,
bean, 14@143^c.; Corn, 14c. Cod, domestic, 86@88c.
Spirits of turpentine 42@42Hc.
Strained rosin, common
to good, $6 00.
Cottonseed oil closed higher on the spot at
15.20c.
Closing prices were as follows:
Sept...cts-15.23@15.24IDec...ct8-15.21@15.22 Mar.. cts.l5.36@15.37
Octobpr -.15.35@15.37lJanuary ..15.23@15.24 April
15.38@15.50
November.l5.21@15.23 February. -15.25@15.32
firm; refined in barrels $10 35@$11 35;
bulk, $5 50@$6 50; cases, $14 75@$15 75. Naphtha, 73 to
76 degrees, in 100-gallon drums and over, 4734c. Gasoline,
firm; motor gasoline in steel barrels, to garages, 24c.; to
consumers, 26c.; gasoline gas machine, steel, 41c.; 72 to 76
degrees, steel and wood, 38c.; 68 to 70 degrees, 28@32c.,
crude higher. The belief is spreading that there wiU be an
increase in production of crude, stimulated by the existing
premiums. Significance is attached to the developments of
new pools in the mid-continent and gulf coast fields. Prospects in California are described as more hojjeful. Unfortunately, a shortage of labor hampers operations in the
Eastern fields.
Closing quotations were as follows:
Pennsylvania dark S3 50 North Lima
$2 08 Illinois, above 30
Cabell
degrees
2 57 South Lima
2 08
$2 12
Mercer black
2 23 Indiana
1 98 Kansas and OklaCrichton
1 50 Princeton
homa
2 00
2 12
Corning
2 60 Somerset, 32 deg.. 2 40 Caddo, La., light. 2 00
Wooster
2 38 Ragland
1 10 Caddo, La. .heavy. 1 00
Thrall
2 00 Eiectra
2 00 Canada
2 48
Strawn
2 00 Moran
2 00 Humble
1 00
917
The output of ingot has been disproportionately large. Steel products, it is stated, are down to
an average price of $107 42 per gross ton, against $108 29
a week ago, and the high record price reached in the middle
of July of $119 69.
PIG IRON has been quiet pending the announcement of
the Government's price. Steel-making pig iron has dropped
$2 on Bessemer and as much as $4 on basic. It is said that
the supply for nearby delivery is small, a fact which causes
a good many of the furnaces to report prices firm.
meet requirements.
COTTON
Friday Night, Aug. 31 1917.
as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
99,115 bales, against 75,216 bales last week and 60,808
bales the previous week, making the total receipts since
Aug. 1 1917 295,309 bales, against 365,042 bales for the
same period of 1916, showing a decrease since Aug. 1 1917
of 69,733 bales.
THE MOVEMENT OP THE CROP,
Mon.
Sat.
Galveston
Port Arthur, &c_
New Orleans
Mobile. .
Pensacola
Wed.
Tues.
Thurs.
9,690
5,394
5,352
6,038
248
5,576
14
7,571
171
3,157
913
3,900
58
1,155
4,091
2,133
1,754
3,852
3,033
4,809
3
2
359
34
3
2
641
1,355
30
4
408
345
67
182
894
986
784
260
17
131
49
132
78
83
12
1,023
18
24,538
14,114
15,334
22,924
Wilmington
New York
5
1
_
Philadelphia
1,599
1,155
95
95
3,722
7,000
25
289
Charleston
Boston
Baltimore
36,681
248
25,171
5,160
876
84
Noriolk - N'port News, &c.
Total.
5.047
Jacksonville __
Savannah
Brunswick
Fri.
19,303
7,000
99
7
2,827
78
1,828
1,786
1,023
215
I
PETROLEUM
De
Soto...
1
90 Plymouth
2 03 Henrietta
2 00
TOBACCO'—Prices
have been firm with trade, however,
either quiet or only moderately active.
In general, it has
been slow at previous prices. There is a good consumption
and holders are generally confident. The Government
report said that the weather was favorable for thr ripening
and harvesting of tobacco, and cutting and curing was in
progress in many districts.
It was too dry and somewhat
too cool for the best development of the crop in Wisconsin.
It is said that a good crop is promised in Pennsylvania.
The South Carohna crop, it is also stated, has been all sold
and brought about $20,000,000, or nearly quadruple the
price paid in recent years.
Very high prices are also being
paid in Virginia.
COPPER lower
Lake here on the
spot,
27@28c.;
elec-
26@263^c.; for fourth quarter electrolytic, 24
25J^e. All sorts of rumors are afloat as to what price to
Government will decide upon. They range from 20 to
Of course nobody as yet knows anything about it.
213^c.
Government will be advised to name
20e. as the maximum.
Meantime, trade is duU, pending a
settlement of this vexed question. Lead lower on the spot,
10 @ 10 He
Nobody knows how much will be required by
the Government, nor what prices it will fix. Naturally
insist that the
•
trade, under the circumstances, is quiet.
Tin higher on the
spot at 615^@61^c. With London higher, New York has
responded, though trade has remained rather quiet. Ai-rivals, 2, .520 tons; afloat, 4,215 tons.
Spelter lower; spot, 8@
8J^c. Trade has been on only a moderate scale, but prices,
after some decline, are fairly steady, though supplies are
considered ample.
STEEL has been quiet, awaiting Government fixation of
prices.
Meanwhile the drift of quotations seems to be downward. All sorts of rumors have been afloat as to what price
the Government might decide upon. Everybody is at sea.
Plates are down to 8c. at Pittsburgh, a decline of $20 per
net ton. Domestic steel capacity is increasing and at the
same time exports are restricted. It is believed that the
Government requirements in the matter of steel will be announced as it fixes prices. The trade as a whole is naturally
in a waiting attitude and business [suffers by the delay
Everybody hopes that the Government will soon take decisive action, end the suspense and allow general business to
proceed. It is said that there is not enough rolled steel to
8,429
13,776
The following shows the week's
Aug. 1 1917 and the stocks
since
99,115
total receipts, the total
to-night, compared with
last year:
1917.
Receipts to
AU'j. 31.
Galveston
Texas City
Port Arthur, &CNew Orleans
Mobile
Pensacola
96,166
57,450
"248
25,171
612
46,930
5,833
161
15,948
7,483
95
720
Norfolk
N'port News, &c_
2,827
Boston
Baltimore
1,828
1,786
1,023
63,380
23,000
4,426
301
20,984
269
6,301
14,019
10,224
215
989
Charleston
Wilmington
7
78
New York
Philadelphia
39
38,305
6,500
1,216
1,247
6,685
2,106
231
1,227
461
295,309 139,059
99,115
Totals
Since Aug
1 1916.
1,155
19,303
7,000
99
Jacksonville
Savannah
Brunswick
This
Week.
36,681
1,599
1,155
Stock.
1916.
This Since Aug
Week.
1 1917.
1917.
91.765
90
129,378
3,375
734
53,489
26,282
"""182
77,314
17,000
5,869
"7"2",56i
9,153
"'3",205
81.496
2,111
50
92,705
16,799
46,365
6,000
2,883
40,901
57,276
38
79,539
9,700
21,634
26,600
20,436
"5"5",736
"6"6",607
7,338
22,226:
5.531
1.623
3,450
875
418,944
425,744
9,4,53
28,019
7,978
926
3,604
1,366
73
365,042
1916.
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at
—
1916.
1917.
Galveston
TexasCity,&c.
New Orleans.
Mobile
36,681
248
161
25,171
1,599
19,303
7,000
99
1913.
1912.
21,996
906
1,127
684
6,230
"""758
106,371
7,325
4,193
3,598
25,464
2,400
1,865
170,244
""617
690
287
394
889
1,238
393
769
1914.
1915.
15,414
6,312
9,608
57,4.50
966
Wilmington..
7
Norfolk
N'port N.,&c.
2,827
78
6,102
15.948
7.483
38,305
6,500
1,216
1,247
6,685
2,106
1,958
Total this wk.
99,115
139,059
72,493
33,430
153,476
121,123
Since Aug. 1_
295,309
365,042
163,219
67,689
404,074
344,612
Savannah
Brunswick
Charleston, &c
trolytic,
Some
Totals this week.
All others
597
25,543
50
1,111
414
12,673
183
5 88
1,986
918
7,316
264
590
506
95
The exports for the week ending this evening reach a total
of 87,703 bales, of which 73,602 were to Great Britain,
12,851 to France and 1,250 to other destinations. Exports
for the week and since Aug. 1 1917 are as follows:
Week ending Aug. 31 1917.
Exported
—
From
.\ug.
lo
1 1917 to Aug. 31 1917.
Exported to
—
Exports
—
Great
from
Britain. France. Other.
8,173
NewOrleans 20,217
Galveston.
Total.
8,173
'250 22,333
65,685
78,078
3,875
r,92<j
21,364
12,050
5,444
11,282
5,128
1,929
10,779
40,132
5,444
34,498
8,842
1,311
1,250 87.703
58,853 109,234
508 19,983 33,960
_
l",866
Mobile
Pensacola.
Savannali .
Brunswick
_
_
Norfolk
New
York.
Baltimore..
r,929
10.779
12,050
5.444
9,882
5,128
10',585
'400
i",o66
Philadel'a..
Total
Total 1916.
Total 1915-
Great
Britain.
73,602
12,851
47,244
13,469
3,137
France.
Other.
Total.
65,685
109.950
3,875
1,929
52,415
40,132
5,444
56,773
8,842
'2'8',922
"2',956
'l'o',585
'3"l',65i
"4',ii9
'l'8',i56
250,573
43,626
52,157
346.356
151,528
40,059
72,765
10,478
173.053
118,286
397,346
168,823
1,311
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
We add similar figures for
cleared, at the ports named.
New
York.
THE CHRONICLE
918
On Shipboard, Not Cleared forGreat
Auy. 31 atGalveston
New Orleans.
Savannah
Britain. France.
13,560
13,514
2,300
Ger-
Other
many.
Con't.
11,273
6,675
870
Coastwise.
5,250
Norfolk
Leaving
Total.
30,083
638 21, .597
4,000
1 .700,
New York
Other ports..
Total 1917Total 19 Hi,
Total 1915-
6",287
6',
850
664
3.000
6,000
3,000
45.325
56 .535
9,763
3,870
4, 80S
6,700
100
17,948
15.480
29,639
8,338
6.064
3,300
was recovered later on the bullish summary already menMiddling upland
Prices are lower for the week.
tioned.
closed at 23..30c., a decline of 10 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the jjast week has been:
Sat. A\on. Tues. Wed. Thurs. Fri.
Au«. 25 to Aug. 31—
23.20 23.10 23.45 23.40 23.40 23.30
Middling uplands
loss
Charleston
Mobile
[Vol. 105.
287
Slock.
61,682
.50.964
42.365
2.883
1,514
2 ,866
.55.762
6,000
6.000
49,736
77,205
75,481
82.887
49,502
343.463
342.8.57
625,866
NEW YORK QUOTATIONS FOR
12.80 1901. c
9.50 1900
23.30 1909. c
16.40 1908
9.30 1907..
1906.
12..50 1905
11.25 1904
11.60 1903
..17.50 1902
1917. c
1916
1915
1914
1913
1912
1911.1910
1899
1898
1897
1896
1895
1894
13..55
9.80
10.95
11. .50
12.75
YEARS.
32
1893.C
8.62
9.62
6.19
5.75
8.00
7.88
8.19
6.88
7.62
7.12
8.38
.11.00
-11.50
.11.06
. 9.88
. 9.19
-
1892
1891
1890
1889
1888
1887
1886
.
.
9.00
Speculation in cotton for future deliverj' has been moderate
SALES AT
and at irregular prices. But after a recent break of about .5
YORK.
The total sales of cotton on the spot each day during the
cents per pound or more, the market reacted, owing to a disposition to cover shorts and buy for a turn on the eve of the week at New York are indicated in the following statement.
Government report and three holidays following it. The For the convenience of the reader we also add columns which
Texas drought made a good many believe that this report show at a glance how the market for spot and futures closed
might be more bullish than many have been looking for. on same days.
The drought has been severe in central and southern Texas
Fu ures
SALES.
and some of the private crop reports have put the condition
Spot Market
Marke
of Texas at anywhere from .55 to 57.8 as against 68 a month
Closed.
Closed.
Spa
Contract Toal.
ago and 66 last year. The Government report appeared
Quiet, 20 pts. dec Barely steady. .
Saturday
to-day at 11 o'clock and stated the condition of the belt Monday
Quiet, 10 pts. dec Irregular
300
300
Quiet, 3.5 pts. adv.. steady
400
400
at 67.8%, gainst 70.3 last month, 61.2 last year, 69.2 in Tuosday
"50
Steady,
Wednesday.
pts. dec Barely steady.
5
600
650
It Thur.sday
1915, 78 in 1914 and 68.2 in 1913, and 74.8 in 1912.
Steady
.. Quiet
3,000
gave the Texas condition as 55%. The effect was on the Friday
Quiet
BarelySteady..
whole depressing. The average deterioration for the month
Total
50
4,300
4.350
was only 2.-5% as against an average of 6.5 for the preceding
greater
decrease
at
times
in
the
last
a
far
15
years,
and
ten
FUTURES. The highest, lowest and closing prices at
The condition was only 3.1% under the 10-year New York for the past week have been as follows:
years.
average. Alabama's condition which was a year ago 45, is
Thurs.
Sat.
Mon.
Tues.
Wed.
Fri.
now 65. Mississippi, which was then 49, is now 75. LouisAug. 25. Aug. 27. A-ug. 28. Aug. 29. Aug. 30. Aug. 31. Week.
South Carolina
iana', which last year was 64 is now 75.
—
which was 57 then is 74 now. Georgia which was then 62 September
22.20-.57 21. 70- .07 22.20-.38 —
Range
22.30-.45 22.22
21.70-.57
Oklahoma is 84 as against a 10
Closing
22.15-.20 22.19 — 22.45 — 22.35
is 68 by the latest report.
22.37
22.20
—
October
year average of 68. The average for the belt was con21.78-.40 21. 40-. 13 21.9S-.40 22.05-..55 22.0o-.3o 2 1.69- .38 21.40-/55
Range
Some of these had
sidered discounted by previous reports.
Closing
21.84-.85 22 .00-. 09 22.30-.31 22. 15-. 10 22.21-.22 21.91-.02
—
been 67 to 67.8, some others had been 68.8 to 69.1. These November
—
22.18-.25
Range
22.22
22.25 — 22.18-.25
took the edge off the Government report. At first it caused
Closing
21.80 — 22.00
22.31
22.18
22.18
21.92 —
December
rally
because
reason.
there
was
a
this
Later
on
selling for
21.79-.47 21.40-. 15 22.03-.44 22.0.3-.58 22.03-.42 21.75-38 21.46-/58
R.infce
of the bullish summary from Washington which followed
21.80-.83 22 .08-. 15 22.35-.38 22.20-.23 22.1S-.21 21.95-.00
Closing
—
January
in
It draws a gloomy picture of the outlook
the report.
21.78-.45 21. 43-. 15 22.07-.43 22.04-. 57 22.04-.39 21.70-.34 21.43-/57
Range
central and southern Texas where the drought has been so
rio.'iing
21.79-.83 22.07-. 15 22.34-.35 22.20-.21 22. 16-. 19 21.91-.91 —
severe that it says it is doubtful whether even heavy rains Fthr-ianj—
Kim^e
21.75
21.75
In much of this part of
at this time would do any good.
—
'losiiii^
22.39 — 22.24 — 22.20
21.95
Texas one picking got the crop. The stalk is dead or so Mnrck—
21.98-.61 21.62-.32 22.24-.62 22.28-.74 22 .23-. 59 21. 95-. 55 21.62-/74
Range
badly damaged that it is officially stated that nothing could
21.98-.02 22.25-.26 22.53-. 55 22.34-.45 22.36-.39 22.05-.12
Closing
benefit it.
Stress has been laid on the damage done by the April—
—
22.34-.46
Range
22.46
22.34
drought in Texas and some low crop estimates have been
—
Closing
22.00
22.27
22.56
22.40
22.40
22.08
current, that is something under 3,000,000 bales, as against May—
Range
22.30-..5S 2X.75-.40 22.43-. 74 22.48-.85 22.40-.83 21.95-.70 21.75-/85
3,312,000 bales last year, and the high record of 4,800,000
Clcsing
22.13 — 22.39-.42 22.69-. 70 22. 50-. 51 22.53-. 55 22.1G-.23
Also it has been too dry in parts of Geor- June—
bales in 1912-13.
—
22.48-.57
rain.
Range
22.57
22.48 —
gia, w^hile Mississippi on the other hand had too much
—
Closing
22.13
22.17
22.39 — 22.70
22.50
22.53
It has been rather too cool in parts of Alabama and MississJuly—
—
—
22.41-.65 21. 78-. 40
22.52-.59 22.30
ippi; as well as Georgia.
More or less damage has been done
Range
2 1.78- .65
Closing
22.22
22.45 — 22.76 — 22.58 — 22.54-.55 22.24 — —
by weevil and shedding in Georgia, Alabama, Florida, Mississippi, Louisiana and Arkansa^s. In North Carolina all crops
are said to need rain South Carolina has gone backward it is
QUOTATIONS PORMIDDLING COTTON AT
stated, except in the western and northwestern counties.
MARKETS.
Below are the closing quotations of middUng
southIn
more
sunshine.
Tennessee needs
warmth and
cotton at Southern and other principal cotton markets for
eastern Arkansas boll weevil and shedding are said to be
each day of the week.
becoming serious evils. In Texas, while the crop is promising in the northern and eastern sections, it is declared
Closing Quotations for Middling Cotton on
officially to be small or a failure in the droughty sections.
Week ending
Aug. 31.
Even heavy rains it is stated now would be of doubtful
Saturday, Monday, Tuesday. Wed'day.<^Thursd'v. Friday.
benefit.
Liverpool and trade interests, as well as shorts Galveston
22.90
22.90
22.90 W 22.90
23.25
22.75
have been buying. One reason for the heavy covering which New Orleans
22.50
22.50
24.00
22.50
22.50
22.50
Mobile
22.50
22.50
23.25
22.25
22.00
22.50
lifted prices over 100 points from the low level of last week,
Savannah
22.75
22 J^
23.00
23 J^
23.00
23}^
was not only the nervousness over the Texas drought and Charleston
22.00
22.00
22.00
23 i^
22.00
23}^
Wilmington
22.00
22.00
22.00
22.00
23 H
the uncertainty as to what the Government report might Norfolk
23.25
23.50
23775
23..50
23.50
23.50
say, but also because of the fact that following the close of Baltimore
23.00
23.25
23.50
23.00
23.00
23.25
Philadelphia
23..55
23.65
23.45
23.35
23.65
23.70
Friday, there would be three holidays. The Exchange had
AuKusta
22.38
22.38
22.19
22.00
22.38
22.50
voted to adjom-n over Saturday, Sept. 1, and would of Memphis
25.00
25.00
25.00
25.00
25.00
25.00
Everybody Dallas
22.20
22.00
22.10
22.35
22.15
course be closed as usual on Labor Day, Sept. 3.
Houston..
22.80
22.80
23.00
23.25
22.65
22.80
felt too that a rally was due after a decline of something like
Little Rock..
24.50
24.50
24.50
24.50
24.50
24.50
$25 a bale.
The liquidation on the way down has been
drastic.
A large short interest had been built up. Peace
The highORLEANS
talk was heard at times.
This was always a bullish factor est, lowest and closing quotations for leading contracts in the
in cotton.
On the other hand the President issued a procla- New Orleans cotton market for the past week have been as
mation declaring resti-ictions on exports of cotton, as well foUows:
as wools, silk, etc., to both neutrals and Allies. This is
Sa urday, Monday, Tuesday,! Wed'day, Thursd'y, Friday,
expected to cause a material reduction in the exports this
Aug. 25. Aug. 27. Aug. 2&.'Aug. 29. Aug. 30. Aug. 31.
season.
Besides ocean freights continue scarce and high.
Recently the British Government announced the rates as September
Range ..
21.41-.42 21.60
$5 to $6.25 per 100 lbs. and added that there would be no
Closing..
21.38.-40
21.31-.34 21.55
21.35
21.68 —21.49
October
increased
has
not
change except on two months' notice. It
Range ..
20.96-.56 20.49-. 23 21.02-.,50 21.20-. 65 21.14-.49 20. 93-. 60
the supply of ocean tonnage available for the cotton trade.
Closing..
20.96-.98 21. 20-. 23 21.47-.,4921.24- .30 21.21-.26 21. 13-. 14
December^
foreign
the
Car shortage at the South may also interfere with
Range ..
20.98-. 62 20.55-.30 21.09-.,55 21.25-.75 21.23-.56 21. 00-. 70
business in cotton.
Taking the belt as a whole, most people
(closing..
21.00-.02 21.25-.29 21.51-.,52 21.34-.40 21.31-.34 21. 17-. 18
In
January
favorable.
think that the outlook, aside from Texas, is
Range
..
21. 09-. 68 20.67-.41 21.18-,.64 21.36-.81 21.38-. 62 21. 15-. 70
any ease, the belief is widespread that supplies will be ample,
Closing..
21.11
21.37-.41 21.61-,.62 21.45-.46 21. 40-. 42 21. 26-. 27
gradMarch
or more than ample, and that the indications point to a
Range
..
21. 23-. 72 20.80-.48 21.41- .74*21. 56-. 93 21 .53-. 67 21. 30-. 80
ual decline, with rallies now and then at the expense of the
Closing..
21.39.-41
21.23
21.46-.48 21.77- .79 21.56-.59 21.54
short interest.
To-day prices advanced at first, in the fear May—
Range ..
21.50
21.83
of a bullish Government report, but when it appeared at
Closing..
21. 43- .47 21.66-.68 21.97-.00 21.76-78 21. 74-. 76 21. 59-. 61
11 o'clock it was the signal for selling, which carried prices Tone^
Spot
Quiet.
Quiet.
down some 65 to 70 points from the best of the morning,
Quiet.
Quiet.
Quiet,
Quiet.
Options .
Ba'ly sty Steady. Steady. Steady. steady. Steady.
or 40 to 50 points from the previous closing. But part of this
NEW
MARKET AND
.
—
.
—
—
——
—
—
—
—
—
—
—
—
.
(
———
——
—
—
—
.
.
—
—
—
—
—
—
—
—
—
.
——
———
.
.
—
—
—
—
—
.
.
—
—
—
—
.
—
—
.
OTHER
,
—
—
NEW
CONTRACT MARKET.—
—
—
—
—
—
—
I
—
—
I
—
—
—
—
—
!
—
_.
.
.
.
THE CHRONICLE
Ses>t. 1 1917.]
THE VISIBLE SUPPLY OF COTTON
to-night, as made
Foreign stocks,
cable and telegraph, is as follows.
as well as the afloat, are this week's returns, and consequentlyall 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 by
Auyxist 31
Stock at Liverpool
Stock at London
Stock at Manchester
bales.
Total Great Britain
Stock at Hamburg.
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1918.
232,000
22,000
24,000
647,000 1,190,000
33,000
71,000
28,000
71,000
278,000
150,000
3 ,000
74,000
8,000
235,000
Total Continental stocks
Total European stocks
India cotton afloat for Europe
Amer. cotton
1917.
406,000
Stock
Stock
Stock
Stock
U.
in Alexandria, Egypt
in Bombay, India
in U.S. ports
in
S Interior towns
U
.
.
.
to-day
S. exports
613,000 1,114,000 1,821,000 1,521,000
143,000
33 ,000
22,000
63,000
28,462
280,574
137,576
10,000
15,000
31,000
*88,000
50,000
8,000
104,000
*900,000
660,000
551,000
608,000
425,744
230,144
418,944
675,368
247 ,888
264,471
428,150
125,619
17,428
33,638
6,076
Total visible supply
2,492,260 2,709,227 3,874 170 2,811,225
Of the above, totals of American and other descriptions are as follows
American
—
Liverpool stock
Manchester stock
Continental stock
137,000
17 ,000
*205 ,000
278,000
418,944
247,888
17,428
bales.
,
American afloat for Europe
U. U. ports stocks
U. S. interior stocks
U. S. exports to-day..
Total American
East Indian, Brazil,
Liverpool stock
<&c.
—
95 ,000
22,000
-
Manchester stock
Contmental stock
India afloat for Europe
Brazil
,
,
&c
.
,
943, 000
600,000
48,000
*440,000
28,462
230,144
125,619
56, 000
*402, 000
137, 576
675 368
428 150
6 076
7 ,000
*30 ,000
33,000
34, 000
afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
50,000
*900,000
Total East India, &c
Total American
247,000
71,000
15,000
*87,000
63,000
31,000
104,000
608,000
126,000
33,000
3,000
*105,000
22,000
10,000
8,000
551,000
281,000
5,000
19,000
*128,000
143,000
15,000
*88,000
660,000
858,000 1,226,000 1,339,000
1,171,000
1,321,260 1,851,227 2,648,170 1,472,225
Total visible supply.
..2,492,260 2,709,227 3,874.170 2,811,225
18 .25d
9.90d.
5.78d.
6.90d.
Middling Upland ,"Liverpool
23 .30c
16.30c.
9.85c.
Middling Upland New York
14.33d.
8.30d.
'8".75d".
Egypt, Good Brown, Liverpool.. 30.25d.
13.75d.
Peruvian, Rough Good, Liverpool 26.80d.
lo.god.
8.7.^.
17.85d.
9.30d.
5.40d.
5.60d.
Broach, Pine, Liverpool
18.03d.
9.32d.
Tmnevelly, Good, Liverpool
5.52d.
5.55d.
,
Estimated, a Revised.
I Continental imports for past week have been 3 1,000 bales.
The above figures for 1917 show a decrease from last week
of [52,700 bales, a loss of 216,967 bales from 1916, a decline
of 1,381,910 bales from 1915 and a falling off of 318,965
bales from 1914.
I*'
TOWNS
THE
the movement—that is,
INTERIOR
AT
the 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.
—
MovemerU
Tovms.
Week.
Euf aula __
Montgomery..
Selma
Rock..
Athens
Atlanta
Augusta
180
1,144
3,530
960
7,210
5,419
183
5,527
669
1,000
3,497
2,282
116
.
745
528
9,794
1,025
2,000
5,918
5,400
306
190
94
300
350
960
2,100
800
569
3.300
4,500
147
100
1.023
110
462
170
7
509
2,460
53.398
2,242
145
16,251
Mlss.,Columbus
Clarksdale*..
ioo
Greenwood. _
Meridian
Natchez
VIcksburg
.
235
Raleigh
31.
1,027
1,186
14,731
13,626
1,803
2,857
1,800
3,180
956
163
189
14
6,558
O., Cincinnati.
Okla., Ardmore
Chlckasha ...
Week.
905
La., Shreveport
Yazoo City _
Mo., St. Louis.
N.CGr'nsboro
Aug.
1,905
51
Rome
nieiils.
1,189
Columbus
Macon
Slocks.
100
755
382
115
Pine Bluff
Ga.. Albany...
Ship-
150
2,045
793
552
657
253
Ark., Helena.
Movement
Aug. 31 1917.
Season.
100
966
438
Ala.,
Little
to
Receipts.
500
3,811
500
388
__ _
1,300
3,352
4,490
1,513
1,316
22
25
1,646 22,409
1,566
to Sept.
Week.
Season.
1,547
1,181
1,029
774
107
348
265
2,153
881
2,627
12,678
400
2,774
1,092
132
2,752
292
4,216
1,815
13,582
19,194
578
9,888
5,859
353
1,319
2,528
1,778
21
50
371
21
89
1,164
1,512
45
482
1
55
2,000
1,384
4
2,556
556
5
55
10,608
9,649
1
1
1916.
Shipmenls.
Receipts
Week.
Stocks
Sept.
1.
1,067
4,150
1,229 32,843
1,151 10,358
98
1,037
266
407
4,308
3,821
1,996
1.372
1.253
3,393
9,957 12,391
10,398 30,795
3,300
6,832
5,396
5,780
806
2,286
1,574
4,466
86
35
504
538
184
115
281
503
1,100
2,747
3,568
1,652
135
1,771
8,000
3,776
328
1,820
3,808
15
,455
J, 355
124
18
200
14,183
107
1,521
"so
l",674
300
Hugo
Oklahoma
S.C, Greenville
Greenwood
Tenn..Memphls
Nashville
Tex., Abilene..
Brenham
Clarksville...
Dallas
715
4,250
3
3,465
21
3
19,995
31
1,494
7,120
607
1,199
1,084
49
4,309
1,689
15,024
3,859
22
6,836
3,107
743
1.624
42.865
65,053
4,000
3,732
157.458 66,392 39,725
4.716
3,9fiO
767
11,473
3,297
3,487
90,065 247,888 117,562
300,786 120,584 264,271
'i63
6,584
31
575
12,626 83,007
92
99
97
1,056
1,437
1,131
Honey Grove.
Houston
447
1,259
.
66,825
144,665 52,698
Paris
San Antonio..
1,808
3,9ii
Total, 41 towns
93,880
282.791
Last
1,217
4,618
113
2,100
4,010 43,269
551
53
3,772
1,210
1,797
608
year's figures for Greenville.
The above
show that the interior stocks have increased during the week 3,815 bales and are to-night 16,383
bales less than at the same time last year.
The receipts at
aU towns have been 23,682 bales less than the same week
last year.
totals
-1916Since
Since
Week.
3,352
6,018
Mounds, &c
Rock Island
Aug.
1.
58,261
19,296
Week.
1,820
714
"657
Aug.
1
.
11,547
2,482
'2",
562
4,657
3,218
3,761
3,210
8,706
20,019
20,027
926
4,876
998
4,490
5,046
38,925
Total gross overland
21,568
Deduct Shipments
Overland to N. Y., Boston, &c.. 4,852
Between interior towns
1.368
Inland. &c., from South
8.789
129,519
10.550
65,488
31,533
7.341
30,775
1,919
5,359
5,969
4,312
16,368
15 .009
69,649
7,900
26,649
6,559
59,870
2,650
38,839
Louisville
.
Cincinnati
Virginia points
other routes, &c
—
Total to be deducted.
Leaving total net overland*
1,557
622
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 6,559 bales, against 2,650 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 21,031 bales.
In
Sight
Takings.
Receipts at ports to Aug. 31
to Aug. 31
Tieek.
99,115
6,559
Southern consumption to Aug. 31 88,000
Net overland
Total marketed
...193,674
3,815
Interior stocks in excess
-1916Since
-1917Since
and Spinners'
Came into sight during week
1,321,260 1,851,227 2,648,170 1,472,225
London stock
Egypt
521,000
25,000
*30 1,000
280,574
425,744
264,271
33.638
—
Via St. Louis
Europe.. 278,000
Egypt.Brazil.&c.afloat for Eur'pe
34 ,000
afloat for
-1917
Aug. 31—
Shipped
Via
Via
Via
Via
Via
Via
568,000
489,000
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
1914.
953,000
*29,000
*230,000
235,000
4,000
*20,000
*20,000
*30,000
708,000 1,332,000
*1,000
*1,000
*1,000
*16,000
197,000
224,000
12,000
7,000
a54,000
084,000
140,000
155,000
*1,000
*1,000
OVERLAND MOVEMENT FOR THE WEEK AND
1. —We give below a statement shoAving the
SINCE AUG.
881,000
5,000
67,000
1915.
919
Week.
139,059
2,650
77,000
Aug.
295,309
59,870
399,000
754,179
1107,054
218,709
^3,022
765,881
z89,463
Aug.
1.
215,687
197,489
Total in sight Aug. 31
676,418
647,125
North.spinnVtakingsto Aug. 31 23,765
150,671
Decrease during week, x Less than Aug. 1.
Movement into sight in previous years:
Week
Bales.
Since Aug. I
—
|
1915— Sept.
1.
365,049
38,830
362,002
21.690
114,157
Bales.
137,811 1915—
478,876
3
— Sept. 34
346,648
95,052 1914— Sept. 4
700,178
1913— Sept. 6
230,040 1913— Sept. 5
WEATHER REPORTS BY TELEGRAPH.—Advices to
~
Sept".
1914
us by telegraph this evening from the South are in the main of
a favorable tenor. In the droughty districts of Texas, howPicking is
ever, condition of cotton is stated to be poor.
becoming more general and in Texas and other early districts
is making very satisfactory progress.
Galveston, Tex.~-hight rains oecured in scattered localities
but were too light to be beneficial. Temperatures were more
favorable.
Cotton is opening rapidly and picking and ginning are making good progress. Prospects in the droughty
We have had rain on two
districts still continue to be poor.
days during the week, the rainfall being one inch and seventysix hundredths.
The thermometer has averaged 81, ranging
from 70 to 92.
Abilene, Tez.— There has been light rain on two days of the
week, the rainfall reaching twenty-six hundredths of an inch.
The thermometer has ranged from 62 to 98, averaging 79.
Brenham, Tex. We have had rain on one day of the week,
the precipitation being fifteen hundredths of an inch.
Average thermometer 84, highest 102, lowest 65.
Brownsville, Tex. -There has been no rain the past week.
The thermometer has averaged 86, the highest being 100 and
the lowest 72.
There has been rain on one day dm'ing the
Cuero, Tex.
week, the rainfall reaching sixty-eight hundredths of an inch.
The thermometer has averaged 84, ranging from 67 to 101.
Dallas, Tex. -We have had rain on one day during the
week, the rainfall reaching forty-eight hundredths of an inch.
The thermometer has ranged from 60 to 95, averaging 78.
Rain has fallen on one day of the week,
Fort Worth, Tex.
the precipitation being fifty-four hundredths of an inch.
Average thermometer 78, highest 96, lowest 60.
Henrietta, Tex. -There has been no rain during the week.
The thermometer has averaged 77, the highest being 101
and the lowest 53.
Huntsville, Tex.- -There has been no rain during the week.
The thermometer has averaged 78, ranging from 60 to 95.
Kerrville, Tex.— It has rained on one day of the week, the
The
rainfall reaching fourteen hundredths of an inch.
thermometer has ranged from 53 to 97, averaging 75.
Lampasas, Tex. We have had rain on one day of the week,
the precipitation being thirty-seven hundredths of an inch.
Average thermometer 79, highest 102, lowest 55.
There has been no rain the past week.
Longvieiv, Tex.
The thermometer has averaged 78, the highest being 95 and
the lowest 60.
We have had rain on one day during the
Luling, Tex.
week, the rainfall being sixty-two hundredths of an inch.
The thermometer has averaged 79, ranging from 60 to 98.
Nacogdoches, Tex. There has been no rain the past week.
The thermometer has ranged from 56 to 100, averaging 78.
We have had no rain during the week.
Palestine, Tex.
Average thermometer 79, highest 96, lowest 62.
There has been good rain on one day during
Paris, Tex.
the week, the rainfall being one inch and twenty-two_ hunThe thermometer has averaged 79, the highest
dredths.
being 96 and the lowest 62.
San Antonio, Tex. We have had no rain during the week.
The thermometer has averaged 83, ranging from 68 to 98.
—
—
—
—
—
—
—
—
—
—
—
—
—
—
THE CHRONICLE
920
Weatherford, Tex.
— We have had no rain during the W(;ok.
The thermometer has ranged from 60 to 95, averaging 78.
Ardmore, Okla. Rainfall for the week eighteen hundredths
—
Average thermometer 78, highest
of an inch, on one day.
99, lowest 56.
Muskogee, Okla. There has been rain on one day of the
past week, the rainfall being seventy-three hundredths of an
The thermometer has averaged 73, the highest being
inch.
91, and the lowest 55
Rain has fallen on two days of the week,
Eldorado, Ark.
the precipitation reaching one inch and forty-eight hunThe thermometer has averaged 73, ranging from
dredths.
52 to 93.
It has rained on two days of the week,
Little Rock, Ark.
the rainfall reaching thirty hundredths of an inch. The
thermometer has ranged from 60 to 88, averaging 74.
have had rain on three days of the
Texarkana, Ark.
week, the precipitation being twenty-eight hundredths of an
Average thermometer 75, highest 92, lowest 58.
inch.
There has been rain on one day during
Alexandria, La.
the week, the precipitation being eighty hundredths of an
The thermometer has averaged 77, the highest being
inch.
94 and the lowest 60.
New Orleans, La.- Rain has fallen on three days of the
week, the precipitation reaching one inch and eight hundredths.
The thermometer has averaged 82, ranging from
74 to 92.
It has rained on one day of the week, the
Shreveport, La.
—
—
—
—We
—
—
—
one inch and sixty-two hundredths. The
thermometer has ranged from 66 to 88, averaging 77.
Columbus, Miss. -We have had rain on one day of the
week, the precipitation being eighty hundredths of an inch.
Average thermometer 74, highest 93, lowest 55.
There has been rain on three days of
Greenville, Miss.
the past week, the rainfall being one inch and twenty-two
hundredths. The thermometer has averaged 75, the highest
being 92 and the lowest 58.
There has been rain on two days the
Vicksburg, Miss.
past week, to the extent of sixty- two hundredths of an inch.
The thermometer has averaged 77, ranging from 65 to 88.
Mobile, Ala. Weather more favorable, picking progresses
It has been
rapidly and general condition of cotton good.
dry all of the week. The thermometer has ranged from 66
rainfall reaching
—
—
rvoL. 105.
arc those of the commercial crop, namely the crop which has
come forward to be counted that is, has reached the Southern outports, or Southern mills, or been shipped overland
—
The crop
North.
way amounted
in this
the other hand, the Census in its crop statement undertakes to show the actual production (lint and linters) and
The difference is due to
this it gives as 12,692,407 bales.
the fact that owing to extremely high prices ruling cotton
held back in warehouses has come upon the market. There
was carried over on July 31 1916 at Southern mills and at
public warehouses and compresses in the South 1,562,732
bales of lint, and this total was reduced by 327,302 bales at
On the other hand, however,
the close of July this year.
stocks of linters in consuming establishments, public warehouses and compresses and at oil mills were approximately
132,000 bales larger on July 31 1917 than on the same date
of 1916, though there are no complete details to show how
The difthis was distributed among the different States.
ference between these two totals serves to account for
195,302 bales of the divergence between the commercial
crop of 1916-17 and the actual yield as reported by the
Census Bureau. In the following we attempt a reconciliaThe last column,
tion between the two sets of figures.
showing the amount distributed out of the product of each
State, ought to furnish a very close approach to the comIn the final result, after allowing
mercial crop of the State.
in a lump sum for the increase in the stocks of linters (details
for these by States being lacking, as already stated),, the
agreement with our figures of the commercial crop is very
In other words, the Census statistics show 12,879,709
close.
bales distributed, while our compilations make the comThe remaining difference would
mercial crop 12,975,569.
no doubt be accounted for if we could also have the record
of the stocks on plantations and in private warehouses which
high prices undoubtedly served to draw down to a very low
figure, or practically wipe out.
—
Stocks
—
Montgomery, Ala. We have had rain on one day during
the past week, to the extent of four hundredths of an inch.
Average thermometer 77, highest 91, lowest 62.
Selma, Ala.
It has rained on two days during the week,
the rainfall having reached fifteen hundredths of an inch.
The thermometer has averaged 75, the highest being 89 and
—
the lowest 58.
Madison, Fla. —^There has been rain On two days the past
week, to the extent of two inches. The thermometer has
averaged 80, ranging from 68 to 90.
Tallahassee, Fla.
It has rained on two days of the week,
the precipitation reaching eight hundredths of an inch. The
thermometer has ranged from 66 to 94, averaging 80.
Albany, Ga. We have had rain on one day during the
past week, to the extent of nine hundredths of an inch.
Average thermometer 78, highest 93, lowest 62.
Atlanta, Ga.
It has rained on one day during the -week,
the rainfall having reached forty hundredths of an inch.
The thermometer has averaged 73, the highest being 87 and
—
—
—
the lowest 59.
Savannah, Ga. There has been rain on three days of the
past week, the rainfall reaching one inch and ten hundredths.
The thermometer has averaged 80, ranging from 71 to 92.
Charleston, S. C.
Rain has fallen on two days of the week,
the rainfall being ninety-six hundredths of an inch. The
thermometer has ranged from 70 to 93, averaging 82.
Greenville, S. C.
It has rained on one day of the week,
the rainfaU being one inch and twenty-two hundredths.
Average thermometer 75, highest 94 and lowest 55.
Spartanburg, S. C. We have had rain on one day of the
week, the precipitation reaching sixty hundredths of an inch.
The thermometer has averaged 76, the highest being 94 and
the lowest 57.
Charlotte, N. C.
There has been rain on one day tne past
week, to the extent of one inch and ninety-six hundredths.
The thermometer has averaged 75, ranging from 61 to 89.
Weldon, N. C. It has rained on two days during the
week, the rainfaU reaching twenty hundredths of an inch.
The thermometer has ranged from 53 to 91, averaging 72.
Dyersburg, Tenn. We have had rain on one day of the
week, the precipitation being thii-teen hundredths of an
inch.
Average thermometer 71, highest 90, lowest 52.
Memphis, Tenn. There has been rain on one day of the
past week, the rainfall being fifteen hundredths of an inch.
The thermometer has averaged 71, the highest being 89, and
the lowest 52.
—
—
—
—
—
Crop 0/
1916-17.
—
AMOUNT OF COTTON MARKETED BY STATES IN
—
1916-17.
In apportioning the amount of the cotton crop for
the season 1916-17, as shown in our Cotton Crop Report
among the different States, we foUow the plan pursued in
the two preceding seasons of using as a basis the Census
figures of production.
It is true, of course, that our figures
of the crop and those of the Census Bureau differ to no
important extent in this latest season, but it seems desirable
to account for the difference, and only in the way stated can
the reason therefor be approximately indicated.
Our figm-es
Census
Mills and In
Total
Product,
including
Public
Supply,
Season
1916-17.
Linters.
Warehouses
and
JulySVn.a
Comjrresses
JulySrie.a
Bales.
No rth
Carolina
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
.._
._
Oklahoma
Other States
Total
_
301,600
252,234
424,290
207,771
39,346
93,064
84,441
19,832
65,083
1,060,773
1,297,021
2,504,579
828,480
964,254
589,449
4,025,978
1,233,954
537,042
914,145
299,464
5,451
69,620
Minus
increase in linters not apporti oned to Stat es*
Total amount markete i
793,160
1,100,816
2,216,623
711,655
923,235
518,596
3,938,510
1,207,443
441,108
909,728
258,835
267,613
196,205
287,956
116,825
41,019
.
70,8.53
87,468
26,511
95,9.34
4,417
40,629
1,235,430 13,019,709
1,562,732 14,255,139
12,692,407
Bales.
Bales.
Bales.
Bales.
759,173
1,044,787
2,080,289
620,709
924,908
496,385
3,941,537
1,214,122
471,959
908,694
229,844
Georgia
140,000
12,879,709
_
a Do not Include stocks in private warehouses.
• This is the increase in linters in mills, public warehouses and compresses and, at
cotton seed oil mills on July 31 1917, over the same date in 1916.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
1915-16.
1916-17.
Week and Season.
Week.
Total supply
Deduct—-
Aug. 31
Total takings to Aug. 31 .a
Of which American Of which other
.
.
_ _
.
Season.
2,793,438
2,8'l4',776
3,'l98'',25i
12,000
8,000
4,000
2,000
676,418
54,000
26,000
7,000
12,000
2,773,449
3,639,901 3,035,125
3,973,669
2,492,260
2,492,260 2,709,227
2,709,227
325,898
230,898
95,000
1,264,442
913,442
351,000
Other India shipm'ts to Aug. 30
Alexandi-ia receipts to Aug. 29_
Other supply to Aug. 29*
Visible supply
Week.
Season
Visible supply Aug. 24
2,544,960
Visible supply Aug. 1
197',489
American in sight to Aug. 31 ._
Bombay receipts to Aug. 30
620,000
647,125
145,000
13,000
5,000
15,000
63,000
62,000
66,000
281,189
206,189
75,000
1,147,641
845,641
302,000
2Y5',687
* Embraces receipts from Brazil, Smyrna, West Indies, &c.
399.000 bales in 1917 and 362,000 bales in 1916 takins not being available and the aggregate amounts taken by Northern and foreign spinners,
748,641 bales in 1917 and 902,442 bales in 1916, of which 446,641
bales and 551,442 bales American.
6 Estimated.
—
—
BOMBAY COTTON MOVEMENT.
—
—
Less Stocks
at Mills,
AmourU
Public
Warehouses, Distributed
1916-17.
&c.,
at Southern
—
to 92, averaging- 80.
to 12,975,569 bales.
On
1917.
Aug.
9.
Receipts
at'
—
Week.
Bombav.
Aug.
Since
Since
Week.
1.
34 nnn
34,000
.
1915.
1916.
Since
1 1
Aug.
nnn
1 1
Aug.
Week.
1.
nnn
1.
23.000
13.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
Aug.
1915.
1916.
1917.
8.
Receipts (cantars)-
This week
Since Aug. l._
2,291
3,471
—
Week. Aug.
Exports (bales)
To Liverpool
To Manchester
To Continent and
To America
Total exports
Since
India.
3,849
4,500
2,461
2,461
1.
Since
'neek.
Aug.
1.
I
Since
Week. Aug.
1.
5,076
4,076
1,173
3,324
5,076
4.076
1,500
3,324
13,976
1.171
1,171
390
890
l,17ll
1,171
390
890 13,649
I
.
.
Sept.
.
THE CHRONICLE
1917.)
1
.
931
BREADSTUFFS
THE AGRICULTURAL DEPARTMENT'S AUGUST
REPORT. —The
following statement, showing the condition
Aug.
cotton
on
25, was issued by the Department of Agriof
culture on Aug. 31:
The Crop Reporting Board of the Bureau of Crop Estimates of the
United States Department of Agriculture estimates, from the reports of
the correspondents and agents of the Bureau, that the condition of the
cotton crop on Aug. 25 was 67.8% of a normal, as compared with 70.3
on July 25 1917. 61.2 on Aug. 25 1916, 69.2 on Aug. 25 1915 and 70.9
the average on Aug. 25 of the past ten years.
c
174.6
about^ ,.th
A condition of 67.8 on Aug. 25 forecasts a yield per acre of
abanfor
area
planted
from
(allowing
production
1%
total
pounds and a
donment) of about 12,499,000 bales. That is, the final outturn will
probably be larger or smaller than this amount, according as conditions
Last years prohereafter are better or worse than average conditions.
duction was 11,449,930 bales, two years ago 11,191,820, three years ago
16,134,930, and four years ago 14,156,486.
Comparisons of conditions, by States, follow:
/25. Aug. 25 Aug.25 10-year
avge.
1915.
1916.
917.
1917.
State
84
85
90
75
76
Virginia
76
76
65
65
69
North Carolina
74
71
74
57
74
South Carolina
74
69
62
69
68
Georgia
76
70
80
58
65
Florida
—
65
73
74
68
65
75
75
55
79
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
71
71
80
Oklahoma
83
84
California
90
Arizona
89
78
77
94
88
67.8
70.3
Missouri
United States
70
68
45
49
64
66
65
69
65
71
•72
80
80
56
82
64
69
73
80
79
68
*96
67
92
81
71
93
61.2
69.2
__
70.9
Seven-year average.
*
The
following shows the condition
of years:
Condition.
Year
70.3
1917
61.2
1916
69.2
1915
78.0
1914
Condition.
.72.1
-63.7
.76.1
.72.7
.77.3
-72.1
-84.1
Year.
1910190919081907.
68.2 190674.8 190573.2 1904-
1913
1912
1911
for a series
on Aug. 25
'l../"''L
=
Year. 'Condition.
64.2
189670.8
189585.9
189473.4
189376.8
1892-.
82.7
1891
85.5
1890-
Condition
81.2
64.0
71.4
68.2
68.5
79.8
78.3
Year.
19031902190119001899.
1898.
1897.
MANCHESTER MARKET.— Our cable report from
Manchester to-night states that sentiment is_ bearish.
Yarns are irregular and pressed for sale. We give prices
for to-day below and leave those for previous weeks of this
and last year for comparison:
1916.
1917.
8K
32s Cop
Twist.
20
27
27
@
@
@
24
24
24
Aug
SMrt-
common
to finest.
d.
July d.
i6«.
ings,
3.
d.
8.
d.
25>i 13-10)^
@18
3
10
17
24
25 Jf
25 5i
25 H 13 10 H ©18
26 K 14
@18 6
26Ji 1411K®19
18 6
26Jiil4
31
25M
26Mil4
Uv's.
Twist.
d.
19.35
20.15
19.80
18.90
18.25
18 6
®
@
@
12H
12%
12H
19.00
19.00
19.15
25M ISIOJ^OIS
24
25
32s Cop
d.
1310H@18
255i
8M
CoVn
Mid.
12J4
®
12J«
125^
13
«
14K
Cofn
Mid.
Shirt-
ifts.
ings,
common
Up's.
to finest.
d.
d. a.
13H 7
13H 7
13H
1
1
7
1
13H
13^
13%
14H
@9
@9
@9
®9
@9
®9
d.
d.
8.
2
2
7.97
8.15
8.15
2
8.57
8.54
8.86
9.42
9.90
6
9
9
©10 3
©10 7H
15
SHIPPING NEWS.—In harmony
with the desire of the
to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipments are
suspended until further notice.
Government
Friday Night, Aug. 31 1917.
Flour has been quiet, pending developments as to the
price to be fixed on wheat by the Government, now known
Meanwhile, the Food Conto be $2 20 on No. 1 Northern.
trol Commission has submitted a new contract for the governing of the flour trade. It is not to be put into operation
at once.
It is not liked by many of the flour dealers here.
The proposed penalty of 25 cents on each barrel and 50
cents on feed for failure of either the buyer or the seller to
live up to the contract, is considered by some too stringent.
The seller must ship within 30 days after the order is placed,
or he may ship within 15 days without waiting for further
directions.
Some dealers approve of the new contract,
however, especially the clause just mentioned. It is maintained that a strict enforcement of the Government's contract will have a beneficial effect on the trade.
It will
put a stop to speculation and also, it is believed, to price
cutting, with all the unsettlement which it is apt to beget.
Meanwhile, as already stated, both buyers and sellers were
awaiting the announcement of the price which the Government would fix on wheat. The miUs have not been
offering freely.
Buyers have naturally been purchasing
from hand to mouth. Export business has been rather
quiet.
New export embargo regulations promulgated by
the Government during the week have had no effect on
the market. Export rules have been very stringent for
some time past. The strict supervision exercised over
shipments of foodstuffs to neutral countries of Europe
meets with emphatic approval. In Liverpool the market
has been easier, in sympathy with wheat and also by reason
of the fact that arrivals have been of a very fair volume.
Wheat trading for future delivery ceased at Chicago on
Aug. 25. Meanwhile everybody has been awaiting the action of the Government in fixing the maximum price.
It
$2 20 for No. 1 Northern, or 10c. under the recent price.
The failure to arrive at an earlier decision has been a matter
of great disappointment to the majority of the trade.
They
would have liked to see the matter settled sooner and out
of the way.
At Minneapolis prices declined. After closing
on last Friday at $2 19 for September, they dropped early
this week to $2 12.
But on the 29th inst. prices at Winnipeg
moved up 3Mc., while September at Minneapolis ended that
day at $215^, after touching $2 16. As Chicago trading
in futures is suspended, we shall in the future give the prices
at Minneapolis. Meanwhile, however, not much attention
is paid to wheat.
Receipts are light and cash trade is slow.
Not only has future trading ceased in Chicago, but it is
very light in other markets. Crop news,
in
the
main, is favorable. The tendency is to raise crop
estimates in the Northwest and
also
in
Canada.
Liverpool cabled that the tendency of prices there was lower,
as a result of continued liberal arrivals and good supplies
both at the docks and in the interior. In the United Kingdom crop prospects are described as fair and the quality of
the wheat as good. Rains, however, have caused some
damage in the South, and elsewhere have delayed threshing
and retarded the early movement of the crop. In Russia
the outlook is varied.
Stocks everywhere are owned by the
is
COTTON FREIGHTS.—Current rates for cotton from Government and the new movement is
New York are as foUows, quotations being in cents per pound sections of the spring wheat country
Liverpool. 5.00c.; Manchester, 5.00c.; Havre, 8. ,50c.; Genoa, 10.00c.
Leghorn, 8.50c. nom.; Christiania, 4.00c.; Naples, 10. 00c. Oporto, 10.00c.
Barcelona, 9.00c. nom.; Lisbon, 9.00c.; Japan, 3.00c.; Shanghai, 3.00c.
;
Vladivostok, 3.00c. nom.
—
LIVERPOOL. By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port
Aug. 10
week
Of which speculators took
Of which exporters took
Sales, American
Sales of the
Aug.
Aug.
17.
24.
Aug. 31
25.000
27,000
12,000
11,000
15,000
iY.665
"8", 565
9",555
62.000
270,000
176,000
94,000
85,000
66,000
32,000
56',005
46',005
231,000
142,000
17,000
15,000
113,000
72,000
224,000
126,000
39,000
24,000
155,000
124,000
4Y,555
232,000
137,000
49,000
43,000
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American-
Amount
afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday
Spot.
Market,
t.
Y
12:15
p.
M.
Monday.
Tuesday.
Wednesday.
Thursday
Friday
Quiet.
Irregular.
Quiet.
Easier.
Quiet.
(
{
I
HOLI-
DAY.
Mid.XJpl'ds
18.30
18.40
18.45
18.25
18.25
Sales
2,000
3.000
3,000
2,000
2,000
The
prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOths. Thus, 17 15 means 17 15-lOOd.
Sat.
Aus. 25 to Aus.
Mon.
12M
p.
m.
d.
August
August-September October-November
January-February
March-April
.
May-June
Tues.
Wed.
Thurs.
12>i
12 }i
Fri.
31.
HOLIDAY.
17
16
16
15
15
15
15
82
10
45
27
11
12}i
p.
m.
d.
17
16
16
15
15
15
25
92
20
55
37
21
p.
m.
p.
m.
d.
d.
17 35
17 02
16 30
17 25
15 65
15 47
15 31
16
16
15
15
15
92
20
55
37
21
12K
m.
p.
d.
17
16
16
15
15
15
25
92
20
55
37
21
light.
In important
there the outlook is
Also German troops have invaded a large
said to be bad.
In Rumania the crop outlook is said
section of Besarabia.
to be good and harvesting is finished, but the Russian retreat makes it dubious whether the crop can be saved.
In
are
small
Italy
stocks
and
foreign
arrivals
are
The acreage was reduced and the total
increasing.
stocks are much under those of last year.
In France
the news continues to show that the yield is disappointing.
It wiU have to import on a large scale and arrivals of both
wheat and oats are liberal. In the Scandinavian peninsula recent rains came too late and it is said cereal and hay
are considerably below the average.
Supplies there,
it is stated, are small and purchases difficult.
The arrivals
at all Scandinavian ports ar every small.
In Australia the
weather has been favorable and stocks are still large. On
the other hand, the acreage has been considerably reduced.
Liverpool hears that the Canadian crop will be larger than
Washington dispatch states the price
was expected.
fixed by the Government for No. 1 Northern spring wheat at
$2 20 for the 1917 crop, or 20 cents higher than the minimum
fixed for the 1918 crop, and adds: "The price differentials
worked out by the Food Administration to-night are: No. 1
dark hard winter ,$2 24; hard winter basic, $2 20; red winter
basic, $2 20; yellow hard winter, $2 16; soft red winter,
$2 18; dark Northern spring, %2 24; red spring, $2 18; hump-
A
back, $2 10; amber durum, $2 24; durum basic, $2 20; red
durum, $2 13; red walla, $2 13; hard white basic, $2 20;
soft white, $2 18; white club, $2 16; No. 2 of each grade_ is
Relative
3 cents less. No. 3, 6 cents less. No. 4, 10 cents less.
market basis: Chicago, Galveston, New Orleans, basic;
Kansas City and Omaha, 5 cents less than basic; Duluth
and Minneapolis, 3 cents less; St. Louis, 2 cents less; New
York, 10 cents more than basic; Baltimore and PhiladelTo-day Septemphia, 'o cents more; Buffalo, 5 cents more.
ber at Minneapolis ranged from $2 15 to $2 17, the latter
October
showing an advance of Ic over the previous closing
in Winnipeg was $2 19 to $2 21, ending at $2 20, an advance
The September settUng price at Chicago has been
of 7J^c.
officially fixed at $2 13, which is less than had been expected.
.
.
THE CHRONICLE
933
at the West was due to the fact that the maximum
price of $2 20 fixed by the Government was higher than (expected by a good many, although some had been looking
The
for
rise
about
this figure.
DAILY CLOSING
I'UICES
OP WHEAT FUTURES IN NEW YORK.
Man.
Sal.
cts.225
No. 2 red
DAILY CLOSING PKlCEb OP
225
Txies.
225
Wed.Thurs.
Frl
229
228
230
WHEAT FUTURES
Mon.
Sal.
Tues.
IN CHICAGO.
Wed.
Tliurs.
Fri.
Soptombor delivery in elevator. cts-21IH
215
October delivery in elevator.
actually self-sustaining so far as corn is concerned. Also
there have been offerings of Argentine corn here. A cargo
Large commission
of Argentine corn sold at $1 56J^c. i. f.
houses at Chicago have been heavy sellers. The Kansas
yield according to the State report may be 110,000,000
bushels against 82,000,000, the latest government estimate.
On the other hand, reports of frost at times have had a
bracing effect. Damage in North Dakota by frost was
reported early in the week. This had a certain effect,
although that State does not raise much corn. The weekly
Government weather report was to the effect that the
temperatures were too low for the best development of the
Higher temperatures are needed to enable considercrop.
able areas of the belt to escape frost. NewNo. 2 yellow this
year's shipment, sold the other day at Chicago to arrive at
3e. over Chicago December, or equal to about $1 11 on the
track at Chicago. Some pooh-pooh the talk of sales of
Argentine corn in this country. They assert that the grain
Liverpool
is not guaranteed as to the quality on arrival.
reports the situation strong with a good demand and arrivals
very limited. The quantity afloat for Europe is said to be
The
small, and spot prices abroad are strong everywhere.
available supply in North America is only 3,365,000 bushels
against 5,988,000 a year ago. To-day prices advanced on
light offerings and the fact that the Government price of
wheat was considered rather bullish on corn. Cash markets
were firm. Receipts at primary points were snaall. It is
said that a cargo of Argentine corn, about 120,000 bushels,
has been sold to arrive at about $1 65 c. i. f. It is also
stated that fine yellow corn is being offered for shipment to
New York not only from Argentina, but also from Venezuela,
Porto Rico, Colombia and Haiti. Evidently American
For the week prices are higher.
prices are attractive.
DAILY CLOSING PRICES OF NO.
2
MI.XED CORN IN
Sal.
No. 2 yellow
Mon.
cts.203H 203
Tues.
202 K
NEW YORK.
Fri.
Wed. Thurs.
204
205 >^ 215
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO.
Sat.
December
delivery in elevator-cts. 107
M
Mon.
Tues.
109
107% 108H
Wed. Thurs.
1093^
Fri.
112M
OATS advanced somewhat as the crop movement, for
one thing, is disappointing, despite the big yield. The
country seems to be holding for higher prices. No. 3 white
has sold in Chicago at 13^c. over September. September
itself has been in good demand, partly from the Northwest.
The domestic demand has been fair. And strange as it
may seem, the available North American supply last week
fell off 2,855,000 bushels, in contrast with an increase in the
same week last year of 5,744,000 bushels. The total is now
only 16,953,000 bushels, against 36,742,000 bushels a year
ago. Elevator interests have been prominent in the buying.
Disappointing receipts, light country offerings, strong
cash prices and covering of shorts have been the chief bulhsh
factors.
At one time September, as a result of the unexpectedly small crop movement, was at a premium over December. The visible supply is expected to be unusually
low before the tide turns. The shortage of cars is one of the
serious problems of the season.
On the other hand, however, the crop is undoubtedly large and sooner or later seems
likely to be felt, especially as the com crop is enormous and
a drop in corn prices would have an effect on oats. There
has been a hint of this now and then, during the week, when
a decline in corn caused a reaction in oats. Liverpool prices
have been easier, owing to favorable crop prospects at home
and abroad. Consumption is reported hght in England and
stocks are increasing. American offerings have been Uberal
and Canada is shipping freely. To-day prices advanced on
a sharp demand, partly for export. It was rumored that
1,000,000 bushels had been sold within 24 hom-s for export.
Country offerings were small. The firmness of corn affected oats. Prices are higher for the week.
Sat.
Mon.
-..
69H
Tues.
Fri.
Wed. Thurs.
69
69
69K
69K 69'^ 70
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO.
Standards.-
September delivery in elevator. cts.
The
69
cts
No. 2 white
69
693^
Sat.
Mon.
Tues.
52M
53H
53>i
Wed. Thurs.
53>i
55
Fri.
56^A
FLOUR.
Winter, low grades
Winter patents
Winter straights
$6
Spring, low grades
Kansas straights, sacks. 12
11
Kansas clears, sacks
Winter clears
City patents
$12
11
10
00@12 25 Rye flour
65@11 90 Buckwheat flour
75@11 00 Graham flour.
2 30
2 27
nom.
Argentina
Rye, per bushel
cts.
New York
69H
c.
c.
Western
70
I.
1.
f.
$1 88
f.
$1 90
nom.
nom.
Barley, malting
Barley, feeding
GS'A
67K
WEATHER BULLETIN FOR THE WEEK ENDING
28.
—The influences of weather on the crops as sumweather bulletin issued by the Department of
week ending Aug. 28 were as follows:
in the
marized
Agriculture for the
—
WINTER WHEAT. The threshing of winter wheat continued in the
upper Rocky Mountain region and the Northwest. Plowing was in progmost central and Northern States, except where delayed by dry
weather. Some seeding of winter wheat and rye was begun.
SPRING WHEAT, OATS AND B A RLPJY.— Harvesting of spring
wheat, oats and barley was mostly completed, except in the upper Kocky
Mountain region and on the Pacific Coast, and threshing made excellent
In many sections of the North the yields and quality of spring
j)roKri»s.
wheat were better than was expected. The harvesting of barley was in
])ro(;rcss in the Pacific C/Oast States with good yields where irrigated, but
with the yield rather light on unirrigated ground, especially in Oregon.
COTTON. The picking of cotton was in progress in all the Southern
cotton States, and this work was begun in extreme Southern Arkansas;
bolls were beginning to open in extreme Southern Oklahoma and some bolls
Too much rain for the best development of
are full grown in Tennessee.
cotton was reported in parts of Mississippi and Florida, while on the other
hand it was much too dry in South Carolina and Central and Southwestern
Texas, and rain was needed in most of North Carolina. The nights were
too cool in the eastern cotton area during the latter part of the week. Cotton was doing well in Northern and Eastern Texas, but the drought was
causing a continued deterioration elsewhere in that State. The crop is
very promising in Oklahoma, where the moderate temperature and general
rains and showers were favorable.
In Arkansas it was late, but had a
good stand and was fruiting well, except in the southeastern counties,
where it was shedding and the weevil were becoming serious. The prospect
is generally good in Tennessee, while in Northern Mississippi it is fruiting
satisfactory; the bolls were opening rapidly in Southern Mississippi.
Except ttie unfavorable effect of cool nights, the latter part of the week, the
conditions were favorable in Alabama, and the crop is reported to be from
It was too dry in the eastern half of Northern and Cenfair to excellent.
tral Georgia, and the cool weather caused deterioration in cotton.
The
bolls are opening fast in Georgia, Alabama and Mississippi, and pickings
were progressing rapidly in the southern portions of these States. Cotton
was damaged by rain in northern and central Florida, and the weevil was
ress in
—
report od to be active; the work of picking and ginning progressed well in
tills State.
There was a marked deterioration in the crop in South Carolina, except in portions of the West and Northwest, where the conditions
continued generally good; there was considerable complaint of shedding.
Bolls were opening rapidly and picking was general.
The crop was beginning to show the effect of dryness in North Carolina, except in some
eastern counties, where the moisture was ample.
Weevil damage and
shedding were reported from Florida, Alabama, Mississippi, Louisiana
and southeastern Arkansas.
CORN. The temperature was somewhat too low for the best development of corn in central Alabama and northern districts during the week.
Some frost was reported in North Dakota, Wisconsin and northern Michigan. There are some sections also in central and eastern districts where
the moisture was insufficient for the best growth of this crop. Notwithstanding these conditions corn was developing in a fair to excellent manner
in the main corn-growing States.
In Kansas the rainfall has been abundant for present needs and the recovery of the crop continues at a remarkable rate, having prospects of a good yield of corn in the eastern and southcentral sections of the State and with a good growth of fodder elsewhere.
In Oklahoma late corn improved and the crop is better than was earlier
anticipated.
The prospects were excellent in Missouri and with favorable
weather the next two or three weeks the yield will be large in this State.
Corn made satisfactory growth in Iowa, considering the cool weather. It is
still late, however, in that State, as well as in other central and northern
districts, and weather somewhat better than the normal will be needed to
carry it past the frost danger in many sections. The crop is maturing in
the South and harve.sting has begun.
POTATOES. The weather conditions were most favorable for the development of white potatoes in central and northern sections, except that
rain was needed in some districts and there was some frost damage in the
extreme north. Late blight has appeared in New York State and this
disease is doing a great deal of damage in northern Maine, where the crop
will evidently be greatly reduced.
Sweet potatoes developed well in most
—
—
Southern States under favorable weather conditions; this crop is being harvested in the Southeastern States and on the middle Atlantic Coast.
The statements of the movement of breadstuff s to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and riVer ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts
—
Flour.
at-
Wheat.
bbls.l96lbs. bush.
Chicago
Minneapolis
bush. 32
lbs.
bush.iSlhs. bush.56lbs.
6,000
6,000
246,000
5.051,000
326,000 10,454,000
285,000
7,238,000
2,608,000 10,454,000 1.951.000
2,711,000 12,0.52,000 1,478,00C
923,000
2,401,000
8,764.000
396,000
289,000
437,000
917.00C 18,557,000
1,303.00C 48,475.000
1,111,000 27.986,000
12,503,00C 26,651 ,O0C 3,709.00C
11,935,00C 42.243,000 5.004.00C
11,988,000 22,701,000 2.381.000
866,000
838,000
878,000
13,000
6,000
23,000
81,000
26,000
Omaha
Totalwk.1917
Same wk. 1916
Same wk. 1915
lbs.
19.000
24,000
108,000
..
Detroit
Cleveland ...
Louis
Peoria
Kansas City.
bush. 56
Rye.
103,000
260,000
3,000
18,000
Toledo
St.
lbs.
Barley
Oats.
499.000
818.000
87,000
396,000
97.000
.
Duuth
Milwaukee
GO
Corn.
84.5,000
1,766,000
17,000
84,000
358.000
59,000
25.000
893.000
40,000
840,000
124,000
850,000
40,000
5,070,000
610,000
149.000
9,000
13.000
54,000
275,000
584,000
154,000
480,000
1,178.000
96,000
174,000
177,000
1,242,000
838,000
575,000
494,000
1—
Since Aug.
1917
1916
1915
Total receipts of flour and grain at the seaboard ports for
week ended Aug. 25 1917 follow:
the
—
Receipts at
Portland, Me.
Philadelphia .
B.iltimore
Newp't News
New Orleans a
Montreal
Boston
Flour.
Wheat.
Corn.
Barrels.
Bushels.
Bushels.
77,000
47,000
25,000
41,000
63,000
11,000
12,000
223,000
324,000
162,000
223,000
61,000
682,000
70,000
11,000
33.000
98,000
31,000
12,000
Oats.
Bushels
86,000
20,000
227,000
359,000
729,000
222,000
227,000
237,000
Barley.
Bushels
168,000
3,000
Rye.
Bushels.
14,000
65,000
2,000
Total wk.l91
276,000
173.000
1.745.000
79,000
185.000
2,107,000
SlnceJan.1'17 13,887,000 146,252,000 44,137,000 95,781,00012,010,000 6,917,000
following are closing quotations:
Spring patents.
Spring straights
Spring clears
.--
Standard
No. 2, white
No. 3, white
No. 4. white.
per bushel
No. 3 mixed
f. o. b.
No. 2 yellow kiln dried... 2 15
No. 3 yellow
2 14
$2 33
new
OatH, per bushel,
New York.
DAILY CLOSING PRICES OP OATS IN NEW YORK.
GRAIN.
Com,
—
Wheat, per bushel f. o. b.
Is'. .Spring, No. 1, new
N. Spring, No. 2
Red winter. No. 2, new
Hard winter. No. 2
AUG.
Indian corn has declined on predictions of warmer weather
and the general belief that the crop is one of the largest on
There have been heavy
record, if not absolutely the largest.
Eastern and foreign selling. The Italian victories have also
had some effect. And the South is expected to be a smaller
buyer of Northern corn than usual this year. It may be
[Vol. 105.
50® $8
00@12
00® 11
Week
1916. __
517,000
9,779,000
788,000
4.995,000
536,000
14,000
50
50
SmceJan.1'16 17,629,000 264,558,000 43.983.000 130,420,00021,115,000 8.216,000
60
a Receipts do not Include grain passing through
through bills of lading.
13.80
11
00®ll 40
8
60@10 00
New
Orleans for foreign ports on
The exports from the several seaboard ports for the week
ending Aug. 25 are shown in the annexed statement:
—— —
Sept.
Portlau',1.
Wheat.
Corn,
Flour.
bushels.
barrels,
Total week
1916
The
Rye.
bushels
Oats,
bushels.
41,000
Ne-.vs
Week
July
;
18,499 182,362.
330,491
321.000
388,207
Me
.
THE CHRONICLE
bushels.
Baltimore
Newport
.
.
1917.)
1
Exports from-
New York
.
Peas,
Barley,
bushels. bushels.
15,299
36,229
246,535
20,000
297,736
729,000
36,229
18.499 223,362 1,293.271
1,042,698
6,758,206 1,258,618 314,718 3,845,310 150,000 621,777
15.299
4,035
week and
since
destination of these exports for the
is as below:
1917
1
So. &Cent. Amer.
West Indies
-
-
Bushels.
Bushels.
1917.
Barrels.
Barrels.
25
64, .597
389,909
571,232
45,935
64,597
1,000
1,023
1,000
3,808
223,362
314,718
2..529,616
59,466
51,341
45,935
Brit.No.Am.Col3.
Other Countries..
Total
Total 1916
Bushels.
Aug. 25
Auii.
United Kingdom.
Continent
Week
Aug. 25
1917.
Since
July 1
1917.
Week
Since
July 1
1917.
M^eek
—
Corn.
Wheat.
Flour.
Exports for Week
and Since
July 1 to
Bushels.
104
5,717
2.079,345
1,303,914
725
5,717
2',8i7
'"2",0i8
""2",6i8
18,499
1,042,698 14.012..509
6,758,206i 51,525,020 1,258,618
3,451,719
9,984,793
10,039
7,723.023
6,282,995
269,999
769,010
3,570
104
'"725
3, .570
15
1,076,481
Since
July 1
1917.
1917.
The world's shipments of wheat and corn for the week
ending Aug. 25 1917 and since July 1 1917 and 1916 are
shown
in the following:
Corn.
Wheat.
al916.
1917.
Exports.
Week
Aug. 25.
Week
Aug. 25.
Since
July 1.
July
Bushels.
Bushels.
Bushels.
Since
1.
'
Bushels
NorthAmer* 6,208,000 56,747,000 66,646,000
Russia
01916.
1917.
292,000
Since
July 1.
Since
July 1.
Bushels.
Bushels.
7,294,000
9.444,000
2,184,000
Danube
—
Argentina
Australia
India
..
Oth.countr's
Total
34,566
9,264,000
5,872,000
3,048,000
400,000
'72.666
8,624,000 76,239,000 87,414,000
398,000
100,000
1,652,000
560,000
104,000
1,852,000
12.288.000
5,020,000
332,000
27623,666 2o',519,6o6
1,863.666
670,666
10,587,000 31,826,000
—
* North America.
The Canadian Government lias officially prohibited the
ssuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.
The quantity of wheat and
mentioned was as follows:
com
afloat for
Europe on dates
Wheat.
United
Aug.
Aug.
Aug.
Aug.
25 1917.18 1917-26 1916.28 1915-.
Continent.
Bushels.
Bushels.
avail able
avail able
Kingdom
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels
Not
Not
21.243.000
22.346,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug.
1917 was as follows:
GRAIN STOCKS.
United States
New York
Wheat,
Corn.
bush.
bush.
431,000
198,000
423.000
554,000
23y,666
1,220,000
385'",666
97,000
10.000
20.000
3.000
8,000
165,000
12,000
Boston
Philadelphia
Baltimore-
Newport News.
New
Orleans
Galveston
205,000
308.000
110,000
104,000
346,000
5,000
18.000
04,000
201,000
610,000
4,000
312.000
24,000
191,000
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Dviluth
Minneapolis
Louis
Kansas City
Peoria
IndianapoUs
St.
Omaha
On Lakes
Total Aug. 25 1917
Total Aug. 18 1917
Total Aug. 26 1916
TotalAug. 28 1915
*4, 296, 000
*4,843,000
52,546,000
7,091,000
'
V,666
36,000
48,000
87,000
216,000
300,000
Oats.
bush.
Rye.
bush.
Barley.
bush.
561,000
425.000
326.000
137.000
375,000
354.000
12,000
1,000
4,000
515,000
743,000
80.000
34.000
33.000
1,469.000
87.000
5.000
70.000
235.000
183,000
327,000
220.000
364.000
2,661.000 5,285,000
2,044,000 6.236.000
3.792,000 21.335.000
2,382,000 2,924,000
'
V,666
98,000
9()"9",666
360,000
42,000
1,000
6,000
7,000
8,000
6,000
4,000
3,000
6,000
9,000
13,000
27,000
24,000
79,000
43,000
4,000
77,000
615,000 2,407,000
522,000 2,134,000
303,000 1,410,000
328,000
551,000
Including Canadian wheat, now duty free.
Bonded grain not Included above: Oats. 793,000 New York, 415 000
Boston. 364.000 Buffalo, 77,000 Baltimore, 24.000 Duiuth; total, 1.673,000 bustiels
against 1,324.000 in 1916; and barley, 486,000 New York, 198,000 Buffalo, 8 000
Baltimore; total, 670,000. against 410,000 in 1910.
*
A'ote.
—
Canadian
Montreal
936,000
Ft. William & Pt. Arthut.. 1,210,000
Other Canadian
1,188,000
TotalAug. 25 1917
Total Aug. 18 1917
Total Aug. 26 1916
•Total Aug. 28 1915
*
3.334.000
4.020,000
15.084,000
2,349,000
6,000
3,318.000
3,730.000
2,058.000
2,000
199,000
6.000 9,112.000
8.000 10,644,000
969,000 11,498,000
3,000
817,000
2,000
2,000
175,000
199,000
183,000
502,000
14,000
Including Canadian at Buffalo and Duiuth.
Summary
American...
Canadian
4,290,000
3,334,000
Total Aug. 25 1917.
Total Aug. 18 1917 .
Total Aug. 26 1916.
TotalAug. 28 1915 .
2,661,000
6,000
5,285.000
9,112,000
615,000 2,407,000
2,000
199,000
... 7.630.000
... 8,869,000
2,667.000 14,397,000
...68.230,000
... 9,440,000
4,761,000 32,833,000
2,385,000 3,141,000
617,000 2,606,000
524.000 2,317,000
478.000 1,912,000
328,000
565,000
2.6.52,000 16,.S80,000
ufacturers are becoming greatly concerned over the outlook
as the labor question is growing worse instead of better. The
weakness of the cotton market has encouraged buyers to hold
off for concessions in prices for dry goods, as in view of the
five cent decline, it is believed that some readjustment will
have to take place before long. A number of lines are still
held at the high prices prevailing when cotton was selling
at the 27-cent level, but there are others which are being
offered by both first and second hands at concessions.
The
latter are offering gray goods quite freely though when the
offerings are in fair amounts they are readily taken.
Export
trade has been less active, but the announcement during the
week that regular sailings twice a month will be inaugurated
soon to the west coast of South America has given the trade
encouragement, as for some time past business has been
restricted to a large extent by the poor shipping facilities.
DOMESTIC COTTON
GOODS.— Quiet conditions have
prevailed in markets for staple cottons during the past week,
and in sympathy with the weakness in cotton an easier undertone has developed. The concessions so far granted,
however, do not appear to be stimulating trade, as it is the
general belief among buyers that in view of the downward
trend of raw material further readjustments will have to be
Little
new demand
is
noted for brown and bleached
is
passing in prints.
Many
ginghams have been withdrawn from sale and prices
remain firm. Stocks of heavy goods are very limited with
ducks virtually unobtainable. Overall manufacturers have
been endeavoring to purchase denims but are finding if
difficult to secure sufficient goods to meet their requirelines of
Total.
44,528,000
18,848,000
certainties smrounding the political and financial situations.
Mills, however, are so well sold ahead that they are not
greatly concerned over their ability to keep actively engaged
during the next few months. Buying for Government account continues, and manufacturers are assured of plenty
of business from this source for some time to come.
The
regular trade appears to have anticipated requirements well
ahead, as during the urgent and almost hysterical buying
a few months ago many merchants, fearing a scarcity of
goods and much higher prices, purchased sufficient to carry
them six months or more. At present there is quite an active
distribution of goods, and mills report fewer cancellations
than ordinarily. In most cases the original prices paid for
the goods were well below present market quotations, and it
is not likely that the goods could be replaced anywhere near
the same levels. Mills, owing to the acute labor situation,
are finding it difficult to maintain production and many man-
goods, and only a small trade
United
Kingdom.
endeavoring to pick up spot goods in small lots wherever
available, but there is still a general hesitating attitude as
regards future business. Both buyers and mills are reluctant about entering into new commitments owing to the un-
made.
Corn.
933
THE DRY GOODS TRADE
New York, Friday Night, Aug. 31 1917.
There has been a further contraction of business in markets for dry goods during the past week, and trade through
ordinary channels is comparatively duU. Buyers are
Demand for wash goods, while not particularly
active, appears to be improving with buyers taking Spring
merchandise at prevailing prices. Many retailers throughments.
out the country are apparently apprehensive that unless
they get their orders booked early they will have to pay
higher prices, and that there will also be more or less uncertainty as regards the matter of deliveries.
Gray goods
have ruled easier with 38H-inch standard quoted at 103^c.
WOOLEN GOODS. — Inquiry
through regular channels
woolens and worsteds has likewise fallen off. Retail
trade has become rather slow, and buyers hesitate to anti-
for
cipate
requirements.
Mills,
nevertheless,
are
actively
engaged with Governinent orders and are disregarding the
poor demand for civilian account. Government buying
continues on a liberal scale,. and more mills are giving their
entire attention to the manufacture of goods for military
purposes. Very little is being done at present in men's
wear goods for next Spring, but many buyers are well covered as they placed orders earlier in the season. Mills, in a
number of instances, have already sold their output of
Spring dress goods, and the situation as regards women's
wear is believed to be almost as acute as that in men's wear
markets. Wool and worsted yarns have been advancing
steadily, and manufacturers are so well occupied in turning
out yarns for Government work that they are showing little
interest in ordinary trade.
FOREIGN DRY GOODS.—Aside from inquiry from Gov-
is little new to report in connection
with the linen markets. Buyers as a rule continue to confine
The demand from the
their purchases to filling in stocks.
Government has been largely for towelling and table linens,
and merchants are finding it difficult to fill the orders as
Advices from abroad continue to be
supplies are small.
ernment sources, there
given serious consideration, especially those regarding the
While they have not stimulated
flax outlook in Russia.
inquiry to any great extent, they have strengthehed prices
and caused further abandonment of hopes for concessions
As a result of the heavy purchases by the British
later on.
Government from Belfast spinners and the acute raw material
situation, Belfast spinners are unwilling to name prices
which makes it difficult for importers here to book forward
A good inquiry is reported for domestic substibusiness.
tutes, but prices on such goods are very firm and available
Reports of another cargo
supplies are none too plentiful.
of burlap sunk has strengthened the market for burlaps.
There continues to be quite a good demand with no increase
Light weights are quoted at 10.65c and heavy
in supplies.
weights at 14.25e.
THE CHRONICLE
924
News
Canada (Dominion
cates
—Income
made
War
of).
Tax.
son declined, it is said, to make a statement regarding the
refund, which is covered by one of the 21 articles of impeachment against him. Acting Governor Hobby also turned over
$3,116, which he said was turned over to him by Mr. Ferguson.
It is to the credit of the Texas National Guard.
Items.
—New
Offering of War Certifito both of these was
—Reference
columns
week.
VdJT—Pro'poscd Changes in Ciiy~Charler .^^The
City of Norfolk is contemplating a radical change in the
method of governing its city in a proposed new charter just
prepared by a commission of nine elected June 19 by the
voters of the city. The proposed charter must be submitted
to the voters within 120 days from the time of the election
The time allowed will expire Oct. 17.
of the commission.
If adopted by the voters, it must then be approved by the
Generaly Assembly of 1918. Upon its adoption by that
Legislature, the charter becomes effective forthwith, insofar
as the election of a Council and a City Manager is concerned, the other provisions going into effect on Sept. 1 1918.
Concerning the proposed new charter, the Norfolk "Virginian" of Aug. 26 has the following to say:
in our e ditorial
chief featui os oi lae piau as prepared provides for the abolition of
the office of Mayor and of the Board of Control and reduces the number of
Councilmen to five, to be elected at large on a non-partisan ticliet without
The Council elects a City
reference to ward lines, which are abolished.
Manager and a few other officers, the City Manager, however, being given
the power of appointment of the heads of departments and divisions. The
following outline indicates the centralization of power in the hands of the
Council of Five, elected by the people and subject to recall by them:
A Council ol five elected by the people and subject to recall by them.
1
2. A City Manager appointed by the Council, with a salary fixed by
the Council and subject to removal by the Council.
3. Heads of departments appointed by the City Manager.
4. Less important departmental officials, appointed in most cases by the
heads of departments and subject to removal by them with the right of
appeal to the City Manager.
5. The merit system of appointments supervised and enforced by a
civil service commission appointed by the Council.
The theory of the charter is concentration of power and responsibility in
the hands of a few, themselves directly responsible to the people, elected
by them and removable by them.
The Council in addition to its appointing power and its control over the
government through its appointees, is the legislative body of the city.
,
The City Manager
is the administrative officer.
The judicial division of
the city government remains unchanged, its personnel, selection and powers
being defined in the general laws of the State as heretofore and not constiA radical change from
tutionally amenable to any charter-making body.
the accepted theory of government of State and nation and heretofore of the
government of municipalities is to be found in the infringement of the legislative body upon the administrative body, the latter being under control
of the legislative branch, instead of being elected directly by the people.
The Council is to be composed of five members. On the first Tuesday in
April 1918 and each two years thereafter a primary election is to be held.
It is open to all who comply with the requirements without regard to party
affiliations, and the ten candidates receiving the largest number of votes
are to be the nominees for the election to be held on the first Tuesday in
June of the same year, the five receiving the largest number of votes to be
declared elected. Of these five, the three receiving the largest number
of votes are to serve for four years, and the other two two years each.
Thereafter, councilmen will be elected in these proportions each two years,
three at one election and two at the next.
The Council will appoint the City Manager to serve until removed or
he resigns, a City Clerk, a City Attorney, a City Auditor, a Police Justice
and certain boards for which provision is made in the charter, included
among them being the Civil Service Commission. There will be no Mayor,
the Council electing one of its members to act as President of the Council,
whose duties will be such as are imposed by ordinance, together with others
fixed by the charter. These include presiding at sessions of the Council,
acting as official head of the city for ceremonial purposes, recognition by
the courts for the purpose of serving civil proce-sses and by the Governor
for military purposes, and so forth.
He will have no veto power.
The City Manager is to be elected by the Council and is to hold office
at the pleasure of the Council, except that he may not be removed within
twelve months from the date on which he assumes office, except for incompetence, malfeasance, misfeasance or neglect of duty. He is to be the
administrative head of the city, clothed with the duty to enforce the laws,
to appoint heads of departments and divisions, except as otherwise provided
by the charter or by the State constitution exercise supervision and control of the various city departments, attend the meetings of the Council,
make recommendations and prepare and submit the annual budget to the
Council. His .salary is to be fixed by the Council by ordinance. The
CouncU is not limited by the charter to the City of Norfolk in making its
selection, nor to the State of Virginia, except as may be provided by the
State constitution.
Five administrative departments, each with subdivisions, are to be
created under the charter. They are the departments of law, of public
service, public welfare, public safety and finance.
The salaries of the
heads of these departments are to be fixed by the Council, except as otherwise provided in the charter. The head of each department, except that
of the department of law, which is the City Attorney, is to be named by the
City Manager. The City Attorney is to be appointed by the Council as
at present. The heads of the departments are immediately responsible
to the City Manager.
Elected by the people under the new charter are the Commonwealth's
Attorney, the Commissioner of Revenue, the City Treasurer and the City
Sergeant.
Provision is made in the charter for the recall of the City Council on
petition of \b% of those voting in the last preceding municipal election.
The initiative and referendum are also provided for.
,
Santa Monica-Los Angeles, Calif. —Annexation Defeated.
—The question
of whether or not the City of Santa Monica
be annexed to the City of Los Angeles was defeated, it is
stated, at an election held Aug. 21.
The vote was 1,445
"for" to 2,652 "against."
shall
—
—
State and City Finances.
Twenty-six States Fail to
Pay Expenses Out of Revenues Financial Statistics of Cities
Having a Population of Over 30,000, 1916. In our editorial
columns last week we referred at length to reports soon to
be issued by Director Sam L. Rogers of the Bureau of the
—
Census, Department of Commerce, containing the information referred to.
—
Bond Proposals and Negotiations this week
last
~ Hioriolk.,
The
[Vol. 105.
—
Texas. Governor Suspended During Impeachment Trial.
Governor James E. Ferguson was suspended from office on
Aug. 24, when the board of nine managers named by the
House of Representatives presented to the State Senate 21
W. P.
articles of impeachment, alleging official misconduct.
Hobby, Lieutenant-Governor, automatically succeeded to
the Governorship pending disposition of the charges in the
Senate. The suspended Governor has refunded to the State
$2,403 of the Executive Mansion appropriation for items
which the courts hold could not be paid by the State. The
money was paid into the Treasury Department. Mr. Fergu-
have been as follows:
ADAMS COUNTY (P. O. Council), Idaho.— BIDS REJECTED.—All
bids received for the .5100,000 coupon road and bridge construction bonds
int. (V. 105, p. 623) were rejected.
offered on Aug. 1.5 at not exceeding
6%
AGAWAM, Hampden
—
DOXD SALE. On Aug. 31
school bonds were awarded, it is stated, to F. 8. Moseley
Boston
at
Denom.
100..515.
& Co. of
Date Sept. 1 1917. Prin.
.SI, 000.
and semi-ann. int. (M. & S.) payable at the Old Colony Trust Co. of BosIon.
Duo 81,000 yrly. on Sept. 1 from 1918 to 19.32 incl. Total debt
Aug. 23 1917, .9174,000; net debt, 357,000; assess, val. 1916 (less abatements), $3,441,905.
.Sl.5.000
County, Mass.
4'A%
AKRON, Ohio.— BONDS AUTHORIZED.— An ordinance was passed
for the issuance of the .31 ,000,000
5% coupon water-works-improvement bonds voted June 6. Denom.
Date Sept. 1 1917. Principal and semi-annual int. payable at
.31,000.
the National Park Bank, New York.
Due on Sept. as follows: 311,000
by the City Council on Aug. 13 providing
1
1918,312,000 1919 and 1920, $13,000 1921, $14,000 1922 and 1923,315,000
1024. $16,000 1925 and 1926, $17,000 1927, 318.000 1928, 319.000 1929,
$2<l,ono 19.30, $21,000 1931, $22,000 1932, $23,000 1933, 24,000 1934,
32.''),000 1935, $27,000 1936, $28,000 1937, $29,000 1938, 331.000 1939,
$32,000 1940, 334,000 1941, $36,000 1942. $38,000 1943, 339,000 1944.
$41,000 1945, 843,000 1946, 346,000 1947, 848,000 1948. 350,000 1949,
$53,000 19.50, $56,000 1951 and $.57,000 19.52.
ALLEGANY, Cattaraugus County, N. Y. BOND SALE.— On Aug. 8
$23,000 registered paving bonds were awarded to Isaac W. Sherrill & Co.
of I'oughkpopsie at par and int for 5s.
Denom. 31,000. Int. ann. in
August at First Nat. Bank, Allegany. Due $1,000 yrly. in August from
1922 to 1944 incl. Bonded debt (incl. this issue) Aug. 6 1917. .3.53,000;
floating debt, $1,300; total debt, $54,300; assess, val. 1917, $351,423;
tax rate (per $1,000), $23.60.
ALLEN COUNTY (P. O. Lima), Ohio.—BOND SALE.—On Aug. 18
5% coupon road-improvement bonds, aggregating $46,500
& Co., of Toledo, it is
the two issues of
(V. 105, p. 731), were awarded to Sidney Spitzer
stated, for $46,516 39 (100.035) and interest.
ANAHEIM, Orange County, Calif.— BOA^D ELECTION.— The
ques-
tion of issuing the $100,000 site-purchase and city-hall-building and citypark site-purchase bonds (V. 105, p. 834) will be submitted to a vote, it is
stated, on Oct. 2.
,
ANDERSON COUNTY (P. O. Palestine), Tex.— BOND ELECTION.
—
Local papers state that an election
be held
Road District No. 2
on Sept.
to vote on the question of issuing
will
in
$20,000 road bonds.
15
ARKABUTLA CONSOLIDATED SCHOOL DISTRICT, Tate
County, Miss. BOND SALE. — On Aug. 27 the 37,000 6% school bonds
—
V. 105. p. 834 — were awarded to Mrs. K. B. Elder for $7,180. equal
to 102.571.
ASBURY PARK, Monmouth
4^%
Aug. 27 the nine
County, N.
J.
BOND Sa^E. —On
is.sues of
coupon (with privilege of rpaictration)
bonds, aggregating $192,000 (V. 105, p. 834), were awarded to
y, nry
& Ocean Grove Bank at par and int. There were no
ATHENS, Limestone County, Ala. BOND SALE. — An
Park
.
!
a*
issue of
$125,000 6% street improvement bonds was awarded during July to
J
Nesbit of Decatur at par. Denom. $1,000. Int. ann. in July
Due
Nov. 1 1927.
W
AUGLAIZE COUNTY
(P. O. Wapakoneta), Ohio.— BOiVD OFFERwill be received until 12 m. to-day (Sept 1) by
Coimty Auditor, for 326,500 road-impt. bonds Auth
Sec. 6929, Gen. Code.
Denoms. 26 for $1,000 and 1 for $500. Date
Sept. 1 1917.
Int.M.&S. Due $2,000 each six months from Mar. 1 1918
to Sept. 1 1919, incl; $3,000 each six months from Mar. 1 1920 to Mar 1
1922, incl., and $3,500 Sept. 1 1922. Certified check on some solvent bank
in Auglaize County for 2 % of the amount of bonds bid for required
Bonds
to be delivered and paid for within 15 days from time of award. Purchaser
ING.
F.
—Lanhorst,
Sealed proposals
W.
.
to pay accrued interest.
AUGLAIZE TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Harrod), Allen County, Ohio. BOND SALE. We are advised that the
$20,000 5% llH-year aver, school-construction bonds offered on June 23
V. 104, p. 2366, were awarded to Spitzer, Rorick & Co. of Toledo at
par and interest.
—
—
AURORA, Lawrence County,
held Aug. 21 resulted,
it is
city-hall-erection bonds.
—
BONDS
Mo.
VOTED. The election
stated, in favor of the question of issuing $250 000
AURORA SCHOOL DISTRICT NO. 19 (P. O. Aurora), Hamilton
County, Neb.— BOiVD SALE.— On Aug. 1 $40,000 5% 20-year school
bonds were awarded to the Peters Trust Co. of Omaha for $40 351
100.877 a basis of about 4.93%. Denom. $1,000. Date Aug. l' 1917.
Principal and semi-annual int. payable at the County Treasurer's office
Aurora. Total bonded debt, including this issue, $109,000. Assessed
—
valuation 1916, estimated, $850,000.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—
SALE.
—On Aug. 25 the $8,600 4"^% road bonds (V. 105, p. 731) B07VD
were awarded
to Joseph Andrews for $8,628 (100.325) and int.
Other bidders were:
John Taylor, Columbus
$8,627 00
Fletcher-Am.erican National Bank, Indianapolis
__
8 609 00
Breed, Elliott & Harrison, Indianapolis
First National Bank, BrownstoT%Ti
8,608 00
8,602 50
BEAUMONT, Jefferson County, Tex.— WARRANTS PROPOSED.—
Reports state that the issuance of $200,000 10-year bridge-construction
warrants is being considered.
BECKHAM COUNTY SCHOOL DISTRICT
NO.
62 (P. O. Texola),
Okla.—BOiVDS OFFERED BY BANKERS.— Geo. W. & J. E. Piersol of
Oklahoma City are offering to investors $15,000 6% 20-year coupon schoolbuilding bonds.
Denom. $500. Date April 1 1917. Prin. and semi-ann.
int. (J. & J.) payable at the Oklahoma fiscal agency in N. Y. City.
Total
mcluding this issue, $18,325.
estimated actual value, $500,000.
debt,
Assessed
BELLE CENTRE SCHOOL DISTRICT
—
BOND
(P.
value
1916,
$332,417;
O. Belle Centre), Logan
County, Ohio.
SALE. On Aug. 18 an issue of $4,000 5}4%
school bonds was awarded to Graves & Blanchet of Toledo at 100,775.
Denom. $500. Date Aug. 1 1917. Int. F. & A. Due Aug. 1 1925.
BELLFLOWER SCHOOL DISTRICT (P. O. Bellflower), McLane
III.
BOND SALE. — We are advised that an issue of $12,000
County,
was awarded to
school bonds
local investors.
BLUFFTON, Allen County, Ohio.— BOA'^DS REFUSED.— nepOTts
state that Weil, Roth & Co.. of Cincinnati, have refused to accept the
$35,000 5% 21M-year (average) water-works and electric-light bonds
awarded to
advertised.
them on Aug.
13 (V. 105, p. 731).
The bonds
will
be re-
BRAZORIA COUNTY
(P. O. Angleton), Tex.— BOND SALE.— An
5H% road-improvement bonds was purchased during
Hodges of Angleton at par and int. Denom. $1,000. Date
April 10 1917. IntA.&O.
Due serially April 10 from 1918 to 1937 incl.
BROCKTON, Plymouth County, Mass.— BO.VD SALE.— On Aug. 28
issue of $20,000
June by E.
J.
the SIX issues of 4}^% registered bonds, aggregating $125,500 (V. 105, p.
835) were awarded to Estabrook & Co., of Boston, at 100.46.
Other
bidders, all of Boston, were:
R. L. Day & Co
100.32 IMerrill, Oldham & Co
100.159
Curtis & Sanger
_
100.198|Blodget & Co
100.149
Interest J. & J.
BROWN COUNTY RURAL HIGH SCHOOL DISTRICT
(P.O. Willis), Kans.
until 8 p. m. Sept. 16 by
—
S
NO.
7
BOND OFFERING. Sealed bids will be received
Hazel H. Murphy, Clerk Board of Ed., for $20,000
I
—
——
Sept.
———
—
—
Denom. $500. Date
tax-free site-purchase and building bonds.
Due $500 each six
Int. J. & J. at the Willis State Bank.
1918.
of amount
Cert check for 5
months from Jan 1 1 920 to July 1 1 939 incl
The district has
required.
Dist.
Treas.,
Olsen,
of bid, payable to H. C.
no indebtedness. Assess, val. 1917 $1,933, 863.)
414%
Jan.
1
.
.
%
.
—
__^^
CANTON, Stark County, Ohio. BOND OFFERING. Proposals will
be received until 12 m. Sept. 10 by Samuel E. Barr, City Aud., for the fol
lowing 5% coupon bonds:
$10,000 site-purchase bonds. Denom. $1,000. Due March 1 1927.
10,000 garbage-disposal bonds. Denom. $1,000. Due $1,000 yrly. on
March 1 from 1920 to 1929 inclusive.
8,600 funding bonds. Denoms. 8 for $1,000 and 1 for $600. Due
March
1
_
1927.
2,600 street-impt. bonds. Denoms. 2 for $1,000 and 1 for $600. Due
$1,600 March 1 1920 and $1,000 March 1 1922.
19,000 city's portion street impt. bonds. Denom. $1,000. Due $5,000
vrly. on March 1 from 1927 to 1929 incl. and $4,000 March 1 1930.
5,100 sanitary sewer bonds. Denoms. 4 for $1,000 and 1 for $1,100.
Due March
1922.
4,100 sanitary-sewer bonds.
1
Denoms. 3 for $1,000 and 1 for $1,100.
$1,100 March 1 1919, $1,000 March 1 1920, $1,000 March 1
1921, $1,000 March 1 1922.
Date March 1 1917. Int. semi-ann. Cert, check on some solvent bank
in Canton for 5% of the amount of bonds bid for, payable to the City Treas.,
Bonds to be delivered and paid for within 10 days from time of
required.
award. Purchaser to pay accrued int.
Debt figures as of Aug. 1917: General, $2,606,880; assessment, $1,236,200: water, $593,900: cash and investments in sinking fund (Jan. 1 1917),
$203,814; water sinking fund (Jan. 1 1917) additional, $23,306; assessed
valuation, $94,500,000; actual, estimated, $120,000,000.
BONDS DEFEATED. The question of issuing $145,000 sanitary sewer
The
bonds failed to carry at an election held Aug. 14 (V. 105, p. 518).
vote was 4,068 to 2,112, a two-thirds majority being necessary to carry.
Due
—
CATAWBA COUNTY
Newton), No. Caro.— BOND OFFER-
(P. O.
Sealed bids
be received until 12 m. Sept. 12 by H. Eugene
—
Sigmon, Clerk Board of County Commrs., for $100,000 5% bridge bonds.
ING.
— —
will
Auth., Chap. 103, Public Laws of No. Caro., of 1917. Date July 1 1917.
Principal and semi-annual interest payable at the National Park Bank,
N. Y. Due yearly on July 1 as follows: $3,000 from 1923 to 1926, incl.;
$4,000 from 1927 to 1930, incl.; $5,000 from 1931 to 1934, incl.; $6,000
from 1935 to 1938, incl., and $7,000 from 1939 to 1942, incl. Certified
check on a national bank for 2% of bonds bid for, required. Bids must
be unconditional.
CELINA, Mercer County, Ohio. BOND OFFERING. Bids will be
received until 12 m. Sept. 12 by the Vil. Treas. for $14,000 5% coupon
assessment bonds. Denom. $500. Date Aug. 1 1917. Int. P. & A.
Due part yearly from 1918 to 1923 incl. Cert, check for $200, payable to
the Vil. Treas., required. Bonded debt (e^cl. this issue) Aug. 25 1917,
$366,958. Sinking fund, $2,000. Assess, val.. $4,742,210.
CHATTANOOGA, Hamilton County, Tenn.— BOiVD S^I,JB.— On
Au<z. 25 $8,443 6% 1-4-year serial paving assessment bonds were awarded
to Seasongood & Mayer of Cincinnati for $8,458, equal to 100.177. Date
Aug. 1 1917. Interest annual on Aug. 1.
CHAUTAUQUA DRAINAGE AND LEVEE DISTRICT, Mason
111.
BOND SALE. — King, Hoagland & Co. of Chicago recently
purchased an issue of $169,920 6 % coupon drainage bonds. Denom. $1 ,000.
County,
Date Aug. 1 1917. Int. P. & A. Due $16,920 Aug. 1 1922 and $17,000
yearly Aug. 1 from 1923 to 1931, incl. These bonds have been re-sold
by the purchasers.
CINCINNATI, Ohio.— BOiVD ELECTION.— The question of issuing
$1,340,000 bonds for the purpose of funding the existing deficiency of the
city will be submitted to the voters on Nov. 6.
CLAREMONT, Dodge
—
——
—
—
County,
Minn.—BOND ELECTION PRO-
An election will be called some time in September to submit to a
vote the question of issuing about $16,000 sanitary sewer and outlet bonds.
CLARK COUNTY (P. O. Jeffersonville), Ind.— BOA^D SALE.— On
Aug. 22 the $8,500 4H% 5;^-year (average) highway improvement bonds
(V. 105, p. 732) were awarded, it is stated, to Breed, Elliott & Harrison, of
.
935
DETROIT, Mich.— BOATD ELECTION.—An election will be held
6, it is stated, to vote on the question of issuing $2,795,400 Belle Isle
bridge-erection bonds.
Nov.
DONNELLY,
Stevens
Minn.— BOATD ELECTION.—An
County,
election will be held Sept. 4 to vote on the question of issuing to the State
of Minnesota $10,000 municipal electric light and power plant building and
$4,000 funding bonds. J. P. Steinfort is Village Recorder.
DOLGEVILLE, Herkimer County,
N.
%
Y.— BOJVD SALE.— On Aug.
15
4K 1-10-year serial coupon or registered retaining-wall bonds
(V. 105, p. 624) were awarded to a local bidder at par.
the $3,000
DUNCAN, Stephens County, Okla.— BOiVD ELECTION POST-
PONED. — The
election which was to have taken place on Aug. 21 to vote
on the question of issuing $45,000 electric-light-plant bonds was postponed
indefinitely.
EAST BATON ROUGE PARISH (P. O. Baton Rouge), 'La.— BOND
election will be held Sept. 4 in Road Dist. No. 2 to vote
on the proposition to is.sue $50,000 5% road-construction bonds. Due
$2,000 yearly April 1 from 1919 to 1943 incl.
ELECTION. — An
EAST MAUCH CHUNK
(Borough), Carbon
Pa..— BOND
—
Sealed proposals
be received until 7 p. m. Aug. 31 by
Bamberger, Secretary of the Town Council, for $15,000
OFFERING.
M.
C.
County,
will
4H%
registered street-paving bonds.
Denom. $100. Date Sept. 10 1917.
Int. ann. on Sept. 10 in East Mauch Chunk.
Due Sept. 10 1922. Bonded
debt, including this issue, Aug. 28 1917, $21,700; floating debt, $3,700;
total debt, $25,400.
Assessed valuation 1917, $1,456,832.
—
EATON, Preble County, Ohio. BOND SALE. Reports state that
an issue of $31,500 street-improvement bonds was awarded to the Preble
County National Bank of Eaton for $31,850 (101.111) and interest.
—
—
EL CAJON, San Diesro County, Calif. BOJVD ELECTION. Reports
state that an election will probably be held Sept. 25 to vote on the question of issuing $11,500 paving bonds.
ELK CITY SCHOOL DISTRICT
(P. O. Elk City), Beckham CounOkla. BONDS PROPOSED. Local papers state that this district is
contemplating the issuance of bonds to erect a high-school building.
—
ty,
EL PASO,
EI
Paso County, Tex.— BOiVD
ELECTION PROPOSED.—
Local papers state that the question of issuing $150,000 4)4% coupon street
improvement bonds will probably be submitted to a vote in September.
—
POSED.
—
—
THE CHRONICLE
1917.1
1
—
FAIRFIELD COUNTY
(P.O. Lancaster), Ohio.— BOiVD
SALE.—
State Industrial Commission has purchased $38,000 5% coupon
Auth. Sees. 2294, 6489 and 6493, Gen.
ditch-improvement bonds.
Code. Denom. $500. Date Sept. 8 1917. Int. M. & S. Due $1,000
on Mar. 8 and Sept. 8 1918 and $2,000 each six months from Mar. 8 1919
to Sept. 8 1927, incl.
FALL RIVER, Bristol County, Uass.— TEMPORARY LOAN.— On
Aug. 28 the temporary loan of $50,000 (V. 105, p. 835) was awarded to
Lee, Higginson & Co., of Boston, at 4% discount.
Tlie
FLINT, Genesee County, Mich.— BOiVD ELECTION PROPOSED.—
Reports state that the City Council has been requested to call an election
to submit to a vote the question of issuing $128,000 water-works system
impt. bonds.
FRANKLIN, Warren County, Ohio.— BOiVD OFFERING.— Sea.led
m. Sept. 24 by R. C. Boys, Village Clerk,
5% coupon street-impt. assessment bonds. Authority, Sec.
proposals will be received until 12
for $25,500
3914, Gen. Code. Denom. $500. Date Aug. 15 1917. Principal and
semi-annual interest payable at Prankliu National Bank. Due $3,000
Aug. 15 1918 and $2,500 yearly on Aug. 15 from 1919 to 1927 inclusive.
Certified check for 10% of the amount of bonds bid for, payable to the
Purchaser to pay accrued interest.
Village Treasurer, required.
We are advised that on account of a mistake having been made in the
date of sale in the first advertisement, the bonds were not disposed of on
Aug. 24. V. 105, p. 732.
FRANKLIN COUNTY (P. O. Columbus), Ohio— BOiVD SALE.—
28 the $588,000 5% bridge bonds (V. 105, p. 625) were awarded to
*
IndianapoUs, for $8,501, equal to 100.011.
On Aug.
CLAY COUNTY SCHOOL DISTRICT NO. 81 (P. O. Dilworth),
BOND SALE. — On Aug. 22 the two issues of 15-year coupon
building and equipment bonds (V. 105, p. 732) were awarded to the Capital
Trust & Sav. Bank of St. Paul as follows: $30,000 5% issue at par and int.,
A.B.Leach& Co., Chic. .$598,643 00 E.H.Rollins &Sons,Chic.$594,762 00
Minn.
and $10,000 6% issue at 102 and int.
Kalman. Matteson & Wood of St. Paul bid 101
.50 for the $10,000 issue.
Dilworth State Bank bid par for the $10,000 issue.
CLAY SCHOOL TOWNSHIP (P. O. Brooklyn), Morgan County,
Ind. BOND SALE. An issue of $16,000 school bonds was awarded, it is
stated, to the Clay Products Co. of Indianapolis at 100.125.
CLAY TOWNSHIP (P. O. Union), Pike County, Ind. BOND SALE.
On Aug. 27 the two issues of 414% school bonds, aggregating $14,000
V. 105, p. 62-1 were awarded, it is stated, to the First National Bank of
Petersburg for $14,001 100.007 and interest.
CLERMONT COUNTY (P. O. Batavia), Ohio.—BOJVD SALE.— On
Aug. 27 the $21,350 5% coupon road-impt. bonds V. 105, p. 624 were
awarded, it is stated, to J. C. Mayer & Co. of Cincinnati for $21,465 45
100.540 and interest.
Other bids were:
A. E. Aub & Co., Cincinnati. $21, 442 Prov. S. B. & Tr. Co., Cin.. $21,394
Weil, Roth & Co.. Cincinnati 21,429 Seasongood & Mayer, Cin
21,393
Davies-Bertram Co Cin... 21,423 R. Kleybolte Co., Cin
21,371
Channer& Sawyer, Cin
21,401 ISpitzer, Rorick & Co., Tol.. 21,360
CLINTON SCHOOL DISTRICT (P. O. Clinton), Custer County,
Okla.— BOA^D ELECTION. According to local papers, an election will be
held Sept. 4 to vote on the question of issuing $15,000 building bonds.
CLINTON SCHOOL TOWNSHIP (P. O. Greencastle), Putnam
County, Ind. BOiVD SALE. On Aug. 29 the $7,300 5% school bonds
V. 105, p. 732 were awarded to J. P. Wild & Co. of Indianapolis for $7 32 £50 (100.349) and int. Other bidders were:
Marshall
$7,301
Breed, EUiott & Harrison, Indianapolis
*7]300
—
—
—
—
—
—
—
—
—
—
,
—
—
—
M M
.
—
.
*And printed bonds.
COLESBURG SCHOOL DISTRICT
County, Iowa. BOND SALE. — We are
bonds voted Aug.
11
have been disposed
(P.
O. Colesburg), Delaware
advised that the $20,000 school
of.
—
CORVALLIS, Benton County, Ore. BOA^D ELECTION.— An election will be held Sept. 4, it is stated, to vote on the question of issuing
municipal-improvement bonds.
CRITTENDEN COUNTY (P. O. Marion), Ark.—BOJVD SALE.— On
Aug. 25 $100,000 514% 20-year Road District No. 1 road-improvement
bonds were awarded, it is stated, to Kauffman, Smith, Emert Investment
Co., of St. Louis.
GUSHING, Payne County, Okla. BONDS OFFERED BY BANKERS. — Geo. W. & J. E. Piersol, of Oklahoma City, are offering to tuvestors
an issue of $19,000 6% 25-year coupon funding bonds. Denom. $1,000
Date May 16 1917. Principal and semi-annual interest (J. & J.) payable
at the Oklahoma fiscal agency in New York City.
Total debt, includin"-
$196,629 85; water debt included, $100,000. Sinking fund
about $16,000. Assessed valuation 1916. $1,717,880; estimated actual
value $2,500,000. Population 1913, 4,008; 1917 (estimated), 5,000.
CUYAHOGA FALLS, Summit County, Ohio. BONDS NOT SOLD.
We are advised by the Village Clerk that no bids were received on Aug
24 for $21,400 5% sewer bonds offered on that day.
DALLAS COUNTY (P. O. Dallas), Tex.— BOiVDS DEFEATED
this issue,
—
—
Local papers state that the proposition to issue the $1,000,000 5% 40-year
road and bridge bonds (V. 105, p. 518) failed to carry at the election held
Aug. 21.
DAVIESS COUNTY
We
(P.
O. Washington), Ind.— BO JVD
SALE.—
are advised that J. P. Wild & Co. of Indianapolis have been awarded
at par and int. the $34,000
5K-year (aver.) county bridge bonds
offered on Aug. 21.
Using newspaper reports we stated in V. 105. p. 835, that no bids were
received on Aug. 21 for this issue.
4H%
Field, Richards
&
Co., of Cincinnati for $601,761 (102.340) and interest.
Other bidders were:
Hayden,Miller&Co.,Clev. 598,642 80 Otis
&
Co., Cleveland... 593,950 00
Seasongood & Mayer,Cin 598,035 00 Halsey, Stuart & Co.,
Chicago
C.E.Denison & Co.,Clev. 595,467 50
*204,310 00
* Partial bid on $200,000.
FREDONIA, Chautauqua County, N. Y. BOND SALE. On
Aug. 13 the .$13,000 1-10-year serial street-improvement bonds (V. 105, p.
412) were awarded to the Hanchett Bond Co., of Chicago, at 100.60 for 5s.
GARDNER, Worcester County, Mass. BOND OFFERING. Henry
—
—
Howe, Town Treasurer,
will receive bids until 12 m. Sept. 4 for $.56,000
Date Sept. 1 1917.
1-14-year serial tax-free coupon school bonds.
Interest semi-annual (M. & S.) at the National Shawmut Bank, Boston.
Due $4,000 yrly. on Sept. 1 for 14 years.
Bonded debt, including this issue (Aug. 29 1917), .$454,675. Floating
debt, $130,000. No sinking fund. Assess, val. 1916, $11,807,291. Total
tax rate (per $1,000) 1916, $20.65.
P.
4K%
GERBER SCHOOL DISTRICT, Tehama County, Calif. BOND
—An election will be held Sept. 3, it is stated, to vote on the
question of issuing ,$6 ,600 6 % school bonds. Due $2 ,200 in 3 6 and 9 yrs
GRANT COUNTY (P. O. Marion), Ind.— BOiVD OFFERING.—
ELECTION.
.
Luther Worl, Co. Treas., will receive bids until 10
highway-impt. bonds
for $9,700
4H%
a.
m. Sept.
7, it is stated,
.
GREELEY CENTER,
Greeley County,
Neb.— BOiVD OFFERING.—
P. J. Barrett, Village Clerk, will receive bids until 7 p. m. Sept. 11 for
$13,000 5% 5-20-year (opt.) electric- light bonds. Denom. $500. Date
Aug. 1 1917. Interest annual. Certified check for 5% required.
GREEN BAY, Brown County, Wise— BOiVD ORDINANCE DEFEATED. — The City Clerk advises us that the ordinance providing for the
issuance of $107,000 school bonds was defeated by the Common Council.
HARPER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. I
BONDS OFFERED BY BANKERS. — Geo. W.
(P. O. Laverne), Okla.
& J. E. Piersol, of Oklahoma City, are offering to investors $10,000 6%
20-year building bonds. Denom. $500. Date April 3 1917. Principal
and semi-annual interest (J. & J.) payable at the Oklahoma fiscal agency in
New York City. Bonded debt, including this issue, $22,000. Assessed
valuation 1916, $568,630; estimated actual value, $750,000.
HARRISON COUNTY (P. O. Corydon), Ind.—BOiVD SALE.— On
Aug. 27 the $13,200 4i-i% 55^-year aver, highway-impt. bond.s— V. 105,
were awarded to B. F. Markwell for $13,215, equal to 100.113.
p. 836
HASKELL COUNTY (P. O. Stigler), Okla.— BOiVDS OFFERED BY
BANKERS. Geo. W. & J. E. Piersol of Oklahoma City are offering to
investors the following 6% 25-year coupon funding bonds:
—
—
$31,100 issue. Denoms. (31) $1,000, (1) $100. Date July 16 1917. Due
July 16 1942.
7,000 is.sue. Denom. $1,000. Date May 7 1917. Due May 7 1942.
Prin. and semi-ann. int. (J. & J.) payable at the Oklahoma fiscal agency
Total debt, including these bonds, $160,990. Assessed
in N. Y. City.
val. 1916, $6,000,000; est. actual value, $9,000,000.
HAWTHORNE SCHOOL DISTRICT
BOND SALE. — We
(P.
O. Hawthorne), Passaic
are advised that an issue of $6,500
5% school bonds was awarded on Aug. 7 to the Silk City Safe Deposit &
Trust Co., of Paterson, at par. Denom. $500. Date July 1 1917. Int.
Due $500 yearly on July 1 from 1918 to 1930, inclusive.
J. & J.
BEACH, Los Angeles County, Calif. BOND ELECTION.
The question of issuing $100,000 harbor-impt. bonds will be submitted
to a vote on Sept. 18.
County, N.
J.
— HERMOSA
HILL COUNTY SCHOOL DISTRICT NO. 16 (P. O. Havre), Mont.—
BOND OFFERING. — Bids will be received until Oct. 1 by E. C. Cavruth,
District Clerk, for $23,000 10-20-year (opt.) coupon high-school-building
and equipment bonds at not exceeding 6% interest. Denom. $1,000.
All bids other than by or on behalf of State Board
Interest semi-annual.
of Land Commissioners must be accompanied by a [certified check in the
sum of $500, payable to order of the District Clerk.
THE CHRONICLE
9:^6
[Vol. 105.
—
LINCOLN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Troy),
BONDS NOT SOLD. — Up to Aug. 20 no sale had been made of
the $11,000 10-20-yr. (opt.) coupon school bldg. bonds offered on June 27
at not exceeding 6% Int. (V. 104. p. 2368).
HOOKER, Texas Countv, Okla.— BONDS OFFERED BY BANKERS.
LIVINGSTON PARISH SCHOOL DISTRICT NO. 7 (P. O. Denham
An issue of $6,078 6% 20-year coupon funding bonds is being offered Springs), La.— BONDS NOT SOLD. — Up to Aug. 22 no sale had been
—
Piersol,
of
Oli
lahoma
&.
J.
K.
City.
W.
investors
by
Geo.
Denom.
to
(11)
made of the $3,500 5% 1-7-yr. serial bulldmg and equipment bonds offered
Date .lune 12 1916. Principal and semi-annual Interest on July 28— V. 106, p. 201.
$,500, (1) $r)7H.
(J. & J.) payable at the Oklahoma fiscal agency in N. Y. City.
Total
bonded debt, including this i.ssue, $28,078. Assessed valuation 1915,
LONG BEACH, Los Angeles County, Calif.— BOiVD OFFERING. —
»-w
$349,265; estimated actual value, $600,000.
Healed proposals will be received until 10 a. m. Sept. 4 by H. C. Waughop,
„
Clerk, for $15,000 of the $300,000 5% harbor-improvement bonds
JACKSON COUNTY (P. O. Jackson), Minn.—BOND SALis^—^- (;lty
voted Oct. 11 1910. Denom. 8500. Date Jan. 2 1917. Principal and
man, Matteson & Wood of St. Paul have been awarded $127,000 5% ditch- semi-annual
interest payable at the C'ity Treasurer's office, or at the option
HOBOKEN, N. J.— NOTE SALE. A promissory note of $25,000.
bearing 5% interest, and Issued for the purpose of paying off current
expenses, has been awarded to the Jefferson Trust .Co., of Hoboken, at
par.
The note is payable on demand.
Mont.
construction bonds.
JAMESTOWN, Chautauqua
County,
Due $7,500
of holder thereof, at the Liberty National Bank, N. Y.
Jan. 2 1918 and $,500 yearly Jan. 2 from 1919 to 19.33, inclusive. A certified
check or bank draft drawn on a solvent bank of Los Angeles County, or a
satisfactory bond for 10% of amount of bid, payable to the City Auditor,
I'urchaser to pay accrued interest.
The bonds offered for sale
required.
will be ready for delivery on or about Oct. 2 1917, and will be delivered at
the office of the City Treasurer, or at any place designated in any proposal
that may be accepted, upon payment, in advance, by the bidder of all
expenses necessary to make delivery at such designated place and to
transfer the purchase price to the City Treasurer, thereby making delivery
and pa.vment at such place equivalent to delivery and payment of the office
An opinion of Bordwell & Mathews, of Los Angeles,
of the City Trea.surer.
and of Dillon, Thomson & Clay, of New York City, New York, approving
the validity of the bonds offered for sale, will be furnished by the city to
the successful bidder.
Y. ISOND ELECTION.—
An election will be held Sept. 8, it is stated, to vote on the question of issuing
$10,000 bonds for the improvement of the city-hall in order to provide a
suitable
IN.
jail.';'
JEFFERSON COUNTY
(P. O. Madison), Ind.— BOND SALE.— On
Aug. 28 the $(i,.'W5 4Jij% 5J4-year aver, highway-inipt. bonds V. 105, p.
836 were awarded to the Madison Safe Deposit & Trust Co. of Madison
100.195 and interest.
for $6,397 50
—
—
—
—
JEFFERSON TOWNSHIP RURAL SCHOOL DISTRICT, Madison
County, Ohio.— BOND SALE.— On Aug. 25 the $35,000 5% 1-10-year
—
coupon school-building bonds V. 105, p. 625^were awarded to the
Davios-Bertram Co. of Cincinnati for $35,043 100.122 and interest.
JENNINGS COUNTY (P. O. Vernon), Ind.— BOND SALE.— We are
advised that an issue of $6,750 4}4% road bonds was awarded on July 17
to the Fletcher- American National Bank of Indianapolis at par and interest.
Denom. $337 50. Date July 15 1917. Int. M. & N. Due $337 50 each
)\.
y
six months from May 15 1918 to Nov. 15 1927, inclusive.
serial
JOHNSON CITY, Washington
—
—
County, Tenn.— BOA^D SALES.
1
KANABEC COUNTY, CONSOLIDATED SCHOOL DISTRICT
NO 3 (P. O. Ogilvie), Minn.— BOND OFFERING.— G. Fjerstad, Clerk
of School Board, will receive sealed bids until 8 p. m. Sept. 10 for $30,000
53^% building bonds. Denom. $1,000. Date Aug. 1 1917. Principal
and semi-annual Interest payable at the Northwestern National Bank,
Minneapolis. Due $1,000 yearly Aug. 1 from 1923 to 1927, inclusive;
$2,000 yearly Aug. 1 from 1928 to 1932, Inclusive, and $3,000 yearly Aug. 1
from 1933 to 1937, inclusive. An unconditional certified check for $1,500,
payable to the District Treasurer, required. Bonds to be paid for within
15 days from date of sale. The approving opinion of R. G. Andrews, of
Minneapolis, will be furnished. Bids must be unconditional. Bonded
debt, including this issue (Aug. 27 1917), $55,800. No floating debt.
KANSAS CITY SCHOOL DISTRICT (P. O. Kansas City), Mo.—
BONDS NOT TO BE OFFERED AT PRESENT.—E. T. Swinney, District
Treasurer, advises us under date of Aug. 24 that on account of the high cost
of material the School Board has decided not to sell at this time the $2,000,gold site-purchase, building and equipment bonds voted June 2
000 4H
(V. 104, p. 2475).
%
KAWEAH SCHOOL
SALE.
state,
—
—
$70,000 6% 1-10-year serial street-impt. bonds were awarded to
the Municipal Paving & Construction Co. at par. Denom. $500. Date
Aug. 1 1917. Int.F. &A.
Weil, Roth & Co. of Cincinnati have been awarded $64,044 12 6% 1-20year serial street-impt. bonds. Denoms. various, mostly $500. Date
Aug. 1 1917. Int. P. & A.
^^^
JOHNSTOWN, Fulton County, N. Y.—BOND OFFERING.— Auction is called to the official advertisement elsewhere in this Dep artmen t
of the offering on Sept. 11 of the $100,000 5% 1-20-year serial cou pon o r
For details and terms of offering, see V. 105,"p.836.
f egistered water bonds.
KALAMAZOO COUNTY (P. O. Kalamazoo), Mich.— BOAT) SALE.—
On Aug. 24 an issue of $27,500 10-yr. road bonds was awarded to F. C.
-,^.11
Hoehler & Co. of Toledo.
On Aug.
—
LORAIN, Lorain County, Ohio. BOND SALE. The following bids
were received for the two issues of 5% coupon water-works bonds, aggregating $52,000, offered on Aug. 28 V. 105, p. 626:
Heasongood&Mayer,Cin.*$53,024 OOlTillotson & Wolcott Co.,
Cleveland
$52,673 20
H. L. Day & Co., Boston. 53,023 40
Graves & Blanchett, Tol. 62,944 40 J. C. Mayer & Co., Cine. 52, .535 20
Prov.S.B.&T.Co.,Cinc. 52,855 20 Spitzer, Rorick &Co., Tol. 52,388 00
Cummings, Prudden &
First Nat. Bank, Cleve.. 52,000 00
Co., Toledo
52,832 001
Reports state that this was the successful bid.
County, Calif.— BOAD
Blyth, Witter & Co. of San Francisco have been awarded, reports
—
an issue of $10,000 school bonds at 106.13. Due
from
DISTRICT, Tulare
serially
1920 to 1939.
_^4
KNOXVILLE, Knox County, Tenn.—BOND OFFERING.— Sealed
bids will be received until 7:30 p. m. Sept. 18 by Robt. P. Williams, City
Recorder and Treasurer, for $800,000 5% corporate coupon general improvement bonds of 1917. Denom. $1,000. Date Sept. 1 1917. Principal and semi-annual interest (M. & S.) payable at the Hanover National
Bank. New York. Due $25,000 yearly Sept. 1 from 1918 to 1937, inclusive,
and $30,000 yearly Sept. 1 from 1938 to 1947, inclusive. Certified or
cashier's check on a Knoxville bank for 5% of amount of bid required.
Bonded debt: Long-term bonds, $2,442,000; street-improvement 5-year
bonds, $220,631 27; street-improvement 5-year assessment bonds, $256.824 15. Water-plant bonds ($1,425,000) are not included in above.
Sinking fund, $97,512. Assessed valuation, $39,351,815; estimated value,
$100,000,000. Municipal property, $1,669,925. The favorable opinion
of Wood & Oakley, of Chicago, will be furnished the purchaser.
LAKE COUNTY (P. O. Crown Point), Ind.— BOiVD SALE.— On
5 2-3-yr. aver. highway-Impt. bonds,
Aug. 24 the three issues of
aggregating $20,500 (V. 105, p. 625), were awarded as follows:
$16,500 (2 iss.) road bonds to the Commercial Bank of Crown Point for
$16,537 (100.224) and interest.
4,000 road bonds to the State Nat. Bank of Lowell at 100.125 and int.
LORE CITY VILLAGE SCHOOL DISTRICT
—
W.
(P.
O. Painesville), Ohio.— BOND
Denom.
LEESBURG SCHOOL DISTRICT
County, Ohio.
(P.
BONDS DEFEATED. — The
high-school-building bonds failed to carry,
held Aug. 2. V. 105, p. 413.
—
O. Leesburg), Highland
question of issuing $14,000
stated, at the election
it is
l-S
tvi
,v.
.,
v*,
LE FLORE COUNTY SCHOOL DISTRICT NO. 17 (P. O. Cameron),
Okla.— BOiVDS OFFERED BY BANKERS.— An issue of $8,500 6% 20-year
coiipon school bonds is being offered to investors by Geo. W. & J. E. Piersol
of Oklahoma City.
Denom. $500. Date March 3 1917. Prin. and semiannual int. — J. & J. — payable at the Oklahoma fiscal agency in N. Y. City.
Total bonded debt, including this issue, $13,500.
1916, $291,415; estimated actual value. $500,000.*i
P-
LEWISBURG,
the $10,000 5!^
%
Assessed valuation
«)/BWa
Preble County, Ohio.— BOiVD SALE.— On Aug. 27
1-20-year serial water-works ext. bonds V. 105, p. 413
—
were awarded to Weil, Roth & Co. of Cincinnati at 103.09. Denom.
j «« — >*>^_ i.-^^,^-''
$500. Date Sept. 1 1917. Int. M. & S.
LIMA, Allen County, Ohio.— BOJVD,S PROPOSED.— The question of
issuing $155,000 sewer and $100,000 river-improvement bonds will be submitted to the voters at the November election, according to reports .| Jo, HiK
^LINCOLN COUNTY (P. O. Ivanhoe), Minn.— BOJVJD OFFERING.—
Sealed bids will be received until 10 a. m. Sept. 10 by Karl A. Hansen,
County Auditor, for $50,000 Judicial Ditch No. 30, $65,000 County Ditch
No. 35. $6,200 Judicial Ditch No. 22, $5,900 Judicial Ditch No. 32, $6,600
County Ditch No. 34 and $5,900 County Ditch No. 38 5% bonds. Denom.
$1,000. Date Oct. 1 1917. Interest semi-annual. Due, the first two
Issues payable in 15 equal annual Installments, beginning Oct. 1 1922 and
the remaining issues payable In ten equal annual installments beglnnmg
Oct. 1 1918. No deposit required. Bonded debt. Including these bonds,
$199,600. No floating debt. Assessed valuation 1916, real estate, $7,556,146; personal property, $1,015,183; moneys and credits, $609,300;
total actual value (estimated), $24,430,158.
school bonds.
Int.
$.500.
M. &
1932 to Sept. 6 1933, incl.
O. Lore City),
S.
Auth. Sees. 7625 and 7626, Gen. Code.
Due $500 each six months from Mar. 6
2% of the amount of bonds
Certified check for
bid for required.
LOVE COUNTY (P. O. Marietta), Okla.— BOiVDS OFFERED BY
BANKERS. — Municipal funding bonds amounting to $14,000 and bearing
6% interest, are being offered to investors. These bonds are coupon in
form and are in the denom. of $1,000. Date July 24 1917. Prin. and
semi-annual int. — J. & J. — payable at the Oklahoma fiscal agency in N. Y.
City.
Due July 24 1942. Total debt, including this issue. $149,690 56.
Assessed valuation 1916, $5,190,395; estimated actual value, $8,000,000.
—
LOWELL, Middlesex County, Mass. BOND SALE. On Aug. 28 the
two issues of 4}^% tax-free coupon school bonds, aggregating
$180,000 V. 105, p. 836 were awarded to Merrill, Oldham & Co. of
Bcston at 100.849:
$170,000 school-house bonds. Due $9,000 yearly on Aug. 1 from 1918 to
1927. incl., and $8,000 yearly on Aug. 1 from 1928 to 1937. incl.
10.000 school bonds. Due $1,000 yly. on Aug. 1 from 1918 to 1927, Incl.
Other bidders .were:
100.68
Curtis & Sanger, Boston
Middlesex Safe Deposit &
Trust Co., Lowell
100.738 R. L. Day & Co., Boston. ..100.64
Blodget & Co., Boston
100.716 Estabrook & Co., Boston... 100. 46
Denom. $1,000. Date Aug. 1 1917. Principal and seml-aimual interest
F. & A. payable at First National Bank of Boston.
MADISON, Morris County, N. J.— BOND OFFERING.— Additional
information is at hand relative to the offering on Sept. 10 of the $135,000
4H % gold coup, (with privilege of registra'n) street bonds (V. 105, p. 836
Proposals for these bonds will be received until 8 p. m. on that day by
Denom. $1,000.
Willis A. Parker, Chairman of Finance Committee.
Date Sept. 1 1917. Principal and semi-annual int. M. & S. payable at
the Madison Trust Co., Madison. Due $4,000 yearly on Sept. 1 from 1925
to 1934, incl.; $5,000 yearly on Sept. 1 from 1935 to 1944, incl.; $6,000
yearly on Sept. 1 from 1945 to 1951, incl., and $3,000 Sept. 1 1952. Certified check on an incorporated bank or trust company for 2% of the amount
The
of bonds bid for, payable to the "Borough of Madison," required.
bonds will be prepared under the supervision of the U.S. Mortgage & Trust
Co. of N. Y., which will certify as to the genuineness of the signatures of
the officials and the seal impressed thereon, and their legality will be approved by Hawkins, Delafield & Longfellow of N. Y., whose opinion will
be furnished purchaser.
Purchaser to pay accrued int.
following
—
—
—
—
—
—
MAGNOLIA SCHOOL DISTRICT (P. O. Magnolia), Columbia
BOND SALE. — On Aug. 22 the $85,000 6% 35-JT. building bonds (V. 105, p. 626) were awarded to the Bankers Trust Co. of Little
Rock for $85,600, equal to 100.705. Speer & Dow of Fort Smith, Ark.,
County, Ark.
Denom. $1,000. Date Aug. 22 1917. Int. M. & S.
MANILA SPECIAL SCHOOL DISTRICT NO. 15 (P. O. Manila),
Mississippi County, Ark. BOND OFFERING. — Proposals will be received until Sept. 12 by Geo. M. Matthews, Secretary of Board of School
Directors, for $12,000 6% school bonds.
Due Aug. 15 1932.H!«.»S.'1BI*"
bid par.
'
OFFERING.—
Albert Davis, County Auditor, will receive bids until 12 m. Sept. 19 for
the following 5% coupon road-unprovement bonds:
$228,500 Cleveland-Buffalo road bonds. Date Sept. 1 1917. Due $13,000
each six months from Mar. 1 1919 to Sept. 1 1926, incl.. and $20,500 Mar. 1 1927. Certified check on a solvent bank in Lake
County for $5,000 payable to the County Treasurer, required.
18,000 Lake-Ashtabula County road bonds. Date Mar. 1 1917. Due
$1,000 each six months from Mar. 1 1918 to Sept. 1 1926, incl.
Certified check on a solvent bank in Lake County for $500,
payable to the County Treasurer, required.
Denom. $500. Int. M. & S., payable at the County Treasury. Bonds
to be delivered and paid for within 15 days from time of award. Official
circular states that there is no litigation pending or threatened and that the
county has never defaulted in the payment of any obligation. Bonded
debt, including these issues, Aug. 23 1917, $1,019,800; assessed valuation
1917, estimated, $62,900,000; taxable property, $100,000,000.
5%
for $2,000
4K%
LAKE COUNTY
(P.
Guernsey County, Ohio. BOND OFFERING. Bids will be received
until 6 p. m. Sept. 5 by Mrs. D. A. Potts, Clerk of the Board of Education,
MARIETTA,
BONDS.
Washington
—
County,
Ohio.— DESCRIPTION
OF
The $45,000 5% refunding bonds awarded on Aug. 15 to the
Ohio Industrial Commission at par and int. (V. 105, p. 836) are in the
denomination of $500 and dated Oct. 1 1917. Int. A. & O.^, Due $3,000
yrly. on Oct. 1 from 1918 to 1932 inclusive.
%ii-::S«l
MARION COUNTY (P. O. Indianapolis), Ind.— BOND OFFERING.
Proposals will be received until 10 a. m. Sept. 6 by E. G. Sourbier, Co.
Treas., it is stated, for $40,800 4)4% highway-impt. bonds.
MARTINSVILLE, Morgan County, Ind.— BOJVD SALE.— On Aug. 20
the $15,000 4H% 1-20-year serial city-hall and fire department bonds
(V. 105, p. 520) were awarded, it is stated, to the First National Bank of
:
—
Martinsville.
MASON CITY INDEPENDENT SCHOOL DISTRICT
(P.
O.
Mason
City), Cerro Gordo County, Iowa.— BOiVD ELECTION PROPOSED.—
Local papers state that an election will be called in the near future to submit to a vote the question of issuing $75,000 site-purchase and bldg. bonds.
MASSENA
(Town)
UNION FREE SCHOOL DISTRICT NO.
1
(P. O. Massena), St. Lawrence County, N. Y.—BOND SALE.— On
Aug. 24 the $131 ,200 school bonds V. 105, p. 734 were awarded to H. A.
Kahler & Co. of N. Y. at 100.08 and int. for 4?is. Other bidders were:
—
Name
—
—
Price Bid.
of Bidder
Rate of Int.
4.80s
Geo. B. Gibbons & Co.. New York
100.29
Harris, Forbes & Co., New York
4.80s
100.092
Isaac W. Sherrill Co., Poughkeepsie
5s
101.51
Farson, Son & Co., New York
5J^s
.100.092
Denom. 130 for $1,000 and 1 for $1,200. Date May 1 1917. Int. ann.
on May 1 at the Dist. Treas. office to the holder thereof in N. Y. exchange.
Due $3,200 May 1 1920, $3,000 May 1 1921 and $5,000 yrly. on May 1
from 1922 to 1946 incl. Bonded debt (excl. this issue) Aue. 10 1917, $12,-
000.
Assess, valuation. $3,552,658.
MAYES COUNTY SCHOOL DISTRICT NO. 17 (P. O. Locust
Grove), Okla.— B0JVi5S OFFERED BY BANKERS.— Geo. W. & J. E.
Piersol of Oklahoma City are offering to investor
@FedFRASER