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1028
THE CHRONICLE
THE FINANCIAL SITUATION.
Secretary McAdoo is desirous of adding to the
attractiveness of the forthcoming Liberty Loan
offering, and has made certain suggestions for new
legislation to attain that end. These suggestions
have been embodied in a bill which has already
passed one branch of Congress—the House of Representatives. The problem confronting the Secretary
is certainly a difficult one. He is determined not to
put out new bonds bearing a higher rate of interest
than 414%,and yet the existing 43is sell at a heavy
discount in the market. But these latter, while
exempt from the normal income tax, are subject to
the super taxes and the excess profits and war profits
taxes.
Mr. McAdoo thinks that by granting a limit
exemption from these supertaxes, the inducement to
buy these bonds will be so greatly increased that
they would sell easily and readily. Heis encouraged in
this idea by the fact that the First Liberty Loan
bonds bearing only 332% interest have been recently
selling above par—even commanding a premium as
as high as 214%,this at a time when the 4s and the
43.is have been selling several points below par.
The only advantage that the 3s possess over the
higher-rate issues is that they are exempt from income taxes of all kinds, as also from the excess
profits and the war profits taxes, while the 4s and
43is are, as already said, free from merely the normal taxes.
Mr. McAdoo's suggestion is an excellent one, but
it strikes us that it does not go far enough. The
Secretary would exempt from the supertaxes an
amount of the new 434s the principal of which does
not exceed $30,000. He would also exempt holders
of existing 41/0 up to an amount the principal of
which does not exceed $45,000, with the proviso
that such holders buy a given amount of the new
43is and continue to retain such holdings of the new
issue. In other words, the holdings of the old bonds
may not exceed 1M times the principal amount of
new bonds purchased and held. That means that
to get exemption from the supertaxes for $45,000
of the old bonds it would be necessary to purchase
and hold $30,000 of the new bonds.
While the idea is a good one, in our estimation,
as already stated, it cannot be considered as going
far enough. Indeed it is a question whether such
limited tax exemption is not too trivial to count for
much as a permanent influence upon price. The
first effect, it is true, was to bring about a sharp
advance in the 43Is and to depreciate the 332s, but
that was no doubt because of an imperfect understanding of the nature of the proposal. In the public
mind the tax-exemption at first blush was put on a
par with that possessed by the 332s, whereas it
does not come anywhere near the latter. The
Income from the 33/
2s is exempt from the surtaxes to any amount, without limit or qualification.
The exemption proposed for the coming issue is to
apply only in the case of bonds to an aggregate of
no more than' $30,000. A moment's reflection will
show that 414% on $30,000 would be only $1,275,
which is all of the income that would be exempt
from the surtaxes. In the case of the $45,000 of old
bonds that could obtain the income exemption, the
interest would be $1,912 50. We cannot believe
exemption from the surtaxes of so small an amount
of income would ever count for very much as an
[VOL. 107.
influence affecting market prices permanently.
If the exemption were to apply to $30,000 and $45,000
respectively of interest, rather than of principal, the
case would be different.
Another thing. Whatever the amount of exemption it will be useless and of no avail unless a provision contained in the pending war Revenue Bill
is entirely changed or altogether eliminated. The
provision we refer to is that contained in Section
214 (a). This relates to the deductions to be allowed in computing the net income upon which the
income taxes are to be figured. The second of
these deductions is the following: "All interest
paid or accrued within the taxable year on indebtedness . . . in excess of interest received free from
taxation under this title." We would particularly
direct attention to the words "in excess of interest
received free from taxation." This would mean that
if Government bonds were held the interest received from these Government bonds would have
to be offset against the interest paid,notwithstanding
that the interest so received is expressly exempted
from taxation.
Ever since the outbreak of the war the Secretary
of the Treasury has been urging everyone to buy
Liberty bonds even if it became necessary to borrow
the money for the purpose. Under the provision quoted
the taxpayer could get no taa exemption in his tax
return except for the difference between the amount
of interest received and the amount of interest paid
out. His position, therefore, would be no better
than if he bought railroad bonds or other bonds that
enjoyed no exemption whatever. Hence, unless this
provision is stricken out, the tax exemption which
the Secretary plans for the coming Fourth Liberty
Loan will be completely nullified—and,nullification
will extend not merely to the surtaxes but also to the
normal taxes. Surely Congress cannot seriously intend anything of the kind. Of course the provision
would apply to the outstanding bonds as well — the
33'2s, the 4s and the 43is—and here it would be an
absolute violation of good faith with the bondholders
to whom the bonds were sold with the express declaration that they, were to be tax-exempt.
The grain crop report of the Department of Agriculture for the first of September, made public
on Monday, although reflecting the prevalence of
unfavorable weather conditions over important
areas during the preceding month and a consequent
reduction of the aggregate yield of cereals, was
nevertheless, on the whole, better in some respects
than private reports had prepared those in interest
to expect. The effect of adverse conditions in the
leading corn producing States is evidenced by the
cutting down of the estimate of yield of that cereal
to the extent of over 300 million bushels from the
figure announced a month earlier, but a much greater
decrease had been looked for. On the other hand,
however, an improvement in the condition of spring
wheat has apparently warranted a moderate raising of the estimate for that cereal, and encourages
belief in a harvest of wheat as a whole second only
to the record crop of 1915 and approximately 250
million bushels greater than last year's production.
Oats, too, promise a little better than on Aug. 1,
as does the barley prospect, while the rye outlook
has been maintained. Altogether then, while early
glowing expectations of the grain crops as a whole
have been disappointed, the present forecast of
SEPT. 14 1918.]
THE CHRONICLE
1029
Production—
Estimated.
yield for the leading grains is for an aggregate yield
Final
Previous
(000,000s omitted.)
1917.
1916.
Records.
1915.
only 305 million bushels under the total of last year Winter wheat___bush.1918.
556
418
482
655
685 (1914)
Spring wheat
343
233
158
357
357 (1915)
and 658 millions greater than in 1916. But the Corn
2.672
3,159
2,583
3,055
3,159 (1917)
. 1,477
gratifying feature is the large increase in wheat— Oats
1,587
1,252
1,540
1,540 (1915)
Barley.
236
209
181
237
237 (1915)
the grain of most essential value in extending aid Rye
77
60
47
49
49 (1915)
to our Allies in the European war. Then also, ac- Total bushels
5.361
5.666
4,703
5,893
6,027
cording to the new milling regulations, which reAside from the above we note that an increased
quire that a greater percentage of extraction be production of buckwheat, rice and sweet potatoes
is
made from the wheat, an important saving has foreshadowed, and that the white potato
crop,
been effected in the quantity of wheat required although below last year, promises
to be above the
to produce a given amount of flour. In other average of earlier years. Furthermore a record
words it is stated that it now takes only about crop of tobacco seems assured.
43 bushels of wheat to make a barrel of flour,
Advices from Canada confirm the damage to
whereas formerly 432 bushels were required. This, wheat by drought which continued in
the western
it is figured, will result in a saving of some 30,- districts until near the close of July.
In conse000,000 bushels in addition to that made through quence early prospects of yield were materially
the use of substitutes.
reduced. The promise is for a total product of
The deterioration in the condition of corn during about 233 million bushels or slightly less than in
August as a result of drought and hot winds was 1917 and 13 millions greater than in 1916 but 143
very marked; the average is placed at only 67.4 million bushels below the bumper yield of 1915.
for Sept. 1, against 78.5 a month earlier, 76.7 a
year ago, 78.8 in 1916 and a ten-year average of
A slight expansion in gold production in the
74.8. The effect of drought this year is most ap- Transvaal is to be noted of August 1918, as
comparent in Kansas where condition of Sept. 1 stood pared with July, but the output fell
below that of
at only 23, against 40 a year ago. On this a yield the corresponding period of either of the
three preof only 534
3 million bushels is predicted, against ceding years. Specifically the August 1918 yield
128 millions in 1916. Other States in which the is announced by cable as 740,210 fine ounces, or
same cause has served materially to reduce the an average of 23.878 fine ounces per diem and
conprospect are Nebraska, Missouri, Kentucky, Ten- trasts with 756,628 fine ounces and 24,408
fine
nessee, Mississippi, Texas, Oklahoma and Arkansas. ounces respectively last year, 781,150 fine
ounces
On the basis of the average condition percentage and 25,198 fine ounces in 1916 and 778,763 fine
Sept. 1 an approximate yield of 23.5 bushels per ounces and 25,121 fine ounces in 1915.
Conseacre as a mean for the whole country is arrived at, quently, the eight months' production of
1918 at
which foreshadows an aggregate crop of 2,671,- 5,732,743 fine ounces is 354,741
under that for
840,000 bushels or some 487 million bushels under the same period a year ago, 441,361
fine ounces less
the record harvest of 1917 and 89 million bushels than two years ago and 224,423 fine ounces
below
over the crop of 1916. As partly neutralizing the 1915. Furthermore, with Rhodesia and West
Africa
quantitative loss, it is intimated that the percentage also reporting a decreasing output this
year the
of merchantable corn this year promises to be well indications now favor the assumption that for
the
above 1917.
whole of Africa the 1918 product will be less than
Brief reference to wheat will suffice at this junc- for either of the three previous years, probably
ture. The condition of the spring variety is placed little if any greater than in 1914 and possibly
the
a little higher than on Aug. 1-82.1 comparing with smallest since 1911.
79.6—and there is much improvement over a year
ago, when 71.2 represented its status as officially
The commercial failures exhibit for the United
interpreted. The ten-year average for Sept. 1 is States for August 1918, even more
than earlier state73.4. The Department following its usual method ments of the current calendar year,
is a very satisfigures out 15.2 bushels as the probable average factory one which is equivalent
to saying that it is,
yield per acre, and this on the 22,489,000 acres to the most favorable showing
for a very extended
be harvested would give a total product of 342,- period. Indicating
to what an extent this is true
855,000 bushels, this contrasting with 233 million we note that
the number of defaults reported for the
bushels last year and the high record of 357 millions month is
the smallest of any monthly period in over
in 1915. Combining the indicated spring wheat seventeen years
and for a more contracted volume
crop with the preliminary winter wheat approxi- of liabilities it
is necessary to go back to September
mation of 555,725,000 bushels, we have an aggre- 1906.
And when we come to consider that each
gate of 898,580,000 bushels for 1918, which while year the number
of firms in business increases, the
exceeding 1917 by 257 million bushels, falls current situation
appears most gratifying. Fur113 million bushels below the 1915 high water thermore, with marked
activity continuing in mermark.
cantile and industrial lines as a whole and the marFor oats the condition on Sept. 1 is given as 84.4, gin of profit quite generally
well above normal it
against 82.8 a month ago, 90.4 a year ago and a is still an open question
whether it will not remain
ten-year average of 80.3. The yield per acre is for later months
to make an even better exhibit.
officially estimated as 33.2 bushels, and on this Referring to this
feature of the business situation,
basis the total production would be 1,477,348,000 Messrs. R. G. Dun
& Co., whose tabulations furbushels, against 1,587,286,000 bushels the pre- nish the basis for our
deductions, remark "Aside
vious year, that total establishing the high record. from March,when there
was a considerable increase,
The barley estimate now promulgated shows a the insolvencies, both
in number and amount, have
slight increase over that of a month earlier and the declined steadily since
last January and it is not
figure for rye is unchanged. The following fur- clear even now that
the absolute minimum has been
nishes a summary of the five leading grain crops: established, although
a higher commercial death
1030
THE CHRONICLE
[VoL. 107.
rate is invariably witnessed during the later months tunity "in a calm exchange of views—some sort of
direct, informative discussion is thinkable which
of the year."
The Dun compilation of mercantile casualties would be far from being peace negotiations—disfor August gives the number of defaults as 720 with cussing and weighing everything which to-day
the liabilities $7,984,760; this comparing with 1,149 separates the belligerent parties and no further
for$18,085,287 last year; 1,394 for $20,128,709 in fighting will perhaps be needed to bring them
millions in 1914. closer together." Continuing, the Foreign Minister
1916 and 1,272 for some 43
Segregating the insolvents into classes, the most said: "This question arises, 'Isn't it a crime against
satisfactory exhibit this year is in the manufacturing humanity even to think of completely pulling down
division, and especially in such lines as machinery, a structure—which has become historical—which
lumber and woolens, the aggregate, volume of debts certainly here and there needs improvement, in
at $3,276,753, being less than half that of the period order to found a paradise in future on its ruins?'
in 1917 and actually the smallest in August since The defect in this, however, is that in accordance
1905. In trading branches also the showing is with the destructive methods of our enemies it can
very good, practically every important line report- only be created at much too great a sacrifice. Count
ing a noticeable drop in indebtedness and the total the past hecatombs of this war. Think of those
liabilities at $3,828,931 compares with $5,484,805 to come and ask whether striving to attain war
last year and heavier aggregates back to and in- aims at such a price is justifiable—war aims in
cluding 1907. In the brokerage section, too, there which the principle of justice is put foremost—withis not only a marked decrease in the number of out investigating whether an understanding could
insolvencies, but the debts show a very decided not be reached by a fair application of that princontraction, standing at only $879,076, against ciple? It is unthinkable that even the most con$2,686,600 a year ago. Large failures, more- fident hope of final victory could permit the enemy
over, were comparatively few in August, those for in the long run to avoid considering whether the
$100,000 or more numbering only 12, or the lowest most terrific exertions and sacrifices can longer be
for the period since 1905, ane representing debts justified in order to carry through principles which
of but $2,631,801. The large failures of August are not the enemy's monopoly or to regulate the
1917 covered debts of about 93/ million dollars affairs of other peoples who can manage them quite
as well themselves." The Baron went on at some
and those of 1916 a little short of 8 millions.
in a similar strain but was not altogether
length
For the eight months of 1918 the insolvencies
of results, for he concluded in part as
confident
12,096
in
1917
and
9,774
total but 7,395, against
in 1916, with the liabilities respectively $105,567,- follows, "But I would not delude you with baseless
894 and $130,046,987 and $143,047,368. Manu- prospects of peace at a moment when the war fever
facturing defaults involved $42,832,987, against still is shaking the world. I must, however, talk
$53,977,191 last year and $53,767,348 in 1916, to you of peace because we all honestly want it and
trading indebtedness reached $39,741,457, against because we are certain there is an ever-growing
$49,026,023 and $68,082,814 and liabilities of number of like-minded persons in all enemy counbrokers, &c., were $22,993,450, against $27,043,773 tries. We desire to contribute to the best of our
ability to a mutual understanding and hope to pave
and $21,197,206.
The Dominion of Canada sharing in the activity a way for conciliation. But so long as necessary
and prosperity incidental to the war abroad yields we should hold out in a loyal and resolute joint denothing to the United States in the favorable nature fense." The speaker said that no party could be
of its solvency showing. In August there were but sure of the issue until the end of the war, but it was
40 failures for $517,840, against 76 for $960,409 in not to be expected that either party could renounce
1917 and 98 for $794,164 in 1916. For the eight the possibility of a military victory.
months ended Aug. 31, moreover, the mercantile
That the enemy is by no means as sure of victory
disasters numbered only 595 involving debts of
$9,668,675 whereas in 1917 the results were 765 and as a few months ago is suggested, too, in a speech
$12,225,485 respectively and in 1916 no less than at Dresden on Monday by Count von Vitzthum
1,242 and $19,178,203. In the manufacturing division d'Eckstad, the Foreign Minister of Saxony. He
the eight months' aggregate of liabilities was greater referred to "popular confidence tottering" and
than last year, $5,804,819, contrasting with $4,- declared that "the more we speak of peace the
448,603, but traders' debts summed up only $3,- further away it is. The enemy's means of success
389,497, against $5,820,036 and among brokers, have plunged him into a kind of warlike folly which
. . We must
&c., were noticeably light—$474,459, against $1,- makes conciliation impossible.
the army and
trust
can
We
hold
out.
therefore
957,356.
the High Command. But popular confidence is
Evidence continues to increase that the coming tottering. Why? Because Germany having no
winter is to be marked by a peace offensive of im- enemy in the Fatherland becomes too oblivious
portant proportions conducted by the Central of the risks incidental to war. We must deal more
Powers. Baron Burian, the Austro-Hungarian energetically with enemy agents in our midst, put
Foreign M:nister, is quoted by a Vienna dispatch, forth all our strength into the war and forget our
received by way of Amsterdam and evidently per- differences. Then we may win."
mitted to come forward by the Austrian censor, as
The Kaiser, also, has been speaking. for internasuggesting an exchange of views between the Central Powers and the Entente. This suggestion tional effect this week, although his remarks ostensiwas contained in an address to visiting German bly were made to the employees of the Krupp munewspaper men. The Foreign Minister advanced nitions works at Essen, whom he addressed as "My
his suggestion in declaring that the adversaries of dear friends at the Krupp works." The speaker dethe Central Powers need only provide the oppor- clared that every one in the remotest corner of the
SEPT. 14 1918.]
THE CHRONICLE
Fatherland knew that he had "left no stone unturned
to shorten the war as far as possible for your people
and for the entire civilized European world." It
took, said the speaker, two to make peace—one could
not do it unless he had overcome the other. Germany was confronted with her enemies' will to destroy her and she must place against this her determination to preserve her existence.
Probably the greatest significance of the entire
incident is contained in the suggestion in recent dispatches from Holland that grave dissatisfaction existed among the workers at the Krupp plant. Washington officials recognize the Kaiser's words as part
of a German peace offensive which is now in full
swing. A progressive campaign is seen in the remarks of Premier von Hertling a few days ago, which
were followed by the more formal statement by Count
Burian, referred to above, and the remarks of the
German Crown Prince to which we referred last week.
The German Centrist leader, Erzberger, identified with past peace movements, has turned up in
Copenhagen, where a Scandinavian conference is to
take place, and the Dutch Socialist pacifist, Troelstra, has included Germany in his return trip to
northern Europe.- What Washington authorities regard as an inspired article from the Dutch press says
that the two Emperors at their recent conference decided that the time would be ripe at the beginning of
winter to propose an armistice instead of a straight
peace conference, and adds that the proposal in
itself might be an indication that Germany not only
was ready to free Belgium, but also to discuss the
evacuation of northern France and the restitution of
German colonies. In line with this thought is the
statement contained in a speech at Stuttgart on
Thursday by Friedrich von Payer, Imperial ViceChancellor of Germany, who declared that Germany
might restore Belgium without conditions or indemnities in case no other country would be better
situated as regards Belgium than Germany. The
speaker was discussing the depression felt in Germany
and in the countries allied with Germany, which he
attributed not to recent military events but to the
prospects of a fifth war winter. Speaking of the appearance of American troops in the war, the ViceChancellor said,"Nobody will deny that the co-operation of the American troops on the front means a
heavy and ever increasing burden for us. Our enemies, however, forget that if the Americans now appear by hundreds of thousands at the front, we have
already put millions of Russians, Serbians and Rumanians out of action and the Entente will not succeed in winning them back for their own purposes."
1031
people. The main thing for them in peace is not
the acquisition of land, treasure and glory. The
aim nowadays at least is the conclusion of a lasting
peace, and therefore there will be no peace of conquest."
In publishing sentiments such as these Von Payer
simply is following the remarks of the Chancellor,
von Hertling, last week, and it is becoming increasingly evident that the German authorities are
becoming alive to the dangers of an internal character that must follow inevitably the signs of weakening of the military machine. A dispatch received
yesterday by way of Copenhagen declares that the
Government is firmly decided to dissolve the Prussian Diet if no agreement is reached on the franchise
reform question. The Chancellor, the dispatch
states, will shortly summon the various party
leaders for a conference and every effort will be made
to find a solution of the question. The dispatch
adds that the House of Lords will be given full
opportunity to consider the question, despite attempted "terroristic methods" which plainly refers
to the Social Democratic Party's demand that the
Diet be dissolved immediately. It appears likely
that a decision will not be reached for a fortnight
or more.
Lloyd George, the British- Premier, speaking at
Manchester on Thursday, although not replying
specifically to the Kaiser, since the latter's address
presumably had not reached him, nevertheless outlined what may be accepted as the reply which must
be expected. He declared that "nothing but heartfailure on the part of the British nation can prevent
our achieving a real victory." He added he was all
for a league of nations and that, in fact, a league
already had been begun. The British Empire
was a league of free nations, and the Allied countries fighting the battle for international rights
were now a league of free nations. "To end all
wars," the Premier said, "we must impose a
durable peace on our enemies. The Prussian
military power must not only be beaten, but Germany herself must know and the German people
must know that their rulers have outraged the laws of
humanity and that Prussian strength cannot protect
them from punishment. This war must be the last
war. Don't let us be misled into thinking that the
establishment of a league of nations without power
will in itself secure the world against a catastrophe.
A league of nations with the Prussian military power
triumphant would be a league of fox and geese—one
fox and many gees, and the geese would greatly
diminish in numbers. . . . We shall neither
accept for ourselves nor impose upon our foes a
Brest-Litovsk treaty." Peace, the speaker said,
must be Jf a kind that commends itself to the common-sense conscience of the nations. As a whole,
it must not be dictated by extreme men on either
side. "We cannot allow the Bolsheviks to force on
us a peace so humiliating as to dishonor the national
flag and to make a repetition of the horrors of this
war inevitable. When a satisfactory peace has been
secured we can proceed with a clear conscience to
build up a new world."
Von Payer took occasion to refer to the Prussian
suffrage bill. Further postponement, he said, was
not permissible and it was his belief that the decision
of the Prussian Government may be regarded as
already taken. If equal suffrage did not issue from
the Committee of the Upper House the Government
would proceed to dissolution. He considered that
the present terrible military struggle would not end
with a peace of the customary character. A mere
glance at the state of complete exhaustion of the
world excluded such a possibility, he said, and continued: "In former peace negotiationv the middle
and lower classes when it came to the council table
Marshal Foch is continuing his announced policy
fell quietly into the background. This is now over of "pursuing the enemy implacably." He is sucand the Government will conclude the coming cessfully continuing the plan of surprise attacks,
peace treaties in close harmony with the entire breaking out on some new sector of the line whenever
1032
THE CHRONICLE
[Vol,. 107.
return to port. On Friday of last week the British
liner Persic with 2,800 American troops on board
was torpedoed in the war zone. All the troops on
board were rescued by accompanying destroyers.
The steamer itself was beached and the enemy submarine is believed to have been destroyed, eyewitnesses declaring that it was lifted clear out of
the water after one of the depth bombs exploded
and then entirely disappeared. The fact that the
steamer was torpedoed while endeavoring to overtake the convoy fleet of transports after overcoming
engine trouble which had caused her to lag,suggests
to our own naval officers that submarine commanders
still are fearful of attacking troop ships in convoy.
And the immediate and completely successful
assistance rendered by the destroyers is regarded
as additional evidence that the convoy system now
in operation is practically perfect.
by his previous attack he has drawn the enemy forces
down to a point of weakness. It has been the turn
of General Pershing's forces assisted by French
units to deliver this week's surprise. The results
are highly gratifying. By smashing pincer blows
on two sides of the St. Mihiel salient, southeast
of Verdun, the Americans gained rapidly on Thursday, the enemy's grip on the huge group of fortifications he has held for four years being broken and
before the close of the day St. Mihiel was taken
and a gain of five miles made at some points. It is
of interest to note that this action took place on the
fourth anniversary of the establishment of the
St. Mihiel salient. The attack was made under the
direct command of General Pershing on a twelvemile front on the line east of St. Mihiel from west
of Xivray to a point east of Feyen-Hay. Yesterday's account from the front states that General
Pershing completely flattened out the salient. German prisoners declared that the American attack was
expected, but that it was delivered so rapidly they
had no time to put up a stubborn resistance. A
total of 12,000 prisoners has been taken.
Meanwhile Field Marshal Haig, the commander
of the British forces, has shown no tendency to let
up in his drive in the region of Cambrai. Here he
has again advanced his front towards the muchdesired German base and has penetrated into the
old British defense line. He has crossed the Canal
du Nord, north of Havrincourt, has taken Havrincourt and another section of the Hindenburg line,
and has sent 1,000 additional Germans into the
British prisoner cages in the rear. Further advances
by the British also are reported in the region south
of La Bassee Canal and northwest of Armentieres.
The Allies now are standing across a large portion
of the old Hindenburg defense line and are virtually
upon the remainder of it, while to the north in
Flanders the deep salients which threatened the
English channel ports have been bent eastward, and
the enemy has been expelled from the vantage points
from which he had expected ultimately to make
his drive in an endeavor to gain the seaboard and
thus cause a diversion of the transport service from
England to southern France. It is not improbable
that Marshal Foch, when the stormy weather and
severe rains which have been delaying him have
ended, will again take up with full impetus his forward attack and continue for the two months of
good fighting weather remaining, if not beyond that
period, his efforts to drive the enemy over the Rhine.
The German Great General Staff, which has been
installed at Spa, Belgium, for more than a year,
was removed on Monday. Several hundred officers
and employees superintended the removal of all
the military archives, including the correspondence
and orders of General Ludendorff, the Crown Prince
and Crown Prince Rupprecht of Bavaria. It is
reported that the headquarters have been transferred to Verviers, fourteen miles east of Liege,
though the correspondent of the Associated Press
with the American Army in France telegraphs that
partial confirmation had been given a report that
headquarters had been removed to Bonn, Germany.
The security markets in London have ruled firm
but quiet during the week. Gilt-edged securities
under the lead of consols have advanced and iron,
steel, shipping and West African shares have displaSred strength of undertone. Lord Inchcape has
written to the London "Times" denying that the
Peninsula & Oriental Line is absorbing either the
Cunard Line or Furness Withy Sz Co. The Grand
Trunk Railway is issuing in London £3,000,000
6% three-year notes at 99 for the purpose
in part of redeeming £2,000,000 5% notes
maturing Oct. 1, the remainder to be used
for general purposes. The previous issue of the
company's notes was in January last when £1,000,000
three-year 6% notes were placed. Tenders for the
£1,300,000 issue of Metropolitan Water Board oneyear bills offered last week totaled £5,283,000.
The average discount rate of the allotment was
slightly under 3 11-16%. This issue of bills is
designed to repay $6,300,000 in bills maturing at
New York which were issued on a 7% basis. It is
announced that the Armstrong, Whitworth Co. of
Newcastle is issuing £2,500,000 new capital, raising
the total to £9,512,000. The London "Economist"
index number of British commodity prices for the
end of August as received by cable was 6267, comparing with 6128 for the end of July, thus establishing still another high record. In the comparisons
making up the total, cereals and meat advanced
1334 points, other foods declined 231, textiles rose
112 points, minerals were unchanged and miscellaneous articles advanced from 1379 to 1395. The
current number shows an increase of 184.8% from
the basic number.
Sales of British war bonds last week through the
banks amounted to £21,778,000, which is an improvement over the previous week's total of £17,201,000
and makes the aggregate sales to Sept. 7, £1,032,721,000. Sales through the post offices for the
week of Aug. 31 were £472,000, making the total
under that head, £77,194,000. The previous week's
record through the post offices was £403,000. Sales
of war savings certificates for the week of Aug. 31
totaled £2,285,000, making the aggregate ultimate
indebtedness under this head £231,534,000.
The U. S. Army Transport Mount Vernon, formerly the North German Lloyd liner Kronprinzessin
Cecilie, was torpedoed by an enemy submarine on
Thursday of last week 200 miles from the coast of
France, while homeward bound, but was able to
British revenues for the week ending Sept. 7 made
a better showing, having for the first time in some
weeks recorded an excess over expenses. The
volume of Treasury bills outstanding registered a
substantial reduction, which largely offsets the large
SEPT. 14 1918.1
THE CHRONICLE
increase of the previous week. Expenditures for
the week totaled £45,098,000 (against £55,169,000
for the week ended Aug. 31), while the total outflow,
including repayments of Treasury bills and other
items, amounted to £131,994,000, against £143,861,000 a week ago. Receipts from all sources were
£132,520,000, as against £143,769,000 last week.
Of this total, revenues contributed £13,095,000,
which compares with £12,338,000 a week ago; war
savings certificates equaled £1,300,000, against
£1,200,000, and other debts incurred £10,283,000,
against £9,863,000. War bonds totaled £17,635,000,
as contrasted with £21,857,000 last week. Advances
reached a total of £16,000,000, against £10,000,000
the week before. Sales of Treasury bills this week
were £74,057,000. This compares with £88,331,000
Treasury bills outstanding
the week previous.
total £1,058,116,000, as against £1,063,799,000 last
week. The Exchequer balance aggregates £11,862,000, which is an increase of £526,000 over last
week's total of £11,336,000.
A bill has been approved by the French Council
of Ministers and is to be introduced into the Chamber at an early date proposing increase in the pay
of the military and civilian employees of the State.
The fact that such a bill is necessary suggests the
serious character of the ',conditions resulting from
the high cost of existence throughout France. Under the provisions of the proposed bill civilian public servants, married and drawing salaries under
$2,400 a year, will receive additional war pay of
40 cents a day. This increase also will be given to
unmarried civil servants who are mobilized and who
have parents, brothers, sisters, nephews, or nieces
dependent on them. All those who are mobilized
and draw their pay monthly—that is to say all
officers—will receive in addition to the present
allowances for their families an extra dollar a month
for each child. The present salary limits are to be
abolished and the benefits of existing allowances
made in respect to families are to be expended to
all classes of men regardless of pay. The new scale
of allowances will be retroactive, dating as from
July 1.
1033
£494,000. The English Bank's stock of gold on
hand now totals £70,703,391, by far the largest total
on record for the corresponding week of any year
since 1912, and comparing with £54,234,804 in 1917
and £54,695,953 the year before. Reserves aggregate £30,097,000, as against £32,150,724 last year
and £35,297,685 in 1916. Loans total £98,392,000.
This contrasts with £92,149,595 and £94,460,298
one and two years ago, respectively. Our special
correspondent is no longer able to give details of the
gold movement into and out of the Bank for the
Bank week, inasmuch as the Bank has discontinued
such reports. We append a tabular statement of
comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1914.
1917.
1915.
1916.
Sept. 11.
Sept. 12.
Sept. 13.
Sept. 15.
Sept. 16.
Circulation
59,055,000
Public deposits
36,127,000
Other deposits
138,924,000
Govt. securities
64,643.000
Other securities_ _ 98,392,000
Reserve notes dr coin 30,097,000
Coin and bullion_ 70.703,391
Proportion of reserve
to liabilities
17.20%
Bank rate
5%
40,534,080
42,589,662
121,345,893
57.767,320
92,149,595
32,150.724
54,234,804
36,121,435
59,146,591
96,383,386
42,187,546
94,460,298
37,024,518
54,695,953
31,515,345
121.574,686
90,168,083
34,418,357
144,954,906
50,672,492
63,737,837
34,662,730
18.643,497
135,042,671
25,669,025
113,792,525
32.547,762
48.720,492
19.61%
5%
23.80%
5%
23.87%
5%
21.13%
5%
The Bank of France in its statement this week
reports a further gain in its gold item. The increase,
which amounts to 749,000 francs, brings the total
gold holdings up to 5,436,899,175 francs, of which
2,037,108,500 francs are held abroad. In 1917 at
this time the total holdings were 5,315,715,136
francs (including 2,037,108,484 francs held abroad),
while in 1917 the aggregate was 4,821,599,537 francs
(including 573,773,871 francs held abroad). During
the week an advance of 25,816,000 francs was registered in Treasury deposits. Declines, on the other
hand, occurred in many other items, silver being set
back 435,000 francs, advances falling off 4,399,000
francs, general deposits receding 187,177,000 francs
and bills discounted being reduced 80,210,000 francs.
An expansion of 36,294,000 francs in note circulation
is reported. The total amount of notes now outstanding is 29,763,683,000 francs, comparing with
20,837,170,440 francs in 1917 and 16,602,658,780
francs in 1916. On July 30 1914, just prior to the
outbreak of war, the total was 6,683,184,785 francs.
Comparisons of the various items with the statement
of last week and corresponding dates in 1917 and
Official discount rates at leading European centres
1916 are as follows:
continue to be quoted at 5% in London, Paris, Berlin,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Vienna and Copenhagen;6% in Petrograd and NorStatus as of
Changes
Week
Sept. 12 1918. Sept. 13 1917. Sept. 14 1916.
way; 63/2% in Sweden and 43/2% in Switzerland, Clold Holdings,— for
Francs.
Francs.
Francs.
Francs.
Inc.
749.000 3,399,790,675 3,278,606,651 4,247,825,666
Holland and Spain. In London the private bank In France
No change
2.037,108,500 2,037,108,484
573,773,871
Abroad
rate has not been changed from 3 17-32% for sixty-'
Inc.
749,000 5,436,899,175 5,315,715,136 4,821,599,537
Total
,day and ninety-day bills. Money on call in London Silver
Dec.
435,000
319,740,000
259,615,935
338,278,379
Dec. 80,210,000
546.972,782
Bills discounted
812,269,000
381,304,800
remains as heretofore at 3%. No reports have Advances
Dec.4,399,000
829,730.000 1,119,342,474 1,171,956,910
cable
of open market rates at Note circulation.._Inc. 36.294.000 29,763,683,000 20,837.170,440 16,602,658,780
been received by
354,318,000
Treasury deposits..Inc. 25,816,000
14,869,099
206,938,267
other European centres, so far as we have been able General deposits._ _Dec.187,177,000 3,089,989,000 2,629,378,050 2,146,357,856
to learn.
The Imperial Bank of Germany in its statement for
Another important gain in gold was recorded by the week, issued as of Aug. 31 (not received by cable
the Bank of England in current statement, until Monday,Sept. 9),showed the following changes:
namely £770,534. There was an increase of £458,000 Gold was increased 53,000 marks; Treasury notes
in note circulation; hence total reserves were ex- gained 181,678,000 marks; bills discounted showed the
panded £312,000. The proportion of reserve to lia- huge expansion of 1,715,658,000 marks; advances inbilities, however, declined this week to 17.20%, as creased 605,000 marks; investments gained 1,794,000
compared with 17.65% last week and 19.61% a year marks. Note circulation registered a large increase,
ago,as a result of large increases in some of the deposit namely 527,769,000 marks, while deposits were exaccounts. Public deposits were contracted £885,- panded by 1,277,283,000 marks. Liabilities in000, but other deposits registered an increase of creased 56,542,000 marks. There were decreases in
£7,199,000, while Government securities gained £6,- coin of 599,000 marks; notes of other banks,3,191,000
477,000. Loans (other securities) were reduced marks, and other securities 34,351,000 marks. Yes-
1034
THE CHRONICLE
terday the Imperial Bank of Germany's statement for
the week ended Sept. 7 was received by cable and
shows the following changes: Increases: Gold, 169,000 marks;•Treasury notes, 56,120,000 marks; notes,
524,000 marks; advances, 121,000 marks; securities,
17,432,000 marks; notes in circulation, 165,586,000
marks. Decreases: Coin, 328,000 marks; bills, 674,780,000 marks; investments, 5,421,000 marks; deposits, 729,485,000 marks; liabilities, 42,425,000
marks. The Bank's total gold holdings are reported
as being 2,348,268,000 marks.
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, reflected
Federal Reserve Bank operations, as well as the
Sept. 1 interest and dividend disbursements, and
some sharp changes in the principal items were recorded. Loans registered a substantial increase,
viz., $119,839,000, while net demand deposits were
expanded $82,683,000, to $3,765,104,000 (Government deposits of $231,947,000 deducted). Net time
deposits increased $83,000, to $159,486,000. Cash
in vaults (members of the Federal Reserve Bank)
gained $695,000, to $95,898,000 (not counted as
reserve). The reserve in the Federal Reserve Bank
of member banks showed a gain of $14,278,000, to
$537,906.000. Reserves in own vaults (State banks
and trust companies) increased $314,000, to $11,601,000, while reserves in other depositories (State
banks and trust companies) declined $403,000,
to $7,974,000. There was a gain in aggregate
reserves of $14,189,000, thus bringing the total to
$557,481,000, against $578,994,000 in the corresponding week of the previous year. The increase in
surplus reached only $3,387,690, as reserve requirements recorded an expansion of $10,801,310, and
excess reserves now stand at $58,715,440 (not
counting $95,898,000 cash in vaults held by these
banks), which compares with $87,007,430 last year,
on the basis of 13% reserves for member banks of
the Federal Reserve system.
The immediate future of the money market will
be entirely concerned with the necessities for providing a full subscription to the approaching war
loan. By formal resolution which we give in full
on a subsequent page, the Capital Issues Committee
of the War Finance Corporation gave notice that
beginning Sept. 15 and extending throughout the
entire loan campaign it would refuse to pass any
applications for new capital except such as the Committee itself considers urgently necessary. Furthermore, the Committee requests that from Oct. 1
until the close of the campaign that bankers and
others refrath from marketing all issues of capital
heretofore authorized but not yet distributed. This
action was designed to clear away all possible competition in order to insure the success of the Fourth
Liberty Loan. On the same general lines the New
York Stock Exchange put into operation promptly
on Monday the regulation to which we referred last
week providing that all members of the Exchange
must make daily reports of all their call and time
loans. The practical inauguration of this rule was
responsible for some degree of liquidation on the
New York Stock Exchange, obviously by interests
who were desirous of curtailing their loans. There
is basis for the statement that the real purpose of
the entire proceeding was to bring into line several
[VoL. 107.
large Stock Exchange commission houses who instead of curtailing their commitments in the loan
market, in accordance with recent requests, were
increasing them. As these houses were known to
have large speculators among their clientele, this
increase in loans was not looked upon with favor.
As conditions now stand, it will not be a difficult
matter to check up upon transactions of a speculative
character. A report which proved to be inaccurate
was current early in the week that the Federal Bank
had requested member banks to call in loans that
were in a sense permanent ones, though of small
volume, being kept in force merely by the periodic
payment of interest. There had, however, been no
such request so far as can be learned. But it is
understood there is to be more or less co-operation
among banks throughout the country in the matter
of tightening credit accommodations to small borrowers, especially to those engaged in the nonessential activities. The intention is to cut down
most severely long standing loans which are usually
spoken of as "sleepers." There are, many thousands
of such loans throughout the country ranging up to,
say, $1,000, the borrowers, chiefly small merchants
and manufacturers, being under the comfortable
impression that their borrowings are more or less
of a permanent proposition. It is not the intention
to abruptly call these loans. But where a borrower
has carried a loan of this character for years, he will
be requested to begin paying it off in convenient
installments. The important point is that the
loans are to be cleared off and the funds be diverted
to financing of a character calculated to aid in winning the war. Wall Street loans are believed to
,be at the _lowest volume for many years. This indicates that the gradual policy of reducing credit in
this direction has been particularly successful. An
oversubscription to the fifth bi-weekly issue of these
certificates of $144,529,500 is reported, this oversubscription being the largest ever recorded on any
issue. The aggregate of subscriptions to certificates
of indebtedness issued in anticipation of the Fourth
Liberty Loan to date is now $3,404,071,000. Secretary McAdoo on Thursday authorized the offer at
par and accrued interest of a new issue of $600,000,000 (as compared with $500,000,000 in recent
issues) Treasury certificates of indebtedness, bearing interest at 432% per annum from Sept. 17 1918,
payable Jan. 16 1919. This offer is the sixth of
the bi-weekly series.
Referring to money rates in deta:l, loans on call
have ruled at 6% on each day of the week, this
being the high, low and ruling quotation for mixed
collateral loans, with all-industrials quoted at 63/27o.
No call loans were made on Thursday, as the Stock
Exchange was closed on account of the day having
been set aside as Registration Day. Last week the
range was 5@6%. Demand loans on bankers' acceptances may still be had at 43/2%. In time money
practically no change has been noted. The market
remains in an entirely nominal position, with business confined almost wholly to call loans. The
minimum rate for fixed date funds continues at 6%
for all maturities from sixty days to six months, but
no neW money is available. At the corresponding
date last year sixty and ninety day funds were
quoted at 5@5%, with four, five and six months
at 5%@5M%.
Mercantile paper rates remain fixed as heretofore
at 6% for sixty and _ninety days' endorsed bills
THE CHRONICLE
SEPT. 14 1918.]
receivable and six months' names of choice character.
Names less well known are also quoted at 6%
without. discrimination. No increase in offerings.
has been shown; hence trading was not active.
Banks' and bankers' acceptances were fairly active.
New York, Chicago and Boston banks were in the
market, but transactions as a Whole were not large
in volume. No great activity is looked for in any
section of the money market until after the next
Liberty Loan campaign is out of the way. Rates
remain firm and without important change. Quotations in detail were as follows:
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible bills of member banks
4%644 454644 4464
Eligible bills of non-member banks.....4%AV/. 4 TX6C.)45
4 446444
Ineligible bills
54644 5464% 54644
Delivery
tciticirs
30 Days.
44 bid
4% bid
6
bid
Several changes are noted in the discount rates
of some of the Federal Reserve banks this week; the
principal changes are those made by the Federal
Reserve Bank of San Francisco, which has raised
from 4 to 437
0 the rate for rediscounts of commercial paper within 15 days (including member
banks' collateral notes); and has increased from
49' to 5% the rate for the same paper maturing
from 16 to 90 days inclusive; the rate in the case of
discounts maturing within 15 days secured by U. S.
certificates of indebtedness or Liberty Bonds is
now 43.%, against 4% previously; for the same
paper having maturities to 90 days the rate remains at 414%;the rate on trade acceptances is now
414% for 15 days and under and 4%% for 16 to
90 days, against respective rates of 4% and 432%
previously. Prevailing rates for various classes of
paper at the different Reserve banks are shown in
the following:
j• 43
Z
,
1
1
g
•
0
g
t,
liai'',111g
1
2,1
San Francisco.'
.1
I1
N Q
---1---
5
5
5
54 54 454 54 544 544 54 514
Cn
*
4 44 44 4
4 4
4 4 44 44 4
44 44 4% 44 5 4% 4% 44 44 54 4%
44 44 4% 434 5 454 454 454 51 54 5
4 4 4 4 4344 4 4 4 4344
434 454 44 44 44.1 444 44 44 44 454 44
t.
6
Discounts—
Within 15 days, incl. member
banks' collateral notes__
16 to 60 days' maturity...
61 to 90 days' maturity._
Agricultural and live-stock
paper over 90 days__ ,........
Secured by U. S. certificates
of Indebtedness or Liberty Loan bonds—
Within 15 days, including
member banks' collateral notes
16 to 90 days' maturity
Trade Accepta,ces1 to 60 days' maturity
•
61 to 90 days' maturity
0.1•,
..
I
Boston.
CLASSES
OE
DISCOUNTS AND LOANS
New York.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
44 444 444 444 444 444 44 444 44 4% 4344840
444 444 44 44 454 44 444 444 444 4ti 444
• Rate of 3 to 44% for 1-day discounts In connection with the loan operations
of the Government.
a 15 days and under 44%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Sterling exchange has been without new feature.
Secretary McAdoo is asking authority through legislation to strengthen his position in the efforts to
stabilize foreign exchange. In a statement addressed
to,Chairman Kitchin of the Ways and Means Committee of the House and Chairman Simmons of the
Senate Finance Committee on Sept. 5, Mr. McAdoo
explained that he found himself seriously hampered
in negotiations he had had and was having with or in
foreign countries in the efforts to stabilip foreign
exchange. The difficulty was that he was "without
the freedom of action which is possessed by the finance ministers of European countries. I may sell
bonds or Treasury certificates of indebtedness, which
1035
involves often complications," he continued, "and
may not obtain banking credit nor operate as freely
as may be necessary in the effort to stabilize exchange.
Notwithstanding these restrictions, the Treasury has
been able to make substantial progress in dealing with
this difficult problem. I urge upon you, however,
the incorporation in the law of the necessary authority to give greater flexibility to the operation of the
Treasury in this respect." Mr. McAdoo believed
that it was highly desirable at this time that the President should be empowered to investigate, regulate
or prohibit not only the export or earmarking of gold
or silver coin or bullion or currency, but also the
hoarding or melting thereof. Mr. McAdoo's suggestions are incorported in a bill providing changes
in the Act of July 9 1918, governing the issue of
Liberty bonds. We print the draft of the bill in
full on a later page of the "Chronicle."
Referring to the day-to-day rates, sterling exchange on Saturday, as compared with Friday of
the week previous, was not changed from 4 75 7-16©
4 753/ for demand, 4 7655@4 76 9-16 for cable
transfers and 4 73@4 7331 for sixty days. Mon—
day's market was a dull affair; trading was light in:
volume and demand bills continued at 4 75 7-16@4 75M, cable transfers at 4 7655@4 76 946 and
sixty days at 4 73@4 7314. A slightly easier tone
developed on Tuesday and demand declined to
4 754214@4 7532, cable transfers and sixty days,
however, remained at the levels of the preceding
day. On Wednesday rates were maintained at.
4 75423/@4 753/ for demand, 4 7655@4 76 9-16.
for cable transfers and 4 73@4 733-i for sixty days.
Extreme dulness marked operations in sterling on
Thursday, so much so that the market at times was
at a complete standstill; the fact that the stock
exchanges of the country were closed because of
the national registration was an added feature in
the general inactivity; demand ruled all day at
4 75 7-16, which was a shade lower than the high
point of the day before; other quotations were
unchanged. On Friday the feature was the strength
displayed by commercial bills. Closing quotations were 4 733@4 7332 for sixty days,4 7540%@
4 753/b for demand and 4 763/2@4 7655 for cable
transfers. Commercial sight bills finished at 4 75@
4 753, sixty days at 4 72@4 723.1, ninety days
at 4 70%@4 70%, documents for payment (sixty
days) at 4 713@4 713/
2and seven-day grain bills at
4 74%@4 74M. Cotton and grain for payment
closed at 4 75@4 753. There were no gold imports recorded during the week, but arrangements
were permitted for $60,000 exports to South America.
The Continental exchanges have experienced another dull and uneventful week. Trading was reduced to almost negligible proportions and variations were relatively unimportant. The undertone,
however, remains firm and well-informed exchange
authorities look with confidence to a return to more
normal quotations in the not distant future. Developments in the war situation continue of a highly
satisfactory nature, with further extensive gains in
important strategic territory made by the Allies.
French exchange has been well maintained, advancing several points during the week, although before
the close slight recessions were recorded. Lire ruled
steady, at the official rates previously quoted. Russian rubles, notwithstanding latest reports of fresh
outbreaks of rioting and bloodshed on the part of the
1036
Bolshevik element in Russia, were entirely unaffected,
and rates remain upon the former nominal level. No
business, of course, is being done in German and Austrian exchange, and quotations are in consequence
no longer available. Recent advices from Copenhagen state that the situation on the west front has
caused a fall in reichsmarks at that centre of about
17%, while the pound sterling has risen to $5 04.
German exchange at Amsterdam is quoted at about
30.75 florins per 100 marks, and in Switzerland at
67.50 francs per 100 marks. This compares with
33.223/
2 and 69.00 a year ago, while the par for
Dutch exchange on Germany is 59.26 and for
Swiss 123.45. The London check rate in Paris
closed at 26.08, as compared with 26.10 a week ago.
In New York sight bills on the French centre finished at 5 48, against 5 50; cables at 5 47, against
5 49; commercial sight at 5 48%, against 5 50%, and
commercial sixty days at 5 53
against 5 553/2 last
week. Lire closed at 6 37 for bankers' sight bills
against 6 35 and 6 35 for cables (unchanged).
Rubles have not been changed from 14 for checks
and 15 for cables. Greek exchange continues to
be quoted at 5 133( for checks and 5 123/2 for cables.
A further sharp break in Spanish exchange has
been the feature of the week in the neutral exchanges. Exchange on Madrid established a new
low level for the current movement on Monday,
when pesetas dropped to 22.65 for checks. This
compares with 23.20 on Saturday a week ago,
hnd 28.00 last May. The normal rate is 19.03.
To a very large extent the recent violent declines
have been the result of the effectiveness of Government measures adopted for the stabilization of
Spanish exchange. Fred I. Kent, director of the
Foreign Exchange Division of the Federal Reserve
Board, has refused to give any statement for publication regarding the status of the proposed credit
in Spain in favor of the United States. It is believed in banking circles, however, that the negotiations which have been in progress are practically
completed and that an official announcement will
be given out in the course of a few days. Guilders
were weak with further declines recorded in the
opening transactions, though later in the week
a rally took place. The same is true of Swiss
francs and Scandinavian exchange, which after
early weakness rallied on higher cables from abroad.
A cable dispatch from Amsterdam stated recently
that a feature of the market at that centre was the
strong demand for Entente bills. There has been
a rise in sterling exchange from 9 72 to 10 02, while
dollars have bounded up to 2 10.
Bankers' sight on Amsterdam closed at 48,
against 47; cables at 483/2, against 479(; commercial
sight at 47 15-16, against 46 15-16, and commercial
sixty days at 47 11-16, against 46 13-16 a week ago.
Swiss exchange, after declining to 4 48 and 4 46,
rallied and closed at 4 36 for bankers' sight bills
and 4 34 for cables, in comparison with 4 49 and 4 47
last week. Copenhagen checks closed at 30 00 and
cables at 30 40, against 30 20 and 30 60. Checks
on Sweden finished at 33 50 and cables at 33 90,
against 33 00 and 33 50, while checks on Norway
closed at 30 80 and cables 31 10, against 30 60 and
31 00 on Friday of the previous weke. Spanish
pesetas finished at 23 05 for checks and 23 15 for
cables. A week ago the close was 23 15 and 23 15.
Referring to South American quotations, the check
rate on Argentina is now quoted at 44 60 and cables
woL. 107.
THE CHRONICLE
44 75, against 44 50 and 44 65. For Brazil the rate
for checks is 23 85 and cables 24 00, comparing with
23 85 and 24 00 the week preceding. The Chilian
rate has remained at 15 13-32, and for Peru at 57.
Far Eastern rates are as follows: Hong Kong, 90@
903j, against 883/@88%; Shanghai, 135@135%,
against 130@130114; Yokohama, 54%@547A, against
54%@55; Manila, 50@503 (unchanged); Singapore, 56@563j (unchanged); Bombay, 363/2@37,
against 37@3734, and Calcutta (cables) 35 73 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,657,000 net in cash as a result of the currency movements for the week ending Sept. 13.
Their receipts from the interior have aggregated
$8,597,000, while the shipments have reached
$6,940,000. Adding the Sub-Treasury and Federal
Reserve operations, which together occasioned a loss
of $76,399,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $74,742,000, as
follows:
Into
Banks.
Week ending Sept. 13.
Banks' Interior movement
Sub-Treasury and Federal Reserve
operations
rntsi
Out of
Banks.
Net Change in
Bank Holdings.
$8,597,000
36,940,000 Gain $1,657,000
32,312,000
108,711.000 Loss 76,399,000
san 909 000 3115 651 000 Loss 574 742 000
The following table indicates the amount of bullion
in the principal European banks:
Sept. 13 1917.
Sept. 12 1918.
Banks of
Gold.
Silver.
I
Total.
Gold.
Silver.
I
Total.
£
I
£
I
£
I 54,234,804
1 70,703,391 54,234,804
12,800,000 148,761,680 131,144,265 10,360,000 141,504,265
5.931,800123,345,200 120,179,100 5,023,850 125,202,950
12,375,000142,025,000 129,400,000 12,510,000 141,910,000
2,289,000 13,297,000 13,700,000 3,120,000 16,820,000
25,973,000113,160,000 73,554,000 29,656,000 103,210,000
3,077.000 40,303,000 33,383,000 2,616,000 35,999,000
614,500 55,356,500
600,000 59,616,000 54,742,000
600,000 15,980,000
600,000 15,980,000 15,330,000
15,375,000 13,722,000
13,722,000
14,287,000 11,365,000
11,365,000
152,000 11,992,000
131,000 10,624,000 10,840,000
I 6,755,000 7,151,000
7,151,000
£
England__ 70,703,391
Franco a.._ 135,961,680
Germany_ 117,413,400
Russia *__ 129,650,000
Aus-Hun c 11,008,000
87,187,000
Spain
37,226,000
Italy
Netherrds 59,016,000
Nat.Be1.6 15,380,000
Switz'land 15,375,000
Sweden___ 14,287,000
Denmark_ 10,493,000
Norway- - 6,755,000
Tot.week.710,455,471 63,776,800774,232,271 663,795,169 64,652,350 733,447,519
Prey.week 709,837.837 63,834,250 773,672,087 666,246,976 64,430,650 730,677,626
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board of Trade Journal" for Dec. 7
1917; figures for 1917 estimated on tho basis of the Dec. 7 1917 totals.
h August 6 1914 in both veArs.
WAR SITUATION AND PEACE OVERTURES.
Precisely what will be the bearing on Marshal
Foch's general campaign of the American army's forward movement near Lorraine cannot yet be judged
with any certainty. The initial success of this offensive, the advance of eight miles or more, the capture of 12,000 prisoners, 60 guns and more than a
dozen villages, undoubtedly illustrates again the resourcefulness of the Allied strategy, which has once
more struck at an inadequately guarded salient when
Ludendorff was concentrating his reserves at another
point.
But even this new demonstration will not alter the
general belief, which perhaps gained ground more
rapidly when the increased resistance of the enemy
on or near the "Hindenburg Line" caused a slackening up of the Allied army's major offensive, that
another German movement for peace was probable.
If the German Government, as most of the European
capitals suppose, is once more to press for a peace
arrangement, then the questions which occur to
mind are, first, in what way and through what medium the overtures would be extended; second, what
terms are likely to be offered, and third, what pros-
SEPT. 14 1918.]
THE CHRONICLE
pect there is of the offer being absolutely or tentatively accepted.
Tenders of peace through neutral Governments are
now apparently out of the question. As a result of her
clumsy diplomacy and the depredations of her submarines on neutral commerce (even in American
waters, where not so much as an arbitrary war zone
had been proclaimed), Germany's relations with
every neutral Power are strained. Spain is seizing
the interned German ships with the avowed purpose
of retaliation; she has gone almost as far as a nation
can go without open rupture of relations. Holland
and the Scandinavian States are demanding reparation for the illegal war on their commerce. The assumption of any of these nations of the duty of standing sponsor for German terms of peace is unthinkable.
Switzerland has all along stubbornly refused to
act. The Berlin Government's last intermediary
was the Bolshevik cabal at Petrograd; those particular good offices will hardly be tried again. There is
left the Pope; but the rebuff to the Pontiff's previous
suggestions of ,a patched-up peace would not seem to
encourage further recourse to that medium. The
truth, as admitted even at Berlin, is that the German Government has not a friend left in the world.
It can rely on no one's good offices. If so, the
overtures must apparently come through direct utterances by German statesmen.
There have been such utterances. The statements
of Hertling, two months or so ago, were chiefly made
up of explaining why negotiation was impossible.
The Allies would not entertain Germany's terms; as
the Kaiser had put it, "the sword must settle the
war." This was when Berlin expected victory in
the West. It is true von Kuehlmann, even then,
declared that a military peace was impossible, and
that the war would have to be ended by negotiation.
But the result of his effort was his own removal from
office as the penalty for such plain talk.
Reports have lately circulated of a change iri the
German Chancellorship and Cabinet, such as might
bear on peace negotiations. Outside of Germany
the suggestion is made that von Kuehlmann himself
may replace Hertling. But of this no confirmation
is heard from Germany. Instead, Dr. Solf, the
Colonial Minister, appears to be talked about. Now
Solf was responsible, late in August, for a speech to
the German Society which began with the illuminating remark that "the Brest-Litovsk agreement on
the fate of the border peoples is a fact of world
importance, which never can be erased from history;"
which dismissed contemptuously the idea that the
Allied Governments were seriously interested in the
fate of Belgium, and whose principal idea regarding
terms of peace seemed to be that "the retention of
Germany's colonies is a vital question." How far
the attempts of a philosopher of this sort would
simplify the real problems of the office, may be
imagined.
Erzberger, the restless intermediary in the Reichstag for the Catholic Party and the Austrian court,
is again in the field of discussion; he will undoubtedly
be heard from when the Reichstag reconvenes in
November. But ,even Erzberger has never gone
further than the formula of "no annexations or
indemnities." That declaration is already on record
as the Reichstag's own program; but, as Dr. Hans
Delbrueck plainly asserts this week, "the German
Government has never acted on the Reichstag's
resolution, and the Chancellor's declaration about
1037
Belgium was too indefinite and too late." "Down
with Pan-Germanism" is the open demand of the
Delbrucks and Erzbergers. But the question is
whether it is not a bit late even for that, as a practical solution.
Much of the same comment must be made on the
remarks to the German newspaper men last Monday
by Baron Burian. "Our adversaries," the Austrian
Foreign Minister declared,"need only provide opportunity, in a calm exchange of views—some sort of
direct informative discussion is thinkable which
would be far from being peace negotiations—of
discussing and weighing everything which to-day
separates the belligerent parties." But that is only
the Bethmann Hollweg proposal of 1916 over again.
Actual exchange of views and purposes was asked
by President Wilson from both sides at that time.
The English and French Foreign Offices, in response,
did "calmly" state their views; the German Foreign
Office did not answer the President's request.
It has not done so yet;indeed, the nearest approach
to it is Hertling's very recent declaration that even
Belgium would be "held as a pawn" for purposes of
negotiation. Manifestly,. it is impossible for the
Allies to open any sort of communications with the
Central Powers on such a basis.
There has been a vague idea that the German Foreign Office might offer restoration of Belgium to its
people,and then—though that is hard to imagine—
the cession of Alsace-Lorraine to France; all this on
condition of a free hand being allowed to Germany
in Russia, Rumania, Turkey, the Balkans, and the
East. Whether France is weary enough of war to
be disposed toward acceptance of such conditions—
in view, for instance, of the French opinion that Russia has been the deliberate betrayer of the Allied
cause—is a question on which opinion will possibly
differ. Very probably Germany has in mind some
such introduction of dispute into the Allied councils.
But President Wilson is firmly on record as committing our Government not to desert Russia and the
concensus of Allied opinion is firmly to the effect that
retention of all its Eastern seizures of territory would
amount to German victory in the war. And now,
this very week, we have the Stuttgart speech of the
Imperial Vice-Chancellor, Von Payer, who "ventures to say" that Belgium would be restored "without indemnities"—apparently meaning without exacting indemnities from Belgium—only "if we could
be sure that no other country would be better situated in regard to Belgium than ourselves." One
would imagine that this statesman might have added
the condition that Belgium would not be restored
until her people had learned to love the Germans.
The truth is that the German Government's performances in Belgium since July, 1914, supplemented
by its exploits of the past year in the East, have, to
all reasonable appearances, removed the chance of:a
compromise peace from the field of possibility. The
whole world now knows what Germany promised to
Russia at Brest-Litovsk and how quickly and cynically she broke her promise. The "no annexations
and indemnity" policy, pledged by Count Czernin
in that conference, has not for a moment been observed since Russia disarmed and the German troops
got across the Russian border. The shameless
handing over of Caucasian Armenians to Turkey, and
the foolish effort to place German Grand Dukes on
the thrones of Finland and Esthonia, are well-known
events which emphasize the purposes of Germany.
1038
THE CHRONICLE
If Berlin seriously wished to make proposals of
peace, its own statesmen have adopted policies on
which they might be founded. The German Government has imposed on Russia a penalty of six
billion marks for "damages inflicted"—presumably
in the Russian invasion of East Prussia during 1914.
The German Government, in the stress of diplomatic
controversy, has alsb premised Spain reparation for
illegal submarine depredation on her commerce.
Very well, then. Why do her statesmen not propose an indemnity fully covering German destruction of property, illegal extortion of money,
illegal deportation of civilians in Belgium and
Northern France, and illegal sinking of merchant
ships? The answer is easy. Germany does not
intend to agree to any such terms, or to observe
them if she has to agree to them.
In other words,the Allies have an absolutely clear
case against Germany, and have stated their own
minimum of terms; whereas, the German Government has refused any answer to the statement of
them, and has proved in Russia that even its promises are not to be relied upon. Under such circumstances Baron Burian's proposal is either wholly
futile, or wholly impudent, or both.
Much might occur to alter the situation between
now and next spring. Developments bearing on the
;question of peace may arise in Germany herself, or
if not in Germany then in Austria, Bulgaria or
Turkey. The Kaiser's extraordinary speech of this
week to the Krupp workers at Essen had no hint
at a conceivable way out. That Germany had
always wanted peace, that the trouble is that "the
Anglo-Saxon does not yet desire peace," and that
therefore there is nothing for Germany to do but
"fight the battle through," are of no importance as
Imperial utterances; for the Kaiser has already shown
his capacity to change overnight the character of
his public remarks. Still, he is right enough in one
thing. The conflict must be "fought through."
As matters stand to-day, the only possible program
of the Allies is to beat Germany to a standstill,
compel a request for peace on terms that rightminded men can seriously consider and provide
both for the enforcement of those terms and for the
prevention of any German plan for a future war of
revenge.
THE CONTRACT FOR THE OPERATION OF THE
RAILROADS BY THE GOVERNMENT.
The draft of contract with the railroads has been
approved by an Advisory Committee of the Railway
Executives but is disapproved by the representatives of owners of the roads. At a meeting on
Wednesday, of 47 of the 70 members of the Financial Committee of the National Association of Owners of Railroad Securities, a report was adopted
reaffirming disapproval notwithstanding some important changes halie been obtained, asking counsel
to propose to the Director of Railroads co-operation towards "an adjudication" of the points still
at issue, an offering, for the sake of harmony,
to abide by the result if the Government will do the
same. The draft is of great length, occupying
61
/
2 newspaper columns. The main question, impossible to pass by or to under-estimate in importance, is whether it really does conform to the
law, protect the public interest, and equally protect the owners of the properties.
[VoL. 107.
The case, it is safe to say, is solitary in the annals
of mankind. The seizure may be classed as falling
under eminent domain, which means that the
whole exceeds and overweighs any part. When a
public purpose, railway or other, needs a piece of
private property, the ordinary right of private control is suspended. The' owner may be merely
greedy or obstructive; he may have in mind some
use of the- property for himself; he may think
he foresees a rise in its value; he may have
some strong personal reason for not wishing to
part with it; yet the weightier power cancels
his option and takes the property, paying him its
appraised market value at that date. But in this
instance the eminent power does not take the property and pay for it as a finality; it seizes a going
concern for occupancy and rental. By analogy,
here is a great "factory" and working plant which
Government decides it must have; so it thrusts
the owner out of doors and off the premises, telling
him that in 21 months after a date which nobody
can name he shall have back his property unimpaired and meanwhile shall receive a rental to be
ascertained as soon as may be. It almost immediately raises the wage of his former employees
and makes the raise retroactive, and not until eight
months after does it hand him the draft of a lease.
The main question now is whether the lease contract
will really compensate fairly for the use of this vast
factory and return it unimpaired, as a going concern, with no loss to the owner beyond the profit
he conceivably could have made or may think he
could have made during the term of dispossession.
Undeniably, the case is without precedent or parallel; undeniably, too, it must be .examined with
regard to its natural tendencies and under a strict
test of its good faith, meaning by. the latter term,
however, not a question whether some deception or
trickery is intended by the framer of the lease, but
whether sufficient weight has been given to the rights of
the owner and adequate security provided for them.
Imagine the eminent power seizing a private
producing plant, not for purchase but for use and
rental, everything connected with it being so completely absorbed that the owner is put out of business
and left in great doubt as to his position and prospects
after the time of return; in such a case he would
have a clear right to compensation for his "goodwill," would he not? The railway owners now
want to know about what in their case amounts
to this goodwill; they are concerned about possible
damage by diversion of traffic and other changes,
and here we must note that such concern is more
excusable because the new tenant by seizure at
once set about making alterations in the arrangement and working of the property, alterations so
radical and far-reaching that ere long the former
real and present nominal owners may have difficulty in recognizing it. They claim the right of
appeal and of hearing in the courts upon such matters and upon their future guarantees, and they
cite the law's promise that they shall have it; but
the Director-General replies that this is untenable,
also unreasonable, as well as beyond his power to
grant; the roads were "taken over for war purposes,
which necessitates diversion of traffic;" if a road
goes to the Court of Claims it will fare worse than
by keeping out, and the contract "ought not, in
this respect, to put it in any better position than
it would occupy if it made no contraot."
•
SEPT. 14 1918.]
THE CHRONICLE
1039
Per contra, say the security holders, in the event Also (and here observe the bearing this has upon the
of the present control's resulting in Governmental good faith written into or underlying the contract)
ownership, the effect of this draft "would be to their representatives cite'the admission that four
deprive them of all opportunity to claim loss or members of the regulative body that starved the
damage through the destruction of their goodwill roads into the plight stated by the Director in his
and the physical assets might be valued as aban- remarkable excusatory plea actively shared in making
doned property;" further, that the provision for this draft which the owners are asked to contentedly
compensation made in the law "did not include the accept, and that the draft would practically bind
right to destroy the business, divert the traffic, them in advance to accept the action of those men
and return the mere shell with the kernel extracted." on all questions which may arise hereafter. The
It seems enough to state this point of difference same men whose persistent policy of constriction
simply, for it does not need discussion. But since has brought the roads into cramp are still to be their
the main question relates to probable tendencies judges, then? Whether such an arrangement would
and the good faith shown, we are forced to take accord "the just protection which was contemplated"
in the law, or any'protection at all, does not seem to
note of a remarkable plea of the Director, thus:
"Last December, the expenses of the railroads need discussion.
The owners do not consent to any imputations
were increasing with great rapidity. They were
hedged about in their efforts to obtain increased upon their patriotism, but they do protest that
rates by the numerous and varied restrictions im- patriotism does not justly involve confiscation.
posed by the States and also by the limitations Numerically, they surely have claims. Without
imposed by the Inter-State Commerce Act. They bringing up anew statistics so often presented in the
were confronted by imperative demands for greatly
increased wages, and were without machinery to "Chronicle," it is now stated, as an example, that
insure an amicable settlement of these demands. the Pennsylvania, whatever be the explanation, has
They were finding it almost impossible to borrow more stockholders than ever before; that the number
money on any terms to make the improvements of small holders is now greater and the average holdwhich were indispensable to enable them to perform ing less than ever; that 28% of the holders have not
their public service. The operation results for the over 10 shares each and 19% own 11 to 20 shares
first four months of 1918 indicate that if the rail- each; also that of the entire body of 104,228 holders
roads had been under private control during that
period they would have lost in operating income, 51,439 are women and their average holding is
as compared with the corresponding period of the 57 shares. The Committee of Seventy in the Assopreceding year, $136,116,583; and as compared ciation of Security Owners includes 12 officers of
with an average of the corresponding period for the savings banks, 10 heads of life insurance companies,
three-year test period, $96,064,356."
45 officers of banks and trust companies, and officers
Supposing this literally correct in statement, it of several educational institutions. The number of
would be hard to find a parallel for it as an argument persons indirectly owning railways, and the still
presented, for it amounts to saying that the owners larger number unconsciously dependent upon their
of the roads should not worry themselves, since welfare, are almost incalculable. Is it supposable
whatever may happen to them now is quite sure to be that the men who have joined in:ithe;movement to
less bad than what would have befallen them had protect them are lacking, as compared with any other
not the hard hand of Government intervened. This man or set of men, in respect to business acumen,
may be open to debate, although argument on it poise and coolness of judgment, patriotism and the
can be dispensed with as useless in the actual situ- readiness to see and accept whatever national
ation, but the amazing and unprecedented thing is exigencies require; are they likely to be unduly or
this: that Government is made by this plea to come prematurely disturbed, or to take any stand of oppointo the court of reason and do what an immemorial sition unnecessarily?
Following further this crucial question of good
rule forbids anybody to do in any formal court by
seeking to take advantage of its own wrong. The faith as above defined, this contract not only looks
roads were hard pressed; their expenses were rising; like a blind deal into which the owners of the seized
wage demands were forced on them and they had properties are asked to enter but wears an appearno available means of defense; they could not borrow ance of one-sidedness in that it seems to be offered
on any endurable terms—all true in the bare fact. by the eminent power as a last word—take-it-orBut Government itself had worked one jaw of this leave-it. The tone of the whole document is one
grip through the regulating commission and had that suggests sliding over the rights of the owners
permitted the other jaw to wo,rk and even assisted and subordinating them to an assumed war necessity.
it in holding its pressure. Government itself had The whole course since the hour of the seizure
crowded and misused the roads into this state which indicates the same, and, further, raises doubt
is now officially said to have been practically one of whether return of the property at all is counted upon;
articulo mortis; now the owners of the seized prop- we do not say whether there may not be a conscious
erties ought to be content and rejoicing, being intent to keep the roads but whether there may not
officially told that the worst which can befall them be a subconscious intent or expectation that they
will not be so bad as what they have escaped.
will be kept. Many of the changes are so radical
But this is subject to opinion, and they ji,re not as to amount to making over the financial and
bound, by any precedent or in any presence, to administrative machinery of the roads, if not their
accept somebody else's opinion of what is good for physical conditions also. Viewing the subject at this
them. They object to the request that they now give angle, it is impossible not to ask whether the outwhat may amount in practice to an unlimited and come may not be to "return the mere shell with the
irrevocable power-of-attorney and a waiver in ad- kernel extracted;" nor can the query rest short of
vance of all right of protest, appeal and hearing, as wondering whether anything returnable may be left.
to any points and any situation that may hereafter *A railroad is fundamentally a physical entity, but
rise in a course of events which nobody can foresee. also something more; and if hardly anything beyond
1040
THE CHRONICLE
that entity is discoverable may not the situation
tend almost irresistibly to force that entity to be
treated as "abandoned property"? By accepting
a governmental decision and dictum as a necessary
war measure, the country has taken the roads; not
bought them, or agreed or expressed an intention to
buy them, but only hired them;the next step towards
finality would naturally be to interpose so many
obstacles to return that after the war some longer
interval than the 21 months would appear necessary,
and then the decision that, on the whole and as
things are, the country might as well keep them.
Underlying the whole subject, therefore, is this
question of how seriously we mean the status we
have ostensibly assumed, and whether we shall have
enough sanity, consistency, and firmness to adhere
to our resolution to enter on a term of wildness for
a little while and then return to sobriety.
THE "CONSERVATION OF CREDIT."
The request of the Federal Reserve Board for a
discriminative adjustment of credits to war needs
can work no injury to the banks. The conservation
asked for will compel a classification of loans. This
is a knowledge which begets strength—and yet it may
be doubted whether the classification to which we
refer exists, as a rule, with the average bank. We
have in mind a classification of commercial loans in
a bank which will reveal the ratio basis of its business.
Just as the prosperity of any producing section rests
on utilizing to the fullest extent its most favored indigenous resources, so the strength Of a bank must
depend to a large degree upon a proper alignment of
its loans therewith. A bank in the Middle West
deals in cattle paper, one in the South in cotton receipts. If this were reversed weakness and added
risk would ensue. The principle is capable of more
minute application. And the question presents itself:
is the bank getting its share of the strong, virile
business of the district in which it resides; or, is its
ratio of loans, on the less dependable business,
larger than it should be?
Nothing will reveal this but classification of commercial loans under appropriate heads and a comparison with the volume and kinds of business tributary
to the banks. This does not relate itself to time and
call loans, save as they incidentally affect the
classification. Objection may be made that a given
bank cannot arbitrarily control its loans. While it
may desire a certain line of customers, it must take
what it can get, and it must "take care" of its customers. This does not prevent a bank, however,
from lining itself up, by means of "discrimination,"
with the prevailing commercial strength of the community in which it resides. Much of this follows
automatically, but any new stimulus which will
cause a more intensive study of the loans of a bank,
with relation to the kinds and volume of commerce
prevalent, must prove salutary within itself. This
we have in the request of the Board based on warneeds—for war-needs go immediateiy to essentials,
to that stable business of the country founded in
favored productivity.
Naturally, if a bank conserve its credit power to
loans on dominating resources, it will thereby increase production without diminishing its own earning power, and increase production in essentials.
This would not follow if our war needs did not go
down to the rock-bottom of our industrial and com:.
mercial life, but they do, to foodstuffs, fuel, lumber,
[voL. 107
metals and their manufactures, and to all the agencies of transportation. And •this being true, the
banker is not bound, as an original duty, to ask his
customer whether or not the business he does is
directly in supply of the Government or the people,
for the double demand is greater than the supply,
and must even itself up between the individual factors of any given line of fundamentally essential
trade. When he has classified his loans, when he
knows what credit power he has and how it is expended, then he can begin by discrimination to
apply it in the direction in which it should go. And
it cannot go amiss when applied on the principle of
largest utilization of the natural resources of section
and locality.
Nor does this principle violate the related one of
diversity in loans. A community especially favored
in any natural production destroys itself when it
does not take advantage of its gifts. But a measurable diversity in crops, or a reasonable combination
of manufacture and agriculture,only minimizes a risk
that inheres in the largest production at the least
cost. And a bank's loans follow the same law. On
the other hand, there is a risk which banks assume
in this system of conservation which should be most
rigidly guarded against. We are supposing that
classification will increase strength because it will fit
the bank more closely to the inherent commercial
strength of locality and community. War needs
being supplied by essentials, staples, let us say, will
compel this. And there will be room for increasing
loans in this direction by the consequent decrease in
another. Increasing production for the conduct of
war is building on a foundation which necessarily
cannot be enduring. There is also a certain degree
of "experimentation" in all war conduct (witness
aircraft), and there is the unknown quantity of the
time of victory and peace, and the sudden stoppage
of the need of supplies. The banker, nevertheless,
must aid the country but he must preserve his own
strength and stability by still further discrimination
of men and industries. Energy will seek its outlet.
Indeed, speaking broadly, business will seek "government work." But conservation here, after relating
a business to its native environment, must more
closely examine men and measures.
Our bank credit power is now buttressed upon a
Federal Reserve system. This has been in process of
evolution. Its rediscount powers have not been
tested, and probably will not be until the days of readjustment. Panics may not come, but periods of
stress are as certain as the tides, and may come
like tidal waves. Bank credit is now supplemented
by a War Finance Corporation that seems to be proceeding cautiously and tentatively. Federal Reserve banks, it is averred, are earnihg as much as
50%, and member banks are also generally making
good earnings. Deposits are at their highest. The
flow, or momentum, of business is full and rapid.
Conservation of credit power would be imperative
were there no war. Classification of loans to the end
of discrimination is the paramount duty of every
banker, and from every standpoint. But a discrimination based wholly on war conditions, based
alone on even war needs, will defeat itself, for our
banks must carry us over into peace and prosperity
when they come, and observance of inviolable principles of banking alone will do this.
We are prone to mix money with credit. But
money is only the servant of credit. And the
SEPT. 14 1918.]
THE CHRONICLE
mobility of credit within itself is essential. When
we resorted to Clearing House Loan Certificates
the gold fund created and set aside was not for the
purpose primarily of giving value to these certificates, but for the purpose of settling balances as they
were interchanged, and canceled through the payment and withdrawal of securities on which they
were based. Credit that can stand on its own feet,
that can volunteer, do its work, and retire, is the
chief conservation of this time. Its laws are of
its own making, and are inviolate. It is when
dependence is put upon extraneous factors that
great danger arises. Speaking in the abstract war
is the most insecure foundation upon which credit
ever rested, or can rest. Conservation guided alone
by the classification of industries and energies
occasioned by war, unless in accordance with the
fundamental principles of natural and wholesome
commercial credit, is a species of conservation carrying its own risks.
Perhaps the greatest conservation that can come
through our banking interests is one of thought,
analysis, attitude. A new credit, of inconceivable
proportions, has come upon us. It is this War Debt.
In a way, it is a preferred credit, and cuts under
everything else. And it is persistent, long-time.
No Federal Reserve system can ever assimilate it;
no War Finance Corporation can change or absolve
it; no gold stock, however large, can ever pay it.
• Ultimately labor alone will extinguish it. Understanding its effects is not a denial of its right to
exist. We may acknowledge to the full the good
that all hope will spring from it, to flood the world
like an Orient light, but there it stands a towering
need for a conservation of all commercial credit—
that shall be not so much in amount, as in kind, in
mobility, and in strength, founded upon abundant
resources and undying energies when used according
to their own inherent laws.
1041
is cited as a prominent instance in which the Commission went beyond its powers in trying to set itself
up as an arbitrator between producer and consumer.
This charge is clearly correct, for after showing the
existence of a trust and of a conspiracy for restriction
of output and maintenance of prices the Commission
undertook to compound the violation of law and to
establish, by agreement, a sliding scale of prices,
although distinctly disavowing any intent to regulate them; later it confessed powerlessness to deal
with the subject, and asked Congress to take control
of the industry.
The fact is that the Commission itself is and always
has been a rather anomalous and ill-operative body,
charged with a duty without adequate powers of
performance. The Act creating it declares that it
"is hereby empowered and directed to prevent persons, partnerships or corporations, except banks
and common carriers subject to the Acts to regulate
commerce, from using unfair methods of competition
in commerce." It is thus authorized and commanded to prevent everybody, except the two classes
excepted as being otherwise covered; but the means
for carrying this preventive duty are not as adequate
as every prohibitory statute should make itself
by its own terms. The Commission is analogous
to a referee, in that it may aseertain and report
facts but has no further powers. When anybody
has made a complaint, or whenever it "shall have
reason to believe," that somebody is behaving unfairly, the Commission "shall" (if it thinks the proceeding to be in the public interest) cite the offender
to appear and shall hold an inquiry. If satisfied
that the accused has been unfair in methods of competition, it "shall" order him to cease and desist;
if he fails to obey, then it "may"apply to the U. S.
Circuit Court of Appeals, which shall then take
the matter up, and its action thereon shall be final,
subject, however, to a procedure in review. But
here the function of the Commission stops; it may
THE PRESENTMENT AGAINST THE FEDERAL listen to or conceive of its motion a complaint, may
TRADE COMMISSION.
'investigate that complaint, and may then turn the
Mr. Rush C. Butler, an attorney in Chicago, has case over to the Federal Court. The likeness to the
prepared for the trade committee of the U. S. Cham- work of a ieferee, who determines facts and then
ber of Commerce, of which he is Chairman, a report reports to the court, seems quite close.
preferring grave charges against the competency and
A general investigating power was also conferred,
conduct of the Federal Trade Commission, and the the Commission being authorized to investigate and
Chamber itself has indorsed and forwarded the to gather and compile information concerning the
charges to President Wilson. The Commission, organization, business, conduct and practices "of
this report says, "has begun the study of important any corporation engaged in commerce," except those
situations but because of vacillating interests or for specifically excepted as otherwise covered. As to
other reasons not apparent has left its work incom- the deterrent effect of publicity, the Commission
plete; has changed without public notice or notice to was authorized to report to Congress and to recomCongress its procedure, "originally orderly and ap- mend legislation, "to make public from time to
propriate," has "abused its powers of publicity time such portions of the information obtained by
and in presenting information to Congress and the it hereunder, except trade secrets and names of
public has been heedless of the accuracy and frank- customers, as it shall deem expedient in the public
ness which its position and the circumstances re- interest," and to provide for publishing its reports
quire"; has "undertaken the exercise of functions and decisions as might be most convenient for public
beyond its own jurisdiction, to the detriment of its information. But the Chamber of Commerce preproper usefulness,and has departed from the funda- sentment says it "has abused its powers of publicity,"
mental purpose for which it was established."
that some prominent features of its recent food
As an instance of sins of omission, the report says investigation "were subversive of common justice,"
the Commission received from its predecessor an and that it has been "heedless of accuracy and frankinquiry into resale prices but has never completed ness." The 50-page denunciatory document reanything on that subject, and, although it and its leased and sent in proof form to the press a month
predecessor have spent over $400,000 upon an in- ago concerning the packing industry is evidence
quiry into the lumber industry no conclusions and enough of the abuse of the Commission's powers.
recommendations regarding that have been pre- This document (referred to in the "Chronicle" of
sented. In sins of commission, the newsprint case Aug. 17) had far more of the characteristics of sen-
1042
sational journalism than of a candid investigation.
The packing concerns, mentioned more than thirty
times as "the:Big Five," were specifically accused of
offenses so grave that no man guilty of them is fit
to be at large; as "our opinion," it was said that their
conduct was largely the cause of the failure of the
production of meat to keep pace with demand, and
they were charged (without a word of either evidence or specification) with having destroyed the
growing of sheep and other animals in New England.
And so on; the:document was sweeping in accusation,
unrestrained in language, and was throughout
"heedless of thelraccuracy and frankness" required;
its manner and language were that of the attorney
for the State who begins by telling the jury what
he proposes to prove against the prisoner at the bar
rather than of men set to fairly investigate- an important subject. And when the tale was concluded,
the Commission did not urge even an indictment of
the alleged criminals, but only advised that the
Government take over the packing industry.
The Chamber's report urges the President to fill
the two vacancies now existing in the Commission
by selecting "men whose training, temperament,
experience and reputation for sound judgment qualify
them for the positions," and adds that "in no other
manner can confidence in the Commission be restored." But the law creating the Commission to
succeed the old Bureau of Corporations was enacted,
at the same time with the Clayton law, just about
four years ago, and was a part of the offering then
made to the spirit of sedulously cultivated and still
continuing hostility to corporations and to all
business which has committed the assumed crime
of size and success. Whether confidence in the
Commission can be restored by attempting now-to
put competence, coolness and a spirit of judicial
fairness into it may be gravely doubted. When
these two laws were passed Congress was in a state
of excitement over the outbreak of a war whose
scope, nature, seriousness and world-import few of
us understood. We have learned very much since,
but we have not yet learned that producing, carrying and trading are indispensable operations which
must be colossal in order to meet colossal needs and
should be favored by leaving them to the free play
of natural forces instead of being hampered at every
turn by interferences. Instead of trying to get the
unfairness and bias ot,i; of the methods of this body
created to discover and suppress unfairness, the
wiser course would be to abolish it; or, if we cannot
bring ourselves to so much reaction towards liberty,
to suspend it "for the period of the war."
RAILROAD GROSS AND NET EARNINGS
FOR JULY.
Our July compilation of the gross and net earnings
of United States railroads makes a wholly different
showing from that of all the preceding months of
the year and it is evident that the character of the
returns has changed, making the outlook for the
roads, which are now under Government control,
to that extent more reassuring. In the whole of
the first six months of the year, the comparisons
with the corresponding months of last year were
very unfavorable, culminating in June with one
of the very worst monthly exhibits on record. This
was due to the rising cost of operations and to many
other adverse factors and circumstances—besides
which in June the whole of the huge increase in
[VoL. 107.
THE CHRONICLE
railroad wages, made retroactive to the first of January, was included in the totals of expenses. By
reason of this latter circumstance and the further
increase in expenses directly applicable to that
month (arising out of the causes already mentioned) the roads failed to earn the expenses as thus
enlarged for that month.
For July now there is marked and noteworthy
improvement in gross and net alike, showing the
influence of the higher transportation charges in
swelling the revenues of the roads. This was the
first month in which these higher freight and passenger rates counted in full. The new rate schedules
actually went into effect in June, but were effective
only for part of the month—in the case of the freight
rates only for the last five days of the month. With
the aid of these higher transportation charges the
July compilation, which we present to-day, is one
of the very best which it has been our privilege to
publish in a very long time. Not only is the amount
of increase as compared with the totals of 1917 very
large, but the ratio of improvement is also very
noteworthy. In the case of the gross earnings the
addition to the total of last year reaches no less
than $117,661,315, or 34% and in the case of the
net earnings it amounts to $34,466,131, or 31.36%.
That the ratio of increase in net is even now less than
that in the gross would seem to be significant in view
of the fact that Mr. McAdoo, the Director-General
of Railroads, is constantly making further increases
in wages. The latest increase, announced last
week, and applying to trackwalkers, clerks and
other similar classes of employees, is expected to
add another $100,000,000 to $150,000,000 to the
annual payrolls of the roads, in addition to. all the
previous increases and which the Director-General
himself put at $475,000,000 a year. It is proper
to add that the July increase over last year is a
little larger than it otherwise would - be by reason
of the circumstance that the month in 1918 had an
extra working day, July this year having contained
only four Sundays, whereas July last year had five.
July—
190 Roads—
Miles of road
Gross earnings
Operating expenses
Net earnings
Inc.(+)or Dec.(—)
%
Amount.
1918.
1917.
+1,130 0.49
230,570
231,700
$463,684,172 3346,022,857 +$117,661,315 34.00
+83,195,184 35.23
319,335,490 236,140,306
$144,348,682 $109,882,551
+P4,466,131 31.36
In comparing with the figures for 1917, it should
not be forgotten we are comparing with large totals.
This will be evident when we say that our compilation for July last year showed an increase over July
1916 of $46,328,025, or 15.09%. In the net, however, the increase at that time was comparatively
slight, the rising cost of operation being then decidedly in evidence. Attempts were even then
being made through the Railroads War Board of
the Council of National Defense to operate the
railroads as practically a single system. Needless
train service was in process of elimination, cars
were being loaded to nearer full capacity and in
many other ways the railroad service was being
operated to better advantage. Nevertheless, the
great augmentation in railroad expenses constituted
the most conspicuous feature in railroad affairs.
While the gain in gross earnings, as already stated,
was 15.09%, the augmentation in expenses reached
21-.75%. In other words, out of the $46,328,025
increase in gross last year, $43,197,428 was consumed by augmented expenses, leaving only $3,130,597 gain in net or no more than 2.89%. On
the other hand, last year's comparison was with
SEPT. 14 1918.]
THE CHRONICLE
1043
on 231,836 miles of road;in 1909, 234,500;in 1910, 238,169; in 1911. 230.076;
heavily increased totals in 1916, both gross and net. Inbased
1912, 230,712; in 1913, 206,084; in 1914, 235,407: in 1915, 243,042; In 1916.
244,249; In 1917, 245,699; In 1918, 231,700. We no longer include the Mexican
In brief in July 1916 our compilation showed no roads
or the coal-mining operations of the anthracite coal roads in our totals.
less than $44,096,142 gain in gross and $20,287,937
As far as the separate roads are concerned, the
gain in net, but this improvement, satigfactory
though it was, represented in large part merely a improvement disclosed this time is in keeping with
recovery of previous losses or an absence of previous the magnitude of the gains in the general totals. As
growth. As it happened, comparison in 1916 was a single illustration, we may note that for the lines
with totals of earnings in 1915 which had shown of the Pennsylvania Railroad system directly opersome slight improvement over the poor results of ated both East and West of Pittsburgh (comprising
the year immediately preceding. In the gross the besides the Pennsylvania Railroad proper, the
increase in July 1915 was relatively small, having Pittsburgh Cincinnati Chicago & St. Louis and the
been only $2,324,115, or less than 1%, but in the Pennsylvania Company) the gain in gross for this
net earnings the gain then was $9,851,240, owing single month alone reaches no less than $17,448,687,
to a heavy decrease in expenses which reflected the of which $5,896,760 was carried forward as a gain
policy then in vogue of cutting the expense accounts in net. For the New York Central (independent
in all directions so as to avoid a further dwindling of the auxiliary and subsidiary roads) the gain
of the net at a time when railroad credit had become reaches- $5,090,942 in gross and $1,652,290 in net.
greatly impaired. In July 1914, however, there Including the auxiliary roads the increase is $11,913,was a falling off in both gross and net results and in 727 in gross and $5,345,283 in net. The Baltimore
the case of the net at least this followed a loss in & Ohio has added $5,754,016 to gross and $1,942,1913 too. Our compilations for July 1914 showed 488 to net. In a different part of the country the
$9,571,763 loss in gross, or 3.67%, and $998,911 Southern Railway has added $5,092,641 to gross
loss in net, or 1.31%. In July 1913 there was a and $2,388,042 to • net. Western, Southwestern
moderate amount of gain in gross, namely $12,- and Pacific roads also contribute large gains, though
036,238, or 5.38%, but it was attended by an aug- not equal in amount to the gains recorded by Eastern
mentation in expenses of $15,302,025, or 9.79%, roads. In the following we show all changes for
leaving, therefore, a loss in net of $3,265,787, or the separate roads or systems for amounts in excess
4.83%. In July 1912 there was substantial im- of $100,000 whether increases or decreases. It
provement in both gross and net, but while the will be observed that there is no decrease for that
addition to gross was $23,007,660, the gain in net amount in the gross, but that there is a goodly numwas no more than $8,890,588. In July 1911 the ber of roads showing losses in net. The list includes
changes were relatively slight, there being a loss in such roads as the Erie, the Chicago Milwaukee &
gross then of $1,555,652, or less than 1%, with a St. Paul, the Missouri Pacific, the Denver & Rio
trifling gain in net, namely $31,411. In July 1910 Grande and the Northern Pacific. In these inthe rising course of expenses was decidedly in evi- stances, the additional revenue derived from the
dence, the figures registering $12,812,422 increase in higher rate schedules did not suffice to offset the
gross but $4,485,758 decrease in net. In July 1909 incrase in expenses which in some cases at least
the statement was favorable, there having been may have been extra large by reason of special cir$24,719,084 gain in gross and $11,083,420 gain in cumstances.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
net. But the additions then were deprived qf much
Increases.
Increases.
Pennsylvania (3)
017,448,687 Wheeling & Lake Erie...
458,206
of their significance by the fact that they•succeeded Baltimore
& Ohio
5,754,015 Yazoo & Mississippi Val_
439,924
Southern Railway
5.092.641 Central of Georgia
422,880
tremendous losses in July 1908, when, according to New York Central
b5,090,942 St Louis Southwest'n (2)
414,406
Southern Pacific (8)
3,984,251 Toledo & Ohio Central_.
398.304
the figures prepared by the Inter-State Commerce Chicago
dr Northwestern 3,414,045 N Y Ontario & Western_
356,344
Central
3,319,150 Georgia
342,785
Commission, there was a shrinkage of no less than Illinois
Atch Top & Santa Fe (3) 3,225.055 Denver & Rio Grande
341,095
Chicago -Burl & Quincy.. 3,215,713 Chicago Ind & Louisv
340,601
$33,426,116 in gross and of $8,485,484 in net. In Union Pacific (3)
3,212,936 Chicago Great Western_
334,725
Philadelphia & Reading_ 3,144,670 Kanawha & Michigan__
327.656
& Nashville
the following we furnish the July comparisons back Louisville
2,932,248 Los Angeles & Salt Lake_
317,798
N Y New Haven & Hartf 2,753,549 Virginian
271,590
Cin Chic & St L__ 2,621,195 Alabama Great Southern
to 1896. For 1910, 1909 and 1908 we use the Inter- Cleve
241,730
Chesapeake & Ohio
2,531,289 Western Pacific
221,929
Chicago
St
Milw
Paul_
&
2,404,104
Chicago
Terre
H & S E_ _
221,154
State Commerce totals, but for preceding years we Michigan Central
2,149,771 West Jersey & Sea Shore_
219,131
It I & Pac
1,946.155 Lake Erie & Western_ _ _ _
218,926
give the results just as registered by our own tables Chic
Norfolk & Western... _ 1,909,123 N Y Phila & Norfolk_ _ _ _
211,406
(2)
1,834,013 New Orl & Northeastern
208,396
each year-a portion of the railroad mileage of the Erie
Atlantic Coast Line..
1,803,382 Western Maryland
206.541
Lehigh
Valley
1,771,532 Mobile & Ohio
204.366
country being always unrepresented in the totals, Duluth MIssabe & Nor__ 1,725,234
Colorado & Southern (2)
203,323
St Louis-San Fran (3)___ 1,689,115 Central New England
203,146
owing to the refusal of some of the roads in those Boston
& Maine
1,683,260 Grand Trunk Western__
194,955
Delaware Lack & West.._ 1,507,975 Union RR of Baltimore_
186,413
days to furnish monthly figures for publication.
Central RR of N J
1,444,997 El Paso & Southwestern_
185,088
Gross Earnings.
Year.
Year
Given.
Net Earnings.
Year
Increase (1-)
Preceding. or Dec.
(-).
Year
Given.
S.
Year
Increase (+)
Preceding. or Dec.
(-).
$
$
July.
$
$
$
1896... 51,132,768 50,890,523
+242,245 15,556,978 15,496,273
+60,705
1807__ 58,183,393 54,228,118 +3,955,275 19,091,236 16,530,293 +2,560,943
1898... 63,172,974 62,339,710
+833,264 19,971,051 20,694,375
-723,324
1899... 72,204,314 61,434,246 +10,770,068 24,377,447 19,672,510 +4,704,937
1900- 83,343,882 77,671,358 +5,672,524 26,687,209 25,989,9271
+697,282
1901... 99,334,538 86,920,806 +12,413,732 34,925,716 27,680,869, +7,244,847
1902... 102,960,249 97,691,960 +5,268,289 33,634,610 33,824,5971 -189,987
1903- 115,691,747 97,856,175 +17,835,572 38,296,851 31,846,698 +6,450,153
1004... 106,955,490 113,678,564 -6,723,074 34,398,740 37,353,409 -2,954,669
1905- 118,404,552 107,325,222 +11,079,330 43,594,553 40,256,1311 +3,338,422
1906- 129,386,440 114,556,367 +14,830,073 42,808,250 36,718,416 +6,089,834
1907... 137,212,522 118,666,092 +18,546,430 41,891,837 39,448,7711 +2,443,066
1908... 195,246,134 228,672,250 -33,426,116 67,194,321 75,679,805 -8,485,484
1009- 219,964,739 195,245,655 +24,719,084 78,350.772 67.467,352 +11,083,420
1910... 230,615,776 217,803,354 +12,812.42273,157,547 77,643.305 -4,485,758
1911... 224,751,083 226,306,735 -1,555,652 72,423,469 72,392,058
+31,411
1912_ 245,595,532 222,587,872 +23.007,660 79,427,565 70,536,977 +8,890,588
1913... 235,849,764 223,813,526 +12,036,238 64,354,370 67,620,157 -3,265,787
1914- 252,231,248 261,803,011 -9,571,763 75,359,466 76,358,377
-998,911
1915... 262,948,115 260,624,000 +2,324,115 87,684,985 77,833,745 +9,851,240
1916- 308,040,791 203,944,649 +44,096,1421108709496 88,421,559 +20,287,937
1917... 353,219,082 306,891,957 +48,328.0251111424542 108293945, +3,130,597
lAIR
4113.1194.1 72 346.022.957 +117661315144348682 1008g25All -I-MARRA:11
Note.-In 1896 the number of roads Included for the month of July was 130; In
1897, 127; In 1898, 123; In 1899, 114; In 1900, 117; In 1901, 108; In 1002, 103; In
1903, 106; In 1004 98; In 1905,94; In 1906,00; In 1907,82; In 1008 the returns were
Wabash
1,410,550 Bessemer & Lake Erie__
169,886
Seaboard Air Line
1,353,084 Tennessee Central
165,359
Missouri Pacific
1,172,553 Duluth So Shore & Atl_ _
163,326
Great Northern
1.081,334 Grand Rapids & Indiana
157,067
Nashv Chatt & St Louis_
924,502 Internat & Gt Northern_
156,421
Pittsb & Lake Erie
912,424 Northwestern pacific...
145.594
Long Island
863,745 Toledo St Louis & West_
139,378
Northern Pacific
816.612 Carolina Clinchf & Ohio_
138,786
Missouri Kan & Texas
787.862 Indiana Harbor Belt_
128,958
Chicago & Eastern III_ _ _
786,602 Detroit Toledo & Ironton
126,480
Pere Marquette
771,409 Lehigh & New England_
124.913
Duluth & Iron Range...
659,156 Kansas City Southern__
118,446
Elgin Joliet & Eastern
652,117 Monongahela
118,190
Delaware & Hudson_ _ __
633,639 Birmingham Southern _ _
117.212
Chicago & Alton
582,629 Monongahela Connecting
114.741
Texas & Pacific
573,970 New Orl Tex & Mex (3).
113,819
N Y Chicago & St Louis_
543,838 Bangor & Aroostook_ _ _ _
104,497
Chic St Paul Minn & Om
528,858 Louisiana Ry & Navig__
103.435
Hocking Valley
516,416 Washington Southern_ _ _
102.622
Mo Kan & Tex of Tex
516,116
Buffalo Roch & Pittsb
483,240
Representing 115 roads
Maine Central
472,461
in our compilation_$116,854,212
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. 'Where, however, these
returns do not show the total for any system, we have combined the
separate roads, so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania HR. reporting $12,088,784 increase, the Pennsylvania Company $2,906,697 increase and the P. C. C. & St. L. $2,453,206 increase.
b Theso figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four." &c., the whole going to form the New
York Central System, the result is a gain of $11,913.727.
THE CHRONICLE
1044
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Increases.
Increases.
242,333
Pennsylvania (3)
a$5,896,760 Union RR of Baltimore_
236,180
Southern Railway
2,388,042 Chicago & Alton
227,55
Baltimore & Ohio
1,942,488 N Y Chicago & St Louis..
225,746
Philadelphia & Reading.. 1,898,607 Pere Marquette
210,824
Atch Top & Santa Fe (3) 1,887,138 Texas Pacific
210,635
Union Pacific (3)
1,864,086 Chic St Paul Minn & Om
201,786
New York Central
b1,652,295 Wheeling & Lake Erie_ _ _
188,493
Clev Cin Chic & St L
1,651,590 Kanawha & Michigan__
188,029
Chicago & Northwestern 1,640,060 Delaware & Hudson_ _
154,755
Duluth Missabe & Nor.._ 1,626,853 Missouri Kansas & Texas
150,690
Chicago Burl & Quincy
1,500,560 Toledo & Ohio Central_
130,600
Illinois Central
1,430,615 N Y Ontario & Western..
130,445
Chesapeake & Ohio
1,239,559 Western Pacific
129,136
NY New Haven & Hartf 1,214,596 Mo Kan & Tex of Texas..
109,431
Michigan Central
1,189,892 Duluth So Shore & Atl__
105,660
Louisville & Nashville.... 1,058,428 Los Angeles & Salt Lake_
103,609
816,902 St Louis-Southwest (2)..
Delaware Lack & West.._
101,958
Atlantic Coast Line
772,405 Central of Georgia
711,786
Duluth & Iron Range_ ....
Representing 71 roads
709,308
Central RR ofNew Jersey
Chic R I & Pac
• in our compilation_ _$43,749,188
662,654
Decreases.
Southern Pacific (8)........616,099
$491,700
Norfolk & Western
606,977 Erie (2)
472,921
Wabash
560,661 Chicago Milw & St Paul..
310,515
Pittsburgh & Lake Erie..
550,806 Minn St Paul & S S M__
216,453
Nashville Chatt & St L_
549,463 Missouri Pacific
St Louis-San Fran (3)......
186,928
516,277 Western Maryland
Elgin Joliet & Eastern__
174,886
494,882 Minneapolis & St Louis..
Chicago & Eastern Ill__
158,582
421,803 Denver & Rio Grande_ _ _
Seaboard Air Line
139,225
418,944 Kansas City Southern......
Long Island
133,455
382,290 Norfolk Southern
Lehigh Valley
117,277
372,986 Coal & Coke
108,877
Yazoo & Mississippi Val_
336,369 Northern Pacific
103,427
Bessemer & Lake Erie__ _
292,308 Colorado & Southern (2)
Georgia
287,729
Boston & Maine
Representing 14 roads
286,653
in our compilation__ $2,614,246
Hocking Valley
252,452
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $4,047,565 increase,the Pennsylvania Company
$1,158,221 increase and the P. 0. C. & St. L. $690,974 increase.
I' These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of 115,345,283.
It is needless to say that when the roads are arranged in groups or geographical divisions, according to their location, every group registers very
substantial gains in gross and net alike. The ratios
of gain in the gross run from 24.21% to48.54% and
in the net from 9.25% to 62.79%. The improvement in the net in at least two of the geographical
divisions is relatively light due to the heavy augmentation in expenses in those cases. Our summary by gioups is as follows:
SUMMARY BY GROUPS.
1918.
Section or Group.
July$
20,002,884
Group 1 (7 roads). New England
Group 2(39 roads), East & Middle_ 132,171,279
60,369,691
Group 3(30 roads), Middle West
Groups 4 & 5(34 roads), Southern..._ 62,032.431
Groups6&7(29 roads), Northwestern 100,096,006
Groups 8 & 9(44 roads), Southwestern 63,643,108
Group 10 (12 roads), Pacific Coast...... 25,368,773
Gross Earnings
Inc.(+)orDec.(-)
1917.
14,876,246
97,681,332
42,776,382
41,761,164
77,608,169
50,910,067
20,409,497
+5,126,638 34.52
+34,489,947 34.28
+17,593,309 41.15
+20.271,267 48.54
+22,487,837 28.89
+12,733,041 24.24
+4,959,276 24.21
463,684.172 346,022,857+117,661,315 34.00
Net Earnings
1917.
1918.
(+)orDec.(-)
-Mileage--%
$
$
1918. 1917.
July$
+1,429,432 38.10
3,751,585
7,219 7,262 5,181,017
Group No. 1
28,502 28,075 34,201,482 28,869,320 +5,332,162 18.47
Group No. 2
21,296 21,315 20,653,612 13,263,476 +7,390,136 55.71
Group No.3
Groups Nos.4 & 5-- 38,238 38,058 19,886,491 12,277,752 +7,608,739 62.79
Groups Nos.6 & 7.... 65,950 65,814 35,016,878 26,347,605 +8,669,273 32.90
Groups Nos.8 & 9-- 53,975 53,645 19,951,524 16,715,504 +3,236,020 19.40
+800,369 9.25
9,457,678 8,657,309
16,520 16,401
Group No. 10
Total (190 roads)
231,700 230,570 144,348,682 109,882,551 +34,466,131 31.36
Total
NOTE.-Grotsp I.includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas,Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho. California. Nevada, Utah
and Arizona and the western part of New Mexico.
Tlarrent guents and Viscussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
J. P. Morgan & Co. this week disposed of the usual
offering of ninety-day British Treasury bills on a 6% discount basis. The bills are dated Sept. 10.
[VOL. 107.
BRITISH RULES FOR EXPORTATION OF FOREIGN
BANK NOTES.
According to"Commerce Reports" of Sept.3(issued by the
Bureau of Foreign and Domestic Commerce), information
has been received by cable from Consul-General Skinner,
London, that a proclamation of Aug. 27 prohibits the exportation of notes of the Bank of France to all destinations
except in France, and notes of the United States Government and United States bank notes to all destinations except in the United States.
NINTH GERMAN WAR LOAN TO BE OFFERED SEPT.23.
Press advices from Amsterdam Sept. 7 report that the
ninth German war loan will be offered for subscription from
Sept. 23 to Oct. 23, according to a dispatch from Berlin.
The loan will be issued in the form of 5% bonds and 434%
redeemable Treasury bills. Both will be issued at 98.
Concerning the loan a copyrighted cablegram to the New
York "Times" from Zurich, Sept. 10, said:
The German press is beginning a noisy puffing of the ninth war loan.
The Stuttgart "Tageblatt" compares the loan to the Ninth Symphony of
Beethoven, pretending that it will mark the re-birth of the working power
of the German people, and asserting that the only way to counter-attack
defeatism and the discouragemeno of the masses of the people is to take
up the loan.
The Munich "Augsburger Abendzeitung" says the success of the loan
will be proof that Germany believes still in military success.
Some papers attempt also the method of describing the war loan as
bringing peace nearer. It is significant that the Socialist journals have
not yet whispered a word about the loan.
TURKEY ARRANGES FOR NEW LOAN FROM
GERMANY.
Cablegrams from Amsterdam on Sept. 9 reported the announcement by the Turkish Minister of Finance that Turkey
had concluded a fresh loan from the German Government for
45,000,000 Turkish pounds, according to the Berlin "VosThe conditions, the cablegram states, are
sisohe
identical with those of previous loans.
RUSSIA PAYS FIRST INSTALLMENT OF WAR
INDEMNITY TO GERMANY.
London advices to the press of this country on Sept. 11
stated that the first portion of the Russian war indemnity
to Germany was sent on Sept. 7 from Moscow to Berlin,
according to an Exchange Telegraph dispatch from Copenhagen. It is said to have amounted to 250,000,000 rubles,
one-half in gold and the remainder in notes. The London
advices state that the money was carried on a special train
under strong guard, and was received by a representative
of the Reichsbank at the border line.
SPECIAL CREDIT DEPOSITED WITH BANK OF
FRANCE BY UNITED STATES.
The placing by the U. S. Treasury of a special credit of
$200,000,000 at the disposal of the French Government to
meet expenditures on account of the United States Army,
and the transfer of the credit to the Bank of France,
is reported in a special cable to the New York
"Times" from Paris under date of Sept. 7, which we reprint
herewith:
For the first time in its history the weekly balance sheet of the Bank of
France, which was published to-day, discloses that the Bank now has an
account with the United States Treasury. Negotiations have been going
on for some time between the State Department at Washington and the
French Government with a view of coming to some agreement for the
supply of the necessary funds for the use of the constantly growing American Army in France.
Hitherto the French Government has advanced the money required to
meet the American army expenditure in France. Without waiting for the
conclusion of the negotiations, the American Treasury has placed a special
credit of $200,000,000 at the disposition of the French Government, which
transferred this credit to the Bank of Franco in liquidation of a part of the
amount advanced by the Bank to the State.
The credit has been handed over to the Bank on the basis of actual metallic parity, and it has been arranged that as the money is made use of for the
American requirement in France, the French Government will be credited
with the difference between the parity value in cash and the current rate
of exchange arising from the operation. Translated into hard cash, the
action of the American Government in placing this credit at the disposal
of the French authorities enables the latter to pay back the advances made
to it by the Bank to the extent of something like $272,000,000.
UNITED STATES CREDIT FOR LIBERIA.
REPORT OF UNITED STATES OFFER OF LOAN TO
It was reported in dispatches from Washington on Sept. 11
SWISS.
that a credit of $5,000,000 has been established by the
The "Financial America" yesterday (the 13th) printed the
Treasury for the Republic of Liberia, which has declared following cablegram from Geneva:
war against Germany. This adds a ninth nation to the list
The "Lausanne Revue" states that America has offered to loan Switzerland $150,000,000 to electrify the Swiss railways
of Allies borrowing from the United States.
•
SEPT. 14 1918.1
THE CHRONICLE
PREPARING FOR CANADA'S SECOND "VICTORY
LOAN."
The Montreal "Gazette" of Sept. 6 had the following
to say relative to Canada's proposed second "Victory
Loan" to be floated before the close of the current year:
A further stop in clearing the way for the next Victory Loan, and a'step
indicative of the exceptionally strong position in which the market for the
first Victory bonds finds itself, is to be taken with the withdrawal of the
Victory Loan committees as sellers of the old bonds.
The recent advance in the price of the bonds, the second since the spring,
has had little effect in increasing offerings of bonds from holders, while
the demand from now buyers has persisted. The committees thus find
themselves in the position of having orders of substantial size to fill for
buyers, without bonds enough to sell.
It is understood that as a result of this situation and in order as far as
possible to conserve new funds for investment in the new loan, the committees will cease to sell the First Victory bonds after a certain date, probably
the end of this week or the beginning of next. In other words the committees will cease to accept buying orders for tho bonds from brokers or
the public. They will continuo to buy in moderato amounts, because it
is desired, for the sake of the small holder, to maintain the continuity
of a market in which it has always been possible for the small holder—up
to now for any holder—to secure cash for his certificates if he was under the
necessity of selling. The bonds so acquired by the committees would
become available for the filling of open orders now on the committees'
books.
A step of this kind has been under consideration for some time because
the public demand has outweighed the public selling, without the two
successive advances in prices accomplishing much in restoring a balance.
An alternative informally discussed from time to time, was to place the
bonds on the stock exchange and leave the price free to respond to the
conditions of strenth existing in the market. Apparently the maintenance
of the general principle or stabilization, as succes.sfully worked out in the
committee form of trading, was considered the more desirable, as
the next
loan will be handled similarly.
No hardship will be imposed on holders who have bonds to sell, as
it is
understood that the committees will be prepared to buy moderato
amounts.
The only check will be on prospective buyers who, in effect, are being
asked
to reserve their funds for the Second Victory bonds rather than invest
them in the First.
Obviously, the conditions responsible for this situation
constitute an
omen of the most encouraging sort for the new loan. Instead of
the old
loans acting as a dampener on the interest in the new one, the
investing
public is being held in leash as it were, against the offering
of the now
bonds.
A special Toronto dispatch to the New York "Tribune"
under date of Sept. 8 states that by the middle of the current month preparations for the launching of the new
Victory Loan in Canada will be well under way, and then
adds:
The organization is being perfected and every community
in the Dominion will be thoroughly canvassed. The loan will be
auspicious conditions, and the bonds will likely be sold at launched under
par, with interest
at the rate of 5 %. The loan will probablly be issued
in October.
The successful manner in which the Victory Loan
Committee handled
the market for the old bonds will make the next loan
popular. When the
first Victory Loan was launched a year ago, the people were
told that the
bonds would be as readily realizable as bank savings. The
Government
has lived up to this promise.
The amount that will be sought by the Government will
probably be
$400,000,000 or more, although the nominal amount will
probably be
$250,000,000. This would bring the total of
domestic loans floated to
$1,150,000,000.
CANADA -AT WAR.
On Sept. 5 T. B. Macaulay, President of the Sun Life
Assurance Co. of Canada, delivered an interesting and instructive address at the Hotel Astor, New York,at the annual
banquet of the First International Life Underwriters
Convention. Mr. Macaulay was Dominion Chairman of
the
National Committee on Food Resources in 1917, and
is
Honorary President of the Navy League of Canada.
In
part he spoke as follows:
The work which the United States has undertaken
in connection with
the war is so vast and the spirit in which it is being
carried out is so magnificent and so enthusiastic, that what we
have accomplished most of
necessity appear rather small in comparison
After
four years of hostilities, when the war is now
gradually nearing its close,
it is difficult to place ourselves in thought back to the
early days when the
great Gorman military machine, which had been
preparing for forty years,
was crashing through Belgium and northern France.
The sky was clouded
and the outlook dark, the brave men of France
and Britain were being
overwhelmed by superior numbers, we had few
guns to answer the German
artillery, and ammunition was so short
that many of our guns were restricted to five rounds a day—it VMS at that time
and under those circumstances that Canada had the privilege on account of our
British connection
of getting into the fray, and we all feel a joy and pride
that we were able
to do something, even though but
little, to help stay the Hun
in those
gloomy days. . . •
Our national spirit rose to the needs of the occasion.
The call went out
for 25,000 volunteers to go overseas, and thanks largely
to the energy of
Sir Sam Hughes, within a few months wound sent off not
25,000 but 33,000.
Within two months of the outbreak of war some of our
troops who had been
hardened in South Africa were fighting in France, and
within seven months
oven our green troops were on the field engaged in a life
and death struggle
with the Huns—and holding them. Further
detachments were dispatched
as quickly as they could be raised and drilled, until
we now have a total
of over 550,000 enlistments, and will soon have
600,000, and of these about
450.000 are already in Europe. Every month is
adding to the number.
We have promised that we will send over not less
than 500,000, and we
propose to keep that promise.
•
Our enlistments, including those secured under the
Military Service
Act, already number about one in thirteen of our
population. In the same
proportion the figures for the United States would be
which is about the number you aro:preparing to raise. around 8,000,000,
1045
And how about the casualties? In the early days of the war, when we
were short of artillery, and even of rifles, and were unprepared for poison
gas, we suffered heavily. Up to June 30 of this year we had: Killed in
action, 27,040; died of wounds, 9,280; died of disease, 2,257; presumed
dead, 4,342; missing (probably dead), 384; total deaths, 43,303. In
other words, of the total number who had gone overseas up to June 30
last 11.3% were already dead. In addition, there were wounded 113,007;
prisoners, 2,774—so that, in addition to the deaths, 30.2% had been
wounded or made prisoners. It is a comfort to know that between 30,000
and 40,000 of the wounded were ultimately able to return to the firing line.
The total casualties were 41.5% of the number who had gone overseas.
But even this does not tell the full story. Most of those who had but
recently gone across had of course not been long exposed,.and the casualties
were chiefly among those who had gone over early. Among them the
casualties were tremendous. These noble fellows paid a terrible price,
and I can assure you that among them were many who were the very
cream of the Canadian nation.
But while we are proud of our Canadian boys, do not suppose that I
claim any special superiority for them. Scotland has in the British armies
about twice as large a proportion of her population as has Canada. There
are glens in Scotland where not one man of military age is now living.
And nothing makes our Canadian soldiers more annoyed than any claim
by those at home that they are any better than the troops from Scotland
and England. We from Canada feel that we have done well, but we take
off our bats to the Mother Country. One of the lessons we have learned
from the war is to appreciate the Scotchmen, the Englishman and the
Frenchman as we never did before, and we appreciate them now because
we know them now.
Now let us turn to finance. We are a young and borrowing country;
we have been an extravagant country, and we thought we could do little
towards financing the war. At the beginning the Mother Country advanced money to the various Dominions at the same rate as she herself
had to pay, but by 1915 we began to rely on ourselves. The Government
issued the call for the first domestic loan. They asked for $50,000,000,
and wondered if they could get it. The subscriptions came to over $113,000,000. On the strong urgency of the larger subscribers the Government took $100,000,000 of this amount. In September 1916 they asked
for $100,000,000, and we offered them $201,000,000. Six months later,
in March 1917, they asked for $150,000,000, and we offered them $254,000,000. In November of the same year they asked for yet another $150,000,000, and we offered them $419,000,000. For this loan the Government
had reserved the right to accept all subscriptions, and they did take
$400,000,000. If in 1915 a man had told us that within the next two years
the people of Canada would supply the Government with $750,000,000,
or $100 for every man, woman and child in the country, he would have
been looked on as a wild visionary. People do not know what they can
do until they really try, and we surprised ourselves.
The subscriptions to our first loan numbered 24,800; to the last loan they
numbered 830,000, or nearly one in nine of the population. And now our
Government is about to ask for $300,000,000 more, and I shall be surprised
if the answer is not at least $500,000,000. and I imagine that they will
take it all.
We shall have a heavy debt, but what of that? We shall carry it with
ease, for we are young and growing, and our shoulders are broad. Canada
never was so strong or so prosperous as at this moment. The safest Government bonds in the world are those of the United States and Canada,
and I bracket them together as regards security. We pay 5% on ours,
so if any of you want higher interest with equal security, subscribe for the
next Canadian war loan.
Not merely have we raised these largo amounts of Government loans, but
we have kept up the price of our bond issues, so that every person who
bought a Canadian Victory bond can to-day get for it on the spot more
than it cost him. The brokerage and bond houses of the Dominion have
been organized into a great committee, and whenever any bond is offered
for sale it is at once resold to other purchasers. The demand for bonds
has been stimulated until it now exceeds the supply, and the market price
Is above the cost price. Our Government can borrow this year on slightly
better terms than it had to give last year. That speaks for itself for the
value of the bonds and the credit and wealth of the country.
In addition to paying for the upkeep of our own troops, Canada has
granted war credits to the Imperial Government of $532,000,000, with
which to purchase foodstuffs, munitions, &c., in the Dominion. Our
banks have loaned the Imperial Government $200,000,000 more. But
despite the withdrawal for Government loans, the deposits in our banks
are $300,000,000 more than they wore at the beginning of the war. The
country never was so wealthy. Prior to the war we lived too easy a life,
and our municipalities and corporations borrowed freely in Britain. When
the British markets were closed we turned to the United States. Of our
provincial and municipal securities sold in 1916, 85% went to the United
States. Of similar securities sold in 1917, only 2% wont to the United
States. Our expenditures for war purposes have now risen to about a
billion dollars. A considerable amount of this has been raised by taxes.
There has been a tremendous increase in the national revenue.
But more than men and money are required. There was a pressing
need for munitions with which to meet the German hordes. Canada had
never been a great manufacturing country. But again we surprised ourselves, for we have already supplied 60,000,000 shells, which I have no
doubt have done good work. We have furnished munitions to the value
of $1,000,000,000, and will soon have furnished another $200,000,000 worth.
We are helping in shipbuilding, too, for we expect to turn out thit• year
about 500,000 tons of new shipping, about two-thirds of steel and one of
wood. I understand that this will about equal one-fourth of the output
of the British shipbuilding yards for the year 1917. In aircraft, too, we
are trying to do our share. We are turning out about 350 aeroplanes per
month. The total to date is 2,500. Besides that, we are manning them.
But it has not been all men, money and munitions. Our people have
responded gloriously to all appeals for the relief of suffering. For our
Canadian Patriotic Fund, which looks after the wives, childrEdn and dependents of our men at the front, we have already given $44,000,000. For
every $2 the Government has asked from the people it has generally been
given three. To the Rod Cross the contributions have been $12,000,000
in cash and 515,000,000 in supplies. Of the cash contribution $7,000,000
were spent by the British Red Cross, and the balance by the Canadian
Red Cross. According to a newspaper item which I saw the other day,
Canada leads all the nations of the world in Red Cross contributions per
capita. To the Belgian Relief Fund we have contributed over $1,500,000
in cash and an equal amount in supplies, while $8,000,000 more went to
French, Serbian and Polish relief funds and numerous other charitable
and patriotic associations. For military work by the Y.M.C.A. the contributions have been $4,500.000. In addition to the donations from the
public, the Dominion and Procincial Governments have given $5,250,000
for charitable work through the Imperial Government. In all, the relief
contributions from Canada amount to $00,000,000. or over $12 for every
man, woman and child in the Dominion.
1046
THE CHRONICLE
[voL. 107.
The terms of the renewal of privilege afford further advantages to pubWhile manufacturers, merchants and banks have enjoyed prosperity
as a result of war activities, the life companies have had to sustain heavy lic credit, the State and Treasury. The "Societe de Caution mutuelle"
losses, due to conditions such as were never contemplated by their mor- founded by small manufacturers and tradesmen will henceforth be adtality tables. But grandly have they stood the strain. The test has but mitted for affairs of discount. New banking centres will be instituted,
demonstrated their strength, and they have come out of it in a way that and the transfer of credits and payments by check made easier. As the
none of us would have believed possible. In every instance the companies profits made by the bank since 1914 have not, on an average, exceeded
have sustained this extra mortality without any weakening of their po- those of previous years, it has been granted special terms, in regard to the
sition. And the companies have done much more than merely pay death law on war profits, which will serve to redeem the State's debit in respect
claims. It is no exaggeration to say that they have been of immense to it. And lastly, the stipulated dues to the Treasury, out of the sum
assistance to the Government in floating the various war loans. The small total of the proceeds from discounting and productive currency, have been
premiums collected through the country from hundreds of thousands of modified to the advantage of the State, from a tariff varying from 5 to
policyholders were combined into company subscriptions amounting to 1234%, without prejudice to a superposed tax of a previous reduction of
millions. The total subscriptions of the life companies to the various 5 to 20%, to be levied on gross profits. If according to official figures, we
domestic Government loans already exceed $112,000,000. Omitting the consider that the sum total of receipts and payments made free of charge
banks, the subscriptions of no other class of corporation or section of the by the bank for the Treasury, between 1914 and 1917, exceeded 421 milcommunity have come anywhere near this large amount. And these sub- lards, and that out of the profits for 1917 the State's share amounted
scriptions were worth more than the mere money they represented for they to 58 millions, against 24 millions only for shareholders—amongst whom
did much to give an immediate aseurance of success to the issues, and at average and small clients made the majority—we shall form an accurate
the same time stimulated others to subscribe. And in regard to the loan idea of the disinterested nature of the assistance the Bank of France has
which will be brought out next month, I feel quite sure that the companies continually given the country. As an independent private institution
will vie with each other as to which can subscribe most, and their leadership possessing its own capital, governed by a "consell de regence" seconded
by a "consell d'escompte" consisting of representatives of the financial,
will be oven more marked.
My last word is a vision which I and other Canadians note with joy is Inanufacturing and commercial world, and managed with liberal foresight
discretion, thus assuring the soundness of its credit, the Bank of France
and
the
and
States
United
see
the
already in the first stages of realization. I
British Empire, the two great branches of the English-speaking world, was fully equal to its task in times of peace and has carried itself successgoing down through the centuries arm in arm, co-operating as brothers, fully through the ordeal of war. Besides this, its strength of endurance
each helping the other, each strengthening the other and unitedly blessing in days of stress and the beneficial influence it exercised in the different
the world, and making it safe for democracy. The Germans have succeeded branches of industry, have won for it the well deserved gratitude of the
public at large.
In unifying the Anglo-Saxon world.
HOW BANK OF FRANCE MET WAR BURDENS.
How the Bank of France sensed the European war as
early as 1913 and took measures then to checkmate Germany's increasingly threatening financial policy by raising
its gold reserve and circulating small notes to take the place
of metal currency, thus enabling the institution to successfully carry its many war burdens, is set forth by the Paris
Chamber of Commerce in a communication which has just
been received by the Philadelphia Bourse. The latter in
an announcement on Sept. 8 detailing the account as communicated to it, said:
BULLION DEALERS IN CONFERENCE AGREE NOT TO
SELL SILVER TO OTHER THAN CUSTOMERS.
A conference between bullion dealers and Robert B.Steele,
Gold and Silver Administrator, was held in this city on the
11th inst. at the headquarters of the National Jewelers'
Board of Trade. Tentative plans of the Government for
the control of gold and silver bullion were outlined, according
to the "Journal of Commerce," which further says:
As the result of the discussion, the silver dealers agreed to abide by the
suggestion of Administrator Steele not to sell silver bullion to others than
their customers, and to sell their customers only 75% of their former requirements. It was generally understood that this was not in the nature
of an order, but was purely a gentleman's agreement, which all will observe
The story unfolded by the Paris commercial body of the role essayed by in the strictest sense.
.
The gold and silver situation was gone over very thoroughly, and Mr.
the Bank of France throughout the period of the war is such as to shed
give his auditors a comprehensive exposition of what
considerable light on the various financial problems developing out of the Steele endeavored to
to accomplish as a result of the recent order of the
struggle abroad, and it reaches this country at a time when the French the Government hoped
restricting the use of gold and silver for art purParliament is debating a bill which would grant renewal of the privilege of War Industries Board
hit the jewelers hard, and many concerns engaged in the
emission to the bank for another twenty-five years, dating from Jan. 1 poses. The order
manufacturing of art pieces which required the use of a certain quantity
1921, to Dec. 31 1945..
themselves in a dilemma.
found
"The Bank of France was fully equal to its task in times of peace and of gold have
The °eject of the Government was to conserve gold so that a large
has carried itself successfully through the ordeal of war," declared the
and its purpose in restricting the use of silver
Paris Chamber of Commerce in its communication to the Bourse. "Be- reserve could be built up,
a sufficient supply for coin circulation. Recently the
sides this, its strength of endurance in days of stress and the beneficial was to maintain
quantity of silver to India, and it was to have
large
a
shipped
Government
influence it exercised in the different branches of industry have won for
sent an additional shipment, which was recalled, after it was found that
it the well-deserved gratitude of the public at large."
bullion had been seriously depleted.
After pointing to the expansion by the bank of its gold reserve from the supply of silver
The appointment of Mr.Steele as administrator was made so that central
3,194 millions in 1913 to 4,141 millions in 1914, and the arranging of steps
could be exercised over the supply of bullion. It was quickly
to be taken by all its personnel "in case of war," the communication of supervision
realized that the use of gold for art purposes would have to be discontinued.
the Paris commercial organization read as follows:
that they should at least receive some refined
"During the financial crisis which reigned in all the belligerent coun- However, the jewelers felt
of art objects, and this subject was broached at
tries during the last week of July 1914, the bank was able to rise to the gold for the manufacture
It is likely that Administrator Steele may
occasion and meet unhesitatingly all the demands tha, the country made the conference yesterday.
some arrangements whereby users of refined gold will
upon it. By degrees as the withdrawal of deposits from the banks in- succeed in making
of the bullion which they have secured in the past.
creased, the amount of commercial bills presented for discount rose from receive a small portion
of how much they should got is a problem that will probably
1,583 million francs July 27 to 3,430 million Aug. 3. In spite of the com- Tho question
Administrator Steele in the future.
ing into force of various moratorium decrees, and notwithstanding the be worked out by
With regard to the silver situation, the dealers expressed themselves as
demands created by a paper currency notably on the increase, it continued
with the ruling of Administrator Steele, although
to discount commercial bills, and so enabled banks and private individuals being generally satisfied
upon those present that it was not a ruling in the
to gradually meet their liabilities. It made the Treasury, for the first the latter impressed
word. Mr. Steele felt that the dealers could be deexpenses of the war, an advance of 2,900 millions, to which were added strict sense of the
to comply with his request, and all present manifested a desire
100 millions advanced by the Bank of Algeria. Owing to the prolonga- pended on
their power to co-operate with the Government in
tion of the war and the heavy expenditure of all kinds resulting from it, to do everything within
of gold and silver.
and in spite of the success of the national defense emissions, the total sum its plan to restrict the use
It was intimated by Administrator Steele that he had other ideas with
of the advances made by the bank to the State increased, little by little,
order of the War Board, which he would present
until it exceeded 16 millards April 1917, not including 3 millards, 500 regard to the restriction
proper time. In the meantime he will work out
millions in Treasury bills discounted by the bank as loans to our Allies. to the bullion men at the
with other rulings and suggestions that ho
This increase, which necessitated a corresponding augmentation in the several details in connection
future. .
emission of fiduciary currency to the amount of 30 millards, has given may have to make in the
rise to the making of special reserve funds, which will immediately after
the cessation of hostilities facilitate the redeeming of the debt incurred by
CONVENTION OF FARM MORTGAGE BANKERS OF
the State.
"As it is incumbent on the bank to safeguard the credit of its paper curAMERICA.
rency, considering the heavy responsibilities laid upon it, it has been
The national convention of the Farm Mortgage Bankers'
obliged to develop all the resources of its war budgets, and has agreed
to discount bills, bonds and war loan securities, on terms that will make Association of America takes place next week at Kansas
liberation extremely easy. It insured investments by active propaganda
City, Mo., Sept. 17, 18 and 19. The program speakers
and so it was that the subscriptions realized 148,178,429 francs stock for
"Weekly
the first loan; 197,428,301 for the second, and 232,472,330 for the third, include Dr. H.J. Waters, editor of the Kansas City
making a total of 11,974 million francs, nominal capital; besides which
"Industrial and Agricultural Condiscuss
will
who
Star,"
the amount of bills and bonds invested in, or renewed, owing to the care
after the War;" Dr. M.L. Burton, LL.D., President
taken by the bank, now realizes 16 millards, 862 millions. Valuable ditions
will be
help has been given too to the revival of the economic life of the country. of the University of Minne'sota, whose remarks
By advancing 250 millions in September 1916 the bank facilitated settle- on "The New America;" R. T. Byers, of Indianapolis, who
ment at the Bourse, which had been postponed since July 1914. Moreon "The Torrens System of Titles;" H. A. Kahler,
over, all the gold it has sent abroad since 1915 has been put to the State's will talk
account, enabling it to obtain a credit of almost 9 millards. Lastly the of New York City, who is scheduled to speak on "National
bank has gratuitously assured assistance by accepting foreign secutities Title Insurance;" "The Validity of the Federal Farm Loan
lent to the State, and has given guarantees for opening private commercial
of an address to be delivered by Wm.
credit accounts in Great Britain, the United States, and in several neutral Act" is the subject
C ountries.
TERMS OF RENEWAL OF CHARTER OF BANK OF
FRANCE.
The following with regard to the renewal of the charter
of the Bank of France, is taken from the "Fortnightly Information Leaflet," issued by the American Chamber of
Commerce in Paris under date of Aug. 15:
Marshall Bullitt, of Louisville, Solicitor-General of the
United States during part of the Taft Administration; the
"Experience of Wisconsin Bankers in Issuing Farm Mortgage
Collateral Bonds" will be treated by H. A. Moohlenpah.
Short talks on "Co-Operation with the War Finance Corporation" will be given by James L. Wright, of New Orleans,
and George Woodruff, of Joliet, Ill. There will also be
other discussions of importance.
SEPT. 14 1918.]
THE CHRONICLE
ISSUANCE OF GOLD BARS FORBIDDEN EXCEPT
UNDER LICENSE.
1047
Report by
to the
Committee on Business Conduct of outstanding loans as at the elose of
business
1918.
1. DEMAND LOANS:
New restrictions against the sale of gold bars were im- (a) Carried by or collateral lodged with NEW
YORK BANKS OR TRUST COMPANIES $
posed by the Treasury Department this week. This order
(b) Carried by or collateral lodged with Private
follows a temporary prohibition affecting the sale of gold bars
Bankers, Brokers, Foreign Bank Agencies or
others in the City of New York
to jewelers and others which had been put in force by the
(c) Carried by and collateral actually lodged with
New York Assay Office on Aug. 30 under orders from the
lenders OUTSIDE OF NEW YORK for New
Director of the U. S. Mint, Raymond T. Baker, but had
York commitments
Total DEMAND LOANS,as per a,band
been removed the following day. Under the order issued by
Mr. Baker on the 9th, the mints at Philadelphia, Denver 2. TIME LOANS:
(a) Carried by or collateral lodged with NEW
and San Francisco and the Assay Office at New York are
YORK BANKS OR TRUST COMPANIES $
(b) Carried by or collateral lodged with NEW
forbidden to issue gold bars in exchange for gold coin or gold
YORK Private Bankers, Brokers, Foreign Bank
certificates without a license from the War Industries Board
$
Agencies or others in the City of New York
or a license from the Federal Reserve Board or an order of
(c) Carried by and collateral actually lodged with
lenders OUTSIDE OF NEW YORK for New
the Secretary of the Treasury (depending upon the circumYork commitments
stances of the case). It had heretofore been possible to
$
Total TIME LOANS,as per a, band c
obtain gold bars in exchange for gold coin or gold certificates.
Total of DEMAND and TIME LOANS(1 and 2 above)-$
Announcement of the advices from the Director of the Mint
was made as follows on the 9th inst. by Verne M. Bovie,
Bankers and distributors of investment issues carrying bonds and shortSuperintendent of the New York Assay Office:
term notes, while in process of being marketed, may if they desire note
here the amount included in the above now being borrowed against such
To the Trade:
against $
The trade is hereby notified that I have this morning received the fol- Issues. $
Mint:
the
of
Director
the
lowing order from
the action of the Stock Exweek,
last
As
we
indicated
"Pursuant to an Act entitled 'An Act to authorize the receipt of U. S.
for the daily statements was in compliance
gold coin in exchange for gold bars,' approved May 26 1882, as amended by change in calling
an Act approved Mar. 3 1891, and by an Act approved Mar. 3 1901, it is with a request made by Governor Strong of the Federal Rehereby ordered that from and after this date and until further notice the serve Bank of New York.
several Superintendents of coinage mints and of the U. S. Assay Office at
New York shall not pay or deliver gold bars in exchange for U. S. gold coin
or gold certificates pursuant to said Act, unless the applicant therefor shall
obtain and exhibit to the Superintendents concerned the following document of authority:
"1. In case of bars intended for industrial use within the United States
The raising of discount rates is urged in the September
(including the Canal Zone and all territories and waters continental or insular
Abject to the jurisdiction of the United States). an industry priority cer- number of the "Journal of the American Bankers' Associatificate issued by the War Industries Board or a similar authority from said tion" in furtherance of the movement to bring about a
Board for the use intended to be made of such bars.
curtailment of credit. It says "the way to force bankers
"2. In case of bars intended for exportation, license for exportation isto bring about the curtailment is by raising the discount
sued by the Federal Reserve Board.
"3. In any other case a special order of the Secretary of the Treasury rates of the Reserve banks to a point where they will inapproving the transaction.
"When any gold bars are delivered to any applicant pursuant to the fore- dicate something other than a desire of Government offigoing, the date of delivery, the value of the bars and such other data as may cials to keep rates down. Just now the rates are frankly
be necessary to identify the transaction shall be entered or endorsed by arbitrary and were held at the present low pointinorder that
the Superintendents concerned upon the document of authority in such
manner as may essentially prevent the use of such document in the future there might be little difficulty in handling Libery bonds."
as authority for a repetition of the delivery of gold bars of the value then "The failure of the Reserve system to make a rediscount
delivered.
rate scientifically adjusted to the demands of the market,"
"The Director of the Mint is authorized to issue such further instructions
sys the "Journal" "is one of the great defects of the system."
as may be necessary to carry into effect the foregoing order."
In accordance with said order, no further payments of gold bars in ex- We quote the article in full herewith:
change for gold coin or gold certificates will be made except in the manner
In restating the request made in its circular letter of last April for such
VERNE M. BOVIE.
indicated in said order.
curtailment, Governor Harding of the Federal Reserve Board says, "it is
It is stated that the order of Director of the Mint Baker evident that effective steps in the direction of curtailing unnecessary
have been taken by only a comparatively small number of banks."
will virtually shut down on the use of gold except for pur- credits
The statement also says:
poses covered by regulations now being drafted. Manufac"It may be well to point out that in the interest of successful Government
ture of jewelry and use of gold for other arts and craft pur- financing, it would be much better to hold credit within reasonable bounds
by intelligent co-operation rather than to attempt to force contraction by
poses will be curtailed in order to increase the supply for establishing
high discount rates."
war-time credit.
The banker's desire to subscribe to this request and his ability to do so
are poles apart. Bankers are moved by patriotism like every one else.
They have given signal demonstrations of their active loyalty. But the
banker will find it difficult, and even impossible, to deny a customer of
long standing the usual credit accommodation. It is certainly not the
banker's duty to define a particular enterprise as non-essential by refusing
The New York Clearing House Association adopted on an
extension of credit. He may express his opinion and advance arguthe 11th inst. the proposed amendment to the constitution ments in support of it. He may decline participation in an enterprise
non-members
or
any
through
clearing
obviously non-essential or non-essential by Government decree, and he
prohibiting members
may decline credit to aid in new business. It must be remembered.
member from paying exchange or other charges,in connection however,
that the banker regards it as his first obligation to take care of
with the collection of any item in excess of the charges which his customers. Any invasion of his discretion in this connection may well
such
if
items
payable
had
be
collected
resented. Similarly, the suggestion that all applications for loans over
been
would have been
$100,000 be first approved by the Capital Issues or some other committee
through the Federal Reserve banks.
is such an invasion. All of this would constitute untoward interference
with a right that should be held inviolable, and it has a flavor of autocracy
and money-trustism that is not the less objectionable because the Government is the deciding authority.
Moreover, curtailment of credits through the impossible means of sympathetic co-operation is something more than an absurdity when the control
Following the action taken last week by the Governing over the rate of rediscount was placed in the Federal Reserve banks for
Committee of the New York Stock Exchange calling upon that exact purpose. Increasing the rate is the surest way to restrict the
demand for credit. The Federal Reserve Board has not been permitted
members to submit to the Committee on Business Conduct to
have recourse to.this remedy because the Treasury officials will not give
a daily statement of the amount of money borrowed on time heed to the condition of the money market. The Government's war issues
and on call, the making of these reports was begun on the have been put out at rates of interest which take no account of obvious
conditions. In the placing of these securities with investors, the rates
9th inst. In sending out forms on which the reports are fur- they bear must be considered. If the interest rate at which loans against
nished, Secretary Ely of the Stock Exchange addressed the these issues as collateral could be had were much higher than the rates of
the reserve banks, the buying of the securities would necessarily be halted.
members as follows:
We are then on an artificial basis.
STOCK
EXCHANGE,
YORK
The rediscount rates of the reserve banks are much too low. The perNEW
New York, Sept. 7 1918.
vailing commercial rate is 6%. The rediscount rates average 4.4%. Rediscounting is profitable as well as easy. If moral influence, sympathetic
To the Members:
Referring to the resolution adopted by the Governing Committee on co-operation, sentiment, patriotism or any form of emotion controlled the
money
can
and
time
of
borrowings
of
reports
of
matter
the
in
money market, Liberty bonds would all be selling above par, instead of
Sept.6 1918,
against securities, I am instructed by the Committee on Business Conduct only the 3Hs, which are tax-free. The way to curtail credit for non-essento send you herewith forms on which such reports are to be made in dupli- tial enterprises is by raising interest rates. The way to force bankers to
cate; also a supply of return envelopes. Please see that your firm name is bring about the curtailment is by raising the discount rates of the reserve
put on both those reports and on the outside of the envelope, and that the banks to a point where they will indicate something other than the desire
of Government officials to keep rates down. Just now the rates are frankly
reports are delivered at this office each day before 12 o'clock noon,
plerhe first report is to show your loans as of the close of business on Mon- arbitrary and were held at the present low point in order that there might
GEORGE W. ELY, Secretary.
be little difficulty in handling Liberty bonds.
day, Sept. 9 1918.
Thus the rediscount rates of the reserve banks are on a false basis also in
The following is the form:of report calling for the informa- regard
to commercial loans. When the reserve system was in a formative
tion desired:
state and anxious to give a practical demonstration of its value to the banks
RAISING OF DISCOUNT RATE URGED BY "JOURNAL
OF AMERICAN BANKERS' ASSOCIATION." —
N. Y. CLEARING HOUSE ADOPTS AMENDMENT TO
PREVENT EVASION OF RULE LIMITING INTEREST.
FORM ON WHICH STOCK EXCHANGE MEMBERS
REPORT DAILY STATEMENT OF BORROWINGS.
1048
THE CHRONICLE
and to the people, the fact that the rediscount rate was lower than the prevailing rate for commercial paper was not regarded seriously. The readjustment was bound to come in due course. But the readjustment has
not come. The rediscount rate, as given in the "Federal Reserve Bulletin" for August, was 4.4%.
The average rediscount rate is, therefore, about 1.6% lower than the
commercial bank rate. The rate of 4.4 is a trifle lower than the average
for bankers' acceptances. The call loan rate has held firmly between
5 and 6% during August.
Official discount rates in European centers were quoted at 5% in London, Paris, Berlin, Vienna and Copenhagen in August. Money on call in
London was 3%. "In London the private bank rate," says the "Commercial and Financial Chronicle" of Aug. 17, "has not been changed from
3 17-32% for sixty and ninety days."
In England the official rate of the Bank of England is invariably higher
than the private bank rate. The bank that rediscounts loses money by the
transaction. That the loss may be as small as possible, the bank seeking a
rediscount selects for that purpose paper near maturity. It is so in all
central bank countries. There can be no rediscounting for the purpose of
making profit. No temptation to rediscount is offered by the central bank.
The central bank is there as the guardian of business, and business is assured of credit at a rate which conforms to the necessities of the case when
the capacity of the commercial banks has been reached.
In this country the failure of the reserve system to make a rediscount
rate scientifically adjusted to the demands of the market is one of the great
defects of the system. The adjustment is even less in conformity with
conditions now than it was before the reserve system was instituted. It is
important that the war bonds of the Government be taken by tho people.
If they are to be taken there must be an easy method by which the banks
may secure rediscounts against the bonds as collateral. Otherwise the
resources and the facilities of the reserve banks would not be avilable for
the purpose of aiding in financing the war. But, as a direct result of the
effort to keep the rediscount rates down for this purpose, the rediscount
rates are down for all purposes. The result is that business responds to
the stimulation of low rates and an attempt is made to counteract this by
appeals to the banks to curtail credits. It is about the same as if a department store were to advertise and say, "Don't.buy our goods; they are too
cheap." The problem of the curtailment of credit for non-essentials is
made very much more difficult by this process. It is doubtful if the problem can be solved by appeals to the bankers who are not always free agents
in extending credit. It is equally doubtful if appeals to the non-essential
industries will be more effective because the non-essentials, as defined by
Government authority, may not be so, as defined by the men who own and
operate them. But the Government can refuse coal and materials and,
through such refusal, secure the curtailment of activity desired.
AMERICAN BANKERS' ASSOCIATION CALLS ATTENTION TO BANKERS' RIGHT TO EXEMPTION CLAIM.
A notice was issued by the American Bankers' Association
on Sept. 10 calling attention to the fact that advice has been
received by it upon the highest authority in Washington
that it is not the intention of the Provost-Marshal-General
to cripple the banks but to do all he can to enable them to
effectually aid the Treasury in furtherance of its fisca
policy. The Association says:
[VOL. 107.
ordination of existing war loan organizations and a closer supervision of war
savings activities by the Treasury Department.
Suggested Changes—Federal Reserve Districts.—It is suggested that the
war savings organizations be reorganized to conform to Federal Reserve
District lines, the Governor of the Federal Reserve Bank in each district
to have general supervision over all war savings activities, occupying the
same relation to the war savings organization that he now does to the
Liberty Loan organization.
It is believed that by placing the war savings organization under the
supervision of the Federal Reserve Bank the activities of the War Saving
and Liberty Loan committees can be co-ordinated and eventually consolidated into one war loan organization, thus eliminating existing duplication of efforz and perhaps decreasing the expense incident to operation.
Director of War Savings for Federal Reserve Districts.—The appointment
by the Governor of each Federal Reserve Bank of a director of war savings
for the district is suggestel, this Director to have supervision, under the
Governor, of all war savings activities in the district. He will pass upon
matters of policy, publicity, expenditures and routine management.
Acknowledging the above, Mr. McAdoo wrote Mr. Vanderlip as follows:
The suggestions made by you follow the lines which were agreed upon
between us in our talk and have my hearty approval. We are agreed also
that the national war savings activities must be assumed by the Treasury
Department.
I am, in accordance with your recommendation,advising the Governors
of the Federal Reserve banks of the future policy as outlined above, and
suggest that meetings of the State directors of war savings with the Governors of their respective Federal Reserve districts be called by the National
War Savings Committee to discuss and evolve plans for the harmonious
carrying out of the foregoing arrangements.
Realizing, as I think we both do, that the work of the National War
Savings Committee is now nearly completed, and upon the consummation of the plan above outlined, will be quite completed, I cannot omit to
say to you how profoundly I appreciate the service which you have rendered to your country and the Treasury Department in creating and direct
ing the war savings organization. I have not been unconscious of the
sacrifice of your personal interest which this involved, more particularly
in recent months since the death of Mr.Stillman and later of Mr.Sterling,
have made indispensable your attention to the affairs of the National City
Bank, and I want to express to you for myself and my Treasury staff,
our appreciation of the spirit of good-will and hearty co-operation in which
you entered upon and fulfilled this great service.
May I not ask you to express to the fellow members of your committee
and the Federal Directors also my deep appreciation of the loyal and patriotic service which they have rendered during the months since the war
savings movement was initiated.
The organization in Washington, built up by the National War Savings
Committee, I hope to retain as part of the national organization in the
Treasury Department. From the members of the War Savings organization throughout the United States I know I can count upon a cnotinuance
of the same enthusiastic, efficient and unselfish service which they have
rendered through the months past, and to all members of the organization
I address the earnest request that they give their hearty co-operation to the
measures of reorganization which you and I have determined will make
most effectively for the continuance,growth and development of their work.
In his reply Mr. Vanderlip said:
The plan which you have approved, I believe, will meet with the commendation_of everybody concerned in the War Savings work. It puts the
basis closely related to the Treasury and properly
It has been announced from the office of the Provost-Marshal-General movement on a permanent
of the Federal Reserve banks. It will bring it
that bankers and persons engaged in other occupations and employment supervised by the Directors
Loan activities and it makes a happy and
Liberty
the
not heretofore regarded by district boards as warranting deferred classifi- into harmony with
methods of administration, with the Liberty Loan
cation may now, under the new law, claim deferred classification on the proper analogy in the
work. I feel confident that the work will go forward with steady imground that their work is essential to the nation in the present emergency.
Regulations covering an interpretation of the new law in its application provement.
In accordance with your suggestion I am sending copies of your letter to
to "persons engaged in industries, occupations or employments ... found
and to the Federal directors.
to be necessary to ... the maintenance of national interest during the the other members of the National Committee
Federal Reserve banks a
emergency" have been issued. These provide for the creation in each dis- I am also ascertaining from the Governors of the
directors of their district of an advisory board as an adjunct of the existing district exemption date that will be agreeable to each to meet the State
Savings
Committee, ask the
War
National
the
of
behalf
on
board, the duty of which will be to determine and make known to the trict, and will,
of
their respective disGovernors
the
with
meet
to
State
various
directors
district and local boards what industries, occupations or employments are
tricts to discuss and evolve plans for carrying out these arrangements.
absolutely essential in the light of the language of the law.
With the turning over of the responsibilities of the work in accordance
Under this plan a bank which finds its force being depleted can make
members of the National War Savings
representation to the advisory board and ask for an interpretation of the with these plans, the duties of the
and the Federal directors are concluded. In bringing these
Committee
law which will insure such of its officers and employees as are absolutely
from saying that one of the most
essential being placed in a deferred classification. Under the plan proposed, duties to a conclusion I cannot refrain
wonderful response to the call to
while banking is regarded as an essential occupation, the burden of proving inspiring experiences of my life has been the
by practically every person called
made
been
that an officer or employee is necessary to the business will be placed voluntary service which has
men
and women with important
Committee;
Savings
War
the
by
upon
upon the bank.
The Provost-Marshal-General states that waiving the right to be placed responsibilities upon their shoulders have laid aside their work and have
In deferred classification is a mistaken act of patriotism and urges every given unstintedly of their time and the best that was in them to forward
person to state frankly his exemption status. If a bank officer or employee ing this movement.
The association with my co-workers has been an inspiring privilege. We
having right thereto fails to claim exemption or deferred classification, his
asked
bank may make such claim on occupational grounds, but it is urgently have all tried to carry out the plan which you conceived when you
desired by the authorities at Washington that every one state frankly Congress to authorize the issue of securities, and we have had a deep belief
this
have
you
advanced
which
measures
constructive
the
of
that
many
and honestly his exemption status.
movement will remain as one of the most permanent monuments to the
wisdom of your remarkable administration of the Treasury.
PROPOSED REORGANIZATION OF WAR SAVINGS
MACHINERY—F. A. VANDERLIP TO RETIRE
AS CHAIRMAN.
Announcement was made this week of plans for the reorganization of the War Savings Organization, under which
all war savings activities will be under the supervision of the
Governors of the respective Federal Reserve Districts, as is
now the case with the Liberty Loan activities. These plans
have resulted from a conference between Frank A. Vanderlip, Chairman of the National War Savings Committee and
Secretary of the Treasury McAdoo,in which Mr. Vanderlip
proposed the new arrangement; in a memorandum to Mr.
McAdoo, Mr. Vanderlip outlined his proposal as follows:
Present Organization.—The Secretary of the Treasury appointed a
national war savings committee, consisting of a Chairman and four members. Upon their recommendation he appointed six Federal directors,
each having general supervision over two Federal Reserve districts, and
fifty-two State directors, each of whom has complete charge of war savings
activities in his respective State or district.
The progress of the campaign to date has shown the desirability of a
modification of the present organization to bring about a greater co-
It was reported on the 9th that Mr. Vanderlip will,
with his retirement as Chairman of the National War Savings Committee, again devote his entire time to his duties
as President of the National City Bank. Other members of
the National Committee which will go out of existence are
Henry Ford, Eugene Meyer Jr., now Director of the War
Finance Corporation; Charles L. Baine, of Boston, member
of Samuel Gompers's labor delegation now in Europe; Mrs.
George Bass,of Chicago,and Frederic A.Delano,ex-member
of the Federal Reserve Board, now an army Major.
CAPITAL ISSUES COMMITTEE BARS SALE OF SECURITIES UNTIL AFTER LIBERTY LOAN CAMPAIGN.
The Capital Issues Committee made public on the 9th inst.
a resolution in which it declares it to be its purpose not to
pass on any application for the sale of securities from Sept. 15
until after the close of the Liberty Loan campaign "except
applications which the Committee may regard as urgently
necessary." The following is the resolution:
THE CHRONICLE
SEPT. 14 1918.]
Resolved, That in view of the paramount importance of meeting the
Government's financial requirements for war purposes, the Capital Issues
Committee will not pass any application respecting the sale or offer for
sale of shares or securities during the period from Sept. 15 1918 until after
the close of the Fourth Liberty Loan campaign, except applications which
the committee may regard as urgently necessary.
Investment houses, brokers, corporations and others offering the unsold
portion of security Issues heretofore passed by the Capital Issues Committee are asked to withdraw she same from public offering or solicitation
during the period from Oct. 1 to the close of the Liberty Loan campaign,
in order to give the Government the right of way. This action is not
intended to restrict countersales or sales of listed securities made in ordinary
course of business on stock exchanges.
SECRETARY HOUSTON VISITS DROUTH STRICKEN
SECTION TO CONFER ON LOANS TO FARMERS.
It *as reported on Sept. 10 that Secretary of Agriculture
• Houston tad gone to the drouth stricken sections of the country to confer with field representatives of the Department
in regard to making loans to farmers from the special fund
of $5,000,000 set aside for that purpose. Professor G. I.
Christie and L. M. Esta, assistants to the Secretary, are
supervising the work in the Northwest and Southwest,
respectively.
SUBSCRIPTIONS TO FIFTH OFFERING OF TREASURY
CERTIFICATES OF INDEBTEDNESS.
Subscriptions of $644,529,500 were received in response
to the fifth offering of Treasury Certificates of Indebtedness
in anticipation of the Fourth Liberty Loan. The Treasury
Department's announcement stated that this is a "most
gratifying result, the oversubscription being the largest
ever recorded on any issue of United States Treasury Certificates of Indebtedness." The aggregate of subscriptions
for certificates in anticipation of the Fourth Liberty Loan
is now $3,404,071,000. A minimum amount was offered
in the fifth blOck of certificates, which are dated Sept. 3
1918 and are payable Jan. 2 1919. They bear 43/2% interest. Subscriptions were received up to Sept. 10. The
subscriptions and quotas were as follows:
1049
being practically identical with national bank not,es. The $1 and $2 notes
are 'ssued under authorhy conferred in die Pittman Silver Act, and are to
be secured by certificates of indebtedness or Treasury notes, whereas those
of $5 denomination and upward must be secured by United States bonds.
One purpose of limiting the interest on the special certificates to 2%
was to place them on a parity with the United SAtes 2s, which are deposited
by the na qonal banks to secure the great bulk of their nozes outstanding.
Another reasaa for the 2% interest rate is seen in the pros-Lions of the
Pittman Act relating to tbe tax to be imposed on the $1 and $2 Reserve
bank notes, as follows: "That the tax on any Federal Reserve bank notes
issued under authority of this Act, secured by the deposit of United States
certificates of indebtedness, or United States one-year gold notes, shall be
so adjusted that the net return on such certificates of indebtedness, or
such one-year gold notes, calculated on the face value thereof, shall be
equal to the net return on United States 2% bonds, used to secure Federal
Reserve bank notes, after deducting the amount of .the tax upaa such
Federal Reserve bank no er so secured."
On Sept. 3 there was outstanding $6,132,000 of $1 and $888,000 of $2
Federal Reserve bank notes, and the circulation of the $1 denomination
note is mounting daily. The new $2 notes have not yet been placed in
circulation.
Although the special certificates of indebtedness run only one year,
there will be no necessity for the Reserve banks to have to curtail their
circulation at that time or secure other Government obligations, as the
Pittman Act authorizes the Secretary of the Treasury to extend the time
of payment of any maturing certificates for any period not exceeding
one year.
As standard silver dollars are coined out of bullion purchased under the
Pittman Act to replace silver dollars previously melted the Federal Reserve
banks shall be required by the Federal Reserve Board to retire the notes
issued under this Act, and the Secretary of the Treasury shall pay off and
cancel the certificates used to secure the Reserve bank notes so retired.
TAXPAYERS URGED BY SECRETARY McADOO TO BUY
TREASURY CERTIFICATES OF INDEBTEDNESS.
A letter, issued by Secretary of the Treasury McAdoo, to
those paying income and excess profits taxes advising them
of the issue of Treasury certificates of indebtedness dated
Aug. 20 1918 and maturing July 15 1919, which will be
accepted at par with an adjustment of accrued interest in
payment of income and profits taxes, has just been made
public this week, although it bears date Aug. 16. We quote
the letter herewith:
August 16 1918.
Dear Sir.—Those who pay taxes to the Government are contributing to
winning the war no less really, and in a spirit no less patriotic, than those
who buy Liberty Bonds and War Savings Certificates. It may,in fact, be
justly said that the taxpayer helps more patriotically than the bond buyer,
because to pay taxes is to part with money—to make a genuine sacrifice—
whereas to buy a Government bond is to lend money on impregnable
security—to secure a privilege—not to make a sacrifice.
Under the War Revenue Act, which became a law upon the President's
approval on Oct. 3 1917. some $4,000,000,000 in taxes were imposed and
collected. For the fiscal year ending June 30 1919 we must look forward
to expenditures on the part of the Government, including loans to the
Allies, of nearly double the amount of expenditures for the fiscal year
which ended June 30 1918, and in order to pay a proper part of our war
bills as we go and avoid the economic and social evils incident to a disproportionate public debt, I have, in pursuance of the duty imposed upon
me by law, advised the Congress that we should raise by taxation for the
$500,000,000
Total
$644,529,500
fiscal year 1919 twice as much as in 1918, viz.: $8,000,000,000.
Just as the number of bondholders in the United States has, during the
period of the war, increased from a few hundred thousand to some twenty
SIXTH OFFERING OF TREASURY CERTIFICATES IN million, so will the number of those who have income and profits taxes to
pay increase from a few hundred thousand to millions.
ANTICIPATION OF LIBERTY LOAN.
I know that the Treasury Department can count upon the same loyal
The offering of still another block of Treasury certificates and ungrudging acceptance of the burdens which the war must cast upon
of indebtedness ($600,000,000 this time) in anticipation of those of us who stay at home, and keep the economic and industrial mato support our boys in France, as was given in the fiscal
the Fourth Liberty Loan was announced by Secretary of chinery revolving
year just passed.
the Treasury McAdoo Sept. 12. This is the sixth offering
In order that those who have income and profits taxes to pay may
of these certificates. They will be dated Sept. 17 1918, prepare themselves in advance for these large payments and accumulate
the funds necessary to meet them, an issue of 4% Treasury cerwill be payable Jan. 16 1919 and will bear 432%. Subscrip- gradually
tificates of indebtedness maturing July 15 1919 is offered for subscription.
tions will close Sept. 24. The certificates will be issued These certificates will be accepted at par with an adjustment of accrued
in denominations of $500, $1,000, $5,000,$10,000 and $100,- interest in payment of income and profits taxes when payable at or before
the maturity of the certificates, and if the purchaser does not have occasion
000.
to use them in that manner, they will be paid in cash at maturity with
interest. A circular describing these certificates is •enclosed with this
FEDERAL RESERVE BANKS BUYING ONE-YEAR CER- letter. The certificates may be purchased at any Federal Reserve Bank
or through your own bank or trust company.
TIFICATES OF INDEBTEDNESS.
Similar certificates were issued in connection with the taxes payable
With regard to the sale by the Treasury to Federal Reserve during the fiscal year just ended to an amount in excess of $1,600,000,000.
banks of one-year special certificates of indebtedness, the They were, I believe, purchased chiefly by large corporations and wealthy
persons. I am addressing this letter to those who have paid income and
"Wall Street Journal" of Sept. 9 printed the following under profits
taxes generally because I believe that the increased taxes, and the
a Philadelphia head:
probable increase in the number of taxpayers, make it desirable that even
To secure the $1 and $2 denominations of Federal Reserve bank notes the those whose taxes are measured in small amounts should be preparing
Treasury has issued and is selling to the Federal Reserve banks an issue of themselves to meet these payments and that it will be to their advantage
one-year special certificates of indebtedness bearing 2% interest.
to participate in purchases of this issue of Treasury certificates.
This is the first block of certificates bearing only 2% interest that has been
The taxpayer who buys these certificates contributes in many ways to
sold since this country entered the war. Shortly before the United States help in our great problem of winning the war. First, he pays the Governthe
Treasury
sold its first block of certificates, anmount- ment money before it is due, receiving interest from the Government
entered the conflict
ing to $50.000,000, dated March 31 1917, and which matured June 29 meanwhile: second, he practices economy and thrift and thereby releases
1917. These certificates were sold under the authorizing Act of March 3 goods and services to the Government which are greatly needed for winning
1917, and bore 2% interest. Like the new issue of special certificates, the war; third, he saves himself trouble and money and relieves the banking
which also bear only 2% interest, they were sold exclusively to the Federal institutions, to which he would otherwise have to turn, from the pressure
Reserve banks.
which his failure to prepare in advance for the payment of his taxes would
Since then the interest rate on certificates has been Increased to
involve.
in the case of the loan certificates and to 4% In the ca,,e of tax certificates.
The man who buys Treasury certificates to the amount of the taxes he
No announcement has been made as to the amount of the new special will have to pay, and thereby anticipates their payment, will do a wise and
certificates sold to date, but on Sept. 3 $6,000,000 of the new issue had been helpful thing not only for himself but for his country, and will contribute
deposited wish the Treasurer of the United States to secure the small in a most definite and patriotic way to the triumph of America in her
denominations of Federal Reserve bank notes.
mortal combat with the enemies of liberty and democracy—the Kaiser's
1, On the same date there had also been deposited $14,365,000 of the one- legions of lust and license—and share in the new glory of America's vindiyear 3% Treasury notes also to secure the $1 and $2 Federal Reserve cated ideals of justice and humanity.
Cordially yours,
bank notes.
W. G. McADOO.
The $1 and $2 delominations of Federal Reserve bank notes differ in some
respects from those of the 155 denomination and higher, the latter being
To the taxpayer addressed.
District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
United States Treasury
Quota.
$43,300,000
169,600,000
35.300,000
45,300,000
17,300,000
14,600,000
70,000.000
20,000,000
17,300.000
20.000,000
12,000,000
35,300,000
Subscription.
$57,424,000
210,068,500
42,061,000
74,088,000
18,957,000
21,242,000
88,279,000
25,501,500
17,200,000
25,913,000
11,296,500
49,500,000
3,000,000
434%
1050
THE CHRONICLE
[VOL. 107.
The market price of Liberty bonds, which responded favorably to the
suggestion of an increased normal tax, from which the bonds will be exempt
SECRETARY McADOO'S PROPOSALS TO EXEMPT
by their terms, was depressed by the newspaper reports of a greatly inLIBERTY BONDS FROM TAXES—OTHER
creased surtax, to which the interest on the bonds will be subject. I
RECOMMENDATIONS.
have been anxious to stabilize the interest rate upon Government bonds,
believing that by so doing we should be reducing the cost of the war, not
In anticipation of the forthcoming Liberty bond offering, only
to-day for ourselves, but, in the future, for ourselves and for our brave
recommendations for legislation granting further tax ex- men who are fighting in France and who will have little or no opportunity
and invest in Liberty bonds, though they must upon their
accumulate
to
communicaa
in
emption to Liberty bonds were contained
join the army of taxpayers who must pay this interest. I have
tion addressed by Secretary of the Treasury McAdoo to return
sought to avoid the issue of bonds at such a rate and upon such terms as
the Chairman, respectively, of the House Ways and Means might result ultimately, when the war is won, in the accumulation of great
a relatively small proportion of our population,
Committee and the Senate Finance Committee. The letter wealth in the hands of
carrying interest at a high rate and exempt from taxes.
dated Sept. 5, was madepublic on the 10th inst. A draft of
The magnificent patriotism of our people and the fervor and efficiency
a bill embodying the proposals which Secretary McAdoo has of the Liberty Loan organization have made it possible to- place the Liberty
bonds in the hands of many millions of persons who had never before been
suggested for enactment accompanied his letter; and the bill Investors
in securities of any kind. Bonds of the Third Liberty Lean rewas favorably reported to the House on the 12th inst. by ceived the widest possible distribution, and I feel sure that we all owe a
to
millions of subscribers of small means not merely to pay them
duty
the
it
the Ways and Means Committee, and yesterday (the 13th)
rate of interest, which we are doing, but to take such measures
was passed by the House. In his letter Mr. McAdoo pointed .aasfair
may be necessary to insure to them a market for the bonds at approxiout that "the market price of Liberty bonds, which responded mately par in case their necessities are such as to force them to realize
investment which they have made in the Government's obligaupon
favorably to the suggestion of an increased normal tax tions.the
The bond purchase fund, which was provided in the Third Liberty
(under the pending revenue bill), from which the bonds will Bond Bill, has been very useful in stabilizing the price of Liberty bonds,
be exempt by their terms, was depressed by the newspaper but it has not been, and we could not expect it to be, effective to sustain
price against adverse developments and in the face of the fact that the
reports of a greatly increased surtax to which the interest on the
Government's recurring demands upon the absorptive power of the inthe bonds will be subject."
vestment community are in such proportions and of such frequency as to
Mr. McAdoo states that he has been anxious to stabilize prevent the development of any important buying power in the investment
between Liberty Loan campaigns.
the interest rate on Government bonds; while noting that market
I have been much impressed by the success of the plan which has been
"the bond purchase fund, which was provided in the Third adopted in Canada for the purpose of maintaining the market value of
Liberty Bond bill, has been very useful in stabilizing the Canada's Victory bonds. A careful study of that plan is being made in the
and by the War Finance Corporation, and I am glad to learn that
price of Liberty bonds," he adds that "it has not been any Treasury
the bankers of the country have been making a similar study. I am not
we could not expect it to be effective to sustain the price without hope that some such plan may be made effective in the United
and it will not do to
against adverse developments." He expresses himself as States, although conditions here are very different
depend too much upon the experience of our neighbor. In any event,
much impressed by the success of the plan adopted in Can- IL will not do to proceed in this matter abruptly, nor without the creation
ada for the purpose of maintaining the market value of of an immense organization country-wide in its ramifications. To make
it would be necessary to put an end to dealings in
Canada's Victory bonds, and states that he is "not without such a plan effective,
bonds on the exchange, and accordingly to substitute an active and adequate
hope that some such plan may be made effective in the United market through the banking houses of the United States, acting in close
States." In offering his suggestions, Secretary McAdoo co-operation with an instrumentality of the Government, probably the War
Finance Corporation. At the same time it would be necessary to put an end
says: "In order to give the numerous small holders of Lib- to
the numerous schemes, many of them actually fraudulent, for inducing
erty bonds the advantage of a market upon which they may inexperienced holders of Liberty bonds to exchange them for merchandise
sell their bonds in case of necessity, and also to attract sub- or property of less inherent value, though carrying the promise of a higher
value or a higher income return. In order that the Treasury may be placed
scriptions from the great number of investors of ample means, in
a position to carry such plans as these into effect, if they should be
but not of great wealth, it would be immediately'necessary found expedient, I suggest for your consideration the present enactment
appropriate legislation.
of
inthe
neutralize
to
or
either to increase the interest rate
year I had the privilege of explaining to you and your colleagues on
creased surtaxes by freeing the bonds to a limited extent from theLast
Ways and Means Committee very fully the reasons why I advocated
such taxes. I recommend that a portion of the income of making the income from Liberty bonds subject to income surtaxes. I still
in favor
these bonds should be free from surtaxes for the period of believe that that course was wise and the., the arguments advanced
of it were sound. It will noL do, however, to press any theory, however
the war and for a brief interval thereafter." He proposes sound,
we
matter
practical
a
as
is
that
obvious
to an extremity, and it
that interest on an amount of bonds of the Fourth Liberty cannot keep the interest rate on Government bonds stationary, or suband continue indefinitely to increase the surtaxes, to which
Loan the principal of which does not exceed $30,000 owned by stantially so,
the income from these bonds is subject, without at the same time limiting
any individual, partnership, association or corporation shall the market for Liberty bonds to those who have little or no surtaxes to
be exempt from graduated additional income taxes,commonly pay. Since the bond and tax legislation which was under discussion in
the summer of 1917 and which was enacted in the fall of 1917, the interest
known as surtaxes and excess profits and war profits taxes; on
Liberty bonds has been increased only one-quarter of 1%, whereas the
that interest on an amount of the First Liberty Loan bonds, surtaxes rates now in contemplation would carry an increase in the taxes to
unconand
the interest on the bonds is subject, rising above 150% increase
converted
which
Loan
Liberty
converted, the Second
some classes. Surtaxes on income from $5,000 to $200,000 would
verted, and the Third Liberty Loan bonds, the principal of In
under the new tax bill on the average be doubled. In order to give the
which does not exceed $45,000, owned by any individual, numerous small holders of Liberty bonds the advantage of a market upon
they may sell their bonds in case of necessity, and also to attract
be
which
likewise
shall
partnership, association or corporation
from the great number of investors of ample means, but
1 times subscriptions
exempt; from such taxes, but only to the extent of 1 A
not of great wealth, it would be necessary immediately to increase the
the Fourth Liberty Loan bonds that may be purchased and Interest rate or to neutralize the increased surtaxes by freeing the bonds
to a limited extent from such taxes.
held.
I recommend that a portion of the income of these bonds should be free
Among other things, the Secretary also recommended that from
surtaxes for the period of the war and for a-brief Interval thereafter.
(in$4,000,000,000
of
amount
an
to
War Savings stamps
This course would make it possible to meet the exigencies of the present
and to counterbalance the adverse effect on the market value
situation
stead of $2,000,000,000 as at present) be authorized, and
Liberty bonds of the increased surtax rates, and at the same time would
that the holdings of such stamps by any one person be lim- of
not be open to the very grave objection which exists against any unlimited
ited to $1,000 of any one series; that the Secretary of the or permanent exemption, which would deprive the Government of the
the power to meet its necessities in the future by surTreasury be authorized to make arrangements in or with United States of derived
from Liberty bonds. If the surtax rates should
taxes on incomes
foreign countries to stabilize foreign exchange; that the be reduced after the war the interest which is fixed in the bonds would
President be empowered to investigate, regulate or prohibit continue. Having, as I believe, in fairness to the patriotic people who
will subscribe for the Fourth Liberty Loan, to choose between one of two
transactions in foreign exchange and the export, hoard- methods
for making the bonds more attractive, neither of which is wholly
ing, melting or earmarking of gold or silver coin or bullion satisfactory, I am inclined to recommend at this time that the holders of
or currency; that the law limiting the amount of loans these bonds be given a qualified and limited freedom from surtaxes in
respect to their holdings, rather than that the interest rate should be
which national banks may make to any one borrower to Increased.
I believe that on the whole the wise and expedient thing is to
one-tenth of the capital be modified. The following is grant a limited exemption calculated to counterbalance the increase in
only temSecretary McAdoo's letter to Chairman Kitchin of the House surtax rates now contemplated, and which I believe will be
porary, rather than to increase the interest rate on Liberty bonds for the
Ways and Means Committee:
life of the bonds.
I am influenced in this determination by the fact that it continues necesSept. 5 1918.
Dear Mr. Kitchtn:
sary to sell Liberty bonds in competition with billions of dollars of bonds of
wholly
In connection with the tax bill now before the Congress, and without the United States, the various States and municipalities which are
taxation, so that the
awaiting its enactment, I feel constrained to bring to your attention a exempt from surtaxes, as well as from all forms of
comparison
a
make
to
apt
is
surtaxes
is
to
income
subject
matter affecting the Fourth Liberty Loan. The delay in the enactment of person whose
is asked to subscribe
the tax bill, the fact that the rates of income surtaxes, to which the interest of the income return from Liberty bonds which he
securities such
on Liberty bonds, except the First Liberty Loan, is subject, will be higher, for, not with the income return from corporation and other
return from
and the rate of normal income tax on unearned income will be lower, than as carry no exemption from taxation, but with the income
States and
various
the
and
United
States
the
of
I had contemplated, materially affect the prospects of the Fourth Lib- wholly exempt bonds
municipalities. Under the existing state of the Constitution and laws,
erty Loan.
we must
I do not mention these things critically, for I realize that the Ways and such a comparison cannot be avoided. In those circumstances,
refuse all exemptions
Means Committee have labored faithfully and earnestly during the hot find a middle ground between the view which would
the fact
account
into
taking
of
necessity
practical
summer months in the consideration and preparation of the tax bill. I from surtaxes and the
surtaxes are steadily
have already expressed my acceptance of a normal tax of 12% without a that such exemptions will in any event be gained, as
State, and municipal
differential against unearned incomes, and in principle I am now agreed increased, by shifting funds into Governmental,
as well as from
with the Committee that a substantial increase in surtax rates will be neces- bonds, the income from which is exempt from surtaxes
normal taxes.
sary in order to produce the indicated revenue.
SEPT. 14 1918.]
THE CHRONICLE
In granting such exemption I think appropriate provision should be made
to the end that those who subscribe for bonds of the Fourth Liberty Loan
may, to the extent of a specified portion of their holdings, participate in the
exemption in respect to bonds of the First Liberty Loan converted, the
Second Liberty Loan, converted and unconverted, and the Third Liberty
Loan.
Should these views commend themselves to the Congress, I believe that
immediate action should be taken so that the status of the bonds of the
Fourth Liberty Loan in respect to taxation may be promptly known. It is,
in fact, imperative that this status should be quickly known.
There are certain other matters to which I desire to call the attention
of your committee at this time:
The provisions of Section 8 of the Second Liberty Bond Act, as amended
by the Third Liberty.Bond Act, should be extended so as to authorize the
Secretary to deposit the proceeds arising from the payment of war profits
taxes with qualified depositary banks and trust companies in the United
States in the same manner as the proceeds of income and excess profits
taxes.
The time has come to make provision for the sale of War Savings Certificates in 1919. The limit of $1.000 on the amount which may be held by any
one person should be made to apply separately to the series which will be
issued in 1910, so that one holder may own $1,000 of that series, in addition
to $1,000 of the series of 1918. At the same time the limit of $2,000,000,000
now imposed on the aggregate amount of the issue should be enlarged, or,
better, removed; for the necessary distribution of the War Savings stamps
among thousands of post offices and other agencies engaged in making
sales over the counter may make the limit very embarrassing long before
the cash receipts of the Treasury indicate that the limit is about to be
reached.
In the negotiations which I have had, and am having, with or in foreign
countries in the effort to stabilize foreign exchange, I find myself seriously
hampered because I am without the freedom of action which is possessed
by the Finance Ministers of European countries. I may only sell bonds or
Treasury certificates of indebtedness, which involves often international
and may not obtain banking credits nor operate as freely
as may be necessary in the effort to stabilize exchange. Notwithstanding
these restrictions; the Treasury has been able to make substantial progress
in dealing with this, difficult problem. I urge upon you, however, the
incorporation in the law of the necessary authority to give greater flexibility
to the operations of the Treasury in this respect.
I believe it is highly desirable at this time that the President should be
empowered to investigate, regulate, or prohibit, not only the export or
ear-marking of gold or silver coin or bullion or currency, but also the
hoarding or melting thereof.
Last March I called the attention of Congress to the importance of
amending the provisions of Section 3200 of the Revised Statutes, limiting
the amount of loans which national banks may make to any one borrower.
A bill was reported by the Banking and Currency Committee of the House,
II. R. 10691, passed by the House, and reported wtih amendments by the
Committee on Banking and Currency of the Senate, but not acted upon
by the Senate. The Senate did pass a bill, Senate 4099, dealing to a certain
extent with the same subject matter, prior to the Senate Committee
report on the House bill, and on the Senate bill no action has been taken
by the House. It is essential that this matter be disposed of before the
Fourth Liberty Loan is offered.
By way of suggestion and in order the better to formulate my views for
your consideration, I have taken the liberty of preparing a bill which would
deal with the various point I have mentioned in this letter. A draft of
this bill is inclosed. May I not ask that the Ways and Means Committee
give these points its immediate attention with a view to the enactment of
the necessary legislation, if my suggestions commend themselves to the
committee, in ample time to become effective before the opening of the
Fourth Liberty Loan campaign on Sept. 28? I feel that the success of
this loan is deeply involved in this legislation.
Mr. Leffingwell is fully informed of my views concerning these matters
and is authorized to speak for me in my absence, should the committee
desire my further information.
Cordially yours,
W. G. McAli00.
eomplicatIons,
1051
Sec. 4. That the Secretary of the Treasury may make arrangements in,
or with, foreign countries to stabilize the foreign exchanges and to obtain
foreign currencies and credits in such currencies, and he may use any such
credits and foreign currencies for the purpose of stabilizing or rectifying
the foreign exchanges, and he may designate depositaries in foreign countries with which may be deposited, as he may determine, all or any part of
the avails of any foreign credits or foreign currencies.
Sec. 5. That Clause (13) of Section 5 of the Trading-with-the-Enemy
Act be, and hereby is, amended to read as follows:
(b) That the President may investigate, regulate, or prohibit, under
such rules and regulations as he may prescribe, by means of licenses or
otherwise, any transactions in foriegn exchange or in bonds or certificates
of indebtedness of the United States and the export, hoarding, melting,
or ear-marking of gold or silver coin, or bullion, or currency, transfers of
credit in any form (other than credits relating solely to transactions to be
executed wholly within the United States), and transfers of evidences of
indebtedness or of the ownership of property between the United States
and any foreign country, whether enemy, ally of enemy, or otherwise,
or between residents of one or more foreign countries, by any person within
the United States; and he may require any such person engaged in any such
transaction to furnish, under oath complete information relative thereto,
including the production of any books of account, contracts, letters, or other
papers in connection therewith in the custody or control of such person,
either before or after such transaction is completed.
Section 6. That Section 5200 of the Revised Statutes, as amended, be,
and hereby is, amended to read as follows:
Section 5200. The total liabilities to any association, or any person, or
of any company, corporation, or firm, for money borrowed, including in
the liabilities ot a company or tirm the liabilities of the several members
thereof, shall at no time exceed one-tenth part of the amount of the capital
stock of such associations, actually paid in and unimpaired, and one-tenth
part of its unimpaired surplus fund; provided, however, that (1) the discount of bills of exchange drawn in good faith against actually existing
values, (2) the discount of commercial or business paper actually owned by
the person negotiating the same, and (3) the purchase or discount of any
note or notes secured by not less than a like face amount of bonds of the
United States issued since April 24 1917, or certificates of indebtedness
of the United States, shall not be considered as money borrowed within
the meaning of this section, but the total liabilities to any association, of
any person, or of any company, corporation, or firm, upon any note or
notes secured by such bonds or certificates of indebtedness, purchased or
discounted by such association, shall not exceed ten per centum of the capital and surplus of such association, except subject to such rules, regulations,
and limitations as may be established from time to time by the Comptroller
of the Currency, with the approval of the Secretary of the Treasury.
Section 7. That the short title of this Act shall be "Supplement to Fourth
Liberty Bond Act."
Following the publication of the above, the Liberty Loan
Committee of New England made the following statement:
Referring to article in the morning's papers regarding Mr. McAdoo's request to the Senate for further exemptions on Government bonds, the
Liberty Loan Committee understands, after talking with one of the Treasury officials on the telephone, that under the most favorable circumstances
an individual or firm may own $80,000 bonds in the aggregate (exclusive
of original 3s)and have the interest on such amount exempt from taxation. They would also be exempt from the graduated additional income
taxes, excess profits and war profits taxes.
This $80,000 is made up as follows: $30,000 of the new bonds about to
be issued; $50,000 in the aggregate of any of the old issues, exclusive of the
% as provided in the present law; $45,000 additional in the aggregate of
the old issues.
One important part of the bill, however, provides that the present holder
of bonds cannot claim any further exemptions than he is already entitled to
unless he becomes a subscriber to the new issue; and furthermore, he must
hold this new issue continuously in order to get his exemption. It is further provided that he can obtain exemption under the $45,000 section only
to the extent of 134 times the amount he subscribes to the new bond. For
example, if a man subscribes to only $10,000 new 434s, he is entitled to
exemption on only $15,000 old bonds in addition to the original $5,000 exemption provided under the present law.
This statement should not be taken as final.
The following is the text of the draft of the bill submitted FEDERAL RESERVE BANKS ASKED FOR NAMES OF
by Mr. McAdoo to Chairman Kitchin:
LIBERTY BOND PURCHASERS.
An Act to supplement an Act approved July 9 1918, entitled "An Act to
In advices from Chicago the "Wall Street Journal" of
Authorize an Additional Issue of Bonds to Meet Expenditures for the
National Security and Defense, and for the Purpose of Assisting in Sept. 4 stated that Federal Reserve banks had received the
the Prosecution of the War, to Extent Additional Credit to Foreign
following letter from the office of the Secretary of the
Governments, and for Other Purposes."
Bo it enacted by the Senate and the House of Representatives of the Treasury:
United States of America, in Congress assembled, that until the expiration
of the calendar year ending Dec. 31 next following the calendar year in
which shall occur the date of the termination of the war between the United
States and the Imperial German Government, as defined in the Second
Liberty Bond Act, (1) the interest on an amount of bonds of the Fourth
Liberty Loan the principal of which does not exceed $30,000 owned by
any individual, partnership, association, or corporation shall be exempt
from graduated additional income taxes, commonly known as surtaxes and
excess profits and war profits taxes, now or hereafter imposed by the Unitsd
States, upon the income or profits of individuals, partnerships, associations,
or corporations, and (2) the interest on an amount of bonds of the First
Liberty Loan converted, the Second Liberty Loan, converted and unconverted, and the Third Liberty Loan, the principal of which does not
exceed $45,000 in the aggregate, owned by any individual, partnership,
association, or corporation, shall be exempt from said taxes; provided,
however, that no owner of bonds of the First, Second, or Third Liberty
Loan shall be entitled to exemption under subdivision 2 of this paragraph
in respect to the interest on an aggregate principal amount of such bonds
exceeding one and one-half times the principal amount of bonds of the
Fourth Liberty Loan originally subscribed for by such owner and still owned
by him at the date of his tax return. The exemptions herein provided
for are in addition to the exemption provided in the Second Liberty Bond
Act in respect to the interest on an amount of bonds and certificates authorized by said Act and amendments thereto, the principal of which does not
exceed in the aggregate $5,000, and in addition to all other exemptions
provided in said Second Liberty Bond Act.
Sec. 2. That Section 6 of the Second Liberty Bond Act is hereby amended
by striking out the figure "$2,000,000" and inserting in lieu thereof the
figure "$4,000,000,000." Said section is further amended by striking out
the words "and it shall not be lawful for any one person at any one time to
hold War Savings certificates to an aggregate amount exceeding $1,000,"
and inserting in lieu thereof the words "and it shall not be lawful for any
one person at any one time to hold War Savings certificates of any one
series to an aggregate amount exceeding $1,000."
See. 3. That the provisions of Section 8 of the Second Liberty Bond Act,
as amended by the Third Liberty Bond Act, shall apply to the proceeds
arising from the payment of war profits taxes as well as income and excess
profits taxes.
In most cases the banks of the country have covered their subscriptions
to Liberty Loan bonds received by them from the public by their own
subscription to the Federal Reserve bank and have thereby assumed the
liability for the entire amount subscribed. Even in cases where such
action has been taken, the Treasury Department has notified the banks
that it would expect them to hold available for Treasury use, the names
of all subscribers and the amount subscribed to Liberty Loan bonds.
It is therefore ruled that complete information relative to names and
addresses of subscribers and amounts of subscription to Liberty Loan
bonds must be furnished by the banks to the Treasury Department when
so requested.
You are, therefore, to obtain this information from the banks in your
district whenever such information will be of help to you in subsequent
campaigns, and are also empowered to authorize local Liberty Loan committees throughout your district to obtain this information from banksiv
their locality.
PRESIDENT WILSON ABANDONS PLANS FOR TOUR
OF COUNTRY ON BEHALF OF LIBERTY LOAN.
President Wilson this week definitely announced that his
proposed tour of the country in behalf of the Fourth Liberty
Loan had been abandoned. Under tentative plans which
had been arranged with regard to the forthcoming Liberty
Loan campaign, it was expected that the President would
leave Washington about Sept. 30, to be away throughout
the three weeks of the drive in a trip which would carry him
to the Pacific Coast, and in which it was expected he would
make stops in nearly every section of the country. The
questions which come to him every day, the President said
in announcing his decision not to undertake the tour, convince him that it is not right to absent himself from Washington "for morelthan a day or two at a time while the war
1052
THE CHRONICLE
[VOL. 107.
continues." The following is the statement issued by the
President:
unless written instructions are received together with remittance to cover
expenses, will be shipped by express at the owner's risk and expense.
Registered bonds will be mailed without expense.
I had hoped for, and had even begun to plan, a trip to the Western coast
As the cost of transportation of coupon bonds by express is greater
Loan,
Fourth
Liberty
the
for
"campaign"
and back in connection with the
than by registered mail insured, arrangements have been made so that
not because I believed that the country had any need of being stimulated to insurance may be effected, upon request and payment of the cost of such
subscribe to that loan by anything that I could say, but because I coveted insurance, in either or both directions for banks desiring to make shipthe opportunity to discuss with my fellow-citizens the great undertaking ments by mall.
which has made such loans necessary and in which our whole energy and
Banks desiring to have insurance effected as above must notify us of
purpose are enlisted.
such shipments, using form B 1-85 which will be provided upon request.
It is the third or fourth time that I have tried to persuade myself that
Such form must be sent under separate mail cover at the time of shipsuch a trip was possible for me without serious neglect of my duties here, ment, and must be accompanied by remittance to cover the cost of inbecause I have keenly felt again and again the privation of being confined surance at the rate of 5c per $1,000 in each direction (minimum charge 5c)
to the capital and prevented from having the sort of direct contact with the plus 10c registration fee and postage.
people I am serving, which would be of so much benefit and stimulation
In order that the very large volume of work in connection with this
to me.
conversion may be handled with as little confusion as possible and in view
The
quesup.
To my deep regret I find that I must again give the idea
of the fact that conversion of the 4% bonds of either the First or Second
tions which come to me every day, many of them questions of the utmost Loans may be made as of June 15 or May 15 respectively at any time
delicacy and involving many critical matters, convince me that it is not between July 1 and Nov. 9 1918, without payment of any adjustment of
right for me to absent myself from Washington for more than a day or two interest, banks are urged to present bonds for conversion at convenient,
at a time while the war continues. Questions concerning our dealings with times throughout the conversion period, from July 1 to Nov. 9 1918.
other Governments, in particular, it is impossible for me to deal with by
After the expiration of the present conversion privilege on Nov. 9 1918
telegraph or at a distance from the many sources or information which the only Liberty Loan bonds which will have any privilege of conversion
exist only here.
will be the 3% bonds of the First Liberty Loan. If any subsequent
I should feel myself an unconscientious public servant if I yielded to my series of bonds (not including United States certificates of indebtedness or
wish in this matter, and took any chance of neglecting, oven for a short other short term obligations) shall be issued by the United States at a
per annum before the termination of
time, things that must be decided promptly and in the presence of all higher rate of interest than 3
the facts.
the war, the holders of any 3% bonds of the First Liberty Loan In reWOODROW WILSON.
privilege shall not have been exerconversion
present
the
of
which
spect
cised will have the privilege at any time within six months after the issuance
bonds of such subsequent series of converting into bonds bearing such
FRENCH WAR VETERANS TO HELP IN FOURTH of
higher rate of interest.
LIBERTY LOAN DRIVE.
In respect of all other Liberty Loan bonds, now outstanding, after Nov.
further conversion privilege will arise again though bonds are
Paris dispatches on Sept. 5 announced that a new mili- 9 1918, noissued
by the United States bearing interest at a higher rate or
hereafter
tary mission would leave shortly for the United States in rates than 4% per annum.
connection with the Fourth Liberty Loan. It will consist
in part of a delegation of fifty picked men of the Foreign
Legion, with drums and bugles. All the men will wear
their numerous decorations on their journey. Another
delegation will comprise disabled soldiers—some without
arms and some legless and others blind in one eye, but each
still active. All of them are English speaking. They will
act as guides at an exposition of war material captured
from the Germans at which a sector of the front on a reduced scale also will be shown. The model will be complete with trenches, lookout posts, command stations,
kitchens, dugouts, dressing stations, &c. The guides
will explain the uses of the various parts of the exhibit to
visitors, thus enabling them to get an excellent idea of
modern conditions of warfare.
NEW YORK COMMUNITY CHORUS TO AID LIBERTY
LOAN CAMPAIGN.
Recalling its assistance in the last Liberty Loan, when it
sang several times at Liberty Land at the 69th Regiment
Armory, the New York Community Chorus has again
offered whatever aid it can give during the Fourth Liberty
Loan, either by means of parts of the chorus or by the whole
chorus at any of the meetings of the Liberty Loan campaign.
The Third Annual Song and Light Festival of the New York
Community Chorus will take place on Sept. 17 and 18 in
Central Park.
CONVERSION OF FIRST AND SECOND LIBERTY
BONDS AGAIN URGED BY N. Y. FEDERAL
RESERVE BANK.
Vigorously urging holders of First and Second Liberty
Bonds to convert them into Bonds of the Third issue at
higher rates of interest, the Federal Reserve Bank, through
officials of the Bond Issue Division 120 Broadway, reiterates that persons must elect to avail themselves of this
opportunity on or before Nov. 9 1918. It is pointed out
that bonds of the First Liberty Loan bearing interest at
the rate of 33/2% and 4% bonds already converted, together with all bonds of the Second Liberty Loan can be
turned into bonds of the respective loans bearing the increased rate of 43%. The holder of $1,000 worth of
bonds receiving 33/2% annual interest has the privilege of
getting $7 50 additional simply by going to the Federal
Reserve Banlk and making his or her request in writing.
The security and all privileges remain the same by the
conversion. If that holder of a $1,000 332% bond clips
$35 worth of coupons or receives an interest check for like
amount on a registered bond for the ensuing year, he has
lost just $7 50 he might have had. But if he goes to the
bank before Nov.9 the United States Government is waiting to pay him $42 50. The statement follows:
All 33,6% and 4% bonds of the First Liberty Loan presented for conversion should have the June 15 1918 coupon detached. All subsequent
coupons must be attached.
All 4% bonds of the Second Liberty Loan should have the May 15 1918
coupon detached. All subsequent coupons must be attached.
Registered bonds presented for conversion must be duly assigned to
"The Secretary of the Treasury for conversion" on the form appearing
on the backs of registered bonds. Such assignments, however, need
not be witnessed (except where correction in spelling of name is necessary
In which case bonds must be first assigned to the correct name and all
such assignments must be acknowledged in the usual way). Upon conversion of registered bonds, only registered bonds will be delivered and
no change of ownership will be permitted.
Coupon bonds will not be delivered upon conversion of registered bonds
but may be obtained as a-Separate transaction.
If requested registered bonds may be obtained upon conversion of
coupon bonds.
The 4% converted bonds will have the same dates of maturity of
principal, dates for payment of interest and terms of redemption as the
bonds of the respective original issues. All other terms of such 4M%
bonds issued upon conversion will be identical with the terms of the bonds
of the 4g% Third Liberty Loan, including tax exemptions, non-convertibility, recelvability for Federal inheritance taxes, &c.
The transportation charges upon bonds presented for conversion must
be paid by the holders. Coupon bonds to be delivered upon conversion,
HEAVY GOVERNMENT WAR EXPENDITURES IN
AUGUST.
Dispatches from Washington say that Government expenses in August were at the rate of more than. $40,446 a
minute, reaching the total of $1,805,513,000 and exceeding
by more than $200,000,000 the highest previous monthly
record of expense since the war began. Of the total,$1,524,901,000 went for the upkeep of the army and navy, ship
and airplane construction, and other direct war expenses.
DEBATE ON THE WAR REVENUE BILL.
The general debate on the war revenue bill, which began
in the House on the 6th inst, was brought to a close on the
12th inst., and the bill was yesterday (the 13th) taken
up for amendment under the five minute rule. Chairman
Kitchin of the House Ways and Means Committee opened
the debate, devoting practically all of his time on the 6th
to an explanation of the income tax sections, and on the
following day going over the excess and war profits sections. On the 6th inst. he said:
This bill raises twice as much annual revenue as this or any other nation
ever attempted to produce. It is more than three times the total of bonds
issued and taxes levied by the Federal Government during the Civil War,
and $2,500,000,000 more than the total cost of that war. I firmly believe
that the bill will raise the full.mount needed without ruining business or
embarrassing a single individual.
I want every taxpayer to know that every tax he pays is going into our
Treasury to help save the existence of the Government and to preserve
his liberty and his business. The man who is not willing to contribute to
such a cause is not a patriot. It is not enough to say he i willing to do his
bit. The time has come when every man must be willing to do his all.
In seeking to justify the imposition of high income tax
rates Chairman Kitchin quoted from Treasury reports to
show how incomes of many had mounted last year as compared with 1914 in some instances 10,000%. The New
York "Times" of Sept. 7 in reporting Chairman Kitehn
to this effect said:
A striking instance of the swollen incomes cited by Mr. Kitchin was
that of three officers of a concern manufacturing pipes. The combined
incomes of these individuals in 1914 was $21,211, while their combined incomes in 1917 reached the figures $2,169,372.
The income of one of these, the President of the concern, in 1914 was
$8.341, while his income in 1917 was $729,000. The Superintendent of
this same concern had an income of $4,347 before the war, and in 1917 he
had an income of $725,000, while the Treasurer's income in 1914 of $8,523
jumped to $715,372 in 1917.
"Didn't this concern have a Secretary?" asked some one.
"Oh, yes: I forgot to say that the Treasurer was also Secretary of the
firm," replied Mr. Kitchin.
Representative Kitchin said that 90% of th business men of the country
will pay the income taxes.
SEPT. 14 1918.]
THE CHRONICLE
In reply to a question by Representative Moore of Pennsylvania, Mr.
Kitchin justified the apparent slightly reduced rate in the higher "brackets"
compared with those in the lower brackets. He said that out of a $1,000,000 income the Government would take in taxes $647,000 and leave to the
individual $353,000.
"How much would a man have left out of an income of $5,000,000?"
asked Representative Moore.
"He would have left out of such an income about $1,500,000," replied
Mr. Kitchin.
"Why leave such a wide margin between the taxes and the income on
the big incomes?" asked Mr. Moore.
"This was done for three reasons," replied Mr. Kitchin. "First, men of
such large incomes do mh expend them in living, &c.; they use them in expanding business. Second, if the taxes are made too high, men of these incomes would invest in tax-free bonds, and in the third place, they would
dump their securities on the markets if the taxes were made oppressive and
unstabilize the market. I think that the graduations are equitable and
will work out staisfactorily."
Mr. Kitchin said while he was unable to give the number of men who enjoyed incomes of from $1,000,000 to $5,000,000, he knew that the number
had increased in 1917 over 1916.
"I want to show you by some figures I got from the Treasury Department how the incomes increased during the war period," added Mr. Kitchin,
i"These figures might develop a spirit of Bolshevikism in the United Sates
If gave them."
Then the Chairman read a long list showing first the incomes in 1914 and
the incomes of the same individuals in 1917. He, of course, did not give
lthe names of the individuals, as such names cannot be revealed under the
law.
Mr. Kitchin said there had been a greater increase in incomes between
$7,500 and $100,000 in 1917 over 1916 than in increases in incomes between
$4,000 and $5,000.
The table showing how some incomes had increased from 1914 to 1917,
as read by Mr. Kitchln, follows:
1914.
1914.
1917.
1917.
$70,275
$7,525
$63,000
$565,000
112,119
6,028
80,000
582,000
115,123
3,560
78,000
546,000
1612,000
8,918
73,000
502,000
245,375
6,756
8,341
729,000
295,000
11,000
4,347
725,000
352,000
16,000
8,523
715,372
"I would make a guess that probably most of these individuals making
enormous increases in profits, a large majority of them, at leas:, had directly
or indirectly Government contracts," said Mr. Kitchin.
1053
mistaken in his calculations, or in his statistics. He stated that prices
after the war may go down, and that profits would go down likewise. He
may be correct in that idea, but he may be in error, for no man knows. I
look for an era of prosperity to the industries of this country after the war,
to all industries except those that are engaged in the production of munitions of war.
I have been opposed all of the time to raising by taxation such a large
percentage of our expenditures. I am firm in the belief that I am correct
for the following reasons: I do not believe that anyone will contend that
the money that we propose to loan to our Allies should now be raised by
taxation. So far as we know and we believe, this money that we are
loaning to our Allies will be paid back to us, and they will pay the interest
upon that indebtedness on those loans. Therefore, it is proposed, whatever we may decide to do in the future, to tax our Allies to whom we make
those loans the rate of interest equal to that which we pay upon our Government bonds sold in this country. So that if they did meet their obligations to us, both in principal and in interest, we should not now raise
this money by taxation, but we should borrow that money to loan to them.
Therefore, if our expenditures are $18,000,000,000 a year, $8,000,000,000
raised by taxation means 45% of our expenditures raised by direct taxes.
No such sum was raised by any country in the world in the history of the
world in time of war. No such proportion to the total expenditures is
being raised at the present time by any country now at war.
Great Britain's expenditures this year, that is her tax, in proportion to
her total expenditures is 28%, the largest amount raised by taxation of
any country with which we are connected in this war. Canada is raising
1831% of her expenditures by taxation and the balance from the sale of
bonds. France is raising 11% in taxation and borrowing the balance.
Italy is raising 9% by taxation and borrowing 91% of her total expenditures, and for us to raise at this time 45% of our total expenditures is a
greater sum, in my opinion, than should be imposed upon the people of
this country.
I believe we are spending large sums of money right now unnecessarily.
I believe that we are spending money now that ought to be stopped. But
I have not raised my voice against those things. The responsibility is not
upon me or upon the Republican party, as to the expenditures of this
Government at this time. It is with the Administration, and if they
make such a mistake, asking for the money, asking for the men and saying
those two things are necessary, calling upon me and upon you, it is our
duty to give to them what they say they need in order to successfully
carry on this war. Then, when the war is over it will be time enough for
you and me and our Democratic friends to settle our political row.
I am perfectly willing, and have lent'my most earnest support to this
committee, to frame this law in such a manner as to exact from people
who are making large war profits the largest possible sum of taxes without
injuring them, and I believe we have accomplished that. and when I tell
you that in war profits we first take 80% above 10%, and 12% of what is
left.
IN •
In continuing his remarks on the bill on the 7th Chairman Kitchin said the legislation should be enacted by both
houses of Congress by Nov. 1 and he expressed the hope
With reference to what Representative Fordney had to say
that another war revenue measure would not be necessary the Associated Press dispatches gave the following:
Facility in floating Liberty Loans, Mr. Fordney said, apparently was
next year, although he said if national prohibition is enacted
responsible for abandonment of plans to place a heavier surtax on unearned
new tax sources will have to be found to replace the $1,250,- incomes
and also for failure to make a greater increase in larger income sur000,000 estimated tax on alcoholic beverages provided for taxes. The changes,
he contended, discriminated against men with smaller
in the pending bill. Future upward revision of taxes, Mr. incomes and hamper their purchase of Liberty bonds, largely left to exwealthy men.
Kitchin stated, must be met under conditions existing after tremely
"If this bill, by raising the normal income tax," he said,"and reducing in
the prohibition legislation is passed, and if it is necessary proportion the higher surtaxes, will have the effect of preventing the masses
to find new tax sources, several hundred millions can be from purchasing Liberty bonds,it may not be satisfactory to its framers,"
an inequality, he cited that 78% of all corporation and income taxes
obtained by tariff increases, gross sales and consumption in As
1916 were paid by ten Northern, Mid-Northern and Western States.
taxes. In his comments on the excess and war profits "We might suggest," he added, "that the Administration received its
provisions of the bill, Chairman Kitchin said: "We fell strongest political support from ten States which pay but one-fifth of the
that the bill is not too hard on corporations. We are not taxes."
Voicing one Republican complaint against the bill, Representative Fordso hard on them as at first blush it might seem. We're net declared "this is the first time in history that a nation did not increase
not confiscating their incomes," said Mr. Kitchin, in refer- its import duties."
"Now is the most appropriate time for tariff for revenue," said he.
ring to the increase of corporation income tax from 6% to "Great Britain, the great free trade country, is collecting
$10 70 per capita
18%. The allowance for a 6% rebate on dividends distri- from its 45,000.000 people,and we are collecting but $1 72."
Representative
Fordney
launched
a
joint
attack
President
on
Wilson and
would
added,
buted, he
stimulate payment to stockholders George
Creel. The President, Mr. Fordney declared, was the only official
and increase Federal receipts from individual income sur- of the Government for whom politics had not been adjourned.
Mr. Creel,
taxes. Representative Longworth, Republican, interrupted he charged, was circulating free trade tariff literature through the Comon
Information.
mittee
Public
Chairman Kitchin to suggest that the only essential differ- "At a time like this," said he, "when
the people are called upon to conences between the committee and the Treasury Department tribute to the point of complaining, their money is spent for political claptrap."
rebate
proposed
and
was over the
the increase in excess
Attacks on Mr.Creel's bureau rained from the Republican side, while the
profits rates, to which Mr. Kitchin replied:
committee was roundly defended by speakers from the Democratic side.
I've soon reports of "a great contest, a great conflict" with Secretary
McAdoo. Every man on the committee knows there hasn't been one
report which was not apparently a deliberate misrepresentation and
deliberately desigend to deceive the public.
"The bill is satisfactory to the Secretary and other Treasury officials," he continued, confirming Representative
Longworth's statement of the only two essential differences,
which he said, were "pleasant and not acrimonious differences." The ability of everyone to pay the taxes imposed,
Mr. Kitchin insisted, had been considered in drafting the
enormous bill. "A stupendous amount" of bonds must
be floated before July 1. Banks, he added, must bear the
brunt of Government financing and for this reason a stamp
tax on bank checks,discouraging deposits, was not recom
mended.
Following the conclusions of Chairman Kitchin's representations on the bill, Representatives Fordney and Moore,
Republican members of the Ways and Means Commitee
of the House gave their views on the 9th. The following
remarks of Representative Fordney are taken from the "Journal of Commerce" of the 10th:
I am going to point out the things in this bill that do not meet m ith my
views and I an going to tell you why they do not meet my views; but when
the time comes to vote, whether there are amendments made to the bill
or not, I shall vote for the bill, and I appeal to all men to do likewise.
1 had intended to say very little about duties being imposed upon imports, but my friend iMr. Kitchin] has opened the door, and I feel that
I must answer some of the statements which he made, for I think he is
The incident quite displaced the debate on the Revenue bill.
The principal speakers in the House debate on the 10th
were Representatives Hull of Tennessee, Democrat, author
of the present income tax law, and Long-worth of Ohio and
Green of Iowa, Republican members of the Ways and
Means Committee. Representative Caraway of Arkansas,
Democrat, attacked the proposal made by some members in
debate that a tax be placed on cotton. He said no protest
against such a tax had come from cotton growers, but declared that such legislation would be "outrageous". The
South, he said, now is bearing its share of the war cost.
Representative Hull, it is learned from the New York
"Times," agreed with Secretary McAdoo that the war profits
section should have, as an alternative tax, a less rigorous excess profits tax system, that the corporation income taxes
should be at a straight rate rather than a differential, wherein
18% is assessed against undivided profits and 12% against
divided ones. As a Democratic leader of the House Committee and one of its strongest members, Mr. Hull, it is
stated, laid the basis for arguments for changes by the Democratic members of the Senate Finance Committee now considering the bill. Representative Hull also had the following
to say regarding the proposed legislation:
I am gratified to see a so-called war profits provision go into the bill.
From the beginning of the war I have exerted my humble efforts to this end
upon the theory that, if it was intended to reach war profits inIthe fullest
1054
THE CHRONICLE
[VOL. 107.
cles traded in and not the membership. On the 7th inst.
Benjamin C. Marsh, representing the Farmers National
Committee on Finance, urged increased taxes on incomes and
a smaller issue of bonds. J. H. Dieckman, President of the
St. Louis Board of Trade, objected to the tax on a membership on stock exchanges. M. L. Dawson, representing
farmers and stock raisers of Texas, urged the committee in
determining the taxes that farmers will have to pay to make
some allowance for overhead expenses incurred in previous
years. He said drought sufferers in parts of Texas needed
such assistance. On the 9th inst. William H. Martin of
Representative Longworth, in his participation in the Petersburg, Va., filed with the Committee on Finance obdebate, in part said, according to the "Journal of Com- jections to the proposed tax in the War Revenue bill on cigarmerce":
ettes for export. George P. Hampton, managing director
"I did not believe at the beginning of the formation of this bill, nor, I
think, did any member of the committee, that it would be possible to raise of the farmers' national headquarters, told the committee
by taxation $8,000,000,000 without resorting to consumption taxes. farmers are being persecuted because they ask that a large
Nevertheless we have succeeded, for there can be no doubt that this bill
portion of the cost of the war be paid by current taxes. Senwill raise $8,000,000,000 and more, if the sources from which the revenues
ator Dillingham filed with the committee a letter from a manare to be derived remain unimpaired.
"This bill remains as it stands a tax on wealth pure and simple, but in ufacturer of pipe organs protesting against the proposed
my belief it taxes wealth pretty nearly to the straining point, and any
sales of organs.
further taxes must be borne by people purchasing articles of daily necessity. 10% on
According to the New York "Tribune," Senator Thomas of
"Since this bill was reported a source of revenue estimated to yield
$240,000,000 has been destroyed by Executive order. The real loss to the Colorado created something of a sensation at the Senate
revenue will be considerably larger, because connected with the industry
on the 10th by saying he was
about to be destroyed are incomes and profits which are taxable in the bill Finance Committee hearing
and various incidentals which will probably bring the loss of revenue up of the opinion that the revenue bill was unconstitutional in
to between four and five hundred million dollars.
providing the alternative of war profits and excess profits
"It thus seems that we may be forced to consumption taxes sooner than
'Tribany of us expected. The raising of even $240,000,000 by consumption plans of levying taxes on corporation incomes. The
taxes is no light task. The obvious thing to do, it seems to me, would une" says:
and most accurate measure and at the same time avoid many inequities
which would arise under a so-called excess profits provision, a war profits
measure should be enacted in the very beginning. I readily agree, as every
one must, that neither of these tax methods is a scientific, equitable method
in the ordinary sense. Greater latitude should be allowed in exceptional
cases of industries which suffered an abnormal depression during the threeyear pre-war period in order that the normal profits of a representative
concern may be taken as a basis.
I still regret that the method of collection at the source was abandoned before it was given a reasonable and fair test. My opinion still is that, all in
all, this method of collection would sweep cleaner, involve loss expense to
the Treasury, and no greater inconvenience to the taxpayer than a so-called
information at the source. This is especially true as to income from intangible or concealed poperty.
be first to resort to the tariff and to choose a few articles which will obviously be high revenue producers. Those which must prominently stand
out are six, coffee, tea, rubber, wool, hides and sugar. If we were to impose a duty of 7e. a pound on coffee, 25e. a pound on tea, 10% on rubber,
20% on wool, 15% on hides and an extra cent on sugar, we would raise
leas than $240,000,000. These duties are pretty high, higher I think than
most of us would like to go, but this is an illustration of the difficulties
we are bound to encounter in raising substantial revenue from sonsumption
taxes."
Mr. Longworth debated at length the question of the beverage taxes,
and indicated his opposition to any movement which would bring about
a condition of absolute prohibition. Then he turned to the question of
platinum and recited his reasons for favoring a special tax on platinum
Jewelry.
"If platinum is desirable and convenient for making jewelry," said
Mr. Longworch, "It is indispensable to any Government in making war.
The belligerent nations from the beginning have been combing the earth
for it, and since the debacle of Russia, whence most all of it comes, it is
becoming ever harder to procure. Platinum is an absolute necessity for
airplane and motor engines and other similar necosssities. It is an essential for the manufacture of TNT and other high explosives under the
methods by which they are now generally produced. It is indispensable
in the production of nitrates under the method to be employed in the Government nitrate plants now being erected at Muscle Shoals and in Ohio.
"According to the admission of responsible Government officials, we
are something like 20,000 ounces short of the supply necessary for the war
program, and that not counting the extra needs which will develop when
the Government nitrate plants begin to operate. The Government has
taken some cognizance of the situation, but ftom the beginning it has
been slow to act and, in my judgment, has not gone nearly far enoguh.
The manufactured platinum in the hands of a few jewelers has been commandeered, and very rcently the manufacture of platinum jewelry has
been prohibited. So far so good; but nothing has yet been done to discourage the sale of existing stocks or in the ascertainment of the hands
into which these stocks go, so that we will be able to commandeer them if
necessary. You must choose hero, gentlemen, between the interests of
the platinum jewelers, who represent some three or four hundred concerns
out of approximately 35,000, and the interests of your Government."
During Wednesday's debate Representative Merritt of
Connecticut, Republican, declared the inheritance tax confiscatory, and suggested that corporations' dividends converted into Liberty bonds should be exempt from the 6%
penalty placed upon undistributed dividends. Chairman
Kitchin is said to have privately estimated that the new
bond legislation proposed by Secretary McAdoo (referred
to in another item) would probably reduce the revenue yield
about $50,000,000. He is credited with saying • that no
revision had been planned to make up this loss.
With the opening of hearings on the War Revenue bill before the Senate Finance Committee on the 6th inst., protests
were registered against the tax on dues and seats in exchanges.
John Hinkley of the Baltimore Stock Exchange contended
that the proposed tax is discriminatory and excessive. According to the "Journal of Commerce," Thomas B. Maloney
• of the Consolidated Stock Exchange, speaking for both the
New York and Boston exchanges, urged the committee to
give special attention to the taxes that would be levied on
brokers. He said that the House bill taxes return loans,
which would result in great hardship to brokers. Because
the subject was not generally understood, the witness asked
the committee for additional time to present the brokers'
arguments against the levying of such a tax. Thomas F.
Cunningham, representing the New Orleans Board of Trade,
declared that the 20% tax on dues and the tax on membership
would result in causing wholesale resignations from many
of the boards of trade and produce exchanges throughout the
South. He recommended that the committee tax the arti-
Senator Thomas' statement came up In connection with the admitted
doubtful constitutionality of the provision taxing income from State and
local obligations that may be issued hereafter, which was being discussed
by Robert• H. Reed of New York, counsel for tho National Investment
Bankers' Association.
Senator Thomas asked Mr. Reed what he thought about his (Thomas')
opinion aa to the constitutionality of the alternative. Mr. Reed was inclined to think it was constitutional, but the Senator argued that it was
an unconstitutional delegation of power, in that it did not levy a fixed
tax, bat left it to administrative agencies to apply whichever would yield
the larger revenues.
Theatrical managers appeared before the committee on
the 11th to protest against the proposed 20% tax on theatre
tickets, arguing that instead of yielding a greater return to
the Government the tax would result in the closing of many
theatres, thereby reducing the yield.
THE WAR REVENUE MEASURE—INDIRECT TAX ON
GOVERNMENT AND OTHER "TAX-FREE" BONDS.
Robert R. Reed of Reed, McCook & Hoyt of New York,
attorneys for the American Bankers' Association of America,
speaking before the Senate Finance Committee at Washington on Sept. 10, directed attention to a provision in the
new War Revenue measure which, if retained, will have the
effect of depriving United States Government and other
tax-free securities of their tax exemption qualities. Some
remarks on the same subject will be found in our article on
"The Financial Situation."
Section 214 states the deduction for the individual net income, and
Section 234 states the deduction for the corporation net income. In each
of them appears this item:
"interest paid or accrued within the year on indebtedness—in excess
of interest received free from taxation under this title."
That is the only deduction of Interest allowed under the bill, either to
the individual or the corporation. Now it is manifest that the deduction
of interest paid on indebtedness is necessary in order to determine the
no income of an individual or corporation and that the effect of this
provision is to deny a deduction of such interest if and to the extent that
the taxpayer receives interest °chemise "free from taxation under this
title."
A, is an individual. His gross income loss deductions is, say, $7,400 a
year. He has a $10,000 mortgage on his house or farm or a $10,000 current liability in his business on which he pays 8600 interest, and this item
is included in the deductions in reaching the not income of $7,400. He
owns, say, *12,000 4% municipals, yielding him $480 a year, or, say,
$10,000 Liberty :”is, paying him $350 a year. Under this provision in
Section 214 ho can deduct only $120 of his $600 interest paid if he has the
municipals, and only $250 of his $600 interest if he holds the Liberty bonds.
The result in each ,case is specifically that the interest received on the
tax-free securities is added to his otherwise taxable not income. This
taxable net income becomes in the one case $7,400 plus $480, the interest
on the "tax-free" municipals, or $7,580: in the other case $7,400 plus
$3F,O, the "tax-free" interest on the Liberty bonds, or $7,750. He is
taxed for both normal and surtax on his income from the tax-free securities
and the .method adopted is simply a mathematical camouflage, though
not, of course, 80 intended in fact.
B, a bank, has $500,000 deposits, on which it pays interest. Its not
Income is $60,000 after deducting $10,000 interest paid on its deposits.
It holds and has held for some years State and municipal securities paying
$2,000 a year. It also holds *20,000 Liberty 3s on which it receives
$700 interest. It can deduct its $10,000 interest paid only after subtracting from the $10.000 the $2,000 received on the municipals, plus
$700 received on the Liberty bonds. Its net Income becomes $62,700.
It is taxed to the full amount on the tax-free securities at a tax-free price,
and in particular, let mo add, It bought the Liberty bonds under a very
positive assurance of law that they were free of the normal tax. If subject
to the 80% war profits tax, it pays 80% on the interest received on these
bonds, plus 18% on the balance, a net tax of 83.6% on the tax-free interest.
It finds first that outstanding State and municipals, Liberty 3s and Liberty 4 Yis for all of which it has paid the tax-free price, are no longer tax-
SEPT. 14 1918.1
THE CHRONICLE
free, and second, that the future issues of Liberty bonds as well as future
State and municipal issues which it will be asked to buy will be fully
taxable in its hands. The only way it can escape or neutralize this tax is
to cease paying interest, which it cannot do, or to sell its tax-free securities
in a depreciated market and re-invest in securities whose taxable character
is represanted in their cost. There will, of course, be a resulting loss by
depreciation in the net income which will greatly counterbalance the
Government's calculations on net taxable revenue.
Now we all know, or at least assume, that no such intentions are involved
in this proposal. It is directed in a proper sense against dealers in municipal bonds and perhaps also against taxpayers seeking to avoid all or part
of the tax by purchasing tax-free securities on borrowed money and in effect turning their net income into tax-free income. Without, during the
war, questioning or opposlng this purpose, which is very limited in its
scope, we believe it is evident upon analysis that this new provision, so simple and effective at first reading, goes very, very far beyond the purpose
intended, and that its certain effect on the security markets and values,
on the finances and solvency of investing institutions, and also on the
Liberw Loan situation, are extremely serious. I need only mention the
The Liberty
savings bank situation to give you just cause for alarm.
Loan situation, as affecting the banks and other institutions, corporations
and individuals, speaks for itself. No corporation with a necessary indebtedness can buy Liberty bunds as tax-free. No individual carrying
municipals can borrow money to buy Liberty 43s without becoming taxable in effect on his municipal.
A further very important fact should be emphasized. One fear, I take
it, is that large individual investors will more and more incline to the
purchase of tax-free municipals in order to avoid the surtax. Such individuals do not so generally and need not at all carry a large indebtedness.
From the figures given it would seem that new municipal issues will average
less than $100,000,000 per annum. There are over $1,000,000,000 outstanding tax-free municipals, in addition to Liberty 33's, and farm loan
bonds. By taxing outstanding municipals and these other tax-free bonds
indirectly in the hands of banks and others carrying indebtedness, Congress will drive these tax-free securities at depreciated values into the hands
of the very taxpayers whose o%nership causes the greatest loss of revenue.
To the wealthy individual investor, without any indebtedness, these
securities now outstanding would continue tax-free and could he bought
at prices netting 6% to 9%. The best policy would seem to be to keep
thorn where they now are and at their present levels, and keep the price
of tax exemption high.
In speaking further Mr. Reed says:
The validity of our objection seems now to be generally conceded, and
I believe the interest deduction provision will be changed so as to avoid
any extreme consequences and that the values of outstanding tax-free
securities will not be either suddenly or radically affected by the new revenue
bill. That is about all that can be said just now.
TAXING MUNICIPAL BONDS OPPOSED BY MAYOR
HYLAN—ASKS OTHER MAYORS TO CO-OPERATE.
Following the recent protest of Comptroller Craig of this
city relative to a Federal tax upon municipal bonds,reference
to which was made in these columns on Aug. 24, Mayor
Hylan of this city on Tuesday last sent out a letter to the
Mayors of the principal cities of the country asking their
co-operation in opposing the proposed tax. The letter
reads as follows:
I take the liberty of calling your attention as Mayor of a municipality
that has borrowed or may expect to borrow money hereafter on municipal
bonds, to the provisions of sections 213, clause 4 and 214, clause 2, of the
Revenue Bill now under consideration by Congress.
Even if these are constitutional, which I doubt, they will depreciate the
value of securities issued by municipalities out of all proportion to the
gain to the National Treasury, and will raise the tax rate in every city in
the country unreasonably. Furthermore, if these provisions should later on
be declared unconstitutional, the cities would have had to pay high money
have had to pay high money rates without the National Treasury gaining
thereby.
I am asking the New Yorl: Senators and Congressmen to urge a revision
of these provisions of the proposed Revenue Bill as discriminatory and of
doubtful value.
The comparatively small amount of additional tax that is expected thus
to be raised for the Government could very easily and much better be otherwise secured, without inflicting a groat and irreparable injury on the credit
of the municipalities of the nation.
I respactfully suggest, if you feel as I do on this subject, that you communicate your views to the mayors and members of Congress from your
State, as it is a matter that vitally affects all municipalities throughout
the country.
1055
might make it impossible for the city to dispose of any bonds
of any nature. Concerning the matter Comptroller Engel
said:
We want to see the Government get every cent possible to bring the war
to a speedy, successful conclusion, but this proposition of taxing municipal
bonds seems to be letting out the fellow that could stand the tax, and
hitting the fellow the tax is not intended for.
The people who buy municipal bonds simply would not pay the tax,
by refusing to buy the bonds, unless the income was boosted sufficiently
to cover the tax. And then the ordinary tax payer has to foot the bill
to make up the extra interest.
In the case of school bonds, we cannot, under the law, pay more than 4%
on city school bonds, nor can we pay more than 6% on any city bonds.
Of course, if the Government insists on taxing municipal bonds, we would
have to have the law changed next January to allow us to pay higher
interest, but the bond buyer wouldn't be paying the war tax. It would
come out of the general tax funds.
0. B. Fuller, State Auditor of Michigan, will be asked
to investigate the matter, it is said, and to join in any
protest that may be sent later.
UNITED DRIVE BY Y. M. C. A., Y. W. C. A., K. OF C.
AND OTHER WELFARE ORGANIZATIONS.
The seven recognized societies doing welfare work among
the U. S. soldiers at home and overseas will conduct a united
drive for funds necessary to carry on their work during the
coming year. This is in accordance with President Wilson's
desires, communicated in a letter addressed to Raymond
D. Fosdick, Chairman of the Commission of Training Camp
Activities under date of Sept. 3. The week of Nov. 11 has
been set aside for the drive, in which it is planned to raise
a fund of $170,500,000, of which the major amount $100,000,000 will be for the use of the Y. M. C. A.; the various
organizations in whose interests the campaign will be conducted, and the budgets approved by the War Department
through the Commission on Training Camp Activities, are:
Young Men's Christian Association
$100,000,000
Young Women's Christian Association
15,000,000
National Catholic War Council (including the work of the
Knights of Columbus and special war activities for women)_ 30,000,000
Jewish Welfare Board
3,500,000
American Library Association
3,500,000
War Camp Community Service
15,000,000
Salvation Army
3,500,000
Total
$170,500.000
Mr. Fosdick, in announcing these budgets, says:
This sum which is probably the largest ever asked for in a single appeal
will be the goal of the drive for the week of Nov. 11. 'With the entire
country behind it, I am confident of its success.
In his letter to Mr. Fosdick, President Wilson said:
THE WHITE HOUSE.
Washington, Sept. 3 1918.
My Dear Mr. Fosdick.'
May I not call your attention to a matter which has been recently engaging my thought not a little?
The War Department has recognized the Young Men's Christian Association, the Young Women's Christian Association, the National Catholic
War Council, the Jewish Welfare Board, the War Camp Community
Service, the American Library Association, and the Salvation Army as
accepted instrumentalities through which the men in the ranks are to be
assisted in many essential matters of recreation and morale.
It was evident from the first, and has become increasingly evident, that
the services rendered by these agencies to our army and to our Allies are
especially one and all of a kind and must of necessity, if well rendered, be
rendered in the closest co-operation. It is my judgment, therefore, that
we shall secure the best results in the matter of the support of these agencies,
if these seven societies will unite their forthcoming appeals for funds, in
order that the spirit of the country in this matter may be expressed without
distinction of race or religious opinion in support of what is in reality a
common service.
This point of view is sustained by the necessity, which the war has forced
upon us, of limiting our appeals for funds in such a way that two or three
campaigns shall take the place of a series of independent
comprehensive
Another letter addressed to legislators reads:
calls upon the generosity of the country.
Section 213, clause 4, and section 214, clause 2, of the proposed Revenue
Will you not, therefore, as Chairman of the Commission on Training
Bill now pending in Congress, in my judgment, will operate unnecessarily Camp Activities, be good enough to request the societies in question to
to injure the credit of the city of New York as well as the other cities of combine their apprpaching appeals for funds in a single campaign, preferNew York State.
ably during the week of Nov. 11, so that in their solfritation of funds, as
Aside from tbe question of the constitutional right of Congress to pass well as in their work in the field, they may cat in complete co-operation and
legislation affecting the past as well as the future financial contracts of a fellowship as possible?
political subdivision of a State, the proposed legislation is objectionable
In inviting these organizations to give this new evidence of their patriotic
because without any corresponding financial benefit to the nation, whose co-operation, I wish it distinctly understood that their compliance with
requirements are, of course, concededly paramount, it will do great and
the request will not in any sense imply the surrender on the part of any
irreparable injury to the credit of every municipality in the country.
of them of its distinctive character and autonomy, because I full recognize
I feel, too, that it is in a sense discriminatory because it would operate the fact that each of them has its own traditions, principles, and relationto give undue preference to Farm Loan bonds, as against securities iksued ships which it properly prizes and which, if preserved and strengthened,
by States or municipalities.
make possible the largest service.
At the same time, I would be obliged if you would convey to them
Mayor Marx and Comptroller.Engel of Detroit, Mich.,
from
me a very warm expression of the Government's appreciation of the
were, acaording to the Detroit "Free-Press" of Sept. 7, to splendid
service they have rendered in ministering to the troops at home
several
Detroit
bankers
with
and
financiers
have consulted
and overseas in their leisure time. Through their agencies the moral and
relative to the proposal now before the Congressional Ways spiritual resources of the nation have been mobilized behind our forces
used in the finest way,and they are contributing directly and effectively
and Means Committee to tax municipal bonds, and a city and and
to the winning of the war.
proposed
the
taxation
may be sent to
State protest against
It has been gratifying to find such a fine spirit of co-operation among all
Chairman Claude Kitchin, and to Congressmen Doremus the leaders of the organizations I have mentioned. This spirit, and the
patriotism of all the members and friends of these agencies, give me conand Nichols.
fidence to believe that the united war work campaign will be crowned with
The Mayor and Comptroller, the "Free-Press" says,held abundant success.
Cordially and sincerely yours,
a conference on Sept. 6 and expressed the opinion that the
WOODROW WILSON.
only
place
the
contemplated action of Congress would not
Fosdick,
Raymond
B.
Mr.
•
Chairman, Commission on Training Camp Activities.
burden of the added taxation on the city taxpayers, but
1056
THE CHRONICLE
John R. Mott has been elected Director-General of the
united drive; the following governing committee for the
campaign has been chosen:
Raymond B. Fosdick, Chairman of the Commission on Training Camp
Activities.
George W. Perkins, representing the Y. M. C. A.
Mrs. Henry P. Davison, representing the Y. W. C. A.
John G. Agar and James F. Phelan, representing the National Catholic
War Council.
Myron T. Herrick, representing the War Camp Community Service.
John D. Rockefeller, Jr.
Mortimer L. Schiff, representing the Jewish Welfare Board.
Cleveland H. Dodge, Treasurer:
Frank A. Vanderlip, representing the American Library Association.
George Gordon Battle, representing the Salvation Army.
[VoL. 107.
Upon the basis of an investigation conducted by the Hon. Oscar Straus
of New York and the Federal Tariff Commission, into the increased costs
of refining cane sugar, the Sugar Equalization Board has made recommendations to the Food Administration, which has determined to increase
the differential over that allowed last year, to compensate for the increased
costs imposed by an increase in materials, labor, the lesser scale of operations and the increase in the value of raw sugar lost in refining. The net
result of these increases works back from the established basis of 9c. granulated basis seaboard points and makes the price of raw sugar, duty paid,
$7 28, which from Monday morning is the established basis for raw sugar
prices. The difference between this basis of raws on old-crop sugars and
the old basis will be accounted to the Sugar Equalization Board by the refiners as delivered.
CUBAN RAW SUGAR PRICE.
The price fixed on Cuban raw sugar, it was reported on
Sept.9,is 5.50 cents per pound,as against the former price of
TWO POUND SUGAR RATION CONTINUED BY
4.60 cents per pound. This compares with 9 cents for doUNITED STATES FOOD ADMINISTRATION.
mestic refined sugar per pound and 7.28 for domestic raw
The retention of the present sugarration of two pounds a sugar.
month for each person was announced by the Food Administration on Sept.(6 following a two-day conference at BREWING OPERATIONS TO CEASE DECEMBER 1.
Washington attended by administrators from most of the
Brewing operations of all kinds are to cease Dec. 1, acStates.
cording to an announcement made by the U. S. Food Administration on Sept. 6, the decision having been reached
CANE SUGAR PRICE FIXED BY EQUALIZATION following a conference between President Wilson and repreBOARD.
sentatives of the Fuel, Food and Railload Administrations
The U. S. Food Administration announced on Sept. 6 and the War Industries Board. The action was decided
that the Sugar Equalization Board had, upon the approval upon in view of the "further necessity of war industries for
of the President, fixed the price of cane sugar for next year the whole fuel productive capacity of the country, the conbasis, granulated, 9 cents, less 2% f. o. b. seaboard refining siderable drouth which has materially affected the supply
points, offective'on Monday morning, Sept. 9. The an- of feeding stuff for next year, the strain upon transportanouncement also said:
tion to handle necessity industries and the shortage of labor
Wholesalers and retailers will sell upon the old basis until their stocks of
by enlargement of the army program." The ancaused
the lower-priced sugars are exhausted. No averaging of price will be alnouncement of the Food Administration reads in full as
lowed.
All increase in price of sugar in the hands of refiners or of raw sugar follows:
under contract is to be accounted for to the Sugar Equalization Board, so
that manufacturers will not benefit by the increased price.
A price for beet pulp, wet and dry, will be fixed by the Food Administration, in the interest of cattle feeders, in the course of a few days.
According to the New York "Evening Post" of Sept. 9
the Food Administration has also notified refiners and the
trade that profits resulting from the advance from 73/ to
9cents a pound "will be absorbed by the Sugar Equalization Board, which is a Government agency, charged with
the equalization of sugar prices and which is handling the
machinery of sugar distribution in the country. . . .
It is reminding the distributers also of the rule that requires
them to sell on the basis of invoice cost, without regard to
market or replacement value." Refiners, it was further
said, were directed to collect the additional price on sugars,
and to makemffective these instructions the trade receiving
- the refiners
sugar on and after this date will be billed-Ty
at the advanced price.
Following the U. S. Food Administration's announcement
the Federal Foo(
10.1=u• issued a statement advising the
—.7
consumer as to the retail prices which would prevail with
the increase of 1M cents a pound allowed to refiners and
producers. The Board's statement said:
On July 3 brewers web e notified by the Fuel Administration that their
coal consumption would be reduced by 50%, pending the period of exhaustion of materials that they had in process, and were given preliminary warning that they might nob be able to continuo their operations at all after
such exhaustion. At that time the Food Administration directed the
cessation of further purchases of raw materialb for malting.
After conference between the President and representatives of the
Fuel. Food, and Railway Administrations and tho War Industries Board,
It has been determined that the further necessity of war industries for the
whole fuel productive capacity of tho country, the considerable drouth
which has materially affected the supply of feeding stuff for the next
year, the strain upon transportation to handle necessary industries, the
shortage of labor, caused by enlargement of the army operations, renders
It necessary that brewing operations of all kinds should cease upon Dec. 1
until further orders, and that no further unmalted grains be purchased for
brewing purposes from this date. The Food Administration has been
directed to issue the necessary regulations to this end.
In addition to the above, these administrations wish to warn the manufacturers of all beverages and mineral waters that for tho same reasons
there will be further great curtailment in fuel for the manufacture of glass
containers, of tin plate for caps, of transportation, and of food products
in such beverages.
It is stated that action along this line has been looked
for by the brewing interests in view of the Fuel Administration's order of last July reducing coal consumption of
breweries 50% and a warning that they might not be able
to continue. Under the proposed national prohibition
legislation the manufacture of beer and wine would be
prohibited after next May 1, national prohibition going into
effect July 1. The order of Sept. 6 will move up six months
the time for discontinuance of the manufacture of beer,
although it is pointed out, the breweries may be allowed to
resume operations between that date and the effective operation of the "dry" legislation, if finally enacted, since the
Food Administration's order is "until further orders."
With regard to the Food Administration's order, George
Ehret Jr. was quoted in the New York "Times" of Sept. 7
as saying:
The prices to the consumer in New York City after allowing a gross profit
of 35 cents per 100 pounds for the wholesaler and $1 per 100 pounds for the
retailer are now as follows:
One pound, 11 cents; 2 pounds, 21 cents; 3 pounds, 31 cents; 4 pounds,
42 cents; 5 pounds, 52 cents.
Slight increases In prices for up-State are allowed to cover the cost
offreight transportation. These prices apply only to sugar sold or in transit
from the refiner on and after Sept. 9.
Elaborate precautions have been taken by the Food Administration to
avoid profiteering in sugar now held by wholesalers and retailers.
To prevent undue profits by the refiners and to secure a uniform refiners'
price throughout the country, the Sugar Equalization Board of the Food
Administration has bought back from the refiners all raw sugars on hand
on Sept. 9. This sugar so bought back will be resold to the refiners at the
If the Government has found it necessary to stop the making of beer.
new prices. The profit so made by the Equalization Board will be used
In order to conserve materials to win the war, the brewers, of course,
in meeting the cost of controlling sugar distribution.
The regulation limiting the sale from the retailer to the consumer to two will take steps immediately to meet the ruling. I had believed for some
pounds at a time in cities and towns and five pounds in rural districts has time that the day would come when grain would be withheld from the brewbeen rescinded. Consumers are now allowed to purchase one week's family eries, but I had not expected this event to occur before May 1 next or
supply. For instance, a family of eight people in New York City, who thereabout.
The Ehret interests have not made any plans in advance to convert
have heretofore been allowed to buy only two pounds at a time, are now
permitted to buy one week's supply on the basis of two pounds a month their manufacturing facilities to some other use than tho manufacture of
or one-half a pound a week per person or a total of four pounds for one beer. I don't known now what we could to, except to make "near beer"
after Dec. 1. This requires very little grain. But I cannot say at this
week.
In cases where hardship would be worked by so limiting the quantity time exactly what will be done with the plants.
purchasable consumers may make application to their county Food AdIt was reported on Sebt. 7 that near-beer and other drinks
ministrators for a permit to buy an increased supply, but under no cirthat nature which contain no alcohol are to come within
of
cumstances more than a thirty days supply.
The Food Administration advocates the purchase of bulk sugar instead the scope of the Food Administration's order of the 6th inst.
of package sugar because the price is higher on package sugar, and by According to press dispatches from Washington Sept. 9, a
buying in larger quantities fractions are avoided in computing the prices.
RAW SUGAR PRICE.
Establishing $7 28 as the basis for duty-paid for raw sugar,
the Food Administration has fixed upon a new differential
for the benefit of the refiners. The announcement 'of ;the
Food Administration was printed as follows in the "Official
Bulletin" of Sept. 9:
thousand or more telegrams, protesting against the enforcement of the order to stop the brewing of beer and "nearbeer" Dec. 1, on the ground that it would seriously disturb
economic conditions of the country and interfere with cattle
breeding have been received by the Food Administration.
Most of the messages are said to have come from States east
of the Mississippi River; they were, it is said, signed by
bankers, labor organizations, dairymen, business and pro-
SEPT. 14 1918.]
THE CHRONICLE
fessional men and manufacturers. With reference to the
effect of the order in New York State, Col. Jacob Ruppert,
President of the New York State Brewers' Association, was
quoted in the New York "Tribune" of Sept. 8 as saying:
1057
Thereafter he announces the appointment of a committee to study the
stabilizing of prices. The immediate effect of this simple announcement
was to reduce the market value of cotton about $6 50 per bale. Cotton
was high and the market tendency was toward even higher prices. Producers were fairly well satisfied with the:situation, except, of course, those
whose crops had failed entirely.
The traders knew that stabilization meant a reduction in price for the
cotton crop now being marketed, and they very naturally withdrew all
support from the market and the producers are left to hold the bag. This
blow has been threatened since the agricultural bill of 1917 was written.
The War Industries Board was baffled for a while by the vigilance of certain
members of Congress, notably Mr. Young of Texas, but the idea of stabilizing and, incidentally, of reducing the price of cotton has never been abandoned, and now they strike. My vote against the 1917 bill that proposed
this injustice to the South was criticized in a recent campaign, but the
wisdom of it is now established.
It is a certainty that the great majority of retail dealers will close their
doors on the first of October. While it is true that they can renew their
licenses, and then, if obliged to close, secure some equitable adjustment
from the State, it will mean, nevertheless, that their money is tied up
for a considerable length of time, and few of the men in the retail trade
will be anxious to make such a move.
Aside from the effect on the men in the retail trade, the most noticeable
result will be on real estate values. Thousands of stores in the city will
be vacated on the first of next month. Not only will the dealers themselves
be unwilling to take new leases of the premises, but I am of the opinion
property owners will not be willing to lease to them.
The Government will also suffer a considerable loss. It is now getting
On the 10th inst. B. M. Baruch, Chairman of the War
about $27,000.000 a year from the State of New York in excise Lax on beer
Industries Board, conferred with Southern Senators over his
alone. There are sold yearly in the United States about 60,000,000 barrels
of beer. Figured on the new tax of $6 a barrel, the Government will lose announcement of last week. In its reference to the proposed
about $360,000,000 a year In revenue.
conference the New York "Times" in special advices from
Closing the breweries so suddenly will mean a loss of millions of dollars
to the brewers of the country in materials completely wasted. The stocks Washington on the 9th said:
Senator Smith of South Carolina talked with Mr. Baruch to-day and
of malt and hops on hand when the breweries close cannot be used for any
purpose whatsoever. These stocks cannot be entirely used for brewing learned from him, according to the Senator, that the impression that Mr.
Baruch
wanted to fix cotton prices is wrong. Mr. Baruch explained that
before Dec. 1, because the brewers are not allowed enough coal to run their
plants at full capacity. It is doubtful whether the brewers could use up his idea was to have Governmental supervision over the distribution of
all their materials before Dec. 1, even if they were permitted to operate cotton during the war, so that war needs might be met. Cotton growers
want an open market, at the highest prices they can obtain.
full blast.
Colonel Ruppert, according to the "Tribune," doubted
that the breweries could open after the war. The machinery, he said, will have deteriorated. The farmers will not
raise the barley unless assured of a ready cash market by the
brewers. The malt houses will be closed, and it will take
at least a year to get the grain, overhaul the malt houses,
prepare the malt, the yeast and the carbolic acid gas plants.
A special meeting of the New York Brewers' Board of
Trade was held in this city on the 9th to discuss the situation, but no action was taken. While the Government will
suffer a considerable loss in its revenues from beer taxes, it
was stated on the 9th that no attempt would be made by the
House to put into the pending revenue bill additional taxes
to meet the loss which would occur as a result of national
prohibition. The beer tax, it is estimated, would raise
$240,000,000 a year, and a consumption or import tax on
coffee, tea, cocoa, sugar, etc., is looked upon as possible to
meet the loss of taxes through prohibition. Chairman
Kitchin of the House Ways and Means Committee was
quoted in the New York "Times" of Sept. 8 as saying:
Following Tuesday's conference, Senator Smith of South
Carolina was authorized to make the following statement:
Mr. Baruch met with a representation of the cotton producing States
according to appointment. After a full conference in which all phases of
the subject were discussed, it was agreed that Mr. Baruch was to take
the matter up with his associates and confer with us again.
EGYPTIAN COTTON AREA RESTRICTION.
Late advices from London are to the effect that Reuter's
Agency has been informed that the restriction in the cotton
acreage in Egypt for 1919 will be similar to that applied in
the present year. In other words, the cotton area will not
be reduced to one-third of the normal area, which would
mean a reduction from 1,700,000 to 570,000 acres, but that
not more than one-third of any holding may be devoted to
cotton cultivation. This means that the cotton area will
probably not exceed 1,400,000 acres, but will not fall far
short of that figure.
MAXIMUM PRICES AND DIFFERENTIALS ON HIDES
APPROVED.
The Price-Fixing Committee of the War Industries Board
announced on Sept.9 the approval of the following maximiun
Mr. Kitchin also, according to the "Times," said that it prices and differentials as applying to the schedule of maxiwas estimated that at least half the taxes could be collected mum prices on hides now in effect:
Buenos Aires city wet-salt horsehides, about 15 to 20 kilos average, maxifrom the sale of beer, or $120,000,000, before the beer supply
mum prices, $5 75 each c. & f. New York.
of the country is exhausted.
Headless and seconds at 50 cents less, excluding glue, colts and ponies.
I will be candid and say that, if prohibition goes into effect July 1 next,
as proposed in the Senate bill, we will have to go next year to some other
subjects to get the $1,000,000,0001ntoxicating beverages are estimated to
yield under the pending bill.
DEVELOPMENTS GROWING OUT OF REPORTS OF
COTTON PRICE-FIXING.
In seeking to allay the agitation which developed last week
with the announcement that the War Industries Board was
soon to appoint a committee to consider the desirability
and feasibility of effecting a stabilization of cotton prices,
President Wilson is reported to have sent a message to W.J.
Harris of Atlanta on the 7th stating that there was no cause
for concern about the price of cotton Mr. Harris had protested in the interest of Southern farmers against what was
construed by them as an attempt to fix prices after an inquiry by the War Industries Board.
President Wilson is quoted to the following effect in his
telegraphic advices:
Resalted, packer,abattoir and wholesale butcher hides and kip maximums
shall be 5% less than the maximums for such first salt hides and kips.
NEW REGULATIONS FOR EFFECTING ECONOMIES
IN PAPER IN CASE OF GOVERNMENT
PUBLICATIONS.
The issuance by the Public Printer of new regulations designed to effect economies in the use of paper for Government publications was made known iu the "Official Bulletin"
of Aug. 27,from which we take the following:
In compliance with the paper economy resolutions adopted by the Joint
Committee on Printing on July 3, and published in the "Official U. S. Bulletin" of July 8, the Public Printer has issued regulations eliminating a
number of heavier weights of paper from the Government Printing Office
stock and has standardized the sizes and forms of a large number of Government publications.
The Public Printer transmitted the following letter to .the Chairman of
No cause for concern about the price of cotton. The plan is merely for the Joint Committee on Printing, Senator Marcus A. Smith of Arizona,
an impartial inquiry to ascertain whether agreements would be serviceable advising that committee as to the new regulations adopted by the Governin stabilizing transactions.
ment Printing Office, regarding weights and sizes of paper:
"Owing to the scarcity of paper-making materials, the shortage ofcoal,
On the same day a meeting of Senators from Southern
and many other features entering into the manufacture of paper, a
States was held in Washington to consider the move of the labor,
number of the heavier weights of paper are to be eliminated and the GovWar Industries Board; they are said to have announced ernment Printing Office will confine the purchase of suitable paper stock
that the Board had no authority to fix the price on anything as far as possible to the following substance numbers:
"Bond paper—Nos. 9, 13, 16 and 20.
and that the only body of the Government having authority
"Writings—Nos.9, 13, 16, 20 and 24.
to fix a price was Congress itself and Congress had not de"Ledgers—Nos.24, 28, 32. 36 and 44.
"Bristols—Nos. 52, 68 and 84.
matter
also
The
so.
occupied
sired to do
the attention of
"In keeping with the substance numbers above and in order to secure a
the members of the House, and Representative Slayden of better
standardization of Government publications, the departments in orTexas is reported by the "Journal of Commerce" to have dering for the above substance numbers will be requested as far as possible
issued the following statement on his own account, it is to limit themselves to the sizes hereinafter prescribed, or to sizes which may
be conveniently cut from the sizei so prescribed:
understood:
"Bonds, ledgers and writings-8 by 103. 16 by 21, 21 by 32, 32 by 42,
Bernard M. Baruch, the highly successful Wall Street speculator, who 8% by 12, 14 by 17, 17 by 28, 28 by 34,34 by 56.
is said to have profited largely by the celebrated "leak" that was investi"Book papers-6 by 93-i. 93 by 12, 12 by 19, 19 by 24,24 by 38,32 by
gated by a committee of Congress, has proclaimed in the "Official Bulletin" 48, 38 by 48, 29 by 41, 32 by 48,38 by 48, 50% rag: 36 by 52, 8 & SC,
that "the announcement of another short cotton crop raises in acute form Navy Register.
"Departments will be requested to eliminate the use of 8% by 11 and
tho problem of satisfying the needs of the nation, as well as those of the
Allies, and of securing an equitable distribution for the purpose of winning 22 by 34 papers.
the war."
"It will be noted that the following substance numbers are eliminated:
"Writings-8-11-28-32-36-40.
He further says that "involved in the distribution is the problem of
stabilization
of prices in the interest of both
bringing about a reasonable
"Bonds-8-11-24-28.
"Ledgers-40-48-60..
the producer and consumer."
1058
THE CHRONICLE
[VOL. 107.
"Bristols formerly purchased by weight to hereafter be bought by subMachine finish or eggshell: 28 by 38, 30% by 41, 33 by 44, 35 by 46,
stance number.
38 by 56, 41 by 61.
"With the exception of ledger paper, substance No. 44, the above will
Super and coated: 25 by 38, 28 by 42. 30M by 41, 33 by 44, 38 by 50,
comply with established weights, which the Paper Department of the Gov- 41 by 61.
ernment recently requested the purchasers of paper to follow.
To avoid unnecessary wastage of paper on series of books already estab'In order to confine the various sizes of books to suit the different sizes lished, special sizes may be made on orders of 5 tons or more.
of paper to be carried in stock, I have standardized books into eight difThe above regulations are not be be retroactive, and therefore do not
ferent sizes and same will be submitted to departments for their information: apply to books, &c., already in process of manufacture and published prior
Paper
Trim
to Oct. 11918.
Sizes.
Sizes.
To subscription book publishers: Publishers of subscription books will
Inches,
Inches.
be considered to have lived up to the terms of these regulations if they
23'x 53
24x38
Vest Pocket Directory.
use the above weights of paper and reduce the tonnage used during the year
43x 5% Drill Manuals, &c.
24x38
25% over the tonnage used during the year July 1 1917 to June 30 1918,
32x42
57
/x 9
Regular Octavo Size.
29x41
7 x10
Royal Octavo.
21x32
8 x1034 Demy Publications.
DEBATE ON CURTAILMENT OF REMARKS IN "CON24x38
9Yix11M Census Bulletins and other Publications.
GRESSIONAL RECORD"—"OFFICIAL BUL17x28
83x14
21x32
53sx 75%
LETIN" ALSO BROUGHT UP.
"With the foregoing changes in paper, sizes of paper and books, and the
The duty resting upon members of Congress to refrain
substitution of imitation leather for leather and other changes, that will
be made as nece.,sity arises, I am of the opinion that a great saving to the from taking advantage of the House by the extension of
Government in money and time will result and a greater output will result
remarks in the "Congressional Record," and to assist in
with a materially decreased cost."
The Joint Committee on Printing at its meeting on Monday expressed its conserving the supply of print paper, was pointed out by
approval of the new regulations adopted by the Public Printer and assured Representative Walsh during a debate in the House on
him that if further steps are necessary or advisable to bring about additional
economies in the public printing and binding the committee will co-operate Aug. 27. A part of the debate is reproduced herewith:
Mr. Barnhart: Mr. Speaker, at the time the gentleman from Massawith him in every way possible.
chusetts(Mr. Walsh] rose to ask recognition I was en my feet to call attention to this and other Mistakes in unnecessarily padding the "Record."
The Joint Committee on Printing at a meeting this morning authorized
PUBLISHERS CALLED UPON TO MAKE 25% REDUCme to again call the attention of the House to these abuses of the publishing,
TION IN NEW TITLES OF BOOKS.
if not of extraneous matter, of very much unnecessary matter in the "ConUnder new regulations controlling the use of paper by gressional Record." The time has come when it seems that it may be
for the Government Printing Office to ask the President to compublishers of trade books, copyright reprints, toy books, necessary
mandeer the paper to get out the publications that we need. The prices
juvenile and non-copyright books, the War Industries of paper have gone so high that this one instance to which the gentleman
Board, through the Pulp and Paper Section, has directed from Massachusetts [Mr. Walsh] called attention, namely, the reprinting
of a Member's speeches that had already appeared in the "Record," to the
that, beginning Oct. 1, there shall be a reduction in new extent
of eight pages, w,11 cost the Government of the United States, by
titles of books manufactured in this country of 25% of the the time the franking is done, $300. He might have taken these speeches
"Record" and had them reset for the purpose of having them reout
of
the
average of the three-years from July 1 1915 to June 30 1918.
printed for comparatively nothing instead of repeating the printing in the
Announcement of this was made on Aug. 26 by the War "Record";
but these things are done thoughtlessly and mistakenly by
Industries Board, which further said:
Members. Other Members, like the gentleman from Massachusetts Mr.
Walsh,
hesitate
to object, because they do netlike to criticize their friends.
Publishers who have not been in business for five years will have their
reduced tonnage based on their tonnage used in the year ended Juno 30 last, Yet matters of purely local concern, like that winch has been referred to
and bona fide new publishers who maintain no connection with existing here of the quarrel in Texas, which nobody outside knows anything about,
puolishers may apply to the War Industries Board for registration and al- are extraneous. No doubt the politicians and people of Texas have read
in their own papers of the condemnation of those utterances by voters.
lotment of the number of titles to be published in the first year.
Exception from the regulations is made for books of research, published It simply burdens the "Congressional Record" with a whole lot of matter
under sucsidy, and war-service books published for the United States or that is very expensive to the Government and that very few, if any, people
Allied Governments under subsidy. Also, the regulations are not to read. The "Congressional Record" ought to be printed for the purpose of
apply to books, &c., in process of manufacture to be puolished prior to publishing the proceedings of Congress, and I Delleve it to be the duty of
Members,including the Speaker himself, to see to it that every time a man
Oct. 1 next.
asks to have his re/narks extended, he state what he is going to print in the
The following is the full text of the new regulations:
extension. Otherwise some will abuse the privilege and others, through
To Publishers of Trade Books, Copyright Reprints, Toy Books, Juvenile and mistake, incur unnecessary work and expense in the publication of the
Non-Copyright Books'
"Record."
The following recommendations have been made to the Pulp and Paper
Mr. Denison: Does not the gentleman think that the practice of printing
Section of the War Industries Board by the war committee of publishers, to speeches made in different parts of the country in the "Record" ought to
accomplish the necessary savings in the use of paper brought about by war be stepped?
conditions.
Mr. Barnhart: Yes; I do, and I think if the House would agree to let us
If you believe that any of these regulations will unfairly affect your in- take up the printing bill whereby the extension of remarks in the "Record"
terests, will you kindly state your objections concisely before Sept. 5 1918? would be submitted to a committee for its approval before insertion in the
Regulations.
"Record," it would save a vast amount of "Record" space and expense of
First. Beginning Oct. 1 1918, reduce new titles of books manufactured printing. The criticism of the country is that Congressmen areabusing
in this country 25% of the average of the three-year period July 11916 to the privilege.
June 30 1918. In the case of a publisher who has not been in business over
Mr. Clark of Florida: Does not the gentleman think that a good deal of
five years,the reduction in titles may be from the number of titles published paper could be conserved by the suppression of the "Official Bulletin"?
in the year ending June 30 1918. A bona fide new publisher who maintains
Mr. Barnhart: That is a matter in the hands of the President of the
no connection with any existing publisher may apply to the War Industries United States. There is a widespread opinion that it could be reduced,
Board for registration and allotment of the number of titles to be published and that if the information given out in the "Official Bulletin" could be
in his first year. Books of research published under sub ,idy or war-ser- given to the newspapers of the country it would be much more generally
vice books published for the United States or Allied Governments under seen and read than it is in the "Bulletin."
subsidy are to be excepted from this regulation.
Mr. Good: I want to call attention to the fact that this morning every
Second. Papers are to be'reduced in weight as follows:
Member of the House received from the Fuel Administration about 10
(a) Books of 320 pages or over to be printed on 50-pound machine fin- sheets of paper, printed in two columns, containing news items. The first
ish or eggshell, or 60-pound supercalender.
and second pages, I think, were compleLe, and after that some of the
Smaller books may use up to 60-pound English finish, eggshell, or super pages did not have more than 2inches of printed matter, and then 10 inches
calender.
of blank paper. All of the pages were printed only on one side. Every
(b) Juvenile and toy books:
Member received this big bunch of paper containing but very little printed
Weights to vary in accordance with the number of pages as follows: 257 matter and a lot of paper that was absolutely wasted.
pages or over, 60-pound machine finish, or eggshell, or supercalender;
Mr. Johnson of Washington: Mr. Speaker and gentlemen, I am not a
256 pages or less, 70-pound machine finish, or eggshell, or supercalender; member of the Joint Committee on PrIntnig, but I am a printer. I had
192 pages or less, 80-pound machine finish, or eggshell, or supercalender; occasion a night or two ago to visit the Government Printing Office, and I
128 pages or less, 90-pound machine finish, or eggshell, or supercalender; say to you that that great concern is in danger of being dangerously
64 pages or less, 100-pound machine finish, or eggshell, or supercalender. swamped. Conditions there are now badly congested, not only for the
Cover stock for toybooks, 125 pounds. Weights in all cases based on 25 lack of paper but on account of the scarcity of help necessary to do the great
by 38.
amount of work pouring in, and not in any way avoidable by the competent
(c) Type page: With a 100,000-word book of prose, 320 pages, 12mo. chief and his able assistants and employees. The hearings of the Ways
size (roughly 300 words to a page), as the standard, the type page shall and Means Committee, a very important document, must be printed in
scale down to a minimum of 150 words to a page for a prose book of 20,000 great number. The questionnaires and all cards, forms and documents in
words.
connection with the new draft are being printed. Army printing is heavy.
Third. Coated paper is to be used only for inserts or color work and is This House should suspend as far as it can every line of printing that is
limited to 25 by 38-80 pounds.
unnecessary, and I would like to ask unanimous consent, Mr. Speaker, for
Fourth. Eliminate all coated papers for jackets and circulars.
unanimous agreement that all requests for extension of remarks in the
Fifth. Circulars: No new circulars to be issued exceeding 4 pages in "Record" hitherto granted be this day suspended. I make that request.
length. The term "circulars" here used means a description of one book
The Speaker: The gentleman form Washington asks unanimous consent
or group or series of books. No circular to exceed the standard trimmed that all requests for extension of remarks in the "Record" hitherto granted
size of 83 by 11.
be now revoked.
Sixth. All shipments ofbooks"on sale,'"on consignment,"or "protected"
Mr. Miller of Minnesota: Mr. Speaker, I think that would be very unshall be prohibited, except that in any case where a traveling salesman of a fair to the country and to Members who have been granted leave on these
pu lishing house has been,unable to solicit an advance crder for any par- very important matters, and I object.
ticular publication,(because of time limitation between the receipt of the
manuscript and the publication of the book), then the publisher may ship
a sample order "on sale," but such an "on sale" shipment to either of the CONSERVATION OF BUILDING MATERIALS—STATE
large jobbers shall in no case be in excess of 100 copies, and no such "on
COUNCILS OF NATIONAL DEFENSE TO ASSIST
sale" shipment to any other deaelr shall be in excess of 5 copies.
WAR INDUSTRIES BOARD.
Seventh. No "on sale" shipment shall be made for display or any other
purpose except as stated in previous paragraph, and no rebates shall be
In its efforts to conserve building materials needed in
made for unsold stock.
Eighth. Standard size of paper shall be used in printing all books so far prosecution of the war and to release labor for war work, the
as possible. The standard sizes are:
War Industries Board has determined upon a "tightening up
SEPT. 14 1918.1
THE CHRONICLE
policy" as to civilian building plans. In passing on the
need for proposed new non-war construction the Board
requested the assistance of State Councils of National
Defense, which will investigate through local organizations
and report on all new building projects in their territories.
Final decision is reserved by the Board. In its announcement of this on Sept. 5, the Board says:
1059
The statement made in newspapers on Thursday(Aug.29)that the War
Industries Board had been unable to approve the new school building Project
in New York City and other points because of shortage of materials
Involved was accurate as printed. The telegram printed Saturday morning (Aug. 31) in some of he Now York papers as coming from the Board
to the effect that "report in papers is premature" referred to the fact
that the official ruling has not yet been formulated, although the Board
has reached a decision.
This, as published, is that for the present no non-war building enterprises can be given a priority rating except for replacement or emergency
The determination of the War Industries Board and its Chairman, CMOS. The need for conservation to the
point of sacrifice is so great that
Bernard M. Baruch, to meet the demands for war materials from the the Board can consistently take no
other course. It expects that one
United States military authorities and the Allies, has brought a tightening- building will be made to do the work of two
during the period of pressure.
up policy as to civilian building plans with a view to the conservation of
building materials and to the release of labor to war work.
To assist the Board in passing on the need and essentiality of proposed SCHEDULE FOR CONSERVING OF
MATERIALS BY
new non-war construction, Mr. Baruch has called to his assistance the
STOVE MAKERS.
State Councils of National Defense, which are asked to investigate through
their local organizations and report on all proposed now building projects
The War Industries Board announced this week that under
In their respective territories.
While the recommendations of these local organizations will not be final, agreement with the Conservation Division of the War Inthey will be followed to the extent that no application for materials for dustries Board, the stove manufacturers of the country have
projects coming within their jurisdiction will be considered by the War put into effect the following schedule
for the conservation of
Industries Board until the Council has reported. Final decision in all
material, capital and labor, which is a part of the genera
cases is reserved by tho Board.
Judge E. B. Parker, Priorities Commissioner, is preparing a sot of in- industrial war conservation program:
structions for the various State Councils for their guidance in making
1. Each manufacturer is to reduce his assortment of sizes and styles of
recommendations as to the needs and essentiality of non-war construction. goods manufactured approximately 75%.
The duties of the councils will not include undertakings directed by, or
2. The immediate discontinuance of the manufacture or the acquiring
under contract with, the War Department, Navy Department, Emergency of new patterns for the duration of the war.
Fleet Corporation, Bureau of Industrial Housing and Transportation of
3. All cooking stoves or ranges manufactured to be equipped with No. 8
the Department of Labor, the United States Housing Corporation, and covers only, except where the body of the stove and range is too small to
the following civilian enterprises:
permit the use of such size.
Repairs of or extensions to exisdng buildings involving in the aggregate a
4. The manufacture of back guards and tea shelves for steel high closets
cost not exceeding $2,500.
to be discontinued.
Roadways, buildings and other structures undertaken by or under
5. The manufacture of tin linings in ovens and doors to be discontinued.
contract with the United States Railroad Administration or a railroad
6. Light patterns of stoves and ranges to be manufactured in preference
operated by such Administration.
to heavy patterns.
Those directly connected with mines producing coal, metals and ferro7. The manufacture of steel high shelves and canopie on domestic
alloy minerals.
ranges to be discontinued.
Public highway improvements and street pavements when expressly.
The announcement of the War Industries Board also states
approved in writing by the United States Highways Council.
For building projects not falling within one of the classes mentioned that the Conservation Division is advised that the universal
there will be required a special written permit issued by the Chief of Non- adoption of this schedule will result in large savings in mawar Construction Section of the Priorities Division of the War Industries
terials and capital tied up in manufacturers' and dealers'
Board.
Anyone contemplating a building which he conceives to be in the public stocks.
interest, or of soch essentiality that under etisting conditions it should not
be deferred, should make a full statement of the facts in writing, under
NEW PRIORITIES LIST OF INDUSTRIES
oath, and present it to the local representative of the Council of National
AND PLANTS.
Defense for his approval. This representative will report his approval
with a statement of reasons, to the Non-war Construction Section of the
A new priorities list of industries and plants, superseding
War Industries Board for final decision.
Secretary Baker, acting as Secretary of the Council of National Defense all previous listings, was made public by B. M. Baruch,
and of the Advisory Commission, promptly accepted for the Council the Chairman of the War Industries Board, on Sept. 8. In his
request for co-operation and assistance made by the War Industries Board announcement Mr. Baruch states
that the new list is the
In the following letter from Mr. Baruch:
basis for industrial exemption from the draft, and may be
August 22 1918.
The Honorable the Secretary of War,
regarded as the governing factor in the distribution of labor,
Washington, D. C.
My Dear Mr. Secretary.—Inspired by the exchange of letters between capital, facilities, material, transportation and fuel. Under
you and the President regarding the activities of the State Councils of
National Defense—those splendid bodies of American business men—the it the various industries are grouped into four classes; it is
thought comes to me that there may be a possibility of utilizing their
services in a highly important connection with the work of the War In- pointed out, however, that no distinction is made as between
dustries Board.
the industries within any one classification, so no significance
I am submitting a brief outline of the plan I have in mind to you as
President of the Council of National Defense in the hope that your view attaches to the order in which the industries are named in the
may coincide with mine and that I may gain your cooperation in offectu
ating the system. No one is more familiar than yourself with the necessity particular class to which they belong. Class 1 includes
of increasing our fighting forces of men and materials, and the consequently industries regarded as of particular importance,
such as the
heavy drain upon our resources caused by the increment. To meet the
needs there must be, as indeed there is, a constantly growing curtailment, manufacture of munitions and plants engaged in producing
elimination, or conversion of non-war activities.
It is toward the end of curtailment that the State councils can be of food, fuel and ships. The requirements of this class must
immediate value. These bodies are already organized and have a working
knowledge of war work and war necessities, and, of equal importance, be fully met in preference to those in the other classes. All
knowledge of the things essential to the protection and supply of civilian the classes will be given priority over those industries not
needs. Their co-operation would prevent a heavy and unnecessary
duplication of those tasks they are organized to handle.
in the list, but as between classes 2,3 and 4 there is, it is said,
It is very probable that at a later period there can be a widening of their
field of usefulness, but for the present I should like to put into execution no absolute preference provided. The relative importance
a plan whereby no application for building materials or commodities of the industries will be the deciding
factor. Every industry
employed for repair purposes shall be considered by the War Industries
Board, unless it has previously been passed upon and approved by the in those three classes will be required to file with the War
Council of National Defense in the State in which the application originates.
Industries Board before the 15th of every month a report
It is obviously impossible for the State councils to pass the final judgment
upon such matters since they do not have a full picture of all of our varying covering its activities during the preceding month. The
and constantly changing war needs, but I have no doubt that with certain announcement says:
broad principles to guide them the councila could be of great value in
eliminating at the point of origin such projects that are not of a necessitous
The inclusion of the industries and plants on this preference list does
nature.
I am not prepared to say that the War Industries Board would neces- not operate as an embargo against all others, but the effect is to defer the
sarily be committed to a favorable decision because of a State council's requiremens of all other industries and plants until the requirements of
approval of any project, but the Board would pledge itself to give fullest these on the preference list shall have been satisfied.
consideration to such enterprises as are so indorsed and would not receive
The following is Mr. Baruch's announcement:
any without such indorsement.
It needs but slight study of the situation to see the advantage to be
The preference list of industries and plants, compiled by the priorities
gained by the process I have here outlined. The members of the several
State councils lacing directly on the ground will have a more intimate division of the War Industries Board, is herewith presented. This list
knowledge of the nature of the various demands that are now being pressed is the mw tee-key governing the flow of basic industrial elements to the
upon the attention of the War Industries Board in ahnost overwhelming industries essemial to the war program. It supersedes all previous listing.
number.
It is the basis for industrial exemption from the draft, and may be reTheir approval or dLsapproval will greatly simplify the system of award
and will, by reducing the volume, expedite the business of the Board and garded as the governing factor in the distribution of labor, capital, faciiities,
make for greater satisfaction for the applicants.
material, transportation and fuel.
It is not necessary for me to repeat what is in your mind, as well as mine,
The priorities division has grouped major industries according to their
that every request should be scrutinized with the utmost care and granted
rotative importance into four great classes, consideration being given in
only when the need is imperative.
If you agree with my view of the value of the instrumentality of the this grouping to these factors: (1) Intrinsic importance of the product for
State councils, I shall be glad to take the matter up with you or your Use during the war and the urgency;(2) necessity for maintaining or stimurepresentative, to the end of devising a definite system of procedure.
lating and increasing the total quantity of production: (3) proportion of
I am, my dear Mr. Secretary,
the capacity of the industry or plant devoted to the production of essential
Yours, very truly,
products. Each industry or plant is given a class number.
B. M. BARUCH.
Judge E. B. Parker, Chairman of the priorities division, states the deterh
mination of the relative importance of all industries and pleats for hot
production
and delivery by a single agency, the War Industries Boardo
B. M. BARUCH CONFIRMS REPORT THAT NO NEW
renders it possible to maintain a well-balanced program with respect t
SCHOOL BUILDINGS WILL BE APPROVED DURING
the several factors entering into production, which includes, among othe
WAR.
things, plant facilities, fuel supply or electrical energy, labor and transporation, without all of which production is impossible.
B. M. Baruch in confirming reports that the War IndusWhare it is imperative not only to maintain, but to stimulate and Intries Board would not approve any new school building crease, production to supply abnormal demands creazed by war requirements, a high rating is necessary even though the intrinsic importance of
projects during the war, has issued the following statement, the
product may be less than that of other products placed in the lower
according to the "Official Bulletin" of Sept. 3:
classification, due to the fact that the supply of such other products equals
1060
THE CHRONICLE
[vol.. 107.
or stimulating and increasing the total quantity of production, which in
turn depends largely upon the relation of the supply to the demand for
essential uses; (3) the proportion of the capacity of she industry or plant
which is devoted to the production of the essential product.
Where it is imperative not only to maintain but to stimulate and increase production to satisfy abnormal demands created by war requirements a high rating is necessary, even though the intrinsic importance of
the product may be less than that of other products placed in a lower classification due uo the fact that the supply of such other products equals the
demand without the stimulus of high priority. Where it is necessary to
speed the production of a particalar product required at a particular time
to carry into effect an important program, a high priority is given, although
changing conditions may thereafter suggest and demand a reclassification.
Certain plants produce commodities of great relative importance, but at
the same time produce other commodities of less relative importance,
and under such circumstances consideration and weight is given to the ratio
of production between the more important and less important commodities.
Instances occasionally arise where individual plants are given preference
so long as they are rendering, and so long as it is in the public interest
that they should render, a particular service, even though, taking the
country as a whole, the supply of their product is ample to meet all demands.
No distinction has been made between any of the industries or plants
within any one class, and no significance attaches to the order in which
industries and plants are listed within any class.
The industries and plants grouped under Class I are only such as are of
exceptional importance in connection with the prosecution of the war.
Their requirements must be fully satisfied in preference to those of the three
remaining classes.
Requirements of industries and plants grouped under Class II, Class III
and Class IV shall have precedence over those not appearing on the Profonce List. As between these three classes, however, there shall be no
complete or absolute preference. The division into classes is for the purpose of presenting a composite picture of the relative importance of the
industries and plants embraced within each group. It is not intended the
the requirements of Class II shall be fully satisfied before supplying an
of the requirements of Class III, or that those of Class III shall be fully
satisfied before supplying any of those of Class IV. The classification
does, however, indicate that the industries and plants grouped in Class II
are relatively more important than those in Class III and that those in
Class III are relatively more important than those in Class IV. It will
often happen that after satisfying the requirements of Class I the remaining
available supply will be less than the aggregate requirements of the other
three classes, in which event such supply will be rationed to the industries
and plants embraced within those classes. In determining a basis for such
rationing the relative importance of each industry and plant, according to its
dais rating, must be considered. It has been found impracticable to prescribe for rationing purposes any general and uniform rule or forumla,
but the priorities board will from time to time, after conference, and in
co-operation with each of the several Governmental agencies charged with
the distribution thereof, determine particular principles, values and methIn making public the list the Wax Industries Board issued ods of application which may be followed in allocating fuel, power, transportation and labor, respectively, to the end that proper recognition and
the following:
weight may as far as practicable in each case be given to the relative imWAR INDUSTRIES BOARD.
portance of Class II, Class III and Class IV.
Priorities Division.
Each plant listed as such shall not later than the 15th of each month
Circular No. 20.
file with the Secretary of the priorities board, Washington, D. C., a report
Preference List No. 2, issued Sept. 3 1918.
on P. L. Form No. 3 (a supply of which will be furnished on application)
(Superseding Preference List No. 1, issued April 6 1918, and all amend- covering its activities during the preceding month. Any plant failing to
file such report will be dropped from the Preference List.
ments and supplements thereto.)
Priorities in the supply and distribution of raw materials, semi-finished
Foreword.
products and finished products shall be governed by Circular No. 4 issued
The President has placed upon the Chairman of the War Industries
by the priorities division of the War Industries Board under date of July 1
Board the responsibility for determining and administering all priorities
1918 and all amendments and supplements thereto or substitutes therefor.
In production and delivery. The determination of the relative importance
The term "principally" as used in listing industries shall be construed
of all industries and plants for both production and delivery by a single
to mean plants whose output is not less than 75% of the products menagency renders it possible to reasonably maintain a well-balanced program'
tioned.
with respect to the several factors entering into production, which include
This Preference List shall be amended or revised from time to time by
(a) plant facilities, (b) fuel supply or electric energy, or both, (c) supply of
action of the priorities board to meet changing conditions. The priorities
raw materials and finished products, (d) labor, and (e) transportation by
commissioner shall, under the direction of and with tho approval of the
rail, water, pipe lines or otherwise. Without all of these—spealdng genpriorities board, certify additional classes of industries and also certify
erally—production is impossible.
additional plants whose operations as a war measure entitle them to prefIn compliance with the directions of the President that plans be formutreatment, which industries and plants when so certified shall be
erence
lated whereby there may be "common, consistent and concerted action"
automatically included in the Preference List.
in carrying into effect all priority policies and decisions, the Chairman of
EDWIN B. PARKER, Priorities Commissioner.
the War Industries Board has created a priorities board, with the priorities
Approved:
commissioner of the War Industries Board as Chairman, consisting of
Chairman War Industries Board.
BARUCH,
M.
BERNARD
(1) the Chairman of the War Industries Board, (2) the priorities commisWashington, D. C., Sept. 3 1918.
sioner, (3) a member of the Railroad Administration, (4) a member of
the United States Shipping Board Emergency Fleet Corporation, (5) a
The following is the preference list:
member of the War Trade Board, (6) a member of the Food AdministraINDUSTRIES.
tion, (7) a member of the Fuel Administration, (8) a representaitve of
(Listed alphabetically.)
the War Department, (9) a representative of the Navy Department,
Chairman
the
Class.
(10) a member of the Allied Purchasing Commission, and (11)
Agricultural Implements. See Farm Implements.
of the War Labor Policies Board.
Plants engaged principally in manufacturing aircraft or airThe decisions of the priorities beard are subject to review only by the Aircraft:
craft supplies and equipment
Chairman of the War Industries Board and by the President.
Ammunition: Plants engaged principally in manufacturing same for
the United States Government and the Allies
For the guidance of all Governmental agencies and all others interested
yards
In (1) the production and supply of fuel and electric energy, (2) in the Army and Navy: Arsenals and navy
and Navy: Cantonments and camps
Army
supply of labor, and (3) in the supply of transportation service by rail, Arms (small):
Plants engaged principally in manufacturing same for
proto
contributes
such
service
water, pipe lines, or otherwise, in so far as
the United States Government and the Allies
duction of finished products, the accompanying designated Preference Bags: Hemp, jute and cotton—plants engaged principally in manuIV
facturing same
List No. 2 has been adopted by the priorities board superseding Preference
Blast furnaces (producing pig iron)
List No. 1, adopted April 6 1918, and all amendments and supplements Boots and shoes: Plants engaged exclusively in manufacturing same
IV
thereto.
Brass and copper: Plants engaged principally in rolling and drawing
copper, brass and other copper alloys in the form of sheets, rods,
Where advisable industries as such have been classified and listed. In
II
wire and tubes
numerous instances individual plants have been found to be entitled to Buildings.
See public institutions and buildings.
preference, although the industries to which they beton • are not; and in Chain: Plants engaged principally in manufacturing iron and steel chain_ III
other instances where an industry as such has been accorded a degree of Chemicals: Plants engaged principally in manufacturing chemicals for
the production of military and naval explosives, ammunition and
prefrence particular plants in such indusry have been placed in a higher
aircraft, and use in chemical warfare
class. This has necessitated classifying and listing not only industries Chemicals:
Plants, not otherwise classified and listed, engaged prinIV
as such but to a limited extent individual plants, some of which are accorded
cipally in manufacturing chemicals
a higher rating than that accorded the listed industry to which they belong. Coke: Plants engaged principally in producing metallurgical coke and
by products, including toluol
The Preference List is made up of industries and plants which in the
II
Plants, not otherwise classified and listed, producing same
public interest are deemed entitled to preferential treatment. The inclu- Coke:
Copper and brass: See brass and copper.
IV
sion of these industries and plants on this list does not operate as an em- Cotton: Plants engaged in the compression of cotton
bargo against all others, but the effect is to defer the requirements of all Cotton textiles: See textiles.
manufacturing locomotive or
other industries and plants uncil the requirements of those on the Preference Cranes: Plants engaged principally in
II
traveling cranes
List shall have been satisfied.
(The term "principally" means 75% of the products mentioned.)
In the compilation of this list industries and plants have been divided Domestic consumers: Fuel and electric energy for residential consumption, including homes, apartment houses, residential flats, restauaccording to their relative importance into four classes, viz., Class I,
rants and hotels
Class II, Class III and Class IV. In determining such relative importance
consumers: Fuel and electric energy not otherwise specifically
Domestic
consideration and weight have been given not solely to any one but to all
III
listed
of the following factors: (1) The intrinsic importance of the product itself Drugs: Medicines and medical and surgical supplies, plants engaged
IV
same
manufacturing
dethe
of
time,
in
by
measured
principally
as
urgency,
the
for use during the war, and
I'lants engaged principally in:manufacturing same III
mand or of the use to which it is to be put;(2) the necessity for maintaining Electrical equipment:
the demand without the stimulus of high priority. Certain plants produce
commodities of more relative importance, but at the same time produce
'other commodities of less relative importance and under such circumstances
consideration and weight it given to the ratio of production between the
more important and less important commodities.
The inclusion of the industries and plants on this preference list does
not operate as an embargo against all others, but the effect is to defer the
requirements of all other industries and plants until the requirements of
those on the preference list shall have been satisfied. The paramount
purpose of priorities is the selective mobilization of the products of the soil,
the mines and factories for direct and indirect war needs in such a way as
• will most effectually contribute toward winning the war.
In listing industries as such or individual plants, while a number of factors are taken into account, the ultimate test is: To what extent, if at all,
will according preference contribute directly or indirectly toward winning,
the war; and, if at all, how urgent is the need.
A high priority classification does not always mean that the product
of the industry of the plant so classified is of greater intrinsic importance
than those of India:tries and plants in a lower classificadon or not appearing
at all on the preference list, but that taking into account the urgency of
the demand and the relation of supply to demand, it is in the public interest
that the artificial stimulus of priority should be applied. All priority is
relative and implies purposeful discrimination.
Continuing, Judge Parker says:
"Without a central agency to determine the relative needs, importance
and urgency of the requirements of each department of this Government,
of its Allies and of the civilian population, there would be hopeless conflict
and confusion. The unprecedented expansion of the Army and of the
Navy of the United States, the creation of the Emergency Fleet Corporation to engage in shipbuilding on an extraordinary scale, and the demands
made by our Allies for munitions, material, equipment, fuel, foods and
feeds, the abrupt change from a peace to a war basis have all combined to
create abnormal industrial conditions in the United States, to regulate
which the law of supply and damand and other economic laws applicable
to normal conditions are wholly inadequate. The adminisaation of priorities is calculated to bring order out of chaos and to develop an evenly
balanced industrial program to meet the requirements of the military
program, and at tha same time supply the essential requirements (as distinguished from the mere wants or desires) of the civilian population.
Now that it is understood that priority and preference cannot be purchased,
the tendency is for prices to assume more nearly the normal level. It is
now the public inter est rather than the dollars of the purchaser that determines precedence in production and delivery."
Closely associated with the promulgation of this new preference list by
the War Industries Board is the great necessity for conservation in every
possible way of men, material, transportation and all energies that go to
placing the United States with all its power and resources behind its men
at the front in winning the war. It is necessary now more than ever to
save to the point of sacrifice so that demand may be held to the bone,
enabling supply to go as far as possible.
SEPT. 14 1918.]
THE CHRONICLE
Class.
Explosives: Plants engaged principally in manufacOring same for
military and naval purposes for the United States Government and
the Allies
Explosives: Plants, not otherwise classified or listed, engaged principally in manufacturing same
III
Farm implements: Plants engaged principally in manufacturing agricultural implements and farm-operating equipment
IV
Feed: Plants engaged principally in preparing or manufacturing feed
for live stock and poultry
Ferro alloys: Plants engaged principally in producing ferrochrome,
ferromanganese, ferromolybdenum, ferrosilicon, ferrotungsten, ferrouranium, ferrovanadium and ferrozirconium
Fertilizers: Plants engaged principally in producing same
IV
Fire brick: Plants engaged principally in manufacturing same
IV
Foods: Plants engaged principally in producing, milling, refining, preserving, refrigerating, wholesaling or storing food for human consumption embraced within the following description: All cereals and
cereal products, meats including poultry, fish, vegetables, fruit,
sugar, sirups, glucose,butter, eggs, cheese, milk and cream, lard,
lard compounds, oleomargarine and other substitutes for butter or
lard, vegetable oils, beans, salt, coffee, baking powder, soda and
yeast; also ammonia for refrigeration
Foods: Plants engaged principally in producing, milling, preparing,
refining, preserving, refrigerating or storing food for human consumption not otherwise specifically listed; excepting herefrom plants
producing confectionery, soft drinks and chewing gum
iii
Food containers: Plants engaged principally in manufacturing same
IV
Foundries (iron): Plants engaged principally in the manufacture of
gray iron and malleable iron castings
IV
Fungicides. See Insecticides and fungicides.
Gas. See oil and gas, also public utilities.
Guns (large): Plants engaged principally in manufacturing same for the
United States Government and the Allies
Hospitals. See public institutions and buildings. ,
Ice: Plants engaged principally in manufacturing same
Insecticides and fungicides: Plants engaged principally in manufacturing III
same
Laundries
IV
Machine tools: Plants engaged principally in manufacturing same
II
Medicines: See drugs and medicines.
Mines: Coal
Mines: Producing metals and ferro-alloy minerals
II
Mines: Plants engaged principally in manufacturing mining tools
or equipment
III
Navy. See Army and Navy.
Navy Department. See War and Navy Departments.
Newspapers and periodicals: Plants engaged principally in printing
newspapers or periodicals which are entered at the post office as
second-class mail matter
IV
011 and gas: Plants engaged principally in producing oil or natural gas
for fuel, or for mechanical purposes, including refining or manufacturing oil for fuel, or for mechanical purposes
Oil and gas: Pipe lines and pumping stations engaged in transporting
oil or natural gas
011 and gas: Plants engaged principally in manufacturing equipment or
supplies for producing or transporting oil or natural gas, or for refining
and manufacturing oil for fuel or for mechanical purposes
iii
Paper and pulp. See pulp and paper.
Periodicals. See newspapers and periodicals.
Public institutions and buildings (maintenance and operation of) other
than hospitals and sanitariums
Public institutions and buildings (maintenance and operation of) used III
as hospitals or sanitariums
Public utilities: Gas plants producing toluol
Public utilities: Street railways, electric lighting and power companies,
gas plants not otherwise classified, telephone and telegraph companies, water-supply companies and like general utilities
II
Public utilities: Plants engaged principally in manufacturing
equipment for railways or other public utilities
Pulp and paper: Plants engaged exclusively in manufacturing same
IV
Railways: Operated by United States Railroad Administration
Railways: Not operated by United States Railroad Administration
(excluding those operated as plant facilities)
Railways (street). See public utilities.
Rope. See twine and rope.
Rope wire. See wire rope.
Sanitariums. See public institutions and buildings.
Ships (maintenance and operation of): Excluding pleasure craft not
common carriers
Ships: Plants engaged principally in building ships, excluding (a) pleasure craft not common carriers,(b) ships not built for the United States
Government or the Allies nor under license from United States
Shipping Board
Soap: Plants engaged principally in manufacturing same
Steel-making furnaces: Plants engaged solely in manufacturing ingots IV
and steel castings by the open-hearth, Bessemer,
or electricfurnace process, including blooming mills, billet crucible
mills and slabbing
mills for same
Steel-plate mills
Steel-rail mills: Rolling rails, 50 or more pounds per yard
Steel: All plants operating steel rolling and drawing mills exclusive of II
those taking higher classification
iu
Surgical supplies. See drugs and medicines.
Tanners: Plants engaged principally in tanning leather
Tanning: Plants engaged principally in manufacturing tanning extracts IV
IV
Textiles: Plants engaged principally in manufacturing cotton textiles,
including spinning, weaving and finishing
Textiles: Plants engaged principally in manufacturing woolen textiles, IV
including spinners, top makers and weavers
Textiles: Plants engaged principally in manufacturing cotton or woolen IV
knit goods
__ _ _
_ IV
Textiles: Plants engaged principally in manufacturingIV
Tin plates: Plants engaged principally in manufacturing same
III
Tobacco: Only for preserving, drying, curing, packing and storing
same,
no for manufacturing and marketing
IV
Tolu I. See coke; also public utilities.
Tools: Plants engaged principally in manufacturing small
or hand tools
for working wood or metal
Twine (binder and rope): Plants engaged prinicpally in manufacturing iii
ame
IV
War and Navy Departments: Construction work conducted
by either
the War Department or the Navy Department of the United
States
In embarkation ports, harbors, fortified places, flood-prote
ction
operations, docks, locks, channels, inland waterways
and in the
maintenance and repair of same
Wire rope and rope wire: Plants engaged principally in manufacturing
same
II
Woolen textiles. See textiles.
(The term "principally" means 75% of the products mentioned.)
FULL TEXT OF NEW MAN POWER BILL—CHANGES
AS COMPARED WITH ORIGINAL DRAFT ACT.
The new Man Power Bill as signed by President Wilson
on Aug. 31 embodies a number of important changes in the
operation of the draft in addition to the change in the draft
ages. By a clause in Section 1, the President is empowered
to classify drafted men according to ages and call them to
the colors in such sequence as he shall see fit.
Section 2 of the new Act amends Section 4 of the original
Act by adding the words "occupations or employments"
after the word "industries" in specifying who may be exempted in the interest of maintaining the national efficiency.
This change broadens the basis of exemption and removes the
1061
danger of a too narrow construction of the word "industries,"
which many draft boards have construed as excluding
bankers, and those engaged in commerce and similar occupations. The new section now reads:
Sec. 2. That the provision wherever occurring in Section 4 of said Act.
"persons engaged in industries, including agriculture, found to be necessary to the maintenance of the military establishment, or the effective
operation of the military forces, or the maintenance of national interest
during the emergency," be and is hereby amended to read as follows:
"Persons engaged in industries, occupations or employments, including
agriculture, found to be necessary to the maintenance of the military
establishment or the effective operation of the military forces or the maintenance of national interest during the emergency."
Section 4 of the new bill provides that drafted men shall
be liable to service in the Navy or the Marine Corps, as
well as, in the Army, and shall become subject to the laws
and regulations of whichever branch of the service they may
be assigned to. Heretofore men have been drafted for the
Army only, the Navy and Marine Corps depending on voluntary enlistments alone.
Section 5 establishes the right of the wife of a soldier or
sailor to hold office under the Government.
Section 6 provides that soldiers, regardless of age, shall be
eligible for commissions and to enter officers'training schools.
Section 7 authorizes the Secretary of War to assign soldiers
to schools for technical or special training and to provide
for their maintenance.
Section 8 grants the right of soldiers under 21 years to take
up homestead lands.
Section 9 provides that officers may buy their uniforms
from the Government at cost.
The full text of the bill is as follows:
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the second sentence of Section 2 of
the Act entitled "An Act to authorize the President to increase temporarily
the military establishment of the United States," approved May 18 1917:
as amended, be, and is hereby amended to read as follows:
Such draft as herein provided shall be based upon liability to military
service of all male citizens and male persons residing in the United States,
not alien enemies, who have declared their intention to become citizens.
between the ages of eighteen and forty-five, both inclusive, and shall
take place and be maintained under such regulations as the President
may prescribe not inconsistent with the terms of this Act.
Provided, that the President may draft such persons'liable to
militant'
service in such sequence of ages and at such time or times as he may prescribe.
Provided, further, that a citizen or sulltject of a country neutral in the
present war who has declared his intention to become a citizen of the
United States shall be relieved from liability to military service upon his
making a declaration in accordance with such regulations as the President may prescribe withdrawing his intention to become a citizen of the
United States, which shall operate and be held to cancel his declaration
of intention to become an American citizen, and he shall forever be debarred
from becoming a citizen of the United States.
Section 2. That the provision wherever occurring in Section 4 of said
Act, "persons engaged in industries, including agriculture, found to be
necessary to the maintenance of the military establishment or the effective
operation of the military forces or the maintenance of national interest
during the emergency," be and is hereby, amended to read as follows:
Persons engaged in industries, occupations, or employments, including
agriculture, found to be necessary to the maintenance of the military establishment or the effective operation of the military forces or the maintenance of national interest during the emergency.
Section 3. That Section 5 of said Act be, and is hereby, amended to
read as follows:
That all male persons between the ages of eighteen and forty-five, both
inclusive, shall be subject to registration in accordance with regulations to
be prescribed by the President, and upon proclamation by the President
or other public notice given by him or by his direction, stating the time or
times and place or places of any such registration, it shall be the duty of
all persons of the designated ages, except, officers and enlisted men of the
regular army, officers and enlisted men of the National Guard while in the
service of the United States, officers of the officers' reserve corps and enlisted men in the enlisted reserve corps while in the service of the United
States, officers and enlisted men of the Navy and Marine Corps, officers
and enlisted men and enrolled men of the Naval Reserve force and Marine
Corps Reserve while in the service of the United States, officers commissioned in the Army of the United States under the provisions of this Act,
persons who prior to any day set for registration by the President hereunder have registered under the terms of this Act or under the terms of the
resolution entitled "Joint resolution providing for the registration for military service of all male persons citizens of the United States and all male persons residing in the United States who have since the 5th day of June, 1917,
and on or before the day set for the registration by proclamation by the
President attained the age of twenty-one years, in accordance with such
rules and regulations as the President may prescribe under the terms of the
Act approved May 18 1917, entitled 'An Act to authorize the President to
increase temporarily the military establishment of the United States,'"
approved May 20, 1918, whether called for service or not; and diplomatic
representatives, technical attaches of foreign embassies and legations, consuls general, consuls, vice-consuls and consular agents of foreign countries
residing in the United States who are not citizens of the United States, to
present themselves for and submit to regiszation under the provisions of
this Act, and every such person shall be deemed to have notice of the requirements of this Act upon the publication of any such proclamation or
any such other public notice as aforesaid given by the President or by his direction; and any person who shall willfully fail or refuse to present himself for registration or to submit thereto as herein provided shall be guilty
of a misdemeanor, and shall, upon conviction in a district court of the Uhited
States having jurisdiction thereof, be punished by imprisonment for not
more than one year and shall thereupon be duly registered.
Provided, that in the call of the docket precedence shall be given, in
courts trying the same, to the trail of criminal proceedings under this Act:
Provided, further, that persons shall be subject to registration as herein
provided who shall have attained their eighteenth birthday and who shall
not have attained their forty-sixth birthday on or before the day set for
1062
THE CHRONICLE
the registration in any such proclamation by the President or any such other
public notice given by him or by his direction, and all persons so registered
shall be and remain subject to draft into the forces hereby authorized unless
exempted or excused therefrom as in this Act provided.
Provided further, that the President may at such intervals as he may
desire from time to time require all male persons who have attained the age
of eighteen years since the last preceding date of registration and on or before
the next date set for registration by proclamation by the President, except
such persons as are exempt from registration hereunder, to register in the
same manner and subject to the same requirements and liabilities as those
previously registered under the terms thereof.
And provided further, that in the case of temporary absence from actual
place of legal residence of any person liable to registration, as provided
herein, such registration may be made by mail under regulations to be prescribed by the President.
And provided further, that men registered under the provisions of this
Act who have served in the Navy of the United States shall, upon their own
application be permitted to reenlist in the naval or marine service of the
United States with and by the approval of the Secretary of the Navy.
Section 4. That all men rendered available for induction into the military
service of the United States through registration or draft heretofore or
hereafter made pursuant to law shall be liable to service in theArmy or the
Navy or the Marine Corps and shall be allotted to the Army or the Navy
and the Marine Corps under regulations to be proscribed by the President.
Provided, that all persons drafted and allotted to the Navy or the Marine
Corps in pursuance hereof shall from the date of allotment be subject to
the laws and regulations governing the Navy and the Marine Corps,
respectively.
Section 5. That the wife of a soldier or sailor serving in the present war
shall not be disqualified for any position or appointment under the Goverment because she is a married woman.
Section 6. That soldiers, during the present emergency, regardless of ago
and existing law and regulations, shall be eligible to receive commissions
in the Army of the United States. They shall likewise be eligible to
admission to officers' schools under such rules and regulations as may be
adopted for entrance to such schools, but shall not he barred therefrom
or discriminated against on account of age.
Section 7. That the Secretary of War is authorized to assign to educational institutions, for special and technical training, soldiers who enter
the military service under the provisions of this Act in such numbers and
under such regulations as he may prescribe; and is authorized to contract
with such educational institutions for the subsistence, quarters and military
and academic instruction of such soldiers.
Section 8. That any person under the age of twenty-one who has served
or shall hereafter serve in theArmy of the United States during the present
emergency shall be entitled to the same rights under the homestead and
other land and mineral entry laws, general or special, M those over twentyone years of age now possess under said laws.
Provided, that any requirements as to establishment of residence within
a limited time shall be suspended as to entry by such person until six
months after his discharge from military service.
Provided further, that applications for entry may be verified before any
officer in the United States or any foreign country authorized to administer
oaths by the laws of the State or Territory in which the land may be
situated.
Section 9. That hereafter uniforms, accountroments and equipment shall,
upon the request of any officer of the army or cadet at the military academy,
be furnished by the Government at cost, subject to such restrictions and
retaliations as the Secretary of War may prescribe.
[void. 107.
claim for exemption the draft boards must take into account
not only whether the industry is essential, but whether the
services of the individual are vital to the industry.
In passing upon questions of exemption on industrial
grounds, each district board will be aided in its researches
by three advisers, one to be appointed by the Department of
Labor, one by the Department of Agriculture, and the third
by the district board. It will be the duty of these advisers
to confer with managers and heads of various industries,
and instruct such persons as to their right to file a claim for
deferred classification in respect of any registrant who has
failed or refused to file a claim in his own behalf, or who has
waived his claim for deferred classification. As to the functions of these industrial advisers, the regulations further say:
Such industrial advisers so appointed by each district board shall not in
any sense be members of such district board, shall have no right to vote at
any meetings thereof, and shall have and exercise only the rights, duties,
powers and functions herein specifically given.
Such advisers shall have the right to furnish all pertinent information
to the district board and may attend meetings of the board upon request
of the board to which they are attached.
Such advisers may place before the district board at its meetings, or at
such other time as the board may request, all facts and information in their
possession as to the preference lists issued by the Priorities Division of the
War Industries Board. Such lists shall not be regarded as binding upon
the district board in its conclusions as to whether or not any particular
industry, occupation or employment, including agriculture, is a necessary
industry, occupation or employment within the meaning of the law and
regulations, nor shall such lists prevent the district board from holding as
necessary any industry, occupation or employment, including agriculture,
not contained therein.
Such preference lists and other facts and information in the possession
of such advisers will supplement the information in the possession of the
district boards, and will also be used to assist the district boards in dealing
with specific cases. . . .
The necessity of not seriously interfering with certain occupations and
employments, such as financial, commercial, educational, hospital work,
care of the public health, or with the conduct of certain other activities
necessary to the public welfare and the prosecution of the war, requires
that the district boards have the co-operation of such advisers, so that
persons necessary in such activities be not removed therefrom.
To this end, the adviser nominated by the district board should bring to
the attention of the latter the questions as to whether or not individuals
engaged in some particular industry, occupation, or employment are
so necessary thereto as to outweigh the benefit to the nation should they
be drafted into the army.
Such advisers shall, under rules to be proscribed by the local boards,
have access to the questionnaires and other records in the files of the local
boards, and shall confer with persons engaged in various industries, occupations and employments, for the purpose of having the cases of certain
Individual registrants, by whom or in whose behalf no claim for deferred
classification has been made, presented to the district board for consideration and determination as to whether or not such registrants should be
placed in a deferred class.
If any such adviser files with the district board a claim on Form 1,001-A
in
for deferred classification on the ground of a registrant being engaged
a necessary industry, occupation, or employment, including agriculture,
jurishaving
board
local
the
to
the district board shall forward such claim
to
diction, and upon receipt thereof it will be the duty of such local board
district
certify the questionnaire and record of any such registrant to the
regissuch
of
board for consideration, although no claim by or in respect
has
trant for deferred classification has been made or such registrant
waived deferred classification; provided the day and hour fixed to report
for military duty have not arrived.
of
If the information and the affidavits necessary for the classification
occupathe registrant because of his engagement in a necessary industry,
the question, or employment, including agriculture, are not contained in
to give
tionnaire of such registrant, it shall be the duty of such local board
interested In
the opportunity by reasonable extension of time to those
supply
and
information
the
obtaining a deferred classification, to furnish
Pending
the affidavits required by the questionnaire and the regulations.
the final classification of such registrant ho shall not be inducted into
military service.
It shall be the duty of such advisers to confer with the managers and
heads of various industries, and those familiar with the needs in occupations and employments, Including agriculture, and instruct such persons
as to their right under the regulations to file a claim for deferred classification in respect of any registrant who has failed or refused to file a claim
for deferred classification in his own behalf or who has waived his claim
for deferred classification.
Such advisers should in all ways co-operate with the district boards in
order that the information in their possession may at all times be available
to the district boards and be made use of in the work of classifying registrants.
FIRST CALLS UNDER NEW DRAFT WILL INCLUDE
AGES 19-20 AND 32-36.
Announcement was made by General Crowder on the 10th
inst. that the first calls under the new draft would include
youths of 19 and 20 and men between 32 and 36, inclusive,
and that the first of these men would be called to the camps
in October. Questionnaires are to be sent out to the men
in these groups first and classified as speedily as possible.
As to the boys of 18 and the men of 37 to 45,full information
will be given out later. It is not expected, however, that
any call will be made upon men between 37 and 45 for active
service before January or February.
General Crowder said that the needs of the cantonments
this month practically would exhaust the registrants in Class 1
under the earlier Selective Service legislation. No figures
were given out as to the number of men to be called up in
October, most of whom will have to come from the new
registrants, but it is understood the number will not be less
than 270,000 and may reach 300,000. The officials expect
that the larger number of men called into active service
will be from the 19 and 20-year classes and that the percentThe general classification rules applicable to industries,
age of deferred classifications to be granted to men from 32
or employments, including agriculture, follow:
occupations
registered
total
the
to
in
proportion
larger
be
will
upward
words "persons engaged in industries, occupations, or
The
XV.
Rule
3,about
that
than in the earlier drafts. It is estimated
law,
employments, including agriculture," as used in the Selective Service
000,000 of the younger men will register under the present shall not be construed to mean that a person so engaged is entitled to dereason of the fact that the industry, occudraft. The War Department's estimate contemplates tak- ferred classification merely byas
a whole, or agriculture, taken in its enpation or employment, taken
or
ing about 601,000 of the 2,300,000 men who will be needed tirety,
is necessary to the maintenance of the military establishment
national
by next June from those between 32 and 45.
the effective operation of the military forces, or the maintenance of
"INDUSTRIAL, ADVISERS" TO AID DRAFT BOARDS
IN • DETERMINING EXEMPTION CLAIMS.
Provost Marshal General Crowder made public on the
9th inst. the regulations under which the registrants in the
new draft are to be classified. The regulations make it evident that notwithstanding the list of 69 preferred industries
prepared by the War Industries Board, the final decision in
All matters relating to industrial exemptions is to rest with
he district draft boards. The regulations are designed to
be elastic enough to cover all reasonable contingencies, but
the point is emphasized that in considering any particular
classifiinterest during the emergency. In order to support such deferred
in a parcation, the evidence must establish that the registrant is engaged
employment,
or
occupation
or
ticular industrial or agricultural enterprise
and that the particular industrial or agricultural enterprise or occupation
XVII.
or employment is "necessary" in the sense recited in Rule
on enRule XVI. In acting on any claim for deferred classification based
or agriemployment
or
occupation
or
gagement in any particular industry
such
cultural enterprise the board shall first proceed to determine whether
"necesindustry or occupation or employment or agricultural enterprise is
that
find
not
sary" in the sense recited In Rule XVII. If the board dew
is
such industry or occupation or employment or agricultural enterprise
shall
"necessary" in such sense the claim is concluded, and the registrant
be classified in Class I.
If the board determines that the industry or occupation or employment or
agricultural enterprise Is "necessary," it will then proceed to determine
whether the registrant is "necessary" thereto in the sense recited in Rule
SEPT. 14 1918.1
THE CHRONICLE
XVIII, and in the capacity recited in any of the various rules in the classification schedule. If the board does not find that the registrant is
"necessary" in suclitsense and in any such capacity, the claim is concluded
and the registrant shall be classified in Class I.
Rule XVII. The word "necessary" as applied to any industry or occupation or employment or agricultural enterprise, within the meaning of these
regulatiors, shall be take to import that the discontinuance, the serious
.interruption or the materially reduced production thereof will result in
material loss and detriment to the adequate and effective maintenance
of the military establishment or the effective operation of the military
forces or the maintenance of national interest during the emergency.
A particular industry or occupation or employment or agricultural enterprise shall be found to be "necessary" only when it is shown that it is
contributing substantially and materially to the maintenance of the military establishment or the effective operation of the military forces or the
maintenance of national interest during the emergency; and in the case
of a particular agricultural enterprise, that it is producing an appreciable
amount of agricultural produce over and above what is necessary for the
maintenance of those living on the place.
Rule XVIII. The word "necessary" as applied to the relation of a registrant to an industry or occupation or employment, or agricultural enterprise within the meaning of any particular rule governing deferred classification in these regulations shall be taken to import:
1. That the registrant is actually and completely engaged in the industry, or occupation, or employment, or agricultural enterprise, in the
capacity recited in any such rule, and that he is competent and qualified
in that capacity.
2. That the removal of the registrant would result in direct, substantial
material loss and detriment to the effectiveness of the industry, or occuriation, or employment, or agricultural enterprise.
3. That the available supply of persons competent in the capacity recited fn the rule is such that the registrant cannot be replaced in such
capacity without direct, substantial, material loss and detriment to the
adequate and effective operation of the industry, or occupation.
NEW YORK LAW REQUIRES MILITARY TRAINING
FOR ALL BOYS OVER SIXTEEN.
By an amendment to the Compulsory Training Law,
effective beginning this month, every physically sound boy
in New York State not less than 16 years of age nor more
than 19 must undergo military training whether in school
or at work. The new amendment provides heavy penalties
for failure to comply. With the opening of the public schools
on Sept. 9 boys of 16 years or more in all public and private
schools in the State had to .be enrolled for military instruction at once and will be trained under National Guard
officers and other military instructors. The organization of
drill companies for boys 16, 17 and 18 years of age who are
in private employment will be begun at once under Major
Louis M. Greer, Supervisor of the New York Zone of the
Military Training Commission. The law provides that
boys who fail to comply with this law shall not be educated
or employed in the State. School officials who fail to enforce
drill are penalized, and employers are forbidden to employ
or to continue in employment any boy who does not possess
a certificate showing that he is receiving the required training. The amended law reads:
No boy above the age of 16 years and not over the age of 19 years shall
be permitted to continue in attendance upon instruction in any public
or private school or college within the State unless such boy is in possession
of a certificate issued as horeinbefore provided, or unless such boy has been
exempted by the commission from military training as provided .by law
and the rules and regulations of the commission. It shall be the duty of
tho principal or other officer or person having and exercising supervision
and control over any such school or college to exclude such boys from
attendance upon instruction thereat unless they possess such certificate
or are exempted by tho commission as herein provided.
If the principal or officer in charge of a private school shall fail to comply
with the provisions of this subdivision such school shall not receive any
apportionment from public school moneys or academic funds appropriated
by the State Legislature for the aid of such schools; and if the officer or
person in charge of a college shall fail to comply with tho provisions of
this subdivision, such college shall not be recognized as one of the colleges
which may be attended by the holder of a State scholarship issued under
tho provisions of chapter 292 of the laws of 1913 and the Acts amendatory
thereof.
A boy above the ago of 16 years and not over the ago of 19 years who does
not possess a certificate issued as herein provided, showing that ho is enrolled for military training and is meeting the requirements of the Military
Training Commission as to such military training, shall not be employed
or continued in employment by any person, firm or corporation within
this State, or by any officer, manager, superintendent or other employee
acting in behalf thereof, unless such boy has been exempted by the commission under its rules and regulations. (As amended by L. 1917, ch. 49,
and L. 1918, ch. 470.)
UNNATURALIZED GERMANS LISTED IN
UNITED STATES.
The Department of Justice at Washington reported on
Aug. 26 that about 260,000 unnaturalized male Germans
live in the United States and have registered with postmasters
and police under the enemy-alien regulations. The registration for males was held in January, and a few additional
Germans are being recorded from time to time. Reports
of the registration of German women more than two months
ago have not yet been fully tabulated, but it is believed that
less than 200,000 enrolled. These figures do not include
the interned Germans, whose number never has been made
public.
260,000
1063
TIME LIMITS ON VOLUNTARY ENLISTMENTS BY
BRITISH SUBJECTS.
The War Department on Sept. 3 made public the following
announcement in regard to the time limits for voluntary
enlistments of British subjects under the terms of the BritishAmerican draft treaty:
The Provost Marshal General is requested by the British Embassy to
give notice of the fact that British subjects, including declarants, who had
registered before July 30 1918, may enlist voluntarily in the British or
Canadian Army up to and including Sept. 28 1918. Those who registered
on Aug. 24 1918 may so enlist up to and including Sept. 23 1918. Those
who registered on Sept. 12 1918 may so enlist up to and including Oct. 12
1918.
During the period so allowed for voluntary enlistment, British subjects
may apply for exemption to the British Ambassador.
At the end of the period allowed for voluntary enlistment, British subjects, in each of these classes, may no longer enlist in the British or Canadian Army; but, unless exempted by the British Ambassador, they become
liable to military service and may claim exemption under the United States
selective service law.
EMPLOYERS CALLED UPON TO AID DRAFT BOARDS
IN DETERMINING INDUSTRIAL EXEMPTIONS.
In a formal appeal issued on the:10th inst., Provost Marshal General Crowder called upon all employers of labor to
lend their assistance to the draft boards in determining the
proper classification of registrants under the new Selective
Service Act. There is a mistaken impression, General
Crowder said, that the answers to:questions on the new questionnaires will automatically determine a man's classification, and that it will therefore not be necessary for the registrant to claim exemption. Such a policy had been urged in
Congress and accepted in principlelby Secretary Baker, but
if applied literally would seriously delay the operation of the
draft at a time when all haste is necessary. Registrants will
therefore be required to answer the question "Do you claim
exemption ?" as in the original questionnaire. General
Crowder also emphasized the necessity of employers intervening in matters affecting industrial exemptions. Many
men, he pointed out, will fail to claim exemption out of a
mistaken idea of chivalry, althoughitheir services may be vital
to an essential industry. The employer, therefore, should
inform himself thoroughly as to the draft regulations, as to
the status of his employees andfthe needs of his business,
and prepare to file claims for the exemption of necessary men
even though they themselves do not claim exemption. To
aid in this work a committee:ofiindustrial advisers is to be
placed at each district draft board. General Crowder's
statement in full follows:
pgThe time has come when I musi address to-you-some recommendations as
to your share of responsibility in the:classification of the new registrants
under the Selective:Service Act. I have noticed, in the general expressions
of the public attitude which reachithis:office, two frequent features which
lead me to the present comments.
One of these features is the belief that the process of awarding deferred
classification to a registrant requiresDrnerely the filling out of the questionnaire, and that the Selective Service Boards willfperceive the propriety o
making the deferment, without the.:assistance furnished by the registrant's
formal claim indicating the deferment desired.
The other feature is the employer's failure to realize his responsibility to
intervene in aiding the board's determination, and, therefore, to inform
himself fully on all the considerations which should affect the decision as
to deferment. Both of these featureslare due to a single larger fact, viz.:
A failure on the part of many to reflect on the industrial considerations
governing deferred classification.
1. As to the first-mentioned belief, it must be pointed out that if it were
universally acted upon the process of classification would be seriously
hampered and delayed. Some one must indicate that the individual case
Is one which should arrest the special_attention of the boards in respect to
the registrant's occupational status. The boards do not possess a superhuman omniscience. Nor are they permitted by circumstances to devote
unlimited time to the search of questionnaires for possible grounds of claim.
In 1917, out of more than 3,000,000 registrants called, only 140,000 filed
occupational claims, or 4.7%.thus 95% of all registrants raised no question
of such deferment. Under the questionnaire system the exact scrutiny
of every page of this 95% of questionnaires presenting no occupational
claims would have been an intolerable expenditure of time, involving a
delay fatal to the speed and decisive action necessary for filling the army.
The boards will do all that they possibly can do on their own initiative to
reach a just decision by a complete examination of the questionnaire even
whore no claim is expressly made; following in this respect the spirit of the
Secretary of War's statement made before the Rouse Committee on
Military Affairs on Aug. 19 last. "It is not easily possible—it is, perhaps,
not possible at all—to do that without some aids from the men effected;
but as far as it is possible we ought to have the facts developed by the
answers to the questions which the man makes and call on him for as little aid as we can in determining whether or not he is to be exempted." A
registrant is therefore at liberty, if he sees fit, to trust to the scrutiny of the
boards to discover„thepecessity for..his_deferment.
Nevertheless, the boards will welcome and will need all the aid that can
be furnished by the indication of a claim made for deferment. With this
aid, the process will become a simple and speedy one. Time and labor
will not be Wasted on needless search, and ample time will be gained for
thorough attention to those cases-explicitly raising a question of occupational deferment.
But who is to make that claim? Ordinarily the registrant himself will
indicate the claim on his questionnaire. But if through mistaken chivalry
he should fail to do so, another may make it for him. In industry, agriculture, or other occupations, this other person will naturally be his employer or some other representative of his associated group. And this
brings me to the second feature above mentioned.
1064
THE CHRONICLE
2. Why should the employer, or third person, in such cases, make the
claim? Because the employer in this situation represents the nation—because (In the statutory phrase) "the maintenance of the military establishment or of national interest during the emergency" requires that some welladvised third person should look after that national interest, which the
registrant himself may not have sufficiently considered.
It is at this point that I wish to address to employers (and other representatives) the suggestion that they charge themselves more systematically
than hitherto with this responsibility. I have above referred to such third
persons as "well advised," and this is the place to emphasize to employers
the importance of making themselves well advised for the execution of this
duty.
How many employers, having charge of some industrial or other o:cupational group, have hitherto taken pains to inform themselves systematically
which of their employees are registrants and which are not? How many
have studied carefully the required conditions for occupational deferment,
as laid down in the President's regulations pursuant to the statute? How
many have made it a point to survey their entire plant so as to single out
the really indispensable individuals?
With the oncoming of a more extensive registration, an oven largar outlook is necessary. The general industrial conditions, the supply of skilled
men in the industry at large, the possibilities of training substitutes, the
availability of women workers—these are some of the considerations which
bear directly on the need of occupational deferment as related to the need
of the army.
Moreover,it is often forgotten that the seelctive draft is only one element
in the depletion of a particular industry's manpower. A second and large
element is found in the voluntary withdrawals for enlistment; how large
this is may be seen from the circumstance that the total inductions by draft
have reached some 2,000,000, while the total enlistments in army and navy
amount to some 1,400,000—nearly three-quarters as many.
A third element, very large, but unknown as to its precise extent, ha at
been the transfer of labor power from one industry to another, I. e., into
the distinctively war industries offering the inducement of higher wages.
How relatively small, in actual effect, has been the effect of the selective
draft is seen in the fact that, for all the occupations represented in the
8,700,000 classified registrants of January 1918', the percentage of the
entire industrial population, represented by the Class 1 registrants
amounted to only 6%. It ran as low as 3% for some occupations, and
correspondingly higher for some other occupations; but the national average was only 6%. Any notably larger depletions in particular industries
must therefore have been duo, partly to enlistments and in probably
greater degree to voluntary transfers into other industries.
These other influences are therefore to be kept in mind by employers and
others, in weighing the question whether the best solution in the national
interest is to ask for the deferment of individuals or groups of men. Such
deferments may assist the immediate situation in the particular establishment; but they merely force the Army and Navy to seek elsewhere for the
same number of men thus deferred. The quantitative needs of the military forces are known and imperative; and any given quantity of deferments will ultimately have to be made up by the depletion of some other
occupation. Thus, it becomes the employer's duty to consider these
largest aspects of deferment, in seeking that solution of his own problem
which best comports with the national interest.
My present object is to urge upon employers the duty and responsibility of becoming well advised in all these matters—of equipping themselves with full information as to the extent to which their particular
establishment is affected by the liability of registrants to military service—
of observing the extent to which other influences of depletion have affected
it and the degree in which other methods of supply can relieve that depletion—and of laying these facts and other pertinent ones before the industrial advisors now to be placed at each district board—to the end that
those individuals or groups who are indiApensable and irreplaceable should
receive deferment, whether or not they have made claim for it, and that
the Army and Navy should not be deprived of its proper supply of Man
power by ill-considered deferments not absolutely demanded by the national interest.
The cessation of enlistments will henceforth protect incitstry against one
irregular and uncontrollable source of derangement. It will correspondingly throw upon the selective service system the greater responsibility
for an intelligent and discriminating selection made in the light of Indus
trial needs. But this responsibility is shared by employers and all who
represent groups of workers. To fulfill this responsibility they must now
prepare themselves even more carefully than hitherto. They will find
the boards heartily ready to co-operate with them to the utmost.
The keynote of purpose for all of us ought to be, and I am sure will be,
that wise and profoundly significant phrase in the Act of Congress under
which wo operate, "The maintenance of the military establishment or the
effective operation of the military forces, or the maintenance of nationa
interest during the emergency."
CRUDE METHODSIN "SLACKER RAIDS" MEET WITH
DENUNCIATION.
Bitter denunciation has been evoked by the methods used
in the three-day "slacker roundup" in the Metropolitan
District, which culminated on Sept. 5. The raids were
conducted by an army of between 20,000 and 25,000 regular
and special agents of the Department of Justice, including
several thousand volunteers from the American Protective
League as well as soldiers, and sailors. At elevated and subway stations, theatres, and other public places, the raiders
held up every man that appeared to be of draft age and
demanded his registration card. Those who could not
show a card were arrested and taken either to the police
station or direct to the armories set aside for the purpose
where they were given an opportunity to send home for their
cards or otherwise clear themselves. So great was the
number of arrests, however, that the machinery provided
for handling the situation broke down completely, and
thousands of men whose only offense was that they had left
their registration cards at home were compelled to spend
hours or the entire night in the armories, the police stations,
or even the jail. To add to the inconvenience and humiliation, men arrested were taken to the stations in patrol wagons,
trucks, and automobiles, where they were exposed to jeers
[VOL. 107.
and ridicule, the crowds in most cases not pausing to consider
that the great majority of the men arrestbd were entirely
innocent of the "slacker" taunts hurled at them.
.
One of the most flagrant raids was carried out in the heart
of the financial district, where the "curb market" block
was isolated by files of soldiers and every man in the street
and adjoining buildings held up. From the New York
"World" of Sept. 6 we take the following account of this
occurrence:
The principal raiding yesterday was carried on in the Wall Street district.
Business on the curb market was disturbed when forty Camp Upton soldiers, with fixed bayonets, and thirty agents of the American Protective
League grabbed men who were unable to produce draft cards or proof that
they were not of military age.
One squad guarded the William Street exits to buildings running through
into Broad Street, a second moved up Beaver Street, and a third held up
the crowds about Exchange Place and Broad Street. Soldiers, with
bayonets held forward, pushed vigorously through the crowd and formed
into a group in the middle of the street, those who were not able to produce
satisfactory cards. About 120 men were taken, most of whom were discharged shortly after they had reached the police station.
Those who protested at seizure were projected into tee line of suspects
with force, some with epithets hurled at them by the raiders, despite the
general orders that had been sent out calling for courtesy. One victim
brought to the group was released by the lieutenant in charge after he had
displayed a card showing him to be a member of'the Naval Reserve.
As each batch was carried away, the crowd which had collected Jeered,
first at the prisoners, but later at the raiders when it became obvious that
men were being handled none too gently who were soon to be proved nonslackers. Brokers, bankers, office boys, clerks and runners were held up.
It was said the round-up halted the business of many houses.
One Lieutenant dashed into the Broad Exchange Building, which houses
some of the most prominent banking and brokerage firms in the district,
ordered the doors locked and posted sentries to prevent ingress or egress.
Fifty men were held in the corridors while the slacker search was made.
Depositors on their way to the New York Trust Co. or the Continental
(formerly the German-American) Bank were stopped and boys with large
checks for certification waited impatiently.
Ten minutes elapsed before the blockade ended. Many brokers were so
indignant that they said they would write to Provost Marshal General and
other military authorities to demand that such practises cease.
From Broad Street the soldiers and A. P. L. men trooped over to the
Equitable Building, which houses the Public Service Commission, the
Liberty Loan headquarters, the Federal Reserve Bank and other big public
institutions. Bayonets guarded each of the eleven gntrances, shutting off
the Broadway, Nassau and Cedar Street entrances entirely and compelling everybody leaving the building to go through a double row of soldiers at Pine Street. The effect was practically to close the building for
an hour.
During this period everybody approximating military age who happened
to be in the lobby was questioned. Men were called from women companions and had to show their cards. Twenty men were taken fromthe building. A raid on the offices in the building was stopped only after
George T. Mortimer, President of the Equitable Building Corporation, had
made a protest to Mr. De Woody.
One of the men who sought to enter was W. S. Southwick of Somerville,
N. J., a Civil War veteran. He found his way barred by a soldier's rifle.
After several attempts to push past, he calmly announced that he had two
sons fighting in France and that he did not intend to be treated in such an
arbitrary fashion. Then he advanced and half fought his way to the
corridor.
The "slacker raids" in New York and elsewhere found an
echo on the floor of the Senate on Sept. 4, where Senator
Calder of New York, and other Senators joined in denunciation and demanded an investigation to determine the
responsibility. President Wilson also called on AttorneyGeneral Gregory for a full report on all the circumstances
leading up to the raids. Press reports from Washington
on Sept. 9 indicated that the Attorney-General would accept
full responsibility for the raids, and would present data
designed to show that the raids were successful and served a
useful purpose, and that reports of high handed treatment
or unreasonable procedure were greatly exaggerated.
In a letter addressed by U. S. Attorney-General Gregory
to President Wilson on the draft-evasion raids in New York,
made public on the 12th, Mr. Gregory while accepting
"full and entire responsibility for putting into effect" in
New York City "the general plan of rounding up deserters
and slackers" states, however, that it was contrary to his
express instructions that "certain members of the investigating force of this Department, without consultation with
me or with any law officer of the Department, used soldiers and sailors and certain members of the American Protective League." The letter is given as follows in press
ars-Patches from Washington on Sept.12:1
On returning to Washington I find your letter of the 5th inst., asking to
be informed of the facts and circumstances in connection with the recent
arrests by representatives of the Department of Justice in New York of
persons charged with being slackers. As stated by the Attorney-General
in acknowledging your letter, the circumstances attending these arrests as
reported in the newspapers had already challenged the attention of the
Department, and inquiries had been set on foot to ascertain whether any
action had been taken by representatives of the Department contrary to
law or the instructions of the Attorney-General.
In order to set forth intelligently the proceedings at New York it is
necessary to touch on a serious national problem. There are many deserters and slackers at large in this country. In a letter to me dated Aug.
5, the Secretary of War gave figures showing the number of deserters and
delinquents under the first and second drafts and stated that, while it was
impossible to give the actual number of those who had failed to register
at all—slackers, so called—the number was large.
The Secretary of War referred to this condition "as an indictment against
the honor of the nation." To permit it to continue would weaken sub-
SEPT. 14 1918.]
THE CHRONICLE
1065
stantially the nation's fighting power and do grievous injustice to the great American-born citizen, had deceived the American Governbody of the youth of the land who have so gallantly met their military ob- ment as to the real ownership of the company, which was inligations. Energetic measures were required. The Secretary of War
naturally looked to this Department for assistance. To attempt to ap- corporated under the laws of Delaware to operate ships purprehend so great a number of offenders by running down individual cases chased with money supplied by Germany. some of it on the
obviously would have been futile. Some form of dragnet process, within order of former Ambassador von Bernstorff. Mr.
Palmer
the law, of course, was absolutely essential. . . .
It was accordingly decided to adopt the plan of canvassing or rounding also charged that Wagner made the siezure of four of the
up in the large cities on particular days all men apparently within the ships by the British and French authorities in the summer and
draft age and arranging for a summary and immediate investigation of autumn of 1915 the
basis for an effort to embroil this Govtheir status through their local draft boards. Of necessity this involved
detaining, pending investigation, all such men who did not have registra- ernment, then a neutral, with the Entente Allies, the statetion or classification cards (which registrants are required by the regula- ment saying:
tions to keep always in their personal possession) or who were not able
These seizures were made the basis of a master effort by German propato establish by satisfactory evidence that they were outside the draft ages.
It was expected that for the mdst part such men would voluntarily go to gandists in the United States. Resort was had to every device to arouse
the places of detention, which were usually armories, while the investi- hatred and ill-feeling against Great Britain. Under the direction of Von
gation of their status was being made. Where arrests were necessary it was Bernstorff. the agitation assumed nationwide proportions.
never contemplated that they should be made by any but police officials of
Wagner persisted that the ships were purchased with Amerthe United States or of the States and municipalities where the canvass was
being conducted. The making of arrests in such cases by the military or ican money and claimed that the American investors in the
by the members of any private organization would have been contrary company were "entitled to protection and left nothing unto law and contrary to the express directions of the Attorney-General, except in the case of deserters, where, of course, the military authorities had done to take advantage of this agitation against the British."
A summary of Wagner's activities made pubilc by Francis
the power to make arrests. It was expected, however, that where the
number detained was large this Department, in making the necessary in- P. Garvan, investigator for the Alien Property
Custodian,
League,
a
vestigations, would have the aid of the American Protective
private organization of established standing which had long been partici- revealed that Wagner,coming on from Milwaukee, where he
pating in the enforcement of the Selective Service law by express invita- was born under the name of Wagenknecht, fifty-six years
tion of the Provost Marshal-General and that in guarding the persons ago, the son of a German father,
went to Germany in Detaken into custody it would have the aid of units of the military and naval
cember, 1914, and visited Hugo Stinnes, the wealthy Gerforces.
The plan was put into effect at several points before it was attempted in man shipowner and coal operator. Then he went to CopenNew York, notably Chicago and Boston, with excellent results; and, so far
hagen, where he saw Albert Jensen, his cousin, manager for a
as I am informed to the satisfaction of the communities affected.
While this plan was evolved in discussion 'with a representative of the coal concern owned by Stinnes. He made an arrangement
Provost Marshal-General's office, I take full and entire responsibilitiy with Jensen to purchase a fleet of neutral merchant vessels,
for adopting it and 'for putting it into effect. I know that some such
dragnet process is necessary unless thousands upon thousands of deserters Jensen to provide the money and Wagner to return to Amerand slackers are to remain at large; I believe the plan adopted is authorized ica and have them placed under American registry through
by the regulations; I believe also, judging by the results at a number of an American company which he would organize. On his
different points, that the great body of our people will cheerfully submit
to the minor inconveniences which the execution of any such plan of ne- return to this country Wagner organized the American Transcessity entails, to the end that this indictment of the nation's honor, this atlantic Company, under the laws of Delaware, with a face
drain on the nation's strength, may be removed I shall, therefore, continue capitalization of $200,000, with the expectation of
getting
to employ the plan unless you give directions to the contrary.
Coming to the City of New York I again accept full and entire responsi- $40,000 from Jensen to start business. Jensen was dilatory,
bility for putting into effect there the general plan of rounding up deserters in sending the money. "And at this point Count von Bernand slackers which I have described. Contrary to my express instructions, storff appeared on the scene, and
through his intervention
however, instructions which I have repeated over and over again, and contrary to law, certain members of the investigating force of this Department, by wireless to Berlin, the $40,000 which Wagner thought
without consultation with me or with any law officer of the Department, was necessary to organize the American Transatlantic Co.
used soldiers and sailors and certain members of the American Protective
was sent to New York," where the company had its principal
League, I am satisfied, in making arrests. I am convinced by the inquiries which I have made that they were led into this breach of authority offices.
by excess of zeal for the public good. While this extenuates, it does not
Jensen, it developed, had been caught by the Danish Govexcuse their action.
Besides being unlawful, the employment of members of military forces ernment attempting to smuggle copper into Germany, and
and of private organizations in making arrests was ill-judged, as such men sent to jail for sixty days. Theodore Lahr, Rotterdam
are not generally fitted by training or experience to exercise the discretion agent of Stinnes, then took over the ship-buying scheme and
required in the circumstances.
During the three-day canvass in Manhattan and the Bronx 11,652 per- ships worth then $2,500,000 were transferred to Wagner's
sons were apprehended and temporarily held at places of detention. Of company without any money being paid out by him. Acthese, about 300 were inducted into the military service, and at least 1,500 cording to the accounts in the daily papers, to
cover these
turned over to their local boards as delinquents. In Brooklyn 9,750
were detained, of whom 252 have been held by order of court, and at least transactions Wagner increased the stock of the American
1,000 turned over to their local boards as delinquents. These figui•es do Transatlantic Company to $2,500,000, and issued practinot include a large number of persons who, on being accosted, made a
cally all of it to himself. He also organized a subsidiary
satisfactory showing, and were not detained; nor do they include a smaller
number who were taken to the police station, and required to give further company for each vessel, all the stock in the subsidiary cominformation before being released.
panies being held by the American Transatlantic Company.
Unquestionably, a considerable number of persons, who on the showing
Having acquired his fleet, Wagner now sought to regismade by them should not have been detained, were detained—none, however, overnight. Such mistakes always occur in exercising the power of ter them under the American flag, but encountered diffiarrest, though in much fewer number where the power is exercised by culties because the Commissioner of Navigation insisted on
trained police officers.
proof that the American Transatlantic Company was a
On the other hand, the investigation which I have made leads me to be- the
lieve that the number of persons over or under draft age who were appre- bona fide American industry. Wagner first insisted that the
hended was inconsiderable; that there was no disorder anywhere; that no American officials should be satisfied since the ships were
persons are known to have been assaulted or maltreated; that in general
owned by a company chartered in an American State with
the canvass was acquiesced in with good nature.
Simultaneously with the canvass in New York, one was made in the officers and directors who were Americans. The Commiscities of northern New Jersey, where, so far as I can learn, there was little sioner of Navigation would not be satisfied
with such an
if any criticism. The canvass in northern New Jersey was carried out in
accordance with the instructions and known policy of the Department. explanation, and when he insisted on knowing how Wagner
In the city of Newark, for example, the canvass was made by groups of got the money to purchase $2,500,000 worth of ships, Wagner
men composed of one regular police officer, who in every instance, made
finally admitted that Jensen had really supplied the ships
the arrest, aided by members of the American Protective League and uniformed unarmed members of the State militia, who assisted in .the work and that he (Wagner) had only a right to purchase 50% of
of accosting and making inquiries. No soldiers, sailors, or members of the stock.
private organizations were employed in making arrests.
Still the Commissioner of Navigation hesitated and WagIn conclusion Mr. Gregory said: "There were apprehended in the five
cities of northern New Jersey—Newark, Jersey City, Hoboken,Paterson, ner thereupon decided to "eliminate" Jensen from any conand Passaic—a total of 28.875 persons. Out of this number 749 men have nection with the enterprise. He sent a cable to Jensen
been ordered inducted into the army, and in addition 12,515 were delinstating that he had -eliminated him from the American
quents, whose draft records of classifications were corrected by the local
boards. These delinquents were persons who at one time had been given Transatlantic Company by sending him unsecured promisa temporary classification by reason of illness, exemption, &c., but who had sory notes for $2,654,000. The notes were payable at the
failed to report for a corrected classification, or else persons who had failed
rate of $500,000 a year for five years. Having thus "elimito register, failed to appear for physical examination, or failed to file quesnated" Jensen, Wagner again applied for registration under
tionnaires."
SHIPPING CONCERN SEIZED BY ALIEN PROPERTY
CUSTODIAN.
Shipping to the value of $7,500,000, standing in the name
of the American Transatlantic Company and the Foreign
Transport & Mercantile Corporation, was siezed by Alien
Property Custodian A. Mitchell Palmer on Sept. 4 on the
ground that those concerns were entirely owned by German
interests. In a statement announcing the seizure, Mr.
Palmer charged that Richard G. Wagner of this city,'_ an
the American flag, but Commissioner Chamberlain still
refused. Shortly after Wagner informed the Commissioner's
office that he had paid approximately $1,300,000 in real
money to Jensen and had most effectively eliminated him
from the company.
Wagner pretended at that time that he got the money by
the sale of $900,000 worth of stock to American investors,
In addition to this he contended that he had realized $385,000
on the sale of his own securities. For a time during his examination by Mr. Garvan, Wagner persisted in this story.
1066
THE CHRONICLE
VOL. 107.
but he finally confessed that it was all false and that the Denmark for the transfer of tonnage to the United States
money had come from his cousin, Edmund Wagenknecht, had been concluded.
who is now in Germany. The money passed from CopenRepresentatives of the Emergency Fleet Corporation to
hagen to a bank at Malmo, Sweden, then to Wagner at promote good relations between workers and employers
New York, and then through the Bankers Trust Co. and in five of the eleven shipbuilding districts were announced
Equitable Trust Co. back to Copenhagen to Jensen in pay- on Sept. 1 as follows: Gardner Perry of Boston, for all
ment of about 50% of Wagner's notes, some of which were New England yards; Emmett L. Adams, for Gulf Coast,
not due on their face for two years.
including Florida yards; Thomas E. Carroll of Washington,
Having some positive evidence that money had been D. C., Louisiana yards; H. A. Brotherton of San Francisco,
pas§ed, Wagner renewed his demand on the Commissioner for California yards, and Henry W. McBride, ex-Governor
of Navigation and finally succeeded in acquiring registry, of Washington State, for all Washington yards.
although Secretary Redfield wrote him that registry was
granted solely because of the requirement of the law, and
I. W. W. LEADERS SENTENCED TO 20 YEARS'
warned Wagner that the Department felt that his conduct
IMPRISONMENT.
throughout had been such as to increase suspicion of his good
William D. Haywood, General Secretary of the Industrial
faith rather than to allay it.
Workers of the World, and fourteen of his chief aids, were
An effort on the part of Wagner to have his ships given a sentenced to twenty years' imprisonment by Judge Landis
clean bill of health even after the United States declared war in the Federal Court at Chicago on Aug. 30, and sentences
was cited. Mr. Garvan quoted a resolution which he said of lesser length were imposed on 75 other leaders and orWagner induced Representative Cary of Wisconsin to intro- ganizers of that organization who were convincted on Aug.
duce into Congress in May,1917, setting forth the American 18 last of violation of the Espionage Act and of interfering
ownership of the American Transatlantic Co. and calling by strikes and sabotage with the war preparations of the
upon the Secretary of State to report what steps had been Government. In addition, fines were imposed ranging
taken to protect its ships "from the aggression and interfer- from $20,000 on Haywood and his chief aids down to $5,000.
ence of any foreign Government, either at sea or at any for- The combined concurrent sentences of the convicted men
eign port, while engaged in legitimate trade."
are said to aggregate 807 years, and the total of the fines
Three of Wagner's ships were seized by the British and $3,130,000.
one by the French during 1915, and in the prize courts tesBefore pronouncing sentence on the defendants Judge
timony indicating German backing for the American Trans- Landis reviewed at some length the salient points in the
atlantic Co. was aired.
.Government's case, laying especial stress on the I. W. W.
For the purpose of separating the ownership of the seven preamble declaring eternal war on the employing class and
remaining ships of his fleet from the four which had been denouncing war with other nations; the meeting of the
seized, Wagner organized in 1917 the Foreign Transport & executive board after America had entered the war, at which
Mercantile Co. with a capital of $2,500,000, and the old it was decided to expel members entering military service,
shares in the American Transatlantic Co. were turned into and later the concerted plan by strikes and rebellion to block
the new concern in consideration of the issue of the same war measures. "In times of peace," Judge Landis said,
proportions of shares in the new company.
in conclusion, "you have a legal right to oppose, by free
At the height of these negotiations, however, the United speech, preparations for war. But when war has been deStates Shipping Board commandeered for American use the. clared, that right ceases forthwith."
seven remaining ships of the fleet, and they are now being
Each one of the convicted men was given an opportunity
operated under Governmental supervision and on a rental to speak for himself, Judge Landis even going so far as to
paid by the Government.
reason with men who were injuring their own chances by
Wagner refused, according to Mr. Palmer, an offer of their defiant attitude. Haywood's comment when called
$7,500,000 for his original fleet from the Hudson Bay Com- up in his turn was:
pany. He asked ,000,000, a sum which the London Board
I feel that the verdict in this case is the greatest mistake ever perpetrated
of Trade refused to permit the Hudson Bay Company to in a courtroom. No member of tho I. W. W. Is guilty of any act against
United States. There is nothing I can do but to continue to uphold
pay. The offer involved a profit for the American Trans- the
the preamble of the I. W. W. constitution as I have done in the past.
atlantic Co. of $5,000,000, according to Mr. Palmer, who
said the original investment for the ships amounted to $2,- BOMB EXPLOSION IN CHICAGO POST OFFICE—
600,000. In February last the Compagnie Generale TransBLAME LAID TO I. W. W.
atlantique took a thirty.day option to purchase the ships for
By the explosion of a powerful bomb in the corridor of
$9,300,000.
the Federal Building at Chicago on Sept. 8, four persons
It is understood that the Shipping Board has withheld pay- were killed and thirty others injured, and thousands of
ment of $700,000 to Wagner for the rental of the ships requi- dollars damage done to the building and surrounding skysitioned.
scrapers. Thousands of people were in the immediate
Mr. Palmer has named the following to represent him as vicinity of the building when the explosion occurred. Three
directors in each company:
of those killed were passing by, and the fourth was killed
Charles H. Sabin, President Guaranty Trust Co.; Irving T. Bush, of
Bush Terminal; Henry L. Doherty, John Quinn, Fred B. Lynch, Joseph when an interior partition was blown down. The bomb
S. Qualey, Henry Thompson. Ex-Judge James A. Delehanty has been used was declared by the police to be the most powerful
named as counsel and William M. Coleman as associate counsel.
ever used in Chicago, the explosion rocking the entire
building, putting out the lights and causing fire to break out.
REMOVAL OF LUMBER HEADQUARTERS OF SHIPPING The police immediately set to work on the theory that the
BOARD TO PHILADELPHIA.
I. W. W. or some of their Anarchist sympathizers were
It was reported on Sept. 3 that the U. S. Shipping Board responsible, the motive attributed being revenge for the
Emergency Fleet Corporation, in its line of efforts to con- conviction of nearly a hundred I. W. W. leaders a few days
centrate control of all activities, has decided to remove its previously. The headquarters of the I. W. W. were raided
lumber headquarters from New Orleans to Philadelphia. and a number of arrests made. When the explosion ocThis was made necessary by the recent abolition of the pur- curred, William D. Haywood, leader of the I. W. W.'s,
chasing, production and transportation divisions and the sentenced to twenty years' imprisonment by Judge Landis,
consolidation of their functions under the supply division. was on the eighth flloor of the same building trying to arThe offices of the lumber administrator and assistant lum- range bond pending an appeal on a writ of error. He deber administrator are discontinued, and W. J. Hayman, nied the outrage was committed by the I. W. W.'s. Judge
former assistant administrator, is designated as head of Landis was in his office on an upper floor of the building,
the new lumber section, with the title of general lumber but was not injured.
supervisor.
NEW METHOD OF FORWARDING CASUALTY LISTS.
SHIPPING BOARD APPOINTMENTS.
•
It was announced at Washington on Sept. 7 that Gen.
It was recently announced that Sherman L. Whipple Pershing had forwarded to the War Department a report
of Boston had accepted the position of General Counsel of of minor casualties hitherto unreported because of their
the Shipping Board and the Emergency Fleet Corporation. trivial character. They total 20,000 cases up to Aug. 20,
On Aug. 17 it was stated that Frank 0. Munson, represen- most of them being men wholwere so slightly wounded that
tative of the Shipping Board on the War Trade Board, had they were returned to the ranks within a few days.
tendered his resignation, effective Aug. 17, but would
In connection with this announcement Gen. March,
continue in his former capacity until the negotiations with Chief of Staff, disclosedithatithe new policy of the War
SEPT. 14 1918.]
TIIE CHRONICLE
Department would be to have Gen. Pershing forward by
courier twice a week lists of all wounded. The complete
list will be made public from Washington, and casualty
reports cabled from American Headquarters, when the system is in effect, will include only dead and missing.
Gen. March explained that complete data in each case
will be included in the list of wounded, so that relatives may
be advised fully as to the nature of the wounds.
SECRETARY BAKER MAKES SECOND TRIP TO
FRANCE.
Announcement was made at Washington on Sept. 8 that
Secretary of War Baker had arrived in France on a second
mission in connection with the American overseas forces,
having made the trip on a transport loaded with soldiers.
Mr. Baker is accompanied by John D. Ryan, who is now in
charge of all the army aircraft activities; also by SurgeonGeneral Gorgas and Brigadier-General Frank T. Hines,
Chief of the Army Embarkation Service. Before leaving
Washington, it is said, he declined to indicate the purpose
of his sudden trip, but said that this would become known
after his arrival, when it could be assumed from the personnel of his party. It would seem, therefore, that matters
connected with the aviation program and the medical and
transport services are to claim his principal attention. A
statement issued by the War Department in regard to
Secretary Baker's trip read as follows:
The Secretary of War has arrived in France on official business. News
of the safe arrival of Mr. Baker and an official party was received at the
War Department to-day. The voyage was made aboard a transport
which carried the usual quota of United States troops. The Secretary
was accompanied by John D. Ryan, Second Assistant Secretary of War;
Major-General W. C. Gorgas, Surgeon-General of the Army; BrigadierGeneral Frank T. Hines, Chief of the Embarkation Service, and LieutenantColonel George H. Baird, Military Aide to the Secretary of War.
Intimations in a London newspaper that Secretary
Baker's trip was connected with plans for the replacement
of General Pershing as commander of the American army in
France, and with the possible retirement of Mr. Baker
himself as Secretary of War, were promptly denied by
Assistant Secretary of War Crowell. Mr. Crowell declared
that the Secretary and his party would remain in Europe
only a short time, and would return to Washington as soon
as details affecting America's part in the Allied air program
were completed.
PRESIDENT SIGNS DRY ZONE RESOLUTION.
President Wilson on Sept. 12 signed the joint resolution
introduced in the Senate by Senator Kellogg and adopted
by that body on Sept. 5 (see reference in our columns last
week) and passed by the House on Sept. 9, authorizing and
empowering the President to establish prohibition zones of
such width as he may deem necessary around all munition
plants, coal mines, shipyards and plants where essential
war industries are in progress. The resolution follows:
The President is hereby authorized and empowered at any time to establish zones of such size as he may deem advisable about coal mines,
munition factories, shipbuilding plants, and such other plants for war
material as may seem to him to require such action whenever, in his opinon, the creation of such zones is necessary to or advisable in the proper
prosecution of the war. And he is hereby authorized and empowered to
prohibit the sale, manufacture, and distribution of intoxicating liquors
in such zones, and any violation of the President's regulations shall be
punishable by a fine of $1,000 or one year's imprisonment or both.
As previously stated by us, the above resolution carries
practically the same regulation as to the declaration of military zones as Senator Sheppard's amendment (finally passed
by the Senate on Sept. 6 by a vote of 45 to 6) to the $12,000,000 National Food Stimulation bill, also approved on the
6th without a roll call, and now pending in the House, providing that national prohibition shall become effective
July 1 1919 and continue during the war and until all the
American troops are brought home and demobilized. Senator Kellogg's resolution, signed by the President on Thursday, was thought advisable at this time so as to enable the
Government to deal immediately with conditions resulting
from reported sales of intoxicating liquors to war workers.
COUNCIL OF NATIONAL DEFENSE MODIFIES
STRICTURES AGAINST CHRISTMAS GIVING.
The Council of National Defense which had previously
discountenanced the giving of Christmas gifts this year,
because of the heavy burden it would place on labor, transportation and the other resources of the nation, announces
that it will co-operate in carrying out suggestions which
will make possible a continuance of the customs without
endangering the national interests. One of the reasons
which prompted the Council in modifying its views, is tho
•
1067
fact that the manufacture of goods for the coming holiday
season has been substantially completed. Further contributing factors resulting in the modification of its order
are the agreement on the part of retail interests not to
increase their working force by reason of the holiday business, and to use their utmost efforts to confine Christmas
giving, except for young children, to useful articles and to
spread the period for holiday purchases over the months
of October, November and December. In its latest notice,
issued Sept. 2, the Council says:
The Council of National Defense has heretofore emphasized the necessity
of restricting Christmas buying during the coming fall for certain specific
reasons which it has stated. These reasons are in brief the necessity for
saving labor and material in the manufacture and sale of Christmas gifts
and of saving the transportation and delivery facilities necessarily involved
in she large volume of Christmas purchases.
After conference with representatives of leading industries and retail
interests concerned, it is found that the manufacture of goods for the coming holiday season has been substantially completed, that the transportation of the goods to the point of sale is also largely done and that much
of the material used for Christmas purchases, especially in the manufacture of toys, is the waste material derived from prior processes of manufacture.
The retail interests represented at the conference have agreed not to
increase their working force by reason of the holiday business over the
average force employed by them throughout the year and not to increase
the normal working hours of their force during the Christmas season.
They also agreed to use their utmost efforts to confine Christmas giving,
except for young children, to useful articles and to spread the period for
holiday purchases over the months of October, November and December.
In order to relieve the transporation facilities of the country from a congestion in the latter half of December, which would be so hurtful to the
interests of the nation that it cannot be permitted, the retail interests
represented at this hearing have agreed to co-operate further in the campaign heretofore and now being carried on under the auspices of the War
Industries Board to restrict deliveries and to induce their customers to
carry their own packages wherever possible.
The retail interests to which reference has been made have further agreed
to make an announcement to the above substantial effect in their advertisements commencing in early September and repeating same weekly
thereafter. The above suggestions if faithfully and loyally put into effect
throughout the country will make possible a continuance of the holiday
custom without endangering the national interests thereby.
The Council of National Defense will co-operate in carrying out the
suggested measure. It looks to organized business bodice of every nature
and throughout the country actively to join in the movement as providing
means whereby that co-operation between the Government and the people
can be had which alone will permit the continuance of holiday business
in such form, on such scale and by such methods as are consistent with the
national welfare. This announcement is definitely conditioned upon loyal
and thorough co-operation in spirit and in letter on the part of sellers and
buyers throughout the country.
The merchants appearing before the Council were brought together
by the Chamber of Commerce of the United States, acting through its
general secretary, Elliot Goodwin, and their names are as follows:
N. M. Henderson, the Henderson Hoyt Company, Oshkosh, Wis.,
merchant; A. S. Campbell, Louis Meyer and Son, glove manufacturers of
New York; Charles Hurd, Jordan Marsh Company, Boston, Mass., buyer
of hosiery; C.G.Nutting, Marshall Field & Co., Chicago, Ill., buyer of
handkerchiefs; Harry T. Grand, Marshall Field & Co., Chicago, Ill.,
buyer of toys; A. C. Gilbert, A. C. Gilbert Company, New Haven, Conn.,
manufacturer of toys; Victor W. Sincere, The Bailey Company, Cleveland, Ohio, merchant; E. L. Howe, Secretary and Treasurer, National
Retail Dry Goods Association, representing six hundred dry goods and
department stores of the country; James B. Reynolds, Washington, D. C.,
attorney for the toy manufacturers; H. C. Ives, Bridgeport, Conn., toys;
Albert T. Scharps, Treasurer Lionell Mfg. Co., New York, toys; Fletcher
D. Dodge, Secretary Toy Manufacturers Association of America.
Louis Stewart, President of James McCreery & Co.,
speakink with reference to the Government's requirements
as to Christmas shopping was quoted in the New York
"Times" of Sept. 8 as saying:
The War Industries Board in lifting the ban on the purchase of useful
Christmas gifts, has asked us not to increase our working force during the
holiday season over our average force employed during the entire year.
This stipulation is made because of the urgent need for help in other industries, and will, of course, be rigidly adhered to, I am sure, by all merchants everywhere. Under these circumstances, it is obviously incumbent upon the purchasing public and the stores to see to it that the usual
holiday rush is spread out more evenly over a longer period. By no other
means will the public be able to obtain the merchandise it desires or will the
stores be able successfully to dispose of the comparatively large stocks
of goods which they already have on hand or contracted for.
The need, therefore, of doing Christmas shopping early is this year more
urgent than it ever was. Formerly early shopping was advisable; this year
it is imperative. Too much publicity cannot be given to this point, and
It cannot be put too strongly. The public has always in the past heartily
co-operated with us, frequently In rulings and regulations which have been
much less directly in the public's interest than is the present request.
People generally are in a receptive mood. All the people have submitted uncomplainingly to conditions which would have seemed impossible
a few years ago. The authorities ask us to save certain foods, to conserve
sugar, and economies are voluntarily enforced accomplishing the desired
purpose. It was astonishing and gratifying how a simple request from
the Fuel Administration completely cleared the roads of automobiles last
Sunday in city and country.
At the request of the Government, various practices have been put in
force in the retail trade which quite appreciably reduce the services formerly rendered by the stores to their customers. Many of these, in fact
most of these, could not possibly have been successfully introduced before
the war. The one delivery a day, the three-day limit on returns, the reductions in special delivery service and the urging of customers to carry
home small packages would have been frowned on most decidedly were
it not that the exigencies of war have made these things absolutely essential to the prosecution of tho war. The purchasing public has realized the
urgency of these measures and has even been enthusiastic in accepting
them.
We, as a nation, are a patriotic people, and are quick to realize the
neeis of a war situation as soon as these needs are pointed out to us. That
the purchasing pub113's response to appeals for co-operation from retailers
1068
THE CHRONICLE
has been quick and whole-hearted eves since the war started is the surest
guarantee that further just regulations, suggestions and requests will be
complied with and heeded uncomplainingly in the future. No other
course, indeed, is to be expected or feared from the American people.
[VOL. 107.
or whether you intend to do so. As at present advised, the Director-General is not willing to advance the funds, and hopes that the company and
its bankers will find some way to avert default and failure. A copy of
this telegram is being sent to the First National Bank of New York, the
National City Company, and Harris, Forbes & Co., who joined you in
placing these notes a year ago. May I suggest that this matter is of sufficient importance for you to take it up immediately with the executive
officers of the several railroad companies which have guaranteed the bonds,
and which are dependent upon these terminals, and enlist, if possible, their
aid?
CHICAGO & WESTERN INDIANA RR. DEFAULT—
CONTROVERSY BETWEEN RAILROAD ADMINISTRATION AND J. P. MORGAN & CO.
Considerable correspondence has been made public this
On Aug. 26 Messrs.Morgan & Co.wired a reply as follows:
week along with various statements, bearing on the failure
Replying to your wire of the 23d, our position as sot forth in our correof the Chicago & Western Indiana RR. Co. to meet its spondence with company since June differs materially with impression
which you have received. Our representative will call on you to-morrow
$15,000,000 one-year collateral trust notes due Sept. 1. with
regard to the matter."
The first of the announcements of an official character to
To this telegiam John Skelton Williams, Director of the
make its appearance in the press was a statement issued on Division of Finance, on Aug. 27 replied as follows:
I have your telegram stating that the impressions upon which my teleSept. 6 by Director-General of Railroads McAdoo in which
gram to you of the 23d inst. was based were not in accordance with the
he took exception" to reports that the Railroad Administra- correspondence
between your firm and the officials of the Chicago &
tion was to blame for the default. In this statement Mr. Indiana Company. You are advised that my telegram to you wasWestern
shown
to
the officials of the Chicago company, and was approved by them as statMcAdoo refers to terms for renewal made by J. P. Morgan
ing the facts of the case before it was dispatched to you.
& Co. which Mr. McAdoo says "were excessive and unwarYou state that your representative will call to-day. I am advised that
ranted," and which he (the Director-General) "Was not Mr. Anderson, who stated that he is the manager of your bond department,
called to-day on my assistant, Mr. Porteous, and informed him that
willing to approve." J. P. Morgan & Co. have during the
your firm had not taken up this matter with the five railroad systems conweek made a spirited rejoinder, saying the allegation is "not trolling
the terminal company, giving as a reason your reluctance to appear
justified, and we cannot allow it to pass without recording in to go over the heads of the officials of the Chicago company. I do not consider
that
such a suggestion furnishes any excuse whatsoever for the omisa public way our sense of the injustice done to ourselves and sion to take
action and make efforts in a direction which might furnish reour associates." The firm's statement has brought a re- lief in this serious situation threatening
failure of a company for which
your
firm is understood to be financial agents and holding property which
sponse from John S. Williams, Director of the Railroad AdI understand your advertisement claimed is worth over $100,000,000,
ministration's Division of Finance. We print the various and also
threatening default in notes amounting to $15,000,000, placed by
documents below. The following is Director-General Mc- your firm and associates only twelve months ago.
I again urge that you
communicate promptly with the railroad companies immediately concerned
Adoo's statement of the 6th:
Commenting upon the failure of the Chicago & Western Indiana Railroad Co. to meet at maturity, Sept. 1,$15,000,000 one-year collateral 67,,,
trust notes, a New York newapaper stated that the Federal Railroad Administration was to blame because it had declined to advance the necessary
funds and had refused the company permission to borrow at a rate higher
than 6%. Those statements are misleading.
The facts are that some weeks ago officers of that company asked
aid of the Director-General regarding this maturing note issue and stated
that negotiations for its renewal were pending with the company's bankers.
The company was advised to pursue negotiations with bankers and if unable to renew with them to try elsewhere. On Aug. 23 the company advised the Railroad Administration that its bankers had made no progress
• toward renewal of the loan. Telegraphic inquiry was then addressed to
the bankers, Messrs. J. P. Morgan & Co., as to the prospect of renewal.
This inquiry developed on Aug. 28 the position of Messrs. Morgan & Co.
that if the Director-General in writing would have the Government guarantee rentals sufficient to pay interest on notes and other charges they would
try to renew the loan for one year at a cost to the company of approximately
9Yt %,of which 73 % was interest and 234% commissions for syndicating,
handling and selling. They indicated further that if the commission was
increased to 234% they would attempt, if desired, to place the loan for
two years on the same basis.
On Aug. 29 the Director of the Division of Finance telegraphed Messrs.
J. P. Morgan & Co. that the Director-General "Is willing to insure the Chicago & Western Indiana Railroad Company a rental, which added to its
other current income, will be sufficient to enable the company to pay the
interest on its present outstanding bonds and one year notes and sinking
fund requirements on bonds, and also taxes and other miscellaneous rentals," and pointed out that this would enable the company during the period of Government control to pay promptly interest upon the $15,000,000
issue at the rate of 6% per annum.
The telegram further indicated that the terms proposed by J.P.Morgan
& Co. of approximately 10% for a one-year well-secured loan, whose interest they had stipulated should be guaranteed by the Government, were
excessive and unwarranted, and that the Director-General was not willing
to approve those terms. The telegram concluded with the expression of
hope that the bankers would be able to renew the loan upon a 6% basis,
secured on property claimed by them to be so valuable, with the Government agreeing under the lease to guarantee the interest.
The Director-General communicated by wire to all the twelve railroad
companies using or interested in the Chicago & Western Indiana terminals
his willingness to guarantee the rental as indicated, to the end that they
might be definitely advised as to the basis upon which they could aid in refunding the notes if they chose to do so. The four banking and bond houses
which had joined Messrs. Morgan & Co. a year ago in placing the notes
were also duly advised of this telegram.
No reply was received to this telegram until midday, Sunday, Sept. 1,
when Messrs. Morgan & Co. declined to provide for the notes on a 6%
basis and offered no counter suggestion except one in effect necessitating the
Director-General himself providing for the maturity of the notes.
The result is that the only rate of interest on which Messrs. Morgan &
Co.suggested a renewal was equivalent to9 % for the one year loan,which
terms both the Director-General and the officers of the Chicago & Western
Indiana Railroad Co. regarded, and still regard, as excessive and unwarranted."
Upon receiving advices from the officers of the company on.
Aug. 23 that their bankers had made no progress toward renewal of the loan, the Office of the Director-General sent
Messrs. J. P. Morgan & Co, this telegram:
The officials of the Chicago & Western Indiana Railroad Co.informed
this office that their note issue for $15,000,000, placed by your firm and
your associates one year ago, matures on the 1st proximo; that they have
no funds with which to meet the notes; that they have applied.to you to
arrange for their renewal,but that you have declined either to advance them
the money with which to meet the maturing obligations or to make an effort to extend the note issue. The company has applied to the DirectorGeneral for advance of the funds with which to meet these obligations duo
to you and your clients, but no convincing grounds for this request have
been submitted.
••
Let me also add that the Director-General received no communication
from the company's bankers or fiscal agents to indicate that there was any
danger of these obligations not being provided for, or that they felt any concern over the situation.
It would seem to be unfortunate to have this Issue default without at
least some effort being made to secure renewal. May I inquire whether
You have endeavored to gain consent of holders to renewal of these notes,
in this situation with a view to developing some plan which may afford relief and avert if possible failure and default. Please show this telegram
to the First National Bank, the National City Company and Messrs. Harris. Forbes & Co., who joined you in the public offering of the notes referred to.
J. P. Morgan & co.reply of Aug.28,referred to by Mr.McAdoo, followed, and this in turn was answered by Mr.
Williams as follows:
Your telegram 28th inst. has been received. You state that if the Director-General Will agree to assume rentals payable to the Chicago & Western Indiana Railroad Co. by Belt Railway and by the five proprietary
companies, you will use your best endeavors to negotiate renewal of $15,000,000 note issue maturing 1st proximo. You are informed that the Director-General is willing to assume terminal rentals, which under the
Inter-State Commerce Commission's classification are classed as Joint
Facility Rents, and in this particular case is willing to insure the Chicago
& Western Indiana Railroad Co. a rental which, added to its other current
income, will be sufficient to enable the company to pay the interest on its
present outstanding bonds and one-year notes and sinking fund requirements on bonds, and also taxes and other miscellaneous rentals; this,
it is understood, constituting the total fixed and other charges of the Chicago & Western Indiana Railroad Co. This would enable the company,
during the period of Government control, to pay promptly interest upon tho
$15,000,000 issue at the rate of 6% per annum, which interest the notes
now bear, and which it is assumed they will bear upon renewal.
The Director-General understands from your telegram that you propose
to endeavor to renew or effect the renewal of these notes for twelve months
under the conditions set forth in your telegram, at the equivalent of approximately 10% per annum, including bankers' commissions. This would
mean an additional charge of approximately $600,000 to the company for
twelve months, which the Director-General regards as excessive and without justification under the circumstances. This amount the DirectorGeneral is not willing to assume or to approve.
It is hoped that with the assurance that the company's income during
the period of Government con,rol will be adequate to enable the company
to meet its current fixed charges, including 6% per annum upon ls note issue, if renewed on the 1st proximo, that if the holders of the obligations will
consent to renewal or that you may be able to take or place elsewhere at
6% such notes as may not be renewed.
The terms of the existing lease do not require that the lessee shall pay
to the lessors discount on bonds sold, and bankers' commissions, and the Director-General would not be justified in regarding this as a part of the joint
facility rental. Please show this to your associates who joined you in placing the notes.
The New York "Times," from which the above correspondence is reprinted, further says:
On Aug. 30 a copy of this telegram was sent to each of the twelve railroads using the Chicago & Western Indiana terminals. No reply was received to the telegram of Aug. 30 until midday Sunday, Sept. 1. In this
telegram Messrs. Morgan & Co. declined to provide for the redemption of
the bonds on a 6% basis, and stated that if the Director-General desired
they would submit the proposition to the holders as the notes might be
presented for redemption, and suggesting further that the Government
make a loan to the company to pay the notes. They repeated their former
suggestion that after the Government had put up the money they would
later on, provided the contract with the Government were satisfactory to
them, endeavor to form a syndicate to arrange an extension.
J. P. Morgan & Co.'s statement in answer to Secretary
McAdoo's charges was given out on the 9th inst.; it said:
The statement of the Director-General of Railroads, as published in Saturday's papers, only gives a portion of our correspondence with John Skelton Williams, Director of Division of Finance, who is only the official of
the Railroad Administration with whom we have had any communication
on the subject of the Chicago & Western Indiana Co.'s notes, which fell
due on Sept. 1.
We do not intend to enter into a prolonged controversy on this matter,
but the records amply set forth the following points which we believe should
ho made clear to the public.
First—It is far from the case that we disregarded the fact that the Chicago
& Western Indiana Railroad Co.'s obligations matured on Sept. 1. Last
April we began negotiations with this company and have followed them up
diligently and continuously, by letter and conference, since that date, urging upon the company the wisdom and necessity of making timely and adequate provision for the Sept. 1 maturities. Wo suggested to the company
•
SEPT. 14 1918.)
1069
THE CHRONICLE
that this could be done either by concluding their terminal rental contracts
with the Government, so that we might successfully negotiate with the public a refunding note issue in their behalf, or by the company's securing directly from the Government an amount sufficient to meet the maturing
obligations.
The railroad company was unable to accomplish either of the alternatives
indicated above, and, therefore, we were unable to render the service which
we were perfectly willing to do.
Furthermore, we might add that two representatives from our firm appeared before the Advisory Committee to the Division of Finance on Aug.
21. This conference did not result in any request for action on our part
until Mr. Williams's telegram, which was received by us on Saturday noon,
Aug. 24.
Second—Mr. Williams intimates that our estimate of the cost for extending or renewing the notes of the railroad company approximated 10%•
On the contrary, we offered to submit to the noteholders of the Chicago
& Western Indiana Indiana Railroad Company any proposition for a renewal or extension that he might request, making such an offer at 6% if he
deemed it wise, and we asked no compensation whatever for our services
in using our best endeavors to secure such a renewal or extension.
Third—In regard to the high rate of 94% suggested by us, it must-be
of
remembered that this rate was proposed in order to procure $15,000,000
new investment money. It was necessary to obtain this money in competition with the other demands being made on the present narrow investment
money market. It was, and still is, our opinion that it would not be possible to form an underwriting and distributing syndicate to buy and sell, in
times such as these, notes of this character, running for one year, if the
notes were to be offered to the public at a rate less than 73%;it is also our
opinion that such a syndicate would require, in compensation for the underwriting risk and distributing services involved in such a transaction, a foe
of not less than 14%,and that a fair compensation for ourselves and our
associates would be %.
Although the terms as a whole may appear to be onerous, nevertheless we
considered them the best obtainable under the existing circumstances. We
are not responsible for the condition of the money market nor do we control
the price at which money is quoted any-more than we do that of t heat or
cotton.
We regret that Mr. Williams did not see fit to publish our correspondence
and the records of the case in full if he felt obliged to publish any part of
them.
The attack made upon us is not justified and wo cannot allow it to pass
without recording in a public way our sense of the injustice done to ourselves
and our associates.
raise hinds for reimbursement, but without any commitals on your part
for return of funds which might be so advanced. Director-General has in
previous messages made clear this position and does not feel justified in
going further as proposed by you. Director-General again expresses the
hope that you, as bankers and fiscal agents for terminal company, with
your banking associates, First National Bank, of New York, National City
Company and Harris, Forbes & Co., may find it desirable and expedient
to advance terminal company, even if only temporarily, on the collateral
of the bonds securing the maturing notes, the funds necessary to redeem
them so as to avoid serious impairment of credit and default, making the
twenty odd million bonds held as collateral subject to sale forthwith. If
the four banking houses should claim inability to provide fho funds temporarily, which is of course most improbable, Director-General will entertain
request to advance $15,000,000 for not over sixty days at 6% per annum,
on terminal company notes secured by present collateral, provided the bankers will agree to provide funds for remainder of twelve months at not over
6% per annum interest."
The substance of all communications received from Messrs. Morgan &
Co. on this subject up to the time the statement was given to the press on
the evening of the 6th inst. was fully covered in the Director General's
published statement, except the following telegram from Messrs. Morgan
& Co., which was in reply to the above quoted telegram from this office on
Sept. 2, which is unessential, although further confirmatory of the conclusions stated in the press statement:
Telegram received from J. P. Morgan & Co. under date of Sept. 2:
"Your wire received at 4 o'clock to-day. We regret that it is impossible
for us to reach our associates to-day but speaking for ourselves we are not
prepared to guarantee the advance you suggest, making could be repaid at
the end of sixty days on the terms mentioned in your telegram. Our view
is that conditions will not at that time make such an operation posisble."
The day after the statement was issued by this office, a telegram was received from Messrs. Morgan & Co., dated the previous day, in which they
proposed that if this office should desire them to do so they would submit
a suggestion for renewal to the note holders of 6% without commission to
the bankers, but without any underwriting or guarantee whatsoever as to
the placing of the loan.
It is clear from the entire correspondence that the only offer from Messrs.
Morgan & Co. prior to the publication of the correspondence called for a
24% commission to the bankers and their associates, which, with other
interest charges, made a total of 94%, on a loan which the bankers
claimed provided a margin of security of about 100%—and with the Federal guarantee as to payment of interest during Government control. This
the Railroad Administration and the borrowing company considered, under
the circumstances, wholly unjustifiable, and well calculated to disturb
and advance the interest rates for money, which it is particularly important at this time to keep within moderate limits.
In his statement to the press on the 10th, Mr. Williams,
Director of the Division of Finance, U. S. Railroad Administration, commented as follows upon the statement of J. P.
JI-P. Morgan &-Co. issued the following further statement
Morgan & Co.:
on the 11th inst. after the publication of Mr. Williams'
Messrs. J. P. Morgan & Co. complain that the United States Railroad
announcement just quoted:
Administration did not publish in full its correspondence with them concerning the $15,000,000 Chicago & Western Indiana note issue placed a year
ago by these bankers, and which defaulted Sept. 1. The portion of the
correspondence which, for the sake of brevity, was omitted from the statement, did not in any way affect the merits of the discussion or the correctness of the conclusions. The Railroad Administration cheerfully invites
attention to the following telegrams addressed by this division to Messrs.
Morgan & Co., which are the only unpublished communications sent them
on this subject except a brief dispatch on Aug. 27, which urged the bankers
to co-operate with the railroad companies owning the terminal company to
avert default, and in which no reference was made to terms of renewal.
Telegram sent J. P. Morgan & Co. Aug. 30:
"Referring further to my telegram to you of yesterday, and to the circular letter which was published over the names of your firm, the First National Bank of New York, the National City Company, Messrs. Harris,
Forbes & Co.,just one year ago. In that letter you reported that the properties of the terminal companies had recently been appraised at more than
$128,000,000, and you pointed out that the total indebtedness secured
thereon, including the $15,000,000 note issue, was less than $70,000.000.
You also called attention to the obligations of certain railroad companies
to pay rentals which it was believed would be sufficient to meet interest on
the notes which you were offering.
"You have now been given assurance that during the period of Government control the United States Government will assure to the Terminal
company an incorm from rentals sufficient to enable it to meet 6% interest
on this $15,000,000 note issue, as well as the interest on its mortgage bonds,
taxes, and certain other charges. Under these conditions, if we assume
that your ass urance as to the real value of the property behind these obligations is oven opproximately correct, and with the substituted guarantee
of the United States for rentals previously chargeable to the railroad corporations, a default of this note issue would seem to be wholly unjustifiable in view of the responsibility and resources of its sponsors.
"I trust I may be pardoned for bringing forcibly to your attention these
considerations, which it is believed should urge you to prompt and effective
action. May I further suggest that the interest rate of approximately
10% per annum, including bankers' commissions, at which you suggest
you may be able to effect the renewal of this note issue for one year, impresses the Director-General as being very excessive, especially after we
take into consideration that you and your associates have at this time and
have had continuously on deposit many millions of dollars of railroad funds
upon which it is understood you allow either no interest or only 2% or 3%
per annum.
"Please show this telegram to the First National Bank of New York,
the National City Company, and Messrs. Harris, Forbes & Co."
Telegram sent J. P. Morgan & Co. Aug. 31:
"May I ask if it is your view that Chicago & Western Indiana note
holders will refuse to extend these notes for twelve months if they realize
that the full interest at rate of 6% is insured to them during the period
of Government control? Is it not reasonable to assume that obligations
Which have the security as to principal, which these notes were represented
to have at the time they were placed a year ago, with the added advantage
of having their interest assured during the period of Government control
by the Federal Government, will find other ready purchasers, oven though
for any reason some of the present holders should be unwilling to agree to
a twelve months' renewal? Pending the placing of the unronewed notes
with such investors, it is assumed that bankers snaking the original offering
can readily provide the funds necessary for the redemption of notes whose
holders may be unwilling to renew. Please show this telegram to your
associates, the First National Bank, the National City Company and Harris, Forbes & Co."
Telegram addressed to J. P. Morgan & Co. under date of Sept. 2:
"Your telegram received at 11 o'clock Sunday, asking Director-General
to advance funds to pay the fifteen million terminal company notes
placed by you a year ago and maturing Sept. 1, with the understanding that
you would under certain conditions make an offering of new notes later to
We have noted John Skelton Williams' statement, renewing his attack
upon us and upon our associates, because of our inability to secure funds at.
6% to finance the obligations of the Chicago & Western Indiana Railway
Co. We have nothing further to say, except to reiterate our regret that
Mr. Williams, while publishing his telegrams to us, refrains from making
Public ours to him.
RESOLUTION OF ASSOCIATION OF OWNERS OF RAILROA-15-SEGiU-R-ITIES—ON RAILROAD CONTRA-C77-........—
.a•Maek..
.
Financial-Committee of Seventy of
of the_
At a meeting _
the National Association of Owners of Railroad Securities,
held oh Sept. 11 at the Recess Club, New York, to take
action on the Government's draft of, the railroad contract,
e-were present from 23 cities
e47-meMbers f the-committand-16 Stites. A-j-oint report of the Subof the countryExecutive Committee of the Association and the special eOmmittee covering the work of thecommittees, was read and
adopted. This report gave in detail the changes made-irtre
various drafts of the contract secured through the negotiations of the_committees and counsel with the Government
representatives. Alter a full discussion of the reportlza
operations of the two committees, a resolution was adopted:
in which it is recorded that "In order that there may be no
possible disturbance of credit or in the plans of the Government resulting from the differences that have arisen on questions of law as outlined in the report, the special committees
are hereby requested through counsel to make to the Director-General a proposal on the lines of said report for co-operation in securing an adjudication upon the questions at
issue, and to offer meantime that the contract in its present
form be executed by the carriers other than the carrier with
respect to which such adjudication is to be asked." The following is the resolution in full:
Whereas it appears from the report, this day submitted to this meeting by
the special committee:, of this Association having in charge the negotiation of the standard form of operating contract between the Government
and the roads;under the Federal Control Act, that many important changes
favorable to the roads and the security holders have been secured, as set
forth and enumerated in the report, through the efforts of the special committees; and
Whereas it further appears from said report that the special committees
have notwithstanding such changes resolved that the present standard form
of contract which the Director-General has tendered the carriers as the final
offer of the Railroad Administration is unsatisfactory and unacceptable in
certain vital and fundamental particulars set forth in said report; and
Whereas this committee is advised that the Government representatives
have insisted upon the retention of such objectionable provisions in said
contract on the ground that upon their construction of the Federal Control
Act the Government is in effect required to make such demands,from which
construction this committee emphatically dissents; and
Whereas the said raison and the recommendations therein by the special
committees of the Association have been fully considered by this committee
in connection with all the outstanding facts affecting the situation;
1070
THE CHRONICLE
Now, therefore, Be it resolved—
(1) The said report and recommendations are hereby accepted and approved.
(2) In order that there may be no possible disturbance of credit or in the
plans of the Government resulting from the differences that have arisen on
questions of law as outlined in the report, the special committees are hereby
requested through counsel to make to the Director-General a proposal on
the lines of said report for co-operation in securing an adjudication upon
the questions at issue and to offer meantime that the contract in its present
form be executed by the carriers other than the carrier with respect to which
such adjudication is to be asked, and to further offer that if tho decision is
adverse to the security holders the controversy be deemed ended: provided
that if an to the extent and upon the point or points that the decision is adverse to the Government, all contracts made with the road shall be
amended to conform to the decision.
(3) Resolved that the special committees report back to this committee,
ADJUSTMENT OF DISPUTES OF RAILWAY WAGE
ORDERS.
Under an order issued by Director-General of Railroads
McAdoo on Aug.30, the duties and authority of the Board of
Railroad Wages and Working Conditions are extended to
include investigations and recommendations to the DirectorGeneral of interpretations of all such wage orders when requested to do so by the Director of the Division of Labor.
We give the order herewith:
VN1TED STATES RAILROAD ADMINISTRATION
W. G. McAdoo, Director-General of Railroads.
Washington, D. C., Aug. 30 1918.
Supplement No. 6 to•General Order No. 27.
In General Order No. 27 and supplements thereto, and in certain memoranda of understanding creating Railway Boards of Adjustment, put in effect by General Orders No. 13 and No. 20, methods have been provided for
Interpretation of wage orders issued by the Director-General upon recommendations of such boards, and the Division of Labor, "subject always to
review by the Director-General." For the purpose of affording prompt interpretations of all wage orders Maned by the Director-General, the duties
and authority of the Board of Railroad Wages and Working Conditions are
hereby extended to include investigations and recommendations to the Director-General of interpretations of all such wage orders, when requested to
do so by the Direc.or of the Division of Labor.
It should be understood by railroad employees that it is impracticable
to give interpretation on ex parte statement, to the thousands who request
Information as to the manner in which wage orders should be applied in
individual cases. Operating officials of the railroads are required to place
wage orders in effect fairly and equitably and should differences of opinion
arise necessitating a formal interpretation, the matter will be disposed of
In the following manner:
When a wage order is placed in effect in a manner with which an employee,
or the employees' committee, disagrees, a joint statement quoting the language of the wage order, and including the contentions of employees and
the contentions of officials, signed by the representatives of the employees
and the officials, will be transmitted to the Director of Labor, who will record and transmit same to the Board of Railroad Wages and Working Conditions, which will promptly investigate and make recommendation
the Director-General. Upon receipt of interpretation from the DirectorGeneral, the Director of Labor will trantmit such interpretation to he Railway Boards of Adjustment for their information and guidance, in the
application of such interpretation to existing conditions, or to questions
arising from the incorporation of the order as so interpreted into existing
agreements on all railroads under Federal control. As occasion demands,
all interpretations will be printed and given general publiciy,for the purpose
of communicating the information to all concerned, and thus avoiding the
necessity of duplication of interpretations.
On and after Sept. 11918, any disagreement between the employees and
the officials over the application of any wage order will be submitted to the
Director of Labor, as outlined above, but in order promptly to dispose of
all requests for interpretations previously presented to the Division of Labor,
or to the Boards of Adjustment, such requests will be immediately recorded
and transmitted to the Board of Railroad Wages and Working Conditions
by the Director of Labor.
Nothing herein contained revokes authority granted to the Division of
Labor of Railway Boards of Adjustment in determining disputes arising in
connection with the application of interpretations of wage orders to existing
conditions, or in connection with the incorporation of such interpretations
into existing agreements.
W. 0. McADOO,
Director-General of Railroads.
RAILROAD ADMINISTRATION NAMES COMMITTEES
TO HANDLE FREIGHT CAR LOADING.
'
To save car space on shipments of less than a full car load,
the Railroad Administration has announced the creation of
inter-regional committees which will establish certain days
on which shipments may be made or received and determine
the routing and adjust necessary matters affecting inter-region oars. The following is the announcement made
through the Car Service Section of the Railroad Administration:
1. With a view to securing: (a) increased car efficiency,,(b) improved
service, (c) decreased transportation expenses, in handling "less carload"
freight, committees representing the several regional districts have been
formed with the following as Chairmen:
Mr. J. R. Kearney, Allegheny Region; Mr. George Morton, Central
Western Region; Mr. C. H. Ketcham, Eastern Region; Mr. T. M.Proctor,
Northwestern Region; Mr. J. A. Talbott, Pocahontas Region; Mr. W. L.
Stanley, Southern Region: Mr. F. M. Lucoro, Southwestern Region.
2. These committees will, without delay, have a survey made covering
L.C.L. freight forwarded for a period of at least 10 days from all stations
and transfer points in their respective territories, and will institute "shipping days" and through car loading via one or more designated routes based
on the following considerations: (a) volume of traffic, (b) direct routing,
(c) car conservation.
3. The committee for each region will determine the routing on cars
destined to points within the same region.
4. The Chairmen and such members of the regional committees as may
be designated by the Chairmen will, with the Car Service Section, act as
[VOL. 107.
a general committee to determine the routing and adjust necessary matters
affecting inter-region cars.
5. Care must be exercised to prevent any undue advantage being given
to one city or section as against a near-by competing city or section.
6. The support of shippers, jobbers and various commercial organizations in each locality should be obtained for the detailed plans as adopted.
7. As arrangements are perfected for each shipping centre or distributing
point Chairmen will furnish to the Regional Director and to the Car Service Section a detailed report showing: (a) Number of additional through
cars established, (b) estimated increase in tonnage per car, (c) estimated
daily or weekly saving in equipment.
8. The Chairmen will advise the Car Service Section of opportunities
for improved loading through the back hauling of freight, particularly
from far-distant points, as, for example, freight from Boston, New York
or Philadelphia destined to local points within a radius of 100 miles east
of San Francisco, which might be loaded to advantage in through cars
to San Francisco, involving but one intermediate handling, as against
several such handlings ifloaded in cars carded to points east of San Francisco.
RAILROAD ADMINISTRATION'S NEW INSURANCE
AND FIRE PROTECTION SECTION.
In announcing the creation of a Railroad Insurance and
Fire Protection Section in the Railroad Administration,
Director-General W. G. McAdoo states that "the heavy fire
losses throughout the country and the recent destruction by
fire in and on the railroad properties emphasize the need of
increased vigilance in applying the latest and most effective
methods of fire-protection." Charles N. Rambo has been
appointed Manager of the new section, which will be under
the supervision of John Skelton Williams and Theodore
H.Price. The following circular has been issued in the matter by Mr. McAdoo:
U. S. RAILROAD ADMINISTRATION,
Office of Director-General.
Washington, D. C., Sept.-3 1918.
Circular No. 54.
The Insurance and Fire Protection Section has been established in the
Division of Finance and Purchases and in supervising this section John
Skelton Williams, the Director of the division, will be assisted by Theodore
H. Price, Actuary to the Railroad Administration.
Charles N. Rambo, formerly Superintendent and Secretary of the
Mutual Fire, Marine & Inland Insurance Co., Philadelphia, has been appointed Manager of the Insurance and Fire Protection Section with headquarters in the Premier Building, 718 18th St N.W., Washington, D. C.
In the work devolving upon it the Insurance and Fire Protection Section
will have the co-operation of an advisory committee, of which Theodore H.
Price is Chairman. The other members of the committee are R. M. Bissell
(President of the Hartford Fire Insurance Co., Hartford, Conn., rind also
Chairman of the National Conservation Committee and the National
Board of Fire Underwrizers); Charles S. Mather of Philadelphia, D. R.
McLennan of Chicago, and A. M. Schoen, a civil and electrical fire protection engineer and expert, at present Chief Engineer of the Southeastern
Underwriters' Association of Atlanta, Ga., and also a member of various
national and other consulting boards throughout the United States.
The Insurance and Fire Protection Section will have its own force of
general inspectors and loss investigators, reporting directly to it at Washington, and through the Division of Operations will communicate to the
regional directors and the officers and employees of the operating force
under them with regard to the work of fire prevention and inspection on all
railways under control of the United States Railroad Administration with
the object of utilizing existing organizations as they may be available, reorganizing them when it may be necessary, and establishing adequate fire
protection and inspection organizations for those properties upon which
no such organization is now maintained.
Prompt compliance with the recommendations of the Insurance and Fire
Protection Section received through the channels designated will be required from all officials of the railroads.
The heavy fire losses throughout the country and the recent destruction
by fire in and on the railroad properties emphasize the need of increased
vigilance in applying the latest and most effective methods of fire prevention, and it is especially essential that the officials and employees shall with
renewed energy co-operate in the reduction of the hazard and the unnecessary fire waste.
It is believed that if every employee can be made to feel an alert consciousness of responsibility for this loss, that it can be substantially reduced,f,thus
effecting an important saving in the cost of operation and avoiding the
interference with and delay of traffic that fires cause. To this end the
earnest co-operation of every employee of the United States Railroad
Administration is desired and requested.
W. G. McADOO, Director-General of Railroads.
H. B. WALKER FEDERAL MANAGER FOR COASTWISE
SHIPS.
Director-General of Railroads W. G. McAdoolhas announced the appointment, effective Sept. 1, of H.B. Walker
as Federal Manager of the Coastwise Steamship Lines, with
office at Southern Pacific Pier 49, North River, NewlYork,
reporting to the Director, Division of Operation, and with
jurisdiction over all departments of the following coastwise
steamship lines now under Federal control:
Old Dominion Steamship Co.
Ocean Steamship Co.
Southern Steamship Co.
Merchants & Miners Transportation Co.
Mallory Steamship Co.
Clyde Steamship Co.
Southern Pacific Co.—Atlantic Steamship Lines.
The Director-General expressed his appreciationSlof the
services of the steamship advisory committee, whioh,!wiih
Mr. L. J. Spence as Chairman, had been handling the coastwise service under a temporary organization up to the time
of Mr. Walker's appointment.
SEPT. 14 1918.]
THE CHRONICLE
COMMITTEE TO INVESTIGATE RELATIONS BETWEEN
RAILROADS AND TELEGRAPH COMPANIES.
The Post Office Department announces that the Postmaster-General has appointed Joseph Stewart, special assistant to the Attorney-General; G. W. E. Atkins, First
Vice-President Western Union Telegraph Co., and John
Barton Payne, Chairman of the general counsel of the
Railroad Administration, as a committee to make careful
investigation of the contractual relations between the railroads and the various telegraph companies and to report
what changes, if any, should be'made in these contracts, or
in the service rendered. The Postmaster-General has
appointed,Henry C. Adams and David Friday as statisticians in connection with the operation and control of the
telegraph and telephone systems. Mr. Adams is head of the
department of economics of the University of Michigan;
he was statistician of the Inter-State Commerce Commission,
and more recently adviser to the Commission of the Chinese
Republic, and standardization of railway accounts and statistics. Mr. Friday is head of the department of economics in
the New York University School of Commerce and Finance;
he was valuation expert of the Michigan Railroad Commission and is a tax expert in public utilities and financial matters.
GROWTH IN MEMBERSHIP OF AMERICAN BANKERS'
ASSOCIATION.
In a statement with regard to the increase in its membership the American Bankers' Association says:
On Aug. 31 1918 the American Bankers' Association had 19,043 members, as compared with 17,328 on Aug. 31 a year ago. This is a net increase of 1,715. During the year the Association lost 145 members through
delinquencies and 132 through failures, liquidations, mergers, &c. So
that the gross increase of the membership during the year is 1,992.
Of the members 8,669 are State-chartered institutions, 6,223 are national
bank, 858 private banks, 1,668 are trust companies and there are 1,526
savings banks.
The membership campaign which began July 1 and had for its object
the securing of 20,000 members, failed to attain that number, but there
were secured up to Aug. 31 999 new members.
On Sept. 10 1918 the number of members was 19,072, 'narking the
highest point in membership that the Association has ever attained, and
setting the Association's fiscal year of 1917-18 as the most successful,
both relatively and absolutely, in its history.
ANNUAL CONVENTION OF AMERICAN INSTITUTE
OF BANKING.
The convention of the, American Institute of Banking,
to be held in Denver, Sept. 17, 18 and 19, is expected to
be attended by upward of a thousand of the younger bankers
of the United States. Practically the entire program is
to be devoted to the relation of American finance to tha
winning of the war. Bankers, economists and legislators
from various parts of the country are scheduled to deliver
addresses on vital phases of that subject. The program has
been completed by R. S. Hecht, Vice-President of the
Hibernia Bank & Trust Co. of New Orleans, who is President
of the Banking Institute. Governor J. C. Hunter of Colorado, Mayor W. F. Mills of Denver and G. B. Berger,
President of the Denver Clearing House Association, have
places on the program. Besides the discussion of America's
financial strength in its relation to winning the war, prominent speakers will discuss the recent development of the
Federal Reserve system and the stride forward that is being
made in the use of acceptances. Among those who will
speak on these subjects are J. H. Puelicher, Vice-President
of Marshall & Ilsley Bank, Milwaukee; Raymond B. Cox,
Vice-President of the Webster & Atlas National Bank of
Boston; F. B. Snyder, Vice-President of the First National
Bank of Philadelphia, and E. S. Wolfe, Vice-President of
the First National Bank of Bridgeport, Conn. America's
development in international banking will occupy the discussion of one entire session of the three-day convention.
John E. Rovensky, Vice-President of the National Bank of
Commerce in New York, has for a subject "America, the
New Creditor Nation," and John J. Arnold, Vice-President
of the First National Bank of Chicago, will speak on
"America, the World's Banker." Prof. E. W. Kemmerer
of Princeton University will address the convention on
"War and the Interest Rate."
1071
The directors of the Irving National Bank, New York,
on Sept. 3 appointed as Assistant Cashiers Horace A. Marsland, William H. Pangburn, Percy W. Hulse, Clifford 0.
Corwin, Calrence C. Howard, Wilmer P. Harriman, and as
Auditor, Eugene D. Junior. With the exception of Messrs.
Howard and Harriman, who until recently have been with
the New York Central and Pennsylvania Railroad systems,
respectively, all of these newly appointed officers have been
in charge of various departments of the bank.
The Chatham and Phenix National Bank of this city
announces that at the close of business on the 11th the
location of its branch heretofore at Greenwich and Warren
Streets was changed to 395 Canal Street in the City of New
York. The People's Bank of the City of New York heretofore located at that address having gone into voluntary
liquidation, its business has been acquired and taken over
by the Chatham and Phenix National Bank and will be
continued at that location. Besides its main office at 149
Broadway, the Chatham & Phenix National operates
branches as follows: 395 Canal Street; Bowery and Grand
Street; Ninth Ave. and 14th Street; Broadway and 18th
Street; Fifth Ave. and 33rd Street; 57th Street at Third
Ave.; Broadway and 61st Street; 86th Street at Lexington
Ave.; Broadway and 105th Street; Lenox Ave. and 116th
Street; 125th Street at Lenox Ave., and Broadway and
144th Street.
At a meeting of the directors of the Chatham & Phenix
National Bank on Sept. 12, William Milne, until recently
President of the People's Bank, was elected a member of the
Chatham's board and John B. Forsyth,formerly Cashier of
the absorbed bank, was appointed a Vice-President. At the
same meeting the usual quarterly dividend of 3% was declared, payable Oct. 1 to shareholders of record Sept. 19.
The Chatham and Phenix National Bank has reserved
at the Congress Hotel, Chicago, a suite of rooms located
immediately opposite the meeting place of the several
sections of the American Bankers' Association, on the second
floor of the hotel. In these rooms will be installed a corps
of stenographers, a visitor's register, telephone, and other
conveniences for the use of visiting bankers. In addition to
this the bank has secured an information booth on the first
floor, where the clerk in charge will be able to give visiting
bankers full information of the convention, its meetings,
and other details which may be desired. It is expected
that Louis G. Kaufman, President of the Chatham and
Phenix National Bank, will be at the convention some part
of the session, and Vice-Presidents N. P. Gatling, W. T.
Perkins and C. S. Mitchell will be on hand throughout the
convention week so that the bankers visiting Chicago wil
find a warm personal welcome at the headquarters.
We have been favored with the current issue of the "Commerce Monthly," a magazine devoted to the interests of the
Commerce Club of the National Bank of Commerce of this
city. The feature of the August number is educational
recommendations for the bank employees, written by the
President of the bank, J. S. Alexander, and by Vice-Presidents Guy Emerson, Faris R. Russell and John E. Rovensky.
The Cashier, Richard W. Saunders, has contributed an interesting article on "Walking Trips Around New York."
Mt. Saunders is a devotee of walking and a member of the
Green Mountain Walking Club. There are many other
suggestions of value to the employees of the bank. The
magazine is printed on fine paper and the illustrations and
half-tones are of exceptional merit and the typography is a
pleasure to the eye. J. I. Clarke, a former "Sun" man and
Liberty Loan publicity manager in New York, is the editor
of the "Commerce Monthly." No copies will be distributed
to the public on account of the Government's newspaper
conservation requirements.
• Another important step in the growth of the uptown banking centre, which has been developing north of Forty-second
Street, was taken this week when the Equitable Trust Co. of
this city opened its new uptown office in the new Equitable
Trust Co. Building at Forty-fifth Street and Madison Ave-,
ITEMS ABOUT BANKS, TRUST COMPANIES, Sze. nue. Most of the large downtown trust companies in late
years, like the Farmers' Loan & Trust, Columbia, Central
Four shares of bank stocks were sold at the Stock Exchange
Union, Empire, Metropolitan, and others, have established
this week. No sales of bank or trust company stocks were
branch offices in the uptown district north and south of 42d
made at auction.
Low. High. Close. Last previous sale. Street and on or near Fifth Avenue. This section is marked
Shares. BANK—New York.
out for banking purposes by location in the heart of the up175
175
4 National Bank of Commerce--- 175
Sept. 1918— 175
town hotel and business district, with easy access to the city's
1072
THE CHRONICLE
[VOL. 107.
Charles Carroll Gardiner, one of the directors of the
Rhode Island Hospital Trust Co.and prominent in the lumber business of Providence and a highly esteemed citizen,
died at his home in that city on Aug. 30 after a protracted
illness. Mr. Gardiner was born in Providence in 1863.
At the time of his death he was President of the Charles C.
Gardiner Lumber Co. and Treasurer of the L. H. Gage Lumber Co. Mr. Gardiner was Vice-President of the Y.M.C.A.
of Providence.
William A. Gamwell, Vice-President of the Rhode Island
Hospital Trust Co. and an employee of it for forty-six years,
this week tendered his resignation as Vice-President, to
take effect Sept. 10. He retires to private life. Mr. Gamwell first entered the employ of the institution as clerk in
August 1872; he was successively general Bookkeeper,
Assistant Secretary, Secretary and finally Vice-President.
There are a variety of ways besides sending tobacco and He had been employed by the institution longer than any
other gifts by which large institutions in this city with thickly- other person now connected with it.
starred service flags are keeping in touch with their men who
have gone into the army or navy, and one of them that is
The Citizens Trust Co. of Schenectady, N. Y., has regrowing in favor is a regular letter every month, or oftener, cently purchased from the Schenectady Railway Co. propfrom the President of the company. Seward Prosser, erty on State street in that city adjoining its present quarPresident of the Bankers Trust Co., sent yesterday such a ters. At the close of the war it is the intention of the Citipersonal letter to every one of the one hundred and thirty- zens Trust Co. to erect on this site, which is one of the
six men from his organization who have gone into the finest in the city, a modern banking house. The Citizens
service, which, in addition to such general news about the Trust Co. during the twelve years of its existence has encompany as might be of interest to the men, contained joyed a great measure of properity. In April last, as noted
some comments on the growing intensity of New York's feel- in our issue of April 6, it increased its capital stock from
ing toward the war, so evident during the past two months. $150,000 to $200,000. This was accomplished by declaring an extra dividend of 33 1-3%. William G. SchermerJohn C. Collingwood was appointed an Assistant Manager horn, President of the institution, has been identified with
of the Bond Department of the Guaranty Trust Co. of New the banking business of Schenectady for the past thirtyYork on Sept. 9. Mr. Collingwood was born in Poughkeep- three years. The other officers are: James W. Yelversie, N. Y.,30 years ago. He was with Lee, Higginson & Co. ton, Charles F. Veeder and George W. Featherstonhaugh,
for two years and for three years was an independent bond Vice-Presidents; Arthur S. Barber, Treasurer and Allen P.
broker at Newburgh, N. Y. He came to the Guaranty McKain, Secretary and Assistant Treasurer.
Trust Co. in Feb. 1914. Henry A. Theis was at the same
„
time appointed an Assistant Trust Officer. Mr. Theis is
director since its organization
a
McChesney,
E.
Albert
34 years old. He was employed by the Guaranty Trust Co.
from 1904 until 1907, and since then has been Vice-President of the Central-City Trust Co. of Syracuse,ICY.,and promiof the Franklin Society, 38 Park Row. He will return to nently identified with the business interests of that city for
the Guaranty Trust Co. on Sept. 23. The Executive Com- many years, was on Sept. 4 elected Trust Officer of that
mittee also announced the appointment of G. B. Cooper as institution and has already assumed his new duties. The
care of
Agent and W. F. Mulledy as Assistant Agent at the com- position of "Trust Officer" has been created to take
Trust
City
Central
the
of
business
of
volume
increased
Eke
pany's office in Tours, France, which will be opened Sept.
work in
15 for the special service of the American Expeditionary Co. in the way of trusteeships, guardianships and
connection with executors, administrators and committees.
Force.
Mr. McChesney has been trustee of the Onondaga County
avings Bank for the past ten years and will continue to
The New York Agency of the Yokohama Specie Bank, A—
that position.
hold
Ltd., recently announced that Tsunetaro Inouye has been
given authority to sign as agent by proxy on behalf of the
At a meeting of the directors of the Columbia Avenue
institution. The London office of the institution has been
advised that the Imperial Japanese Government 43% Trust Co. of Philadelphia_ on Sept. 6 the appointment of
Sterling bonds, aggregating £87,300 of the first series and Joseph B. Montgomery as Assistant Treasurer of the insti£65,280 of the second series, have been purchased on account tution was unanimously approved.
of the Japanese Government and canceled.
E. Cadbury and M.BrantleyEllis, formerly with
Miss L. G. Jones, heretofore Assistant Cashier of the the National City CO. of New York, are now identified with
Bank of Cuba in New York, has been elected Cashier of the Philadelphia branch of the Guaranty Trust Co. of
the institution to succeed Charles F. Plarre, who has been New York.
called to the colors. Miss Jones entered upon her new
At a stated meeting of the,directors of the Market Street
duties Sept. 9.
National—Bank of Philadelphia on Sept. 11 William—P.
A total of forty-eight branches and agencies of Philippine Sinnett, Vice-President and_4Cashior, resigned the latter
National Bank has been reached with the announcement office to devote himselfilto the duties of Vice-President.
of the most recent opening of a branch office in the City Fred F. Spellissy, heretofore Assistant Cashier, was apof Davao, Province of Minanao. The Now York agency pointed Cashier.
of the bank is located in the Woolworth Building.
George F. Lang, Cashier of the National Central Bank of
has been granted a leave of absence for the duraBaltimore,
of
Board
the
of
the
of
meeting
Directors
At the regular
Commonwealth Bank of this city Albert C. Fuchs, for- tion of the war in order that he may enter the service of the
merly Assistant Cashier, was appointed Cashier to succeed Government. William E. Katenkamp and Harry B.
John Burckhardt, deceased. George F. A. Olt, formerly Rasch have been elected Assistant Cashiers of the institution
Manager .of the Bronx Branch, was appointed Assistant and have already assumed their new duties.
Cashier.
The Dime Savings Bank of Canton, Ohio, has entered into
A special meeting of the stockholders of the Mercantile a contract with Hoggson Brothers to modernize its building
Safe Deposit Co. of this city will be hold on Sept. 24 to vote and enlarge its banking room into thoroughly up-to-theon the question of reducing the authorized capital from minute quarters. Plans and specifications have been pre$300,000 to $200,000. Joseph Davis, Vice-President of the pared and approved and orders placed for the materials, but
American Locomotive Company, has been elected a Direc- it is not expected that active operations will begin until next
tor of the Mercantile Safe Deposit Co. to fill the vacancy spring. To all intents and purposes the remodeled structure
caused by the death of S. L. Schoonmaker.
will be a new building.
great railroad terminals and transportation systems. At the
Equitable Trust Co.'s uptown site direct comnection is
made by tunnel with the Grand Central Station and the locality is the focus of many of the important surface and subway lines. It is within easy reach of Fifth Avenue, while
Forty-fifth Street, a wide cross street, is the natural outlet
for motor traffic from Park Avenue and Vanderbilt Avenue,
when extended. The new uptown Equitable office is adapted
to handling the banking business of New York's great
transient cosmopolitan population. Accessible to travelers
and as a development of a great international banking institution, it is well suited to accommodate the business of visitors to the city's great hotels, bearing letters of credit from
foreign countries or otherwise having financial affairs to
transact of international scope.
FWilliam
SEPT. 14 1918.]
THE CHRONICLE
A. G. Bishop, President of the First National and the
Genesee County Savings Banks of Flint, Mich., announces
that a contract has been let to Hoggson Brothers for the erection of a structure to house both banks. The new edifice is
to be erected on the corner of Saginaw and Kearsby streets,
which the banks own, and work is to begin almost immediately. The plans and specifications call for a ten-story bank
and office building, but owing to present conditions in the
field of construction and acceding to the wishes of the Government that only essential buildings be erected at this time,
only the lower story of the large edifice is to be erected now.
The National Bank of the Republic of Chicago is distributing a folder or leaflet giving in its entirety Julia Ward
Howe's beautiful and inspiring poen, "The Battle Hymn of
the Republic." The leaflet is adorned with a sepia reproduction of the statute of "The Republic" originally erected at
the head of the Court of Honor, World's Columbian Exposition, in 1893, and later executed in bronze and again sot up
in Jackson Park, Chicago, in 1918. A brief sketch of the
events which led up to the writing of the poem in 1861 is
also included in the leaflet. The folder points out that
Great Britain has sent thousands of copies of "The Battle
Hymn of the Ropublic"—the "terrible Battle Hymn of the
Republic" Kipling has called it—to her soldiers in the
trenches. "As it lightened the weary march and inspired
hope in prison camps when America was being purged of
slavery, so may it now sustain the resolution of Americans
at home and overseas in this greater struggle to snake men
free." Copies of the leaflet will be furnished gratis by the
bank to churches, Sunday schools, patriotic and charitable
organizations.
—Financial circles are interested in the announcement by
King, Hoagland & Co. of Chicago that Harry B. Judson has
become associated with them as Vice-President. Mr. Judson was for a number of years connected with the First National Bank of Chicago, and for over ten years manager of the
Northern Trust Co.'s bond department. He has formed a
country-wide acquaintance among the banks and larger financial institutions, and has their best wishes for his continued success in the new association.
Further advices concerning the failed Union Station Bank
of St. Louis, the closing of which by State Bank Commissioner Enright on Aug. 26 was referred to in these columns
in our issue of Aug. 31, state that a $200,000 trust company
to be known as the Union Station Trust Co., has now been
formed to take over the business of the failed institution.
Several prominent business men of St. Louis will be identified with the new organization. The reports that Charles
E. Lane, a former President of the Union Station Bank, had
obtained loans from the bank to a total of $120,000 or
$20,000 more than the capital of the bank, aro denied. Mr.
Lane is President of the Allan-Pfeiffer Chemical Co. and of
the firm of Charles E. Lane & Co. The St. Louis "Republic" quotes Mr. Lane as saying:
As to my connection with the Union Station Bank and its loans to mysol
and my companies, I will say that at the present time the Allan-Pfeiffer
Chemical Co., of which I am President, owes the bank one note of $7,500
and one note of $12,000, making a total of $19,500. This paper is indorsed
by myself and another officer of the company. As to the firm of Charles
E. Lane & Co., it does not owe the Union Station Bank, nor has it over
owed it or any other bank, a dollar. As to myself, I owe the bank a total
of $15,500, which paper is indorsed by one whose indorsement is absolutely
good. In addition there is other security on this loan. As to Mrs. Lane,
she has never owed the bank in excess of $3,600 and I was never an indorser
on her paper. Neither Mrs. Lane nor myself are indorsers or makers of
any paper in the Union Station Bqnk outside of the paper just mentioned,
and every dollar of the above notes will be paid.
An addition of $125,000 to the capital of the Boonville
National Bank of Boonville, Mo., increasing it from $75,000
to $200,000, has been approved by the Comptroller of the
Currency.
F. E. Gunter, formerly Vice-President of the Merchants'
Bank & Trust Co. of Jackson, Miss., was recently elected a
Vice-President of the Commercial Trust & Savings Bank of
New Orleans.
J. A. Bandi has been elected Active Vice-President of the
Marine Bank & Trust Co. of New Orleans. Mr. Bandi is
a banker of twenty-five years' experience, having commenced
his banking career in West Virginia. During the past eight
years he has been active Vice-President of the First National
Bank of Gulfport, Miss., and under his administration the
First National Bank at that point has grown steadily. Mr.
Bandi was President of the Mississippi Bankers' Association
1073
in 1916-1917, and he comes to the Marine Bank with an
unusual record of accomplishment and a broad acquaintance
among the bankers and business men of that section of the
country. He will assume active duties as Vice-President of
the Marine Bank about Nov. 1.
At a recent meeting of the Board of Directors of the Marine Bank & Trust Co., W.B. Gillican was elected a director
of the bank. Mr. Gillican is President of the GillicanChipley Co., the New Orleans Naval Stores Co., and is
largely isterested and actively identified with other naval
stores operations in the South.
At a meeting of the directors of the Interstate Trust &
Banking Co. of New Orleans on August 29, Charles B.
Thorn and C. G. Rives Jr., were elected Vice-Presidents of
the institution. Mr. Thorn, who has been a stockholder in
the organization since its formation in 1902 and a member
of its directorate for many years, is one of the most prominent
business men of New Orleans. He is Vice-President of the
New Orleans Cotton Exchange and a member of the cotton
firm of Thorn & McGinnis. Mr. Rives has been identified
with the Interstate Trust & Banking Co. as auditor for the
past four years. Prior to that time, he was Assistant State
Bank Examiner and at a still earlier date was connected with
the First National Bank of Shreveport, La. At present
he is Vice-President of the Trust Company Section of the
American Bankers' Association for the State of Louisiana.
The recently organized Liberty National Bank of Oklahoma City, Okla., referred to in these columns in our issue
of July 6, opened for business on Sept. 3In handsomely
furnished banking rooms on the ground floor of the Liberty
National Bank Building, formerly the Lee Building, at the
corner of Main St. and Robinson Ave. that city, which is
owned by the new institution. The capital of the new
bank is $300,000, and this, it is said, will be increased to
$500,000 as soon as conditions justify it. The surplus is
$30,000. Plans for the future contemplate the formation
of a trust company with capital of $200,000.
The First National Bank of San Diego, Cal., has been
granted permission by the Comptroller of the Currency to
increase its capital $400,000, thereby raising it from $600,000
to $1,000,000. This makes the second time during the year
the First National Bank has increased its capital, it having
raised the amount in February last from $150,000 to $600,000.
The College National Bank of Berkeley, Cal., (capita
$200,000) has applied for a charter to the Comptroller of the
Currency.
The Old National Bank and the affiliated Union Trust Co.
of Spokane, Wash., are issuing an interesting and timely
booklet on "The Proper Use of the Service Flag." The
booklet, we understand, is being distributed locally to those
likely to be interested, but doubtless copies can be obtained
on application to the company.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 8 1918:
GOLD.
The Bank of England gold reserve against its note Issue shows an increase of £806,155, as compared with last week's return.
SILVER.
No alteration has taken place during the week in the price of silver.
The Shanghai exchange rose Ud. to-day to 4s. 10d. The London "Gazette" of the 6th inst. contained the following announcement: "After
Regulation 30EE the following regulation shall be inserted: 30EEE (1) It
shall be lawful for the Treasury to make Orders fixing a maximum price
for silver bullion. (2) Any Order made under this regulation may contain
such supplemental provisions as appear to the Treasury necessary or expedient for giving effect to the Order, and may be revoked, extended or
varied, as occasion requires. (3) If any person sells or purChases, or agrees
or offers to sell or purchase, except under a license in writing granted by
the Treasury, any silver bullion at a price exceeding the maximum price
fixed by an Order made under this Regulation, or contravenes or fails
to comply with any of the provisions of any such Order, he shall be guilty
of a stunmary offense against these Regulations."
INDIAN CURRENCY RETURNS.
July 15. July 22. July 30.
(/n Lacs of Rupees.)
121,41
120,63
118,74
Notes in circulation
Reserve in silver coin and bullion (none
18,42
18,20
16,95
outside India)
20,21
20,41
20,42
Gold coin and bullion in India
12
45
45
Gold out of India
The stock in Shanghai on the 3d inst. consisted of about 27,250,000
ounces in syces and $15,000,000, as compared with about 26,200,000
ounces in sycee and $15,000,000 on July 27 1918.
1074
THE CHRONICLE
The movements in the cash price of bar silver per ounce from day to
day during this week have been as follows:
Aug. 6.
July 27.
Aug. 7.
Aug. 8.
Aug. 5.
Aug. 9.
48 13-16d. Bank Holiday 48 13-16d. 48 13-16d. 48 13-16d. 48 13-16d.
Comparing with previous years as follows:
Aug. 10'12. Aug. 11 '13.
Aug.11 '14.Aug.11 '15. Aug.11 '16. Aug.10 '17
28 3-16d.
27 5-16d.
42 1-16d.
26%d.
22 9-16d. 315
/
3d.
Commercial andRaiscellaneonsBoxe
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
We have also received this week the circular written under
date of August 11918:
GOLD.
The Bank of England gold reserve against its note issue shows an in
crease of £73,350 as compared with last weak's return. The West African
gold output for June 1918 amounted to £120,273, as compared with .£114,489 for June 1917 and £126,290 for May 1918.
SILVER.
No change has taken place in the price or tone of the market. After
d., the Shanghai exchange hardened to 4s. nid. again. It is
easing
said that the United States Government is not making purchases in replacement of melted dollars.
INDIAN CURRENCY RETURNS. •
(In Lacs of Rupees.)
July 7. July 15. July 22.
Notes in circulation
118,74
120,63
116,58
Reserve in silver coin and bullion (within and
without India)
18,02
14,81
16.95
Gold coin and bullion in India
20,41
20,42
20,89
Gold out of India
45
45
45
It will be observed from the above figures that the silver holding is increasing substantially. The total on the 22d ult. is the highest shown since
Dec. 31 last, when 1,905 lace were recorded.
The expansion of the Indian currency no:A) issue during the war has
been considerable, especially during tne last year. Successive stages in
the advance are detailed below:
On July 9 1914 the total exceeded for the first time 70 crores.
On Dec. 31 1916 the total exceeded for the first time 80 crores.
On June 22 1917 the total exceeded for tho first time 90 crores.
On Aug. 7 1917 the total exceeded for the first time 100 crores.
On Oct. 7 1917 the total exceeded for the first time 110 crores.
On July 22 1918 the total exceeded for the first time 120 crores.
The stock in Shanghai on July 27 1918 consisted of about 26,200,000
ounces In sycee and 15,000,000 dollars, as compared with about 26,100,000
ounces in sycee and 15,500,000 dollars on the 22d inst.
Statistics for the month of July are appended:
Highest price for cash
48 13-16
Lowest price for cash
48 13-16
Average
48 13-16
Cash quotations for bar silver per ounce standard:
July 26
d 48 13-16 Aug. 1
d 48 13-16
48.812
" 27
48 13-16 Average
" 29
48 13-16 Bank rate
5%
" 30
48 13-16 Bar gold per oz. standard_ _77s. 9d.
" 31
48 13-16
No quotation fixed for forward delivery. The quotation to-day for cash
delivery is the same as that fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sept. 7. Sept. 9. Sept.10. Sept.11.
Week ending Sept. 13Sal.
Mon. Tues.
Wed.
Silver, per oz
d. 493i • 49A
4934
493.
Consols, 23; per cents
Holiday 5834
58
584
British,5 per cents
Holiday 9534
95
9534
British,4)
Holiday 10036
100%
,6 per cents
10034
64.8
French Rentes (in Paris), fr. Closed ____
French War Loan(InParis),fr Closed --------88.5
Sept.12.
Thurs.
493.5
584
9534
10034
_------
Sept.13.
Fri.
4934
584
9534
10034
64.20
--- _
The price of silver in New York on the same day has been:
Silver In N. Y., per oz__ets. 10134
10134
10134
10134
10154
10134
TRADE AND TRAFFIC MOVEMENT.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Tuesday, Sept. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Aug. 31
1918 in the aggregate amount of 8,759,042 tons. On July 31
last the unfilled tonnage totaled 8,883,801 tons, compared
with which therefore the current figures show a decline of
124,759 tons. On Aug.31 1917 the unfilled orders amounted
to 10,407,049 tons. In the following we give comparisons
with the previous months:
In the following we give comparisons with the previous
months:
Tens
Tons.
Aug. 31 1018_ 8,759,042 Nov 30 1915_7.189.489
July 31 1918.... 8,883,801 Oct 31 1915_6,165.452
June 30 1918_ 8,918,866 Sept 30 1915_5.317.618
May 31 1918-- 8437,623 Aug. 31 1915_4,908,455
\ April 30 1918_ 8,741,882 July 31 1915_4,928,549
Mar. 31 1918._ 9,056,404 June 30 1915-4.678,196
Feb. 28 1918._ 9,283.453 May 31 1915_4,264.598
Jan. 31 1918_ 9.477,853 April 30 1915__4,162,244
Dec. 31 1917_ 9.381,718 Mar. 31 1915_4,255,749
Nov. 30 191.7_ 8,897,106 Feb. 28 1915-.4,345.371
Oct. 3111)17.. 9,009,675 Jan. 31 1915_4,248,571
%pt. 30 1917._ 9,833,477 Dee. 31 1914_3,836,643
Aug. 31 1917_10,407.049 Nov. 30 1914_3,324,592
July 31 1917_10.844.164 Oct. 31 1914-.3.461,097
June 30 1917_11,383.287 Sept. 30 1914_3.787.887
May 31 1917_11.886,591 Aug. 31 1914...4,213,331
April 30 1917_12.183,083 July 31 1914_4,158,539
Mar. 31 1917_11.711,544 June 30 1914_4,032,857
Feb. 28 1917_11,576,697 May 31 1914-3.998,160
Jan. 31 1917..11,474,054 April 30 1914...4,277.068
Deo 31191&.1l.547.286 Mar. 31 '914_4.653,825
Nov. 30 1916-11.058,542 Feb. 28 i914......5,026.440
Oct. 31 1916_10,015,260 Jan. 31 1914_4.613,680
Sept. 30 191()___9,522.584 Des. 31 1913_4,282.108
Aug. 31 1916_9.660.357 Nov. 30 1913_4,396,347
July 31 1916_9,593,592 Oct. 31 1913_4,513,767
June 30 1916-9,640,458 Sept. 30 1913_5,003,785
May 31 1916_9,937,798 Aug. 31 1913_5.223,488
April 30 1916_9,829,551 July 31 1913_5,399,356
Mar. 31 1916-9,331,001 June 30 1913-5.807.317
Feb. 29 1916-8,568,966 May 31 1913_11,324,322
Jan. 31 1916...7,922,767 April 30 1913_6,978,762
Dec. 31 1915-.7,806,220 Mar. 31 1913-7.468.956
[VOL. 107.
Bonds and Leon! Tenders
04 Deposit for-
circulation Afloat Llhder-
1917-18.
Bonds.
Aug.31 1918._
July 31 1918..
June 30 1918._
May 31 1918._
Apr.30 1918._
Mar.30 1918._
Feb. 28 1918_
Jan. 311918..
Dec. 31 1917._
Nov .30 1917._
Oct. 311917..
Sept 29 1917..
Aug. 31 1917_
682,411,730
690 831 260
690,384,150
691,579,160
648,969.710
688,060.510
635.349.410
684,508.280
683.531.260
681,565.810
679,440,210
678,134.370
677.818.430
Legal
Tenders.
Bowls.
Legal
Tenders.
5
44,108,182
36.150 417
36,878,979
35.989,575
36,189.817
36,252,360
37.047.275
38.311.1170
37.397,649
38.103.287
39.573,272
41,396,305
43,223,059
1
680,210.470
687,577 645
687,326,508
687,098.070
836,098460
684,687.147
880.992,730
681,521.545
681.814,981
678.948.778
678,703.103
875.182,077
674.514.656
S
44,108.182
36.1.50417
36,878,977
35,980.575
38.189,817
38,252,3130
37,047,275
38,311,670
37,397,649
38.103.287
39.573,272
11.398.305
43.223.050
701al.
3
724,318,652
723.728.082
724,205,485
723,087,645
722,288,177
720.919,507
718,010.005
717.833.215
719.212,630
717.052.065
716.276.375
716 578.3/.2
717,737.715
$24,687,960 Federal Reserve bank notes outstanding Sept. 1, of which $23,831,800
covered by bonds and $856,160 by lawful money.
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Aug. 31.
U. S. Bonds Held Aug. 3110 SecureBonds on Deposit
Aug. 311918.
On deposit to On deposit to
secure Federal
secure
Reserre Bank National Bank
Notes.
Notes.
2s, U. S. Consols of 1930
3s, U. S. Loan 01 1908-11)18
4s, U. S. Loan of 1925
2s, U. S. Panama of 1936
2s, U. S. Panama 01 1938
2s, One-year Special Certifs. of Indebt
3s, One-year Treasury notes
Total
14,137,750
2,593,000
404,500
285,300
6,000,000
14,365,000
37,785,550
Total
field.
561,305,250
786,660
48,009,300
47,392,600
24,917,920
575,443,000
786,660
50,602,300
47,797,100
25,203,220
0,000,000
14,365,000
682,411,730
720,197,280
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Aug. 1 and
Sept.1 and their increase or decrease during the month August.
National Bank Notes-Total Afloat•
Amount afloat Aug. 1 1918
Net amount retired during August
Amount of bank notes afloat Sept. 1 1918
Legal-Tender NotesAmount on deposit to redeem national bank notes Aug. 1 1918
Net amount of bank notes retired In August
V23
'
7
52
98
0:0
56
90
2
$724,318,652
536,150,417
7,957,765
Amount on deposit to redeem national bank notes Sept. 11018...... $44,104,182
Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per ce7.1. Shares. Stocks.
Per cent.
10 Niagara Fire Insurance, $50
75 B. & W. Anuisem't,Inc__ 82,500 lot
each
517535 per sh. 300 Chalmers Mot. Corp.,com.S4 per sh.
By Messrs. Millett, Roe & Hagen, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
25 Davol Mills
126
21 United Lite & Ace. Ins., Con32-20 U. S. Worsted, 1st preferred
cord, N.II., 325 each
2234
new
6 Hood Rubber,common
138
3.70-3.723.5
35 Merrimac Chemical,$50 eaoh_90-100
25 Chapman Valve, preferred_ _ __ 95
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
S per sh. Shares. Stocks.
$ per sh.
1 Adiron. Elec.Pow. Corp.,coin. 12
100 Acadia Mills
11234
1 Great Falls Manufacturing....181
1 Adiron. Elec. Pow.Corp., pref. 65
25 Nashawena Mills
11834-120 16-20 U.S. Worsted, 1st pref.3.7235-3.75
1 Boston Storage Warehouse.._ _ 8634
Bonds.
1 Boston Athenaeum,$300 par. _410
Per cent.
19 Merrimac Chemical, $50 each. 99
31,000 Savannah Elec. 1st 5s, 1952_ 60
25 Mass. Lighting Cos., prof
65
1,000 Boston Wharf 4s, 1941
6834
By Messrs. Barnes & Lofla,nd, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
S per sh.
15 Philadelphia National Bank__ _348
20 Phila. Bourse, coin., 550 each.6-634
20 Fourth Street Nat. Bank.._270-275 13 Fire Assn. ofPhii.,5500a30035-30134
7 Guarantee Trust & Safe Dep_ _119
10 Lumbermens Insur., $25 each_100
511
10 United Gas& Elec., let pref.__ 40
6 Fidelity Trust
2 Philadelphia Trust
25 Caddo Oil & Refining
751
Tons.
25 Riverton & Palmyra Water_ _120
Feb. 23 1913- .7.856.714 160 Westmont Hotel & Sanitarium_ 2
61 Monroe Hotel, $50 each
2
1 Land Title & Trust
Jan. 31 1913_7.827,368
48934
504 Bonds.
Per cent.
Dec. 31 11/12-7.932.164 407 II. K: Mulford, $50 each
35 Continental-Equit. Tr.,550 ea. 86 $1,000 Springfield Water 5s, 1926._ 71
Nov. 30 1912...7,852,883
1 Penn. Academy of Fine Arts 2534 1,000 Fidel. Stor. & W.II. 5s, 1919 93
Oct 31 1912 7.594,381
1 Memb. in Commercial Exch.. 50
100 Philadelphia, City,48, 1915. 9734
Sept. 30 1912_6.5.51,507
30 Merchants WareMuse
50
100 Philadelphia, City, 33-18,'23 924
Aug. 31 1912 _6.163.375
2 05
100 Philadelphia, City, 3
'34 92
July 31 1912...5,957,073 303 Pratt Food Co., $1 each
10 Smith Edwards Prntg.,$50 ea_ 30
200 Philadelphia, City, 3s, 1919. 9634
June 30 1912_5,807,349
May 31 1912-5.750.986
April 30 1912_5.664,885
Mar. 31 1912-5,304,841
National Banks.-Tho following information regarding
Feb. 29 1912_5.451,201
Jan. 31 1912_5.379.721 national banks is from the office of the Comptroller of the
Dec. 31 1911_5,081.765 Currency, Treasury Department:
Nov. 30 1911_4,141,958
APPLICATIONS FOP. 0HARTER.
Oct. 31 1911...3,694.327
Sept. 30 1911...3.611.315 For organization of national banks:
Capital.
Aug. 31 1911_3.695.985
The College National Bank of Berkeley, Cal
$200,000
July 31 1911...A.584,088
The National Bank of Clayville, N.'V
25,000
June 30 19112_3.381.087
The Whitostown National Bank of Whitesboro, N. Y
25,000
May 31 1911_3,113.154
The First National Bank of Monticello, Utah
25,000
April 30 1911_3.218,700
Tho First National Bank of litigoton, Kan. (to succeed the fluMar. 31 1911_3.447,301
goton State Bank)
25,000
Feb. 28 191L..3.400,543 For conversion of State banks:
Jan. 31 1911_3.110.919
The First National Bank of Cloverdale, Cal. Conversion of
the Bank of Cloverdale
Dec. 31 1910...2.674,750
50,000
The First National Bank of Mead, Colo. Conversion of the
Nov. 30 1910-.2,760.413
Mead State Bank_
25,000
Oct. 31 1910_2,871,949
•
The First National Bank of Saltville, Va. Conversion of the
Sept. 30 1910-3,154,106
Saltville Bank
25,000
Aug. 31 1910...3,537,128
July 31 1910_3.970.931
Total
$400.000
THE CHRONICLE
SEPT. 14 1918.]
CHARTERS ISSUED.
Original organizations:
$25,000
The First National Bank of Cutler, Cal
Tao Farmers & Merchants National Bank of Calipatria, Cal.
(Succeeds tne Calipatria Branch of the American State Bank
50,000
of lirawley, Cal.)
$75,000
Total
CHARTER EXTENDED.
The First National Bank of Bristol, N. H., until close of business
Sept. 12 1938.
INCREASES OF CAPITAL APPROVED.
Amount.
The First National Bank of San Diego, Cal. Capital increased
$400,000
from $600,000 to $1,000,000
The Boonville National Bank, Boonville, Mo. Capital increased
125,000
from
to $200,000
$75,000
$525,000
Total
Canadian Bank Clearings.-The clearings for the week
ending Sept. 5 at Canadian cities; in comparison with the
same week in 1917, shows an increase in the aggregate of
14.6%.
Week ending Sept. 5.
Clearings et
1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat.Peterborough _.
Sherbrooke
Kitchener
a.m..'
Oangula
$
82,569,230
62,894,392
24,000,281
11,471,498
6,441,430
4,280,087
3,300,000
4,316,568
2,200,964
5,073,122
2,351,705
2,234,459
3,014,269
2,398,590
433,191
751,336
1,257,523
1,000,000
726,198
548,754
505,895
301,526
524,371
895,744
530,555
224.024.688
1917.
Inc. or
Dec.
1916:
.
1915.
%
+17.4
+22.4
-9.6
+42.2
+18.0
+8.2
+28.5
-10.6
+32.3
+12.9
+16.0
-5.6
+36.9
+3.1
-17.8
+19.8
-12.0
+11.4
-11.4
-3.2
+35.3
-20.0
+2.5
+46.7
-1.7
$
60,680,178
39,867,004
32,252,494
6,181,547
5,718,039
3,800,401
2,526,534
3,164,930
1,536,279
3,827,467
1,326,460
1,596,103
1,627,730
2,037,963
648,120
501,525
1,039,323
794,424
513,501
475,380
269,171
287,317
407,823
433,203
421,739
$
41,672,120
27,350,943
14,919,458
4,777,416
3,319,412
3,008,358
1,820,005
2,313,853
1,250,295
2,940.186
1,052,903
1,877,991
1,514,112
1,348,197
400,009
282,472
669,548
536,902
403,988
308,161
241,212
109,852
307,089
195.443.452 +14.6
171.934.(155
112.154.152
$
70,290,231
51,389,714
26,544,266
8,067,512
5,430,123
3,954,687
2,569,339
4,830,832
1,663,415
4,493,914
2,027,763
2,367,856
2,201,455
2,325,041
527,489
027,309
1,429,474
897,254
824,023
566,236
373,600
380,385
511,284
610,549
539,701
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
50c. Oct. 1 Holders of rec. Sept.20a
Beech Creek (guar.)
2
Sept. 30 Holders of rec. Aug. 31a
Albany (quar.)
234 Oct. 1 Holders of rec. Aug. 31a
Canadian Pacific, common (quar.)
2
Oct. 1 Holders of rec. Aug. 31
Preferred
1% Oct. 1 Holders of rec. Sept. 5r
t Chicago Jr North Western, corn. (qu.)_
2 . Oct. 1 Holders of rec. Sept. 5r
t Preferred (quar.)
234 Sept.20 Holders of rec. Aug. 28r
t Delaware & Hudson Co. (quar.)
Fonda Johnstown & Gloversv., pf. (qu.) 134 Sept. 15 Holders of rec. Sept. 10a
*1% Nov. 1 *Holders of rec. Sept.18
Great Southern (guar.)
234 Oct. 1 Holders of rec. Sept.20a
Interborough Rapid Transit (guar.)
$1.25 Oct. 5 Holders of rec. Sept. 14a
Lehigh Valley, corn. & pref. (guar.)._
1)4 Oct. 1 Holders of rec. Sept. 16a
Manhattan Railway (guar.)
Oct. 1 Holders of rec. Sept.20a
Minn. St. Paul it S. S.M. leased lines _
131 Oct. 1 Holders of rec. Sept. 14a
N. Y. Lackawanna de Western (quar.)_
134 Sept. 19 Holders of rec. Aug. 3Ia
Norfolk & Western, common (quer.)
75c. Oct. 1 Holders of rec. Sept. 14
Pillsb. Bessemer & Lake Erie, com....
1X Oct. 8 Holders of rec. Sept. 10a
PIttsb. Ft. W.& Chic., ref. gu. (quar.)
134 Oct. 1 Holders of rec. Sept. 10a
Special guaranteed (quar.)
Sept. 16 Sept. 11 to Sept. 16
St. Joseph South Bend & Southern, corn. 1
Sept. 16 Sept. 11 to Sept. 16
234
Preferred
Southern Pacific Co. (quar.) (No. 48).. 134 Oct. 1 Holders of rec. Aug. 31a
SouthernRailwayOct. 1 Holders of rec. Sept. 16a
2
Mobile & Ohio stk. tr. clfs
254 Oct. 1 Holders of rec. Sept. 3a
Union Pacific, common (quer.)
2
Oct.
1 Holders of rec. Sept. 3a
Preferred
Street & Electric Railways.
Arkansas Val. fly. L. it Pow., pref. (qu.) 1% Sept. 16 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept. 16
Asheville Power & Lt., VI. (qu.)(No. 26)
1% Oct. 1 Holders of rec. Sept. 16
Brazilian Trae., L. & Pow., pref. (qu.)
Carolina Power it Lt., pl. (qu.)(No. 38) 1)4 Oct. 1 Holders of rec. Sept. 16
11 Oct. 1 Holders of rec. Sept. 14
Cities Service Co., coin. & pref. (mthly.)
Oct. 1 Holders of rec. Sept. 14
Common (payable in common stock).
1)4 Oct. 1 Holders of rec. Sept. 14a
Cleveland Railway (guar.)
Oct. 1 Holders of rec. Sept.16
Did -Superior Tract., coin. & pf. (guar.) 1
El Paso Elec. Co.,coin.(qu.)(No.29)_ _ 2% Sept. 16 Holders of rec. Sept. 3a
Oct. 1 Holders of rec. Aug. 31a
Frankford & Southwark Passenger (qu.) $4
Sept. 16 Holders of rec. Sept. 3a
Galveston-Houston Elec. Co. pL(No.23) 3
134 Oct. 1 Holders of rec. Sept. 16
Illinois Traction, preferred (guar.)
Manila Elec. RR. & Ltg• Corp.(quar.). 134 Oct. 1 Holders of rec. Sept. 1,a
$2
Oct. 1 Sept. 11 to Sept. 30
Philadelphia Traction
134 Sept. 14 Holders of rec. Aug. 31a
San Joaquin Light & Power, pref.(qu.)_
Oct. 1 Holders of rec. Aug. 31a
Second & Third Sts. Pass., Phila. (qu.) $3
Springfteld(Mo.)Ry. & Lt., pref. (qu.). 151 Oct. 1 Holders of rec. Sept. 16u
Oct. 1 Holders of rec. Sept. 14
Toronto fly. (guar.)
1)4 Oct. 1 Holdera of rec. Sept. 10
Twin City Rap. Trait., Minneap., pf.(qu)
1
Oct. 1 Holders of rec. Sept. 161
United Lt. & Rys., corn.(qu.)(No. 15)_
13.4 Oct. 1 Holders of ree. Sept. I6a
1st preferred (guar.) (No. 32)
Utah Power & Light, pref.(guar.)(No.23) 1% Oct. 1 Holders of rec. Sept. 14
West End Street ity., Boston, common_ $1.75 Oct. 1 Sept. 21 to Oct. I
14 Sept. 15 • Holders of ree. Sept. I
West Penn Rys., pref. (qu.)(No. 5)
West Penn Tr.& W.P Pf.(.111.)(No.15) 114 Sept. 15 Holders of roe. Sept. 1
Yadkin River Potter, pref. (g14.) (No. 10) 1%, Oct. 1 Holders of rec. Sept. 16
Banks.
25
Sept. 16 Holders of ree. July 22
Battery Park National (special)
4
Oct. 1 Holders of rec. Sept.24a
Chase National (guar.)
3
Oct. 1 Sept. 20 to Sept. 30
Chatham it Phenix National (quar.)
2% Oct. 1 Holders of roe. Sept. 20a
Commerce, Nat. Bank of (quar.)
5
Oct. 1 Holders of rec. Sept.30a
First National (guar.)
5
Oct. 1 Holders of rec. Sept.30a
First Security Co. (guar.)
Oct. 1 Holders of rec. Sept.21
Mechanics, Brooklyn (qu.)(No. 136) -- 2
5
Oct. 1 Holders of rec. Sept.23
Mutual (guar.)
5
Sept. 30 Holders of rec. Sept. 204
Yorkville (quar.)
Companies.
Trust
5
Sept. 30 Holders of rec. Sept. 20
Guaranty (quur.)
1% Oct. 1 Sept. 15 to Oct; 1
Lawyers Title it Trust (quar.)
Miscellaneous.
$2
Sept. 27 Holders of rec. Sept. 7
Ahmeek Mining (quar.) (No. 27)
$1.50 Sept. 14 Holders of ree. Aug. 30a
Ajax Rubber, Inc. (quar.)
131 Oct. 15 Holders of rec. Sept. 30a
Allis Chalmers Mfg., pref. (guar.)
Preferred (acc't of accumulated diva ) h51 Oct. 15 Holders of rec. Sept. 30a
*31.50 Sent . 25 *1-fr,i•lers of ree Sent 11
Allotiez Mining (quar.)(No. 13)
Boston &
1075
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continue.3)American Bank Note, pref.(guar)
75e. Oct. 1 Holders of rec. Sept. 16a
American Beet Sugar.pref.(qu.) (NO.77) 134 Oct. 2 Holders of ree. Sept. I4a
American Can, preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 14a
Amer. Car & Fdy. corn.(qu.)(No.64)_ 2
Oct. 1 Holders of rec. Sept. 13a
Preferred ((Aar.) (No. 78)
134 Oct. 1 Holders of ree. Sept. 13a
American Chicle, pref. (quar.)
1% Oct. 1 Holders of rec. Sept. 20
American Cigar, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 14a
American Express (quar.)
134 Oct. 1 Holders of rec. Aug. 31a
American Fork & Hoe, common (qu.)
134 Sept.15 Holders of rec. Sept. ba
Preferred
334 Oct. 15 Holders of rec. Oct. ba
Amer. Gas de Elec., coon. (qu.) (No. 34)234 Oct. 1 Holders of rec. Sept.20
Preferred (guar.) (No. 47)
134 Nov. 1 Holders of res. Oct. 18
American Hide & Leather, pref
2% Oct. 1 Holders of rec. Aug. Ela
Pref.(extra, payable in Lib. Ln. bonds) 42
Oct. 1 Holders of rec. Aug. 31a
Amer.Intern. Corporation, cons.& pref.
90c. Sept.30 Holders of rec. Sept. 16
1
Amer. Laundry Mach., corn. (extra)
Sept.20 Sept. 15 to Sept.20
Common (guar.)
1% Dee. 5 Nov. 26 to Dec. 5
1% Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
American Locomotive,common (quar.)- 134 Oct. 3 Sept. 17 to Oct. 15
Preferred (quar.)
154 Oct. 21 Sept. 17 to Oct. 15
Sept.16 Holders of rec. Aug. 15a
American Machine & Foundry
05
$1.75 Sept.30 Sept. 15 to Sept.22
American Pneumatic Service, 1st pref
134 Oct. 1 Holders of rec. Sept. 14
Amer. Public Service, pref. (quar.)
Sept.30 -Sept.22 to Sept.30
American Radiator, common (auar.)- 3
550c Oct. 15 *Holders of res. Sept.30
American Rolling Mill, common
525c Oct. 15 *Holders of rec. Sept.30
Common (extra)
*1% Oct. 15 *Holders of rec. Sept.30
Preferred (guar.)
*1
Oct. 15
Amer. Seeding Mach., common (quar.)
Preferred (guar.)
*114 Oct. 15
American Sewer Pipe (guar.)
34 Sept.20 Holders of rec. Sept. 100
Amer. Smelters' Securities, pref. A (qu.) 1% Oct. 1 Sept. 14 to Sept.22
134 Oct. 1 Sept. 14 to Sept.22
Preferred 13 (quar.)
Amer.Smelting & Refining, corn.(quar.) 134 Sept.16 Aug. 24 to Sept. 2
2
Oct. 1 Holders of rec. Sept. 14a
American Snuff, common (quar.)
134 Oct. 1 Holders of rec. Sept. 14a
Preferred (quar.)
134 Sept.30 Holders of rec. Sept. 14a
American Steel Foundries (quar.)
Extra (payable in L. L. 2d 4% bde.)- 1134 Sept.30 Holders of rec. Sept. 14a
Amer.Sugar Refg., corn.(qu.)(No. 108) 134 Oct. 2 Holders of rec. Sept. 30
Common (extra)
X Oct. 2 Holders of rec. Sept. 3a
Preferred (quar.)(No. 107)
134 Oct. 2 Holders of roe. Sept. 30
2
Oct. 15 Holders of rec. Sept.200
Amer. Teieph. & Telegraph (guar.). __ _
134 Oct. 1 Holders of rec. Sept. 14a
American Tobacco, preferred (quar.)
Oct. 15 *Holders of ree. Oct. 10
Amer. Type Founders, corn. (quar.). _ _ _ *1
•1,4.
Oct. 15 *Holders'of ree. Oct. 10
Preferred (guar.)
Oct. 5 Holders of rec. Sept.20
Amer. Window Glass Mach.,common
m5
l'i Oct. 1 Holders of rec. Sept.16
Preferred (guar.)
134 Oct. 15 Sept. 17 to Sept. 26
American Woolen, common (quar.)
134 Oct. 15 Sept. 17 to Sept. 28
Preferred (quar.)
134 Oct. 15 Holders of ree. Sept.300
Associated Oil (quar.)
134 Oct. 1 Holders of ree. Sept. 100
All. Gulf. & W.I. SS. Lines, pref. (qu.)
5
Sept. 14 Holders of rec. Aug. 20a
Atlantic Refining (quar.)
50c. Sept.30 Holders of rec. Sept. 16
Autosales Corporation, preferred (qu.)_
Oct. 1 *Holders of roe. Sept.21
Avery Co., common
*1)4 Oct. 1 *Holders of ree. Sept.21
Preferred (guar.)
Baltimore Tube, corn. & pref. (quar.)- 134 Oct. 1 Sept. 21 to Sept.30
Barnhart Bros. de Spindler*1,4
Nov. 1 *Holders of res. Oct. 26
First and second preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 12a
Barrett Co., common (quar.)
134 Oct. 15 Holders of rec. Sept. 260
Preferred (quar.)
Belding Paul Corticeill, Ltd., pref. (qu.) 334 Sept. 16 Holders of rec. Sept. 3
2
Oct. 15 Holders of ree. Sept. 30
Bell Tetephone of Canada (guar.)
Bethlehem Steel, common (quar.)
234 Oct. 1 Holders of rec. Sept. 160
ChM 13 common (quar.)
234 Oct. 1 Holders of rec. Sept. 164
Oct. 1 Holders of ree. Sept. 18a
2
Cum. cone. preferred (guar.)
Seven percent. non-cum. pref. (mar.). 134 Oct. 1 Holders of rec. Sept. 160
3
Oct. 1 Holders of ree. Sept.19
Billings it Spencer Co.(guar.)
2
Oct. 1 Holders of rec. Sept.19
Extra
5
Oct. 1 Holders of rec. Sept.19
Special
Blumenthal (F.) Co., coin. (qu.)(N0.28) 134 Oct. 1 Holders of rec. Sept: 30a
134 Oct. 1 Holders of rec. Sept. 300
Preferred (quar.) (No. 33)
50c. Oct. 1 Holders of rec. Sept. 16a
Booth Fisheries, common (quar.)
134 Oct. 1 Holders of rec. Sept. 1130
Preferred (quar.)
Borden's Cond'd Milk, pf.(qu.)(No. 07) 134 Sept. 14 Holders of rec. Sept. la
Oct. 15 Sept. 14 to Oct. 14
20
Borne, Scrymser Co
14 Oct. 1 Sept. 21 to Oct. 1
Brier Hill Steel, common (quar.)
334 Oct. 1 Sept. 21 to Oct. 1
Common (extra)
134 Oct. 1 Sept.21 to Oct. 1
Preferred (quar.)
Sept.30 Holders of coup. No. 68n
British-American Tobacco, ordinary... 6
234 Sept.30 Holders of coup. No.30
Preferred
Brooklyn Union Gas (quar.)
134 Oct. 1 Holders of rec. Sept. 14a
Sept. 14 Holders of rec. Aug. 24
2
Buckeye Pipe Line (quar.)
Oct. 1 *Holders of ree. Sept. 20
1
Bucyrus Co., pref.(quar.)(No. 14)
Sept. 16 Holders of rec. Aug. 31a
Calif. Packing Corp., corn.(qu.)(No. 8) $1
*13i Oct.
1 Holders of rec. Sept. 16
Preferred (quar.)
Calif. Petroleum Corp., pref. (guar.)._
134 Oct. 1 Holders of rec. Sept.20a
Sept.23 Holders of rec. Sept. 60
Calumet & Arizona Mining (quar.)__ $2
Sept. 20 Holders of rec. Sept. 3
$15
Calumet & Hecla Mining (quar.)
Oct. 1 Holders of rec. Sept. 140
$1
Cambria Iron
75e. Sept. 14 Holders of rec. Aug. 31a
Cambria Steel (quar.)
75e. Sept. 14 Holders of rec. Aug. 31a
Extra
134 Oct. 1 Holders of rect. Sept. 150
Canada Steamship Lines, pref. (lust.).
Canadian Consol. Rubber, pref. (quar.) 1 14 Sept.30 Holders of ree. Sept.20
1% Sept.30 Sept.20 to Sept.30
CanadianCrocker-Wheeler,com.&pf(qu)
Oct. 1 Holders of rec. Sept. 14
Canadian Gen. Elec., corn.(qu.)(No.77) 2
334 Oct. 1 Holders of rec. Sept. 14
Preferred (No. 45)
4
Sept.30 Holders of rec. Sept.26
Carbon Steel, first preferred
Case (J.I.) Thresh.Mach., pref.(guar.). 131 Oct. 1 Holders of rec. Sept. 16a
2
Sept.30 Holders of rec. Sept. 180
Celluloid Company (quar.)
2
Oct. 15 Holders of rec. Sept.30e
Central Pots:dry, first preferred (guar.) _ _
134 Oct. 15 Holders of rec. Sept.30a
Ordinary preferred (guar.)
Central Leather, preferred (quar.). _ __ _
1% Oct. 1 Holders of rec. Sept. 10a
Central Petroleum, preferred
236 Oct. 1 Holders of roe. Sept.26
Central States Electric Co •p.pref.(quar.) 1)4 Oct. 1 Holders of rec. Sept. 10
Certain-teed Products CorporcutonFirst and second pref. (quar.)(No. 7)..
154 Oct. 1 Holders of roe. Sept.20
.3
Oct. 1 *Holders of rec. Sept.20
Chandler Motor Car (guar.)
20e. Sept.30 Holders of rec. Sept.14
Charcoal Iron of America, corn.(guar _ _
3
Sept.20 Holders of rec. Aug. 310
Chesebrough Mfg. (quar.)
Extra,...50c. Sept.20 Holders of rec. Aug. 31a
2
Sept.30 Holders of rec. Sept.280
Chicago Telephone (quar.)
Sept.30 Holders of rec. Sept.15
Chiqo Copper Co. (guar.)
$1
Sept.28 Sept. 13 to Sept. 28
Citizens Gas of Indianapolis (No. 18).. 5
Cleveland-Akron Bag (guar.)
2% Sept.30 Sept.22 to Sept.30
Cluett, Peabody & Co., Inc., pref. (qu.) I% Oct. 1 Holders of rec. Sept.200
*1..6
Oct. 15 *Holders of rec. Sept.30
Colorado Power, commo 1 (guar.)
134 Sept. 18 Holders of rec. Aug. 31
Colorado Power, preferred (quar.)
254 Oct. 1 Holders of tee. Sept. 140
Coles Patent Fire Arms Mfg.(guar.)
Columbia Graphaphone,com.(qu.)(No.2) $1.75 Oct. 1 Holders of rec. Sept. 18a
134 Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.) (No. 2)
Oct. 10 Holders of rec. Sept.250
Computing-TabuPg-Record., corn. (qu.) 1
Sc. Sept. 14 Holders of rec. Aug. 310
Consolidated Arizona Smelting
1)4 Sept. 16 Holders of rec. Aug. 70
C'onsolidated Gas (quar.)
Oct. 1 Holders of rec. Sept. 140
Cons. Gas Elec. L.& P.. Balt.,com.(qu.) 2
Consumers El. L. it P.,New Orl., pf.(qu.) 131 Sept.30 Sept.10 to Sept.30
1)4 Oct. 1 Holders of rec. Sept. 200
Continental Can, Inc., com. (guar.)._ _
Preferred (guar )
I% Oct. 1 Holders of rec. Sept. 200
Sept. 16 Aug. 27 to Sept. 15
3
Continental Oil (quar.)
20c. Oct. 1 Holders of rec. Sept.14a
Conti te dal Refining, preferred (guar.)__ _
Copper Range Co. (quar.)(No. 47)___ _ $1.50 Sept. 14 Holders of rec. Aug. 210
75e. Sept. 14 Aug. 21 to Sept. 15
Crescent Pipe Line (quar.)
c'ruelble Steel, pref. (quar.)(No. 64)_ _ 134 Sept.30 Holders of rec. Sept.18a
154 Oct. 1 Holders of rec. Sept. 14
Cuba Cane Sugar, pref. (quar.)
Cuban-American Sugar, corn. (guar.)... 2% Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 14a
IX Sept. 18 Sept. 7 to Sept.16
Cudahy Packing, common (gust.)
2
Sept. 16 Holders of rec. Aug. 310
Dlainond Match Pinar.)
Oct. 1 Holders of rec. Sept. 14
Dominion Glass, Ltd., common (guar.). 1
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 14
Dominion Iron & Steel, Ltd..pf.(No.35) 334 Oct. 1 Holders of rec. Sept. 140
Sept.16 Sept. 1 to Sept.15
Dominion Power de Transm.,com.(guar.) 1
114 Oct. 1 Holders of rec. Sept. ba
Dominion Steel Corp..eom.(qii.1f N:o.181
1
.).
1076
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Dominion Textile,Ltd., corn.(quar.)
2
Oct. I Holders of rec. Sept.14
1y, Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
Draper Corporation (quar.)
2
Sept.30 Holders of rec. Sept. 7
du Pont (E.I.) de Nem.& Co.,com.(qu.) 4% Sept. 16 Holders of rec. Aug. 31a
Debenture stock (guar.)
1% Oct. 25 Holders of rec. Oct. 10a
ji Nov. 1 *Holders of rec. Oct. 19
du Pont (E.I.)de Nem.Powd.,cona.(qu.)
Preferred (quar.)
Nov. 1 *Holders of rec. Oct. 19
Eastern Steel, corn. (quar.)
235 Oct. 15 Holders of rec. Oct. 1
First and second preferred (guar.)..._
1% Sept. 16 Holders of rec. Sept. 2
Eastman Kodak,common (guar.)
2% Oct. 1 Holders of rec. Aug. 31a
Common (extra)
2% Oct. 1 Holders of rec. Aug. 31a
Preferred (guar.)
135 Oct. 1 Holders of rec Aug. 31a
Edmunds & Jones Corp., pref. (que.r.)_ _
1% Oct. 1 Holders of rec. Sept.20
Eisenlohr (Otto) (fe Bros., pref. (guar.)__ _ *1% Oct. 1 *Holders of rec. Sept. 20
Elec. Storage Battery, com.&pref.(qu.)
Oct. 1 Holders of rec. Sept. 16a
Federal Mining & Smelt., pref. (guar.).
Sept. 15 Holders of rec. Aug. 264
Federal Oil, pref. (guar.)
Oct. 1 *Holders of rec. Sept. 20
Federal Sugar Refg. common (guard- _
Sept. 16 Holders of rev. Sept. 6
Firestone Tire & Rubber,corn.(guard
Sept.20 Holders of rec. Sept. 10a
Common (special)
Sept. 20 Holders of rec. Sept. 10a
Galena-Signal Oil, common (guar.)
Sept.30 Holders of rec. Aug. 31
Sept.30 Holders of rec. Aug. 31
Preferred (guar.)
General Baking, pref. (guar.) (No. 27).._.
Oct. 1 Holders of rec. Sept.21
General Chemical ,preferred (guard_
Oct. 1 Holders of rec. Sept. 17a
General Electric (guar.)
Oct. 15 Holders of rec. Sept. 14a
General Ry. Signal, corn. (qu.)(No. 21)
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 20
Preferred (guar.) (No. 57)
Gillette Safety Razor (guar.)
Nov.30 Holders of rec. Nov. 1
Extra
Nov.30 Holders of rec. Nov. 1
Globe Oil (monthly)
Oct. 10 *Holders of reo. Sept.20
Globe Soap, corn., 1st, 2d&spec. pf.(qu.)
Sept. 16 Sept. 1 to Sept. 16
Goodrich (13. F.) Co., common (guar.).
Nov. 15 Holders of rec. Nov. 50
Preferred (guar.)
Oct. 1 Holder's of rec. Sept. 20a
Goulds Mfg., common (guar.)
Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 20
Gras.selli Chemical common (quar.)_ Sept.30 Holders of rec. Sept. 15a
Common (extra)
Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)
Sept. 30 Holders of rec. Sept. 15a
Great Lakes Towing,common (guar.)
Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15a
Guantanamo Sugar (guar.)
Sept.30 Holders of rec. Sept. 17a
Gulf States Steel, common (quar.)
Oct. 1 Holders of rec. Sept. 16a
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 16a
Second preferred (quar.)
Oct. 1 Holders of rec. Sept. 16a
Harbison-Walker Refract., pref. (guar.)
Oct. 19 Holders of rec. Oct. 9/1
411%
Hart, Schaffner & Marx,Inc., pref. (qu.)
Sept.30 *Holders of rec. Sept.19
Haskell & Barker Car (guar.)
*31 Oct. 1 *Holders of rec. Sept. 23
Helme (Geo. W.) Co., common (qu.)-2% Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 13a
Hercules Powder, common (guar.)
2
Sept.25 Sept. 16 to Sept. 24
Common (extra)
2
Sept. 25 Sept. 16 to Sept. 24
Homestake Mining (mthly.) (No. 529)- 50c. Sept. 25 Holders of rec. Sept. 20a
*3A
1 miperial Tobacco
Imperial Tobacco of Canada, Ltd., or& _
1
Sept.27
Preferred
3
Sept. 30
Independent Brewing. common (quar.)_ 50e. Sept. 14 Holders of rec. Aug. 30
Indian Refining, common (guar.)
3
Sept. 16 Holders of rec. Sept. 50
Preferred (quar.)
1% Sept. 16 Holders of rec. Sept. 5a
Indianap. Water-Works Securities, pref- 413A Oct. 1 *Sept.21 to Sept.30
International Banking Corporation
3
Oct. 1 Sept.21 to Sept.30
International SAlt (guar.)
1% Oct. 1 Holders of rec. Sept. 14a
International Silver, preferred Omura_ _
1% Oct. 1 Holders of rec. Sept. 17
Isle Royale Copper Co.(qu.)(No. II)._
50c. Sept. 27 Holders of rec. Sept. 7
Jewel Tea, Inc., preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 20a
Kayser (Julius) Re Co., coin.(guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
First and second preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 21
Kelly-Springfield Tire, pref. (quara_ _ _ _
1% Oct. 1 Holders of rec. Sept. 16a
Kennecott Copper Corporation (guar.). Si
Sept. 30 Holders of rec. Sept. 9a
Kolb Bakery, pref. (guar.)(No. 27)
131 Oct. 1 Holders of rec. Sept.21
Kerr Lake Mines. Ltd. (guar.) (No. 4.
25c. Sept. 16 Holders of rec. Aug. 31a
14 Oct. 1 Holders of rec. Sept. 14a
Kresge(S. S.) Co., pref. (guar.)
La Belle Iron Works, corn. (guar.)
1
Sept. 30 Holders of rec. Sept. 16
Common (extra)
2
Sept. 30 Holders of rec. Sept. 16
Preferred (guar.)
2
Sept.30 Holders of rec. Sept. 16
Lackawanna Steel (guar.)
135 Sept. 30 Holders of rec. Sept. 10a
Laclede Gas Light, common (guard_ 1% Sept. 16 Sept. 3 to Sept. 10
Laurentide Co., Ltd. (guar.)
2% Oct. 1 Holders of rec. Sept.24
Lehigh Valley Coal Sales
12 Oct. 1 Holders of rec. Sept. 19
Liggett & Myers Tobacco, pref. (guar.) 13
4 Oct. 1 Holders of rec. Sept. 16a
Lone Star Gas (guar.)
2
Sept.30 Holders of rec. Sept. 2Ia
LorUlard (P.) Co., common (guar). -- 3
Oct. 1 Holders of rec. Sept. 14a
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 14a
Mackay Companies, corn.(gut)
(No.53) I% Oct. 1 Holders of rec. Sept. Ta
Preferred (guar.)(No.59)'
1
Oct. 1 Holders of rec. Sept. 7a
Magma Copper (quar.)
30c. Sept. 30 Holders of rec. Sept. 6
Manati Sugar, preferred (guar.)
I% Oct. 1 Holders of rec. Sept. 14
Manhattan Electrical Supply, com.(gu.) 1
Oct. 1 Holders of rec. Sept.20a
First & second preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 20a
Manhattan Shirt, preferred (guar.)
1% Oct. 1 Holders of rec. Sept.20
May Department Stores, pref.(quar.)13j Oct. 1 Holders of rec. Sept.20a
Maxwell Motor, Inc., lot pref. (quar.). _ 013( Oct. I Holders of rec. Sept. 10
McCrory Stores Corp., preferred (guar.)_ _ *1% Oct. 1 *Holders of rec. Sept.20
Mergenthaler Linotype (quar.)(No. 91) 2% Sept.30 Holders of rec. Sept. 4a
Mexican Petroleum, common (guard__ _
1
Oct. 10 Holders of rec. Sept. 14a
Common (payable in Lib. Loan bonds) 41
Oct. 10 Holders of rec. Sept. 14a
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 14a
Michigan Drop Forge, cons. (monthly)-- 15c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Montana Power, corn. (qu.)(No. 2.0._
13-1 Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.) (No. 24)
1% Oct. 1 Holders of rec. Sept. 14a
Montreal Cottons, Ltd., common (qu.) 1
Sept. 14 Holders of rec. Aug. 31a
Preferred (guar.)
134 Sept. 14 Holders of rec. Aug. 31a
Montgomery, Ward & Co., pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 20a
Muskogee Gas & Elec., Preferred (guar.) 1% Sept. 16 Holders of rec. Aug. 31
Narragansett Electric Lighting (quard___ _ Ii
Oct. 1 Holders of rec. Sept. 14a
National Biscuit, corn. (guar.) (No. Si) 13•1 Oct. 15 Holders of rec. Sept. 30
Nat. Cloak & Suit, corn. (guar.)(No. 7). 134 Oct. 15 Holders of rec. Oct. 8a
National Grocer, common (guar.)
2
Oct. 1 Sept. 21 to Oct. 1
National Lead, common (guar.)
1% Sept.30 Holders of rec. Sept. 13a
Preferred (guar.)
134 Sept. 14 Holders of rec. Aug. 23a
National Licorice. pref. (guar.)(No. 65). 135 Sept.30 Holders of rec. Sept.23
National Paper & Type, corn.(guar.)-- *2
Oct. 15 *Holdesr of rec. Sept. 30
Preferred (guar.)
*I% Oct. 15 *Holders of rec. Sept. 30
National Refining, preferred (guar.)
2
Oct. 1 Holders of rec. Sept.14a
National Sugar Refining (guar.)
1% Oct. 2 Holders of rec. Sept. 9
National Surety (guar.)
3
Oct. 1 Holders of rec. Sept. 20a
Nevada Consolidated Copper (guar.)
*71w. Sept.30 *Holders of rec. Sept. 18
New York Air Brake .(qu.) (No. 63)... 5
Sept. 20 Holders of rec. Sept. 3a
New York Title .1 Mortgage (guar.)
*I% Oct. 1 *Holders of rec. Sept.21
New York Transit (guar.)
4
Oct. 15 Holders of rec. Sept.21
Niagara Falls Power (guar.)
2
Oct. 1 Ho:ders of rec. Sept. 14a
Extra
••
3
Oct. 1 Holders of rec. Sept. 14a
Niles-Bement;Pond, corn.(qua (No.65) 3
Sept.20 Holders of rec. Sept. 3a
Nipissing Mines Co., Ltd. (guar.)
*25c. Oct. 21 *Holders of rec. Sept.30
Extra
*25c. Oct. 21 *Holders of rec. Sept.30
North American Co.(guar.) (No. 58)... 1% Oct. 1 Holders of rec. Sept. 16a
NorthwesternYeast (guar.)
*3
Sept. 16 *Holders of rec. Sept. 12
Extra
*3
Sept. 16 *Holders of rec. Sept. 12
Ohio Cities Gas, preferred (guar.)
Oct. 1 Holders of rec. Sept. 14a
Ohio 011 (guar.)
$1.25 Sept. 30 Aug. 31 to Sept.23
Extra
$1.75 Sept. 30 Aug. 31 to Sept.23
Oklahoma Gas & Electric, pref. (guard.. 134 Sept. 16 Holders of rec. Aug. 31
Oklahoma Prod. & Refining (guar.)
1235c. Sept.30 Holders of rec. Sept.18
Old Dominion Co. (guar.)
Si
Sept. 30 Holders of rec. Sept. 17a
Ontario Sliver Mining (guar.)
50c. Oct. 5 Holders of rec. Sept. 20
Osceola Cons. Mining (quar.) (No. 92). $2
Sept. 27 Holders of rec. Sept. 7
OtisElevator, common (guar.)
131 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 30
Owens Bottle-Machine, common (guar.) 75o. Oct. 1 Holders of reo. Sept. 21a
Common (pay. in 43
Lib. L. bds.) m2
Oct. 1 Holders of rec. Sept. 21a
Preferred (guar.)
lg Oct. 1 Holders of rec. Sept. 21a
,4%
Name of Company.
[VOL. 107.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Pabst Brewing, preferred (guar.)
134 Sept. 14 Sept. 7 to Sept. 15
Packard Motor Car, prof. (quar.)
134 Sept. 15 Holders of rec. Aug. 30a
Pan-Amer. Petrol. & Transp., corn.(qu.) 6235c Oct. 10 Holders of rec. Sept. 14a
Common (payable in Lib. Loan bonds) 16235e. Oct. 10 Holders of rec. Sept. 14a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 14a
Paton Manufacturing
4
Sept. 16 Holders of rec. Aug. 31
Bonus
2
Sept. 16 Holders of rec. Aug. 31
Pennsylvania Rubber (guar.)
*135 Sept. 30 *Holders of rec. Sept. 15
3 Sept. 30 *Holders of rec. Sept. 15
Preferred (guar.)
*1%
Pennsylvania Water & Pow.(qu.)(No.19) 1% Oct. 1 Holders of reo. Sept. 19
3 Oct. 1 *Holders of rec. Sept. 19
Pettibone, Mulliken&Co.,1st&2dpf.(qu) *1%
Phelps Dodge Corporation (guar.)
6
Sept.30 Holders of rec. Sept. 18
Extra (payable in L. L. 434% bonds)._ m2
Sept.30 Holders of rec. Sept. 18
Philadelphia Electric (guar.)
43%c Sept. 14 Holders of rec. Aug. 20a
Pierce-Arrow Motor Car, pref. (quar.)
2
Oct. 1 Holders of rec. Sept. 16a
Pittsburgh Brewing. common
500. Sept. 14 Holders of rec. Sept. 1
Pittsburgh Plate Glass, common (guar.)_ _ *1% Oct. 1 *Holders of rec. Sept.14
Price Bros..k Co., Ltd.(guar.)
2
Oct. 1 Sept. 15 to Sept. 30
Provincial Paper Mills, Ltd., corn. (guar.) 1
Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Quaker Oats, common (guar.)
3
Oct. 15 Holders of rec. Oct. la
Common (special)
1
Oct. 15 Holders of rec. Oct. la
134 Nov.30 Holders of rec. Nov. la
Preferred (guar.)
Quincy Mining (guar.)
$2
Sept. 30 Holders of rec. Sept. 50
1% Sept.30 Holders Of rec. Sept. 16a
Railway Steel-Spring, common (guar.)
Preferred (guar.)
134 Sept.20 Holders of rec. Sept. 7a
Ray Consolidated Copper (guar.)
75c. Sept.30 Holders of rec. Sept.18
Regal Shoe, preferred (guar.) (No. 95)._
134 Oct. 1 Holders of rec. Sept.20
Reo Motor Car,coin.(guar.)
525c. Oct. 1 *Holders of rec. Sept. 14
Republic Iron & St., com.(qu.)(No. 8)..135 Nov. 1 Holders of rec. Oct. 160
Preferred (guar.) (No. 60)
1% Oct. 1 floiders of rec. Sept. 18a
Reynolds (R. J.) Tobacco, corn. (guar.)_ _ _ g3
Oct. 1 Holders of rec. Sept.20
g3
Common, Class B (guar.)
Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20
Royal Baking Powder, common (quar.)_ _ *2
Sept.30 *Holders of rec. Sept. 14
*134 Sept.30 *Holders of rec. Sept.14
Preferred (guar.)
Safety Car Heating & Lighting (gear.)_ _ _ *135 Oct. 1 *Holders of rec. Sept. 14
St. Joseph Lead (guar.)
50c. Sept. 20 Sept. 10 to Sept.20
St. Louts Rocky Mt. & Pac. Co., pref.(qu.) 1% Sept.30 Holders of rec. Sept.20
1% Sept. 15 Holders of rec. Aug. 310
Savage Arms Corp., corn.(guar.)
First preferred (quar.)
1% Sept. 15 Holders of rec. Aug. 31
Second preferred (guar.)
1% Sept. 15 Holders of rec. Aug. 31
Savoy Oil (guar.)
15c. Sept.30 Holders of rec. Sept. 14
Sears Roebuck & Co., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 14a
Shattuck-Arizona Copper (guar.)
25c. Oct. 19 Holders of rec. Sept. 300
25e. Oct. 19 Holders of roe. Sept. 300
Capital distribution (guar.)
Shawinigan Water & Power (guar.)
134 Oct. 10 Holders of rec. Sept.26
Sherwin4Villiams Co. of Can., pref. (qu.) 134 Sept.28 Holders of rec. Sept. 15
Sloss-Sheffield Steel & Iron, pref.(qu.)- 134 Oct. 1 Holders of rec. Sept. 19a
5
South Penn 011 (quar.)
Sept.30 Sept. 13 to Sept. 30
South Porto Rico Sugar, common (qu.) g5
Oct. 1 Holders of rec. Sept. 14a
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 14a
South West Pennsylv. Pipe Lines (qu.). 3
Oct. 1 Holders of rec. Sept. 16
Standard Gas & Electric, pref. (guar.)._
1% Sept. 16 Holders of rec. Aug. 31
1
Standard 011 Cloth, corn. (guar.)
Oct. 1 Holders of reo. Sept. 15
2
Common (extra)
Oct. 1 Holders of rec. Sept. 15
Preferred Class A & B (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Standard Oil (Calif.) (quar.) (No. 39).. 235 Sept. 16 Holders of rec. Aug. 15
Extra(pay. in L. L. 434% bonds).. m234 Sept. 16 Holders of rec. Aug. 15
3
Sept. 14 Sept. 1 to Sept. 15
Standard Oil (Kansas) (guar.)
3
Sept. 14 Sept. 1 to Sept. 15
Extra
*3
Oct. 1 *Sept. 17 to Oct. 1
Standard 011 (Kentucky) (guar.)
5
Sept. 16 • Holders of rec. Aug. 200
Standard Oil of N. J. (guar.)
3
Standard 011 of N. Y.(quar.)
Sept. 16 Holders of rec. Aug. 230
3
Oct. 1 Aug. 31 to Sept. 18
Standard Oil (Ohio) (guar.)
1
Extra
Oct. 1 Aug. 31 to Sept. 18
*6
Standard Screw, common (guar.)
Oct. 1 *Holders of rec. Sept. 14
75c. Oct. 1 Holders of rec. Sept. 14
Stromberg Carburetor (guar.)
250. Oct. 1 Holders of rec. Sept. 14
Extra
Stutz Motor Car of America (quar.),... $1.25 Oct. 1 Holders of rec. Sept. 16a
134 Oct. 1 Holders of rec. Sept.200
Subway Realty (quar.)
2
Swift & Co.(quar.)(No. 131)
Oct. 1 Holders of rec. Aug. 31
235 Sept.30 Holders of rec. Sept. 120
Texas Company (guar.)
4
Oct. 1 Holders of rev. Sept. 21
Thompson-Starrett Co., preferred
2
Tide Water Oil (guar.)
Sept.30 Holders of rec. Sept. 14a
Extra
3
Sept.30 Holders of rec. Sept. 14a
Tobacco Products Corp., pref. (quar.)_ _
13( Oct. 1 Holders of rec. Sept. 17a
Todd Shipyards Corporation (quar.)...._ 31.75 Sept.20 Holders of rec. Sept. 60
Tonopah Extension Mining
5o. Sept. 30 Sept. 10 to Sept.20
Tooke Bros., Ltd., prof (qu.)(No. 25).... 1% Sept. 14 Holders of rec. Aug. 31
*135 Oct. 1 *Holders of rec. Sept.20
Trumbull Steel,common (guar.)
*235 Oct. 1 *Holders of rec. Sept.20
Extra
Preferred (gear.)
*1% Oct. 1 *Holders of rec. Sept.20
Underwood Typewriter,common (guar.) 134 Oct. 1 Holders of reo. Sept. 160
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 16a
Union Bag & Paper Corp.(guar.)
135 Sept. 16 Holders of rec. Sept. 6a
*$1.25 Oct. 1 *Holders of rec. Sept. 10
Union Carbide & Carbon (guar.)
235 Sept. 25 Holders of rec. Aug. 30a
Union Tank Line
United Cigar Stores, pf. (qu.)(No. 24). 1% Sept. 16 Holders of rec. Aug. 30a
1% Oct. 1 Holders of rec. Sept. 16a
UnitedDrug, corn.(guar.)(No.7)
First preferred (guar.)
87350. Nov. 1 Holders of rec. Oct. 15
135 Dec. 2 Holders of rec. Nov. 15
Second preferred (guar.)
United Dyewood, corn. (guar.)(No. 8). 1% Oct. 1 Holders of rec. Sept. 140
Preferred (guar.)(No. 8)
134 Oct. 1 Holders of rec. Sept. 14a
United Fruit (guar.)(No. 77)
2
Oct. 15 Holders of rec. Sept.20
United Gas Improvement (quar.)
Oct. 15 Holders of rec. Sept.30
V
1% Oct. 15 Holders of rec. Oct. la
United Paperboard, preferred (Guar.)._
United Shoe Machinery, common (guar.)_
50c. Oct. 5 Holders of rec. Sept. 17
(guar.)
Preferred
3735c Oct. 5 Holders of rec. Sept. 17
U.S.Bobbin & Shuttle, common (guar
135 Sept. 30 Sept. 12 to Sept. 30 I
Common (extra)
5
Sept. 30 Sept. 12 to Sept. 30
Preferred (guar.)
1% Sept. 30 Sept. 12 to Sept. 30
134 Sept. 30 Holders of rec. Sept. 15a
U. S. Gypsum, Pref. (guar.)
4
U.S. Industrial Alcohol, corn.(guar.)._
Sept. 16 Holders of reel. Aug. 30a
U. S. Steel Corporation, corn. (quar.)... ig Sept. 28 Aug. 31 to Sept. 3
Common (extra)
3
Sept.28 Aug. 31 to Sept. 3
Utah Copper (guar.)
$2.50 Sept.30 Holders of rec. Sept. 18a
Victor Talking Machine, corn.(guar.)_ -- *5
Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
*134 Oct. 15 *Holders of rec. Sept. 30 ,
Virginia-Carolina ChemicalOct. 1 Holders of rev. Sept.160
Com.(extra pay'le in 434% L. L. bds) 12
West Kootenay Pouer & Light, corn. (qu.) *2
Oct. 1 *Holders of rec. Sept.20
Preferred (gear.)
*1% Oct. 1 *Holders of rec. Sept.20
Sept. 16 Sept. 6 to Sept. 16
Western Canada Flour Mills, Ltd. (guar.) 2
Bonus
2
Sept. 16 Sept. 6 to Sept. 16
*ix Oct. 15 *Holders of rec. Sept.20
Western Union Telegraph (guar.)
/20
Oct
Weyman-Bruton Co., common
Ilionet* of rec. Sept. 160
134 Oct. 1 Holders of rec. Sept. 16a
Weyman-Bruton Co., pref. (quar.)._
White Motor (quar.)
Sept.30 Holders of rec. Sept. 16a
$1
Willys-Overiand, pref. (guar.)
1X Oct. 1 Holders of rec. Sept.20a
4,81
Wolverine Copper Mining (guar.)
Oct. 1 *Holders of rec. Sept. 14
Woolworth (F. W.) Co., pref. (guard
Oct. 1 Holders of rec. Sept. 10
Worthington Pump & Mach.,pf.A(qu.). 134 Oct. 1 Holders of rec. Sept. 20a
Preferred B (guar.)
135 Oct. 1 Holders of rec. Sept.20a
Yale & Towne Mfg, (guar.)(No.97)
2)5 Oct. 1 Holders of rec. Sept.23
Youngstown Sheet cfc Tube, corn.(guar.)._ *2
Ocz. 1 *Holders of rec. Sept. 20
Common (extra)
Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept. 30
Yukon Alaska Trust (quar.)
$1 Sept. 30 Sept. 7 to Sept.
* From unofficial sources. a Transfer books not close 1 for this dividend. b Leas
British income tax. d Correction. s Payable in stock. !Payable in common
stock. g Payable in scrip. la On account of accumulated dividends. i Payable in
Liberty Loan bonds. 1 Red Cross dividend. m Payable in U. S. Liberty Loan
4%% bonds. a Transfers received in London on or before Sept. 7 will be in time
to be passed for payment of dividend to transferees. Specialists in the stock have
agreed that it shall sell ex-dividend in this city Aug. 26.
t Payment of dividend contingent upon the receipt of sufficient money from the
U.S. Government. r The New York Stock Exchange has ruled that stock will not
be quoted ex-dividend on this date and not until further notice.
1077
THE CHRONICLE
SEPT. 14 1918d
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the
"Chronicle" of Dec. 29 1917, page 2523.
ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
PRINCIPAL RESOURCE AND LIABILITYCLOSE
STATEMENT SHOWING AND
OF BUSINESS AUGUST 30 1918.
OTHER SELEVTED CITIES AS AT
Further reductions in the holdings of Treasury certificates and Liberty bonds are indicated by the Board's consolidated weekly statement showing
condition on Aug. 30 of 734 member banks in leading cities. Large withdrawals for the week of Government deposits are partly offset by substantial
gains in net demand deposits.
Treasury certificates on hand show a decrease of 28.2 millions and U. S. bonds, other than circulation bonds-a decrease of 11.9 millions. For the
1.6 millions in U. S. bonds is noted. Loans secured by Governcentral reserve cities a decrease of 21.9 millions in certificates and a slight increase of affecting
the central reserve city banks. All other loans and
ment war obligations declined about 18.5 millions, the greater part of this decrease
reserve city banks. Of the total loans and investment shown,
millions
at
the
51
over
investments decreased 41.8 millions at all reporting banks and
the combined share of Government obligations and loans secured by such obligations was 14.9%, as against 15.2% the week before. For the central
reserve city banks this share shows a decline from 16.5 to 16.1%.
Figures of Government deposits indicate net withdrawals during the week of 217.9 millions, of which 120.5 millions represents withdrawals from
deposits increased 120.4 millions, about onecentral reserve city banks and 82.2 millions withdrawals from banks in other reserve cities. Net demandmillions,
larger increases applying to the banks
half of this increase being shown for the banks in the central reserve cities. Time deposits went up 4.7
outside the central reserve cities. Aggregate reserves gained 66.4 millions, largely in Greater New York, while total cash in vault uacreased 8.3
millions.
unchanged at 125%, while for the banks in the central reserve
For all reporting banks the ratio of loans and investments to total deposits remains
reserve and cash to total deposits shows a rise from 14.6% to
cities the same ratio of 116.3 obtains for the two dates under discussion. The ratio of
cities. Excess reserves of all reporting banks work out at
banks
in
the
reserve
the
central
for
17%
to
15.9
from
15.5% for all reporting banks and
136.5 millions, compared with 84.3 millions the week before. For the central reserve city banks an increase in this item from 64.6 to 109.3 millions
Is noted.
I. Data for all reporting banks in each district Two ciphers (0O) omitted
Total.
Chicayo. ISt Louts.1Minneayran. CUy Dallas San Fran.
New York Phltadel.1Clevetand Richned.1 Atlanta
_-----734
45
52
50
85
45
73
35
102
32
96
$
$
$
I
$
$
$
$ 771
I
$
i
$
1
$
$
267,539,0
42,209,0
34,505,0
12,770,0
24,331,01
13,710,0
17,629,0
50,172,0
15,687,0
6,369,01
18,408,0
17,408,0i
14,361,0
U.S. bonds to secure circulat'n
Other U. S. bonds, Including
514,979,0
56,368,01 16,090,01 11,390,0 15,556,0 14,988,0 27,608,0
12,092,0 234,009,0 28,277,0 47,996,0 28,301,0 22,304,0
Liberty bonds
931,114,0
49,084,0 460,753,0 48,457,0 70,573,0 27,658,0, 27,222,0 106,734,0 27,666,0 18,412,0 30,547,0 14,428,0 49,580,0
U. S. certifs. of Indebtedness
75,537,0 744,934,0 89,504,0 160,778,0 80,290,0! 65,193,0 181,510,0 61,164,0 36,171,0i 59,813,0 47,045,0 111,693,0 1,713,632,0
Total U. S. securities
455,031,0
59,017,0 13,089,0 11,442,0, 4,236,0 5,144,0 8,656,0
, 3 ,0 7,802,0
Loans see. by U. S. bonds, ctre 40,000,0 204,924,0
All other loans St investments_ 768,717M 4,381,771,0 609,794,0 977,858,0 357,889,0 289,748,0 1,421,425,0 378,542,0 275,535,0 461,626,0 178,062,0 537,125,0 10,615,868,0
Reserve with Fed. Res. Bank. 64,742,0 863,815,0 55,311,0 86,500,0 30,275,0 26,528,0 143,442,0 34,598,0 17,475,0' 48,830,0 14,834,0 45,813,0 1,232,183,0
351,236,0
68,761,0 11,569.0 7,674,0 15,567,0 11,303,0 19,836,0
22,930,0 115,138,0 18,617.0 29,720,0 16,651,0 13,472,0
Cashin vault
138,571,0 383,440,0 9,230,897,0
I
654,927,0 4,352,751,0 584,833,0 733,552,0 313,736,0 206,894,0 1,052,463,0 267,883,0 157,832.0384,215,0
Net demand deposits
97,882,0 269,982,0 14,311,0 238,001,0 52,144,0 91,444,0 357,189,0: 76,028,0, 45,403,0 67,279,0 25,815,0 116,742,0 1,450,020,0
Time deposits
547,910,0
46,963,0 257,052,0 32,066,0 42,392,0 14,426,0 13,822,0
57,913,0' 15,761,0' 26,045,0 21,678,0 7,653,0 12;139,0
Government deposits
Member Banks.
Boston.
42
Number of reporting banks--
2 Data for banks In each Central Reserve clty, hanks in all other Reserve cities and other reporting banks.
New York.
Two ciphers (00) omitted.
Number of reporting banks--
Chicago. St. Louis. Total Central Res. Cities
Other Reserve Cities.
Total.
Country Banks.-
Aug. 23. Aug.30. Aug. 30. Aug. 30.
Aug. 23. Aug. 30. Aug. 23. Aug. 30.
Aug. 30.
Aug. 23.
165
734
69
69
448
165
446
40
14
123
123
$
$
$
$
47,363,0 171,714,0 172,400,0 48,107,0 48,117,0 267,539,0
47,718,0
36,275,0
36,260,0 1,132,0 10,308,0
Aug. 30.
$
$
$
$
$
$
$
Aug. 23.
$
734
267,879,0
U.S. bonds to secure cIrculat'n
Other U. S. bonds, including
526,864,0
212,408,0 203,985,0 23,770,0 10,280,0 246,456,0 244,825,0 217,871,0 230,352,0 50,652,0 51,687,0 514,979,0
Liberty bonds
436,929,0 456,880,0 55,483,0 20,642,0 513,034,0 534,944,0 356,151,0 361,015,0 61,929,0 63,345,0 931,114,0
959,304,0
U.S. certifs. of indebtedness
685,613,0 697,125,0 80,365,0 41,230,0 807,208,0 827,131,0 745,736,0 763,787,0 180,688,0 163,149,0 1,713,632,0 1,754,047,0
Total U. S. securities
Sto..
bonds.
184,052,0
455,031,0
473,512,0
27,479,0
26,798,0
198,817,0
236,108,0
252,990,0
192,125,0
193,043,0
U.S.
9,986,0
by
42,070,0
see.
Loans
All other loans Sr Investments. 4,016,821,0 4,035,712,0 883,431,0 275,745.0 5,155,997,0 5.191,888,0 4,833,884,0 4,649,912,0 826,187,0 815,912,0 106158680 10,657,692,0
Reserve with Fed. Res. Bank_ 838,007,0 588,019,0 99,896,0 27,083,0 764,986,0 712,486,0 413,929,0 397,828,0 53,248,0 55,429,0 1,232,163,0 1,165,743,0
103,379,0 106,993,0 32,330,0 5,774,0 141,483,0 144,817,0 175,543,0 161,858,0 34,210,0 36,418,0 351,236,0
342,893,0
Cash in vault
4,050.583,0 3,992,146,0 704,313,0 195,800,0 4,950,702,0 4,889,814,0 3,830,859,0 3,566,005,0 649,336,0 854,838,0 9,230,897.0 9,110,457,0
Net demand deposits
217,843,0 218,515,0 129,975,0 54,097,0 401,915,0 405,544,0 855,168,0 847,976,C 192,937,0 191,782,0 1,450,020.0 1,05,282,0
Time deposits
237,075,0 336,589,0 37,739,0 12,899,0 287,713,0 408,224,0 227,584,0 309,796,0 32,813,0 47,759,0 547,910,0
Government deposits;
765,779,0
Ratio of combined reserve and
17.1
____
____
15.5
14.6
15.9
13.5
cash to total net deposits14.3 •
17.1
14.8
17.0
15.9
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Sept. 7:
Continued gains in discounts, mainly of war loan paper, also in note circulation, are indicated by the Federal Reserve Board's weekly bank
statement Issued as at close of business on Sept. 6 1918.
INVESTMENTS.-Discounted bills on hand show an increase for the week of 113.8 millions, all the banks except Kansas City reporting substantial additions to their holdings of discounted jasper. Of the total reported 65.3% as against 62.8% the week before is represented by war paper,
1. e., bills secured by Treasury certificates and Liberty bonds. Acceptances on hand increased 1.2 millions, although the New York bank shows net
liquidation of this class of paper. An increase of 2.3 millions in Government short-term securities is due partly to the taking by New York of additional Treasury certificates to secure Federal Reserve bank note circulation. Total earning assets show an increase for the week of 116.6 millions.
DEPOSITS.-Government deposits Increased 92.6 millions, all the banks except Richmond and Dallas reporting larger amounts of Government
funds on hand. Members' reserve deposits show a decrease of 13.5 millions, while net deposits show a gain of 28.7 millions.
RESERVES.-The week saw a further gain of 3.2 millions in gold reserves. Largely as a result of a return movement of funds from the interior,
the New York bank reports a gain of 33.5 millions in total reserves. The banks' reserve percentage shows a decline from 56.4 to 54.9%.
NOTE CIRCULATION.-Federal Reserve agents report a net addition of 100.8 millions to Federal Reserve notes outstanding. The banks
show a gain for the week of 88 millions in Federal Reserve notes in actual circulation, besides an increase of 3.3 millions in their aggregate liabilities
on Federal Reserve bank notes in circulation.
CAPITAL.-An increase of $191,000 in paid-in capital is due largely to payment for Federal Reserve bank stock by newly admitted members.
The largest gains under this head are shown for the Chicago, St. Louis, Philadelphia and Richmond banks.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. 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.
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement issued by the bank sub-divides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Bills discounted for members and F. R. Banks
:
"as of Sept. 6
consisted of "Rediscounts and advances-Commercial paper," $144.446,789, and "Rediscounts and advances-U. S. obligations.' ,139,651..922
Similarly, "Other deposits, &c.," are shown to comprise "Foreign Government deposits," $105,817,057; "Non-member banks deposits;" $4,283,215,
and "Due to War Finance Corporation," $6,731,035.
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSIIVESS SEPT. 6 1918.
Sept. 6 1918. Aug. 30 1918, Aug. 23 1918. Aug. 18 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. July 19 1918. Sept. 7 1917.
RESOURCES.
Gold In vault and in transit
Gold settlement fund-F. R. Board
Gold with foreign agencies
$
383,228,000
496,531,000
5,830,000
$
384,009,000
520,926.000
5,829,000
$
385,072,000
553,060,000
5,829,000
885,589,000 910,784.000 943,961,000
Total gold held by banks
Gold with Federal Reserve Agents-. 1,087,760,000 1,061,597,000 1,018,767,000
43,634,000
40,323,000
41,433.000
Gold redemption fund
$
428,853,000
558,154.000
15,496,000
$
414,433,000
395,853,000
52,500,000
990,929,000 1,011,480.000 1,041,285.000 1,028.417.000 1.000.503.000
961,498,000 940.692,000 902.793.000 910,420,000 940.290.000
34,655,000
35,383,000
36.818.000
40,116.000
38,149.000
862,786,000
494,779,000
7,218,000
$
385,017,000
600,083,000
5,829.000
$
395,410,000
806,354,000
9,698.000
$
408.470.000
023,119.000
9,696.000
$
418,012,000
598,777.000
11,628.000
Total gold reserves
Legal tender notes, silver, ece
2,016,983,000 2,013,794.000 2,003,051,000 1,992,543,000 1,990,301.000 1,980,898.000 1,974.200.000 1,975,448,000 1,364,783,000
53,511,000
55,129.000
55,647,000
50,608,000
54,022.000
54.222,000
52,980.000
53,168,000
52.215.000
Total reserves
Bills discounted-members
Bills bought In open market
2,070,494.000 2,086,982,000 2,055,286,000 2,045,523.000 2.044.523.000 2.034.918,000 2,029,329,000 2.031.095.000 1,415,391,000
1,541,999,000 1,428,235.000 1,393,795,000 1,285,368,000 1,332.473.000 1.270,919.090 1,302.151,000 1,203.346.000 168,217,000
233,741,000 232,583,000 236,528,000
212,204,00 208.557.000 209.185.000 205,274,000 205.932.000 173,199,000
1,775,740,000 1,660,798,000 1,830,321,000 1,497,572,000 1,541.030.000 1.480.104.000 1.507.425.000 1.409,278.000
Total bills on hand
40,259.000
29,768,000
38.237,000
40,090,000
34.931.000
31,497,000
30,824.000
U.S. Government long-term securities_
30.350,000
16.358.000
28,030,000
17.573.000
16,922.000
17,404.000
32,546,000
23,479,000
25,772,000
U. H. Government short-term securities
98.000
103,000
75,000
101.000
82,000
102,000
62,000
67,000
All other earning assets
341,416,000
45,394,000
42,441,000
529,000
1,833,613,000 1,716,987,000 1,884,486,000 1,561,897,000 1,593,467.000 1.534,015,000 1,564,540,000 1.465,993,000
429,780,000
Total earning assets
Uncollected Items (deduct from 9.1'
deposits)
5% redemp.fund agst. F.R.bank no
All other resources
642,377,000
568,655,000
601,983.000
623.495.000
584,758.000
531,558,000
558,392,000
658,588,000
228,996,000
1,313,001)
12,076,000
1.164,000
11,787,000
958,000
11.294,000
866.000
10,803,000
735,090
11,410.000
496.000
10.551,000
701.000
12,441,000
751,000
9.695,000
500,000
47,000
4 MA R73 non 4 'IR% cRc non 4'WI 11R7 non A 949 1524 MO 4 214 RQ1 MI 4 ill MR 0011 4.185.403.000 4.188.122.000 2.074.714.000
Total resources
a Includes amount formerly shown ag,tinst items due from or due to other Federal Reserve banks net
1078
THE CHRONICLE
[Vol.. 107.
Sept. 6 1918. Aug. 30 1918. Aug. 23 1918, Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. July 19 1918. Sept. 7 1917.
LIABILITIES.
$
$
$
$
$
8
$
$
Capital paid in
78,168,000
78,359,000
77,750,000
76,960,000
76,876,000
76,518,000
59,256,000
76,441,000
76,383,000
3urplus
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Government deposits
197,325,000 104,729,000 173,027,000
95,555,000 179,978,000 161,236,000 233,040,000 144,828,000
39,926,006
Due to members-reserve account _ _ 1,465,102,000 1,478,639,000 1,459,480,000 1,464,011,000 1,420,705,000 1,423,532,000 1,435,196,000 1,488,047,000 1,138,542,000
Collection items
461,640,000 437,885,000 450,917,000 461,202,000 433,347,000 390,911,600 401,186,000 480,341,000
154,112,000
Other deposits, incl. for Gov't credits
119,960,000 120,300,000 112,597,000 115,234,000 127,050,000 114,718,000 111,840,000 112,052,000
53,339,000
Total gross deposits.. __ ..._._.. 2,244,027,000 2,141,553,000 2,196,051,000 2,136,002,000 2,161,080,000 2,090,397,000 2,181,262,000 2,225,268,000 1,385,919,000
F R. notes in actual circulation
2,180,679,000 2,092,708,000 2,032,837,000 1,985,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000
621,299,006
F. R. bank notes in circulation, net liab
23,964,000
20,687,000
16,864,000
13,716,000
11,479,000
15,167,000
6,894,000
11,084,000
11,000.000
All other liabilities
31,710,000
31,305,000
29,351,000
27,702,000
26,811,000
25,545,000
24,647,000
23,292,001)
1,346,000
Total liabilities
4,559,873,000 4,365,555,000 4,353,987,000 4,242,384,000 4,234,893,000 4,111,538,000 4,165,403,000 4,166,122,000 2,074,714,000
DoId reserve against net deposit (lab_
57.9%
55.:3%
59.2%
59.2%
59.5%
66.87
63.4%
75.6%
63.97
Gold res agst. F. It notes In act. Wizen
52.1%
50.5%
50.1%
50.6%
53.37:
51.9%
52.7%
49.34
80.8%
Ratio of gold reserves to net deposit and
Ed. Res. note liabilities combined__
53.3%
55.3%
56.7%
57.0%
56.4%
57.2%
56.5%
58.2%
76.7%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined__
54.9%
56.4%
58.5%
57.0%
58.1%
56.7%
58.7%
79.6%
59.8%
Ratio of gold reserves to F. R. notes in
actual circulation, after setting aside
35% against net deoosit liabilities__
69.6%
72.5%
73.7%
78.4%
76.3%
Distribution by Maturitieso
0
o
o
o
5
;,
J
1-t5 days bills discounted and bought 1,159,716,000 1,047,516,000 1,006,967,00011 901.700,000 916,126.000 901,084,000 884,111,000 797,513,000 128,459,000
1-15 days U S. Govt. short-term secs
5,388,000
4,945,000
4,660,0001
17,235,000
2,035,000
2,560,000
2,045,000
1,675,000
1-15 days municipal warrants
4,000
4,000
10-30 days bills discounted and bought
144,517,000 141,558,000 169,570,000/ 151,740,000 178,593,000 166,603,000 200,758,000 220,400,0001 56,671,000
16-30 days U.S. Govt. short-term secs
3,722,000
750,000
18-30 days municipal warrants
4,000
5,000
12(,,000
31-60 days bills discounted and bought
248,807,000 219,928,000 223,723,000 231,550,000 223,110,000 238,100,001) 240,000,000 208,306,000
96,983,000
31-60 days U.S. Govt. short-term sees.
4,690,000
4,358,000
3,491,000
3,425,000
1,016,000
4,685,000
350,000
750,000
31-60 days municipal warrants_
51,000
41,000
41,000
41,000
56,000
56,000
51,000
51,000
20,000
61 90 days bills discounted and bought
207,398,000 223,655,000 216,473,000 187,526,000 164,347,000 133,922,000 141,331,000 142,630,000
57,455,000
2,123,000
1,669,000
61-90 days U.S. Govt. short-term es
1,527,000
798,000
771,000
1,084,000
4,155,000
4,135,000
.
61-00 days municipal warrants
......
5,000
6,000
1,000
10,000
5,000
1,000
28,141,000
Over 90 days bills disc'ted and bought
15,302,000
25,056,000
28,854,000
40,395,000
40,325,000
22,588,000
40,373,000
1,848,000
Over 00 days U.S.Govt.short-term secs
16,347,000
15,339,000
13,365,000
8,830,000
9,409,000
9,604,000
10,372,000
0,798,000
Over 90 days municipal warrants_
20,000
17,000
16,000
21,000
16,000
16,000
10,000
10,000
58,000
Federal Reserve NotesIssued to the banks
2,319,772,000 2,218,938,000 2,163,837,000 2,118,048,000/2,038,473,000 2,028,180,000 1,999,480,000 1,982,603,000 680,073,009
139,093,000 126,230,000 131,000,000 133,529,000 133,197,000 121,715,000 128,645,000 153,558,000
Geld by banks
58,774,000
In circulation
2,180,679,000 2,092,703,000 2,032,837,000 1,985,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000 621,299,000
Fed. Res. Notes (Agents Accounts)3,057,280,000 2,995,480,000 2,910,240,000 2,895,020,000 2,832,740,000 2,739,700,000 2,763,940,000 2,742,660,000 1,065,669,000
Received from the Comptroller
520,568,000 516,032,000 497,152,000 499,862,000 489,002,000 478,470,000 471,870,000 460,127,000 180,572,000
Aeturned to the Comptroller_
Amount chargeable to Agent...
. _
n hands of Agent
2,536,712,000 2,479,448,000 2,443,088,000 2,395,158,000 2,343,648,000 2,311,230,000 2,292,070,000 2,282,533,000
216,940,000 260,510,000 279,251,000 276,210,000 255,175,000 283,050,000 292,590,000 299,930,0(10
885,088,000
205,015,000
Issued to Federal Reserve banks_
How SecuredBy gold coin and certificates..
By lawful money
By eligible paper.
Gold redemption fund
With Federal Reserve Board
2,319,772,000 2,218,938,0002,163,837,000 2,118,048,000 2,038,473,000 2,028,180,000 1,099,480,000 1,982,003,000
680,073,000
'Fetal
219,240,000
219,239,0001 220,239,000
217,238,000
212,240,000
201,239,000
202,239,000
197794.4500
256,127,000
1,232,012,000 1,157,341,000/1,145,070,000 1,157,450,000 1,147,781,000 1,125,387,000 1,089,060,000 1,042,313,000 185,294,000
59,851,000
59,859,000
61,708,000
63,419,000
60,959,000
60,296,000
61,690,000
60.602,000 , 25,232,000
806,830,000 780,650,000 735,109,000 683,301,000 668,156,000 641,703,000 648,322,1)00 681,744,0001 213,420,000
:
2,319,772,000 2,218,938,000:2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000 1,082,603,0001 680,073,000
II:110btc paper delivered to F.R. Agent_ 1.710 154 non 1.613.R14.0001.573.100.000 1.403.144.000 1.400.170.000 1.425.437.000 1.453.246.00011.356.726.00n1
a Net amount due to other Federal Reserve banks. b This tern includes foreign Government credits 1 Revised figures.
157 715
WEEKLY sTATEMF.NT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS Sept. 6
Two ciphers(00)omitted.
RESOU RCES.
Gold coin and certifs. in V311it....
Gold'settlement fund_ _
Gold with foreign agencies_ _
Boston.
$
2,819,0
71,540,0
408,0
New York. Philadel. Cleveland. R(chm'a. Atlanta, Chicago. St. Louts. IfPinto], Kan. City
$
$
$
$
$
s
$
3
s
353,0
287,998,0
279,0 22,866,0 6,161,0 6,829,0 26,761,0 1,200,0 8,222,0
107,592,0 59,317,0 53,713,0 26,400,0 12,862,0 64,450,0 25,286,0 10,011,1) 23,965,0
233,0
291,0
2,011,0
408,0
525,0
233,0
201,0
175,0
816,0
nna
Ms
Daiwa. San Fran
Total.
$
$
6,962,0 12,778,0
9,340,0 32,055,0
204,0
322,0
$
383,228.0
496,531,0
3,830,0
71,767,0
Total gold held by banks_
Geld with Federal Res. Agents.. 59,705,0
4,446,0
Gold redemption fund
397,601,0 60,004,0 77,104,0 32,765,0 19,866,0 92,027,0 26,719,0 18,466,0 24,609,0 16,506,0 45,155,0 885,589,0
297,165,0 111,795,0 134,576,0 41,439,0 25,480,0 179,225,0 51,720,0 22,737,0 57,643,0 14,348,0 91,927,0 1,087,760,0
14,955,0 5,000,0 1,560,0
794,0 3,684,0 4,919,0 2,592,0 2,620,0 1,157,0 1,846,0
61,0
43,634,0
Total gold reserves
Legal-tender notes, silver,
138,918,0
2,074,0
709,721,0 176,799,0 213,240,0 74,998,0 49,030,0 276,171,0 81,031,0 43,823,0 83,409,0 32,700,0 137,143,0 2,016,983,0
395,0
864,0
164,0 1,430,0
291,0
635,0
45,705,0
867,0
74,0
798,0
214,0
53,511,0
140,092,0
Total reserves
Bills discounted for members and
81,985,0
Federal Reserve banks
29,353,0
Bills bought in open market._ _
755,426,0 177,666,0 213,635,0 75,862,0 49,194,0 277,601,0 81,829,0 43,897,0 83,700,0 33,335,0 137,357,0 2,070,494,0
Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets
111,338,0
742,0
1,416,0
704,861,0 108,549,0 125,200,0 68,856,0 58,478,0 260,908,0 62,431,0 65,074,0 57,473,0 46,126,0 106,446,0 1,775,740,0
1,450,0 1,347,0 2,292,0 1,233,0
116,0 8,868,0 3,077,0 3,461,0
620,0 4,508,0 1,154,0
29,768,0
13,881,0 1,211,0 1,725,0 1,510,0
940,0 1,269,0 1,651,0 1,003,0
991,0 2,112,0
321,0
28,030,0
(17,0
8,0
75,0
Total earning assets
113,496,0
Uncollected items (deducted from
43,491,0
gross deposits)
720,192,0 111,107,0 129,217,0 71,599,0 60,156,0 267,528,0 63,900,0 60,130,0 67,610,0 51,754,0 110,918,0 1,833,613,0
0% redemption fund against Federal Reserve bank notes_
All other resources
Total resources
849,0
584,099,0 99,693,0 97,547,0 64,207,0 55,042,0 244,359,0 60,812,0 64,815,0 57,337,0 45,572,0 86,531,0 1,541,999,0
120,762,0 8,856,0 27,653,0 4,649,0 3,536,0 16,549,0 1,619,0
259,0
136,0
554,0 19,915,0 233,741,0
172,017,0 64,461,0 55,102,0 40,713,0 31,661,0 76,474,0 41,854,0 14,373,0 53,514,0 22,792,0 25,925,0
424,0
1,973,0
50,0
1,665,0
597,0
828,0
18,0
757,0
200,0
1,565,0
561,0
202,0
400,1)
918,0
137,0
779,0
642,377,0
84,0
1,382,0
1,313,0
12,076,0
298,828,0 1,650,032,0 354,949,0 398,551,0 189,002,0 141,786,0 623,368,0 188,150,0 124,602,0 206,142,0 108,797,1) 275,666,0 4,559,873,0
LIABILITIES.
Capital paid in
6,510,0
Surplus
75,0
Government deposits
25,259,0
Due to members-Reserve acc't_ 00,751,0
Collection Items
31,988,0
0th. deposits Incl. for Gov't exert
20,109,0 7,334,0 8,751,0 3,948,0 3,137,0 10,796,0 3,721,0 2,883,0 3,590,0 3,059,0 4,521,0
78,359,0
40,0
216,0
38,0
649,0
116,0
1,134,0
31,789,0 16,928,0 20,979,0 6,138,0 8,011,0 33,839,0 9,158,0 8,946,0 11,890,0 6,284,0 18,104,0 197,325,0
36,129,0
60,632,0
31,659,0 55,286,0 1,465,102,0
661,057,0 92,549,0 110,500,0 47,152,0 34,510,0 194,153,0 50,724,0
123,988,0 45,570,0 43,222,0 33,469,0 21,738,0 47,086,0 35,396,0 9,897,0 29,538,0 13,624,0 26,124,0 461,640,0
25,0
116,831,0
28,0
168,0
184,0
2,724,0 119,960,0
Total gross deposits
147,998,0
F. R. notes in actual circulation_ 141,840,0
F. R. bank notes In cire'n-Net.
All other liabilities
2,405,0
933,665,0 155,047,0 174,88570 86,759,0 64,287,0 275,078,0 95,446,0 54,997,0 102,060,0 51,567,0 102,238,0 2,244,027,0
678,298,0 190,452,0 212,398,0 96,678,0 73,303,0 328,297,0 87,705,0 65,410,0 90,500,0 50,384,0 165,414,0 2,180,679,0
5,892,0
7,098,0 2,717,0 1,680,0
547,0
159,0 4,767,0
204,0
23,964,0
11,419,0 1,569,0 2,313,0 1,501,0
860,0 4,214,0 1,278,0 1,274,0 1,994,0 1,070,0 1,813,0
31,710,0
Total liabilities
290.020.0 1.650 032 n 354 040 n 305 5,1 n 'Igo 0119 0 141.700 0691 flAR n 1053 150 0 194.602.0 2011.142.0 1053 707 09.75 rum n 4 Ann
*Difference netween net amounts due from and net amounts due to other Federal Reserve banks. e Net amount due to other Federal Reserve banks
5:27q
n.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS Sept. 6 1918
Two ciphers (00) omitted.
Boston. New York. Phtladel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Mir:neap. Kan. City Dallas. San Fran.
Totoi
Federal Reserve notes-.,
S
$
$
S
$
$
$
$
$
8
$
$
S
Received from Comptroller ._ _ 198,140,0 1,078,080,0 251,940,0 261,220,0 136,920,0 120,860,0 414,740,0 122,500,0 84,080,0 123,700,0 74,340,0 190,760,0 3,057,280,0
Returned to Comptroller
38,391,0 243,587,0 46,237,0 23,044,0 28,656,0 22,203,0 28,620,0 21,274,0 16,097,0 21,112,0 17,978,0 13,369,0 520,568,0
Chargeable to F. R. Agent
In hands of F. R. Agent
159,749,0
13,800,0
Issued to F. R. Bank........ 145,949,0
Hold by F. R. AgentGold coin and certificas
5,000,0
Gold redemption fund....... 7,205,0
Gold Sett. led., F. R. Board._ 47,500,0
Eligible paper, min. reted_ _
86,244,0
Total.
145,949,0
Amount of eligible payer deity
ered to F. R. Agent__ ..
111,338,0
F. R. notes outstanding
145,949,0
F. R. notes held by banks
4,109,0
F R. notes lu actual circuilen.
834,493,0 205,703,0 238,176,0 108,264,0 98,657,0 386,120,0 101,226,0
92,200,01 5,120,01 15,520,0 5,100,0 22,205,0 41,720,0 6,560,0
i
742,293,0,
02,583 1344,400,0 94,666,0
222,656,0 103,164,0 76,452,,
163,740,0,1
1 23,813,0
2,504,0,i
13,425,01 9,874,0, 10,763,0 1,439,0 2,106,01
362,0 2,589,0
120,000,0101,921,0 100,000,0 40,000,0 20,870,0 178,863,0 49,131,0
445,128,01 88,788,0 88,080,0 61,725,0 50,972,0165,175,0 42,946,0
1
1
742,293,0/200,583,01222,656,0 103,164,0 76,452,0 34.1,400,0 94,666,0
1
1
704,861,01 08,518,01124,574,0 66,014,0 51,333,0260,903,0 48,305,0
742,293,0 200,583,0222,1156.0 103,164,0 76,452,0 344,400,0 94,660,0
63,995,0, 10,131,01 10,258,0 6,486,0 3,149,01 16,103,0 6,961,0
67,983,0102,588,0 56,362,0 177,391,0 2,536,712,0
1,1170,0' 7,720,0 5,325,0
1 216,940,0
66,313,0 94,868,0 51,037,0 177,391,012,319,772,0
11,081,0
13,102,0
I 219,240,0
1,335,0 2,883,0 2,583,0 7,726,0
61,690,0
8,300,0 55,360,0
684,0 84,201,01 806,830,0
43,576,0 37,225,0 30,689,0 85,464,0 1,232,012,0
1
66,313,0 94,868,0 51,037,0 177,391,0 2,319,772,0
1
57,434,0 57,473,0 46,126,0 92,950,0/1,719,854,0
66,313,0 94,868,0 51,037,0 177,391,0 2,319,772,0
653,0 11,977,0, 139,093,0
903,0 4,368,0
)(1,41},U5((,5(9.(J„
„
THE CHRONICLE
SEPT. 14 19184
1079
of New York City Clearing House Banks and Trust Companies.-The
Statement
following detailed statomen
shows the condition of the Now York City Clearing House members for the week ending Sept. 7.
arato banks are the averages of the daily results.
The figures for the sop_
In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 7 1918.
{
Members of Federal
Reserve Bank.
Bank of NY,N B A.
Bank of Mantua Co
Merchants' National.
Mech & Metals Nat_
Bank of America____
National City
Chemical National..
Atlantic National .
Nat Butch & Drover,
American Exch Nat_
Nat Bank of Comm...
Pacific
Chat & Phenix Nat...
Hanover National
Citizens' National...
Metropolitan
Corn Exchange
Importers & Trad Nat
National Park
Mud River National
Second National....
First National
Irving National- --N Y County National
Continent al
Chase National
Fifth Avenue
Commercial Exch
Commonwealth.
Lincoln National..__.
Garfield N at tonal_
Fifth National.. _.
Seaboard National_
Liberty National...
Coal & Iron National
Union Exchange Nat
Bronklyn Trust Co_
Bankers Trust Co_.
U S Mtge & Trust Co
Guaranty Trust Co
Fidelity Trust Co.._
Columbia Trust Co..
Peoples Trust Co..__.
New York Trust Co_
Franklin Trust Co_
Lincoln Trust CO...
Metropolitan Trust..
Nassau Nat, Irklyn.
Irving Trust Co
Farmers Loan & Tr..
Average for week
Average.
2,000,000
2,500,000
2,000.000
6,000,000
1,500,004)
25,000.000
3,000,000
1,000,000
300,000
5,000.0(X)
25,000,000
500,000
3,500,0410
3.000,000
2,550,0410
2,000,000
3,500,000
1,500,000
5.000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,01)0
1.000,000
250,000
1,000,000
3,000,000
,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25.000,000
1,000,000
5.000,0(X)
1,000,010
3.000,000
1,000,000
1,000,000
2,000,000
1,000,1)00
1,500,01X)
5,000,000
Silver.
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Average.
Average.
Average.
Average.
Net
Profits.
Loans,
Discounts,
Nat. Banks June 29) Investments,
&c.
State Banks June 20}
Trust Co's June 201
Capital.
5,267,600
6,769,400
2.630,400
10,526,100
6.744.200
49,578,000
9,222,500
850,700
95,900
5.753,000
22,187,700
1,055,300
2.735.100
17,710.700
2,861.200
2,207,700
7,892.800
7,698,300
17,544,900
74,80(
3,886.300
30.492,500
5,609,700
342,600
669,000
12,863.300
2,347,800
880.700
811.701
1,969,300
1,337,600
421,709
3,607,690
3,985,400
932,100
1.247,100
2,227.50,
14.842,300
4,791,000
26,725,700
1,288,600
6,693,20
1,274,41)0
10,510.700
1,106,900
552,101
4.312,600
1,170,100
1,100,70(
10,965.200
Gold.
Legal
Tenders.
Average.
Average.
94,000
28,000
87,000
145,000
322,000
314,000
545,000
807,000
80,000
57,000
204,000
135,000
7,543,000
150,000 1,671,000
432,000
267,000
171,000
357000
000
8,234,000 3,055,000
798,001 1,;163,0000
177,000
289,000
268,000
757,000
82,000
80,000
182,000
108,000
12,000
48,000
46,000
8,000
559,000
173,000
383,000
549,000
93,000
165,000
468,000 1,199,000
49,000
288,000
318,000
323,000
790,000
450,000
823,000 2,193,000
4,161,000
289,000
551,600
445,000
110,000
34,000
539,000
302,000
667,000
246,000
448,000
635,000
734,000
181,000 2,217,000 4,345,000
70,000
312,000
46,000
318,000
37,000
332,000
292,000
643,000
2,000
108,000
14,000
41,000
57,000
15,000
231,000
232,000
11,000
383,000
739,000
423,000
1,021,000
365,000 1,833,000
836,000
61,000
22,000
133,000
419,000
29,000
22,000
14,0001
94,000
2,603,000 2,120,000 1,624,0001 1,343,000
56,000
160,000
389,0001 398,000
45,000
23,000
70,000
98,000
6,581,01)0
40,000
23,000
120,000
185,000
16,787,000
121,000
143,000 1,214,009
351,000
11,374,000
5,000
133,000
175,0001
8,053,000
38,000
23,000
69,0001
149,000
45,676,000
:346,000
248,000
113,000
:395,000
70,673,000
129,000
14,000
60,000
378,000
12,790,000
6,000
71,001)
491,000
120,000
13,991,000
13,01)0
144,000
261,000
43,000
35,876,000
40,000
406,000
72,000
126,000
256,263,000
93,000 • 130,000
75,000
4321,000
61,484,000
30:3,000
86,000
98,000
338,000
476,496,000 1,782,000
119,000
308,000 2,366,000
11,242,000
139,000
90,000
34,000
52,000
88,879,000
26,000
323,000
42,000
507,000
25,102,000
55,000
83,000
468,000
285,000
89,968,000
30,01)0
3,000
9,000
228,000
19,762,000
82,000
22,000
144,000
190,000
15,110,000
14,000
13,000
92,000
262,000
5:3,807,000
290,000
64,000
39,000
484,000
12,950,000
96,000
209,000
8,000
87,000
37,205,000
268,000
112,000
464,01)0 1,646,000
144,342,000 3,759,000
22,000
241,000
60,000
46,664,000
56,146,000
27,494,000
176,825,000
29,146,000
5(33,931,000
87,387,000
17,505,000
:3,259,000
123,485,000
363,182,000
14,897,000
91,726,000
133,035,000
42,336,000
28,399,000
115,811,000
36,114,000
202,177,000
2,905,001)
18,283,000
257,851,000
94,600,000
10,342,000
6,206,000
298,494,000
16,994,000
5,303,000
7,991,000
3,026,000
22,481,000
4,415,000
97,034,000
9,249,000
2,032,000
299,000
12,842,000
43,990,000
1,559,000
10,394,000
15,543,000
4,476,000
4,236,000
14,649,000
3,272,000
19,393,000
389,000
2,025,000
19,270,000
14,812,000
1,197,000
736,000
40,370,000
2,341,000
761,000
868,000
2,816,600
1,356,000
731,000
6,386,000
10,157,000
2,064,000
1,172,000
3,503,000
28,833,000
6,405,000
49,510,000
1,155,000
8,817,000
2,320,000
7,872,000
2,036,0(10
1,851,000
3,707,000
1,203,000
4,800,000
16,958,000
condlt1 on
conditi on
conditl on
conditi on
Sept. 7
Aug. 31
Aug. 24
Aug. 17
62,063,000
537,000
620,000 3,927,000
258,000
332,000
(32,432,000
544,000
169,000
730,000 4.167,000
323,000
62,688,000
744,000
151,000
316,000
548,000 3,978,000
64,111,000
825,000
525.000 4,127,000
165,000
353,000
--Grand aggregate,avge 205,850,000 :350,815,000 4,526,030,000 40,320,000 13,322,000 19,926,000 33,650,000 536,495,000
Comparison prey wit_
+78,383,000 +357,000 +34,000 -1,301,000 -1,895,000 -1- 19953000
Grand Want°. actual condition on Sept. 7 4,548,164,000 40,190,000 13,512,000 19,392.000 34,405,000 545,880,000
Comparison prey wk_
+ 119839,000 +394,000 +639,000 -727,000 +703,000 + 13875000
Grand ag'gate, actual condition Aug. :31 . 4,428,325,000 39,796,000 1-27-873,000 20,1197000 :33,762,000 532,005,060
Grand ag'gitte, actual condition Aug. 21... 1,460,004,000 40,618,000 13,364,000 20,794,000 34,993,000 530,232,000
Grand ag'gate, actual condition Aug. 17___ 4,515,418,000 40,641,000 13,845,000 21,091,000 33,154,000 497,344,000
Grand ag'gate, actual condition Aug. 10___ 4,546,751,000 40,277,000 14,112,000 21,348,000 35,059,000 507.577,000
Totals, actual
Totals, actual
Totals, actual
Totals, actual
National
Bank
Circulation.
Average.
Average.
Average.
1,852,000
773,000
417,000 1,820,000
15,587,000 3,786,000
12,824,000 1,445,000
4,119,000
442,000
652,000
143,000
295,000
6,080,04)0 4,923,000
5,267,000
50,000
7,625,000 2,242,000
200,000
273,000
992,000
51,000
3,976,000 4,985,000
50,000
645,000
1,919,000 8,438,000
857,000
600,000
197,000
200,000
12,352,000 1,100,000
100,000
24,000
207,000
•• 40,000
2,265,000
465,000
417,000
4,111,000
15,103,000
2,202,000
26,168,000
491,000
11,350,000
1,661,000
3,088,000
1,760,000
1,781,000
1,148,000
763,000
1,161,000
9,938,000
210,000
398,000
249,000
70,000
800,000
415,000
399,000
50,000
3,657,272,000 158,290,000 35,721,000
Sept. 7
Aug. 31
Aug. 24
Aug. 17
4,409,882,000 35,1943,000 11,896,000 18,081,000 30,725,000 537,906,000
4,292,323,000 34,792,000 11,516,000 18,909,000 29,986,000 523,628,000
4,322,674,000 35,401,000 11,960,000 19,601,000 31,545,000 522,225,000
4,376,213,000 35,333,000 12,346,000 19,951,000 29,561,000 489,122.000
===.==------ Not Mesa hers of Fed Mt Reserve
State Banks.
1,463,400
500,000
Greenwich
14,892,000
139,000
156,000
799,000
925,000
652,000
534,000
200,0(X)
4,188,000
50,000
74,000
22,000
281,000
Peonies
227,000
810,900
250,000
Bowery
-1,890,000
18,000
284,000
8,000
260,000
273,000
1,159,800
1,000,000
N Y Produce Exch
19,924,000 1,295,000
393,000
497,000
547,000
1,277,000
434,200
2,000,000
State
31,618,000 2,004,000
566,000
945,000 1,583,000
378,000,
Totals, avge for wit 3,950,000 4.402,300
75,512,000 4,432,000 1,259,000
992,000 2,958,000 4,012,000
Totals, actual conillti on Sept. 7
7(3,219,000 4,457,000 1,284,000 1,053,000 :3,000,000 4,047,000
Totals, actual conditi on Aug. 31
73,570,000 4,460,000 1,034,00(4 1,041,000 2,986,000 4.210,000
Totals, actual comfit! on Aug 24
74.642,000 4.470,000 1,088,000 1,037,000 2,900,000 4,029,000
Totals, actual conditi on Aug. 17
75,094,000 4,483,000 1,14(3,000
975,000 3,068,000 4,095.000
_Not Meet hers of Fed era) Reserce Bank,
Trust Companies.
5,000,001) 11,834,800
Title Guar & Trust__
38,954,600
435,000 2,463,000
94,000
162,000
143,000
Lawyers Title & Tr.. 4,000,000 5,205,300
23,169,000
450,000
59,000
149,000 1,-109,000
187,000
9,000,000 17,040,100
62,123,000
Totals, avge for wk
584,000 3,872,000
544,000
221,000
330,000
Net
Time
Deposits.
34,253,000
52,535,000
21,424,000
140,037,000
25,537,000
560,914,000
62,833,000
14,213,000
2,011,000
92,226,000
322,999,000
12,392,000
73,901,000
127,118,000
29,156,000
25,340,000
110,772,01)0
24,042,000
147,204,000
2,904,000
13,847,000
157,646,000
96,206,000
9,739,000
5,017,000
255,244,000
17,030,000
.5,060,000
6,433,000
16,893,000
8,998,000
5,837,000
43,521,000
63,944,000
13,044,000
11,546,000
26,990,000
219,923,000
52,051,000
377,642,000
8,302,000
(33,774,000
22,910,000
54,949,000
14,790,000
12,306,000
31,089,000
9,116,000
35,373,000
116,211,000
102,900,000 338,372,1300 4,388,451,000 35,344,000 11,733,000 18,713,000 30,108,000 528,611,000
Totala, actual condlti on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
Net
Demand
Deposits.
3,651,278,000 158,526,000 35.613,000
3,569.526,000 158,424,000 35,705,000
3,523,624,000 159,520,000 35,806,000
3,499,004,000 160,725,000 35,593,000
20,000
20,000
105,000
41,000
14,914,000
3,791,000
4,560,000
21,307,000
30,257,000
29,000
186,000
74,859,000
38,000
288,000
250,000
70,000
654,000
75,658,000
74,630,000
74,910,000
7-1,095,000
42,000
3s.000
80,000
81,000
665,000
193,000
23,21)9,000
14,780,000
656,000
281,000
4,000
5,000
858,000
37,989,000
937,000
713,000
470,000
6:32,000
559,000
38,168,000
38.265,000
38,635,000
38,537,000
918,000
941,600
998,000
1,008.000
1,044,000 a3,770,120,000 159,205,000 35,721,000
+165,000 +124,686,000 +1,132,000 --22,000
1,001,000 b3,765,104,000 159,486,000 35,613,000
+281,000 +82,683,000
+83,000 -92,000
720,000
702,000
1,213.000
2,131,000
3,682,421,000 159,403,000 35.705,000
3,637,169,000 160,598,000 35,806,000
3,811,636,000 161,814,000 35,593,000
3,605,662,000 158,901,000 35,736,000.
a U. S. deposits deducted, $218,717,000. b U. S. deposits deducted, $231,047,000. c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
Cosh
in
Reserve
In Vault. Depositaries
a
Reserve
Required.
Actual Figures.
Cash
b
Inc. or Dec.
Reserve
Total
Surplus
Reserve
Total
from
Reserve
in
Reserve.
Reserve. PrectousIVeek In Vault. Depositaries Reserve.
Required.
Members Federal
S
s
s
s
s
$
537,906,000 537,906,000 479,421,920 58,484,080 +3,647,180
a
Reserve Bank_
528,611,000 528,611,000 480,191,060
b
9,854,000 4,047,000 13,901,001) 13,618,440
State bank
282,560
-15,040 9,641,000 4,012,000 13,653,000 13,474,620
Trust companies' 1,747,000 3,927,000 5,674,000 5,725,200 def51,200
-244,450 1,679,000 3,872,000 5,551,000 5,698,350
Total Sept. 7_ 11,601,000 545,880,000 557,481,000 498,765,560 58,715,440 +3,387,690 11,320,000 536,495,0911 547,815,000 499,367,030
5113,542,000
527,943,000 483,126,310 44,816,690 +3,887,780 11,287,000 532,005,000 543,292,000 487,964,250
Total Aug. 31_ 11,401,000
Total Avg. 24_ 11,419,060 509,063,000 520,482.000 479,553,090 40,928,911) -4,6813,810 11,259,000 530,232,000 541.491,000 482,135,770
Total Aug. 17_ 11,367,000 504,870,000 .516,237,000 479,994,900 311,242.100 -9,086,290 11,540,000 497,344,000 508,884,000 478,809,920
Surplus
Reserve.
Inc. or Dec.
from
PreriousWeek
s
s
48,416,940 +3,727,040
178,380
-6,660
def147,350
--89,100
48,447,970 +3,631,280
55,327,750 -4,027,480
59,35.5,230 +20.281,150
30,074.080 -10,765,300
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks and trust companies, but In the case of members of the Federal Reserve Banks.
Includes also amount of reserve required on net time deposits, which wits as follows: Sept. 7, $4,748,700; Aug. 31, $1,713,690: Aug. 24, $4,792,590; Aug. 17, 84,752,540.
la This Is the reserve required on net demand deposits in the case of State banks and trust companies, but in the ease of members of the Federal Reserve Bank Includee
also amount of reserve required on net tline deposits, which was as follows: Sept. 7.50,755,780; Aug. 31, 51,752,720; Aug. 24, 54,785,600; Aug. 17, 51,821,750.
C Amount of cash In vault, which is no longer COIlliteli !LS reserve for members of the Federal Reserve 13ank, was as follows:
Sept. 7, $95,898,001); Aug. 31, 598,622,000; Aug. 24, 598,968,000; Aug. 17, $99,565,000.
d Amounts of cash in vaults, which Is no longer counted as reserve for members of tho Federal Reserve Bank, was as follows:
Sept. 7, 395,898,000: Aug. 31, $95,203,000; Aug. 24, $98,510,000; Aug. 17. $97,191,000.
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
(Figures Furnished by State Banking Department.
previous week.
Sept. 7.
$723,020,500 Dec. 2,358,000
Loans and investments
10,454,100 Dec.
209,000
Specie
14,882,200 Inc.
742,700
Currency and bank notes
55,965,900 Inc.
708,200
Deposits with the F.R.Bank of New York
775,808,900 Inc. 15,092,900
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 705,063,900 Inc. 12,334,900
128,362,000 Inc. 6,269,300
Reserve on deposits
Percentage of reserve, 20.4%.
RESERVE.
-State Banks-Trust Companies
$13,709,900 10.75%
$67,592,300 13.50%
Cash in vaults
31,848,500
6.36%
Deposits in banks and trust cos........ 15,211,300 11.92%
528,921,200 22.67%
Total
$99,440,800
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
ORkIATER NEW YORK. (Two ciphers omitted.)
May 11
May is
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Loans
and
investments
Specie.
•
Legal
Tenders.
91,076,0
89,363,8
87.653,3
85.129,9
81,594,4
82.146,6
80,450.7
80,119,9
78,499,8
78.372.1
76,008,0
75,037,7
74,037,6
73,349,2
72,650,0
72,410,2
71,853,1
70,700,1
$
85,279,8 176,355,8 573,373,4
83.001,4 172,365,2 567,041.1
86,740,1 174,393,4 570,237,7
84,442.7 169.572,6 575.891,0
87,724,4 169.318,8 570.049,4
86.257.3 168.403,9 581.941.7
88,787,6 169.238,3 594,047,9
89,726.9 169,846,8 669.593,9
88,676,0 167,175.8 586,136.5
89,309,8 167,681,9 570.046.4
87.138,5 163.146,5 563.383,2
87,536,0 162,573,7 561,439.9
88,453.1 162,490,7 578,552.0
87,040,8 110.390,0 557,061.2
90,058,1 162,708,1 549,748,1
86,569.3 158,979,5 551,742,5
86,335,2 158,188,3 558.574,4
87,712,1 158,412,2 583,554,8
Demand
Deposits.
$
3
5,306,256,9 4,415,207,5
6,368,727,3 4,302,189,7
5,335,545,7 4,365,620,5
5,290,958,7 4,422,114,8
5.255,139.0 4.454,909.7
5,293.378.3 4,473,266,6
5,242.919,0 4,433,580,1
5,147,055,5 4,401,117,1
5,107,950,8 4,335.634,9
5,143,094,5 4,328,256,7
5,089.497.1 4,308,018,7
5,058,802,7 4,239,295,8
5,137,068,5 4,295,324,2
5.231.510,0 4.297,646,1
5,281,063,9 4,317,718,7
5,230,921,4 4,314,490,2
5,173,081,5 4,406,150,0
5,249,106,5 4,475,183,9
Trust Companies
State Banks.
Week ended Sept. 7.
Sept. 7.
1918.
Capital as of June 20
Surplus as of June 20
Loans and Investmls
Specie
Currency & bk. notes
Deposits with the F.
R.Bank of N.Y
Deposits
Reserve on deposits..
P. C.reserve to dep_
Differences from
previous meek.
Sept. 7.
1918.
Differences from
previous week.
$
$
$
99,050,000
23,718,700
163,387,000
41,842,100
478,183,300 Inc. 7,218,100 1,941,952,000 Inc. 30,266,900
119,100
14,572,000 Dec.
190,300
11,855,800 Inc.
16,754.800 Dec. 1,238,500
91,600
24,993,700 Dec.
308,400 195,114,500 Inc. 2,863,800
39,395,100 Inc.
576,317,200 Inc. 1,716,200 1,969,252,100 Inc. 25,909,700
98,487,600 Inc. 2,193,300 290,571,600 Inc. 4,941,600
18.3%(Dec.
0.1%
0.2%
21.7% Inc.
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:
19.86%
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
Week
Ended-
[VOL. 107.
THE CHRONICLE
1080
Total Reserve in
Cash in DeposiVault.
levies.
*Included with Legal Tenders- are nat °nal bank notes and Fed Reserve notes
tell by State banks and trust cos.. but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 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).
BOSTON CLEARING HOUSE MEMBERS
Sept. 7
1918.
Change from
previous week.
Aug. 31
1918.
Aug. 24
1918.
$
10,000 4,773,000 4,770,000
Circulation
4,763,000 Dec.
Loans,distrts St investments. 494,005,000 Inc. 15,812,000 478.193,000 483,701,000
Individual deposits, Inel.U.S 429,883,000 Inc. 14,743,000 415,140,000 427,485,000
112,822,000 Inc. 4,456,000 108,276.000 112,958,000
Due to banks
764,000 16,678,000 16,790,000
15,914,000 Dec.
Time deposits..
Exchanges for Clear. House 16,161,000 Inc. 2,785,000 13,376,000 12,873,000
72,100,000 Inc. 4,190,000 67,910,000 74,924,000
Due from other banks
Cash in bank tit In F.R. Bank 58,496,000 Inc. 1,336,000 57,160,000 57,503.000
Reserve exe(148 in bank and
12,574,000 Inc.
127.000 12,447,000 11,735,000
Federal Reserve Bank .....
Philadelphia Banks.-The Philadelphia Clearing House
statement for the woek ending Sept. 7, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time depositi, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept. 7 1918.
Two ciphers (00) omittei
Illevnf.i'rs of
F. R. Suit.
Capital.
Surplus and profits
Loans, diso'ta A investmls
Exchanges for Clear.House
Due from banks
Bank deposits
individual denosits
Time deposits
Total deposits
U.S. deposits(not included)
Res've with Fed. Res. Bk.
Res've with legal deposit's
Cash in vault*
rota! reserve A-cash held.
Reserverequired
Excess res. & cash in vault
$27,975,0
75,869,0
589,980,0
25,564,0
128,423,0
166,427,0
438,910,0
5,090,0
610,427,0
Trust
Cos.
$3,000,0
7,439,0
25,183,0
444,0
35,0
439,0
15,851,0
16,290,0
49,117,0
15,732,0
64,849,0
45,287,0
19,562,0
Aug. 31
1918.
Aug. 24
1911.
$32,975,0
84,321,0
609,456,0
24,466,0
129.226,0
163.890.0
453,776,0
3.457,0
621.123,0
29,660,0
47,787,0
2,169,0
16,909,0
66.865.0
47.498,0
19,367,0
$32,975,0
84,051,0
613,842,0
24.595,0
134,081,0
166,494,0
447,692,0
3,452,0
617,638,0
39,464,0
48,231,0
2,180,0
17,771,0
68,182,0
46,647,0
21,535,0
Tete!.
2,055,0
768,0
2,823,0
2,371,0
452,0
$30,975,0
83,308,0
615,163,0
26,008,0
128,458,0
166,866,0
454,761,0
5,090,0
626,717,0
32,293,0
49,117,0
2,055,0
16,500,0
67,672,0
47,658,0
20,014,0
*Cash in vault is not counted as reserve for F. R. bank members.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE,
1
CLEARING
NON-MEMBERS.
Alt
Loans,
Discounts,
{Nat. banks June 29 Investments,
etc.
Week Ending Sept.? 1918 State banks June 20
Trust cos. June 20J
Members of
Federal Reserve Bank
Battery Park Nat. Bank ___ _
New Netherland Bank_
W.R. Grace et Co.'s bank__
First Nat. Bank, Brooklyn....
Nat. City Bank,
Brooklyn_City
First Nat. Bank, Jersey
Hudson Co. Nat., Jersey City
Capital. I Profits.
$
$
400,000
561,000
204.600
200,000
500,000
664.500
300,000
665,000
300,000
603,900
400,000 1,308,200
250,000
785,100
G014,
Legal
Tenders.
Neer.
Additional
Nationel
Reserve
Bank
with
Deposits
Nations
Net
Legal
witheral
Legal
Net
itFedBank
Time
DeposiDemand
°OcalaReserve
DepotDeposits.
levies.
Deposits.
lion.
kyles.
Notes.
Average.
Average. Average. Average. Average.
Average. Average.
$
$
8
$
$
$
S
9,618,000
11,000
253,000
15,000
27,000
112,000 1,349,000
3,545,000
37,000
69,000
98,000
598,000
170,000
3,000
5,617.000
3,000
2,000
662,000
7,387,000
442,000
13,000
580,000
11,000
140,000
108,000
6,214,000
1,000
18,000
717,000
656,000
72,000
104,000
8,616,000
883,000 2,809,000
81,000
273,000
45,000
164,000
797,000
4,600,000
61,000
6,000
57,000
131,000
268,000
2,350,000 4,792,300 45,597,000
207,000
328,000
410,000
State Banks.
Not Members of the
Federal Reserve Bank.
100.000
478,000 2,359,000
Bank of Washington Heights..
500,000 1,040.300 9,680,000
Colonial Bank
1,000,000
627,100 13,955,000
Columbia Bank
500,000
168,800 5,284,000
International Bank
200,000
554,600 8,031,000
Mutual Bank
100.000
573.900 7,753,000
Yorkville Bank
833,900 24,062,000
Mechanics' Bank, Brooklyn_ 1,600.000
200,000
204,600 5,014,000
North Side Bank, Brooklyn
70,000
357,000
664,000
150,000
1,000
270,000
116,000
28,000
5,000
288,000
127,000
45,000
142,000
459,000
210,000
611,000
679,000
330.000
483,000
265,000
50,000
411,000
960,000
181,000
236,000
525,000
139,000
417,000
565,000 1,250,000 1,469,000
235,000
133,000
221,000
Total
17,000
300,000
203,000
598,000
331,000
4,200,000 4;481.200 76,138,000 1,658,000' 796,000 2,288,000 3,082,000 4,763,000 1,449,000
Total
Trust Companies.
Not Members of the
Fe rat Reserve Bank.
Ram on Trust Co..Brooklyn
Idsonantotr Tr. Co.. Bayonne
Total
11,000
54,000
110,000
312,000
16,000
717,000 5,057,000 5,127,000
"
3rand aggregate
Domparlson previous week_
Excess reserve
Drand aggregate Aug.31 __
aggregate Aug.24.__
Or
Or
aggregate Aug.17__
,
,,in
Or and nagrnaAtn,
500,000 1,012.400
200,000
368,600
8,122.000
8,363,000
369,000
17,000
15,000
25,000
700.000 1,381,000 16.485,000
386,000
40,000
7,250,000 10,654,500 138,220,000 2,249,000 1,164,000
+920,0(10
-6,000 +75,000
$37,330
decrease ---------7,595,000 11,569,700 137,300,000 2,255,000 1,089,000
7.500,01)1) 11,460.300 140,801,000 2,261,000 1,390,000
7,595.000 11,466.300 142,476,000 2,295,090 1,038.000
7 WI qq1 II 348 aollAloot non 9 99,1 000 1 al. non
a U. S. deposits deducted $5,262,000.
20,000
80,000
76,000
102,000
287,000
569,000
100,000
178,000
856,000
2,798,000 3,987,000 10,676,000
+5,000 +30,000
+1,000
_
2,793,000 3,957,000 10,675,000
2,794,000 3,964,000 10,712,000
2.666,000 4,160.000 10,639,000
s i.,.nonq fin., nun II Its non
Average.
$
7,666,000
3,815,000
3,577,000
5,683,000
5,359,000
7,117,000
3,432,000
Average.
3
78,000
93,000
720,000
551,000
465,000
483,000
I
194,000
295,000
120,000
398,000
197,000
36,649,000 2,390,000 1,204,000
2,117,000
10,197,000
11,960,000
4,978,000
7,593,600
8,363,000
24,486,000
4,360,000
140,000
368,000
131,100
71.000
58,000
400,000
74,054,000 1,168,000
294,000
243,000
5,777,000 1,132,000
5,168,000 3,268,000
537,000
10,945,000 4,400,000
7,113,000 a121,648,000
-196,000
+474,000
-7,309,000 121,174,000
7,543,000 120,345.000
8,159,000 121,107,000
fa nt9 nun
Aura...
7,958,000 1,204,000
+149,000
+4,000
-- ----7.809,000 1,200,000
7,750.000 1,203,000
7,715.000 1,204,000
inn 'In n,q 1/ ..,,,/ III
1 cnq non
Varthrrs'r
azette.
Wall Street, Friday Night, Sept. 13 1918.
The Money Market and Financial Situation.-The
security markets have reflected the uncertainty which exists
in financial circles regarding the restricted condition of
money market, the Government railroad contract, the probable effect of the new tax schedules upon the industries of the
country and the withdrawal of so large a portion of the working force from every department of activity for military service. One hears of no grumbling or holding back, however,
in the financial district. The sacrifice is being cheerfully
and confidently borne. But naturally there lingers in every
mind a feeling of awe at the magnitude of the job we have undertaken and a "nameless longing" to know for how long and
to what extent the resources of the country are to be drawn
upon before it is finished.
For these and perhaps other reasons, business at the Stock
Exchange has been chiefly of a negative character, and railway and miscellaneous securities of all kinds have declined.
Practically all the war news has continued to be favorable
for the Allies and again the various foreign bond issues have
been strong. As an illustration of this movement, the
French Republic 53's, which a few months ago sold at 94,
have this week held firm at par.
The weekly weather bulletin confirmed previous reports of
damage to corn and cotton,but was more favorable in regard
to wheat. This most important crop now promises to yield
a total of almost 900,000,000 bushels, and thus comes next
to the billion-bushel crop of 1915.
The Steel Company's report of a further shrinkage in unfilled orders has no significance when,as now,the demand is
far in excess of the supply.
The money market remains unchanged in every essential
feature.
Foreign Exchange.-There has been some improvement
in commercial sterling bills during the week, though demand
and cable transfers are slightly lower. The Continental
exchanges have been firmer both for the belligerents and the
neutrals.
To-day's (Friday's) actual rates for sterling exchange were
4 73@4 733 for sixty days; 4 7540@34 753/b for checks, and
4 763/ ©4 7655 for cables. Commercial on banks, sight
4 75©4 753.; sixty days 4 71%@471 X3; ninety days 4 70@
4 709'; and documents for payment (sixty days) 4 71 ®
4 713. Cotton for payment 4 75@4 753 and grain for
payment 4 75@4 753.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5.553/i for long and 5.48% for short. Germany bankers' marks were not quoted. Amsterdam bankers' guilders
were 47 13-16@48 5-16 for long and 47 15-16@48 7-16 for
short.
Exchange at Paris on London, 26.08 fr; week's range,
26.08 fr. high and also 26.08 fr. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling Actual-
Sixty Days.
High for the week_ __ 4 7334
Low for the week_ _ _ 4 73
Paris Bankers' FrancsHigh for the week_.. 5 5334
Low for tho week.._ _ 5 5334
Amsterdam Bankers' GuildersHigh for tho week__ _ 485-16
Low for the week_
46 9-16
Cheques.
4 75%
4 7540
5
50
5 4734
4834
4634
Cables.
4 76 9-16
4 7634
5 4634
5 49
4934
4734
Domestic Exchange.-Chicago, par. Boston, par. St.
Louis, 25©15c. per $1,000 discount. San Francisco, par.
Montreal, $20 00 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $7,000 Virginia 6s def. tr. roots. at 64
to 64%.
Rarely in a midsummer holiday period has the market for
railway and industrial bonds been so absolutely lifeless as
is shown in this week's record. Not only has the volume of
business been exceptionally meagre, but a list of 15 representative issues shows that not one has made even a small
fractional advance, and only 4 close without loss. Only I.,
however, has declined as much as a full point, so the exceptional features are limited to that number. This list includes Am. Tel. & Tel., Balt. & Ohio, Burlington, Rook
Island, Ches. & Ohio, Hudson & Man., Interboro. R. T.
Int. Mere. Mar., Mo. Pao., No. Pao., New York Cent.,
Reading, So. Pao., So. By., Rubber and Steel issues.
United States Bonds.-Sales of Government bonds at the
Board include $2,000 48 coup. at 107, Liberty Loan 33s at
100.02 to 101.90, L. L. 1st 4s at 95.02 to 95.96, L. L. 2d 4s
at 94.34 to 98.00, L. L. 1st 43s at 95.02 to 96.00, L. L. 2d
43s at 94.34 to 98.00, and L. L. 3d 43/0 at 95.40 to 97.10.
For to-day's prices of all the different issues and for week's
range see third pagefollowing.
1081
THE CHRONICLE
SEPT. 14 1918.]
For daily volume of business see page 1089.
Railroad and Miscellaneous Stocks.-As noted above,
the stock market has been weak and, it may be added, it
has been continuously so since Monday. On that day a
few issues sold slightly higher than at the close last week,
but this tendency to strength was feeble and short lived.
Moreover, the volume of business has diminished day by day,
and the market as a whole has become tame and most uninteresting. In the railroad list New Haven leads with a
loss of 69 points. St. Paul is down 6 and Union Pacific,
Canadian Pacific, Northern Pacific, Southern Pacific and
Reading have declined from 3 to 4 points.
These figures seem unimportant, however, when compared
with a drop of 11 points by General Motors, 9 points by
Am. Sum. Tobacco and 5 by Baldwin Locomotive. U. S.
Steel, again far and away the most active stock traded in,
has covered a range of 5 points and closes with a net loss of
33'. When at its lowest on Wednesday it was 83 points
lower than on the same day of the previous week, and no
share in either group of stocks has escaped the downward
movement.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Sept. 13. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.S Per share.
Adams Express
100 200 50 Sept 9 51 Sept 7 50 Sep 80
Jan
20 7834 Sept 11 7834 Sept 11 80
Feb 90 June
American Express......100
AmMaitg 1st pf ctfs dep. 100 43 Sept 9 43 Sept 9 4234 A
4334 Aug
Am Smelters Securities
100 9134 Sept 10 9154 Sept 10 89 May 9434 Mar
pref series A
Jan 103 June
1 i i 86 Sept 13 86 Sept 13 81
Am Sum Tob, pref-100
Apr 65
100 200 62 Sept 10 6234 Sept 10 54
Associated Oil
Aug
100 934 Sept 7 934 Sept 7 8
July 1034 June
Atlanta Birm & Atl_ _100
100 700100 Sept 910054 Sept 10 9954 June 102 June
Barrett, pref
Jan 134 Mar
20 850 1 Sept 10 1 Sept 11 1
13atoplias
Aug 85
Feb
Bklyn Union Gas_ _100 200 81 Sept 10 82 Sept 11 78
100 11 Sept 10 11 'Sept 1
Brunswick Terminal..100
634 Jan 1634 June
70
Jan
16 70 Sept 9 70 Sept
Sept 80
Buffalo Roch & Pitts.100
100 100 834 Sept 7 834 Sept 7 734 May 1134 Feb
Butterick
Jan 8834 May
100 1001 83 Sept 13 83 Sept 13 73
Case (J I), pref
Cons Interstate Call_ _10 1001 934 Sept 9 934 Sept 9 734 Apr 13 June
Feb 5334 July
Continental Insur___25
1001 51 Sept 9 51 Sept 9 44
Feb
100
40j 96 Sept 9 96 Sept 9 90 June 96
Deere & Co,pref
July
Apr 56
Elea Storage Battery.100 2001 52 Sept 13 5234 Sept 11 48
Ja 433.4 Aug
Federal M & El, pref.100 200 3734 Sept 13 38 Sept 13 27
2180 Sept 9180 Sept 9 165
General Chemical...100
Jan 185
Aug
100 500100 Sept 10 10054 Sept 9 9934 June 10334 Jan
Preferred
Jan 58 June
General Cigar, Inc. 100 1,700 4534 Sept 13 48 Sept 9 34
Ma 31
Sept
100 31 Sept 13 31 Sept 13 27
Gulf Mob & Nor, pf_100
100 48 Sept 10 48 Sept 10 37
Mar 48
100
Hartman Corp'n_
Sept
Sept 112
July
200105 Sept 13105 Sept 13 105
Int Harv N J, pref-100
Feb
Mar 72
Int Harvester Corp_ _100 1.i681 6234 Sept 13 6234 Sept 13 53
100 300105 Sept 13105 Sept 13 95 Ma 0634 Sept
Preferred
International Salt_ _100 1001 60 Sept 9 60 Sept 9 53 May 60 Sept
Feb
Sept 40
100
Jewel Tea,Inc
2001 29 Sept 13 30 Sept 13 29
Jan 104
Feb
Kayser (Julius)& Co.100 2 100 Sept 9101 Sept 9 95
101 90 Sept 10 90 Sept 10 87
Kings Co El L & P....100
Feb
Aug 94
200 55 Sept 11 55 Sept 11 50
Jan 5734 May
111
Kress (S H)Co
100 100103 Sept 10103 Sept 10 100
Jan 10334 June
Preferred
Mar 100 May
Manhattan(Elev)Ry.100 200 96 Sept 11 9634 Sept 11 94
Jan 5434 Sept
May Dept Stores__ _100 300 54 Sept 11 5434 Sept 7 47
50 100 3134 Sept 11 3134 Sept 11 2634 Jan 33 May
National Acme
100 55 Sept 13 55 Sept 13 55
Sept 60
Natl Cloak & SUlt......100
Aug
100 150103 Sept 13103 Sept 13 100
Jan 103 Sept
Preferred
Nat Rys Mex 2d pf_ _100 6
5 Sept 11 5 Sept 11 434 May 734 Jan
100 2034 Sept 13 2034 Sept 13 17
Apr 2434 May
N 0Tex & Mex v t c_100
12 2034 Sept 10 2034 Sept 10 1854 Jan 27 May
New York Dock_ _100
Jan 48 May
100 100 48 Sept 13 48 Sept 13 42
Preferred
100 67 Sept 9 67 Sept 9 5634 July 70
Nova Scotia S & C 100
Aug
Ohio Fuel Supply___25 400 42 Sept 7 42 Sept 11 4134 Mar 4634 June
Owens Bott1e-Mach_25 800 58 Sept 13 65 Sept 9 5534 Jan 7034 Aug
Sept
54
200
9
9
Sept
Louls_100
5454
Sept
Pitta C C &St
5434
2534 June
100 94 Sept 9 94 Sept 9 90
Apr 98
Jan
Pittsb Steel, pref.. _._1
100 1854 Sept 13 1834 Sept 13 18
1
Apr 20 June
Pond Creek Coal
400 15 Sept 13 16 Sept 13 15 Sept 16 Sept
Royal Dutch rights
100 28 Sept 9 28 Sept 9 21
St L-San Fr pref A__100
Apr 30
Jan
Jan 8054 May
Savage Arms Corp_100 100 7434 Sept 7 7434 Sept 7l 53
Feb 9334 July
Sloss-Sheffield, pref _100 100 93 Sept 9 93 Sept 9 81
So Porto Rico Sugar_100 300125 Sept 9125 Sept 9 125
Jan
July 162
Jan 118
Standard Milling_ _100 100117 Sept 7117 Sept 7l 84
July
Sept 4734 Feb
Stutz Motor Car_no par 700 38 Sept 10 3934 Sept 10 38
Apr 2134 Jan
Third Avenue Ry_.100 100 1834 Sept 11 1834 Sept 11 16
100182 Sept 9182 Sept 9 178
1
Jan 190
Mar
Tidewater Oil
100 534 Sept 11 534 Sept 11 534 Sept 534 Sept
Tol St L& Western_ _100
United Drug,1st pref _50 200 48 Sept 9 48 Sept 9 46
Jan 50
Mar
100 100 1654 Sept 13 1654 Sept 13 1454 Apr 1634 May
US Express
Mar 1754 July
U 8 Realty & Impt_100 100 1434 Sept 9 1434 Sept 9 8
100 9034 Sept 9 9054 Sept 9 9034 Sent 9834 Mar
Wilson & Co, pref_ _ _100
Outside Market.-There was little improvement in
"curb" trading this week from the dull conditions which have
prevailed for some time past. The tone of the market was
heavy and losses were recorded in most issues-pronounced
in some eases. Motor stocks were specially weak features.
United Motors lost five points to 263/9, closing to-day at
27%. Chevrolet Motor after an early rise from 127 to 129
dropped to 115.. Aetna Explosives corn. sold down from
103' to 9% and up to 113/i with the close to-day at 103%.
Burns Bros. Ice corn. declined from 363/b to 34. Keystone
Tire & Rubb. corn. weakened from 163/i to 153
%. Submarine Boat was off from 173/i to 1632. Wright-Martin Aire.
corn. receded from 7% to 7, resting finally at 7%. Roanoke
Ore & Iron, introduced to trading for the first time this week,
was active, dropping from 1% to 1 and recovering finally to
%. Oil shares were dull and lower. Quite a number of
13
the lower-priced issues moved to new low levels. Houston
Oil corn. from 77 sank to 71 but recovered to 76. Cosden &
Co. corn. lost half a point to 6 and ends the week at 63/8.
Federal Oil eased off from 23' to 13%. Glenrock Oil sold
down from 33/i to 2%, a new low record. Merritt Oil,
which has been inactive for some time, fell from 21%
3 to
183/2, and was traded in to-day at 19. Midwest Oil declined
from 94e. to 87c. and finished to-day at 88c. Midwest
Refining weakened from 111 M to 110. Okmulgee Prod. &
% and closed to-day at 1%.
Refg. receded from 2% to 13
Bonds fairly active with only fractional changes for the
most part. A complete record of "curb" market transactions for the week will be found on page 1090.
1082
Record, Daily, Weekly and Yearly
New York Stock Exchange-StockTWO
PAGES
OCCUPYING
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 7.
Monday
Sept. 9.
Tuesday
Sept. 10.
Wednesday
Sept. 11
Thursday
Sept. 12
Friday
Sept. 13
Saksfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER 5114555
FMK Sli Axis
Range 8116C1 Jan. 1.
On basis of 100-share lots.
Range for Pretious
Year 1917
Lowest.
Highest.
Lowest.
Highest.
Railroads
Par $ per share. $ per share. $ per share $ per share
$ per share
81 Mar23 88 May15
75 Dec 107i2 Jan
8434 8514 3,100 Atch Topeka & Santa Fe__100
100
80 Jan30 85 June26
75 Deo 10012 Feb
400
Do pref
80
80
8933 Apr22 9834 Sept 3 37973 Dec 119 Jan
Atlantic Coast Line RR 100
*93
98
100
49 .11n24 5734 Sept 4
3814 Dec 85 Jan
5313 5418 4,625 Baltimore & Ohio
4814 Dec 7672 Jan
100
53 Apr25 5712 Jan 5
Do prof
300
54
54
36 June26 4814 Jan 2
36 Dec 82 Jan
3812 3812 1,600 Brooklyn Rapid Transit_100
100 135 Mar25 17278 Aug24 128 Dec 16738 Mar
156 15718 8,900 Canadian Pacific
42 Nov 6534 Jan
100
4934 Jan15 6038 Mar14
5638 5612 3,000 Chesapeake & Ohio
834 Jan 2
6 Dec 1418 Jan
6 Apr 9
200 Chicago Great Western 100
*714 712
100
1812 Apr 9 2518 Aug29
1712 Dec 4134 Jan
200
Do pref
*23
25
3714 Apr22 5414 Sept 7
35 Nov 92 Jan
34,600 Chicago Milw & St Paul_ 100
4714 50
6614 Aprll 8112 Sept 3
6212 Dec 12512 Jan
100
Do pref
6,400
7518 76
8912 Mar25 9514 Sept 5
85 Dec 12414 Jan
400 Chicago & Northwestern-100
*9334 95
100 125 July15 137 Jan20 13712 Dec 17212 Feb
Do pref
*125 140
18
Apr22 2712 Sept 5
16 Deo 3812 June
2478 2512 10,800 Chic Rock let & Pac temp ctfs.
44 Dec 8414 Apr
5634 Jan15 8214 Sept 5
77
7714
7% preferred temp ctfs____
800
Apr
46 Jan15 0914 Sept 3
3534 Dec 71
6% preferred temp ctfs___ _
6512 6558 3,500
Jan
26 Feb21 38 May14
24 Nov 51
200 Clev Cin Chic & St Louls 100
*29
35
5814 May 7 67 Aug28
13184 Oct 80 Jan
Do pref
100
75
*60
Apr22 2314 May29
18
18 Nov 30 Jan
100
Colorado & Southern
*21
23
4478 Nov 5712 Jan
47 Apr 3 51 Sept 3
100
100
Do 1st pref
5012 5012
100
40 Apr 4 45 Mar14
41 Sept 46 Mar
Do 2d pref
*42
47
87 Nov 15173 Jan
100 10012 Aprll 1151s Feb 1
600 Delaware & Hudson
108 108
Delaware Lack & Western_50 160 Apr17 185 Sept 4 16712 Dec 238 Mar
*150 185
214 Jan 4
6. Jan 3
5 Dec 17 Jan
412 418
100 Denver & Rio Grande__..100
6 Apr23 1358 Jan 2
100
078 Dec 41
Jan
Do pref
*7
714
600
14 Apr17
100
1738 May15
1318 Dec 3454 Jan
15
1518 2,800 Erie
2318 Jan16 35 May14
100
1834 Dec 4914 Jan
3014 31
Do 1st pref
3,700
100
1812 Jan25 2484 May14
151s Dec 3934 Jan
2234 2234
300
Do 2d pref
Jan15 9312 Aug27
7914 Dec 11814 Jan
100
86
8934 9012 5,100 Great Northern pref
2518 Jan15 3438 May16
2238 Nov 381s Mar
6,488
3033 31
Iron Ore properties-No par
92 Jan 7 9818 Aug13
8534 Dec 10638 Jan
100
200 Illinois Central
97
*95
658 Septll
912 Jan 3
634 67s
800 Interboro Cons Corp_-No par
534 Dee 1718 Jam
31 Sept10 4712 Jan 3
3912 Dee 7214 Jan
100
*30
34
1,200
Do pref
*17
1814
1518 Apr17 20 May16
1312 Nov 2578 Jan
100
200 Kansas City Southern
40 Nov 5812 Jan
100
45 Jan 5 5518 Aug14
Do pref
5212 5212
200
712 Aug22 1012 Feb19
812 Nov 2514 Jan
Lake Erie & Western
100
*7
9
Apr23 23 Sept 4
18
23 Oct 5334 Jan
Do prof
100
*18
20
Jan15 6278 Marll
5038 Dec 7912 Jan
55
50
459
59
1,015 Lehigh Valley
*113 116
300 Louisville & Nashville_-__100 110 Jan 2 118 Mar14 103 Dec 13334 Jan
712 Apr17 1178 Sept 3
67s Dec 3214 Jan
*10
1034
100 Minneap & St L (new)___100
Jan
438 Jan 5
612 Jan 2
312 Dec 11
512 512 1,600 Missouri Kansas & Texas 100
612 Jan2) 12 Sept 4
7 Nov 2012 Jan
*11
Do pref
100
1114 ?'4 300
20 Jan15 2618 Sept 5
1973 Nov 34 Jan
2318 2418 11,250 Missouri Pacific tr ctfs...._100
Jan
3712 Dec 61
100
41
Jan15 5934 Sept 4
55
56
1,700
Do pref tr ctfs
6712 Jan15 7612 Sept 3
6212 Dec 10358 Jan
100
7218 7234 8,700 New York Central
27 AprIl 4578 May29
2112 Sept 5278 Jan
3834 4112 57,000 N Y N H & Hartford- 100
1814 Jan22 23 July 9
17 Nov 2914 Jan
*2014 21
400 N Y Ontario & Western 100
9258 Deo 13838 Jan
*103 104
1,400 Norfolk & Western
100 102 Jan24 10833 May14
8118 Jan24 9112 Sept 3
100
75 Dec 11014 Jan
8612 87
7,500 Northern Pacific
4314 June27 4714 Jan 2
4014 Dec 5732 Jan
4334 4378 4,988 Pennsylvania
50
12 Dec 3634 Jan
1212 1212 1,500 Pere Marquette v to ____100
9)2 May 1 1614 June27
5212 Apr 3 61 Sept 3
45 Nov 7312 Jan
Do prior pref v t c____100
*____ 61
30 Apr 5 40 Aug13
100
37 Oct 57 Juno
39
39
100
Do prof v t c
1834 Dec 3584 June
2258 Jan 2 3812June21
3234 33
100
5,000 Pittsburgh & West Ya
61 Jan10 81 Aug13
5358 Apr 68 Jan
100
400
Do pref
*76
80
7018 Jan15 95 June27
6013 Nov 10414 Jan
50
8534 8718 49,400 Reading
35 Jan12 39 May15
34 Nov 45 Jan
50
Do 1st prof
*3512 40
35 Mar30 40 July 6
5
3373 Dec 4512 Jan
Do 2d prof
*37
3912
938 Apr 3 14 Jan 2
12 Dec 2633Ju0e
*11
1112
500 St Louis-San Fran tr ctfs..100
1918 Mar12 2314 May15
22 Dec 32 Jan
St Louts Southwestern__....100
*19
2234
3314 Aug13 4012 Jan 3
100
34 Dec 53 Jan
Do pref
*3112 4912
7 Apr17
918 Sept 3
100
714 Dee 18 Jan
712 758 2,300 Seaboard Air Line
1513 Apr19 23 Sept 3
1678 Dec 3912 Jan
100
19
1912 1,700
Do prof
8012 Jan24 8933 Aug26
100
7534 Dec 9812 Mar
8414 8512
8,900 Southern Pacific Co
2038 Apr30 2838 Sept 4
2112 Dec 3333 Jan
100
2538 2618 25,200 Southern Railway
57 Jan21 6914 Sept 4
5158 May 7012 Jan
100
66
6614 1,600
Do pref
14 May 4 1978 Feb20
1158 Nov 1984 Jan
100
*14
1612
600 Texas & Pacific
391a Junel3 6514 Jan31
62 Dec 95 Jan
*4212 45
Twin City Rapid Transit_ _100
100 10934 Jan15 129 Aug31 10114 Dec 14918 Jan
12213 123
19,000 Union Pacific
69 Jan 3 7414 Marll
100
6914 Dee 85 Jan
6912 6912
Do pref
300
414 Dec 1138 Jan
434 Jan15 12 June27
200 United Railways Invest I00
8
8
1013 Apr 9 20 May 7
1114 Dec 2334 Jan
100
*14
15
Do
prof
1534 Jan
7 Apr26 1184 July 8
7 Nov
100
*834 912 1,900 Wabash
37 Aug 2 4412 Jan 2
3614 Dec 58 Jan
3778 3814 3,200
100
Do pref A
2014 Jan15 2612 June26
*2314 24
100
18 Dec 3012 Jan
500
Do pref B
13 Jan15 1734 Feb15
*14
12 Dec 23 Apr
15
400 Western Maryland (new)_100
100
20 Jan29 32 June22
*27
20 Dec 41 Mar
30
Do 2d pref
13 Jan 2 2412 June20
1012 Dec 1812 May
100
*1812 20
200 Western Pacific
46 Jan 3 64 June27
100
3513 Dec 48 July
6058 6053
300
Do preferred
8 Apr22 1014 Jan 2
712 Dec 2278 Jan
812 858
700 Wheeling & Lake E Ry I00
100
1712 Apr17 2234 Feb18
1658 Nov 5082 Jan
18
18
200
Do
preferred
34 May 2 3912 Jan 3
100
33 Dec 5414 Jan
35
200 Wisconsin Central
35
Industrial & Miscellaneous
100
11
Jan19 18 July18
*1514 1612
712 Nov 1812 Jan
300 Advance Rumely
2578 Jan 9 48 Aug28
100
45
45
1,600
19 Oct 3718 Jan
Do pref
49 Jan 2 6514 July18
4518 Dec 80 Jan
Ajax RubberInc
50
114 Apr27
458 July 5
--2E8 -234 ----3
3
3
234 278
10
314
278 3
6,500 Alaska Gold Mines
1 Dec 1112 Jan
112 2
112 Apr 1
313 June21
178 178
178
178
32,500 Alaska Juneau Gold Min'g_10
134 Dec
134
178
818 Mar
158 134
W
2938 2934 6,500 Allis-Chalmers Mfg v t c_ _100
1734 Jan15 37 May24
15 Doc 3258 May
31
3112 31
3114 3012 31
2978 3038
7214 Jan 4 8612 May24
*8312 8414
200
65 Dec 86s Mar
Do preferred v t e____190
8414 8414 *8312 8414 8334 8334 *8312 8414
0
_,
78 Jan 2 99 Aug23
72 Dec 95I May
0612 9612
96
9612 9612 9612
*95
98
*95
98
700 Amer Agricultural Chem....100
'-)
100
8918 Jan17 101 Aug27
91 Dec 10312 Jan
*90
94
92
92
*92
94
.92
94
*90
94
100
Do pref
E.
64 June10 84 Feb27
69
rn
*67
70
100
63 Dec 10212 Feb
69
6912 6912 68
68
700 American Beet Sugar
6738 68
82
100 z82 Sept13 9112 May 8
382
7812 Dec 98 Jan
95
*82
95
*82
100
Do pref
*82
95
*82
05
3438 Jan15 5034 May17
100
2912 Nov 53 May
457g 4612 451g 4612 4412 4514 44
45
4314 4414 10,250 American Can
100
8914 Jan23 97
Apr30
87 Dec 11112June
39134 92
1,200
Do pref
9334 9334 9334 9334 9358 9338 9312 9358
6814 Jan14 87.2 Sept 4
8458 8512 85
57 Feb 8038 June
38234 8414 9,000 American Car & Foundry.100
8614 8631 8578 87
8738
100 106 Jan 3 11034 May 1 100 Nov 11834 MaIr
*10612 111
200
Do prof
•10912 11112 *10912 11112 *109 11112 110 11018
25 Jan16 4334 Aug29
21 Dec 5012 Jan
100
4014 4138 4012 4034
3912 4018 2,000 American Cotton 01
4212 4234 41
42
78 May1.0 84 May22
80 Dec 10112 Jan
100
90
*70
00
*77
90
*80
00
Do pref
*77
90
*77
1178 JanI0 2218 Sept 4
19
1912 5,900 American Hide & Leather_100
10 Feb 1714 Mar
2014 2012 1914 2038 1914 2058 1938 20
100
50 Jan 2 9478 Aug24
4314 Dec 75 Jan
8812 8634 89
86
87
877s 89
87
87
9,700
Do prof
8914
2812 2912 1,200 American Ice
2938 3012 *2912 30
100
1112 Jen 2 3534 Aug13
*3012 31
878 July 1673 Aug
*3012 32
49
4912
49
100
3834 Jan16 53 May13
35 Dee 55 July
*49
51
5014 5014 4912 4912 49
700
Do
preferred
5112 Sept13 5812 Feb 1
46 Oct 6234 Aug
5334 5214 5314 53
5112 5214 2,500 Amer International Corp_100
5358 5338 53
5314
4018 4012 2,700 American Linseed
27 Jan 7 43 Aug10
411s 42
4034 41
4012 41
100
1534 Feb 291s Aug
4134 42
7812 79
37614 7614
100
6914 Jan 7 8112Junel3
48 Feb 75 Nov
*7812 80
7914 7978 78
79
700
Do prof
6514 6578 6514 6614
4658 Dec 8234 Jan
65
5312 Jan15 7134 May16
6614 6678 6534 66
6514 4,500 American Locmotive __ - A00
99
*97
*97
100 395 Jan 4 100 Feb18
93 Dec 10678 Jan
*97 100
*9712 99
9838 9838
99
100
Do pref
100
418 Septl 1 1312 Feb 6
5
5
412 434
*5
512
518 518
*412 5
814 Dec 1934 Mar
1,000 American Malting
4338 42
42
*41
42 SoptIO 5813 Feb 6
*42
*41
*42
44
43
43
100
50 Dec 7112 July
100
Do 1st pref
4.12612 140
00 Feb21 144 May14
*12612 140 *12612 140 *12612 140 *12612 140
88 Nov 93 Nov
American 8hipbuilding-100
7834 7612 7718 7612 7713
79
7914 77
73 May28 8612 Feb10
7558 7614 6,365 Amer Smelting & Refining.100
6758 Dec 11234June
*103 104 *103 10314 *103 104 *103 105
10312 10312
100 103)2 Sept 6 10634 Mar 2 39918 Nov 11713 Jan
100
Do pref
z77
8112 82
81
8218 7912 8012 8018 8114
7814 8,200 Amer Steel
58 Jan15 83 Sept 4
5018 Dec 75 June
_ _100
10618 107
107 108
98 Jan16 116 May15
8918 Nov 12638June
108 10812 107 108 *106 108
Retining_100
Foundries1,200 American Sugar
10812 10812 *10838 11212
10812 10812 *107 112
*10838 11212
200
100 10814 Mar23 11312 May 8 106 Dec 12112 Jan
Do Prof
11834 121
116 121
30 May 6212 Dec
12138 12234 12034 122
110 11512 23,300 Am Sumatra Tobacco_ _100
6034 Jan 5 145 May24
9758 98
971s 9758 9612 9714
9658 97
9033 Aug 5 10914 Feb 1
9534 Dec 12812 Jan
9734 98
5,724 Amer Telephone & Toleg.100
-16012 16012 *160 164 *160 164
*160 163
16018 16018
.100 14012 Jan 5 170 May13 123 Dec 220 Mar
550 American Tobacco
95
93
93
93
89 Deo 10934 Jan
9434 9434 *92
93
*90
93 May27 09 Feb23
95
100
700
Do pref (new)
100
4458 Jan15 6078 May24
3713 Feb 584 June
*5734 5814 5638 5712 5618 5612 5518 5612
55
5512 2,200 Am Woolen of Mass
9578 9512 9512 9538 9538
9534 9534 *95
*9478 0534
92 Jan 4 957s Mar12
87 Nov 100 June
100
400
Do prof
-3212 33
*3212 35
3412 3578 2,200 Am Writing Paper pref-100
17 Nov 5412 Mar
*34
3512 3312 35
2014 Aprll 3938 Aug28
16
15
16 .1614 16
*16
17
15
15
1012 Dec 4132 Jan
1514
1278 Jan18 2133 July 3
25
1,400 Am Zinc Lead & S
50
50
50
50
*4612 51
*4612 52
L*4812 52
41 Jan 2 5314 July 1
3912 Dec 7212 Jan
25
300
Do pref
? 6512 6612 38,500 Anaconda Copper Mining_50 3591s Jan18 7112 May16
6734 6838 6634 6812 6534 6714 6618 6738
5118 Nov 87 May
102 10212 102 10212 10034 101 *100 102
100 100
9734 Jan 5 12014 Feb18
8758 Sept 12112 Jan
1,200 Atl Gulf & W I SS Line--100
z64
64
*64
65
*6214 64
Jan
*64
65
*63
64
58 Jan 5 65 July 9
54 Feb 66
100
100
Do prof
It 86
8673 89
8834 92
8614 8914
43 Feb 7612 July
9134 93
8738 86,400 Baldwin Locomotive Wks.100
5618 Jan15 10134 May18
10134 10134
--- 102 102
102 102
*101 103
93 Dec 10212 Jan
93 Jan 2 102 Sept 7
100
300
Do pref
94
9312 94 *1019314 9434 *90
82 Dec 136 Jan
85 Jan 4 95 June29
94
95
*00
95
100
900 Barrett Co (The)
85
8414 861s 8212 8212 *83 84---- --7414 Jan15 96 May16
6614 Doe 515 Jan
100
*84
400 Bethlehem Steel Corp
8558 8238 8334 823s 8334
8533 84
84
8238 837-8 42,200
7233 Jan15 94 May16 36613 Dec 156 June
Do class B common.. 100
93 Dec 10112 Oct
10434 1047s
10413 10412 1,800
9612 Jan15 10678 Apr29
10458 10458 10412 10434 105 105
Do cum cony 8% pref___.
2733 Mg 2612 257g 261g
2734 2731 27
251, 255s I.71ln Annth Ptah wrIpa
Ma mar
21
Jan2I 281s Sent 5
Kg-rughts. 1 Leasithau 100 alining, a ax-dlv. and risata. a nx-dlyldend. b Before payment of Mat Installment.
•Bid and asked prices: no sales on this day.
$ per share $ per share $ per share $ per share $ per share
8512
8612 85
11633 8638 8578 8633 85
81
8012 8012 *80
*8012 8112 8078 81
*94
98
*94
98
*94
98
*94
9612
5452
5512 5412 5478 54
5513 5534 55
55
5534 55
*5312 5534 5514 5514 *53
3818 3814 3834 3914 3914 3914
387s 39
16114 162
160 161
15918 16038 157 16014
57
57
57
57
5612 57
5778 58
*712 8
*713 8
712 713
713 712
2418 2412 *24
25
*2412 2512 *2412 25
4934 52
5214 5414 5212 5418 5138 53
79
7938 781s 8012 7734 7812 76
7812
*9334 95
95
94
94
9412 9412 94
*129 13712 *129 13712 *125 140 *125 135
2534 2638 2514 2534 2514 2534
26
26
79
7912 *77
7978 7978 7812 7812 *77
6738 6758 6612 67
6512 6612 6534 6612
3278 3278 3278 3273
35
*30
35
*29
80
*60
75
75
*60
80
*60
*60
*21
23
.2112 23
*2112 23
*2112 23
*5012 52
53
*5012 55
*5012 52
*51
*42
48
*42
48
47
*42
47
*43
10812 10878
*10912 11212 110 110
109 109
*182 185 *182 190 *170 185 *160 182
*4
5
*4
5
*4
5
*4
5
7
7
7
7
634 634
718 718
1534 1578 1534 1534 1514 1512 151s 1558
3158 31
31
3212 327a 3112 3134 31
34
23
23
*23
24
*2234 2312
*23
9038 91
9214 9214 9218 9214 9112 92
32
32
32
32
3138 3178 3038 3134
*95
96
96
9612 9618 9618 96
*96
*7
714
7
7
634 678
653 638
32
31
*3212 3312 32
3212 31
31
.18
19
1812 1812 *18
19
1734 1734
*52
54
56
*53
54
.54
5514 54
10
*7
10
*7
9
*7
10
*8
20
*16
20
*16
20
*16
20
*16
5978 60
61
61
6034 61
*5958 6034
11478 11472
*115 11614 *115 11612 115 115
1112 10
10
*10
12
*10
1134 *10
PM
534 6
*512 57s *512 534
..4
512 512
1114 1114 *1114 1112 1114 1114 11
11
A
2438 2412 24
24
2312
25
2334
2414
*5612 59
5612 5612 5613 5618 5612 5634
7418 7412 7314 7412 7234 7312 7278 7314
:71
0
4334 4434 4378 4518 4234 4414 4034 4378
.2012 22
2178 2178 2034 2034 2012 2034
..
105 10512 105 105
1025,3 103
103 103
E.
9012 9034 90
9014 8812 8934 8634 89
.1
4378 4378 4334 4373
4378 44
4378 44
g
1312 1312 *1358 1412 1314 14
1212 13
E.
__ ____
*5912 62
*58
5812 *---- 61
__
rn
____
*3812 41
*39
41
*39
41
i-i
3478 3514 3412 3534 3353 3434 33 l -34
0
7734 78
*7734 80
78
78
*7734 80
88
8658 8812
41
8953 9038 8818 9014 87
*3512 40
*3512 40
*35
40
40
*35
*37
3912 *37
3912 *37 3 3912
3912 *37
C4
*11
12 *____.4 12
12
•1034 1134 12
*2014 2284 *2014 2234 *2014 2234 *20141 2234
*3112 4912 *3112 4912
g
*3112 3712 *3112 45
8
8
812 834
734 818
734 8
-4
2114 2114 20
1934 1934
213s 1934 20
E.
...I
8612 8712 8638 8712 8558 8612 8558 8578
2638 2678 2512 2678 2518 2578 2512 2618
4
6738 68
67
6718 6614 67
.
68
68
1534 1534 1558 1538 1518 1518 *15
16
*4314 45
*4212 45
*4212 45
43
43
1
12258 12378 12258 12418
12434 12512 12338 125
*69
70
6912 6912 *69
70
6912 6912
*8
812 *8
812 *8
9
*8
9
41
rn
*14
16
*14
16
*1312 15
*14
15
912 912
9
91s
834 9
0
938 931
3914 3912 *3834 3912 3833 3878 3838 3812
A
24
24
*2334 25
*2312 2412 *2312 2412
0
15
15
*1414 15
1434 1434 14
1413
*27
30
*27
30
*27
30
*26
30
PI
*1812 20
*1812 1912 *1814 20
1858 1858
611a
A
*6158 63
61
*62
63
*61
63
*812 9
918 913 *87s 9
834 87s
X
*18
20
*19
20
2012 .18
*18
20
.1
.35
39
*35
39
*3512 39
351s 351s
A
*1512 17
16
1618 1512 1512 *1514 1612
0
45
46
46
46
46
4414 45
4512
14
New York Stock Record-Concluded-Page 2
1083
For record of sales during th• wisek of •tock• usually Inacti••, see second page preceding.
HIGHAND LOW SALE PRICES-PER SHARE, NOT PER CENT.
'Saturday
Sept. 7.
Monday
Sept. 9.
Tuesday
Sept. 10.
Wednesday
Sept. 11
Thursday
Sept. 12
Friday
Sept. 13
$ per share $ per share $ per share $ per share
14214 145
14412 14678 14312 145
14512 147
1012 1034 1012 1034
*1034 11
11
11
2534 2678 2514 2512 25
254
26
26
40
*40
*4012 4112 4078 4078 40
4014
1812 19
*1812 2014 •____ 20
20
*19
6212 6212 6214 6212
*6212 64
64
*62
6514 6614
6558 67
68
6812 68
.68
*99 103 *10014 102
104 104 *102 105
34
334 3378
3412 3412 3412 344 34
8712 8712 *8612 88
8512 8612
88
*87
16
1618
16
1534 164
1612 16
•16
394 3934 3912 3978 3938 4012 3958 40
4512 4612 45
4718 47
46
4612 47
3334 34
3473 3478 3412 3434 334 34
Z934 8934 89
88
87
8912 88
87
6934 *68
70
68
68
6978 6978 69
4112 4234 41
4212 43
4112 40
4178
10058 1004
*100 10034 10014 10012 *100 101
6618 6734 6334 6512 6334 6514
671
67
*9012 91
§9012 9012 91
91
*9012 91
3012 2978 3012 2934 30
3038 308 30
*8014 82
*8014 82
82
*8058 8112
.80
5614 5078 5512
554 5678 55
5638 57
94 958
978 1014 *912 10
912 934
2918 *284 29
*2812 2912 29
29
29
*144 14812 145 145 *144 148
145 1454
117 121
12412 12614 121 12434 120 121
7814 7814 *784 7912 7814 7814 *7818 7814
4634 4634 4514 4514 4514 4514
4612 47
*9934 10018 *100 10012 *100 10012 *100 1001
83
82
82
83
*80
*80
.82
83
4434 45
4434 45
*4412 45
4478 444
8014 83
83
8338 8338 8358 8434 83
•____ 10212 *____ 10212 *____ 10212 *-__ 10212
44
44
44
4812 44
*45
47
*44
5238 5314
5312 5334 5234 5358 5218 53
1714 *16
16
14
18
1714 *16
•16
6112 6158 6058 6034 6034 6034
6134 62
126 126 *12512 130 *125 129
*126 128
2758 2634 2778 2614 27
2578 27
27
9914 101
9958 10158
101 103
101 102
2938 2934 2914 294 2918 2938
2934 30
34
3434 32
34
35
32
*34
3234
60
60
62
*60
62
*60
62
*59
49
*47
49
*47
48
*47
48
*47
3234 33
344 3412 x3278 3314 3258 33
8012 82
28138 82
8418 85
85
85
2012 *1912 2012 *1912 2014 *1912 2014
*18
28
28
*2712 29
29
*28
2812 29
*7712 81
*7712 81
*7712 81
*7712 81
79
*74
79
*74
*73
79
79
*73
*6312 65
64
*6312 65
64
.6312 65
274 274 2734 2734 2512 26
2712 28
5738 573
5634 5738
5812 5938 5834 59
2112 2134 2012 2012 *2012 2114 2012 2012
10234 10358 10118 10334 10058 10234 9978 10258
_
*95
97
*94
97
28
28
f-34 -2-9 28
-2t-33-4
28
53
5114 52
52
51
52
5212 53
71
*67
*68
71
71
*64
71
.69
*10114 ---- *10112*10112 _--- *100
1558
*1534 -1-6-12
1578
*1534 16
15
1553
51
5114 5012 5058 51
*5012 52
5114
*93
*95 100
99
*93
99
*95 100
*5814 5914 *5814 59
584 5812 *5814 59
102 102 *10114 __-_ .10114 •10114 102
2078 204 2058 2073 2058 2058 2034 -21-121 12112 12034 12034
12178 122
•120 129
42
*39
42
*39
*39
42
41
*39
3712 3712
3734 3734 3712 3818 3712 38
9
10
10
934
• •1018 1034
834 914
*3134 33
*3134 33
3178 *3114 3214
31
9312 03
93
9312 *93
*93
*9212 9312
4514 4514
45
4534 4534 *4512 4612 45
2813 2812 28
29
29
29
29
28
39
3778 3878
3812 3812 3838 3914 39
*064 08
*9614 98
*9614 98
*9612 98
1538 1578
1512 16
16
1518 1534
16
4812 4938 49
50
50
51
51
4914
*8212 83
*8212 84
.8212 834 *824 84
6812 6712 6712 6712 674
68
*6812 70
99
99
*95
95
9834 9834 *92
95
*93
*93
07
9312 *93
07
97
*93
•11134 11214 *11134 11214 11134 11134 *11112 11214
0712 6712 6612 6814 654 66331 6612 6734
*100 ---- *100
____ *100
__-- *100 103
2418 12414 *24
2418 2378 24
2414 24
004 '9178 9014 9134 8834 90
884 8934
.102 , 105 *102 105 *101 104
102 102
*97 100 I 997g 100
9612 97
*98 100
5781
558
578 6
*538 618 *578 614
*13812 13034 *138 140
139 139 *138 140
15
15
*15
1512 *15
1514 *15
15'4
3134 32
3114
3112 32
3114 3114 31
*6012 6214 60
60
62
60
60
.59
4614 47
4513 4673 4514 4614 4458 4534
*85
*85
90
90
*85
90
.85
00
*41
43
.41
43
•41
42
*41
43
*94 100
98
*94
.95 100
*95 100
187 1878 1814 1858 174 1814
1734 1734
15612 15758 155 15712 153 155 214912 15212
6938 70
6612 69
6614 6712 6434 6712
96
96
96
96
96
96
*92
9634
*72
78
78
.72
*72
78
*72
78
3812 3812 3812 3812 *3778 3878 *3773 3812
101 10218 10013 10158 9938 100
9812 9978
•101 115 *101 115 *101 115 *100 120
130 13014 *129 133
.130 134 *130 134
•1314 1414 1314 1312 124 1234
1278 1278
4214 4214 40
43
*39
40
*39
43
1181g 120
11712 11834 11112 11812
11912 120
97
*93
*04
97
97
*94
*93
97
6234 6234 6112 6112 5958 6118 5934 6012
*10312 10412 10414 10414 *10378 10378 10312 104
42 I *4134 43
4333 *4131 4338 42
*42
*4233 50
*4233 50
.4238 50
10778 10912 1074 110
1113 1-f218 10878 112
11012 11012 11014 11012 11018 11014 11014 1105*
82
83
82
8334 84
83
85
83
*11
*11
13
13
13
*11
*11
13
*53
5434 5312 54
5414 54
5378 5418
*10512 108 *10512 10712 *10512 108 *10612 108
*71
.69
73
.71
73
72
*71
73
*8358 86
*83
834 *8112 8378
83
86
4314 4312 43
42
4378 4234 43
43
63
•58
63
*58
63
*58
*58
63
.46
4612 46
4612 4614 4614 *4512 4612
20
2012 204 2078 1934 204 1912 20
83
824 8234 8258 8258
83
__
*56
57
*9055
5418 55
56 - *5412 56
*11112 113
11112 11112'11112 113 *112 113
•114 116
115 115 *112 114 *11014 114
*6414 6634 *64
6314 634 *62
69
65
*90
9134 *88
91
9134 .89
90
90
*69
70
.68
70
70
•138
69
69
$ per share ZS per share
*Bid and asked prices: no sales on this day.
x Ex-dividend.
Loss than 100 shares.
›•.
.‹
A
1.4
O
,...
E.
.1
g
E.
rn
'...
CI
PI
g
?..
g
-4
E.
i-i
a
.-.
I
A
14
m
O
1-4
o
41
O
V,
-I
01
C.)
M
PI
14
t.)
O
E.
(r)
Sale,sfor
the
Week
Shares
•
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial8cMisc.(Con.) Par
6,350 Burns Bros
139 142
100
1012 1034 1,300 Butte Copper de Zinc v t c__5
25
254 2,400 Butte & Superior Mining_10
4012 404
300 California Packing____No par
1814
18
600 Californal Petroleum
100
700
62
62
Do
pref
100
6538 6534 6,700 Central Leather
100
100
.100 102
Do
prof
100
3278 33
2,100 Cerro do Pasco Cop___No par
*8512 8712
400 Chandler Motor Car
100
1534 1534 3,900 Chile Copper
25
3034 3078 3,200 Chino Copper
5
45
_ _100
4518 2,500 Colorado Fuel & Iron_ _100
34
100
34
1,400 Columbia Gas &Eiec
1,100 Consolidated Gas( N 1)_100
893.1
*87
800 Continental Can, Inc
100
6634 6712
3912 40
,
8 18,600 Corn Products Refining_100
1,000
10034 101
Do
prof
100
6414 16,600 Crucible Steel of America_100
63
350
Do
9012 91
prof
100
8,500 Cuba Cane Sugar____No Par
2912 30
Do pref
.7814 82
100
57,550
5178
4918
Distillers' Securities Corp_100
878 938 9,800 Dome Mines. Ltd
10
2858 2858
800 Gaston W & W Inc__No par
214134 143
900 General Electric
100
116 117
7,700 General Motors Corp
100
7712 78
600
pref
Do
100
*45
4612
800 Goodrich Co (II F)
100
*99 100
Do pref
100
82
81
500 Granby Cons M S & P
100
4434 4434
900 Greene Cananea Copper_100
804 802 1,400 Gulf States Steel tr ctfs 100
*____ 10212
Do 1st prof tr ctfs____100
44
44
300 Haskell & Barker Car_ _No par
52
5253 11,800 Inspiration Cons Copper__20
*14
17
600 Internet Agrlcul Corp..._100
*59
661
700
Do prof
100
125 1251
000 Intern Harvester of N J 100
2514 2618 11,000 Int Mercantile Marine_100
9718 100
85,800
Do
pref
100
29
2914 4,000 International Nickel (The)25
3114 3134 7,800 International Paper
100
*5912 6112
200
100
Do stamped prof
47
47
100 Kelly-Springfield Tire.. _.,25
3212 3258 5,875 Kennecott Copper-___No par
8012 3,000 Lackawanna Steel
80
100
1912 1912
100 Lee Rubber Az Tire___No par
*27
2812
400 Loose-Wiles Biscuit tr ctfs_100
7712 7712
Do 2d prof
100
100
79
*74
Mackay Companies
100
*64
65
200
pref
Do
100
2512 2512 2,000 Maxwell Motor. Inc
100
*5612 58
000
Do 1st prof
100
*20
21
800
Do 2d pref
100
29734 09
47,700 Mexican petroleum
100
Do prof
100
- i..1 -2-7-3-4 --2-,iii.15 Miami Copper
5
51
5138 12,525 Midvale Steel & Ordnance_50
*6534 71
Montana Power
100
prof
Do
100
1458 1478
1,300 Nat Conduit & Cable No par
5012 51
1,700 Nat Enam'g & Stamp'g_ _100
*93
09
pref
Do
100
*57
59
100 National Lead
100
*10114 ____
100
Do pref
100
2012 2058 3,000 Nevada Consul Copper____5
120 120
900 New York Air Brake
100
*39
42
North American Co
100
3718 3712 4,350 Ohio Cities Gas(The)_ 25
8
100
858 7,600 Ontario Silver Mining
5
3012 31
1,100 Pacific Mail SS
100 Pan-Am Pet & Trans, pref_100
-4.
5- W ..
600 People's 0 L & C (Chic)_100
2712 2734
900 Philadelphia Co (Pittsb)__50
3734 38
1,500 Pierce-Arrow M Car___NO par
*9014 98
Do pref
100
15
1514 5,600 Pierce Oil Corporation
25
2,300 Pittsburgh Coal of Pa____100
4834 49
Do pref
100
8212 8212
100
674 68
1,800 Pressed Steel Car
100
*95
97
Do pref
3001
100
*90
Public Serv Corp of N J-.A00
97
*11158 11214
100 Pullman Company
100
4,300 Railway Steel Spring
6614 663
100
10212 10212
100
100
Do pref
2378 2418 4,700 Ray Consolidated Copper_10
8758 8834 22,800 Republic Iron & Steel
100
*101 104
pref
Do
200
100
600 Royal 1)utch Co ctfs dep___(80 180
500 Saxon Motor Car Corp
100
*54 612
*138 140
100 Sears, Roebuck & Co
100
1512
*15
100 Shattuck Aros Copper___10
3014 31
6,700 Sinclair Oil & Rerg___No par
5912 5912
300 Sloss-Sheffield Steel & Iron100
45
4012 8,800 Studebaker Corp (The)._100
*85
prof
90
Do
100
4112
*41
Superior Steel Corp'n____100
*94 100
Do 1st prof
100
1712 1734 5,400 Tenn Copp & C tr ats_No par
150 15112 9,400 Texas Company (The)
100
6318 65
23,800 Tobacco Products Corp_ _100
*93
9634
Do prof
300
100
.72
78
Union Bag & Paper Corp_100
37
3814 2,200 United Alloy Steel____No par
97
9918 10,300 United Cigar Stores____100
*100 120Do pref
100
*128 134
500 United Fruit
100
1212 1212
000 US Cast I Pipe & Fdy_ __ _100
43
*39
500
100
Do
pref
109 11112 15,200 U S Industrial Alcohol 100
*93
prof
97
Do
100
5914 5914 2,800 United States Itubber
100
525
103 103
Do 1st preferred
100
*4134 43
100 U S Smelting Ref & M
50
501)0 pref
*42
50
10718 10834 587,700 United States Steel Corp_100
11038 111
pref
2,450
Do
100
8212 8212 4,900 Utah Copper
10
13
*11
Utah Securities v t c
100
3,700 Virginia-Carolina Chem_ _100
54
54
.10612 108
Do
100
pref
74
Virginia Iron C & C
100
*70
300 Western Union Telegraph_100
8134 8134
4234 6,300 Westinghouse Elec & Nifg_50
42
63
Do 1st preferred
*58
50
8001 White Motor
4512 4512
,_50
23,300 Willys-Overland (The)__ 25
1914 20
8312
600
100
Do prof (new)
*82
2,000 Wilson & Co, Inc, v t o_100
504 53
112 112
200 Woolworth (F A)
100
*110 114
prof
Do
100
100
62
62
400 Worthington P & M v t 0.100
91
100
Do prof A
*87
100
*67
100
70
Do prof II
100
t Ex-rights.
a Es-dlY. and rights.
PER SHARE
.
Range since Jan. 1.
1
On basis of 100-share tots.
PER SHARE
Rance for Protrknis
Year 1917
Lowest.
Highest.
Lowest.
Highest.
......
$ per share. $ per share. $ per share $ per altars
108 Feb 5 149 Sept 4
89
Jan 12514 Apr
8,8 Apr 25 1278 July10
1612Jan 2 3312 May14
1234 Dec 5214 Jan
3612Jan 3 4512 May10
3334 Nov
4214 Aug
12 Jan 7 2138 June17
1014 Dec 3012 Jan
36 Jan 5 6438 Sept 5
2912 Nov
6214 Jan
61.2Jan 15 7338Feb 27
55 Dec 10112June
10212 Mar14 2107 Mar 8
97 Dec 11578 Jan
2914 Mar 6 3512 May16
25 Dec 41 Feb
6814 Jan 2 95 Feb 25
56 Nov 10434 Mar
1412 Apr 4 1753Jan 2
1114 Nov
2758 Mar
3638 Junel0 4714 May161
3512 Nov 6334 Mar
3434Jan 29 5412 May24I
2934 Nov
58 June
2834 Mar25 3718 Aug 21
2558 Nov 4778 Apr
8234 July15 9212 Feb 7
7612 Dec 13458 Jan
6634 Sept13 95 Feb 19
76 Nov 10314June
3714 July
18 Feb
2978 Jan 15 4578 July18
29012 Jan 7 102 July 2
8812 Nov 11238 Jan
52 Jan 12 7478 May16
4534 Dec 917 July
83 Dec 11734 Jan
86 Jan 31 9134 June 4
2712 Apr 10 338 Feb 20
244 Nov
5514 Jan
7478 Dec 9412 Jan
7818 Mar25 83 Feb 18
1134 May 4414 Oct
233 Jan 2 6434 May24
6 June19 1014 Sept 9
612 Nov
2434 Jan
2634June19 39 Feb 13
28 Feb 4112 Aug
12734 Jan 7 153 May16 118 Dec 17134 Jan
10634Jan 15 164 Aug21
7412 Nov 14618 Jan
7712 Sept13 88 Feb 1
7234 Dec 93 Jan
3,8 Jan 2 25014 Feb 5
3214 Dec 6114 Jan
96 Jan 10 10012 Sept 5 29138 Dec 112 Jan
74 Jan 25 84 Sept 5
65 Nov 9238 Jan
34 Nov 47 Jan
3812 Jan 17 4538 Sept 4
7912 Aug 27 11112 Apr 25
77 Nov 137 Jan
9912 Aug 1 102 Jan 10 10112 Nov 110 June
34 Jan 5 4914 July30' 2712 Nov 40 June
38 Nov
4258Jan 15 6634 May16
6612June
10 Jan 8 19 June20.
2178May
38 Jan 5 65 June18I
July
6012
Nov
26
"1
:
11112Jan 2 13134 May 8;I 1004 Nov 123 Jan
21 Jan 15 3124 Feb 231
174 Dec 3678 Mar
8338Jan 2 10912June 1
6253 Feb 10612 Oct
27 Jan, 15 314July 8
2412 Dec 4738 Mar
2412Jan 15 4512 May15, 1812 Nov 494 Jan
58 Jan 22 8512 Jan 3! 5014 Nov
7712June
41 Apr 2 5134 July30
3678 Dec 6412 Jan
29 Mar25 344 May16
5018May
26 Nov
7334 Jan 12 914 May161 68 Nov 10378June
12 Apr 2 2234 July30
1038 Nov
30 Jan
1712Jan 8 31 Aug 1
l214 Nov
2718 Jan
53 Feb 15 7712 Sept13
55
Jan 64 Jan
7134 Junel8 7812 Feb 28
8934 Feb
70 Nov
57 Jan 4 65 May28
5714 Dec 6712 Jan
2312Jan 15 3218 Feb 19
1918 Nov 6134 Jan
51 Apr 24 6434 Feb 8
49 Dec 7418 Jan
19 May27 26 Feb 5
13 Nov 40 Jan
79 Jan 5 10412 Sept 5
67 Dec 10612 Jan
87 Jan 15 96 July10
8478 Nov 9778June
2678 June 7 334 Jan 31
25 Nov
4314 Apr
4314 Mar23 61 May16
394 Dec 6712June
64 June25 73 Jan 4 25834 Dec 10914 Jan
95 Mar19 10112 July26
9512 Dec 1174 Mar
1312 Apr 8 214July 5
1312 Dec 39 June
3714 Jan 7 5412 May20
24 Feb 4034 Oct
9412 Junel8 0912 Feb 20
0012 May 9984 July
4314 Jan 7 6134 Apr 4
374 Dec 6314 Mar
9934 Mar 2 10512 May18
99 Dec 114 Jan
1734 Mar25 2178 May16
16 Nov
2638June
117'8 Jan 12 139 May22
98 Nov 156 Mar
37.2 Aug16 4612 Feb 23
7238 Mar
39 Dec
354 Mar25 4234 May16
3178 Oct 14378 Apr
4' Jan 22 13 June17
7345ept
358 Nov
2312Jan 21 3314 Aug 3
18 Feb 3012June
86 Jan 8 96 Feb 27
87 Nov 98 Jan
3958Jan 2 55 Jan 31
35 Dec 10614 Jan
21 Apr 12 31 May24
2412 Dec 42 Jan
34 Jan 10 4318 Mar 1
25 Dec 4134June
8934 Jan 26 9812 Sept 6
88 Nov 9812 Aug
15 Sept13 174 Aug 29
42 Jan 15 584 Feb 28
3712 Dec 54125ept
7934 Jan 2 84 Feb 19
74 Dec 00 Aug
5678 May28 73 Aug13
49 Dec 8314 Jan
93 Apr 27 100 Aug 5 290 Nov :107 Jan
89 Aug 13 10912 Mar 5
99 Dec 131 Jan
100s Jan 7 119 May10 10614 Dec 16712 Jan
4512 Jan 7 7018 Aug 28
3614 Nov
58 June
95 Jan 2 10212 Aug 29
8812 Dec 101 Jan
2238Jan 15 264 May16
1912 Nov
3214 Apr
27258Jan 15 96 May16
60 Feb 9412June
9253Jan 2 102 Sept 3
89 Dec 10578Nl8y
704 Mar23 117 June17
59 May
7314 Nov
434 Aug22 11 Jan 31
478 Nov 68 Jan
13334 June 8 156 Feb 15 12312 Dec 23814 Jan
15 Sept 7 18'4 Feb 19
15 Dec 2934 Mar
2514 Apr 11 39 Feb 5
2514 Dec 5934 Mar
39 Jan 24 7114 May24
3312 Nov
7434 Mar
334 Apr 24 502 Feb 19
3358 Nov 11012 Jan
8012July 3 95 Feb 6
85 Nov 1084 Jan
3414 Mar25 4538 May 3
3014 Nov
5134June
95 Feb 16 95 Feb 16
96 Dec 10212 July
•124 Jan 2 21 July 6
11 Nov
1912June
13612Jan 7 1604 Feb 2 11434 Dec 243 Jan
4812 Mar25 7278 Aug14
4212 Dec 8058 Aug
2874 Mar19 08 Aug 1 286 Dec 105 Mar
65 Jan 24 80 May13
5938 Dec 112 Jan
37 Jan 2 4412 May10
3412 Dec 4938June
834 Mar28 10512June24
8112 Nov 12778 Aug
10114Jan 5 110 July18
9814 Dec 12034 Mar
11614Jan 16 133 Feb 18 2105 Dec 1544 Jan
114 Apr 6 19 May 7
10 Nov
2412June
41 Mar26 473 Feb 1
42 Dec 63 Jan
109 Sept13 137 May24
9818 Nov 17112June
947 May 1 09 Mar21
88 Nov 106 June
51 Jan 15 6438 Aug 29
45 Dec 67 Aug
295 Jan 15 1064 July13
91 Dec 11434 Jan
453
4
3212 Apr 12
Feb 19
40 Dec 6734 Jan
424 Apr 12 453 Feb 1
434 Nov
5214 Jan
8612 Mar25 11612 Aug 28
7912 Dec 13658May
108 Mar25 11258Jan 31 10234 Dec 12114 Jan
7634 Mar25 8758 May16
7014 Dec 11834MaY
1112Jan 2 1512 Feb 18
918 Dec 2434 Jan
26 Nov
3334Jan 2 5012 Aug 28
46 May
98 Jan 16 10912July 6
97 Dec 11214 Jan
50 Jan 5 7312 July27
46 Feb
77 Mar
7714 Aug 2 9553 Apr 15 276 Dec 9934 Jan
3812Jan 17 4712May16
3334 Dec 56 May
59 Jan 11 641* Feb 20
5214 Dec 7018 Jan
3634Jan 2 4678 Aug 28
5212 Jan
3334 Nov
I5* Jan 15 22 Jan 3
15 Nov
3812 Jan
75 Jan 3 83 July23
69 Nov 100 Mar
4514 Jan 2 6612 May24- 42 Nov
8414 Mar
110 Mar25 12012Jan 3
994 Dec 151 Jan
11334Junel3 115 Sept 9 113 Dec 12618 Jan
2312 Feb
34 Jan 4 69 Aug 28
3733June
853s Feb 5 0112 Apr 6
88 Nov 9714June
09 Jan 18 704 July26
50 May 63 June
a Par $10 per sham
n PAr Silk) par share
1081
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now--and interest"-except for interest and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 13.
Price
Friday
Sept. 13
Bid
U. S. Government.
S 314s Liberty Loan_1932-47
U 5 43 converted from let Liberty Loan
1932-47
U 5 49 2d Liberty Loan 1927-42 NI
U S 41-is converted from let
1932-47
Liberty Loan
U S 45s converted from 2d
1927-42
Liberty Loan
U S 43s 3d Liberty Loan_ _1928
U S 2s consol registered_...d1930
U S 2s consol coupon
d1930
U 5 3s registered
k11)18
U S 36 coupon
k1918
U 5 4s registered
1925
U S 49 coupon
1925
U 5 Pan Canal 10-30-yr 2s_k1936
U S Pan Canal 10-30-Yr 29 reg '38
U S Panama Canal 38 g
1961
1961
Registered
U S Philippine Island 49_1914-34
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan, 1
co
High No. Low
95.92 Sale 95.02
94.46 Sale 94.14
9596 149 93.00 98.40
93.00 3626 93.00 98.00
96.00 Sale 95.02
96.00 408 93.90 96.02
.
_
99
98
.00
73
3.1
7
:
1 98
95.44 Sale 94.34 98.00 807
06.10 Sale 95.40 97.10 11188 91.76 99.1(1
09
98 --- 9834 Aug'18 --- 97
9873 Aug'18
98
9912
9912 May'18 ---- 99
931, 9934
9918 hlay'18
105 107
10612
- 10634 Aug'18
Sale 107
2 105 107
107
107
98
98 ___ _ 98 June'18 ---- 98
9715 00
98 ---. 99 July'18
85
85 -- 85 Junes 18 ---- 85
83 May'18
83 81
85
100 Fell '15
-
ForeIln Government.
9778 200
Amer Foreign Secur 5s
1919 F A 9733 Sale 97
9513 608
Anglo-French 5-yr 5s Eater loan_ A 0 9412 Sale 9133
Argentine Internal 5s of I909..__ - NI S 8514 --- - 8518 Aug'18
NI
N
9634 :oak 9014
195
97
Bordeaux (City of) 3-yr 6s 1919
70 Aug'18
Chinese (Hukuang Ry)5s of 1911 J D468 70
98 Aug'18
Cuba-External debt 5s of 1904_ M S --__ 98
Exter dt 5s of 1914 ser A 1949 F A ____ 9318 9214 July'18
8114 84 Apr '18
External loan 444s
1949 F A 80
9533 12
Dominion of Canada g 58-A921 A 0 9513 Sale 951s
Sale 94
9512 23
Do
do
1026 A 0 95
23
95
Do
1931 A 0 9473 Sale 94
do
French Repub 544s secured loan_
-_ 100 Sale 99% 100 ife 908
2
Sale 87
Japanese Govt-£ loan 4%8_1925 0-A- Al 87
8734
19
87
Second series 4448
Sale 87
1925 J J t 87
Do do "German stamp". _ _ 80 Sale 80
801 4 23
737s June'18
Sterling loan 48
1931 J J3 74N
159
Lyons (City of) 3-yr Os
97
1919 NI N 9012 Sale 90
193
Marseilles (City of) 3-yr Os._1919 NI NI 905s Sale 9618
97
Mexico-Exter loan £ 58 of 1899 J J t 4212 47
4012 June'18
40
3313 Dec '17
Gold debt 48 of 1004
1954 J D 31
Paris (City of) 5-year Os.
1921 A 0 9414 Sale 94
9413 464
8018 Aug'18
NI S 80
Tokyo City 58 loan of 1912
81
99% Aug'18
UK of Gt Brit & Ire' 2-yr 5s 1918 NI S
3-year 544% notes
9913 iooi
1919 NI N 50.13 Sale 9873
5-year 53-4% notes
1921 NI N 9618 Sale 9(1
9633 474
Convertible 524% notes 1919 F A 9938 Sale 9913
9912 274
_These are prices on the basis of 851o£
State and City Securities.
N Y City-43j9 Corp stock 1960
4145 Corporate stock
1964
1966
43'e Corporate stock
4349 Corporate stock
1965
4145 Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate itock reg 1956
New 4446
1957
444% Corporate stock
1957
344% Corporate stock
1954
N Y State-Is
1961
Canal Improvement 45_1901
Canal Improvement 4s__:.1902
Canal Improvement 4s__ A960
Canal Improvement 4149_1964
Canal Improvement 43-(9_1965
Highway Improv't 4146_1963
Highway Improv't 4%6_1965
Virginia funded debt 2-39
19a1
Os deferred Brown Bros ctfs___
IlIgh
100.10 Sale 100.02 101.90 5864 97.20 102.10
Sale 9473
95
95
9434 Sale 943.4
95
9513 9434
95
9533
100 Sale 100
10033
100 Sale 100
10014
8912 Aug'18
9012 91
91
9012 -- 91
9013 91
9014 Aug'18
89 9233 8934 Aug'18
10014 10012 100
10014
10014 102 101)
10214
75 8153 815s
8153
99 July'18
98
9815 July'18
98 99
98 ____ 9813 Aug'18
98
_ 95 Nlay'18
108 113 10812 Aug'18
98 103 10-1,3 June'18
10712 -- 105 Apr '18
10013 June'18
.98
7873 74 Dee '17
04
04
60
6434
9413 933)'
884 954
8512
78
9734
84
5312 70
9013 100
9014 9414
84
80
9314 9034
9073 9534
8873 95
94 1001 t
8012 9212
8313 9278
81
77
7378 70
9712
84
973i
84
4238
40
8153 95
68
8212
97 100
9514 9912
9153 9713
917e 100
41 8734 9612
19 87% 9634
8778 904
3 93(4 10173
11 93 10173
9112
85
4 85
9133
85
91,11
9034
85
18 9353 10173
3 9312 10112
8212
1 70
99
99
9414 9813
98,2 98,12
9414 96
105 10812
10112 10112
10412 10712
10013 1014
7 44
65
BONDS
N. Y.STOCK EXCHANGE
Week Ending Sept. 13.
tt
Price
Friday
Sept. 13
Week's
Range or
Last Sale
co
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Chesapeake & Ohio (Con)7 72
78
Salo 7573
7018
General gold 444s
1992 m s 76
Registered
1992 al s 75 --__ 8634 Mar'17
27 -g5I2 7714
77
20-year convertible 43.49_1930 F A 7612 Sale 7612
8233
30-year cony secured 55 1946 A 0 7933 Sale 7933
8114 51 76
84 Apr '17
Big Sandy 1st 49
1944 J D 6034 78
8512 Nov'16
Coal River Ry lot gu 4s 1945 J D
-- - 9634 Feb '16
Craig Valley 1st g 5s
1940 ir
- -_
8134 Jan '13
Potts Creek Br 1st 4s
1946 j j
73
79
73
Nos'17
R & A Div let con g 48
-1989 J J
71 Oct '17
_0_21_ 3_ 81
2d consol gold 4s
-1989 j
Greenbrier Ry 1st gu g 48_1940 Ni N
13
81'.2
4F
8ePbt:1
Warm Springs V let g 58_1.941 m s 65'8 97(3 18
16
5
Sale 51
52
51
Chic ‘1c Alton RR ref g 3s
5
1949 A 0 51
Ii get" 4712
33
37
Railway let lien 3148
38
38
3514
1950 5 J
Chicago Burlington & Quincy9918 July'18
Denver Div 4s
9753 997s
1922 F A 994 101
72
73
Illinois Div 33.4s
73
1949 3 j 72
7153 76
Illinois Div 4s
8012 87%
1949 J J 8012 8178 8178 Aug'18
98 May'18
9912
Iowa Div sinking fund 5s.1919 A 0 9812
98
Sinking fund 4s
9712
97
98
1919 A 0 9712 Sale 9712
Joint bonds. See Great North.
Nebraska Extension 4s
1927 M N 8973 9113 9012 Aug'18
9012 9438
91
91
91 Mar'18
_
Registered
1927 M N
79
8.1
8412
7912 10 79
General 4s
1953 m s 79
30
Chlc & E III ref & imp 4s g_1955
25
J _-_- 2912 30 Aug'18
30
---- 2912 29 Sept'18
US Mtg dc Tr Co etre of deo__
22
gg 101
100 June'18
1st consol gold 69
A(3
1934 J72
7012 8412 72 Aug'18
General consol lot 59
72
1937 NI N
69
70
73
70 Feb '18
US Mtg &Tr Co ctfs of dep_
70
76 July'17
--- 85
Guar Tr Co ars of dep
9734 Feb '13
Purch money 1st coal 53_1942 F A -50
32 Mar'17
Chic St 10(10 Ry 1st 55_ _1930 J J 12
20
Chicago Great West 1st 48_1959 NI S 57 Sale 5612
57
33 -giChic Ind & Loulsy-Ref 08_1947 J J 100 10012 9912 Aug'18
98 10012
Refunding gold 54
1947 5 J 80 ____ 10012 Apr '17
8412 Apr '17
Refunding 48 Series C
1947 J .1
Ind & Loulsv let gu 4EL...1956 S .1
70 Nov'16
_ 9012 Jan '17
Chic Bri & Soli 50-yr 4s
1956 J J 7012
Chic L S & East let 43.4s...1969 J D
_
9733 Dee '16
Chicago Milwaukee & St PaulGen'l gold 46 Series A_ _e1989 J J 7113 7212 71 Sept'18
705s
025s Feb '16
Registered
e1989 Q J
8312
1
83
Permanent 43
1925 .1 I) 8112 83 83
70*
Gen & ref Ser A 414s____a2014 A 0 0712 Sale 67
6813 20 6434 70
Gen ref cony Ser B 5s.....(42014 F A 7812 7958 7058
80
7933
2 74
Gen'l gold 334 s Ser 11..._e1989 J J 60 __ 7212 Aug'17 -if
80 Sept'18 ---7 80
8412
General 4440 Series C___e1989 S J _ 77- ;
25-year debenture 41
7213 71
1 6673 74
71
1934 J J 69
78
16 714 78
Convertible 43-48
1932 J D 771 s Sale 7714
97 Jan '18 -- 07
Chic & L Sup Div g 5s
1921 J ./ 9514 98
97
Chic & Mo Rly Div 58_1920 J J 91
9334 92 July'18
- 93 94
975s 98
9034 July'18 -- 9513 984
Chic & P W lst g 5.s
1921 J J
7412 July'18 -- 7418 747s
C NI & Puget Sd let gu 45_1919 J J 7014 75
_ 9712 Aug'18 -- 97i2 9912
Dubuque Div 1st s f 68_1920 J .1 9773
Fargo & Sou as8um g 68 1924 J J 9814 rag 10178 Sept'17
La Crosse & Diet 5s
1919 J J 07 10314 98 Jan '18
-98i" 98
9673 95 Sept'18 -- 95 100
Wis & Minn Div g 5s
1921 J J 05
9778 May'18
Wis Valley Div let Os.,,...1920 J J 9711
9718 9773
82
__
85 July'18 -- 85
85
Milw & Nor let ext 4145..1934 J D
Cons extended 4149
8114 Feb '18 --- 8114 814
1934 J D 81
83 Jan '18 _- 89
Chic & Nor West Ex 4s 1886-1926 I? A 891s
89
8512
___
8513 Aug'18 -- 85I2 8512
Registered
1886-1926 F A
6773
General gold 324s
4 6713 7313
8 6778
1987 NI N 67 07769 8112 Oct '16 -Registered
p1987 Q
_
8313
8318
1 -767-3 -Et;
General 4s
1987 NI N
5-2-12 8212
Stamped 48
8212
8212
1 81
1087 NI N 81
_
9013
10118
Aug'18
General 56 stamped
1987 M N
992 103
Sinking fund 68
1879-1929 A 0 jai ____ 104 May'18 -- 104 101
10912 Apr '16 -Registered
1879-1929 A 0
3 941
Sinking fund 58
9113 July'18 ---_ -6111879-1929 A 0 94's 100
_ 10312 Apr '16 -Registered
1879-1929 A 0 93
9613
102
951
981
May'18
Debenture 511
1921 A 0
-- 95
Registered
1921 A 0 ---- 97 100 Jan '18 -- -- loo 100
Sinking fund deb 5s
1933 M N 92 9313 93 Aug'18 -- 93 97
97 9413 May'18 -- 9112 9412
Registered
1933 M N 92
Dee Plaines Val let gu 4145 '47 M S 77
10112 Oct '16 -From Elk & Mo V let 09_1933 A 0 10333 110 105 Apr '18
tt 105
Man GB&N W 1st 3%9_1941 S J 53
88 Jan '17
Milw & S L 1st gu 3AB-1941
-J
-fig- fail;
10012 Aug'18
Mil L S & West lst g 69_1921 M S lOOl
Ext & Imp s f gold 5s
95t8 08
06 Aug'18
1929 F A 9512
-- 1117s Dec '15 -Ashland Div 1st g(39_1925 M S 102
10215 May'18
Mich Div let gold 69_1924 J J •103".
1O21 102's
NIII Spar & N W let gu 48.1947 Pi S 74
89
74
1 73 754
74
St L Peo & N W 1st gu 59.1948 J J ___- 10234 92 Aug'18
92
93
Chicago Rock Let & Pao7353 7353
Railway general gold 48..._1988 J J 72
7734
3 73
7359
____
7113
Registered
May'18
1988.5 J
7133 7138
69
Refunding gold 45
28 6213 694
1934 A 0 6878 Sale 6833
20-year debenture 58
8013 Aug'18
8018
1932 J J
P.2 Ark & Louis 1st 4146.._1934 M S -6613 -5-1a; 6012
5 62
6612
67,3
tia
96 Feb '18
Burl C R & N 1st g 5s
1934 A 0
00
06
9712 June'17
C RIF&NW 1st gu 58_1921 A 0
100
ChocOkla&Ggengss..g1919J J 87 ____ 97 May'18
93
93
Consol gold 58
1952 M N --- 92 93 May'18
Keok & Des Moines let 5s 1923 A 0 62 6712 03 Sept'18
57
63
6712
St Paul & K C Sh L let 440'41 F A 6712 Salo 0712
5 59
69
Chic St P
&0cons 69.._1930 J D 102 10112 10134 Aug'18
102 10612
Cons Os reduced to 3146_1030 J D 79 -__ 8412 June'18
8112 8512
8518 907s
Debenture 5s
1930 M S 8912 9073 9073 May'18
North Wisconsin 1st
J J 10053 ____ 118 Nov'16
-667;1515,-4
St P & S City 1st g Os....1919 A 0 9934 10058 0073 Aug'18
95 May'18
Superior Short L 1st 5s g-c1930 NI S 861 1 96
95
95
5314 57
Chic T It & So East let 58.._1960 J
68 July'18
58
58
103 105
Chic & Wait Ind gen g (l8_41932 Q NI 103 105 105 July'18
63
0514 6538 Sept'18
84
061s
Consol 50-year 43
1952 J
Chi11 & 1) 2d gold 4149
:7:: 00 May'17
1937 J J
88 Mar'll
()Find & Ft W 1st gu 46 g 1923 NI N
Day & Mich 1st cons 4148 1931 J J 75 ____ 90 Jan '17
6314
721 6314
734 Sale
Clev Cin Ch & St L gen 48...1993 J D 68
-511
20-year deb 4149
7712 Aug'18
(3514 7712
1931
J
85
8614 Aug'18
General 58 Series El
1993 J D 75
80
86'1
0312
74
8378
Cairo Div let gold 49
Mar'17
1939 J J
Cin W & NI Div let g 48_1991 J .1 621 6334 02 June'18
-82- -6iSt L Div let colt tr g 48
1990 M N 66,4 8314 63 June'18
03 68
Spr & Col Div 1st g 48
1940 NI S 0314 --_- 7312 June'17
84 Nov'16
W W Val Div lst g 46_1940 J J
99l 10213 Oct '17
C I St L & comet(34
1920 M N 99
m5
ney:1
17
let gold 4s
812De
k1930 Q F 7712 ---- 87
34930 Q F
Registered
Cin S & Cl cons 1st g 58._1923 J J 8653 ___ 1021s Jan '17
10118 ____ 10713 Apr '17
CCC&IgenconsgOs__1934 .11
Ind B & 1V let prof 45____1940 A 0 68 ____ 01 July'08
_ - - 0 Ind & W let prof 5s
d1938 Q J
5:112 &Is Aug'18
Peoria & East let cons 49_1940 A 0 5I
-5154
--...
13
13
Sept'18
Income 48
1090 Apr
1213 13
85
90
88 July'18
1961 A 0 -8312 85
Clove Short L let gu 4448
Sale 8512
86
2 8234 864
Colorado (lc Sou let g 43....._1929 F A 86
7313
Refund & Ext 424s
1935 M N 7213 Sale 7212
731,3 20 56
go
9812
1921 J D 9533 9653 90 Aug'18
Ft W ..tx Den C let g 09
Conn & Pas Rivs 1st g 45.....1943 A 0 85 _
_
85 -6i" Fob '10
1952 J J Cuba RR. 1st 50-year 56 g
Del Lack & Western7318 75N
771s 7473 Aug'18
Morris & Ess let gu 3145_2000 J D 71
10053 10212
101
19211 J 10014 103 101
N Y Lack & W 1st(38
98
95
90
1923 F A 95
05 Aug'18
Construction 5s
9334 9334
9334 Jan '18
1923 M N 8813
Term & Improvt 45
-_- 1021$ Feb '08
Warren let ref gu g 3145...2000 F A
gs
Railroad.
Ann Arbor 1st g 48
51995 Q J 5118 5511 511a July'18
511 59
Atchison Topeka & Santa FeGen g 48
1095A 0 8014 Sale 8014
8538
8012 33 80
79
8012 Apr '18 ---- 80 80
Registered
1995 A 0
74
7412 Aug'18 -- 7134 70
M995 Nov
69
Adjustment gold 49
7312 June'18 ---- 7312 7312
Registered
51995 Nov
7318 7312 Aug'18 --- 7133 78
Stamped
51995 NI
Cony gold 4s
7173 84 June'18 ---- 8113 87
1955 J
84
86 84
Cony 4s issue of 1910
82
5 82
1060 J
8734
East Okla Div let g 49_1928 M
8434 9112 9112 Aug'18 --- 9112 9112
Rocky Mtn Div 1st 49_1965 J
79
7 Jun7
e718 ---, 79
79
2 7812 8012
Trans Con Short L let 4s..1958 J
77
784
Cal-Aria lot & ref 414s"A"1962 M
8312 July'18 _-_- 79
85
S Fe Pres & Ph 1st g 5s
8212 100
1942 NI
9934 July'17 -Atl Coast L 1st gold 48........51952 NI
7973 Sale 7934
7973
7 -ff- 843
Gen unified 4148
7613 78
1964 J
76 Aug'18 ---- 75
8212
Ala Mid 1st gu gold 59
1028 NI
9534 99
9534 Aug'18 ---- 9553 9534
Bruns & W 1st gu gold 48..1938 J
85 Sept'17
7534 78
-Charles & Say 1st gold 78_1036 .1
108
1297s Aug '15
737
L & N coil gold 4s
7212 72
7112 --_01952 M
72
-1 70
Say F & W let gold 59____1934 A 0 101 107 115 July'17
1st gold 58
105 July'15
1934 A 0 9534
Sil Sp Oca & agog 49
9915 May'18
1018 J
90 -I-161;
Bait & Ohio prior 33,4s
1925 J
88
88 -11;1-e 88
8513 883
Registered
51925 Q
9012 Sept'17
857s
let 50-year gold 43
51948 A 0 7313 7353 7312
74
Registered
721 -__ 9234 Mar'17
51948 Q
10-yr cony 4449
3: 753 80g:
1933
!5
77
76743 Salo 7634
19d 8
7-4
Refund & gen 5s Series A_1995
-13 7834 Sale 7834
7914 24 7734 83,2
9713 ___ 112 Jan '12
Pitts Juno 1st gold 6s..,.1922 J
P Juno & M Div 1st g 3448 1925 M
8312
8213 Aug'18
8013 82
8134
PL E&W Va Sys ref 4s 1941 NI
__ 7431 7434
7434 _1_0: 72
76
Southw Div 1st gold 3348_1925 J
g3
33
837s
81
85
Cent Ohio It 1st c g 4343 1930 NI
Apr
'17
8312 ___ 100
Cl Lor & W con 1st g 59_ _1933 A 0 9012 ---- 93,2 Aug'18
93
6d,-2
Monon River 1st gu g 56_1919 F A
_ 10114 Nov'16
Ohio River RR 1st g 58_19313 J
9914 Oct '17
9112 ___
General gold 5s
1937 A 0
88 May'18
PItta Cloy & Tol lst g6s 1922 A 0 09 --_ 991s Mar'18
9913 :- i
9913
Buffalo It & P gen g 55
1937 M
9913 107
997s June'18 :::: 99
997
Consol 43.4s
1957 M
8712 9912 9912 Oct '17
All & West lot g 4e gu ._1O98 A 0 7434 ---_ 97 Nov'16
Clear & Mah let gu g 5:1_1043 J
103N Feb '16
Roch & Pitt() 1st gold 66_1021 F A 1507101 May'18
3
Consol 1st g Os
1922 J
10073 ___ 10312 Apr '18
9912 103l
Canada Sou-eons gu A 58._ A962 A 0 8638 873-4 867/3 Sept'18
Car clinch dc Ohio 1st 30-yr 5s'38 J
81 Dee '17
73 84
Central of Ga 1st gold 58.___p1945 F A 9812 991i 98 Aug'18
_
98
Como' gold 59
1945 M
.. 85 90
87 _3
87 8012 87
Chatt Div pur money g 4s 1951 J
78 Aug '17
05
80
Mac & Nor Div let g 50_1946 J
8514 ____ 90 May'18
-6-6- -66Mid Ga & Atl Div 5s
1947 J
8514 ____ 9733 June'17
Mobile Div 1st g 58
1946 J
8412 87
8412.Aug'18
Cent RR & B of Ga coil g 59_1937 M
8233 84
83 June'18 ---- 83 83
Cent of N J gen gold 50......_1987 J
10012 103 102
102
10 100 104
Registered
• 51987 Q
101 101 July'18 :7;2 19
99
412
03
018 10
Am Dock & Imp gu 58_1921 J
981-2 10013 9912 Aug'18
Leh & stud Riv gen gu 59 '20 J
9514 10113 100 Apr '18 ---- 100 100
N Y & Long Br gen g 49_1941 NI
93 ____ 10012 Jan '13
Cent Vermont let go g 4s e1920 Q
613
66
66
65 8714
Chess & 0 fund & impt Is __1929 J
78 -_- 9014 Aug'18
1st consol gold 58
1939 M
__-- 9512 9512 Sept'18
10
90
41s
Registered
1939 M
_ - - 97 10212 .17n 17
No price Friday; latest eta week. a DaaJaa. 4 DUO AP1'11. 6 Due May. o Due Juno. /(1)110 July. k Duo Aug. o Duo Oat. p Due Nov. q Due Dec. s Option soli
-95 -
-9613
New York Bond Record—Continued--Page 2
SEPT. 14 1918.]
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept. 13
4
,
Z'
t-2
Price
Friday
Sept. 13
Week's
Range or
Last Sale
PO
c?.
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Delaware & Hudson—
----I 9314 94
Sept'18
94
97
9312
1922
430
g
lat lien equip
8612
'2 80
8034
8058 8812 8034
1943
1st & ref 4s
8678 8678 July'18 --- 85,2 90
0 85
1935
20-year cony 55
76
71
---Aug'18
7214
7054
7214
1016
330
Alb 3c Susq cony
10112 -- 10112 Aug'18 ---- 10112 10112
Renss & Saratoga 1st 7s 1021
Denver & Rio Grande21 6012 69
67
0612 Sale 6612
1936
1st cons g 4s
7138 Aug'18 ---- 68
73
72
7158
1936
Consol gold 430
7058 Sept'18 --- 70
7614
71 _ _
1928
Improvement gold 5s
51 4814 56
5518
5518 Sale 5518
1955
let & refunding 55
___
_
_
37 Aug '17.....
1939
Rio Gr June 1st gu g 55
6114 Apr '11 ---1940
Rio Or Sou 1st gold 45
...---..
'17
July
39
1940
Guaranteed
63
6712
6- 37 -6i- 64 Sept'18
Rio Or West 1st gold 4s 1939
1 50
55
55
5034
5034
51
Mtge & coil trust 48 A 1949
82 Dec '16 ---- ._ __ __ _ _
____ 70
Oct & Mack—lst lien g 48 1995
7512 July'16 — -___ 89
1995
Gold 48
3 73
75
75
7712
75
73
Det Illy Tun Ter Tun 43,0_1961
9214 _- 9634 June'18 ---- 9634 9712
Out Missabe & Nor gen 5s 1941
07
97
97
--.
May'18
9418
90
1937
5s
1st
Range
Dul .1; Iron
— 10512 Mar '08 --- 1937
Registered
87 Mar'18 -gi - -8-7' ---- 87
Dul Sou Shore & Ati g 55_ 1937
9312
- 93,2 June'18 — -. 90
8718
1941
Elgin Joliet & East let g 5s
100 10012 100(4 July'18 .--- 100 101
1920
Erie 1st consol gold 75
781s ____ 78 Apr '18 ---- 78 178
N Y & Erie let ext g 48
1947
93 ____ 0618 June'18 --- 9618 9018
1919
2(1 ext gold 5e
_ 0312 Jan '18 ---- 9312 95
86 _
1923
3d ext gold 430
1)912 July'17-_
9458 96
1920
4th ext gold 5s
---- 11434 Nov'15 -----------1928
5th ext gold 4s
---. 9954 10038 July'18 ._-- 10038 1001,
NYLE&W1stgfd7s 1920
69
6612 66 Sept'18 ---- 65
66
Erie 1st cons g 48 prior. 1996
- 49,2 _ 571,1
-2
84 Dec '16 —2
1996
Registered
5312
5318 5314 5314
1st consol gen lien g 45_1996
73 Jene'113 ---1996
Registered
- -ib14
i6
-f8-1-2 7912 7812 Aug'18
Penn coil trust gold 48 1951
4814 _- 17 42
50
4758 Salo 475s
50-year cony 48 Ser A...1953
4914
5
4812
4.178
4212
49
48
1953
do Series 13
24
52
4812 56
Sale 5134
52
Gen cony 48 Series D__ A953
90 July'18 ---- 8734 93
8412 00
1982
Chic dr Erie 1st gold 5s
---- 10678 Jan '17 — -Clev & Mahon Vail g 5s .1938
____ 100 100 May'18 ____ -cW12 iiiri.1955
Erie & Jersey 1st a f 6s
06
96
s 96 Aug '18 --__ 95
1037
1957
6s
f
8
1st
River
Genesee
1001s
1935
- - 11012 Nov'17 --- ._ _
Long Dock consol g6s
_ __ 10:3 - 10:i _ 103 Jon '18 _ __99
Coal & RR 1st cur gu 6s 1922
8218 _ _ 10 12 July'17
1043
- - - —2
Dock & Impt let ext 55
80 __ _ _ 85 Jon '18 ---- 85
85
N Y & Green L go g 53-1946
75 July'18 ---- 74
80
70
80
N Y Susq & W let ref bs 1937
10014 Dec '06 ---.
1937
2d gold 430
60 June'18 ---- -60
_ _ _ _ 59
1
61
1940
General gold bs
_ 108 Jan '17 ---7614
1943
55
gold
let
Terminal
86 _ _ _ 108 Jan '17 ---- -_ — .
1940
—
Mid of N J 1st ext 5s
6278 67
6512 Sept'18 -- -- 62
136
Wilk Sc East 1st gu g 55..1942
2312 Jan '17 — - _ _ _. __ _ _
Ev & Ind 1st cons gu g 6s-1926
-66- -6i- 07 Nov'17
_ _ _ _ _ _ _.
Evansv & T II 1st cons 6s...1921
88
10
512 JNu e
v:1171
1942
1st general gold 55
No
— ... - - - _
Mt Vernon 1st gold 68_1923
95 JIMP'12
Still Co Branch 1st g bs 1930
7414
82
8112
434s.._1959
—8112
-81
July'18
1st
Coast
E
Florida
02 Aug '10
___ __ __
Fort St U I) Co let g 430 1941
_ 5612 Oct '17
55
---- -Ft Worth & Rio Or 1st g 411-1928
1933
8512 June-10
Galv Hous & Hen let Is
9378 Sale 9318
9434 128 -6i- -64T2
Great Nor C B & Q coil 45 1921
h1921
9134 9334
9312 Aug '18
Registered
86 ___ _ 8718
8718
a 8614 90
let & ref 43s Series A _1961
96 June'lli
____
1901
_
Registered
8414
1933
Apr :18
8618 8912
St Paul M & Man 48
_ _ 10889's
10218
1933
108 108
1st consol g 6f3
9(518
118 Apr '17
1933
Registered
9114 92
9134 Aug'18
1)114 95
Reduced to gold 4 As_1933
8553
10212 May16
1933
Registered
8312 89
8312 Sept'18
1937
-811-2 -§g Mont ext 1st gold 4s
80'8
9512 Mar'16
1937
Registered
- -- - -85.2 Nov'15
1940
Pacific ext guar 4s £
741 1
8018 Dee '17
E Minn Nor Div 1st g 45-1918
10013
10014
8
i
May'
10014
1922
—
111614
68
Minn Union 1st g
10358 ---- 10518 July'18
1937
1051s 10518
Mont C 1st go g Oa
13014 Mav'00
--1937
Registered
95 Sept'18
95
1937
9258 9..)
1st guar gold Is
10934 Au,'10
9233 _
---- .. _
Will & S F let gold 58..1938
7914 6934 Dec '16
____ _
Green Bay & W deb ctfs "A"..__. Feb
712 812 712 Aug '18
Feb
91s
7
Debenture ctfs "13"
76 Aug'18
7412 70
J
83
75
Gulf & S list ref & t g 5s__b1952 J
Sale
75
J
J
1999
16 7478 78
430
g
cons
Hocking Val 1st
73
512 Jun7
'18
e8
J
'7312
1999 J
Registered
_ _ 8214 Aug '17 .- _
_ 7312_
1948 A 0 7034
Col & II V lit ext S 4s
75 Feb '18
1955 FA 7034
6712 75
Col & Tot let ext 48
_ _ 9018 Apr '17
Houston Belt & Term 1st 58_1937 J J 8034
89 Sept'18
93
85
95
87
Illinois Central 1st gold 4s 1951 J
_ 92 859117
1951 J J 69
Registered
_ _ 77 July'18
1951 J J 038
77
77
1st gold 330
-- 84 Nov'15
(1158
1951 J
____ ___.
Registered
1951 AO 63's ---- 80 Juntel7
____ .....
Extended 1st gold 330
1)51 AO 615s ---.
___.. __
Registered
-86- Juiy-'65
1951 M
1st gold 38 sterling
1951 M SI
Registered
77 ,3 July'18 .... 72's
78'-i
Collateral trust gold 48....1952 A 0.1 fg - 76 ▪ 7_ 955s Sept'12
1952 A 0
Registered
7778 Sale 7738
7778
1955 M N
8 -g5-ii39 -1st refunding 4s
611$ 68
J
1952 J
_ 70
71
Purchased lines 330
7378 72
1112 MaY7318
73
7 7118 7612
1963 MN
L N 0 & Texas gold 4s
72
1953 MN 70 _ _ _ _ 72 Feb '18
Registered
89
Apr
7318
7612
'17
_
_72_ _
Cairo Bridge gold 48_1950 JD
Litchfield Div 1st gold 38_1951 .1 J 58 _-__ 79 Feb '14
J 60 _—_ 6618 July'18
-fii1LouLsv Div & Term g 330 1953 J
8 -_-_-_-_
83
Aug 12
J
1953 J
Registered
102 June'16
1921• A 9558
- -. -iiMiddle Div reg Is
_ 5814 Apr '18
5814
Omaha Div let gold 38..._1951 FA
5814 5814
62
62
Mar'14
62
62
St Louis Div & Term g 38_1951 J J 00
1951 J
J 641s 66
63
Gold 330
653i
;JAuuti::11.68
5
J 0258 6012 80
1951 J
Registered
8058
J __— 7914
1951 J
Nov'10 ____ _
Springf Div 1st g 330
___ _
Western lines tat g 4s___ _1951 F A ____ 7834 7834 Aug'18 ____ 785/1 79
1951 1, A
92 Nov'10
Registered
11712 May'10 ---1923 S D
---- -.
Bellev & Car 1st 6e
90 Jan '17 ---- -_-_-_-_ -Carb & Shaw 1st gold 4s 1932 MS
Chic St L & N 0 gold 58_1951 S D 96 ---- 97 Mar'18____ 97
98
114 Feb '11
1951 S D - - Registered
6512 July'18 ---- -11g1-2 -65-11951 JD 6312
2
Gold 330
1951 S D
- - - - --__
Registered
2 -91
85-1Joint 1st ref 58 Series A.1903 SD 8512 8578 8614 Sept'18
701/1 Nov'17 -_-__-_-_ ____ _
1951 JD 6358 _
Memph Div 1st g 4s
,1951 JD
Registered
- - -- 65 Nov'17
St Louis Sou 1st gu g 48_1931 MS 7653 -.-. 89 Feb '18 ___ -80
80
J
7418 - - - - 89 Apr '17
1950 J
Ind III & Iowa 1st g 4s
0578 9313 May'18 ____ 90
9312
Int & Great Nor 1st g 68-1919 MN 91
1(017 ---James Frank & Clear 1st 43_1959 1 I) 7812 81) 8212 .1,1,
__
5011 0134 60 Aug'18 __— -58- —621-2
Kansas City Sou 1st gold 38_1950 AS
1950 * 0
Registered
- 63 Oct '09 —
7878 77
76
2 -i
J
78
4 -i6733Apr 1950 J
Ref & Inlet 5s
7234 23 7178 78
KAMM City Term 1st 48._1900 J J 7178 Sale 7172
8312 Jtine'18 --__ '78
92
Lake Erie & West 1st g 58._1937 J J 8312 85
80511
80
Feb '17 ________
J
1941 J
25 gold Is.
8914 mar'17 _..... -- -- -81
North Ohio 1st guar 558-1915 AO
86 July'18
8412 89
J
85 - -541-i
Leh Val N Y lot go g 430_1940 J
Oct'17 -J 8018 -- 89
1940
Registered
75 Aug'18 ____ -7.11-8 -;
7618 80
i8-Lehigh Val (Pal cons g 48_ _2003 MN
9012
2003• N 8218 877s 88 Aug'18 _--_ 87
General cons 430
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 13
Is
&•
Price
Friday
Sept. 13
Week's
Range or
Last Sale
e
Range
Since
Jan. 1
High No. Low High
Bld
Ask Low
Leh V Term Ry 1st gu g Is._1941 A 0 ____ 100 102 Mar'18 ---- 102 102
_ 113 Mar'17
RegLstered
4 -6698
Sale 9734
9818 320 -973941 A
1928
Leh Val RR 10yr cell 6s_n1
9714 102
99 Aug'18 --- 0614 101
Leh Val Coal Co 1st gu g 58_1933 :i1933 J J _-_- -- 105 Oct '13
Registered
-7714 _ _
1933 1 J
let lot reduced to 4s
70 July'18
Leh & N Y Ist guar g 4s
1945 M S 7218 _ _
-70 - -i6Registered
8 95 - 95 Apr Is
9134 -6EM S -11(131 QJ
935
194
Long Isid 1st COPS gold 5s__51
1s1931 Q J
9414 June'lfi
1st consol gold 48
81513 87
_ 7178 Aug'18
72
1938 .1 D
7158 7212
General gold 4s
1 85
Sale 85
85
1922 tel S 85
Ferry gold 430
85
9914 Oct '06
1932 J D
Gold 4s
-if- -ill;
7118 Aug'18
1949 M S 7118 78
Unified gold 4s
97
1934 J D ---- 8612 97 Jon '18
97
Debenture gold 59
1937 M N
Aug'18
6858 7178 71
75
70
20-year p m deb 58
7218 Aug '18
7218 7912
Guar refunding gold 4s_ 1949 M S 71
95 Jan '11
1949 M S
RegLstered
- 98 10314 Apr '18
NYB&MB1steong5s-1935 A 0 95
0213 -1;i19212 Apr '18
98
1927 M S 95
NY&RB 1st gold 5s
2
9314 100 APR .1f1
Nor Sh B let eon g gu 5s_o1932 Q J 82
1927 M S 8512 9312 90 Aug'18
-8714 -66.Louisiana & Ark 1st g 5s
11078 July'18
109 11078
.33& Nashv gen (I8..1930 J D 10578
61115
s1v
ui0
LoG
1937 M N 93 -- - 9318 July'18
9318 9418
J
le 8314
8312 So8312 14 83
1940 J
8812
Unified gold 4s
J
1940 J
9658 Jan '17
Registered
9534 93
2 -93 -66-93
93
Collateral trust gold 54.__1931 M N
_
_
10014
11018 Aug'18
10018 1004
1919 J D
E H & Nash 1st g 68
87
87
9014 6E12 87 Apr '18
L Cin & Lox gold 430...1931 M N
19301J J 101 ____ 100 Aug '17
N 0 & M 1st gold 6s
_ 10418 Feb •17
9'378 _
2d gold 6s
_ _ 9012 AP,'12
7212
S
9361 A
Paducah & Mem Div 48 194
4 1611-2
1661St Louis Div 1st gold 68 19211M S 10014 ---- 10112 Aug'18
57
5718 July'18
5712 5814
2d gold 3s
8 7438 7678 78 Aug'18
'SI N
5M
8018
8°
195
9
7-1
Atl Knox & Cin Div 48
_ 9518 July'18
9518 9518
Ati Knox & Nor 1st g 5s 19401J
103'2 10312 Sept'18
95102 10312
Slender Bdge let s f g 68.._19311M S 10158
7434
75
73
7712 7434 Aug '18
Kentucky Central gold 4s_1987 J J
90
96
Lox & East let 50-yr 5s gu 1905,A 0 9058 9312 9012 Aug'18
8318 Aug '18
8318 8318
L&N&M&M1stg434s1945 M S 8014 85
6714 6812
1, & N-South M Joint 48...19521J J 68 _ _ _ _ 6714 Sept'18
Feb.05
_51952'Q J
- 95
Registered
-66- -6634
9018 ____ 95 Aug'18
N Fla & S 1st gu g 5s
A 7934
1JJ
7F
945
_ 9778 May'16
N & C Bdge gen gu g 430_13
1511-2 10-212
Pensae .1; Ati 1st gu g 6s 19211F A I 0038fogl, 101 1 2 July'18
99 Apr '18
99
99
S & N Ala cons gu g 53_1936 F A
9312 Jan '18
9312 9312
Gen cons gu 50-year 5s_1963,A 0
60 July'18
60
1945'M S
60
L & Jeff Bdge Co gu g 4s
_.
1936 M N
Manila RR—Sou lines 48
77 Mar' 10
_
Mex Internat let cons g 45..1977 M S
75 Nov'10
Stamped guaranteed
9112 June'17
S
J D
71M
75
92
19
Midland Term—Ist a f g 5s_1
Minneapolis & St Louis101 _ ___
101 1(14
1st gold 7s
_
NI Au
ctiqg ---D
AO
921 S
Pacific Ext 1st gold 68
1927
-if- -76-- 79 Aug '18 ---- 74
1st consol gold 5s
7954
4512 4518 Sept'18 ---- 41
45
46
M N
1st & refunding gold 48
934 tel
1949
46
4438 Aug '18 ---- 41)
Ref & ext 50-yr as Ser A 1962 Q F 4518 47
-. _ .
Des M & Ft I) lst gu 4s 1935 S J
7534 8112
012 Feb
78
5.
781.2
Iowa Central let gold 58 1938 J D -761; -i6- 6
4534 11 4012 4614
4512
46
1951 M S 45
Refunding gold 48
4 10 8112 86.2
J
8134 Sale 8
134 jan8,1137
92
M StP&SS M con g 48int gu_ 1935 J
---1st Chic Terms f 4s
88 ___ 8518 Nov'17 ---- - - ---.
M N
1 JJ
946
MSSM &A 1st g 4s intgu1_'2
_-_- 9412 95 Dec '16
1949 J
-- - - -- Mississippi Central 1st 5s
1
Missouri Kansas & Texas6214
3 6018 1544
1990 J D 6214 Sale 6214
1st gold 48
3034 3412 3034
7i 28
35
3034
g1990 F A
2
6 53
xtldg(113
o
32 Sept'18 ----! 32 • 32
27
32
1st
S ____ 40
40 Aug '18 ----1 40
M7 N
31 i
-1,4
45
3
90
10
1,
2
1st & refunding 48 .0
3812 ____ 42 May'18 ---1 41
42
Trust Co cents of den ___
_1 2514 34
0
N
612 Sept'18
20
4
-5 .2718 37,2
Gen sinking fund 4
St Louis Div 1st ref g 4s 2001 A 0
35
40
5% secured notes "ext".'16
1.1
--J61-2 Ap-r:-.ii
Dail & Waco 1st gu g 58 1940
60
58 Jan '18
58
58
Kan City & Pac let g 4s 1990 F A
1912 A 0
36
37
Mo K & E 1st gu g 58
518 AT)°Apr''117g ____
56
3012 -6i- 3
M K & Okla 1st guar 5s 1942 M N 6
M K & T of T 1st gu g 5s_1942 M S 4938 5212 4912 Aug '18 _--- -,i6- .53
64
51 i)..., '14 --- --_- 60
Sher Sh & So 1st gu g 58_1942 J D
40
Texas & Okla 1st gu g Is,.1943 M S 30 ____ 40 Jan '18 ---- 40
Missouri Pacific (reorg Co)8434 84 Aug '18 ---- 29
86
1st & refunding Is Ser A 1965 F A 81
Sale
1st & refunding Is Ser Ba.1923 F A
Sate
l'st & refunding 5s Ser 0..1926 F A
8988'5
885974
7
9
885
5
48 11
18
:
7
8
5
16 5
1: Sale 9
57,
0
885
5917
18 9
:
5
1975 M
934
902
General Is
98
Missouri Poe 1st cons g 6s 1920 M N
1945 M S
40-year gold loan 4s
2 A
89
7--.-11 98
7
-_-....1
1 11
S11)1
le38 M N _5_8._ -_-_-: 8
3d 78 extended at
9912
0,3 FD
07
.c411
ele
3 __ ._
Boonv St L & S 1st Is gu-1951 F A _64._ ,713. 19
1918 5 D
Cent Br U P 1st g is
PAC R of Mo 1st ext a 4s_ _1938 F A
J 8
g°:_8
• 8
.11
lr
lirY
5
di 16
SI:i)
79
ffi:::
4 JA
21'12
9
.
- .! i6
)
)
42 ---2
83 1 7
1938 J
25 extended gold 58
Sale 91
St L Ir M & S gen con g 58_1931 A 0 91
___ii
Gen con stamp gu g 5s...1931 A 0:
75-' 7612 75'8
1929 J J
-fil-2 -7-5.3-4
Unified & ref gold 48
7538
____ __
Registered
j
N
3
929
6612 '72
193
Riv & Div let g 48
Verdi V I & W lst g 5s_ _ _1926 M S
1180- f-fi
6fi 178078°111 °A13AecuuPtgg1::18587
iiif - 1-(1i1-2
Mob & Ohio new gold 6s___ _1927 J D:
95 Arquagy4188
95
02
51927 Q J 9214 10678 6
1st ext gold Os
1938 M S 61 --_6512
65
General gold 48
Montgomery Div let g 58_1947 F A 8314 ____ 93 July '17
73338 85
8
7
7 A
70
9
g. 4177
nue,
St Louis Div 5s
_ _ _ _ __ __
J
St L & Cairo guar g 4s
1 D
27 5
1931
3 2 June'18
7
-ii.-2 161:Nashy Chatt & St 1. 1st 58._1923 A 0 9558 100
9914 10312 11014 Mar'17
Jasper Branch 1st g 6s ..1923 S J
-- - - -- - ____ _ _ _ _
J --__ 30
Nat Itys of Mex pr lien 430_1957 J
35 Aug '16
30
1977 A 0
Guaranteed general 4s
.
Nat of Mex prior lien 4148._1926 J J
-if- _-__ 926178 F'Ael:l g:1183 _-_- --if
6-f4—- --i
-- let consol Is
A 0 63 __ . _ 63 Aug '18 ---- 60
1 J.1
New Orleans Term 1st 4s_ 19
53
95
2 92
9212
NO Tex & Mexico 181 Gs_ 1925 J D 9214 9212 9212
0414
4978 49
497a
Non-corn Income 5s A__ 1935 A 0 49
4912 31 40
New York Central RR—
9334 Sale 9312
53 9112 95
94
Cony deb 05
1)35 M N
1998 F A 69
75
70 Sept'18 --__ 69
70
Consul 45 Series A
A 0 7712 7834 7834
2 7858 85
7.37.-,8
Ref & imp 430
Hud lily—
New York Cent &"A"2913
23 6938 7434
70
J
Sale 6912
70
1997 J
Guar 330
J 6658 ____ 6653 Aug '18-..._ 0658 7114
1997 J
Registered
5 7434 8112
7T78
7734 Bale 7712
1934 M N
Debenture gold 48
92 Dec '16 _._
Registered
6514 61 Sept'18 ----_-61U
A
F N
61
4M
98
Lake Shore coil g 330._ 193
_-- - 12
6118 tii May'18 --- 61
61
1998 F A ...
Registered
61
7012 63,2 Aug'18---- 0212 6878
Mich Cent coil gold 330._1998 F A
1998 F A
6918 75 M itt 17 ---- _ .. Registered
Battle Cr & Star let gu 38_1989 J D
...— ---- — -----__.
_..
81 ____ 9013 Apr '17
Beeeh Creek let gi g 48....1936 S J
1936 .1 J
Registered
J -84-58
- -0-2- - 10
5'4 NN
94
1936 J
Ial:116
2(1 guar gold 5s
1936 J J
- --- —
Registered
Beech Cr Ext 1st g 3 30_51951 A 0
_. _--_-_" :-__-_144........
.89 N‘;‘2-1
Cart & Ad 1-st gu g 48_ _ _1981 J D -0-5'34
Gouv &()awe 1st gug 58_1942 J D
Mob & Mal 1st go g 4s..l991 M S -70I2 ____ 73 Aug 18 --._ 7214 7912
63 ____ 891. Feb '16 ____ ____ ____
19.30 F A
N J June R guar 1st 49
6614 --- 80 M ay'17 i -- _ __ _— - - N Y & Harlem g '3 SO__ _2000 M N
NY & Nortly.rn 10 a 5..1923 A 0 9258 - __ 9553 June'18 ___ 9558 9558
• No price Friday: latest bld and asked this week. a Due Jan. 0 Due Feb. g Due Juns. h Due July.
:43
1085
8314 100
84-,
04.2
__
81%
n Due Sept. 0 Due Oct. a Option sale.
1086
VVVIIIT'7BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 13.
t
...a.
New York Bond Record-Continued-Page 3
Price
1Veek's
23
/tangs
Price
"BONDS
Range or
Friday
2a
Since
N. Y. STOCK
Sept. 13
Last Sale
-i-
Jan. 1
EXCHANGE
Week Ending Sept. 13,
FridaY
Sept. 13
[VOL. 107.
Week's
Range or
Last Sale
4,
3
Range
Since
Jan, 1
N Y Cent & H It RR (con.)Ask Low
Bid
High No. Low High
Bid
P C C 4k St L (Con.)
Ask Low
High No, Low High
N Y & Pu lat cons gu g 48_1993 A 0 6718 ---- 7412 Mar'18 ---. '7218 '7412
Series 0 41 guar
1957 M N 9014 91
90 Aug '18
8878 00
Pine Creek reg guar 6s__1932 J D 101 -_- 113 May'15 -. ____ ____
Series I cons gu 4548.._ -1963 F A 91
93
924 Oct '17
R W &0 con 1st ext 5a_h1922 A 0 9612 ____ 98 July'18 ---- 9658 9814
St L & P 1st cons g 55._1932 A 0 9712
10013 May'18
rid" Nil;
Rutland 1st con g 434a___1941 J J 69 -__ 6714 June'18 -- 674 6714
Peoria & Pekin Un 1st 61 g 1921 Q F
150 June'17
Og & L Cham 1st gu 48 g_1948 J J 60 ____ 60 June'18 -. 60
63
22 gold 454s
31921 M N
87 Mar'16
Rut-Canada Ist gu g 4s_1949 J J 55 --- 70 Jan '18 --. '7f) '7(1
Pere Marquette lat Ser A 55_1956 -"7913 825*
803s
8078
St Lawr & Adir 1st g 58_ --1996 J J 82 --- 101 Nov'16 ---. ___ ____
1st Series B 45
6412 Aug'18
1956 -62,2 66
2d gold 6s
1906 A 0 ___ __ 103 Nov'16 -Philippine fly 1st 30-yr.f 451937 J J
45 July'18
44
50
Utica & Blk Riv gu g 45.._1022 J J 91 ____ 94 Apr '18 -- 92 947
; Pitts Sh & L E 1st g 5a
1940A 0
99 Jan '18
90
99
Lake Shore gold 3548
1997 J D 7012 72,2 717s
717s
1 70
75
1943 J J
1st consol gold 5e
9714 Dee '17
Registered
71
1997 J D 65
73 May'18 ---- 7212 73
Reading Co gen gold 43
8112
1997
J
8212 96 81 "ii"
1928 M S 85
Debenture gold 48
8518 85
851s
3 82
8712
Registered
1097.3 J
8112 June'18
8112 '8112
25-year gold 48
1931 31 N
1 Sale 8414
847s
4 8134 8612
Jersey Central coil g 48
1951 A 0
8112 Sept'18
8114 86
-------83
Registered
1931 IN N
7s Nov'17 ..-- ____ ____
Atlantic City guar 45 g
1951 J
Ka A &0 Rilst gu c 58..._1938 J J ----- ---- ---. __ ___ _
St Jos & Green Isl 1st g 4s 1947 J J
63 Aug'18
"ji" "ji"
Mahon CI RR 1st 5s
1934 J J 90 ---- 10412 Dee
- '15
St Louis & San Fran (reorg Co)Pitts & L Erie 2d g 5&_a1028 A 0 914 ....._ 103 May'17 ---- ---- --__
591, 47 5512 61
Prior lien Ser A 4s
1950 J J 59 Sale 59
Pitts McK & Y 1st gu 69....1932 J J 10112 ___. 1304 Jan '09 -.--__ __
Prior lien Ser B 53
72
72
11 66
1950J J 70
72
75
2d guaranteed 68
1934 J J 10114 __ 12314 Mar'12 -.-.
Cum adjust Ser A 6s__h1955 A 0 6814 6912 6873
70
6012 17 60
Michigan Central 5s
1931 111 5 89 9912 Aug '17 -51
Income Series A 6s
Sale 51
h1960 Oct
54
53
72 44
Registered
1931,
92 Apr '18 _-- 92
M --__ 98
St Louis & San Fran gen 68_1931 J J 10058 _ _ 1004 10058
92
10012 10114
4s
1940'.1 J '(
7412 Aug '18 . 7412 '75
96 Aug'18
General gold 5s
1931 J J
91
974
Registered
1940 J J ---- ---- 87 Feb '14 -.-_ .... _ _ _..
St L & F RR cons g 45_.1996 J J --_- -- 78 May'16
-------- 90 Jeae'08 -.-. ...._ _ _ _
J L & S 1st gold 3548_1951 M S --.--_
Southw Div 1st g 58_ -1947 A 0 80 ___ 90 May'17
1st gold 354s
1952 ell N 70
-- 797s July'17
K C Ft S & M cons g 65_1928 111 N 9938 ____ 993s
-661, fail;
9938
20-year debenture 4s
1929 A 0 7712 -80
7712 Sept'18 ---- 723-4 8012
KCFIS&MRyrefg4slQ3OA 0 63 66
65
2 62
60
6514
N Y Chic & St L 1st g 45 _1937 A 0 77,2 78
77 Aug '18 ---- 7512 82
ggis 354
KC&MR&B lat gu 53_1929 A 0 87 92
851s Aug '18
Registered
1937 A 0 754 --_
85 Nov'17 -- ... . _. _
St L SW 1st g 45 bond etfe 1989 M N 66
Sale 66
66
8 6373 884
Debenture 4s
637-8 637s
1931 NI N 62
6378
2d g 48 Income bond ctfa_p1989 J J - - 5478 55 Aug'18
2 61
65
5013 55
West Shore 1st 4s guar
2361 J J 7312 76
7312
74
Consol gold 45
6 73 80
60 Sept'18 _- 57
1932 .1 D .66 61
64
Registered
74
2361 .1 J 73
7112 Aug '18 ---- '714 '7034
1st terminal dr unifying 58_1952 J J 56
5638 57 Sept'18
Ms
52
N Y C Lines eq tr 5s-1918-22 M N ..
10012 Jan '17 ---- _-__
Gray's Pt Ter 1st gu w 58_1947 J D
0812 Jan '14
Equip trust 4345-1919-1925 J J --------985* July'17-A & A Pass 1st gu 48-.1943
WI;
5412
55
---- 56
7
NY Connect 1st gu 454s A._1953 F A 7713 854 8512 May'18 _-8512 88
SF&NP 1st sk fd g 5s
100 June'18
1919 J J
100 100
N Y N H & HartfordSeaboard Air Line g 45
67
67 July'18
7112
-- 80
1950 A 0
Non-cony deben 9s
1947 IN 5 .. - -- 56 5(30'17 -Gold 43 stamped
1950 A 0 6714 7214 70 Sept'18
6814 711a
Non-cony deben 3548
59
1947,111 S 51
50 Oet '17
Adjustment 5s
01949 F A 5412 Sale 5412
55 "ii 49
5713
Non-cony deben 3549.... 1954A 0 -___ 59
59 Sept'18- 50,2 62
Refunding 45
56
1959 A 0 5612 57
56
5134 5773
Non-cony deben 48
1955J J ____ 594 5973
5978
6118
1 52
63
At113irrn 30-yr 1st g 45...e1933 M
76 Mar'18
76
75
73
Non-cony deben 48
1956 31 N 59 -__60
60
Caro Cent 1st con g 45...._1249 J J ---- 78
1 554 61
75 June'18
77
75
Cony debenture 3348
_ 5871956i J _
3 60 Sept'18 ---- 511s 60
Fla Cent & Pen 1st g 5e_....1918 J .1
9914 June'17
16481J
.7
flits
90 8818
Cony debenture Os
881s
2 82
90
1st land grant ext g 5s 1930 J J 90
. 101 Dee '15
1930 F A 55 - . 50 Oct '17 --- __ __
Cons Ry non-cony 4s
Consol gold 58
1943 J J 9213 9358 9314 June'18
9314 9314
9112 Jai. '12 ---- ____ ____
Non-cony deben 4s
1954'J J __ 60
Ga & Ala fly 1st con 5so1945 J J 9012 10012 9012 June'18
9013 9012
Non-cony deben 4s
19551 J J g_--_ 56
60 July'lS ....... 60 60
Oa Car & No 1st gu g 55._19294 J 8912 94
04 June'18
94
95
_
_ _
_
___
Non-cony deben 48_ _ 1955,A 0 -_ _ 56 _Seaboard dr Roan 1st 5a 1926,J J 87 95
9114 June'18
9114 9114
- . ---_ _ ___ __ ____ ____ _ _ __
Non-cony deben 4s
1956 J J
Southern Pacific CoHarlem R-Pt Ches 1st 48_1954 M N 693; '73- 73 Aug'18 ---- 60
73
Gold 4s (Cent Pao coll)....k1949 J D 7018 7258 72 Sept'18 -- 70
76
B & N Y Air Line 1st 4s 1955 F A ....- -. -_ 7913 Dee '17 -_ _ _
Registered
k1940 J D 6912--- 90 Feb '14 _-60
Cent New Eng 1st gu 4s19614 J -__ '70
60
-i -6-6 65
20-year cony 4s
7938 40
g1929 M 5 7812 -Sale 7812
8
-g(T1.-__ . -- ______ ....„ ____ ____
Hartford St Ry 1st 4s _A030 M S
20-year cony 5s
9112 77 8618 95
1934 J D 00 Sale 90
____ 10613 May'15 _- ____ _•__ _
Housatonic R cons g 5s
1937 NI N 8
Cent Pac 1st ref gu g 48
7613
77
30 7612 82
1949 F A 7634 77
Naugatuck RR 1st 4s
1954 M N --__ ---. 87 July'14 --- ____ ___ _
Registered
1949 F A ------ 8712 Sept'16
- - - -N Y Prov & Boston 4s,.1942'A 0 -__ 83 Aug '13 --Mort guar gold 354sk1929 J D 85
87 86 July'18
86
88
NYW'ches&B lstser 145451946 I.7 J 55 Sale 55
.1
- ii 66
Through St L 1st gu 45_1954 A 0 70
77
554
7478 Sept'18
71
06
__ _.____ _ __
Boston Terminal let 4s
1939 A 0 --- _. ____
0II & S A NI & P 1st 5E1_1931
N 90 101 100 Oct '17 --___
_ ____ ____
1945 J J
New England cons 53
22 exten 5s guar
---- 97
1931 J
9634 Jan '18
-15-63:t -963;
CO1390148
1945 J .1 ---------70 Sept'17 ---Gila V G & N Ist gu g 58_1924 M N -- -- 95 10014 Jan '16 _Providence Secur deb 4s 1957 31 N -___ 4'7
57 Apr '16 -- __ _ _ _.
Hous E & W T 1st g 5s
95
1933 M N 84
8512 July'13 ---- 85'3 851,
Prov & Springfield 1st 58_1022 J J _ _ ____ 9973 Dee '13 ---- ____ ____
1st guar 5s red
92 100 oas '16
1933 IN N 85
Providence Term 1st 4a
1956 IW S __ __. 8838 Feb '14 _ - ____ ____
01414_ 1_0
& T C 1st g 58 int gu
0
2
4_ 1000,2
1937 J J _8
3112,
___
1943 J J
___
W & Con East let 454s
Gen gold 4s int guar__ _1921,A 0
May'18
9213
87
631;
1
-fig12
jg12
__g1992
631;
M
1st
5
g
4s_
N Y 0(lc W ref
6312 6578
Waco & N W div 1st g 63'30 M N
Registered 35,000 only _41992 M S 63 _ . 9212 June'12 --__ ____ __
A & N W 1st gu g 5a
93 10112 Dee '16
1941J .1
General 48
1955 J D 50
60 Apr 'IA _--- 60
60
Loutslana West 1st 138
1921 J J 0818 ____ 10014 Oct '17 -Norfolk Sou 1st & ref A 55 1961 F A 654 ____ 6514
0514
1 60
6558
Morgan's La & T 1st 68..1020 J J __ 10452 100 Apr '18
Norf & Sou 1st gold 55
1941 M N 8278
815s Juse'18 -8112 8412
No of Cal guar g 58
19.511 A 0 9212 97 •10215 Oct '17
Norf & West gen gold 68....„1931 RI A 10118 106 10514 July•IS ---- 10514 106
Ore & Cal 1st guar g 5s
1927 J
913s ---- 9614 Feb '15
Improvement & ext g 68_1934 F A 102 10678 122 Nor 16
_
So Pac of Cal-Go g 5L.-1937 M N 9218 -__ 1071t Sept'16
New River 1st gold 6s
1932 A 4 10214 10612 10718 Oct '17 _ _-_ _ ____
So Pac Coast 1st gu 48 g....1937 J J 90 - 9312 Aug '17 -N & W Ity 1st cons g 48_1996,A 0 7934 Sale 7934
8038 12 7634 85
San Fran Terml 1st 4s_1950 A 0 7012 72
73 Aug '18 --- 73 WI;
Registered
1996,A 0 ____
9312 Dee '16
Tex & N 0 con gold 5a
1943 J J ____ 85
94 Nov'16
Dirl 1st lien & gen g 45_1944 J .1 '78 ____ 78 Aug '18 ---- '71
So Pac RR 1st ref 4s
7813
Sale 77
1955.3 J 77
'fel; -Eiji;
1932J D
12372 May'17 -___10-25 year cony 48
Southern-let cons g (is..,,- _1094 J J 8712 Salo 10
80
714 A048
7,
7130
1 _1:7! 87
9314
10-20-year cony 4s
1932 M S -------- 11714 May'17
1994 J .1
Registered
10-25-year cony 4548-1938 M S 10414
1034 July'18 ---- 10312 10512
Develop & gen 43 Ser A
1956 A 0 6213 -Iga-le 625*
6212 46 54 -64
77
83
Pocah C & C Joint 4s
1941 J D
781s July'18--. 7813 8518
Mob & Ohio coil tr g 4s
1938 M S 6318 6478 6512 Aug '18 -- 65
6812
C C & T 1st guar gold 58_1922'i J 9578 _. __ 103 Sept'16 -- _ ____ ___
Mom Div 1st g 4548-58._ _1096 J J 84 -__ 92 July'18 -- 871s 92
Solo V & N E 1st gu g 48_19891.M N
7134 774 7712 Aug '18 .._ _ 7712 7612
St Louis div 1st g 4a
1951 J J 6434 0678 6412 Aug'18 -- 64
6912
Northern Pacific prior lien
Ala Gt Sou 1st cons A 55_1943 J D
8772 Mar'18
8778 8778
railway Jc land grant g 48.19071 Q J 805s Sale 8038
814 34 79
8414
Atl & Char' A L 1st A 43451044 J J 79
87
90 July'17 ----1907 Q J
Registered
-_- 7873 7834 July'18 --7834 80
1st 30-year 55 Ser B
1944 J .1 _9_1_ 22_34 91 Aug '18 -- 91
95
General lien gold 38
a2047 Q F 58
58
iii 5658 6112
Sale 57
Atl & Deny 1st g 48
1948 J J
7014 Mar'18 --- 7014 7014
6114 June'17 -- Registered
a2047 Q F 5258
2d 4s
1043 J .1 ____ 80
8112 Mar'16
Ref & imp 4548 ser A
2047J J --_- 8212 83 July'18 ...... 83
Atl & Yad
855*
g guar 45_1949 A 0
75 Feb '17
8112 74 Aug '18 --_ 74
St Paul-Duluth Div g 48_1996J D 74
75
E T Va & Oa Div g 55
1930 J J 025* "9912 06 Mar'18
96 '96 St P & N P gen gold 68_1923 F A 10113 105 1011s July'18 -- 10053 103
Cons let gold 55
1956 M IN 0218 9412 9212 Aug '18 ---- 9114 9713
Registered certificates 1923 Q Al 10058 104 10334 Sept'171_._. ___ _ _.
E Tenn reorg lien g 58
1938 111 5 85
88
36 Aug '18 .... _ Re
86
St Paul & Duluth 1st 5s 1931 F F 9334 ___ 107 Ott '16'-_. _ _ ____
Ga Midland 1st 3s
1946 A 0 45 ____ 51 Mar'18 -- 51
63
1st consol gold 4s
19(53J D 674 83
8878 Ufte171.....
Oa Pao Ry 1st g 6s
1922.3 J 9978 10038 100
10013 20 100 10012
85
3612 Dee '16 -.
Wash Cent 1st gold 4s__1948 Q M, 61
Knoxv & Ohio let g 6s
100 101 101 July'18 -1925 J
9858 10114
Nor Pao Term Co 1st g 6s 1933 J J1 10514 10813 10634 July'18 -- 15634 1083-8
Mob & Bir prior lien g 53.1945.3
95 106 ieept'16
Oregon-Wash 1st & ref 45_1061 .1 J 72
7214 72 Sept'18 ---- 71
75
Mortgage gold 4s
7212 68 Jan '18
1045.3 J
"es" "ii •
Pacific Coast Co 1st g 5s_
1946 J D -- 8378 3413 May'18-. 82
95
Rich & Dan deb 55 simpd 1927 A 0 89 102
95 Jan 'Is -- 95
95
Paducah & Ills 1st s f 4345_1055 J J -- -_ 100 10013 Feb '17____
Rich & Meek 1st gu 43___1948 M N
73 Sept'12
Pennsylvania RR 1st g 4(1_1923 M N 9513 ____ 0312 July'18 ---- 9314 934
So Car & Oa let g 53
1919 111 N 9818 99
9818 Aug '18 -- -1:11378
Consol gold 58
1919 M S 9738 ____ 100 Aug '18 --- 100 100
Virginia Mid Ser D 4-58.._1921 151 S 93
10212 Junoll
Registered
1919 Q M 9712
Series E 58
1026 NI S 92 __ 03 Apr '18
"Iii" 41
88 July'18
Consol gold 4s
1943 M N 83
Series F 5s
88
88
1920 151 5
1044 Dec '16
8412
Consol gold 48
8412
I 84
1948 IN N 8212 85
90
General Ea
1936 IN N
94 July'18 _- "98 - 'WI;
9414
9412 13 944 99
Consol 4545
1960 F A ---- 9312
Va & So'w'n tat gu 53 20031J J 8134 ___ 105 7Niar'17
General 4548
87
1065 J D 8658 Sale 864
48 8618 92
181 cons 50-year 5s_1958 A 0 67
82
6714 Sept'18
-571.-1 -fir!
Alleg Val gen guar g 4s_.1942 M 5 82
8538 8912 Nov'17 --__ _ _ __
W 0& W Ist cy gu 4s___ _19241F A - -9372 Mar'1 7
D R RR & Wge 1st gu 48 j_1936 F A 8118 ___ 8412 Oen '16 --__ _ _ _ _ _
Spokane Internet 1st g 58 1955'J .1
Phila Balt & W 1st g 4s 1043 M N 825*_-,_. 92 Aug '17 --- ___ ---.
Term Assn of St List R 4545.1992 A 0 83 7612 8
96
55' S
JIa
ttlyq7
8 -- "iii"2 86
Sodus Bay & Sou 1st g 58_1924 J J ---let cons gold 58
_ 102 Jan '93 --_- __ --1894-1944 9' A 8213 89
95 Feb '18
95
95
Sunbury & Lewis 1st g 45_1936 J J 784 _-__
_---- -Gen refund s f g 48
__
1053.3 J 60
6978 7434 Sept'18
7434 8214
U N J 1111 .1: Can gen 48 10441 M S 8414 ____ 92 Dee '17
St L M Bridge Ter gu g 58_1930 A 0
_ 9912 954 July'17
Pennsylvania CoTexas & Pac 1st gold 58
2000J D -81
8112 82 Aug'18
82-867i
Guar 1st gold 4545
19211J J 9713 9712 97
97
2 9613 9853
22 gold income 58
q2000 M a r 41
45
461s Feb '18 _- 4618 4618
9612 9712 July'189534 9712
Registered
1021 J J 95
La Div B L 1st g 5s
1931 J J __ 03
86 May'18
86
86
Guar 3545 coil trust reg A_1937 M S 76 -_ -- 87 Feb '17
___ ____
W Min W & N W lstgu 581930 F A
10012 1ov'04
Guar 3548 coil trust ser B.1941 F A 7312 77.53 78 July'18 -_- 70 '78
Tol & Ohio Cent 1st go 5s 1935 J .1 8813 9012 93 Apr 'IS
93
"thi
1942 J D 74
Guar 354s trust Ws C
8114 July'17 ____ ___.
78
Western Div 1.3 g 58
1935 A 0
96 100 Jan '17.Guar 3548 trust Ws D
1944'J D 7412 79
3734 Dee '16 ..._ ___ .....
General gold 5s
1935 J D 7318 80
90 Feb '17
Guar 15-25-year gold 4s 1931 A 0 8218 86
8218 July'18 _-__ 824 84
Kan & 151 1st gu g 49
1990 A 0 6814 8012 9
69
184 Aug
n,
l 48
7
"ii""61"
40-year guar 48 ctfs Ser E_1952 M N 78
84 June'18
2d 20-year 58
1927.3 J
Cln Lob dr Nor gu 4s g_1942 M N 80 _...._
___
8734 86 Des '17 ----------Tol P & W 191 gold 48
1917 J .1 -35- 8
55
0
52 Aug '17
Cl dc Mar 1st gu g 4548_1935 IN N 85 ___ 9614 May'17 _. _
___
Tol 5t L & W pr lien g 350_1925 J
76
80 7712 July'18 _Cl & P gen gu 4548 ser A_1942 J J 03 ___ 9(134 May'18 __ 9634
_- 963;
50-year gold 48
1950 A 0 4912 Sale 4912
4912
1
Series 13
1942 A 0 8913
" 104 Dee '15
Coll trust 43 g Ser A
1917 F A
_ 32
1853 Mar'06
Int reduced to 350_1942 A 0 8613 ___ 9614 Feb '12 _____ _.
Trust co ctfs of deposit__
-___ 22
Series C 3548
1948 M N 804 ____ 9018 Oet '12 --_- ____ .......
Tor Earn & Buff 1st g 4s__711940 J D
_
A:W.;
Series D 354s
1950 F A 8013 ____ 8813 Feb '17 ____ _______.
Ulster & Del 1st cons g 5s 1928 J D
90 Nov'17 _00
Erie & Pitts gu g 354s 11_1940 J J 8314 ___ 88 Apr '17 -_ __ ___.
1st refunding g 4s
1952 A 0 ____ 70
38 Sept.'17 -Series C
1940 J .1 8314
- 9018 July'12
Union Pacific 1st g 49
1947 J J 864 Sale 8514
8634 54 84 "gi"
Or R & let 1st gu g 4145_1941 J J 81
89
81 Aug '18- 81
Regtstered
81
1947 J J 8114 8512 83 Aug '18
86
83
Ohio Connect 1st gu 4s-1943 M S 744 ____ 93 Mar 14 ___ ____ _ ... _
20-year cony 45
1927 J J 84
85
843i
85
29 8234 89
Pitts Y & Ash 1st cons 58_1927,N1 N 93 ____ 03 Mar10 --- __ _1st & refunding 43
6,2003 M S 7918 Sale 794
791s
1 75
8134
Tel W V &0 Rd 4548 A-1931 J J 8712 ____ 9834 Apr '17 __- .._ .... _
Temp secured 63 July.1928
10112 Sale 10138
10112 49 10153 10113
Series B 4548
1933 J .1 8712 ___ 92 Dee '17 ----_. ......
Ore Ra & Na, con g 48_1946 J D 7878 79
787s
7878
3 7838 8213
Series C 4s
1942 M S 7714 ____ 8812 goin•17 ___ .-.-- Ore Short Line 1st g 65_1022 F A 10078 10112 10078
10078
1 10058 104
P C C & St L gu 4545 A 1940 A 0 9012 __ 9134 Sept'18 ....- 914 9212
lit consol g 58
1946.3 J
98
9552 July'18
9418 974
Series B guar
1042 A 0 91 100
9113 0713
914 June'18 _
Guar refund 43
1929 J
-8178 Kale 8178
8178
2 81
8512
Series C guar
1942 M N 91 --- 99
.
..
Utah & Nor gold 5s
1926 J J 0013 93
• June 17 _
99 Dee '17 ---Series D 48 guar
1946 M N 9014
90 Aug '18
1st extended 4s
1933 J
88. id
80Is 89
43.
9
) j
Fit:18
"39" "ii"
Series E 3545 guar gpld_1949 F A 9018 -__ 9013
9012 10 8'7
Vandal's cons g 45 Ser A__1055 F A
9012
80 80
Series F guar 45 gold-19534 D 9014 __-_ 8512 May'17 --- ___ .._
Consols 45 Series B
1957 M N 7912 -- 804 June'18
801a 804
1
Vera Crua & P 1st gu 4345_1934 J .1
35 5.0'17
• No prim Friday; latest bid and asked. a Due Jan. b Due Feb. g Due June. h Due July. k Due Aug. o Due Oct. jr Due Nov
1 Due Dec. s Option sale.
as
'New York Bond Record—Concluded—Page 4
SEPT. 14 1918.]
In
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 13.
Price
Friday
Sept. 13
'44
Virginian 1st 55 series A____1902
1939
Wabash 1st gold 58
A
1939
2d gold 55
1939
Debenture series 13
1921
let lien equip 8 Id g 5s
1954 .1
1st lien 50-yr g term 4s
1941
Det & Ch Ext 1st g 53
Des Moines Div 1st g 4s 1939
1941 A
Om Div 1st g 3348
1941
Tot & Ch Div 1st g 43
A
Wash Terml 1st gu 334s__1945
A
1945
1st 4()-yr guar 45
1952 A
West Maryland 1st g 48
1937
Weet N Y & Pa 1st g 5s
1943 A
Gen gold 4.9
p1913 Nov
Income Is
Western Pao 1st ser A 53___1946 MS
Wheeling Jc L E 1st g 53____1926 AO
J
Wheel Div 1st gold 5s___1928 J
Exton & Impt gold 53____1930 FA
Refunding 4348 series A1966 MS
1949 MS
RR let consol 48
Winston-Salem S 13 1st 48_1960 J J
J
1949
Wis Cent 50-yr 1st gen 48
N
Sup & Dul div & term 1st 4s'30
o'
A
A
A
0
A
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 13.
Range
Since
Jan. 1
3 70%
8312
8312
65
65 July'13
957 Aug '18
9214
96
9614 Aug '18
9612
9612 July'18
9515 Sale 95
95% 37 95
94 Oct '17
___- 92
80 May'12
_-_- 90
—__ 90 101 Niay'13
78
8412 8218 Sent'18
79
7913 July'18
88
7812
79
66 May'18
___ 68
66
-5612 7231 73 July'17
-6 55
65
6518
65
63
3. 81
83
87
8314
82
8512 83 10013 Feb '17
8512 -- 85 Apr '18
85
71
2 68
7012
7018 71
84 Jan '14
5914 Sale 59
5914 46 48-78
19
Salo 10
2014 44 1434
90 July'18
_ 90
Sale 50
50
5014 21 50
7912 129 77%
7812 Salo 78 2
77
76
75 July'18
7453
7612
7518 80
1 74%
7612
_-_- 80
80 July'18
80
8212
65
90
96
85
72
06%
_
78% 7878 Aug '18
85
95 May'17
80 Se pt'17
30 Mar'14
92 --._ 10012 Juse'17
8112
8112 July'18
_
0334 Aug '17
9612 0712 31417'17
---- 78
74 Aug '17
8712 04
99 May'17
48
47
47
8
4734
1912 1978 2018
2018
6
63
1
18 63
-65
'if 99 8812 Nov'16
72
05
67 Aug'18
9012 Web '17 — -"ii 95 95 July'17
10213 Mar'12 _ .
55
58
55% 12
55
31
Sale 3012
3234 74
_ 104
90 Aug'18
91
9313 91
Aug'18
76
76 Ma(181 _—_
54
gi 50 Aug'18
___ 59 59 Aug '18
____ 52
131 July'18
- _ If
50 34241'17
-22-13 28
25 May'18
80
77
7712 Aug'18
76
9318 ---85
87
62
85
90
7918 81
103 Segr15
85
85
54 Juee'13
90 June'18
7918 Sept'18
97 Feb '15
9914 Sale 99
9912
93
9113 Aug '18
9312 952 9418 Aug '18
897 9518 9473 July'18
9112 9112 At '18
94 Feb '18
--__,100 Pob '13
90581 9218 Nov'17
85
_ 95
9618 Doe '17
8158
90% Dee '16
1612 ____ 90 Dee '17
94.2 100
97 Aug'18
100 110 Juno'17
73
77
73
73
_ 9813 9813 Sept'18
89 Aug'18
03
89
____ 8412 8512 June 18
10412 Apr'17
86
875 8734
8734
9
68
681' 9
101
11 Jun6
5:
68
10
2
s'8117
0613 Aug '17
8334
69
9812
97
9612
90
- z
718513
66
_
6518
8018
_
85
77
25
90
5712
94
8012
82
80
7614 85
_
-
-8112 8112
_
-- -46 -64
1734 24
63
70
-6Z1-2 -64
521259
2713 3812
9018 95
90
91
8(1
70
60
56
60
58
5012 5514
23
8018
25
77
-6E3-4
-4612 -6&•-2
85
80
75
39
-
9112
94
92
91.2
94
102
9212
9512
98
9212
94
-- -
-- -
- -
97
-1-)
73
98,2
8878 9-124
85
Ws
73
_--
---
--
2 86
5 68
90
73
----
---
Sept'18
Sept'18
8634 9212
15034
78
92
95 Jan '17
90 100 July '17
---- 100 July'18
74% Sept'18
—_- 957 96 Sept'17
--'100 Apr '17
89 Mar'17
93
94 July'17
9-111; _ __
9914 Nor'15
78
85
78 Sept'18
90
91
90 June'18
_ _ 9712 mav'17
8014
70
7513 84 July'17
9333 Oct '17
92% Seet•i7
85 10153 Nev'Ill
00
02 Aug'18
8178 81
80
Aug'18
101 June'17
—. 8912 SO Aug '17
81 105 Mar'17
---____
0812 100
7112 81
8734 92
---- 70
.1
4-4
AO
High No. Low High
Ask Low
93
Sale 85
86
61 85
95%
9034
90
90% 90
861.
81
Sale 81
8212
90
90
90 Aug '18
96 10014
98 Sept'18
9613 98
_ 78 May'17
65
9912 Sept'17
- 87% 102
80 Aug '12
--_- 77
75 Apr '17
70
8414 Jan '17
76 Dec '17
70
80
82
82
_ 82 Aug'18
82
62
9 58
Sale 58
58
5834
99
09
09 Jan '18
0512 100
70
60
60 _-_ _ 60 Aug'18
____ 45
- - -30 Oct '17
88133 Sale 8138
8134 17 7914 84
8,18 98 10034 Apr '17
- _
--- 9954 100 Feb '17
---- 9831 99% Mar'17
60 July'18
-66" -44 5614 75
59
5512 00
6212 59 Sept'18
6714 671 4
6712 72
6714 Aug '18
7012 Sale 71)12
7012 10 6914 73
7714
76 May'18
72
6912 76
A
A
.1
Bid
85
90
81
Street Railway
Brooklyn Rapid Trail g 58._1915 A 0
J
let refund cony gold 48_2002 .1
6-year secured notes 5s___1918 J J
()Us 3-yr sec 7% n.)tes op A1921 3 J
J
Ctfs 3-yr see 7%notes op 111921 J
3-yr 7% secured notes__51921
Bk Cty let cons 48_1916-1941
Bk Q Co & S eon go g 58-1941 M N
J
Bklyn Q Co & 8 let 58____1911 J
Bklyn Un El 1st g 4-58-1950 F A
1950 F A
Stamped guar 4-5s
Kings County E 1st g 4s 1949 F A
1949,F A
Stamped guar 45
NV/96311 Elea guar gold 43_1951 11 J
- 1927;F A
Chicago Itys 1st 5s
Conn lty & List & ref g 4%819511J J
1951 1.1 J
Stamped guar 430
Dst United 1st eons g 4)0-1932 3 3
1936 M S
Ft Smith Lt & Tr let g M
Ilud & Nlanhat 53 ser A__1957 F A
19571-- -Adjust income 5s
1932,F A
N Y & Jersey let Is
Interboro-Metrop coil 430_1950 A 0
J
53._1966
let
Tran
Teterboro Rap
Manhat fly (N Y) cons g 48_1990 A 0
1990 A 0
Stamped tax-exempt
Manila Elea fly & Lt s I 58....1953 M S
Metropolitan Street Ity13way & 7th Av let o g 58_1943 J D
Col It 9th Av let gti g Is.._1993 M S
Lex Av dc P F let Cu g 5s 1993 M 8
Met W S El (Chic) let g 48..1938 F A
Milw Elec fly & Lt cons g 5s 1920 F A
Refunding & exten 434819:11 J
Min.:leap St 1st cons g 53_ 1919 .1 3
Montreal Tram 1st & ref 53_1941 J J
J
New On fly Sc Lt gen 4343_1935
N Y Munich) fly late 1 5e A 1966 J J
1942 J 3
E & ref 48
N Y Rys lat
a1942 A 0
30-year adj Inc 5s
N Y State Rye lst cons 4348_1962 M N
Portland fly 1st & ref 5s____1930 M N
Portl(1 lty Lt & P let ref 53_1942 F A
Portland Gen Eleo let Ss_ 1935 3 J
St J03 fly LII & P 1st g 53-1937 M N
St Paul City Cab cons g 5,5__1937 J J
1060 J J
Third Ave let ref 4s
al060 A 0
Ad) income 58
1937 J J
58
g
1st
Ave
Third
fly
Tri-CIty fly & it let a f 58....1923 A 0
Undergr of London 4363....._1933 J
1948
Income Os
United Rye Inv Is Pitts isa 1920
United Rys St L let g 4s_ —1934 J .1
St Louis Transit gu 55_1924 A 0
United RIts San Fr a f 4s_ 1927 A 0
Va fly & Pow 1st & ref ai 1934 J J
Gas and electric Light
Atlanta 0 L Co let g 53___1947
Bklyn Un Gas 1st cons g 53_1045
Buffalo C1ty Gas 1st g Is....1947 A
Cincin Gas & Elec lst&ref 53 1956 A
1927
Columbia 0 & E 1st Is
Columbus Gas let gold 53_1932
Consol Gas eon./ deb 631920 Q
Cons Gas EL&P of Balt 5-yr 58'21 M
Detroit City Gas gold 53._ _1923 J
Detroit Edison let coil tr 5.3_1933 J
51910M
1st & ref 53 ger A
GLN Y let cons g 58..1932 14
Gas & Elec Berg Co c g 5s__1949 J
Havana Elec consol g 58......_1952 F
Hudson Co Gas let g 53____1949,91
Kan City (Mo) Gas 1st g 53_1922,A
Kings Co El L & P g 5519371A
Purchase money 68
10971A
Convertible deb 68
1925 111
Ed El III Bkn tat con g 48_1939 J
Lac Gas L 01St L let g 53__ejoi9 Q
Ref and ext 1st g Is
1934 A
Milwaukee Gas L 1st 43
1927 14
Newark Con GM g 53
1948,1J
NYGE I. II & P g 5819481j
Purchase money g 4s- — 1949 F
Ed Elec III 1st cons g 58 1995 J
NY&Q El L&P let con g 53_1939 p
Pacific 0 & El Co—Cal 0 & E—
Corp unifying & ref 53_1937 M
Pacific 0 & E gen & ref Is. _1942 J
Pao Pow & it 1st & ref 20-yr
53 International Series. 1030 F
Pat & Pa.4331C G & El as___ _1949 M
Poop Ga.s & C let cons g 63_1943 A
1947 M
Refunding gold 53
Oh G-L & Cole let gu g Sc 1937 .r
Con 0 Coot Ch let gu g 591936 J
Ind Nat Gas & 011 30-yr 5s1936 M
Mu Fuel Gas let gu g 5s 1947 M
1919 F
Philadelphia Co cony 5s
1922; M
Cony &ben gold 59
Stand Gas & El cony a 1 6a.._192613
Syracuse Lighting let g 53_ _19513
Syracuse Light & Power 53_1954 J
1949 M
Trenton 0 & El 1st g 5s
Union Elea Lt & P let g 58_1932 M
Refunding & extension 53_19:13 M
United Fuel MIS 13t El 1 63....1936 J
1944 F
Utah Power & it let 5s
1050 J
Utica Else L & P 1st g 5.s
1957 J
Utica Gas & Elea ref 5e
_1950 .1
Westchester lag gold
Week's
Range or
Last Said
96
88
78
---____
78
90
84
91
9114 9712
8018 84
In
Miscellaneous
Adams Ex coil tr g 4s
Alaska Gold M deb 68 A
5M
48
92
19
Cony (lob 68 series 13
1926 M
Am SS of W Va 1st Is
1920 M
Armour & Co 1st real est 4348 '39 J
Booth Fisheries deb s f 63
1926JA
Braden Cop M coil tr s I Gs.. 1931 F
Bush Terminal 1st 49
1952 A
Consol 53
1955 J
Bidgs 55 guar tax ex
Chic C & Conn Rys f 5s
7A
20
196
Chit) Un Stat'n let gu 430 A 1963 J
Chile Copper 10-yr cony 7s_ 1923 M
Recta (part paid) cony 6s ser A A
1932 A
Coll tr & cony 6s ser A
Computing-Tab-flee s I 65._1941 J
Granby Cons M S&P con 63 A '28 M
1928 .11
Stamped
Great Falls Pow lets f 5s
1940
lot Nlorcan Marine s I 63
1941 A
1043 J
Montana Power let 5s A
19393
Morris & Co let 81 434s
Mtge Bond (N Y)4s ser 2_ 1966 A
10-20-yr Is series 3
N Y Dock 50-yr let g 45
F
1j
952
193
Niagara Falls Power 1st Si.... 1932 .1
Ref & gen 63
32 A
954
,
1
Niag Lock & 0 Pow 1st 5s__a
Nor States Power 25-yr 55 A 1941 A
Ontario Power N F 1st 5s___ 1943 F
Ontario Tran.srnLssion Is...... 1945 111
Pub Serv Corp N J gen .59_1059 A
Tennessee Cop 1st cony 6s__1925 M
Wa.sh Water Power let 53_1939 J
Wilson & Co 1st 25-yr s f 68_1941 A
1087
Range
Week's
Range or
Last Sale
Price
Friday
Sept. 13
a.)
SOICE
Jan. 1
Ask Lose
High No. Low
Bid
61 Sept'18
63
60
63
Sale 25
25
25
18
2318 25,
18
Aug'18
3 25
High
66%
30
28
_
83
Sale 8212
90 Feb '18
90
92
9312 92
83 Sept'18
7518 Sept'18
80
8212 81 Sept'18
58 Mar'18
85
85
8712 85
104% 106 10434 Sept'18
7812
75
Sale 75
____ 7838 79 Aug'18
79
85
8038 Sept'18
97 --__ 98 Aug '18
97
Sale 97
97
88
93
9312
93
9712 Sale 9712
9834
Sale 87
87
88
90 July'17
75
83 Apr '14
_
94 June'16
66
67 Sept'18
67
Sale 91
91
91
98 10012 10512 Oct '16
---- 9314 8912 Get '17
--_- 84% 8518 Aug '18
86
_- __ 8618 86
84 June'17
--_- 95
77
7714
7718 7614
94 Aug'18
94
95
9014 Aug '18
93
9114 Sale 9114
9134
8278
21
•____
A 92
80
77
0 79
0
0
.5
A
0
0
A
0
Manufacturing & industrial
Am Ag Chem 1st c 5s
1928 A 0
Cony deben 58
Am Cot 011 debenture 5s......1
A
F N
24 9I
931
19
Am Hide & L 1st s I g 6s_1919 M 8
Am Sm & R 1st 30-yr 53 ser A d'47 _ -Am Thread let coil tr
J
Am Tobacco 40-year g 63
1944 A 0
Gold 44
Am Writ Paper 1st s f 5s_1
F A
951 JJ
1913
Baldry Loco Works 1st 55_1940 14 N
Cent Foundry 1st e f 6s__1931 F A
Cent Leather 20-year g 53_1925 A 0
Consol Tobacco g 4s
1931NI
1951 F A
Corn Prod Ref 3 f g 58
1st 25-year a I 5s
4M N
27
193
,
53_1
Distil Sec Cor cony let g
A 0
E I du Pont Powder 4 As
1936 J D
General Baking 1st 25-7r 68_193(3 .1 D
Gen Electric deb g 3348
1942 F A
Debenture 5s
M S
2 2j
955
1,3
Ingersoll-Rand let 58
Int AgrIcul Corp 1st 20-yr Is 1932 M N
Int Paper Co—
Consol cony f g 5s
19352 3
Liggett h Myers Tobac 78 1944 A 0
1951 F A
Lorillard Co (P) 78
1944 A 0
5s
Mexican Petrol Ltd con Gs A 195
A
A O
21 F
let lien & ref Os series C 102I A 0
Nat Enam & Stpg let 5s
1929 J D
Nat Starch 20-yr deb 5s
1930 J
National Tube let 5s
N Y Air Brake let cony 68_1
51 N
28 111N
952
19
Pierce Oil 5-year cony 6s_q1920
10-year cony deb 63_ ___51924
Railway St Spring 1st af5s..1931 1-6
Sinclair 011 & Refining—
let s 1 73 1920 warrants attach
do without warrants attach — -Standard Milling 1st 5s
1930 94 N
The Texas Co cony deb (Is 1931 J J
Union Bag h Paper let 5s 1930 J J
Stamped
Union Oil Co of Cal 1st 5s 119
J
J j
30 .1
931
US Realty & I cony deb g 53 1924 J J
U S Rubber 10-yr col tr 68_1918 J D
let & ref 53 series A
U S Smelt Ref & M cony (38194
A1
F .
6 .°
27
V-Car Chem let 15-yr 58_1923 J D
Cony deb as
e1924 A 0
West Electric let 5s Dec...1922 J J
9112
96
80
10012
86
i1014
717
19
2
22
2
73
11
-67-9812
2
65
91
4
8518 8712
851, 871,
15
7338
83
9034
20 90%
821-2
98
9034
9634
1 9
7
:
2
98
4)0
2 10
4
9412 9318
9313
112
977 987
5 9014 100
99
82 July'18
82
Sale 10012
10038
-I, 86
32
Sale 86
2
8634 --3312
89
7_1;
2.4
7
S
2 19717011142 juiy
51 96% 99%
9891
7
17
May'18 ---7 18
19
7,1117
8612
87
9912 Aug '18
84 Aug '18
94
9312
81 Me.r.14
9912 Aug'18
9912
9912
8514
86
loo 104 May'17
75 May'18
64
73
73 July'18
9712 9773 9712 Sept'18
_ 100 Oct '13
80
7512
73 -Sale 723
8653
99
---94,
Sale
9914
84,2
Sale
8012
995
___
9912 -sale
8512 Sale
0012
49
8112 8714
90
90
89% 93
83
79
7513 8412
81
74
58
58
90
85
10233 10814
80%
73
7712 8012
7812 83
93
91
97
01
9012 94
90 10238
86% 92
_
_
9614 June'18
10734
10818
___- 90
90 Aug'18
107 108 107
107
85
87 Aug'18
88
106 109 107 Sept'18
100
Nies
534 10
pyt:15
014 104 S
8
,7
9
g18
188
9
9963
18 -99
-7-379
4 9
998
7 AA
4
uupgt.:
Se
23 7
14
;
1:
7
844
9
9112 179
3
899
9
1
54
100
8034
9518
9312
9612
0514
8
9
589611-22
75
28
Hi
96-1;
17
-9i
41
311:2
8:3
9
6
0
-:
1
5
1 6 195
93
85
105% 107
7711:
8
2
0
040,8
9
8 19
68314
99,t1
9
196
9634 Sept'18
9334 46
9212
98 June'18
98%
22
9918.
8234 Aug '17
83 Aug'18
-53
_ 54
1-00 i-696018 100
7034 Sale, 7934
93
9518 94
9338 Sale 9318
9614 9612 9614
9512 955g, 9514
75
4
70
4 4 10
71
93
126
85
8314
473
5
893
10
42 _S9_a6! 10173 Sept'18
967
9212
9692
Sale
8918_
99
-110
87
9078
87
94
5i14
-8
5
--1_ -96.
.
75
8314 85
9712
86
8412 9418
9314
88
9612 10138
56
1 45
2 100 101
3
;
8
.88
8: ,
0i2
6 -7
50
9714
13 90
2 5414 9834
OS
1 95
Coal, Iron & Steel
Beth Steel let ext s 159
1926 J J 9634 98381 9612 Sept'18 _- 9318 99
93%
8712 89 I88% Sept'18
86
let h ref 53 guar A
8178, 21 7812 83,2
20-yr p m& impel 5s_ 19
IVI N 8114 Sale 8114
2 JJ
46
93
90
90 May'18;__ 00
Duff & Snag Iron s f 58
1932 .1 D ---- 96
9112, 8614 July'18!.,... 85
8614
a1926 NI S
Debenture to
101 Ilvv '14'____
Cahabts C M Co 1st gu 68_1922 J
Col F & I Co gen a f 53
1943 F A -83186
83
8 8312 July'18
2 -63174.2 Sept'18—___ 73
Col Indus 1st & eon 5s gu .1934 F A
735 75
76
90
Cons Coal of Md lsthref 58_1950 J D 85.2 ____ 87 Aug'18'..... g3
95 ____ 95 Aug '181-- 95
Elk Horn Coal cony 6s
95
_
04
94 Feb '18
Gr Riv Coal & C 1st g 6s__51
D
A O
925 3
1919
94
III Steel deb 434s
82
8512
1940 A 0 8173 Sale 817e
5 81
97
Indiana Steel let M
N 9412 Sale 94,z
1952
9412
3 94
_
______
Jeff & Clear C & 1 2d 5s
1926 J D 9518
4
95
95
2 -44-195
1923 A 0 91
Lackey/ Steel 1st g M
0612
*8
4012 91
91 Sept'18
let cons Sc series A
8712 17 8012 02
ral S 8034 Sale 8634
6,N
30
195
Midvale Steel &0 cony a 581
Pleasant Val Coal 1st a 1 5s_1923 J .1 7033
______ -_ 8.51k 871
8718 June'11
Pocah Con Collier 1st ef 58_19573 J 8614 87
9418 9314 Sept'18
Repub 1St S 10-30-yr Ssc 1_1940 A 0 93
9214 9814
83
77
80 A D' 18 ____ BO
St L Rock Mt & P 53 stmpd_1955 J .1
80
9218 0713
Tenn Coal I h RR gen 53_1951 J J 95.2 9612 9512 Aug'18
97314 Sale 9734
U S Steel Corp—I coup ___d1963 94 N
9812 163 9612 100
987s July'18
e 1 10-60-yr 5s reg ...._d1963 NI N
9634 99
Utah Fuel lst, s f 58
1931,94 N 8634
75
Victor Fuel lets f Is
'iti
86
Va Iron Coal & Coke 1st g 5s 9
85
1 83
86
j 8212 46
91 S
59 3
1943
Telegraph & Telephone
Am Telep & Tel coil tr 48_ 1929 J
Convertible 48
1936 M
1933.M
20-yr convertible 434s
30-yr temp coil tr 53
Sub reets full pd coin 65_ 192
9456,i1
Cent Dist Tel let 30-yr 5s.._1943;Q
Commercial Cable let g 48-23971Q
239711
Registered
19371 J
Cumb T & T 1st & gen 53
Keystone Telephone 1st 58._1935i F
19241M
Mich State Teleph 1st 53
NY &NJ Telephone 58 g 1920'M
N Y Telep 1st & gen a f 4443_1939 M
Pacific Tel & Tel let 53
South Bell Tel & T 1st a f M_1941.1
1938 J
West Union coil tr cur Is
Fd and real est g 434s
1950 M
1941 14
Mut Un Tel gu ext Is
NoV1west Tel gu 4341) g __1934 J
.1
S
S
D
3
J
J
A
N
N
N
J
J
J
N
N
J
14
78
77% 78
77%
8518 Feb '18
82
4
8212 Sale 8212
8211
0034 47
Sale 89.2
00
9138 523
94% Sale 9433
9812 11111
4 May'18
/
73 Nov'17
6818 Jan 'II
8612 87
86 Sept'18 -9612 98 Apr '16
8514 Aug '18
90
97 Aug '18 -95
8453 28
8412 -Stile 84
4
8833 Sale 8818
8838
8712 8812 8712 Sept'18
2
8812
1 8718
8712
80
8112' 8114 Sept'18
10112 Sept'17
94 Nevis ___
99 1
7733 8318
gig, 85.2
9112
95%
86
9324 9518
98% 9911
82
8
3 -j8-1-158-1
93%
85
8514
97
84
87
86
8713
80
_
90
98
89
92%
95
9312
88
____
No price Friday; latest 114 and asked. a Due Jan. 4 Due April. s Due May. g Due Juno. h Due July. k Due Aug.• Due Oct. y Due Nov. f Due Dee. s Option sale
BOSTON STOCK EXCHANGE-Stock Record See BZTL.
1088
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday I
Sept. 7
Monday
Sept.9
Tuesday ' Wednesday
Sept.11
Sept.10
Thursday
Sept 12
Friday
Sept 13
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Lowest.
Railroads
52 Boston & Albany
100 12212 Apr17
Holiday- --_- _-_129 130 *127 129
129
100 37 Jan 2
572 Boston Elevated
6912 70
6912 70 Registration 6834 6918
70
100 80 Julyll
Day170Boston & Lowell
88
88
87
87
88
100 19 Jan23
2,257
Boston
&
Maine
"
ii-ai
35
37
35
40
3512
100 150 Apr15
3 Boston & Providence
165
160 160
170 *16
2 Jan26
Boston Suburban Elec_no par
Last Sale 3---June.;1'8
no
par 1014 Mar 1
Do
pref
July'18
Last
Sale
1412
3__ *14 ____ *14
Boston & Wore Eleo_no par
Last Sale 412 Nov'16
Do pref
no par 25 July19
;
2
-7
-- :
:
:
: ;57
-- :
:
:
: ;2
-7
-- :
:
:
: Last Sale 25 July'18
7- :
:- ;2
-7
Chic Juno Ry & US Y___-100 138 July 2
Last Sale 140 Aug'18
*138 145 *138 1-45 *138 145 *138 145
100 8212 Apr18
Do prof
Last Sale 83 Sept'18
84
*83
*83
84
*83
84
*83
84
100 104 Feb19
Connecticut River
Last Sale 110 Aug'18
*108 115 *108 115 *108 115 *108 115
100 53 Jan22
43 Fitchburg pref
5634 5634
*60
62
5834 61
5812 5812 *5712 59
Georgia Ry & Elec stampd 100 11112 Aug29
Last Sale 11112Aug'18
*110 11112 *110 11112 *110 11112 *110 11112
100 Do prof
100 75 Sept10
75
75
Maine Central
100 7712Junel8
»Hi -if- ;7 5- -if- *79 81 ;iii- if- Last_Sale 8i---Ati-glM.
134 Sept 6
100
2100
Mass Electric Cos
*1
*134 2
134 134 *112 2
812 Jan22
100
pref stamped
1312 1312 1314 14
*1314 14
1312 1334
-1512 -131-2 320 Do H
100 27 Feb25
3918 4112 1,435 N Y N & Hartford
44
4412 44
4514 43
438 41
4334
Northern New Hampshire_100 90 Jan10
Last Sale 90 Jan'18
*80
*80
*80 --_
100 28812 June14
1 Old Colony
95
95
*96
99
P96
99
99 *80*96
*96 .
99
100 20 Jan 2
Rutland, prat
*20
Last Sale 23 Sept'18
2312
24
24
*20
*20
2312 *23
*77-80 Aug 6
&
Vermont
Massachusetts_100
81
4
81
*80
*80
95
_
*80
95
95
50 37 Feb20
272 West End Street
4718 4814
49
49
49
49
48% 481-2
49
49
131 Do pref
54
54
50 47 Jan16
5612 *54
5634 5634 5614 5612 *54
5612
Miscellaneous
100 7812 Jan 2
98
98
97
97
*9614 97165Amer Agricul Chemical
98
98
100 88% Jan 2
116 Do pref
9234 9234 92
-92 -92 92
92
9214 92
92
.40 July 1
Service
25
Amer
Pneumatic
100
-..-- -*34 1
*.80 .81
*34 1
34
34
412 July13
Do pref
50
*412 5
Sept'18
Last Sale 5
*412 5
*412 458 *412 5
100 99 Jan 2
63 Amer Sugar Refining
108 108 *107 108
10612 107
10734 10734 10818 10818
107 June 4
40 Do prof
10812109100
*108 110 *10712 10812 *107 109 *10712 10812
8612 9712 1,438 Amer TeleD & Teleg
100 90% Aug 5
9712 98
9614 98
9734 98
9714 98
3 American Woolen of Mass.100 4512 Jan 8
*57
5533 558
58
*56
57
*55
5512
*56
57
242 Do pref
100 90 Jan 3
9534 9534 9578 96
9514 9534
9534 96
95% 9534
160 Amoskeag Manufacturing__ 6012 Jan 2
__ ___
80
80
81
81
81
79
79
79
76 Jan 7
___ ___
54 Do pref
80
80
_
80
81
*80
81
125 Art Metal Construe Ina__ 10 11 Feb21
*15
____ ____
1612 15
*1312 15
- - *14
15 *8015
Atl Gulf & W I S S LInes_100 98 Jan15
*102 104 *102 104 *102 104 *10212 103
Last:Sofe 105 Aug'18
Do pref
*63
100 5812 Jan17
Last Sale 622
64 *- _ - 63 *_ _ _ 63 'P.._ __ 63
351
4J2u1y
2'1
518
2
no par 21 Jan25
2714 2712 261 2678 2618 2838 2534 2634
1,070 Booth Fisheries
1,466•Century Steel of Amer Ina_ 10 1014 May18
1378 1414 14
135 14
1414 1413 1418 1312 1378
10 12 Jan29
*12
210 CubanPort Cement
1234 1214 1214 12
123 1238
1212 *12
13
4 Jan31
10
1001 East Boston Land
848 512 *47
512 *412 514 *478 512
24 Edison Electric Illum.... 100 134 June21
8146 149 *146 149 *146 149 *146 149
478 1448712
148
,
Co
25 27% June27
53
5314 52
5118 524834 5034 1,552Fairbanks
5234 5033 52
27jGeneral Electric
100 128 Jan16
*146 148
145 145
148 148
146 146
14512 14513
3014 3012 2978 3038 295 30
50 27 Aug29
2912 2958 3,437 Gorton-Pew Fisheries
2912 3014
5 Apr 3
lInternat Port Cement__ 10
*412 6
Last Sale 5
Aug'18
*412 6
*412 6
*412 6
12 Apr23
Do
pref
50
*1612 1712 *1612 17
*1812
1712
Last
Sale
17
Sept'18
17
*1612
313 Aug23
314 338 1,430 Island 011 de Trans Corp
10
*314 35
38 313
312 312
3% 3%
9012 901215'McElwain(W H) 1st pref-100 89 May28
27714
Jan15
100
Gas
Cos..
7451Massachusetts
-g,-I- -if3312 -84.84
84
-8<-1- -ii- -I.
64_
100 62 Junel7
64
1641 Do pref
64
6414
64
64
64
64
64
64
5 Mergenthaler Linotype.._100 107 Junell
112 *__ 112
11012 11112
112 112 *110 11212
New Eng Cotton Yarn_-100 88 Jan15
*8812 95
Last Sale 8812 Aug'18
*8813 95
*8812 95 •88'2-- _
Do prof
100
Last Sale 9212 Aug'17
*8914 90 *---- 89-12
;i5- -_-_-_-_ -i8-- -8-9-- 88 8812 88 88
92 New England Telephone_100 8212 July30
87
88
Nova Scotia Steel & C____100 56 July 5
Last Sale 6712 Aug'18
*65
66
---- ___ *____ 66
100 102 Jan 7
20 Pullman Company
*iii- 1191____ __
2 *111 112
11212 11212
111 111
180 Punta Allegro Sugar
50 29 Jan 3
36
36
*3512 3612 *35
3538 3513 3538
*13
1312 1312 1312 *13
10 Reece Button-Hole
10 11 Jan29
1312
:::: :::..1
1312 *13
100 102 Aug30
1,739 Swift & Co
104 10438 10338 10438 10312 104
103 104
10312 104
45 Jan29
Torrington
25
40
--- 52
1
*
52
52
*51
52
51
51
100 11512 Jan17
13014 13014 *129 131
iii- f2-9-1-2 209 United Fruit
129 13014 130 13012
25 3812 July 9
4012 4078 4014 4034 4014 4034 4014 4034
839 United Shoe Mach Corp
40
4034
2434 Aug 9
2512 2512 2538 253 *2538 26
2534 2534
43 Do prof
*25382625
11138 112% 10918 11218 1077s 10914 10758 10978
100 87 Mar25
107 10812 6,380 U S Steel Corporation
Do pref
*11014 111 *110 11012 *110 11034 *110 11034
100 108 Mar25
Last Sale 11012 Sep'18
5 Jan 2
7
7 I 1,752 Ventura Consol Oil Fields_ 5
714 714 *7
7
733
71
/
4
7
712
Mining
12 June27
8.60 .99 *.60 .90 8.60 .90 *.60 .90
Adventure Con
25
Last Sale .88 Sept'18'
*76
80
25 71 Junel3
49 Ahmeek
___ ___
7712 7734 78
7812 *7612 7812
138 Apr25
150 Alaska Gold
10
278 278
3
*3
314
3
3
3
3
3
.15 Julyll
8.30 .40 *30 .40 *30 .40 *30 .40
Algomab Mining
25
Last Sale .30 Sept'18
50
Amero z
zinc,
25 247 Junel4
504 *4912 50
4912 50
x49
49
*16
& Smelt_ 25 1238 Mar23
1612 *1534 1612 *1512 16
10
60
0 A'
1518 1518ead
25 41 Jan 2
5 Do prat
_
4912 4912
-1534 -117-8 - 16F2 -111-2 -.....r2
5 11 Jan 5
905 Arizona Commercial
1514
iR 1512 1434 1514 Last Sale .251518
*25 .32 *25 .30 ..25 .32 *25 .32
.22 Sept 3
Butte-Balaklava Copper__ 10
Sept'18
*2512 2612 *26
Butte & Sup Cop (Ltd)_ _ 10 17 Mar25
Last Sale 2034 Sept'18
2612 *2514 2534 *25
2512
_ 6734 6734 *6712 68
240 Calumet & Arizona
10 6212 Jan15
6612 6712
6634 6712 6634 6634
25 427 Feb28
450 450 I 445 450
Calumet & Hada
445 445
445 44525
---- - - -25 1034 June27
*12
12121 1212 1212 *12
35 Centennial
1212 1214 1214
243,Copper Range Co
25 4358 Mar25
4
4714 4714 4634 47
-4-8i4 -49146
47
464 4614
112 Apr10
234 234 *212 234
20
400 Daly-West
234 234
212 212 *212 234
5 Jan 2
10
855 Davis-Daly Copper
514 514
514 538
514 514 *5
514
512 Mar25
10
97 10
*934 10
934 1018
978 97
-678 TO- 2,825 East Butte Copper Min
3 June21
25
*4
Franklin
4220
414 *4
414
418 413
4
100 7312 June14
Granby Consolidated
*80
84
*80
Last Sale 8384 Sept'18
84
83
*80
83
*79
Jan17
39
Greene
10
0
*4412 4514 45
Cananea
10
45
*4412 454 *4412 45
538 June21
*6
Hancock Consolidated__ 25
612
6
6
6
6
*512 635
.40 July23
*.60 .80 *.60 .80 *.60 .80 *.60 .80
25
250 Indiana Mining
--.-60 -:6
1 50 Jan14
64
64
6312 6412 63
6318 6234 6312451Island Creek Coal
1 80 Jan24
81
81
52 Do prof
*8014 81
8012 8012 *80
81
25 1612 Jan14
*2512 27
2612
*2512 2812 2512 26
*25
10 Isle Royale Copper
5 Jan 2
5
10 Kerr Lake
_
*658 6
553 538 *538 578 *558 57
.80 Septll
25
8.80 1 IA 8.80 11
25 Keweenaw Copper
___ ____
/
4 ..80 life
.80 .80
Mar25
5
25
Co
Copper
Lake
110
____
___
8618 512 *54 512
538 538
514 533
25 '2 Jan 2
212 212 *212 234 *212 234
70 La Salle Conner
214 214
3% July 8
5
Mason Valley Mine
*312 4
Last Sale 4--- July'18
*312 4
*312 4
*313 4
418 Sopt10
25
*412 478
520 Mass Consol
434 434
413 438
414 414418 418
25 .65 Mar26
234 318
212 3
805 Mayflower-Old Colony_
212 212
212 238
.40 June28
25
*212 27
95 Michigan
*3
312
278 3
*212 27
__ .._ _
25 55 Aug20
56
5614 56
135 Mohwak
56
56
56
5512 5512
5 1812 Jan30
*2012 21
Nevada Consolidated
Last Sale 195.4--Auitlii
*2038 2073 *204 21
*2012 21
114 Aug29
*112 2
New Arcadian Copper_.__ 25
*112 2
*112 2
Last Sale 134 Sept'18
*112 2
New Idria Quicksilver__ 5 1314 Jan 2
1514 *____ 1514
Last Sale 15 Aug'18
1514
1514
100 12 Aug29
*12
New River Company
15
*12
Last Sale 12 Aug'18
15
*12
15
*12
15
100 65 Aug29
*68
Do pref
75
*68
Last Sale 68 Sept'18
75
*68
75
*68
75
4 Janll
5 83
873 878
834 834
834 834 *834 9115Nipissing Mines
15 1312 Apr17
14
14
*14
344 North Butte
1414 14
14
135 14
..._ ____
Feb14
.25
25
*.60 .80 *.50 .80
North
Lake
10
.70 .70 8.60 .80
*34 1
25
12June21
Oilbway Mining
Last Sale 34--- -All-fiii
*34 1
*34 1
*34 1
*40
25 39 May28
41
Old Dominion Co
*3912 41
*40
41
40 4153
53
25 4612 Junel1
53
*5212 53
52
5212 52
5212
120 Osceola
.._ _ _ _
10 17 Sept 4
*1814 1878 *1814 1878 1812 1812 *1814 1878
55 Pond Creek Coal
1814 1834
67
25 68 June26
67
6634 6634, *6634 67
*66
25
Quincy
67
6612 6612
*2414 25
*2414 2434 *24
Last Sale 2434 Sept'18
Ray Consolidated Copper.. 10 2134 Mar22
2434 *2414 25
*49
50
49
49
*48
50
15 St Mary's Mineral Land_ 25 4612 Junel1
48
48
-- ---12June21
.70 .75 8.60 .70 *.66 .77 8.60 .77
150 Santa Fe Gold & Copper__ 10
3 Apri0
10
338 38 *338 334
210 Shannon
39
/
6 338 *312 334
1 July17
25
South Lake
Last Sale 1--5
*1
1313 *1
138' *1
114 *1
114
'
7
1
u-g
'
-318.4
.11 Jan23
5
41.12 .19 *.12 .18 *.12 .18 *.12 .18
South Utah M & S
Last Sale .16 Aug'18
4 Feb19
25
*534 614 *534 614 *534 612 *534 614
20 Superior
534 .534
114 Aug13
10
Copper_
Boston
3
3%
3
312
31
4 3%
3
3
Superior
&
3% ii-314 3,470
234 July20
278 3 I
25
27s 3
234 234 *234" 3
5
58 Trinity
.85 May 1
1
Tuolumne Copper
Last Sale 1 23
S
4 ‘28
Sept'18
11•63 1 I 8.93 14 8.87 1 . *.95 1
*4212 4334 4212 4314 42
42
4134 4134
92 U S Smelt Min & Min__ 50 36 Apr13
42
42%
*43
50 42 July24
4312 43
4312 *43
43% *43
4312
16 Do pref
43 43
5
114 May31
*178 1%
134 17
*173 1% *134 1%
65 Utah-APex Mining
5 8% June25
10
10
10% 1014 10
10
10
10
440 Utah Consolidated
-15- To-10 7712 Mar23
*8312 84 *83 8312 *8234 83 *82 8238 Last Sale 8412 Sept'18
Utah Copper Co
158June 5
1
2
2
178
178
173
178
178 2
510 Utah Metal & Tunnel
i8
..
218 Aug28
*2
25
3
*218 3 1 *218 3
Victoria
*218 3
Last Sale 21.2-- -Au-g7
Jan10
1
25
*1
112 *1
112 *114
112 *1
Winona
112
Last Sale 114 Aug'18
25 22 Aug16
2514 2514 25
25 , 2312 24
24
24
140 Wolverine
x23
23
.40 May19
12
12
*12125
*12 1 i
100Wvandott
*12 1 '
i
129 1291% 129
6912 70
6934
*87
88
88
37
37
38
0 *160
1:::: --i*14 __. *14
*Bid and asked prices. a Ex-dividend and rights. e Assessment paid. b Er stock dividend. A Ex-righta.
Highest.
[VOL. 107.
Range for Previous
Year 1917
Lowest
i
Highest
135 June24
7612 May29
100 Jan 2
40 Sept 9
170 Aug 9
3 June 5
15 June17
120 Dec 175 Jan
27 Dec 79 Jan
7012 Doe 133 Mar
15 Dee 45 Mar
150 Dec 213 Jan
2 July
3 July
9 June 30 July
30 Mar 6
147 Apr17
85 Jan30
120 Mar 6
85 Jan 3
11614 Jan 9
81 Feb25
85 Jan 3
712 May16
33 May16
46 May29
90 Jan10
99 Sept 3
25 Jan 8
88 Apr18
50 July 5
62 Apr 1
30 Aug
148 Nov
8312 Dec
10212 Nov
44 Dec
116 Dec
83 June
78 Dec
1 Dee
6 Dec
2134 Sept
9012 Oct
85 Dec
1612 Dec
83 Dec
34 Dec
245 Dec
38 Feb
150 Jan
108 Jan
140 Mar
7812 Mar
133 Jan
9212 Jan
1001 Mar
638 June
3114 July
5234 Jan
105 Apr
135 Jan
8412 Feb
110 Jan
5612 Mar
74 Jan
10012 Aug27
73 Dec 9434 May
9512 May21
88 Dec 10312 Jan
212 Mar 2
238 Jan
1 Dec
1558 Mar 4
712 Dec 14 Mar
11512 May15
90 Nov 12614June
11334 May 9 105 Dee 12112 Jan
109 Feb 5
96 Dec 12814 Jan
6038 May24
387 Nov 58 June
9634 Mar12 28714 Dec 10014 June
81 Seal°
60 Dec 75 July
82 June 5
75 Dec 9712 Jan
18 July 8
6 Dec 1434 Dec
12014 Feb16
88 Sept 12112 Jan
64 July19
5512 Feb 66 Jan
2812 Sept 5
1412 Aug19
1712May 1
9 Dee 2018 June
37 Dee 10 Jan
534 May15
15412 Jan 2 133% Dec 226
Jan
5514 Aug30
15134 May16 11834 Dec 1704 Jan
35 Aug30
612 Feb 6
4 Dec 1812 Jan
18 July19
10 Dec, 3312 Jan
518 Mar18
9212 Feb28
Jan
9212 Dec! 102
91 May16
71 Dec 10012 Mar
70 Jan 3
63 Dec 81 Mar
124 Jan31 110 Dec 169 Jan
8912 May16
35 Jan 95 Mar
60 Jan 9212 Aug
100 Jan 3
93 Dec 12412 Mar
69 Jan 2 x59 Nov 112 Jan
11912 May16 107 Dec 16614 Jan
3612 Sept 6
29 Dec 46 Jan
137s Marla
10 Dee 16 Mar
14614 Apr 9 116 Nov 16278 Apr
521 Aug 7
40 Nov 68 June
133 Feb18 2105 Dec 15512 Jan
4812 May16
3712 Dec 5814 Jan
2612 May28
25 Oct 3018 Mar
11612 Aug28
7938 Dee 135 May
11214 July17 10334 Dec 121
Jan
84 Aug 9
414 Dec
878 Jan
134 Jan25
83 Jan 3
412 July 5
.45 May13
54 Feb27
2114 July 3
54 July 6
1614 Aug24
.45 Jan 7
33 May14
7312 May16
465 May27
1412 Feb19
50 May16
234 Sept 3
67 Mar 8
1012 Jan 2
6 Feb18
8334 Sept 5
45 Sept 9
1018 Jan 2
1 Jan 3
70 May15
84 Feb18
29 July 3
6
134 m
Fa
eb
y19
15
834 May14
314 Mar 5
6
7 '
I
Ja
en
b12
3
312 July 8
3 Scott°
6613 May16
2012 May14
212 July 1
1714 Mar 7
20 Jan 2
80 Jan31
97 Aprll
1738 May16
.95 Mar19
112 Mara°
4512 Jan 3
65 Jan 9
2014 Feb20
78 May16
2534 May23
57 Jan 2
114 Feb21
534 Jan 2
2 Jan 3
.20 Jan 8
612 May15
418 Aug29
412 Feb13
1% Aug20
4914 Feb19
46 Jan 2
25 Feb 8
12 Jan16
85 Feb19
31
/
4 Apr 8
3 Jan 3
2 Jan 3
36 Jan 3
Ph Mar 7
Er-dividend.•Bali-Paid.
1
Oct
414 Jan
70 Dec 108 Jan
1 Dec 1112 Jan
14 Sept
114 Jan
45 Dec 70 Mar
11 Dec 4114 Jan
40 Nov 73 Jan
818 Nov 1514 June
.25 Dee
214 Jan
125 Dec 52 Jan
55 Dec 8514 Jan
411 Dec 590 Feb
11 Dec 2714 Jan
3914 Dec 08 Jan
112 Apr
3 Jan
314 Nov
714 Jan
814 Dec 18 Jan
4 Dec
9 Mar
66 Dec 92 Jan
35 Nov 4612 Jan
7 Dec 2012 Jan
Mar
Dec
5224 Nov 7612June
4
80 Nov 94 Apr
20 Dec 36 Jan
414 Apr
6 Aug
114June
434 Jan
5 Oct 18 Jan
14 Dec
5 Jan
Aug
4
518 No
uv
1582812
1 Nov
3 May
138 Aug
512 Mar
57 Dee 98 Jan
16 Nov 2612 Mar
112 Dec
6 Jan
10 Nov
1712 Apr
22 Jan • 30 Mar
65 Dee 9214 Mar
634 July
953 Sept
1134 Oct 2414 Mar
.30 Nov
234 Jan
.98 Dec
27 Jan
33 Nov 6734 Mar
5312 Dec 95 Mar
16 Nov 2834 June
60 Nov 9412 Feb
20 Nov 3218 Apr
48 Dec 8934 Mar
.58 Dec
2 Jan
518 Oct 19 Jan
.89 Dec
614 Jan
.10 Doe
.31 Jan
314 Dec 1658 Mar
338 Dee
814 Jan
3 Nov
812 July
1 May 2(, Jan
4013 Dec 6784 Jan
4312 Nov 5212 Jan
37 Sept
178 Mar
9% Dec 2112 Fob
71 Dec 11838May
218 Dec
658 Jan
2 Oct
6 Jan
2 Oct
518 Jan
31 Deo 5312 Mar
.15 Aug
218 Jan
THE CHRONICLE
SEPT. 14 1918.]
1089
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 7 to Sept. 13, both inclusive, compiled from the
Boston Bond Record.-Transactions in bonds at Bos- official sales lists, is given below. Prices for stocks are all
dollars
per share, not per cent. For bonds the quotations
ton Stock Exchange Sept. 7 to Sept. 13, both inclusive:
are per cent of par value.
Sales
Outside Stock Exchanges
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Shares.
BondsLib Loan 334 13_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 48_1937-42
1st Lib Loan4%s1932-47
2d Lib Loan 434s 1927-42
3d Lib Loan 43(s_ _ _1928
Am Tel & Tel coil 48_1929
Collateral trust 58.-1946
AUG& WISSL 58_19591
Cent Vermont 1st 45_1920
Gt Nor-C Et& Q 45_1921
1931
Masa Gas 454s.
Punta Alegre Sug 6s._1931
Swift & Co 1st 58... _1944
U S Smelt, R & M cony 68
Ventura 011 cony 70..1922
Western Tel & Tel 50.1932
U
99.74101.80 $65,550
94.64 95.80 19,650
94.04 95.50 22,800
94.20 95.84 5,200
94.08 95.80 19,250
95.24 97.50 80,400
77% 7734 2,000
10,000
89% 90
7434 75% 3,000
65% 65%
1,000
9354 93%
1,000
80% 81
6,000
80
79
2,000
90% 9034 91% 10,000
95
95
5,000
91
91
91
1,000
84
84
83
1,500
99.74
95.54
95.24
95.84
95.24
95.84
Range since Jan. 1.
Low.
I
High.
Stocks-
96.52 Jan 102.50 Aug
93 June 98
Jan
92.84June 97.90 Mar
93.64 July 95.90 July
93.04 July 95.80 Sept
94.54 Aug 101
May
77% Aug 83
Jan
86% July 9534 Feb
7434 July 79
Jan
Jan 65% Sept
64
92
Mar 94% June
80% Sept 8634 Feb
77
May 81
Apr
90% Sept 95% Feb
93
July 97% June
Jan 94
80
May
82% June 90% Mar
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Sept. 7
to Sept. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Low. High. Shares.
Par. Price.
238 245
100
American Radiator..
Amer Shipbuilding____100 12934 12934 130
9634 97
•
Armour & Co, pret
Booth Fisheries26
26
Common. new (no par)
81
82
100
Preferred
%
ChicCity & C Ry pt sh corn
69
70
Chic Pneumatic Tool_ 100
1034 1034 1034
Chic Rys part etf "2"____
101 102
Commonw-Fdlson __ _ _100 102
zIll
Cudahy Pack Co, com_100
11234
100
9334 94
Deere & Co, pref
100
Diamond Match
10734 108
Corporation_100
47
Hartman
47
100 50
50
50
Illinois Brick
10 17
17
Lindsay Light
17
People's Gas Lt & Coke 100 45
45
45
75
Pub Ser of N III, com-100
75
100 82
Preferred
82
83
100
250 250
Quaker Oats Co
Preferred
96
100
9634
13834 139
Sears-Roebuck, corn...100 139
Stewart Warner Speedom
Ion 5734 57
Common
5734
100 10334 103 10434
Swift & Co
Union Carbide & Carbon
55
(no par) 55
5834
Co
Unit Paper Board,com.100 1934 19
1934
6034 60%
100
Preferred
Ward, Montg & Co, pref------ 103 10334
54
5634
100
Wilson & Co,com
94
95
Preferred
100
Range since Jan. 1.
Low.
High.
42 235
June 265
Feb
215 87
Jan 14434 May
200 9634 Sept 97
Sept
10
65
190
20
45
102
202
35
14
10
107
230
77
100
45
10
41
138
1834
80
%
4734
8
100
10734
92
102
30
48
17
4034
70
82
238
9254
133
630 47
3,299 102
3,573 4754
818 1434
4 5834
18 100
275 46
15 94
Jan
Apr
Aug
Jan
Jan
June
Jan
June
Jan
Jan
Apr
July
Apr
June
June
Aug
Aug
June
28
86
2%
7134
16
108
115
97
114
47
58
28
55
77
90
290
100
157
Sept
Feb
June
Apr
June
Feb
June
Jan
May
Sept
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Jan 60
Aug 146
July
Apr
Apr 59
Feb 2234
June 81
Aug 110
Jan 6534
July 9934
July
May
May
Feb
May
Mar
Bonds.
86
$7,000
Chicago City Ry 50.-1927 8534 85
97
97
1,000
Chic Pneu Tool 1st 5s1921
57
57
57
3,000
Chic Rys 45, Series "B"...._
35
35
5,000
Chic Ry Adj Inc 48_1927
9334 9334
1,000
Chicago Telephone 58_1923
8734 8834 17,000
Commonw-Edison 50_1943 88
101.60101.60
50
Liberty Loan 3360_1932-47
94.70 94.86
Lib Loan 1st 4s.....1932-47
250
Lib Loan 2d 4s_._1927-42 95.20 94.10 95.20 6,850
94.14 94.40 1,000
Lib Loan 24 4 48_1927-42
Liberty Loan 3d 4340 1928 95.64 95.20 95.64 6,800
swift.,t, co i at cr 55 11144 9034 90
0034 6,000
8434 Jan 8834 Apr
93
July 97
Feb
50
Jan 5934 Jan
27
Jan 35
Aug
9234 June 9634 Jan
8734 Sept 9434 Mar
94
Aug 101.22 Sept
93.30June 97.50 Jan
93 June 97.52 Jan
93.76 Sept 98.10MaY
94.70 Aug 95.64 Sept
90
Rant o5“ Jan
z Ex-dividend.
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Sept. 7
to Sept. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
StocksPar, Price. Low. High. Shares.
•
100
91
91
Alabama Co
9
10
2
2
Atlantic Petroleum
234
600
84
84
Baltimore Tube pref..-100 84
80
1.35 1.35 1,200
Celestine 011
99
97
Congo! Gas E L & Pow_100 97
117
85
Consolidation Coal_ _..100 85
183
8534
6
5
6
634 1,757
Cosden & Co
356 334
5
Preferred
250
75
Davison Chemical_ _no par 3534 3534 3654
50 2734 2734 2734
Elkhorn Coal Corp
75
74
74
100
Houston Oil prof tr ctfs 100
13
Mer & Miners Trans_ _100 6534 6534 66
6534 6534
Mer & Miners TransVT100
4
21
1756
17
Mt V-Wood Mills v t r_100 1734
7354 74
67
100
Preferred y t r
72
71
140
Pennsyl Wat & Power_100 72
2034 2034
20
United Ry & Elea
50
31
Wash 11 & Annan
250
3134
50 31
3
354
200
Wayland Oil & Gas
5
3
50
Jan 106
May
2 Sept
336 Feb
83
Aug 86
Apr
1.25 Aug
1.65June
94
Jan 102
Feb
8334 July 106
Jan
6
Sept
854 Jan
336 Jan
4
Jan
30
Jan 3934 Aug
2234 Jan 3034 Aug
64
Apr 8034 June
56
Jan 92
Jan
6234 Aug 90
Mar
1434 June 1754 Sept
68
Jan 76
July
60
Jan 72
Sept
1734 June 2434 Feb
24
Jan 3134 Sept
3
Apr
336 Jan
BondsAla Cons C & I 50. _ _1933
Atl C L (Conn) Ws 58_ _ _ _ ......
City & Sub 1st 50_ .... _1922
Consolidated Gas 55...1939
Cons Gas E L & P 454s'35
6% notes
Consol Coal refund 158 1950
Elkhorn Coal Corp 68.1925 96
Kirby Lomb Contr Os 1923
United Ry & E 4s_ _ _ _1949
Income 4s
1949 52
7934
82
9634
98
7834
94
81
9354
9534
71
52
Mindlno Ila ornoll
1 tr15
8534
82
9634
98
79
94
87
96
9634
71
52
8534 $1,000
82
1,000
1,000
9634
98
2,000
79
5,000
94
2,000
1,000
87
96
6,000
9634 5,000
7154 12,000
52
4,000
75d 74 1A
000
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
19
19
American Milling
10
1054 105•4
Baldwin Locomotive_ _100
87% 89
Buff&Sus Corp pf v t c_ 100
48
48
Elec Storage Battery_ _100 53
52
5355
General Asphalt
100
3054 3034
Insurance Co of N A _10 2554 2534 2554
Keystone Teleph pref. 50
46% 4654
Lake Superior Corp_ _100 16% 16% 18%
Lehigh Navigation
69
so 69
70
Lehigh Valley
50 559% 55934 6134
Lit Brothers
24% 24%
10
Midvale Steel & Ord_ _50
5154 5254
Minehill & S H
50
50
50
Pennsylvania
43% 4434
so 44
Phila Electric of Pa_ _..25 24% 2454 24%
Phil Rap Tran vot tr rec _50 2634 26% 28
Philadelphia Traction_ _50
56534 6554
Reading
50
86% 89%
Tono-Belmont Devel__ _ _1
Tonopah Mining
1
2%
2% 2%
Union Traction
3734
37
50
United Gas Impt
50 63% 62% 65
U 13 Steel Corporation_100 10834 107% 112%
100
110% 110%
Preferred
Warwick Iron & Steel__ _10
8% 85(
8%
40
West Jersey & Sea Shore 50
40%
Wm Cramp & Sons_ ._.i00
81%
80
York Railways pref.. _ _ _50
31
31
Range since Jan. 1.
Low.
High.
50 19
Jan 193( Jan
260
954 Jan
1134 Aug
130 58% Jan 100% May
6 46
Jan 48
Mar
Mar 55% July
516 48
25 1454 May 36% July
10 24
Jan 2734 July
9 46% Sept 575( Jae
3,197 12
Jan 21% July
261 61% Jan 70
July
131 55
Mar
Jan 63
50 24% Aug 2634 Mar
87 43% Jan 59% May
4 50
Mar 51% Jan
1,280 433( June 4754 Jan
June 26
352 24
May
1,015 23% Mar 30
Jan
8 z65% Sept 7154 Feb
261 71
Jan 9454 June
9,031
1% Sept
3% Mar
550
Jan
254 July
4
155 3634 Aug 42% Jan
1,447 62% Sept 72% Jan
5,861 8654 Mar 11634 Aug
1 109% Jan 110% Sept
265
7% Apr
854 Mar
20 39 May 48
Mar
45 74
Jan 95% June
15 31
Feb 33
Jan
BondsUS Lib Loan 3548_1932-47
101 101.40 $1,400 97
Jan
1st Lib Loan 48_1932-47
94.20 94.20
600 93 June
2d Lib Loan 4s...1927-42 95.50 94
95.50 9,550 92.80June
2d Lib Loan4%s.1927-42
94.44 95.90 4,000 94.44 Sept
3d Lib Loan 4%a_ _1928 96.04 95.10 96.50 4,350 94.30 Sept
AmerGas&EI5ssmall2007
80
80
500 77% Mar
Baldwin Loco 1st 5s.. _1940
99
1,000 98% Sept
99
Lake Superior Corp 58 1924
56
5,000 47% Jan
56
Leh C & Nay cons 4548.'54 89
88% 89
5,000 885( Sept
Leh Val gen cons 45_ _2003 77
9,000 75
77
75
July
10-yr coil Os ctfs._.1928
97% 98% 71,000 97% Sept
Annuity 68
11534 11554 11534 18,000 115% Sent
Lehigh Val Coal 1st 58 1933
99% 10034 10,000 99% Mar
Natl Properties 4-60..1946
30
2,000 30
Aug
30
Penn RR cons 434s. _ _1960
94
Sept
94
9,000 94
Phila. Electric 1st 58_1966 90% 8954 91
26,000 89% Sept
Reading gen 4s
1997 81
825( 12,000 81 Sept
81
Welsbach Co 58
93
1,000 91
Feb
93
1930
102.40 Aug
97.90 Jan
97.60May
95.90 Sept
98.52Mo"
Jan
• 82
101
May
5954 Aug
95
Jan
80
Jan
9854 Sent
120 May
101
May
40
Jan
9851 Jan
96
Jan
85
Jan
95% June
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Sept. 7
to Sept. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Salts
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_100 64
Preferred
100 76
Columbia Gas & Elee 100
Consolidated Ice, com_ 50
Farm Dep Nat Bank__100
Indep Brewing,com_
50
La Belle Iron Wks,com100
Lone Star Gas
100 175
Mfrs Light & Heat
50 4634
Nat Fireproofing, corn_ _50
Ohio Fuel Oil
1 1456
Ohio Fuel Supply
25 4134
Oklahoma Natural Gas_25 2634
Pittsburgh Coal, prof _ _100 8254
Pitts Cons M M & T. _1
Pittsb-Jerome Copper_ _..1 20c
Pittsb & Mt Shasta Cop._1 28c
Pitts Plate Glass, com_100
Riverside East Oil, pref _ _5
San Toy Mining
1
Sc
U S Steel Corp,com_ _ _100 108
100 11034
Preferred
Weat'house Air Brake_ _50
Weat'house Eleo & Mfg-50 42
Range since Jan. 1.
Low.
63
76
34
254
9934
134
111
175
464
554
1454
4154
26
8234
3c
20c
28e
107
234
8c
10734
11054
93
43
2,164 40
68
76
100 7434
34
25 2834
15
2
254
9934
10 9934
154
156
520
111
500 106
60 95
175
4754
101 463.4
100
534
3
1454
30 14
492 41
423.4
505 23
2654
167 7954
8234
3c
1,500
3c
24c 13,300 20c
30c
3,000 21e
10 107
107
150
234
234
8c
7c
1,000
345 8734
11234
10 110
11034
140 9236
93
405 39
43
106
106
High.
Jan
July
Mar
Feb
Aug
Jan
Mar
Jan
Sept
Jan
July
Mar
July
Apr
Aug
Sept
Jan
Sept
Apr
Aug
Mar
May
Aug
Jan
68
9654
3634
354
9934
334
115
197
53
536
16
4636
3134
84
7c
1
48e
117
234
16c
116
11134
9754
47
Sept
Jan
Aug
May
Aug
Aug
Feb
Aug
Jan
Aug
Jan
June
Aug
May
Mar
Feb
Mar
Jan
Feb
Feb
Aug
June
May
May
Bonds.
Mononitly Con C&C 68'49
Pittith Brpwln a RR
1949
53'A
54
$1,000 106
54 '
6.000 50
Aug 112
Jan 54
Apr
AUA
Range since Jan. 1.
Low.
78IA
High.
Jan 8554
Sept 82
Sept 100
July 100
Aug 84
Sept 9734
Jan 8934
Aug 9834
Apr 9834
Sept 7754
Aug 5834
4,,,i
R91..‘
Sept
Sept
Feb
Apr
Feb
June
June
Jan
Juno
Feb
Jan
IN74,
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Sept. 13 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
notes at
Vise York Stock
exchange
Par Value.
Railroad,
&c.,
Bonds.
State, Mon.
& Foreign
Bonds.
174,3501 $16,135,500
339,350 31,396,000
527,362 49,578,200
372,670 34,764,000
404,194
$422,000
1,032,000
914,000
829,000
HOLIDAY
36,593,150
1,022,500
1,817,926 $168,466,850
1917
$344,000 $2,255,000
1,279,000 4,630,000
1,281,000 5,006,000
504,000 8,840,000
1
1,331,000 6,949,000
$4,219,500 $4,739,000 $27,680,000
Week ending Sept. 13.
1918
U.S.
Bonds.
1
Jan I to Sept. 13.
'1915
1917
1,817,9261
Stocks-No. shares_._
3,041,108
92,920,763
133,304,863
Par value
$168,466,850.$283,569,300 $8,672,953,015 $12,258,082,055
Bank shares, par
$2,500
$400
$81,100
315,800
0,4 Bonds.
Government bonds_ _ _ $27,680,000 $10,140,500! $743,3°0,5001
$70,540,750
State,mun &c.,bonds
4,739,000
4,058,500
167,962,000
235,762,500
RR. and misc. bonds.
4,219,500
6,500,0001
190,955,000
370,405,000
Total bonds
$36,638,5001 $20,789,0001 $1,102,297,500
$676,708,250
THE CHRONICLE
1090
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 13 1918
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Philadelphia,
$27,050
29,550
33,200
63,750
9,556
105,000
48,8381 $258,550
399
1,484
462
1,361
1,263
$25,200
2,378
33,800
5,332
61,450
13,949
32,750
HOLI DAY.
3,274
36,200
1,617
3,000
26,196
5,323
$43,300
$189,400
$7,500
4,200
8,000
20,600
New York "Curb" Market-Below we give a record of
the transactions in the outside security market from Sept. 7
to Sept. 13, 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 Stook Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
Is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Sales
Friday
1 Lasi Week's Range for
1Week.
I Sale.
of Prices.
Par.1 Price. Low. High. Shares.
Week ending Sept. 13.
Stocks-
•
9% 11%
Aetna Espies_ r___(uo par) 103%
3% 3%
Am Writing-Paper coat 100
17% 18
Brit-Am Tob ordinary.._ £1 1731
Ordinary bearer
£1
17% 17%
33,5 4
3%
Burnrite Coal Briq_r____11
35%
100! 34
34
Burns Bros Ice r
100 115
115 129
Chevrolet Motor
Columblaville Woolen.r _10
10% II%
Cuprite Sulphur r
1
55
55
34%
34
Curtiss Aeropl & M corn (t)I 34
31
29
General Asphalt, eonl-r100
1' 13-16 11-16 13-16
Grape Ola corn
Preferred
1; 2 7-16 2 5-16 2 7-16
16
Heyst Tire & Rub corn _10
1055
9-16 %
Maxim Munitions_r_ -10
6
6
6
Nat Mot Car & Vehicle (t)1
2% 3
North Am Pulp & Pap (t)1
231
2855
28
Penn Coal & Coke..r _
11% 12%
Role Equipment r .
10, 1231
1
155
Roanoke Ore & Iron_r_ _11
I%
Smith Motor Truck r_ -10
%31
1655 17%
Submarine Boat v t o....(t) 16%
Thiogen Co of Amer r..._5
535 534
531
5-16 y,
Triangle Film Corp v t c_5
United Motors r _ _(no par)! 2731 26% 31%
eg
6
10
S Steamship
655
World Film Corp v t c___51
g
%
31
7
7%
Wright-Martin Aire r_.(t)
731
Rights16
1655
Royal Dutch Co
Former Standard 011
Subsidiaries.
138 140
Illinois Pipe Line_ r_ _ _ _ 100 140
290 300
25
Ohio 011.r
250 251
Prairie Pipe Line_ _r___100 251
214 214
Standard 011 (Calif)_r_100
490 515
Standard Oil of N J_r_100
248 259
Standard 011 of N Y_r_100 251
Other Oil Stocks.
fie
6e
7c
Amer Ventura Oil r
1
34
3-16 g
Barnett 011 & Gas r
15e
170
16e
Boston-Wyoming 011.r _ _I
655
6
6%
Cosden & Co common r..5
1% I%
I%
Crystal Oil & Ref r
1
554 5%
5%
Elk Basin Petroleum_r 5
Sc
4c
3e
1
Esmeralda 011 Corp r
I% 235
1%
5
Federal Oil r
2% 3%
10
2%
Glenrock 011 r
15-16 1
1
Globe 011.r
71
77
Houston Oil corn r___.100 76
Imperial Con 0111_ r....._1 15-32 7-16 15-32
13% 13%
Internat Petrol..r
£1
Island 011 & Trans r__.._10
331
33I 3%
Kinney 011 r
1
%
31
1835 21
10 19
Merritt 011 Corp..r
1 13-16
Metropolitan Petroleum..5
87e 940
1 88c
Midwest 011 corn r
110 111%
Midwest Refining_ r_" _50
3
3
Mineral Wells Petroleum_l
45e 530
Northwestern Oil corn r_.1 46e
Oklahoma Prod & Ref....5
6%
631 6%
134 234
1%
Okmulgee Prod & Ref_ ....5
25e 270
Omar Oil & Gas corn
Royal 011_r
1
X
X
6% 6%
Sapulpa Refining_r
5
6%
7-16 9-16
Sequoyah Oil & Ref
1
31% 32
Sinclair Oil warrants
300 40e
Southwest 011 r
1 330
155 I%
1
Stanton 011_ r
131
Texana Oil & Ref_r
1 11-16 11-16 13-16
2e
2c
1
20
Tuxpam Star 011_ r
% 15-16
United Western Oil, new_ r
2
215
10
2
Victoria 011.r
Friday
Sales
Last 1Veek's Range for
of Prices.
Week.
Sale.
Par. Price.
Low. High. Shares.
Range since Jan. 1.
Low.
High.
Bairtmore
Bond Sides I Shares. 'Bond Sales. Shares. )Boad Sales
5,467
11,358
12,655
9,802
[Void. 107.
Range since Jam. 1.
Low.
High.
13,600
6% Feb 16% May
2
700
Jan
431 Aug
200 14% Apr 18% Aug
400 14% Apr 18% July
4,300
1% Aug
Sept
900 18% June 39)4 A tag
7,700 100
Jan 144 June
1,700 10% Sept 11% Sept
1,000
2% Feb
31 May
400 25
Jan 42 June
300 23% June 37
July
8,400
Aug
31 June
u
46 Sept
17,400
155 June
2
500 12% Jan 20% June
8,500
Jan
% Juno
100
6
Sept 18
Feb
Apr
3,300
2
4% Aug
140 28
Sept 34
JUIY
2,425 1055 July 12% Sept
42,000
1
Sept
1% Sept
2,900
Sept
2% Apr
1,800 11% Mar 20% May
2,550
4
Mar
634 July
1,200
5-16 Sept
Jan
1
17,500 19% Jan 34% June
5,300
434 Jan
7% May
1,500
Mar
34 Sept
655 Jan 11% May
6,800
155
16
Sept
20
July
20
25
20
10
185
275
138
290
250
210
490
248
Sept
Sept
Sept
June
Sept
Sept
192
365
279
237
579
285
Jan
Jan
May
Jan
Feb
Feb
5,700
6o
3,600
5,000 15e
6,420
11
1,970
1,400
554
10,300
30
5,800
1%
12,500
2%
1,300 15-16
4,300 39%
2,700
2,800 12%
10,000
1%
910
2,800 1734
3,500
11,000 87e
950 97
500
1%
14,100 45e
7,000
13X
26,600
194
6,000 21c
500
34
2,100
0.34
9,800
Xs
30 25
3,100 30e
134
13,900
11,000 30c
28,000
le
1,000
55
2
3,300
Jan 21e June
Aug 1 3-16 Jan
Sept 330
Jan
Sept
8% Feb
1
July
June
7
Feb
July
Sept 5-16 Jan
Aug
4
Feb
Sept
5
Jan
Aug *1% June
Jan 864 June
16.2 Sept
June
Feb 14% July
Jan
554 Mar
Apr
1
May
Mar 29% June
Jan
1% July
Apr
1.24 Jan
Mar 120 June
Jan
Sept
Sept 89c Feb
Apr
May
8
Sept 11% Mar
Apr 40e
Jan
Sept
1% Mar
Sept 10% May
Sept
1% Mar
Mar
June 40
Sept 58e Juee
Mar
2% Mar
July
151 May
June 22e Mar
Aug
2 ti Feb
Sept
6,4 Mar
Mining Stocks.
40c 47e 10,100 5-16 Apr
Alaska-Brit Col Metals-1 40e
3,600 34e July
America hilnes.r
1 79e
76c 83e
July
5
1,000
5%
Arizona Bing Cop
5
5
1
40
4e 435e
3,300
3e July
Atlanta Mines
g Jan
% 13-16 11,600
Big Ledge Conner
5 1346
Jan
4
4
1,000
Booth_ r
4
3c
1
38e 46c 151,000
c Sept
Boston & Montana Dev 5 450
500
% Jan
Bradshaw Copper _ r
1
%
36
5,000
10c 100
70 Sept
Butte-Det Cop dc Zinc_ _I
430 45e 10,900 39e May
Caledonia Mining
1 440
34 Aug
Calumet at Jerome Cop_r 1
34 11-16 15-16 37,800
5,300
1 13-16 2
Canada Copper Co Ltd ...5
I.% AP:
410 430 18,900 37c Aug
Candalaria Sliver_r
1 42e
6,100
Cash I3oy
54ic 6c
4e Jan
1
Jan
Cerbat Silver M & M_ r_-1
31
A
% 1,400 42c
134
1% 1%
200
1% Sept
Coco River Mining.r.___1
1% 1% 2,200 1 5-16 Feb
C013901 Adsona Smelt--5 1 9-16
1,850
554
Consol Copper Mines_ _ _ _5
5% 535
455 Aug
2,200
4%
4% 5
Cresson Cons Gold M&M 1
45,4 Mar
1,300
1
Sept
Denbigh Mines_r
134
1 I 3-16
1% 5,600
% Feb
Eureka Croesus Min r1
1
44c 45c
5.500 300 June
Fortuna Cons_r
1 45e
2%
2% 2% 16,800
1% Aug
Gibson Cons Copper_r 1
20c 21e
1,800 3- le Jane
Goldfield Consotidated_10 20e
2c
2e
2,000
Goldfield Merger_r
1
1 %cJune
30
30
1,000
3c June
Great Bend.r
1
67e 74c 15,200 33e June
Rattle Gold Mln_l_r_ _1 71e
Hada aila1ng
2% Jan
2543 413-16 4 11-16 4'3(8 2,030
220
Iron Blossom_r
7-16 7-16
5-16 Apr
10c
54e 56c
54e
8,100 51e Sept
Jim BuUer_r
10e
10e
10e
2,000
Sc Jily
Jumbo Extession
1
255c 235e
2,000
1
Kewanus_r
255 cJune
4,300 28e
52e 55e
Feb
Liberty *My (Droop). _r _ .1
1
3g July
Louisiana Consol
% 1,000
A
4
4
4
1,000 335c June
Marsh Mining_r
1
3% 4
1,400
334 Aug
Mason Valley
4
5
41c 44e
2,500 37e
Apr
MoKinley-Darragh-Say__1
32c 34c 11,400 25e
Jan
Mother Lode_r
1 340
1',,' 255 2,800
1%
Mutual Mln ar Leas pt r 1
Feb
1
150 180
18e
8,700 lie July
Nat Zinc & Lead_r
1
New Cornelia.r
860• 15% Jan
5 1734 17% 17%
8% 8%
1,400: 8
Nipissing Mines
834
Jan
5
35e 390
1,400 310 Sept
Nixon Nevada
1
Ohio Copper.r
% 15-16 2,250
% Jane
1
3%
3
3% 15,100
Jan
2
Onondago Mines.r
1
1% 1% 14,000 1 3-10 June
Paelfic Tungetan.r
1
4%
434 4% 2,200
Ray Hercules mining _ r__5
334 Jan
35c 36c
6,400 27o
Jan
Rochester Mime
1 35c
70
7e 755e
1,800
70 Sept
San Toy Mining
1
% 1546 4,200
Silver Plume Silver..r._ _1
X Mar
31
5-16
3,000
Standard Silver-Lead.......1
% Aug
N
14c 12,500 lie Aug
14c
12c
Stewart
1
12c 12e
1,600
Success Mining
Jan
1 12c
7o
17
4 274
2%
1,625
Tonopah-Belmont Dev_r 1
1% Sept
134 I 5-16 I 9-16 3,220
Tonopah Extension
154 Jan
1
2%
255 234
300
Tonopah Mining
2% July
I2c
10c
120
5,000
Troy-Arisona r
7e Sept
1
1,200
Tuolumne Copper
% Sept
% 1
334
334 4
2,070
United Eastern Mining...!
3
July
3755 38
United Verde Exten_r_50c
500 35
July
21e 22c
7,000
90 Feb
U Lead•Zinc r.. _1 22e
11e
12c
5.000
Ward Min &
40 May
_ r-1 12e
960
I
2,900 65e
West End Consolidated--5 98e
Jan
140 17c 18,000 13o Aug
Waite Cape Mining..-_10c 14e
4e
Sc 12,700
Wilbert Mining
4e Sept
1
Bondi100 100
$4,000 99% Aug
Am Cotton 011 7s
/4 14,000 98% Aug
Am Tel & Tel 1-yr 6s -1919 99% 9954 993
97% e7y, 20,000 9734 July
Armour & Co deb 6s_ r 1920
96g eeg 15,000 96
Aug
Debenture 6e.r..___1921
96
96% 43,000 95% July
Debenture 6e.r. _1922
96
11,000 95 Juno
96
Debenture 6s_r_ _1923
96% 11,000 95
June
Debenture 6e_r__1924 96% 96
100% 10054 5,000 98% July
Beth Steel ser 75_r_.. _1919
98% 98% 2,000 98 July
Serial 7s_r
1921
Serial 7s_r
1922 eeg 98% 98% 49,000 97
July
Serial 7s..r
1923 9834 98% 98% 120,000 96% July
Canada (Dom of) 58_1919 97% 9755 9734 143,000 94% Jan
Cudahy Packing 7s w I 23 9755 97% 97% 19,000 97% Aug
96% 9634 10,000 96% Sept
Denver City 4%s_r
Erie RR 5s_r
1,000 93% Mar
1919 96% 9655 9655
Federal Farm Loan
105% 105 105% 199,000 1014 June
100 10034 46,000 98g Jan
Gen Elec 6% notes 1920
100 100
Jan
6% notes
2,000 99
1919 100
98% 29,000 08
98
Interboro R T 7s w 1_1921 98
Sept
Phila Electric Os
1920 98% 08',,' 98% 5,000 97% Aug
60
SI
8,000 38
Russian Gov!11345 r.-1919
Mar
56
55
6,000 32
Apr
531s f
1921
Sine! Gulf Corp cony 63'27
81
81
10,000 70
June
lUnloo Pacific lie
10134 101% 65,000 97% June
7043 May
83c Sept
6
Aug
130 Feb
1% Mar
Apr
6c
96c Mar
14 Jan
4 Mar
Jan
56e
1% Mar
234 Jan
43c Aug
190 Feb
1% July
2% Jan
2% Jan
.7% May
5% Jan
2% July
2% June
460 Aug
3 Sept
7-10 Jan
Sc Feb
10c Feb
See Sept
5,X4 Aug
11-16 Jan
Jan
1)0c
Jan
Ma
9c Feb
62c July
54 May
8340 Mar
631 Jan
Jan
60e
Apr
560
2% Sept
Feb
3tig
20
May
May
9
1% Mar
PA July
6
July
2% July
434 Jan
54e May
Jan
180
1
Aug
% Apr
% Jan
Apr
16e
3% Mar
1% Jan
4
Jan
24o May
1% Mar
5% Feb
50% Mar
60c Mar
25e June
1% June
% Jan
Jas
14e
100
99%
98
96%
96%
96
96%
101
100
9934
9954
97%
98
96%
97
106%
10134
100%
98%
99%
64%
62
81
101%
Sept
May
June
Sept
Sept
Sept
Sept
Aug
Aug
Aug
Aug
Aug
July
Sept
May
Aug
May
Apr
Sept
May
Aug
Aug
Sept
Aug
•Odd lots. I No per value. I Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stook.
r Unlisted. u Ex-casts and stook dividends. w When issued. z Ex-dividend.
c Ex-rights. oat-stock divIdeoul
-The July 1918 number of the Hand-Book of Securities,
Issued July 31 by the publishers of the "Commercial and
Financial Chronicle," contains a monthly range of prices
for the year ended July 1 of stocks and bonds sold at the
Stock Exchanges in New York, Boston, Philadelphia, Chicago and Pittsburgh. There is also a yearly range of prices
for bonds and stocks sold on the New York Stock Exchange
for the past 6 years and a yearly range for 3 years of Boston and Philadelphia prices. In addition, the book contains
elaborate tables with details of seourities, together with the
earnings and fixed charges of the respective companies, and
showing as nearly as practicable the surplus available to meet
charges and dividends. There is a table of dividend payments for 93 years. The book contains 216 pages. Price
one dollar, or to "Chronicle" subscribers 75 cents, including
postage. Copies may also be had at the "Chronicle" office,
39 South La Salle Street, Chicago, or from Edwards &
Smith, 1 Drapers Gardens, London.
CURRENT NOTICE
-Richmond Levering, formerly identified with the Island 011 & Transport Corporation, has received a commission as Major, Chemical Warfare
Service, National Army, Research Division, American University Experiment Station, Washington, D. C.
-Spencer Trask St Co. have issued for gratuitous distribution a special
circular indicating the present investment position of the preferred and
common stocks of the Virginia-Carolina Chemical Co.
-Americus J. Leonard announces the opening of an office Ms 80 Wall
Street to conduct a general investment business.
THE CHRONICLE
SEPT. 14 1918.]
GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for August 1918 and
1917 and for the two months of the fiscal years 1918-19
and 1917-18.
Aug. 1917. 2 Mos. 1018.. 2 Mos. 1917.
$
Aug. 1918.
Receipts.
OrdinaryCustoms
Internal revenue:
Income and excess profits tax
Miscellaneous
Miscellaneous revenue_ _ _
To:al
15,902,256
14,175,803
30,013,692
31,707,386
30,795,666
83,736,124
22,645,000
4,248,092
43,922,599
9,839,107
528,292,043
189,684,190
44,619,811
13,726,973
94,818,558
17,415,086
151,352,593
73,912,054
792,609,736
157,668,003
899,439
584,477
1,519,433
756,164
369,387
First Liberty Loan bonds
2d Liberty Loan bonds..
8d Liberty Loan bonds.._ 411,730,234
Certificates of indebt _ 821,508,900
War Say. & thrift stamps 129,044,201
Postal savings bonds.
Deposits for the purchase
ef 1-year Treas. notes
Isec. 18, Fed. Res. Act.
approved Dec. 231913)
Deposits for retirement of
national bank notes and
Federal Reserve bank
Rotes (Acts of July 14
9,840,857
1890 and Dec. 231913)
353,230,144
3,025,956
962
027,921,335
550,000,000 2,460,272,500
340,462,143
198,180
353,230,144
10,181,517
666,300
1,372,403,579
Teta!
.
11
r Orand total receipts_ _1,524,745,611
903,546,604 3,742,002,593
909,400,244
550,000,000
718,800
4,785,000
316,460
978,043,135 4,536,191.762 1,067,824,411
Disbursements.
Ordinary/Meeks and warrants paid
(less bals. repaid, &c.)_1,520,931,177
e2,029,400
let, on public debt paid_
275,527,377 2,747,071,817
1,910,624
36,712,560
480,290,668
5,446,364
1,524,901,778
2770438,001 2,784,684,377
485,737,032
SpecialPanama Canal: Checks
4 paid (less balances re1,108,500
paid, dm.)
Purchase of obligations of
279,250,000
foreign Governments
Purchase of Federal Farm
6 Loan bonds:
250,000
Principal
2,945
Accrued Interest_ _ _
2,011,396
2,830,172
3,531,178
478,000,000
622,735,000
930,500,000
3,500,000
37,328
280,611,445
Total
480,019,363
Public Debtlionds, Int.-bearing notes
and certificates retired_ 142,165,830
One-year Treasury notes
redeemed (sec. 18, Federal Reserve Act, approved Dec. 23 1013)..
National bank notes and
Federal Reserve bank
• notes retired (Acts of
July 14 1890 and Dee.
1,743,332
23 1013)
*rand total disburscm'te1,949,422,386
620,111,500' 034,031,178
222.160.663 1,017.243,134
268,933,034
4,789,000
4,785.000
2,477,518
143,909,163
Total
2,769,402
5,159,387
224,628,281 1,824,797,636
278,877,421
982,085,625 5,038,593,414 1,698,645,631
-------
EXCeee of total disbursements over total recta. 424,676,775
4,042,490
502.401,651
630,821,220
•Itecelpts and disbursements for June reaching the Treasury in July are included.
a Excess of credits.
New York City Banks and Trust Companies
All prices now dollars per share
Banks-N.Y Bid.
America'.... 480
Amer Exch... 215
Atlantic
107
Battery Park_ 190
flowery *. __ 400
Bronx Bort)._ 150
Bronx Nat__ _ 150
Bryant Park 180
Butch & DrON 18
345
Chase
Chat & Phen. 240
Chelsea Ex •_ 120
Chemical
385
210
Citizens
383
City
205
Coal & Iron
Colonial 4._
8400
Columbia.... 161
Commerce... 175
Comml Ex*. 390
Commonwealth•
180
Continental*. 102
Corn Each*
315
Cosmoplitan
86
Cuba (Bk of). 175
East River.._ _ 15
Fifth Ave*...... 1800
Fifth
215
First.
890
Garfield
170
200
Gotham
Greenwich'
335
Hanover__ .._ 660
Harriman...... 235
Imp & Traci_ 475
:Irving (tr
certificates) 272
'490
Liberty
Ask
495
222
175
205
200
105
_...._
23
360
260
_
395
220
393
215
__
170
410
190
108
322
95
18
2200
230
915
185
225
355
"iii
490
277
405
New York City Realty and Surety Companies
All prices now dollars per share.
Bid
Ask
Bid
Ask
Bid
Milano° RIty 55
66 'Lawyers Mtge 80
87 Realty Assoc
Amer Surety_ 53
56 Mtge Bond.
80
(Brooklyn). 60
85
Bond & M G. 178 183 Nat Surety
185 190 11 El Casualty_ 175
Casualty Co.
_
75 N Y Title &
U 8Title Guar 35
City Investlng -14 - 19
Mtge. _ .
60 West & Bronx
50
Preferred.. 85
70
Title& M G 150
'
Ask
155
190
40
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "r%
Panama CanalTolls, &c
Total
1091
itanks.
Bid.
280
Lincoln
Manhattan'. 163
Mech & Met_ 287
Merchants _
123
Metropolitan. 165
Mutual*
375
New Neth..... 200
New York Co 138
New York _ _ 425
Pacific •
135
Park
495
People's •_
55
Prod Exch•_. 200
Public
200
Seaboard ____ 450
Second
400
Sherman
126
State.
103
23d Ward'
116
Union Exch
145
UnitedStates• 600
Wash
276
Westch Ave._ 180
Yorkville
8275
Brooklyn.
Coney Island.
.
First
Flatbush _
Oreenpoint._
ilillside *
Homestead ._
Mechanics'
Montauk •-Nassau
National City
North Sine...
People's
140
260
150
150
110
17
200
133
175
130
Ark. Trust Co's. Bid.
300
New York.
169 'Bankers Trust 355
295 Central Union 380
128 .Columbia___ _ 21.5
175 Commercial__ 100
Empire
290
215 Equitable Tr. 330
_ ;Farm L & Tr_ 350
'Fidelity
205
'Fulton
225
510 Guaranty Tr_ 306
'Hudson
136
Irving Trust ISee
1Nat
Law
Tit
&
Tr 92
470
425 Lincoln Trust 05
135 iMercantile Tr
108 ' & Deposit 190
130 Metropolitan_ 300
155 Mutual(Weetcheater)
._
106
N Y Life Ins
175
de Trust... 875
325 N Y Trust... 690
Scandinavian 280
title On dr Tr 225
155 Fransatlantic
270 U S Mtg & Tr %la()
United States 876
Westchr.165
130
Brooklyn,
120
110 Brooklyn Tr. 400
62 Franklin
225
93 ITandlton
240
207 Kings County 620
138 Manufacturers 160
200 People's
268
140 Queens Co.._ 65
Ask,
365
387
250
300
340
360
215
255
312
145
Irving
Bank
98
105
200
310
126
900
605
270
245
174
410
895
140
610
235
200
650
75
'w • Banks marked with a (.) are State banks. I Sale at auction or at Stock Ex.
obante this week. :Includes one-third saare Irvine Trust Co. I New stock.
reit-rights.
Standard Oil Stocks Fe
Par
Anglo-American 01: now. £3
Atlantic Refining
100
Borne-Scrytneer Co_. 100
Buckeye Pipe Line Co... 50
Chesebrough Mfg new
100
Colonial 011
_ _10(
Continental Oil_
_ 100
Crescent Pipe Line Co_ _ . 50
Cumberland Pipe Line_ .100
Eureka Pipe Line Co.
100
Galesa-SIgnal01
100
Preferred old .......100
Preferred new
Illinois Pips
100
Indiana Pipe Luse Co.
60
International Petroleum_ £1
National Transit Co._ _12.60
New York Transit Co_ _100
Northern Pipe Line Co_ _100
Ohio Oil Co
26
Penn-Mex Fuel Co_ _
26
Prairie Oil & Gas
.100
Prairie Pipe Line
109
Solar Refining
.
_100
Southern Pipe 1.1ue Co-100
South Penn Oil_ . .....100
Southwest Pa Pipe Lines_ 100
Standard Oil (California)100
Standard Oil (Indiana) 100
Standard 011 (Kansas)... 0(1
Standard 011 (Kentucky)100
Standard 011 (Nebraska) 100
Standard 011 of ow Jer -100
Standard 011 of New Y'k 100
100
Standard 011 (Obto).
Swan* rlreh
. 100
Union Tank line co_ 100
Vacuum 011. ...
100
Washington On. .. • 10
Share
BO 44
1414 1414
875 925
440 460
*86 89
320 340
10 40
400 425
*32 35
135 140
175 185
95 100
105 115
95 100
140 150
.88 92
*1314 1354
*1112 1212
185 190
95 105
290 300
•26 30
450 480
250 255
295 305
160 170
235 245
90 94
208 213
540 565
440 460
310 320
420 440
490 500
250 254
400 410
90 95
90 95
310 320
•33 37
RR. Itquipmentr-PerCf.Basis
6
610
. 4 a.
Baltimore & Ohio 414s
5.90
Buff Roth & Pittsburgh 434
6.38 5.88
Equipment 4e
8.38 5 88
Catutdian Pacific 445.. -------- 6 50 6.00
Caro Clluchfield & Ohio Si.. 7 50 6.50
Central of Georgia be
6 75 6 00
Equipment 434s
6.75 8 00
Chicago & Alton 4e
7.50 8.50
7.10 7.00
Chicago & Eastern III 534s
7.00
Equipment 64It-Chia Ind & Louis,
/ 454e.. ..... 8.60 6 00
Chi° St Louis & N 05s.....- 0.50 8.00
6.25 6.75
Chicago & N W 4 4e....
Chicago R 1 & Pao 4)45..
7 50 5.50
Colorado A Southern 5e_
6 60 6.75
Erie lis
8.75 6.00
Equipment 434e...6 75 8.00
Equipment 4s
6.75 8.00
Hooking Valley Si.
8 50 8.00
8.50 8.00
Equipment fie
Illinois Central fis
6.50 6.00
6.50 8.00
Equipment 441
7.00 6 00
Hanawtut k Michigan 44e
6 10 5 60
Louisville & Nashville 5e...
6.40 5.90
Michigan Central be _ ____ _
Minn lit P4, SS Al 44e_._ _ 8.50 600
Missouri Kansas & Texas 65. 7.50 .
7.50 8.50
Miesouri Pacific (is
Mobile & Ohio be
6.75 6.00
Equipment .14n......._
6.75 6.00
New York Central Lines lie... 6.50 6 00
Equipment 44s._..
_ .-. 6 50 6.00
N Y Ontario & West 4%t..
6.75 6.60
6.15 5.60
Norfolk & Werner') 434s.
6.15 5.60
Equipment 41-- - .
Penniyivaula RR 44n _ .
6.10 5.60
Equipment es
6.10 5.80
St Louis Iron Mt & Sou Sc
7.50 6.50
Si Louis k San Francisco 5a
7 50, 6.50
Seaboard Air Line be._ ....
7 501 6.50
7.51 6.60
Equipment 434s
Ordnance Stocky--her Sbars
6.50 6.00
Southern PiN3111C Co 434s.
Aetna Explosives pref.. .100 64 68 Southern Hallway 44s...
8 75 6.00
3
American & British
8 Toledo & Ohio Central 40.
100
7.00 6.00
Preferred_ _
Mt.
_ _100 20 35
robacco Stocks-Per 344.s.
Atlas Powder 110M111013._ 100 168 172
Par
Preferred
03
_
"
.. 100 87 90 American Cigar common.1POtt 8
97 1A4
Babcock & Wilcox
100 110 112
Preferred
. 100 80 90
Blue (E W)Co common AO *360 400 Amer Machine & Fdry _100 .
6
17
011 80
Prefered
1812
British-Saner Tobae ord...f1
bil *76
Canada rrlye 4 Fen:loge 100 200 l'i6
*1712 1812
Cadent Steel eoreinriti
nbli
leynaVrY
ou bearer- - - -• ;00
100 115 120 CoO
-43 18g 210
1st prefi-rred
101, 92 98 Jobusoe Tin Foil & Met_ PA 60 90
211 preferred
180 170
. 100 67 72 IldaeAndrews & Forbes.
Colt a Pereui fire Arms
Preferred_ . . _
__IGO 85 95
Mfg
25 .55 68 Reynolds (R .1)-Tobe000_100 260 289
duPont(E
stock
de Nerrioure
12
9
06
9
3
190
05
04 2
00
100 2
B
•Co common
Preferred.
. 100 280 290
A dividend scrip
Debenture sows • _ 100 88 8812
95 98
Eastern Steel
11 dividend scrip
10e 90 95
45 Young (J 8) Co.
Empire Steet 1 roe tont 1(X)
10 135
,
1 ..
106 77 81
Preferred
Preferred.
.100 90 105
Hercule, Powder corn . 100 230 240
Elleort-Term Notes-P7C
Preferred _
100 107 110 Am Cot 01.1 5s 1919 ....el&S 9711 9714
WIlea-Bement-Pond Ag)rt) 100 115 120 Amer Tel&Tel 6a1919 .F&* 99% 99%
Preferred .
. .100 94 (17 Bette & 01.0o be 19)9 .340 9$4 98,
Penn &about6 Steel (no par *51 54 Beth Steel be 1919_ _P&A lc
Pbelps-1)relge Corp.
100 270 280 Canadian Pau (is 1924_114&fi i 98 98%.
405 415 Del & Hudson 5e 1920 FAA 975s 97%
Scovill Manufacturing...
Tbonnse Iron............60
60 *45 55 Erie RR gs 1919 _
..A-k: (195s 97
Winehatter Repeat Arms 100 575 625 Fed Sus Rfg 5s 1920--J&J 9112 97
Woodward Iron
100 51 ---- Gen Lies 6e 1920_J&J 99731004
6% Dotes (2-IT) '19. JAB 100 10014
General Rubber Si 1918.J&I) 9952 997a
Poi lie
Great Nor as 1920
.M&$ 97 9712
Amer Gae & Klee ann... 60 *79 82 Ilocklag Valley 6* 1918 MAN 995s 100
Preferred
so .39 41 it C Term Ry 4 44s 'Ill..Mk N 993 994
Amer Lt & Trao torn_._ .100 179 132
4141 1921
.J&J 934 95
Preferred
100 91 93 Laclede Gee L 581910. _F&A 9754 984
Amer Power & Lt corn... 100 41 44 Morgan&Wright iSe Dee I '11 9912
Preferred
100 69 72 N Y Cent 5* 1919_ _ M&S15 98 9814
Amer Public
oom100 _ _ 20 Peon Co 4%s 1921_ J&D le 854 96
Preferred .......". .100 30 40 Pub Ser Corp N J 5*'19.31.48 95 97
Cities Service Co corn_ 100 208 210 Rem Arms U.M.0 56'19F.t A 9854 9912
Preferred
100 72 73 Southern fly be 1919_ .8144 2 9115s 9854
Cons'w*Ith Pow Ry & L 106 17 20 Utah See Corp be'22.M-S 15 8512 87
Preferred
100 35 37 W'house El& M 6s '19_F&A 9912 9954
Else Bond & Share pref. _100 486 89 Winches RepArms7te19.M&
9914 9912
7 10
Federal Light & Traetion 100
77
1
3 4
76
Preferred
Industrial
100 3
Great West Pow fie I946.J&J
and Miscellaneous
8iteelettippi illt• Pow tiom_100 12 14 American Brass____ . 10o 216 222
34
Preferred
100 42 _ 40_ _ _ American Chicle corn_ _. 100 31
First Mtge 6e 1951....J&J 71
100 58 83
Preferred
North'n States Pow oom..100 44 48 American Hardware_ _ . 10t) 126 129
Preferred
100 81 83 Amer Typefounders ootn 100 36 39
North Tema Eleo Co ooze 100 60 65
Preferred..,
3
9
82
74
9 96
51s Bopre
1001 70 3
Preferred
rdet'
neea
rr
s Cond MU ooM rot
Pacific Gas & Elea corn .100 34
. 100 93 97
let preferred
.100 143 148
.100 78 79 Celluloid Company
13 Columbia Graphoph 81fg(
5
64
2 66
Puget lid Tr L & P own 100 10
104
t)
).
Preferred
Preferred
.100 41 46
Republic Ry & Light__ _100 18 20 Freeport Texas Co
Preferred
33
1.
1
100
t) '29
100 67 58.2 Havana Tobacco Co . (
South Calif Edison corn..100 75 78
Preferred
2
5
100
Preferred
let g 55 June 11022 .1-1, 138 43
100 93 96
Standard Gies & El (Del) 50 •4
6 Intereontinen Rubb tom 10()
7
8
23 Internet Banking Co... 100 leo
Preferred
50 .21
1
3 International Salt...- .100 - - -- -fiirenneeeee fly L & P corn 100
Preferred
13
100 11
lot gold 6e 1951_ _ _ .. 4-0 86 6812
United ORA A Elea Corp_100
International Silver pret.100 ;i.._ 10
5
7
45
let preferred
Lehigh Valley Coal Sales. 60
100 41
10
25 preferred
72
6
44
8 5
Otte Elevator common .100
1 161 7
1.00
7
United Lt& Rye corn__ _100 28 30
Preferred
1st preferred
Remington Typewriter100 55 58
its) 21
13
23
Western Power oommon 100 11
Common
100 90 95
100 49 51
Preferred
lot preferred
100 78 7812
25 preferred
king Pow Ooln 100 118 123
n..6
lba
Bowl
,
te
100 90 93
100 155 159
T
Sieuxse
PraeMC
100. 800 000
fo
g al & OH
•
•
'Per share. 4 Basis. 4 Purchaser also pays accrued dividend. • New stook.
I Flat price. n Nominal. s Ex-dividend. y Ex-rights. (1) Without par value.
[VOL. 107.
THE CHRONICLE
1092
butestutent anei Alaikoraci
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
•
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Alabama & Vicksb_ August
201,750 178,326 1,461,033 1,311,862
Ann Arbor
97,212 2,101,878 2,099,177
4th wk Aug 100,616
Atch Topeka & S Fe July
14897206 11690820 87,319,566 78,889,003
Gulf Colo & S Fe July
1,569,782 1,426,017 10,443,195 9,453,090
Panhandle & S Fe July
498,841 623,936 3,350,495 3,893,318
Atlanta Birm & Atl July
418,539 325,935 2,423,308 2,221,749
928,702
Atlanta & West Pt.. July
220,388 135,956 1,325,341
July
Atlantic City
477,324 496,692 1,978,178 1,698,912
Atlantic Coast Line July
4,945,137 3,141.755 31,171,372 25,262,998
926,429
Atlantic & St Lawr_ June
986,133
197,384 122,364
Baltimore & Ohio July
17674458 11920443 86,666.074 73,090,791
B &0 Ch Per RR July
189,446 171,459 1,011,222 1,151,638
Bangor & Aroostook July
374.150 269,653 2,607,201 2,664,900
Belt By of Chicago_ July
385.393 325,734 2,209,736 2,213,236
Bessemer & L Erie_ July
1.719.599 1,549.713 6.707,515 6,418.850
Bingham & Garfield July
360.848 280,867 1,958,761 1,793,724
663,708
Birmingham South_ July
921,098
212,227
95,015
Boston & Maine... July
6,900.939 5.217.679 37,151,596 33.267.298
Buff Roch & Pittsb_ 1st wk Sept 353,825 342,632 12,223,814 10.280,049
977.012
Buffalo & Susq RR.. July
205.056 146,701 1,284.058
Canadian Nor Syst_ 1st wk Sept 901,000 715,800 29,167,500 27,579,100
Canadian Pacific 1st wk Sept 3,053,000 2,666,000 98,858,883 98,132,646
Caro Clinch & Ohio July
441,666 302,880 2,498,346 2,290,496
Central of Georgia.. July
1,765,420 1.342,540 11,316.515 8,519,313
Central RR of N J_ July
4,842,290 3,397,293 23,928,463 20,956,713
Cent New England.. July
629.262 426,116 3,392,272 3,144,351
July
Central Vermont
468,066 389,862 2,801,011 2,503.383
Charleston & W Car July
234,677 180.234 1555.228 1,258.467
Ches & Ohio Lines_ July
6,972.840 4.441,551 37,013,814 30,473,764
Chicago & Alton.. July
2.362,867 1,780,238 12,481.61811,511,100
Chic Burl & Quincy July
13325718 10110005 75,423.31468,979,208
748,485
Ch Det & C G Trk_ July
800,805
163,436 122,207
Chicago & East Ill_ July
2,599,950 1,813,348 13,850,186 11,860,667
Chicago Great West July
1.712,830 1,378,105 10,123.320 9,212,982
Chic Ind & Louisv. July
1.087,873 747.272 5,661.080 5,139,500
Chicago June RR July
336,878 262,283 2,068,175 1,869374
Chic Milw & St P July
12599858 10195754 67,671,988 62,478,111
Chic & North West July
12888465 9.474.420 64,747.985 59.278,225
Chic Peoria & St L.. July
8,875,684 6,929.530 52,706,666 47,270.289
Chic R I & Pacific_ July
196,480 163,573 1,234,512 1,206,951
Chic R I & Gulf July
322.958 283,919 2,447.914 2,122.321
Chic St P M & Om_ July
2,312,485 1.783.627 12.965.344 11,653,073
Chic Terre H & 8 E July
555,285 334,131 2.548.645 2,065,115
Cin Ind & Western.. July
265,986 212,388 1,716,205 1,561,597
748,567
764,182
July
Coal & Coke
121.609 113,607
Colorado Midland_ June
792,472
123,838 117.429
Colorado & South 1st wk Sept a235,356 a196,601 a8,187,106 07,214,157
Ft W & Den City July
585,978 511,340 4,097,929 3,434,365
531,711
637,828
Trin & Brazos Val July
68,969
93.057
705,728
Colo & Wyoming July
634,231
93,439
97,791
647,887
Crip Crk & Col Spgs July
546,700
36,602
84,312
June
Cuba Railroad..
1,063.018 815,773 7,093,581 3,286,184
Delaware & Hudson July
3,334.144 2,700.505 18.459,351 16,684,310
Del Lack & West July
6,447,132 4,939.157 36,295,569 32,677,726
Deny & Rio Grande July
2,446.227 2,105,132 15,965,472 15,595,437
Denver & Salt Lake July
260.530 215.806 1.137.788 1,113,387
Detroit & Mackinac 4th wk Aug
870,194
938.341
48,299
35,537
Detroit Tol & Iront July
377,254 252,341 1,586,334 1,675,407
Det & Tol Shore L.. July
156.143 157.526 1,102,537 1,093,347
Duluth & Iron IL.... July
1,692,531 1,033,375 4,499,385 3,295,046
Dul Missabe & Nor July
3,975,900 2,250,666 9,567,786 6,415,351
Dul So Shore & AU_ 4th wk Aug 250,395 161,090 2,979,310 2,858,808
Duluth Winn & Pac July
977,033 1,283,310
128,106 160.594
East St Louis Conn July
590,488
597,295
99,877
91,933
Elgin Joliet & East_ July
2,097,872 1,445,755 10,159,607 9,085,195
El Paso & So West.. July
1,270,027 1,084,939 8.581,990 8,343,225
July
Erie
7.950.515 6.318.186 44,038,598 39.715.590
Chicago & Erie_ July
1,001.585 809,901 5,549.899 5.018,013
Florida East Coast.. July
588.004 525,803 5.618.542 5,389,090
616,952
607.305
Fonda Johns & Glov July
97,963
96,205
Ft Smith & Western July
695,882
571,454
97,756
83.406
519,386
598,234
Galveston Wharf__ June
73.947
69.540
Georgia Railroad__ July
634.562 291.779 3,377,238 2,033,753
Grand Trunk Pac__ 1st wk Aug
99,207 118.728 3,394.785 3,178,534
Grand Trunk Syst_ 1st wk Sept 1,346,536 992,613 47,060,670 42,074,781
Grand Trunk By 1st wk Aug 1,237,190 1,055,261 33,070,967 30,005,261
Grarld Trk West_ July
1,051,756 856,801 5,332,557 5,549,902
Det G II & Milw_ July
265,944 274,888 1,759,411 2,015,444
Great North System July
9,281,590 8.200.256 48,339,016 48,202.743
Gulf Mobile & Nor.. July
200,069 226,792 1,318,564 1,247,279
Gulf & Ship Island_ July
274.014 210,246 1.489,820 1,184,034
Hocking Valley__ July
1.548,034 1.031,618 6,726,090 5.747,818
Illinois Central_ _ _ _ July
10654111 7.334,961 58.175,231 48,954,124
Internet & Girt Nor July
1,042,560 886.139 7,277,122 6.526,583
669,022
686.494
Kan City Mex & On July
115.740 113,076
550.160
K 0 Mex &0 of Tex June
92.227 119.6711 498.893
Kansas City South_ July
1.118,610 1,000,164 8.334.875 4.887,812
630.323
Toxark & Ft Sm.. July
681,355
101.987 102,153
557,812
Kansas City Term.. June
575,883
107,593
91,135
Lehigh & Hud Riv_ July
255.063 192.544 1,284,290 1,298,918
Lehigh & New Eng_ July
471,175 344.695 2,223,777 2.044,703
July
Lehigh Valley
6,730,464 4.958.932 33,925,985 30,394,749
Los Ang & Salt L July
1,327,585 1,009.787i 7,887,140 7,298,936
Louisiana & Arkan_ June
695,411
127.065 133.8481 850.013
Louisiana By & Nay July
286,162 182,727 1,667,681 1,266,762
Louisville & Nashv_ July
9,508,722 6,576.474 52.503,516 42,472,815
July
Lou Hend & St
230,812 195.218, 1.490.005 1.232,335
July
Maine Central
1.684.843 1.212,3821 8.753,001 8.037,072
Midland Valley....._ July
292.907 270,2471 1,891,394 1,593.122
Mineral Range.._ _ _ 4th wk Aug
797,621
42,378
33,422
747,142
Minneap & St Louis July
988,856 924,960 6,354,275 6,065,835
Minn St P & S SM.. July
3,243,999 3,230,802 16,781,587 19,231,709
Mississippi Central.. July
148,207
71,673: 718.944
449,344
Missourian & Tex,July
2.939.907 2.152,045 17.132,226 14.255.920
MoK&T Ry of Tex1July
1,775.074 1,258.95810,524.844 8,286,056
Mo & North Arkan'July
795.997
126,218 113,4701 809,041
,
Mo Okla & Gulf__..1July
1.081,597
Missouri Pacific.... July
7,727,501 6.554.948147,826,455 44,083.550
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
July
299.928 181,738 1,648,246 1,229,615
Monongahela
245,127 130,386 1,302,331 1,118.385
Monongahela Conn. July
2,119,002 1,194,500 11,173,656 8,310,176
Nashv Chatt & St L July
225,287
171,760
16,432
8,982
Nevada-Cal-Oregon 4th wk Aug
Nevada Northern... July
216,345 208,149 1,429,331 1,387,897
92,624
149,394
Newburg & Sou Sh_ July
226,939 195.747 1,234,528 1,029,425
New Orb Great Nor_ July
580,690 372,295 3.457,683 2,667,171
New On & Nor East July
786,084
119,400 121,703 1,167,346
N 0 Tex & Mexico_ July
549,455
827,017
71,146
Beaum S L & W_ July
83,938
St L Browns & M July
343,165 239,835 2,153,756 2,314,237
26282974 21192032 149012328 133672145
New York Central.. July
Boston & Albany April
2,045,392 1.872.719 6.997,425 6.755.467
898,560 679,634 4,982,975 4,696,213
Lake Erie & W._ July
Michigan Central July
6,450,467 4,300,696 35,809,134 29,246,620
7,084,144 4,462,951 36,385,712 29,040,302
Cleve 00 & St L July
Cincinnati North. July
269,125 203,574 1,435,222 1,324,089
Pitts & Lake Erie July
3,265.198 2,352,774 17,245,208 14,189.427
1.189,991 791,687 5.199,030 4,200,872
Tol & Ohio Cent.. July
Kanawha & Mich July
653,017 325,361 3,014,379 1,965,164
NY Chic & St Louis July
1,994,332 1.450,494 11,062,683 9,636,993
NYNH& Hartf July
10048099 7,294,550 54.581,09948.444.227
N Y Ont & Western July
1.314,416 958.072 6,090.513 5,067,709
N Y Susq & West... July
344,724 316,830 2,193,415 2,065,908
Norfolk & Western_ July
7.731,013 5,821,890 42,700,441 36,623,829
Norfolk Southern July
508,532 428,294 3,144,887 3,119,801
Northern Pacific.- July
8,475,040 7,658,428 50,498.274 49,806,751
661,035
644,243
85,123
Minn & Internat. July
107.079
649,844 504,250 3,050,059 2,616,277
Northwest'n Pacific July
Pacific Coast Co
June
239,267 338.059
Pennsylvania RR July
37836003 25747219 189204651 163778173
621,941
659,080
Bait Ches & Atl_ _ July
177,744 154,555
524,562 466,342 2.784,518 2,755,964
Cumberland Vail. July
Long Island
July
2,734,092 1,870,347 12,113.878 8,934,255
510,062
495,266
Mary'd Del & Va July
139,603 108,135
N Y Phila & Norf July
787,518 576,112 3,855,864 3,069,744
W Jersey & Seasn July
1,291,458 1,072,328 5,266,033 4,610,793
Penn Western Lines July
10094822 7388,125 47,838,130 43,682,559
Grand Rap & Ind July
733,402 576,335 3,862,489 3,648,350
Pitts 00 & St L.. July
8,898,933 6,445,727 46,049,901 42,100,940
Penn SystemLines East
May
34178634 28200869 137033977 126673981
Lines West
May
15109 144 14030 228 62,878.383 61,431.347
May
Lines E &
49287 779 42231 098 199912360 188105 327
695,922
725.882
112,575 105,007
Peoria & Pekin Un_ July
Pere Marquette..__ July
2.673,972 1.902.563 14.867,616 13,315.651
657.245
753,926
Pitts & Shavrmut_ July
136.095 100,622
720,822
97,618
Pittsb Shaw & Nor_ July
120,788
782.080
Pittsb & West Va__ July
208,591 140,463 1,065.307
July
Port Reading
255,032 172,428 1,301,753 1.099,610
Reading Co8,836,862 5,692.192 44,409,406 38,046,834
Phila & Reading_ July
4.543.357 4,175,608 21.411.789 18.757.138
Coal & Iron Co._ May
11462818 10062833 50,263,813 45.511.853
Total both cos_ _ _ May
Rich Fred & Potom June
642,089 430,967 2.844.886 2.374,740
Wash Southern.... July
314,677 212,055 1,896,283 1,398,028
July
396.406 375,836 2,496,163 2,439.775
Rutland
235,177 182,378 1,526,908 1,376,276
St Jos & Grand Isl.. July
St Louis-San Fran_ July
6,510,177 4,855,413 36,671,345 31,462,677
486,617
79,427
614,563
Ft W & Rio Gran July
94,489
661,246
92,894
833,662
112,183
St L 8 W of Texas July
St Louis Southwest 2d wk Aug 410,695 314,072 11,918.858 9.961,501
St L S W of Texas July
687,546 449.888 3,846,319 2,933,035
353,150 340,738 2,261,959 2,118,096
San Ant & Ar Pass_ July
Seaboard Air Line July
3,470,525 2,117,441 20,908,487 17,153,761
750,194
900,111
South Buffalo
July
139,684
88,055
Southern Pacific..._ July
14064272 11165053 80,964,418 71.703,997
398,827 321,887 2,578,392 2,674,056
Arizona & East._ July
Galv Hous & S A_ July
1,826,768 1,453,231 11,767,440 10,915,350
Hoes & Tex Cent July
732,137 594,720 4,868,105 4,192,430
Hous E & W Tex.. July
138,551 141.240 1,114,754 1,025,973
397,522 260,153 2,412,200 1,914.155
Louisiana West July
Morgans La & Tex July
703,376 497,431 4.499,6293.665,564
Texas & New Orb July
663,608 507,095 4,190,812 3,487,675
Southern By Syst July
12362233 7,269,592 66.496.843 48.724.147
Ala Great South_ July
847,477 605,747 4.751,923 3,886,610
Cin N 0 & Tex P July
1,453,328 1,113,427 8,057,446 7,426.913
New Orb & Nor E July
580,690 372,295 3,457,683 2,667,171
Mobile & Ohio July
1,353,270 1,148,904 8,038,856 7,791,188
290,026 213,408 1,974,823 1,573,723
Georgia Sou & Fla July
663.277
South Ry in Miss July
107,460
730,595
99.190
564,179
503,549
Spokane Internat'l_ July
80,657
95.870
Spok Port & Seattle July
738,963 645,712 4,544,909 3,765.975
Staten Island R T.July
980,091
865.995
216,965 159,631
Tenn Ala & Georgia 4th wk Aug
86,079
83,526
6.136
4,183
993,165
Tennessee Central_ July
304,116 138.757 1.540,463
Term Assn of St L._ July
316,852 322.767 2.062,252 2,242,842
334,076 251,624 1,942,049 1,744.366
St L Mer Edge T July
Texas & Pa.cffic
July
2,266,304 1,692,334 13,915,574 12.235,569
Toledo Poor & West July
152,397
98,788
850,997
726,165
Toledo St L & West July
783,920 644,543 4,346,837 3.935,836
Ulster & Delaware.. July
136,246 124,866
550,505
556.116
July
8.732,058 6,439.189 48.760,658 40,267.761
Union Pacific
Oregon Short L July
2,873,405 2,469,824 18,028,712 16.947.199
Ore-Wash RR&N July
2,330,270 1,813,784 13,959,017 12,238.025
Union RR (Bait).. March
178.987 173.599
482.099
476.971
Union RR (Pa).
July
781,801 595,388 3,631,410 3',230,239
July
129,024
Utah
731,303
Vicks Shrev & Pax_ August
202,432 172,053 1,546,348 1,307,635
July
Virginian RR
1,175,053 903,463 6,242,709 5,964,141
July
Wabash RR
4,781,053 3.370.503 24,641.083 22,653.640
Western Maryland_ July
1,415,524 1,208,962 8,046,491 7,527,940
Western Pacific_
July
1,042,517 820,588 6,024,795 5,267,668
Western By of Ala.. July
183,718 127,365 1,319,203
871,715
Wheel & Lake Erie.. July
1,559,024 1,100,618 7,091,764 5,802,447
548,883
Wich Falls & N W.July
81,395
76,909
581.126
Yazoo & Miss Vall_ July
1,914,784 1.474,800 11,669.005 9.628,579
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
41 Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease. , %
$
Mileage.
Cur. Yr. Prey. Yr.
$
$
3d week June (21 roads)._ 11.307.025 10.285.268 +1,021,757 9.93 September_ _ 245.148 243.027 364.880.086 330.978.448 +33,901.638 10 24
4th week June (20 roads).-- - 14.504.177 13.642.174
+862,003 6.32 October .__ .247.048 245.967 389.017.309 345.079.977 +43.937.332 12.73
1st week July (18 roads).- 9,109,887 8.722.454
+387.433 4.44 November...242.407 241 ,62I 360.062.052 326,757.147 +33.304.905 10.19
2,1 week July (17 roads)____ 9.723.974 8.778.251
+945,720 10.77 December. _247,988 247.265 343.876,052 317.830.386 +26.038.666 8.18
3d week July (19 roads).- 9.777.522 8.935.100
+842.422 9.43 January._240,046 239.885 282.394.665 294,002.791 -11.608.128 3.95
4th week July (11 roads).- 8.715.679
. . . - +742.514 8.17 February___230.336 228.835 362.761,238 312.276.881 +50,484.357 16.22
238.891 237.463 285.776,203 260.627.752 +25.148.451 9.65
766,871 15.19 March
1st week Aug (12 roads)._ 5.812.844 5.045.973
233.734 232.255 369.409,895 319.274.981 +60.134.914 15.70
2d week Aug (15 roads)____ 6,168.850 5.610,287
+565,260 9.96 AprIl
803,708 15.17 May
230,355 228.892 374.237.097 342.146,096 +32,091.001 9.38
3d week Aug 14 roads)____ 6.102.758 5,299,050
4th week Aug 14 roads)_-__ 9,306,598 7,916,611 +1,389.987 17.56 June
220.303 219.294 363.165.528 323,163,161 +40.002.412 12.38
1st week Fleet 8 roads)____ 5.889.717 4.918.646
4-979.071 19.86 July
231.700 230,570 463,684,172 346,022,857 +117661315 34.00
a Method of reporting changed figures are now for the Colorado & Souther Railway Company only.
THE CHRONICLE
SEPT. 14 1918.1
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 8 roads and shows 19.86%
increase in the aggregate over the same week last year.
First Week of September.
1918.
$
1917.
Increase. Decrease.
$
$
$
353,825
342,632
Buffalo Rochester & Pittsburgh.
715,800
901,000
Canadian Northern
3,053,000 2,666,000
Canadian Pacific
196,601
235,356
Colorado & Southern
Grand Trunk of Canada992,613
1,346,536
Grand Trunk Western
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
11,193
185,200
387,000
38,755
5,889,717 4,913,646
976.071
Total (8 roads)
-ram. 1.,....n.. 110•RAOLl
353,923
For the fourth week of August our final statement covers
14 roads and shows 17.55% increase in the aggregate over
the same week last year
1918.
Fourth Week of August.
$
1917.
$
Increase. Decrease.
$
Previously reported (8 roads)__ 8,849,792 7,568,735 1,281,057
100,616
97,212
3,404
Ann Arbor
48,299
35,537
12,762
Detroit & Mackinac
250,395
161,090
89,305
Duluth South Shore & Atl
42,378
33,422
8,956
Mineral Range
16,432
8,982
Nevada-California-Oregon
4,183
6,136
1,953
Tennessee Alabama & Georgia_
9,306,598 7,916,611 1,397,437
1.389.987
Total (14 roads)
Nnt. inernnyan 117_MI0Z,1
$
7,450
7,450
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give .the July figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplementforfull details regarding the July resultsfor all the separate
companies.
In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the "Railway Earnings"
Section is devoted. We also add the returns of the industrial companies received this week.
The not earnings in all cases are before the deduction of
taxes.
-Gross Earnings---Net Earnings-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Roads.
221,432
Alabama & Vicksburg_ _July
168,095
54,651
1.304,982 1,125,672
Jan 1 to July 31
233,513
July 477,324
Atlantic City
496,691
204,742
1,978,178 1,698,912
Jan 1 to July 31
399,705
Bait & Ohio Chic Torm_July 189,446
171,459 def27,863
1,011,221 1,151,638 def430,355
Jan 1 to July 31
Bingham & Garfield_ _ _ _July 360,848
280,866
200,103
1,958,761 1,793,724
Jan 1 to July 31
928.176
Chariest & West Caro_ _July 234,677
180,234
51,822
1,555,228 1.258,467
Jan 1 to July 31
309,635
Chicago & East Illinols_July 2,599,949 1,813,348
795,656
13,850,186 11,860,667 1,305,120
Jan 1 to July 31
122,207
Chic Det Can Gr Tr Jc _July 163,436
77,873
800,805
748,485
Jan 1 to July 31
44,271
-Chic Burl & Quincy_ ___July13,325,718 10,110,004 4,741,298
75,423,314 68,979,208 15,302,112
Jan 1 to July 31
Chicago R I & Pacific_July 8,875,684 6,929,529 2,262,233
52,706,666 47,270,288 7,583,253
Jan 1 to July 31
July 265,905
212.388
•Cin Ind & Western
8,259
1,716,205 1,561,598
Jan 1 to July 31
34,448
93,439
•Colorado & Wyoming..__July
97,790
26,567
634,231
705,728
Jan 1 to July :31
161,158
274,888
Dot Gr Hay & Milw_ _ _ _July 265,944
defl,062
1,759.411 2,015,443 def158,854
Jan 1 to July 31
160,593
Duluth Win & Pacific_ _ _July 128,105
508
977,033 1,283,310
Jan 1 to July 31
95,497
'Grand Trunk Western_ _July 1,051,756
856,801
144,400
5,332,557 5,549,901
Jan 1 to July 31
149,354
Louisiana Ry & Nav_ _July 286,162
182,726
91,888
Jan 1 to July 31
1,667,680 1,266,671
362,492
Minn St P & S S M
July 3,243,999 3,230,802
932,446
Jan 1 to July 31
16,781,587 19.231.709 1,203,411
New On & Northeastern.July 580,690
372,295
160,232
Jan 1 to July 31
3,457,682 2,667,172
847,117
Port Reading
July 255,032
172,427
104,561
Jan 1 to July 31
1,301,752 1,099.609
307.492
Philadelphia & Reading_July 8,836,862 5,692,192 3,698,105
Jan 1 to July 31
44,409,406 38,046,834 8,384,305
-Staten Island Rap Tran_July 216,964
159,631
23,175
Jan 1 to July 31
865,995
77,116
980.091
Vicks Shrove & Pacific...July 225,674
51,298
149,872
Jan 1 to July 31
1,397,183 1,128,954
318,013
Richmond-Washington SystemWashington South_ _ _July 314,676
118,084
212.055
Jan 1 to July 31
1,896,282 1,398,028
811,065
54,078
291,061
242,521
430,216
14,414
1,755
183,283
1,076,628
58,908
387,095
373,853
2,561.719
24,721
104,596
3,240,737
24,117,679
1,599,579
11,188,692
45,015
346,959
37,155
284,719
7,002
118,040
25,993
387,533
218,482
1,230,758
40,763
313,113
1,242,960
6,494,220
98,035
872.099
65,793
328,153
1,799,498
12,265,069
63,908
204,119
46,649
357,096
109,731
668,125
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Alabama Power Co-- July
Amer Power & Lt Co June
Atlantic Shore Ry_ July
Bangor By & Electric July
'Baton Rouge Elec Ry July
Blackstone V G & EL July
Brazilian Trac, L & I' July
Brock & Plym St Ry_ June
Bklyn Rap Tran Syst May
'Cape Breton Elec Co July
Cent Miss V El Prop.. July
Chattanooga By & Lt July
Cities Service Co..-- July
Cleve Painesv & East July
Q Columbia Gas & El June
Columbus(Gs) El Co July
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
$
262,596 174,952 1,615.508 1.127,282
1029,205 860,265 6.410.710 5.541.570
20.097 23,326
98,600
152,547
77,978 71.350
519,099
487.735
21,578 19,993
147,822
132,692
201,055 155,180 1,332,306 1,109,310
19465000 17795000 159158,000 152441,000
9,918 11,103
48,849
54,614
2761,039 2607.401 12.466,574 12,201.995
44,532 40,500
278,459
252,462
28.981 26,196
190,036
173,802
145,541 139.345 1,010,368
714,164
1789,252 1365,312 13,265,501 10,186,108
57,657 56,773
313,850
300,094
783,150 762.992 6,096,573 5.707.430
321.505 320.953
2.445 3R7 1 94n eon
1093
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Colum (0) Ry,P & L June
Com'w'th P By & Lt July
ConnecticuePower Co July
Consum Pow (Mich)_ July
Cumb Co(Me)P & L June
Dayton Pow & Light July
g Detroit Edison__ __ July
aDetroit United Lines July
Duluth-Superior Trac July
East St Louis & Sub.. July
Eastern Texas Elec__ June
El Paso Electric Co__ July
a Federal Lt & Trac__ June
Ft Worth Pow & Lt.. July
Galv-IIous Elec Co__ July
Georgia LtPow & Rys June
Grand Rapids By Co July
Great West Pow Syst May
Harrisburg Railways. June
Havana El Ry,L & P July
Honolulu R T & Land June
Houghton Co El Co.. July
Houghton Co Tr Co_ July
b Hud St Manhat RR May
Illinois Traction.... July
Interboro Rap Tran_ May
Jacksonville Trac Co July
Keokuk Electric Co.. July
Key West Electric Co July
Lake Shore Elec By.. July
Lewist Aug & Watery July
Long Island Electric_ May
Louisville Railway... May
Manhat Bdge 3c Line May
Milw El By & Lt Co.. July
Milw Lt, Ht & Tr Co July
Nashville By & Light July
Newp N&II Ry.G&E July
Nevada-Cal El Corp_ July
N Y & Long Island__ May
N Y & North Shore__ May
N Y Sr Queens Co_ _ May
New York Railways _ May
Niag Lockp't & Ont.. June
Northampton 'frac_ April
Northern Ohio Elec_ June
North Texas Electric June
Ocean Electric (L I)_ May
Pacific Gas & Electric May
Pacific Pow & Light_ July
g Paducah Tr & Lt Co July
Pensacola Electric Co July
Phila Rapid Transit_ July
Phila & Western.. _ _ _ May
Portland Gas & Coke July
Port(Ore)Ry,L&PCo. July
Porto Rico Railways_ July
g Puget Sd Tr, L & P June
pRepublic Ry & Light July
Richmond Lt & RR_ May
St L Rock Mtn & Pac July
Santiago El Lt & Tr.. June
Savannah Electric Co July
Second Avenue (Rec) May
Southern Boulevard May
Southern Cal Edison_ July
Staten Is! Midland__ May
Tampa Electric Co__ July
Tenn By, Lt & P Co July
Texas Power & Lt Co July
Third Avenue Ry_ May
DDEB&BRR_May
42dStM&StNA Ry May
Union RyCo(NYC) May
Yonkers Railroad.. May
N Y City Inter Ry May
Bolt Line By Corp.. May
Third Avenue System July
Twin City Rap Tran_ July
Virginia By & Power_ July
Wash Bait & Annap_ June
Westchester Electric.. May
July
York Railways
Vnlinamtnorn Ar. (Thin
Tuna
-
Current
Year.
Previous
Year.
Jan.
1 to Latest Daat.
Current
Year.
Previous
Year.
$
$
$
$
349,168 311,975 2,124,532 1,919,346
1793,536 1586,891 12,132,535 10,859,627
78,499 68,636
484.245
540,125
519,544 443,626 3,573,081 3.199,885
278,214 244,435 1,466.691 1.406.983
175,829 129,772 1,297,154 1,028,162
1029,512 877.283 7,722,345 6.874.787
1680.380 1557,665 10.693,170 10,110,586
142,904 140.740
903.179
989,566
377,497 314,202 2,293,437 2,058,696
102,080 80,026
458,067
538.121
99,958 103,172
730,202
744,877
271.226 206.827 1,728.476 1.345.732
100,550 79,980
251,824 175,144 1,489.020 1,115,108
95,163 81,960
589,417
509.480
109,280 113,390
758,634
736,752
339.755 323.929 1,727.952 1.637.440
117,572 99.664
623,768
560.149
694,089 575,442 4,614,173 3.826.484
67.737 60.182
346,942
348.658
30.779 29,667
235,603
240.310
29,510 31.927
194,114
202,187
421,724 366.582 2.073,755 1.858,718
1189,276 1073,653 8,283,416 7,563.113
3524,432 3511.496 17.539.100 17.585.883
71,731 54,322
399,878
500.717
23,086 21,442
148,738
139.045
18.423 12,092
79.666
106,028
220,269 171,234 1,179,111
985,156
94,087 99,449
498,716
480,889
19,131 21,111
88.297
80,330
326.156 268.675 1.465,288 1.271.788
12.417 10.542
50.817
57,575
700,671 614,717 5.021,413 4,497.725
281.950 210.455 1,598.631 1.232.512
248.491 197,671 1,560.222 1,400,846
204,947 125,358 1,149,795
679,005
211.603 219,461 1.285,688 1.149.974
40.928 36,654
166.154
159,837
13,618 14,525
54.141
60,954
83.921 97,584
490.349
358,846
1017,842 1045,802 4.679.714 5,042.054
251,264 192,839 1.497,502 1.134.729
70.687
17.678 17.334
68.193
593.513 527.232 3.468,309 3.121.605
259,163 179,406 1,560.931 1.064.226
11.854 10.134
36,896
34.856
1696.260 1568,814
154,809 139.597
26,548 25,180
175,695
178,254
44,388 32.947
270.142
191,643
2726,263 2437,394 18,139,755 17,133,862
52.109 47.778
144,119 117,812
659,379 511,624 4,317,018 3.374,684
87,255 84,791
594,001
529.771
939,382 755.872 5,608,092 4.549.689
453.489 388,002 3,261,633 2,617.469
39,705 36,881
563,598
167,111
468,150 326,752 3,016,546 2,111,152
55.718 47.040
325.078
266.990
97,977 78,073
653.205
530.038
77,890 69.222
312,004
313.010
18,639 18,841
83.010
86.764
807,210 719,114 4.366,489 4,560,011
25,600 29.128
104.205
122,195
86,826 78,624
604.106
593.574
533,025 471,941
234,491 185,971
330,733 350,327 1,593,223 1,705,118
40,461 37.730
189,439
180,225
149,763 150,474
658,863
715.193
237,919 250,676 1,047,046 1.165.959
72.069 72,489
323.046
315,513
60.725 64,502
280,371
307.661
54,282 60,290
250,417
287,556
888,579 983,315 3,907,722 4.187,820
816,958 858.177 5,664,531 6,034,122
706.809 561.753 4,580,007 3,628.567
242.955 93.503 1.199.668
494,989
50,632 44,570
217,32.
204.998
86,586 83,717
R2.A75
29.22R
1g4 MI5
lAR g71
a Now covers only the lines east of York Beach. Me.: in the first four
months of 1917 covered also the lines west of York Beach, Me. b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in mike's. g Includes constituent companies.
Electric Railway and Other Public Utility Net Earnings.-Tho following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Brazilian Tract Lt & Pw.Julyc9.465,000 c7,795,000 rc5,063,000 c3.849,000
Jan 1 to July 31
c59,158,000c52,441,000c29,765,000c28,251,000
Colorado Power Co_ __ _July 103,548
94,629
58,087
51,229
July 1 to July 31
1,262,294 1,136,194
725,148
628,855
Northern States Power-July 612,644
528,481
285.062
274,677
C
Gross
Net after
Earnings.
Taxes.
$
77,978
71,350
917,483
861,585
118,758
190,317
1,896,611
Bangor (Me) Ry & July '18
Elect
'17
12 mos '18
'17
Caddo Oil & Ref July '18
(Shreveport La)
'17
12 mos '18
'17
Chattanooga Ry & July '18
145.541
139,345
'17
12 mos '18 1,558,279
'17 1,337,254
Cleveland Painesv July '18
57,656
& Eastern RR
56.773
'17
7 mos '18
313,849
'17
300.093
Commonw'Ith Pow July '18 1.793,536
'17 1.586,891
By & Lt(Mich Ill
Ind Oh & Wisc)12 mos'18 20,996,644
'17 18,355.019
Columbus (0) By July '18
321,805
'17
320,953
Pow & Lt
12 mos '18 4,230,224
'17 3.781,218
Consumers Power July 18
519,544
'17
443,626
(Michigan)
12 mos '18 6,148.565
'17 5.324,894
$
29,153
30.028
370,480
370,868
48,337
59,620
655.488
Fixed
Charges.
$
19,884
18,794
235,094
222,633
11,604
12.500
142,910
Balance,
Surplus.
9.269
11,234
135,386
148,235
36,733
47,120
512,578
32,017
30,062
def1.955
48.772
29,835
18,937
179,157
369.556 def190,399
404,879
357,145
47,734
11,772
21,644
9,872
23,233
11,439
11,794
80,711
101.965
21,254
82,007
113,993
31,986
575,171
506,737
68,434
628,400
445,263
183,137
7,009,359 5,709.642 1.299,717
7,581,262 5,138,542 2.442,720
102,139
56,166
45,973
80,579
47,540
33,039
1,166,707
624,337
542,370
1,240,018
535,959
704.059
211,416
116.719
94,697
187,088
78.389
108,699
2,589,837 1,163.592 1,426.245
2.489,563
907,979 1,581,584
THE CHRONICLE
1094
•
Cornyanies.
Cumberld Co Pow July '18
& LI (Portland Me) '17
12 mos '18
'17
July '18
East St Louis &
'17
Sub 0
12 mos '18
'17
Grand Rapids Rye July '18
'17
12 mos '18
'17
avana Elec By, July '18
Light Ez Power
'17
7 mos '18
'17
Huntington Devel July '18
& Gas
'17
12 mos '18
'17
Lake Shore El By.. July '18
'17
7 mos '18
'17
Lewiston Augusta July '18
& Waterville St Ry '17
12 mos '18
'17
Nashville By & Lt July '18
'17
12 mos '18
'17
Nevrp N & Hamp_ _July '18
Roads By, G & E
'17
7 mos '18
'17
Portland By Light July '18
Sc Power
'17
12 mos '18
'17
St Louis Rocky
July '18
Mtn & Pac
'17
7 mos '18
'17
Tennessee Power
July 1'8
'17
12 mos '18
'17
Tennessee By Lt
July '18
& Power
'17
12 mos '18
'17
Gross
Earnings.
313,326
308,571
3,146,389
3,019,819
377,497
314,202
3,927,213
3,418,246
109,280
113.390
1,281,980
1,302,532
694,089
575,442
4,614,173
3,826,484
75,470
41,936
888,902
533.877
220,269
171,234
1,179.111
985,156
94,087
99,449
880,545
861,823
248,491
197,671
2,617,697
2,430,215
204,947
125,358
1,149.795
679,005
659,379
511,624
6,965,845
5,727,598
468,150
326,752
3,016,546
2,111,152
197,650
168,681
2,065,956
1,891,743
533,025
471,941
5,612,651
5,190,503
Net after
Taxes.
119,563
124,835
976,607
1,036.440
106,562
95,187
1,064,383
1,244,658
25,335
37,493
331,553
434,525
372,306
324,224
2,508,063
2,170,711
35,918
23,560
429,430
310,034
80,116
64,993
327,393
313,851
26,360
36,756
138,797
224,053
87,556
66,190
942,239
894,538
55,805
52,872
324,999
259,728
243,710
232,581
2,647,652
2,633,683
109,013
88,358
781,694
622,560
74,324
67,268
765,472
729,200
194,510
184,749
1,017,240
2,043,841
Fixed
Charges.
Balance,
Surplus.
48,220
71,342
58,012
66,823
125,451
851,150
223,937
812,510
39,117
67,445
30,430
64,757
260,078
804,305
475,667
768,991
5,995
19,340
21.145
16,348
101,679
229,874
226,209
208,316
140,073 z240,703
146,616 z193,133
960,060 z1,636,823
1,105,490 z1,156,404
15,987
19,931
16,236
7,324
234,662
194,768
182,419
127,615
36,082
44,034
35,120
29,873
253,111
74,282
72,687
241,164
19.703
6,657
21,186
15,570
206,367 def67,570
185.042
39,011
40,372
47,184
24,847
41,343
453,656
488,583
398,467
496,071
x36,270
20,620
20,812
z32,591
143,030 z187,007
143,978 z117,458
190,901
52,809
177,586
54,995
478,637
2,169,015
2,169,583
464,100
20,446
88,567
20,686
67,672
144,175
637,519
146,061
476,499
52,616
21,708
14,679
52,589
630,757
134,715
190,241
538,959
53,790
140,720
47,427
137,322
1,657,771
.259,469
504,628
1,539,213
x After allowing for other income received.
United Gas & Electric Corporation.
Gross.
Net after
Fixed
Earnings.
Taxes.
Charges.
Citizens Gas &
July '18
25,918
Fuel Co(Ter H,Ind) '17
23,476
12 mos '18
310,848
284,410
'17
Colo Springs Lt,
July '18
51,330
Hi & Power Co
'17
44,301
12 mos '18
591,549
558,318
'17
Columbia (Pa)
July '18
3,762
Gas Co
'17
3,130
35,230
12 mos '18
28,885
'17
Conestoga Trac Co July '18
115,174
(Lancaster, Pa)
112,007
'17
12 mos '18 1,229,763
'17 1,172,072
Consurn EL&P Co July '18
30,480
Orleans,
(New
La)
'17
29,129
12 mos '18
379,819
362,621
'17
Edison Electric Co July '18
62,628
(Lancaster, Pa)
'17
53,909
12 mos '18
760,960
'17
672,947
Elmira (N Y) W L July '18
113,670
& RR Co
94,735
'17
12 mos '18 1,332,839
'17 1,237,307
Harrisburg Lb &
67,645
July '18
Power Co
57,169
'17
12 mos '18
969,338
842,714
'17
Houston Gas &
July '18
45,016
Fuel Co
'17
40,699
12 mos '18
634,634
563,771
'17
Houston Heights July '18
2.533
W & L Assoc'n
2,677
'17
31,710
12 mos '18
28,739
'17
Internat System
July '18
723,514
(Buffalo, N Y)
'17
718,491
12 mos '18 7,951,025
'17 8,127,265
Lancaster (Pa)
July '18
23,942
G L & CO
'17
20,628
12 mos '18
266.823
'17
237,715
Leavenworth (Kan) July'18
18,202
15,521
L H & P Co
'17
12 mos '18
256,148
'17
222,062
34,516
Lockport(N Y)
July '18
23,674
L H & Power Co
'17
423,046
12 mos '18
358,460
'17
Richmond (Va)
July '18
9,519
'17
L H & Power Co
9,257
12 mos '18
180,675
'17
183,050
Union Gas & Elec July '18
16,981
Co (Bloomington,111) '17
13,289
.,12 mos '18
200.346
'17
179,704
Wilkes-gam (Pa) July '18
62,896
'17
53,113
Co
12 mos '18
901,774
'17
773,350
Total
July '18 1,407,732
'17 1,315,216
12 mos '18 16,456,534
'17 15,833,404
10,367
11,075
136,280
120,606
21,630
15,856
210,632
213,754
1,090
. 951
7,343
6,366
46,205
51,286
486,765
529,646
8,963
13,759
163,662
173,585
29,315
23,281
344,257
320,405
37,381
38,098
462,224
512,348
28,914
27,015
406,685
467,117
10,882
16,731
207,423
236,895
1,246
1,533
15,825
14,633
160,060
294,919
1,921,704
3,063,406
6,686
7,600
78.490
97,641
513
2,710
18,207
52,628
17,720
6,945
96,395
100,735
1,880
2,582
55,961
46,887
5,207
2,992
53,855
62,350
21,860
25,592
352,011
381,060
409,926
542,933
5,017,727
6,400,070
3,615
3,787
45,164
46,674
11,416
11,416
149,515
149,515
350
312
3,996
3,883
27,024
27,036
325.830
324,024
6,767
6,635
81,600
79.707
9,530
8,777
114,020
101,899
19,192
18,264
242,353
233,719
15,442
13,771
181,506
164,314
6,645
6,638
82,259
82,302
130
130
1.560
1,526
173,915
144,098
2,042,199
1,834,162
2,289
2,083
26,161
25,229
2,812
2,812
34,607
34,592
4,891
4,591
83,299
64,996
3,831
3,931
55,628
57,219
2,565
2,752
42,925
41,810
21,426
20,449
253,,039
240,941
311,849
277,490
3,786,615
3,516,155
Balance,
Surplus.
[VoL. 107.
FINANCIAL REPORTS
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index,will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 30. The next will appear in that of Sept. 28.
Norfolk Southern Railroad.
(8W Annual Report-Year ended Dec. 311917.)
Pres. J. H. Young, Norfolk, March 20, wrote in substance:
Results.-A comparison of the gross operating revenues per mile of steam
road for tne past fiscal year with each of the four porious years is as follows:
1914.
1913.
1915.
1916.
1917.
$4,485 •
ials used in the operation ori9
o1u 7
r
r5
me
at52
$5T
8h1e
8 greatly ad$v5a,n
4c
i6
ed cost of"
steam lines and the higher wages paid substantially all classes of employees,
although in many cases with less efficiency than in previous years, caused
operating expenses to more than absorb the increase in operating revenues,
resulting in a decrease in net operating revenue of $63,148. 'rho increased
price per ton of fuel coal alone caused an increase in operating expenses
during the year compared with the previous year of $144,144. The wage
increases granted to organized labor added approximately $72,000 to expenses. Maintenance of way expenses increased $40,017.
Cuts were widened from an 18-foot to a 30-foot roadbed on 11.8 miles
of track and fills were likewise widened on 8.85 miles. Ballast was put
under 49 miles of track during the year. Nino miles of new 80-lb. steel
rail was laid in tho main track, releasing a like quantity of 60-1b. rail.
15,408 tie plates were applied on curves on the main lino.
Embargoes.-Embartmes placed by other carriers on account of the congestion of freight at Eastern seaboard points adversely affected tho revenues of your company in varying degrees throughout the whole of the year,
but especially so during the last four months of the year. when there was
a substantial decrease in comparison with tno same period of the previous
year. The effect of these embargoes Is especially reflected in our delivery
of loaded cars to the N. Y. P. Sc N. RR. the principal outlet for our northbound traffic, which decreased from 21:509 loads during the year 1916 to
19,067 loads during the year 1917.
Tonnage.-Work was discontinued by tho Government on the Cape)
Lookout breakwater on Sept. 1 1917, causing a discontinuance of the movement of stone there of approximately 27,000 tons per month. Because of
this and the effect of the embargoes previously mentioned, the numoer of
tons of freight carried during the year decreased 13,608, or 3,6 of 1%.
However, tho average distance each ton was hauled was 101.41, compared
with an increase of 4.2%, while the number of tons carried 1 mile increased
9,422,723, or 3.7%, and that the average amount received from each ton
hauled was $1 37 compared with $1 28 the previous year-an Increase of
9 cents, or 7%. Freight train revenue per train mile increased from $3 50
In 1916 to $3 65 in 1917. or 4.3%. The average number of tons per train
mile was 269.41, compared with 266.56 for 1916-an increase of 1%.
The average cost of repairs per locomotive and per car owned or leased
compares as follows:
1917. 1916.
1916.
1917.
41
57
Locomotives
$3,398 $2,134 Freight cars-Repairs__
7.72 16
Passenger cars
520 do Reconstr. work_
576
We applied at our shops during the year steel centre sills and improved
draft gear to 322 box cars, 15 flat cars and 71 gondola cars of wooden frame
construction. Since this work was started we have rebuilt 3:36 old flat cars,
827 old box cars and 71 old gondola cars of wooden frame construction,
or a total of 1,234 cars, all of which have been reinforced with steel centre
sills and improved draft gear; 318 old cars wore written off during the year
and their book value, less salvage, charged to operating expenses.
Collateral Notes.-A trust agreement with the Contra! Trust Co. of N. Y.,
trustee, was made dated April 11917. securing $1,000,000 3-year 6% collateral trust gold notes to be secured by $1,575,000 face value First Sc Refunding Mtge. 50-year gold bonds. These notes maturing April 1 1920, wore
sold to provide funds for the purchase, construction and betterment of
freight equipment and to retire $176,000 Raleigh & Southport By. Co.'s
lst Gen. Mtge.6% bonds which matured on Oct. 11917.(V. 104, p. 1264,
1388, 1801.) The funded debt was reduced during the year 8255,721, as
follows: R. & S. P. By. Co. 1st Gen. Mtge. bonds paid at maturity. $176,000; Equipment Trust notes, series "A," paid at maturity, 850.000, and
series "B." paid at maturity, $2.600; Gen. Equip. Co. Trust notes, paid
at maturity, $24.000; United Iron Works Co. Equipment Trust notes,
paid at maturity, $3,121.
Additions and Betterments.-We purchased during the year 750 Wheeling
Sc Lake Erie gondola cars of wooden frame construction; 496 of those cars
were rebuilt into box cars with steel underframes by the Mt. Vernon Car
Mfg. Co. and American Car Sc Foundry Co., and on Dec. 31 71 additional
had been rebuilt at your shops with steel underframe. Substantial progress is being made on the work of rebuilding the remainder of those cars
purchased. Those going tnrough your shops are being rebuilt as gondola
cars, wnile those rebuilt at the car works of the two companies above mentioned were converted into box cars. One 15-ton 8-wheel steam locomotive
crane was purchased during the year. [Investment was increased $171,274
during the year after deducting a credit item of $107,4•16 on account of
equipment.] 26 new industrial tracks were installed during the year, which
it 14 estimated will yield us $90,000 additional revenue per annum. and 9
new industries were located at points where sido-track facilities were already
available, from which it is estimated that $20,000 additional revenue will
be received per annum.
Government Control.-Since Dec. 28 1917 the officers of the Norfolk
Southern have operated its railway linos under general orders issued by the
Director-General of Railroads and by the Regional Director in charge of
the operation of railroads in the Southern territory.
CLASSIFICATION OF TONNAGE-STEAM DIVISION-Products ofForests. Nanufactures Misc.
Mines.
Cal.Year. Agricul. Animals.
486,604
241,127
1,005,604
571,131
1917
14,097
305,933
1,037,056
293,270 339,707
673,862
1916
277.955
16,254
171,402
336,818
1915
12,903
381,275
954,386
266,589
TRAFFIC STATISTICS-STEAM DIVISION-Average Miles 863.
*Equipment1914.
1917.
1916.1915.
94
Locomotives
94 •
88
80
109
Passenger cars
100
114
116
3,271
Freight cars
3,635
3,255
3,329
Work, &c., cars
145
49
150
81
Traffic1,611,211
Passengers carried
1,625,641
1,356,990
1,532,061
PASS. carried one mile
47,771,930 46,358,816 39,526.925 41,932,048
2.200 cts. 2.272 cts.
Reas. per pass. per mile 2.301 cts. 2.206 cts.
2.123,373
2,099.532
2,638,104
Number tons carried.. _ _ 2,624.496
Tons carried one mile_ _266,144,240 256,721,517 198,389.559 179,773,601
1.311 cts.
1.400 cts.
1.518 cts.
Receipts per ton per mile 1.355 cts.
266.56
269.41
226.16
193.01
Avge. tons per train mile
$4,732
Gross revenue per mile_ _
$5,417
$4,525
$5,815
6,752
7,288
91,116
73,932
10,214
4,440
61,117
64,239
740
639
3,347
2,483
19,181
24.250
160,935
205,622
2,196
7,124
82,062
93,878
19,785
14,504
230,237
218,506
18,189
19,834
219,871
278,629
13,472
13,244
225,179
302,803
4,237
10,093
125,164
154,593
1,116
1,403
14,265
13,107
def13.855
150,821
def120,49.
1,292,244
4,397
5,517
52,329
72,412
def2,299
def102
def16,400
18,036
* Equipment as above on Dec. 31 1917 includes 15 locomotives leased
12,829
2,354 and 341 cars in passenger, freight and company's service. The company
13,096 also owned 9 barges, 5 car floats and 1 tug. Equipment on hand Dec. 31
35,739 1917 (electric line): Cars owned or leased in passenger service, 39; others
company's service, 1.
def1.951 in freight service, 6;
def1,349
(a) Norfolk & Southern Steam Division.
333 Calendar
Interest,
Balance,
Other
Operating Net (after
def10,332
Income. Rents, &c. Sur. or Def.
YearRevenue.
Taxes).
2.642 1917 (863 m.)---$5,017,908 $1,389,991 $529,719 81,614,086 sur.3305,624
240 1916 (863 m.)_ 4,673,780 1,483,754 377,465 1,37:3,609 sur. 487,610
973,353 310,536 1,275,403 sur. 8,486
10,930 1915 (863 m.)...... 3,904,299
20,540
(h) Electric Division.
434
$2.904 sur. $34,059
$33,475 $3,488
5.143 1017 (45 m.}____ $282,005
2.982 sur. 17,901
19,489 Cr.1,394
265,392
98,972 1916 (45m. ____
3,085 def.
4,011
Dr.2,993
2,067
231,048
1915
(45m.
140,119
(c) Combined Steam and Electric Divisions.
98,077
$1,616.989
$1,423,467
$533,206
sur.$339,683
m.)--$5,299,914
265,443 1917 i908
1,231,112 1916 908 m.)___ 4,939,172 1,503,243 :378,859 1,376.590 sur. 605,511
977,364 307,543 1,278,488 stir. 6,420
2,883,915 1915 908 m.)-- _ 4,135,347
SEPT. 141918.]
THE CHRONICLE
(d) John L. Roper Lumber Co.
Cal. year 1917_ -$1,780,543
$7,698 $56,290
$62,518 sur. $1,469
Cal. year 1916_ 1,907,715
51,495
79,058
61,269 sur. 69,285
Yr. to June 30'16 1,982,297
134,072
33,938
123,817 sur. 44,193
BALANCE SHEET DECEMBER 31.
1916.
1917.
1917.
1916.
Assets-Liabilities$
Road & equip_e_28,523,843 28,421,001 Capital stock_ _ ..16,000,000 16,000,000
Impr.lensed prop114,256 Funded debt (see
Real est. not used
"Ry. & Indus."
150,602
Section)
in operation _ _ 148,533
20,401,800 19,630,400
Leased rail, &c_ _ _ 113,867
113,867 Traffic, &c., bals.. 103,682
100,162
Securities of underVouchers & wages. 488,801
432,621
lying & other cos 6,194,327 6,294,150 Notes payable for
Inv. in Mill. cos__ 336,865
473,941
equip't purch'd_ 232,882
69,588
389,668
168,721 Miscellaneous acCash
7,520
Depos. with trus
7,418
counts payable_
25,167
24,663
Materials & supp- 421,933
332,683 Due other roads
135,336
Notes receivable__ 285,218
3,109 Coupons due and
Miscellaneous- -__ 395,278
425,369
66,735
unpaid
120,225
Unexting'd disc't_ 1,048,732 1,044,500 Accrued interest,
Special deposits_ _ 120,225
289,657
66,160
301,610
rents, &c
Uncompl't'd work,
18,894
33,918
Taxes accrued,&c.
&c., orders_ ___ 173,103
741,900 Deferred & unadDeferred assets- 1,483,689
137,310
81,778
justed accounts_
Other deferrod,&c.
1,964,593 1,600,319
Surplus
items
111,150
148,511
1095
1917-18.
1916-17.
1915-16.
Ratio oper. exp. to gross
(70.21)
(63.90)
(48.40)
Net earnings
$3,860,243 $1,922,146 53,517,027
Other income
76.835
12.386
6,633
Gross income
$3.937,078 $1.934.532 $3.523,659
Int. on funded debt,&c_ $1,311.488 51.140.715
$978,244
Preferred dividend...-.b(9%)900.000 (6)600,000 (6)600.000
Common dividends
(6)720,000
Balance, surplus
$1.725,590
$193,817 a$1,225,415
1914-15.
(47.61)
$2,727.5411
$2,727,5411
$853.856
(6)600.009
(6)600,006
$673,684
a In 1915-16 the company paid on the common stock, in addition to the
usual distributions in cash aggregating 6% for the year, dividends hi
common stock amounting to $5,000,000 out of profit and loss, viz.: $2,000,000 paid Jan. 3 1916 and $3,000,000 June 30 1916, increasing the commis
as per balance sheet from $10.000,000 to 515,000,000.
b Includes three semi-annual dividends of 3% each on the pref. shares,
viz.: 3% in cash paid Aug. 1 1917 and two dividends of 3% each declared
payable in 6% 3-year warrants, one on Feb. 1 1918 and the.other Aug. 1
1918.
c In former years taxes have been included in "general expenses." This
year they are shown alone.
GENERAL BALANCE SHEET JUNE 30.
1918.
1917.
1918.
1917.
Assets- '
$
LiabilitiesCost road & equip.49,256,172 47,320,017 Preferred stock _ _10,000,000 10,000,000
Republic of Cuba
Common stock._ _15,800,000 15,550,000
Total
39,753,952 38,506,189
39,753,952 38,506,189
Total
6% treas. bonds 1,493,100
1st M.bonds,5% -12,030,000 12,030,000
Mar.& Ind.Co.of
Impr. AL equip. 5s_ 4,000,000 4,000,000
e Includes road, $24,772,679, and equipment, $3,727,959, less depreciaCuba stock_ ___ 147,805
179,805 3-year 5% notes__ 3,000,000 3,000,000
tion reserve, $464,757; balance, $3,263,202; and $487,962 general expendi- Camaguey & Nue.
Trust equip. ctfs__ 3,158,000 3,574,00*
tures.-T. 107. p. 803.
RR.stk. pledged 2,692.700 2,692,700 Loans payable... _ _ 1,750,000 2,475,000
Adv. to Camag.&
Traffic balances__
234
54,500
Nuev. RR. for
Cuba Railroad.
Accts.&wages pay. 913,926
890,873
constr'n of PosMatured interest
(Report for Fiscal Year ending June 30 1918.)
tellello terminals 1,329,636
881,257
on funded debt_ 164,625
332,100
Material & supp_ - 1,701,049 1,675,529 Int. of fund. debt
Pres. G. H. Whigham, Sept. 2, wrote in substance:
839,154
986,287
due July 11918_ 300,750
Results.-The gross earnings were $11,645,098 [contrasting with $6,452,- Cash
A
gts.
&
conductors
242,925
171,357 Notes payable,due
108 in year 1916-171; the not earnings after deducting taxes were $3,860,- Cos. & individuals 278,795
256,529
June 1 1919_ _ _ _ 600,000
243, while the gross income was $3,937,078 [as against $1,922,146 in 1916- Traffic
balances
400,961
240,154 Reserve for taxes_ 220,322
171. The operating expenses were heavily increased by the prevailing Compania
Cubans
Rep.of Cuba,advat1,974,438
high price of-materials and supplies and the increased cost of labor. Coal, Accr.int. Republic 1,586,360
Scrip div. warets_ b600,000
which formerly cost $4 50 per ton, now costs $15 per ton. Fuel for loco25,944
Cuba treas. bds.
The Cuba Co_
435,000
motives cost $1,359,858, as compared with $554,180 tho previous year.
of Cuba_
360,977 Accrued items_ _ __ 105,680
127,566
Depreciation.-Charges amounting to $790,956 for depreciation of prop- Govern't
Advance paym'ts _
7,431 Deprec'n reserve__ 1,090,276
333,756
erty have been made against operation during the year. The reserve for Expend.
acct.
of
For
traffic
services
this purpose now amounts to $1,090,276, while the value at which the
revolution dam.. 506,333
207,731
in revolution, to
Marino & Industrial Co.'s capital stock is carried in your balance sheet Deferred
items_ _ _
2,520
66,358
be adjusted _ _ _ _ 307,382
360,713
has been reduced by $32,000.
Deferred items__
47,510
71,903
Taxes.-During the year $343,343 has been charged against operation to
Profit
& loss surp.x 4,005,310 2,245,719
actually
paid
during
taxes
the
amount
of
year and to create a
cover the
reserve, which now stands at $220,322 in your balance sheet.
Total
60,503,454 55,046,133
Total
60,503,454 55,046,133
Rates Increased 20%.-I-To offset the increased cost of operating in Cuba,
the Railroad Commission granted an increase in passenger and freight rates
a Cuban Government advances aga nst services to be rendered. See text.
of 20%, effective Dec. 1 1917. The increase in freight rates did not apply
b Includes 6% 3-year dividend warrants, viz.: $300,000 issued Feb. 1
to foodstuffs and certain other commodities.
and 5300.000 to be issued Aug. 1 1918. See text.
Repairs.-Most of the damage done to the railroad during the revolu- 1918
x After adding $54,000 third installment of subsidy on Trinidad branch,
tion has been permanently repaired. Some of the largo steel bridges and but
deducting
$300,000 pref. div. payable Aug. 31 1918, and $20,000
only
been
provisionally
have
structures
repaired
other
or replaced. All of
the equipment has been repaired. The cost to the extent of $506,332 is charged to establish reserve for loss and damage claims.-V. 107, p. 401.
carried in suspense, pending the decision of the Government of Cuba as to
International Mercantile Marine Co., New York.
their willingness to pay for the damage.
Improvements.-The work of track and other improvements has been
(Report for Fiscal Year ending Dec. 311917.)
carried on vigorously. Nine now passing tracks were built and 18 were
extended, while 16 new business tracks were built and 2 extended; altoThe report dated Sept. 3 1918 says in substance:
gother, 12.262 miles of side tracks were built. In the main line 21.2 miles
-All
Results
the Company's Steamers Requisitioned.-The combined income
of track have been relaid with 75-1b. rails and 11 miles were rock ballasted. account for the year 1917 shows a surplus
$15,475.986, after meeting all
180,379 ties were renewed, representing 8.64% of all ties in the track. fixed charges and operating expenses, inofwhich
latter are included all
Thirty bridges, aggregating 758 feet in length, were replaced with perma- charges for repairs, maintenance
overhauls, as compared with a surplus
nent work, either steel, masonry, concrete or filling, while 100 bridges, of $25,946,650 for the year 1916,and
a
decrease
of
$10.470.664.
The decrease
aggregating 7,259 feet, were replaced with native hardwood. The new Is due both to the fact that the earnings for 1916
were exceptionally large,
turntable, with 26 round-house pits and radial tracks, was completed at and to the requisitioning of all of the
company's steamers: the
Camaguey shops. There were built 4 standard stations, 24 provisional British steamers by the British
Government in April 1917. the American
stations, 15 section houses, 3 freight houses, &c. Additions to the equip- steamers by the U. S. Government
in Oct. 1917, and the two Belgian
mont include 8 cars for passenger service, 183 freight cars, etc.
steamers by that Government as of 1916. There has also been a very
-Good
progress
Lines.
Trinidad
has
been made on the construction material increase in taxation, both here and abroad.
. New
of the Trinidad Linos, which are now complete, with the exception of a
The result of operating the company and its subsidiary companies, inshort gap 3 miles in length around the Agabama Gorge, where 3 largo cluding Frederick Leyland & Co., Ltd. (American,
Star. White Star.
bridges, aggregating 1,420 feet in length, are nearing completion. The Atlantic Transport, Dominion and Leyland lines), Red
during the year 1917
construction hero is heavier than at any other portion of the line, but it Ls was as follows (compare V. 106, P.
2454):
Trinidad
will be open for traffic by November. The
expected that the whole line
Lines to date amounts to $3,094,739, Gross earnings (after providing for British excess profits duty).
total expenditure on the
also miscellaneous earnings and insurance fund surplus for the
of which $1,025,623 has been expended during the past fiscal year. The
year and proportion of profits payable to vendor ofsteamship_$60,027,267
construction of the Santa Cruz Branch has been suspended for the present
Deduct-Gross
operating and general expenses, incl. U. S. inon account of the shortage of labor and the difficulty of obtaining materials.
come tax and excess profits tax and British income tax, also
New Stock.-Your directors on July 25 1917 authorized the issue and sale
interest
debenture
on
bonds of subsidiary companies
of
2,500
par
Company
shares
at
of common stock, increasing
41,188.3711
to the Cuba
the amount outstanding to $15,800,000.
Net earnings, before providing for interest on I. M. M. Co.
Camaguey & Nuevitas RR.-The net earnings of this company, whose enbonds
and
depreciation
steamers
on
518.838.88$
tire stock is owned by the Cuba RR. Co., for the year ended June 30 1918
on I. M. M. Co. bonds
2,362.841
amounted to $295,737. Many improvements have been carried out since Interest
4,304.505
your purchase of it in November, 1915. The 45 miles of old track have been Depreciation on steamers
relaid with heavier rail, except 5 miles which will also be relaid in the immeNet result for year 1917
$12.171,542
diate future. During the past year 18 miles of track have been rock balThe foregoing statement represents earnings of steamers direct'y oplasted and a largo percentage of ties have been renewed. Thirty-one
bridges, aggregating 452 feet in length, have been replaced with native erated by the International Mercantile Marine Co., together with earnhardwood, while 27 bridges and culverts, aggregating 960 feet in length, ings of the subsidiary companies (largely British), of which the entire
issues of capital stock are owned by the International Mercantile Marine
have been replaced with either steel, masonry, concrete or filling.
The line has been extended 5 kilometers from the old port of Nuovitas Co., except Frederick Leyland & Co., Ltd., of which company about 42%
to Pastelillo, whore a deep water terminal of large capacity has been con- of the preferred shares and 98% of the common shares are owned by the
structed. Hero 4 large sugar warghouses have been built and tanks pro- International Mercantile Marine Co. •
Your company can secure the earnings of the British companies (which
vided for the storage of 3,000,000 gallons of molasses, while buildings have
been erected for custom house, freight house, restaurant and for the com- constitute a large majority of the totals shown above) only through the
pany's employees. The total expenditure on the Pastelillo terminal to declaration of dividends.
Of the earnings shown, the amount actually received by the company is
date amounts to $1,758,505, of Which $557,150 during the past year.
Loan from Government.-The Government of the Republic of Cuba, in represented by: (1) Earnings of steamers directly operated by it; (2) diviorder to assist the company to carry out the various improvement works dends from subsidiary companies (partly out of 1916 earnings), viz.:
outlined above, has generously advanced a further sum of 52,000,000 in
addition to the $1,000,000 advanced under the decree of April 19 1917. Actual Income of Internat. Merc. Marine Co. in 1917 from Abov (Sources.
Of this sum $500,090 was received in cash and the balance, $1,500,000, In Totel not income of the company from these sources was
$15,923,521
Government of Cuba 6% Treasury bonds. These advances aro to be re- Deduct-I. M. M.Co. bond interest
2.362,841
paid by services to be rendered by the company from April 10 1917.
Net earnings, before providing for deprecia ion on steamships
Preferred Dividend.-The half-yearly dividends of 3% declared on the
directly owned by I. M. M. Co
preferred stock, payable Feb. 1 1918 and Aug. 1 1918, were made payable in
$13,560,680
3-year warrants carrying 6% interest, because of the difficulty of selling Deduct-Depreciation on steamships directly owned
660,405
securities under the present financial conditions, on account of the war.
Balance
While
the
401.)
V.
p.
601:
107,
(V. 106, p.
512.90.275
improvements under conSinking Fund for 1st Mtge. & Collat. Trust Bonds.-The sum of
struction are nearly complete, there will nevertheless be considerable expenditures require i from time to time, and it is therefore necessary that was paid into the sinking fund on Oct. 1 1917. and 6% bonds of5400.000
the face
the company should conserve its cash resources as far as possible in order value of $439,000 were purchased and canceled, leaving a cash balance of
$512. The total amount of 6% bonds outstanding is n
that it may meet those expenditures when they arise.
539.061.000.
Debenture Bonds of Constituent Companies.-The public held on Dec. 31
Political Conditions.-Peace and quiet have prevailed throughout Cuba.
$10,230,299 a.s compared with $10,879.714 on Dec. 31 1916.
OPERATIONS AND FISCAL RESULTS FOR YEARS ENDING JUNE 30. 1917
Dividends.-Since Jan. 1 1917 dividends have been paid on the pref.
1017-18.
1916-17.
Gross Earningsstock, as follows: (a) April 14 1917. 3% semi-ann.: (b) Aug. 1 1917. 3%
1915-16.
1914-15.
$3,181,265
$2,039,227 $2,131.958 $1,673.634
Passenger
(c) Dec. 31 1917, 10% account of unpaid back dividends; (d)
179,290
109,230
Mail
• 129,590
Feb. 1 1918, 3% semi-ann.; (e) May 3 1918. 5% accoun of unpaid back
123,331 semi-ann.•.
357,625
273,742
Express and baggage_ _ _
252,668
183,650 dividends; (.1) Aug. 1 1918. 3% semi-ann.
6,118,183
2,883,007
Freight
This leaves a balance of 67% unpaid back dividends on Aug. 11918.
3,442,490
2,583,321
208,937
147,355
Car kilomoterage
Insurance Fund.-The insurance department shows net profits for the
89,274
70,141
998,554
698,471
Hire of equipment
434,009
295.631 year of $525,047, as follows: Grass premiums paid into the fund,$2,467,157;
335,281
193,848
Antilla terminals
203.732
183.921 interest received, $44,001; total,
Deduct: (a) Lay-up and
265,962
Miscellaneous
107,227
131,976
93.085 cancellation returns, 5120.079; (b) $2.511,158.
loss.
es $391.791; (c) premiums paid for
insurance with outside underwriters, $1.382.046: (a) expenses and taxes,
$11,645,098 86,452,108 46,815,697 .$5,206,714 $77_,666; (e) difference in exchange. $14.526: balance, profit, $525.047.
Total
Operating ExpensesU. S. Liberty Loans.-We have subscribed to the Liberty Loan bonds as
Maint. way St structures $2,017,925 $1,112,725
$656,971
$548,218 follows: (1) First Loan-Subscription, $2,000,000: allotted $600,000, all
1,313,335
758,703
Maint. of equipment _
606,193
355,17o later disposed of at par and int. (2) Second Loan-Subscription,$3.000,000:
3,482,714
2,073,359
Conducting transport'n_
1,569,883
1,218,958 allotment, $1,800,000. (3) Third Loan-Subscription, $1.500.000, with
362,9801
356,626
General expenses
233,106
210,06i allotment in full. All of the Second and Third Loan bonds are held in
Taxes
the treasury of your company or its subsidiaries.
8f
A:
3
54
53
°
228,550
Antilla terminals
232,517
U. S. Debt Certificates.-We invested in $2,000,000 U. S. 4% certificates
145.867
of indebtedness issued Jan. 2 1918 and used the same in the settlement of
$7,784,855 $4,529,962 $3,298,670 $2,479,174 income and excess profits taxes due June 15 1918.
Tote
1096
THE CHRONICLE
Foreign War Loans.-In 1917 your British subsidiary companies invested
very substantial sums in British War Loans, and the White Star-Dominion
line subscribed to *100.000 of the Canadian Victory Loan of Dec. 1 1917.
Holland-America Line Shares.-In Dec. 1917 the Atlantic Transport Co.
of W. Va. sold on satisfactory terms its entire interest in the shares of the
Holland-America line. The Oceanic Steam Navigation Co., Ltd., still
retains its approximate interest in the outstanding stock.
General.-We regret to have to record the loss during the year of a number of valuable steamers and the sacrifice of many valuable employees
through attack by enemy submarines.
The difficulties of maintaining your steamers in the highest state of
efficiency, owing to the exigencies of the war, have continued to increase,
but everything possible has been done in this important direction and all
the steamers are in a satisfactory working condition. The costs of operating also increased beyond all expectation and continue to increase.
Cash Assets.-On Dec. 31 1917 the current assets of your company and
the constituent companies which it entirely owns, incl. the following items:
Total.
Int.Co.,&c. Leyland Co.
$25,129,937 $22,522,397 $47,652,334
Marketable stock and bonds
14,056,248 15,065,088 29,121,336
Cash
$39,186,185 $37,587,485 $76,773,670
Total of above items
Deduct-Amount payable for taxes and excess profits duty
proceeds of British
S11,324.988:
accrued to Dec. 31 1917,
steamers lost or sold, in replacement of which other vessels
must ultimately be secured, in order to adequately maintain
your services at their pro-war standard (approx.), $34,350,000 45,674,988
$31,098,682
Balance, including working capital
The report is signed by 1'. A. S. Franklin, President, and Harold A.
Sanderson, Chairman of the Board.]
CAPITAL STOCK, .1c., OF SUB. COS. AND OWNERSHIP BY CO. NAMED.
(1) Int. Mere. Marine Co. Ord. Stock. Share Lien CO.Pref. Stock. Ownership.
100%
Belgian-Amer. Nay. Co_ __fr.13,845,000
100%
Atl. Transp. Co.(W.Va.)._ _ $3,000,000
100%
Internat. Nay.Co.,Ltd.(Gt.B.) £700,000 £25,000,000
(2) Int. Nay. Co., Ltd.£1,414,350 141J6% ord.
Fred. Leyland & Co., Ltd_ _ _ E1,200,000
198.7% pref.
100%
Oceanic Steam Nay. Co.,Ltd. 3,750,000
100%
456,920
Nay_
Steam
Atl.
Nor.
&
Brit.
100%
Atl. Trans. Co.,Ltd.(Gt.B.)_ 1,000,000
(3) Ocean. St. Nay. Co., Ltd.150,000 120% ord'Y,
50,000
Geo. Thompson & Ordinary_
1 8% pref.
Co., Ltd.,
40%
50,000
(Great Britain) tManagem't
195,375 144.2% ord.,
195,375
Shaw,Savill & Alb. Co., Ltd_
2% pref.
10%
II01.-Am. L.(Holland) guilders15,000,000
(4) Atlantic Trans. Co.(W. Va.)16.5%
N.Y.Shipbldg. Corp.(no par)200,000shs.
COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES.
1914.
1915.
1916.
1917.
Calendar YearsGross earns., after providing for British ex$41,604,208 $60,602,010 $51,056,579 $43,378,527
cess profits duty
2,242,029
4,307,588
9,514,104
Miscellaneous earnings_ 9,541,546
$51,145,754 $70,116,114 $55,364.167 $45,620,556
Total earnings
Oper. & gen. expenses,
includ. misc. interest_ 32,871,452 40.471,441 34,217,230 38,700,414
$18,274,302 $29,644,673 $21,146,937 $6,920,142
Net earnings
3,613,113
3,805,910
3,608,023
2,798,317
Fixed charges
Profit before deprec'n.$15,475,985 $25,946,650 $17,341.027 $3,307,029
997
24,686,172
Previous surplus
$40,162,157
Total
Deduct-Depreciation _ _ 3,722,477
Miscell. adjustments_
Pref. diva. (text)_(19%)9,827,845
$47.863,703
23,134,501
43.030
$24,686,172
Surp. as of bal. sheet_$26,611,836
The foregoing includes the earnings from operations, viz.: American, Red
Star, White Star, Atlantic Transport and Dominion Lines, together with
dividends received from the Leyland Co. and other partly owned companies.
* ThLs is tne surplus brought forward from Dec. 311913.
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies).
[American, Red Star, White Star, Atlantic Transport and Dominion Lines.]
1915.
1916.
1917.
$
$
$
Assets143,220,617 142.528,872 171,067,052
*Cost of properties
Investments in11,965,177 11,965.177 11,965,177
Frederick Leyland & Co., Ltd_ _
2,973,043
3,732,618
3,506,369
Other investments
5,607,025 12,117,860
14,056,248
Cash on hand, &c
7.766,651
30,195,194 18,379,489
Accounts, &c., receivable
194,000
Bills receivable and loans
378.850
434,331
295,836
Agency balances
25,129.937 17,907,363 10,746,998
Marketable stocks and bonds
892.248
1,025.991
1.068,879
Inventories
2,905,413
2,707,537
1,192,141
Deferred charges
Wm.. 107.
business. The final deliveries of munitions were made from the Montreal
and Richmond plants in July and August 1917. and the work of restoring
these plants for locomotive manufacturing was practically completed during
October 1917. Since then all our plants have been engaged exclusively on
locomotive production. The cost of restoring the Richmond and Montreal
plants has been charged to a reserve created out of previous years' profits.
Taxes.-The deduction of *4.018,951 for taxes fully provides for all
income and war profits taxes computed in accordance with the existing
laws of the United States and Canada, and also $1,400,000 for anticipated
increases in the U. S. war income and excess profits taxes for the six months
ended June 30 1918, which may become effective as of Jan. 1 1918 under
the now war revenue law now pending.
Depreciation.-In arriving at the net profits for the year, there has been
included with manufacturing expenses and deducted from earnings, the
sum of $1,554,613 as the regular yearly charge for depreciation on all
classes of property. The drawings and patterns account has also been
written down upon the books to $1 bya charge of $981,192, which is also
included under manufacturing expenses and deducted from earnings.
Additions, &c.-During the year there was expended and charged against
the reserve for additions and betterments created out of previous years
earnings, $3,131,249, which included the purchase of a steel casting plant
at Chester, Pa., referred to last year (V 105, P. 906); also the cost of
additions and improvements to the several locomotive plants of the company, consisting of new buildings, extensions, now machinery, and rearrangements of existing machinery, all with a view to a bettor balancing of
the manufacturing departments and increasing their capacity and efficiency.
In June 1918 we also bought the former plant of the Kline Motor Car
Corporation at Richmond, Va., and are equipping it for the manufacture
of important locomotive specialties and accessories heretofore largely purchased from other manufacturers.
Sale of Providence Automobile Plant.-The company sold during the year
to the United States Rubber Co., the plant at Providence, It. I., formerly
used for the manufacture of automobiles, and subsequently as a fuse-loading
plant, and sold to tno Amoskeag Mfg. Co. the old locomotive plant at
Manchester, N. II. Both plants had been previously dismantled and their
value written down to a small amount on our books.
Government Contracts.-As was noted in the six months' statement as of
Dec. 31 1917 (V. 106, p. 703), the management with the aid of the U. S.
Government made an adjustment of tho contract made in July 1917 with
the Russian Government for 250 locomotives.
During September and October 1917 the company completed a contract
with our Government for 150 locomotives to be used in Prance for tno
transportation to the front of our troops and supplies.
Under contract date of April 30 1918, this company received from the
U. S. Railfoad Administration, for the account of the railroads operated
by it, an order for 800 locomotives of the Administration's standardized
designs. The locomotives of this order are now in progress of manufacture
and a number have been delivered. The standardizing of locomotive design
for domestic railroads should be a substantial factor in maximum production.
The plants of all the locomotive builders of this country will be taxed to
their maximum capacity during the war and probably for some time thereafter, to supply the requirements of the railroads operated by the United
States Railroad Administration, industrial plants engaged in manufacturing
war essentials, and to meet the demands of our Government and its Allies
for foreign service.
Adverse Conditions.-A scarcity and a general unrest of both skilled and
unskilled labor, notwithstanding frequent increases of wages, the severe
weather conditions of last winter, the then congestion of rail traffic with
consequent delays in obtaining materials, and the shortage of fuel, affected
the production for the year.
Inventories.-The amount of money in inventories of materials and supplies on hand and for work in progress as of June 30 1918 aggregated
$25.411,835, as compared with about 811,000.000, our previous record
prior to the war. This very largo increase is duo to the higher costs of
materials and supplies, the necessity for having on hand a larger stock
because of the uncertainty of obtaining promptly materials and supplies
as they are required, and to the great increase in cost of all labor employed.
Net Current Assets.-It will be noted from the balance sheet that current assets exceeded current liabilities Juno 30 1918 by *26,300.675.
Red Cross.-The company contributed during the year to the American
Red Cross War Fund $100.000 in Liberty Loan bonds.
Unfilled Orders.-The amount of unfilled locomotive orders on the books
on Juno 30 1918 was $74.736,543, as compared with 377.620,449 in 1917.
RESULTS FOR YEARS ENDING JUNE 30 (Incl. Montreal Locomotives)
1914-15.
1915-16.
1916-17.
1917-18.
Gross earnings
$80,588,071 $82,213,845 $59,316.016 $9,303,298
Mfg., maint. & admin.
70,358,566 72,614,654 47,450,5821 10,445,900
expenses & deproc'n
795,0001
2a205,319
U.S.& Can. tax on prof. 4,018.951
Net earnings
$6,210,554 $7,393,872 $11,070,4341oss$1142602
Int. on bonds of constit.
301,005
349.378
192,192
299,417
cos.,coupon notes,&c_
Available for dividend $5,911,137 87.201,680 $10,769,429loss$1491980
1,750,000
1,750,000
1,750,000
Div. on pref. stock(7%) 1,750,000
1,250,000
Div. on corn. stock(5%) 1,250,000
Special Red Cross div.
250,000
common stock(1%).
Bal., sur. or def___sur.$2,911,137 sr$3,951,680 sr$9,019,429df$3,241.980
3,000,000
2,000,000
Res. for add'ns & bett'ts 1,000,000
sur.$1.911,137541,951,680 sr$6,019.429df$3,241.980
CONSOLIDATED BALANCE SHEET JUNE 30.
(Incl. American Locomotive Co. and Montreal Locomotive Works, Ltd.)
1918.
1917.
1917.
1918.
LiabilUiesAssets230,630,399 204,288,403 221,007,291 Cost of property,
Total
Common stock...25,000,000 25,000,000
Liabilitiesless depr. res've.44,773,481 47,138,127 Preferred stock.._25,000,000 25,000,000
51,725,500 51,725,500 51,725,721
Preferred stock_a
908,328 Bonds constit.coss 1,957,000 1,957,000
owned._ 643,453
49,872,000 49,872,000 49,872,110 Securities
Common stock_b
1,330,000
2,709,397 4,710,572 Gold coupon notes
Cash
Capital stock of British & North AtLoans payable... 0,000,000 1,000,000
12,025,332
Acc'ts
receivable.116,590,892
243
243
243
Ltd
lantic Steam Nay. Co..
bds_
L.
Lib.
Subs.
1,279,000
510,800
I
_
receivable_
Bills
1st M.& Collat. Trust 6% bonds- _ _ 39,061,000 39,497,C100
Accounts payable_ 6,459,126 4,424,079
bda.1917
..7,-6-31066 Lib.Loan
5% 1st M.sinking fund bonds
2,897
Unclaimed int.,&o.
5,098
by
subscribed
52,594,000
bonds
54 % Mtge. & Collat. Trust
Prof.div.pay July.
. 437,500
437,500
employees, less
Debenture bonds of constituent com497,388 Com.div.pay.July. 312,500
install. paym'ts. 749,516
312,500
10,230,299 10,879,714 11,466,564 Empl.
panies held by public
do (Red Cross)
sub.for Can.
250,000
378,812
365,156
351,329
Loans on mortgage
20,981
Acced exp. Includ.
Victory bonds
213.830
2,045.635
3.653
Loans, bills payable, &c
U.S & Canadian
U.S. Lib. bonds__ 503,250
11,503,305
13,152,696
34,381,621
payable
Accounts
war, &o., taxes_ 4,899,699 2,719,684
589,684 Mat'l & supplies_11,637,472 7,306,337
203,036
711,647
Agency balances
3,959 Rester add'ns,&o. 1,591,348 3,722,597
4,836
5,393,503 Accrued interest__
619.313
783,924
Interest accrued
Res. for restorat'n
Contract work in
992.106
2,109,809
2,547,741
liabilities
Reserve for
of munt'n plants
course of constr_13,649,148 11,169,751
1,540,356
5,285.423
11,275,980
Miscellaneous reserves
&e., conting_
1,507,706
2,556,929 Locomotives and
3,846,706
996,814
Deferred credits
120,387 Adv.pay.on contr., 299,310
in stock__ 125,215
parts
_.._
525,047
Insurance fund
226,243
Res've
for
136,902
Inneer.
charges.
Deferred
1,551,765
Preferred stock dividend
demnities, &o__ 477,656
26,611,836 24,686,172 14,548,128
Surplus
Profit and loss_ _17,828,507 15,917,369
230,630.399 204,288.403 221,007,291
Total
Total
91.544,543 84,106,423
91,544,543 84,106,423
Total
* Bonds of constituent companies in 1918 include $432,000 Richmond
* Combined undertakings and their properties at cost to the I. M. M.Co.
& Machine Works, $1,500,000 Locomotive & Machine Co. of
in bonds, stocks and cash. a After deducting *8,274,500 in treasury; divi- Locomotive
dends unpaid since Dec. 1 1902; accumulated dividends unpaid, 72%. Montreal, Ltd., and Henrico Iron Works Corp., $25,000.-V. 107, p. 907.
b After deducting $10,128,000 in treasury.-V. 107, p. 909.
Texas Company, Houston, Texas.
Compare report of Oceanic Steam Navigation Co., Ltd. (White Star
line), for year 1917 in V. 106, p. 2553.-V. 107, p. 909, 185.
Balance
(Report for Fiscal Year ending June 30 1918.)
American Locomotive Co., New York.
(17th Annual Report-Year ended June 30 1918.)
Pres. Andrew Fletcher, Aug. 31, wrote in substance:
Results.-The profits for the year were $9.930,088, from which there
has been deducted $4,018.951 reserved for income and war taxes, leaving
dividend
a balance available of $5.911,137. After payment of the usual 7%
of $1,750,000 on the pref. stock, and dirs. on the corn. stock aggregating
of
out
which
$2,911,137,
surplus
of
a
remained
there
$1,250.000,
or
5%,
there was created a reserve of $1,000.000 for additions and betterments.
surplus.
The remaining profit of $1.911,137 VMS added to the accumulated
The net profits for tne year. amounting to $9.930.088. before deduction
the reof taxes, includes $893,812 obtained from the munitions business;
maining profit of $9,036,277 being derived from the regular locomotiva
1917-18.
1916-17.
1915-16.
Income Account1914-15.
$80,260,634 $54,339,050 $37.708,382 $26,391,745
Gross earnings
Oper. exp.. taxes, &c_.. 45,387,231 31,431,126 21,961,649 18,367,053
Net earnings
$34,873,403 $22,907,924 $15,746,733 $8,024,692
DeductSink. fund & depr. acc't_ $5,297,988 $2,047,217 $1,647,315 $1,338.900
136,180
125,298
Prov.for bad.&c.,acc'ts_
200,557
292,465
7,468.185
1.000,000
Provision for taxes
_
Replac't of marine equip 1,340,940
6,243,750
4,532,500
Dividends
3,350 000
3,000,000
(10%)
Per cent of dividends(10%)
(10%)
(16%)
Total deductions..-_$20,477.161 $7,715,897 $5.197,871 $4,631,365
$14,392,242 $15,192,027 $10,548,862 $3,393,327
Balance to surplus
THE CHRONICLE
SEPT. 14 1918.1
BALANCE SHEET JUNE 30.
1918.
1918.
1917.
Assets$
Plant account*. 70,900,497
Other investm'ts 2,011,732
Storehouse supp 6,420,294
Stocks of oil,
crude,refin.,&c 53,119,354
282,902
Unexpled insur.
Sub. co.'s stocks 20,881,627
792,507
Bonds & mtges_
Bills & acc'ts rec 15,238,856
Adv.to sub. cos. 12,571,260
Contract adv'e's 1,127,817
Cash on hand__ 8,244,629
Total
Liabilities$
37,865,537 Capital stock__
1,740,843 6% debentures_
1,702,656 Acc'ts&bilis pay
Prov. for doubt40,178,773
ful acc'ts me_
225,020 Insur. res've f'd.
19,056,389 Res. for replac't
2,696,657
of mar. equip.
11,018,398 Prov'n for taxes.
22,684,944
do int. on deb.
758,047 S.F.& depr.acc't
6,657,389 Surplus
191,591,477 144,584,652
Total
1917.
$
$
69,375,000 55,500,000
16,058,000 16,386,000
10,797,480 14,590,070
300,000
500,000
300,000
500,000
1,340,940
8,825,058
1,356,873
481,740
491,580
29,245,830 15,189,940
54,667,430 40,270,189
191,591,477 144,584,652
* Investments in real estate, leases, tankage, refineries, ships, cars, terminals, distributing stations, natural gas wells and equip.-V.106, p. 1692.
Cosden & Co. (Delaware) and Subsidiary Companies.
(Report for Half-Year ended June 30 1918.)
President J. S. Qosden says in substance:
The extensive additions and improvements which were begun more than
a year ago are about completed, and under present conditions the earnings
for the next six months should be materially increased.
The total sales of the Refining Company for the month of June 1q18
were $2,521,104, as compared with $1,545,807 for June 1917,and there
is no reason why the present rate of sales should not be maintained.
I consider our earnings for the past six months very satisfactory, especially when ono takes into consideration that the cost of labor ha.s increased
approximately 50% and all materials used in the manufacture of petroleum
products have advanced from 100 to 300_%; also that during the greater
part of the winter months it was hnpossible to operate our business in a
satisfactory manner, owing to the congested condition of the railroads,
which was caused by the extremely cold weather.
The future of our company was never more promising and by Jan. 1
1919 we have every reason to believe that the company will be practically
free of debt except its bonds.
[The balance sheet shows simply "earnings six months to June 30 1918,
$3.819,171, less dividends, $1,759,138," which would leave a balance of
$2,060,033. No statement is made as to what provision has been made for
war taxes, other than the item carried in the balance sheet among current
liabilities, which reads, "Accrued interest and taxes; including estimated
Federal taxes, $495,710." The net earnings for the 6 months ending June
30 1917 were reported as $5,025,000, after deducting all expenses, depreciation and taxes (excluding the possible war taxes), and bond interest
amounting to about $345.000.-Ed.1
CONSOLIDATED BALANCE SHEET AS AT JUNE 30 1918.
Assets (Aggregating $52,280,641).
Oil lands, leases, refineries, pipe lines, &c., $44,789,648; less
reserve for depletion of oil lands, and depreciation of plant
and equipment,$4,041,2231I40,748,425
te cos. at book value, $2,769,661; adInvestments in affiliate
2,805,165
vances to same, $35,504
66,734
Sinking fund investments, cash, accrued interest,
&c., of bonds
(In addition the trustees have acquired $1,557,500
which are deducted, per contra.)
2,800,330
Materials and supplies,for construction and operations
428,100
Prepaid insurance and deferred expenses
Bond discount and expenses (less proportion written off)
321,905
Items in suspense
250,555
1,894,127
Crude and refined oils
Notes and accounts receivable, after providing for doubtful items 2,256,229
U. S. Liberty bonds, including amounts due by employees__
415,070
288,002
Cash in banks and on hand
Capital Stock, Liabilities, &c. (Aggregating $52,280,641).
Pref. stock, 7% cumulative convertible, par $5 a share; auth.,
$7,000,000; outstanding
$3,481,110
Common stock, par 35; auth., $25,000,000; outstanding
17,572,095
Outstanding shares of subsidiary cos. at book value
75,223
15-year 6% sinking fund convertible gold bonds of Cosden &
Co. (Delaware), due 1932, $10,123,500; less in sinking fund,
$620.000, and in treasury, $46,000
9,457.500
First Mtge.6% cony. gold 13onds of Cosden & Co. (Okla.), due
869,000
026, $1,806,500; less redeemed through sink. fd. $937,500_ _ _
380,000
3-yr. 6% cony, gold notes of Cosden Oil & Gas Co:, due 1919_ _
1,396,601
Serial car-purchase notes
producing
for
obligations
properties
Purchase money
66,958
156
Due to affiliated companies
Notes payable to bankers, $1,970,000; to others, $595,082_ _ _ _ 2,565,082
acceptances
discounted,1740,000 2,223,221
Accounts payable,$1,483,221;
Accrued int. and taxes, incl. estimated Federal taxes, $495,710;
pref. dividend accrued, $20,306
516,016
Surplus: Balance Dec. 311917, $11,617,646; earnings 6 MOi. to
June 30 1918. 33,810,171-315,436,817;less divs., 31,759,138 13,677.673
-V. 107, p. 84.
Crex Carpet Co., New York.
(Report for Fiscal Year ending June 30 1918.)
Pres. Myron W.Robinson,N.Y.,Sept. 10, wrote in subst.:
The policy of curtailment in manufacture and of reduction in the extraordinary large stock of goods on hand July 1 1917 adopted on account of
the general depression in business, together with a large increase in sales
during the year, resulted in a very considerable decrease in the inventory
as of June 30 1918. This liquidation of the manufactured stock on hand
at the beginning of the fiscal year, together with substantial increase in
earnings, made it possible for the company to resume dividends during the
past year, paying 2% on Dec. 15 1917, and the regular rate of 3% on
Juno 15 1918.
The conversion of a number of small-sized looms not required in the
manufacture of the regular lino of goods has enabled the company to take
up the manufacture of cotton dude for the U. S. Government, which is
now being made at the rate of about 3,000 yards a day.
The directors have made liberal provision for depreciation and for contingencies of all kinds and the accompanying balance sheet shows the
company to be in an exceptionally strong position. The business for July
and August 1918 has been more than double that of the corresponding
months of 1917, and we feel most hopeful of a continued increase during
the current fiscal year,
INCOME ACCOUNT.
12 Mos. to 18 Mos. to -Years end. Dec. 31J'ne 30'18. June 30'17
1915.
1914.
$733,008
Manufacturing profits_ _ _ $530,942
$366,193
$291,689
338,519
Exp.-Sell., adm. & gen. 231,068
197,331
250,238
$299,874
$394,489
$94,358
Net earnings
$115,955
Extraordinary expense
252
2,406
84,542
104,533
57,214
Deprec'n charges, &c_ ___
53,670
$195,341
$309,947
year__
_
for
surplus
$36,892
Net
$59,878
(5)150,000
Dividends
(3%)90,000
Balance,sur. or clef- --suL$45,341sur.$309,947 sur.336,892 def.$30,122
BALANCE SHEET JUNE 30.
Liabilities1917.
1918.
1918.
Assets1917.
*$2,416,116 $2,429,898 Capital stock __ - _$3,000,000 $3,000,000
Property
200,000 Notes payable
Pats.,goodwill,&e. 200,000
100,000
5,150 Accounts payable_
5,150
19,123
Investments
42,604
76,605 Unpaid pay-roil..
241,874
6,170
Cash
Div.
271,366
acc't
(bal.)-592
Notes & accts. rec. 466,455
497
Res've for Fed. InDue from Prairie
come taxes, &c..
58,705
20,000
52,229
Grass Fur. Co
9,378
Depree'n reserve__
177,724
Manufact'd prod138,790
575,417 Contingent reserve
22,500
279,672
ucts (cost)
22,500
Grass, &c., res'ves
52,009
Material and sup33,587
512,642 Profit and loss_ ___ 827,769
435,874
plies(cost)
782,428
24,250
Liberty bonds_
4,267
-_
Due from employ
Total
$4,125,887 $4,129,784
Total
$4,125,887 $4,129,784
1097
Stutz Motor Car Co. of America, Inc.
(Report for Half-Year ending June 30 1918.)
1918.
1917.
1918.
1917.
$1,935,957 $2,489,621 Net ptof.for 6 mos. $398,066 3621.775
1,511,704 1,843,456 Previous balance_ 3,222,425 2,439,022
Gross profits... $424,253 $646,165
$3,620,491 $3,060,797
Selling, adminis. &
Dividends paid _ _1 x281,250
187,500
gen. expenses__
35,375
50,317
5 1(33.75)
($2.50)
War chest
12,000
Net earnings_ _ _ $388,878 $595,848 War taxes for preInt. & disc. earned
9,188
25,927
vious year
380,207
Net prof.for 6 mos. $398,066 $621,775
Balance surplus $2,947,034 $2,873,297
Net sales
Cost of manufac
x Incl. three quarterly dividends of$1 25 each. Compare V
107, p. 1009.
BALANCE SHEETS JUNE 30 1918 AND DEC. 31 1917.
June 3018.Dec. 31'17.
Assets3
Land & buildings_
309,177
262,675
Mach'y & fixtures 216,532
183,658
Office furn. & fixt_
3,464
3,418
Trade-mark, goodwill & patterns_ 2,113,479 2,110,979
Cash
252,811
72,232
Acc'ts receivable_
140,577
53,817
Mdse.inventory.. 890,790 1,148,471,
Liberty bds.(4;i %) 25,000
Total
3,771,251
4,015,829
June 30'18. Dec. 31'17.
LiabilitiesCap.stk.(no par val.)x375,000
375,000
Notes payable_ _„. _
250,000
250,000
Acc'ts payable...
68,663
67,462
Deposit on cam__
36,750
35,450
Indiana Nat. Bank
18,750
Reserves:
Deprec. of plant
& equipment.._
47,506
47,506
Taxes
6,000
6,000
War taxes,3% on
sales
9,550
11,986
War chest
12,000
Surplus
2,947,034 3,222,425
Total
3,771,251
4,015,829
x Authorized and issued, 75,000 shares of no nominal or par value declared under the Stock Corporation Law of the State of Naw
York at $5
per share.
No provision has been made for war excess profits and income taxes for
918 in the above figures.-V. 107, p. 1009.
Hupp Motor Car Corporation.
(Report for Fiscal Year ended June 30 1918.)
President J. Walter Drake says in substance:
The corporation invested $50,000 in the capital stock of the Detroit
Shell Co., an organization composed of the automobile manufacturers
of
Detroit, organized to purchase and equip a plant to assist the Government
in the manufacture of shells. In addition to this, our company is also
manufacturing gauges and tools to be used by the Detroit Shell Co.
We are now working under contracts for the Ordnance. Signal and
Departments and expect to devote more and more of our capacity toNavy
this
class of work as and when we can serve the Government.
The net profits as shown on this statement are after deducting excess
profits tax paid in 1917, and setting up what we believe is an adequate
reserve from January to July for the 1918 tax.
The new car, series"R,"illustrations of which are shown in the[pamphlet]
report, has met with the unqualified approval of our dealers and
users.
RESULTS FOR PERIODS ENDING JUNE 30(Incl. Amer. Gear & Mfg.Co.)
Year ending- -Six Mos. ending
June 30'18. June 30'17. June 30'17. June 30'16.
Net profits
$271,479
$836,691
$337,009
$300,371
Prof. divs. (7% p. a.)
91,553
91,554
45,777
49,173
Balance, surplus
$745,138
$179,925
$291,232
$251,198
CONSOL. BALANCE SHEET JUNE 30 (Incl. Amer. Gear & Mfg. Co.).
1918.
1917..
1918.
1917.
AssetsLiabilities$
Land, bldgs., equipCommon stock
5,192,100 5,192,100
ment, Ste
*1,576,423 1,482,047 Preferred stock
1,307,900 1,307,900
Good-will, trade
Bal. due acc't on Am.
names, &e
3,858,921 3,858,921
G.&Mfg. Co.plant
y200,000
Cash
731,166 339,256 Curt liab. (not due) 749,646 858,700
Ace'ts receivable.._ x735,287 591,673 Res've for customers'
Bills receivable
12,764
depos. & redemp'n
Raw & worked maof serv. coup
215,911 355,165
terial, supplies,&c.,
Reserve for accrued
at cost
1,834,786 2,093,441
interest, &c
297,971
40,580
Prepaid insurance &
Surplus
1,176,263 431,124
taxes
20,232
16,583
Pref. stock purch.
for retirement.--- 09,710
Inv. In stook Detroit
Shell Co
50,000
Inv.In sundry seeurs.
400
Inv.In Liberty bonds 23,750
Total
8,939,790 8,385,570
Total
8,939,790 8,385,570
* Includes in 1918 land, $98,657; buildings, $866,242; machinery,
$407,-
097; factory equipment, $414,996; special tools, Jigs, patterns for current
models, net,$170,869,and furniture and fixtures, $54,211; total, $2,012,070,
less reserve for depreciation, $435,648; bal. as above, $1,576,423.
property investment, t is stated, was appraised as of Dec. 31 1916 andThe
has
a sound value of $762,741 more than appears on the company's books.
x Includes in 1918 accounts receivable for cars protected by B-L drafts,
$476,222 for parts protected by customers' deposits, $180,089, and sundry
debtors, $106,567; total, $762,8'78, less reserve for doubtful accts., $27,591.
y Due Nov. 17 1917.-V'. 107, p. 1007.
Ajax Rubber Co., Inc., New York.
(Report for Half-Year ended June 30 1918.)
1918.
1917.
Increase.
a
Net earnings
$1,959,608 $1,257,461
$702,147
Dividends
(6%)426,000 (5%)390,500
35,500
Balance, surplus
1,533,608
866,961
666,641
Profit and loss surplus for the year 1917, $768,841; balance, surplus, for
the 6 months ended June 29, 31,533.608; total, surplus, $2,302,419.
BALANCE SHEET JUNE 30 1918.
1917.
1918.
1918.
1917.
AssetsCash
Bills receivable...
Payment on $100,000 sub. to Liberty bonds
Acc'ts receivable_
Deferred assets...
Inventories
Good will
Investment acc't_
Plant, equip., &c_
War Savings stps_
Total
$
581,040
58,813
175,923
4,979,223
220,544
5,126,638
1,874,874
13,647
2,510,457
7,100
$
Liabilities625,328 Stock
593,025 Accounts payable_
Bills payable
Reserves:
18,816 For plant deprec3,133,432 For bonuses to
103,550
dealers & empl's
2,311,639 For taxes
1,842,701 For bad debts...
15,100 For cash disc'ts &
1,740,559
acc'ts receivable
Surplus
15,548,260 10,384,150
Total
$
$
7,100,000 7,100,000
1.267,989
534,609
4,015,000 1,100,000
408,975
283,360
249,550
a80,037
30,725
243,319
50,122
22,429
93,535
2,302,449
33,598
1,016,712
15,548,260 10,384,150
a Not providing for contemplated Federal war tax.-V. 107, p. 605.
General Petroleum Corporation, San Francisco.
(2d Annual Report-Year ended June 30 1918.)
Pres. John Barneson, San Fran., Aug. 29, wrote in subst.:
Results.-With a constantly increasing volume of business the company
* Includes St. Paul plant, $777,239; land at Oshkosh, $1,950; Minnesota
Transfer plant, $160,5'71; grass dept., $1,461,904; furniture and fixtures, shows net earnings for the year of $3,762,491, after reserving $1,080,099
for Federal taxes under the tax law now under consideration.
$9,352; and auto truck, $3,100.-V. 106, p. 819.
1098
TIIE CHRONICLE
[voL. 107.
In determining these earnings there has been set aside as a reserve for
depreciation and depletion $1,670,368, depletion being computed according
to U. S. Treasury regulations; all labor expense of drilling new wells has
also been charged against income.
Dividends at the rate of 7% per annum on the pref. stock and at the
rate of 10% on the corn. stock have been paid quarterly throughout the
RAILROADS, INCLUDING ELECTRIC ROADS.
year. [The initial div. on corn. shares was paid Oct. 11917. V. 105. p.1213.1
Government Control.-By direction of the Federal Government the oil
Advances to Railroads by United States Government.
companies have been operating under the control of the Pacific Petroleum -Additional Amounts for
Rolling Stock.-In the statement,
War Service Committee, Mark L. Requa, head of the Oil Division of the
Federal Fuel Administration, and his local representative, Prof. D. M. as published pages 957 and 958 in last week's issue, regarding
Folsom. As a result there has been extensive co-ordination of facilities. the advances by the U. S. Railroad Administration to the
[The initial div. on corn, shares was paid Oct. 1 1917. V. 105, p. 1213.
Plant, Property and Equipment.-During the year there has been expended roads under Government control, it was announced that in
on plant, property and equipment, $2,409,276, and, after deducting sales addition to the large sums which have been advanced directly
of the Coalinga and other property (V. 106, p. 301), the net increase is
8248.655. The Mexican holdings heretofore carried separately in the to railroads either on account of compensation or as loans,
balance sheet have been merged under the above general heading.
the Director-General has advanced on account of orders
Investments.-The company, outside of bonds and gold notes held in
sinking funds, owns $154,000 General Petroleum Corporation 6% Gold placed by him for locomotives and cars now under construcNotes,$866,000 of General Pipe Line Co. of California bonds, and $277,250 tion and which are being put in service as rapidly as comU. S. Liberty bonds of various issues.
Compare caption
Trading and Working Assets.-This account has been increased $1,082,- pleted, the further sum of $11,277,870.
631. Oil in storage, at cost, increased $1,296,000, due in part to an in- "Government Car Orders" for allocation of Government
crease of 124,170 bbls. of oil in storage, but largely to the higher cost of oil
freight cars.-V. 107, p. 1002. 180.
purchased.
Current Assets.-The net increase of $2,221,275 includes chiefly increases
Government Expenditures on Railroads.-Authorin "accounts receivable." $1,507,256, principally due to the increased
value of oil sold, and cash on hand and special deposits, $714,231.
izations and Expenditures in Connection With Work Chargeable
Funded Debt.-In addition to the retirement of the remaining $900,000
1st M. bonds (V. 106, p. 301, 1039;1799), we retired $330,000 6% Gold to Capital Account as of Aug. 15 1918 Under Government
Notes issued against the purchase of the Lost Hills land (V. 105, p. 75), Regime.-See page 957 in last week's issue and caption
the operation of which has proved exceedingly profitable. There remains
in the sinking funds for retirement of General Pipe Line Co. of California "Govt. Car Orders" for allocation of 100,000 freight cars.
1st M. bonds and General Petroleum Corp. 6% Gold Notes,$651,523, of
Government Car Orders.-Allocation of 100,000 Standard
which $36,731 is in cash with the trustees and the balance is represented by
bonds and gold notes of the two companies purchased and deposited with Freight Cars.-The following table published by the "Railway
the trustees, and in balance sheet deducted from funded debt.
Land Contracts.-The balance due on land purchase contracts on June 30 Age' Aug. 30 gives the allocation of the Railroad Adminis1918 was 3609,000, mostly payable in monthly installments.
tration's 100,000 standard freight cars of various types as
Current Liabilities.-The increase of $690,391 is due principally to indetermined by the Division of Operation:
crease in "notes payable" given for oil purchased and payable monthly.
Production.-The production of oil from our properties during the fiscal
Allocation of 100,000 Standard Freight Cars.
year was 4,728,359 bbls., an increase of 573,862 bbls. over 1916-17
RailroadNo.
Railroad2
/.
V5o0
.0
New Wells.-We drilled 54 new wells to completion in California and 21
Ann Arbor
300 Maine Central
500
wells were uncompleted on June 30, viz.:
Atlanta
Birmingham
&
Atlantic
350
Minneapolis
&
St.
Louis
300
Drilling.
Oil Wells- Drilled.
Oil Fields- Drilled.
Drilling. Atlantic Coast Line
1,250 Missouri Pacific
Coalinga
2Midway-Sunset. __
1
Atchison Topeka & Santa Fe_ __2,700
(Including St. L.I. M.& S.)
-5
Ventura
1
Lost Hills
29
2
Aroostook
Bangor
&
300 Northern Pacific
1,000
12
Montebello_ ___
Belridge
22
3
2,000 Norfolk & Western
g Four
800
The value of four wells abandoned was written off.
13essemer & Lake Erie
500 Nashville Chattanooga & St. L.. 200
Net Storage.-The Corporation had in storage June 30 1918 2,139,381 Boston & Maine
2,500 Norfolk Southern
200
bbls. of oil, an increase over June 30 1917 of 124,171 bbls.
Baltimore & Ohio
5,500 Northwestern Pacific
100
State storage figures as now compiled include finished and unfinished Buffalo Rochester & Pittsb_ ___ 800 N. Y. Chicago & St. Louis_ _ _ _ 500 •
refined products; after allowing for this factor the State storage is found Carolina Clinchfield & Ohio_ __1,050 New York Central
4,500
to have decreased approximately 6,200,000 bbls. during the year.
(Including L. S. & M. S. and
Chicago & Alton
500
Oil Sales, Etc.-We handled 20,857,650 bbis. of oil, an increase of Charleston & Western Carolina. 300
C. I. & S.)
2,922,967 bbls. over the preceding year. The sales amounted to 13,279,961 Chicago Burlington & Quincy_ _1,500 N. Y. New Haven & Hartford..1:5
500
0
oils,
an
fuel
of
refined
and
increase
of
bbls.
3,220,752 bbls.
Chicago & North Western
3,250 Pennsylvania
4,500
New Properties Acquired.-During the fiscal year 2,120 acres of patented Chic. Indianapolis & St. Louis_ 300 Pennsylvania Lines West
7,500
oil land were acquired in California and 725 acres were disposed of; 260 Cincinnati Indianapolis & West. 300
(Including P. C. C. & St. L.
acres are proven oil lands in the North Midway Field held in fee and 990 Central of New Jersey
and Vandalia).
1,000
acres represent leases acquired in Montebello 011 Field where three wells Chicago & Eastern Illinois
1,000 Pere Marquette
1,000
were drilling June 30 and two wels have since been started. A successful Chesapeake & Ohio
3,000 Philadelphia & Reading
3,500
well has been completed on one of the Ventura County leases previously Colorado & Southern
300 Pittsburgh & Lake Erie
1,000
acquired and produces the highest gravity crude oil we have known.
Chicago Rock Island & Pacific_2,000 Richm. Fredericksb.& Potomac 500
The operations financed by this company in Wyoming have thus far Chicago St. P. Minn.& Omaha. 700 Seaboard Air Line
yielded no results. Dry holes were drilled in the Salt Creek-Powder Delaware & IIudson
1,500 Southern Railway
2,0
52
River Oil Fields and the Lusk Field is not encouraging. The most promising Delaware Lackawanna & West_1,700
(Including C. N. 0. & T. P.,
prospects remain in the Lost Soldier Field.
Duluth South Shore & Atlantic_ 200
A. G. S., N. 0. & N. E.
In Mexico the operations of the Mexican Gulf 011 Co. on lands subleased Detroit Toledo & Ironton
Harriman & N.E., Nor.Ala.)
300
from this company have been without success up to date; drilling is now Elgin Joliet & Eastern
500 Southern Pacific
being carried on in practically proven -territory; the pipe line from the Erie
Spokane Portland & Seattle_ ___3
2,500
2,0
000
fields to Tampico has been completed.
El Paso & Southwestern
700 St. Louis-San Francisco
2,500
Marine Transportation.-The M. S. Nuuanu and Barge No. 6 were dis- Florida East Coast
500 Toledo & Ohio Central
1,250
profit,
and
a
tug
and
a
launch
were purchased. The com- Georgia
posed of at a
400 Texas & Pacific
500
pany now charters two steel steamers each of 72,000-bbl. capacity and Great Northern
1,500 Toledo St. Louis & Western_ _ .. _1,250
owns four barges, combined capacity 16,350 bbls.; also 2 tugs and 1 launch. Hocking Valley
500 Union Pacific System
1,000
Refinery.-Important extensions and improvements at the refinery in Illinois Central
2,000
(Includes 0. S. L. and 0. W.
Vernon, Cal., are showing satisfactory results.
Kansas City Southern
300
R. & N.)
[The stockholders were to vote Aug. 29 1918 on increasing the authorized Long Island.
500 Wabash
2,500
capital stock by the authorizing of an additional 82,976 shares of coin. Louisville & Nashville
4,000 Wheeling & Lake Erie
1,000
stock, which would bring the total authorized corn. to $21,787,800, and Lehigh Valley
3,300 Western Maryland
300
with $3,212,200 pref., which remains unchanged, make the total capitali- Michigan Central
Total
2,000
100,000
zation $25,000,000. V. 107, p. 295.
See also RR.expenditures on a preceding page, and V. 106, p. 2561, 1861.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Alaska Government Roads.-Open Sept. 16.1917-18. 1916-17.
1917-18. 1916-17.1
The U. S. Government's Alaska railroad will be formally opened for serGross profit (oil and
vice on Sept. 16. The line between Seward and Anchorage was completed
transportation)_ _ _8,183,106 4,884,889 Int. on funded debt..' 341,273 314,870 Sept.
10.-V. 106, p. 2559.
Selling and market__ 286,320 155,972 Deprec'n of equipl- 804,588 647,794
Exhaust, of oil lands 865,780 658,163
Aurora
Elgin & Chicago RR.-Fare Increase Granted.Trading profit__ __7,896,78(3 4,728,917 Drilling oil wells__ __ 202,917 228,187
The I.-S. C. Commission has granted this company permission to inCan. exp. and taxes_ 684,491 450,875 Amortia. bond disct.. 78,641
Other deductions_ __ 177,780 179,504 crease its passenger rates 25%.-.V. 107, p. 905, 801.
Net earnings
7,212,295 4,278,042 Corn. divs. (10%)__1,349,018
Blue Ridge Light & Power Co., Staunton, Va.-Name.
Other income
118,694
94,143 Pref. dlvs.(7%)__ 224,851 224,851
See Shenandoah Traction Co. below.-V. 85, p. 1576.
Total deductlons_4,044,848 2,253,368
Boston & Lowell RR.-Proposed Reduction of 80% in
Gross income
7,330,989 4,372,185 Balance, surplus__3,286,141 2,118,817
Dividend Rate for 5 Years Under Government Plan.CONSOLIDATED GENERAL BALANCE SHEET-JUNE 30 1918.
See
Boston & Maine RR. below.-V. 106, p. 497.
Assets (with special details for 1918)1918.
1917.
General Petroleum Corp., oil lands, &c., property,
Boston
& Maine RR.-Plan of Reorganization Proposed
$14,512,955; development and equipment, $6,405,780; total
a$20,918,735 $19,346.718 by U. S. Railroad Administration.-Government to Loan $20,Plant property-General Pipe Line Co. of Cal_ _ 6,821.687
6,700,414 000,000 Secured by Mortgage Bonds, and Trust Funds.-Seven
011 lands and leases-Continental Mexican Petrole.
um Co
1.553,519 Leased Lines to be Merged.-No Assessment on Stock but for
Construction work in progresss
554,318
521,312 Five Years Common Shareholders to Forego All Dividends and
Mortgage sinking funds
36,730
1,500
Investments in stocks of controlled & othercos
242,860
77,485 Stockholders of Leased Lines Must Accept Four-Fifths Present
Liberty bonds
277,250
71,850 Dividend Rate-Exception in case $12,000,000 of Pref. Stock
011 in storage, $2,339,904; material & supplies,
$645,119; total
2,985,023
1,840,545 Can be Floated at Par.-The United States Railroad AdminisInsurance premiums, unexpired, $20,773; taxes
tration has prepared a plan of reorganization for the Boston
paid in advance, $2,758; other prepaid expenses,
$556; totals
24,087
42.102 & Maine system and agrees on the security of mortgage bonds
trust funds to loan the sum of $20,000,000 necessary
Uncompleted voyages
19,842
Cash,$249,093; cash-special deposits, $639,150
888,2
make the plan effective, provided substantially all of the
Notes receivable. $716; accounts rec. $2,735,253_ 2,735,
Discount on General Pipe Line Co. of Cal. bonds.._
517,W
596,359 various security holders assent.
Unadjusted accounts
30,062
20,940
The plan calls for the merger with the B.& M.of the seven
Advances to controlled co. Wyoming
273,745
leading leased lines below mentioned and in lieu of any
Gen. Pet. Corp. secured 6% gold notes
154,000
Gen. Pipe Line Co. of Cal:•Ist M 6s
866.000
assessment requires that for five years (a) the B.& M.share-
GENERAL INVESTMENT NEWS
Total
$37,346,270 $32,239,355 holders shall go without dividends, and (b) the stockholders
of the seven leased lines must accept four-fifths their present
LiabilitiesPref. stock, $3,212,200; corn. stock, $13,490,200-$16,702,400 $16,702,400 rates of dividends (unless in the meantime it shall be possible
General Petroleum Corp. 1st M.6s
Secured 6% gold notes
1,254,000} 5,782,000 to float an issue of $12,000,000 pref. stock) the money so
Gen. Pipe Line Co. of Cal. 1st Mtge. 6% bonds
3,951,000j
saved to be paid into a trust fund as further security for the
Lands purchase contracts
609.000
445,276
Notes payable, $615,979; sects, pay., $1,372,840- 1,988,819
1,258,726 Government advances. A meeting of leading interests will
Salaries and wages payable
39,166
73,450 be held to-day at which the plan will probably be approved.
Accrued interest not due, $10,169; liability inStatement Issued by Director-General McAdoo on Sept. 7.
surance, $5,550
15,719
21,138
Reserve for exhaustion and depreciation
3,023,772 c5,477,019
Original Plan Siniplified.-The Boston & Maine RR., the second largest
Res. for dividends declared and for Federal taxes
1,417.254
railroad system in New England, has been in the hands of a receiver for
Profit and loss surplus
8,345,138
2,479-,54() two years. Its financial structure has long been known to be defective,
and its physical rehabilitation necessary. in 1917 a reorganization plan
Total
$37,346,270 $32,239,355 was inaugurated by stockholders' protective committees and banking
interests. War conditions made it impracticable to carry the plan through
c Includes reserves for contingencies, 33,963,047.-V. 107, P. 1006.
and it was abandoned or indefinitely postponed.
SEPT. 14 19181
THE CHRONICLE
Recently representatives of the Boston & Maine have sought to enlist
support of the Railroad Administration for some plan for the necessary
rehabilitation and reorganization of these important transportation lines,
whose efficient operation during the war is more than ever necessary. Tile
original plan has consequently liaeen materially revised and simplified.
Hon. Charles A. Prouty, director of the division of public service and
account of the U. S. Railroad Administration, and Inter-State Commerce
Commissioner Anderson have been earnestly co-operating with the Boston
& Maine reorganization committee in endeavoring to get the reorganization
plans into such shape that the Railroad Administration would be justified
in giving it the necessary financial support. It is hoped that this ass now
been accomplished.
Merger of Leased Lines.—New Pref. Stock in Exchange.—Dividendfor
5-Years only 80% Present Guaranteed Rates.—As now presented, the plan
&
contemplates consolidation into one compact system of the
Maine and its chief and proprietary lines—the holders of approximately
$39,000,000 guaranteed stock of leased lines receiving, in exchange, preferred stock of the Boston & Maine bearing, during five years, four-fifths
the old rate of dividends, thereafter the present rate of dividends.
New Mortgage.—This arrangement will reduce the fixed charge upon the
system approximately $2,500,000 per annum, and lay a needed basis for a
mortgage securing on equal terms, all outstanding bonds and notes, and
provide a margin for any needed future issues. It is chiefly upon the
security of bonds secured by such mortgage that the Government is now
asked to advance approximately $20,000,000 necessary to carry out the
plan of reorganization.
Common Stock Not Assessed.—No Dividends for Five Years.—In lieu
of the so-called assessment upon the Boston & Maine common stockholders, the revised plan provides that during the period of five years
the surplus remaining above fixed charges and preferred dividends shall
be paid into a trust fund, pledged as additional security to the Government's advances the trust, however, to be terminable if and when, within
this period, a preferred stock issue of not less than $12,000,000 is floated,
the proceeds to be applied towards payment of said advances.
Earnings.—Standard Rental.—It Is estimated that the standard rental
to be paid by the Government during Federal control will be between
$9,500,000 and $10000,000, and that the fixed charges upon the reorganized system will be only between $5,000,000 and $6,000,000. It
thus appears that the standard rental will be fully adequate to pay all fixed
charges, dividends upon the new preferred stock, and to provide a surplus
for said trust funds. The annual gross operating revenue of the system
.
exceeds $60,000,000.
Need of Plan.—Without such reorganization the Boston & Maine and
its subsidiaries will continue to be seriously handicapped in raising funds
for improvement on the properties absolutely required in the public interest.
Governmen C Loan.—In view of the importance of providing an adequate
basis for present and future financing, and of the satisfactory security for
Government advances, accorded by the proposed plan, the DirectorGeneral has decided to advance the necessary cash of about $20,000,000
upon a reasonable interest basis secured by the mortgage bonds and trust
funds, the general details of the plan to be, however, in all respects satisfactory to the Director-General.
General Assent Required.—The Director-General will not support the
plan unless it is approved by substantially all of the stockholders affected
thereby, or such proportion of the stockholders as may be satisfactory to him.
Hampden RR. Claim.—No action taken by the Director-General in this
matter will interfere in any way with the opposition of the Boston & Maine
Railroad to what is known as the Hampden RR. claim. The reorganization
will afford no reason against the continued defense of that suit.
Reorganization Expenses.—The question of reorganization expenses will
also be scrutinized with great care. It has been stated that these expenses
might amount to as much as $250,000. This is believed to be excessive.
The plan will not be approved by the Director-General unless the reorganization expenses are placed upon a reasonable basis satisfactory to him.
"Boston News Bureau" of Sept. 11 had the following:
1099
Grand St.—Ono fare between Delancey St., Manhattan, and Newtown
Creek Bridge, and an additional fare between Newtown Creek Bridge
and North Beach or Flushing.
Flushing-Knickerbocker—One fare between Park Row, Manhattan, and
Myrtle and Wyckoff ayes., and an additional fare between Wyckoff Ave.
and Fresh Pond Road.
Flushing Ave.—One fare between Park Row and Flushing and Onderdonk Ayes., and an additional fare between Flushing and Onderdonk
Ayes. and Flushing and North Beach.
Flatbush Ave.—One fare between Park Row and Flatbush and Nostrand
Ayes., and an additional fare betwee Flatbush and Nostrand Ave. and
Bergen Beach, or Flatbush Ave. and Avenue U.
Fifth Ave.—One fare between Fulton and South ferries and Fifth Ave.
and 36th St., and an additional fare between Fifth Ave. and 36th St. and
Fort Hamilton.
Ocean Ave.—One fare between Broadway Ferry and Avenue M,and an
additional fare between Avenue M and Ocean and Emmons Ayes.
Hamburg Ave.—One fare between Delancey St., Manhattan,and Rockaway Ave. and New Lots Road, and an additional fare between Rockaway
Ave. and New Lots Road and Canarsie shore.
West End—One fare between New Utrecht Ave. and 39th St. and Bay
39th St. and an additional fare between Bay 39th St. and West End
Terminal.
39th St. Ferry-Coney Island—One fare between 39th St. Ferry and Bay
39th St., and an additional fare between Bay 39th St. and West End
Terminal.
Broadway—One fare between Delancey St., Manhattan, and Fulton St.
and Alabama Ave., and an additional fare between Fulton St. and Alabama
Ave. and Jamaica Ave. and Crescent St.
Metropolitan Ave.—One fare between Delancey St., Manhattan, and
Dry Harbor Road, and an additional fare between Dry Harbor Road and
Metropolitan Ave.
Franklin Ave.—One fare between Delancey St., Manhattan, and Park
Circle, and an additional fare between Park Circle and Coney Island.
—V 107 p4,694.703,691. a AIM
V.1.1
Buffalo Rochester & Pittsburgh Ry.—Equip. Trust.—
This company has filed a petition with the New York P. S. Commission
for authority to execute an agreement with the Central Union Trust Co. of
New York under which it will issue $1,200,000 equipment bonds, the procoeds of which will be used to purchase rolling stock to be leased to the company by the trustees and to become the property of the company when the
bonds are paid. The company has arranged with the Federal RR. Administration for the purchase of the bonds at par. The company, it is stated,
has contracted for equipment at a total cost of $1,573,600.—V. 107, p.
1003, 801.
Carolina & Northwestern RR.—Acquisition.—
A press report states that this company has purchased the Albemarle
Steam Navigation Co. and will continue its operation as usual.
Thomas Philip Hammer of Philadelphia has resigned as President of the
railroad, becoming cnairman of the board, and also acting Vice-President,
while J. A. Pretlow of Franklin, for many years President of the navigation
company, will become also president of the railroad and will be in charge
of it and also of the steamer lines as general manager. H. S. Lewis of
Suffolk, Va., is vice-president. C. Raymond Brown of Richmond is
Secretary, and W. B. Pugh of Jackson. Treasurer.—V. 107, p.
Central New England Ry.—Income Interest.—
This company has declared $50 per bond as the installment of interest
on the General Mortgage Income bonds of the company for the year ended
July 1 last. Checks will be mailed to registered 'holders as of Sept. 30.
—V. 107, p. 1003.
Chicago & Alton RR.—Officers.—
The resignation of W. G. Beird, Pres., who has entered the service of the
U. S. Railroad Administration, has been accepted. The officers at the
present time are aS follows: C. B. Seger, Chairman; Roberts Walker, Pres.;
F. H. Davis. V.-Pres. & Treas.; Jas. Steuart MacKle, Sec.—V. 107, p. 694.
The Boston & Maine leased lines which Director-General of Railroads
McAdoo referred to as the "chief and proprietary lines" which will be
merged with Boston & Maine itself into one compact system are seven in
Chicago Indianapolis & Louisville RR.—Fed. Manager.
number. They comprise the lines now directly leased to the Boston &
See Cleveland Cincinnati Chicago & St. Louis RR. below.—V.107,p.603.
Maine. The list follows, together with the amount of stock outstanding,
present guaranteed dividends, and the rate which will be paid for five years
Cincinnati & Columbus Traction Co.—Wages.—
on the Boston & Maine preferred which it is proposed to exchange par for
See Cincin. Lawrenceburg & Aurora Interurban Co. below.—V. 104,p.72
par for these $39,720,300 leased line stocks:
Stock
Cincinnati Indianapolis & Western RR.—Fed, Mgr.—
Proposed
Present
out.
5-yr. Div.
Div.
See Cleveland Cincinnati Chic. & St. Louis RR. below.—V. 107, p. 397.
$18,860,000 pref.
4
5%
Fitchburg
8,257,600
Cincinnati Lawrenceburg & Aurora Interurban.—
5.
Concord & Montreal
7
7,679,400
6.4
Boston & Lowell
This company and the Cincinnati & Columbus Traction Co. have agreed
8
3,233,300
8.0
Connecticut River
10
to increase the wages of their men to a scale of 31c. per hour for the first
1,000,000
Manchester & Lawrence
8.0
10
year, 34c. the second, 35c. the third, 36c. the fourth and 37c. the fifth year
625,000
6.67 dating from Aug. 1. The case will go to the War Board for final adjustLowell & Andover
8.33
65,000
Kennebunk & Kennebunkport
3.6
4.5
ment.—V. 106, p. 715.
In addition to the lines directly leased Boston & Maine operates more
Cincinnati Newport & Covington Street Ry.—
than a dozen other lines, mostly of small mileage. These properties were
The South Covington & Cincinnati Street Ry. has agreed to
leased to the chief lines, such as the Boston & Lowell and the Fitchburg, wages of its men 5c. an hour, retroactive from Aug. 1. The caseadvance
is to go
assumed
by
the
Boston & Maine. The dividends to the War Labor Board.—V. 107, p. 905.
and the leases have been
guaranteed on the stocks of these so-called sub-leased lines are not to be
Cincinnati
disturbed in the proposed reorganization; in other words, they will not
Chicago & St. Louis RR.—
Cleveland
have to accept a 20% reduction for five years the same as the stockholders
E. M. Costin, Federal Manager, has had his jurisdiction extended over
of the chief lines. All told the guaranteed dividends on the sub-leased the Chicago Indianapolis & Louisville RR.(V. 107, p. 603) the
Cincinnati
$580,000.
lines total only about
Indianapolis & Western RR. (V. 107. p. 397) and the Detroit Toledo &
Inquiry has been made as to what treatment will be accorded the $3,- Ironton RR.(V. 107, p. 603).—V. 107, p. 1003.
150,000 Boston & Maine preferred. This matter has not yet been finally
Columbus Magnetic Springs & Northern Ry., Richdetermined, although it is more than probable that some sort of a dividend
will be forthcoming soon after the plan is declared operative, but it will wood; Ohio.—Receiver.—
not be at the former rate of 6%;it may not be over 3% or 4%.
The Court of Common Pleas of Delaware County, Ohio, on Aug. 24
It should not be forgotten that in common with its treatment of other
roads, and quite apart from the reorganization cash advance, the Govern- appointed Charles J. Finger receiver for this company.—V. 83, p. 1469.
ment has already agreed to advance Boston & Maine an
Commonwealth Power Ry. & Lt. Co.-90% Deposited.
fund of $10,000,000. It will probably take as security a short-term 6%
bond as fast as these advances are made.
The company advises that considerably in excess of 90% of the entire
Here then is a total of $30,000,000 of new money available for Boston outstanding issue has been deposited and that a consummation
of
plan
& Maine and if the bondholders, leased line stockholders, noteholders and for part payment and refunding will doubtless be accomplished in the
the near
equity holders know when they are well off they will accept the Govern- future.—V. 107, p. 905, 501.
ment proposal cheerfully and gratefully.
The reorganization committee has not yet received from Mr. McAdoo
Concord & Montreal RR.—Proposed Reduction of 80%
a format proposal along the lines of his announcement last Saturday.
When it is received the committee will doubtless call for meetings of the in Dividend Rate for 5 Years Under Government Plan.—
various security holders for necessary action.
Soo Boston & Maine RR. above.—V. 104. p. 1263.
Tile committees representing the various direct leased lines have already
accepted the plan, but, of course, the stockholders themselves are yet to
Connecticut Company.—Government Loan.—
approve it. There will be no reduction in the dividends on the so-called
This company has obtained a loan through the United States Housing
secondary leases.—V. 107, P. 801, 290.
Corp. of approximately $1,350,000 to provide funds for constructing tracks
to provide transportation of munition workers in Bridgeport.—V. 106, p.
Brooklyn Rapid Transit Co.—Notice Filed Announcing 2559.
Connecticut River RR.—Proposed Reduction of 80% in
Increased Fare to 10 Cents for Long Hauls—P. S. Commissiop.
Suspendsfor 60 Days the Proposed Change.—The company on Dividend Rate for 5 Years Under Government Plan.—
•
See Boston & Maine RR. above.—V. 106, p. 2228.
Sept. 10 filed notice that 30 days from that date it would
charge 10-cent fares for long hauls on surface lines, but the
Connecticut Valley Street Ry.—Fare Schedule.—
This company has filed witn the Massachusetts Public Service CommisP. S. Commission suspended the effectiveness of the proa tariff effective Nov. 4, proposing to increase the rate of fare. The
posed fare advance for 60 days. The proposed increases are sion
system has been divided into 47 zones, each approximately 1 mile in length,
based on the legal rights as expressed in the separate the fare to be 3c. in each zone, with a minimum charge of 6c.—V. 106.
p. 2010.
franchises. The company's statement says in part:
Cuba Co.—Report by Controlled Railroad Co.—
The companies of the Brooklyn Rapid Transit System filed to-day
with the Public Service Commission for the First District new passenger
tariffs which will become effective in 30 days from the date of filing. .At
the same time the surface railroad companies of the system requested from
the Commission a modification of Its order of March 17 1914, relating to
the use of transfers, so as to make the order conform to the new tariffs.
The tariffs call for two fares of 5 cents each on 12 lines—these being
double the rates now charged except in the case of passengers from Flushing,
Bowery Bay and Coney Island. to whom the fares have heretofore been 10
cents. The company says that it "does not by this application prefer the
method of relief therein proposed to that requested of the Board of Estimate and Apportionment under date of July 8, which asks for the right to
make the unit fare 7 cents, with a 2-cent charge for transfers."
The company describes the new 10-cent lines as follows:
See Cuba RR. under "Reports" above.—V. 105, p. 1993.
Denver & Rio Grande RR.—Status of Judgment Obtained
by Western Pacific—Proposition to Retain Funds Already Collected for Rehabilitation of D. & R. G. Under Federal Control
for Protection of Balance of Judgment.—
see Western Pacific RR. Corporation and Western Pacific Railway
below. also "Financial Reports'
week's issue.—V, 107. P. 695, 603.
Detroit Toledo &Ironton RR.—Federal Manager
See Cleveland Cincinnati Chicago & St. Louis RR. below.—V.107.p.6()'
.
1100
THE CHRONICLE
Duluth South Shore & Atlantic Ry.—Obituary.—
Arch B. Eldredge, Pres. of company, has died.—V. 107, p. 695.
.
[VOL 107.
to have the new certificates carry 6% interest, payable semi-annually,
and due Feb. 1 1929. The Commission says in part:
"The financial status of the road illustrates the high rentals paid by the
New York Railways Co. to the security holders of some of its subsidiary
companies. The Eighth Avenue road is only capitalized at $1,000,000
and has no bonded indebtedness. The yearly rental paid by the New York
Railways Co. is $215,000, and in addition the Metropolitan Street Railway
Co. in the past and the New York Railways Co. recently have made large
expenditures for electrification and other improvements on the Eighth
Ave. company's property."
It is also pointed out that the Eighth Avenue company pays out of the
rental money the interest on its present certificates of indebtedness, amount-.
ing to $40,000 annually, and has enough left to pay quarterly dividends of
4%, or 16% a year on its capital stock of $1,000,000, and to lay aside
surplus.—V. 106, p. 499.
Eastern Power & Light Corporation, N. Y. City.—
Interest but not Principal Paid on $2,159,000 Collateral Notes—
Deposits of Stock, Bonds and Notes Called with View to Reorganization.—The corporation as of Aug. 29 issued a letter
to its security holders stating that it was unable to pay the
principal of its $2,159,000 Collateral Trust notes, due Sept. 1
1918, but that it would pay the interest on these notes.
The Note and Bondholders' Protective Committee, 50
Pine St., N. Y., accordingly on Aug. 30 addressed a circular
Fitchburg RR.—Proposed Reduction of 80% in Dividend
to the holders of the 7% Collateral Trust notes, due Sept. 1
1918, and also the outstanding 5% 5-year convertible gold Ratefor 5 Years Under Government Merger Plan.—
See Boston & Maine RR. above.—V. 106, p. 1344.
bonds, due March 1 1918, saying in substance:
On March 1 1918 the 5% 5-year Convertible gold bonds, aggregating
Galveston-Houston Electric Co.—Pare Application.—
$2,327,500. fell due, and the corporation issued a like amount of 7% Collateral Trust notes, dated March 1 1918, due Sept. 1 1918, which it offered
in exchange par for par for its maturing bonds. The holders of more than
92% in amount of the bonds accepted notes in exchange. The principal
of these notes with 6 months' interest will mature on Sept. 1 1918. The
present situation renders it imperative that there be concerted action on
the part of the noteholders and the holders of the tmexchanged bonds to
protect their interest.
The undersigned, representing the owners of a large amount of the above
notes, have organized as a committee for the protection of the note and
bondholders, under a protective agreement dated Aug. 30 1918, which
has been filed with the depositary, from which copies may be obtained.
You are invited to forward your notes or bonds at once to the Equitable
Trust Co., as depositary, 37 Wall St., N. Y., for deposit under the agreement in exchange for negotiable certificates of deposit.
Note and bondholders' protective ocmmittee: H. E. Cooper, Vico-Pres.
The Equitable Trust Co. of N. Y.; 0. B. Willcox, Vice-Pres. Bonbright
& Co., and H. C. Rorick of Spitzer, Rorick & Co., with George E. Barrett,
as Secretary, 25 Nassau St., N. Y.
Tnis company's subsidiary, the Houston Electric Co., in view of the
proposed increase in wages along lines suggested by the War Labor Board,
will, it is announced, file a new application for 7-cent fates.—V. 106, p. 715.
Grand Trunk Ry.—Election of Lord Southborough as a
Director.—A cable message from London announces that
Lord Southborough has been elected a director of the Grand
Trunk Railway Co. in place of the late Col. Frederick Firebrace. Lord Southborough has been a prominent figure in
public life for many years, is an acknowledged authority on
railroad problems and is widely known in Canada and the
United States. The new director, who was recently elevated to the peerage in recognition of his services to the
Empire, is better known as Sir Francis Hopwood.. He began
his public career in the Board of Trade, was Secretary
the
A stockholders' protective committee, also with head- Railway Department, and has since been called on to
to fill
quarters at 50 Pine St., N.Y.City,in circular of Sept.6 says: numerous positions of responsibility under the British
The undersigned, at the request of holders of a large amount of both
pref. stock and voting trust certificates for common stock of the corpora- Government.
tion, have consented to act as a committee to represent the stockholders
Issue of 6% Refunding Notes in London at 99.—
of the company and to endeavor to prepare and put in operation a plan
A press dispatch frc-, London dated Sept. 10 stated that the company
for the readjustment of the company's indebtedness and capitalization. is issuing £3,000,000 6% 3-year notes
at 99 for the purpose in part of reIt is hoped that through the co-operation of all classes of security holders deeming £2,000,000 5% notes maturing
Oct. 1. The balance will be used
an acceptable plan can be prepared for the reorganization of the company for general purposes. The company's last issue
took place in Jan., when
and its subsidiaries.
£1,000,000 6% 3-year notes were placed.—V. 107, P. 1003, 696.
Therefore, we recommend to you that you deposit the stock held by you
with the New York Trust Co., 26 Broad St. N. Y., as depositary under
Interborough Rapid Transit Co.—Offering of Threean agreement, copies of which may be obtained from the depositary or
from the Secretary of this committee. The depositary will issue transfer- Year Notes.—A syndicate headed by J. P. Morgan & Co., the
able certificates of deposit. Deposits must be made on or before Nov. 1 '18. First National Bank, N. Y., National City Co., N. Y.,
Stockholders' protective committee: Wm. P. Bonbright, Chairman,
Pres. Bonbright & Co., Inc.; W. S. Barstow, Pres. W. S. Barstow & Co.. Harris, Forbes & Co., Lee, Higginson & Co., Kissel, KinniInc., and George C. Lee of Lee, Higginson & Co., with C. N. Wilson cutt & Co. and Halsey, Stuart & Co.,received, up to Sept. 11,
as Secretary, 50 Pine St., N. Y.
subscriptions to $33,400,000 (total issue)
Three-Year SeOfficial Statement to the Security Holders.—President J. B. cured Convertible 7% gold notes dated Sept. 1 1918, due
Taylor, 50 Pine St., N. Y., in circular of Aug. 29 says: Sept. 1 1921, but redeemable as a whole or in part at the
In the annual report to the stockholders for the year ended 1917 (V. 107, option of the company at 103% if prior to
Sept. 1 1919; at
p. 499) it was stated that "further increases in both gross and net revenue
can be confidently expected.
This prediction has been amply met with 102% if thereafter and prior to Sept. 1 1920; and at 101 if
respect to gross revenue. The Eastern company's subsidiaries report for thereafter and prior to maturity, accrued interest
being
the six months ended June 30 1918 an increase in gross revenue compared
payable in any case. (See also advertising pages.)
with the corresponding period of 1917.
This is largely the result of vigorous steps taken by the management
to secure higher rates for all kinds of service, and further substantial increases in rates have been either recently effected or applied for, or are in
immediate contemplation. As the new rates become effective at different
periods, the full benefit of all increases will not be realized before 1919.
The costs of operation during the six months ended June 30 have, however, grown even more rapidly than the revenues. The cost of miscellaneous supplies has increased over 100%; labor constitutes over 50%
of the cost of street railway operations and the company's railway wage
scale has increased about 50% in the last two years, one-half having accrued
within the last six montns. There is every reason to believe that a further
increase in expenses must be faced. It is hoped that the price of coal has
been stabilized. The increased costs of labor and materials have affected
most adversely the company's street and interurban railways and the
natural gas properties in W. Va. The electric light and power properties
under normal conditions and those now prevailing are, in our opinion, inherently sound and self-sustaining and promise best for the future.
The company has a floating debt of approximately $900,000, payment
of which cannot long be deferred. This floating debt was incurred in
advances to subsidiary companies, secured by notes of those companies,
and which advances were used for extensions to the physical properties
when it was not possible for the subsidiary companies to market their own
securities and when it was necessary to undertake this construction in
order to protect the franchises and good-will of the companies in their
several communities. Present war conditions have made it increasingly
difficult to secure money for construction of any kind, and, although extensions and connections have been reduced to a minimum much of the
cash surplus of the suhsidiaries, in addition to loans from the Eastern company, has necessarily been applied to unavoidable construction.
Dividends from securities of subsidiary companies—the Eastern company's principal source of revenue—have been stopped, and everything
has been done to protect the physical and going-concern value of the
subsidiary nroverties.
The principal of the company'.Trust notes, due Sept. 1
1918, issued in exchange for its tr-year5%
-bonds, cannot be paid at maturity, but the company has arranged to pay the interest due on Sept. 1
1918 to all noteholders upon presentation of the interest coupon at the
office of Bonbright & Co.. Inc., 25 Nassau St., N. Y. City.
The company and all of its subsidiaries could have continued to meet
their charges and maturities in normal times and the change in conditions
Is due directly to the war. In normal times they have been and would
be able to meet all fixed charges and dividends, and with increasing revenues from enlarged power plants and systems to accumulate a surplus
which would have facilitated under normal financial conditions the refunding of obligations of subsidiaries as they matured, through sale of securities.
When the officers of the company asked its bondholders for the extension of its bonds for six months to Sept. 1 1918 they expressed the hope
that relief might be obtained from the War Finance Corporation. The
directors, however, under the interpretation of the modified Act by counsel
for the Government, have been precluded from granting relief in this and
similar cases.
.Notwithstanding the inability of some of the subsidiaries to meet their
charges, certain other of the subsidiaries are not only self-sustaining but
give promise of largely increasing gross and net earnings. With necessary
readjustments these companies should be capable of earning both their
own charges and also a surplus sufficient to meet interest on all the fixed
obligations of the Eastern corporation, and, with expansion to meet growing markets, dividends on its stock.
we request that the !folders of the several classes of securities outstanding recognize the abnormal economic and financial conditions resulting
from the war, and that they co-operate in the readjustments which may
be necessary to keep the properties intact and within reasonable time make
their surplus earnings available. Compare report in V. 107, p. 499.
"Passed by the Capital Issues Committee as not incompatible with the
national interest but without approval of legality, validity, worth or
security. Opinion No. A 1601."
Interest M. & S. in N. Y. City. Denorn. $1,000, $500 and $100 c*.
The notes are convertible at the option of the holder into First & Refunding
Mortgage 5% bonds at 873 % with adjustment of interest.
Interest payable without deduction for 2% of the Federal income taxes,
which the company may be required or permitted to pay at the source.
Data from Letter of Theodore P. Shonts President and Chairman of
Executive Committee New York Aug. 31 1918.
Security.—The notes are to be limited to an authorized issue of $33,400,000 and are to be secured by pledge, under a collateral indenture, with
Bankers Trust Co., trustee, of $52,187,000 Interborough Rapid Transit Co.
First & Refunding Mortgage 5% bonds, equivalent to pledge of the bonds
at a price of 64%. The notes will be convertible, at any time before maturity (provided notice of any election to convert after Aug. 1 1921,
given on or prior to that date). at the option of the holder, into the Firstbe
&
Ref. bonds at 87%% with adjustment of interest.
The company is to agree (unless otherwise ordered by the P. S. Commission for the First District) that a sum equal to that part of the semiannual 3i% sinking fund on its bonds, ratable to the $52,187,000 bonds
pledged under the indenture (being $521,870 annually), will be made available for the retirement of a proportionate amount of such pledged bonds,
and as so paid to the trustee for this note issue, will be used in the purchase
or redemption of the notes at not exceeding the then redemption price.
Purpose of Issue.—The Cost of the Interborough new subways, elevated
extensions and third-tracking, &c., as originally estimated in 1913, has
been
paid from the proceeds derived from the sale of First & Ref. bonds, of which
$160,585,000 are outstanding in the hands of the public. Largely as a
consequence of the war, the cost of completing the Interborough new rapid
transit system is approximately $37,640,000 more than the original estimates made in 1913. Except for work to cost about $6,000,000,
is
to be deferred until after the war, the proceeds of this note issuewhich
will be
sufficient to complete the company's contribution to the cost of the Interborough new rapid transit system, while the city has yet to provide about
$40.000,000 to complete its contribution.
The greater part of the proceeds of this note issue will be expended for
rolling stock and electrical equipment. The pledged bonds are secured by
a mortgage which is a first lien (subject to the city's rights under the leases)
upon real estate, power houses, substations, equipment and other property
owned directly by the company and is also a first lien upon all tne
holds and other rights of the company in all the subway and elevatedleaselines
comprising the Interborough Rapid Transit system.
Passengers Carried and Operating Revenue for Years ending June 30.
Years— Passengers.
Revenue.
Years— Passengers.
Revenue.
1904-05_ ___339,104,820 $17,201,083 1915-16____683,752,114 $35,891,528
1909-10_ _562,788,395 28,987,647 1916-17_ ---763,574,085 39,866,146
1914-15..__ _647,378,266 33,433,742 1917-18_ _ _ _770,998,335 40,497,728
• Growth of Revenue.—During the 10-year period 1907-1917, in which the
older subway was operated as a complete unit under normal conditions,
the company's gross revenue increased from $22,902,579 to $39,866,146,
or'
74%.and the net income available for interest increased from
$4,483,110
to $12,514,996, or 179%. This experience of the past would justify
the
expectation of continuing expansion of traffic and earnings of the enlarged
rapid transit system, although a period of transition is to be anticipated
during which the dense traffic currents shift from old-established routes
to the new ones.
Contract Provisions on Basis of Note Issue.—Interest on the securities
issued to construct and equip the new lines is a charge to construction until,
and to the extent of, the completion and commencement of operation of
the new lines. Under its contracts with the city, the company is entitled
to take, on the basis of this note issue, out of the revenues of the Interborough Rapid Transit system, an annual sum which, with other corporate
Eastern Wisconsin Electric Co. Sheboygan, Wis.— Income,
will provide $17,207,572, as compared with $11,073,100 required
The Wisconsin RR. Commission has granted this company permission for interest on all bonds and notes outstanding in the hands of the public,
to increase fares between Sheboygan & Elkhart Lake from a ticket rate of and sinking fund on all bonds exclusive of the pledged bonds, leaving a
1.9 to 2.9 cents per mile.—V. 106, p. 2122.
balance equal to more than 10% on the $35,000,000 Interborough comcapital stock.
Eighth Avenue RR.—Financing—Application to Issue pany's
The amounts payable to the company out of the revenues of its subways
(compound interest being allowable on any deficiency in any fiscal year)
Certificates of Indebtedness for Refunding.—
are to be paid before the city becomes entitled to the interest on its investThis company has applied to the New York P. S. Commission for au- ment under
its 1913 subway contract with the company. The amounts
thority to issue certificates of indebtedness for $750,000 for the purpose of payable to the
company out of the revenues of its elevated lines (compound
discharging outstanding certificates issued in January 1914. It is proposed
nterest being allowable on any deficiency in any fiscal year) are to be paid
SEPT. 14 1918.]
THE CHRONICLE
before the city becomes entitled to any profit out of the operation of the
elevated lines.
Estimate of Preferential Earnings.—Owing to war conditions, it seems
probable that, with the present rate of fare, the amount of preferential
earnings to which the company is entitled will not at first be fully earned,
and the city would therefore receive no return upon its investment in the
new subways, but the estimate of independent engineers Indicates that the
income available to the company will be sufficient to provide for the $11520,000 required for estimated interest and sinking fund charges payable
out of income in 1919.
Estimate of Engineers, on Basis of a 5-cent Fare, of Gross Revenue and Total
Income Available Under Contract for Return to City.
Gross
Income Avail.
Income Avail.
Gross
Year—
Revenue. for Return to Co. Year—
Revenue. for Return to Co.
$18,675,000
1919 _ _345,600,000
$12,440,000 1923 ____$55,350,000
19,720,000
1920 -___ 48,350,000
13,940,000 1924 ____ 57,350,000
20,765,000
1921 ____ 51,100,000
16,435,000 1925 ____ 59,350,000
192253.100,000
17,480 000
Full allowance has been made for the unfavorable 'conditions brought
about by the war.
Income Account for the Last Five Years ending June 30.
1914-15.
1913-14.
1915-16.
1917-18. - 1916-17.
$
$
$
$
$
Oper. revenue....40,497,728 39,866,146 35,891,528 33,433,742 33,515,395
Oper. expenses__19,113,336 16,583,293 14,008,166 12,941,314 12,902,053
Taxes & rentals_12,385,914 11,326,933 10,699,547 10,407,626 10,356,593
7.376
7,689
124,139
Misc. deductions 163,321
57,123
1101
certificates maturing in Dec. next, without calling upon the bondholders
for assistance, but he may not be able to do so, and, therefore, contemplates
the possibility of calling the bondholders together;funds are necessary to
carry on the operation, to preserve the properties, and to liquidate the receiver's certificates. It is impossible at the present time to prepare even
approximate estimates of earnints, necessary capital expenditure for rehabilitation or other useful data.—V. 103, p. 938.
Milford & Uxbridge Street Ry.—Fare Increase.—
This company has been authorized by the Massachusetts P. S. Commission to increase fares in a system by which the road is divided into sections
about 1 mile in length and a rate of 2Mc. per zone with a minimum fare of
6c. for a distance of 3zones or less is established.—V. 105, p. 2456.
Montgomery (Ala.) Light & Traction Co.—Fare Inc.—
This company has applied to the City Commissioners for permission to
Increase fares from Sc. to 7c.—V. 105, p. 714.
New Jersey & Pennsylvania Traction Co.—Fares.—
The New Jersey P. U. Commission has suspended proposed increases in
fares on this company's lines until Dec. 10 next, unless the Board shall
approve them after a hearing on Oct. 22.—V. 106, p. 2229.
New Orleans Ry. & Light Co.—Wage Award Protested.—
Balance
8,835,157 11,898,797 11,176,126 10,077,426 10,132,610
580,830
623,631
Non-op. income- 593,599
612,852
559,076
The directors have decided to pay the increased back wages resulting
from the award of the War Labor Board, notwithstanding the fact that the
company's 'application for a reconsideration of the case and a suspension
of the award has been acknowledged and taken under consideration by the
War Labor Board and no decision has been rendered thereon. Payment
will be made without prejudice to the company's right to persist in its
application for reconsideration and suspension.—V. 107, p. 1004. 697.
Total income_ 9,428,756 12,457,873 11,756,956 10,701,057 10,745,462
Int.&sk.fd. pay.
out of income_ 4,765,998 3,572,515 3,043,630 2,632,573 2,720,882
J. N. Shannahan has succeeded C. Loomis Allen as President.—V. 106,
p. 2117.
Surplus
4,662,758 8,885,358 8.713.326 8,068,484 8,024,580
Source of Earnings.—During the fiscal year 1918 certain portions of the
new lines under construction during the last five years were placed in
partial operation. The earnings for 1918 are exclusive of $2,508,508
on account of such partial operation, for which the company is entitled
to be reimbursed, with interest, out of future revenues. The above earnings (except tor a small period of 1918) have been derived entirely from the
operation of the elevated lines and the older subway system, the latter
representing an investment by the company of approximately $48,000.000
and by the city of approximately $59,500,000. These earnings include
substantially no income from the enlarged rapid transit facilities built during
the last five years for the construction and equipment of which the compan3, has provided approximately $130,000,000 of additional funds, including the proceeds from these notes, while the city has provided more
than $60,000,000 and will, it is estimated, provide approximately $100,000,000 upon the completion of the Interborough subways.
Fare Application.—The increased cost of operation in 1918 reflects conditions which are common to similar enterprises throughout the country,
as a consequence of the war, and in view thereof the company has made an
application for an increase in fare, which is now pending before the public
authorities. The granting of this necessary increase would enable the city
to obtain sooner a return upon its investment in the new Interborough
subways.
Equity.—Ordinarily the stockholders in public utility companies provide
an equity by subscribing to capital stock which serves to safeguard tho
security of bonds and notes and the payment of interest thereon. In this
instance, this safeguard is provided not only, by the outstanding stock of
the company but also by the contribution by the city of approximately,
$100,000,000 toward the cost of the new subways and the subordination of
its claim for interest on this money—an arrangement obviously better for
these bondholders and noteholders. Compare V. 107, p. 1003, 501.
Wage Increa8e.-
Newport News & Hampton Ry., Gas & Electric Co.—
N. Y. Chicago & St. L. RR.—New Mtge.—Replying to
our inquiry, V.-P. & Gen.'1 Counsel H. D. Howe writes:
The new mortgage was authorized by the stockholders July 2 1918. but
under the Federal Control Act of March 21 1918 it is necessary to secure
the approval of the Director-General of Railroads. Application for this
_pproval is pending. The details may be somewhat affected by the
irector-General's requirements. [Further data are, therefore, not at
present available--Ed.j—V. 107, p. 604.
D
New York & Long Island Traction Co.—Wage Increase.
This company has granted an increase in wages effective Aug. 30, placing
wages on a basis of from 37Mc. an hour to 43c. an hour.—V. 102, p. 1541.
New York Rys. Co.—Proposed Suspension of Night Service Overruled by P. S. Commission—Wage Increase.—
The New York P. S. Commission on Sept. 10 overruled the plan of John
Candler Cobb of Boston to suspend the operation of the surface lines operated by this company from midnight to six A. M. and adopted an order
making it impossible for the company to curtail the present service.
Wage Increase Announced.—
Announcement has been made of an increase in wages affecting this
company's 7,500 employees as of Aug. 11, aggregating $1,250,000 per
annum, or about 20% over the existing rate.
Subsidiary Co. Financing.—
See Eighth Avenue RR. above.—V. 107, p. 906, 501.
Pacific Electric Ry, Los Angeles.—Fare Increases.—
The California RR. Commission has granted this company _permission
to place in effect a 20% increase in fares, the new rates to be based on a
zone system. The new rates are expected to yield $1,136,000 of operating
revenue.—V. 106, p. 2649.
0111ProsIdent Theodore P. Shonts on ,Sept. 10 announced an increase in
wages for the 15,000 employees of the Interborough Rapid Transit Co.
aggregating $2,500000 per year, or 20% over existing rates. This increase
.
Pacific Great Eastern Ry.—Extension.—
la/granted in anticipation of authorization.heing given to charge higher
A Canadian dispatch states that the contract for this company's extenfares on the subway and elevated lines."—V. 107, p. 1003, 501.
sion from Clinton to Williams Lake has been awarded to the Northern
Construction Co. on a tender of $419,000.—V. 107, p. 182.
Interurban Ry. & Terminal Co.—Wages.—
This company has agreed to an increase in wages of 5c. an hour dating
Pensacola Mobile & New Orleans Ry.—Extension.—
back to Auw. 1, to be submitted to the War Labor Board, whose finding will
The U. S. Railroad Administration is being approached in an effort to
be final.—V. 107, p. 802,`402.
obtain approval for the completion of the Gulf Ports Terminal RR. from
Pensacola to Mobile, on this company's lines. Track has been laid to
Iowa Central Ry.—Directors.—
within 18 miles on Mobile Bay and in the unfinished part the roadbed has
W. F. A. Connolly and Chas. K. Seymour have been elected directors been
graded and bridges built. It is proposed to seek $400,000 from the
to succeed T. P. Shonts and W. G. Mord, retired. The vacancy caused RR. Administration,
$100,000 additional is to be raised to complete
by the resignation of Joy Morton has been filled by Frank G. Lawrence. the lines.—V. 101. p.while
1629.
—V. 105, P. 1104.
le
Kennebunk & Keenebunkport RR.—Proposed Reduotion of80% in Dividend Rate for 5 Years Under Govt. Plan.—
Philadelphia Germantown & Norristown.—Tax Suit.
See Reading Co. below..
Philadelphia Rapid Transit Co.—Fare Situation—
Lehigh Valley RR—Traffic to Pennsylvania Terminal.— Status of Lease Matter.—Pres. Thomas E. Mitten has adAnnouncement has been made by the Director-General of Railroads that
to the Chairman of the Penna. P. S. Comthe New York and Jersey City stations of the Pennsylvania RR. would be dressed a letter
used by this company beginning Sept. 15. On the same date the present mission in which it is stated that no increase in the base
use of the Communipaw terminal of the Central RR. of New Jersey, by rate of 5 cents in trolley fares will be asked for until after
Lehigh Valley passenger trains will be discontinued.—Y. 107, p. 905. 603.
Jan. 1, although before that time the company may submit
Lehigh Valley Transit Co.—Fare Changes.—
a plan providing for a continuation of present base fare of
This company and the Philadelphia Western Ry. of Upper Darby, Pa.,
additional charge for longer riders "who
have filed a joint tariff making increases in rates. The company announces 5 cents with an
are getting more than 5 cents' worth of transportation."
a 6-cent fare per zone and the creation of new zones.—V. 107, p. 291.
Bureau,' the letter
Los Angeles & San Diego Beach Railway.—Denial.— As summarized in the Phila. "News
The California RR. Commission has denied the application of this com- further says:
See Boston & Maine RR. above.
The immediate necessity for an increase in fare has been removed through
recent financial aid from the Government, saving in fuel and co-operation
of public and employees.
Asking for definite action on the lease with the city pending before the
Pres. Mitten said: "Should it be approved, this management
Louisville (Ky.) Ry.—Wage Demands—Fare Situation.— Commission,
will pass over certain of its present powers and obligations to the Board of
The management has offered a temporary advance of 7c. an hour and Engineers therein provided and will thereafter be a partner in, but not
asks the union to allow three months' time to ascertain if the present earn- entirely responsible for either the service to the public or the financial
ings permit the increase. These terms, however, nave been refused by return to the city.
the union and placed in the hands of the War Labor Board for adjustment.
"The financial return to the stockholders is assured to be no more nor
The company is seeking higher fares in order to comply'with the wage in- less than 5% per annum, and, as the machinery is provided by which fares
crease desired.—V. 105. p. 2272, 2184, 1802, 1708.
shall be increased as may be required, the problem of mounting costs
which now confronts us reaches an immediate solution by your approval
Lowell & Andover RR.—Proposed Reduction of 80% in of this contract, as do in fact all other difficulties with which we are immediately confronted."
Dividend Rate for 5 Years Under Government Plan.—
In the event the contract should not be approved "plans should be preSee Boston & Maine RR. above.—V. 17, p. 189.
pared looking to the company's receiving such assistance from the hands
of your honorable body as its earnings and expenses, together with the
Mahoning & Shenango Ry. & Light Co.—Fares.—
increasing needs of this community make necessary."
The City Council of the Chamber of Commerce of Younsgtown,Ohlo.
Pres. Mitten draws attention to the improved financial position of the
has recommended the fare of this company's lines bet ncreased to c. for company. He points out that the renewal reserve fund of the company
the duration of tee war.—V. 107, p. 1004.
now amounts to more than $2,625,000, of which $1,134,391 is in cash and
in securities, the latter including $225,000 in Liberty bonds.
Manchester & Lawrence RR.—Proposed Reduction of $1,190,608
"We shall dip very deeply into this reserve during the next few months,"
he
continues,
"while putting our cars and tracks into condition, but it must
80% in Dividend Ratefor 5 Years Under Government Plan.—
be understood that we have accumulated this money for just such aa
See Boston & Maine RR. above.—V. 73, p. 1264.
emergency."
pany to issue notes in renewal of outstanding notes and to issue and pledge
bonds to secure the payment of the notes. The company has outstanding
$83,261 notes, of which the payment of $49,_391 is secured by $68.500 of
the company's first mortgage oss tands.—V. 105, p. 1999
Manhattan & Queens Trac. Co.—No 7c. Fare—Wages.
Judge Chatfield in the Federal Court at Brooklyn, N. Y. on Sept. 1() refused to recognize the claim of the receivers for this company to charge a
7-cent fare and increase the wages of employees.—V. 107, p. 906.
Marshall & East Texas RR.—Sale.—
This company has sold a part of its line extending 20 miles from marshan
to Elysian Fields to the Waterman Lumber Co., Marshall, Tex.—V. 106,
p. 2011.
Mexico North Western Ry.—Receiver's
'rho receiver has issued a report to the bond and shareholders which states,
inter alia, that he is endeavoring to arrange for the financial necessities
of the company, particularly in connection with the $400,000 receiver's
United States Loan.—
The Pennsylvania P. S. Commission has approved the contract of the
United States Housing Commission by which the Federal Government will
lend the company $1,748,000 to extend transit facilities for workers in industrial war plants.—V. 107, p. 906, 803.
Pittsburgh (Pa.) Rys Co.—New Wage Offer Rejected ___ s
This company's employees have voted to reject the offer of the recei'„
for an increase in wages from 45 c. an hour to a minimum of 48c., if the vers
(3n
would agree to the introduction of swing and tripper runs and to
ne d.
ployment of women aS conductors and negroes as motormen. It I -nun
m-rstood that the wage provisions are agreeable to the men but that ey deelined to agree to the other features of the proposal.
1102
THE CHRONICLE
Judge C. P. Orr in the U. S. District Court, following his order authorizing the receivers to pay over $250,000 in fixed charges, due the Consolidated Traction Co., chief underlying company, for August, directed the receivers to pay $18,750 interest due the Peoples Savings & Trust Co. on a
5% mortgage for $750,000 on the properties of tho Pittsburgh Canonsburg & Washington Street Ry., another underlying company.—V. 107,
p. 697, 502.
Puget Sound Traction, Light & Power Co.—Sale.—
[VoL. 107.
Wabash Railway.—Federal Manager.—
General Manager J. E. Taussig has been appointed Federal Manager
under the U. S. Government of this company and also of the Toledo St.
Louis & Western RR. (V. 107, p. 497).—V. 107, p. 1005, 605.
Wages.—New Wage Advances to Railroad Employees.—
See page 956 in last week's issue and compare V. 107, p. 1005, 907.
Western Pacific RR. Corp.—Judgment of $32,500,000
Following conferences between representatives of the City of Seattle
and the officials of the company on Sept. 6, an offer by the city to purchase Against Denver & Rio Grande—Proposition to Retain $3,500,the street car lines of the company for $15,000,000 was made by the Mayor
and the City Council. Chairman F. S. Pratt of the board of directors will 000 of Sum Already Realized ($7,771,395) for Protection of
Remainder of Judgment Through Rehabilitation of D. & R. G
recommend acceptance of the offer.
In the conference discussions, it is stated that the company officials said Referring to a report of the Equitable Trust Co. of N. Y.,
that they might listen to a proposition for the sale for $18,000,000, with
bonds bearing 6% interest. This offer was discussed and finally a counter as trustee, to the bondholders of the Western Pacific Ry.
proposition was made for $15,000,000 with bonds bearing 5%. Mayor (old company), which we hope to cite fully another week,
Hanson said that this offer was based on the cost price of tho actual physical
property, not taking into consideration any franchise value or the increased President Alvin W.Krech in circular of Sept.9 says in subst.:
cost of material.
As disclosed by such report, there has been realized upon the Judgment
Chairman Pratt, while insisting that the offer was low, agreed to recom- against the Denver & Rio Grande RR. Co. $7,771,395 after payment of
mend its acceptance as the best the company could do under the circum- the expenses of the litigation, and there remains unpaid on the judgment
stances.
more than $32,500,000. This corporation is the owner of approximately
According to the tentative agreement for the purchase of the lines, 95% of the Judgment and is, therefore, entitled to receive approximately
which was reached, payment for the property is to be made in public 950
4 of the amount realized.
utility bonds running 20 years and bearing 5% interest. No lien is to be
Among the assets sold on execution under the Judgment was the Denver
given on any property other than that taken over. The fact that the pay- company's equity in the stock of the Utah Fuel Co., which was purchased
ment is to be made in utility bonds, with the property itself as security, for the account of this corporation for the sum of $4,000,000, that being
enables the city to legally float tee bonds without the submission of the the minimum price fixed by Judges Sanborn and Lewis, under whose jurisquestion to the people, which, It is explained, would take time. Compare diction the receivership of the Denver company is being administered.
The Utah Fuel Co.stock is subject to the lion of the Collateral Trust Mtge.
V. 107, p. 1005, 906.
of the Rio Grande Western By. Co., but may be released from that mortReading Co.—Denial of Tax Liability.—
gage upon the payment to the trustee thereunder of$6,000,000 in cash or
Attorney for this company on Sept. 9 filed in the Common Pleas Court a the surrender for cancellation of $6,000,000 of bonds issued under the
denial of the legal liability to reimburse the Philadelphia Germantown & mortgage. The stock, in the opinion of your directors, is worth to the
Norristown RR., one of its leased lines, for the payment to the Government owner of the Denver system more than it is to any other person, and there
of an excess war profit tax of about $12,000. In its suit for recovery the Is no reason to anticipate any future default in the mortgage to which it is
subject or any disturbance of the lien of that mortgage.
Germantown & Norristown Co. contended that under the terms of its
.
the Reading Co. became resopnsible for the payment of all taxes andlease
In order to purchase the equity in the Utah Fuel Co. stock, this corcertain other obligations. In the return of the Germantown & Norristown poration borrowed $4,000.000. Your directors have determined to pay
and its payment to the Government, the company turned over for taxes off this loan out of this corporation's share of the cash realized on the Judg$27,977 93, which included both the income and excess profit taxes. As a ment and to treat the equity in the stock as proceeds received by this corresult of the litigation the quarterly dividend paid Sept. 4 1918 on poration on account of its interest in the Judgment.
The unpaid balance of the Judgment against the Denver company
the $2.246,900 stock of the Germantown company out of the rental received
from the Reading Company under lease dated 1870 was only 2M %,instead (amounting to more than $32,500,000) can be realized only out of the railway operating properties of the Denver company, which are now under
of 3% as in the past.—V. 107, p. 1005, 697.
Government control and which are subject to liens of mortgages under
Rio Grande Valley Traction Co. (El Paso, Tex.).— which bonds in the amount of approximately $122,0130,000 principal
This company has filed an amendment to its charter increasing the au- amount are outstanding.
Your directors deem it of the greatest importance to this corporation
thorized capital stock from $300,000 to $500,0d0.
and its stockholders that all of the proceeds received by the corporation
account of its interest in the judgment against the Denver dompany
Salt Lake City Union Depot & RR.—Gen'l Manager. on
General Manager E. L. Brown of the Denver & Rio Grande RR. has had be held intact and available, if necessary, in order that the unpaid balance
of the Judgment be protected and that the earning power of the Denver
his jurisdiction extended to include the Salt Lake City Union Depot
RR. system (which during the so-called test period was in excess of $2,000,000
—V. 88, p. 232.
per annum over and above taxes and all mortgage interest) be preserved
for the ultimate benefit of the judgment.
Salt Lake & Utah RR.—Rates.—
Your directors have therefore determined for the time being to demand
This company has applied to the Utah P. U. Commission to raise its
rate of fare to the schedule adopted when the road assumed that it was of the trustee only an amount of this corporation's share of the cash realized
upon the Judgment sufficient to pay the loan made in connection with the
under Government control.—V. 89. p. 779.
purchase of the equity in the Utah Fuel Co. stock and to leave the balance
with the trustee, subject to future demand by your directors because, if the
=Antonio (Tex.) Public Service Co.—Fares.—
This company has filed an application with the city authorities for a balance were now paid into the treasury of this company, it might, under
certificate of incorporation, become necessary, in order to keep these
the
a 6-cent fare or a fare of 5 cents with the abolishment of the transfer
proceeds intact, for your directors to turn such proceeds over to the Westsystem.—V. 106, p. 191.
ern Pacific RR.Co. of California (the operating company). Your directors
that this would be inadvisable at the present time.
San Joaquin Light & Power Corp.—Construction.— feel
See also Western Pacific By. below.—V. 107, p. 698, 605.
The California RR. Commission has granted this company permission to
use the proceeds from the sale of $202,761 series "C"6% bends authorized
• Western Pacific Ry. Co. (Old Company).—Bondholders
by the Commission to finance construction expenditures.—V. 107, p. 611.
Scranton & Binghamton RR.—Fare Increase.—
This company has filed with the Pennsylvania P. S. Commission a
schedule of rates and tariffs increasing fares in zones in and out of Scranton,
the minimum in Scranton being advanced from 6 to 8 cents, while one-way,
round and commutation rates from the entire zone are unchanged.—
V.107, p. 182.
Shenandoah Traction Co.—New Name.—
The Blue Ridge Light & Power Co. of Staunton, Va., has filed for record
a change in its name to the above.
Southern Railway.—New Treasurer.—
F. S. Wynn, Secretary, has been elected Treasurer.—V. 107, p. 1005.
Tiffin Fostoria & Eastern RR.—Fare Situation.—
This company is proceeding to tear up the rails at River View Park,
Tiffin, Ohio, being unable to come to terms with the City Council in the
operations of the city lines. The company had proposed to mai,tain
cash fare of 10 cents and sell 6 tickets for 45 cents, but the Council would
not agree.—V. 107, p. 803, 403.
Toledo St. Louis & Western RR.—Federal Manager.—
See
Wabash Ry. below.—V. 107, p. 497.
Union Pacific RR,—Listing.-'rho New York Stock Exchange has listed $20.000,000 Temporary 10-yr.
69' Secured bonds, due July 1 1928, with authority to substitute on or
before Jan. 1 1919 permanent engraved bonds on official notice of issuance
in exchange for temporary bonds.—V. 107. p. 1010, 1005, 999.
United Gas & Electric Corporation.—Earnings.—
Summary Statement of Earnings for the 12 Months ended July 31 1918.
Balance of earnings of sub. cos., after deducting fixed chgs_ _$1,368,008
Deduct—Reserve for renewals and replacements
233,230
Earnings applicable to stock of sub. cos. owned by public_ _ _ _
297,259
Net income from bond investments and other s'ources
$837,519
177,828
Total
$1,015,347
Deduct—Interest on the United Gas & Electric Corp. bonds_ __ _
558,000
Int. on the United G. & El. Corp. certificates of indebtedness 135,209
Amortization of debt discount
57,125
$750,334
Balance
For sub. co. earnings, see "Earnings Dept." above.—V. 107, p. 50
2
,1113
7.
3
65
United Power & Transportation Co.—Sub. Co. Default.
See Wilkes-Barre Rys. Co. below.—V. 106, p. 2230.
United Rys Co. of St. Louis.—Fare Situation.—
As a result of an order issued by Chief Justice Bond of the Missouri
Supreme Court, suspending tne judgment of Circuit Judge John G. Slate,
this company will issue, beginning Sept. 12, a negotiable receipt for lc.
pending the final dispositten of the 6-cent fare case in the Supreme Court,
which had been denied by Judge Slate.
This company has applied to the Missouri P. S. Commission for a test
of a three-zone system with a minimum five-cent fare in the central area.
The six-cent fare went into effect on the city lines on Juno 1, not producing
sufficient revenue.—V. 107, p. 182.
United Railroads of San Francisco.—Litigation.—
Attorneys representing the company have filed suit for $288.500 damages
against the City and County of San Francisco as the result of the Municipal
By. operating cars on Market St. from Church Street to Seventeenth St.—
V. 107, p. 182.
Utah Light & Traction Co:, Salt Lake,
Utah P. U. Commission has atithorized this company
Utah.—FresTo
to charge a
cash faro of 6 cents to sell tickets in strips at the rate of 20for $1.—V.107.
p. 698.
Who Did Not Assent to Plan of Reorganization Offered Right to
Come in under Terms of Plan and thus to Share Pro Rata in
the Benefits Accruing to the Successor Corporation from the
$32,500,000 Judgment Against D. & R. G. RR.—Mr. Alvin
W. Krech, President of the Western Pacific RR. Corp. in
circular of Sept. 9 addressed to the holders of the approximately $2,500,000 non-assenting bonds(of the $50,000,000 issue);calls attention to tho statement given above under caption of Western Pacific RR.Corp.and also to the report of the
mortgage trustees and then reopens to the holders of the nonassenting bonds the opportunity to come in under the plan
(V. 102, p. 160), and thus to share pro rata in the benefits
accruing to the successor corporation from the judgment of
$32,500,000 against the D. & R. G. RR. Mr. Krech says:
Therefore this corporation hereby offers, at any time on or before Oct. 15
1918 to issue and deliver to each holder of bonds of Western Pacific By.
Co. who did not assent to the plan of reorganization 5 shares of its pref. stock
and 73,6 shares of its common stock for each $1,000 face amount of such
bonds (and a like proportion of such stock for each bond of smaller denomination) and to pay to such holder an amount In cash equal to all dividends
theretofore paid on its pref. stock so issued to him, upon the surrender by
such holder of his bonds with the right of such bonds to participate in the
proceeds and avails of the judgment in favor of the Equitable Trust Co.
of N. Y. as trOstee, against the Denver & Rio Grande RR. Co., and the
payment by him of an amount in cash equal to the distributive share which
he has received on his bonds out of the proceeds of the foreclosure sale of
the Western Pacific By. Co.'s property, with interest on the amount at
the rate of 5% from July 1 1916 to Oct. 1 1918.
Each holder of a bond of $1,000 would thus receive 5 shares pref. steels
and 71,6 shares common stock upon assignment of his $1,000 bond, payment of moneys collected on bond, viz., $354 55, if collected [out of proceeds of foreclosure sale], and in addition $9 88, being the difference botween interest on moneys collected or collectible on foreclosure sale and
12 months' dividends on the 5 shares of pref. stock.
The stock of this corporation so issued will carry full right to share pro
rata in the benefits and advantages accruing to this corporation on account
of its interest in the judgment in favor of the Equitable Trust Co. of N. Y.
and against Denver & Rio Grande RR. Co. If you desire to avail yourselves of this offer, you must accept the same by paying the required amount
of cash and delivering your bonds, with properly executed assignments of
transfer, on or before Oct. 15 1918 either to the Equitable Trust Co. of
N. Y., 37 Wall St., N. Y. City, or to the First Federal Trust Co., 1 Montgomery St., San Francisco, who will Issue appropriate receipts therefor.
(The report of the trustees states that it is proposed to sot aside $271,395
against possible future necessary expenses in connection with the collection of the balance of the Judgment. This would leave $7,500,000 of the
sum realized available for distribution among tho holders of tho
$50,000,000 Western Pacific Railway bonds, 95% of which .are owned by
the Western Pacific RR. Corporation. The trustees, however, express the
belief that the true interest of the beneficiaries lies in the protection and
rehabilitation of the railroad assets of the Denver Company and they
recommend that substantially all of the money thus far collected be "retained for the present in order that the Denver Company may be properly
and fully rehabilitated and the Federal Government repaid money which
It may expend on the property during the period of Federal control."
The Government has already authorized capital expenditures on the D. &
R. G. amounting to $2,098,541.
Compare annual report of successor company In V. 106, p. 1892.-4. 107,
p. 698: V. 104, p. 2013.
Wilkes-Barre & Wyoming Valley Traction Co.—
Subsidiary Company Default.—
See Wilkes-Barre Railways Co. above.—V. 89, p. 1598.
Wilkes-Barre Rys.—Guaranteed Bonds Defaulted.—
The $35,000 10-year 5% bonds of the Wilkes-Barre & West Side By.,
guaranteed principal and int. by this company, are in default. Principal
became due Sept. 2, but 3 months is permitted in which to make pay-
CIIR,ONICLE
SEPT. 14 1918.]
ment and avoid foreclosure. Control of the Wilkes-Barre Rys. Co. is
held by the United Power & Transportation Co., which owns 49,992 out
of the 50,000 shares of stock.-V. 103, p. 2343.
Yonkers (New York) RR.-Fare Situation.Vice-Pres. & Gen'l Mgr. Leslie Sutherland on Sept. 9 appeared before
the Yonkers Common Council to support a petition that the company's
franchise be suspended until one year after the termination of the war.
It is stated that unless permission was granted to increase fares, the company would be compelled to suspend business.-V. 103, P. 2429.
INDUSTRIAL AND MISCELLANEOUS.
American Factors, Ltd.-Stock Increase.A certificate of an increase in the authorized capital stock of this company
from $5,000,000 to $10,000,000 was filed in an Francisco Aug. 30.V. 107, p. 1005, 804.
American Laundry Machine Co.-Extra Div. on Corn.The directors have declared an extra dividend of 1% on the $5,544,280
outstanding common stock, along with the quarterly dividend of 1%%
on the same class, which is payable Dec. 5 to holders of record Nov. 25.
The extra is payable Sept. 20 to holders of record Sept. 13.
In 1912, 1913, 1914, 1915 and 19162% per annum was paid on the
corn.; June 1917,1%, and on Dec. 11917, %.-V. 106, p. 819.
American Locomotive Co.-New Director.-
1103
Brooklyn Union Gas Co.-Dividend Status.-
In anticipation of the common annual meeting of Nov. 12, Thomas Read,
President of the Union Ferry Co. of New York and Brooklyn, is soliciting
proxies, renewing his effort to secure increased dividends on the grounds
that earnings of the gas company justify a higher return to the stockholders
than the current 6% paid.-V. 106, p. 2231.
Bush Terminal Co., Brooklyn.-Tenants Not to Move.The Secretary of the Navy has countermanded in its entirety the order
ousting the tenants of the Bush Terminal bidgs. in Bklyn.-V. 107,P.45.
Calumet & Arizona Mining Co.-Copper Product. (lbs.)
-1918-Aug. 1917Increase.
4,376,000
4,296,000
80,000
New Cornelia Copper Co.-1918--Aug. 1917Increase.
3,928,000
2,180.090
1,747,910
-V. 107. p. 606. 289.
-1918-8 Mos.-1917- Decrease.
33,998,000 39,445,205
5,447,205
(8 months). (3 mos. only in oper.)
5,766,314
32,490,000
Canadian Locomotive Co., Kingston, Ont.-Earnings.
June 30 Years1917-18.
Operating profits
$677,937
Interest, deprec., &c
230,000
Preferred divs. (7%)....105,000
Common divs. (6%).._ _
120,000
1916-17.
$721,254
230,000
105,000
1915-16.
$574,211
307,691
105,000
1914-15.
$134,613
190,112
105,000
Joseph Davis, Vice-Pres., has been named a director, succeeding the late
S. L. Schoonmaker.-V. 107, p. 804.
Balance, sur. or def__sur$222,937 stu1386,254 sur$161,520 def$160,499
-V. 106, p. 193.
American Malting Co.-Time Extended-Deposits.-
Cerro de Pasco Copper Co.-Proposed New Smelter, to
Cost Between $5,000,000 and $6,000,000. A published statement, said to be "about nine-tenths accurate," affords the
following interesting data:
The committee representing the first preferred stockholders of this company has extended the time for depositing under the agreement of July 3
1918 from Sept. 11 to Oct. 11. It is stated that 75% of the first prof.
stock has boon already deposited out of the 85% required.
W. Forbes Morgan, Chairman of the liquidation committee, is quoted as
saying: "In view of new Government regulations, it is now evident to all
that the company cannot continuo business. The committee has wisely
taken the necessary preliminary steps to secure the dissolution of the company's business and the liquidation of its assets, which has now become
inevitable."-V. 107, p. 698, 606.
The company plans to build a new smelter at Oroya, Peru, with a maximum capacity of about 10,000.000 to 12.000,000 lbs. of copper a month.
to cost between $5,000.000 and $6,000,000, the project to be financed out
of earnings. The new plant, which ought to be completed in 1920, will
make it possible for the company to turn out from 132,000,000 to 144,000,000 lbs. of copper a month.
The present smelter is located at La Fundicion, 14,300 feet above the sea,
American Pipe & Construction Co.-Discharged.Judge Dickinson in the U. S. District Court at Phila. on Sept. 9 discharged nine miles from Cerro de Pasco, the terminus of the company's railway.
Robert Wetherill as receiver in that jurisdiction and directed the return of The new plant will be built at the junction of the company's main line and
the affairs of the company to the directors and stockholders, contingent upon the Central Railway of Peru, 83 miles from Cerro de Pasco. This will
the discharge of a receiver appointed by the New Jersey Chancery Court. obviate the necessity of shipping ore from Oroya through Cerro do Pasco
On Sept. 22 1917 the company passed into the hands of receivers because to La Fundicion, smelting it, and then shipping the blister copper back
of a lack of working capital and the inability to meet its own and oblige- over the same road to Callao, the seaport town, involving double freight
charges on about 184 miles of the journey. With a smelter at Oroya,
gations of underlying companies.
Mr. Wetherill, who is also an officer of the company, is quoted as which is only 12.000 feet high, the company can handle customs ores to
saying that the financial position of the company has been greatly inproved, advantage.
Pending the completion of the new plant, La Fundicion will be rehabilithere now being sufficient working capital, and that many a the debts
have been paid. Not profits the past year, he stated, were $84,606.-V. tated and the smelting output increased. This plant has been operated
since 1907.
107, p. 84.
The company's production to the end of August, eight months, totaled
48,112,000 lbs., compared with 43,533,000 lbs. in the corresponding period
American Rolling Mill Co.-Extra Dividend of 25c.The directors, it is said. Aave declared an extra dividend of 25c. per share, last year. There should be no trouble turning out about 70,000,000 lbs.
along wita tno quarterly disbursement of 50c. per share, on the $9,441,075 of copper in 1918. If the company succeeds in operating on a par with the
outstanding common stock and 1%% on the preferred stock, all payable last four months of 1917, production will approximate 75,000,000 lbs.
Oct. 15 to holders of record Sept. 30. A stock dividend of 5% was paid to This compares with 72,674,032 lbs. in 1917 and 71,034,000 lbs. in 1916.
The company is making money from its by-products, gold and silver.
the common stockholders on Feb. 1 1918.-V. 107, p. 292.
Its white metal output has been requisitioned by the United States GovernAmerican Sugar Refining Co.-Food Administration's ment at $1 01 an ounce. Earnings are running well in excess of dividend
requirements of $5 a share, despite U. S. war taxes and the Peruvian export
Plan to Equalize Prices of Old and New Sugar Crops.tax, due in a largo measure to the high silver and gold content of the ore.
See page 948 in last week's issue.
("Wall Street Journal," Sept. 9.)-V. 107, p. 698, 184.
•
Sugar Price Fixed.-
The Sugar Equlization Board upon approval of the President, has
fixed the price of cane sugar for the coming year on the basis for granulated of 9c. less 2% f.o.b. seaboard refining points, effective Sept. 9.V. 107, p. 907, 504.
American Sumatra Tobacco Co.-Annual Earnings.Profit and Loss Account for Years ended July 31.
1917-18.
Gross profit on sales
$3,731,633
es
Selling, ad ministration, general, &c., expenses
497.373
69,605
Discount on notes, miscel. interest, &c
Rerved
for taxes
1,000,000
es
Chickasaw Refining Co.-Stock Increase.This company has filed a certificate in Delaware increasing its authorized
capital stock from $2,500,000 to $3,500,000. The company's refinery
Is at Ardmore, Okla., and was completed early in the year. Pres., Samuel
P. Appel.
Cleveland & Sandusky Brewing Co.-Bonds.-
The Cleveland "Finance" of Sept. 7 says: "For tne sinking fund the
Guaranty Trust Co. purchased $354,000 of this company's bonds at an
average of about 55 and int. The low was 50% and the high was 61%•
It is understood that during the last year the brewing company bought
about a hundred of its bonds in the open market and that it tendered them
to the sinking fund at tee average of the prices the bonds cost the company.
about 50%. Of the original $6.000,000 bond issue, $3,014,000 now remains
Net income for year
$2,164,655
41,019,607 in tie hands of tire public besides about $350,000 underlying Schlather 4s."
Good will charged off
200,000 -V. 106 p. 1038.
(7 )137,445(10% %)105,000
Preferred. dividends
(7,i 0)528,077 (1%) 68,000
Common dividends
Coastwise Steamship Lines.-Federal Manager NamedDirector-General McAdoo announced the appointment, effective Sept.
Balance, surplus
$1,499,133
$646,607 1, of H. B. Walker as Federal Manager of the Coastwise Steamship Lines
z Net income, $1,011.291, plus other income $8,316; total,$1,019,607. with jurisdiction over all departments of the following lines now under
The full earnings statement and balance sheet for 1917-18 were in Federal control: namely, the Old Dominion Steamship Co., the Ocean
V. 107, p. 907.
Steamship Co., the Merchants & Miners Transportation
the Mallory
Steamship Co.,the Clyde Steamship Co.,the Southern Pacific
Co.,Co., Atlantic
American Window Glass Machine Co.-Dividend.Steamship Lines.
A dividend of 5% has been declared on the common stock, payable in
U. S. Liberty 43i,% bonds on Oct. 5 to holders of record Sept. 20. An
Dayton Breweries Co.-Bonds Purchased.initial dividend of 10% in cash was paid in June last. The regular quarThe Citizens Savings & Trust Co. purchased $104,000 par of this comterly dividend of 1%% on the preferred was also declared, payable Oct. 1 pany's bonds for the sinking fund at low 42Y,, high 557., an average of
106, P. 2652.
to holders of record Sept.
47.39 (these prices besides interest from July 1 to date); the trust company
devoted $49,292 50 to the purpose in addition to the amount requisite
Anaconda Copper Mining Co.-Acquisition.for interest --V. 106, p. 1347.
Thin company has acquired the Walker mine of California, controlled by
the Plumas Mining Co., at a price said to be $1 per share for its 660,000
Denver Rock Drill Mfg. Co.-Bonds Called.shares.-V. 107, p. 1006, 804.
This company has called for payment on Oct. 1 at par and int., with a
premium
of 5%,the following bonds at the American Bank & Trust Co.:
Arizona Copper Co.-Output.-Series B, numbers 221 to 226, both inclusive, due Oct. 1 1920 ____ $3,000
Aug. 1918. 8 Mos. 1918. Series A, numbers 211 to 220. both inclusive, due Oct. 1 1920 ____ 10,000
Production in _pounds
4,300,000
30,430,700 Series B, numbers 206 to 210, both inclusive, due April 1 1920_ _ 2,500
-V.107, P. 606, 183.
Series A, numbers 196 to 205, both inclusive, due April 1 1920_ ___ 10,000
B, numbers 191 to 195, both inclusive, due Oct. 1 1919_ _ __ 2,500
Armour & Co.-Purpose of New Stock.-The "Chronicle" Series
Series A, numbers 181 to 190, both inclusive, due Oct. 1 1919_ _ _ 10,000
Series B, numbers 176 to 180, both inclusive, due April 1 1919....- 2,500
is in receipt of the following:
The object of issuing the new preferred stock up to $60,000,000 is to give Series A, numbers 166 to 175, both inclusive, due April 1 1919___- 10,000
the holders of the debenture notes (V. 106, p. 2561) to that amount the
Total
$50,500
privilege of transferring into preferred stock. The $50,000,000 new
common stock [of the total authorized issue of $150,000,0001 is not yet -V. 105, p. 1001.
outstanding; it has simply been authorized and not issued. There is no
Distillers' Securities Corp.-Sale of Plants-Status.definite date set for its issue.
Sales on Oct. 1, in Louisville, Ky., of nineteen distillery properties conThere were no circulars sent to the shareholders on this preferred stock,
moveas it was issued and placed in the treasury for exchange, as above stated, trolled by this company are announced as a result of the prohibition
ment which at least tentatively sets the date of July 1 1919 for nation-wide
of the debenture notes.-V. 107. p. 1006, 804,
prohibition. It is understood that the intervening 10 months will be sufficient for the company to dispose of its product on hand at favorable
Avery Company.-Initial Annual Dividend of 7%.
The company has declined to divulge the amount of product unsold.
The directors, it is said, have declared the annual dividend of 7% on prices.
The outstanding amount of the Convertible 5s has been reduced to about
the $2,500,000 outstanding common stock, along with the quarterly dis$6,600,000,
as compared with about $9,000,000 at the beginning of the
outstanding
$1,000,000
preform' stock of 1 %, both
bursement on the
year. It is understood that by the end of the year the company's working
payable Oct. 1 to ho ders of record Sept. 21.-V. 107, p. 804.
capital will be considerably in excess of $22,000,000.-V. 166, p. 2013.
1916-17.
$1,780,364
284,429
284,644
200,000
Bingham Mines Co.-Dividend.-
A dividend of 50 cents a share has been declared on the $1,500,000 stock
(Par $10) from the earnings of 1917. Payable in U. S. Liberty 4M % bonds
on Oct. 1 to holders of record Sept. 20.-V. 106, p. 1128, 603.
British Columbia Packers' Association.-Report.-
Balance Sheet as of Dec. 31.
1916.
1917.
1917.
1916.
LiabilitiesAssets$
$
Plants, &c
2,764,936 2,782,823 Capital stock.. _2,145,900 2,145,900
Investments_ _ 502,970 451,259 Accts. payable__ 109,605 179,467
Reserves
4,98.3
706,446 698,149
Unexpired insur.
5,196
Inventories -__ 514,397 381,670 Surplus account_1,347,945 981,277
89,245 Pref. stock reFish, canned_ _ _ 182,771
dompt'n fund..
Accts. and bills
92.460
receivable, &c. 236,964 383,976
Tot. each side 4,309,894 4,097,253
Cash
3,297
102,659
Contingent bills under discount Dec.311917.$246,744.-V. 106, p. 1346.
(E. I.) du Pont de Nemours & Co.-Acquisition.A press report states that this company has purchased the business of
the New England Paint, Oil & Varnish Co. of Everett, Mass.-V. 107, P.
294.
Fall River Electric Light Co.-Rate Increase.This company has given notice of its intention to increase the price of
electricity from 9c. to 10c. per k.w.h.for light, and from 6c.to 7c. Per k.w.h.
for power.-V. 106, p. 1464.
Federal Dyestuff & Chemical Corp.-Claims.All persons having claims against the company are required to present
them to the receivers on or before Oct. 5 or be excluded.-V. 107, p. 295.
Ford Motor Co.-On 100% War Basis.This company has announced the discontinuance of the construction of
pleasure cars, the entire plant now being devoted to war work.
1104
THE CHRONICLE
The Ford Motor Co. of Canada, Ltd., in Ford City, Ont., has placed in
effect a $5 a day wage scalejor its 2,500 employees in the Dominion.
-V. 107, p. 295.
Galena-Signal Oil Co.-Div. on Common Reduced.-
The directors have declared a quarterly dividend of $1 50 per share on
the $16,000,000 outstanding common stock (par $100), along with the
regular quarterly dividend of $2 per share on the pref. stock, both payable
Sept. 30 to holders of record Aug. 31. $3 per share has been paid on the
common stock since 1914. In connection with the declaration J. French
Miller said: "In view of decreased earnings due to rising costs of labor and
material and to other factors of operation under war conditions, the directors have decided to adopt a policy of retrenchment at this time in order to
conserve the company's resources."-V. 107, p. 184.
Granby Consol. Mining, Smelting & Power Co., Ltd.
Production (lbs.)Month of August 1918
8 months to August 31
-V. 107, p. 407.
Anyox. Grand Forks.
Total.
2,426,313
393,894
2,820,207
22,041,940
5,742,711 27,784,651
Greene-Cananea Copper Co.-Production (in Lbs.).1918
Aug.
1917. 1 1918
8 Mos.
1917.
5,000,000
(Strike)133,870,000
28,610,000
Mines closed from July to Dec. 1917 on account of labor troubles.
-V. 107, p. 608.
Illinois Pipe Line Co.-New Line Completed.This company's new line from the Pilot Butte field in Wyoming to Riverton is now completed and started to run oil on Sept. 2. This line serves
the field developed by the Midwest Refining Co. on the Glenrock Oil Co.'s
acreage and it is expected that initial shipments will be at the rate of about
1,800 barrels daily. The oil is purchased by the Midwest Refining Co.
(Carl H. Pforzheimer & Co.)-V. 106, p. 2125.
International Harvester Co.-Merger Ratified.-The
shareholders of the International Harvester Co. of N.J.and
the International Harvester Corp. on Sept. 10 voted favorably on the plan to merge the two corporations. Pres. Cyrus
H. McCormick, of the New Jersey company, is quoted
as follows (in substance):
The business conditions which led to the separation into two companies
In 1913 no longer exist. On the contrary, there are now the strongest
reasons for unification of management and resources. We are convinced
that the union will enable us to meet more effectively the increasing difficulties of producing and distributing our share of the farm equipment
required by American agriculture, and to help us to better supply the foreign
demand. When victory is won, a great task and a great opportunity for
service will come to America in the countries where war has partly or wholly
destroyed agriculture. The people of these countries can be fully fed only
by restoration of their agriculture, and this will necessarily depend on their
supply of farmers' implements.-V. 107, p. 699, 608.
Kennecott Copper Co.-Copper Output (in Lbs.).1918, August
1917, August
1918, 8 months
1917, 8 months
-V. 107, p. 610,407.
Alaska. So. Am.(Braden).
5,280,000
6,690,000
7,048,000
4,512,000
41,242,000
49,700,000
52,110,000
39,606,000
Total.
11,970,000
11,560,000
90,942,000
91,716,000
Kerr Lake Mining Co.-Silver Production (in Ozs.).1918-Aug.-1917.
250,319
200,855
-V. 107, p. 70J. 295.
Increased 1918-8 Mos.-1917.
49,46411.782,978
1,766,585
Increase.
16,393
Keystone Tire & Rubber Co.-August Earning8.1918.
1917.
1916.
August earnings
$108,761 $82,997 $45,300
(Press report. Confirmation by telephone refused.)-V. 106. p. 1346.
Kinloch Telephone Co., St. Louis.-Merger Status.Negotiations for the consolidation of this company's lines and those of
the Home Telephone Co. of Kansas City with the Bell system are reported
to be under way.-V.81, p. 511.
(S. S.) Kresge Co.-Sales.1918-Aug.-1917.
$3,068,720
$2,277,928
-V. 107, p. 700, 185.
Increase. I 1918-8 Mos.-1917.
Increase.
$790,7921$21,553,301 $17,593,374 $3,959,927
(S. H.) Kress & Co.-Sales.1918-Aug.-1917.
$1,630,104
$1,240,980
-V. 107, p. 610.
Increase.
1918-8 Mos.-1917.
Increase.
$389,1241$11,990,837 $9,853,676 $2,137,161
Laclede Gas Light Co.-Stock Increase-Bonds.The shareholders of this company on Sept. 10 voted to approve an increase
in the authorized common stock from $17,500,000 to $37,000,000, an increase in the bonded indebtedness from the present amount of $20.000,000 to an amount not in excess of the capital stock, as may be authorized from time to time, and the issuance of bonds to amount not exceeding the authorized capitalization.-V. 107, p. 806.
Louisville Gas & Electric Co.-Offering of Bonds.George H. Taylor Jr. & Co., Chicago, are offering at 98 and
int., yielding about 73/2%, by adv. on another page, a block
of this company's First & Refunding Mtge. 5-year 7% gold
bonds, due June 1 1923. This issue is fully described in
V. 106, p. 2653.--V. 107, p. 1007, 185.
(W. A.)McElwain Co., Boston, Mass.-Shoe Orders.The United States Government has lot contracts for 2,021,000 pairs of
army shoes of various schedules to 31 manufacturers at a total cost of
$14,107,600. Of the total this company will manufacture 190,000 pairs of
various kinds, to cost $1,355,050; Corbin & Son Co., oston, 350,000 pairs
to cost $2,532,750, and the International Shoe Co., gt. Louis, 200,000 pairs,
to cost $1,418,500.-V. 107, p. 610, 506.
Marlin-Rockwell Corporation (Machine Guns, Radiators, &c.), New York.-Stock Listed-Earnings.-
[VOL. 107.
[The Bankers Trust Co., as trustee, will receive until Sept. 27 proposals
for the sale of $226,040 2-year Convertible 6% notes of the Marlin Arms
Corp. dated Mar. 11917, at a price not to exceed 105 and accrued interest.]
-v.107. p. 909.
Martinsburg & Charlestown (W. Va.) Gas & Water
Co.-Sale.At a meetirg in Philadelphia on Sept. 6 at the offices of the Penn. Co.
for Insurances on Lives & Granting Annuities, holders of this company's
bonds adopted a resolution approving the proposed assessment on the bonds,
for the use in bidding for the property at receiver's sales Sept. 13, 14.
The bondholders' committee, consisting of A. Howard Ritter, Jay Gates,
C. W. Fenninger and H. W. Comfort, is urging all the bondholders to participate in the contribution.-V. 105, p. 2547.
Montreal Light, Ht. & Pow. CO.-Sub. Co.Stock Increase.
Notice is given under the "Companies Act" of an increase in the capital
stock of this company's subsidiary, the Cedars Rapids Transmission Co.,
from $200,000 to $1,000,000, the increase to consist of 8,000 shares
of
Ltd.,
$100 each.-V. 106, p. 2455.
Municipal Gas Co., Albany.-$1 Gas Unconstitutional.Justice Hasbrouck in the Supreme Court at Albany has held to be unconstitutional the $1 gas law and has enjoined the New York P. S. Commission, the Attorney-General of the district and the District Attorney of
Albany County from enforcing the law in Albany, which has been operative
In this city for about 11 years. The injunction was sought by the Municipal
Gas Co., which desired to increase its rates to $1. 30 per 1,000 cu. ft. The
Court holds that the enforcement of the statute which fixed $I gas as a
maximum price is unjust. The decision affects similar statutes in New
York City.-V. 107, p. 296.
National Ice & Cold Storage Co.of Calif,-Amendments.
Holders of this company's First Mtge. 6% 30-year gold bonds dated
Dec. I 1912 will vote in London on Sept. 30 on various amendments to
the trust deed.-V. 101, p. 2076.
Nipissing Mines Co,-Production.The production of silver for August, we learn, aggregated $250,737 and
shipments of bullion and residue, including custom metal, amounted to
$484.978. This compares with the July output of $304,694 and shipments of $877,000.
Decrease in mine production, it is stated, was due to the aerial tramway
to the mills being out of commission for ten days. Operating conditions
are now normal.
An extra dividend of 5% has been declared on the $6,000,000 stock in
addition to the regular quarterly 5%, both payable Oct. 21 to holders of
record Sept. 30.-V. 107, p. 701, 408.
Northwestern Yeast Co., Chicago.-Extra Dividend.An extra dividend of 3% has been declared in addition to the regular
quarterly 3%, bo...11 payable Sept. 16. Alike amount was paid in June last.
-V. 106, p. 2564.
Oklahoma Power & Transmission Co.-Offering of First
Mtge. 5-Year Gold Bonds.-Powell, Garard & Co., Chicago,
are offering at 93 and int. yielding about 73
4%,$325,000
First Mtge. 6% 5-year gold bonds dated July 1 1918, due
July 1 1923. Denom.$1,000,$500,$100. A circular shows:
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security. Opinion No. A906."
Redeemable on any interest date upon 30 days' notice at 101 and int.
Interest J. & J. Central Trust Co. of Ill. and William T. Abbott, Chicago,
trustees. Company agrees to pay any nromal Fedora income tax now or
hereafter deductible at the source, not in excess of 2%.
Issued.
Capitalization (Upon Completion of This Financing). Auth.
$2,000,000 $1,000,000
Common stock
Preferred stock
3,00(7,000
62,000
2,000,000
325,000
First Mortgage bonds (this issue)
Debenture 68, due Jan. 1 1923
150,000
150,000
Property.-The company has practically completed a 4,000 k.w. steam
electric station near Ada, Okla., and 33000-volt high tension trdnsmission
lines connecting the power station with Shawnee, Konawa and Roff,
serving a population of about 20,000. The company also owns 99N% of
the capital stock of Shawnee Gas & Electric Co. (V. 84, p. 511), subject
only to $892,000 bonds maturing in 1926 and 1927, of which. $327,000 bonds
are now pledged with Central Trust Co. of Ill., trustee, as further security
for the company's First Mtge. 6s.
The Shawnee Co. owns and operates, free from competition, the electric
light and power system in Shawnee and supplies current at wholesale to the
towns of 1VIcLoud and Tecumseh, and also owns in Shawnee a complete
artificial gas plant and distribution system, the latter now being used for
supplying natural gas purchased by it from the Oklahoma Natural Gas Co.
Security.-A first mortgage upon all of the franchises, rights, property,
&c. now owned and hereafter acquired. There is also deposited as additional security $327,000 Shawnee Gas & Electric Co. 5% Ref. & Impt.
bonds and $860,000 (or about 993,4 %) of the capital stock of Shawnee
Gas & Electric Co.
The remaining $1,675,000 Oklahoma company Os may be issued for not
to exceed 75% of cash expenditures subsequent to July 1 1918, for permanent extensions, &c., or for the acquisition of other electric light, power or
gas properties, provided net earnings are at least equal to twice the annual
bond interest charge, inc . bonds applied for, except the first $50,000 escrow
bonds, which may be certified in case the net earnings are sufficient to pay
1 3 times the annual bond Interest charge on all bonds.
Maintenance and Renewal Fund.-The company is required, beginning
Oct. 1920 to credit 10% of its gross earnings from electric light and power
to maintaining and renewing properties, &c., which shall not form the basis
for the issuance of escrow bonds, or in retiring its First Mtge. bonds.
The company is also required to deposit annually up to 1920 a sum
equivalent to 3% of the par value of the Shawnee Gas & Electric Co. 1st M.
5% bonds then outstanding and 5% from 1921 to 1925, incl., to be used
in retiring the bonds.
Earnings for the Calendar Year 1919 (Est.).
$374,721
Gross earnings
Net, after maintenance and taxes
$125,836
Less interest and sinking fund of Shawnee Gas & Electric Co_ _ _ _ 35,750
19,500
Interest on $325,000 First Mtge. bonds
Surplus earnings applicable to interest on debentures and convertThe New York Stock Exchange has listed Voting Trust Certificates,
ible notes; depreciation and dividends
870,586
representing 56,675 shares of stock without nominal or par value, with
The above covers both the Oklahoma and Shawnee systems and is based
authority to add (1) on or before Jan. I 1919 an additional amount repre- upon actual operation of the Shawnee Co. for the year ended May 31
senting 12,991 shares of said stock on issuance for conversion of Two-Year 1918, and signed contracts.
Convertible 6% notes or on notice that the same have been sold; (2) Trust
Officers and Directors.-W. A. Baehr (Pres.); Clement Studebaker Jr.
Certificates representing 11,470 shares of said stock upon notice of issuance (V.-Pres.), George A. Henshaw (V.-Pros.), Scott Brown (Treas.), H. L.
in exchange for outstanding Trust Certificates in the form issued prior Hanley (Sec.), and H. C. Estberg, Shawnee, Okla.
to the change of the corporate name from Marlin Arms Corporation to
Control.-ThLs is held by the same interests as own the North American
Marlin-Rockwell Corporation and the extension of the Voting Trust Light & Power Co.
Agreement, making the total amount authorized to be listed Trust Certificates representing 81,136 shares of stock without nominal or par value.
Phelps-Dodge Corporation.-Extra Dividend.Income Statement for Six Months ended June 30 1918 and Cal. Year 1917.
An extra dividend of $3 50 per share has been declared on the $45,°Mos.'18. Year 1917.
6Mos.'18. Year 1917. 000,000 outstanding capital stock, along with two disbursements, one of
Periods$"
$2 50 (quar.) and another of $2 per•share, which is payable from reserve
Periods$
3
4 % Liberty bonds. All declaraitons are payable Sept. 30
Sales
13,252,301 12,525,296 Net est. income__ 3,024,296 2,239,424 for depletion in 4Y
to holders of record Sept. 18. On Juno 28 last 33 % was paid, of which
Cost of goods_ . 9,519,416 9,231,313 Profit and loss
Admin., selling -dr
charges, net..
564,921 2% was from reserve for deplotion.-V. 107, p. 1008.
general expenses 743,797 1,067,443 Inc.drexc. prof.tax.Not shown
700,000
Procter & Gamble Co.-Earnings (Incl. Constit. Cos.).-
Total net Inc__ 2,989,088 2,226,540
Approx.net prof.3,024,296
974,530
1914-15.
1916-17.
1915-16.
June 30 Years1917-18.
Bal. sheet of June 30 1913 (subject to adjust. at end of year) shows: Volume
of business_ $176,920,519$128.549,649 $88,113,507 $70,790,907
Assets-Property and plant,$7,900,534;investments, $3,147,754;
6,216,054
0,719,804
7,056,494
4,835,993
Net aft. res., depr., &c
current assets, $9,079,180; patent rights, $83,436; deferred
180,000
180,000
Pref. dividends (8%)_ _ _
180,000
180,000
charges, $148,211; total
2,294,687
$20,359,115 Cash div. on common__ 2,919,694
2,076.639
2,807,477
Offsets-Declared capital, $405,680 (represented by 81,136
(16%)
Rate on common...,..
(20°/)
(l'7%)
(20%)
shares of no par value); 2-year 6% notes due March 1919,
0)
561,495
539,926
Stock div. on com.(47
583,939
519,160
$848.000; real estate mortgages, $140,071; current liabilities,
including reserve for taxes, $369,383, $9,780,461; profit and
Balance, surnlus
$6,036,171 $3,507,522 $3,201,441 $2,060,194
loss surplus,; $9,184,903 total
20,359,115 -V. 106, p. 2654, 1132.
SEPT. 14 19181
THE CHRONICLE
Premier Motor Corporation of N. Y.—Bonds Called.—
Sixty-three ($63.000) 5-year 6% convertible gold notes, due Nov. 1 1921,
ranging in number from 2 to 633. inclusive, have been called for payment.
Nov. 1 at par and int. at the Equitable Trust Co. of N. Y.—V. 106, p. 92.
1105
Spanish River Pulp & Paper Mills, Ltd.—Earnings.'---
Income Account for Years ended June 30.
1918.
1917.
$1,729,231 $2,117,734
344,137
269,821
Providence Gas Co.—Rate Reduction.—
807,519
718,409
The City of Providence, R. I., filed in the Supreme Court on Sept. 6 an
appeal seeking a reversal of the recent decision of the Rhode Island P. U.
Net surplus
$577,575 $1,129,504
Commission which permitted the company on Sept. 1 to charge $1 30 net Profit and loss surplus
993,726
699.621
per 1,000 cu. ft. for gas.—V. 105, p. 196.
Total
$1,571,301 $1,829,125
Riordan Pulp & Paper Co.—Bonds.—
To "deficiency account," now extinguished
500,000
835,399
A press report from Montreal states that at a special meeting of the
shareholders the proposal to issue $3,000,000 in bonds was unanimously
Carried forward
$1,071,301
$993,726
agreed
Issue is made desirable by the company's interest in Hipawa
ed upon.
0.
The company's operations have been confined almost exclusively to
Compare V. 107, p. 807.
the production of newsprint paper, and the decreased revenue. President
George II. Mead points out, is largely due to the fixed price for this comRochester Ry. & Light Co.—Offering of General Mtge. modity
under Government regulations. The daily output of pulps.
Three-Year Bonds Series"A."—J.P. Morgan & Co., the First board and
paper for market sale is now 570 tons, having been increased
National Bank, New York, Harris, Forbes & Co. and the about 100 tons and will shortly be raised to 600 tons.—V. 105, p. 1426.
National City Co. are offering at 98 and int., to yield over
7.75%, $3,900,000 General Mtge. Three-Year 7% gold
bonds, Series "A," dated Sept. 1 1918 and due Sept. 1 1921.
A circular shows:
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security. Opinion No. A-1662."
Interest M. & S. in New York. Callable as a Nv hole on 60 days' notice
at 103 and int. on or prior to Sept. 1 1919; at 102 and int. prior to Sept. 1
1920; and at 101 and mt. thereafter. Donom. $1,000 and $500 C. Bankers Trust Co., New York, trustee. Exempt from New York State, county
and municipal personal property taxes. The company agrees to pay any
normal Federal income tax up to 2% which it may lawfully pay at the
source.
The Company.—Does the entire commercial electric light and power and
gas business in Rochester and certain adjoining communities. The company operates without competition under franchises which are, in the opinion of counsel, with minor exceptions, unlimited in time.
Security.—These bonds are secured by a direct mortgage on the entire
property of the company, subject to $14,159,500 of underlying bonds, the
aggregate amount of which may not be increased. Earnings of the company for the year ended July 31 1918 were more than double the present
annual interest en the total funded debt, including the present issue.—
V. 107, p. 1008, 611.
Royal Dutch Co.—New Ordinary Stock, &c.—
The Equitable Trust Co., 37sWall St., N. Y., as depositary for such of
the ordinary stock as is represented by the "American shares," is informed
that the company has offered to holders of its ordinary shares the right to
subscribe for now ordinary shares, at par, to the extent of 50% of their
present'holdings. This entitles the holders of Equitable Trust Co. certificates for "American shares" of record Sept. 13 to subscribe on or before
Sept. 21 for one sub-share (par value florins 100) for each six "American
shares" hold, paying at once $60 for each sub-share subscribed for, being at
the rate of $10 on each "American share" now owned. This payment will
provide the depositary with funds to pay for the new stock at par in Holland and cover expenses, any taxes, &c., which it may be required to be
paid. Any excess over the requirements for the above purposes will'subsequently be returned to the registered holder of the subscription warrant
making such payment. The new issue has been passed on by the
Capital Issues Committee as "not incompatible," &c.
The option is offered to obtain either (a)"New York shares" issued under
the new agreement below mentioned, or (b) an order on the Royal Dutch
Co. for the delivery in Holland of the ordinary sub-shares of Royal Dutch
stock to which the holder is entitled to subscribe.
The "New York shares" will bo issued under an agreement dated Sept. 10
1918 between Kuhn, Loeb & Co., the Equitable Trust Co. as depositary.
and the holders of certificates for such shares. Under the old agreement of
Dec. 22 1916 "American shares" may only be issued for stock when such
stock is deposited at the office of the trust company in New York. As the
risk of loss and the expense in the transportation of securities from abroad
is so great at the present time, and in order that the American shareholders
may derive the benefit of a New York market for their new stock, the above
agreement for the issue of "Now York shares" has been made under which
the Equitable Trust Co. may issue certificates for "New York shares"
against stock deposited with us in New York or held for its account in
Holland.
A circular issued by the Equitable Trust Co. further says:
'We have been informed that action on a proposed stock dividend of 50%
will be taken by the Royal Dutch Co. after receipt of Royal assent in Holland, which has been applied for. Notice of this stock dividend will be
given to American shareholders in due course, and they will then be given
opportunity to obtain New York shares in respect of their dividend stock.
"In order to avoid having two different kinds of American certificates
outstanding, we propose to offer, after the distribution of the abovementioned stock dividend, to holders of 'American shares,' issued under
tho old agreement, the privilege of exchanging their old certificates for
'American shares' for certificates for 'New York shares' issued under the
now agreement, without cost to the holders of 'American shares.'"—
V. 107, D. 807. 507.
Sargent & Greenleaf, Inc.—Offering of 8% Cum. Pref.
Stock.—Wm. H. Foxall Co., Rochester and Syracuse, are
offering in blocks of 10 shares of preferred and 10 shares of
common, for $1,300, the now issue of $3,000,000 8% cum.
prof. shares; par of pref., $100; of common, no par value.
Net revenue
Reserved for depreciation
Interest on bonds, &c
Tacoma (Washington) Gas Co.—Sale.—
Special Master Chas. Bedford will sell on Sept. 27 at the Court House of
Pierce County, Wash., the plant and property of this company by order
of the United States District Court.—V. 107, p. 86.
Tonopah-Belmont Development Co.—Div. Deferred.—
Action on the dividend due Oct. 1 on the $1,500,000 outstanding capital
stock has been deferred at the directors' meeting. The following statement was issued:
"It was the sense of the board of directors at their meeting to-day that,
although a dividend equal to that last declared has been fully earned during the past three montns, yet, in view of necessary further capital disbursements on the company's properties, and on account of the uncertainty
of the labor supply, as it may be affected by the new draft, it was inexpedient at this time to declare a dividend."
The last dividend paid was one of 100/ on July 1. The 14 quarterly
d
—
ivvideln0d7
s,fr
po
.m
86.
Jan. 1 1915 to April 1 1918, inclusive, were 1254% each.
Trow Directory Printing & Book Binding Co.—Sale.—
The Trow Press, New York City, will be sold at absolute auction. beginning Sept. 24, and will continue until entirely sold. The equipment.
machinery, &c., are inventoried at over $1.000,000.—V. 106, p. 1905.
Trumbull Steel Co., Warren, Ohio.—$2,000,000 New
Common Stock Offered to Shareholders in Ratio of 1 New Share
for Each 3 Held.—
Common shareholders are given the right to subscribe for $2,000,000 of
tho common stock of the company, this stock being part of the increase
authorized by the stockholders May 17 1918. The issuance of this stock
has been passed by the Capital Issues Committee as not incompatible with
the national interest but without approval of legality, validity, etc.
Books of subscription were open from Aug. 26 1918 to Sept. 10
1918, the common stockholders being entitled to subscribe in proportion
to that number of shares of common stock equal to 33 1-3% of their holdings. Subscription must be made to the Secretary on or before Sept. 10,
payments for stock subscribed for to be made in four installments of 25%
each, payable Oct. 1 1918, Jan. 1, April 1 and July 11919: with the right
to any subscribing stockholder to anticipate payment of future installments
or any of them at any quarterly period. Subscription warrants will be
Issued covering the number of shares subscribed for. Payment of the installments as they mature must be made to the Dollar Savings & Trust Co.,
Youngstown, Ohio, at which place certificates of stock will be issued.
Data from Letter of Pres. Jonathan Warner Dated Aug. 26 1918.
On account of war conditions existing, and in order to insure steady and
continuous operation of our plant, we have found it absolutely necessary
to carry larger stocks of raw materials than anticipated, and our inventory
has increased fully $3,500,000 during the past few months. This condition
is due to the quantity of material we have on hand rather than to any advance in values. Our quick current assets, which include this inventory,
together with our book accounts and Government securities owned, will
approximate nine to ten million dollars.
Earnings are continuing at a very satisfactory rate and our output is
very much greater and more diversified than formerly, and on this account,
and also because of the abnormal war conditions now existing, we feel that
we should have a larger working capital in order that we may be in position
at all times to purchase our supplies in such quantities as the times necessitate. Your new steel plant is now practically in full operation and this
enables us to still further diversify our products to meet the needs of the
war. Compare V. 107, p. 910, 808.
23/2% Extra Dividend Declared on Common Stock.—
. The directors, it is said, have declared an extra dividend of 2;4% on
the $6,000,000 outstanding common stock (par $100), along with the regular disbursements of 1;4% on the common and 1%% on the preferred
stock. All dividends are payable Oct. 1 to holders of record Sept. 20.
On July 1 last 2;4% extra was paid; April 1, 20/; Jan. 1. 40/; Oct. 1 1917.
2% extra and a Red Cross div. of 1% was paid on July 2 1917.—Y. 107.
p. 910, 808.
United Fruit Co.—Loss of Steamship Almirante.—
This company's steamship, the Almirante, of about 5,000 tons, has bees
sunk by collision.—V. 106, p. 2015.
United States Steel Corp.—Unfilled Orders.—
Soo "Trade and Traffic Movements" on a preceding page.—T. 107. p.
1009 910.
Victor Talking Machine Co.—Rifle Order.—
"Passed by the Capital Issues Committee as not incompatible with the
This company, it is reported, has received a contract from the War
national interest, but without approval of legality, validity, worth or
Department for the manufature of 1,000,000 Enfield type rifles at ea
security. Opinion No. A-1101."
Dividends Q.-F. 15, redeemable all or part at $10.5 and dividend on aggregate of about $19,000,000.—V. 107, p. 1009.
90 days' notice. Authorized common stock, 10,000 shares of no par value,
Wabasso Cotton Co.—New Director.—
no bonds and no mortgages.
Alex. Pringle of Montreal has been elected a director, increasing the board
The enterprise was established in 1865 to manufacture locks, and since
that time has developed a propsperous business in combination and time from 7 to 8 members.—V. 107. P. 702.
locks, universally used.
Shannon Copper Co.—Output (in Lbs.).—
t9t8.
1916.
1917.
Output, month of August
708,(am (Strike)
860,000
Output, eight months
6,525,00u 5,433,000 6,225,500
From July 1 to Nov. 30 1917 the mines were closed on account of labor
troubles.—V. 107, p. 186.
Shattuck-Arizona Copper Co., Inc., N. Y.—Production.
Western Union Telegraph Co.—Reinstatement of Discharged Employees and Approval of Wage Increases.—
See page 954 in last week's Issue.—V. 107, p. 808, 702.
Weyman-Bruton Co.—Pref. Shareholders Offered $1,150,000 New Pref.—
Preferred stockholders of record Sept. 16 are offered the right to sub—Month of August— —8Months--- scribe at par to the extent of 20% of present holdings for $1,150,000 new
pref. stock, said right to expire on Oct. 1. The "rights" have been ad1918.
1917.
1918.
1917.
mitted to dealings on the New York Stock Exchange. Further particu682,861
644,677 6,561,050
Copper (lbs.)
9,010,647 lars regarding
the offering are as yet unavailable but should appear nest
199,528
42,997
Lead (lbs.)
1,799,433 week.—V. 106,
644,465
p. 1686.
14.189
8.277
Silver (ozs.)
100,460
120,847
112.91
77.69
Gold (ozs.)
819.51
1,202.13
Willys-Overland
Co.—Order.—
701.
—V. 107, p. 808,
A press report states that this company has received an order
the
Mills Corp., Fall River.—Dividends, British Government for 10,000 semi-chassis, the amount of the from
Shawmut Cotton
contract
An Initial dividend of 40/ has been declared on the common stock along being stated at about $7,500,000.—V. 107, p. 1009.
% on tee prof. stock, both payable Sept.
with the quarterly dividend of
Winchester Repeating Arms Co.—Output Plans.—
28, it is said, to nolders of record Sept. 5.—V. 105. p. 1527.
The "Iron Age" of New York says that plans are being made by this
Smith & Wesson Co.—Government Control.—
company for doubling its output of ammunition. Considerable building
The War Department has taken over the Smith & Wesson Co., of construction will be called for and the expenditure of approximately $500,Springfield, Mass., and will operate the plant and business to secure con- 000 for equipment, which for the most part is made up of machines of the
tinuous production and prevent industrial disturbance.
smaller sizes.—V. 106, p. 2654.
South Lake Mining Co.—Stock Payment.—
This company has announced that an installment of 50c. a share has been
levied on the outstanding stock, payable Oct. 1 by holders of record Sept. 30.
This will aggregate $7 10 a share so far paid on (par value $25) stock.
—V. 105, p. 2462.
Spring Valley Water Co.—Money Paid.—
On So it. 3 impounded funds of the company aggregating $2,282,444 were
paid under the recent decree of Judge Rudkin in the litigation loan pending
on this matter. Compare V. 107, p. 1008. 508.
(F. W.) Woolworth Co.—Sales.1918—Aug.-1917.
$7,879,983
—V 107, p 612, 187
$9.552.089
Increase.
Increase. I 1918-8 Mos.-1917.
$1,672,915 I $63,553,982 $56,563,820 $6,990,1G2
Youngstown Sheet & Tube Co.—Extra Dividend.—
A press report states that the directors have declared an extra dividend
of 30/ on the common stock, in addition to the regular quarterly dividend
of 2% and the regular quarterly dividend of 1%% on the _prof. stock, all
are payable Oct. 1 to stock of record Sept. 20.—V. 107, D. 87.
THE CHRONICLE
11_06
Trannurtiat Timm.
COMMERCIAL EPITOME.
Friday Night, Sept. 13 1918.
Cooler weather has helped business. It looks as though
holiday buying would be earlier than usual. Certainly
efforts are being made to have it so. Yet there is no gainsaying the fact that the enormous requirements of the
Government still keep civilian business very largely in the
background. Supplies for ordinary use have been greatly reduced in many parts of the country. Moreover, indications
point to a further reduction. Certainly it is difficult to replenish supplies in many branches of business, with Government needs gigantic as they have been for more than a year,
growing larger and larger week by week. It is pointed out
that some descriptions of merchandise are no longer obtainable
in the regular market. Of course the drift of American business has been largely changed by the immense increase in the
army,implying necessarily a change from civilian to military
life on the part of hundreds of thousands of men in all parts of
the country. And this is bound to increase until the war
ends. In some parts, too, of the corn and cotton belts it is
intimated that purchases on the part of the generality of
people have been reduced for reasons of economy. The corn
crop has diminished in value since July 1, according to the
Government figures, the decrease in the yield in that time
bring nearly 500,000,000 bushels. The cotton crop is short
for the fourth year in succession, though this is offset to a
considerable degree by the partial loss of the foreign market.
Conservatism is everywhere noticeable. Meanwhile, money
is tight. Another big Liberty Loan is just ahead and taxes will
be greatly increased. The recent wavering of the stock market
is considered symptomatic of the times and of the enormous
monetary requirements incident to the war. Yet on the other
hand,a good deal of retail, jobbing and general wholesale business is after all in progress. The needs, oven though somewhat curtailed, of an enormous population must be met.
The grain crops, in the main, are good. The wheat crop is
nearly 250,000,000 bushels larger than the last ono and about
90,000,000 bushels more than the average for five years
ending 1916. The visible supply is ten times as large as
that of a year ago in remarkable contrast with a very different state of things during much of last season. Moreover,
the war news during the week have boon very favorable,
The drive by the First American Army under General
Pershing at the St. Mihiel salient is watched with
keen interest by the whole world.
Hopes are rising
that the great struggle may end next year. Labor
continues as scarce as ever. Naturally the draft will
aggravate this. Yesterday was Registration Day, and most
of the business exchanges in this city were closed in order
to enable everybody within the ages of 18 to 45 years inclusive to register. Through this registration approximately
14,000,000 men, not subject heretofore to the draft, were
enrolled. This enrollment and the registrations of June 5
1917, June 5 1918 and Aug. 24 1918 will have placed in
this reservoir of available man power in this country names
of approximately 24,000,000 men. The Department of
Labor has begun importing laborers from the Bahamas,
Porto Rico and several Central American States. During
August, the first month of the control of unskilled labor recruiting for war work by the United States Employment Service, between 50,000 and 60,000 unskilled workers were moved
from States having a surplus to States where there was a
shortage. The saving of gasoline continues by eliminating the
consumption as far as possibly on Sunday. On two gasolineless Sundays a total of 9,000,000 gallons, it is estimated,
was saved. It is supposed to be sufficient to supply General
Pershing's needs for one week. The ban on the use of
automobiles on Sundays may be lifted within three weeks.
In connection with the war, moreover, a new fact of rather
curious interest has recently come up. That is 750 tons of
fruit pits are needed daily to provide carbon for gas masks
and nut shells are included. Hotels, restaurants and
housewifes are asked to save these things for war purposes.
The official list includes pits of peaches, apricots, prunes,
plums, olives and dates and the shells of hickory nuts,
walnuts, and brazil nuts. Managers of hotels and restaurants
throughout the United States will co-operated in this work.
In spite of the continued scarcity of ocean tonnage for
civilian purposes, the foreign trade of the United States is
still large. Meanwhile the United States is building up a
merchant marine which will put it in the front rank among
maritime nations after the war. Shipbuilding is being
pushed with remarkable energy. It is said now that after
the first six months of next year the United States will be
independent in the matter of shipping, and will not have
to charter British and other European tonnage as at present.
This idea is based on the assumption that the present
output will be maintained, but officials are now aiming at a
production in 1919 at least double that of 1918.
Southern Senators and Representatives object strongly to
the Government,fixing a price on raw cotton, as has latterly
been proposed. Fixing prices by the Government is, of
course, open to objections. It disregards the law of supply
and demand; it is too much like downright parentalism.
But this should work both ways. If when prices are high,
the South does not want a price fixed, it should not ask for
Government action if and when the price of cotton by any
[VoL. 107.
apace falls below what the South considers to be a fair
price. Prices have been fixed, or practically fixed, on other
things, namely, wheat, iron, steel, copper, etc. Now a
price, it seems, is to be fixed by the Food Administration on
beet pulp in the interest of cattle feeders. The Sugar
Equalization Board, upon approval of the President, fixed
the price of cane sugar for next year on the basis for granulated of 9 cents, less 2% f. o. b. at nine seaboard refining
points, effective Monday morning, September 9th.
Wholesalers and retailers will sell on the old basis
until their stocks of lower-priced sugar are exhausted.
Iron and steel are still very scarce. The Government requirements take up most, if not practically all, of the production. Efforts are being made to conserve the supply of
steel and tin. Baking powder manufacturers will substitute containers not of metal. The conservation of tin plate
will be extended from the domestic to the export branch
in lard and lard substitutes. Tin is being conserved and
has been for some time in the packing of tea, coffee and
tobacco, as well as various descriptions of fruits and vegetables heretofore put up in cans. The stove manufacturers
will co-operate in the saving of iron and steel in half a dozen
or more different directions. Steel has been scarce for
three years. Qn December 1 the breweries of the United
States will cease the manufacture of beer. Some of the
larger plants in this city will be utilized for other manufacturing purposes. Some of the big breweris may shut down
permanently. Meanwhile it is estimated that new sources
of revenue to the amount of between $300,000,000 and
$400,000,000 must be found because of the ban on the
manufacture of beer. New York City alone will lose
$18,000,000 annually derived from liquor taxes.
LARD firm; prime Western, 27.55©27.65c.; refined to
the Continent, 28.50c.; South America, 28.90c.; Brazil,
29.90c. Futures advanced, with hogs at high record prices
and exports large. Since January 1 they are 352,594,000
pounds, against 273,573,000 pounds during the same .time
last year. But liberal stocks of products with the light cash
trade and a decline in corn curbed the rise in other provisions
and to a certain extent affected lard. Still there has been a
good deal of covering and some buying by outsiders. Lard
continues to be offered freely in Great Britain, with a very
disappointing demand in evidence. Owing to the small consumptive demand, stocks of lard have been accumulating
rapidly and have now reached burdensome proportions.
To-day prices advanced. They are higher for the week.
Hogs at Chicago to-day reached $20 85.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed.
Thurs. Fri.
Mon. Tues.
Sat.
Holi- 26.95
26.97
cts_27.00
Sept. delivery
27.00
27.00
day. 26.77
26.80
26.75
26.85 26.90
October delivery
PORK lower; mess $47@$47 50; clear, $44@$52. Beef
products firm; mess $35©$36; extra India moss, $58@$59.
Cut meats higher; pickled hams, 10 to 20 lbs., 29%©29Vsc.;
pickled bellies, 37 ©39c. According to the compilation of
the Department of Commerce exports of bacon since Jan. 1
amounted to 736,959,000 lbs., as against 393,361,000 lbs.
for the same time last year. Advices from the United Kingdom state that the demand for hams, bellies and Wiltshires
is in excess of supplies, but other cuts are in poor request.
Arrivals of meats have been satisfactory and stocks of the
lower grade cuts are regarded as ample, but those of the
better grade are in moderate supply and offerings remain.
light. American export offerings show a slight improvement. Shipments of meats from Argentina arc being maintained at substantial figures. The floating quantity has
increased moderately. To-day October pork closed at
$40 50, showing a decline of $1 50 per week. Butter,
creamery, 54©54 Mc. Cheese, flats, 23©27 Vic. Eggs,
fresh, 51@52c.
COFFEE firm; No. 7 Rio, 93'c.; No. 4 Santos, 1232@
4c.; fair to good Cucuta, 113©121/0. Futures have
123
moved very sluggishly, but in the main have shown steadiness. Quite a little switching was done from September
to December, and also from December to July. December
was traded in at the full maximum price of 8.95c. Prices
at Santos have risen. Brazilian markets have been a steadying factor. Some reports say that the spot demand is
better. Santos grades are reported scarce. The amount
of Brazil coffee afloat for the United States has dropped to
238,000 bags, with the United States visible supply 1,506,412 bags compared with 2,314,604 bags a year ago. Brazil
is offering sparingly owing to the severe early summer
frosts which seriously damaged young trees and which may,
it is asserted, greatly curtail the crop for the next three or
four years. To-day futures here closed unchanged to 25
points lower. They are in the main higher for the week.
January_cts_9.0509.10 April____cts-9.4009.45
Sept_ _ _ _cts_8.50
May
9.4509.50
Febntary
9.20©5_
8.65
October
9.5309.56
9.35@j9.40 June
November _8.80 ___ March
July
9.6009.61
December---8.95©
SUGAR higher; centrifugal, 96-degrees test, 7.28c.;
granulated, 9c. Raw sugar purchases have been unusually
heavy. LatteTly the International Sugar Committee has
bought 300,000 bags of Cuba at 4.985c., cost and freight,
and 8,800 tons of Porto Rico at 6.055c., c.i.f. The Food
Administration makes the, announcement that the International Sugar Committee announce, effective at once, a temporary (iasic price of 7.28c. per pound delivered, duty paid,
for 96-degree centrifugal sugar, refining points for the sole
purpose of determining the refiners' selling margin under
SEPT. 14 1918.1
THE CHRONICLE
their voluntary agreement with the Food Administration.
This means that the refiners' selling price, effective atonae,
9c. per pound, less 2% usual terms. The above announcement in no way changes the basic price of 6.055c.,
fixed June 21 1918, which remains the basic price for the
96-degree centrifugal sugar by the International Sugar Committee until further notice. Some refiners have had a
better business at times. But, then, later it fell off. On
the whole, it does not seem to be satisfactory. Cuban
Ftocks are 511,297 tons, against 556,251 tons in the previous
week, 181,463 tons last year and 353,084 in 1916.
OILS.-Linseed steady; city,raw, carloads, $1.88@$1.90;
five-barrel lots, $1.88@$i.90; Calcutta, $1.95. Lard,
prime edible, $2.30. Cocoanut, Ceylon, bbls. 16 M@1.6%c:;
Cochin, 17Yi @,18c. Soya bean, 18@183/2c.Corn oil,
crude, bbls., 179@18c. Spirits of turpentine, 663' @67c.
Strained rosin, common to good, $13.25@$13.50. Prime
crude, Southwest, 17.50c.
PETROLEUM firm; refined, in barrels, cargo, $15 SO®
$16 50; bulk, New York, $8 25@$9 25; case, New York,
$18 75@$19 75. Gasoline firm; motor gasoline in steel
barrels,tolgarages,243'c.; to consumers,263/20.; gas machine,
413'c. The supply of gasoline is undoubtedly short; it is
estimated that by December the shortage will have reached
probably 1,000,000 barrels. It is stated that the consumption in this country is approximately 160,000 barrels daily;
34,000 barrels are exported. The domestic consumption and
foreign requirements exceed the output by 3,000 barrels a
day. The total production amounts to only 191,000 barrels
daily. Western shipments are being hurried to the Atlantic.
It is said that there is less likelihood now of a price being
fixed on gasoline. The scarcity is expected to be relieved
somewhat by the fact that the Fuel Administration has
acquired 250 tank cars in California and is rushing them to
Eastern points. More cars are expected to be bought for
this purpose in the next few days.
Pennsylvania dark $4 00
Cabell
2 77
Crichton
1 40
2 85
Corning
2 68
Wooster
2 25
Thrall
2 25
Strewn
o 15
De Soto
2 38
North Lima
$2 38 Illinois, above 30
South Lima
2 28
degrees
Indiana
_$2 42
Princeton
2 42 Kansas and OklaSomerset, 32 deg
260
homa
2 25
Ragland
1 25 Caddo, La., light 2 25
Electra
2 25 Caddo, La.. heavy 1 25
Moran
2 25 Canada
2 78
Plymouth
2 33 Healdton
1 45
Henrietta
2 25
TOBACCO.---No new features are apparent, either as
regards domestic or foreign tobacco. Trade is moving along
within the limits ordinarily observed at this time of the year.
No change is noted in prices. In many cases they are largely
nominal for the present. During August the tobacco crop,
according to the Government statement, fell off 20,000,000
lbs. The latest Government weekly weather report states
that rains during the week improved the crop in the Ohio
Valley and Tennessee; the crop is being harvested in all
sections under generally favorable conditions.
COPPER output increased during August. The Calumet
& Arizona report an outturn then of 4,376,000 lbs., against
4,214,000 in July, 4,232,000 in June and 4,296,000 in August
1917. The shortage of labor has latterly caused some falling
off elsewhere. Government needs are so heavy that private
consumers must wait. Tin lower with spot, New York, at
77c. London still declines. Tin is now under Government
control. Washington has announced that this country is
to receive two-thirds of the pig tin production of the world
under a pooling arrangement made at a London conference
with Great Britain, Prance and Italy. Lead scarce and firm
at 8.05@8.90c. There are two reasons given for this acute
scarcity; one the shortage of labor and the other a heavy accumulation by consumers holding Government contracts.
Spelter strong at 9.50@9.75c., owing to a good Government
demand. It is said that the Government wants 2,000 tons
of prime Western.
PIG IRON situation is still anything but satisfactory.
A long list of consumers must be put off; there is not iron
enough. It is true that Southern furnaces have heavy
allotments for export and for recent consumption. As
heretofore, only those engaged on war work can count on
getting supplies. Meantime the movement of coke has been
rather larger. Production of iron is accordingly increased
somewhat. But the vital point is that it still falls far below
the requirements. Furnaces cannot begin to keep pace
with their orders. On Sept. 18 at a meeting in Washington
it is expected that the price for the last quarter of the present
year will be fixed. Naturally a good deal of interest is felt
in this matter. Lake Superior iron ore producers are not
satisfied with an advance on the price of 45 cents per ton
granted in June. They want more.
STEEL remain; in practically the same condition as for
many weeks past. A leading concern, it is true, Finds its
unfilled orders reduced during AuguA nearly 125.000 tons.
Others have had a somewhat similar experience. This is
because of the conservative policy in the matter of taking
orders. But, after all, it signifies little. The outstanding
fact is that there is not nearly steel enough. Naturally, the
Government wants most of it. The war is the paramount
factor. France wants 22,000 tons more of barb wire.
Civilian trade must wait. Non-essential and the lesser
essental industries are thrust into the background. The
war consumption eats up the output as fast as it appears.
To all appearances this must be the case for some time to
COMO.
1107
COTTON.
Friday Night, Sept. 13 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
104,110 bales, against 89,652 bales last week and 75,988
bales the previous week, making the total receipts since
Aug. 1 1918 398,998 bales, against 549,507 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 150,507 bales.
Sat.
Galveston
Texas City
Port Arthur, &CNew Orleans..
Mobile
Nn
k=le
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'portNews,&c_
New York
Boston
Baltimore
Philadelphia
Mon.
Wed.
Thurs.
Fri. I Total.
9,841 17,449
8,263
5,123
4,390 50,223
2;321
181
3;261
165
3,107
543
1,767
351
5;233
88
248
§48
2,519 18,208
488 1,816
----
"---
----
4-,W)
IA-8 5-.§5'i 1,i8§
---3-,g§
1.1 n9e i St An21 97 AAR
1 A.•coo
in (127
373
143
992
__
72
119
:1-..7.:
Totsls this woolr
Tues.
5,15'7
----I
---3,ifsid 2571i5
____
460
327
250
226
765 2,401
155
415
454
906
431 2,504
193
52
207
195 2,888
1,249
68
---------------------72
193
99
612
Hi
____
ob
5'7
57
-_-_-_-_
__I
____
-_-_-_-_
-_:::
-_-_::
p
in pin
inA i in
The following shows the week's total receipts, the total
since Aug. 1 1918 and the stocks to-night, compared with
last year:
Stock.
1917.
1918.
Receipts to
Sept. 13
This Since Aug This 1Since Aug
Week. 1 1918. Week. 1 1917.
Galveston
50,223
Texas City
Port Arthur, &c_
248
New Orleans..___ 18,208
Mobile
1,816
Pensacola
Jacksonville
Savannah
25,013
Brunswick
Charleston
2,401
Wilmington
2,504
Norfolk
2,888
N'port News,&c_
68
New York
72
Boston
612
Baltimore
57
Philadelphia
Totals
104.110
200,295 69,690 195,064
1,614
1,080 5,799
6,685
65,340 21,212'• 80,829
0,510 3.910
15,422
1,155
142
200
1,270
88,865 47,148 145,695
7,300 2,500
27,500
8,862
4,882 3,821
2.533 1,708
2,432
6,990 1,904
23,484
427
108
490
1,412 1,892
10,531
8,136 1,122
16,409
472
749
12,115
297
1.564
398.998142.060
1918.
1917.
175,289
6,504
121,553
90
230,170
6,412
110
10,300
174,319
3.000
28,266
29,868
54,196
80,423
14,648
3,050
103,160
8,600
6.860
41,532
41,600
91,303
15,885
8,267
4,925
49,490
8,312
27,380
4,025
549.5071 838.8141 510.723
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1918.
Galveston ___
TexasCity,&c.
New Orleans_
Mobile
Savannah
Brunswick_
Charleston,&c
Wilmington
Norfolk
N'port N.,&c.
All others..- _ -
1917.
50,223
248
18,208
1,816
25,013
2,401
2,504
2,888
68
741
1916. 1
49.690
5,799
21.212
3,910
47,148
2,500
3,821
1.708
1,904
108
4,260
82,2441
6,588'
28,168
3.042
41,355
2,000
6,598
3,675
6,040
2411
2.430
1915.
1914.
76,774
127
18,574
4,489
51,899
2,000
10,864
4,440
6,203
423
1,046
1913.
33,786
1,459
3,114
2,879
15,151
425
3,469
1,491
2.082
2,853
1,227
128,684
15,173
16,290
8,801
77.432
3.050
28,256
16,970
3,758
1,008
2,596
Total this wk.
104,110
142,060
182,381
176,839
67,936
329,018
Since Aug. 1_
395.998
549.507
734.439
440.584
184.752
949.195
The exports for the week ending this evening reach a total
of 67,268 bales, of which 45,533 were to Great Britain,
4,553 to France and 17,182 to other destinations.
Exports for the week and since Aug. 1 1918 are as follows:
Week ending Sept. 13 1918.
Exported toExports
from-Galveston.._
Texas City_
NewOrleans
Mobile ____
Savannah_
Brunswick _
Wilmington
NOW York_
Baltimore__
Pacific ports
From Aug. 1 1918 to Sept. 13 1918.
Exported to-
Great
Great
Brilain. France. Other. Total. Britain. France.
30,410
8,700 39,110
47,259
5,536
6,956
6,800 12,336
6,956
39,82
11,86:
40,22
20,001
5,935
2,631
4,553
1,682 8,866
25,651
2,232
13.978
Other.
Total.
50,355 97,614
12,200 12,200
24,728 104,772
11,866
51,594
31,59
5,935
5,646
5,64
43,22: 82,857
2,232
17,772 17,772
4,553 17,182 67,268 132,763
74,202 185,523 392,488
Total 1917_ 37,335 9,406 28,625 75,366 334,001
Total 1916_ 83,580 13,482 35,397132.459 300,226
58,052 87,296 479,349
89,435 230,363 620,024
Total__-- 45,533
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forI GerOther C
u('iass
Great
e
Sept. 13 at- Britain. France.' many. Contl.
Ga veston _ _ _ _ 10,200
New Or eans*_ 7,000
Savannah _ _ _ 15,000
Char'eston_
354
Mobile
Norfolk
7,000
New Yorks..
Other ports*_ _ 6,000
I
Total.
8.0001
1,000
5,000
20,000
4,000'
3.000
2,000,
1,000
5,000
2,000
I
Total 1918_ - 45,554 13,000
Total 1917-- 61,465 17,496
Total 1916.. 25,274 7,726
Leaving
Stock.
15,200
23,000
37,000
1,000
1 354
200
200
14,000
6,000
160.089
207,170
137,319
27,266
6,058
53,996
77,303
72,859
28,000 10,200 96,754
27,356 8.009 114,326
38.373 13,053 84,426
742,060
396,397
452,822
1108
THE CHRONICLE
Speculation in cotton for future delivery has shown the
usual irregularity of prices, but on the whole the turn has
been upward,owing to recent bad crop reports, and a scracity
of contracts. From time to time the market, too, becomes
oversold. The weekly Government weather reports of late,
too, have not been so favorable as some had expected. Not
even unexpectedly large ginning had any permanent effect.
Everybody seems to take the view that the crop is early and
therefore that liberal ginning at this time merely reflects
that fact. Liverpool has recently been a good buyer and
Japan also. It is supposed that they have been endeavoring
to get the high grades as soon as possible,fearing the effects
ofram. This season it is supposed that the high grades will
be relatively scarce. Moreover the recent East India crop
reports are not favorable. The Egyptian acreage was reduced. Southern members of the House and the Senate are
vigorously opposing price fixing on cotton, and nothing has
yet been done in that direction. Some Washington telegrams
have been quoted to the effect that the Governments'
idea was merely to find out what would be the possible effect
of stabilizing prices and regulating distribution. Southern
members of Congress insist that the Government has no
authority to fix prices. Meanwhile the receipts at the ports
have been running behind those for the last two years. On
the 11th inst. New Orleans posted a storm warning, showing
a storm moving westward from Porto Rico. The weekly
Government weather report emphasized the effects of recent
cool weather. It said that cool weather throughout the
entire belt, averaging 3 degrees below normal in the eastern
portion to 9 degrees below normal in the western belt, prevailed, and that cotton continued on the whole to make little
progress. It added that the outlook continues to be unsatisfactory in most districts, especially in Texas, Oklahoma and Arkansas. It has been too cool for the development of a top crop in Oklahoma. The plant continues to
be in poor condition in Georgia. It is said to be beyond the
In Alapossibility of much improvement there.
bama the prospects are generally poor for a top
crop, and condition of the rest of the crop is poor
to fair. In Tennessee the condition is not satisfactory.
Moreover, the war news has been generally favorable. The
conviction is growing that peace is not unlikely some time during 1919. This peace idea is construed as bullish. And
whatever may be said about the Western belt, the ginning in
Georgia up to Aug. 1 was the smallest for several years
past, namely, 120,350 bales, against 146,630 last year and
212,787 in 1916. Leading Wall Street and local shorts have
bought freely. On the other hand, the total ginning up to
Sept. 1 was 1,039,620 bales, against 614,787 last year. The
recent cool weather has checked premature opening. That
much, at least, is clear. And there are persistent reports
that during the last two weeks the crop outlook has improved.
Also, some features of the latest weekly weather report were
not unfavorable by any means. It admits that the cool
weather was beneficial in chocking the premature opening.
Portions of North Carolina cotton made a satisfactory advance last week. So did parts of South Carolina, so far
as the intermediate and late crops were concerned. New
growth has started in Mississippi. Plants that survived the
drouth in Texas are also putting on new growth as the result
of recent rains. Some private reports from Texas are not at all
bad. Picking is far ahead of the normal in Texas.
It is about completed in the southern part of that
State. In Mississippi shedding and premature opemng were
checked by the rains. Little damage has been done by weevil.
Apart from all this many think that an open fall and a late
frost would inevitably result in some increase in the crop.
Meanwhile, too, exports are poor. Military demands on
the supply of ocean tonnage are vast. They are bound
to be for a long time to come. With the rapid increase
in the army it is a question whether shipbuilding, active as it
is, can keep pace with the enlarging demands for the transportation of troops. munitions and supplies. Receipts at
Southern centres are beginning to increase. As they enlarge
the South is expected to sell more freely. Rightiy or
wrongly it is not believed that the banks will encourage
holding back cotton as they have for several years
past. Money is too tight; something like a rationing of money has been resorted to here. Naturally in such conditions the banks grow more and more
conservative. And as to price-fixing, some think it is
bound to come, especially if the rise continues as
it has recently. Some Congiessmen favor a tax of $3
a bale. Some leading members of the trade are
skeptical as to the stability of present quotations, especially
when the crop movement assumes large volume and Southern
hedge selling expands, as many believe it is bound to. Notwithstanding the opposition of Southern members of Congress and others, Mr. Baruch refused to say definitely that
no price-fixing is contemplated by the Government. It is
understood that cotton manufacturers at New England and
the South favor it. Naturally, they are annoyed by the
violent fluctuations which have characterized the market
for many months past. To-day prices advanced slightly
and then declined, on Southern and other selling, some depression in stocks and a weaker technical position. Some
private crop reports from Texas aro more favorable. Minimum temperatures are rather low. Middling upland closed
at 36.20c., an advance of 35 points for the week.
[VOL. 107.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept.? to Sept. 13Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
36.45 36.45 36.75 36.45 Hol. 36.20
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 13 for each of the past 32 years have been as follows:
1918-c
36.20
1917
21.30
1916
15.40
1915
10.35
1914 _______ ____
1913
13.20
1912
11.95
1911
11.80
1910_c
1909
1918
1907
1906
1905
1904
1903
13.85
12.40
9.40
12.80
9.80
10.80
10.90
12.00
1902_c
1901
1900
1899
1898
1897
1896
1895
8.88
8.38
11.00
6.38
5.81
7.38
8.62
8.25
1894_c
1893
1892
1891
1890
1889
1888
1887
6.88
8.25
7.19
8.75
10.75
11.38
10.38
10.06
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 7. Sept. 9. Sept. 10. Sept. 11. Sept. 12. Sept. 13.
Week.
SeptemberRange
---34.40-•00
34.60 -34.40-.57---34.71-.00
Closing
34.73 -34.70 -35.00 -34.90 34.63 -34.63 OctoberRange
34.07-.70 34.20-.75 34.45-155 34.40-.11
34.43-.95 34.07-155
Closing_
34.68-.70 34.70-.74 35.00-.05 34.70 34.43-.45--NovemberRange
Closing
34.10 -34.15 -34.50 -34.12 33.85 ---DecemberRange
33.75-.12 33.55-.20 33.80-.75 33.55-.33
33.63-.22 33.55-J75
Closing
33.95-.00 33.98-.12 34.25-.40 33.92-.95
33.65-.67--JanuaryRange
33.73-.02 33.40-.15 33.65-.60 33.45-.15
33.46-.05 33.40-160
Closing
33.86-.90 33.90-.00 34.15-.22 33.75-.78
33.46-.48--FebruaryRange
HOLIClosing
33.82 -33.80 -34.10 -33.70 - DAY. 33.37 ---March33.60-.95 33.33-.12 33.58-40 33.40-.00
Range
33.30-.95 33.30-140
Closing
33.70-.75 33.77 -34.10-.14 33.60-.63
33.32-.34AprilRange
Closing33.73 -33.75 -34.05 -33.60 33.26 ----IIIay33.60-.88 33.30-.12 33.75-.25 33.45-.71
Range
33.30-.63 33.30-.25
Closing_
33.70-.80 33.72 -34.05 -33.55 33.21-.24--JulyRange
---33.70-.10---33.62-.65
---33.62-.10
Closing
33.63 -33.70 -34.00 -33.50 33.14 ----August---33.05 Range
33.05 33.53 -33.65 -33.75 -33.05 Closing
32.70 ---- --135c. j34c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 13Stock 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
Total Continental stocks
1918.
188,000
20,000
46,000
1917.
267,000
22,000
18,000
1916.
1915.
604,000 1,088,000
32,000
72,000
34,000
65,000
454,000
307,000
106,000
1,000
26,000
10,000
130,000
4,000
84,000
13,000
670,000 1,225,000
*1,000
*1,000
*1,000
*6,000
203,000 208,000
10,000
6,000
47,000
86,000
161.000 104,000
*1,000
*1,000
143;000
231,000
424,000
412,000
Total European stocks
397,000 538,000 1,094,000 1,637,000
India cotton afloat for Europe__ _
22,000
15,000
10,000
68,000
Amer. cotton afloat for Europe
170,000 243.000 328,916 183,854
Egypt,Brazil,&c.,afloat for Ettepe 56,000
34,000
11,000
18,000
Stock in Alexandria. Egypt
185,000
59,000
12,000
99,000
Stock in Bombay, India
*675,000 *870000 446,000 544,000
Stock in U. S. ports
838,814 510,723 537,248 798,343
Stock in U. S. interior towns_ _ _ _ 661,407 261,941 411,183 497,366
U. S. exports to-day
19,292
15,306
13,068
26,681
3,017,513 2,553.970 2,877,028 3,858,631
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 68,000 171,000 472,000 841,000
Liverpool stock
Manchester stock
.16,000
12,000
31,000
55,000
Continental stock
*126,000 *195,000 *327,000 *337,000
American afloat for Europe
170,000 243,000 328,916 183,854
U. S. port stocks
838,814 510,723 537,248 798,343
U. S. interior stocks
661,407 261,941 411,183 497,366
U. S. exports to-day
13,068
19,292
15,306
26,681
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
1,899,513 1,408,970 2,134,028 2,725,631
120,000
96,000
22,000
20,000
30,000
6,000
*17,000 *36,000
15,000
22,000
56,000
34,000
185,000
59,000
675,000 *870,000
132,000
32,000
3.000
*97,000
10,000
11,000
12,000
446,000
247,000
72,000
10,000
*75,000
68,000
18,000
99,000
544,000
1,118,000 1,145,000 743,000 1,133,000
1,899,51:3 1,408,970 2,134,028 2,725,631
Total visible supply
3.017,513 2,553,970 2,877.028 3,858,631
6.44d.
9.51d.
25.10d. 16.90d.
Middling upland, Liverpool
10.90c.
15.60c.
Middling upland, New York_ .._ _ 36.20c. 21.80c.
9.30d.
Egypt, good brown, Liverpool..
33.92d. 29.25d. 14.08d.
Peruvian. rough good, Liverpool_ 39.00d. 27.00d. 13.754. 10.90d.
9.054.
6.054.
Broach, fine, Liverpool
25.50d. 16.70d.
9.054.
6.17d.
Tinnevelly, good, Liverpool..
25.50d. 16.88d.
*Estimated.
bales.
Continental imports for past week have been
The above figures for 1918 show an increase over last week
1917,
an
over
bales,
a
gain of 463,543 bales
of 74,705
excess
of 140,483 bales over 1916 and a loss of 841,118 bales from
1915.
AT THE INTERIOR TOWNS the movement-that is,
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
SEPT. 14 1918.1
THE CHRONICLE
1109
corresponding period of the previous year-is set out in to make rapid headway. Dry all the week. Average
thermometer 79, highest 90, lowest 68.
detail below.
Abilene, Tex.-We have had no rain the past week. The
Movement to Sept. 13 1918.
Movement to Sept. 14 1917.
thermometer has averaged 74, the highest being 94 and the
lowest 54.
Receipts.
Towns.
Ship- Stocks
Receipts.
Ship- Stocks
Brenham, Tex.-Dry all the week. The thermometer
ments. Sept.
meats. Sept.
14.
Week. Season. Week.
13.
Week. Season. Week.
has averaged 76, ranging from 59 to 93.
Brownsville, Tex.-There has been no rain during the week.
942
32
Ala., Eufaula..
702
522 1,175
990
200
500
Montgomery. 5,243
10,726 3,050 8,090 3,259
7,416 1,933 11,376 The thermometer has ranged from 62 to 96, averaging 79.
Selma
5,116
4,741 2,074 1,960
8,770 2,530 5,338 2,597
Cuero, Tex.-There has been no rain during the week.
Ark., Helena
394
___ 2,056
608
623
__
971
50
Little Rook.- 1,200
7,467 1,250 8,200
723 1,164 3,525 Average thermometer 74, highest 94, lowest 53.
19
III
Pine Bluff_ _ _
925 3,582
434
400
93
791 13,511
Dallas, Tex.-Dry all the week. The thermometer has
Ga., Albany_ -4,943 1,212 1,947
92
1,110
730 1,536
520
Athens
1,577
2,355
340 1,441 averaged 74, highest being 93 and lowest 54.
855
3,038
806 12,612
Atlanta
9,464 1,940 12,664
1,803
7,535 2,194 16,387 1,710
Henrietta, Tex.-We have had no rain during the week.
Augusta
12,957
27,558 2,746 58,547 21,205 39,528 11,758 29,833
Columbus
1,092
319 2,223 The thermometer has averaged 75, ranging from 53 to 97.
532
2,911
4,450 1,100 5,000
Macon
16,300 6,029 4,148
4,026
8,775 2,255 9,909 7,550
• Huntsville, Tex.-It has been dry all the week. The
299
1,406
Rome
317 2,010
__ 4,134
342
685
La., Shreveport 5,421
4,890 1,376 6,247 thermometer has ranged from 52 to 92, averaging 72.
9,137 2,975 12,513 2,923
114
114
583
58 1,329
Mlss.,00lumbus
100
1,313
87
Kerrville, Tex.-Rain has fallen on one day during the
1,700
800 16,200 1,000
1,850
Clarksdale _
800 3,500
8O0
814
2,174 2,725 2,089 week, the rainfall being fifteen hundredths of an inch.
Greenwood_
900 15,500
900
2,780
911
2,408
Meridian
979 4,000
1,873
199 4,968 Highest thermometer 88, lowest 44, average 66.
951k
Natohez
307 2,148 1,066
3,444
1,992
2,173
616 1,353
Lampasas, Tex.-There has been no rain the past week,
29
92 2,198
1,101
Vicksburg
5731
591
_-_
470
361 8,002
323
1,958
Yazoo City
1,292J
590
12
917 The thermometer has averaged 73, the higest being 97 and
16,144 2,623 10,460 4,636 61,963 5,193 3,063
Mo.,St. Louis_ 2,387
606 4,500
2,949
388
350
2,965
N.C.,Genaboro
592
966 the lowest 49.
__
115
50
220
71
Raleigh
254
25
Longview, Tex.-There has been no rain during the week.
11
764 12,594 1,953
5,969
629
0., Cincinnati_
19,536
595 24,100 Thermometer has averaged 72, ranging
from 55 to 88.
100
Okla., Ardmore
110
100 1,566
250 5,292
2,004
500
3001
500
Chickasha _
Luling,
Tex.-Dry all the week. The thermometer has
300
500
2,079
2,07!
1,497
Hugo
76.
93,
from
averaging
58
ranged
to
800
100
100
Oklahoma100
108
400 9,000
Nacogdoches, Tex.-We have had no rain during the week.
2,042
899
30
S.C.,Greenville
5,364 1,732 5,851
437 2,879
72
108
Greenwood
153
4871
108
575 Average thermometer 71, highest 90,lowest 52.
5,0511 19,36: 18,129218,681 3,107
Tenn.,Memp
25,312 22,533 52,435
Palestine, Tex.-There has been no rain during the week.
Nashville_
31
____
99
63
284"
ii5
Tex., Abilene_ 575
212
425 The thermometer has averaged 75, the highest being 92 and
13,047 1,800 3,20
2,000
749
Brenham
9,869
859 1,927
262 2,477
2,81
1,754
115
Clarksville__
115
___
115 the lowest 58.
7,458 1,749 6,817 3,111
2,385
Dallas
13,401 2:391 7,099
Paris, Tex.-There has been no rain during the week.
375
4,134
2,87
i,333
840
Honey Grove_
840
300
540
66,460 261,431 50,775163,778 68,155 284,370 54,558 63,890 The thermometer has averaged 74, ranging from 54 to 94.
Houston
3,54 10,653 2,579 5,391
547
Paris
547
San Antonio, Tex.-There has been rain on one day of
78
469
11,983 1,600 3,629 2,254
2,1
San Antonio
8,157 2,896
369 the week, the rainfall reaching one hundredth of an inch.
AM) 407 107 108.435661.407 1R5 2517
ce.
The thermometer has ranged from 58 to 96, averaging 77.
Taylor, Tex.-Dry all week. Minimum thermometer 54.
The above totals show that the interior stocks have inWeatherford, Tex.-There has been no rain during the week.
creased during the week 33,224 bales and are to-night 399,465 The thermometer has averaged
71, the highest being 90
bales raore than at the same time last year. The receipts at and the lowest 52.
all town have been 4,272 bales more than the same week
Ardmore, Okla.-We have had no rain during the week.
last year.
Thermometer has averaged 75, ranging from 50 to 99.
OVERLAND MOVEMENT FOR THE WEEK AND
Muskogee, Okla.-We have had no rain during the week.
SINCE AUG. 1.-We give below a statement showing the The thermometer has ranged from 48 to 88, averaging 68.
overland movement for the week and since Aug. 1, as made
Oklahoma City, Okla.-We have had no rain the past week.
up from telegraphic reports Friday night. The results for the Average thermometer 70, highest 88, lowest 52.
week and since Aug. 1 in the last two years are as follows:
Brinkley, Ark.-There has been no rain the past week.
-1918
The thermometer has averaged 69, the highest being 91 and
Sept. 13.
Since
Since
Shipped-Week. Aug. 1.
Week. Aug. 1. the lowest 47.
Via St. Louis
2,623
Eldorado, Ark.-There has been no rain during the week.
18,379
5,193
68,253
Via Mounds, dm
1,202
14,057
4,176
26,785 The thermometer has averaged 70, ranging from 50 to 91.
Via Rock Island
Via Louisville
2,916
Little Rock, Ark.-We have had no rain during the week.
16,.?sig
924
4,829
220
Via Cincinnati
3,652
484
9,390 The thermometer has ranged from 50 to 85, averaging68.
1,324
Via Virginia points
12,856
24,454
2,017
Alexandria, La.-There has been no rain during the week.
5,986
Via other routes, ece
41,809
12,013
34,982
Minimum thermometer 54, maximum 92, mean 73.
Total gross overland
14,271 108,167
24,807 168,693
New Orleans, La.-There has been no rain during the week.
Deduct shipmentsOverland to N.Y.,Boston, &c
741
10,020
4,060 • 40,619 The thermometer has averaged 77.
Between interior towns
1,302
5,688
1,741
11,099
Shreveport, La.-Dry all the week. The thermometer
Inland, &c., from South
3,529
51,032
4,450
39,076
averaged 73, ranging from 55 to 92.
has
deducted
Total to be
5,572
66,740
10,251
90,794
Columbus, Miss.-It has been dry all the week. The
Leaving total net overland *
8,699
41,427
77,899 thermometer has ranged from 53 to 96, averaging 74.
14,556
Greenwood, Miss.-We have had no rain the past week.
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement Average thermometer 71, highest 92, lowest 50.
Vicksburg, Miss.-There has been no rain during the week.
has been 8,699 bales, against 14,556 bales for the week last
year, and that for the season to date the aggregate net over- The thermometer has averaged 71, the highest being 89
and the lowest 56.
land exhibits a decrease from a year ago of 36,472 bales.
Mobile, Ala.-Weather dry but unseasonably cool. Cot1918
1917
In Sight and Spinners'
Since
Since ton is opening rapidly but picking is behind owing to scarTakings.
Week.
Aug. 1.
Week.
Aug. 1. city of labor. Late cotton has been checked by weather
Receipts at ports to Sept. 13_...._104,110
398,998 142,060
549,507 conditions. Rain has fallen on one day, the precipitation
Net overland to Sept. 13
8,699
41,427
14,556
77,899
Southern consumption to Sept.13a 86,000
529,000 88,000
575,000 reaching fifty-five hundredths of an inch. The thermometer
has averaged 74, ranging from 62 to 87.
Total marketed
198,809
969,425 244,616 1,202,406
Interior stocks in excess
Montgomery, Ala.-It has rained on one day of the week,
33,224
z35,209
8,776
z93,000
the precipitation being fifteen hundredths of an inch. The
Came into sight during week 232,033
253,392
Total in sight Sept. 13
1,109,406 thermometer has ranged from 61 to 85, averaging 73.
Selma, Ala.-We have had rain on two days of the week,
Nor.spinners'takings to Sept. 13- 18,411
129,157
19,249
205,955
the precipitation being five hundredths of an inch. Averz Less than Aug. 1. a These figures are consumption; takings not avail- age thermometer 69.5, highest 90, lowest 57.
able.
Madison, Fla.-There has been rain on two days of
Movement into sight in previous years:
past week, the rainfall being one inch and eighty-nine
the
WeekBales.
Since Aug. 1Bales.
1916-Sept. 15
362,369 1916-Sept. 15
1,369,912 hundredths. The thermometer has averaged 76, the high1915-Sept. 17
286,721 1915-Sept. 17
954,638 est being 90 and the lowest 62.
1914-Sept. 18
176,211 1914 Sept. 18
651,076
Tallahassee, Fla.-We have had rain on two days during
WEATHER REPORTS BY TELEGRAPH.-Tele- the week, the rainfall being sixty hundredths of an inch.
graphic reports to us this evening from the South denote The thermometer has averaged 74, ranging from 60 to 88.
Atlanta, Ga.-It has rained on one day of the week, the
that over much the greater part of the area the weather has
been favorable for gathering the crop during the week, and rainfall reaching one hundredths of an inch. The therhas ranged from 58 to 80, averaging 69.
110
in consequence the picking of cotton has made excellent mometer
Augusta, Ga.-There has been rain on two daysiduring
progress. Lower temperatures have been the rule and there the week, the rainfall being eighty-seven hundredths of an
are a few complaints that the growth of late cotton has been inch. Average thermometer 72, highest 85, lowest 58.
Savannah, Ga.-There has been rain on three days during
checked. Reports from Texas are to the effect that second
growth has started in places where the plant withstood the the week, the rainfall being two inches and thirty hundredths
The thermometer has averaged 73, the highest being 85
long drouth.
and the lowest 61.
Galveston, Tex.-Due to the cool weather prevailing in the
Charleston, S. C.-Rain has fallen on three days of the
opening days of the week plant growth was slightly retarded. week, the precipitation reaching one inch and forty-one
Second growth has started in places where the plant with- hundredths. The thermometer has averaged 75, ranging
stood prolonged drought. Picking and ginning continues from 62 to 88.
Tet/.n1
Al +num.I5C1
A•lct 70,
11na
I OA 1
nAn
1110
THE CHRONICLE
Greenwood, S. C.-There has been rain on three days of
the week, the rainfall reaching one inch and ninety-three
hundredths. The thermometer has ranged from 54 to 88,
averaging 71.
Spartanburg, S. C.-We have had rain on three days of
the week, to the extent of one inch and eighty-three hundredths. Minimum thermometer 54, maximum 87, mean 71.
Charlotte, N. C.-There has been rain on three days during
the week, the rainfall being two inches and forty-one hundredths. The thermometer has averaged 67, the highest
being 79 and the lowest 55.
Weldon, N. C.-We have had rain on three days of the
week, the precipitation being three inches and eight hundredths. Average thermometer 66, highest 83, lowest 50.
Dyersburg, Tenn.-There has been no rain during the
past week. The thermometer has averaged 70, the highest
being 85 and the lowest 53.
Memphis, Tenn.-There has been no rain the past week.
The thermometer has averaged 69, ranging from 56 to 84.
Picking is general.
MARKET AND SALES AT NEW YORK.
[VoL.107.
included is 201, contrasted with 2,838 bales in 1917 and 4,631 bales In 1916.
The distribution of Sea Island cotton by States for 1918 Is: Florida, 103
bales; Georgia, 97 bales; and South Carolina, 1 bale.
The heavy ginnings this year are ascribed to hot and dry weather in the
western part of the cotton belt, expecially in Texas and Oklahoma. Much
cotton opened prematurely and picking was done early.
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of July and
since Aug. 1 in 1917-18 and 1916-17, as compiled by us
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of All.
000's
omitted. 1917-18 1016-17 1917-18. 1916-17. 1917-18. 1916-17. 1917-18. 1916-17.
lbs.
lbs.
yards.
yards.
August_ 18,766 17,750 469,083 424,317
Sept__ 11,074 16,486 420,448 461,697
October 12,272 15,674 382,821 386,229
Futures
Market
Closed.
lbs.
106,445
89,745
83,827
lbs.
97,062
102,784
87,866
1st guar 42,112 49,9101,272,3521,272,243 237,905 237,802 280,017
287,712
Nov ___ 9,929 14,785 394,487 340,500
Dec____ 9,541 13,024 352,912 499,361
Jan____ 10,344 16,424 400,612 499,484
78,430
106,344
109,785
Spot. Contract Total.
Feb.... 7,151 11,975 363,002 330,125
March_ 11,088 12,996 302,975 444,328
April___ 8,758 10,298 392,366 347,140
3d guar. 26,997 35,2691,058,343 1,121,593
4th guar 33,720 42,2891,055,0851,337,249
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
34.75
33.50
33.38
33.50
33.00
34.00
34.00
34.50
36.70
33.50
34.50
34.20
34.30
34.25
35.00
33.50
33.50
34.00
34.00
34.00
34.00
35.00
36.70
34.12
34.50
34.15
34.75
34.50
35.00
33.75
34.50
34.00
34.00
34.50
35.00
37.00
34.37
34.50
34.50
35.00
34.50
34.70
33.50
33.25
33.75
34.00
33.75
HOLI- 34.00
DAY. 35.00
36.45
33.75
34.50
34.05
34.50
34.50
NEW ORLEANS CONTRACT MARKET.
83,665
75,506
85,225
32.16 -32.36 32.18 32.02 32.70-.72 32.90-.95
32.72-.76
32.56-.59
32.70-.75 32.85-.95
32.69-.70
32.40-.44
32.80-.81 32.98-.00 HOLI- 32.74-.77 HOLT- 32.44-.47
32.88-.94 33.04-.05 DAY. 32.80 - DAY. 32.47 32.88-.94 33.04-.06
32.88 32.59 Firm
Steady
Steady
Steady
244,396 294,559
Steady
Steady
61,705
83,052
64,886
71,402
67,719
82,098
73,680
96,048
75,184
194,222 209,643 221,219
244,912
75,363
67,897
53,953
88,517
85,669
73,943 . 80,207
87,680
65,003
976,5711,119,612
Stockings and socks
Sundry articles
Total exmrta of
100,518
88,175
103,736
197,213 250,140 230,939 292,429
Year... 132,649171,7014,533,7915,070,430 843,922 947,911
1,592
48,427
2,085
47,025
I 0941 500 1
enttnn rminnfrult.rps
1051 799
The foregoing shows that there have been exported from
the United Kingdom during the twelve months 1,026,590,000
pounds of manufactured cotton, against 1,168,722,000
pounds last year, a decrease of 142,132,000 pounds.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending Aug. 22 and for
the season from Aug. 1 for three years have been as follows:
1918.
August 22.
Receipts at-
1917.
Since
Week.lAug. 1.
Bombay
Saturday, Monday, Tuesday, Wed'day, ThursdV, Friday,
Sept. 7. Sept. 9. Sept. 10. Sept. 11. Sept. 12. Sept. 13.
Quiet
Steady
63,645
93,320
93,361
64,251
56,631
73,340
May... 10,306 12,001 403,191 473,567
June___ 12,370 14,232 363,246 394,594
July ... 11,050 16,056 288,648 469,088
Total
September
October
December
January
March
May
ToneSpot
Options
73,736
65,965
74,881
SALES.
Saturday..__ Steady, 60 pts. adv.. Steady
Monday __ _ Steady
Steady
Tuesday __ _ Quiet, 30 pts. adv Easy
Wednesday.. Quiet,30 pts. dec__ _ Steady
Thursday -HOLIDAY.
Friday •
Quiet,25 pts. dec..... Steady
Galveston
34.75
New Orleans
33.50
Mobile
33.38
Savannah
33.75
Charleston
33.00
- Wilmington
34.00
Norfolk
34.00
Baltimore
34.50
• Philadelphia
36.70
Augusta
33.50
Memphis.
34.50
• Dallas
Houston
34.30
Little Rock_ __ _ 34.50
lbs.
79,312
86,298
72,192
2d guar. 29,814 44,2331,148,0111,339,345 214,582 250,326
Spot
Markel
Closed.
Week ending
Sept. 13.
lbs.
87,679
78,671
71,555
37,000
1916.
Since
Aug. 1.
Week.
107,000 20,000
Since
Aug. 1.
Week.
79,000 16,0001
42,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending Aug. 21 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
August 21.
Receipts (cantars)This week
Since Aug. 1
1918.
1917.
1915.
22,888
10,775
15,002
65.036
15.5112
25.678
• WORLD'S SUPPLY AND TAKINGS OF COTTON.
Season.
Week.
Season.
Visible supply Sept.6
2,942,808
2,500,663
3,027,450
Visible supply Aug. 1
2,814,776
American in sight to Sept. 13___ 232,033
934,216 253,392 1,109.406
280,000
Bombay receipts to Sept. 12___ 640,000
12,000
132,000
2,000
Other India shipm'ts to Sept. 12
1.000
16,000
Alexandria receipts to Sept. 11_
b5,000
29,000
6.000
16,000
Other supply to Sept. 11 *
15,000
b4,000
1,000
18,000
Total supply
DeductVisible supply Sept. 13
Total takings to Sept. 13..a_
Of which American
Of which other
3,223,841 4,287,666 2,774,055 4,106.182
3,017,513 3,017,513 2,553,970 2,553,970
_
206,328 1,270,153
178,328
984,153
286,000
28,000
To Liverpool
7,200
To Manchester &c
____
To Continent and India_ _-__
To America
Total exports
CENSUS BUREAU REPORT ON COTTON GINNING
TO SEPT. 1.-The Census Bureau issued on Sept. 8 its
report on the amount of cotton ginned up to Sept. 1 from
the growth of 1918 as follows, round bales counted as half
bales, comparison being made with the returns for the like
period of 1917 and 1916.
____ , 2,609
7,200
3,447
____1 _ ____
7,085 . ____ i' _ 2,3'71
7.200 17.732
..
4.980
4,700 6,062
____ ______
1,2
13
23
5 1:5
19
36
3
6.055
5.701
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
steadily maintained with a fair demand for yarns and goods.
We give prices for to-day below and leave those for
previous weeks of this and last year for comparison:
220,085 1,552,212
195.085 1,220,212
25,000
332,000
*Embraces receipts in Eruope from Brazil, Smyrna, West Indies, &c.
a This embraces the total estimated consumption by Southern mills,
529.000 bales in 1918 and 575,000 bales in 1917-takings not being available-and the aggregate amounts taken by Northern and foreign spinners,
741,153 bales in 1918 and 977,212 bales in 1917, of which 455,153 bales
and 645,212 bales American. b Estimated.
Since
i Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
1918.
32s Cop
Twist.
July d.
19 4934
26 49
Aug.
2 4934
9 51
16 52
23 5234
30 5334
Sept
6 5434
13 543,5
834 lbs. Shirt- Cot'n
tags, Common Mid.
Upl's
to finest.
1917.
32s Cop
Twist.
d.
s. d. d.
d. s. d.
52 25 134033 134 22.09 24
513j 25 134033 154 20.63 24
52 25 1344333 134 29.3924
53 25 134033 134 21.4625
54 253 033 3 23.09 25M
5434 26 0 034 6 23.97 2534
5534 30 0 (438 734 25.10 2534
5634130 3 038 1034 24.5824
CO OSSVD CO
Week.
1917.
SO OVSIM Ce
1918.
Cotton Takings.
Week and Season.
834 lbs. Skirt- Cot.n
ings, Common Mid.
to finest.
Upl's
d. S .d.
s. d. d.
2534 1310M©18 0 19.00
2534 131034018 0 19.15
2534
2634
2634
2634
2834
131034(4)18 0
140 @186
1411341819 0
140 @186
140 @186
19.36
20.15
19.80
18.90
18.25
2534 13 9 .017103t 17.20
25 136 @179 10.95
5634 30 3 C)38 1034 25.10 2334
1916.
Alabama, bales
22,375
LIVERPOOL.-By cable from Liverpool we have the folArkansas
15,650 lowing statement of the week's sales, stocks, &c., at that port:
California
443
Aug.23. Aug.30. Sept. 6. Sept. 13.
Florida
2,881
of the week
16,000
11,000
12,000
11.000
Georgia
212.787 Sales
Of which speculators took_
Louisiana
29,762
Of
which
exporters
took
Mississippi
10,260 Sales, American
2,000
10,000
4,000
3.000
North Carolina
289 Actual export
Oklahoma
7,852 Forwarded
37,000
10.000
37,000
47,000
South Carolina
26,782 Total stock
208,000 221.000 204,000 188.000
Tennessee
120
Of which American
82.000
84,000
89,000
68.00 .
Texas_
406,720
521,467 Total
26,000
imports
of
the
week
33,000
53.000
21,000
All other States
21,000
Of which American
40,000
26.000
12,000
afloat
74,000 129,000 135.000
United States
614,787
1,039,620
850.668 Amount
Of which American
89,000
80,000
24,000
The 1918 figures of the report are subject to slight corrections when
The tone of the Liverpool market for spots and futures
checked against the individual returns of the ginners being transmitted by
mail.
each day of the past week and the daily closing prices of
The number of round bales included this year is 53,109, against 23,716
bales in 1917 and 31,335 bales in 1916. The number of Sea Island bales spot cotton have been as follows:
1918.
35,398
7,469
1,074
1,330
120,350
33,141
34,028
1,852
19,443
35,871
224
749,416
25
1917.
18,570
134
103
3,087
146,630
15,657
5,832
72
91
17,981
SEPT. 14 1918.j
Saturday.
Spot.
THE CHRONICLE
Monday.
Tuesday. Wednesday. Thursday.
Friday.
1
Market,
12:15 i
P.M. l
MId.Upl'ds
Good Mid.
Upland
HOLIDAY.
Sales
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
24.96
24.07
25.21
25.10
25.10
25.59
25.60
25.84
25.73
25.73
2,000
2,000
2,000
3,000
Futures.Quiet,
Market i
1612 pts.
opened
advance,
f
I
Market,
4
P. M. I
Quiet,
Quiet,
13 points 18624 pts.
advance.
decline.
2,000
Quiet, unchanged to
2 pts. adv.
Quiet,
Firm,
Irregular,
Dull,
Steady,
19032 pts. 400:60 pts. 18029 pts. 769 pts. 10013 pts.
advance,
decline,
decline,
decline.
advance.
Prices of futures at Liverpool for each day are given below.
Sat.
Sept. 7
to
Sept. 13.
Mon.
12ii 12i4 12I 4
New Contracts. d.
d.
September _ _ _ _
October
HOLINovember_
DAY.
December
January
Tues.
123i
4
Wed.
123i
4
d.
d.
d.
d.
d.
d.
24.9224.5524.76125.00 24.9224.82
24.7524.3224.4824.7324.60 24.49
24.5524.11 24.2524.51 24.3824.29
24.3323.9324.0824.3824.2324.10
24.2 23.7823.9424.2424.0723.95
BREADSTUFFS
Thurs.
Fri.
4
1234
125
4
d.
d.
d.
d.
____ 24.7324.81 24.83
____ 24.41 24.4824.51
____ 24.2124.2924.31
____ 24.0324.1724.16
..___ 23.8824.9524.01
1111
Canada were entirely in the form of flour. In France favorable weather is facilitating harvesting; it is now nearing
completion ,in the south and is in full swing in the
north. Wet weather has tended to delay threshing somewhat, but the yields are satisfactory and the weight ii
said to be much higher than last year. The total production has
been estimated at approximately 183,000,000 bushels, which
is an iticreae.of about 25% over that of last year. Foreign
wheat is arriving at French ports in fair volume. Harvesting
is practically completed in Italy and threshing is progressing
Some districts of the north have not produced
satisfactorily, but, on the whole, conditions have been fair
and an outturn of 164,000,000 bushels has been predicted,
or about 24,000,000 bushels larger than last year. Official
estimates have placed the crop at 176,000,000 bushels, but
this is believed to be too high. Advices from Spain confirm
the reports that this year's harvest was unfavorable and the
question of supplies is now receiving serious consideration.
Import requirements of wheat for the season are still estimated at 8,000,000 bushels. Advices emanating from German
sources claim that Rumania's wheat crop this year is practically a failure. From North Africa recent reports confirm
satisfactory harvest results; new grain is moving to ports
in fair quantity. In Argentina good buying by exporters
strengthened prices, but olerings now are fairly large. The
supply of tonnage there is gradually decreasing. Latest
advices from this source are to the effect that general and
heavy rains have Jecurred and crop prospects as a result.are
very favorable. Recent generous rains have removed the
apprehension concerning drouth. It is officially estimated
that there was on Aug. 1 71,632,000 bushels of wheat still
available for export. As regards the freight situation,
Liverpool states that reports from all quarters confirm a
generally quiet business in the chartering of uncontrolled
tonnage. Rates from the River Plate remain nominal at
225s. to the United Kingdom and 250s. to France. while
for heavy grain from Atlantic-American ports quotations
rule at 45s. to 50s. to the United Kingdom; 57s. 6d. to
French-Atlantic, and 77s. 6d. to Italy. Kurrachee and
Bombay are without alteration and Australia is still quoted
at 110s. to South Africa and 130s. to the United States.
Shipments of wheat are steadily increasing, and, owing to
the economy of time in loading, it is believed that a larger
percentage of the clearances from now on will be as wheat
instead of flour, as formerly.
Friday Night, Sept. 13 1918.
Flour has continued quiet. Nobody shows much desire
to make purchases. But before long there may be a larger
export trade. It is hoped so. But one thing is clear. Just
now both domestic and foreign business is light. Moreover
the Northwest has at times been offering quite freely.
Substitutes will be largely used. This will be for the purpose of furnishing flour to Europe. Indeed, one encouraging
circumstance is that the Food Administration has given
assurance that the policy of buying freelyfor export to Europe'
will be continued during the present season. Recently
exports have been curtailed on account of the scarcity
of tonnage. But that does not mean that the policy of
the Food Administration has changed. In fact Europe
needs the flour and we shall send it. Exports will naturally
be conditioned on the supply of ocean tonnage. Recently the
exports of grain have been stimulated at the expense of
flour. It takes longer to load flour on shipboard
The difference is about 66 2-3%
than it does grain.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.,
in favor of grain. It is well known that last year exports
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_23734 2373 2375 23734 23754 23734
of flour largely exceeded those of wheat. This may not be No. 2 red
No. 1 spring
24054 24034 24034 24054 24034 240 A
the case this year. For seven months ending July 31 the
Indian corn was depressed in price by the announcement
exports of flour were 16,501,920 barrels; of wheat, 6,719,075
bushels. Considering the number of bushels that it takes that the brewing industries will be closed up on Dec. 1.
to make a barrel of flour-4M bushels-the excess in favor But it rallied slightly later on when the Government monthly
of flour, it will be seen, is over tenfold. Thus far the trend, report confirmed previous statements that the crop has been
as already intimated, is the other way. In the interest of damaged by frost. It turns out that the yield did lose for
efficiency the quick loading of wheat as compared with flour that reason during the month of August 317,000,000 bushels,
is deciding the matter, at least for the time being. The or a total loss since July 1 of 487,000,000 bushels. The
store-door delivery system, which was first scheduled to be Government now puts the crop at 2,672,000,000 bushels,
put into operation on Aug. 15 and then tentatively post- against 3,159,494,000 last year. The condition on Sept. 1
poned until Sept. 1, has again been deferred, and this time was 67.4% against 78.5 on Aug. 1 and 76.7 on Sept. 1 last
without any prospective date being named. Possibly it year. The ten-year average is 74.8%. In the fore part of
may be announced by the middle of October or a little be- the week the appearance of another cold wave in the Northfore, but nothing is certain. Advices from the United west with temperatures of 32 to 36 degrees aroused apprehenKingdom state that home-milled flour continues to meet a sions of further damage by frost. At one time the Southslow inquiry, as bakers appear to be well supplied. Good western markets showed considerable strength. It was
supplies of foreign flour are still a notable feature and these feared, too, that the Government report would reveal a deare likely to remain ample for some little time, which is crease for August of 400,000,000 bushels or more.
far from encouraging to British millers. It is generallY Argentine advices state that corn is being offered in liberal
believed that bakers are holding off from buying as long as quantities and some improvement in the export demand is
possible in the hope that the quality of war flour will shortly 'noted;it has been predicted that shipments will improve from
be improved. English harvesting conditions have been now on. Latest advices from Great Britain state that offerfavorable and wheat is commencing to appear on the market. ings are still scarce and arrivals continue inadequate. The
The latest Government report says that the spring demand for the most part remains unsatisfied. Shipments
wheat outlook is increased 21,000,000 bushels, making from America continue of moderate proportions and holders
it 343,000,000 bushels. This, with a winter wheat crop of are reserved. However, it is hoped that clearances will im556,000,000 bushels, indicates a total of 899,000,000 bushels, prove, as the movement from the interior is tending toward
or nearly 250,000,000 bushels larger than last year and enlargement. Argentine holders are offering willingly at
90,000,000 bushels more than the average for the five years prevailing prices, but the export demand remains discourfrom 1912 to 1916, both inclusive. This is certainly a very agingly small; shipments have been disappointing, but an
fine showing, even if it is not so favorable as was at on time improvement is expected. Continental demand for corn
promised. Meanwhile the visible supply continues to in- is inactive. The floating quantity is slightly larger.
crease by leaps and bounds. Last week the increase was But after all the crop is early. The damage by frost was
7,191,000 bushels, against only 645,000 bushels in the same not so great as it might otherwise have been. Brewers
week last year. The total is now 56,012,000 bushels, or in this country are supposed to take about 60,000,000 bush.
nearly ten times as large as a year ago. It was then 5,678,- of barley and something like 20,000,000 bush.'of corn
000 bushels. It is believed that the acreage of winter wheat annually,and the announcementof the closing of the breweries
will be increased this fall.
Everything points that on Dec. 1 was regarded as a sufficiently bearish factor to
way. The condition of spring wheat in the latest report cause selling. The visible supply of corn increased last
is 82.1%, against a ton-year average of 73.4%. It is of week 3,000 bush. as against a decrease of 345,000 in the
interest to notice that the yield of spring wheat in exact fig- same week last year. The total is now 5,235,000 bush.
ures is stated by the Government at 342,855,000 bushels, against 2,127,000 last year. To-day prices advanced in
against 232,758,000 last year and a five-year average of an oversold market. Yet the weather in the main was
256,751,000 bushels. In the United Kingdom a return of rather favorable. At Chicago sample prices were unchanged
favorable weather permitted harvesting to proceed actively to 3 cents higher, however. Consignments were not large.
over a good portion of the country. The outlook is very Prices of futures, however, are lower for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
promising and there is no doubt that a better yield will be
Sat, Mon. Tues. Wed. Thurs. Fri.
realized than for many years past. Harve-Aing in the south No. 3 yellow
cts_18454 18034 17634 17334 17334 17634
CORN FUTURES IN CHICAGO.
CLOSING
OF
PRICES
DAILY
of England is pnceeding under generally favorable weather.
Sat. Mon. Tues. Wed. Thurs. Fri.
North American shipments show an encouraging increase Sept.deLin elev.(new contract) cts_15654
157
154% Holt- 153
15554
and the percentage t) the United Kingdom is substantial; Oct. del. in elev.(new contract)_ _ _157% 15734 1543.4 day. 15254 15454
also a good part the orders will no doubt have the United
Oats have continued to fluctuate within very narrow
Kingdom as its ultimate destination. Shipments from limits. Nothing seems to lift the market out of its rut.
1112
THE CHRONICLE
[VoL. 107.
sunshine from the Mississippi Valley eastward, especially in the
The Government report states the yield at 1,477,348,000 and
northern portion. Cutting and silo filling have begun in some places in
bushels, against 1,587,286,000 bushels last year and a five nearly all States, and good progress was made in this work in the North.
part of the crop will be safe from frost damage by Sept. 20, alyear average from 1912 to 1916 of 1,296,406,000 bushels. A largesome
of the late planted will need from one to two weeks longer to
The eondition on Sept. 1 was 84.4%, against 82.8% on though
mature.
SMALL GRAIN HARVEST.-The weather of the week was favorable
Aug. 1, 90.4 on Sept. 1 last year, and 80.3 for the ten-year
harvesting the small grain crops in the late districts of the Northeast
average. The acreage is 44,475,000 acres. At times prices for
and in the higher elevations of the 'Western States, and this work is nearing
in
have sympathized with an easier tendency in corn, especially completion. Late grains were somewhat damaged by frost on the 6ththe
areas in the northern Rocky Mountain districts, necessitating
as receipts have been rather large. Besides, there has been local
cutting for hay, but the damage was not extensive. Threshing made
a lack of export business. This alone has largely neutral- satisfactory progress where this work had not been completed, with consatisfactory yield of good quality.
ized anything bullish in the situation. Also, the visible tinued
BUCKWHEAT.-Buckwheat continues promising in the Appalachian
supply in the United States increased last week 2,588,000 Mountain district and the Lake region. Some buckwheat is being harin the Northeastern States, but the crop in Michigan will require
bushels, as against 1,934,000 bushels last year. This makes vested two
weeks more for maturing.
the total supply 21,897,000 bushels,against 8,967,000 bushels about
RICE.-Rice continues to improve in Arkansas, but is ripening slowly.
Harvest progressed rapidly in Texas and in Louisiana, with fair to good
a year ago. In Argentina oats continue in liberal supply yields
reported from the former State.
and are being offered freely, which has caused prices to
AGRICULTURAL DEPARTMENT'S REPORT ON
recede somewhat. In France the rye crop is good. Late
advices from the United Kingdom say that the situation CEREAL CROPS, &c., TO SEPT. 1.-The Agricultural
is gradually improving as arrivals of oatr continue to increase Department issued on the 9th inst. its report on the cereal
and allocations become larger. Despite the enlarged dis- crops for the month of August, as follows:
The Crop Reporting Board of the Bureau of Statistics of the United States
tribution the demand is so active that it readily absorbs all Department
of Agriculture estimates, from the reports of the correspondents and
offerings. Argentine holders are offering liberally and 801110 agents of the Bureau, as follows:
improvement has been noted in the demand from export inYield per Acre.
Total Production.
terests. American export offerings are gradually increas- For the United States.
1917 191219121917.
September
ing. The Continental demand is active despite the increased
Dec. 1916
1916
December
Forecast
arrivals; the floating quantity has become somewhat larger.
1918. Est. Avge.
Average.
Estimate.
*1918.
Yet oats are still considered cheap by comparison with other
Bush. Bush. Bush.
Bushels.
Bushels.
Bushels.
Cropgrain. knd although exports are slack now, many believe Winter
a556,000,000 418,070,000 552,594,000 al5.3 15.2 15.7
wheat
they will increase later, when the accumulation at the ports Spring wheat
343,000,000 232,753,000 256,751,000 15.2 12.6 13.1
899,000,000 650,828,000 809,45,000 15.3 14.3 14.7
has been gotten rid of. Shipments to the United Kingdom All wheat
2,672,000,000 3,159,494,000 2,761,252,000 23.5 26.4 26.0
ars reported as somewhat disappointing, while clearances of Corn
1,477,000,000 1,587,286,000,1,296,406,000 33.2 36.4 31.2
Oats
236,000,000 208,975,000' 201,625,000 25.9 23.7 25.1
rye and barley are meagre. Canada contributed a large Barley
44,147,000 a14.1 14.7 16.1
60,145,000
a76,700,000
portion of the oats to make up the week's total shipments. Rye
15,336,000 19.2 17.4 19.0
17,460,000
20,100,000
Buckwheat
385,000,000 442,536,000 361,753,000 93.5 100.8 95.9
in France the oats crop is slightly disapp )inting. The hay White potatoes
63,541,000 84.5 91.4 93.6
87,141,600
81,000,000
Sweet
potatoes
crop, according to the Government report, moreover, is Tobacco '
lbs. 1,218,000,000 1,196,451,000 1,033,357,000 838.2 827.1 816.0
17,600,000 8.1 4.7 8.2
8,473,000
said to be only 86,300,000 tons against 94,900,000 last y3ar, Flax
15,900,000
28,851,000 36.5 37.6 35.5
36,278,000
40,900,000
Rice
and this is expected to cause a larger demand for feeding Hay
95,371,000 a1.25 1.36 1.34
94,930,000
86,300,000
all tons
corn, especially in the Southwest. To-day eats advanced,. Cotton
11,100,000 211,300,000 213,327,000 1145.2 1159.7 1179.6
bales
5,970,000 10.1 9.00 10.38
5,980,000
6,210,000
tons
beets
with country offerings to arrive light. Shorts covered. A Sugar
196,000,000 174,608,000 213,683,000 ____
Apples, total
Chicago dispatch says that an embarg) has been placed on. Apples, comm'l bbis. 24,100,000 22,519,000
45,066,000 ........... -40,200,000
shipments of grain to Galveston, Texas City and Port Ar- Peaches
14.5 14.7 75,866,000
a74,200,000
thur, Texas, unless permits are secured from the Southern Kafirs
Export Commission. Little net change in prices is noticeable
Acreage, 1918.
for the .week.
Condition.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
81
81
8134
81
cts_ 813. 815
Standards
81%
81
81
81H 81H 81
No. 2 white
CropDAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Spring wheat
Sat. Mon. Tues. Wed. Thurs. Fri.
All wheat
/à 703 Holi- 70H 71H Corn
Sept. del.in elev.(new contract)cts_ 70H 705
Oct. del. in elev.(new contract).. 72h 72g 71H day. 71% 72H Oats
The following are closing quotations:
FLOUR
Spring
$10 90©$11 25 Barley flour (to arrive)_ $8 7509 25
nom.
50 Tapioca flour
10
1025@
Winter
..
$4 50
1090@11 25 Ilominy
Kansas
8 50
10 00 Yellow granulated ____ 4 500 4 75
Rye flour
Barley goods-Portage barley:
Corn goods, all sacks 100 lbs.
No. 1
$600
White
.1405 @1425
525
Nos. 2, 3 and 4
400 @ 425
Bolted
Nos. 2-0 and 3-0
6 0006 15
485 0 525
Corn flour
626
No. 4-0
per lb. nom.
Corn starch
Oats goods-Carload,spot deRice flour, spot and to
9 25
livery
per lb. 10010%c.
arrive
GRAIN.
OatsWheat813i
Standard
$2 37H
No. 2 red
81H
No. 2 white
2 40H
No. 1 spring
No. 3 white
81
2 39H
No. 1 Northern
No. 4 white
80@81
Cornnom. BarleyNo. 3 mixed
1 09
Feeding
1 82%
No. 2 yellow
1 120 1 15
Malting
1 76%
No. 3 yellow
1 5401 59 RyeNo. 4 yellow
1 72
nom
Western
Argentine
WEATHER BULLETIN FOR THE WEEK ENDINGSEPT. 10.-The influences of weather on the crops as summarized in the weather bulletin issued by the Department of
Agriculture for the week ending Sept. 10 were as follows:
COTTON.-The week was cool throughout the cotton belt, the temperature averaging about 3 degrees below the normal in the eastern portion to
9 degrees below in the western. Moderate rains fell in most districts,
except that the falls were rather heavy in the Atlantic Coast sections.
While the cool weather was beneficial in checking premature opening in
many localities and there is less complaint of insect activity and shedding,
cotton continued on the whole to make little progress, and the outlook
continues unsatisfactory in most districts, especially in Texas, Oklahoma
and Arkansas. In portions of North Carolina cotton made saitsfactory
advance during the week, which was also the case for the intermediate
and late crops in South Carolina, but it continues in poor condition in
Georgia, where the probability of much improvement is slight. Shedding
and weevil are causing deterioration in Florida, and there is little change
in the outlook in Alabama and Mississippi. Some new growth has started
In Mississippi, but the prospects for a Op crop in that State are poor.
The plants that survived the drouth in Texas are also putting on new
growth as a result of recent rains, but much of the crop is dead in portions
of the State. Picking is far ahead of the normal in Texas, and is about
completed in the southern portion, with generally poor yields. The soil
is now in good condition in Oklahoma, but it has been too cool for the
development of a top crop, while conditions continued generally unsatisfactory in Arkansas and Tennessee. Picking and ginning made rapid
progress in nearly all portions of the belt, except for some delay by rain in
Oklahoma, and in some localities in the lower Mississippi Valley the harvest
situation appears to be well in hand, with only a few complaints of labor
shortage.
WINTER WHEAT.-The continuation of rains during the week
throughout nearly the whole of the winter wheat area has further improved
the soil conditions for seeding, which are now excellent in practically all
districts, except that more moisture is needed in portions of Nebraska and
Iowa. These rains were timely and of great value, as they have insured
the seeding of the winter wheat crop under most favorable conditions and
have made possible the sowing of an increased acreage, which numerous
reports indicate is being accomplished. The rains in the Southern States
were also favorable for putting the soil in good condition for winter oats,
and this work made rapid progress during the week.
CORN.-The well-distributed rains, which occurred in most central,
southern and eastern districts, produced conditions favorable for the
growth of late corn. It was too cool, however, for rapid ripening in
Central and Northern States, and there was some frost damage in the
extreme North. The crop is largely matured in the tier of States from
Oklahoma northward to South Dakota, but it needs higher temperature
Sept. 1
1918.
Sept. 1 Sept. 1 Aug. 1
1917. 10-yr.Ao. 1918.
P. C. of
1917.
Ares.
22,489,000
121.5
79.0
73.4
71.2
58,881,000
____
128.2
____
____
113,835,000
95.1
78.5
74.8
76.7
67.4
44,475,000
102.1
82.8
80.3.
90.4
84.4
9,108,000
103.1
82.0
78.7
76.3
81.5
Barle
5,435,000
------ 132.8
-------Rye 1,045,000
103.9
88.6
6
90.2
83.3
Buckwheat
4,113,000
93.7
79.9
75.1
82.7
74.5
White potatoes
959,000
100.6
78.3
83.6
85.7
74.5
Sweet potatoes
100.4
1,452,000
83.6
79.1
84.5
82.4
Tobacco
1,967,000
108.7
70.6
74.5
50.2
72.6
Flax
1,120,000
116.2
85.7
87.2
78.4
83.7
Rice
82.3
(all)_
98,9
69,249,000
Hay
37,073,000
106.2
673.6
b7-0-..4
b6-7-.11
555.7
Cotton
85.5
689,000
88.6
89.4
91.7
86.8
Sugar beets
5,114,000
99.2
65.8
76.3
70.8
50.1
Kftflria
acre
per
rid
Y
i
estimate.
Preliminary
a
reports.
*Interpreted from condition
In pounds of lint. z Census. b Condition relates to 25th of preceding month.
82.1
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.
Quantities.
Wheat _bu
Flour_bb
1016.
1917.
1918.
Exports
from
U.S.
July.
7 Mos.
719,075
225,381
2,433,640 16,501,920
5,059,242 83,630,401
747,333 0,861,779
Total bu 13,185,922 111,541,503
$
$
59,478,121 414,484,819
94,758,585 584,774,196
34,923,673 339,128,854
29,630,338 194,550,552
3,197,111 17,340,624
Values.
July.
7 Mos.
6,354,807 89,144,225
939,531 9,490,199
8,422,240 114,508,407 10,582,696 131,850,120
3,146,394 42,850,877 5,483,248 34,015,187
Wheat*bu 11,176,761 80,977,715
Corn_ bu 2,009,161 30,543,788
Breadst'ffs
Provisions
Cotton___
Petrol.,&c.
Cot's'd oil
7 Mos.
11,568,634 157,359,284
$
$
38,237,717 391,993,069
21,493,970 269,123,359
35,209,788 249,694,096
14,055,530 133,624,169
1,064,963 14,210,878
Tot. value 221,987,828 1550279045 110,061,968 1058645571
* Including flour reduced to bushels.
16,065,944 165,865,307
23,864,966 251,715,860
15,259,683 157,542,568 •
32,832,784 249,471,080
21,703,828 112,024,818
577,654 13,226,679
94,238,915783,981,011
The statements of the movement of breadstuffs 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 al-
Chicago
Minneapolis
Duluth
Milwaukee __
Toledo
Detroit
Cleveland ..._
St. Louis__
Peoria
Kansas City_
Omaha
Indianapolis
Total wk.1918
Same wk.1917
Same wk.1916
Flour.
Wheat.
Corn.
Oats.
Barley.
Nye.
.881bs.
bbis.1961bs.btuh.60 lbs. bush 56 lbs. bush 32 lbs. bush.48lbs. bush
160,000
242,000
169,110 3,273,000 2,881,000 4,219,000
484,000
229,000 1,693,000 1,240,000
6,069,000
2,000
4,000
8,000
1,012,000
17,000
162,000
995,000
115,000
391,000
13,000
327,000
27,000
140,000
89,000
29,000
48,000
76,000
5,000
33,000
7,00'
10,000
13,000
548,000
244,000
63,111 1,985,000
4,000
11,000
140,000
623,000
158,000
79,000
276,000 1,221,000
3,216,000
912,000
592,000
1,126,000
435,000
340,000
154,000
321,000 17,605,000
288,000 4,188,000
338,000 9,214,000
5,361,000 10,603,000 1,672,000
1,344,000 8,945,000 2,693,000
3,310,000 6,997,000 2,645,000
677,000
786,000
649,000
Since Aug.12,525,000
1,808, o o • 108,038,000 23,571,000 57,618,000 8,638,000
1918
1,521,i i 1 27,038,000 15,375,000 44,276,000 8,783,000 2,260,000
1917
9 nnn non RR 24R _ni-la 19.053.000 61,413,000 9,730,000 1,830,000
10IA
The exports from the several seaboard ports for the week
ending Sept. 7 are shown in the annexed statement:
I Wheat. I
Exports from-
Corn. I Flour.
Barley,' Peas.
Rye.
Oats.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
32,910
43,747 1,786
775,148 223,554 22,992
186,206
894,248
New York
Baltimore
1,669,396 223,554 22,992 229,953
3,084,290 1,024,714 61,312 3,471,182
Total week
Week 1917
1,786
I
777,649,
3,210
The destination of these exports for the week and since
July 1 1918 is as below:
Corn.
Wheat.
Flour.
Exports for Week,
Since
Week
and Sines
July 1
Sept. 7
July 1 lo-
Since
July 1
Week
Sept. 7
Since
July 1
Week
Sept. 7
Bushels. Bushels.
Bushels.
1,701,992 218,844 1,078,030
542,131)
5,318,814
20
1,22013,510
4,490
Bushels.
Barrels. Barrels.
219,684
180,341
United Kingdom.. 10,844
629,569 L449,712
8
Continent
6,942 v
So. dc Cent. Amer. 1,396
35,102
5,018
West Indies
BrIt.No.Am.Cols.
13,608
5,726
Other Countries.._
2,040
200
865,562 1,669,390 7,020,806 223,554 1,636,930
22,922
61,312 1,212,138 3,084,290 17,764,679 1,024,714 4,561,863
•
Total
Total 1917
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 7 1918 follow: Receipts al-
Barley.
Oats.
Corn.
Wheat.
Flour.
Rye.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
198,000
77,000
18,000
40,000
99,000 1,557,000
New York_ _ _
301,000
6,000
•
14,000
489,000
22,000
Philadelphia..
99,000
30,000
8,000
971,000
19,000
Baltimore _._
28,000
15,000
138,000
57,000
New Orleans*
1,256,000
4,000
449,000
49,000
Montreal._ __
73,000
19,000
133,000
36,000
Boston
128,000 1,955,000
59,000
44,000
282,000 3,737,000
Total wk.1918
Since Jan.V18 10,710,000 38,416,000 16,018,000 72,550,000 7,928,000 3,091,000
146,000 4,121,000
166,000
283,000
455,000 2,780,000
mst.000151.871.000 44.361.000102.998.000 12.388000 7 inst non
passing
grain
through
New
ports
for
foreign
Orleans
include
not
* Receipts do
on through bills of lading.
Week 1917...
Rinow Inn 1'17 i4
The world's shipments of wheat and corn for the week
ending Sept. 7 1918 and since July 1 1918 and 1917 are
shown in the following:
Wheat.
Exports.
Corn.
1918.
Week
Sept. 7.
a1917.
Since
July 1.
Since
July 1.a
al917.
1918.
Week
Sept. 7.
Bushels.
Bushels.
Bushels.
Bushels.
30,497,000 65,037,000
500,000
NorthAmer* 4,000,
Russia
Danube.
2,500,000 42,086,000 2,329,000 1,030,000
Argentina
700,000 7,520,000 14,730,000
Australia
296,000 2,626,000 6,028,000
India
386,000
280,000
Oth.counte
Since
July 1.
Since
July 1.a
Bushels.
4,060,000
Bushels.
8,085,000
3,404,000
3,315,000
404,000
896,000
7,496,000 83,009,000 88,516,000 1,500,000 7,868,000 12,296,000
*North America.-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.
Total
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
I
Total.
United
Kingdom. Continent.
Bushels.
Bushels. Bushels.
Bushels.
Sept. 7 1918._ Not avail able
Aug. 311918... Not avail able
Sept. 8 1917._ Not avail able
46,512,000
Sept. 9 1916_
Total.
Bushels.
Bushels.
22,066,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept, 7 1918 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
,.
Detroit
Chicago
Afloat
"
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Corn.
Oats.
Wheat.
bush.
bush.
bush.
711,000
319,000
2,766,000
28,000
17,000
429,000
349,000
47,000
2,597,000
233,000
79,000
585,000
175,000
317,000
102,000
3,066,000
25,000
2,952,000
814,000
245,000
2,779,000
41,000 1,480,000
1,152,000
253,000
24,000
52,000
14,453,000 2,261,000 10,174,000
179,000
672,000
88,000
1,338.000
745,000
97,000
993,000
19,000
4,000
1,158,000
29,000 1,573,000
3,500,000
214,000
37,000
9,712,000
574,000 1,771,000
33,000
864,000
165,000
231,000
654,000
726,000
3,703,000
399,000
857,000
412,000
256,000
Rye.
bush.
12,000
97,000
18,000
47,000
Barley.
bush.
36,000
27,000
75,000
10,000
986,000
53,000
127,000
43,000
5,000
10,000
4,000
242,000
14,000
27,000
30,000
12,000
613,000
273,000
22,000
523,000
22,000
56,012,000 5,235,000 21,897,000 1,012,000 1,717,000
Total Sept. 7 1918
48,821,000 5,232,000 19,309,000 1,325,000 1,510,000
Total Aug. 31 1918
5,680,000 2,127,000 8,967,000 1,186,000 4,125,000
Total Sept. 8 1917
53,970,000 3,518,000 31,401,000 629,000 2,039,000
Total Sept. 91916
blote.-13onded grain not included above: Oats, nil, against 521,000 bushels in
1917; and barley, 1,000, against 594,000 in 1917.
Canadian122,000 3.591,000
1,976,000
387,000
Montreal
Ft. William & Pt. Arthur.
2,716,000
1,287,000
1,063,000
Other Canadian
Total Sept. 7 1918
Total Aug. 811918
Total Sept. 8 1017
Total Sept. 9 1916
1113
THE CHRONICLE
SEPT. 14 1918.]
3,283,000
4,250,000
1,920,000
13,766,000
122,000
126,000
19,000
915,000
7,370,000
8,403,000
4,436,000
12,092,000
2,000
152,000
387,000
391,000
103,000
410,000
Barley.
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush,
56,012,000 5,235,000 21,897,000 1,612,000 1,717,000
387,000
122,000 7,370,000
3,263,000
SummaryAmerican
Canadian
Total Sept. 7 1918
Total Aug. 31 1918
Total Sept. 8 1917
Total Sept. 9 1916
59,275,000
53,071,000
7,600,000
67,736,000
5,357,000
5,358,000
2,146,000
4,433,000
29,267,000 1,612,000 2,104,000
27,712,000 1,325,000 1,901,000
13,403,000 1,188,000 4,228,000
43,493,000 781,000 2,449,000
THE DRY GOODS TRADE
New York, Friday Night, Sept. 13 1918.
As there continues to be a general feeling of uncertainty
throughout the dry goods trade regarding future developments, merchants adhere to their conservative attitude
about entering into new commitments. Another price
revision will be due at the end of current month, and while
any changes made are expected to be upward there is no
certainty as to what will develop. Expectations of upward
revisions are based on the sharp advances in prices for raw
material, though on the other hand, there is a possibility
of prices for the latter being fixed by the Government.
Any such action, however, will meet with strong opposition
on the part of Southern Senators and Congressmen, but
there are no indications that the War Trade Board will not
continue with its contemplated investigation of the cotton
situation, with the view of stabilizing the market and regulating distribution. Shoul
@FedFRASER