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financial
The.
trimittrcial
Bank & Quotation Section
Railway Earnings Section
litontde
INCLUDING
Railway Sc Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 21 1918
VOL. 107
Tht Throuide.
Electric Railway Section
State and City Section
_
NO. 2778
Week ending Sept. 14.
Clearings at
1918.
PUBLISHED WEEKLY.
1917.
Inc.or
1 Dec.
1916.
I
1915.
Terms of Subswription-Payable in Advance
$
$
$
$
1 °re
490,446,282 481,805,669 +1.8 406,030,191 325,815,261
Chicago
$10 00
For One Year
34,575,200
27,056,850
60,720,649
40,337,052i +50.5
Cincinnati
6 00
For Six Months
34,228,038
53,897,175
82,423,008 +3.7
85,432,197
Cleveland
European Subscription (including postage)
13 00
33,682,035
51,569,930
55,297,132 +10.9
Detroit
61,349,761
7 50
European Subscription six months(including postage)
16,107,730
23,365,041
27,062,263 +13.3
30.850,731
£2 14a. Milwaukee
Annual Subscription in London (including postage)
9,134,378
11,839,919
_
15,304,000: -I-4.9
16,055,000
21 11 s. Indianapolis
Six Months Subscription in London (including postage)
7,047:400
10.022,200
Columbus
10,428,900 +10.3
11,502,600
$11 50
Canadian Subscription (including postage)
7.768,140
10,626,480
11,715,168
12,994,975 -9.8
Toledo
Subscription includes following Supplements3,113,093
3,500,000
4,594,151
4,810,3521 -4.5
Peoria
3,483.614
BANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids__ _
4.783.083
4,746,634, +11.2
5,278,772
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
1,999,144
3,438,865
4,883,708
Dayton
2,960,840' 465.0
STATE AND CITY(semi-annually) BANKERS' CONVENTION (yearly)
1,854,641
2,367,967
3,051,6831 +53.4
4,880,672
Evansville
1,163,497
1,621,274
1,922,074 +11.2
2,138,414
_
Ill_
Springfield,
Terms of Advertisind-Per Inch Space
1,374,373! -6.0
1,280.600
1,730,466
1,291,621
Fort Wayne ___ _
lines)
space
agate
inch
(14
*4 20 Youngstown ___ Transient matter per
1,698,562
3,259,661
4,471,0841 +11.3
4,974.536
(8 times)
Two Months
22 00 Canton
1,910,718
2,799,013
3,637,290 -32.2
2,646,485
29
834,293
1,132,389
1,809,144 +5.0
1,900,000
Rockford
Standing Business Cards
gg Akron
gimn:1
kC
2,308,000
4,370,000
5,323,000 +1.7
5,412,000
87
Tweivelionths(52 times)
825,865
954,758
1,205,212 +11.7
Quincy
1,346,957
700,782
1,011,523
1,273,016 +12.0
1,426,372
Bloomington_ _
CHICAGO OFFICE-39 South La Salle Street, Telephone Mapstic 7396.
610,610
642,706
+13.4
881,678
1,000,000
Lexington
1
Smith,
Drapers'
C.
Gardens,
E.
&
LONDON OFFICE-Edwards
815,430
938,243
1,102,954 +37.5
South Bend
1,515,000
574.508
734,838
047,409 +35.8
1,286,496
WILLIAM B. DANA COMPANY, Publishers,
Mansfield
557.800
739,413
838,443 +41.0
1,182,746
Decatur
Front.Pine and Demerit'''.Ste., New York.
1,052,484
1,199,856
1,523,814 -22.7
1.177.032
Springfield, 0__ _
547,210
700.000
735,000 +22.4
900,000
Published every Saturday ktlorning by WILLIAM B. DANA COMPANY. Lima
514,253
500,131
dh 5.0
500,000
525,000
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Danville
783,999
---25.0
1,123,859
1,174,103 ,
880,147
Lansing
Secretary. Addresses of both. Office of the Company.
293,719
345,690
457,501 +13.3
518.739
Jacksonville, Ill_
201.876
245,000
303,000
300,000 +1.0
Ann Arbor
(71.EyiRLAT(1 HOUSE RETURNS.
56,878
75,716
101,118 +2.4
103,577
Adrian
The following table, made up by telegraph, &c., indicates that the total bank
295,775
404,338
646,999 +25.3
810,912
clearings of all the clearing houses of the United States for the week ending to-day Owensboro
640,553,724
+8.1
488.317.183
against
771,446,520
Mid.West
818,468,725
last
$6,569,096,167,
week
Tot.
$6,310,421,115
and
$5,896,692,919
have been
the corresponding week last year.
60,646,579
85,847,697
92,289,712 -3.8
88,781,175
San Francisco_ __
22,385,827
30,376,600
26,432,000 ---3.1
25,613,000
Los Angeles
Per
Clearings-Returns by Telegraph.
13,474,880
18,204,436
25,769,163 +60.6
41.387,015
Seattle
1918.
Cent.
1917.
Week ending Sept. 21.
12,191,694
15,169,571
16,968,577 +76.2
29,892,719
Portland
4,060,000
5,276,014
7,000.000 +31.7
9,221,984
$2,841,732,241 $2,784,432,545
+2.1 Spokane
New York
2,145,012
,2568,244
4,401,295 +36.9
6,026,195
459,824,645
417,076,462 +10.2 Tacoma
Chicago
7,300,000
11,158,494
-3.3
14,000,000
13,532,167
_
Salt
City_
Lake
342,800,150
293,457,880 +16.8
Philadelphia
4,196,898
5,423,688
5,156,706 +15.8
5,972.149
247,180,247
206,248,202 +19.8 Oakland
Boston
2,649,216
2,629,769
3,808,996 +2.4
3,900,000
+24.4 Sacramento
174,477,774
.140,293,531
Kansas City
2,181,735
2,302,602
2,360,661 ---10.4
2,114,927
145,663,712
120,496,726 +20.9 San Diego
St. Louis
1,419,916
1,613,327
1.958,532 +46.0
2,859,022
112,730,305
83,649,685 +34.2 Fresno
San Francisco
1,238,578
1,498,075
1,901,769 -19.6
1,528,966
Stockston
103,680,606
+57.4
65,858,157
Pittsburgh
781,816
1,082,010
+0.2
997,659
1,000,000
San
Jose
63,531,079
47,816,327 +32.9
Detroit
798,435
1,051,499
1,089,204 ---27.1
703,470
60,936,941
38,686,138 +573 Pasadena
Baltimore
488,226
580,933
+18.1
946,994
1,117,360
Yakima
50,678,673
36,762,034
+38.1
New Orleans
397,363
558,074
565,000 +1.1
571,067
Reno
578.571
672,083
727,575 +24.7
907,292
$1.603,236,373 $4,234,777,687
+8.7 Long Beach
Eleven cities, 5 days
136,754,746
863,397,867
186,013,116
714,298,963
+14.0
+20.9
206,371,843
235,218,508
Other cities, 5 days
Total Pacific
LrvoMonths
Total all cities, 5 days
All cities, 1 day
00
$5,466,634,240
1,102,461,927
$4,949,076,650
947,616,269
+10.5
+16.3
$6,569,096,167 $5,896.692.919 +11.4
Total all cities for week
The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing hews
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Sept. 14 show:
Wcek ending Sept. 14.
Cannes at1918.
1917,
/3
$
3,294,880,342 3,245,291,242
Slew York
Philadelphia __- 380,105,342 291,385,384
69,327,599
113,312,058
Pittsburgh
42,544,671
64,848,149
Baltimore
18,565,869
24,757,367
Buffalo
4,648,113
4,225,684
klbany
10,282,241
13,850,317
Washington
6,806,249
7,692,141
Rochester
3,934,732
2,487,726
3oranton
4,304,780
4,631,374
3yracuse
2,800,148
2,666,727
Reading
3,120,537
3,050,289
Wilmington
1,823,530
1,750,000
Wilkes-Barre
3,948,827
*3,704,848
Wheeling
2,603,419
3,386,123
Fronton
1,159,228
1,433,294
York
1,963,294
2,197,923
Erie
892,857
1,257,327
Greensburg
887,300
700,000
Binghamton ___1,314,433
1,864,162
Elhester
625,000
687,500
kltoona
2,172,256
2,412,949
Lancaster
479,489
348,987
Montclair
Total• Middle. 3,977,697,635 3,719,434,192
Inc.or
Dec.
1916.
279,000,840 240,342,095 +16.1 186,433,957
Boston
9,464,200 +11.3
10,532,400
10,236,600
Providence
6,873,317 +0.6
6,914,886
8,736,775
Hartford
4,991,078 +5.0
5,243,159
4,461,688
New Haven
2,500,000 -10.0
2,300,198
2,250,000
Portland
3,477.814 +8.5
3,773,262
3,883,465
BprIngfield
3,529,618 +2.9
3,631,020
4,027,160
Worcester
1,476,787 +42.1
2,098,241
1,605,486
Fall River
1,598,992 +10.8
1,617,299
1,770,568
New Bedford ___
1,110,424 +19.5
1,126,329
1,326,965
Lowell
706,686
-1.7
954,932
694,677
Holyoke
792,338 -20.1
637.911
624,343
Bangor
gOo
+14.8
276,863,349
226.021
Total New Eng 317,860,361
and
-Commercial
see
clearings
Miscellaneous
Vote.-For Canadian
Falling off di e to merging of two banks.
a Includes transactions other than clearings.
1915.
%
$
$
+1.5 3,234,537,322 1,958,889,471
+30.4 246,427,311 161,603,770
+63.4
50,081,995
62,561,890
+52.4
29,008,183
38,748,661
+33.4
11,314,426
15,841,370
-9.1
4,517,127
4,888,390
+34.1
7,404,301
8,544,117
+13.0
4,902,524
6,236,916
+58.2
2,762,848
3,289,097
+7.6
2,853,091
3,087,954
--4.8
1,826,865
2,307,579
-2.2
1,896.701
2,628,618
-4.0
1,601,1.68
1,702,883
-6.2
1,844,074
2,805,131
1,919,732
+30.0
3,241,144
846,166
+23.6
982,743
+11.9
1,070,477
1,485,602
+40.9
546,250
600,000
-21.1
725,200
888,900
+41.9
989,135
1,303,492
513,522
+10.0
583,025
+11.0
1,554,735
1,761,647
407,816
-27.3
420,423
+6.9 3,644,874,314 2,249,080,377
Kansas City__
_
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids__ _
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
Tot. 0th. West
75.556,782
28,598,269
20,503,260
11,780,510
9,825,454
7,404,222
8,510,302
5,671,317
219,276,764
57,005,029
58,000,000
16,165,642
27,443,223
16,479,609
13,034,790
9,629,038
147,399,072
44,387,886
35,277.014
15,007,011
18,409,573
14,182,122
7,338,422
8,095,208
+48.8
+28.4
+64.4
+7.7
+49.1
+16.2
+77.7
+18.9
4 OA, A7A
71720RA
-1-9c 2
A KKR c7c
2 FAA 7110
7,744,470 +43.5
3,965,017 +9.5
2,827,460 +26.4
2,374,847 +176.1
2,557,968 -14.0
2,158,067 ---7.3
1,084,989 -18.7
754,695 +15.9
587,501 +43.7
2,215,198 -29.2
1,739,211 +6.7
1,500.624 +68.4
601.112 -0.2
1,366,945 -14.9
328,711,372 +41.8
5,651,338
3,236,971
1,895,143
2,132,948
1,817,104
1,813,806
1,055,608
660,228
537,566
1,829,482
1,607,914
983,366
422,725
863,769
246,181,019
4,036,139
2,471,660
1,461,296
1,450,266
1,717,674
1,396,151
777,472
335,713
420,991
1,618,568
1,208,680
770,047
213,116
450,000
189,712,658
11,110,933
4,340,333
3,574,697
a6,556,820
2,200,000
2,000.000
881,748
874,536
844,292
1,569,414
1,856,757
2.526,871
599,791
1,162,228
466,074,589
106,194,159
30,845,698
27,539,011
13,178,449
14,673,022
9,872,668
7,887,023
6,329,446
79,111,711
143,389,103 138,725,994 +3.4 107,155,654
St. Louis
19,250,959
25,119,144
33,838.264 +37.6
46,566,458
New Orleans_ _ _ _
15.323,349
16,586,193
17,859,535 +27.3
22,667,774
Louisville
10,092,554
14,292,782
15,200,000 +45.2
22,077,986
Houston
4,874,403
6,214,234
5,600.000 +29.5
7,255.872
Galveston
6,148,597
9,871,303
.4
12,231,575
11,693,285
Savannah
9,816,346
18,557,222
32,473,345 +64.0
53,156,163
Richmond
7,181,567
9,470,583
12,106,752 -1.9
11,862,877
Fort Worth
13,675,617
21,582,254
33,196,520 +59.6
52.952,835
Atlanta
4,399,152
8,334,897
8,855.528 +27.9
11,328,341
Memphis
7,233,034
7,662,627
9,834,036 +63.7
16,103,366
Nashville
3,336,005
3.970,817
5,648,639 +39.4
7,875,620
Norfolk
1,667,267
3,611,981
+6.5
3,987,597
4,246,485
Augusta
2,284,434
2,675,308
3,053.110 +12.3
6,812,243
Birmingham _ _ _ _
1,842.527
2,207,126
2,295,712 +11,1
2,550,469
Knoxville
2,277,787
2,407,925
4,517,805 +7.8
4,871,192
Chattanooga-- _ 1,680,698
1,832,712
2,211,421 +56.4
3.459,559
Charleston
1,200,824
1,125,473
1,340,861 -3.0
1,300,000
144,404,908 Mobile
2,464,570
2,500,000
4,119,628 +51.3
6,233,822
7,163,700 Jacksonville
1.938,549
3,305,341
4,044.511 +29.1
5,219.907
6,603,373 Little Rock
2,097,300
4,969,124
7,702,495 +38.8
10,691.678
3,563,315 Oklahoma
3,333,503
7,284,401
2,159,274 -16.6
1,800,000
2,131,281 Macon
1,815,204
2,800,000
3,100.000 -27.7
2,242,427
3,388,999 Austin
242,820
283,139
250,722 +108.0
521,467
2,952,398 Vicksburg
337,478
461,385
570,189 -3.5
550,000
1,199.701 Jackson
1,532,266
3,478,021
6,575,401 +21.4
7,981,565
1,193,498 Tulsa
889,444
1,402,798
1,763,141 +41.1
2,487,603
865,966 Muskogee
12,458,716
14,865,681 +72.0
25,553,200
744,795 Dallas
1,304,792 +26.4
1,650,000
429,070 Shreveport
Total Southern 495,101,297 389,432,528 +27.1 301,621,160 206,048,463
174.641.004
6,310,421,115 5,6942-59,804 +10.9 5,244,665,133 3,444,551TM
News.'
Total all
Outside N. Y_ 3,015,540,773 2,446.968,561 +23.2 2,010.127.811 1,485,664,960
1120
THE CHRONICLE
[VOL. 107.
to return to their places, for the.sake of the country
THE FINANCIAL SITUATION.
and for standing by their comrades in the trenches.
The industrial rebellion in Bridgeport, which seems
All productive and all useful work at home is
to have subsided for the present, illustrates cumu- essential to and thus a part of the sacrificial work
latively the ugly selfishness of organized labor under at the front; possibly this is more true (or more
the temptation of opportunity and the danger of visibly true) of industries which supply war materials,
meeting it by any temporizing policy. The demands but it is true of all industry. The man who cannot
of these workers on war material were passed upon by see that slackness or revolt by him is hostility to his
the War Labor Board, several weeks ago, going country and a dastardly treachery to the soldiers
beyond the wage advance which has been granted who are battling with death while he is getting his
them to an inadmissible demand which has been wage in comfort at home, needs some mode of apdenied, that the work be "classified" and a minimum proach more emphatic than argument. If evenwage be fixed for each class. The composition of handed justice could be dealt out, one might wish
the Board, including so pronounced a radical as he could be instantly made to change places with the
Mr. Frank P. Walsh and headed by so judicial yet soldier whom be abandons. The work bench and
genial a man as Mr. Taft, is warrant that it would the "top" of the war trench, the rifle and the lathe
take no snap or harsh position, and in this instance tool, the hospital and the bedroom at home, the
the decision was by an umpire, who had to be called often-tardy dole to the soldier and the swollen payin to compose variances of opinion on certain points. envelope here, the pressing on against shell and
The men, however, arrogantly protested because poison gases and the cheerful dining-table and the
they got only a part of their demands and resorted undisturbed sleep through nights without alarms—
to a strike.
how do these compare? And if individual comfort
At last there is a situation in which the old parley- and right to comfort are to be considered, which have
ing that has emboldened labor step by step ceases the better right to revolt, the soldiers whose comto be possible; the men at the front must have their plaints never come to us or the chronic grumblers
tools, and therefore the men here who make tools to whom the war has been opportunity and a longfor those at the front must not throw down theirs. awaited "hour"? If any class has profited by the
The President sent to the Bridgeport Lodge of the war, this indulged person who calls himself a "workInternational Association of Machinists "and other ingman" (as if he alone were acquainted with labor)
striking workmen of Bridgeport, Conn.," a note has profited most. And he complains most.
somewhat longer, but not less intelligible and firm
than his official reply of this week to the latest peace
Our compilation of building operations for which
suggestion. You (he said) signed an agreement to permits were issued at 159 cities of the United States
submit your questions to the National War Labor in August 1918 furnishes evidence of the same
Board and to abide by its award. That award is comparative inertia in this important industry
accepted by over 90% of the workers affected thereby, that has been observable for quite an extended
but you, less than 10%, refuse, although you are the period and which is to be ascribed primarily to the
best paid of all and thus the least entitled to com- fact that war work has more and more taken preplain. Whatever the merits of the issue, the award cedence over that for civilians. The first aim of the
closes it, and your action is a breach of faith. I country has been,and will continue to be, the facilidesire you to go back to work. If you do not, this tation of operations of all kinds connected with the
will follow: each of you will be debarred for a year prosecution of the war to a successful end. In this
from any war-industry employment in the com- patriotic endeavor the building interests stand
munity where your strike occurs; the Government second to none, though recently the situation bewill not seek employment elsewhere for you, and the came so acute in Eastern districts of the country,
draft boards will be instructed to reject any exemp- and locally in particular, that representations on the
tion claim on your behalf on the ground of useful- subject were made to Washington. Consideration
ness in war production.
of the matter brought speedy official action as is
This was the substance and the snappy purport; indicated by an announcement made on Thursday
it was an ad hominem application of "work or fight." Sept. 12 by the War Industries Board, embodying inAnd now that the situation demands that while some structions to the various Council of National Demust literally fight abroad with arms supplied all fense organizations with reference to the program
must fight in other ways at home with their natural for curtailment of unnecessary building operations.
arms in the manner and to the extent of their ability,
Under the instructions issued all construction
the alternative offered was just and timely. The projects will be passed upon by local and State
malcontents received it in an angry and defiant representatives and if viewed favorably by the latter
mood, declaring that they would obey but in their go to the non-war construction section of the Prior°will'manner; they would work, but not in Bridge- ities Division of the War Industries Board, which is
port and not in' New England, which they denounce empowered to grant or withhold permits, and is
as a section where capital is greedy and fights hard expected to be able to enforce its rulings through
to keep labor down. It is reported that an exodus control of priorities and pledges secured from manuof workers to[some extent has occurred, whereby the facturers not to supply materials for projects not
malcontentsIcan believe that they take revenge on authorized by the Board. This action by the
the employers there and also accomplish the object Government at least simplifies the situation. In
of disturbing the output of war material. Similarly, fact, the Dow Service Daily Building Reports in
miners in some of the anthracite fields have been referring to it says: "The encouraging features about
ordered to return to work before their demands can this new turn in the affairs of the building material
even be considered; the old trouble has not quite interests is that instead of six boards having jurisceased in England, for Lloyd George has had to send diction, under this plan all are co-ordinated and the
from his sickroom an appeal to some of the workers possibility of confliction of orders governing the
SEPT. 21 1918.]
THE CHRONICLE
1121
essentiality of proposed construction is entirely
The surprise attack to which Marshal Foch has
removed." At any rate, "building operations having treated us this week in the course of his series of
full justification for proceeding will have a full offensives has been a. most successful strike against
opportunity of laying the merits of the proposition the Bulgarians on the Saloniki front by the reorbefore a tribunal vested with definite authority ganized Serbian army in co-operation with French
which has not been the case heretofore. It will, forces. This attack still continues and has, it is
furthermore, give building material manufacturers reported, already resulted in the capture of sevmore definite bases upon which to figure present and eral thousand enemy troops. The capture of three
future market demands." In passing, we note that strongly fortified positions which the Bulgarians had
to avoid interference with the country's war program held for two and a half years has been announced.
the construction of school houses in New York City, Following the usual tactics of the Teutonic allies,
involving an outlay of over $9,000,000, has been the enemy is devastating the evacuated country,
leaving it a wilderness through the use of the torch
deferred indefinitely.
Indicating how general has been the contraction and of explosives.
Field Marshal Haig began a new major operation
in building operations we observe that in the latest
month 102 of the 159 cities included in our com- northwest of St. Quentin last Wednesday and repilation show declines from a year ago, and in many ports the capture thus far of more than 10,000
cases these are strikingly large. In this category prisoners and in excess of 50 large guns. In addiwe mention New York, Baltimore, Cincinnati, tion, extremely heavy casualties were inflicted on
Cleveland, Boston, Kansas City, Detroit, San Fran- the Germans in the frontal attack and during viocisco, Minneapolis, Denver, Richmond, Buffalo, lent counterattacks made by them in an endeavor
Spokane, Milwaukee, Duluth, Youngstown, Atlanta, to recoup their losses of ground. So badly was the
Oklahoma City, Newark, Jersey City, Hartford, enemy damaged during this fight that he has not
Albany, Akron and New Bedford. At a few of the yet attempted to stir from hig trenches except near
smaller cities operations were practically nil. On Epehy and Gduzeaucourt. On Thursday the
the other hand, gains of importance are confined to British and French armies in Picardy had materially
about a dozen municipalities,including Philadelphia, developed their_ plans for the eventual enveloping
Seattle, Oakland, Tacoma, San Diego, Des Moines, of St. Quentin and Cambrai. The British made
Dallas and Fort Worth. Altogether the 159 cities further gains around Gouzeaucourt and east of
from which we have returns for August 1918 furnish Epehy, and yesterday captured Moevres (seven
an aggregate of but $39,626,518, against $52,822,541 miles directly west of Cambrai. The French, strikin 1917, while compared with 1916 and several earlier ing southeast of St. Quentin, have brought the southyears much heavier losses are recorded. For ern part of their nippers into a still better position for
Greater New York the result is only $5,137,116, the squeeze against the town which seemingly is growagainst $6,324,736 a year ago. Exclusive of this ing nearer daily. Northeast of Soissons the Germans
city, the total for the country is $34,489,402, against are counterattacking viciously against the Allied
$46,498,805, with the exhibit the least favorable in forces, who are holding strategic positions which
threaten high ground along the Chemin des Dames,
the New England group.
For the eight months this year's operations in which the enemy hopes to save as the temporary
Greater New York are very much below any recent haven of refuge in the event of a forced retirement
year, $44,527,860 comparing with $78,345,674 in from the west and south. Notwithstanding the
1917 and $179,026,975 in 1916. Outside of this city strength of the onslaught, the French everywhere rethe decrease from a year ago is 174 million dollars pulsed the enemy. South of the Aisne the Germans
($283,700,935 contrasting with $457,950,361) and endeavored to beat back the French, but again met
for the country as a whole (159 cities) the total of defeat, French artillery cutting the attacking wave to
the contemplated outlay involved at $328,228,795 pieces. On the Lorraine front there has been considis the smallest in many years, comparing with $536,- erable mutual shelling during the latter part of the
296,035 in 1917, and over 700 millions in 1916, when week but no big infantry engagement. A raid atthe eight months' record was established. Of the tempted by the Germans against Gen. Pershing's men
various groups into which our returns are segre- northwest of Pont-a-Mousson was repulsed. Gen.
gated the Pacific Slope and Southern make the best Pershing has consolidated and materially strengthshowing, although all compare unfavorably with ened the positions captured last week.
1917.
In European Russia press advices indicate an overReturns from Canada, while indicating a rather whelming defeat of Bolshevik forces commanded by
conspicuous lack of activity except at a few points German officers near Ukhtinskaya. "German-led
such as Montreal, Toronto, Winnipeg and Halifax, forces at Ukhtinskaya were severely defeated by
are more favorable than a year ago. Twenty-seven Karelians," the statement said. "The enemy sufcities in the Eastern Provinces furnish for August fered heavily and was pursued in disorder toward the
this year a total of intended outlay of $3,035,530, frontier. Over a thousand rifles, much ammuniagainst $2,856,560 last year, and for 12 Western tion and many boats were captured." In Transcities the contrast is between $1,338,583 and $569,- caucasus the British force which recently went to
582. The aggregate of all(39 cities) is, consequently, the relief of the besieged Armenians in Baku has
$4,374,113, against $3,426,142 in 1917. For the been compelled to withdraw to North Persia in
eight months the contemplated expenditures in the the face of a large Turkish force and the ineffectiveEast totals $21,306,097, against $19,868,007, and ness of Russo-Armenian aid. The final taking of
in the West $6,587,822, against $4,165,752. In all, St. Quentin is likely to prove a difficult task, for
the 39 cities have arranged to expend $27,893,919, the Germans are in strong defensive positions, and
against $24,033,759 in 1917, but in 1914 the aggre- a captured order from Gen. von Morgen to the 14th
Reserve Corps emphasizes the importance of the
gate was some 65 million dollars.
terrain they hold. He orders them not to yield an
1122
THE CHRONICLE
other foot of ground in the "imminent decisive battle."
The lull in the fighting in the West is regarded
by military critics as merely the prelude to further
heavy blows at the foe by the American, British
and French armies. The Siberian Government at
Omsk, a fortified town of Asiatic Russia, has declared war on Germany and has ordered the mobilization of the 1918 and 1919 classes.
Danish-American commercial and shipping agreements which have been the subject of negotiation
between our War Trade Board and the special
Danish mission in Washington,were closed on Wednesday night and signed. Similar agreements have
been made with all European neutrals except Holland. Denmark is assured a supply of foodstuffs,
metals, machinery, textiles, non-edible animal and
vegetable products, chemicals, drugs and other
commodities required for its needs in an aggregate
quantity well over 352,000 tons annually. A number of vessels sufficient to carry the commodities
to Denmark will be placed at the disposal of that
country out of the Danish tonnage which at present
is employed in overseas trade. The remainder of
the Danish tonnage in that trade is to remain at
the disposal of the United States and its associated
Powers. Conditioned upon no exports of cereals
or cereal:products to the Central Powers, Denmark
will get annually 1,000 tons of cornstarch, 4,000
tons of rice, and 3,000 tons of sago and tapioca and
products. Upon the same conditions she will
receive 7,000 tons of apples, bananas and citrus
fruits and 3,000 tons of dried fruits. The allotment
also includes 16,000 tons of coffee, 2,000 tons of
cocoa, 80,000 tons of gasoline, crude petroleum and
lubricating oils, 150,000 tons of iron and steel products including shipbuilding materials, 3,500 tons
of copper and 3,000 tons of lead and manufactures
of lead. Danish requirements as to automobiles,
bicycles, electric machinery, tools, hardware, etc.
will be met as will the requirements of textiles including raw cotton and woolen goods. The tobacco
allotment is 5,700 tons. In return for the facilities
for such supplies the agreement provides for the
restriction of exports of food products to the Central
Powers and their distribution to our European associates along the lines of existing agreements.
We print in a later page of the "Chronicle" the
text of the official communication from the AustroHungarian Government addressed to the various
belligerent Powers and sent also to the Holy See and
to neutral States. The document in brief is a request
for a confidential and unbinding conference of representatives of the belligerent countries "on the basic
principles for the conclusion of peace in a place in
a neutral country and at a near date that would
yet have to be agreed upon—delegates who were
charged to make known to one another the conception of their Governments regarding those principles
and to receive analogous communications, as well
as to request and give frank and candid explanations
on all those points -which need to be precisely defined." As to the arguments in favor of the necessities of such a discussion, they were largely a
repetition of the sentiments expressed in an address
by Baron Burian, the Austro-Hungarian Foreign
Minister, to which we referred in some detail last
week. The Baron maintained the old sophistry
(VOL. 107.
that the Central Powers were only waging a war of
defense for the integrity and security of their territories. Perhaps one of the most significant passages
of the note and one which does not appear to have
attracted widespread attention,is the naive admission
that views publicly expressed by statesmen must in
the very nature of things be exaggerated and cannot
be taken as the basis for definite negotiation. It
is on this ground that the Foreign Minister asks for
a "confidential and unbinding" discussion on the
lines already suggested. "In what manner," he
asks, "can the way be paved for an understanding
and an understanding finally be attained? Is there
any serious prospect whatever of reaching this aim
by continuing the discussion of the peace problem
in the way hitherto followed? We have not the
courage to answer the latter question in the affirmative. The discussion from one public tribune to
another as has hitherto taken place between statesmen of the various countries has been only a series
of monologues. It lacked above everything directness. Speech and counter-speech did not fit into
each other. The speakers spoke over one another's
heads." On the other hand, the Baron continued,
it was the publicity and ground of these discussions
which robbed them of their possibility of fruitful
progress. "In all public statements of this nature a
form of eloquence is used which reckons with the
effect at great distances and on the masses. Consciously or unconsciously, however, one thereby
increases the distance of the opponents' conception,
produces misunderstanding which take root and are
not removed and makes the frank exchange of ideas
more difficult. Every pronouncement of leading
statesmen is, directly after its delivery, and before
the authoritative quarters of the opposite side can
reply to it, made the subject of passionate or exaggerated discussion of irresponsible elements. But
anxiety lest they should endanger the interests of
their arms by unfavorably influencing feeling at
home and lest they prematurely betray their own
ultimate intentions, also causes the responsible
statesmen themselves to strike a higher tone and
stubbornly to adhere to extreme standpoints. If
therefore an attempt is made to see whether the
basis exists for an understanding calculated to deliver
Europe from the catastrophe of the suicidal continuation of the struggle, then in any case another method
should be chosen which renders possible a direct
verbal discussion between the representatives of the
Governments and only between them."
Presumably under this frank admission we may
regard the various statements in the communication
itself such as we have referred to, of the Central
Powers insisting that they are only waging a war
of defense for the integrity and security of their
territories as a part of the general camouflage
which it is admitted has been going on. However, there was no indirection or secrecy in the
curt answer sent back by President Wilson the very
moment the official text had been received through
the Swedish Minister. We discuss the President's
answer in a separate article on a subsequent page,
but the text of it is so short we reproduce it here.
Secretary Lansing in brief replied:
"The substance of your communication has been
submitted to the President who now directs me to
inform you that the Government of the United
States feels that there is only one reply which it
can make to the suggestion of the Imperial Austro-
SEPT. 21 1918.]
THE CHRONICLE
1123
Hungarian Government. It has repeatedly and the Murman territory. The terms of the alleged
with entire candor stated the terms upon which German proposal to Belgium follow:
the United States would consider peace and can and
That Belgium shall remain neutral until the end
will entertain no proposal for a conference upon a
the war.
of
position
matter concerning which it has made its
That thereafter the entire economic and political
and purpose so plain."
independence of Belgium shall be reconstituted.
That the pre-war commercial treaties between GerThe promptness of the reply was as wise a move
many
and Belgium shall again be put into operation
served
to
It
text.
straightforward
its
plain
and
as
the war for an indefinite period.
prevent pacifists' discussions which hardly could after
That Belgium shall use her good offices to secure
have failed to have aroused unfounded hopes of an the return of the German colonies.
early peace and to have proved a source of inconThat the Flemish question shall be considered,
venience to the Government in its preparations and the Flemish minority, which aided the German
for as early as possible a decision on the field of invaders, shall not be penalized.
battle. Only one important newspaper, the New
The proposal contains no word respecting reparaYork "Times," so far as our knowledge goes, ad- tion or indemnities, no admission that Germany
vocated acquiescence in the Austrian proposal. wronged Belgium.
This occasioned such an outburst of indignation
The Belgian Government after consultation with
that the Editor felt constrained to express regret its Allies decided, according to the "Petit Parisien,"
that the article should have been susceptible of to refuse without elaboration the offer of a separate
the unfavorable interpretation so widely placed peace. It is stated by the "Echo d'Paris" that
upon it.
Germany's offer was prepared on March 17 lily a.
As to the British' attitude it was expressed by near relative of Queen Elizabeth residing; n SwitzerMr. Balfour, Secretary for Foreign Affairs, on the land. This person, the newspaper says, after a
very day the note was received. He was addressing conference with Chancellor von Hertling and the
overseas press representatives at a luncheon and German Foreign Secretary; specified in writing the
was speaking as an individual member of the Gov- new conditions of the Central Powers.
ernment. He did not see the slightest hope that
the goal of peace would be attained by the Austrain
The Austrian note exerted as little influence on
proposal. "I am sure that the Austro-Hungarian the London market for securities as it did in New
move will not result in peace," declared the Foreign York. On Monday,the date the note was published,
Secretary. "I cannot honestly say," he con- quotations for stocks and bonds were irregular and
tinued, "that the Austro-Hungarian proposals so sentiment was depressed by threatened strikes on the
far as I have studied them offer the slightest hope British railways. There was renewed support for
that the goal all desire—peace which will be more consols and Allied bonds reported, but home rails
than a truce—can really be attained." He argued weakened because of the labor situation. Later the
that Germany was trying to divide the Allies. latter improved following an adjustment of the labor
"When the Germans," he added, "try to dress in difficulties. The British Treasury on Monday
President Wilson's clothes or adopt the President's announced a new issue of three and six months
phrases in their diplomacy they at the same time Treasury notes at the unchanged rate of
are violating every principle for which President • 332%. The Grand Trunk Railway's £3,000,Wilson stands. In all four years the Germans 000 6% three-year notes recently offered at
never made any move that deserved to be considered 99, have been fully subscribed. The United
as a sincere peace proposition. The German pro- Railways Co. of Havana is issuing £1,000,000
posal was made to divide the Allies and weaken irredeemable 5% bonds at 82. Greek bonds seem
co-ordinated efforts to the victory which is now to have responded to the better war news from the
showing fruits on all of the fronts. I am sure the Balkans. Much interest has been aroused in Lonmove will not result in peace. I am just as sure don in the proposal to accept Russian unpaid bond
that it will not divide the Allies." He called for coupons as subscriptions for the new French loan.
mutual trust and confidence among the Allies,
On Sept. 30, two days after the commencement of
stating that "Germany's stand on Belgium, the our own Liberty Loan campaign, the British Premier,
Alsace-Lorraine and the Brest-Litovsk and Bucha- Lloyd George, and A. Bonar Law, Chancellor of the
rest treaties as well asthe German colonies show that Exchequer, will inaugurate a new war bond camthere is no misunderstanding to be cleared. With paign at a meeting to be held in the Guildhall. It is
the Germans on one side of the fence and us on the said that there is to be no intention on the part of
other irresponsible discussions would not bring the Government of abandoning the policy of continuus closer together."
ous borrowing. A new series of war bonds will comPremier Clemenceau in an address to the French mence on Oct. 1, when the maturity dates will again
Senate on Sunday evening declared that "We will be advanced six months, as was the case last April.
fight until the hour when the enemy comes to under- War bonds sales declined last week, the banks re,
stand that bargaining between crime and right is porting takings totaling only. £16,478,000, which
no longer possible. We want a just and strong compares with £21,778,000 the week preceding. The
peace protecting the future against the abominations aggregate of sales to Sept. 14 was £1,049,190,000.
of the past." The Paris newspapers treated Premier The post offices report for the week ending Sept. 7
Clemenceau's speech as in effect a reply to the Austro- sales of bonds amounting to £437,000, bringing the
Hungarian peace note.
total up to £37,631,000. The preceding week's
record through the post offices was £472,000. War
Coincidental with the publication of the Austro- savings certificates of £1 each disposed of in the
Hungarian note rumors had it that Germany had week of Sept. 7 totaled £2,503,000, making the aggremade a definite peace offer to Belgium, proposing gate ultimate indebtedness under this head £234,that all powers should withdraw their troops from 037,000.
1124
THE CHRONICLE
Quite a convincing argument was presented by
Sir Edward Holden, Chairman of the London City
& Midland Bank, at a special meeting of the stockholders of the bank last week in favor of the recent
movement merging the great London institutions.
The meeting had been called for the purpose of
ratifying the amalgamation of that institution with
the London Joint Stock Bank. Sir Edward declared
that mergers of the larger financial institutions were
necessary in the first place because of the great demand upon banking facilities which would accompany
the restoration of pre-war industries. The special
London correspondent of the "Journal of Commerce"
presents the arguments quite fully. The speaker
said that the restoration of pre-war industries alone
would require £300,000,000 ($1,500,000,000). In
the second place, British banks are, he urged, to be
called upon to meet foreign competition and maintain
London's position as the financial centre of the
world. German banks were already pursuing a
similar policy. He estimated the deposits of the five
principal German banks and their affiliations at
£1,140,000,000, including £450,000,000 for the
Deutsche Bank, £300,000,000 for the Disconto
Gessellschaft, £220,000,000 for the' Dresdner, $90,000,000 for the Handels und Industrie and £80,000,000 for the Commerz und Disconto Bank. On
the other hand, the deposits of the five leading
English banks and their affiliations he placed at
£1,264,000,000, including the London City & Midland, £314,000,000 Lloyds £300,000,000, Westminster £350,000,000, Barclay's £220,000,000, and
the Union of London and Smith's £180,000,000.
After peace has been declared, Sir Edward said,
there will be a great demand for gold. If gold cannot be obtained then cash balances in notes must
be the reserve for credit. The Chairman also produced statistics showing that traders and especially
small traders received greater accommodation after
than before mergers. Furthermore, banking competition becomes increasingly keen through the opening of new branches.
The British Treasury statement for the week
ended Sept. 14 indicated another substantial gain
in income, which in round numbers was £1,703,000
in excess of expenditures. A feature of the statement was the large expansion in Treasury bills outstanding, nearly £10,000,000 for the week. The
week's expenses were £51,527,000 (against £45,098,000 for the week ending Sept. 7), while the
total outflow, including repayments of Treasury
bills and other items, totaled £127,541,000, as
compared with £131,994,000 a week ago. Receipts
from all sources amounted to £129,244,000, in
comparison with
£132,520,000. Of this total,
revenues contributed £11,865,000, against £13,095,000; war savings certificates were £1,800,000,
against
£1,300,000, and other debts incurred
£9,024,000, comparing with £10,283,000. War
bonds equaled £13,367,000, against £17,635,000,
while advances. were £9,784,000, against £16,000,000
the previous week. New issues of Treasury bills
reached a total of £83,254,000. Last week the
amount was £74,057,000. Treasury bills outstanding now aggregate £1,077,805,000, which compares
with £1,058,116,000 a week ago. The Exchequer
balance is now £13,565,000 against £11,862,000
the week before.
[VoL. 107.
The text of the bill to authorize the issue of a
fourth French war loan was laid before the Chamber
of Deputies on Monday. There is to be no limit
placed upon the loan and it will be of the 4% type
of irredeemable rentes. Like last year's issue, it
will be free of all taxation and will not be convertible
before the expiration of 25 years after the issue.
There was no statement made in the bill as to the
exact date or issue price, but it was believed the
quotation would be sufficiently below par to make
the offer attractive as an investment. National
defense bonds will be accepted as payment for the
new loan. The Finance Minister expressed the
opinion in the preamble to the bill that it would be
only equitable to give a small premium to the
holders of those bonds who by converting them into
the new security in the form of perpetual rentes
display for the second time their confidence in their
country. With a view of bringing in the smaller
class of investors the holders of Treasury bonds also
will be allowed to exchange these in part payment
for the new stock. Holders of Russian Government securities will be allowed to pay the purchase
price of their new investment up to 50% in Russian
coupons, but the bill includes clauses forbidding
dealings below a specific figure (yet to be named) in
Russian bonds and other securities which may be
utilized in part payment, it being intimated that the
quotations at which such dealings are to be permitted
will be published in a decree to be promulgated later.
The French Government, by decree, has established prices for wheat and other cereals from the
1919 harvest, all showing a slight reduction from
the 1918 rate. Wheat is reduced 2 francs (about 40
cents under normal exchange rates) to 74 francs per
100 kilograms (a kilogram is 2.20 lbs.). The other
prices are barley, maize, rye, buckwheat and oats,
53 francs per 100 kilograms; mixed wheat and rye,
60; white millet, 73; red millet, 48; beans, 66. Victor
Boret, Minister of Provisions, in announcing the
prices explained that the reductions have been made
in order to show that the increase of prices had attained their maximum during 1918. Price-fixing
had been an important factor, he said, in increasing
the areas of production. Henceforward they would
be reduced gradually until a normal situation was reestablished.
There has been no change in official discount
rates at leading European centres from 5% in London, Paris, Berlin, Vienna and Copenhagen; 6%
in Petrograd and Norway; 63/2% in Sweden and
432% in Switzerland, Holland and Spain. In London the private bank rate continues to be quoted
at 3 17-32% for sixty-day and ninety-day bills.
Call money in London is still quoted at 3%. So
far as we have been able to discover, no reports
have been received by cable of open market rates at
other European centres.
The Bank of England announces a further increase
in its gold item of £292,336. Reserves, however,
have declined £50,000, there having been an expansion of £345,000 in note circulation. Substantial decreases were noted in the deposit items, and
an advance in the proportion of reserve to liabilities
was recorded to 17.88%, against 17.20% a week
ago and 19.23% last year. The increase in public
deposits was £2,005,000, but other deposits were
THE CHRONICLE
SEPT. 21 1918.]
reduced £8,969,000 and Government securities decreased £8,076,000. Loans (other securities) increased £1,154,000. Threadneedle Street's gold
holdings aggregate £70,995,727: This compares
with £54,723,762 a year ago and £54,579,370 in
1916. Reserves total £30,047,000, as against £32,508,022 in 1917 and £37,056,500 the year previous.
Loans now stand at £99,546,000. Last year the
total was £96,461,654 and in 1916 £96,102,911.
Clearings through the London banks for the week
equaled £402,560,000, as compared with £388,440,000 last week and £321,240,000 a year ago.
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.
1917.
1916.
1915.
1918.
1914.
Sept. 18.
Sept. 19.
Sept.20.
Sept. 22.
Sept.23.
59,398,000
Circulation
Public deposits_ _ _ _ 38,133,000
129,955,000
Other deposits
Govern't securities_ 56,567,000
99,547,000
_
Other securities_
Res've notes& coin_ 30,047,020
Coin and bullion._ 70,995,727
Proportion of reserve
17.90%
to liabilities
5%
Dank rate
40,665,740
40,764,744
128,236,171
58,145,320
96,461,654
32,508,022
51,723,762
35,972,870
52,992,848
104,185,085
42,187,627
96,102,911
37,056,500
54,579,370
31,622,635
108,738,385
89,645,537
31,313,057
135,576,805
49,727,541
62,900,176
34,202,760
28,672,610
125,287,316
25,682,087
110,732,658
35,920,299
51,473,059
19,23%
5%
23.57%
5%
25.00%
5%
23.33%
5%
The Bank of France in its weekly statement reports
a further gain in its gold item, the increase for the
week being 520,475 francs. The Bank's gold holdings now amount to 5,437,419,600 francs, of which
2,037,108,500 francs are held abroad. In the respective years of 1917 and 1916 the amounts were
5,317,555,742 francs (including $2,037,108,484 francs
held abroad) and 4,826,723,276 francs (including
674,553,075 francs held abroad). During the week
increases were also registered in many of the other
items, viz., silver 270,000 francs, bills discounted,
11,953,000 francs, advances 6,081,000 francs, and
Treasury deposits 1,838,000 francs. The only decrease of note occurred in general deposits, which fell
off 84,339,000 francs. Note circulation was. expanded to the extent of 24,466,000 francs, bringing
the total amount of notes outstanding up to 29,788,149,000 francs. In 1917 at this time the total was
20,956,056,325 francs, while in 1916 the amount
stood at 16,653,451,175 francs. 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 at last week and corresponding dates in 1917 and 1916 are as follows:
DANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
520,475
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Sept. 19 1918. Sept. 20 1917. Sept. 21 1916.
Francs.
Francs.
Francs.
3,400,311,100 3,280,447,257 4,152,170,201
2,037,108,500 2,037,108,484
674,553,075
520,475 5,437,419,600 5,317,555,742 4,826,723,276
Inc.
Total
270,000
320,010,000
Inc.
260,135,148
Sliver
338,040,344
824,222,000
570,728,641
Dills discounted _Inc. 11,953,000
371,288,140
6,081,000
835,811,000 1,112,290,218 1,175,044,218
Inc.
Advances
Note circulation_ _Inc. 24,466,000 29,788,149,000 20,956,056,325 16,653,451,175
1,838,000
356,156,000
32,373,023
Treasury dePosit8-Ine•
123,190,690
General deposits_Deo. 84,339,000 3,005,650,000 2,723,200,355 2,180,615,417
Last Saturday's statement of New York Associated banks and trust companies made a disappointing showing, there having been a substantial
decline in reserves, due to heavy Government withdrawals of funds from the banks. The loan item
was also reduced $31,790,000, while net demand
deposits decreased $43,824,000, to $3,721,280,000
(Government deposits of $181,016,000 deducted).
Net time deposits, however, increased $5,036,000,
to $164,522,000. Cash in vaults (member of the
1125
Federal Reserve Bank) expanded
,569,000, to
$100,467,000 (not counted as reserve). Reserves
in the Federal Reserve Bank of member banks
declined $38,508,000 to $499,398,000. Reserves
in own vaults (State banks and trust companies
were contracted $246,000 to $11,355,000, and reserves in other depositories were decreased $717,000
to $7,257,000. The loss in aggregate reserves
totaled $39,471,000, which brought the amount
of reserves on hand to $518,010,000, as compared
with $564,276,000 at this date in 1917. There
was a reduction in the reserve required of $5,709,780; hence surplus was reduced only $33,761,220.
This, however, served to bring down the total of
excess reserves to $24,954,220, or the smallest
total in many months. In the corresponding week
of a year ago surplus totaled $75,684,410 on the
basis in both cases of 13% reserves for member
banks of the Federal Reserve system, but not counting in either year cash in vaults held by these banks.
The Clearing House bank statement in fuller detail
is given on a subsequent page of the "Chronicle."
No new features present themselves in the money
situation. It may be taken for granted we believe
that funds will continue under the strictest form of
control until the Fourth Liberty Loan has been
fully distributed. Then bankers are inclined to
look for somewhat more comfortable conditions
although of course nothing like a return to distinct
ease. It will be recognized that any moderation of
the strain must perforce be short-lived since it will
be such a limited period before accumulations
become necessary for the new year payments. The
Stock Exchange is insisting on a literal compliance
with its recent request that members file each day a
report of all their borrowings on call and for fixed
maturities. Some members have been neglecting
to send in daily statements on the ground that the
outstanding loans did not change from day to day.
But a specific circular denying this interpretation
has now been. promulgated by Secretary Ely. A
delegation from banks in leading centres throughout
the country conferred at Washington on Wednesday
with the Capital Issues Committee and discussed
a proposal for further restricting credit for special
war purposes and also of enlarging the committee's
functions to include supervision of bank loans and
similar capital purposes. The bankers were informed that the committee would consider carefully
all suggestions before promulgating regulations
requiring banks andiborrowers to obtain the committee's approval before making loans of more than
$100,000 for construction purposes. It is understood that the Federal Reserve Board is discussing
methods of aidingJ the committee to put into effect
the restrictions of bank loans. The banks as a
rule it is believed are opposed to the proposed
extensions to bank loans of the reviewing powers
of the Capital IssuesICommittee.
Dealing with specific rates call loans this week
have again been quoted at the single rate of 6%.
This represents the rate for mixed collateral loans,
all-industrials being quoted at M of 1% higher.
Demand loans are still being made on bankers' acceptances at 432%. For fixed maturities the
situation shows little or no alteration. Nominally
quotations remain at 6% for all periods from sixty
days to six months, but the volume of business is
almost nil, since funds are so completely being with-
•
1126
THE CHRONICLE
held. In the opinion of bankers, this condition
of affairs is likely to prevail until preparations for
the distribution of the forthcoming Liberty loan
have been completed. A year ago sixty-day funds
were quoted at 5@532%, ninety days and four
months at 5%% and five and six months at 5%@
6%.
Commercial paper was in fairly good demand,
but dealings were restricted by the scarcity of offerings of the best notes. Six per cent is still the rate
fixed for sixty and ninety days' endorsed bills receivable and six months' names of choice character,
and also for names not so well known—all differentials having for the time being been removed.
Banks' and bankers' acceptances ruled firm and
moderately active. Some buying by local and out
of town banks was noted, but the volume of transactions was light in the aggregate. Detailed quotations follow:
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
4%®434 434®434 434®4
4f@44 4®434 4%@,,4 A
5310434 534043.( 534®4%
Delivery
within
30 Days.
4% bid
4% bid
6
bid
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
2 1 1
N
Discounts—
Within 15 days,incl. member
banks collateral notes_ .. _ _
16 to 60 days' maturity.—
81 to 90 days' maturity__
Agricultural and live-stock
Paper over 90 days
Secured by U. S. certificates
of indebtedness or Li.
erty Loan bonds—
Within 15 days, including
member banks' coils
eral notes
16 to 90 days' maturity
Trade Acceptances1 to 60 days' maturity
61 to 90 days' maturity
A.
c4
Atlanta.
.0.
.2
. i
CLASSES
''
OF
O
1
ts
.
.!..)
DISCOUNTS AND LOAN•gi.g.,E
1 -
.§
C
Ei
'
'
t4 A
San Francisco.'
I
DISCOUNT RATES OF FEDERAL RESERVE BANKS,
*
4 4 4 434 431 4 4 4 434 434 4 434
43.4 43.4 4% 4% 5 434 434 434 434,5% 434 5
434 434 434 4% 5 4% 4% 43.4 5 5% 5 5
5
5
5
534 534 5
53.4 534 534 534 534 534
4 4 4 4 4344 4 4 4 4344 434
4% 4% 4% 434 434 434 434 4% 434 454 434 434
434 45.4 4% 434 41gb 434 43.4 434 434 434 434 434a
434 434 434 434 43,
1 434 434434 434 441 434 4u
•Rate of 3 to 434% for 1-day discounts in connection with the loan operations
of the Government.
a 15 days and under 454%.
Rate for trade acceptances maturing within 15 days 434 %.
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 this week remained virtually as
last quoted, without new features of interest. There
may hardly be said to be any semblance of an open
market. Beviewing quotations in greater detail,
demand bills on Saturday ruled at 4 7545@4 7532,
cable transfers at 4 763/2@4 7655, and sixty days at
4 733@4 7332. On Monday trading was limited in
volume, with rates unchanged; the latest Austrian
peace attempt was without effect upon market sentiment and failed to cause even the faintest ripple in
quoted rates. No new feature was noted on Tuesday, and while the undertone was a firm one, quotations remained pegged at the levels of the previous
day. On Wednesday changes were unimportant,
though a slightly easier feeling developed, and there
were fractional declines in bankers' sixty days and
in commercial long and short bills; demand continued
at 4 7545@4 7532, and cable transfers at 4 763/2@
4 7655; sixty days receded to 4 73@4 73%. Dulness
marked Thursday's trading and rates, which were
More or less nominal in character, remained a
[VoL. 107.
3 for
4 7545@4 753/2 for demand and 4 73@4 73%
sixty days; cable transfers were a shade higher at
4 763/@4 76 9-16.. On Friday the market continued
dull and uninteresting and still without variation.
3 for sixty days,
Closing quotations were 4 73@4 73%
4 7545@4 7532 for demand and 4 763/
2@4 76 9-16
for cable transfers. Commercial sight bills finished
at 4 753/@4 75%, sixty days at 4 72@4 721
%,
ninety days at 4 70%@4 703/
2, documents for payment (sixty days) at 4 71%@4 713
%, and seven-day
grain bills at 4 743@4 7432. Cotton and grain
3
for payment closed at 4 75%@4 75%.
There were
no exports or imports of gold reported this week.
The Continental exchanges continue to show
restricted dealings. In so far as the Allied centres
were concerned, the promulgation of the Austrian
peace note on Monday failed to exercise any appreciable influence, the prevailing opinion among. international exchange authorities being that it was
not deserving of serious consideration, and would
receive none. President Wilson's terse and decisive reply was commended. The taking of St.
Mihiel by American troops late last week, as well
as the material successes achieved in the latest Allied
drive on the Macedonian front this week were
factors in the prevailing firmness in all Entente
exchanges. Francs ruled firm and slightly higher.
Italian exchange was unchanged, while rubles are
still deadlocked at current nominal levels. The
official London check rate on Paris finished at
26.07, against 26.08 last week. In New York sight,
bills on the French centre closed at 5 47%, against
5 48; cables at 5 47, against. 5 47; commercial
sight at 5 48%, against 5 48%, and commercial
sixty days at 5 53%, against 5 5332 in the week
preceding. Lire finished at 6 37 for bankers' sight
bills and 6 35 for cables, the same as a week ago.
Rubles continue to be quoted at 14 for checks and
15 for cables. Greek exchange has not been changed
from 5 133
% for checks and 5 12 for cables.
In the neutral exchanges, if we except Amsterdam,
further weakness is to be noted, particularly during
the earlier days of the week following the news of
Austria's peace move. Later some improvement was
shown, but as a whole the trend was downward and
movements irregular. This was especially true of
Stockholm remittances which at one time broke to
32.40 for checks a drop of 60 points and a new low
figure on the current downward movement. The
other Scandinavian exchanges also suffered severe
declines, while Swiss francs have again displayed
spectacular weakness. Spanish pesetas continue
heavy and ruled only slightly above the extreme low
of last week. Guilders were fractionally lower.
Bankers' sight on Amsterdam finished at 483.,
against 48; cables at 483
%,against 483/
2; commercial
sight at 48 3-16, against 47 15-16, and commercial
sixty days at 47 13-16, against 47 11-16 on Friday of
last week. Swiss exchange closed at 4 48 for bankers' sight bills and 4 46 for cables. This compares
with 4 36 and 3 44 last week. Copenhagen checks
finished at 29.80 and 30.20 for cables, against 30.00
and 30.40. Checks on Sweden closed at 33.00 and
33.40 for cables, against 33.50 and 33.90, while
checks on Norway finished at 30.30 and 30.90 for
cables, against 30.80 and 31.10 a week ago. Spanish pesetas closed at 22.80 for checks and 22.95 for
cables. The final quotation of the preceding week
was 23.05 and 23.15.
THE CHRONICLE
SEPT. 21 1918.1
In South American quotations, the rate for checks
on Argentina has not been changed from 44.60 and
cables at 44.75. For Brazil the check rate remains
at 23.85 and 24.02 for cables. The Chilian rate continues to be quoted at 15 13-32 and for Peru 57. Far
Eastern rates are as follows: Hong Kong,89@89.15,
against 90@903; Shanghai, 132@1323/2, against
4, against 54%@
135@1353; Yokohama, 54M@543
54%; Manila, 50@503 (unchanged); Singapore, 56
@563' (unchanged); Bombay,36@37(unchanged)
and Calcutta (cables), 35.73 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,744,000 net in cash as a result of the currency movements for the week ending Sept. 20. Their
receipts from the interior have aggregated $7,558,000,
while the shipments have reached $5,814,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of $75,098,000, 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 $73,354,000, as follows:
Week ending Sept. 20.
Into
Banks.
Banks' interior movement
Sub Treasury and Federal Reserve
operations
Out of
Banks.
Net Change in
Bank Holdings.
$7,558,000
$5,814,000 Gain $1,744,000
40,939,000
116,037,000 Loss 75,098,000
$48,497,000 3121,851,000 Loss $73,354,000
Total
The following table indicates the amount of bullion
in the principal European banks:
Sept. 19 1918.
Banks of—
Gold.
Silver.
£
England... 70,995,727
Frances__ 136,012,444
Germany _ 117,413,400
Russia *.._ 129,650,00
Aus-Hun c 11.008,000
Spain _ _ _ 87,581,000
37,296,000
Italy
Netherl'ds 59.040,000
Nat.Bel.h 15,380,000
Bwitz'land 15.339,000
14,574,000
Sweden
Denmark_ 10,493,000
Norway- - 6,755,000
Sept. 20 1917.
Total.
I
Gold.
Silver.
£
I
I
Total.
£
£
70,995,727 54,723,762
I 54,723,762
12,760,000148,772,444 131,217,905 10,384,760141,002,065
5,931,800123,345,200 120,185,300 5,225,350 125,410,650
12,375,000 142,025,000129,741,000 12,375,000 142,116,000
11,297,00 13,378,000 2.940.000 16,318,000
25,936,000113,517,00 73,554,000 29,656,000 103,210,000
3,077,000 40,303,000 38,440,000 2,587,000. 41,027,000
600,000, 59,640,000 56,393.000
613,300' 57,006,300
600,000 15,980,000 15,380,000
600,000 15,980,000
15,339,000 13,715,000
13,715,000
14,574,000 11,366,000
11,366,000
131,000 10,624,000 10,794,000
157,000 10,951,000
6,755,000 7,144,000
7,144,000
I
Tot.week_ 711,467,571 63,699,800 775,167,371 676,031,967 64,538,410 740,570,377
Prey,week 710.455,471 63,776,800 774,232,271,668,795,169 64,652,350 733,447,519
a Gold holdings of the Bank of France this year are exclusive of Z81,454,340
held abroad.
*No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board of Trade Journal" for Dec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals.
h August 6 1914 in both years.
THE AUSTRIAN "PEACE NOTE."
More quickly than most people had imagined or
expected, the new Teutonic effort at peace was
launched last Sunday by the Austrian Government;
with results which, although in the nature of the
case they were inevitable, made the reception of
the communication by the outside world an almost
unprecedented incident in diplomatic history. The
Austrian note proposing a secret conference of the
belligerents to discuss the question of peace terms,
was a peculiar document, even when judged simply
from its literary form. On the very first reading,
it impressed every o,ne who examined it as the labored production of some diplomat who had little
faith in the usefulness of what he was about. Its
long and involved sentences, its frequent expressions of doubt, its entire lack of any tone of earnest
conviction, made its whole presentation of the case
ring false at the start. When to these qualities
were added perversion of the history of the war and
utter misstatement of the attitude which exists
among people in the Allied countries, it was a certainty beforehand that the appeal would fail.
The Vienna note asserts that the Central Powers
"are only waging a war of defense for the integrity
1127
and security of their territories"—a statement which
has at least some bearing on the occupation of Belgium and the invasion of Russia. "A more conciliatory atmosphere" is perceived by Vienna among
the enemy belligerents; "the desire to reach an understanding and not to decide the war exclusively
by force of arms" is believed to be gaining ground
among them. That neither Vienna nor Berlin
perceived these facts in its own case, during the
Kaiser's vociferous appeals of six months ago for the
"good German sword" - to settle the conflict, is
naturally not referred to.
Austria and her allies, it seems, have at all times
during the war been sincerely desirous of peace,
and have proposed conferences to that end; but
the trouble was that "publicity" "robbed them of
the possibility .of fruitful progress." Therefore a
"confidential and unbinding discussion" of the
terms of peace, between delegates sent to a neutral
meeting-place, ought to meet with "no objection
on the part of any belligerent." "Mountains of
old misunderstandings might be removed." "Streams
of pent-up human kindness would be released."
That the misunderstandings and the suppression
of natural human kindness have had anything to
do with the seizure and devastation of 'Belgium,
the deportation of civilians, the disregard of international law in submarine atrocities and bombing of
undefended towns,the introduction of poisonous gases
into war, and the breach of treaty with the Russians—all such ideas are far from the conception of
the Austrian note.
Presentation to the United States and its Allies
of a document of such a character was .little short
of an affront, and as such it invited the curt, immediate and unceremonious rejection which it received from the United States Government. President Wilson through the State Department made
merely this answer:
"In reply, I beg to say that the substance of your
communication has been submitted to the President,
who now directs me to inform you that the Government of the United States feels that there is only
one reply which it can make to the suggestion of
the Imperial Austro-Hungarian Government. It
has repeatedly, and with entire candor, stated the
terms upon which the United States would consider
peace, and can and will entertain no proposal for a
conference upon a matter concerning which it has
made its position and purpose so plain."
Nothing more and nothing less could properly
have been said, and the manner and matter of the
rejoinder, no less than its promptness, have attracted the approval of the entire Entente peoples. Not
even the Socialist and Labor parties of France and
England, from whose previous leanings toward discussions to end the war a favorable reception must
have been anticipated for the Vienna note, have
expressed any opinion on that note except contempt.
The leader of the French Socialist Party called the
Austrian proposal a trick; the English labor leader
reminded the authors of the note of the perfidious
treaty of Brest-Litovsk.
Organs of the Vatican itself expressed cool disapproval. What the European neutrals must have
thought about it may be judged by the extraordinary
fact that, when the text of the Austrian Government's note was given to the press, the name of the
neutral Government through whom it was to be
transmitted was left blank. Hardly less striking is
the fact that the German Government, although in
1128
THE CHRONICLE
[voL.07.
the nature of the case it must have been aware since the publication of the Austrian note, seems to
beforehand of the contents of the document, and point to increasingly rapid decline of the German
although the Vienna Foreign Office so asserts, has army's power and the German people's morale, and
not only professed entire ignorance but has allowed to a situation which will in due course force the
its inspired press to criticise the note, when published, hand of the German Government.
as an experiment of questionable wisdom. Even
such a German newspaper as the "Rhenische
THE BATTLE OF THE BILLIONS.
Westfalische Zeitung," organ of the Krupps, speaks
In another week will begin the great effort to sell
only of the "overwhelming and annihilating effect" five to six billions of dollars of United States bonds
of "this cold and cutting scorn, this cool rejection," under the Fourth Liberty Loan. In a way it is a
by "the man in the White House." Financial and battle behind the lines. Not that there is divided
commercial markets, once so greatly stirred by a sentiment concerning the necessity of this issue—
German proposal of peace, displayed not the slightest but a battle of the dollars as to whom they shall
interest this week in the Austrian overture.
serve—and a battle of wealth, energy and industry
Only two questions were left after this unqualified against the assaults upon the world of an autocracy
rejection of the proposal from Vienna—Why should of force, that cries "Peace! Peace!" but fights on
so fatuous a proposal have been made at all, and and on over ravished territory not its own.
what will be the next move of the Central Powers?
Let us picture to ourselves this battle of the
As to the first question, the note was really fore- dollars, with billions engaged. Little that is new in
shadowed by Baron Burian of the Austrian Foreign argument can or will be advanced in this "drive."
Office in his speech of a week before—a speech whose It is a mandate of war that must be obeyed and will
proposal of "an opportunity for some sort of direct be. But if we can see it as it is—vision the coninformative discussion" met with no favor whatever flicting forces at work—we may be able to assist in
in diplomatic circles. It is not unlikely that Vienna, attaining victory. In the first place, on the one
prompted by Berlin, hoped to draw the Entente side is self, on the other the people; the human love
Governments into some preliminary discussion, of ease and pleasure against the full equipment and
through which the Central Powers might discover maintenance of the soldiers of the republic who
the minimum of concession which it would be serve and suffer; and in some instances the indiffersafe for them to offer at an actual conference, or ence to world ideals, even the antipathy to war,
which might open to Berlin an opportunity for against that which is undertaken as a glorious cruintrigue.
sade and which, whatever else it may be, is a war
If so, the experiment has failed. The irreducible by our nation for our nation, and therefore our
minimum of Mr. Wilson's previous communications— war. In the second place, and in a larger aspect,
"open covenants," ",evacuation of all Russian terri- it is a battle between the forces of life and death—
tory," restoration of Belgium and Northern France, life, calling for personal labor and huge collected inthe righting of the wrong done to France in 1871 dustries to sustain themselves that they may funcregarding Alsace-Lorraine, readjustment of the tion to the full in production—and death, a huge
frontiers of Italy along lines of recognized nation- devouring and consuming monster, crying ever for
ality, creation of an independent Poland—this re- more and more of labor and wealth that it may
mains the list of terms on which, so far as our Gov- function to the full in destruction—even to the
ernment is concerned, the Central Powers may sue "overcoming" by centralized and despotic war
for peace. The ineptitude of German diplomacy has fare in the hands and soul of a single militaristic
again been strikingly illustrated by the fact that the State.
very week before publication of the Austrian note
It is plain to be seen that he who serves only self,
was occupied by publishing declarations, from mem- serves the enemy in all the vast viciousness of a war
bers of the German Government, as to just what for conquest. He who serves life and industry alone
they will not do in these directions, including their for themselves and not for their purpose in the
policy towards Belgium.
prosecution of a war to end war, serves the besom
But this being so, what next? Failing in the of destruction that now sweeps the earth, for he does
rather obvious attempt to create dissension among nothing directly to combat it, content to gather out
the Allies—an experiment tried more successfully in of the adventitious circumstances a harvest of pera similar situation by Frederick the Great, and with sonal gain. The supreme issue, then, to be decided,
about the same success by Napoleon—there would as we have tried to point out before, is, how can
seem in the long run to be nothing left for Germany toil and trade sustain themselves in full power of
exceptto intimate,directly or indirectly, her willing- production, and at the same time sustain a war that
ness to accept the Allies' terms of peace and the has for its sole object the abolition of all war through
arrangement of a conference preceded by certain all the glad good years to come. Certainly only by
definite pledges.
sacrifice—but that is assured. Patriotism has alOn the face of things, this consummation would ready proved itself and is nowhere lacking. But
seem to be still a very long way off; for it would sacrifice that is blindly made may destroy itself, the
almost certainly mean the end of the supremacy of enginery of toil and trade can be diverted so far
the Junket party; possibly the end of the autocratic and no further—it must sustain itself that it may
supremacy of the Kaiser. Much will, however, sustain "the cause."
depend on the course of events this coming winter,
We do not discuss now the questions of our
economic as well as military. It is still conceivable ability, harped on from one end of the land to the
that the German army may make a more formidable other, among them payment and purchase out of
showing of its resources than it has made on the so-called "national income." "Uncle Joe" Cannon,
long retreat since the middle of June. But for the in an extremely interesting and suggestive interview
present it must be said that the military side of in a recent issue of the "Saturday Evening Post" on
things, judged in the light even of the news received "Who Pays the Tax," says:
SEPT. 211918.]
THE CHRONICLE
1129
"We've been fifteen months in getting ready, have would be represented by a credit of unassailable value
expended $13,500,000,000 and appropriated and drawing interest. And so with every business and
authorized thirty billion dollars more, which we are every man. There would be defaults of course—
to get—and we've only begun to fight. To compre- the vicissitudes of life. But here again our credit
hend these figures, better compare them with the faculty and facility, with its kaleidoscopic change
census report of 1914, showing the gross value of our
manufactured products in that year was $24,000,- would scatter -and disseminate the credit among the
000,000, and the gross value of all our farm products people, a successful concern taking up as an asset
that which was a debt in the form of bonds held by
was less than $10,000,000,000."
another. And we should not make the egregious
Note, if you will, the word "gross." Since we
mistake of making these bonds in effect non-transconsume by assimilation or use, all our gross proTo do so would be to prevent the very
ferable.
ducts or their equivalent, it ought to be apparent
course
conduct we are trying to point out as a
of
that out of our "net," arising through underFor a security which cannot be sold
possibility.
consumption, even at enhanced prices measurement,
around the neck of any going concern.
is
millstone
a
it will be impossible to extract our year's bond issue
the magic power we have outlined,
If
has
credit
of ten or twelve billions of dollars, to say nothing
the
to be clearer to buy bonds. We
ought
way
of taxes. And our increased production must be
concerns, for the public
individual
our
mortgage
measured in bushels and articles before it is comits
its goodwill, its future
course,
assets,
of
good
puted in dollars. This ought to settle all talk of
buy a part of the colto
debt,
in
go
power,
earning
"national income." We do not, cannot, never will,
Temporarily, perthe
people.
all
of
credit
out of net national income, pay our annual war lective
But once in our
bank.
or
broker
a
haps,
to
go
we
taxes, and buy more than a fractional portion of
for betterdebts
other
unlike
debt,
that
possession,
these huge bond issues. How then do we do it?
stable and
our
of
part
a
is
asset,
an
is
&c.,
ments,
By the transforming grace of credit. By mortreturn
independent
fixed
a
earning
reserve
capital,
gaging our future, all that we have and are. We
being a part of our
are borrowing from future generations who will pay of all financial storms. But
the power of prohas
it
reserve,
in
capital,
though
the debt to the heirs of this generation. And what
machines and
and
buildings
the
with
along
duction,
we do now, of and among ourselves, is to borrow
we may
Thus
forms.
fixed
in
from ourselves individually to pay to ourselves labor of the plant
in
death
work
and
life
yet
sustain
make
billions
the
collectively for the prosecution of this war.
war.
Now if this be true, and we think there is education and encouragement in the analysis, the
THE RIGHT OF TAX AND OF PROPERTY.
question coming home to every individual citizen
passing by inheritance is subject to tax
Property
and corporation is—how can the ordinary means of
all
in
but Alabama, Florida, New Mexico and
States
be
production
continued
a
and
share
this
of
and
life
huge collective credit be created—how can bonds be South Carolina. The constitution of Alabama forbought? We pass by the nearer things, such as bids tax on property going to certain nearest relatives
saving out of wages and salaries and profits to be and limits to VA% the tax on that going to others
thus devoted. We pass by the conversion of our. deemed farther relnoved. Alaska and the District
non-essentials in wealth and property and .the of Columbia have now no such taxes at all. Five
utilization of what we term "floating capital," for States have none as to the most "direct" heirs. On
in these transactions there is only a personal ability top of all, and certain to be materially increased
created, which for the most part occasions a personal after the pending bill takes effect, is the Federal
disability or debt elsewhere, between citizens. How tax. Many States have been making changes,
can a person or corporation absorb a part, his share generally in the direction of increase in the tax and
of this huge collective credit? He can do it by towards extending it from "collateral" or indirect
incurring a debt of, by, and for himself. This does to the "direct" or nearly-related heirs. The habit
not mean that he goes to a bank or a friend and must therefore be regarded as fixed. Revenue is
borrows money to pay for a bond, for when he does so heavily needed that such a temptingly rich and
this it is but a temporary affair. It does mean, convenient a resource is certain to be attacked, nor
however, that by some of the common forms of does there seem any impassable line of stoppage.
creation (production) and credit, he exercises his The Federal Government takes off its tax; the
potential power against future years to concentrate State follows; is there any guaranty that municiit upon this year—and aid the winning of the war palities (this greatly-burdened city of our own, for
instance) may not some day catch the example and
by buying bonds.
Clearly, then, every man and every business demand their turn in the line?
Some weeks ago, we cited a North Dakota case
concern, should study ability and capacity to meet
the known obligations of future conduct and pro- involving inheritance taxes in which Judge Bruce
duction, and against that may enter such a sub- of the highest court in that State took the position
scription for bonds as will be commensurate with the of broadly denying that any right to devise property
potential earning power of say ten years to come, exists. An inheritance tax, said he, is strictly
indicated by actual earning power of ten years past. only "a permission on the part of a State" that cerThis will be as far from paying this whole debt as tain persons may receive what it chooses to allow;
we go, as it is from paying one year's debt out of "one thing, indeed, is certain, and that is that none
current income and earnings, as a matter of prin- of the heirs or legatees have any vested interest in
ciple. Actually few are buying and paying; ideally the property of a deceased person and that the State
each should be buying and paying. But each man can do away with the right of inheritance of bequest
and each concern can mortgage his or its own future altogether. . . . the heirs are really donees,
and do a share. For an illustration, a bank could and take by the bounty of the State."
In a book called "The Abolition of Inheritance,"
put into this issue its estimated surplus profits for
a given period of years to come. The debt to itself Mr. Harlan Eugene Read denounces inheriting of
1130
THE CHRONICLE
property as constituting "a denial of the inalienable
rights of all other men and women to the property
they create." Viewed as you will, he says, "hereditary succession to the power of money is more than
an absurdity, it is a crime against all posterity;"
yet he would graciously allow devising a maximum
of $100,000, sufficient to give to one person more
than quadruple what the majority of laborers earn,
and this maximum could be gradually reduced as
men become capable of understanding "the principles of exact justice that will be attained when
inheritances are abolished altogether."
Speaking at the recent meeting here of the Associated Life Insurance Presidents, Mr. J. H. McIntosh, counsel of one of the largest companies,
correctly remarked that thus far no tax has been
laid on the proceeds of life insurance going to a
beneficiary named in the policy, and he does not
believe such a tax will ever be laid, "because so
obviously it ought not to be." The State Treasurer
of Massachusetts sought to levy on insurance money
under just those conditions, contending that it
"constituted a gift which was intended to take effect
after the death of the insured" and was therefore
money devised; but the courts held that it was not
such a gift "but that the right to receive the death
benefit vested in the beneficiary at the very moment
the policy first designated her as such," thus that
the right to the money was a gift made and passed
ini-the lifetime of the insured and no part of his
estate to be disposed of after his death. This seems
sound, and the distinction which Mr. McIntosh
draws between life insurance to a named beneficiary
and property in general appears to us clear and
tenable. But when he finishes his contention that
insurance may successfully escape inheritance tax
and proceeds to state his view of the nature and
validity of such taxes he says:,
"The right of an owner of property to direct the
disposition of it at his death or to let it pass under
the statute of descent is not a natural right; it is
merely a privilege created and conferred by law.
In like manner, the right to take property under a
will or by descent is not a natural right; it, also, is a
privilege created and conferred by law. The State
which creates a privilege clearly may impose whatever condition or burden it sees fit to impose on the
enjoyment of the privilege, and an inheritance tax
is not a tax on property at all, it is a tax imposed by
the State on this privilege which the State created. And
the validity is sustained for the very good reason
that the State may tax a privilege which the State
itself gave."
This is a re-statement of the remarkably extreme
position taken by Judge Bruce, but the lines we
italicise seem to us a mere playing with words.
There can be no real distinction between a tax on
ownership of property and a tax on the property
owned, and when a mortgagor finds himself in a
foreclosure proceeding what hurts him is not the
loss of his title (itself a barren paper instrument)
but the loss of the property. All taxes are upon
property, not upon ownership; and this is the same
whether the particular tax on the particular property falls during the lifetime of the owner or after
his decease.
But as to the "privilege?" Any donor, whether
one natural person or an assemblage of natural
persons under a political organization, may attach
conditions to a free gift; so much is axiomatic.
"While it remained was it not thine own, and aft e
[VoL. 107.
it was sold was it not in thine own power?" This
question put to the tricky Ananias affirmed the
idea then held of the full control which is a part of
the fact of private ownership; and now this discussion over rights and privileges as related to the
pressing subject of inheritance taxation is of practical
importance because bearing on something fundamental in the social state, yet liable to be more or
less shaken or affected by the upheaval of the times,
namely: the "rights" of property and the origin and
possible tenure of such rights. The rightfulness of
taxation and of so old a form as that upon inheritances is not called in question; only the extreme
doctrine and its possible trend concern us.
Is the State the natural and real heir of the estate
of every citizen as soon as death has come between
him and his property? A question so clear as this
and so plainly answerable by yes or no must apparently be given such an answer ere long, however
the embarrassments of answering it. The legal
proposition that those we call heirs "are really
donees and take by the bounty of the State" is
equivalent to answering the question affirmatively;
for if the State, when levying an inheritance tax,
really waives its paramount title and makes a free
gift of the portion it refrains from taking, then it
follows that the State can (and that the State some
day may and will) grab the whole and "do away
with the right of inheritance or bequest altogether."
That is, that no such "right" exists, as Judge Bruce
declared, but that the State, as a donor, may dismiss generosity along with conscience as being too
expensive to keep and may decide to make no more
free gifts and have no more "donees."
Thus far, our analysis of the subject seems clear
enough, and the one remaining step may seem equally
so. Whoever affirms or accepts a proposition is
bound to receive with it its attached corollaries
and conclusions. Such a conclusion in this matter
is this: if the State owns all property left by deceased persons, any admissible claim thereon by
relatives being by privilege and not by right, does
not the same thing apply to the property before the
decease as well as after? It is conceded that a
person of disposing mind and memory can make
a gift of property and such gift will be free of question and will ordinarily go free of tax, but if the
gift is by form of a will and must go through a
post-mortem process of probate, then how does the
right of disposal melt into a mere privilege which
the State can make effective as it pleases or can
annul outright? The bare right to levy a tax on
property is not denied, being universal and necessaty to society; make the tax rate too heavy and it
becomes the confiscation which we have to watch
for and resist by argument or by appeal to the
courts. In respect to taxation generally, the existence of a right of property is admitted, subject
to the just power of the State to take moderately
from it for public needs; but if we accept the doctrine that the right of ownership and disposal ceases
at death does such right exist at any time? Does
it not appear an unavoidable conclusion that there
is only a short step (however startling and momentous) between that doctrine and the denial of any
property rights whatever?
There has existed a hatred and a jealousy of the
rich ever since the days told of in the Book of
Genesis. The doctrine that property is held individually by a conceded privilege and not by any
SEPT. 21 1918.]
THE CHRONICLE
rooted right is exceedingly pleasant to a class (mainly
of the Have Nots) and so they talk about a coming
day when the privilege will be gradually withdrawn;
then, necessarily, all property will belong equally
to all the people. Nothing more seductive to the
bodily lazy and the mentally dull could be conceived, so it is not surprising that they roll it over
and over in their mouths. But the property which
does not belong to anybody is like the sun, the air,
and the soil in being natural gifts that must be worked
before it will keep and before it becomes assimilable
for human use; to make universal ownership of
everything feasible the daily fall of manna (or
something resembling that) must be secured. When
property cannot be owned and securely held, creating
it will fall into decline.
There was once a time when property was held
by privilege and not by right, and the "privilege"
consisted in having a tougher skull and a stouter
arm than others had; then property was simple and
small, and only when an abstract and self-enforceable right to it came in with the beginnings of a
social state did property begin to enlarge in quantity, variety, and service. Argument about or on
behalf of this seems as- superfluous as arguing over
the rules of arithemetic.
Excessive tax rates, and rates aimed at the numerically small number of the comparatively rich, are
devious and disguised ways of approach and take
the utmost advantage of the plea of national emergency; yet they are covert attacks upon the rights
of property. If they who urge them spoke with
full clarity and candor they would say, not that
what is taken is by the necessary claim of the State
to the means of subsistence, but that what is left is
by privilege and not by right. Such an intelligible
statement is not to be expected, however, and probably the most rabid of the assailants of property
do not understand whither they are striving; none
the less an understanding of it ought to be had.
The objection does not rise against taxation
per se; that is beyond gainsaying. But any policy
which, intentionally or otherwise, pushes taxation
to the extreme of undermining the rights of property ownership is economically and therefore socially dangerous. The persons who exalt their own
theories into moral rights can be left to do that;
for all careful citizens it should be enough to point
out that such course leads to economic disaster.
LETTING THE PRESIDENT VETO PARTS OF
BILLS.
Congressman B. L. French of Idaho recently
offered in the House a joint resolution proposing a
constitutional amendment that "the President shall
have power to disapprove of any item or items, or to
reduce the amount of the same, of any bill making
appropriations of money to be expended under the
Executive branch of the Government, and the part
or parts approved shall become a law, and the item
or items to the extent disapproved shall be void,
unless the same shall be repassed by two-thirds of the
Senate and House of Representatives, according to
the rules and limitations prescribed in the case of.a
bill."
There is no good reason why all portions of a bill
must be accepted or the whole must fail, and particularly in the case of appropriation bills, Which
relate to a number of topics concerning which doubts
may arise as to the amount named for them or the
1131
expediency of supporting them by any expenditure.
The framers of our Constitution provided simply for
the veto and subsequent reconsideration of "every
bill which shall have passed." Even their extraordinary prevision could not enable them to foresee
the quantity, the sweep, the defects, and the complexities of all future legislation, and we therefore
assume that they thought the vetoing of objectionable portions of an appropriation bill would be
practically sure to lead to correcting them without
trouble and so the expedient of the partial veto did
not occur to them. But a provision allowing disapproval of "one or more of such items" of any bill
containing several items of appropriation has long
been in the Constitution of this State and has proved
valuable in practice.
This is one of the improvements in,?governmental
work which commend themselves at once by their
common sense. It could not do harm in any conceivable situation, for it would not obstruct a good
appropriation of money and would materially hinder
and discourage bad ones. The latter are constantly
suggested, and are sometimes carried through, by
using the "rider" argument whereby the Executive
must choose between permitting the bad item to go
past him or delaying, and possibly imperiling, the
indispensable making of appropriations. An .instance which may not be forgotten yet and should be
brought now and then to mind so that it cannot be
lost, is the proviso tucked in by organized labor, some
years ago; it was so objectionable to Mr. Taft that
he sent back the entire appropriation bill rather than
let it go; his successor allowed the same thing to
pass by him, but perhaps he would have used (as
Mr. Taft certainly would have done) the power to
veto items, if such power had existed.
Mr. French's proposed amendment might go one
small but useful step farther. For we shall all admit
that it is neither needful nor well to make the
Executive accept all items or none in an appropriation bill, and then why should he be forced to
accept all provisions of any bill or return the whole,
especially where the provision is not only objectionable, but also not germane? Other bills come much
nearer than appropriation bills to being confined to
a single subject, yet any may seem objectionable in
some provision, and in some cases the excision of a
paragraph or a sentence by disapproval would not
destroy the remainder. A veto must contain a
statement "of his objections," but in case of bills
which could lose a bit here or there without making
the remainder unintelligible or unworkable the
trouble of a veto and of reconsideration would be
avoided, if this idea of a partial approval or disapproval were extended to all as well as to appropriation picovisions. As an example, six years ago,
some Congressman with a personal grievance or dislike concerning the press tucked into the postal
appropriation bill the paragraph afterwards sustained by the Supreme Court, as within legislative
powers (although without expression as to the
quality thereof) requiring all publications to print
certain particulars concerning their business, and
this requirement is still in force. It was a "rider,"
and could not have gone through except as such; but
it was not an appropriation of money and therefore
would not be covered by Mr. French's proposition.
Legislative "riders" are thoroughly vicious, being
confessedly so bad that their authors have no hope
of getting them along except by hitching them to
1132
THE CHRONICLE
necessary measures, as weed-burs get carried by
hooking themselves into the manes and tails of
horses. If the Executive were given discretion to
detach these legislative burs by disapproving separable parts of any bills, he would have a little more
inducement to scan bills in every part and the
attempt to sneak things through by hooking them
on would be greatly discouraged.
THE NEW DEMAND FOR WOMEN IN
BUSINESS AND INDUSTRY.
The war is inaugurating and hastening many great
social changes. Fifty years ago there was scarcely
to be found a woman, if indeed there was one, in
any business or professional office below Canal St.
Now they are numbered by thousands. The banks
and banking houses which have hitherto resisted
the movement are to-day bidding for them in large
numbers,particularlyfor college graduates and women
of the higher class. The war is ruthless and the
men,however important, are going; their places must
be filled and women are proving surprisingly competent.
Mr. Lloyd George has lately given in a letter to
the Inter-Allied Women's Congress glowing testimony both to the extent and complete competence
of women's service in meeting the demands of the
war upon England. They have entered every form
of industry, even the heaviest and the most dangerous
and everywhere have met the requirements so adequately that there is only praise and gratitude to be
rendered. The war could not have been carried on
without their labor.
Great Britain reports to-day approximately 4,500,000 women workers, of whom nearly 1,500,000 are
doing men's work. One million are engaged in munition work; 316,000 are in food production, of
whom 300,000 are village women, and 16,000 in the
land army; the railways employ more than 65,000,
and 30,000 are drivers and conductors on tramcars,
omnibuses and cabs; 15,000 are employed on road
transport and 1,000 on rivers and canals; 72,000 are
in banking and finance, 3,000 are shipping agents,
and 850,000 in stores and shops. 1,250,000 are
doing purely Government work.
In France the testimony is the same. The peculiar
ability of the French woman in business has long
been well known. In the peasant's home and the
citizen's shop she handles the money and keeps the
accounts, and everywhere has been busy in the work
of the fields and in many industries. The war has
simply brought to her larger opportunity for her
long recognized ability. Her unqualified courage and
heroic patriotism have rushed her into every form
of service except the army itself. There is not an
organization born of the war in which women do not
claim a share "both as hands and heads." They
are members of committees and departmental commissions, to organize the recruiting of women for
munition work, to settle the salaries and the housing
of the army of workers, and the like, until now the
French Senate has passed a law obliging all national
and departmental committees to elect women as
one third of their number. In the Departments
the women trained already in business methods are
rendering municipal service. They are playing a
very large part in controlling the liquor traffic and
vice, and in the case of the crippled soldiers and the
refugee women and children. Meanwhile women
of all classes have undertaken the 'work of the farms
[VOL. 107.
so effectively that the agricultural production of
France has kept pace with the exigencies of the
war. With a large section of the richest area of
France possessed by the Germans, the army and the
people of France have been fed.
In the Lyons shops of "L'Eclairage Electrique"
54% of its 13,200 work people in 1916 were women,
and the number has been greatly increased since then
as its special and automatic machines have been
increased from 2,000 to 3,000. At St. Etienne, 65
factories which in 1914 employed 24,000 women
and 51,000 men, now employ 44,000 women and
90,000 men in producing steel for guns, projectiles
and tanks. The St. Chamond works have increased
the proportion of women to men ninety times beyond
what it was before the war.*
In the commercial world the women of France
are reported as having "kept the country going."
"Everywhere you find women as heads of departments, of business houses, hotels and banks, replacing absent husbands and sons. In January 1915
there were 650 women conductors of tramways in
Paris alone, a number greatly increased since then,
and 1,300 were employed in the Metro-tube. In
banks 1,200 were employed in the Credit Lyonnais
and 700 by the Banque de France, while the railway companies had 6,700 female employees."f
Though America is coming into the war late, she
is coming fast. In the wide employment of women
we shall not be allowed to be behind. We must
promptly cast aside our prejudices. This can be
done without sacrificing anything of all we have
gained for women in the past. We must help the
American woman to enter into what the war is
offering to her. The truth to be recognized is that
preparedness is the essential qualification. She
must be helped to recognize that being a "business
woman" or a "working woman" implies no degradation. That assurance will only be hers as she realizes
that she is thoroughly competent for her job, that she
does her work as well as anybody, man or woman,
can do it. Then she will come to it with eagerness
and receive her pay with pride, which she cannot
do unless she takes her work seriously. It is , the
duty of the community to offer her every facility
for training. To have wide influence this must
begin at the top. It may well go further than to
fit educated girls to be stenographers or clerks. The
business colleges and some banks are doing that.
The women's colleges and some of the universities
are beginning to see their opportunity. Mount
Holyoke has made experiment with some of her
seniors in great industrial plants, and has been
training a group of fifty or sixty of her younger
graduates during the summer for care of the women
employed by the Government in munitions. Vassar
besides fitting her girls for positions in chemical
companies and in laboratories, has given the summer
to supplying intensive training for 500 young college
women in undertaking nursing at the demand of the
army. Smith is training a group for neurological
therapy. Other colleges and the universities are
doing similar work to fit graduates for important
positions in the commercial and financial, no less
than in the philanthropic, and industrial, world.
We call attention to it simply to emphasize its importance as a demand of the hour which is by no
means ephemeral and to cease with the war, and to
* "Industrial France," L. J. Arrigon-IL Dioval, Paris.
t C. E. Maud in "The Nineteenth Century and After."
SEPT. 21 1918.]
THE CHRONICLE
urge that whatever be done in the way of preparation be taken up seriously by the women, and even
in the atmosphere of the classical education which
dominates our intellectual circles, it be done without
apology and so largely and thoroughly as to be a
fitting part of the academic culture of a man or a
woman. There is no reason to doubt that they will
be better fathers and mothers as they will be better
citizens because of it. The fact that the Government is suddenly throwing upon the universities and
men's colleges the task of sorting out and giving
rapid intensive training to the most promising men
in the new draft only emphasizes the supreme value
of the best possible intellectual awakening and
training even for our emergency need.
THE INEXORABLE LAWS OF CREDIT AND
COMMERCE.
There are some delicate financial matters coming
up, in these precarious and potential years of war,
that require a nicety of adjustment between the parties concerned which brooks no interference from the
outside. Unfortunately, as we look upon it, this
adjustment in many instances cannot be made in the
old way by a free contracting power between the
parties. There has entered, directly and indirectly,
a third party, the Government of the United States.
And where it has not taken actual control, it exercises through newly created agencies a directing and
supervising power which must be considered, even
if not consulted.
It follows, since Government approaches business
in this new and untried way, that, if we are to preserve our financial and commercial liberties, those
who stand as representatives of the Government
should avoid even the appearance of arbitrary and
dictatorial power in their dealings with those affected
by this growing interposition. We have the feeling
that when a third party interpleads in a suit it does
not undertake to settle the main contentions, but in
a measure submitslits own interests to the final outcome of the adjudication, asking only that the Court
take cognizance of its own rights and order their
preservation. If, then, in a republic, the interests
of the people are at stake in the contractual relations of business integers, it is clearly incumbent on
representatives of those interests to' refrain from interference, direct or indirect, before the fact or after,
that will prejudice the rights of the people freely to
contract. This, a zealous desire for true service
would make imperative. The vast field of our commercial and financial operations precludes any official or any board from singling out certain transactions upon which to visit an interpretation of business conduct which in its nature cannot be made to
apply to every firm and every transaction.
We are all well aware that "business" has grown
timid. Corporations hardly know what they may
do. It is one of the conditions of war to which all
submit. We find no disposition manifested anywhere .to go ahead in "spite of the law." Those
who handle our larger affairs have almost universally shown a spirit of patriotism which has commended itself to that overseeing eye of The Press
without which we should not know what is going on,
Yet, while this is true, there are institutions which
must act, there is business which must be carried on,
thatfin particular transactions cannot come within
the scope of Governmental control. What is left of
the:oldilaw of supply and demand must be submitted
1133"
to, for there is no other. And foil-this reason officials representative of the people should recognize
the existence of this natural law, and not become
obsessed with the idea that becauseNiven a certain
measure of supervision,they are therefore set over all,
and no control should be allowed]to7operate,to guide
and influence parties making contracts, but their
own, or that which they cOnceivelto be vested in
them does in an official capacity. If this is not
true then we had as well close shop everywhere and
retire. On the contrary we must go on, we must
produce, and it would be the ruin of the Government if we did not. We should fail in our duty as
loyal citizens if we did not continue to strive in
commerce and finance from the sole motive power
of our individual energies, curtailed by conditions.
and sometimes diverted by law though they be.
We have said enough to unfold a principle and to
indicate a duty. If we are in the right we may now
make an application. Nothing is more vital to the
people than a free and mobile credit. We have
provided a Federal Reserve system to aid us in
giving it flow, strength and security. Our banks of
every kind and character are merely our ownynstruments of its organization, and we use them often
with little sense of their value and public spirit.
And these banks, of every variety, are not created by
Government simply because they operate under a
charter—they are created by and out of commerce.
Note now that while banks and bankers are dealers
in credits by which our principal business as a people
is done, they do not originate the transactions out
of which credit springs. And because they do not
they cannot within themselves control the costs of
credit arbitrarily, over the hidden forces which lie in
commercial conditions and the changing relations of
individuals, classes, peoples and governments. Nor
can governments do so. And an illustration will set
at rest forever7any contention to the contrary.
When war was the last thing people or government
thought of, we floated, easily, United States bonds at
3% interest. Now that war engulfs the world, and
is the first thing we think of, this same Government,
by voluntary aids on every hand, and stimulated by
an unparalleled patriotic interest on the part of loyal
citizens, finds it necessary to float its• bonds at
44%.
1
Can a bank do what the Government cannot do? Can a bank float a security at a former
rate in the face of world conditions—when that
security arises out of an independent business integer
that must pay or go without? And because the
Government in a particular instance, by reason
of "taking over," has an interest at stake, can an
official thereof say that any rate which is current
and necessary, owing to these same world-war conditions, is exorbitant?
We do not regard this, however, as the chief issue.
As we said in the beginning, these are delicate matters, and it is because of that reason that care, extreme care, should be exercised by representatives
of the Government, that an arbitrary interference
be not exercised in our domestic affairs. A huge
body of credit transactions must go on unless business is to dry up. The dealers in credits can do no
more than the times will allow. Fixing a money
rate by a Federal Reserve Board for current shorttime minor commercial transactions is not warrant
for belief that any power lies in Government, or
privilege lies in any official, to setup a standard in
these other larger securities in bulk and block.
1134
THE CHRONICLE
Many short-term notes by stable corporations are
now bearing a 7% rate and selling at a discount.
And banks, and Government as well, are powerless
to prevent the action of the law of supply and demand in credit unless they prohibit the dealings,
unless the banks refuse in all cases of application
for help to act, and unless the Government undertake all and every species of financing itself—something it clearly cannot now do. And when that
period to come, which we call "reconstruction,"
arrives, and the tides of credit sweep over the whole
world, as water finds it ocean level after a storm,
there will be no magic anywhere to control the subsidence but conditions of interacting industries and
the free and universal laws of suppply and demand.
Just now we need all our forces—that they function—
abnormal though they be in some instances. And it
is the duty of our representatives that they exercise
care in their judgments and deliverances, that the
people, not directly concerned, be not affected by
arbitrary rulings under an excess of official zeal.
[VoL. 107.
None realize more thoroughly than the senior
members of the present Union Government that
primary production is the country's trump card for
long years to come, and that organization and
scientific training can increase that production many
fold. For example, the Canadian Commission of
Conservation states on the basis of their investigations that the productivity of Canadian farms
can be doubled without occupancy of new lands or
much additional labor. The same is even truer of
the forest resources, which, in comparison with
European forests on poorer soils, are growing timber
at less than half their possibilities.
Almost all the vast sums of capital invested in
Canada have been spent on secondary developments.
This has had one fortunate outcome: the country is
now remarkably well equipped with the machinery
of production such as railways and steamships,
telegraphs, telephones, municipal organizations, &c.,
so that once the main national effort is turned
toward the basic industries production should
advance with great rapidity.
FALLING OFF IN CANADIAN EXPORTS
REPORT OF THE BANK OF FRANCE FOR THE YEAR
1917.
AROUSES ATTENTION.
We present below a translation of the report of the
Ottawa, Canada, September 19.
Bank of France for the year 1917:
No more stimulating tonic could have been ad- The general assembly of the stockholders of the Bank of France was
held on Jan. 31 1918. After declaring the meeting open, M. Georges
ministered to the public and private efforts at Pallain,
Governor of the Bank, presented the following report:
reading to you, in the name of the General Council, the statement
foreign trade development in Canada than the ofBefore
the transactions of the Bank of France during the fiscal year 1917, perannounced decrease of exports for the first five mit me to render our grateful homage to the valiant armies which are
to bring about a civilized peace for the world.
months of 1918, amounting to 200 million dollars. struggling
This year again the activity of our Bank, as likewise tho whole French
Of this amount 122 millions represent agricultural economic situation, has been dominated by the imperious needs of the
state of war.
products. As long as official figures were able to Agriculture has continued to suffer from the lack of fertile Roil and from
shortage of manual labor. In spite of the energetic efforts of the rural
bring forth an unbroken series of record-beating the
population left at home, sowings had to be considerably reduced in the
exports, foreign trade development appeared to be autumn of 1916 so that the crops of 1917, exposed to inclemencies besides,
proved much below the yield
previous years.
taking care of itself very satisfactorily. Now the The future seems to present of
more encouraging prospects. The measures
taken by the Government with a view to increasing the effective force of
turn of the tide begins, and the first ebb has affected labor
in agriculture, on the one hand, and, on the other hand, the raising
of the price of wheat, making remunerative the cultivation of land lately
business opinion sharply.
abandoned, have stimulated sowings, which should apparently be conUntil the end of March 1918, with nearly four siderably above
those of the last crop.
From the industrial and commercial standpoint one can record a satisyears' participation in the war, the value of the factory
improvement. The investigation of the Minister of Labor in the
annual produce of our fields had risen by 88%, or month of July last makes it possible to state that the proportion of factories
and commercial houses reporting periodically which have not yet reopened
from $638,000,000 to $1,200,000,000; the produce is
only 23%; it was 55% in the month of August 1914. The active establishments
in all a total number of workers slightly above the force
of the mines had increased in value from $129,000,000 engaged inemploy
times of peace, in spite of the vacancies caused by the military
to $200,000,000, while the forests and fisheries had mobilization.
in manufactures, the increased demand for products both for
maintained themselves on previous levels. The theEspecially
requirements of national defense and for those of private conmunption
total foreign trade had increased in 1917-18 over the has called forth a greater activity in most branches of production. In a
general way these enterprises have made marked progress. The improve1914 year by over 137%, exports alone being 248% ment in their machinery has made it possible for them, in a large
measure,
to meet the crisis in manual labor; they are still held back, in certain cases,
in advance. General business in Canada responded, by the difficulty of obtaining imported raw materials.
as might be expected, so that gross railway earn- An indication of this development in industrial activity is seen in the
increase in the demands for coal.
ings increased 42% in the four years, Dominion continued
The workers in the mines have carried on their labors with renewed
vigor. The production of coal increased greatly in 1917. It still remains
Government revenue 54.7%; chartered bank assets less,
as a whole, than it was before the war, invasion having deprived us
49.4%; deposits by the public 51.1%; bank clearings of the fields in the North and the richest part on the Straits of Dover; but
in the mines whore work remains possible the output exceeds that of 1913
58.5%.
by about 40%.
This remarkable increase has made up, in a certain measure, for the deIt is generally realized that the zenith of business crease
in the importations of coal from England; it leaves our supply of fuel.
vitality has been reached for the present, and that however, less than our needs.
To remedy this shortage and at the same time to insure a greater indethe country must be prepared to witness trade pendence
for our national manufactures, there have likewise been intensified
researches and labors toward tho use of hydro-electric power. In the
returns that more and more approximate the 1913 Alps,in
the Pyrenees and in the Massif Central now plants are in operation,
levels, when the total exports were worth 218 million and they have already lead to the development of important factories for
metallurgic and chemical products.
dollars.
The development of industrial production has had the effect of increasing
The hope that our exports may be sustained to considerably the volume of commercial transactions. Theso continue to
be settled for the most part in cash; however, the tendency toward a gradual
cover at least the interest payments on foreign recovery of credit operations which we pointed out in preceding years is
still marked. 'In 1917 the proceeds of the stamp duty on commercial paper
borrowings .will -certainly not be realized unless were 37% higher than in 1916. There is noticeable, on the other hand,
foodstuffs and crude or semi-crude materials can a considerable increase in discounts, while the amount of our commercial
paper taking advantage of the moratorium has been reduced to 1,140
be produced and sold abroad in ever-increasing millions.
situation of the market for exchanges as a whole and the importance
quantities. Last year our annual interest charges ofThe
the needs which are manifested there show that the deficit in our international
trade balance has been higher this year than it was in 1916. In
were estimated at $195,000,000; at that time the
of the restrictions against the importation of merchandise which does
export trade surplus was sufficient to meet these spite
not answer an absolute need, in spite of the difficulties connected with
tonnage, the amount of our imports has considerably increased, while our
charges and leave a credit of $150,000,000. With exports
have of necessity remained about stationary.
the interest account rising and the export surplus This question of the regulation of our imports and the maintenance of
our exchange has been in preceding years one of the great problems of your
falling, that happy ratio cannot be maintained.
Council. The reports of transactions for the years 1915 and 1916 have
SEPT. 21 1918.]
THE CHRONICLE
1135
4
made known to you what steps the Bank has taken to facilitate for commerce
At our windows alone, the sales of Obligations of National Defense and
its payments abroad and what assistance it has given to the Treasury to the issues or renewals of bonds reached 8 billion 884 millions for the
fiscal
support its foreign borrowings, a large part of which has been put at the tear 1917. The total of issues of these securities effected through
our
disposal of the market.
agency was thus carried to almost 15 billions.
The credit operations negotiated under our auspices and with our guarThe third War Loan, issued,from Nov. 26 to Dec. 16, furnished us with
antee exceeded in all 600 millions to which must be added the assistance a new opportunity of exerting all our influence in favor of
securities of
which, at the request of the French Government, we extended in 1915, National Defense. We have hopes that the Treasury will reap the
fruits
to the amount of 500 millions, to French business firms to assure the re- of this in the form of a larger subscription to its short-term securities and
payment of their credits to Russia. Our shipments of gold, either actual a marked willingness on the part of holders of these to present them
eventuor in the form of loans to the British Treasury, amounted at the end of ally for consolidation.
1916 to 2,568,000,000 and had made possible the completion of arrangeThe amount of 4% Rentes subscribed at our windows or collected
ments which have procured, both for the Treasury and for commerce, through our agency reached nearly 202 and a half millions,
against 197,428,nearly 9 billions in international compensations.
000 francs for the 5% loan of 1916 and 148,179,000 francs for the 5% loan
During the year 1917 the problem of exchange entered upon a new phase. of 1915. These Rentes represent for the loan
of 1917 a face value of more
The intervention of the great Republic of the United States on the side of than 5 billions—that is to say, more than
one-third of the total subscripFrance and her allies has greatly altered conditions. The advances of the tion—against 3.949 millions in 1916 and
2,964 millions in 1915. The
American Treasury to the French Government have made it possible to whole of our payments to the Treasury for the
three war loans amounts to
supply commerce more liberally with means of settlement with America, more than 9 and a half billions in actual capital and to
almost 12 billions in
while the advances of the British Treasury continue to lessen the deficit face value.
of the French balance of payments in the United Kingdom.
Furthermore, the Bank placed at the disposal of the State in 1917 5,400
The results of this new and liberal co-operation have been felt rapidly. millions in advances and it discounted 1,485 millions in French
Treasury
At the beginning of the year the cheque on London and the cable transfer bonds for advances of the State to foreign governments. These
two heads
on New York were negotiated respectively at 27.79 francs and 5.83% francs. figure in our assets at the end of the fiscal year for a total of
millions.
15,715
The prices of these were maintained at about the same level during the
In our preceding report, we alluded to the investigation of the Governwhole first quarter. But from the month of April—that is to say, as soon ment, with the Chamber of Commerce and the leading syndicates,
on the
as the financial co-operation of the United States Government was assured question of the renewal of the privilege of issue. The results
of this into the Allies—the pound sterling dropped in a few days to 27.153. francs vestigation., as you know, were favorable in all points. The groups conand the dollar to 5.70 francs.
sulted were unanimous in recognizing the services which the Bank has renThese rates are the ones still recorded to-day on the official quotation list. dered to the country and requested that the privilege
of issue be again exThe premium on the pound sterling, which in April 1916 had reached at tended to it. The negotiations entered upon with the Minister
of Finance
one time 14.71% and which had already declined to 10.18% at the begin- on this subject ended on Oct. 26 last in the signing of an
agreement which
ning of the year 1917, is now reduced to 7.66%. That of the dollar fell is at this moment in the hands of Parliament. * * *
in the same time from 14.70% in April 1916 to 123i% at the beginning of
1917 and to about 10% at the end of the same year.
Sum of Transactions.
Exchange on the accounts of neutral countries has been, on the contrary,
The total of our normal productive transactions in the course of the year
less favorable; their prices have risen to higher levels than those of 1916.
But it is fitting to note that the amount of our settlements in these countries 1917 amounted to 19 billion 200 millions, against 14 billion 500 millions in
as, compared with those which we must make in 1916, or an increase of 4 billion 700 millions.
is of little importance as
The division of normal productive transactions between Paris and the
England and the United
From the beginning of our intervention on the market to the end of branch banks was as follows:
amount
of
exchange placed at the disposal of Paris
December 1917 the total
Fr_ 5,100,000,000
French commerce either directly through us or through our agency exceeds Branch banks
14,100,000,000
ten and a half billions. Our sales in the last fiscal year amount to very
nearly six billions. The major part of this exchange has been supplied by
Fr_19,200,000.000
the Treasury on advances granted by the English and American treasuries.
Deposits of collateral, transfers of accounts, clearings and displaced
The obligation of looking out for our commercial interests, to which
checks, operations transacted for the account of the National Treasury
since 1915 our foreign exchange sales have been subordinated in order to and
discounts of French Treasury bonds for advances of the State to
reserve for French industry and commerce the resources which we were able
foreign Governments, are not included in these figures. They are taken
to place at their disposal, has been upheld in the course of the last year. up
under special heads.
The Minister of Finance has requested us to apply the same rule to the
distribution of disposable funds from the resources of the Treasury placed
Transactions for the Account of the Treasury.
upon tho market through our agency.
The Commission of Exchanges established in the month of July last
The total of operations transacted for the account of the National Treaswith a view to studying the proper means of safeguarding our foreign ury were:
exchange interests and exercising general control over international pay- Credits
Fr_ 90,202,400,000
ments in commerce and banking, has not deemed it advisable to propose Debits
90,045,200,000
a change in this regulation. Although instructions have been given to
the agents interested in those payments to examine the orders which are
Total
Fr 180,247,600,000
transmitted to them and lend their assistance only to regular transactions,
In 1916 it reached the sum of
124,188,700.000
It has seemed expedient to extend the privilege of an average fixed official and in 1915 the sum of
85,483,100,000
price to importers giving proof of their needs.
In certain classes of commercial debts, control is exercised directly over
These figures include deposits and withdrawals on the Treasury accounts,
English or American creditors by the officers of the financial agencies of clearings of funds effected by the Bank in Paris and in the departments
the French Treasury in London and New York. Our intervention, in for the Treasury account, remittances of bills for collection and collections
this case, is limited to receiving at our windows the payments of the debtors of orders, issues of Treasury securities and payments of coupons of Treasury
in francs and transmitting the order of payment to the financial agency securities at our windows, and payments by clearings of orders to creditors
interested which effects the settlement.
of the State and the departments having accounts open at the Bank.
The assistance of the Bank in these transactions, as likewise its part in
All these transactions of funds have been carried on by the Bank grathe distribution of exchange which the Treasury has intrusted to it for the tuitously.
needs of commerce*, has always been absolutely gratuitous.
4% Loan of National Defense.
The co-operation of the American Treasury has resulted not only in
supplying France with more ample means of exchange with America. It
As in the preceding years, we co-operated—without remuneration or
has kept us, furthermore from resorting to new shipments of gold to commission of any sort—in the issue of the various Treasury securities.
Thanks to the initiative of our agents, to the zeal of the solicitors who
support the credits opened to us.
While In 1915 and 1916 our indirect co-operation in support of Allied responded to our call, to the valuable aid which especially authorized
exchange on the American market had involved the exportation of about assistants have given us, and to the activity of the banking houses assotwo and a half billions of our metallic reserve, the total shipments for the ciated with the Bank of France, we have been able to facilitate for an everyear 1917 scarcely exceeded 450 millions, of which 20 millions was destined increasing number of subscribers the fulfillment of their financial duty
for neutral countries, the remainder representing gold lent to tho British to their native land.
The total amount of French subscriptions to the Third Loan of National
Treasury In support of credit agreements entered upon by the French
Government. None of the arrangements made since America's entry Defense exceeded 10,276 millions. This result bears witness once more to
into the war has required the sending of gold.
the continuance of the patriotic efforts of the country.
Thanks to the activity of our committees on gold and of our staff, we can
The subscriptions received and handled at our windows represent
record for our gold reserve this year 288 millions in new payments which more than one-third of the sums received by the Treasury. They amount
carries to 2 billion 277 millions the amount of gold which the public has to 202,472,330 francs, against in the loan of 1916 197,428,301 francs.
patriotically brought to our windows since the outbreak of the war.
The number of subscriptions was 738,315 for an actual capital of 3,472,Last year we expres.sed the wish that everyone might be impressed with 400,460 francs and a face value of 5,061,808,250 francs.
the advantage to be gained by practicing economy in bank-notes and making
The amount in cash, including payments to be effected on rentes not
more use of settlements by compensations. This advantage is as least immediately paid up, reached 1,284,357,399 francs, or 37% of the actual
equal to that presented by the centralization of the metallic reserves. capital;that in bonds 2,040,732,246 francs;that in five-yearly and ten-yearly
Every improvement in the circulation strengthens confidence abroad in obligations 146,440,543 francs; that in 3%% rentes 870,272 francs.
in the resistance and the stability of our monetary situation.
As in 1915 and 1916, the General Council adopted measures designed to
Wo have the satisfaction of stating that important progress has been facilitate the payment of obligations and promising appreciable advantages
realized in the way which we pointed out. The use of the chock and to subscribers; the raising, In the case of withdrawals made in view of the
specially of clearings in the bank, thus saving the issue of notes, has been loan, of the quota of loans on collateral and of the maximum of advances
increased considerably. However, there still remains much be done. allowed to a single borrower; the deduction of interest only from the date
We think it necessary to renew our appeal for the assistance of everyone of the closing of the issue on withdrawals used in payment of subscripin order to carry forward this progress in a larger measure.
tions; the acceptance in payment of subscriptions of coupons falling due
With the same idea, we would also like to have better understood the up to Feb. 16 1918 and relating to securities accepted for advances; the
benefit which the public could derive from the investment of a larger propor- keeping on deposit of the obligations of the loan free; the acceptance as
tion of its savings in Treasury securities. The importance of the new re- security for advances, up to 80% of their value, of 4% rentes entirely
sources—nearly 5 billions—brought to the State upon the occasion of the paid up.
We had installed numerous additional windows in the departments and
last loan shows clearly that, during the period of transactions for consolidating the war debt, a higher percentage of disposable capital could be in- In Paris, at the Central Bank and the Annex Ventadour, and also in our
vested temporarily in Bonds or in Obligations of National Defense. The bureaus of receipts and in places specially rented by the Bank in view of
Treasury would ho relieved, to the extent of this additional aid, from having the loan.
On the other hand, our advertising has been furthered by the activity
recourse to advances of the Bank to meet the expenses of the State. Unproductive savings participating more freely in the great movement of of our committees on gold and on securities of National Defense, whose
capital which the war entails, the activity of the paper currency would labors we have not ceased to second throughout the whole of France. The
tracts and explanatory notices which we drew up with pains have penebe increased and thus its volume could be reduced.
We have not ceased to ask our directors, our staff and all those who in trated into the smallest villages and facilitated the task of all those who
a
patriotic
and
in
spirit have given us their desired to be our agents and whom we thank here for their patriotic
the course of these last years
valuable assistance, to spread those ideas widely abroad. To judge from assistance.
In addition to our Paris offices, 11 of our branch banks received subthe importance of the short-term Treasury debt on the eve of the loan, it,
scriptions amounting to more than 50 millions in capital each:
seems clear that their efforts have already produced results.
1136
THE CHRONICLE
Number of
Face
Value.
Subscriptions.
Paris
1,662,681,125
203,642
Lyons
28,478
226,138,250
Marseilles
16,762
219,527,200
Bordeaux
19,563
139,982,350
Saint Etienne
96,027,125
18,120
Nantes
89,235,775
10,300
Havre
81,620,675
8,296
Nancy
9,617
65,653,400
Grenoble
10,079
56,415,900
Toulouse
52,978,225
8,770
Montpelier
4,675
52,559,600
Beziers
51,039,625
4,334
The classification by departments of the results in our offices puts at the
head: the Seine, the Rhone, the Bouches-du-Rhone, the Seine Inferieure,
the Gironde, the Herault, the Loire, the Pas-de-Calais, the Loire-Inferieure,
the Meurthe-et-Moselle and the Isere.
The special methods adopted for the 4% loan, subscriptions to which
are settled not by a total payment at the close of the period of issue, but by
transactions which will be concluded only a certain length of time after the
assessment, make it impossible to draw a comparison between the movements of capital in our balance sheets in the course of the periods of issue
of the loans of 1916 and 1917.
However, these balance sheets have been affected by movements of like
nature as follows:
Thus, the circulation decreased 468 millions in the week 4December 13
to 20; the greatest decrease in the course of a week during the 1916 loan
had been 461 millions.
The gold reserve increased 17,372,000 francs, and the weekly average
4,343,000 francs.
The balance of advances on obligations increased 65,649,000 francs,
against 189,138,000 in 1916.
Finally, the advances granted to the Treasury were diminished by
300 millions which the State, conformin3 to the provisions of Article 3 of
the Agreement of Sept. 1914 repaid on Dec.20. The balance of its account
current amounted to 155 millions; it reached 336 millions on Jan. 2 1918.
Bonds and Obligations of National Defense.
In the course of the year 1917, the subscriptions and renewals of Bonds
of National Defense reached:
In Paris
Fr _4,876,670,600
In the branch banks
3,932,419,100
[VoL. 107.
As regards the gold reserve, the total receipts, in reality, reached 288
million francs against an outflow amounting to 20 millions.
As last year, it is almost entirely to the deposits of the public that we
owe the increases recorded in the course of the fiscal year. These deposits
would have carried this reserve to 6,427 million francs if the requirements
of our payments abroad had not forced us to send out in cash, since the
outbreak of the war, 1,077 million francs.
Let us recall to mind that the largest part of those sales of gold—nearly
900 millions—has been made to the Bank of England upon the occasion
of agreements arranged between the French Government and the British
Government. France has received in exchange credits at London for an
amount far exceeding that of the gold shipped.
To these actual shipments are added the loans of gold which we have
granted both to the Bank of England and to the British Government in
consideration of credits opened to the French Treasury. These loans
amount to 1,955 millions in all and to 435 millions for 1917. They are to
be repaid in the period following the cessation of hostilities and figure in
our accounts under the head of "Gold abroad," together with free deposits
which we have particularly in Russia and in the'United States.
No new action for toe shipment of gold has been taken since the intervention of the United States in the European war has assured the Allies
of the co-operation of the American Treasury.
On Dec. 22, our gold *reserves were divided as follows:
Gold in our vaults
Fr_3,313,100,000
Gold abroad
,037,100,000
5,350,200,000
Holders of gold continue to bring us their reserves with the most laudable
patriotism. TAanks to the valuaoie astistance which has never failed us
and to the wide acti fity of the committees cn gold which, to the number
of almost 150, radiate throughout the whole of France, we have had the
satisfaction of recording in 1917 288 millions in new payments, or a weekly
average of 53,6 millions.
Since the outbreak of the war, the amounts brou,;ht voluntarily by the
public have reached 2 billion 277 millions.
Our silver reserve shows an important decrease of 49,500,000 francs,
this being in crowns and small coin. Wo have put into circulation, along
with the new issues, the silver coin which could still be found in our various
offices. Our silver reserve has thus been considerably reduced.
The crowns paid out have, for the most part, been turned over to the
mints for the coining of small pieces of money.
The demands for these coins are still exceptionally high. In certain
districts, these demands can be explained by the increase in cash transactions;
in many others,inconsiderate hoarding aggravates in a regrettable
Or a total of
Fr_8,809,089,700
manner a crisis which the Chambers of Commerce are trying to remedy
against 3,575,044,400 in 1916, or an increase of 5,234,045,300 francs.
This considerable increase shows how much the public appreciates the by issues of small notes.
In the course of the fiscal year 1917, the fluctuations of our reserve
advantages of the Bonds of National Defense. Let us recall to mind that
they are received for discount when they have not more than three months in France and abroad combined have been as follows:
to run and that, at any time, the Bank allows advances up to 80% of their
Gold—
value. The total of bonds subscribed through the medium of the Bank Maximum—December 22, 1917
Fr _5,350,200,000
of France from the outbreak of the war to the end of the year 1917 amounted Minimum—Dec. 27 1916
5,075,900,000
to 14,272,301,300 francs.
Average
5,255,000,000
The issue of Obligations of National Defense was suspended for four
Silver—
months.
Maximum—Dec. 27 1916
Fr_ 294,900,000
The amount of obligations subscribed in 1917 through our agency reached Minimum—Dec.12 1917
245,900,000
74,858,500 francs, which carries the total amount of obligations placed by
Average
262,300 000
the Bank since the outbreak of the war at 672,678,900 francs.
Total Reserve—
Maximum—Dec. 22 1917
Fr _5,597,400,000
Loans of Obligations to the Slate.
5.370,800,000
We pointed out last year that, with a view to increasing the means of Minimum—Dec.27 1916
Average
5,517,300,000
payment abroad put at the disposal of the French Treasury, the Minister
of Finance had requested holders of obligations to bearer of neutral counRates of Discounts and Advances.
tries to lend these securities to the State.
The rates of our discounts and our advances have remained fixed at 5%
The Bank continues to give its aid gratuitously to the Treasury for this and
6%,respectively.
operation.
Discounts—Commercial Paper.
The obligations destined to be lent to the State are received in all our
In 1917, the discounts in Paris, in the branch banks'and in the subbranch banks and auxiliary bureaus, and in Paris at the Bureau Annex
specially opened at 11 Rue Monsigny, either directly from the lenders sidiary bureaus covered 6,334,200 notes for 9,498,100,000 francs, against,
in 1916, 6,094,600 notes for 6,547,600,000 francs; or an increase of 239,600
or from banking houses effecting these loans through our agency.
On Dec. 24 last we had received, both in Paris and in the provinces, notes for 2,950,500,000 francs.
NI
The discount paper, including notes not postponed, reached its maximum
774,140 obligations for a face value of 639,571.950 francs.
Dec. 22 1917 with 845,700,000 francs.
Negotiations of Obligations Abroad.
The minimum was 413,900,000 francs March 21.
We remind you likewise that, following an agreement entered into in
There were discounted in Paris, in 1917, 1,754,746rnotes, divided as
February 1916 at our request, the British Government consented to re- follows:
move in favor of French holders the restrictions against the sale in London Notes of 5 francs to 10 francs
21,230
of obligations which had not been kept in England since Sept. 30 1914. Notes or 10.01 francs to 5t. francs
333,425
These negotiations are made subject to the condition that the orders shall Notes of 50.01 francs to 100 francs.....
295,562
be transmitted to the Bank of England through the medium of the Bank of Notes above 100 francs
1,104,529
France, which must certify that the obligations have been French property
since Aug. 11914.
Total
1,754,740
The special service organized at 25 Rue Radziwill, for receiving, handThe proportion in this total of small notes not exceeding 100 francs
ling and transmitting orders of sale, has shown great activity in the course
amounts to nearly 37%.
of the fiscal year.
The average maturity of the notes discounted is a little above 24 days.
We have, furthermore, as you know, neglected nothing in order to deThe Bank has striven again this year to assist the progressive re-estabvelop these operations designed to furnish the country with means of settling
lishment
of commercial credits, receiving freely all presentations conits purchases in the United Kingdom. Thus we have assumed the postage
and the insurance on obligations; the sellers pay no commission to us and forming to our statute regulations which have been submitted either directly
or
through
the medium of the banks.
stand only the expenses incurred in London; they have consequently almost
The total of productive operations in the bureau which we have opened
the full benefit of the premium of exchange. We likewise make good, by a
stated allowance, the expenses of the agents who receive and transmit since the outbreak of the war at No. 5 Rue Baillif and which handles in
one and the same place all matters of discount and advances affecting merorders of sale for us.
Independent of its transaction on the London market, the Service of chants and manufacturers, amounted this year to about 1,039 millions,
Negotiations receives orders of sale on the New York market and on the against 600 millions in 1916.
markets of Basel, Berne, Genova, Lausanne and Zurich, Amsterdam,
Record of Bills Postponed.
Copenhagen, Stockholm, Madrid and Buenos Aires.
On Dec. 23 1916 the amount of notes postponed was
Fr_1,340,839,450
At the end of December the number of orders received amounted to On Dec. 22 1917 it had been reduced to
1,140,893,090
19,234 for a value of about 201 million francs
Metallic Reserves.
Fr_ 199.946,360
Ot a decrease of
As a whole, the amount of our metallic reserves show renewed improveBy comparison with the maximum of
Fr _4,476,000,000
ment.
3.335.106.910
On Doc.23 1916 the total reserve amounted to
Fr_ 5,379,000,000 the decrease amounts to
On Dec. 22 1917 it was
month
of
The
our
collections
since
the
October,
amount of
1914, when
5,597,400,000
our commercial paper reached the maximum of 4,476,000,000, testifies at
Or an increase of
Fr_ 218,400,000 the same time to the eagerness on the part of debtors to pay up when they
are in a position to moot their obligations, and to the pains which the
The gold reserve rose from
Fr_ 5,082,300,000 Bank is taking, by agreement with its assignors, to facilitate these settleto
5,350,200,000 ments. We thus second the aims of the Government both in the interest
of the good renown of the codntry's credit and likewise with a view to
Or a net increase of
Fr.. 267,900,000 clearing up our balance sheet.
By the decrees of Dec. 23 1915, Doc. 19 1916 and Dec. 29 1917, measures
While the silver reserve fell from
Fr.. 296.700,000 have been taken which all tend to limit gradually the extend of tho original
to
247.200.000 moratorium decrees.
Partial payments, which we wereithelfirstitolaccept, evenbefore they
Or a net decrease of
Fr.. 49,500,000 were sanctioned by law, the notices directed to debtors and drawersby
two
SEPT. 21 1918.]
THE CHRONICLE
virtue of the decrees of 1915 and 1916, and the discontinuance of the moratorium in the case of debtors furnishing supplies to the State or Allied States,
have resulted in the settlement of a large number of notes for a considerable
sum.
In particular the decree of Dec. 23 1915, concerning debtors furnishing
supplies to the State or Allied States, has made it possible for us to present
in this class 75,606 notes, for 175,975,000 francs. More than 50,000 notes
have been paid on presentation for more than 110,000,000 francs.
Other payments are under way, and it is not doubtful but that all these
furnishers of supplies whose condition is improving and who are in a position to pay up, will respond to the request of the Government.
The decree of Dec. 19 1916, which placed upon holders of postponed notes
the obligation of informing the drawer of the said notes within a period of
three months from the date of promulgation, has likewise led to repayments
on the part of the latter, generally of a rather high amount, thus reducing
the number of our debtors. This number has dropped in Paris from
50,000 to 45,000.
The recent decree of Dec. 29 1917, which takes account of the debtors
who have realized exceptional war profits under the circumstances anticipated by the law of July 1 1916, will not fail, furthermore, we believe, to
provide new payments beyond what there is reason to anticipate from the
recovery of business and the increase of disposable funds.
We are sure of having, in the application of this decree, the active assistance which we have received all along from our assignors and from the
co-operation of the Chambers of Commerce. These have associated themselves most effectively with our efforts, seeking to further the settlement
of postponed notes on the part of all those who are in a position to pay off
their debts.
Notes for Cash.
We have received in collection of our chief accounts, in payable paper,
either in the cities of the banking system or abroad:
Fr_2,777,700,000
1,100,300 notes for
Against in 1916 838,900 notes for
1,977,000,000
The increase in 1917 amounted to 261.400 notes for_ _Fr_ 800.700,000
Advances on Obligations.
The amount of transactions in advances on obligations in
Fr_ 5,373,300,000
the course of the fiscal year reached
In 1916 it had been
4,212,800,000
Fr _1,160,500,000
Increase
The amount of the advances passed through the following fluctuations:
Fr_l,304,900,000
Maximum, Dec. 27 1916
Minimum, Sept. 26 1917
1,094,900,000
was
1,210,900,000
On Dec. 22 1917 it
In 1916 the extremes had been as follows:
Fr_ 1,380,300,0001Minimum
Maximum
Fr_1,124,100,000
In view of circumstances and in order to enable small holders to mobilize
the disposable funds which they have placed in Treasury securities, we
have been led, in many cases, to disregard the minimum of ordinary advances fixed before the war at 250 francs.
On Dec. 31 1917 the number of advances below this figure in Paris was
4,054 out of a total of 23,159 ordinary advances.
Circulation of Notes.
The fluctuations in the circulation of notes were as follows:
Dec. 22 1917--------------------------------------Fr_22,336,087,870
Maximum, Dec. 5 1917
22,911,800,000
Minimum, Dec. 27 1916
16,678,800,000
On Dec. 22 1917 the circulation of notes was divided thus:
Fr_ 5,264,182,000
5,264,182 notes of 1,000 francs
908,139,000
1,816.278 " " 500 "
100 "
9,077,360,500
90,773,605
50 "
3,822,344,700
76,446,894
25 "
377,150
15,086
20 "
1,827,190,920
91,359,546
10 "
481,645,740
48,164,574
5 "
959,847.860
191,969,572
11
14
44
44
505.809,737 notes----------------------------------Fr_22,341,087,870
Deduction of payment on notes not yet repaid, effected at
5,000,000
the Treasury in execution of the agreement of Nov.28 1911
Net total of circulation
Fr_22.336,087,870
A decree of Sept. 10 1917 passed in the Council of State on the motion
of the Minister of Finance, in accordance with Article 1 of the law of Aug.5
1914, raised the limit of circulation to 24 billions.
We began this year,the construction of the buildings for our printing
establishment at Clermont-Ferrand and our paper factory at Vic. This
work has been pushed with the greatest dispatch in order to permit as
prompt installation as possible. While we have been waiting for the completion of these buildings, the establishments for manufacturing paper
and printing notes which we possessed before the war and the plants which
we have organized since in the departments have made it possible for us
to meet the needs of a circulation including a considerable number of small
notes, the maintenance of which requires incessant and heavy repair.
Accounts Current and Deposits of Funds.
The payments to the credit of accounts current and deposit
Fr _183,803,500,000
accounts in 1917 were
The withdrawals Amounted to
183,119,600,000
Or a total of------------- _ ----------------------Fr-366,923,100,000
In 1916, this total had been
259,623,000,000
•
107,300,100,000
Increase
1137
Movements of Funds: Specie, Notes and Clearings.
The general movements of funds, including receipts and payments, is
divided as follows:
Specie
Fr
4,872,600,000
Notes
104,097.400,000
Clearings
336,540,100.000
Total
Fr_445.510.100,000
The proportion of clearings in this total reaches 75%. In 1916 it
amounted to 72% with 263,745 millions out of a total of 367,982 millions,
and in 1915 to 66%% with 142,513 millions out ofa total of 214,225 millions.
Spot payments in settlement of clearings and to the creditors of the
State or of the departments who have accounts open at the Bank, amounted
to 14,107,000,000 francs.
Promissory Notes, Clearings and Checks.
The amount of the issues of promissory notes, clearings and checks in
1917 amounted to 25,752 millions, against 17,531 millions in 1916.
These issues are divided as follows:
1916.
1917.
Promissory notes
Fr 328,700,000
122,100,000
Clearings
11,580,000,000 13,948,700,000
Checks
5,144,400,000 6,742,600.000
Circular checks
1,288,400,000
478,200,000
17,531,300,000 22,101,800,000
Payments displaced by clearings to the creditors of the State
or of the departments who have accounts open at the
Bank
3,650,000,000
Total for the year 1917
Fr_25.751,800,000
Again this year there is a considerable increase in settlements by written
orders. It amounts to more than 100% by comparison with the year
1915 and to nearly 50% by comparison with the year 1916.
We see here new proof that our efforts to encourage this mode of settlement have not been fruitless. Furthermore, the measures taken by the
Bank—the free service for clearings and checks accorded to all classes of
accounts, the creation of circular crossed checks, the free collection of all
crossed checks for our patrons—have been seconded by a series of decrees.
passed in the course of the year 1917, which tend to increase the facilities
and guarantees of payments by checks.
The law of Jan. 26 1917, at the same time that it puts stockbrokers in a
class with bankers as regards crossed cheeks, makes it unnecessary for
the drawee to mention the domicile of a check whose payment is to be
effected either at the Bank of France or in a bank having an account at
the Bank of France.
This has a double purpose: to make easier settlement by compensation
and to enable commercial houses to decrease considerably their reserve
in bills by reason of the domicile of the notes of which they are debtors.
We have profited by the passing of this law to encourage again payments
by compensation. As early as 1911 we had begun to organize bureaus of
compensation at Nancy, Grenoble, Bordeaux, Havre, Saint Etienne,
Toulouse and Angers. In the course of this year we created new Chambers
of Compensation at Amiens,Besancon,Limoges,Lyons, Marseilles, Nantes,
Orleans, Avignon, Dijon. Rouen, Le Manes, Nimes, &c. We continue to
extend these institutions.
We have likewise lent our aid to the reorganization of the Chamber of
Compensation of the Bankers of Pails, which to-day has 33 adherents.
We hope that all these organs will contribute to reduce the use of specie,
especially in settlements between banking houses. We also think that
they will accustom commercial houses to the use in a larger measure of
settlements by written orders, which afford so much security.
The legislation on checks was completed by the law of Aug. 2 1917.
The Supreme Court of Appeals had decided that insufficient provision was
in the same class as no provision, that accordingly a check was void when
the .provision was insufficient, and that the holder had no claim upon it.
Then the issue of a check without previous provision or with insufficient
provision, was in principle subject only to a fine. In order to exact this
penalty, the elements of swindling, fraudulent methods had to be present.
The law of Aug. 2 1917 ordered that, if the provision is less than the
amount of the check, the check is to be treated in the same manner as a
regular check to the amount of the said provision. The same law decreed
on the other hand, penalties against anyone who, in bad faith, issued a
check without previous provision of disposable funds, or who withdrew
after the issue of the check all or part of the provision. These penalties
are: imprisonment of from 2 months to 2 years, and a fine which shall not
exceed twice the face value of the check, nor be less than one-fourth of
this value.
We hope that these provisions of the law will rea.ssure merchants and induce them to accept payments by chocks more readily.
As far as we are concerned, we have not ceased to order our agents—and
we have just reminded them again recently of those orders—to use every
means of persuasion in their power to spread abroad ideas from which we
may expect an appreciable reduction in our paper currency.
We have pointed out to them particularly that, for these efforts to be
effective, it is necessary to carry on their work in a practical way with local
commerce and various managements; to study, in connection with each interested party, the conditions under which the payment or the collection of
sums, however small in importance, is now effected, and to investigate
in what measure the check or clearing may be substituted in each case for
specie.
Board of Collectors in the City.
Our collections in Paris and in our branch banks and subsidiary bureaus,
in 1917 as in 1916, have been on notes dating from Aug. 4 1914, and also
on postponed notes whose presentation has been demanded by the interested parties, debtors or assignors, or has been brought about by the application of the decrees.
The collections of notes in Paris were:
1,260,600 notes for Fr. 5,612,132,000
111
.
1917 on
1,062,300 notes for Fr. 3,534,315,000
In 1916 on
The balance of accounts current and deposit accounts
Fr_ 2,874,600,000
amounted on Dec. 22 last to
The fluctuations in the balance of these accounts have been as follows:
Or an increase in 1917 of
198,300 notes for Fr. 2,077,817.000
Fr_2,910,200,000
Maximum, Sept. 26
The receipts of Nov. 30 were the highest of the year, in sums to be col2,218,200,000 lected, in the number of notes and in the number of residences; they reached
Minimum, Jan. 10
2,730,800,000 49,900 notes for 91,271,000 francs from 21,660 residences.
The preceding year the maximum had been
1,730,100,000
And the minimum
In 1917 our collectors visited 638,250 residences against 537,420 in
The number of accounts current or deposit accounts opened in Paris, 1916. or an increase of 100,830 residences.
The number of applications for endorsements and acceptances has been
in the branch banks and in the subsidiary bureaus, advanced from 173,600
18,800, against 13,620 in 1916, or an increase of 6,180.
to 207,400 at the end of the fiscal year 1917.
For the whole of our banking system, we have had to insure collection
Including in this the accounts of arrears, the total of accounts of all kinds
of 7,351,000 notes, amounting to a BUM total of 12,268,776,900 francs.
opened on our books exceeds 221,900.
1138
THE CHRONICLE
Bills Dishonored.
On Dec. 22 1917, the balance of bills dishonored in Paris, in the branch
banks and auxiliary bureaus amounted to 2,389,260.22 francs, against
2,562,031.15 on Dec. 23 1916.
In the course of 1917, we recovered 10,351.86 francs on bills dishonored
in previous years.
Deposits of Collateral.
At the end of the fiscal year 1917, the condition of our deposits of colateral was as follows:
Collateral.
Depositors.
Deposits of individuals in Paris
7,930,745
94,881
Deposits of individuals in the branch banks
2,102,736
39,263
Total
Deposits of the Syndicate of Stock Brokers
134,144
70
10,033,481
2,202,109
Together
At the end of 1916, the situation was as follows
134,214
132,585
12,235,590
12,619,629
Increase
1,629
Decrease
384,039
The number of securities provided for drafts and repaid to Paris depositors
reached 60,197 for 186,688,350 francs.
The number of Russian securities kept by virtue of the agreement made
with Russia in 1895 was 126,455 on Dec. 22 1917.
The orders on the Bourse executed for the account of our patrons
amounted, purchases and sales together:
In 1916 to
Fr_416,431,800
In 1917 to
509.228,500
The number of these orders was:
In 1916
93,483 for 127,062 transactions
In 1917
118,713 for 136,333 transactions
[VOL. 107.
From this total of 305,274,205.25 francs there must be
deducted1. The sums paid:
To the State as general or special taxes
and royalties
Fr_58,328,856.36
To the fund for risks
90,000,000.00
To the reserve for bills dishonored
20,000,000.00
To a waiting account
105,000,000.00
2. The rediscount of the second half-year
1917
3,829,538.00
3. The amount brought forward on new account from the second half-year 1917_ __ - 4,085,690.21
281,244,084.57
The net balance, or
Fr.. 24,030,120.68
together with the revenues from the Bank's own notes_ --- 19,769,879.32
has enabled the Bank to pay a net dividend of 240 francs
per share, or, on 182,500 shares
Fr.. 43,800,000.00
The total of the sums paid to the State, in the form of taxes and royalties
this year was 58,328,856.36 francs, or 243% of the net commercial proceeds
Included in the distribution made to the stockholders.
The agreement concluded on Oct. 26 last with the State and now in
the hands of Parliament settles the question of the special tax on the profits
realized during the period of the war.
Dividends and Shares.
The gross dividend of the first half-year 1917 was fixed at
Fr_126.315
That of the second half-year at
126.315
Or, for the year
Fr _252.63
corresponding to a net dividend, tax deducted, of
Fr_240.00
which makes the rate of capitalization of the stock at its present market
price about 4.60%.
The dividend on the 182,500 shares of the Bank is payable in Paris
to 11,148 stockholders possessing 91,856 shares, and in the branch banks
and auxiliary bureaus to 22,416 stockholders possessing 90,644 shares.
134,237 shares belong to persons having free disposal of their goods, and
48,263 to married women, minors, persons declared incapable of managing
Advances to the State.
their own affairs, &c., who cannot give up their stocks without certain
The total of permanent and gratuitous advances granted by the Bank authorizations or formalities.
On Dec. 22 1917 our stockholders were divided in the following manner.
of France to the State has remained fixed, in the course of the fiscal year,
as regards the number of shares they possessed:
at 200 millions, to wit:
11,994
Stockholders possessing 1 share
60 millions by virtue of the agreement of June 10 1857
"
2 shares
7,235
80 millions by virtue of the agreement of Mar. 29 1878
"
from
3
to
5
shares
7,456
40 millions by virtue of the agreement of Oct. 31 1896
3,642
from 6 to 10 shares
20 millions by virtue of the agreement of Nov. 11 1911
1,807
from 11 to 20 shares
Since the enactment of the law of Nov. 17 1897, these advances have not
695
from 21 to 30 shares
been productive of interest.
from 31 to 50 shares
401
The balance of the temporary and gratuitous advances designed, in
from 51 to 100 shares
228
accordance with the law of March 18 1910 to enable the State to give aid,
more than 100 shares
106
in the form of loans,to the victims of the floods of 1910, was reduced to
400 francs on Dec. 22 1917. This balance having been repaid since the
Total
33,564
close of the fiscal year, this item will not appear henceforth on our balance
The number of persons possessing a single share forms more than onesheet.
The advances granted to the State, in execution of the agreements of third of the total, and the proportion of persons possessing one or two
Nov. 11 1911, Sept. 21 1914, May 4 1915. Feb. 13 and Oct. 2 1917 were. shares reaches 57%.
on Dec. 22 1917, 12 billion 500 millions.
You know, gentlemen, that these advances are productive of an interest
fixed at 1%, reduced to .87M% by taking account of the special royalty
paid by the Bank of France to the State—a royalty equal to the product of
the sum advanced by one-eighth of the interest. A year after the cessation CONTINUED OFFERING OF BRITISH TREASURY
of hostilities, it will be possible to effect renewal of advances only at the rate
BILLS.
of 3%.
According to the terms of the agreement of Sept. 21 1914, the additional
The usual offering of ninety-day British Treasury bills
interest of 2% is to be applied to a reserve fund designed to lessen the
dangers resulting from the postponement of maturities on our commercial was disposed of this week by J. P. Morgan & Co. on a 6%
discount basis. The bills are dated Sept. 17 and mature
paper, the remainder going eventually to reduce the debt of the State..
Current
Hellenic Loan.
As in preceding years, we insured in 1917 the service of the 234% Hellenic
gold loan of 1898, guaranteed by Franco, Great Britain and Russia.
The amount of the coupons paid by us on maturities from April 1 to
Oct. 1 was:
In 1917
12,990 coupons for
Fr_405,937.50
In 1916 it was
13,122 coupons for
Fr_410,062.50
guzuts and piscussions
Dec. 16.
NEW CREDIT TO ITALY.
An additional credit of $100,000,000 was extended to
Italy by the United States on Sept. 19, bringing the total
credits established for that country up to $860,000,000.
Decrease
132 coupons for
Fr.. 4,125.00
Branch Banks and Subsidiary Bureaus.
FOURTH FRENCH WAR LOAN.
The productive transactions of the branch banks and subsidiary bureaus
The following with regard to the new French war loan
exceeded 14 billion francs.
Toe number of banking places, which at the time of the renewal of the was contained in a special copyright cable to the New York
charter in 1897 was 261, is now 585, to wit:
"Times" from Paris Sept. 18:
Central Bank
1
Finance Minister Klotz laid before the Chamber this afternoon the text
Branch banks
143 of a bill to authorize the issue of the Fourth French War Loan. The new
Subsidiary bureaus
75 loan, on the amount of which no limit will be placed, will be of the 4%
Cities attached to the system
366 type of irredeemable rentes and will, like last year's issue, be free of all
Total banking places
585 taxation and will not be convertible before the expiration of twenty-five
years after the issue.
The functions of the branch banks with which communication has been
No statement is made in the bill as to the exact date or issue price of the
interrupted continue to be carried on in Paris at No. 25 Rue Radziwill, loan, but it is understood that this will be sufficiently below par to make the
where offices have been installed since 1915, or in the bureaus of the various new offer as attractive as possible to the investing public.
quarters. We have thus been able to satisfy the demands of our patrons
National Defense Bonds Will be accepted in payment for the new loan,
whose accounts aro open on the books of these branch banks.
and the Minister expressos the opinion in the preamble to the bill that it
would be only equitable to give a small premium to the holders of these
Profits and Expenses.
The gross commercial proceeds realized during the fiscal
bonds who, by converting them into the new security in the form of peryear 1917 amounted to
petual
rentes, display for the second time their confidence in their country.
Fr_351,592,564.99
The expenses of administration for Paris and
With a view to bringing in the smaller class of investors, the holders of
the branch banks, including the unusual exTreasury Bonds will also be allowed to exchange those in part payment for
penses resulting from the war and, in parthe new stock. A provision of the bill, which will be enormously appreticular, the cost of maintaining and transciated here, is that investors who are holders of Russian Government seporting notes and specie, were
curities will be allowed to pay the purchase price of their investments in
Fr_48,558,295.18
Settlements for the branch banks
the new loans so far as 50% is concerned in Russian coupons. With a
8,406,200.00
Payments ito Pensions funds:
view to preventing speculation which this privilege Is likely to provoke the
bill includes clauses forbidding dealings below a certain figure in Russian
1. To the Employees' Pension Fund
2,000,000.00
2. To the Women Employees' Pension Fund 1,000,000.00
bonds and other securities, which may bo utilized in part payment. It
Special allowances granted to the staff, allowbeing intimated that the quotations at which such dealings may be effected
ances for usage at the end of the year, allowwill be published in a decree to be promulgated later. Heavy fines are to
be imposed for any infringements of these provisions.
ance for the high cost of living, allowance for
family expenses to agents having a salary
The general opinion of the Chamber this afternoon was that the connot exceeding 6,000 francs, allowances for
ditions attached to the loan would afford every reason to expect the issue
mutual services
would be a triumphant success.
7,500,000.00
67,464,495.18
Leaving the not commercial proceeds
Fr_284,128,069.81
RUSSIAN BANKING SITUATION.
To t.iese proceeds are added:
The rediscount of the second half-year 1916.
18,376,089.00
Associated Press advices from Stockholm Sept. 12 (pubThe amount brought forward on now account from the
second half-year 1916
2.770,046.44 lished in the United States Sept. 16) are authority for the
Total
Fr_305,274,205.25
following:
SHPT. 21 1918.1
THE CHRONICLE
There is much speculation among Russian financiers as to the future
of all the banks in Russia taken over by the Bolshevik' should a new government supplant the present regime.
The Bolsheviki found the banks a great disappointment and were amazed
at the small amount of money realized by their confiscation, and it seems
doubtful if any new government would find it possible to continuo the
operations of all the banks now in existence and badly disorganized, and
to assume their liabilities.
Some of the Russian bankers believe it would be possible to untangle
the affairs of the old banks and continuo them, but many others believe
the only practical plan would be to liquidate them and start anew.
NEW PERUVIAN MONETARY LAW.
In reporting that the Peruvian Government had on Sept.
17 promulgated the revised monetary law Associated Press
dispatches from Lima on that date said:
It authorizes the issue of $15,000,000 in bank notes against dollar or
pound sterling deposits in New York and London banks. This is virtually the same arrangement as that effected between the United States
and Argentina. The law provides that all exchange transactions must be
on the basis of $5 01M to the Peruvian pound for cable transfers on New
York.
POLICY OF TREASURY DEPARTMENT AS TO SILVER
EXPORTS.
Concerning the Administration policy with regard to
silver the Federal Reserve Board, in its September "Bulletin" made public the present week says:
Under the authority of the Act of Congress approved April 13 1918
silver has heretofore been sold by the Secretary of the Treasury at a price
which will permit the Department to recoin new silver purchased at the
price of $1 per fine ounce into silver dollars without loss. On Aug. 10,
however, it was announced that in order to provide for the various items
of expense involved in the operation of withdrawing silver dollars and recoining now billion it had been necessary to fix the price on the silver hereafter sold at $1 0154 per fine ounce. The Department further made it a
condition of sale that the purchaser should not pay a higher price for silver
in markets other than those of the United States, up to the present time
the Federal Reserve Board has freely granted licenses for the export ofsilver,
In order, however, to conserve the use of silver expert licenses for silver wie
hereafter be granted only for civil or military purposes of importance in
connection with the prosecution of the war and only in cases where the
exporter certifies that the silver to be exported has been_purchased at a
price which does not directly or indirectly exceed $1 01% per ounce 1,000
fine. This quotation applies at the point where silver is refined in the
case of silver refined in the United States or at the point of importation in
the case of imported silver.
The action thus taken represents a change in the policy of the Board in
respect to the exportation of silver. Until very recently the Board has
deemed it wise to avoid interference with the exportation of silver. As
stated in the issue of the Federal Reserve "Bulletin" for June 1918 (page
501) the gross amount of licenses granted for the exportation of silver
from the beginning of the embargo policy up to May 24, was approximately $155,237,725, while in addition silver included in licenses for the
alternative shipment of silver or cturency amounted to $5,328,110, a gross
total of $160,565,835. From the date when those figures were issued to
Aug. 23, there have been granted licenses covering the exportation of approximately $105,390,285 of silver in the form of coin or bullion, making
a grand total in round numbers of$265,956,120 for the whole period of the
embargo to date. It has been apparent for sime time past that applications for the exportation of silver were increasing and that the amounts
licensed for exportation would grow greater as the difficulty of obtaining
gold or securing exchange at satisfactory rates increased. The new policy
will confine the exportation of silver to those necessary purposes which
result from the importation of goods requisite for civil or military requirements.
PROSPECTUS OF UNION DISCOUNT CORPORATION—
TO TRADE IN COTTON BILLS.
The plans with regard to the creation of the proposed
discount corporation growing out of the conferences in this
city several months ago of cotton manufacturers, shippers,
&o., and having for its principal object the trading in acceptance paper arising out of transactions in cotton, have
been made public during the past week. The new organization is to be known as the Union Discount Corporation
and it is to be patterned after the large British discount
houses. While having for its principal objective the dealing in cotton bills, the proposed corporation will also conduct dealings in trade and bankers' acceptances covering
transactions in other commodities. It is to have a capital
of $3,000,000 and its stock is to be offered at $110 per share.
The conferences out of which the proposed corporation
develops were given extended reference at the time in these
columns—May 11 and June 15. Theodore E. Burton, President of the Merchants' National Bank of this city was one of
the bankers who participated in these conferences and who
is one of those identified with the project; W.P. G. Harding,
Governor of the Federal Reserve Board, was also an active
participant in the conferences. Besides Mr. Burton some
of those who are interested in the formation of the new
organization are Albert Breton, Vice-President of the
Guaranty Trust Company, and Eugene V. R. Thayer,
President of the Chase National Bank, New York; Randall
N. Durfee, Border City Manufacturing Company, Fall
River, Mass.; W. Frank Shove, President of the National
Association of Cotton Manufacturers, Fall River; James
R. MacColl, Lorraine Manufacturing Company, Paw-
1139
tucket, R. I.; F. Abbott Goodhue, First National Bank,
Boston, Mass., and others. We give in part herewith the
prospectus of the new corporation:
Preamble.
On May 4 1918 a general conference was called and held under the
auspices of the National Association of Cotton Manufacturers at the
Hotel Biltmore, New York, at which were present prominent Northern
spinners, Southern shippers, bankers, and others interested in the cotton
Industry.
This conference resulted in the appointment of a committee of nine,
composed of three Northern spinners, three Southern shippers, and three
bankers, to report on better and more effective methods of financing cotton.
On June 8 1918 at a further conference held at the Hotel Biltmore for
the purpose this committee unanimously recommended that, in connection with present methods, bank and trade acceptances be employed, so
far as practicable, by shippers and spinners in financing cotton.
As a result of this report the Union Discount Corporation is to be organized under the banking laws of the State of New York for the purpose
of dealing in both trade and bankers' domestic and foreign commercial
acceptance paper.
Charter and Capital.
The charter of the corporation will be sufficiently broad to cover all
phases of commercial credit banking.
Among other powers it will have power to discount bills of exchange,
drafts, notes, acceptances or other choses in action; to purchase and sell
negotiable bonds or notes secured by deeds of trust cr mortgages on real
property wherevere situated; to buy and sell notes and bills of exchange
or other choses in action owned, issued or other choses in action; to accept
drafts or oils of exchange drawn upon it, negotiated,or guaranteed by it;
to advance money on the security of bonds, notes, payable on demand
or on time not exceeding one year from date of acceptance; to issue letters
of credit authorizing the holder to draw drafts upon the corporation payable on demand or on time not exceeding one year from sale of lettter of
credit.
Subject to the approval of the Superintendent of Banks of the State of
Now York, the corporation may establish and conduct branch offices both
within and outside the State of New York.
The capital stock proposed will be $3,000,000, all common; divided into
30,000 shares of $100 par value each.
This stock will be offered for subscription at 110, and will yield, when
fully subscribed, $3,300,000. Of this sum•2%, or so much of it as may be
necessary, will be used for preliminary expenses, to be expended under
the supervision of the Board of Directors;8% will be set aside as a reserve
fund: the balance, or $3,000,000, will be used for the purpose of creating
banking credit for the business of the corporation.
It is the purpose to diAribute the capital stock as widely as possible
among banks, bankers, merchants, manufacturers, and others whose
business brings them Into the market as sellers or purchasers of acceptance paper.
Plan of Operation.
The primary object of the corporation will be to buy, sell, and otherwise
trade in acceptance paper arising out of transactions in cotton, cotton
goods, and all other textiles. It is the purpose, however, to deal in trade
and bankers' acceptances covering transactions in all other commodities
as well.
In general, the plan of operation ofthe orporation will be modelled after
that so successfully followed for many years by the large British discount
houses which have contributed so much to the commercial supremacy
of Great Britain and the prestige of the pound sterling.
The principal office of the corporation will be located in Now York
City. Agencies will be established, as occasion arises, in the large commercial and financial centers of the country.
JOHN E. ROVENSKY ON "AMERICA—NEW CREDITOR
NATION.
Discussing "America—The New Creditor Nation" before
the national convention of the American Institute of Bank.
ing at Denver on Sept. 19, John E. Rovensky, Vice-President
of the National Bank of Commerce in New York, expressed
the belief that we shall emerge from the war a creditor nation
to the extent of about nine billion dollars. We take the
following from his remarks:
We entered the war a debtor nation. We owed the world about five
billion dollars in the form of securities of all descriptions and in property
owned in the United States by non-resident foreigners. On the other hand,
American citizens owned foreign securities and property to the extent of
about 1,500 million dollars. Our net debt to the world was about 33i
billion dollars. This, however, was not the whole of our indebtedness.
We also borrowed currently certain material as well as economic equipment. I use the phrase "material and economic equipment" for want of
better terms. By these terms I mean that we used foreign ships to carry
practically all our foreign trade; we used foreign insurance companies for
the purpose of insuring our transported commodities, and we borrowed
foreign labor to do a considerable part of our unskilled work. It is true
that these items were partially offset by investments made by Americans
abroad, insurance premiums collected by American companies from foreigners, &c., but the debit items by far exceeded the credits.
As a result of these conditions, our net annual outgo to foreign countries
after deducting our foreign income from reciprocal business, was approximately the following:
Interest on securities and income of properties in the United
States owned by foreigners
$175,000,000
Freight charges
25,000,000
Remittances of foreign laborers
125.000,000
Expenditures of American tourists abroad
150.000,000
Insurance premiums and sundry other items
25,000,000
Total net outgo
$500,000,000
Some authorities believe that the principal of our debt to Europe was
slowly decreasing during recent years. Our average balance of trade was
$495,030,204, minus net average gold imports of $2,360,445, showing a
net average trade balance during the ten years preceding the war of $492,669,759; therefore, the decrease, if any, was very slow and some authorities
are inclined to doubt whether our debt was decreasing at all.
The unprecedented demand for our products and the high prices resulting
therefrom have had the effect of reducing consumption and increasing
production to an extent that one would hardly have deemed possible.
1140
THE CHRONICLE
[VOL. 107.
Let us assume that the other items on our annual income and outgo
sheet will remain stationary, although it is quite likely that in most cases
our income will be increased and our outgo decreased. However, changes
in these items are not of sufficient importance to materially affect final
results. The net result will be that, while formerly we had a net annual
outgo of about 500 million dollars, we shall in the future have a net annual
income of about 175 million dollars.
Our average net trade balance durinl the last ton yeare was in our favor
to the extent of about 490 million dollars. It is quite probable that after
the war we shall keep up this volume of favorable trade balance; in fact, it
is likely that the volume will increase. Although there will be a decline
in Europe's normal purchases due to her impoverished conditions, there will
on the other hand be an increase in her purchases of materials needed to
bring her productive mechanism up to its former standard.
Let us assume, however, that our trade balance will be the same as the
average for the ten years before the war. We would then have credits
piling up annually abroad from interest, &c., as stated above, to the extent
of 175 million dollars. In addition, we would have to our credit a balance
of trade to the extent of 490 million dollars; a total of credits piling up
annually in our favor of 665 million dollars. In other words, the world
will be owing us about 665 million dollars more each year than the year
before, unless they currently pay us this net income.
We now come to the most important phase of the whole question:in what
manner will the foreign countries pay us the income on our foreign holdings?
I have already stated that in all probability we shall export merchandise
to an extent that will result in a large trade balance in our favor.
It is impossible that these credits balances due us annually could be
settled by the shipment of gold; the foreign countries could not part with
such a large amount of the metal that forms the foundation of their currency and credit systems. Furthermore, we certainly would not desire
settlement in this form, as we would soon have more gold than we could
healthily absorb, and further gold shipments would lead to inflation that
might have disastrous results.
What has been the experience of other creditor countries in this respect?
I shall say nothing regarding the repayment of the amount of the principal due us. The experience of other creditor countriee has been that they
find it more profitable to leave their money abroad than to withdraw it for
employment at home. Interest rates in creditor countries are likely to be
lower than in debtor countries. Consequently the creditor nations find it to
their advantage to permit the principal amount to remain invested abroad.
In almost every instance we find that the same reasons which influence
creditor nations not to withdraw their investments from abroad also cause
them to reinvest abroad their surplus income from such investments.
Doubtless our experience will be the.same. The war has introduced a
number of foreign security issues on our exchanges. The list is growing
United
the
of
Situation
Table Showing Change in the International Financial
steadily, and it will doubtless continue to grow after the war. While the
States Since the Outbreak of the War.
market in this country for foreign securities is to-day confined largely to
Credit.
Debit.
Government and municipal securities, it will doubtless in time expand to
include securities of railways, steamship companies, manufacturing, mining
United States securities held abroad at be$4,000,000,000
and other enterprises. Not only will American money be invested abroad
ginning of the war
through the medium of securities marketed in this country, but doubtless
United States property owned by non-residirect investment will also be made in the form of American manufacturing
1.000,000.000
dent foreigners
and mercantile enterprises established in foreign lands. South America
Excess of gold imports over exports, July 1
1,040.000,000
has already been benefited to a considerable extent by the introduction of
1914-July 1 1918
American capital, and the Far East presents limitless opportunities for
Foreign securities and other property owned
$1,500,000,000 the investment of our capital.
by American citizens at beginning of war_
Excess of merchandise exports over imports
10,110,000,000
July 1 1914-July 1 1918
Excess of silver exports over imports, July 1
195,000,000
CONFERENCES LOOKING TO MAINTENANCE OF
1914-July 1 1918
Using this estimate as a basis, we are now a
GOLD PRODUCTION—JOHN CLAUSEN'S. VIEWS.
5,765,000,000
creditor nation to the extent of
The result was an exportable balance of products that greatly increased
our former favorable trade balance: This in turn resulted in the rapid
repayment of our debts to foreign countries, the repayment taking the
form of the repurchase of our securities. While no exact statistics are
obtainable, it is probable that our net debt to foreign countries was practically extinguished about two years ago.
Our entry into the war accelerated the movement I have just described
by curtailing consumption and stimulating production, and we were able
to produce a great exportable balance of materials, notwithstanding the
fact that our own requirements had been greatly increased by the necessity
of equipping, transporting and supplying an army. The part played by
America in the economic side of this war will doubtless pass down into
history as one of the greatest achievements of this period. America's
heritage of natural resources of deposits of ores, coal and oil,forests of
excellent timber, and water power in abundance is second to none in the
world. In addition, it is the largest and most fertile agricultural country
situated in the temperate zone, the world's choice strip of land where every
form of life reaches the highest state of perfection. It is peopled by a
nation whose high degree of enlightenment makes them the most efficient
workers. These factors combined make the United States one of the
greatest economic forces of this era, and all its power is now concentrated
upon one object—that of winning the war. The result is that not only
have we supplied all our own normal requirements and those of the great
army we are marshalling, but we are able to supply our Allies with the
materials so necessary to their existence, and to some extent to meet the
requirements of the dependent neutral nations.
The result of this great economic achievement has been that our credit
balances abroad have rapidly increased. At the present time our international financial position is about as follows: Prior to the outbreak of the
war there were held abroad in the form of stocks, bonds and other securities
about four billion dollars. In addition, foreigners resident abroad owned
property in the United States worth about one billion dollars; in other
words, the amount of foreign capital invested in this country at that time
was, roughly, about five billion dollars. Since the outbreak of war the
net imports of gold amount to about one billion dollars. This makes a
total on the debit side of our balance sheet of about six billion dollars.
On the other side of the sheet we find the following: American citizens
owned foreign securities and other property worth about one and a half
than
billion dollars. During the war, up to July 11918, we exported more
we imported merchandise to the extent of about ten billion dollars. We
the
to
period
same
the
during
exported more than we imported silver
amount of about 200 million dollars.
From this It will be seen that we are to-day a creditor nation to the
extent of over 5% billion dollars.
$11,805,000,000811,805,000.000
other
Note.—Interest accruing on securities owned by foreigners and
current income has not been calculated, as these items are probably offset
us,&c.
to
foreigners
of
debt
the
on
up to the present time by interest accruing
trade
Here it may be interesting to analyze how our huge favorable
exchange
balance was financed; in other words, what did we recieve in
for the commodities we exported?
The merchandise trade balance plus the silver export balance amounted
gold to
to a little over ten billion dollars. In return for this we receive
about two
the extent of about one billion dollars; we had returned to us
we
billion dollars of our own securities that had been held abroad, and
billion
arranged to loan our Allies and other foreign countries about 7;•6
dollars. This makes a total of about 1034 billion dollars. The difference
to
between this figure and the export balances mentioned above amounts
by loans
a quarter billion dollars. This amount is probaoly represented
used,
been
yet
not
have
that have been made to Allies and others and
increase in cash balances of foreign banks in the United States, merchandise
paid for and not yet exported, &c.
Table Showing Net Foreign Trade Balances and Method of Financing Same
Since July 11914.
Excess of merchandise exports over im$10,110,000,000
ports. July 1 1914-July 31 1918
Excess of silver exports over imports.
195,000,000
July 1 1914-July 31 1918
$10,305,000,000
Total
Excess of gold imports over exports. July 1
$1,043,000,000
1914-July 31 1918
United States securities repurchased Jan.
1,743,000,000
31 1915 to Jan. 31 1917
United States repurchased since Jan. 31
250,000,000
1917 (estimated)
Loans by United States Government to
less
Allied countries up to Aug. 11918,
unavailable balances of loans and less
6,029,000,000
$60.000,000 credit by Argentina
Loans by individuals to foreign countries
1,500,000,000 10,565,000.000
to Aug.31 1918__.,
Supplementing the American Gold Conference held at
Reno, Nev., on Aug. 12, 13 and 14, similar conferences
have since been held at Portland, Ore., and Spokane,Wash.
The Reno conference and the resolutions adopted there
were the subject of an item in our issue of Aug. 24, page
745. The object of the conference was to crystalize, if
possible, the views of the Western gold producers in some
practical plans looking tO the adoption of some remedial
measures to prevent the decline of the gold industry. The
resolutions adopted at the Portland conference, recommending action to maintain the gold production of the
country at its pre-war volume, are to be presented for indorsement at the convention of the American Bankers'
Association at Chicago next week. The Portland conference was held on Sept. 5 under the auspices of the executive
committee of the Oregan Bankers' Association, and was
attended by bankers of Oregon, Washington and California. The resolutions adopted at the meeting, the Portland "Oregonian" points out, are the first expression from
those representing the financial interests of the coast, and
the first to be addressed to the American Bankers' Association. The following are the resolutions adopted at the
Portland conference:
Whereas, Secretary of the Treasury William G. McAdoo has called the
attention of the country to the necessity for the largest possible output of
gold, in order that the credits of the country may be stabilized; and,
Whereas, Reliable statistics show that the gold production of the world
had declined from $469,000,000 in 1915 to $430.000,000 in 1917, and
that of the United States from 8101,000.000 in 1915 to $84,000,000 in
1917, with a still further decline for 1918, estimated by reliable authorities
to be $11,000,000 based upon the production for the six months ending
June 30 1918; and,
Whereas, This decline in production is duo largely to the fact that the
$260,000,000
•
Balance
cost of producing the gold ounce as a commodity has exceeded the fLied
to
is
It
safe
year,
a
about
If we estimate the end of the war to come in
per ounce for the major portion of the domestic
assume that we shall during that time increase our credit abroad to the monetary price of $20.6718
Now, therefore, be it
txtent of at least three billion dollars. We shall therefore emerge from gold produced;
here assembled, That they heartily approve
bankers
Resolved, By the
the war a creditor nation to the extent of about nine billion dollars.
by the Secretary of the Interior of a committee to
Now let us consider what will be the result on the annual national in- of the appointment
and the decreased output of gold in order that
come and outgo of this change in the international financial position of our study the increased cost
of the United States may be maintained at its pre-war
7 ountry. Formerly our annual payments of interest, less income from the gold production
I miler sources. amoanted to about 175 million dollars. Now we shall volume.
And be it further Resolved, That the chairman or secretary of this
'save a net income from that source of about 450 million dollars. Formerly
be instructed to present those resolutions to the American
we paid freight abroad annually to the extent of about 25 million dollars. convention
Bankers' Convention to be held in Chicago, commencing Sept. 23 1918.
Now it is quite likely we shall have a substantial income from this source.
SEPT. 21 1918.]
THE CHRONICLE
The Spokane conference, which covered three days, and
was concluded on Sept. 14, was held under the auspices
of the Northwest Mining Association with former U. S.
Senator George Turner presiding, according to Spokane
advices to the "Financial America" of Sept. 15 the most
important action of the conference was the adoption of a
resolution favoring the payment of a bounty on all new
gold produced in the country, as advocated by Frank A.
Rose of Spokane. To quote from the "Financial America:"
The resolution asks for an enforcement of the grant of priority rights
given in the purchase and transportation of materials, machinery and
general mining supplies. It asks that the labor necessary to the operation
of mines producing gold-bearing ores be assigned to them; that the main
line of motor truck roads be built from railroad points into the distributing
centres of promising but commercially inaccessible gold fields; that trails
and wagon roads connecting with main roads be opened to promising
camps; that financial aid or credit be extended to such properties as may
be judged capable of producing appreciable quantities of gold and other
essential war metals; that a bounty be paid upon every ounce of new
gold, the amount to be determined from time to time by the proper authorities. The bounty would be sufficient to encourage the mining of
gold-bearing ores by insuring a reasonable profit therein, axid would be
considered a permissible war expedient and expense that in no way affects
the international or standard value of gold.
"Some people got the wrong idea of the county plan," Mr. Ross explained. "Some are of the opinion that it means an increase in the value
of gold coin. Such is not the case. It is merely a bounty paid to the
producer of raw gold, and will in no way affect the value of a piece of
minted metal. The bounty paid on predatory animals does not increase
the value of their hides or fur, and this gold bounty is on the same plan.
No certain amount has been set per ounce for this bounty, but it will be,
if accepted, a permissible war expedient."
Another resolution adopted favors the extension of exemption from
the assessment work on mining claims until the end of the calendar year
following the year in which the war ends. The convention also went on
record in favor of the establishment of training camps for soldiers near the
great mining centres and the employment of the men in the production of
war ores as had been done in the production of spruce for airplane stock.
John Clausen, Vice-President of the Crocker National
Bank of San Francisco, and H. N. Lawrie, of the Oregon
Bureau of Mines and Geology, were speakers at the Portland Conference, which was presided over by E. G. Crawford, President of the Oregon Bankers' Association. At
that gathering Mr. Clausen said in part:
The enormous increase in credits and paper money circulating in every
country of the globe is reacting very materially on the present and prospective supply of gold and it would seem timely to determine the relative
influences of its supply on prices in general.
If prices and wages are increased, so far as they are paid in gold, it will
require a proportionate amount of money to meet the higher costs. It
follows as a matter of course that a larger circulation of money is required
to meet the demand. While the quantity of gold available as money is
soon to exert an influence in the direction of raising or lo% ering prices, it
would seem equally certain that as international commerce progresses and
the system of credit expands, an increased world's supply of gold is a
matter of great importance.
Mr. Clausen had also been a participant in the Reno
meeting, having been invited to be present and submit
his views; he told this conference that the production cif
gold is a vitally essential industry, which for obvious reasons
should be promoted to the fullest extent. "It is very apparent, however," he said, "that with a fixed value for the
yellow metal, together with the rapidly increasing cost of
material, labor and transportation, this particular industry, as now developed, is seriously affected and it would
seem inevitable that unless some form of Government
relief—but only as a temporary war measure—is given to
the producing mines, many of them will be compelled to
discontinue operations." Mr. Clausen in his discussion recounted happenings affecting gold during and since the
Civil War, and we give what he had to say in full below:
No more interesting chapter will be written in economic history than
that which deals with the problem of the proper distribution of the world's
gold supply. Probably there was never greater need than now for cooperation of our industrial and financial elements to devise a workable
plan for control of an incerased production of that precious metal.
A groat man once said, "Necessity opens our eyes to the advantage of
fresh principles," and as I see it this is now our position. The greatest
war that the world has ever known has so altered conditions that new
methods and customs must necessarily take the place of the old in order
to koop abreast of the times. In reality, a very important issue is presented; namely, whether the standard of value of the world will in future
be gold or become a combination of silver and gold, and if so, what effect
such changes would have on the trading powers of nations. It is obvious
that if a bi-metallic standard were adopted as media, the question of the
value between the metals themselves would become one of vital issue.
Then again, there may be a scarcity of gold available as money for the
purpose of effecting the sale or purchase of commodities, or as affecting
the position of governments and banks and the availibility of that precious
metal in proportion to liabilities.
There are many interesting angles from which to view this important
subject, but it may be of general benefit to recount what happened in this
country during and after our Civil War, and in Europe since the beginning
of the present hostilities.
As an inevitable result of Government policy which ha'a placed upon
the banks a burden too heavy for them to carry, the financial institutions
in Now York and other sections were, during the Civil War,forced to discontinue specie payments, which subsequently brought about the suspension of the National Treasury.
At the beginning of 1862 a bill was introduced which had for its purpose
the making of Government notes legal tender, and although that measure
was considered unconstitutional, it became law in February of the same
year. The issue of greenbacks payable to bearer, after several amendments of this bill, was authorized up to a maximum of four hundred mil-
1141
lion dollars. When the greenbacks were issued it was expected that they
would circulate at par with the gold dollar, containing 23.2 grains of pure
metal, but a year after the first Legal Tender Act had been passed paper
money had an exchange value equal to only 14.5 grains of gold. Its value
rose in August 1863 to 18.4 grains but fell in July 1864 to 9 grains, which
was its lowest point. The premium on gold was then such that a dollar
in paper money was not worth more than 36 cents in gold coin.
The most striking example of profiteering during that period was the
Black Friday Conspiracy of Sept. 24 1864, when a group of speculators
bought up large quantities of gold—creating an artificial scarcity—and
as a result that commodity could only be obtained from this clique at
ruinous terms. This brought about many failures, and to check gambling
in gold and reduce the premium on it, the Anti-Gold Law was passed,
but as It did not materially bring the premium on gold to a lower level, it
was very soon repealed.
In June 1862 Congress authorized the use of "postage and other stamps
of the United States" because of the enormous increase in demand for small
currency, notwithstanding the circulation of the so-called "Shin-plasters,"
which were issued in denominations of 5, 10, 20, 25 and 50 cents.
In some of the Western States attempts were made to maintain specie
payments, after they had been given up in the East, but California alone
had the distinction of remaining on a gold basis during the Civil War, and
it was not until 1876 that gold again sold at par throughout the United
States.
Since that period the more notable event was the panic of 1895 which
was followed by a depression throughout the nation, with the result that
a largo amount of gold was drained from this country to Europe. The
Treasury's reserve became so low in November 1894, that a sale of Government bonds was resorted to; in fact, the stock of coin was reduced to
such an extent that there were outstanding more gold notes than coin,
leaving a part of the certificates represented by bullion in the form of bars.
Again during February of 1895, and also in July of the following year,
strong syndicates headed by leading bankers in New York accomplished
the difficult task of bolstering up the finances of the United States Government and it was largely due to their activities that the United States
remained on a gold basis. The success of these combinations had a farreaching influence on business and as soon as it was seen that the gold
obtained from abroad was not going to be lost at once as in previous bond
sales, confidence was again revived and the financial position of the United
States improved so favorably in the eyes of Europe that it was possible
to float large blocks of American securities 'abroad.
In August of 1914 Foreign Exchange became demoralized, and to remedy
that situation a gold pool was again created, when leading banks and bankers
throughout the country joined in an agreement to provide for mail and
telegraphic transfers to Europe in lieu of gold for export, which proved
a helpful factor in restoring order and confidence.
For several years prior to the declaration of war in Europe the countries
of France, Russia and Germany especially had been engaged in an eager
competitive scramble for gold which resulted in the holdings of their great
State institutions expanding rapidly. On this account, at the outbreak
of the war we found them with what was up to that time the peak of their
gold reserves.
The embargo which was universally adopted clearly demonstrates the
desire of every commercial nation to control and retain its supply of gold.
As far as the United States is concerned, other than the necessity of obtaining Government permission to export gold in coin or bars, its circulation
In this country has not been restricted—although the efforts of banks and
individuals alike are directed towards harmoniously co-operating with the
Government in concentrating the nation's supply with the Federal Reserve
Banks.
One of the most curious economic features of the present situation has
been the strong light which it has thrown on the fact that it is possible
to have too much of a good thing, even when that thing is gold. This is
forcefully demonstrated if we glance at the financial position of the Scandinavian countries where the law has been carried to far as to relieve the
Government banks of the statutory obligation to buy gold, and coin it
for all those who bring it in. This naturally prevented other countries
dealing with Scandinavia from paying for purchases in gold, and the
barter of commodities was the only means open for concluding commercial
transactions.
It has lately been said that the world is divided into two classes of countries; those who refuse to accept gold and those which refuse to part with
It. Sometimes it is asked how any one can possibly refuse to take gold in
payment, but this is easily explained by the fact that gold in bars or foreign
coins is not legal tender anywhere. No person in Scandinavia, for example,
could be made to take gold bars or American Eagles in reimbursement for
goods to meet a required payment in legal tender currency of that country.
There are comparatively few who really understand to what a great
extent mere credit can be made to do the work of wealth, although the time
will come when credit will assuredly break down unless it is built upon a
solid foundation. The issue and circulation of paper credits throughout
the leading nations of the world has been proportionately far greater than
their holdings of gold and has naturally resulted in inflation on an alarming
scale.
The thought, however, that Europe may possibly repudiate part of her
war debts for the sake of reducing the amount of currency outstanding
against Government bonds or notes is obviously superficial. Finance has
become an international, rather than a national question and the monetary
history of any one country tends to become more and more merged in the
monetary history of the whole civilized world. International credit is
firmly established on a gold basis and unless the flow of gold is not too strong
in one direction no country has any interest in upsetting the present standard, although it is contended that notwithstanding a great production
of new gold it may'not necessarily make universal gold standardism possible, as it would be a mere drop in the bucket of our future needs. If the
world's credit, therefore, is to be carried on after the war with gold, every
ounce that can possibly be produced will be required.
The production of gold is a vitally essential industry which, for obvious
reasons, should be promoted to the fullest extent. It is very apparent,
however, that with a fixed value for the yellow metal, together with the
rapidly increasing cost of material,labor and transportation, this particular
Industry as now developed is seriously affected and it would seem inevitable
that unless some form of Government relief—but only as a temporary war
measure—is given to the producing mines, many of them will be compelled
to discontinue operations.
In a letter addressed to the Honorable Charles A. Sulzer relating to the
present conditions concerning the production of gold in Alaska, the Secretary of the Treasury clearly voiced the attitude of our Government when
he stated:
ur"I fully appreciate that with the rising cost of raw material and labor
and with a fixed value for their output, the gold miners are facing difficult
conditions. I should be sorry, however, if for this reason there were any
relaxation in the effort to produce gold. At no time has this country
so much required the largest possible production of gold as at present.
Next to foodand ammunition, gold is one or the most needed war essentials.
1142
THE CHRONICLE
In order to place the enormous amount of Government bonds required to
finance our war expenditures, a large credit structure will inevitably be
erected on our gold reserves, and it is necessary that these reserves—which
are the foundation of the structure—shall be maintained on the broadest
possible basis. . . . The man or the community that maintains or
increases its production of gold in the face of difficulties and discouragement
Is performing a patriotic service which deserves recognition no less than the
more obvious but not more useful services that are more in the public eye."
There are people who argue that if the Government would agree upon a
plan to increase the value of gold from $20 67 to say $40 or $50 a fine ounce,
it would make a settlement of obligations possible with only half the metallic
requirement otherwise necessary to redeem outstanding paper credits.
This course, radical to say the least, would have a disastrous effect upon
all credits and especially reflect upon the cost of living which, in all probability, would climb to limits beyond the reach of the average citizen.
Increasing the value of gold or giving it a premium does not necessarily
give It a higher purchasing power but, on the other hand, in the final
adjustment seriously disrupts the basis of international credit.
When peace comes all the world will be faced with a period of great financial and industrial uncertainty and to pass through it successfully
will be a task that will need all the statesmanship civilization can muster
To increase this uncertainty by tampering with the standard of international payment would be extraordinary futile means of handling the situation
and would only make the confusion worse confounded.
The principal nations of the world have adopted gold as the basis of
their currency system. The market price for it is everywhere the same
and everywhere equally certain at the standard price of $20 67 an ounce.
It may be an anomaly that economic civilization should depend for means
of payment on the supply of a particular metal, but it will take much ingenuity to find a practical substitute for gold and secure for it the popularity
and confidence that gold now enjoys. The mere fact that it has been
chosen by the most enlightened commercial nations is strong proof that it is
the beet single commodity for practical use as a standard.
The disproportionate distribution of gold among world nations attracts
attention to the study of the part that this metal plays and is to play
in future in the world's economic affairs and the question naturally arises
whether the production of gold is keeping pace with the world's expansion
of credit.
The vast obligations piled up by the nations at war; the huge issues of
paper currency; the refunding of debts and resumption of specie payments
after the war, are among the most urgent and difficult problems with which
the world will be confronted. This makes it only too apparent that gold
is a necessity for the credit and financial unity of nations and it is therefore
esaential that an adequate foundation of gold must be created to uphold
that system.
One of the first acts of the British Government after England was plunged
into war was to insure that the gold which was being turned out of the
mines should be safeguarded, and steps were taken for the deposit of their
new holdings in Canada, South Africa and Australia to the credit of the
Bank of England. This arrangement had many advantages and tended
greatly to facilitate the concentration of the metal where it was most
needed for the settlement of liabilities and Great Britain has in this way used
her gold unsparingly to meet obligations to neutral creditors.
The United States stands in the unique position of possessing more gold
than any nation has ever before owned at one time, but if we are to perform
the part that destiny seems to have laid out for us as the world's banker
It will without doubt be necessary to further increase our gold holdings and
for this reason encourage to the fullest extent the production of that metal.
The end of the war will find the old world not only disorganized industrially, but with a volume—just how large no one can foretell—of paper
currency that can only be compared with out greenbacks in the years immediately following the contest between the North and the South. "The
problem of the world's currency after the war," says a great economist,
"IS not of course decipherable at this time. It involves the question,
'When will the war end?'" There is little fear, however, that Europe will
demonetize gold and carry out an economic revolution in changing the
present standard, as it is evident that the effect of such a move would be
almost as far-reaching as that of the war.
We are at the dawn of a bigger financial and commercial to-morrow
and while the situation is fraught with a great many difficulties, because
there are no precedents for us to follow, we must face conditions as they
exist and through frank and free discussion arrive at a practical and sound
solution.
Let us hope that our united efforts will crystallize into a practical plan
for the aleviation of the present critical situation, and that in the process
of correction we may establish those principles which lie at the base of
national welfare.
AMENDMENT ADOPTED BY NEW YORK CLEARING
HOUSE ASSOCIATION TO PREVENT EVASION OF
RULE LIMITING INTEREST.
Last week we noted the adoption by the New York
Clearing House Association of an amendment to the constitution prohibiting members or non-members clearing
through any member from paying exchange or other charges
in connection with the collection of any item in excess of the
charges which would have been payable if such funds had
been collected through the Federal Reserve banks. Below
is the circular issued by the Clearing House announcing its
action:
NEW YORK CLEARING HOUSE.
77-83 Cedar Street
•.
New York, September 11th 1918.
Dear Sir.—We beg to hand you below a copy of the amended Article XI
constitution
adopted
at a meeting of the New York Clearing House
of the
Ansociation held on the 11th inst., which becomes effective October 1st
1918, together with a schedule of maximum rates under the amendment.
AMENDMENT ADOPTED SEPTEMBER 11TH 1918.
(Effective October 1st 1918.)
ARTICLE XI.
Interest on Deposits; Exchange Charges to Be Paid by Members, Etc.
(a) Section 1. No member of this Association, or bank or trust company
or others clearing through any member, shall agree to pay, or shall pay,
directly or indirectly, on any credit balance payable on demand or within
thirty days, or certificate of deposit so payable, by its terms, issued to or
for the account of any bank (other than a mutual savings bank located in
the Second Federal Reserve District), trust company or other institution
conducting a banking business, or private banker or bankers, located in
the United States or Dominion of Canada, Interest at a rate in excess of
1% per annum when the then ninety-day discount rate for commercia
[VOL. 107.
paper at the Federal Reserve Bank of New York is 2% or less, and an
additional one-fourth of 1% for every one-half of 1% that such discount
rate of the Federal Reserve Bank shall exceed 2%,except that the maximum
rate paid or agreed to be paid on any such credit balance or certificate of
deposit shall not in any case be higher than 3% per annum; nor shall any
member, or non-member clearing through a member, pay or agree to pay
on any like credit balance of, or like certificate of deposit issued to, any
mutual savings bank located in the Second Federal Reserve District or
any person, persons, co-partnership, corporation or association, other than
those specified and included above, interest at a higher rate than 3% per
annum; nor on any time deposit, or certificate of deposit payable by its
terms later than thirty days from the date thereof, at a higher rate than
33 % per annum. The foregoing provisions are not Intended to apply to
the account of, or any certificate of deposit issued to, any person or persons
residing and transacting business in any foreign country other than the
Dominion of Canada, or to any corporation, association or co-partnership
organized and located therein, nor to affect such interest rates as are or
may be fixed or regulated by law.
(b) Section 2. No member of this Association, or bank or trust company
or others clearing through any member,shall pay exchange or other charges,
or allow time, in connection with the collection of any item collectble
through the Federal Reserve banks, but which is collected through other
sources, in excess of the charges which would have been payable or the
time allowed had such item been collected through the Federal Reserve
banks.
(c) Section 3. The Clearing House Committee, upon ascertaining to the
satisfaction of a majority of its members that a member or non-member
clearing through a member, has violated any of the provisions of this
Article shall report its findings to the Association, and if approved by a
majority vote of all the members of the Association the offending member
or non-member shall be fined $5,000. On the second offense the member,
or such non-member, shall be subject to expulsion from the Clearing House
Association, and the Committee will proceed to act as the Constitution
provides for the expulsion of a member.
(a) Sec. 1 is the first paragraph in the present Article XI, retained
without change.
(b) Sec. 2 is new matter.
(c) Sec. 3 is the second paragraph in the present Article XI, with the
word "article" substituted for the word "section."
By order,
WALTER E. FREW,
Chairman Clearing House Committee,
WILLIAM J. GILPIN. Manager.
Schedule of Maximum Rates under Sec. 1, Article XI.
On any credit balance payable on demand or within thirty days, or
certificate of deposit so payable, by its terms, issued to or for the account
of any bank (other than a mutual savings bank located in the Second
Federal Reserve District), trust company or other institution conducting
a banking business, or private banker or bankers, located in the United
States or Dominion of Canada.
When the 00-Day Rate for CommerThe Maximum Rate
cial Paper at the Federal Reserve
to be paid on the
Bank of New York is
above accounts is to be
2%
or over, but less than 2%%
1%
'
3%
23i
13i%
3%
3M%
1M%
33i%
4%
43i%
5%
5%%
"
16
"
4.
4%
454%
6%
2%
2j%
2%%
6%
%
6% or above
3%
On any credit balance or certificate of deposit payable on demand or
within thirty days, of any mutual savings bank located in the Second
Federal Reserve District, or any person, persons, co-paralership, corporation or association, other than those specified and included above, a
maximum rate of 3% per annum.
On any time deposit, or certificate of deposit payable by its terms later
than thirty days from the date thereof,a maximum rate of 334% per annum.
The above maximum rates are not intended to apply to the account of,
or any certificate of deposit issued to, any person or persons residing and
transacting business in any foreign country other than the Dominion of
Canada, or to any corporation, association or copartnership organized
and located therein, nor to affect such interest rates as are or may be fixed
or regulated by law.
$6
ATTITUDE OF NEW YORK LENDING INSTITUTIONS
TOWARD REAL ESTATE MORTGAGES—NO
OCCASION FOR MORATORIUM.
A statement to the effect that there is no longer need for
a moratorium on mortgages is reported by the New York
"Evening Post" of Sept. 14 to have been issued on that day
by Nathan Hirsch, Chairman of the Mayor's Taxation Committee, following a canvass among the city's lenders on real
estate. Discussing replies received to a circular letter,
Chairman Hirsch is quoted as saying:
It is indeed gratifying to note the splendid attitude of the largo loaning
Institutions with respect to their mortgage investments. The spirit which
dominates their business policy should bring cheer to every real estate
owner who has despaired of early relieffrom depressing mortgage conditions
and should go a long way to restore the confidence in real estate which is
now so sadly lacking.
It is my belief that there is now in operation what is tantamount to a
moral moratorium, brought about not only through the campaign of the
Mayor's Committee, but through the splendid co-operation of the interests
which control the mortgage situation. The fact that such a condition can
be created without resorting to the enactment of a moratorium by the
State Legislature and the resultant financial upheaval, is a fitting tribute
to the sound judgment of the loaning institutions and the fine spirit of
patriotism which as over been characteristic of American business.
Typifying the average attitude of lending institutions and the opinion
their directors expressed to the CoMmitteo were those of Charles A.Peabody
President of the Mutual Life Insurance Co., and Russel S. Walker.
President of the Dime Savings Bank of Brooklyn. Mr. Peabody wrote
thus:
"We now hold real-estate mortgage loans, approximately, to the amount
of $110.000,000. It is not our policy to demand payment of any loan
which is properly secured, having in view the present conditions affecting
the value of real estate. I am not aware of any single case In which we
have demanded payment of a loan under those circumstances.
•
SEPT. 211918.]
THE CHRONICLE
We have a committee here which periodically revises a list of mortgages
which are approaching maturity, and this committee takes up and considers
all such cases two or three months before they come due. There are cases
in which a due regard for the interest ofthe company and its policyholders
requires us to call for reductions of the principal sums,but in the main our
loans are continued wherever taxes and interest are duly met at maturity,
and always, unless the valuation of the real estate is lower than would
legally justify the loan. Or, to put it another way, in no case do we call
the mortgage merely for the purpose of obtaining the money which is due.
But always in such cases, it is for the purpose of protecting the company
against the results of an investment which appears to be not well secured."
Mr. Walker has this to say:
"This institution has been making mortgage loans in this borough for
sixty years. During that time it has never required payment in full of a
mortgage loan where interest on the loan and taxes on the premises were
promptly paid, and the property kept in good condition. If our committee,
upon a reappraisal, finds a loan to be excessive, we ask that a partial payment be made, and we allow the owner to pay off the amount required in
small installments, often spreading these installments over a period of
two or three years. In a few cases we have found owners unable to make
any payment whatever, and have extended the time for them. It is our
desire to assist a good borrower in every way within our power."
1143 -
credit situation. Plans for further restricting credit for
essential war purposes and enlarging the committee's function to include supervision of bank loans for construction
and similar capital purposes were discussed. It is stated
that the bankers were told that the committee would consider carefully all suggestions before promulgating regulations requiring banks and borrowers to obtain the Committee's approval before making a loan of more than $100,000 for construction purposes. It is also reported that the
Federal Reserve Board is considering methods of aiding
the Committee to put into effect the restriction of bank
loans. With regard to the efforts of the Capital Issues
Committee to maintain a stricter supervision over bank
loans the "Wall Street Journal" of Sept. 18 said:
In the Boston Federal Reserve district the Capital Issues Committee
Insists upon the submission of bankers' capital loans of $100,000 and upward to the Committee. But the movement to extend this order in this
district has been objected to by New York bankers. The contention of
the local bankers is that they are already complying with the spirit of the
law as regards loans for capital purposes, but that banking loans, being
generally for commercial purposes, should not be subjected to the same
requirements.
In the practical administration of the Capital Issues Committee some
difference of opinion has arisen between the bankers and the various district committees as to what constitutes a capital loan and whether the same
comes within the jurisdiction of the Committee. For the most part, New
York bankers have been co-operating with the local Committee in submitting loans where there was any doubt as regards the nature of the
operation. But it has been found that there have been certain unintentional evasions of the law, especially where two or more loans have been
made to the same parties and for the same purpose, which in the aggregate
would exceed $100,000.
For this reason the Capital Issues Committee has•been desirous of scrutinizing loans, even where they do not exceed $100,000. In fact, the St.
Louis Federal Reserve Bank has gone so far as to require its member banks
to submit to the Capital IFsues Committee all capital loans, above or be
low $100,000.
ALBERT STRAUSS NAMED BY PRESIDENT WILSON
TO SUCCEED PAUL M. WARBURG ON FEDERAL
RESERVE BOARD.
Albert Strauss, of the firm of J. & W. Seligman Co. of
New York was nominated by President Wilson on Sept. 19
to succeed Paul M. Warburg as a member of the Federal
Reserve Board. During the past year Mr. Strauss has
served on the War Trade Board as representative of the
Treasury Department, handling banking and foreign exchange problems. Mr. Strauss, who is fifty-four years
of age, has been a banker all his life and has been associated
in recent years with various large enterprises. Since 1901
he has been a member of the firm of J. & W. Seligman &
Co., which he joined as an employe in 1882, after being
Among the New York bankers in attendance at Wednesgraduated from the College of the City of New York. day's conference with the Capital Issues Committee were:
Among other connections, he has been a member of the ex- Charles V. Rich, Vice-President of the National City Bank;
ecutive committee of the Guaranty Trust Company.
Albert H. Wiggin, Chairman, of the Chase National Bank;
Charles H.Sabin,President of the Guaranty Trust Company;
J. H. PUELICHER ON AMENDMENTS TO RESERVE Pierre Jay, Chairman Federal Reserve Bank of New York
and Chairman of the local Capital Issues Committee; Jas.
ACT PERMITTING STATE BANKS TO JOIN
S. Alexander, President of the National Bank of Commerce
RESERVE SYSTEM.
"The Amendments to the Federal Reserve Bank" was in New York. The Chicago delegation included James B.
the subject discussed at the convention of the American Forgan, Chairman of the Board of the First National Bank
Institute of Banking at Denver on the 17th inst. by J. H. of Chicago, and Arthur Reynolds, Vice-President of the
Puelicher, Vice-President of the Marshall & Ilsley Bank of Continental & Commercial National Bank.
Milwaukee. Referring to the hope expressed by Governor
W. P. G. Harding of the Federal Reserve Board at the ADVISORY COUNCIL APPROVES RESERVE BOARD'S
, POLICY IN RESTRICTING ADVANCES IN
time of the enactment in June 1917 of the amendments
DISCOUNT RATES.
permitting
act
State
Reserve
banking
institutions
to the
At the conclusion of a conference in Washington between
with a capital equal to the capital requirements of the
National banks to join the Reserve System without sur- the Federal Reserve Board and the Federal Reserve Advisory
rendering their State bank rights that a year hence would Council on Sept. 18, it was announced that the latter had
find $2,500,000,000 of State bank assets supporting the approved the Board's policy of discouraging advances in
discount rates. The Board in its announcement of the conthe Reserve System, Mr. Puelicher observed
At a meeting with Governor Harding in July of 1918, his statement ference said:
of the year before was brought to mind. The monthly report issued by
the Federal Reserve Board showed that instead of $2,500,000,000 the
astonishing amount of over $6,000,000,000 of State bank assets were now
supporting our Federal Reserve system.
Our hopes of a unified financial system are rapdily being realized. The
prejudice against showing rediscounts is vanishing, and the necessities
of war are compelling many bankers to avail themselves of this great privilege extended to members of the system. There are many banks in this
country which, because of the captal requirements of the National Bank
Act, are not eligible to membership in the Federal Reserve system. There
are still some 8,000 State banks and trust companies with a capital sufficient to permit their joining. When all of the eligible banks have become
members, when all are lending their full sterngth, we shall have a financial
system that will always be able to extend every legitimate help to all of
its members, that is now able to absorb the terrific shocks of a great war,
and that will then keep our country in first place as the leader in the financial affairs of the world.
The existing financial situation was fully discussed and the Council
expressed itself as being in entire accord with the discount policy at present
pursued by the Board, feeling that satisfactory progress is being made in
the curtailment of non-essential and less essential credits, and that proper
regulation of the entire credit situation can be accomplished without further
advance in discount rates.
The joint session of the Board and Council followed the
regular quarterly meeting of the Council. Among the members of the Council present were: J.P. Morgan of New York,
L. L. Rue of Philadelphia, Daniel G. Wing of Boston,
James B. Forgan of Chicago, &c.
COMMITTEES NAMED TO MANAGE CATTLE LOAN
AGENCIES AT KANSAS CITY AND DALLAS.
Commenting upon the accomplishments of the Reserve
The personnel of the committees which will manage the
system, Mr. Puelicher said:
Thus far the country has met without any disturbance, every financial cattle loan agencies at Kansas City and Dallas,is annuonced
requirement of the great war. Banks have furnished the huge sums of as follows by the War Finance Corporation:
money necessary to manufacture the things needed to equip a great army
and to build a great navy. Liberty Loans in amounts so huge that their
withdrawal would, without the aid of the Federal Reserve banks, have
paralyzed business were absorbed with comparative ease. Treasury
certificates to finance the country during the intervals between Liberty
Loan issues have been purchased by banks without seriously disturbing
the lines of credit of their regular customers. • The financial condition of
our country is as sound as or more sound than it has been at any time
in its history. Membership in the Federal Reserve banks is growing
teadily and rapidly, as these banks are proving their splendid usefulness.
Kansas City.—Asa E. Ramsay, Federal Reserve Agent at Kansas City,
Chairman; J. Z. Mill v, Jr., Governor Federal Reserve Bank of Kansas
City, Vice-Chairman; M. L. McClure, Director of the Federal Reserve
Bank of Kansas City; James F. O'Donnell,President Nebraska State Bank,
O'Neill, Neb.; W.II. Moore, Kansas City, Manager and Secretary.
• Dallas.—W. P. Ramsey, Federal Reserve Agent at Dallas, Chairman;
R. L. Van Zant, Governor Federal Reserve Bank, Dallas, Vice-Chairman;
M.Sansom, Fort Worth, Director of the Federal Reserve Bank of Dallas,
Manager; H. B. Jones, banker and ranchman, Tucumcari, N. Mex.; W H.
Browning, Jr., Cashier, First State Bank of Pecos, Tex.
NEW YORK AND OTHER_BANKERS CONFER WITH
CAPITA—ISSUE'S—COMMITTEE —ON —SUB-JECT--7-OF CLOSER RESTRICTION OF BANK-LOANS. 7
—BiLnkers from—New YOrk, Boston, Philadeliihia7 Pittsburgh, Chicago, Cleveland and other cities were invited
to meet the Capital Issues Committee at Washington on
Wednesday last,. Sept. 18, for an informal discussion on the
EXEMPTION OR DEFERRED CLASSIFICATION TO BE
CLAIMED BY N. Y. RESERVE BANK FOR
EMPLOYEES.
In a notire concerning the selective draft, addressed by
Governor Strong of the New York Federal Reserve Bank
to employees of the Reserve Bank and Liberty Loan Committee, it is announced that in accordance with a resolution
1144
THE CHRONICLE
passed by the Directors of the bank on Sept. 11 it is the
intention to claim exemption or deferred classification on
behalf of such employees of the bank or the Liberty Loan
organization as may be deemed essential for the proper
- operation of the bank as the Fiscal Agent of the Government. The following is the notice issued by Governor
Strong:
DRAFT NOTICE.
To Employees of the Federal Reserve Bank and Liberty Loan
Committee.
Men who are indirectly in the service of the Government as employees
of this bank, or directly in such service as employees of the Liberty Loan
organization, are with few exceptions within the ago limits prescribed by
the new draft law and accordingly registered themselves for military service on the 12th inst.
In filling out the questionnaire which will subsequently be sent to all
those who have registered, every registrant must answer the question as
to whether or not he claims exemption, and if so must state the grounds
on which such claim is based. Irrespective of the necessity of deciding
whether or not to claim exemption on personal grounds, which is of course
a matter with which the bank is not properly concerned, the determination
of the foregoing question also involves a decision as to whether or not exemption should be claimed because of the character of the service the registrant is now performing.
It is the desire of the directors of this bank, upon which as employer
equally with the individual subject to the draft rests the responsibility
of placing all possible information before the several local boards, to relieve
the employees who are liable for military service of the burden of making
this decision, which to some of them might seem to carry with it an implication of disloyalty.
While the draft law makes it the sole duty of every man to decide whether
ho shall or shall not claim exemption on personal grounds, it also makes it
the duty of every employer to decide whether such employer shall or shall
not claim exemption for his employee on occupational grounds. The duty
is quite as important irom the standpoint of the Government in the case of
this bank as it is from the standpoint of any individual in the bank.
No doubt every man in the employ of the bank who is able to serve in the
army desires to do so and would on no account shirk such duty. On the
other hand, if every employee of the bank liable to military service were to
make this momentous decision according to his personal preference and
without regard to the entire organization, and it resulted in possibly 90%
of the men liable to military service leaving the bank, the result would be
well nigh disastrous to the financial operations of the Government in this
district upon the successful carrying out of which the winning of the war
to so great a degree depends. The question must therefore be dealt with
first individually by each man and next collectively by the bank, as is the
intention of the law.
The directors of this bank do not desire to ask the men in its employ to
make unreasonable sacrifices. They wish them to feel happy and satisfied in remaining with the bank where they are necessary in performing
duties in the bank which are equally as important as those that they could
perform in the army. It must be borne in mind that we have a selective
draft, designed to retain men in essential occupations at home just as much
as to draft them for military service abroad.
In behalf, therefore, of the Treasury Department and the bank's directors, I am addressing this communication to each man liable to military
service as a request that he accept willingly and cheerfully the form of service for his Government which that Government decides is best calculated
to win the war, and in doing so that he should feel that he is not shirking
his duty.
In accordance with the terms of a resolution passed by the directors of
the bank at their meeting on Sept. 11, this is to notify you that the bank
will claim exemption or deferred classification on behalf of such of the employees of the bank or of the Liberty Loan organization as may be deemed
essential for the proper operation of the bank as the fiscal agent of the
Government, and you are, therefore, notified to present your questionnaire to Mr. A. W. Gilbart, Assistant Cashier, as soon as you have completed and signed it, in order that, in case you are selected to be retained
In the bank's service, claim of exemption may be made in your behalf by
the bank.
Those men who are selected to do their bit towards winning the war by
remaining in the financial service of the Government, will be furnished with
a certificate to that effect by the bank, and if it can be so arranged, a certificate by the Treasury Department, which will recite their selection for
such service. Those certificates they may well prize in the future years as
evidence of having done their share to help the win war, and, in order to do
so, of having denied themselves some other form of service in which they
would have preferred to engage.
Very truly yours,
BENJ. STRONG, Governor.
1918.
16
Sept.
York,
New
[VOL. 107.
employs him may file a claim for his exemption on occupational grounds
with the district board of appeals. It is most earnestly desired, however,
by the authorities at Washington, that everyone state frankly and honestly
his exemption status, as it will be considered more patriotic and helpful
to do so than it would be to waive his rights.
It has been suggested from a banking source that wherever practicable
a bank should file with the local exemption board a list of its officers and
employees whom it deems essential for its operations and the grounds upon
which its claims are based, as many bank men will not claim exemption
even though entitled.
Regulations have been issued and should be studied carefully by bank
employers and employees.
Bank men are not exempt becalm they happen to be bank men, and the
right to exemption or deferred classification will depend upon the conditions of service which will have to be proved. The final determination
under the regulations will rest with the district board of appeals.
Please give this communication the widest publicity possible.
SUGGESTIONS TO BANKERS AND NEWSPAPER MEN
EXEMPTION SEEKING FROM DRAFT.
In suggestions to newspaper men and bankers contemplating a claim for exemption from the new draft act, a statement issued by the office of Provost Marshal General Crowder of the War Department says:
Persons, such for example as bankers, men in commercial enterprises,
newspapermen, &c., who may contemplate making claim for deferred
classification on the ground that they are "persons engaged in industries.
occupations, or employments,including agricultural, 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" should boar this in mind:
That any such person must be prepared to convince his district board (1)
that the particular enterprise in which he is working is 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, and (2) that he himself is necessary to the operation of that enterprise.
In making such claims such persons may make use of those parts of the
questionnaire relating to claims for deferred classification on the ground
of being engaged in industries.
LIBERTY BOND EXEMPTION BILL PASSED BY
HOUSE AND SENATE.
The bill designed to stimulate the sale of Liberty bonds
by exempting from income and war excess profits taxes
interest on Fourth Liberty Loan bonds up to $30,000 and up
to $45,000 in the case of holdings of earlier Liberty bond
issues, was passed by the Senate on the 18th inst. The
bill, as reported by us last week, had passed the House on
Sept. 13. On the 17th inst. the Senate Finance Committee
struck from the bill the provision granting the President
authority to regulate or prohibit transactions in foreign
exchange or other securities, and as thus amended ordered
the measure favorably reported to the Senate. The bill as
passed by the Senate also made a change in the provision
modifying the law limiting to 10% of the capital the amount
of loans which national banks may make to any one borrower; this change excludes from the meaning "borrowed
money"loans made on warehouse receipts of staple products.
The differences between the House and Senate bills resulted
in the measure being sent to conference. It was stated
yesterday that Secretary of the Treasury McAdoo had urged
the conferees to reinstate the paragraph giving the President
power to regulate the sales of securities which was stricken
out by the Senate. We referred at length last week (page
1050) to the bill which had been. recommended for enactment by Secretary of the Treasury McAdoo on Sept. 5.
The House in passing it on the 13th inst. made some few
changes in the draft proposed by Secretary McAdoo. It
amended the section authorizing the Secretary of the Treasury to stabilize foreign exchange so as to provide that the
AMERICAN BANKERS' ASSOCIATION ON EXEMP- authority shall terminate two years after the war ends.
It also inserted in that part of the bill relating to the exempTION OF BANK MEN FROM DRAFT.
Liberty bonds from the super income
Charles A. Hinsch, President of the American Bankers' tion of interest on
Association on Sept. 10 issued the following circular to taxes the following:
(3) The interest on an amount of bonds, the principal of which does not
members of that organization concerning the exemption exceed
$30,000, owned by any individual, partnership, association, or corof bank men from the new draft law:
poration, issued upon conversion of 3%% bonds of the First Liberty Loan
In the exercise of any privilege arising as a consequence of the issue of bonds
To Members of the American Bankers' Association:
The following advice has been received from our representative in Wash- of the Fourth Liberty Loan, shall no exempt from such taxes.
ington:
The clause authorizing the President to regulate or proThe Provost Marshal General has ruled that banking is an occupation
in,Government bonds or certificates of innecessary to the maintenance of the national welfare; and that skilled officers hibit transactions
and employees of banks may claim exemption or deferred classification, debtedness was the subject of sharp debate in the House
under the new draft law, on the ground that their services are vital to before its final passage by that body in the committee of
the continuance of the business in which they are engaged.
succeeded in having the
The Provost Marshal General states that waiving the right to be placed the whole, Representative Hayes
in a deferred classification is a mistaken act of patriotism. He urges every provision eliminated by a vote of 54 to 52, but the House
person affected by the law to state frankly and honestly his exemption
defeated the Hayes amendment by a vote of 116 to 31.
status, as by so doing he will aid materially in the task of classifying regis- later
Regarding other efforts to amend the bill in the House on
trants.
Therefore, bank officers and employees whose services are essential to the 13th, the New York "Times" said:
the business should not hesitate, for fear of critlicsm, to claim exemption or
Representative Carter Glass, Chairman of the Banking and Currency
deferred classification on occupational grounds. To do otherwise would
Committee, objected to the clause empowering the Secretary of the Treasbe a hindrance rather than a help at this time.
foreign depositories to stabilize foreign exchange. He
If officers and clerks in banks, however, neglect or refuse to claim the ury to establish
this power was granted to the Federal Reserve Board but had
exemption to which they are entitled, that claim may be made for them by asserted that
because most of the members of that board thought it
the bank in which they are employed. Thus, if an officer or a clerk fears not been exercised
that Secretary McAdoo was in the minority and was now
unjust criticism or believes his act may be misconstrued, the bank which unwise. 1.1e:said
SEPT. 211918.]
THE CHRONICLE
seeking to have specific authority conferred on him, which had already
boon given to the Board.
Representative Kitchin telephoned Chairman Harding of the Federal
Reserve Board and then informed the House that the Board was not opposed to the foreign exchange section.
A motion offered by Representative McFadden of Pennsylvania to strike
this section from the bill was lost, although Representative Stafford of
Wisconsin succeeded in having it amended so as to limit the operation of
foreign exchange arrangements to the period of the war or not more than
two years thereafter.
OCTOBER 12 PROCLAIMED LIBERTY DAY BY
PRESIDENT WILSON.
Saturday, Oct. 12, has been proclaimed by President
Wilson as Liberty Day, and all citizens of the Uoited States
are called upon to celebrate it in order to stimulate a generous
response to the Fourth Liberty Loan. The day.(Columbus
Day) marks the 426th anniversary of the discovery of
America. Every neighborhood is asked by the President
to arrange for commemorative addresses, pageants, harvest
home festivals and other demonstrations on the day fixed
n the proclamation. The proclamation, made, public
yesterday, reads as follows:
1145
have been criticized. Instructions were, however, given on Saturday
that the card should not be used.
The cards had called for the fallowing information:
POLICE DEPARTMENT, CITY OF NEW YORK.
U. S. Government Liberty Loan.
1. Name.
2. Age
3. Sex.
4. Occupation.
5, 6, 7, 8 and 9 to be answered "Yes" or "No."
5. Are you a citizen?
6. Did you subscribe to the First Liberty Loan?
7. Did you subscribe to the Second Liberty Loan?
8. Did you subscribe to the Third Liberty Loan?
9. Will you subscribe to the Fourth Liberty Loan?
10. Reasons for not subscribing to any of the loans.
The reverse side bare the following:
POLICE DEPARTMENT, CITY OF NEW YORK.
U. S. Government Liberty Loan Committee.
1. Full name.
2. Age.
3. Sex.
4. Color.
5. Occupation.
6. Place and date of birth.
7. Citizenship.
8. Whore naturalized.
Every day the great principles for which we are fighting take fresh hold
9. Date of first papers.
upon our thought and purpose and make it clearer what the end must be
10. Have you over served in any connection with a foreign army? If
and what we must do to achieve it. We now know more certainly than
so,
in what capacity?
free
why
men
before
brought the great nation and devernwe ever knew
11. Have you visited any foreign country since July, 1914? If so, what
milt we love into existence, because it grows clearer and clearer what
supremo service it is to be America's privilege to render to she world. The country?
12. Have you any relatives fighting against our allies?
anniversary of tho dkcovery of America must therefore have for us in this
13. Give all your addresses since Jury, 1914.
fateful year a peculiar and thrilling significance. We should make it a
14. Have you any relations fighting with our allies?
day of ardent rededication to the ideals upon which our Government is
15. What kind of firearms have you?
founded and by which our present heroic tasks are inspired.
16. Do you intend moving to any new address? If so, state when and
Now, therefore, I. Woodrow 'Wilson, President of the United States, do
to
where.
of
day
eifth
October
tvi
Saturday,
the
appoint
1918, as Liberty Day. On
that day I request the citizens of every community of the United States,
The proposed movement had occasioned general hostility
city,town and countryside,to celebrate the discoverry of our country in order
and condemnation. This is well indicated in the following
to stimulate a generous response to the Fourth Liberty Loan. Commemorative addresses, pageants, harvest home festivals, other demonstrations, editorial article which appeared in the "Evening Sun" of
should be arranged for in every neighborhood under the general direction this city on Tuesday,Sept. 17:
of Secretary of the Treasury and the immediate direction of the Liberty
ABSURD INQUISITION,
Loan Committee in co-operation with the United States Bureau of EducaThe Colossal ineptitude of the proposed inquisitorial research by the
tion and the public school authorities. Let the people's response to the
Fourth Liberty Loan express the measure of their devotion to the ideals police or other collectors in aid of the next Liberty Loan was, fortunately,
which have guided the country from its discovery until now, and of their enough to damn the scheme in advance of any attempt to execute it. For
sheer impudent absurdity it would be hard to match it. The plan was to
determined purpose to defend them and guarantee their triumph.
For the purpose of participating in Liberty Day celebrations all employees demand of each person solicited that he sign a card showing whether he
of the Federal Government throughout the country whose services can be had subscribed to earlier loans, and, if not, why not. In addition, he was
spared may be excused on Saturday, the 12th day of October, for the to he asked for a pretty complete police history of himself-tell "where he
entire day.
N% as born, and when and why," and otherwise confide in the Polizei.
In witness whereof I have hereunto set my hand and caused the real
It would have been futile. Most men would have refused to answer
of the United States to be affixed.
any such unofficial inquisition. Every one would have resented it, and
Done in the District of Columbia this 19th day of Peptenfaer, in the it might have angered some to the point of indiscretion. Withal, the
year of our Lord 1918, and of the Independence of the United States of result could be of no conceivable use. The process would be mere moral
intimidation.
America the one hundred and forty-third.
It may be argued, perhaps with some weight, that there is room for a
WOODROW WILSON.
partial installation of the European police registration system hereBy the President:
though we doubt its necessity-but if it is to be done let it come after due
ROBERT LANSING, Secretary of Slate.
deliberation, by proper process of legislation and orderly administration
of the law. Such hare-brained schemes as this are indicative of a very
SECRETARY McADOO TO ADDRESS LIBERTY LOAN dangerous.tendency. Civil liberty and true freedom are not inconsistent
with the fullest war activity. Inter arma silent leyes, but not without due
MASS-MEETING AT CARNEGIE HALL TUESDAY
process of law, and civil law still rules us at home.
NIGHT.
In what will probably be his only speech prior to and
DETAILS OF FOURTH LIBERTY LOAN.
during the Fourth Liberty Loan campaign, Secretary
The following preliminary information relating to the
McAdoo will address a mass-meeting next Tuesday night
Fourth Liberty Loan is contained in a circular issued by the
at Carnegie Hall. The meeting will sound the keynote of
Federal
Bank of Richmond under date of Sept. 16:
the coming loan campaign, as well as give inspiration to Amount ofReserve
Loan
Not Yet Determined
Liberty Loan workers who will be present. Secretary Mc- Maturity of Loan
Not Yet Determined
Date
of
Bonds
October 24th, 1918
Adoo's message will be of the greatest significance and inof Interest
41(%
terest to every American citizen, for in it ho will appeal to RateRegular
Interest Periods
April 15th-October 15th.
every employer and employee, to every business man,
Denominations of Bonds.
banker and corporation executive. Many of the leaders in Coupon
$50 $100 $500 $1,000 $5,000 $10,000
the Liberty Loan work of the Second Federal Reserve Dis- Amount of First Coupon
1.01 2.02 10.10
20.20 101.00
201.99
$50,000 and $100,000
trict will be present at the meeting, together with members Registered Bonds of above denominations and
Initial Payment-with application
10%
of the Liberty Loan Committee. It will serve as an official
Installment Payments.
beginning to the campaign, though it precedes the start of
November 21st, 20%. December 19th, 20%. January 16th, 20%.
the drive by four days.
QUESTIONNAIRE PROPOSED IN NEW YORK LIBERTY
LOAN CAMPAIGN WITHDRAWN.
A questionnaire, which it was proposed to circulate among
householders in New York City, by the Police Department
in connection with the Fourth Liberty Loan has been withdrawn. Benjamin Strong, Governor of the New York
Federal Reserve Bank, in announcing on the 16th inst. the
the proposed canvass had been called off, said:
In connection with the work of canvassing Greater New York for the
Fourth Liberty Loan, preparation had been made to conduct a census
with a view to giving to the canvassing organization a record of the name,
address and ago of every person in Greater New York. This census was
to be made under the direction of the Police Reserves who had prepared
the military census for the State authorities a year or so ago and were
better qualified than any other organization to do this work.
In securing the co-operation of the representatives of the city and local
United States Government officials, it was suggested that this census be
utilized as an opportunity for securing information not directly connected
with the loan, but of importance to certain departments of the Government. Accordingly, questions were added to the census card, which
January 30th, 30%•
Payment in full will be permitted either with application or so as to
roach Federal Reserve Bank on October 24th.
FOREIGN LEGION HERE TO AID LIBERTY LOAN
CAMPAIGN.
Thirty thousand persons were packed into Wall, Broad
and Nassau streets, extending into Broadway from Trinity
Church north and south shortly after noon on Thursday to
greet the 108 veterans of the fighting Foreign Legion of
France. They were led by a platoon of motor-cycle police
and escorted by the band and two battalions of the 22d
Regiment, New York State Guard. They came in two
automobiles and five big buses, the 'automobiles carrying
the officers of the Legion and the buses the men. The•
steps of the Sub-Treasury of the United States had been
cleared and as the first automobiles came abreast of the landmark upon the site of which the first President of the United
States took his oath of office, every officer turned his head
1146
THE CHRONICLE
[VoL. 107.
On the 18th inst. all the principal tax provisions of the
bill were approved in rapid succession, every amendment
proposed being either summarily rejected, or passed over.
A cotton tax of $3 a bale was formally offered by Representative Moore of Pennsylvania but action on this proposal
was deferred until the following day; another amendment
which was passed over until later, was one by Representative Green imposing a 5% tax on the products of child
labor. It is stated that the business, or occupational, license tax of $10 proved a stumbling block because of confusion over its application and it was determined to consider
having the section redrafted. Representative Robbins of
Pennsylvania said it would apply to ministers, authors,
school teachers and the like, but Representatives Garner
and Longworth of the Ways and Means Committee declared it would not apply to salaried persons but only to
firms, such as law partnerships, advertising, dental conBONDHOI,DERS AGAIN URGED TO CONVERT LIBERTY cerns, &c.
LOAN 45.
During the consideration of the bill on Thursday, the
The Liberty Loan Committee of the New York Federal 19th, .the proposal calling for a tax of $3 a bale on cotton
Reserve District in calling attention to the fact that the was defeated, together with Representative Green's amendTreasury Department has again urged the necessity of con- ment to tax child labor production, and Representative
verting 4% Liberty Loan bonds into the 43% issue before Rainey's proposal, made at the suggestion of Food AdminNov. 9, the date on which the privilege expires, says:
istrator Hoover to repeal the tax of four cents a barrel on
It urges this action promptly, so that there will be no overburdening of mixed flour, which has prevailed since it was established
the banking institutions of the country, who are patriotically co-operating
as a revenue raising measure during the Spanish-American
in handling all this mass of detail work for investors.
In addition to its effort to bring about immediate exchange in this way, war. Mr. Hoover contemplated in thus freeing such flour
the Government is Strongly advising the request for registered bonds, to from taxation to make it so cheap and plentiful as to virprotect investors against risk of loss, theft and destruction.
of the cost
As the Department states, holders of these 4% bonds gain a substantial tually compel its use in bread making in view
difference-in the interest return. The investor gets the difference between of wheat flour.
4% and 4g,% from the last interest date.
The cotton tax, following a spirited discussion between
In this connection it is well to remember that, after the conversion
privilege expires. the 4% issues will have a different market position. They Representative Moore, Representative Rainey and members
are now, with the exehange privilege alive, practically equivalent to 4g% from Southern States, was ruled out on a point of order
bonds. A substantial difference will result from their changed status.
made by Representative Crisp of Georgia, after a similar
Besides this fact, there is to be considered the influence that tax-exemption
amendment to tax cotton used in textiles had been defeated,
under the new law will have on those 4 yis.
Under the law, this conversion privilege will expire on Nov.9 and cannot 100 to 28, on a rising vote. Representative Saunders of
be extended or renewed.
held the cotton tax proposal not gerBondholders can convert their securities by sending them to the nearest Virginia, presiding,
national bank by registered letter, if necessary to the Treasury Department mane to the bill under House rules, with the result that
for exchange. The new bonds will be received from the bank in duo course. Representative Sabath of Illinois abandoned his proposal
The earlier this matter is given attention the greater it will facilitate
The child labor and mixed
the operation of the Treasury Department and avoid the danger of loss of to tax steel and steel products.
the privilege of conversion.
flour amendments were ruled out on points of order, as was
also one by Representative Moore to create a Congressional
WAR REVENUE BILL PASSES HOUSE.
committee to supervise war expenditures, which President
The House during the past week made rapid progress on Wilson has opposed. By the votes of 129 to 122 and 115
the war revenue bill, which was taken up for amendment to 107 the House, on the 19th, rejected an amendment by
under the five minute rule on the 16th, following the con- Representative Esch of Wisconsin, Republican, to require
clusion of general debate on the proposed legislation on the clerks and employes of the new Advisory Tax Board, au14th., and yesterday passed that body. On the 16th the thorized in the bill, to be civil service appointees. An
income-tax rates were agreed to without amendment after amendment by Representative Borland of Missouri, Demoa short discussion. An amendment intended to exempt crat, to make the board permanent was defeated. The
from the income tax the salaries of the President, Federal proposals to tax billboard, street car, and similar advertising
judges and State officials was debated, but the tax imposed and for exemption of estates of persons in the military service
in the bill as reported from the committee was finally agreed from taxes on their estates, were withdrawn. An amendto. Every effort to amend the bill in this particular was ment by Representative Hollingsworth of Ohio to make all
voted down. A motion by Representative Montague, of Liberty bonds security for national bank currency issue
Virginia, to exempt State, county and municipal officials, was rejected on a point of order from Mr. Kitchin. The
whom, he declared, Congress has no power to tax, was Ohio member declared the Liberty bonds are unduly disdefeated, 72 to 32, while Representative Walsh's motion criminated against and the Government 2 % bonds favored,
to exempt salaries of the President and Federal judiciary affecting the price of the recent issues.
According to Associated Press dispatches of the 19th
was voted down, 77 to 17. A final vote was not taken on
a motion to exempt State and municipal.bonds from super- changes proposed by the House Ways and Means committee
taxes, although on a rising vote it was rejected by about and adopted by the House included:
Extension of the business license, or occupation, tax of $10 annually to
48 to 26. Representative Platt, of New York, however,
engaged in any trade, business or profession," whose gross receipts
made a point of no quorum, and the House adjourned. "persons
exceed $2,500, with an additional $5 tax for wholesalers.
and
county
State,
from
income
that
providing
The section
Elimination of the so-called taxicab tax, which levied 5% on gross remunicipal bonds issued in the future, with a personal ex- ceipts of persons operating three or more automobiles for hire, other than
sight-seeing machines.
emption of interest on toal holdings of $5,000, shall be
Elimination of duplicating and adding machines from the list of semiwas
taxes,
income
calculating
in
income
luxuries taxed 10%.
considered gross
A provision making the tax on soda fountain and soft drink retailers
attacked on the grounds both of wisdom of policy and of effective
Nov. 1 next. This tax is 2 cents on each 10 cents of sales of soda
Congressional authority under the Constitution. An amend- water, ice cream and similar articles.
DemoTexas,
of
Hardy,
A provision changing the tax on toilet soap and powder from 1 cent on
ment proposed by Representative
sales of 10 cents or fractions to a 10% levy on manufacturers'
crat, to change the basis of calculating profits from sales retailers'
or importers' sales.
overrejected
was
1913
since
owner
the
by
held
of property
A new amendment exempting entertainments for soldiers and sailors
whelmingly, after -Majority Leader Kitchin had declared from amusement admission taxes.
At the Senate Finance Committee's hearing (in the bill
the principle advanced would cause a revenue loss of $2,000the 14th the elimination of the provision increasing the
on
000,000.
With practically no discussion, the House approved the normal income tax on public utility organizations was
provision, substantially continuing the existing law, fixing urged. The New York "Commercial" of the 16th inst.
individual income ekemptions at $1,000 for single and $2,000 said:
Philip A. Gasden, representing a national utility committee, told the
for married persons, with allowances of $200 additional for Senate
Committee public utility corporations of the country are in a critical
The
age.
of
years
18
under
dependent
other
each child or
financial state and can boar no further tax.
of
Little
"Unless we get Federal relief," Mr. Gadsden declared, "we will go into
House rejected an amendment by Representative
by the dozens."
Kansas to exempt interest on State, county and municipal receivership
When Senator Penrose of Pennsylvania called attention to the fact that
for
provided
amount
the
to
up
supertaxes
bonds from the
wages are being increased by the utilities, Mr. Gadsden said the War Labor
Board was forcing these increases.
Liberty bonds.
in the direction of the heroic tigure of George Washington
and saluted in solemn fashion. This example was observed
by the men, who, amidst cheers from the throng, stood at
attention as they came into view of the bronze likeness of
the *companion in arms of their own Lafayette.
Every one of the Legionaires wore his service uniform and
a brand new steel helmet, carried his full fighting equipment
and, after leaving the buses to make the short march to
the Equitable Building, where they had their first formal
reception, marched with a vigor that belied the knowledge
that many of them have been fighting for four years in the
bitterest of combats. The Legion will aid in the work of
the Liberty Loan campaign. Evety soldier has been
wounded and wears at least one decoration for valor. They
left yesterday for Washington, where they will be received
by President Wilson.
SEPT. 211918.11
1147
THE CHRONICLE
He presented statistics showing that during the last year the net income
of 200 public utilities concerns have decreased 74%.
United States bears to the amount of its gross income from all sources
within and without the United States) in excess of the interest received
free from taxation under this title.
R. J. Hamilton, Secretary of the American Radiator Co.,
Robert R. Read, of Reed., McCook & Hoyt, attorneys
sought a modification of the proposed 80% tax on war
was very active
profits, and contended that reserve funds held by business for the Investment Bankers' Association,
Aug. 21 he adOn
the
above
made.
having
changes
in
be
war
should
the
after
concerns for emergency purchases
of
the Ways and
Kitchin
to
latter
a
Chairman
dressed
left tax free. On the 16th inst. the Senate Finance Comthe matter, and on Aug. 29
mittee was told by S. L. Swarts, of the National Whole- Means Committee concerning
subject.
sale Dry Goods Association, that under the normal and war he also addressed the Treasury Department on the
Comtax features, dry goods merchants and all others selling On Sept. 10 he appeared before the Senate Finance
the point at issue.
discussed
and
mittee
profits
annual
of
their
two-thirds
pay
would
merchandise
to the Government in taxes. Mr. Swarts also objected to
the provision authorizing the Commissioner of Internal SEVEN BILLIONS MORE ASKED FOR NEEDS OF
Revenue to ,order an inventory of stocks when necessary
LARGER ARMY.
to determine the amount of taxes due the Government.
A supplementary appropriation bill prepared by the War
Mr. Swarts submitted an amendment providing that a
the military establishreasonable allowance be made for the increased cost of mer- Department, covering the needs of
year,sent to the House Appropriachandise over the average cost during the pre-war period, ment for the present fiscal
for $7,347,727,612 32.
contending that the bill fails to take into account the present tions Committee on the 17th inst., asks
the
army program
of
enlarged
needs
the
cover
The
estimates
unless
proper
and
values
abnormally high merchandise
men in France by next
provision is made for a decline, a commercial and financial which calls for putting 4,000,000
June, with another million in reserve on this side. This
panic will result after the war.
brings the total appropriations asked for army purposes for
to
motion
each
picture
week
a
$3,500
Salaries upward of
stars absorb profits of the film business, although the rentals the present year up to approximately twenty-four billions,
in the United States and Canada amount to $70,000,000 a in cash and ,contract authorizations. Chairman Sherley
year, the Senate Finance Committee was advised on the of the House Committee is quoted as saying:
submission of these estimates, which•cover a very great increase in
18th by William A. Brady and Walter W. Irwin, repre- theThe
army, is a most complete and not to be misunderstood answer to the
who
industry
to
proappeared
picture
motion
the
senting
Austrian peace proposal. Congress will unquestionably vote whatever
is
test against the proposed increase from 10 to 20% in the amount of the estimates submitted which, upon hearings to be held,ofitthe
expended in the projected enlargement and equipment
found
tax on admissions and an additional tax of 10% on rentals army.can be
in the proposed bill. Mr. Brady said the taxes would
Doubt is expressed in some quarters that the industries
amount to $2,000,000 a year more than the companies are of the country can be speeded up to"the extent of producing
making and would force many theatres out of business. the vast quantities of supplies covered by the various approWith Wednesday's testimony the hearing before the Senate priations. In other words, while the expenditures may be
Committee were concluded. The Committee expects to authorized, it is doubted whether the money can be actually
begin consideration of the measure in executive session next spent in the time indicated. Chairman Sherley said he was
Tuesday.
hopeful that if two-thirds of the new amount was granted in
Perhaps the most important alteration made by the cash and the remainder in authorizations, the needs of the
War
the
upon
in
bill
eliminwas
Revenue
House in passing
army would be provided for. There was no disposition to
ating the provision which, if retained, would have operated doubt, however, that Congress, after proper hearings, would
to nullify the tax-exempt feature of United States bonds, vote whatever sums might be necessary to give • effect to
Federal Farm Loan obligations, and State and municipal
the country's determination to put its whole strength into
issues. In our editorial columns last Saturday (page
the war.
1028) we directed attention to the presence of this disturbing
In his letter enclosing the estimates, Acting Secretary of
effects
and
out
pointed
how
its
bill
serious
the
provision in
Benedict Crowell said:
War
must be if allowed to remain. The objectionable clause
Swagar Sherley, Chairman House of Representatives, Washington, D. C.:
was contained in Sections 214 and 234 of the measure (the Hon.
Sir.—I have the honor to forward herewith for transmission to Congress
one section applying to the return of the individual taxpayer supplemental estimates of appropriations required for the service for the
and the other to the returns of corporations), and both fiscal year ending June 30 1919, as follows:
OFFICE OF THE CHIEF OF STAFF.
sections have been altered so as to free them from the menace embodied in the same. Only a slight change in phrase-. Contingencies, military information section, General$1,000,000,000 00
Staff Corps
ology was necessary to accomplish this. In other words,on
OFFICE OF THE PROVOST MARSHAL GENERAL.
of
amend
to
Representatives
voted
House
Sept. 17 the
$23,617,302 00
Registration and selection for military ser;ice
Sections 214 and 234 of the bill so as to permit the deduction
OFFICER.
SIGNAL
CHIEF
OF
OFFICE
of all interest paid or accrued by an individual or corpora- Signal service of
$104,180,934 00
the army
tion in computing net income subject to the income tax.
(AERONAUTICS).
SERVICE
AIR
In their original form the provision in the bill relative to the Air service, military
$178,758,366 85
deduction of interest, limited the amount of the deduction
QUARTERMASTER CORPS.
taxpayer
or corporation on his Pay of the army
$791,619,952 16
to the interest paid by the
7,000,000 00
to officers and contract surgeons
or its indebtedness over and above the amount received by Mileage
GENERAL APPROPRIATIONS. QUARTERMASTER CORPS.
As
securities.
tax-free
amended,
secthe
two
him or it from
$263,410,023 S4
Subsistence of the army
71,569,340 99
Incidental expenses
tions now read—the changes being in the omission of the Transportation
1,277,854,305 96
of the army and its supplies
2,244,419 25
words we have put in black-faced type:
Water and sewers at military posts
Deductions Allowed—Individual Taxpayer,
Sec. 214. (a) That in computing net income there shall be allowed as
deductions:
(1) All the ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services
actually rendered and including rentals or other payments required to be
made as a condition to the continued use or possession, for purposes of the
trade or business, of property to which the taxpayer has not taken or is
not taking title or in which he has no equity;
(2) All interest paid or accrued within the taxable year on indebtedness
(or, in the case of a non-resident alien individual, the proportion of such
interest paid which tho amount of his gross income from sources within
the United States bears to the amount of his gross income from all sources
within and without the United States) in excess of interest received free
from taxation under this title.
Deductions Allowed—Corporations.
See. 234. (a) That in computing net income there shall be allowed as
deductions:
(1) All the ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services
actually rendered, and including rentals or the payments required 'to be
made as a condition to the continued use or possession of property to
which the corporation has not taken or is not taking title, or in which it
has no equity;
(2) All interest paid or accrued within the taxable year on its indebtedness (or, in the ease of a foreign corporation, the proportion of such interest paid which the amount of its gross income from sources within the
Clothing and camp and garrison equipage
Horses for cavalry, artillery, S‘c
Military post exchanges
Shooting galleries and ranges
Barracks and quarters Philippine Islands
Construction and repair of hospitals
Fireproof record building
Temporary office building at New York
New permanent buildings, U. S. D. B., Fort Leavenworth, Kan
Purchase of land, Ohio State rifle range
Purchase of land, Fayetteville, N. C
Purchase of land, West Point, Ky
Disposition of remains of officers, soldiers and civil employees
Barracks and quarters, seacoast defenses
MEDICAL DEPARTMENT.
Medical and Hospital Department
Chemical warfare service
ENGINEER DEPARTMENT.
Engineer operations in the field
ORDNANCE DEPARTMENT.
Armament of fortifications
Armament of fortifications, Panama Canal
Ordnance stores, ammunition
Small arms target practice
Manufacture of arms
Ordnance stores and supplies
Automatic rifles
Armored motor cars
Arsenals
Repairs of arsenals
Contract obligations, armament of fortifications
Total
178,703,831 81
14,667,589 00
3,342,512 00
100,000 00
3,766,830 00
129,833,542 00
450,000 00
2,225,000 00
695,427 50
190,186 00
1,500,000 00
1,600,000 00
710,274 52
5,100,000 00
$95.000,000 00
198,800,000 00
$335,000,000 00
$1,985,075,169 00
350,000 00
417,706,180 00
59,787,568 00.
85,156,875 00
160,634,668 00
156,093,004 00
217,687,500 00
1,633,696 01)
1,750,000 00
500,000,000 00
$7,347,727,602 32
1148
THE CHRONICLE
These amounts were not included in the regular estimates submitted for
the service of the fiscal year 1919 for the reasons that the needs covered by
the estimates had not been determined at the time the regular estimates
were prepared and submitted.
Very respectfully,
BENEDICT CROWELL,
Acting Secretary of War.
[VOL. 107.
maximum exploitation of the fewest citizens" and that the latter phrase
had been treated as a principle of action admitting no variation.
The determination that one-third of the governmental expenses of the
fiscal year 1919 must be met by taxation was based, says the report—
"upon a careful consideration of the effect of the fiscal policy upon the
morale of the people, upon the inflation of prices, upon production, and
with reference to the relative ability of the people to pay taxes now and
The estimated requirements were increased by $2,000,- after the war."
But no traces of the mental processes of this consideration are revealed
000,000 at the last moment, according to Representative
and the sole visible support for the conclusion reached is the following
Sherley, who had announced only the day before that the statement—
War Department would ask for five billions.
"On June 5 the Secretary of the Treasury advised your committee that
It is pointed out that the present demands almost equal the probable expenditures for the fiscal year ending June 30 1919 would
be about
and recommended that ono-third of this amount
the eight billions of revenue to be raised by the pending be raised $24,000,000,000,
in taxes, or $8,000,000,000."
The ratio between loans and taxes is the very foundation of war finance,
War Revenue bill, suggesting the query whether extensive
resort must be had to both and upon the wisdom of its determination
changes may not have to be made in that measure. On since
may rest the future of the American continent.
Thursday, however, Secretary McAdoo announced that he
The problem is promptly to convert the largest practicable proportion
would not ask for any further increase on that account at of the national wealth into current funds. England, although following
the tradition of the Napoleonic wars and placing a degree of dependence
present, as set out below.
upon current taxation not approached by any other belligerent (except the
United States), proposes to raise but 15.06% of the war expenses of 1919
by taxation. Yet English wealth is far more liquid in form than American
SECRETARY McADOO DISCLAIMS INTENTION TO wealth and it is liquidity rather than volume which measures ability to
meet heavy and sudden tax exactions. Surplus income is the only source
RAISE MORE THAN $8,000,000,000 UNDER
from which taxes can be derived with economic safety. When this limit is
WAR REVENUE BILL.
passed, taxes must be drawn from capital and, as the payments cannot be
In reply to suggestions that the revenue bill be made to made in kind, this means forced sales and demoralization of values. The
initiation of such a process spells immediate disaster and ultimate defeat
yield between $10,000,000 and $12,000,000, Secretary of of the fiscal plans and purposes. Taxation alone
will not satisfy the dethe Treasury McAdoo on the 19th inst. issued a statement mands of war, the whole surplus income of the people will not suffice,
while extreme taxation will dry the springs of production at their source.
as follows : •
In considering this danger, with regard to the high and rapidly progressive
Secretary McAdoo stated to-day that it is not the intention of the Treasrates sought to be applied to individual incomes, it ehould be borne in
ury Department to ask for moro than $8,000,000,000 of taxes for the current
mind that while the living or operating expenses of corporations and busisear. He expressed the belief that it was unwise to go further at the present ness
undertakings are invariably deducted before determining "net income"
time and that conditions that may develop in the future will determine the
for taxation purposes, there is no corresponding deduction In the case of
question of further increases in taxation.
individuals. This is perhaps a necessary discrimination, but it should
The needs of the War Department were said to have impel moderation in the fixing of the rates of tax.
The danger of forced sales at a serious sacrifice would be much more
prompted the suggestion. Regarding the Army need the
imminent in this country, owing to the very large proportion of wealth
New Y6rk "Times" of the 20th said:
which is in real estate and other fixed forms, than in England. Yet from
It was explained at the Treasury Department that all the money re- April 1
1914 to Mar. 31 1918 England disbursed, for all purposes, $35,quired by the War Department would be granted by Congress and that all
069,830,000, only $9,220,615,000, or 26.29% of which her Government
the money appropriated for use by the War Department could not be ex- ventured
to obtain by taxation. The actual expenditures for military
pended in the fiscal year. If it Is found later In the year :that more money purposes,
men, munitions and armament, but exclusling ordinary expenses
than has been obtained by taxation and bonds is called for, Congress will of
the peace establishment, interest and loans to allies and Dominions,
then be asked to write another tax bill.
amounted to $22,429,885,000, of which only $3,270,660,000, less than 15%
The belief exists in Congress that after the financial situation becomes came from taxes.
more clarified the Treasury Department may indicate a wish that additional
The progress of English taxation is shown by the following:
revenues be found in the present revenue bill. This premise is based on Year which ended
Total
Increase over next previous year
the argument that the revenue bill will not be passed by the Senate until
with March 31:
Revenues.
7'otal.
Per Cent.
ate in November.
1914
$991,215,000
1915
1,133,470,000
$142,255,000
14.35
1916
1,68:.4,835,000
550,365,000
48.56
N. Y, CHAMBER OF COMMERCE FINDS PROPOSED
1917
2,867,140,000
1,183,305,000
70.27
REVENUE BILL DANGEROUS TO FUTURE
1918
3,536,170,000
669,030,000
23.33
1919*
4,210,250,000
OPERATIONS OF GOVERNMENT.
674,080,000
19.06
*Budget estimates.
Declaring that. the present war revenue bill now being
It is difficult to comprehend the reasons for subjecting Americans to
rushed through Congress is dangerous to the future financial two
doublings of taxation in successive years, when England has never
operations of the Government and that the measure to raise doubled her tax revenues and has made but one increase of as much as
fifty
per cent.
war revenues by increasing taxation 100% over last year is
For the fiscal year 1918 Congress appropriated, for all purposes except
unprecedented in the history of nations, the Committee loans to allies, $11,892,027,501
58, but the Executive Department succeeded
on State and Municipal Taxation of the Chamber of Com- in spending only $7,958,672,721 14, or 66.92% of this amount. The
amount
raised
by
taxation
was $3,941,663,000, or 49.53% of the expendimerce of the State of New York has appealed to President tures. Bonds were
issued in the sum of
and war Savings
Wilson and members of both houses of Congress to amend stamps sold in the sum of $307,092,391,$9,978,785,800,
making the total new debt of
the bill. While the need of increased revenues is seriously $10,285,878,191. Loans to allies amounted to $5,623,029,750, leaving
of new debt over such loans of $4,662,848,441. The figures do
questioned, the committee suggests that in the event of anotbalance
appear to be available but it is not unlikely that this balance of new
more money being necessary to finance the war the stamp, debt is equaled, or nearly equaled, if not exceeded, by expenditures for
check and consumption taxes which were prevalent during construction of ships for commercial purposes, permanent fortifications,
of war, and other purposes which it Is commonly recognized should
the Civil War and the Spanish-American War be substi- ships
be provided for by bonds. In other words, it is within the possibilities
tuted for the present taxation bill, which is termed "class that the whole of the actual expenditures for immediate warfare of the
legislation." The report of the committee, which is signed fiscal year 1918 was met by the taxation of that year.
It is not clear that it will be possible to expend, during the fiscal year
by Leonor F. Loree, Chairman; William C. Demorest, 1919, any
larger proportion of the $24,328,561,427 67 appropriated, than
Charles D. Hilles and Clarence H. Kelsey, states that that expended out of the smaller aggregate appropriated for 1918. Before
hitting
upon
England after four years of war is only attempting to raise deduction one-third as the portion to be raised by taxes, there was no
for loans to allies or for amounts to be devoted to building cargo
15% of its war revenues by taxation, whereas the United ships, for naval construction,
for fortifications located upon American
States in the second year of the war, desires to raise 33 1-3% soil or for other permanent purposes. This neglect is rogretable and its
consequences
serious.
prove
may
or more of the expenditures by taxation. "Taxation alone,"
The now measure goes somewhat, but not sufficiently, in the direction
the committee says, "will not suffice, while extreme taxation of simplicity by doing away with the accumulation of taxes
provided in
separate
enactments, but the alternative taxes upon so-, ailed "excess
(as this measure is characterized) will dry the springs of
profits" or "war profits," with their complicated modifications and limitaproduction at their source." Action on the report and tions, are almost equally confusing. While it puts in the hands of minor
resolutions of the committee is to be taken at the next subordinates the determination, at least In the first instance, of matters
monthly meeting of the Chamber, to be held Oct. 3. The of vital interest to the citizen--a determination made not by law but by the
informed or uniaformcd, judicial or prejudiced, as the case
committee's conclusions were made public on the 18th inst.; Individual,
may be. It wisely removes the obnoxious and unjustly discriminatory
we quote ih part from its report, as follows:
additional income tax of 8% upon earned incomes and it limits the taxes
On'Sept. 3 1918 Honorable Claude Kitchin of North Carolina, Chairman on profits to corporate enterprises.
principal sources of revenues, should the bill be enacted In its
of the Committee on Ways and Means and floor leader of the Democratic
majority in the house of Representatives, submitted his long-awaited present form, would be as follows:
proposals for new taxation (if. R. 12, 863, Sixty-fifth Congress), tce,ether
Total to be Collected. Increase over 1918.
with an unanimous report (H. Doc. 767, Sixty-fifth Congress, 2nd Session) Individual incomes$552.186,
$1,482,186,000
000
from his committee favoring their enactment. Those proposals are dis- Corporate incomes
894,000,000
305,500,000
tinguished by the facts, that (1) they would, according to the Committee Excess or war profits
3,200,000,000
1,409,000,000
estimates, increase the annual Federal tax revenue to $8,182,492,000, Estates
110,000,000
62,547,000
approximately double the sum raised during the fiscal year 1918, and more Beverages
1,137,600,000
837,600,000
than twice the largest amount ever raised by taxation in any other nation
The first four of the above items account for $5,686,186,000, or 69.49%
in any one year; (2) they would place upon the taxpayers of the United of the estimated total receipts of $8.182,492,000. The estates tax is
States a heavier proportion of the governmental expenditures of 1919 than especially subject to the criticism that it is imposed upon capital. In many
was ever, in time of war, borne by the taXpaying citizens or subjects of any Instances payment would require the sale of assets upon an unfavorable
modern power, and (3) they would not materially increase the relatively market. Moreover, its heavy rates are superimposed upon State taxes,
small fraction of the total population now required to make direct tax often heavy in themselves, and the now clause specifically imposing
the
payments. Indeed, it would seem that the maxim "the greatest good to Federal tax upon sum: paid as State taxes on legacies and shares in
the
the greatest number" had been considered the exact equivalent of "the same estate seems like a studied effort to accomplish the injustice of double
SEPT. 211918.]
THE CHRONICLE
taxation. It is significant of a strange temper that there is no exemption
in favor of widows, although neither under the exigencies of the Civil War
nor to meet the expenses of the Spanish War was it considered appropriate
to tax the provision left by a decedent for the benefit of his widow. As
a temporary' expedient, such a tax is unjust as, during its short period, it
falls heavily upon relatively few estates, while completely exempting the
larger fraction of property which later decedents freed from the tax leave
to their successors.
Your committee refers to its report submitted June 7 1917. It finds
that many of the matters therein declared to be unsatisfactory are to be
perpetuated and that no consideration has been given to its constructive
suggestions—further:
1. The now measure, like its predecessors, is distinguished by its failure
to be based upon a comprehensive budget, expressing the matured and
responsible judgment of those charged with the duties of government and
showing the amounts and distribution of the sums proposed to be expended and raised. It is almost an admission of incapacity to administer
the democratic form of government that a method recognized as essential
by monarchies, both limited and absolute, should be by us ignored. When
the amounts dealt with have become colossal, this condition assumes the
proportions of national disgrace. The necessity of placing in identical
hands the control of income and outlay has become compelling.
2. Any tax system, especially in times of stress which has a recognized
tendency to produce profligacy and corruption, should be supplemented
by measures to check these evils. Your committee believes that the House
of Representatives should establish a vigorous auditing committee, amply
provided with assistance and authority and under the chairmanship of a
member of the minority party.
3. Loans to allies and expenditures for permanent purposes do not
constitute a proper basis of taxation. The amounts expected to be repaid
and those to be represented by governmental property remaining in existence after the war, ought to be excluded in calculations intended to determine the amount or proportion of expenditures to be raised by taxation.
The expenditures of 1919, exclusive of loans to allies, will not exceed
change, would
$16,000,000,000. The existing law, continued without
produce $4,417,267,000, or .27.61% of this amount in 1919. Your comtax legisfor
or
time
further
this
at
mittee finds no reason for new taxation
lation than would remove the admitted crudities and inequalities of the
present statutes, substituting more approved taxes for those that are most
obnoxious to sound economic principles.•
4. Increases in taxation should not leap forward with such enormous
strides but move moderately and with cautious regard for the preservation
of a substantial margin for tax expansion, should the war prove of unexpected duration. Otherwise it might become impossible to provide new
increments of tax revenues to meet the added interest of successive bond
the moment of extreme necessity.
issues and national credit might falter at
The situation is already menaced by the proposed Prohibition in 1919 of
the production of beverages, which alone will reduce the amount collectible
in the fiscal year beginning July 1 1919 by at least $1,000,000,000.
Under
5. The incidence of this taxation is as important as its amount.
our form of government it is of first importance that all should feel participation in all the burdens as well as all the opportunities of national
existence. Every argument for universal military service is equally an
argument for universal taxation. Moreover, there is extreme injustice
of discrimination among the recipients of the smaller incomes. The
farmer whose income. including the contributions of the farm to his living,
falls below $1,000, often pays $100 or more in property taxes, while the
artisan, whose income may he double that of the farmer, pays no tax at all.
If, for administrative reasons, a tax upon incomes below $1,000 cannot
well be collected from the recipients, all payments for labor and service
might ho covered by receipts and the normal tax represented by stamps,
the cost of which should be deducted from the amount stated in each
receipt. A corruption more insidious and far-reaching than that of the
ballot-box, now happily almost eradicated, is being imported into our
national life through class legislation and class exemptions from taxation
and the wicked pretense that it is right for the majority to vote taxes for
the exploitation of the minority.
6. In view of the essential position of capital in our industrial civilization
our tax system should be based upon outgo rather than upon income, thus
stimulating frugality and discouraging waste, while the destructive death
duties should he eliminated. Stamp taxes should be a prime source of
revenue. The former tax upon checks should be restored and so should
all, or nearly all, the stamp taxes used during the Civil War and the Spanish
War. There should be taxes upon consumption. Tea, coffee and sugar
should bear relatively high rates and your committee especially recommends a stamp tax upon receipts, to be required for all purchases in amounts
exceeding $1. Practical checks upon consumption are needed to chock
the rapidly rising scale of costs. Therefore, be it
Resolved, That the Committee on State and Municipal Taxation of the
Chamber of Commerce of the State of Now York urges that the Congress
evolve a well-balanced and financially-sound revenue bill upon these considerations, which will conduce to the future prosperity of our country; and
Resolved, further, That copies of this report and resolutions be sent to the
President of the United States, to the members of the Cabinet and to
members of the United States Senate and the House of Representatives.
SEPTEMBER CORN TRADING STOPPED ON CHICAGO
BOARD OF TRADE.
All'trading in corn for delivery in store or by grade alone
iniChicago in September was ordered stopped by the directors of the Board of Trade on Sept. 19. It is further stated
that at the same time all Al transactions in indemnities
executed on Sept. 19 in September corn were declared null
andivoid and the sellers ordered to refund to the buyers the
purchase price of the indemnities. The reason given was
the embargo placed Wednesday which restricted to a great
,Chicago market and the
extent shipments of grain to the
fact that practically all of the storage space suitable for
re-receiving grain on September contracts is now filled with
grain largely held for the government.
The settlement price for September corn is said to have
been ;fixed at $I.55%.1Thursday's close was $1.543/2. A
resolution adopted by the directors said:
Every seller not notifying his purchaser in writing before 1:15 p.in. Sept.
basis
24 of his intention to settle his September, 1918, contracts upon the
of the price thus fixed shall be deemed to have elected to deliver the propthe
at
be
made
shall
deliver,
settlement
erty and in case of his failure to
price fixediplusithe penalty provided in Rule XXIII.
1149
PRESIDENT WILSON SIGNS BILL PROHIBITING
MANUFACTURE OF BEER, ETC.
President Wilson on Sept. 17 signed a proclamation ordering all breweries to be closed down on Dec. 1 next. The
prohibition will apply to all near beers, as well as real beer,
the proclamation applying to all malt products. After
Oct. 1 the brewers will be confined to the use of malt and
hops already in stocks, and the manufacture will cease
altogether in December. The proclamation is based on
need of conserving both food and fuel.
NO WOOL FOR CIVILIANS.
The War Industries Board, in -announcing on Sept. 12
that there is at the present time no free wool available for
civilian consumption,renews its warning that "there must be
conservation of wool and of all things made of wool to prevent serious shortage and real distress for a long time to
come." We quote herewith its announcement made through
Bernard M. Baruch, Chairman:
While no real shortage is to be feared in the supply of woolen cloth or
clothing this winter, the country 1., warned against a mistaken belief that
there will be a surplus of free wool over Government requirements. Such
a belief might arise through a misconstruction of a statement issued by
General Wood, Acting Quartermaster-General, in summing up the needs
of the military forces to July next. In several instances this was interpreted
as meaning that the wool supply was above the demand. That is misleading. The statement referred to the fact that no shortage of clothing
need be feared, because of the large stocks of finished clothing and cloth
now on hand.
Woolen Section Statement.
The woolens section of the War Industries Board, which has a thorough
understanding with General Wood, issued a statement that there is at the
present time no free wool available for civilian consumption; and renews
Its warning there must be conservation of wool and of all things made of
wool to prevent serious shortage and real distress for a long time to come.
This warning applies particularly to the use of cloth and clothing now made
up, which will be difficult of renewal when the present stocks are exhausted.
It is announced in a statement issued to-day by Herbert E. Peabody,
chief of the woolens section of the War Industries Board, after conferences
with exports of the wool section and representatives of the woolen industry,
that no program for future civilian consumption can be undertaken at this
time. Wool must be imported to meet Government needs, and until there
have been such importations and a surplus is disclosed no plans can be made
for civilian needs.
Following is the announcement from the woolens section:
The public statement of the Acting Quartermaster-General, in which he
has disclosed the wool requirements for the Government for the period
July 1 1918 to July 1 1919 brings many inquiries as to what wool may be
available for civilian consumption. It may now be definitely stated that
at present there is no wool available for civilian allocation. The Acting
Quartermaster-General discloses the fact that a large quantity of wool
molt be imported to meet military necessities; and until such importations
have been made in amount to cover Government needs, a program for
future civilian consumption cannot be undertaken at this time. However,
in order that the woolen industry may have the closest touch with the
situation, and in order that everyone concerned may be assured that careful
consideration is being given the needs of the industry by men from the
industry, the Textile Division of the War Industries Board has requested
the advisory committee of the War Service Committee of the Wool Manufacturing Industry—Messrs. George B. Sanford, Henry A. Francis and
of
Franklin W. Hobbs—to ac; in a similar capacity to the woolens section
the War Industries Board, and a meeting will be held Sept. 25.
Conservation is Urged.
Conservation of wool and all of the things made of wool cannot be too
strongly urged, and emphasis cannot be too often repeated.
and inThe woolens section has already gone on record that if careful
undertelligent planning in buying and using articles of wool is seriously
taken by the people of this country, they may safeguard themselves from
come.
to
long
time
a
real distress through a wool shortage for
Brigadier-General R. E. Wood's estimates were published
as follows in Washington advices appearing in the "Wall
Street Journal" of Sept. 11:
Brigadier-General Wood, acting Quartermaster-General, estimates the
secured wool requirements of the Government for the fiscal year ending
June 30 1919 at 266,000,000 pounds for the army, navy and marine corps,
is
and approximately 17,500,000 pounds for other needs. All of this
available, he says, although about 50,000,000 pounds must be imported
ships,
from Argentina and Australia, which will require not more than five
deal
The domestic clip is more than 150,000,000 pounds and there is a good
have
stores
and
tailors
the
and
manufacturers,
the
of wool in process with
stocked up with cloth six or eight months ahead, so there will be no shortage
for at least 15 months. The supply on hand, General Wood said, will be
sufficient to provide for the new draft army as well as the men now in
service. The men called this summer have not yet got overcoats, blankets
the
or woolen coats and trousers. This will occasion the greatest strain on
Department during October, November and December. On the 1st of
cotton
5,600,000
breeches,
woolen
5,000,000
August there were on hand
drawers.
breeches, 4,000,000 woolen and 3.000,000 cotton costs, 29,000,000
and
summer and winter; 24,000,000 undershirts, summer and winter,
5,200,000 blankets.
Contracts have been let in England for 3,000,000 pairs of legging's, 3,breeches.
000,000 pairs of.shoes, 1.500,000 flannel shirts and 1,000,000
fell on
The raincoat frauds amounted to about $2,000,000, but the loss
the
commandeered
We
canceled.
the contractors. The contracts were
The
raw material the contractors had on hand and will let the contracts.
incident lost a month in production.
call for
Of woolen overcoats there are 3,140,000 under contract. Every
By Nov. 15
fall and winter clothing for the 18 to 45 draft will be supplied.
with
there will be sufficient standard cloth on hand to supply every officer
uniforms.
insure
to
There are sufficient stocks of woolen clothing "over there"
made. One
every man having a full supply and large shipments are being
million blankets will be shipped this month.
pairs of
Reclamation work is assuming big proportions. Over 300,000
course of
shoes a month are being repaired and 700,000 blankets are in
reclamation right now.
1150
THE CHRONICLE
GOVERNMENT RELEASES FALL MOHAIR CLIP—NOT
TO FIX PRICE NOW.
According to a statement of the War Industries Board,
issued Sept. 6, the failure of representatives of the mohair
growers and producers' associations to reach.an agreement
with the Government on the price for this fall's domestic
clip of mohair, resulted in an announcement through Lewis
Penwell, chief of the wool section of the War Industries
Board, that the price will not now be fixed and the Government releases the fall clip. The War Industries Board said:
It was represented al Mr. Penwell that the cost of production was
around $1 per pound. The growers and producers said that a price less
than 85 cents per pound would be ruinous. Mr. Penwell explained that
while the Government needed the fall domestic ?lip it could get along
without it. The Government did not feel justified in paying the growers
the price they were asking, and did not want to do the industry an injustice.
The hope was expressed by Mr. Penwell that the mohair growers could
take care of themselves toy selling direct, or nearly direct, to the manufacturers, and that speculators would not take advantage of the situation to
profiteer and thus force the Government to take other action.
[Vol.. 107.
to cover such shipments as the Director of Lumber of the
War Industries Board shall certify to be suitable and necessary for Government use.
DEVELOPMENTS GROWING OUT OF REPORTS OF
COTTON PRICE FIXING.
The latest developments in the cotton situation are the
disclosures yesterday, as made known in Associated Press
dispatches from Washington last night by Senators from the
cotton-growing States that President Wilson had made it
clear at his conference with them last Tuesday that it was
his intention not only to fix a price for this year's cotton
crop, but also to order Government control of its distribution. These dispatches further said:
The President gave no intimation of what ho would consider a fair
price, it was said, and any action will await the report of the special committee which the President announced last week would inquire into the
general subject, including production costs.
Following is the statement issued by Mr. Penwell after. The President's announcement of last week, made public
the adjournment of the conferences:
on the 14th, supplemented that issued early in the month
On the 8th day of August 1918 the wool division of the War Industries by B. M. Baruch, Chairman of the War Industries Board,
Board notifies all parties interested that the Government would require
in which it was stated that the Board was about to appoint
the fall clip of mohair and would later on call a meeting Uu fix the price,
which meeting was subsequently fixed as Sept.4 1918,at Washington,D.O. a committee to consider the desirability and feasibility of
A meeting was held pursuant to this call, and the fact was developed by effecting a stabilization of cotton prices and
other matters
representatives of growers and the representatives of producers present
that the cost of producing mohair was in excess of anything the Govern- connected with the handling of the cotton crop. President
Wilson, in advising W. J. Harris, of Atlanta, on the 7th
ment could afford to pay, considering the uses to which it could be put.
The needs of the Government are not such at present that if feels justified that there was no cause for concern
about the price of cotton,
in taking any arbitrary action in fixing the price below the cost of production. The accredited representatives of the National Mohair Growers added,"the plan is merely for an impartial inquiry to ascerAssociation, the Texas Goat and Sheep Raisers' Association, and the tain whether agreements would be serviceable in stabilizing
Arizona Goat Raisers' Association have all stated in the meeting that if a transactions."
In his statement of the 13th, issued "to
price less than 85 cents per pound were fixed it would be less than the cost
avoid misinterpretation of the statements made concerning
of production and would work a great hardship upon the industry.
For the foregoing reason, and beca'use an agreement could not be reached, the stabilization of the cotton industry," President Wilson
it has been decided that the price for the fall domestic clip of mohair will
announced that it was the plan to create, subject to his
not now be fixed.
approval, "a cotton committee to devise methods for (a)
Until further notice the fall domestic clip of mohair is hereby released.
It Is hoped advantage will not be taken of the situation and that profiteer- broadening the channels of distribution and use of the great
ing on the part of speculators will not force the Government to take farther
stock of low grades now practically unmarketable; (b)
action.
eliminating speculation and hoarding, and (c) apportioning
ANIMAL HAIR ON RESTRICTED IMPORTS LIST. the foreign orders." His statement in full of a week ago
follows:
RESTRICTION OF FUR IMPORTS.
The demand for high-grade cotton which is out of proportion to the
The War Trade Board made known on Sept. 12 that it
supply, and the fact that the Government, through early agreehad placed animal hair, other than horsehair, hair of the available
ments with the Allies, must act as a common buyer for Allied purchases,
angora goat, camel, and other like animals on the list of make it necessary to secure some basis of distribution of all grades of
restricted imports. All outstanding licenses for the impor- cotton. Based on the standard grades established by the Department
of Agriculture, an effort will be made
provide a way by which the lowtation of this commodity have been revoked as to ocean ship- grade cotton will be brought to sale to
and use along with the high-grade
ment from abroad after September 15, 1918, and no new cotton at reasonable and just prices.
licenses will be issued except for ocean shipments from abroad beit is believed that by this course both the producer and consumer will
better protected than by continuation of the present chaotic conditions
made on or before September 15, 1918, shipments from Can- of the market.
The
plan is to create, subject to the approval of the President, a cotton
ada or Mexico by other than ocean transportation, and
to devise methods for (a) broadening the channels of distribution
shipments coming as return cargo from Europe and Medi- committee
and use of the great stock of low grades now practically unmarketable,
terranean Africa when shipped from convenient ports where (b) eliminating speculation and hoarding, and (c) apportioning
the foreign
orders.
loading can be done without delay.
It may be part of this committee's duty to reconunend basic prices on
The War Trade Board have further restricted the impor- cotton. If, after investigation, it is found
necessary, a fair price will be
tation of furs not on the skin, prepared for hatters' use, fixed.
During
this
investigation
and in order to avoid stagnation, a separate
including furs carroted. All outstanding licenses for the
of three is being set up with authority to buy cotton for the
importation of these commodites have been revoked as to committee
use of the United States Government and the Allies, at prices to be apocean shipments made after Sept. 15, 1918. Hereafter no proved by the President.
licenses will be issued except for shipments from Canada
On the 14th inst. a joint committee to protest to President
or Mexico by other than ocean transportation, and for Wilson against the fixing of prices for raw cotton was named
shipments from Europe or Mediterranean Africa when at conferences of Senators and Representatives from the
coming as a return cargo from convenient ports where loading cotton-growing States. The joint committee appeared
can be done without delay.
before the President on the 17th, and at the conclusion of
the conference Senator Underwood, speaking for the delegaIMPORTS OF HIDES AND SKINS FROM EAST COAST tion, said that if any statement was issued it would come
OF SOUTH AMERICA.
from the President.
The members of the joint committee were Senators Smith,
The War Trade Board under a ruling made public Sept.12
has authorized the importation of hides and skins from the of South Carolina, Chairman; Smith, of Georgia, Ransdell
east coast of South America which were purchased before of Louisiana, Sheppard of Texas, Simmons of North CaroJune 15, 1918, but which the importer has not been able to lina and Underwood of Alabama; Representatives Young of
bring into this country on account of the restrictions upon Texas, Chairman; Wingo of Arkansas, Chandler of Missisimports. Licenses will be issued for such imports, provided sippi, Bell of Georgia and McClintic of Oklahoma. The
the Hide, Leather, and Leather Goods Division of the War Senators participating in the conference on the 14th inst.
Industries Board certifies that the goods in question were are said to have stated that there is no authority for the
bought or contracted for by the American importer prior President or any Government agency to fix prices and that
to June 15, 1918, and that title has actually passed or the this authority could come only from Congress. They added
importer has become irrevocably bound for the payment that Congress had no intinition of enacting such legislation.
of the purchase price.
Walter L. Johnson, President of the New York Cotton
MAHOGANY LOGS MAY NOT BE IMPORTED EXCEPT Exchange, in an interview on the 14th with a representative
FOR GOVERNMENT USE.
of the "Financial America" regarding the announcement
Under a new ruling of the War Trade Board issued Sept. President Wilson as to the possibility of fixing prices on
12 all outstanding licenses for the importation of mahogany cotton, was quoted by that paper as having said:
logs and mahogany limber have been revoked as to ocean
There are two reasons given in President Wilson's statement which are
shipment after Sept. 10, 1918. Hereafter no licenses for commendable and which will meet with the approval of cotton growers
and handlers throughout the country. They are, first theTplani to have
the importation of these commodities will be issued except domestic mills take a proportionate:share of all grades of cotton, and also
rs,
SEPT. 211918.]
THE CHRONICLE
to purchase for foreign governments as well as for the United States and
distribute the various grades pro rata.
Heretofore the foreign countries have been taking all the white cotton
they could purchase, and have left tho lower grades fcr consumAion in
this country, and the new plan would work out to the satisfaction of everyone,so far as I can sec.
However, I am opposed to price fixing, and this is not necessary at
present. There does not appear to be any good reason in my opinion why a
definite price should be named, whether the fiture be high or low.
By far the best plan that has yet been proposed is the one calling for the
appointment of a committee of three to purchase cotton for this country
and its Allies. Such a committee could name a price that it would pay
during a certain period and the planters would have to come to the committee and sell, mainly because by far the greater part of the cotton crop
of this country is being ccnsumed by the governments.
Such a plan would be price fixing enough, and this would cause a price
to be named which would be flexible and could be advanced or lowered in
accordance with the conditions prevailing at the time the purchases were
to be made.
SCHEDULE FOR CONSERVATION OF SPOOL COTTON
MATERIALS.
In announcing the agreement reached with spool cotton
manufacturers for the conservation of wood, cardboard,
twine and other materials, the War Industries Board on
Sept. 10 said:
The Construction Division of the War Industries Board, after agreement
with the spool cotton manufacturers, has issued a schedule for the industry
putting into effect plans for the conservation of lumber, cardboard, twine,
nails, and other materials, and to relieve the burden on railroads by cutting
down to the extent of at least 600 cars a year the number of cars necessary
to transport the material used in the industry.
Manufacturers of cotton thread in white, black and colors in all cords
are restricted now to these sizes:
White—Nos. 8, 12, 20, 30, 36, 40, 50, 60, 70, 80, 90, 100, 120, 150.
Black—Nos. 8, 12, 20, 30, 36, 40, 50, 60, 70.
•
Colors—No. 50.
Effective January 1, spools are to be made with the smallest practical
diameter for 200 yards minimum per spool of white, black and colored
domestic cotton threads for all cords; 100 yards minimum per spool for
carpet and button threads; 45 yards minimum per unit for darning cotton.
The size of spools now in use for winding carpet and button threads.is
to be reduced by at least 50%, without any reduction in yardage, and the
number of colors manufactured for stock is to be reduced as far as possible.
For the manufacturing trade tubes and cones are to be substituted where
possible for wooden spools.
One of the largest manufacturers of cotton thread reports that under the
plan of conservation he will save next year 407,379 pounds of wrapping
paper; 9,774 pounds of twine, and 5,146,815 feet of lumber. No estimate
has been made of the savings in cardboard boxes, nails, etc., used in the
industry.
PRICE STABILIZATION OF COTTON SEED.
The acceptance by the State Food Administrators of the
recommendation of organized producers of cotton seed to
stabilize the price of the latter was made known by the Food
Administration as follows on Sept.5.
•
1151
lies.put on sale subsequent to Oct. 2, were announced by the
Pulp and Paper Section of the War Industries Board on
Aug. 23. Besides fixing the weights of paper that may be
used, the regulations call for a reduction of 10% in the tonnage of paper used this year. The following is the announcement made by the War Industries Board:
The War Industries Board, through the Pulp and Paper Section, announces regulations for the control of paper used in the production of all
periodicals entered at the Post Office Department as second-class mail
matter, with the exception of newspapers and agricultural publications,
which are made the subject of special regulations.
These regulations, which cover magazines generally, are made effective
for weekly periodicals Sept. 15 and for bi-monthlies and quarterlies which
are put on sale subsequent to Oct. 2. Inability to comply with the regulations because of mechanical reasons by.the dates proposed must be set
forth in letters to be filed with Thomas E. Donnelley, Chief of the Pulp
and Paper Section.
The regulations fix the weights of paper that may be used by periodicals,
while allowing consumption of Stocks of heavier paper on hand; suggest
specific methods for curtailment in tonnage from that used last year and
add an arbitrary reduction of 10% on average tonnage, with no guaranty
of adequate supply under the reduced tonnage; suggest discontinuance of
many alleged wasteful practices, and also the selling of advertising with a
•guaranty of circulation,requiring a rebate if circulation falls below the guaranteed amount.
The regulations in full follow:
To Publishers of All Periodicals Except Newspapers and Agricultural Publications:
The Priority Board of the War Industries Board has listed paper mills as
an essential industry and has rated them in fourth class for priority for coal
on the distinct understanding that all wasteful uses of paper shall be eliminated and the necessary use be curtailed to the minimum.
Paper mills will be put upon the priority list for coal conditioned upon
their signing a pledge that they will furnish no paper to any consumer who
will not also sign a pledge in duplicate that he will exercise the greatest
possible economy in the use of paper and will observe all rules and regulations of the Conservation Division and of the Pulp and Paper Section of
the War Industries Board.
The following regulations have been made by the Pulp and Paper Section of the War Industries Board for the control of paper used in the production of all periodicals entered as second-class matter, with the exception of newspapers and agricultural publications.
The following regulations shall be effective for weekly periodicals Sept.
15 1918; for bi-monthlies and quarterlies which are put on sale subsequent
to Oct. 2 1918. If for mechanical reasons it is impossible to put these regulations into effect on the above dates, a concise statement of reasons must
be sent by letter to this office as soon as possible.
Weights of Paper.
No periodical shall use in its production any paper heavier than the following basis:
24x36-36
News
25x38-45
Machine finish
25x38-50
Super calendered for body
25x38-70
Super calendered for color work
25x38-70
Coated for body or inserts
Cover, only of sufficient weight to properly protect publication
and not to exceed:
25x38-100
Coated
25x38— 90
Super
At a meeting of the State food administrators, held in Washington WedAll stocks on hand heavier than the above weights may be used and comnesday, it was decided to accept the recommendation of the organized
cotton seed producers as expressed by the commissioners of agriculture and puted as of the above weights in figuring the tonnage allowed in the folmarkets and officials of the farmers' unions and other organizations in the lowing regulations.
If any publisher desires to substitute supercalendered for coated, or news
several cetton States to stabilize the price of cotton seed at the average
price of last year, the fundamental basis being on a yield of 41 gallons of for super or machine finish, the use of heavier weights than the above
schedule will be considered by this office.
oil f. o. b. cars.
The Food Administration has also consulted with the representatives of
Tonnage Allowed.
the crushers, refiners, and lard substitute manufacturers as the tho formuEach publisher shall figure the total tonnage he would have used during
lation of regulations and voluntary agreements, so as to give effect to the
the year July 1 1917 to June 30 1918,inclusive, had he used body and insert
producers' recommendations for a stabilized price throughout the year.
of the above weights and cover paper of the weight he actually used,
The,price of seed on the basis recommended by the producers will vary paper
it did not weigh more than 100 pounds for coated and 90 pounds
from $64 to $72 in carload lots f. o. b. cars, depending upon the yield in provided
supercalendered. From this amount he will deduct one-half of the
oil, which varies from zone to zone. Using this basic price, the Food for
represented by items 1, 2, 3, 4, 5 and 6 of the suggestions printed
Administration has settled with the refiners to purchase oil at 17M cents tonnage
He will be allowed hereafter this last amount less 10% as his aver-f. o. b. mills, and the Food Administration will assist the refiners to hold below.
age tonnage.
this price throughout the year.
This saving may be accomplished by a further reduction in weight, by
Differentials have been fixed for crushing seed in consultation with the
number of pages, curtailment of circulation, or in any other
crushers' association on the basis of last year's costs and regulated profit cutting the
publisher chooses, and the tonnage may be used for reading matof last year, plus the increased cost imposed by change in labor, transpor- way the
ter, advertisements, or circulation as the publisher chooses.
tation, and supplies.
This tonnage will be apportioned by issue, but any publisher may use
The result is that the price of meal will vary from $50 to $57 in bags,
any one issue, provided the total
depending upon tho protein content or, roughly, $3 per ton higher than more or less than the average tonnage in
tonnage in any six months is not exceeded.
last year.
Any publisher whose circulation has increased by legitimate methods in
The Food Administration has strongly recommended to the War Indusfor the year July 1 1917 to
tries Board that the price of linters should be increased so as to bear its an unusual amount over the average circulation
proper share of the burden and increased cost of manufacture, and any Juno 30 1918 may present his case for special consideration.
Additional Regulations.
change in this direction will be applied to a reduction in the price of meal.
The proposal of the cottonseed producers to accept the average price of
Discontinue selling advertising with a guaranty of circulation requiring
cotton seed for last year, despite the lower yield of cotton and the increased a rebate if circulation falls below guaranteed amount.
cost of production, is a concession on their part to the cattle-feeding and
Because of the absolute necessity of curtailing the use of paper, no new
dairy interests in this country.
publications may be established during the period of the war unless it can
would
have
been
Administration
glad
reto
a
at
have
arrived
The Food
be shown that such publication is an absolute necessity.
sult that would have made the price of meal exactly the same as last year
Suggestions.
to the feeding industry, but it is impossible to maintain the price of oil if
The Pulp and Paper Section does not guarantee to the publisher an adeit were increased above the present figure, owing to the relatively lower
quate supply of paper after the above curtailment is put into effect. The
basis for vegetable oils.
supply of paper depends entirely upon the limitation of coal, supplies,
feels
satisfied
that
the
Administration
inthis
of
stabilization
Food
10 The
transportation, and labor, and conditions may arise where the demand for
dustry by the voluntary agreements of all elements of the industry will
war products will require an additional curtailment. If such conditions
greatly eliminate speculation that would otherwise take place, and that all arise,special consideration will be given to those publishers who have estabInterests will have been protected in so doing.
lished themselves upon the most economical basis. Certain practices
The details of the seed prices assessed to local zones and yields will be
which, under normal conditions might be justifiable, are under war condiissued by the State food administrators in each State.
tions considered wasteful and unbu.sinesslike, and if possible each publisher
should attempt to eliminate the following:
REGULATIONS FOR CONTROL OF PAPER IN CASE OF (1) Continuing subscriptions after date of expiration, unless subscriptions are renewed and paid for.
WEEKLY, BI-MONTHLY AND QUARTERLY
(2) Giving free copies—except for actual services rendered; except to
PUBLICATIONS.
camp libraries and huts of organizations recognized by the Government,
as the Y. M.C. A., K. of C., &c.; except to the Library of Congress
Regulations for the control of paper used in magazine such
and other libraries which will agree to bind for permanent keeping; except
publications,and made effective in the case of weekly periodi- to Government departmental libraries which use said periodicals in their
cals on Sept. 15 and in the case of bi-monthlies and quarter- work, and except for similar reasons.
S
1152
THE CHRONICLE
(3) Giving free copies to advertisers, except not more than one copy each
for checking purposes.
(4) Accepting returns from newsdealers of unsold papers.
(5) Sending free copies for the purpose of stimulating circulation or
advertising, except upon application and except to a limit of 1% of circulation.
(6) Sending free copies in exchange for other publications.
(7) Selling at an exceedingly low or nominal subscription rate.
(8) Selling to subscribers below published subscription rate, except in
clubbing with other periodicals, when the price should not be less than
75%
of the sum of published prices.
(9) Selling premiums with periodicals unless a price is put upon the
premium for sale separately, and the combined price is at least 75% of the
sum of the individual prices.
A statement will be requested Nov. 1 1918 as to how many of these practices have been discontinued.
The urgent necessity of economizing in the use of paper in every possible
way can not be too strongly emphasized, and.each publisher should carefully—
Restrict the overruns which are printed for files, office copies, &c.
Scrutinize the pressroom wastes.
Consider the possibility of reducing the size of the type and margins.
Procure, as far as possible, paper and all other materials from the nearest available source of supply, provided it is consistent with price, quality,
and service.•
If It is possible for publishers to reduce their tonnage of paper below the
allotted amount, it is their patriotic duty to do so.
WAR INDUSTRIES BOARD ON PROHIBITION AGAINST
SALE OF ADVERTISEMENTS WITH A REBATE.
The War Industries Board announced on Sept. 13 that
because advertising agents and agencies profess confusion
through lack of understanding of the regulation authorized
by the War Industries Board that there must be discontinuance of the practice of selling advertisements in newspapers
and periodicals with a guarantee of circulation and a rebate
should the circulation fall short of the guarantee, Thomas E.
Donneley, chief of the pulp and paper section of the War
Industries Board, issues this explanatory statement:
To advertising agents and agencies:
There has been considerable misunderstanding concerning the following
ruling to all newspapers and periodicals:
"Discontinue selling advertising with a guarantee of circulation requiring
a rebate if circulation falls below guaranteed amount."
The purpose of this ruling is to prevent the printing of copies of newspapers and periodicals which are not called for by the legitimate circulation, but are printed by the publisher and circulated by forced means in
order to make good the guarantee and save this rebate. Such circulation
Is, of course, a waste of paper and during the war must be stopped.
There is nothing in our regulations which prevents the publisher from
making a sworn statement of past circulation, but hereafter publishers
can not guarantee future circulation. Advertisers must buy their advertisement upon the reputation of the newspaper or periodical and their
belief that the circulation is a bona fide one and will be maintained. This
is a positive order and must not be evaded.
REGULATIONS GOVERNING STIMULATION OF
NEWSPAPER CIRCULATION.
To differentiate between acceptable and non-acceptable
methods of stimulating circulation to be employed by the
daily and Sunday newspapers, the War Industries Board,
through the pulp and paper section, of which Thomas E.
Donnelley is chief, on Sept. 14 issued the following statement, with accompanying new and additional regulations,
to be observed as part of the general plan for the conservation of printpaper:
The regulations governing daily and Sunday newspapers, dated Aug. 5,
placed no limitations upon the natural growth of circulation, because it
would be obviously unfair to cut down circulation to the six months period
of January to June 1918, in communities where there has been an unusual
Increase in population duo to war activities. But to allow newspapers to
artificially stimulate circulation would defeat the purpose of the regulations of Aug. 5, which were designed to reduce the total tonnage used by
the newspaper industry 15% in daily editions and 20% in Sunday editions.
It is therefore necessary to add the following regulations:
No publisher shall sell his paper at retail less than his published prices.
No publisher shall use premiums, contests, or similar means to stimulate
his circulation.
No publisher shall issue holiday, industrial, or similar special numbers.
The following have been ruled as legitimate methods of stimulating
circulation:
First. Advertising the newspaper on bill-boards.
Second. Advertising the newspaper on dead walls.
Third. Making poster announcements of forthcoming features.
Fourth. Buying space in contemporary papers announcing special features.
Fifth. Making announcements in its Sunday or daily editioins of special
features to come.
Sixth. Canvassing without premiums.
PAPER CONSERVATION AS APPLIED TO COUNTRY
EDITIONS OF CITY DAILIES AND MAIL ORDER
WEEKLIES.
The War Industries Board,-through its Pulp and Paper
Section, of which Thomits E. Donnelley is Chief, has also
issued regulations far the conservation of print paper used
in the country editions of metropolitan dailies, published
either weekly, semi-weekly, or tri-weekly, and "mail-order"
weeklies, which reduce their tonnage of paper used 15%
as compared with the tonnage used during the six months
Jan. 1 to June 30, inclusive, of the present year. The regu-.
[VoL. 107.
lations become effective Sept. 9. Suggesting the abolishment of a number of practices that under war conditions are
considered wasteful and unbusinesslike, the Pulp and Paper
Section calls on the publishers affected by the regulations to
report on their publications for last year as to total paper
tonnage used, quality and weight of paper, size in inches,
average number of pages and average number of copies issued. The regulations, which were announced Aug. 25,
are as follows:
To Publishers of Weekly, Semi-weekly or Tr -weekly editions of Metropolitan
Papers for country Circulation, and for "Mail-Order" Publications:
We are inclosing herewith a copy of the regulations for the weekly, semiweekly, or tri-weekly editions of metropolitan papers for country circulation, and for mail-order publications.
Will you kindly send us a report for the year July 1 1917 to June 30 1918
covering the following:
First. Quality and weight of paper used in your publication.
Second. Size in inches of your publication.
Third. The average number of pages.
Fourth. The average number of copies printed.
Fifth. Total tonnage used during the year.
REGULATIONS FOR COUNTRY EDITIONS OF METROPOLITAN
DAILIES AND "MAIL-ORDER" PUBLICATIONS.
Tonnage Allowed.
Country editions of metropolitan dailies, published either weekly, semiweekly, or tri weekly, and "mail-order" weeklies shall reduce their tonnage
of paper used 15% over the tonnage used during the six months Jan. 1 1918
to June 30 1918, inclusive, this regulation to become effective Sept. 9 1918.
Any publisher whose circulation has increased by legitimate methcds an
unusual amount over the average circulation for the six months Jan. 1
1918 to June 30 1918 may present his case for special consideration.
Additional Regulations.
Discontinue selling advertising upon a guaranty of circulation requiring
a rebate if circulation falls below guaranteed amount.
Because of the absolute necessity of curtailing the use of paper, no new
publications may be established during the period of the war unless it can
be shown that such publication is an absolute necessity.
Suggestions.
The Pulp and Paper Section does not guarantee to the publisher an adequate supply of paper after the above curtailment is put into effect. The
supply of paper depends entirely upon the limitation of coal, supplies,
transportation, and labor, and conditions may arise whore the demand for
war products will require an additional curtailment. If such conditions
arise, special consideration will be given to those publishers who have established themselves upon the most economical basis. Certain practices,
which under normal conditions might be justificable, are under war conditions considered wasteful and unbusinesslike, and if possible each publisher should attempt to eliminate the following:
(1) Continuing subscriptions after date of expiration, unless subscriptions are renewed and paid for.
(2) Giving free copies—except for acutal service rendered; except to
camp libraries and huts of organizations recognized by the Government,
such as the Y. M. C. A., IC. of C., &c.; except to the Library of Congress
and other libraries which will agree to bind for permanent keeping; except
to Government departmental libraries ,vhich use said papers in their work;
and except for similar reasons.
(3) Giving free copies to advertisers, except not more than one copy each
for checking purposes.
(4) Accepting returns from news dealers of unsold papers.
(5) Sending free copies for the purpose of stimulating circulation or advertising, except upon application and except to a limit of 1% of circulation.
(6) Sending free copies in exchange for other publications.
(7) Selling at an exceedingly low or nominal subscripticn rate.
(8) Selling to subscribers below published subscription rate, except in
clubbing with other periodicals, when the price should not be less than 75%
of the sum of published prices.
(9) Selling premiums with periodicals unless a price is put upon the premium for sale separately, and the combined price is at least 75% of the sum
of the individual prices.
A statement will be required Nov. 1 1918 as to how many of these practices have been discontinued.
The urgent necessity of economizing in the use of paper in every possible
way can not be too strongly emphasized, and each publisher should carefully:
Restrict the overruns which are printed for files, office copies, Ste.
Scrutinize the pressroom wastes.
Consider the possibility of reducing the size of tho type and the margins.
Procure, as far as possible, paper and all other materials from the nearest available source of supply, provided it is consistent with price, quality
and service.
,r
If it is possible for publishers to reduce their tonnage of paper below the
allotted amount, It is their patriotic duty to do so.
PAPER CONSERVATION AS APPLIED TO COUNTRY
WEEKLIES.
In our issue of Aug.24, page 757, we referred to regulations
which had been promulgated with regard to country weeklies and gave the restrictions which would apply. We take
occasion to give here the announcement which was made at
the time by the War Industries Board:
Bernard M. Baruch, Chairman of the War Industries Board, announces
that the plan for conservation of newsprint paper has been extended to include country weeklies. The plan as formulated by the war committee
of the country weexly publishers and accepted by the War Industries Board
thorugh Thomas E. Donnelley, Chief of the Pulp and Paper Section,Lcontemplates a saving of 15% in the use of newsprint paper in the industry as
a whole.
Prominent feature.of the plan include: Discontinuance of papers to sub—
scribers three months after the date of expiration of their subscriptions, unf
less the subscriptions are renewed and paid for; stopping and pualication us
extra copies for advertising stimulation; stopping returns of unsold copier
from news dealers; stopping the use of free copies in exchange for othea
publications except those published within the same county or withinlr
4Q-mile radius; and a reduction.of 25%tof all publication space in excess o
eight pages.
SEPT. 21 1918
THE CHRONICLE
1153
We also append the following official slafoment in the NEW REGULATIONS GOVERNING TIN PLATE AND
matter:
TERNE PLATE.
To Publishers of Country Weekly Newspapers:
In new regulations governing the issuance of licenses for
Tho Priorities Board of the War Industries Board has listed paper mills
as an essential industry and has rated them in fourth class for priority for the exportation of tin and the manufactures of tin, recently
coal on the distinct understanding that the greatest possible economy in promulgated by the War Trade Board, it is stated that
the use of paper be exercised and that the reduction in the use of paper by
"applications for licerises to export tin plate will only be
the newspapers shall be 15%•
Paper mills will be put upon the priority list for coal, conditional upon received from the manufacturer, or, if the applicant is other
their signing a pledge that they will furnish no paper to any customer who than the manufacturer, when eviden.ce satisfactory to the
will not also sign a pledge in duplicate shat he will exercise the greatest
possible economy in the use of paper, and will observe all rules and regula- Board shall be furnished showing that the purchase of the
tions of the conservation division and of the Pulp and Paper Section of the tin plate to be exported has been made by the applicant
War Industries Board. These pledges are now being prepared and will directly from the manufacturer." The
regulations further
be furnished shortly.
The war committee of weekly newspaper publishers feels that the neces, set out:
A copy of the contract for such purchase shall be filed with the applica
sary saving of 15% should come out of the industry as a whole, and in order
to accomplish this purpose made t,he following suggestions, which were ac- tion.
To
facilitate furnishing the additional requisite information indicated
cepted by the Palp and Paper Section of the War Industries Board, and are
below, the War Trade Board has prepared form X-4, which should be duly
to be effective Sept. 1 1918.
Each publisher shall eliminate the following wasteful practices. If for executed by the applicant and attached to the application when.filing
any reason a publisher desires to continue any of these practices, he muft all applications for licenses for the exportation Of tin plate.
Exportations of tin plate to Canada will be considered when the applicant
adopt some othor methods to accomplish at least a 15% reduction in paper
used. If by Nov. 1 1918 a saving of 15% has not been made in the indus- furnishes satisfactory evidence that the material is to be used for a purpose
try as a whole, the matter will be reviewed by the Pulp and Paper Section for which it may be used within the United States.
Exporters will facilitate the consideration of applications for licenses to
and further curtailments will be necessary.
1. No publisher of a weekly, semi-weekly, or tri-weekly newspaper shall export tin plate to North and South America (except Canada and Newuse in its production any paper except newsprint and of a weight on the basis foundland) and to Bermuda, West Indies, Falkland Islands, Galapagos,
of not heavier than 30%x44-50-pound (basis-24x36--32 pounds). All Aleutian Islands, China, and Japan, if, in addition to the above evidence
stocks now on hand May be used whether newsprint, machine-finished, or satisfactory to the War Trade Board is furnished showing that the tin
plate to be exported will actually be consumed in the manufacture of:
sized and supercalendered, and regardless of weight.
(a) Containers for food to be consumed by the people of the nations at
The balance of the announcement was given in our Au .24 war
with Germany, or by the people inhabiting the country in which the
issue.
food is packed; or
(b) Containers for food or alcohol to be used by the owners and employees
of a manufacturing plant or mine or oil well, the product of which or a
major portion thereof is nesessary to and actually aids in the successful
ALLIES TO POOL SUPPLY OF WORLD'S PIG TIN— prosecution
of the war, or is exported either to the United States or to the
UNITED STATES TO RECEIVE TWO-THIEDS.
Allies; or
(e) Cans to be used by oil refiners as containers for oils when such
Announcement that two-thirds of the world's producrefiners are furnishing fuel oil or other products, such as gasoline, to the.
tion of tin would be received by the United States under a United States or to the Allies, in substantial quantities.
And further provided that the applications for licenses for the exportation
pooling arrangement made at a recent conference in Lontin plate are accompanied by
don between representatives of the United States, Great of(d)
Evidence satisfactory to the War Trade Board of the existence of an
Britain, France and Italy, was made on Sept. 11 by Ber- order from the actual purchaser abroad.
consideration of applications for licenses for the exportation of
In
the
Chairman
of
the
Baruch,
War Industries Board.
nard M.
manufactures of tin it will be necessary for the applicant in filing his appliAll shipments of pig tin,tin ores and concentrates will be cation
for (2) empty tin containers, (3) tops and bottoms and fastenings
consigned to the American Iron & Steel Institute, which to be used in the manufacture offiber containers, for shipment to Bermuda,
West
Indies,
Aleutian Islands, St. Pierre, Miquelon, to furnish evidence
and
distribute the metal through the United
will pay for
to the War Trade Board to the effect that the containers will
States Steel Products Co. The following is Mr. Baruch's aatisfactory
be used for food for human consumption by the people of the nations at
announcement:
war with Germany or by the people inhabiting the country in which the
pooling
food
is packed.
inter-allied
an
agreement
Under
reached by representatives of
Applications for the following articles need only be accompanied by
the United States, Great Britain, France and Italy at conferences held in
London, which were attended by L. L. Summers, member and technical Form X-4: (4) Type metal, (5) printers' type, (6) dental alloys.
Sundry articles either made of tin plate or coated or dipped in till, such
adviser of the War Industries Board and George Arm.iby, chief of the tin
section, each country participating in the conference will get its needed as (7) tin lanterns, (8) tin lamp founds, (9) tinned rivets, (10) tin kitchen
supply of pig tin. The action amounts to an international monopoly of utensils, (11) tin tableware, (12) tin household devices, (13) tin toys made
,
ialties,(15) tinned wire,(16) tin car seals,(17) tin
of tin plate, (14) tin spe
a beneficient nature.
The plan of distribution worked out allows the United States about stoves, (18) tin picture frames, (19) tin clothing buttons,(20) tinned wire8(;.000 tons of pig tin or two-thirds of the world's entire production an- cloth, (21) tin chaplets,(22) tin tags.(23) tin spouts,(24) tin roofing disks,
(25) tinned tacks, (26) tin oil squirt cans, (27) tin signs, (28) tin novelties,
nually.
With the War Industries Board supervising the allowance to this coun- (29) tin curtain rollers, (30) sundry articles of like character.
ores
and
Applications for the following: (31) Bearing metals, (32) antifriction
tin
tin,
concentrates will be consigned to
try, all imports of pig
the American Iron and Steel Institute which will receive, pay for and dis- metals, (33) white metals, (34) tin alloys, containing more than 5% of
tribute the metal to the industry through the United State..s Steel Products tin; (35) solder, containing more than 40% of tin; (37) tin foil,(38) collapsible tin tubes, (39) bottle caps or covers of tin foil, containing more than
Company.
The price will be regulated by the War Industries Board and will be uni- 5% of tin will be considered, provided that, in the case of shipment to
form to all consumers of 10 tons of pig tin or over. There will be another Canada or Newfoundland, evidence satisfactory to the War Trade Board
uniform price for users of less than 10 tons. These prices will be main- is furnished showing that the above-mentioned commodities are to be used
tained at a level which will encourage production in the tin mining coun- for a purpose for which they may be used within the United States, and do
tries—Great Britain and the Straits settlements chiefly—and stop profi- not contain a percentage of tin higher or of a quality other than is requisite
teering. Prices, rules and regulations will be announced later. It is for the purpose to which they are to be put.
Further provided that in case the shipment is to a destination other than
probable that users and dealers may be licensed.
The War Industries Board believes there will be insured by these ar- Canada or Newfoundland, evidence satisfactory to the War Trade Board
rangements a steady supply of material at a stable and reasonable price. is furnished showing that the above-mentioned commodities will be used
Since the negotiations for the pooling arrangement began in London six for a purpose which will contribute directly to the successful prosecution
weeks ago the price of pig tin los fallen steadily. The quotation on Sept. of the war, and do not contain a percentage of tin higher or of a quality
14 cents per pound as compared with the other than is requisite for the purpose to which they are to be put.
6 last showed a net decrease
Further provided that in the case of Nos. 31. 32, 33. 34 and 35, such tin
price on July 15 1918.
sufficient
supply of tin in the United 'States to meet content doess,not consist of Straits tin or Banco tin.
a
may
be
there
That
The exporter will facilitate the consideration of applications for license
tile war needs and to supply essential civilian uses, vigorous plans for conservation of the metal are being made effective through co-operative to export—
Industries
Board
War
and
by
the Food and Fuel Admin(31a) Bearing metals, (32a) antifriction metals, (33a) white metal,
efforts by the
istrations in the enforced substitution of the other than tin for containers, (34a) tin alloys, containing 5% of tin or less; (35a) solder, containing 40%
wherever that is possible. Tin container manufacturers have agreed of tin or less; (37a) tin foil, (38a) collapsible tin tubes, (39a) bottle caps
with the War Industries Board in plans that will curtail their use of tin or covers of tin foil, containing 5% of tin or less.
Provided that the application is accompanied by an affidavit of the
plate 30%, which moans a saving in the next three months of about 150,000
manufacturer stating the amount of tin content.
tons of tin plate.
Further provided that In the case of Nos. 31a, 32a, 33a, 34a, 35a, such
The Food Administration is working out a tin conservation plan with
various industries, including lard and lard compound packers, wholesale tin content does not consist of Straits tin or Banca tin.
Applications for. license to export—
grocers, cracker manufacturers, tea and coffee packers, cocoa and chocolate
(40) Second-hand crushed oil cans will be considered for shipment to
manufacturers, and baking-powder manufacturers. All have been urged
China and Japan if evidence satisfactory to the War Trade Board is furto substitute fiber, paper,or other containers where possible.
The Fuel Administration has taken up the subject with the oil dealers nished, showing that the second-hand crushed oil cans to be exported have
and the War Industries Board is working along similar lines with the been received, filled with oil from China or Japan, and provided also that
point
tobacco manufacturers and ail industries in which tin is used in turning shipment of such second-hand crushed oil cans has not originated at a
east of the Rocky Mountains.
out the finished product.
for
considered
will
be
Block
tin
Applications for licenses to expert —(41)
shipment to all destinations, provided that the block tin to be exported
constitutes a portion of a manufactured article or machine, such as a sodawater carbonator, and is of small value in proportion to the value of the
PIG TIN UNDER LICENSE CONTROL.
whole article.
Control of the domestic pig tin situation will be taken
The War Trade Board will consider applications for license for the exover by the War Industries Board, under a licensing system, portation al—(42) Phosphorized tin, (43) tin crystals, (44) tin oxide,
tetrachloride of tin, (46) bichloride of tin, for shipment to Canada,
Chairman Baruch announced yesterday. Ile stated that (45)
provided that evidence satisfactory to the War Trade Board is furnished,
all users and dealers in pig tin will be licensed and a com- showing that th above-mentioned commodities to be exported will be
plete inventory of stocks on hand and contracts unfilled used for a purposco for which they may be used within the United States.
Applications for the exportation of-.--(47) Bottle caps, covers, or closures
will be made, and, if necessary, supplies will be redistributed made
of tin plate to North and South America and to Bermuda, West
to equalize them according to essential users.
Indies, Falkland Islands, Galapagos, and Aleutian Islands, provided that
a
1154
THE CHRONICLE
evidence satisfactory to the War Trade Board is furnished, showing that
the above-mentioned commodities are to be used to close a container for
food or drink for human consumption by the people of the nations at war
with Germany, or by the people inhabiting the country in which such
commodities are to be used.
The War Trade Board at the present time is not in a position to consider
applications for the exportation of tin when contained as a base for silverware, pig tin, metallic tin, and scrap tin.
•
GASOLINE SHORTAGE, MOTORLESS SUNDAY AND
ITS RESULTS.
A deficit of approximately 1,000,000 barrels of gasoline
is forecast by Fuel Administrator H. A. Garfield unless
conservation steps are immediately adopted. Advices to
this effect were transmitted to the Senate on Sept. 11 by
Mr. Garfield in response to a resolution offered by Senator
Smoot on behalf of Senator Lodge, and adopted as follows
by the Senate on Sept. 9:
Resolved, That the Fuel Administrator be directed to inform the Senate
what, approximately, is the daily consumption and production of gasoline
in the United States, how much is taken for export and what surplus, if
any, there is of gasoline.
The introduction of the resolution developed from the
Fuel Administration's request on Aug. 27 for the discontinuance of the use on Sundays of automobiles, motor
cycles and motor boats in the section of the country east
of the Mississippi. It is reported that the resolution was
proposed with a view to inquiring as to whether a real need
existed for the Sunday gasoline restrictions. Among newspaper reports in circulation at the time of the adoption of the
resolution was one to the effect that Dr. Garfield's request
for motorless Sunday had been based on information furnished the Administration by the oil industry for the alleged purpose of maintaining the present price of gasoline
in the face of a reported large supply in the country. On
the 9th Dr. Garfield is said to have disclosed to newspaper
correspondents that for some time consideration had been
given to the problem of bringing the price of gasoline to a
lower level. Several reports, it is stated, have already been
made to Mark L. Requa, Director of the Oil Division of till)
Fuel Administration,and it is said to have been intimated that
upon completion of the investigation under way immediate
action would be taken toward fixing a price of gasoline for
domestic consumers as well as for the Government and the
Allies. In his report to the Senate on the 11th, in response
to the resolution of the 9th, Dr. Garfield stated that the
daily domestic consumption in this country amounts to
160,000 barrels, while 34,000 barrels are exported daily.
The daily production is 191,000 barrels, leaving a deficit
of 3,000 barrels daily. Gasoline and naphtha stocks (in
the territory east of California) on Jan. 1 last totaled
400,000 barrels, which by April 1 had been increased to
11,000,000 barrels. By Aug. 1 this supply had fallen to
7,800,000 barrels. The total reduction in the stocks of
gasoline and naphtha during July was approximately 1,367,000 barrels, or approximately 44,000 barrels daily. The
Administrator estimated that reports for August, from
territory west of the California fields, would show a reduction of close to 2,000,000 barrels, or 65,000 daily, and with
the August reduction in stocks materializing the reserve
supply would be reduced to an amount which would not
exceed thirty days' supply. A shortage of gasoline in California is shown in the report which states that# the stocks
on hand in that State Jan. 1 last were 1,502,000 barrels and
that on Aug. 1 the supply dropped to 848,000 barrels. The
following is the data supplied to the Senate relative to the
stocks in the East and in California:
Territory East of California.
Gasoline and naphtha stocks, 1918Jan. 1
April 1 (high point)
Aug. 1
Decline in stocks
Estimated daily production and consumption:
Approximate daily consumptionDomestic
•i.
Export
Barrels.
8,400,000
11,000,000
7,800,000
3,200,000
[Vol.. 107.
Approximate daily average consumptionDomestic
Export
Barrels.
199.000
37,000
Total
Approximate daily average production
236,000
216,000
20,000
Daily deficit, April, Mity June
The total reduction in stocks of gasoline and naphtha during the month
of July was approximately 1,367,000 barrels-or 44,000 barrels a daywith the peak load just ahead in August.
It is estimated that August will show a reduction in stocks of close to
2,000,000 barrels, or 65,000 barrels daily deficit. With the August reduction in stocks materializing, reserves would be brought down to a point
not exceeding thirty days' supply.
To meet this very unsatisfactory stock condition, 250 cars of gasoline
have just been purchased in California and are moving eastward, with the
expectation that more will be purchased in the future.
Stocks of crude petroleum are constantly declining, and kerosene and
fuel oil supplies are unsatisfactory, all of which bears an intimate relation
to the gascline problem.
The movement of crude petroleum and its products is of necessity eastward to the Atlantic seaboard points for export and to supply war needs
in the Atlantic territory. Gasoline stocks on the Atlantic seaboard available for export have been recently at a particularly low level.
California Territory.
Gasoline and naphtha stocks1
Jan.
1918
Stocks on hand
Stocks on hand Mar. 1 1918
Stocks on hand Aug. 1 1918
Total decrease from high point
Daily production, consumption and export, first half of 1918:
Approximate daily consumption:
Domestic
Export
Total
Approximate daily production
Barrels.
1,502,000
1,787,000 .
848,000
919,000
29,000
2,000
31,000
28,000
3,000
Daily deficit
April, May and June 1918 approximate daily consumption:
Domestic
Export
33,000
2,000
Total
Approximate daily production
35,000
27.000
Daily deficit
8,000
Following the submission of Dr. Garfield's report to the
Senate, Senator Lodge on the 11th inst. submitted a further
resolution (which was agreed to as follows):
Resolved, That the Bureau of Mines be directed to send to the Senate
any information in their possession in regard to the production and consumption of crude petroleum and other mineral oils in this country, the
amount required for export and the estimated stocks on hand at the present
time.
The ban against the use of gasoline motors has now been
in effect three Sundays; the spirit in which the request
was received is indicated in the following telegram sent by
Mayor Hylan of New York to President Wilson on Sept. 3:
The Police Department reports that out of 193,000 cars usually in use
in New York on Sundays not more than revival hundred were observed
in use last Sunday. Owners of many of those had their cars out through
ml.sunderstanding.
I am sure that following a proclamation which I shall issue within a day
or so there will not be a pleasure vehicle on the streets of New York next
Sunday. You would have thrilled with pleasure had you been here to
see how patriotically New Yorkers observed the Government's request
as if it had been a command.
In reply the President sent the following letter to Mayor
Hylan:
The White House, Washington, Sept. 4 1918.
My Dear Mr. Mayor:-Thank you for your telegram. It is very gratifying indeed to learn of the response of the people of New York City to
the request about the lire of gasoline on Sunday, and it was very thoughtful of you to give me the explicit statement contained in your message.
Cordially and sincerely yours,
WOODROW WILSON.
Mayor Hylan's proclamation, requesting the citizens of
New York to refrain from using automobiles on Sunday,
except for necessary business, was issued on the 6th inst.
A saving of from 100,000 to 150,000 barrels of gasoline in
the East was estimated on the first Sunday the ban was in
effect (Sept. 1) according to figures compiled at the instance
of the Fuel Administration and made public on Sept. 4 by
A. C. Bedford, Chairman of the National Petroleum War
Service Committee. The statement said:
Patriotism cannot be reduced to terms of accounting, but statistics
gathered from the territory to which the Fuel Administration addressed
its plea for the suspension of pleasure riding in motor vehicles last Sunday
in order to save gasoline, furnish striking evidence of the unswerving
194,000 and unfailing popular support to any war measure initiated at Washington.
Total daily consumption
Generally speaking, the returns from the States east of' the Mississippi,
191,00
Approxinnte daily production
which were those affected by the request, show that the more intimation
3,000 of the Fuel Administration that pleasure riding should cease on Sunday
Average daily deficit
was unhesitatingly obeyed by an overwhelming percentage of automobile
(Probable result for year ending Dec. 31 1918.)
of
year
deficit
a
the
for
indicate
would
about
1,000,000 owners and users.
These figures
It is true that there was a good deal of variation in the extent of the
barrels. This may be materially increased by war demands.
The above figures must be read with the understanding that gasoline response. In some sections patriotism as evidenced by the almost total
is a seasonal product, with the maximum consumption comprehended in non-use of pleasure vehicles swept the State; in others the observance of
the period April to September, inclusive, and with the peak load coming the request was not so emphatic. In the latter instance the incomplete
in the months of June, July and August. Records for the months of April. compliance with the Fuel Administration's request was perhaps duo to the
May and June,.combined, show the following (July and August are not fact that the scope of the request was not comprehended or that the situation which prompted the Administration's appeal was insufficiently
yet entirely complete):
Barrels.
160,000
34,000
SEPT. 21 1918.]
THE CHRONICLE
1155
Canal Zone, the application must be accompanied by satisfactory evidence
appreciated. The general result, however, must be intensely gratifying showing whether the commodity to be exported originated in the continental
to the department which initiated this policy of voluntary effort.
United States. If the commodity originated in the continental United
The more westerly States led in percentage of reduction, Illinois being States, tho date on which it was shipped to the insular possessions or the
first with 95, Ohio second with 93, and Wisconsin third with 91. It is Panama Canal Zone should be shown in the evidence which accompanies
estimated that the observance of the request over the Eastern section of the the applications.
country resulted in the saving offrom 100,000 to 150.000 barrels of gasoline.
3. The foregoing regulations shall not apply to the exportation of small
This estimate of the amount of gasoline saved is considerably below the quantities of conserved commodities, such as it has been customary to
result which is expected to be attained next Sunday, when a better under- ship, in carrying on the normal local commerce between any of the insular
standing of what is required will makg compliance with the request much possessions of the United States or the Panama Canal Zone and near-by
more general. Many supposedly knotty points as to what constitutes foreign countries.
a necessary use of motor cars will be solved. The question, for instance,
as to whether a taxicab or sightseeing automobile is a pleasure vehicle
need not be left for settlement entirely to the owners or drivers of these UNITED STATES CHAMBER OF COMMERCE CRITIvehicles. The best judge of what constitutes riding for pleasure is the
CIZES FEDERAL TRADE COMMISSION.
person who rides, and next Sundayit will be the passenger, rather than the
that the Federal Trade Commission no
statement
The
chauffeur, who will be subject to criticism.
Tho result of the test is presented below 135r States, the automobile traffic longer is a responsible body and that it has departed from the
two
first
the
in
given
between the hours mentioned on both days being
at the time
columns, the columns follpwing showing the percentage of reduction in procedure outlined for it by President Wilson
the use of cars on Sunday and the automobile registration in each State.
of its creation are contained in a communication sent to the
Number of President by the Chamber of Commerce of the United States,
2 to 4 P. M. 2 to 4 P. M. Per Cent
Cars
of
Sunday,
Saturday,
Registered. embodying a special report made by the Chamber's Federal
Reduction.
Sept. 1.
Aug. 31.
States362,742
95
Trade Committee, headed by Rush C. Butler of Chicago.
1,006
19.997
Illinois
415,962
93
1,952
28,774
Ohio
According to an announcement made by the Chamber on
182,700
90
183 •
2,181
Wisconsin
2, the report quotes from the President's address to
Sept.
36,968
90
774
District of Columbia- 7,939
57,543
90
891
Congress setting forth the need for the Commission and
3,596
Kentucky
34,371
87
107
West Virginia
826
presents in detail seven specific charges to show that the
37,600
87
429
3,269
Louisiana
51,900
Commission has changed in a radical manner its original
87
1,265
10,115
Tennessee
207,381
85
334
2,165
policies and departed from the purposes for which it was
Indiana
61,102
84
989
6,400
Maryland
It concludes by urging on the President that he
created.
42,846
84
361
2,282
Florida
83
30,439
"appoint to the Commission, in whose membership two va149
906
Maine
81
156,798
354
1,947
Massachusetts
cancies now exist, men whose training, temperament, ex81
44,859
668
3,589
Alabama
perience and reputation for sound judgment qualify them
81
324,184
8,765
46,923
Pennsylvania
80
1,721
75,900
for the positions and whose interests will be single to the
8,592
Connecticut
80
625
26,399
3,396
Rhode Island
Commission's work." "In no other manner," says the re80
2,805
124,519
14,663
NewJersey
port, "can confidence in the Commission be restored." The
89,481
80
906
4,750
Georgia
422.853
74
4,617
17,627
committee's examination of the Commission's activities lead
New York
583
37,500
71
2,016
Mississippi
to seven specifications of conduct which the committee dis61,946
282
68
906
North Carolina
approves:
230
47,950
66
680
South Carolina
236,981 '
2,245
65
6,378
The Commission has undertaken the exercise of functions beyond its
Michigan
63
65,000
549
1,499
own jurisdiction to the detriment of its proper usefulness.
Virginia
The Commission has begun the study of important situations but because
Mr. Bedford in pointing out on the 2nd inst. the need of of vacillating interests or for other reasons not apparent has left its work
day
on
not
only
but
every
Sunday
conservation,
gasoline
incomplete.
The Commission's procedure, originally, orderly and appropriate, has •
in the week, was voted as saying:
been changed without public notice or notice to Congress.
The business man who drives to work in his private car when he can
The Commission has abused its powers of publicity.
take the subway, elevated or surface car is displaying a selfish attitude.
Prominent features of the Commission's recent food investigation were
Women who have been in the habit of using'Rivet()cars and taxis for shop- subversive of common justice.
ping should abandon the habit and use public conveyances. The great
In presenting information to Congress and the public the Commission ha§
work done on Sunday is only a step in conservation. Much more must been heedless of the accuracy and frankness which its position and the
be achieved.
circumstances require.
The Commission has departed from the fundamental purpose for which
In forecasting Government control of the use of gasoline
it was established.
is
conservathere
adequate
unless
voluntary
week days
on
To show that the Commission has undertaken the exercise
tion, C. C. Winningham, chief of the gasoline section of the
functions beyond its jurisdiction, the committee cites the
of
the
in
on,
Fuel
quoted
was
Administrati
States
United
involving newsprint paper manufacturers and pubcase
the
5th
of
as
saying:
"Journal of Commerce"
be
cannot
oil
wasted
saved
now
what
is
from
with which the Commission dealt. The Commission,
lishers,
and
If sufficient gasoline
in the ways above suggested, then such mandatory control as will assure it is declared, in seeking to have producers and consumers
the quantities needed for the conduct of the war will be inevitable.
agree to establish the Commission as an arbiter of their difJudge J. Harry Covington, counsel for the National ferences, went beyond the law of its creation, and possessing
in
Petroleum War Service Committee, advising the Senate
no power to enforce its findings, was placed "in the awkward
Committee on Finance on the 13th that "this colintry is
position of having its award ignored." That the Commisfacing a crisis in oil production which threatens seriously sion went beyond its functions in this instance is indicated,
its war program," recommended the appointment of an the report declares, by the fact that the Senate voted down a
administrative body for the control of the production and
bill meant to authorize the Commission to do the things it
distribution of crude oil and its products instead of the pres- has attempted to assume through agreements. The Coment plan of "regulation by taxation." The Now York mission itself, the report sets forth, admitted that some of its
"Commercial" quoted him as saying:
efforts were without express authority at law. Taking up
Sixty thousand barrels of crude oil are now being drawn daily from the
of distribution
and
if
oil
producers,
it had not been that a the efforts of the Commission in the direction
reserve that was built up by
great reserve had been stored up the country would have felt the effects of anthracite coal, the report sets forth that this was not a
of a serious shortage nefore this time.
proper function for the Commission and that it did not have
The Government is hampering the development of now oil fields upon
essential for the task. Regarding the Commission's
facilities
by
refusing
depends
private
supply
in
the
capital
right
which an increase
to go in and develop these fields laid by the Government as reserve districts. methods in arriving at the cost of bituminous coal production,
All the proposed taxes as affecting oil anti gascline will prove burdensome in which its figures were used by the President as a basis for
and at this time oil and its by-products should be exempt from sale and
in August 1917, the report indicates
other taxes that would tend to decreake production and drive oil dealers fixing the price of coal
the Commission did not have adequate information for the
out of business.
task it undertook, used bases for estimating costs that contained innovations and were not fully disclosed to the indusOF
CONSERVED
REGULATIONS GOVERNING EXPORTS
try or the public, and arrived at figures which would prevent
COMMODITIES FROM U. S. INSULAR POSSESproduction of 40,000,000 tons of our annual supply.
SIONS AND PANAMA CANAL ZONE.
Supporting its charge that the Commission has left inThe War Trade Board on Sept. 16 announced the followits study of important situations because of vacilcomplete
to
inthe
respect
the
exportation from
ing regulations with
or for other reasons, the committee points
interests
lating
sular possessions of the United Statse and the Panama Canal
of $400,000 has been spent by the Commisupwards
out that
Zone of conserved commodities originating in the continental
its predecessor, the Bureau of Corporations, in inand
sion
United States:
vestigations of the lumber industry, and that no final conclu1. No export license shall be granted for tho exportation from an insular
ions as to fundamental economic conpossession of the United States or the Panama Canal Zone of any con- sions and recommendat
served commodity (commodities included in the Export Conservation List) ditions have been published, although repeatedly promised
which has originated in the continental United States, unless an appli- to Congressional committees. Although the Commission
cation has been made and the license for such exportation has been obtained
since 1913 in an inprior to the shipment of the said commodity from the continental territory and its predecessor have been engaged
of tho United States.
subject of maintenance of tesale prices, the
the
into
quiry
2. When application is made for a license to export a conserved comCommission, the report declares, has failed to complete its
modity from any insular possession of the United States or the Panama
1156
THE CHRONICLE
study and never has presented an analysis of the fundamental
economic questions involved in making any legislative decisions as regards this subject. Pointing out that other important undertakings on which the Commission has embarked
have not been pursued consistently, the report declares:
The public interest suffers in consequence not only because authoritative
determinations are lacking regarding important matters but because there
is a waste of public money since material which is gathered but is laid aside
has to be re-examined when attention again is turned to the subject.
The committee's feport also attacks the change in the
Commission's procedure as to unfair methods of competition. While the Commission, through its annual reports
and testimony before Congresssonal committees, has given
the public and Congress to understand that before it issues
a formal complaint it notifies the party complained of regarding the nature of the charges and affords him an opportunity
to state his side of the case or to desist if he acknowledges
impropriety, the Commission, in fact, has so changed its
procedure that it itself has become an instrument for unfairness, the committee's report declares. It says:
[VOL. 107.
The seriousness of tho consequence of the Commission's course is apparent
from the circumstance that the Commission's representative took oath that
crimes had been committed. If there was crime on the part of any person
the public welfare demands its immediate prosecution by the properly
constituted authorities. It equally demands that the Commission, which
has no criminal jurisdiction, should sedulously refrain from alleging the
perpetration of felonies which have not yet been proved in accordance with
established legal procedure.
Charging that the CemmiAion has been heedless of accuracy and frankness in presenting information to Congress,
the committee takes up the Commission's recent report to
the Senate on "profiteering." In this report the Commission, it is declared, "again sho-Wed its lack of responsibility
by giving such form and content to a report . . . as to
make general charges of a calumnious nature against business
enterprises without supporting its charges with adequate
facts." The report continues:
The Commission couched its statements in sensational terms unwarranted
by the facts set out. For example, it spoke of "bare-faced fraud," "monopolistic control," "manipulation of the markets by illegal devices," and
"preying with shameful avarice upon consumers." It quoted memoranda
from one official of a leather company to another which show figures of
considerable size but which indicate nothing as to the reasonableness of
There seem to be indisputable instances, in which a defendant has had profits. Some of its statements defy interpretation, such as a declaration
that
flour mills in the year ended June 30 1917 made an average of 52 cents
the first intimation through service of a formal complaint that any of his
business methods were in question. The allegations of unfairness on his on each barrel and nearly 38% on their investment, "profits that are
part, founded upon an ex parte presentation by a competitor or disgruntled indefensible, considering that an average of the profit of one mill for six
customer whom he will not be able to face before the Commission (since months of the year shows as high as $2 a barrtl." It even resorts to hearsay,
the Commission becomes the formal complainant), supplemented by the in reciting, it is understood, that producers of aeroplane spruce in the
Commsf.lon's investigations to an extent that are unknown to him, are Northwest have taken advantage of Allied Governments.
Intrinsic faults in this report are even more serious. The Commission
given to the newspapers by the Commission with a release date placed as
much as five days in advance, in order that widest possible publicity criticised the principles of fixed prices which every other agency of the
Government
approved as a means of at once regulating the market and
may be obtained for the allegations. In these statements to the newspapers
the Commission has disclosed concrete information as to the particulars obtaining the increased production the nation requires. It stigmatized
of the alleged offense whereas it has placed in the formal complaint served the efficiency of low-cost concerns. It palliated the earnings of one corupon the defendant only general statements which did not advise the poration because it "possesses a natural monopoly of a certain high-grade
defendant of the charges he had to meet. As a consequence, defendants ore," thus necessarily implying that good fortune is ethical whereas low
have had to consult the newspapers to identify the circumstances alleged costs attained through struggle for efficiency in operation are immoral.
to constitute the unfair method of competition in question. Accordingly, The Commission, to an extent it did not disclose, made its computations
upon new bases. According to its computation, which raises controverted
when the defendant comes before the Commission for a hearing, he feels
that his Case has been prejudged. Such procedure is a form of harass- questions such al the proper measure of value for stumpage and may even
ment, is vexatious, and indicates a lack of the spirit of helpful co-operation deny a distinction between capital and income recently made b.3: the Sup'which, it was believed, the Commission would in abundant degress possess. reme Court, it finds the profits of producers of southern pine unusually
Furthermore, it inevitably has its influence upon members of the Com- and unnecessarily large." Yet the Price-Fixing Committee of the Governmission's staff, leading them to consider persons against whom complaint ment, having before it the Commission's own figures at cost, has recently
is made as guilty until they are proved innocen.;. From she Commission's Increased the price for southern pine to the Government by approximately
present course there results an impression that the Commission is proceed- 15%. As might be expected in view of these fundamental defects, the reing in contradiction of the theory that ours is a Government of laws and port contains no standards for an intelligent discrimination between the
profits which are essential to the integrity of business enterprises and those
not of men.
Although the Commission gives to the press a statement that a certain which are extortionate.
Faults which go to the soundness of the profiteering report can be mulcomplaint has been dismissed, the Commission must know that news regarding such action on its part never overtakes or corrects the publicity tiplied. Enough have been suggested to illustrate the lack of responsibility
it causes to appear at the time the complaint is filed. Moreover, numerous the Commission felt in speaking about a subject which affects the morale
complaints have been pending for many months without decision. Under of the nation in time of war. That there are individuals in the community
such circumstances the Commission's efforts for initial publicity clearly who for private gain will seek advantage from war conditions arises from
the frailty of human nature. That these individuals should be found
cause injustice.
through an orderly procedure that accords with the spirit of our laws and
The report condemns .the ,Commission's action in giving institutions, and should be visited with condign penalties, is of the highest
to the press a statement at the time of its first order issued public importance; but the existence of individual error and crime is no
for condemnation of the whole community, or any part of it, by
regarding resale prices in which it was said a manufactufer reason
broad accusation and innuendo.
could not indicate prices to a retailer. This apparently
prohibited, it is declared, the use of price lists and the printing of prices on packages, but the Commission let it be informally understood in answer to individual inquiries that
it did not prohibit these, though giving no official explanation. Two months later, it is set forth, the true situation was
presented through the medium of another decision. An example of carelessness in issuing press notices is cited in the
Commission's announcement early this year that the margin
on gasoline between the refiners' cost and wholesalers' prices
had ranged from $5 to $15 a barrel. Subsequently, and only
after eighteen days, the Commission, it is pointed out, issued a correction placing the margin at from 50 cents to
$1 50.
Improper use of publicity to influence directly the course
of legislation also is charged. To prove its assertion that the
Commission was biased in its recent food investigation, the
committee points out that the Commission proceeded with
the apparent purpose of creating in advance a public impression that allegations concerning the artificial control of important food products were true. On this point the report
declares:
The commission selected documents already in its possession and had
them presented to it at public? sessions by its special counsel, refusing to
permit concerns that were mentioned in the documents to offer any testimony or produce other documents. It held public sessions at Boston,
Philadelphia, St. Paul, and other cities, examined witnesses of its own
choosing, and prevented cross-examination by the concerns at which it was
made clear the proceedings were directed. At each city the special counsel
or other members of the staff let it be known that the Government contemplated taking over and operating the industry. This strange spectacle
ended in Chicago in Feb. 1918, when application was made on behalf of
the Commission for a search warrant under a section of the Espionage
Act and the Circuit Court of Appeals quashed the warrant. The result
of the Commission's course was, not to give information to the public, but
to place the Commission in the position of seeking to create prejudice which
would support an apparently preconceived purpose to inaugurace Governmelt operation of the business. In other words, before completing the
investigation which the President directed, the Commission appeared in
the guise of attempting to force adoption of a legislative policy in a matter
as to which it had tot reported the facts. Another result was to prevent
such a determination as the President requested and which he declared
was of the highest public concern.
To show how the Commission has departed from the fundamental purpose for which it was established, the committee quotes President Wilson as follows:
A Federal Trade Commission has been created with powers of guidance
and accommodation which have relieved business men of unfounded fears
and set them upon the road of hopeful and confident enterprise.
As showing that the Commission apparently now has come
to consider itself a Governmental body for the gathering of
evidence of the commission of crimes rather than as an independent agency possessing "powers of guidance and accommodation," the committee calls attention to numerous declarations of the Commission itself and gives one example
as follows:
When called upon by a resolution of the Senate under date of April 24
1916 to ascertain whether or not newspapers had been subjected to unfair
praczices in the sale of paper, the Commission formally reported it and
used its full powers to examine even private correspondence and it had
transmitted the facts so gathered to the Department of Justice. In
connection with the same investigation the Commission had earlier assured
the public that it was a body for scientific and economic adjustment rather
than prosecution.
CHARGES OF U. S. CHAMBER AGAINST FEDERAL
TRADE COMMISSION DENOUNCED BY
FARMERS' ORGANIZATION.
The charges of the U. S. Chamber of Commerce against
the Federal Trade Commission are denounced in a letter to
President Wilson made public by the Farmers' National
Headquarters at Washington on Sept. 4. The letter characterizes the attack made by the. Chamber as "precisely the
sort of action which we anticipated certain business interests
of the country would take against the Federal Trade Commission because of its conspicuous service to democracy."
According to Associated Press dispatches from Washington Sept. 4, the letter, signed by George P. Hampton,
Managing Director, says the Commission may have erred
in judgment on some points, but has rendered a great service
to the common people. In reference to the Chamber's
suggestions regarding the filling of vacancies on the Commission, the letter concludes:
SEPT. 21 1918.]
On behalf of the many farm organizations for which this is the national
headquarters, we ask that you will appoint to the two vacancies which
now exist on the Corn nission not men who have used their pretended
loyalty as a means of enrichment during the war, nor men who believe it
the function of business to take over the Government, but men of the type
of Commissioners CoIvor and Murdock, whose aggressive fight against
the grasping and illegal practices of the packers has done much to reassure
farmers and city consumers alike that the people of the country are to
have a square deal.
SENATE VIEWS ON REPORT QF FEDERAL TRADE
COMMISSION CONCERNING PACKING INDUSTRY.
On Sept. 5 the Federal Trade Commission was both assailed and defended for its recent report to President Wilson
recommending that the Government take over control of
the packing industry in order to break up what was termed
a monopoly of the meat business and to prevent alleged
profiteering. The debate grew out of the introduction by
Senator Gore of Oklahoma of an amendment to the Emergency Agricultural Appropriation bill carrying out in the
main the Commission's recommendations. The amendment later was withdrawn. Senators Sherman of Illinois
and Smoot of Utah led the attack against the Commission.
Senator Sherman declared the Commission to be a selfconstituted "prosecuting agency," made up of "business
failures," while Mr. Smoot charged that the Commission
from the beginning has been a political organization, and
'had been used as a "stepping stone" to campaign for office.
Senators Gore and Kenyon'defended the report, declaring
it largely justified.
sary or expedient to deal and to make any and all contracts, agreements or
obligations necessary or expedient and to issue any and all orders which
may in any way be found necessary and expedient in connection with the
Federal control systems of transportation, railroads and inland waterways
as fully in all respects as the President is authorized to do, and generally
to do and perform all and singular the acts and things and to exercise all
and singular the powers and duties which in and by the said Act, or any
other act in relation to the subject hereof the President is authorized to do
and perform; and
(d) Whereas, The Inter-State Commerce Commission has certified to
the President that the amount of the average annual railway operating
income of the company, computed in the manner provided in Section 1
of the Federal Control Act is
dollars, subject to such changes and
corrections as the Commission may hereafter determine and certify to be
requisite in order that the accounts and reports of the company used by the
Commission as the basis of computing said average annual railway operating..
income may be brought into conformity with the accounting rules or regu
lations of the Commission in force at the time of such accounting, or in
order to correct computations based on such accounts or reports.
Now, therefore, the parties hereto, each in consideration of the agreements of the other herein contained, do hereby covenant and agree to and
with each other as follows:
SENATE COMMITTEE APPROVES BILL FOR SEPARATE
DEPARTMENT OF AERONAUTICS.
The Senate Military Committee on Sept. 17 ordered a
favorable report on the bill introduced by Senator New of
Indiana, providing for a separate Department of Aeronautics.
The measure would set up a department with a head appointed by and responsible directly to the President (but
not a member of the Cabinet) to have full control over
aircraft production and operation by the Army, Navy and
Marine Corps. The life of the proposed department is
limited to one year after the war. A provision in the bill
that the head of the new department should be a member of
the Cabinet was eliminated in committee for the reason, it
was said, that there was no law which permitted creating
this office.
TEXT OF GOVERNMENT CONTRACT WITH
RAILROADS.
Below we give the text of the contract which the Government is now executing with the railroads, in the form in
which it was made public by Director-General of Railroads
W. G. McAdoo on Sept. 5; extended reference to it was
made in these columns Sept. 7, page 954:
•
Preamble and Recitals.
day
of
this
made
between
William
1918,
agreement
This
G. McAdoo, Director-General of Railroads, hereinafter called the DirectorGeneral, acting on behalf of the United States and the President,
under the powers conferred by the proclamations of the President hereincompany, a corporation duly organized
after referred to, and the
, hereinafter called the company:
under the laws of the State (s) of
Witnessoth that—
dated
Doc. 26 1917, the President,
proclamation
(a) Whereas, By a
acting under the powers conferred on him by the Constitution and laws of
the United States, by tho joint resolutions of the Senate and House of Representatives bearing date April 6 and Dec. 7 1917, respectively, and particularly under the powers conferred by Section 1 of the Act of Congress
approved Aug. 29 1916, entitled "An Act making appropriations for the
support of the Army for the fiscal year ending Juno 30 1917, and for other
purposes," took possession and assumed control at 12 o'clock noon on Dec.
28 1917, of certain railroads and systems of transportation, including the
railroad and transportation system of the company and the appurtenances
thereof, and directed that tho possession, control, operation and utilization of the transportation systems thus taken should be exercised by and
through William G. McAdoo, appointed Director-General of Railroads,
and
(b) Whereas, The Congress of the United States by an Act approved
March 211918. hereinafter called the Federal Control Act, has authorized
the President to enter into agreements with the companies owning the railroads and systems thus taken over for the maintenance and upkeep of the
same during the period of Federal control, for the determination of the
rights and obligations of the parties to the agreement arising from or out
of Federal control, including the compensation to be received or guaranteed
and for other purposas, as in said Act more fully set out, and authorized
the President to exercise any of the powers by said Act or theretofore
granted him with relation to Federal control through such agencies as he
might determine, and
(c) Whereas, By a proclamation dated March 29 1918, the President,
acting under the Federal Control Act and all other powers him thereto
enabling, authorized the Director-General, either personally or through
such divisions, agencies or persons as he may appoint, and in his own name
or in the name of such divisions, agendas or persons, or.in the name of the
President to agree with the carriers, or any of them,or with any other person
in interest, upon the amount of compensation to be paid pursuant to law,
and to sign, seal, and deliver in his own name or in the name of the President
or in the name of the United States such agreements as may be necessary
and expedient with the several carriers or other persons in interest respecting compensation or any other matter concerning which It may be neces-
1157
THE CHRONICLE
Section 1—Privity,.Alterations, Definitions. &c.
Section 1. (a) This agreement shall be binding upon the United States,
the Director-General and his successors and upon the company, its successors and assigns.
This agreement shall not be construed as creating any right, claim,
privilege or benefit against either party hereto in favor of any State or any
subdivision thereof or of any individual or corporation other than the parties hereto.
(b) The provisions of this agreement may be altered, amended or added
to by and only by mutual consent signified by instruments in writing signed
by the Director-General and by some officer of the company thereto duly
authorized by the board of directors of the company.
(c) Wherever in this agreement the word "Commission" is used it shall
be understood as meaning the Inter-State Commerce Commission, acting
by divisions or otherwise as authorized by law; but either party shall have
the right to have the decision of any division of the Commission reviewed
by the Commission sitting as a whole.
(d) Wherever in this agreement the words "Federal control" are used
to indicate a period of time they shall be understood as meaning the period
from 12 o'clock midnight of Dec. 31 1917 to and including the day and
hour on which said control shall cease.
(e) Wherever in this agreement the words "test period" are used they
shall be understood as meaning the period between July 1 1914 and June
30 1917, both inclusive.
(f) Wherever In this agreement the words "standard return" are used
they shall be understood as meaning the average annual railway operating
income of the company, computed in the manner provided in Section 1
of the Federal Control Act and ascertained and certified by the commission.
(g) Wherever in this agreement the words "Director-General" are used
they shall be understood as designating William G. McAdoo or such other
person as the President may from time to time appoint to exercise the
powers conferred on him by law with relation to Federal control, or such
agents or agencies as the Director-General may from time to time appoint
for the purpose; and wherever by this agreement any notice is to be given
by the Director-General the same may be given in his name by any subordinate thereto duly authorized.
(h) Wherever the property of the company is referred to in this agreement
it shall be understood as including all the property described in paragraph
(a) of section 2 hereof, whether o%ned or leased by the company, and, where
the context permits, all additions or betterments thereto or extensions
thereof made during Federal control; and as to all such leased property
the company shall have the benefit of and be subject to all the obligations
and provisions of this agreement and shall be subject to all duties imposed
by law in respect of such leased property.
(I) The descriptive words at the heads of the several sections of this
agreement and the table of contents are inserted for convenience merely
and are not to be used in the construction of the agreement.
Section 2—Property Taken Over.
Sec. 2. The company's railroad and system of transportation, of
which the President has taken over possession, use, control and operation,
shall be considered as including:
(a) The following roads and properties
[Here insert list of roads, noting names, principal termini, Sm.]
together with all branches, tracks, trackage, bridge, and terminal rights,
and lines of railroad owned or leased and operated by the company as a
part of its system of transportation, and all other property, with the
appurtenances thereof, whether included in the foregoing list or not, the
revenues of which were used, or which, if the property had been then
revenue bearing, would have been used, in computing the company's stenard return
The company reserves to itself the benefit of all leases (and of all rents
and revenues accruing therefrom), of parts of its right of way, station
grounds, and other property, the revenues from which under the accounting
rules of the Commission in force during the test period were properly
creditable to "miscellaneous rent income" or "miscellaneous income."
The company grants to the Director-General all its rights to terminate
leases of any part of its right of way, yards, or station grounds, and to
occupy and use the premises of any such lessee when, in his judgment,
the same is required for operating purposes. The company shall have for
its own benefit the right to lease for industrial sites or other purposes such
portion of its right of way, yards, or station grounds, or structures thereon,
as are not required by the Director-General for operating purposes, and
to receive and enjoy the rentals therefrom, subject to the right of the
Director-General to cancel any such lease and to occupy the premises or
structures whenever, in his Judgment, the same are necessary for operating
purposes. All expenses connected with any such property heretofore or
hereafter leased or otherwise occupied, as in this paragraph provided.
including taxes thereon which during the test period were not charged to
railway tax accruals, shall be paid by the company while receiving the
revenues therefrom.
[This paragraph may have to be modified, in particular cases, to fit the
situation created by the existence of mixed operating and non-operating
property, and perhaps in other cases.]
(b) All materials and supplies on hand at midnight Dec. 31 1917
[This item to be supported by an inventory, which, however, is not to be
incorporated in the contract except by reference.]
1158
THE CHRONICLE
[VoL. 107.
(c) All balances in the account or accounts representing the total of
"net balance receivable from agents and conductors" as of midnight
Dec. 31 1917;
(d)
[Here insert list of such other operating assets and of any deposits or funds
as may be agreed on in each case. If no such assets, deposits, or funds
are taken over, omit this paragraph and correct sections 4 (a), 4 (e), and
9 (d) accordingly.]
be an accounting of the amounts duo by one party or the other under this
paragraph at the end of each quarter year of Federal control, and the
amount so found due shall be then payable and if not paid shall bear
interest as provided in paragraph (a) of this section.
(e) Any funds taken over as provided in paragraph (d) of Section 2 hereof
shall be maintained by payments and charges to appropriate operating expense accounts and used by the Director-General during Federal control
substantially in the same manner as prior to Jan. 1 1918. All sums paid by
the Director-General to maintain pension funds or pension obligations or
practices and all contributions to Young Men's Christian Associations
of employees, employees' savisgs funds, relief funds or associations, readSection 3—Acceptance.
ing rooms, or health, accident, or death benefits for employees, shall be
Sec. 3. (a) The company accepts all the terms and conditions of the treated as a part of railway operating expenses during Federal control.
(f) All salaries and expenditures incurred by the company during Federal
Federal Control Act, and any regulation or order made by or through the
President under authority of said Act or of that portion of the Act approved control for purposes which relate to the existence and maintenance of the
Aug. 29 1916, referred to in paragraph (a) of the preamble to this agree- corporation, or to the properties of the company not taken over by the
ment which authorized the President in time of war to take possession, President, or to negotiations, contracts, valuations or any business conassume control and utilize systems of transportation; and the company fur- troversy with the Government or any branch thereof, and which are not
ther and expressly accepts the covenants and obligations of the Director- specially authorized by the Director-General, shall be borne by the comGeneral in this agreement set out and the rights arising thereunder in full pany; except that the expenses of valuation now being made by the Comadjustment, settlement, satisfaction and discharge of any and all claims mission to the extent that they are,in the opinion of the Director-General,
and rights, at law or in equity, which it now has or hereafter can have necessary to comply with the valuation orders and other requiremepts of the
otherwise than under this agreement, against the United States, the Presi- Commission and to the co-operation of the company in the making of such
dent, the Director-General, or any agent or agency thereof, for compen- valuation, shall be paid by the Director-General as a part of railway operatsation under the Constitution and laws of the United States for the taking ing expenses. If the company is dissatisfied with the ruling of the Directorpossession of its property and for the use, control and operation thereof General it may appeal to the Commission, whose decision shall be final.
(g) The Director-General shall furnish for additions, betterments and
during Federal control, and for any and all loss and damage to its business
or traffic by reason of the diversion thereof or otherwise which has been road extensions to the company's property approved or ordered by him any
or may be caused by said taking or by said possession, use, control and of the materials and supplies taken over under paragraph (b) of Section 2
hereof, or purchased by him and held for use in connection with the comoperation.
No claim is made by the company for compensation for the period be- pany's property in so far as, in his judgment, he can do so with due regard
tween noon of Dec. 28 and midnight of Dec. 31 1917; and the revenues of to his own requirements. Materials and supplies so furnished shall be
said period shall belong to the company, and the expenses thereof shall be -charged to the company at cost.
(h) The Director-General shall, at his option, be substituted for the
paid by the company, allocated in both cases as provided in paragraph (b)
period of Federal control in the place of the company in respect of the
of Section 4 hereof.
(b) The company, on its own initiative or upon the request of the Direc- benefits and obligations of contracts relating to operation in force Jan. 1
tor-General, shall take all appropriate and necessary corporate action to 1918 (including contracts made try subsidiaries for the use and benefit of
carry out the obligations assumed by it in this agreement or lawfully im- the company and the right to abrogate or change and make new contracts
posed upon it by or pursuant to the proclamation of Dec. 26 1917, or by with express companies for the period of Federal control), except as to
contracts between the company and subsidiary companies which shall be
the Federal Control Act.
(c) The Federal Control Act being in section 16 thereof expressly de- considered and treated as arrangements or practices; and the Directorclared to be emergency legislation enacted to meet conditions growing out General shall in like manner, at his option, be substituted for such period
of war, nothing in this agreement shall be construed as expressing or in respect of the benefits and obligations of arrangements and practices in
prejudicing the future policy of the Federal Government concerning the force during the test period in regard to fuel, materials and supplies for
ownership, control, or regulation of the company, or the method or basis the operation of the property described in paragraph (a) of Section 2 hereof
of the capitalization thereof, and the recitals or provisions of this agreement and of any additions, betterments and road extensions thereto obtained
shall not be used, as evidence or otherwise, by either party hereto in any from any mine, oil field or other source of supply owned or controlled by
pending or future proceeding which involves the acquisition or valuation the company,it being understood that under such arrangements or practices,
of the company's property or any part thereof; but nothing in this paragraph if availed of by the Director-General, he shall, to the extent necessary
shall be taken or construed as affecting the settlement and discharge con- to offset any increase in the standard return growing out of the furnishing
tained in paragraph (a) of this section, nor as limiting or qualifying any of by the company or of its subsidiaries, during the test period, of fuel,
materials, and supplies under an arrangement or practice at less than the
the provisions of said paragraph for the purposes thereof.
then cost or the then market value thereof for railroad purposes,be charged
Section 4—Operation and Accounting During Federal Control.
for such fuel, materials, and supplies a price expressed in dollars or cents per
unit below or above the then cost or the then market value thereof for railSec. 4. (a) All amounts received by the Director-General under para- road purposes (as
the practice of the company may have been) in the same
graphs (c) and (d) of Section 2 hereof and all other amounts whether amount that the
prices charged the company during the test period were
received from the company in cash or collected or realized upon by him below or
above the then cost or the then market value thereof for railroad
from current operating assets belonging to the company or arising from purposes; and at the
request of the Director-General or the company the
railway operations prior to midnight of Dec. 31 1917, shall be credited prices for fuel or materials
supplied between Dec.31 1917, and she execution
by him to the company; and the Director-General shall, to the extent of of this contract shall be
adjusted on the foregoing basis: Provided, however,
the cash so received or realized, pay and charge to the company all expenses That a source of supply
which the company had acquired to safeguard its
arising out of railway operations prior to Jan. 1 1918, including reparation own operations shall not
be depleted or reduced for use on other transportaclaims, and, unless objected to by the company, may pay and charge to tion systems, except in cases
of emergency to be determined by the Directhe company any of such expenses, including reparation claims, in excess tor-General, in which event the
quantity so used on other transportation
of the cash so received or realized. Balances of the above accounts shall systems shall be accounted for Go the company
at the fair value thereof: And
be struck quarterly on the last days of March, June, September and De- provided further, That materials and supplies
secured under contracts, which
cember of each year, and the cash balance found on such adjustments to the company had made for its
own operations shall, so far as practicable,
be due either party shall be then payable, and if not paid shall boar interest be used on tho company's property,
and that, if used on any other transat the rate of 6% per annum unless the parties shall agree upon a different portation system, materials and
supplies of like character shall be furnished
rate; except that the rate of interest on any portion of a balance found due by the Director-General for use
in making such additions, betterments,
to the company which is derived from cash in bank to the credit of such and road extensions as shall be
chargeable to the company, and shall be
company on interest, shall be adjusted in each case independently of this charged at cost under such
contracts.*
contract as the parties may agree.
(i) The Director-General shall pay, or save the company harmless from,
(b) Railway operating expenses, reparation and other claims, hire of all expenses incident to or
growing out-of the possession, operation and use
equipment and Joint facility rents shall be allocated with reference to the of the property taken
over during Federal control, except the expenses
time when incurred as between the period prior and subsequent to.midnight which under this agreement
are to be borne by the company. Ho shall
of Dec. 31 1917, and as between the period of Federal control and the also pay or save the
company harmless from all rents called in the
period subsequent thereto. Railway operating revenues shall be allocated monthly reports to the
Commission, equipment rents or joint facility
as between the period prior and subsequent to midnight of Dec. 31 1917, rents, and all judgments or
decrees that may be recovered or issued against,
in accordance with the established accrual practices of the company; except and all fines and
penalties that may be imposed upon, the company by
that where prior to midnight of Dec. 31 1917, the company's part of a reason of any cause
of action arising out of Federal control or of anything
service on through business had been completed or carload lots on its own done or omitted
in the possession, operation, use or control of the comline had reached destination, the revenue of the company for such service pany's
property during Federal control, except judgments or decrees
shall be allocated to it; but as to classes of traffic where in the opinion of founded on obligations
of the company to the Director-General or the
the Director-General such allocation will involve undue delay or undue United States.
absorption of accounting labor, such revenues shall be allocated in accord(j) The Director-General shall save the company harmless from any and
ance with the established accrual practices of the company. Like methods all liability, loss or expense
resulting from or incident to any claim made
of accruing and allocating such revenues shall be made at the end of Federal against the company growing
out of anything done or omitted during
control.
Federal control in connection with, or incident to, operation or exist(c) All expenditures made by the Director-General during Federal ing contracts
relating to operation; and shall do and perform so far as is
sontrol for additions and betterments, exclusive of equipment, or for requisite under Federal
control for the protection of the company all and
extensions begun prior to Jan. 1 1918, shall be charged to the company, signior
the things, of which he may have notice, necessary and appropriate
and if tho completion of any such addition, betterment or extension to prevent, because
of Federal Control or of anything done or omitted
is approved or ordered by the Director-General, the company shall be thereunder, the forfeiture
or loss by the company of any of its property
entitled under the provisions of paragraph (d) of Section 7 hereof to rights, ordinance rights,
or franchises, or of its trackage, lease, terminal
interest on the cost thereof from the completion of the work; but no or other contracts involving
a facility of operation; but nothing herein
interest (except to the extent that the same may be allowed and in- contained shall be
construed to require the Director-General to make
cluded in the compensation provided for in paragraph (a) of Section any capital expenditure necessary
to preserve a franchise or ordinance right
7 hereof) shall be due the company upon any such expenditures for work not heretofore availed
of by the company. The Director-General shall
done prior to Jan. 1 1918. Payments for all equipment ordered or under also save the company
harmless from any and all claims for broach of
construction by the company prior to Jan. 1 1918, but delivered on or after covenant heretofore
entered into by the company or by any precodossor
that date, shall also be considered as expenditures made by order or,ap- in title
or interest in any mortgage or other instrument in respect to insurproval of the Director-General pnder Paragraph (d) of Section 7 hereof. ance against losses
by fire.
Interest during construction payable under this paragraph and also inNothing in this or in the preceding paragraph shall be construed to be an
terest during constructior on the cost of any additions, betterments and assumption by the
Director-General of, or to make him liable on, any obroad extensions made by the company or at its expense to the company's ligation of the company
to pay a debt secured by a mortgage or any rent
prperty during Federal control, shall be included in the cost of the work.
under a lease except rents which during the test period were called in the
(d) Cash receipts or disbursements and other items arising out of trans- monthly
reports to the Commission equipment rents and joint facility
actions which do not enter into or form a part of those used in determining
rents and rents which under the accounting rules of the Commissionlin
the company's standard return shall not be received or paid by the Directorforce during the test period were classified as operating expenses.w,i king
General unless such transactions are negotiated or conducted by his order -for account of the company and with its consent. When moneys aro so
* In view of the differing situations of the various carriers, a uniform
received or paid by the Director-General in connection with such corporate standard clause covering the subject matter of paragraph (h) will..not be
insisted
upon, the same being left open for such separate treatment akmay
transactions they shall be credited or charged to the company. There shall
be agreed on in each case.
lb
SEPT. 21 1918]
THE CHRONICLE
(k) In carrying out the provisions of paragraphs (a), (b), (c) and (d) of
this section and the provisions of Section 6 hereof the Director-General
shall not settle any claim by or against the company, against the objection
in writing of the president or of any other duly authorized officer of the
company. The conduct of' all litigation before any court or commission
arising out of such disputed claims, or out of operation prior to Federal
control, shall be in charge of the Director-General's legal force and the
expense thereof shall be paid by the Director-General; but the company
may, at its own expense, employ special counsel in connection with any
such litigation.
(1) Nothing in this agreement shall be construed as inconsistent with the
provision in Section 10 of the Federal Control Act that no process, mesne
or final, shall be levied against any property under Federal control, nor as a
waiver by the United States of any claim that might otherwise be made
by it that the rights of any State or subdivision thereof or of any individual
or corporation have been abrogated or suspended by the taking over of the
company's property or by Federal control.
(m) The company shall have the right at all reasonable times to inspect
the books and accounts kept by the Director-General relating to the property of the company, or to the operation thereof, and the Director-General
shall during Federal control furnish the company with a copy of the operating reports relating to its property, and as soon as practicable after the end
of each fiscal year shall furnish to the company a complete list of its equipment as of the end of such fiscal year.
Section 5—Upkeep.
Sec. 5. (a) During the period of Federal control the Director-General
shall, annually, as nearly as practicable, expend and charge to railway
operating expenses, either in payments for labor and materials or by payments into funds, such sums for the maintenance, repair, renewal, retirement arid depreciation of the property described in paragraph (a) of Section 2 hereof as may be requisite in order that such property may be returned to the company at the end of Federal control in substantially as
good repair and in substantially as complete equipment as it was on Jan.
1 1918: Provided, however, That the annual expenditure and charges for
such purposes during the period of Federal control on such property and
the fair distribution thereof over the same, or the payment into funds,
of any amount equal in the aggregate (subject to the adjustments provided in
paragraph (c) and to the provisions of paragraph (e) of. this section) to the
average annual expenditure and charges for such purposes included under
the accounting rules of the Commission in railway operating expenses during the test period, less the cost of fire insurance included therein, shall
be taken as a full compliance with the foregoing covenant.
(b) The Director-General may expend such sums, if any, in addition to
those expended and charged under paragraph (a) of this section (subject
to the adjustments provided in paragraph (c) of this section) as may be
requisite for the safe poperatton of the property described in paragraph (a)
of Section 2 hereof assuming a use similar to the use during the test period
and not substantially enhancing the cost of maintenance over the normal
standard of maintenance of railroads of like character and business during
said period; and the amount, if any, of such excess expenditures during
Federal control shall be made good by the company as provided in paragraph
(b) of section 7 hereof.
(c) in comparing the amounts expended and charged under the provisions of paragraphs (a) and (b) of this section, with the amounts expended
and charged during the test period, due allowance shall be made for any
difference that may exist between the cost of labor and materials and between the amount of property taken over and the average for the test
period, and,as to paragraph (a),for any difference in use between that of the
test period and during Federal control, which in the opinion of the Commission is substantial enough to be considered, so that the result shall be,
as nearly as practicable, the same relative amount,character, and durability
of physical reparation.
(d) At the request of either party, there shall be an accounting of the
amounts due by one party or the other under paragraphs (a) and (b) of this
section at the end of each year of Federal control and at the end of Federal
control.
(e) If during Federal control any of the property described in paragraph
(a) of Section 2 hereof or any replacement thereof or addition thereto or
betterment or extension thereof is destroyed or damaged otherwise
than by fire or public enemies, and is not restored or replaced by the
Director-Generpl, he shall reimburse the company the value of the
property destroyed or the amount of the damage at the time of the
loss; and the cost of restoration or replacement or said value or damage,
as the case may be, shall be charged to annual railway operating expenses: Provided, however, That if the Commission on application of
either party and after giving due consideration to the practice of the
company during the test period in respect to such matters and to any
other pertinent. facts and circumstances, determines that it is just and
reasonable that the said cost or value shall be apportioned or extended
over a ported of more than one year, this shall be done, and so much of said
cost or value as may be apportioned by the Commission over the period
subsequent to Federal control shall be charged to the company in the final
accounting at the end of Federal control and shall be paid by it.
If, during Federal control, any of the property described in paragraph (a)
of Section 2 hereof or any replacement thereof or addition thereto or betterment or extension thereof is destroyed or damaged by fire, and is not
restored or replaced by the Director-General, he shall reimburse the company the value of the property destroyed or the amount of the damage
at the time of the fire; and the cost of restoration or replacement or said
value or damage, as the case may be, shall be charged to annual railway
operating expenses, but the same shall not be considered a charge to such
exponses for the purposes specified in paragraph (a) of this section.
In case of any such loss or damage by fire, the Director-General shall,
if given written notice of the requirements of any mortgage, equipment
lease or trust on the property so destroyed or damaged, make such restoration or replacement, or pay such value or damage, in such way a. to meet
the requirements of such mortgage, equipment lease, or trust in the same
manner as would have been proper in applying the proceeds of insurance
on such property if it had been insured by the company against loss or
damage by fire in accordance with the terms of such instruments of lien;
and a compliance with the written request of the company in respect thereof
shall be a full acquittance of any obligation of the Director-General in the
premises.
The foregoing parts of this paragraph are subject to the proviso that in
case of loss or damage any additions and betterments made in connection
with or as a part of the rectoration or replacement of property damaged
or destroyed and chargeable under the accounting rules of the Commission
in force Dec. 311917, to investment in road and equipment1 shall be charged
to and paid by the company.
The Director-General shall not be liable to tho company for any loss or
damage due to the acts of public enemies.
(f) If any additions, betterments, or road extensions are made to the
property taken over or any equipment is added at the expense of the company and with the approval or by order of the Director-General during
Federal control he shall expend and charge to railway operating expenses
1159
such sums either in payments for labor and materials or by payments into
funds, as may be requisite for the proper maintenance, repair, renewal,
retirement and depreciation of such property until the end of Federal
control.
(g) The company shall have the right to inspect its property at all reasonable times during Federal control and the Director-General shall provide reasonable facilities for such inspection.
(h) If any question shall arise either during or at the end of Federal control as to whether the covenants or provisions in this section contained are
being or have been observed,the matter in dispute shall, on the application
of either party, be referred to the Commission which, after hearing, shall
make such findings and order as justice and right may require, which shall
be final as to the questions submitted and shall be binding on and observed
by both parties hereto, except that either party may take any question of
law to the courts if it so desires.
Section 6—Taxes.
Sec. 6. (a) All taxes assessed under Federal or any other Governmental
authority for the period prior to Jan. 1 1918, including a proportionate part
of any such tax assessed after Dec. 31 1917, for a period which includes
any part of 1917 or preceding years, and unpaid on that date, all taxes
commonly called war taxes which have been or may be assessed against
the company under the Act of Congress, entitled "An Act to provide
revenue to defray war expenses and for other purposes," approved Oct.
3 1917, or under any act in addition thereto or in amendment thereof, and
all taxes which have been or may be assessed on property under construction, and all assessments which have been or may be made for public improvements, chargeable under the accounting rules of the Commission in
force Dec. 31 1917, to investment in road and equipment, shall be paid
by the company; but upon the amount thus chargeable to investment,
interest shall be paid to the company during Federal control at the rate
provided in paragraph (d) of Section 7 hereof. Taxes assessed during construction on additions, betterments, and road extensions made by the company with the approval or by order of the Director-General during Federal control shall be considered a part of the cost of such additions, betterments and extensions and shall, under the provisions of paragraph (d) of Section 7 hereof, bear interest as a part of such cost from the date of the completion of such additions, betterments or extensions. Assessments for public
improvements which do not become a part of the property taken over shall
bear interest from the date of the payment of such assessment.
•
(b) If any tax or assessment which under this agreement is to be paid by
the company is not paid by it when due, the same, may be paid by the
Director-General and deducted from the next installment of compensation
due under Section 7 hereof. If any taxes properly chargeable to the Director-General have been or shall be paid by the company, it shall be duly
reimbursed therefor.
(c) The Director-General shall either pay out of revenues derived from
railway operation during the period of Federal control, or shall save the
company harmless from all taxes, and the expense of suits in respect thereof, lawfully assessed under Federal or any other Governmental authority
for any part of said period on the property under such control, or on the
right to operate as a carrier, or on the revenues derived from operation, and
all other taxes which under the accounting rules of the Commission in force
Dec. 31 1917, are properly chargeable to "railway tax accruals" except the
taxes and assessments for which provision is made in paragraph (a) of this
section.
(d) If any such tax is for a period which began before Jan. 1 1918, or
continues beyond the period of Federal control, such portion of such tax
as may be apportionable to the period of Federal control shall be paid by
the Director-General, and the remainder shall be paid by the company.
(e) Whenever a period for which a tax is assessed cannot be definitely
determined, so much of such tax as is payable in any calendar year shall be
treated as assessed for such year.
Section 7—Compensation.
Scc. 7. (a) The annual compensation guaranteed to the company under
dollars
section 1 of the Federal Control Act shall be the sum of
during each year and pro rata for each fractional part of a year of Federal
control, subject, however, to any increase or decrease in the standard return
hereafter made by the Commission as provided in paragraph (d) of the _
preamble of this agreement.
(0) The said compensation shall be paid to the company quarterly in
equal installments on the last days of March, June, September, and December of each year for the quarter ending therewith, except that the
first two installments shall be due as of March 31 1918 and June 30 1918,
respectively, but shall be paid upon the execution of this agreement;
but from each installment there may be deducted any amount then
duo by the company under paragraphs (a) and (d) of section 4 hereof,
under paragraph (0) of section 5 hereof, and under paragraph (b) of
section 6 hereof, and all amounts required to reimburse the United
States for the cost of additions and betterments made to the property of
the company not justly chargeable to the United States, unless such
matters are financed or otherwise taken care of by the company to the
satisfaction of the Director-Oeneral, and the Director-General may apportion any such amounts to two or more subsequent installments: Provided,
however, That said power to deduct amounts due or accruing under paragraph (b) of section 5 hereof and the cost of additions and betterments
not justly chargeable to the United States shall not be so exercised as to
prevent the company from paying out the sums reasonably required to
support its corporate organization, to keep up sinking funds for the company's debts required by contracts in force Dec. 311917, to pay its taxes,
to pay rents and other amounts (not chargeable to capital account) properly
payable by the company for leased or operated roads and properties, to
pay interest which has heretofore been regularly paid by the company,
and interest on loans issued during Federal control and approved by the
Director-General.* nor shall such deduction be made in respect of additions
and betterments, which are for war purposes and not for the normal development of the company, nor in respect of road extensions, nor in respect
of amounts due under paragraphs (a) and (d) of section 4 hereof, in cases
where the current assets, including materials and supplies, of the company
taken over by the Director-General under the provisions of this agreement
clearly exceed the current liabilities of the company paid or assumed
by the Director-General under said section. In the event of a difference
as to the fact whether additions and betterments are for war purposes and
not for the normal development of the company, or as to whether an addition is a road extension, the question may, on application of either party,
be referred to and determined by the Commission.
The power provided in this paragraph to deduct the amount due by the
company for the cost of additions and betterments not justly chargeable
to the United States is further declared to be an emergency -power, to be
used by the Director-General only when he finds that no other reasonable
*The company will be expected to furnish the Director-General, prior
to the execution of any contract, with a sworn statement of all the fixed
charges, rents, and other items mentioned in this clause, as of Dec. 31
1917.
1160
THE CHRONICLE
means is provided by the company to reimburse the United States, and, as
contemplated by the President's proclamation and by the Federal Control
Act, it will be the policy of the Director-General to so use such power of
deduction as not to interrupt unnecessarily the regular payment of dividends as made by the company during the test period.
Overdue installments of compensation, or balances thereof, provided
for in this section shall bear interest from maturity at the rate of 5% per
annum, except that if the Director-General shall, prior to the execution of
this contract, have loaned the company any money, the installments of
compensation overdue at the date of the execution hereof shall bear interest
from maturity at the same rate as that charged to the company on such
loans.
(c) During Federal control the company shall not, without the prior approval of the Director-General, issue any bonds, notes, equipment trust
-certificates, stock or other securities, or enter into any contracts (except
contracts in respect of corporate affairs and property not taken under
Federal control), or agree to pay interest on its debt at a higher rate, or
for rent of leased roads and properties a larger amount than the rates and
amounts payable as of or required by contracts in force on Dec. 31 1917
The company may, however, procure the authentication and delivery
to it under any mortgage or trust deed or agreement in force Dec. 31
1917 of bonds or notes issuable thereunder in respect of additions, betterments, extensions and equipment orsfor refunding purposes.
(a) Upon the cost of additions and betterments (including equipment),
less retirements in connection therewith, and upon the cost of road ettensions made to the property of the company during Federal control,
the Director-General shall, from the completion of the work, pay the
company a reasonable rate of interest to be fixed by him on each occasion.
In fixing such rate or rates he may take into account not merely the value
of money but all pertinent facts and circumstances, whether the money
used was derived from loans or otherwise, provided that to the extent that
the money is advanced by the Director-General or is obtained by the company from loans or from the proceeds of securities the rate or rates shall be
the same as that charged by the Director-General for loans to the company
or to other companies of similar credit.
(e) From its compensation so received by it or from other income,
if adequate for the purpose, the company shall make all payments of
Interest, rents and other sums necessary to prevent a default under any
mortgage or lease of any of the property described in paragraph (a) of section
2 hereof; and if at any time during Federal control the company, by virtue
of any change in the right of possession (subject to the rights of the United
States) to any of said property or otherwise, shall no longer be entitled
as between itself and any other person or corporation to receive the entire
compensation herein provided, such compensation shall be apportioned
and paid, as between the parties entitled thereto, as justice and right may
require.
Section 8—Claims for Losses on Additions, &c.
Sec. 8. (a) Prompt notice in writing, except as provided in paragraph
(d) of this section, shall be given the company of the making or ordering
of any additions, betterments, or road extensions, including terminals,
motive power, cars or other equipment to or for the property of the company costing more than $1,000 with an estimate of the cost thereof. Such
notice shall be given before the beginning of the work or the acquisition
of the property whenever in rho judgment of the Director-General it is
practicable to do so. Within a reasonable time after the completion of
the work or the acquisition of the property, a written statement of the
final cost thereof shall be given the company. There shall be furnished the
company as soon as practicable after the end of each month a written statement of all expenditures estimated to cost $1,000 or less chargeable to
investment in road and equipment made during the month, with a brief
description of the work done or of the property acquired; and such statement shall constitute all the notice of additions and betterments costing
one thousand dollars or less required by (b) and (c) of this section. The
notices provided in this paragraph may be given to the President of the
company unless the company designates some other officer to receive the
same, in which event the notice shall be given to such other officer.
(b) Any claim of the company for loss accruing to it by reason of expenditures for additions and betterments made to the property of the company
during Federal control in connection with or as a part of the work of maintaining, repairing and renewing the company's property and chargeable
under the accounting rules of the Commission in force Dec. 31 1917, to
invehtment in road and equipment except such expenditures as are incurred
in connection with the replacement of buildings and structures in new
locations, may be determined by agreement between the Director-General
and the company, or, failing such agreement as to the fact or amount of
such loss, the questions at issue may, upon the application of either party
at any time after the filing of the statement of claim hereinafter referred
to be ascertained in the manner provided in section 3 of the Federal Control
Act: Provided, however, That no loss shall be claimed by the company and no money shall be due to it in respect of such additions and betterments upon the ground that the actual cost thereof at the time of construction was greater than under other market and commercial conditions,
and for the purpose of determining such controversy the amount paid for any
addition or betterment shall be deemed the fair and reasonable cost thereof
and shall be taken as the basis for such determination; nor unless the
company within sixty days of notice to it that the work will be done shall
give the Director-General notice of_objection thereto and shall file with
the Director-General a statement of its claim within ninety days after
notice of the completion of the work.
(c) Any claim of the company for loss accruing to it by reason of any additions and betterments which are not made in connection with or as a part of
the work of maintaining, repairing and renewing the company's property,
or accruing to it in connection with maintenance in the replacement of
buildings and structures in new locations, or by reason of road extensions,
terminals, motive power, cars, or other equipment made to or provided
for tie property of the company during Federal control, may be determined
by agreement between the Director-General of the company, or failing
such Agreement as to the fact or amount of such loss, may, by proceedings
instituted not later than six months after the end of Federal control, be
ascertained in the manner provided in section 3 of the Federal Control
Act: Provided, however, That no loss shall be claimed by the company
and no money shall be due to it in respect of such additions, betterments, road extensions, terminals, motive power, cars, or other equipment mentioned in this paragraph upon the ground that the actual cost
thereof at the time of construction or acquisition was greater than under
other market and commercial conditions; and for the purpose of determining such controversy the amount paid for any additions, betterments,
road extensions, terminals, motive power, Cars, or other equipment shall
be deemed the fair and reasonable cost thereof and shall be taken as the
basis for such determination nor unless within sixty days after notice to
the company of such, construction or acquisition written notice is given
to the Director-General by the company that it will claim a loss in respect
thereof. With and as a part of such notice the company shall state its
objections to such construction or acquisition as far as reasonably practicable at the time. Nothing in this agreement shall be construed as barring
•
(VOL. 107.
the United States from contending that no loss within the moaning of the
Federal Control Act accrued to .the company by reason of any additions,
betterments, or road extensions made during Federal control by order
or approval of the Director-General, if it is made to appear that the company itself but for Federal control should in the exercise of sound judgment
have made such addition, betterment or road extension.
(d) Where additions, betterments or road extensions or terminals,
motive power, cars, or other equipment have been made to or provided
for the property of the company during Federal control but prior to the
execution of this agreement, the Director-General shall not be required to
give the notice thereof provided for in paragraph (a) of this section and
notice by the company of any claim of loss in respect thereto may be
given the Director-General within ninety days after the execution hereof;
and such claims shall thereafter be proceeded with in the manner provided
in paragraph (b) or paragraph (c) of this section, as the case may be.
(e) The Director-General shall reimburse the company for the amount
of loss ascertained under this section with a proper adjustment of interest
thereon.
(f) The Director-General shall not acquire any motive power, cars, or
other equipment at the expense, or on the credit, of the company in excess
of what in his judgment is necessary, in addition to its then existing equipment, to provide for the traffic requirements of Its own system of transportation; but this provision shall not prevent the Director-General,
after the acquisition of such equipment, from using the same, or any
part thereof, on the line of any other transportation system operated by him.
Section 9—Final Accounting.
Sec. 9. (a) At the end of Federal control all the property described
in paragraph (a) of Section 2 hereof shall be returned to the company,
together with all repairs, renewals, additions, betterments, replacements
and road extensions thereto which have been made during Federal control,
except as any part thereof may have been destroyed or retired and not
replaced, in which case the provisions of Section 5 hereof shall govern and
except that the Director-General shall not be obliged to restore or replace
property destroyed or damaged by the acts of public enemies.
(b) At the end of Federal control the Director-General shall return to
the company all uncollected accounts received by him from the company
and also materials and supplies equal in quantity, quality, and relative
usefulness to that of the materials and supplies which he received and
to the extent that the Director-General does not return such materials and supplies he shall account for the same at prices prevailing at
the end of Federal control. To the extent that the company receives
materials and supplies in excess of those delivered by it to the DirectorGeneral it shall account for the same at the prices prevailing at the end of
Federal control, and the balance shall be adjusted in cash.
(c) The total amount of the account "Net balance receivable from agents
and conductors" at the end of Federal control may be turned over by the
Director-General to the company. He may also turn over all assets which
have accrued out of operation; and the company shall, to the extent of
the cash received or realized from such assets, pay and charge to the
Director-General all expenses arising out of railway operations during
Federal control, including reparation and other claims, and may, unless
objection is made by the Director-General, pay and charge to him any
such expenses including reparation and other claims in excess of the cash
so received or realized. On the first day of the third month following
the termination of Federal control an accounting between the parties
shall be had, and so on the first of each third month thereafter. Any
balance found due either party shall be payable as of the date on which
the account is stated and shall bear interest until paid.
(d) At the end of Federal control there shall be paid to the company
any balance then remaining unpaid of the cash and special deposits received from the company at the beginning of Federal control, together
with any unpaid interest which may have accrued upon the same. There
shall also be paid to the company all special funds which were taken over
by the Director-General as enumerated in section 2 hereof, and any funds
created under the provisions of this agreement, except to the extent that
such funds may have been properly used under this agreement.
(e) Wherever under any provision of this section there is to be an adjustment of interest it shall be at the rate of 5% per annum unless the parties
shall in any case agree on a different rate.
(f) After Federal control no claim by or against the Director-General
shall be settled by the company against the written objection of the DirectorGeneral or the Attorney-General of the United States. il'he conduct of
all litigation before any court or commission arising out of such disputed
claims or out of operations during Federal control shall be in charge of the
company's legal force and the expense thereof shall be paid by the company;
but the Director-General or the Attorney-General may, at the expense of
the United States, employ special counsel in connection with any such
litigation.
Execution.
In witness whereof these presents have on the day and year first above
written been duly signed, sealed and delivered by William G. McAdoo,
Director-General of Railroads,. and duly signed, sealed and delivered by
Company by
the
thereto duly authorized by a vote of the
its
directors of the company at a meeting duly called and held on
1918, ratified by vote of the stockholders of the company at a meeting
day of
on the
duly called and held in
1918, certificates of which meetings, duly attested by the company's clerk,
are hereto attached.
Director-General of Railroads.
(Seal of Director-General.)
Railroad,
The
By
(Company's Seal.)
[N. B.—This and he too following pages indicate the manner in which
to have the contracts executed. If in
prefer
would
the Government
any case a special stockholders' meeting is impracticable, some other
mode of execution, if deemed equally valid, will be accepted.]
Call for the Stockholders' Meeting.
Notice is hereby given to the stockholders of the
Company that a special meeting of said stockholders will be held at
1918, to consider
o'clock,
at
in
the expediency of ratifying a certain agreement with the Director-General
of Railroads relating to operating, compensation and other matters connected with or growing out of the taking over by the President of the company's railroad and system of transportation and any other business that
may properly dome before the meeting.
, Clerk.
Certificate of Stockholders' Vote.
Company,
At a meeting of the stockholders of the
at
o'clock,
in
duly called and held at
1918, the foregoing agreement between the Director..
SEPT. 211918.]
THE CHRONICLE
1161
General of Railroads and the company relating to operation, compensation MacKinnon, United States Independent Telephone Association, and Miss
and other matters connected with or growing out of the taking over by Julia S. O'Connor, representing the organized telephone workers of the
the President of the company's railroad and system of transportation was country, are appointed a committee to investigate the working conditions
read, and it was thereupon voted that the same be and hereby is accepted, of and wages paid to employees of the telegraph and telephone companies,
and report as to what improvements, if any, should be made in the workratified and approved as the contract of this corporation; that
of the company be and hereby is authorized to sign ing conditions, the wages which should be paid the various classes of emthe
the same or a duplicate thereof in the name and behalf of the company, ployees, and the feasibility of standardizing the same.
to affix its corporate seal thereto and to deliver the same to the DirectorGeneral upon receipt of a similar instrument duly executed by the DirectorGeneral or by his duly authorized agent, and that the board of directors
BALTIMORE CHANGES NAME OF ITS
may at any time and from time to time alter, amend or add to the terms
and provisions of said agreement by a majority vote and an instrument
FINANCIAL STREET.
in writing signed by the Director-General or his duly authorized agent
The City Council of Baltimore changed the name of Gerand by some officer of the company thereto authorized by said board.
A true record.
Attest:
Clerk
CHICAGO & WESTERN INDIANA NOTE EXTENSION
—AGREEMENT BETWEEN RAILROAD ADMINISTRATION AND J. P. MORGAN& CO.
An agreement having been reached as to the matters in
controversy between the Railroad Administration and
J. P. Morgan & Co. (see last week's issue p. 1068) circulars
were sent out on Thursday by the aforesaid bankers and
their associates to the holders of the $15,000,000 6% notes
of the Chicago & Western Indiana RR. recommending an
extension of the maturity date of these notes for one year
to Sept. 1, 1919. Holders who consent to this extension
will receive payment of the overdue coupons due Sept. 1,
1918 and also a cash bonus of 1Y1%,the investment yield of
the extended notes being thus slightly over 73 %.
It appears that although the bankers were told by the
Railroad Administration that they might retain as their
commission under the renewal arrangement one-fourth of
1% of the total involved, this was declined, with the statement that they preferred such compensation should go to
the extending noteholders.
The effort of the Railroad Administration to secure an
extension of the notes at 6% without bonus or commission
was naturally modified when they took in consideration
the extraordinary difficulty of private financing under
existing market conditions, and they were even prepared
to allow the bankers a commission of M of 1%, which the
latter, as stated, preferred should be included in the compensation offered for the extension. While the extension
if generally accepted will thus be obtained on a 73 % basis,
it will be observed that there is no underwriting of the
transaction, such as was contemplated by the bankers
when they advocated an extension on a 732% basis with
a syndicate fee of 14% for underwriting and distributing.
The circular sent under date of Sept. 19 1918 to the
holders of the one-year 6% notes due Sept. 1 1918 reads
as follows:
With regard to the Chicago & Western Indiana Railroad Company
One-Year 6% Notes which matured on September 1 and were not paid,
we have received advices from Mr. John Skelton WiiIians, Director of
the Division of Finance, Railroad Administration, who states "The Director-General would be willing to enter into a contract with the Chicago
& Western Indiana Company, whereby the standard rental to be paid
during the period of Government control shall provide a sum of money
sufficient to Pay all present fixed charges and taxes, including 6% per
annum on this issue of $15,000,000 of Notes.
In view of this assurance from the Railroad Administration of the Income
to be received by the Chicago & Wostorn Indiana under the Government
Railroad Control Bill, we have been requested by the Company,with the
assent of the Railroad Administration, to ask the noteholders to extend
their notes for one year, at 6% with the present collateral remaining unchanged, upon payment for extension of a compensation of 1 X% of the
principal amount of notes extended. The investment yield on the extended notes would thus be slightly over 7X%.
Holders of the above notes are therefore requested to present their
notes at the office of J. P. Morgan & Co., 23 Wall Street, Now York,
N. Y., receiving at the time of deposit a receipt, which, when a sufficient
amount of notes has been deposited and the plan has been declared operative, will be exchangeable for extended notes, the noteholders receiving
at the time of exchange payment of the coupon due Sepcember 1 1918,
and the amount of compensation mentioned above, viz.,$12.50 per $1,000
rote.
The undersigned are acting in this matter without compensation, and
recommend your acceptance of the above offer as a moans of co-operating
in handling this situation.
Signed, J. P. MORGAN & CO., FIRST NATIONAL BANK, New
York., NATIONAL CITY COMPANY, New York, and HARRIS,
FORBES & CO.
COMMITTEE TO INVESTIGATE WORKING CONDITIONS OF TELEPHONE WORKERS.
In making known the appointment of a committee to
investigate working conditions and wages paid by the telephone industry, now under government control, the Post
Office Department on Sept. 13 said:
William S. Ryan, Assistant Superintendent Division of Post Office
Service; John B. Colpoys, special agent Department of Labor; Union N.
Bothell, First Vice-President American Telephone & Telegraph Co.; F. B.
man Street to Redwood Street in honor of Lieut. George
B. Redwood, a young Baltimorean officer who was the first
Baltimore officer killed in action in France. German Street
as well as South Street and Calvert Street have long been
known as the Wall Street centre of Baltimore financial activities, and in late years German Street has been the most prominent financial thoroughfare of the three streets. The Baltimore Stock Exchange is located on German Street and many
large office buildings in which scores of brokers have their
quarters. Several of the city's leading banking firms are
situated on this street including Robert Garrett & Sons,
Baker, Watts & Co., Nelson, Cook & Co., Mackubin,
Goodrich & Co., Strother, Brodgen & Co. and the Maryland Trust Co. Lieut Redwood was the son of Francis
T. Redwood, banker, formerly of the Baltimore firm of
Lowndes & Redwood, who was killed in a railroad accident
with Samuel Spencer, President of the Southern Railroad,
and Charles D. Fisher, while riding in Mr. Spencer's private
car in 1906. Lieutenant Redwood was twice decorated
for valor on the field of battle in France. He was killed in
action on May 28 after he had been.wounded twice. His
death followed shortly after a successful attack made by
his regiment resulting in the capture of Cantigny. In the
attack young Redwood was twice struck by bullets, but
though he was ordered to the hospital he continued to perform his duty. In the evening a report was brought in
from headquarters that the Germans were digging a trench
behind their barrage. Lieutenant Redwood volunteered
to investigate the report. While in the performance of
this duty he was killed by shellfire.
LIEUT. CHARLES D. BAKER, SON OF NEW YORK
BANKER, KILLED.
The death of Lieut. Charles D. Baker, son of Stephen
Baker, President of the Bank of Manhattan Company, 40
Wall Street, this city, was reported in the newspaper dispatches this week. Lieut. Baker was killed in action in
France while serving, it is believed, with the 165th Infantry.
The Lieutenant was graduated at Princeton in 1913 and
entered tile employ of the Bankers' Trust Company. He
joined Squadron A in 1915 and went with it to the border,
returning a Sergeant in 1917. He was then commissioned
a First Lieutenant, but left the 69th when the regiment
was at Camp Mills to go South and arrange for the transportation of 1,600 horses and mules. When his ship left
a Southern port he was the highest ranking military officer
aboard, and as such was responsible for the welfare of every
soldier aboard. The vessel missed its convoy, and when
midocean was reached it was found that enemy agents had
loosened rivets, so that the transport was in danger of going
down with all on board.
On this occasion the coolness of Lieutenant baker and
the care he took of his men attracted the notice of the ship's
crew and when he went ashore the entire crew gave him
round after round of cheers. He joined his regiment at
once, and on May 8 he received the War Cross for "bravery
and presence of mind under fire in the trenches." For
three days Lieutenant Baker, his eardrum burst by a shell
and in agony, refused to leave his men in the trench and
kept up their morale by constant encouragement.
CAPT. N. L. TILNEY, BANKER, DIES IN FRANCE.
Captain Nicholas Lechmere Tilney, member of bond
investment firm of Tilney, Ladd & Co., 43 Exchange Place,
this city, died from pneumonia in France on Sept. 17, according to unofficial advices received by his father through
J. P. Morgan & Co. Capt. Tilney had been in active
service for the American Red Cross during the past five
months. Prior to the formation of Tilney, Ladd & Co.,
which has been successful from the start, Capt. Tilney was
identified with Lee, Higginson & Co. of this city and he was
well knowniinjiWalliStreetibanking circles.
1162
THE CHRONICLE
[VOL. 107.
George E. Chamberlain, Chairman Committee on Military Affairs,
REVIEW BY PRESIDENT HECHT OF MATTERS
United States Senate, "Univemal Military Training and Compulsory
AFFECTING AMERICAN INSTITUTE OF
Service."
W. H. Vandervoort, "Relations between Employer and Employee."
BANKING.
Harry A. Wheeler, President Chamber of Commerce of the United
R. S. Hecht, Vice-President of the Hibernia Bank & States, "The Merchant Marine and the Railroads." Thursday afterTrust Co. of New Orleans, in his address as President of the noon, Sept. 26.
Otto H. Kahn, Kahn, Loeb & Co., "The Menace of Paternalism and •
American Institute of Banking at the annual convention Bureaucracy."
of the organization in Denver Sept. 17 spoke under the
Before the National Bank Section, W.P. G. Harding, of
caption "A Year of Service," saying in part:
the Federal Reserve Board is to speak on "National Banks in
The gigantic financial operations of our Government to cover our own War Time—Their Problem and Their Work." Others who
war needs as well as those of our allies have called for greater efforts and
heavier sacrifices than any of us could have conceived possible, and yet will address the National Bank Section (not heretofore
the wonderful spirit and splendid co-operation of our bankers throughout announced) are Arthur E. Bestor, President of the Chauthis country have made this unprecedented task seem comparatively easy,
tauqua Institute, and director of the Speakers' Division of
and the result has in each case exceeded the most optimistic expectations.
International banking relations were until a very few years ago an unim- the Committee on Public Information. Mr. Bestor is in
portant and more or less neglected branch of our banking business, and charge of the speaking campaign of the Treasury Departyet when—almost overnight—this country had become the world's banker,
Red Cross and the Food Administration. His
we found in our midst many men big and broad enough to handle these new ment, the
responsibilities as if the finance of the whole universe had always been subject is "Mobilizing in the Mind of America"; Lt.-Col.
handled on this side of the ocean instead of the other.
G. G. Woodwork, of the British Information Bureau in
Just now interest in the financial world is quite naturally centred on the
forthcoming Fourth Liberty Loan, which will be greater in volume than this country. Col. Woodwork has seen over twenty years
any loan previously placed by any nation; and this will again offer each of service in the British army and was two years on the
and everyone of our members a wonderful opportunity to be of genuine Western front in France.
service to the Government.
In addition to those previously announced, the speakers
I say it is an opportunity for our members rather than for the Institute
as a whole, because I have always believed that our organization as such for the Clearing House Section will include Frank Reavis,
should not attempt to do any independent work, but that our members Representative in Congress from Nebraska. Mr. Reavis
should individually put themselves at the disposal of the already existing
Liberty Loan organizations to fill whatever places may be assigned to them, is a member of the Committee on Military Affairs, and has
for this is no time to seek personal glory, nor even think of recognition for only recently returned from the front, where he had witour organization. We can have, must have, but one aim, and that is to
nesses the fight in which Americans beat a divisioli of
do our honest best to assist our Government in the efficient prosecution
Prussian Guards.
or the war.
In order to realize this ideal it has been necessary to make many changes
One of the features of the convention of the American
in our scale of living, and to put the administration of our own affairs and
Bankers' Association will be the general session of the
the affairs of the Institute on a "war basis."
This process of readjustment has necessarily made the past year a rather Agricultural Commission, which will be held in the Elizatrying one in the handling of our national affairs, but let no one suppose bethan Room of the Congress Hotel, on Monday morning,
for a moment that putting the Institute on a war basis has meant a subespecially by the
stantial change in the policy of our organization or a curtailment of its Sept. 23. This meeting will be attended
activities. On the contrary, it has meant more work, more duties and officials and members of the Executive Council of the
more responsibilities for us individually and collectively, and has brought American Bankers' Association, the Chairmen of State
with it greater opportunity for real service than our organization had in
Association Committees on Agriculture and such others as
all of its previous existence.
Having in mind that the supreme need of the hour is to win this war, may desire to attend. Joseph Hirsch, Chairman of the
and win it quickly, and decisively, some of our able and energetic leaders Agricultural Commission, will preside and the principal
felt earlier in the year that our membership would be certain to decrease
materially, and that our educational activities would, of necessity, be cur- speaker will be Hon. Clarence Ousley, Assistant Secretary
tailed.
of Agriculture. Mr. Ousley is said to be one of the finest
The contrary has been true: notwithstanding the fact that several of speakers in America.
the smaller chapters lost practically their entire membership as a result
The Paper Economy Division of the Pulp and Paper
of the draft, and consequently discontinued their existence—at least for
the period of the war—the total number of active chapters is now eighty, Section of the War Industries Board has invited the cowhich is one more than we had a year ago, and our total membership is
operation of the American Bankers' Association in its efforts
almost unchanged and now amounts to 21,454, of which 17,323 are members of city chapters and 4,131 are members of the Correspondence Chapter. to bring about economy in the use of paper. In a letter to
Speaking of the necessity of extending the educational and social facili- President Hinsch the War Industries Board calls attention
ties of our organization to those who are not fortunate enough to be active
paper mills have been placed upon
members of city chapters also brings to my mind another very definite to the fact that pulp and
suggestion which I desire to make at this time, and which I hope will, after the preference list with the express understanding that all
full discussion at this convention, be carried into effect. I refer to the waste be eliminated and every possible economy be pracorganization of an oversee chapter.
of paper and are expected
As I have previously stated, we have nearly 3,000 of our members in tised. Banks are important users
active military service at this time, and I have no doubt that a very con- to make a substantial curtailment in their annual requiresiderable portion of them are within a hundred-mile radius d'f the city of ments. Unless economy is strictly practiced the supply of
Paris. While I hope and believe that within a short time they will be
much further from Paris and much nearer to Berlin, yet I am of the opinion paper for essential purposes cannot be maintained. It is
that we should try to establish headquarters in Paris where Institute men expected that every banker whose requirements exceed one
might have a meeting-place when they are off duty, and where they could
ton per year will sign the economy pledge which the War
find all of the latest banking magazines and banking news, together with
such facilities for their comfort and entertainment as circumstances may Industries Board has sent out through paper manufacturers.
permit us to provide.
Such a pledge has already been signed by the "Journal of
•
The gaps which have been made in the forces of our banks as a result of
the American Bankers' Association" and President Hinsch
the departure of the men who have answered the call to the colors have
has given the assurance that every effort will be made by
to a very considerable extent been filled by the employment of women.
One of the most important questions in connection with this situation is the Association to help in economizing in the use of paper.
whether or not women should be entitled to full membership in the chap
ters, and whether or not the elementary classes provided for the training
of these many new employees should be co-educational.
I have found that there is very decided difference of opinion on this
subject among various chapter officials, but after a year's observation
and after carefully weighing all the pros and cons of the question, I earnestly suggest that all chapters adopt a liberal policy on this subject and
throw the Institute wide open to bank employees irrespective of sex, as
long as they are capable and willing to avail themselves of the advantages
and opportunities of our organization.
CONVENTION OF AMERICAN BANKERS' ASSOCIATION AT CHICAGO
The bankers' interests the coming week will be centered
at Chicago, where the annual convention of the Amercian
Bankers' Association will be held. The buiness sessions of
the general Association will take place on Thursday and
Friday, the meetings of the Trust Company, Savings Bank,
Clearing House, State Secretaries, National Bank and
State Bank Sections being slated for Tuesday and Wednesday. We have already indicated in general the programs
which will be presented during the week. It was announced
this week that Secretary of the Navy, Josephus Daniels,
had accepted the invitation of President Hinsch to address
the convention. Secretary Daniels will arrive in Chicago
Friday morning. He will address the convention on Friday
afternoon. The other speakers at the general convention
will be: '
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made this
week either at the Stock Exchange or at auction.
To provide additional facilities for the financing of the
American Expeditionary Force in France, the Guaranty
Trust Co. of New York opened a new office at Tours on
Sept. 16. George N. Cooper, formerly in the Trust Department of the Guaranty Trust Company's main office at
140 Broadway, will be Manager of the Tours office. Walter
F. Mulledy, formerly Assistant Cashier of the Guaranty's
Foreign Department, will be Assistant Manager. The
Guaranty Trust Co. has two offices in London and one in
Paris.
The directors of the Irving National Bank, of this city,
on Sept. 17 appointed as Vice-President J. A. Lewis, VicePresident of the National Bank of Commerce, St. Louis,
Mo.,the appointment to be effective Nov. 1. The following
promotions were also made among the bank's officers:
J. Franklin Bouker. Cashier, to Vice-President and Cashier.
Richard J. Faust Jr., Assistant Cashier, to Vice-President.
A. E. Van Doren, Assistant Cashier, to Vice-President.
Kelley Graham, Assistant Cashier, to Vice-President.
James Heckscher, Manager Foreign Department, to Vice-President.
G. N. Jacobs, Assistant Manager Foreign •Department, to Manage
Foreign Department
SEPT. 211918.]
THE CHRONICLE
1163
At a previods meeting the Board on Sept. 3 appointed as ment of 532% (authorized Dec. 1917), makes a total of 7%
received by the stockholders. The claims of the depositors
Assistant Cashiers in the Irving,' the following:
of the failed institution were settled in full on Nov. 30 1914,
Horace A. Marsland.
William H. Pangburn
Percy W. Hulse.
Clifford 0. Corwin.
when a final dividend of 10% was paid to.them. In addition
Wilmer P. Harriman.
Clarence C. Howard
they received on Feb. 1 1915 a dividend of 4.3%, representMr. Lewis, the new Vice-President of the Irving, is one ing interest on their funds during the period of liquidation.
of the successful bankers of the Southwest, having been Judge Sater—United States District Judge—issued the order
connected with the National Bank of Commerce in St. authorizing Attorney Page to make the final settlement.
Louis since 1902; he brings to the Irving a record of successful accomplishment and a wide experience in all phases of
An increase of $750,000 in the capital of the First National
commercial banking.
Bank of Omaha, making it $1,250,000 instead of $500,000,
approved by the Comptroller of the Currency.
On Sept. 13 the Yorkville Bank of this city was admitted has been
to membership in the Federal Reserve System. This inThe Comptroller of the Currency has approved a reduction
stitution a short time ago increased its capital to $200,000
(see our issue of June 8)and its resources are now $9,224,000. of $150,000 in the capital of the First National Bank of
Leavenworth, Kansas,changing itfrom $300,000 to $150,000.
On Tuesday of this week Philip De Ronde, President of
the Oriental Navigation Co. and the Donald Steamship Co.,
was elected a director of the Empire Trust Co. of this city.
Mr. Do Ronde was formerly a lieutenant in the Marine
Corps, but is now a lieutenant in the United States Navy.
He will shortly return to France to take charge of Government work.
There recently have been several changes in the official
staff of the Hibernia Bank & Trust Co., of New Orleans, not
the least important of which was the promotion of W. B.
Machado, Assistant Cashier, who hereafter will be associated
with Vice-President Charles F. Herb, in charge of the Bank
and Bankers Department of that institution. Mr. Machado,
who has a wide acquaintance among the bankers in the
Southern States, has been with the Hibernia Bank & Trust
Co. for about twenty years, during which time he has occupied various clerical and official positions; since 1909 he had
been Assistant Cashier. He is a former President of the
New Orleans Chapter of the American Institute of Banking.
Edward H. Winslow, Assistant Treasurer of the First
National Corporation of Boston, died at his home in North
Beverly, Mass., on Sept.'13 after a brief illness. Mr. Winslow, who was only thirty years of age, was born in Beverly.
Upon his graduation from Harvard in 1910, he entered the
banking business, eventually becoming Assistant Treasurer
of the First National Corporation, an affiliated institution
At a special meeting recently of the stockholders of the
•of the First National Bank of Boston. Mr. Winslow was Bankers Trust Co., at New Orleans, the name of that coralso a director of the Beverly Gas & ElectriC Co. at the time poration was changed to the American Bank & Trust Co.,
of his death.
effective immediately. At the same meeting the board of
directors was increased so as to take into the institution new
Roger W. Babson, who is now serving in Washington as interests at previously connected with it. The officers of
Director-General of Information and Education Bureau of the the American Bank & Trust Co., which was organized in
Department of Labor, and who was operated on, Sept. 9, January of this year with (we are advised) a fully paid
by Dr. Hugh Williams at the new Phillips Ward of the capital of $200,000, by interests closely identified with the
Massachusetts General Hospital for acute appendicitis, Bankers Loan & Securities Co., are as follows: James L.
continues to improve rapidly, according to announcement Wright, Chairman of the board; F. Provost Breckenridge,
President; R. B. Bishop, Vice-President; A. P. Frymire,
from his Wellesley Hills office.
Cashier; C. S. LaGarde, Assistant Cashier; other directors
Security Bank of Amite
At the regular meeting of the directors of the Philadelphia include R. A. Kent, President of the
Steiner, Manager of ParkG.
S.
Bank;
and
the
Kentwood
Howard
W.
10,
Sept.
Lewis,
of
on
President
Bank
National
Stock commission merchant;
the Farmers' & Mechanics' National Bank until the recent Davis & Co., A.P.Perrin Live
Pacific RR. Co.; and C.
absorption of that institution by the Philadelphia National W. S. Edwards of the Texas &
been in business only
has
bank
The
grocer.
Graffagnini,
Vice-President
of the enlarged instiBank, was appointed a
already has; we are informed, a
tution. At the same meeting John Schlagel and George H. about eight months, but
hundred depositors' accountsin
Millett, heretofore Cashier and Assistant Cashier, respec- total of over twenty-seven
active in building up a large
especially
been
having
force,
tively, of the Farmers' & Mechanics' National Bank, were
of people of moderate
appointed Assistant Cashiers of the Philadelphia National volume of individual savings accounts
Bank & Trust Co., owns the banking
American
The
means.
Bank.
house occupied by it at No. 619-627 Common St., formerly
by the State National Bank, in which extensive imowned
of
Philadelphia
Co.
has
Trust
been
Colonial
admitted
The
and alterations were made some months ago
provements
Federal
Reserve System. The deto membership in the
preparatory to an enlarged banking business in it, including
posits of the company at present aggregate $3,260,000, being
the installation of safety deposit boxes for the use of its
an increase of 50% during the past year.
depositors. Relative to the change in name, the following
statement was made by James L. Wright, Chairman of the
Announcement was made in Philadelphia on Sept. 13 board:
that the Stock Exchange firm of Sullivan Brothers & Co. "Because of the similarity of names of the Bankers Trust Co. and the
Co., and the absence of the word "Bank" in
of that city would discontinue business on Oct. 1 in order Bankers Loan & Securities
the corporate title of the former, there was a certain amount of confusion
that both partners, Jeremiah J. Sullivan Jr. and Hiram J. on the part of our customers, and especially by people who did not underSullivan, may enter the service of the Government. The stand that the term "trust company" also implied a regular bank of deposit
both checking and savings account. It was also not clearly underfirm of Sullivan Brothers & Co. was organized in Febru- for
stood that the Bankers Trust Co. was under the supervision of the State
ary 1908.
Banking Department and subject to examination by both the State Bank
Examiner and the Examiner of the New Orleans Clearing House, as well
as our own auditors. We, therefore, in connection with other plans for
At the special meeting (called for Sept. 12 and referred to an enlargement of our banks' business in all lines, and a more aggressive
share of the banking business in New Orloam, thought
in these columns on July 20) the stockholders of the campaign for our
It advisable to change the name to the American Bank & Trust Co.. which
Drovers' & Merchants' Bank of Philadelphia authorized the corporate
title clearly indicates that we are conducting a general banking
doubling of the capital stock of the institution, thereby business.
raising it from $100,000 to $200,000, and the increasing of
the surplus to the extent of $20,000. The new stock will
The Citizens National Bank of Monroe, La. (capital
be offered to stockholders at $60 per share.
$250,000) has been granted a Charter by the Comptroller
of the Currency.
The winding up of the affairs of the Union National Bank
The American Exchange National Bank of Dallas, Tex.,
of Columbus, Ohio, which closed its doors in December
1911, was brought to a close recently when Walter S. Page, recently moved to its new home—an 18-story building at the
attorney, who has been acting as agent for the shareholders corner of Scollard Court and Main St., that city, which it
of the defunct bank for the past three and a half years, paid has just erected at a cost, we understand, of $2,000,000.
the shareholders a second and final dividend of 1%%. The new bank building, said to be one of the finest in the
This final payment of 13/2%, together withlthe initial pay- South, is constructed of white Bedfor8 stone with the excep-
1164
THE CHRONICLE
[VOL 107.
SILVER.
tion• of the base of the structure, which is of Llano red
•
After remaining at 48 13-16d. per ounce standard from July 2 last, a
granite. The interior is finished in San Saba marble, with period
comprising 42 working days, the price rose yesterday to 493id. As
black walnut trimmings. Special attention has been given a consequence of the firmness of the price in the United States, where conto the convenience and comfort of the employees, and with siderable business had been transacted at about a dollar the fine ounce,
maximum of 101M was fixed by the Government of that country on
this end in view the building has been equipped with its own aAug.
16. Whereupon, in order to fall in with this limit, the British Treasrefrigerator cooling system, which extends to all parts of the ury (in the "Gazette" of Aug. 20) raised the maximum price for the United
Kingdom
to 49 d. per ounce standard. As the demand for silver conbuilding; the lighting system has been arranged so as to
tinues, the natural effect was that the maximum price became at once the
protect the eyes of the workers, while at the same time fixed
price.
affording the best light; a lunch room, a rest room with
INDIAN CURRENCY RETURNS.
In
Lacs
of RupeesJuly 31.
Aug. 7. Aug. 15.
shower baths and other conveniences have been provided, Notes in circulation
121,41
124,34
127,96
and the roof garden of the building is to be given over for Reserve in silver coin and bullion (within
and without India)
18,42
2057,
22,85
their exclusive use. Three stories of the building will be Gold coin and bullion in India
20,21
20,12
20,14
12
12
12
used by the bank and the remaining fifteen will be rented Gold out of India
The stock in Shanghai on the 17th inst. consisted of about 26,600,000
for office purposes. The American Exchange National ounces
in sycce and $14,400,000, as compared with about 25,725,000
Bank was established in 1875. In 1905 the resources of the ounces in sycee and $14,400,000 on Aug. 10 1918.
Quotations
for bar silver per ounce standard:
institution were a little over $10,000,000. The last stateAug. 16
cash_48 13-16d. Aug. 22
cash_49
ment showed total resources of $28,010,300. Its capital is Aug.
17
48 13-16d. Average
49.041d.
Aug. 19
48 13-16d. Bank rate
5%
$1,500,000. The officers of the American Exchange Na- Aug.
20
48 13-16d. Bar gold per ounce standard_77s. Od.
tional are: Royal A. Ferris, President; C. C. Slaughter, Aug. 21
4930.
No quotation fixed for forward delivery.
E. M. Reardon, E. J. Gannon, John N. Simpson, A. V.
The quotation to-day is 11-16d. of a penny above that fixed a week
Lane and Nathan Adams, Vice-Presidents; G. H. Pittman, ago.
Cashier; H.H.Smith, F. H.Blankenship, E.S. McLaughlin,
R. V. Sanders and E. J. Gannon, Jr., Assistant Cashiers,
We have also received this week the circular written under
and J. J. O'Connell, Auditor.
date of Aug. 15 1918:
R. S. Padgett, heretofore Assistant Cashier of the National Bank of Riverside, Cal., was recently elected Cashier
of the institution, to succeed A. H. Brous°, resigned. D. E.
Dobbins, formerly Cashier of the First National Bank of
Upland, Cal., was also elected Vice-President (active).
Mr. Brous() was for many years Cashier of the National
Bank of Riverside. He has now accepted a position with
the Bank of Italy in Los Angeles.
At the special meeting of the shareholders of the Bank
of Montreal held at the head office of the institution in that
city on Sept. 10 for the purpose of ratifying the proposed
purchase of the Bank of British North America (reference
to which was made in these columns in our issues of March
30, Apr. 13 and Aug. 10) the proposition was unanimously
approved. As the shareholders of the Bank of British
North America had primordinarilly given a similar consent
to the terms of the merger, application to the GovernorGeneral of Canada in Council (in compliance with the Canadian Bank Act)for his approval will be made in duo course.
The first step in this procedure, we understand, will be the
formal publication of a notice of the banks' intention to
make slich application. At their meeting on Sept. 10 an
increase in the capital stock was authorized by the stockholders of the Bank of Montreal by such an amount, not
exceeding 40,000 shares of the par value of $100 each, as
may be necessary to provide for payment of shares of the
Bank of British North America in accordance with the Orms
of the agreement.
GOLD,
The Bank of England gold reserve against its note issue shows an increase of £185,420, as compared with last week's return. The new gold
mohur now being struck in India bears upon the obverse the crowned head
of George V. King Emperor (similar in design to that upon other current
Indian coins) and the inscription 15 rupees, India, 1918, upon the reverse.
In weight and fineness it is identical with the sovereign, from which it
differs in one important particular, namely, the facet that the value is
shown upon the coin. The sovereign is the only coin of importance In
the world that lacks this qualification.
SILVER.
As a consequence of a Treasury order, dated Aug. 9 1918, and published
on Aug. 13 1918, the maximum price for silver bullion in the United Kingdom has been fixed at 48 13-16d. per ounce standard. In those circumstances any alteration in this price (at which the quotation has remained
since July 2 last) is not likely to take place unless the cost of transit from
America be altered. The Shanghai exchange is remarkably firm. It is
reported that business has been done as high as 5s. 03d.,the tact, although
the official rate is only cabled as 4s. 10d. The New York "Chronicle"
states that the Treasury Department under date of July 3, made public
tho following regarding the melting of silver dollars: "Sixty-four million
silver dollars have been melted into bullion by the United States Treasury,
most of which has been exported to India. Fifty-eight million dollars of
silver certificates have been withdrawn from circulation and destroyed,
as the silver, on which they were secured, was melted down. The Treasury
still holds 426,000,000 silver dollars, against which $390,000,000 in silver
certificates are outstanding. New Federal Reserve bank notes of the
denominations of $1 and $2 are being issued to replace the silver certificates withdrawn."
INDIAN CURRENCY RETURNS.
In Lacs of RupeesJuly 22.
July 31.
Aug. 7.
Notes in circulation
12,434
121,41
120,63
Reserve in silver coin and bullion (within
and without India)
18,42
18,02
20,57
Gold coin and bullion in India
20,41
20,21
20,14
Gold out of India
12
12
45
The stock in Shanghai on Aug. 10 consisted of about 25,725.000 ounces
in sycee and $14,400,000, as compared with about 27,250,000 ounces in
syceo and $15,000,000 on Aug. 3 1918.
Quotations for bar silver per ounce standard:
Aug. 9
cash_48 13-16d. Aug. 15
cash_48 13-16d.
Aug. 10
48.812d.
48 13-16d. Average
Aug. 12
5%
48 13-16d. Bank rato
Aug. 13
48 13-16d. Bar gold per ounce standard_77s. 9d.
Aug. 14
48 13-16d.
No quotation fixed for forward de ivory.
The quotation to-day is the same as that fixed a week ago.
What will doubtless be the final dividend of the Bank of
British North America before the carrying into effect of
the proposed union of that institution with tho Bank of
Montreal was declared on Sept. 5, according to a cable
dispatch from London to the Canadian head office of the
ENGLISH FINANCIAL MARKETS-PER CABLE.
institution in Montreal. The dividend is the usual ."interThe daily closing quotations for securities, &c., at London,
im" dividend of 40 shillings per share (8%) less income tax,
and is for the half year ended May 31, 1918. It is payable as reported by cable, have been as follows the past week:
'
London,
Sept. 14. Sept. PI. Sept. 17. Sept. 18. Sept. 19. Sept. 20.
Oct. 5th next. On Sept. 3 the shareholders of the Bank
Week ending Sept. 20.
Mon. Tues.
Sal.
Wed. Thurs. Fri.
of British North America met in London and ratified the Silver, per oz
4914
d 4914
49M
493l
493.1
493.1
Holiday 583
58%
58%
5814
provisional agreement entered into with the Bank of Mon- Consols, 25,5 per cents
per cents
British,
9534
Holiday
95
5
95
95
95
treal. A second meeting-a more formality- which was British, 43. per cents
Holiday1001i
10014
10034
10034
10014
necessary according to the by-laws of the bank, was also French Rentes (in Paris), fr. Closed ____
63.45
88.10
French War Loan(In Paris),fr Closed ____
held in London on Sept. 10.
The price of silver in New York on the same days has been:
10134
Silver in N. Y., per ozcts_101Yi
10134
10134
10134
10134
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
TREASURY CASH AND CURRENT LIABILITIES
Samuel Montagu & Co. of London, written under date of
The cash holdings of the Government as the items stood
Aug. 22 1918:
Aug. 31 are set out in the following. The figures are taken
GOLD.
The Bank of England gold reserve against its note issue shows an in- entirely from the daily statement of the U. S. Treasury for
crease of £463,305, as compared with last week's return. The Transvaal Aug. 31.
CURRENT ASSETS AND LIABILITIES
gold output for July 1918 amounted to £3,127,174, as compared with
£3,219,094 in July 1917 and £3,091,058 in Juno 1918. It is reported by
GOLD
Reuter's that a proposal is on foot to create a gold dollar for China con1..labilittes'jets770,327,193 28 Gold certfs. outstand'g.. 959,724,089 00
taining .752318 of a scruple, calculated at 77s. 10d. per ounce standard Gold coin
1,753,900,226 10 Gold settlement fund.
(the mintage value of gold in the sovereign); that weight works out at gold bullion
Fed Reserve Board_ 1,303,261,470 60
31.956d. per dollar. Considering that the Mexican dollar-the silver coin
Gold reserve.
152,979,025 63
so much used in China-is now worth 41.89d. (basing its value upon 49
A,vall. gold In gen'i fund 108,202,234 15
per ounce standard, the present maximum price of silver), the selection or
row
Total .
2,524,227,419 38
- _2,524,227,419 38
such a sterling value for the proposed gold dollar is not at once evident.
Note.-Reserved against $346.681,016 of U. S. notes and $1 834233 of Treasury
Possibly the idea is that to dollars should count as 73,i to the sovereignnotes of 1890 outstanding. Treasury notes are also secured by sliver dollars in
in other. words, figure as Touble rupees.
the Treasury.
THE CHRONICLE
SEPT. 21 1918.1
SILVER DOLLARS.
biootlities$
380,773,763 00 Sliver certfs. outstand'g 344,696,913 00
Treasury notes of 1890
outstanding
1,834,233 00
Available silver dollars
In general fund._ .
34,242,61700
4 vet*Silver dollars_
Total
•
4
Avail, gold (see above)_
Avail, silver dollars (see
above)
United States notes. _
Federal Reserve notes _
Fed. Res. bank notes...
National bank notes.
Cert. checks on banks
Subsidiary silver coins._
.
Minor coin__
'Silver bullion (available
for subsid'Y 6(6131366)•
Unclassified (unsorted
tstrreney, Am)
Deposits In Fetil Land
banks_ ...
Depe4its in Fed Reserve
oanks
Deposits in Special Depositaries account of
sales of Liberty bonds
and certificates of inIndebtedness_ Deposits In Foreign Depositaries:
To credit of Treasurer
United States
Deposits in oat ounks
To wed', of Preas U S
To credit of ot her(:overnment officers__ _
Deposits In 1.1011pplue
treasury:
To credit Treas. US.
To credit other Government officers._.
Total
380,773,763 00
380,773,763 09
GENERAL FUND.
$
108,262,234 15 Treasurer's checks OW 2,546,202 93
standing
34,242,617 00 Deposits of tiovernment
6,286,424 00
officers:
Post Office Dept... _ . 29,607,159 85.
34,502,755 CO
Board of Trustees.
247,635 00
, Postal Savings Sys22,824,089 82
7,475,780 15
tem (5% reserve)._
44,373 88
Comptroller of the
10,592,279 40
Currency, agent for
2,351,468 37
creditors of Insol885,305 09
vent banks .. _
18,002,410 51
Postmasters, clerks of
31,433,493
83
.hc
courts.
7,246,701 60
Deposits for:
Redemption of Fed830,000 00
eral Reserve notes
. 102,391,900 00
(5% fund;
213,242,751 37
Redemption of Petri
Reserve bank notes
1,053,080 00
(5% fund)
Itedempt ion of na•
metal bank 1101M8
782,584,000 00
26,806,623 63
(5% fund) . _
itetvettleto if iii Itbeed ti
notes. Aet !kitty 30
227,375 44
1904
731,345 00
Exellanges of (smelt
41,720,401 39
cc.(silo .ta•
12,001,393 96
6,082,558 06
4,560,439 97 tNet balance
1165
GOLD.
1918.
lanuary
February
March
April
‘lay
lune
[illy
iugust
leptember
)ctober
•lovember....
)ecember
$3.746
5,084
2.4(19
3,560
3,5911
2,704
7,199
Holdings In
Suh-7'reasuries
July 1 1918. Aug. 1 1918. Sept. 1 1918.
$
Net gold coin and bullion
Net silver coin and bullion
Net United States notes .
Net national bank notes_ .
Net Fed Reserve notes
Net Fed Rem. bank notes
Net subsidiary sliver__
Minor Mill. eze.
246.344,007
34.267,222
7.055.561
17.825.547
35.501.730
71.795
15.603.258
4,214,964
245,602.753
51,701,811
6,744,783
20,068,477
29,982,400
100,025
14,940,804
6,270,616
267,152,371
47,408,351
6,194,520
23,474,180
48,402,865
161,505
13,294,197
8,171,781
Total cash in Sub-Treas
Less gold reserve fund..
360.924.127
152.979,026
375,411,669
152,979,026
414,259,770 *397,532,015
152,979,026 152,979,026
Cash balance in Sub-Tress 207,949.101 222,432,643 261,280,744
Dep. In special depos'ries•
Account certs, of indebt 11341755,409 1,473,727,000 1,193,085,000
Liberty Loan deposits
73.298.534
26,369,250 219,595,645
Cash In Fed. Res. banks
430.000
430,000
Cash In Fed Land banks
830,000
banks:
national
Cash In
42,027,491
44,405,337
To credit Treas. U. S
37,737,160
8,620.187
9,343,074
7,666,139
To credit dish. officers.
53,748,411
50.647,678
7.015.450 . 6,826,539
7,831,223
Total
.....
Cash in Philippine 1131'dm
Dep's. in Foreign Depts.
261,241,260
52,245,028
6,286,424
22,824,090
34,502,755
247,635
10,592,279
9,642,544
244,602,989
782,584,000
213,242,751
830,000
45,403,299
6,668,371
3,039,492
41,720,401
6,082,558
47,802,959
8,257,410
227,375
$20.720
$10,213
22,068
13,685
17.920
10,774
16.965
11.503
57.698
11,919
67.164
8.312
69.052
9,395
46.049
11,780
31.333
6,849
11.154
7,054
7.223
26.335
4,538 .27.974
1918.
$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4.150
2.906
17,066
$15,008
6.016
9.776
6,122
27,322
122.735
62.108
41,239
92,562
97,509
46,973
158.620
5(180 4(14
555(1 000
$4,404
2,549
1.912
2.746
6,621
81,892
2,213
51(18.702
Exports.
1918.
Ittottary
February
‘fareh
April
day
ilium
bily
kintlISt
(,prember.
)chtber .
•Iovenilter._
)eeember ___.
85,887
7.691
5.556
4.353
6.272
8,965
5,538
7,504
10.465
6,983
4.789
10,125
$6,623
6.519
13,432
12,251
46.381
8 566
40,830
Imports.
1916.
1917.
mt.'
SRA 1/1
1918.
$5,998
4.449
6.963
5,031
7.298
5,351
5,214
• $1,636
4,947
5.744
4,856
6,212
4.1144
4,3:36
5.815
6.530
6.016
7.847
9.008
570
RO8
1917.
1916.
83,346
2,478
2.977
2.376
4.741
2.235
3.420
5.681
5.796
5.050
9,086
6,155
$1,852
2.596
2,880
2,176
2.725
3.183
2,428
2,517
2.880
2,892
2,583
3.553
SA/ 1A1
529 9R2
EXCESS OF EXPORTS OR IMPORTS.
Gold.
Merchandise.
3,696,969 50
June 1 1918
$
1917.
1918.
SILVER.
1917.
1,082,605,200 02
-
1916.
a371.S84
1918.
TREASURY CURRENCY HOLDINGS.-The following
compilation, made up • from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of June, July, August and
September 1918.
, 1917.
Total
214,942,284 44
Total
1,297,547,484 46
1,297,547,484 46
Total
tThe amount to the credit of disbursing officers to-da) was $1,143,117 090 42
This is a book credit anti represents the maximum amount for which disbursing
officers are authorized to draw on the Treasurer of the United States to pay Government obligations as they become due. The net balance In the general fund Is subject
also to charges in the aggregate amount of 8220,790,000,for which obligations of
foreign Governments are held by the United States. The net balance stated Is the
amount available to pay Treasury warrants, disbursing officers' checks and mature I
Public-debt obligations and such charges.
tinder the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $44,287,147.00.
impons.
axporls.
Jan....
Feb_ ...
March
April _.
may- -June.July ..
Aug ..
Sept _..
Oct
Nov
.
Dec __
+270,455
+203.647
+280.7.34
+221,461
+228,241
+224,154
+266,888
Total
1916.
1918.
1917.
Silver.
1918. I 1917.
$
$
$
8
$
+371,531 +145.685
-658 -38,206
+630
,071
+268.168 +207.849 +2,53.5 -81,698 +20
+283.729 -1-187.152 +8.916-121.579 +6.469
+275,992 +180,3:33
+814 --15,407 +7,170
+268,947 +245.615 -3,022 +5,436 +39.043
+266,844 +218,891 -29,188 -24,175 +3,215
+146,832 +261.991 +4,936 +41,748 +35,616
: • ,R
+27.357
+310,851
+27,161
+218.810 +350.885
+7,004
+320.874, +314.155
+4,317
+266 793: +339,199
-12.528
+372.221:, +318,4
-180,57
+3,281,0451+3.091.006
$
+2,541
+5,216
+2,579
+1.977
+1,531
+6,730
+2.118
+1,823
+4,669
+1,933
-4,297
+3,970
+30,790
+ Exports. - Imports.
Totals for merchandise, gold and silver for seven months:
7
Af05
(00)5
omit(ed.)
Merchandise.
Imports.
ports.
Excess I
of
I ErExports. ports.
Gold.
Silver.• •
Excess
ExImof
ports. Exports ports.
1114:WU
$
$
$
$
$
1
$
1918_ 3,483,1561,787,170 1,695,986 28,702 52,337 *23,635 134,608
1917_ 3,660,7861,778,7431.882,043271,587505,469 *23,882 44,265
191()_ 2,925,3351,467,8201,457.515 75,801249,087 *173286 35,379
1915_ 1,970,2771,008,909 960,878 9,774162,187 *152413 28,815
60,339117,644 34,135 83,509 29,483
- 1,200,9821,140,593
1913.1,327,2731,018,649 308,624 72,388 35,769 36,619 38,258
I Excess
of
Exports
40,354
21,572
17,838
18,745
13,830
20,931
$
94,254
22,693
17,541
10,070
15,633
17,327
* Excess of imports.
• Similar totals for the month of July for six years make the
following exhibit:
Merchandise.
Mo.
WOO
omitled.)
1918 _
1917.
1916.
1915
1914
1913
Excess
Exof
Exports. ports.
Gold.
Sitter.
Excess
Imof • Exports. Exports ports.
Excess
of
Imports. Exports
Exports.
Imports.
508,054
372,758
444,714
268,469
154,139,
160,9911
$
$
$
241,166 266,888 7,199 2,213 4,986 40,830
225,926 146,832 69,052 27,304 41,748 5,538
182,723 261,991: 9,395 62,108 *52,713 4,337
143,245 125,224, 2,192 17,273 *15,071 3,966
*5,538 33,669 3,391 30,278 3,953
159,677
794 4,936
139,062
21,929 8,653 7,859
5,214 35,616
3,420 2,118
2,426 1,911
3,003
963
1,240 2,713
2,799 2,137
* Excess of imports.
Net cash In banks, Sub1,6'31,096,172 1,791.365,066 1,729,902,551 1,297,547,484
Treasuries
Deduct current liabilities_ 197,269,747 206,358,215 222,620,576 214,942,284
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.-The shipments
of anthracite coal for the month of August, as reported to the
Anthracite Bureau of Information at Philadelphia, Pa.,
amounted to 7,180,923 tons. This is the largest movement
for the month of August in the history of the industry and
IMPORTS AND EXPORTS FOR JULY,
exceeds the July record (which was established last month)
Statistics
at
of
Bureau
Washington has issued the by 96,148 tons. The current shipments show an increase of
The
country's
foreign
the
trade
statement of
for'July and from 166,927 tons over the amount moved in August 1917. The
it and previous sta4ements we have prepared the following Bureau says: "Anthracite operations and miners are keeping
summaries:
interesting
their promise to the United States Fuel Administration that
FOREIGN TRADE MOVEMENT OF THE UNITED STATES
the anthracite production of last year would be maintained
three
tables
ciphers
(000) are in all eases omitted.)
(In the following
and, if humanly possible, exceeded." The shipments for
MERCHANDISE.
the coal year (beginning April 1)to date aggregate 34,388,996
Exports.
tons, as against 33,297,109 tons in 1917, a gain of 1,091,887
Imports.
tons. Below we give the shipments by the various carriers
1916.
1917.
1918.
1918.
1917
1916.
for the month of August 1918 and 1917, and for the respec$504,797 4613,325 $330.036 $231,942 $241.794 $184,351
January
tive coal years to Sept. 1.
467.648
401.784
411,362
207,715
February
199.480
Available ()ash balance_ 1,483,826,425 1,585.006,851 1,507,281,975 1,082,605,200
*Includes Sept. 1, $18,002,410 51 silver bullion and $9,642,543 85 minor coin
&c.. not included in statement "Stock of Money."
March
April ...... _
May
June
July
August_
September.
October
November
December ......_
Total
553,946
529.924
549.674
573.467
372.758
488.656
454.507
512,101
4/17.324
809,135
512,909
590.443
551.095
484.604
508,034
410,742
398.569
474.804
464,686
444.714
510.167
1514,921
402.814
516,167
523.234
$6,233.513 $5,482.641
•
242.162
278.981
312.153
260,350
241,166
270.257
253.936
280 727
306.623
225.026
2(17,855
236.197
221.227
220,535
227.911
193.935
213 590
213.234
229.189
245 7115
182.723
1 119 316
164.019
178.659
176.965
204.834
$2,952 464 $2.3111.6313
August
5 Mos. Coal Yr., Au .31
Road1918.
1918.
1917.
1917.
Phila. & Reading_ _ _tons 1,408.501
1,373,473
6,764,594
6,316,774
Lehigh Valley
1,350,331
1.245.786
6,526.373
6,112,024
Central 1(11. of New Jer_
644,186
597,890
3,003,598
2,977,264
Dela. Lack. & Western_ 1,048,346
1,118,986
5,143,966
5,241,109
Delaware & IIudson
846,788
781,606
4.038,552
3,772,411
Pennsylvania
504,367
504,819
2,433,484
2.447,163
Erie
847,169
812,114
3,884,290
3,839,010
170,313
186.679
887,639
862,124
N.Y. Ontario & Western.
Lehigh & Now England_
360,922
392,643
1,706,496
1.729,230
Total
•
7,180,923
7,013,996
34,388,996
33,297.109
THE CHRONICLE
1166
Commercial andMiscellantons4ms
[VoL. 107.
•
INCREASES OF CAPITAL APPROVED.
Amount.
Capital increased from
$750,000
•
The First National Bank of Omaha, Neb.
$500,000 to $1,250,000
REDUCTIONS OF CAPITAL APPROVED.
Breadstuffs figures brought from page 1205.-The The First National
Bank of Leavenworth, Kan. Capital reduced
statements below are prepared by us from figures collected by
150,000
from $300,000 to $150,000
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
Canadian Bank Clearings.-The clearings for the week
since Aug. 1 for each of the last three years have been:
ending Sept. 12 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
Rye.
Barley.
Corn.
Oats.
Wheat.
Receipts at- Flour.
16.8%.
Chicago
Minneapolis
Duluth
Milwaukee__ _
Toledo
Detroit
Cleveland..___
St. Louis_ _ __
Peoria
Kansas City_
Omaha
Indianapolis
bbls.196lbs. bush.60 lbs.bush 56 lbs. bush 32 lbs.bush.481bs.bush.56lbs.
116,000
274,000
200,000 3,795,000 1,951,000 2,825,000
504,000
822,000
131,000 1,115,000
4,853,000
64.000
20,000
5,000
63,000
2,513,000
230,001
67,000
659,000
154,000 1,028,000
14,00
310,000
205,000
51,000 •
66,000
41,000
21,000
156,000
26,000
123,000
15,000
32,000
13,000
384,000
720,000
52,000 1,915,000
24,000
3,000
818,001
173,000
163,000
72,000
451.000
931,000
2,243,000
712,000
1,061,000
.730,000
212,000
296,000
280,000
Total wk. '1:
Same wk. '17
Same wk.'16
Since Aug.1
1918
1917
1916
_
353.000 17,761,000
321,000 5,533,000
384,000 10,062,000
786,000
8,379,001 1,383,000
9,150,000 3,385,000 1,252,000
8,420,000 2.443,000 1,577,000
5,038,000
1.405,000
4,167,000
2,161,000 125,799,000 28,609,000 65,997,000 7,021,000 3,311,000
1,842,000 32,571,000 16,780,000 53,426,000 12,168,000 3,512,000
2_au.000 78.308.000 23.220.1100 69.883.000 12.182.000 3.407.000
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 14 1918 follow:
Receipts at-
Flour.
Barrels.
New York..__
106,000
Philadelphia..
55,000
Baltimore __
29,000
60,000
New Orleans*
Montreal_..__
14,000
Boston
55,000
Corn.
Wheat.
Rye.
Barley.
Oats.
Bushels. Bushels.
Bushels.
Bushels.
20,000
6,000
48,000
289,000
1,000
61,000
4,000
242,000
312,000
121,000
11,000
29,000
15,000
1,000 1,055,000
6,000
101,000
29,000
1,000
Bushels.
1,085,001
292,001
653,000
95,000
572,000
292,000
Total wk.191:
319,000
331,000
395,000 2,103,000
13,000
121,000
Since Jan.1'18 17,029,000 38,747,000 16,133,000 74,653,000 7,941.000 3.212,000
304,000
Week 1917...
272,000 2,837,001 1,515,000
433,000 2,341,000
Since Jan.1'17 15.101.000 154.212.000 44.633.000 105.835.000 13.903.000 7.412.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Sept. 14 are shown in the annexed statement:
Exports from
Wheat.
Corn.
Flour.
Rye.
Oats.
Barley, Peas.
New York
Boston
Baltimore
Newport News..
Bushels. Bushels. Barrels. Bushels. Bushels .Bushels .Bushels
1,937,140
41,332 17,496 194,029 43,661
4,287
136,000
204,223
281,808
280,000
Total week
Week 1917
2,277,363
1,603,557
41,332 17,496 755,837 43,661
653,493 201,176 2,168,969 42,731 475,888
4,287
9,150
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
and Since
Week
Since
Sept. 14 July 1
July 1 to-
Wheat.
Week
Sept. 14
Barrels. Barrels.
Bushels.
United Kingdom_ 14,975
195,316 1,469,152
Continent
2,521
632,090
808,211
6,942
So.& Cent.Amer_
West Indies
35,102
13rit.No.Am.Cols.
Other Countries__
13,608
Total
Total 1917
Corn.
Since
July 1
Week
Sept. 14
Since
July 1
Bushels. Bushels. Bushels.
3,171,144
41,332 1,119,362
542,130
6,127,025
1,220
13,510
2,040
41,332 1,678,262
653.493 5,215,356
17,496
883,058 2,277,363 9,298,169
201.176 1.413.314 1.603.557 19.368.236
The world's shipments of wheat and corn for hte week
ending Sept. 14 1918 and since July 1 1917 and 1916 are
shown in the following:
Wheat.
Week
Sept. 14.
Corn.
a1917.
1918.
Since
July 1.
Since
July 1.a
1918.
Week
Sept. 14.
Since
July 1.
a1917.
Since
July 1.a
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer 3,186,00 34,484,00 69,959,000
123,00
4,042,000 8,544,000
Russia
Danube.. Argentina__ 1,656,000 42,880,000 2,752,000
476,00
3,457,00
3,711,000
Australia..__
790,000 8,430,001 15,836,000
India
270,000 2,790,111 6,448,000
Oth.countr'
64,000
394,000
476,00
60,000
510,000
936,000
Total ___ 5,966,000 88,978,00
95,471,000
659,000
8,009,000 13,191,000
* 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.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TOR CHARTER.
For organization of national banks:
Capital.
The First National Bank of Mercedes, Texas
$25,000
For conversion of State banks:
The First National bank of Delta, Utah. Conversion of The
Delta State Bank
25,000
Total
$50,000
CHARTERS ISSUED.
Original organizations:
The Citizens National Bank of Monroe, La
$250,000
Week ending Sept. 12.
Clearings at1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose .1,aw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
I
Inc. or
Dec.
1917.
1916.
1915.
$
3
$
$
%
107,390,186 86,044,443 +24.8 70,456,266 48,853,942
66,945,859 55,897,820 +19.8 44,960,058 32,372,448
26,525,575 31,733,729 -16.4 35,151.398 22,841,374
12,834,418 9,441,074 +35.9 6,451,434 6,172,589
0,601,282 5,748,611 +14.8 5,458,321 3,633,388
4,842,252 3,491,327 +38.7 3,421,273 3,652,451
4,751,849 2,964,296 +60.3 2,390,163 2,081,882
5,109,467 4,633,034 +10.3 3,866,887 3,258,534
2,352,445 1,883,129 +24.9 1,523,822 1,574,301
5,313,837 4,980,376 +6.7 4,093,484 2,507,371
2,031,606 1,801,802 +12.7 1,463,303 1,379,514
2,516,420 2,265,115 +11.1 1,668,298 1,607,388
3,212,165 2,505,690 +28.2 2,031,099 1,573,929
3,017,773 3,071,021 -1.4 2,623,297 1,488.206
534,612
411,026
568,151
562,284 +1.0
311,618
556,204
751,872 -0.1
750,945
830,025
1,400,000 1,695,131 -17.4 ,1195,808
947,085
580,917
1,191,837
963,777 +23.7
.411,872
651,664
747,354 +10.7
827,872
311,456
507,691
562,995 +19.0
669,172
249,038
295,733
392,922 +43.8
564,062
185,232
313,281
465,067 -15.1
395,460
377,387
483,844
652,681 +6.6
695,288
467,909
542,162 +62.7
882,646
491,328
572,071 +12.4
642,818
262.033.385 224.369.883 +16.8 192.004.242 136,636,888
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:
Per cent.
Per cent. Shares. Stocks.
Shares. Stocks.
1,650 Kensington Gold Mines, $101 $62
200 Royal Baking Powder, pref_ - 89
} lot
each
2 United Gas & Elec. (Conn.)
$3,000 Kensington G. M. cony.)
2d pref
7
6% notes
5 United Gas ac Elec. (Conn.)
15
40
20 City Investing, common
1st pref
$10 lot
6 Almin Realty
450 Chalmers Motor Corp., corn.,
$33' per sh.
By Messrs. Millett, Roe & Hagen, Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
20 U. S. Worsted, 2d pref
313' 5 Puget Sd. Trae. L.& P., pref__ 403'
1150
1 Dwight Mfg., $500 par
32 Merrimac Chemical, $50
3.71
983'-9934 3-20 U. S. Worsted, 1st prof
each
1 Hood Rubber, pref
983'
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
38 Colonial Trust, $50 each....-105
$40 lot
20 Boca Ceiga Boat Co
501
3 Fidelity Trust
13 St. Petersburg Transp. Co.$50 lot
5 Fire Assoc. of Phil., $50 each 300
200 St. Petersburg Invest. Co.,
10 Phil. Life Insur., $10 each.... _ 10
$5 lot
$25 each
301
19 John B Stetson, corn
150
80 Franklin Trust
13'43'
2,900 Pratt Food, $1 each
Correction.-Sale of $1,000 Hestonville Mantua & Fairmount Pass. Ry. consol. 5s,
reported in "Chronicle" of Aug. 24, was made at 91%.
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 (quar.)
Sept. 30 Holders of rec. Aug. 31a
2
Boston & Albany (guar.)
2% Oct. 1 Holders of rec. Aug. 31a
Canadian Pacific, common (quar.)
Oct. 1 Holders of rec. Aug. 31
2
Preferred
Sept. 25 Holders of rec. Sept. 19a
2
Chic. Burlington dc Quincy (quar.)
t Chicago & North Western, corn. (qu.).. 1% Oct. 1 Holders of rec. Sept. Sr
Oct. 1 Holders of rec. Sept. Sr
2
t Preferred (quar.)
x Oct. 21 *Holders of rec. Oct. 1
Cleve. Cin.Chic. & St. L., pref.(quar.)_
Oct.10
Nov. 1 Sept. 19 to
Great Northern (guar.)
Oct. 1 Holders of rec. Sept.20a
Interborough Rapid Transit (quar.)
Oct. 15 Holders of rec. Sept.30a
1
tNansas City Southern, prof.(quar.)
$1.25 Oct. 5 Holders of rec. Sept. I4a
Lehigh Valley, corn. & pref. (guar.)._
Oct. 1 Holders of rec. Sept. 16a
Manhattan Railway (quar.)
Oct. 15 Holders of rec. Sept.20a
Minn. St. Paul dc S. S.1)I cons. cfc pref..
Oct. 1 Holders of rec. Sept.20a
Minn.St. Paul & S. S. M.leased lines- 2
Nov. 1 Holders of rec. Oct. 8a
1
tNew York Central RR.(quar.)
New York & Harlem,common & pref._ _ _ 411 Oct. 1 *Holders of roe. Sept. 23a
13' Oct. 1 Holders of. rec. Sept. 14a
N.Y.Lackawanna & Western (quar.)....
Nov. 1 Sept.26 to Oct. 25
Northern Pacific (quar.)
Pittsb. Bessemer & Lake Erie, common.. 75c. Oct. 1 Holders of rec. Sept.14
Pittsb. Ft. W.& Chic., ref. gu.(guar.). 1% Oct. 8 Holders of rec. Sept. 10a
Oct. 1 Holders of rec. Sept. 10a
Special guaranteed (guar.)
*$1. Nov. 14 *Holders of rec. Oct. 25a
Reading Company,common (guar.)
50c. Oct. 10 Holders of rec. Sept.24a
Reading, 2nd pref. (quar.)
Oct. 1 Holders of roe. Aug. 31a
Southern Pacific Co.(guar.)(No. 48)._
Southern RailwayOct. 1 Holders of rec. Sept. 16a
Mobile & Ohio stock trust cerfiticates_ 2
2% Oct. 1 Holders of roe. Sept. 3a
Union Pacific, common (quar.)
2
Oct. 1 Holders of rec. Sept. 3a
Preferred
*11 .25 Oct. 1 *Holders of rec. Sept. 14a
West Jersey & Seashore
1% Oct. 1 Sept. 11 to Oct. 1
Western Pacific RR.Corp., pref.(guar.)_
Street & Electric Railways.
Asheville Pow.& Lt., pf.(qu.)(No. 26)
•1 h
Bangor By. & Electric, pref.(quar.)
Brazilian Trac., L. & Pow., pref.'(qu.). 1;4
Carolina Pow.& Lt., pt.(qu.) (No. 38)
Cities Service Co., corn.& pref.(mthly.)
Common (payable in common stock).
Cities Service, cam. & pref.(monthly) Common (payable in common stock)..
1%
Cleveland Railway (guar.)
Dul.-Superior Trac., corn. & pf. (quar.)
Duquesne Light, pref.(gu.)(No.15)
Frankford & Southwark Passenger (qu.) $4
Georgia Light, Power & Rys pref.(quar.)
2
Honolulu Rap. Tran. & Land (quar.) _
134
Illinois Traction, preferred (guar.)
Oct. 1 Holders of rec. Sept. 16
Oct. 1 *Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 14a
Oct. 1 Holders of rec. Sept. 14a
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
Oct. 1 Holders of rec. Sept. 14a
Oct. 1 Holders of rec. Sept.16
Nov. 1 Holders of rec. Oct. 1
Holders of rec. Aug. 31a
Oct.
Oct. 1 Holders of rec. Sept. 20a
Sept.30 Sept.20 to Sept.30
Oct. 1 Holders of rec. Sept. Hi
•
THE CHRONICLE
SEPT. 211918.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Elec. Rys. (Concluded).
Manila Elec. RR.& Ltg. Corp.(guar.).
Monongahela Val. Tract.,common (qu.)_ _
Preferred (guar.)
Philadelphia Co., corn.(guar.)(No. 148)_
6% preferred (guar.)(No. 12)
Philadelphia Traction
Philadelphia & Western Ry., pref.(qu.)_ _
Republic Ry. cfc Light, pref.(guar.).
Ridge Avenue Pass. Ily., Phila
Second & Third Sts. Pass.. Phila. (qu.)
South Carolina Lt., Pow. & Rys., p1.(qu.)
Springfield(Mo.)Ry. & Lt., pref. (qu.)Toronto Ry. (guar.)
Twin City Rap. Tr., Minneap.,pf.((lt1.)
United Lt. & Rye., coin.(qu.)(No. 15).
1st preferred (guar.) (No. 32)
Utah Pow.& Lt., pref.(qu.)(No.23)
Wash.Bait. & Annap.El.RR.,com.(qu.)Preferred (guar.)
Washington Water Power, Spokane (qu.)_
West End Street Ry., Boston, common_
West India Electric Co.(guar.)
Yadkin River Power, pref. (qu.)(No.10)
14 Oct. 1 Holders of rec. Sept. 18a
314c. Oct. 14 Holders of rec. Sept.30a
3734c. Oct. 7 Holders of rec. Sept.30a
75e. Oct. 31 Holders of rec. Oct. 1
$1 50 Nov. 1 Holders of rec. Oct. 1
Oct. 1 Sept. 11 to Sept. 30
$2
6234c. Oct. 15 Holders of rec. Sept.30
lyi Oct. 15 Holders of roe. Sept.30
.$2 Oct. 1 *Sept. 15 to Sept.30
Oct. 1 Holders of rec. Aug. 31a
$3
134 Oct. 1 Holders of rec. Sept.203
1%, Oct. 1 Holders of reo. Sept. 16a
Oct. 1 Holders of rec. Sept.14
I
131 Oct. 1 Holders of rec. Sept.16
Oct. 1 Holders of rec. Sept. 16a
1
134 Oct. 1 Holders of reo. Sept. 16a
131 Oct. 1 Holders of rec. Sept.14
$1 Sept.30 Holders of rec. Sept.21
75e. Sept.30 Holders of rec. Sept.21
1 Oct. 1 Holders of rec. Sept. 14
$1.75 Oct. 1 Sept. 21 to Oct. 1
131 Oct. 1 Sept.24 to Oct. 1
13( Oct. 1 Holders of rec. Sept.16
Banks.
Chase National (quar.)
Chatham & Phenix National (quar.)_ _
Coal & Iron National(guar.)
Commerce, Nat. Bank of (guar.)
First National (quar.)
First Security Co.(guar.)
Greenwich (guar.)
Hanover National (guar.)
Extra
Irving National (guar.)
Manhattan Co.,Band ofthe(guar.)
Extra
Mechanics, Brooklyn (qu.)(No. 136)
Metropolitan (guar.)
Mutual(quar.)
Park, National (guar.)
Seaboard National (guar.)
Sherman National ((star.)
Yorkville (guar.)
4
3
2
234
5
5
4
*6
*2
3
$2
50c.
2
*2
'5
5,
3
134
5
Oct. 1 Holders of rec. Sept.24a
Oct. 1 Sept. 20 to Sept. 30
Oct. 1 Holders of rec. Sept. lie
Oct. 1 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept.30a
Oct. 1 Holders of rec. Sent.30a
Sept. 30 Holders of rec. Sept. 20a
Oct. 1 +Holders of rec. Sept. 21
Oct. 1 *Holders of ree. Sept.21
Oct. 1 Holders of rec. Sept.27
Oct. 1 Holders of rec. Sept.26
Oct. 1 Holders of rec. Sept.26
Oct. 1 Holders of ree. Sept.21
Oct. 1 *Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.23
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rbc. Sept.24
Oct. 1 Holders of rec. Sept. 25
Sept.30 Holders of rec. Sept. 200
Trust Companies.
Bankers (guar.)
Brooklyn (guar.)
Central Union (guar.)
Columbia (guar.)
Empire (guar.)
Equitable (guar.)
Fidelity (guar.)
Franklin, Brooklyn (guar.)
Guaranty (guar.)
Irving (guar.)
Lawyers Title ‘Ic Trust Mar.)
Manufacturers, Brooklyn (guar.)
Metropolitan (guar.)(No.87)
New York (guar.)
Peoples, Brooklyn (guar.)
Extra
Title Guarantee & Trust (guar.)
5
5
554
34
3
*5
2
3
5
2
14
2
6
8
334
1
5
Oct. 1 Holders of rec. Sept.24a
Oct. 1 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 20a
Sept.30 Holders of rec. Sept.20a
Sept.30 Holders of rec. Sept.23a
Sept.30 *Holders of rec. Sept.23
Sept.30 Sept.22 to Sept.30
Sept.30 Holders of reo. Sept.28a
Sept. 30 Holders of roe. Sept. 20
Oct. 1 Holders of rec. Sept. 27
Oct. 1 Sept. 15 to Oat. 1
Oct. 1 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept.20
Sept.30 Sept. 22 to Sept. 30
Sept.30 Holders of rec. Sept.28
Sept.30 Holders of rec. Sept.28
Sept.30 Holders of rec. Sept.21
Miscellaneous.
Abitibi Power & Paper, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 20
Adirondack Blearie Power, pref. (quar.).... 134 Oct. 1 Holders of reo. Sept. 203
Ahmeek Mining (guar.) (No. 27)
$2
Sept.27 Holders of rec. Sept. 7
Alabama Co., 1st & 2d pre.(guar.)
134 Oct. 10 Holders of rec. Sept.30
Allis Chalmers Mfg., pref. (guar.)
14 Oct. 15 Hoidens of rec. Sept.30a
Preferred (acct of accumulated diva.) ex Oct. 15 Holders of rec. Sept.303
$1.50 Sept.25 Holders of rec. Sent. ha
Allouez Mining (quar.)(No. 13)
Amer. Agricul. Chem.,com.(qu.)(No.28) 2
Oct. 15 Holders of rec. Sept.26a
14 Oct. 15 Holders of rec. Sept.26a
Preferred (guar.) (No. 53)
75e. Oct. 1 Holders of rec. Sept. 16a
American Bank Note, pref.(guar)
American Beet Sugar.pref.(qu.) (N0.77) 134 Oct. 2 Holders of rec. Sept. 14a
131 Oct. 1 Holders of rec. Sept. 14a
American Can, preferred (guar.)
Oct. 1 Holders of rec. Sept. 13a
Amer. Car & Fdy. com.(qu.)(No.64). 2
Preferred (quar.) (No. 78)
131 Oct. 1 Holders of rec. Sept. I3a
14 Oct. 1 Holders of rec. Sept. 20
American Chicle, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 14a
American Cigar, pref. (guar.)
American Express (guar.)
14 Oct. 1 Holders of rec. Aug. 31a
American Fork & Hoe, preferred
34 Oct. 15 Holders of rec. Oct. Sc
Amer.Gas dr Elec., corn.(qu.)(No.34)234 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)(No. 47)
134 Nov. 1 Holders of rec. Oct. 18
American Hide & Leather, pref
24 Oat. 4 Holders of rec. Aug. 31a
Pref.(extra, payable in Lib. Ln. bomb) 12
Oct. 1 Holders of ree. Aug. 31a
Amer. Intern. Corporation, corn. & pref.
No. Sept.30 Holders of reo. Sept. 16
Amer.La France Fire Eng„Inc.,com.tqu.). 14 Nov. 15 Holders of rec. Nov. 9a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 21a
Amer. Laundry Mach.,common
14 Dee. 5 Nov. 26 to Dec. 5
l% Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
American Locomotive, common (guar.). 134 Oct. 3 Sept. 17 to Oct. 15
14 Oct. 21 Sept. 17 to Oct. 15
Preferred (quar.)
American Manufacturing, corn. (quar.).... 134 Oct. 1 Septe15 to sot.30
Preferred (guar.)
134 Oct. 1 Sept. 15 to Sept.30
American Pneumatic Service, 1st pref.- $1.75 Sept.30 Sept. 15 to Sept. 22
Amer. Public Service, pref. (guar.).- 14 Oct. 1 Holders of ree. Sept. 14
American Radiator. common (quer.).- 3
Sept.30 Sept.22 to Sept,30
American Rolling mill, common (guar.)
50e. Oct. 15 Holders of rec. Sept.30a
Common (extra)
25e. Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
14 Oct. 15 Holders of rec. Sept.30a
American Screw (guar.)
134 Sept. 30 Holders of ree. Sept. 23a
Extra
.
Sept.30 Holders of rec. Sept.23a
2
Amer. Seeding Mach., coin.(quar.)_- 1
Oct. 15 Holders of rec. Sept.303
Preferred (quar.)
14 Oct. 15 Holders of rec. Sept.303
American Shipbuilding, com.(guar1_
4,14 Nov, 1 *Holders of reo. Oct. 15
Corn. (extra pay. 1/1 334% L. L. bonds) *110 Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
*01 U Nov. 1 Holders of rec. Oct. 15
Amer. Smelters' Securities, pref. A (all.) 135 Oct. 1 Sept. 14 to Sept. 22
Preferred B (guar.)
14 Oct. 1 Sept. 14 to Sept.22
American Snuff, common (guar.)
2
Oct. 1 Holders of rec. Sept. 14a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 14a
American Steel Foundries (quar.)
14 Sept.30 Holders of ree. Sept. 14a
Extra (payable in L. L. 2d 4% bds.)
1134 Sept.30 Holders of rec. Sept,14a
American Stores, 1st pre/. (guar.)
'
6134 Oct. 1 'Sept. 21 to Oct. 1
Amer. Sugar Refg., corn.(qu.)(No. 108) 134 Oct. 2 Holders of rec. Sept, 3a
Common (extra)
31 Oct. 2 Holders of ree. Sept. 3a
14 Oct. 2 Holders of ree. Sept. 3a
Preferred (quar.) (No. 107)
American Surety (guar.)(No. 117)
Sept. 30 Holders of rec. Sept.21a
$1
Amer. Teleph. & Telegraph (guar.).--Oct. 15 Holders of rec. Sept. 20a
2
American Tobacco, preferred (guar.).- - 14 Oct. 1 Holders of rec. Sept. 14a
1
Oct. 15 Holders of ree. Oct. 10a
Amer. Type Founders,com.(quar.)
134 Oct. 15 Holders of rec. Oct. 10a
Preferred (guar.)
Oct. 5 Holders of rec. Sept.20a
Amer. Window Glass Mach.,common.._ m5
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 16a
14 Oct. 15 Sept. 17 to Sept. 26
American Woolen, common (guar.).- _ _
134 Oct. 15 Sept. 17 to Sept. 26
Preferred (quar.)
Armour & Co., pre.(par.) (NO. 1)---- 134 Oct. 1 Holders of rec. Sept. 20
14 Oct. 15 Holders of rec. Sept. 30a
Associated 011 (guar.)
Atl. Gulf & iv,1.814. Lines, pref.(qu.) .. 13€ Oct. 1 Holders of rec. Sept. 10a
Autosales Corporation, preferred (qu.)_
50c. Sept.30 Holders of ree. Sept. 16
Avery Co., common
7
Oct. 1 Holders of roe. Sept.21
131 Oct. 1 Sept.22 to Oct. 1
Preferred (quar.)
Babcock & Wilcox (guar.)
2
Oct. 3 Holders of rec. Sept. 30a
Baltimore 'rube, com. & pref. (quar.)_
134 Oct. 1 Sept. 21 to Sept.30
Barnhart Bros. & SpindlerFirst and second preferred (guar.).- _ _
14 Nov. 1 IIolders of ree. Oct. 26a
Barrett Co., common (guar.)
134 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
14 Oct. 15 Holders of rec. Sept. 26a
Name of Company.
1167
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continue:1)Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of reo. Sept.80a
Bethlehem Steel, common (guar.)
234 Oat. 1 Holders of rec. Sept. 16a
Class B common (guar.)
234 Oct. 1 Holders of rec. Sept. 16a
Cum.cony. preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 16a
Seven per cent non-cum. pref.(quar.) 14 Oct. 1 Holders of ree. Sept. 16a
Billings & Spencer Co.(guar.)
Oct. 1 Holders of ree. Sept.19a
3
Extra
2
Oct. 1 Holders of rec. Sept. 19a
Special
5
Oct. 1 1 Holders of rec. Sept. 19a
Blumenthal (F.) Co., com.(qu.)(No.28) 14 Oct. 1 Holders of rec. Sept. 30a
Preferred (guar.) (No. 33)
134 Oct. 1 Holders of rec. Sept.30a
Booth Fisheries, common (guar.)
50c. Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
151 Oct. 1 Holders of rec. Sept. 16a
20
Borne, Scrymeer Co
Oct. 15 Sept. 14 to Oct. 14
Brandram-Henderson, Ltd., pref.(guar.). .131 Oct. 1 *Holders of rec. Aug. 31
Brier Hill Steel, common (guar.)
134 Oct. 1 Sept.21 to Oct. 1
Common (extra)
34 Oct. 1 Sept.21 to Oct. 1
131 Oct. 1 Sept. 21 to Oct. 1
Preferred (guar.)
British-American Tobacco, ordinary
6
Sept.30 Holders of coup. No. 68n
Preferred
234 Sept.30 Holders of coup. No.30
Brooklyn Union Gas (quar.)
134 Oct. 1 Holders of rec. Sept. 14a
Brunswick-Balke-Collender, pref. (guar.). 131 Oct. 1 Holders of rec. Sept. 203
Bucyrus Co., pref. (guar.)(No. 14)_
Oct. 1 Holders of ree. Sept. 20a
1
Buffalo General Electric (guar.)(No.96)
2
Sept. 30 Holders of rec. Sept. 20a
California Elec. Generating, pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 21a
Calif. Packing Corp., pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 16a
Calif. Petroleum Corp., pref. (quar.)
131 Oct. 1 Holders of ree. Sept.20a
Calumet & Arizona Mining (quar.)
$2
Sept.23 Holders of rec. Sept. 6a
Cambria Iron
$1
Oct. 1 Holders of rec. Sept. 14a
14 Oct. 16 Holders of rec. Sept. 30
Canada Cement, Ltd., cam.(guar.)
Canada Steamship Lines, pref. (guar.). 131 Oct. 1 Holders of rec. Sept. lba
Canadian Consol. Rubber, pref. (guar.) 154 Sept.30 Holders of rec. Sept.20
Canadian Cottons, Ltd.,corn. & pfd.(qu.)_ *134 Oct. 4 *Holders of roe. Sept. 25
CanadianCrocker-Wheeler,com.drpf(qu)
134 Sept.30 Sept.20 to Sept.30
Canadian Gen, Elec., com.(qu.)(No.77) 2
Oct. 1 Holders of rec. Sept..le
Preferred (No.45)
334 Oct. 1 Holders of rec. Sept. 14
134 Oct. 1 Sept. 21 to Oct. 4
Canadian Locomotive, con.(guar.)
Preferred (guar.)
131 Oct. 1 Sept.21 to Oct. 4
154 Oct. 1 Holders of rec. Sept.21a
Canadian Westinghouse, Ltd. (quar.)
4
Carbon Steel, first preferred
Sept.30 Holders of ree. Sept.26
Cardenas-Amer. Sugar, pre. (quar.)...._ *13i Oct. 1 *Holders of ree. Sept. 24
Case (J.I.) Thresh.Mach., pref. (guar.). 154 Oct. 1 Holders of rec. Sept. 16a
2
Sept. 30 Holders of rec. Sept. 16a
Celluloid Company (guar.)
254 Oct. 1 Holders of rec. Sept. 24
Cent. Aguirre Sugar Cos., corn. (quar.)....
Central Coal Be Coke,common (guar.)__
135 Oct. 15 Holders of rec. Sept.30a
131 Oct. 15 Holders of ree. Sept.30a
Preferred (guar.)
Central Foundry, first preferred (guar.) 2
Oct. 15 Holders of ree. Sept.303
Ordinary preferred (guar.)
131 Oct. 15 Holders of ree. Sept.30a
Central Leather, preferred (guar.)._
134 Oct. 1 Holders of ree. Sept. 10a
234 Oct. 1 Holders of Tee. Sept.26
Central Petroleum, preferred
Central States Electric Corp.pref.(quar.) 131 Oct. 1 Holders of rec. Sept.10
Certain-teed Products CorporationFirst and second pref.(qu.)(No.7)
131 Oct. 1 Holders of ree. Sept.20a
Chandler Motor Car (quar.)
3
Oct. 1 Holders of ree. Sept.203
Charcoal Iron of America, corn.(quar.)_
20c. Sept.30 Holders of ree. Sept.14
Chicago Railway Equipment (quar.)
*134 Oct. 1 *Holders of rec. Sept.20
2
Chicago Telephone (guar.)
Sept.30 Holders of ree. Sept.28a
$1
Chino Copper Co. (guar.)
Sept.30 Holders of rec. Sept.18a
Citizens Co., Baltimore, pref. (guar.).
*1
Sept. 30 *Holders of rec. Sept. 24
Citizens Gas of Indianapolis (No. 18)..- 5
Sept.28 Sept. 13 to Sept.28
City Investing, pref.(guar.)
134 Oct. 1 Holders of rec. Sept.25
234 Sept.30 Sept.22 to Sept.30
Cleveland-Akron Bag (guar.)
Cleveland Automatic Mach., pref. (qu.)-14 Oct. 1 Holders of res. Sept.203
2
Cleveland Union Stock Yards(guar.)
Oct. 1 Sept. 20 to Sept. 30
Cluett, Peabody & Co., Inc., pref. (qu.) 131 Oct. 1 Holders of ree. Sept.20a
Colorado Power,common (quar.)
35 Oct. 15 Holders of ree. Sept.30a
Colt's Patent Fire Arms Mfg.(guar.)
231 Oct. 1 Holders of res. Sept. 14a
Columbia Graphophone,com.(qu.)(No.2) $1.75 Oct. 1 Holders of rec. Sept.16a
Preferred (guar.)(No. 2)
131 Oct. 1 Holders of rec. Sept. 16a
Commonwealth-Edison (guar.)
Nov. 1 +Holders of ree. Oct. 151
*2
Computing-Taburg-Record., corn. (qu.) 1
Oct. 10 Holders of rec. Sept.25a
Cons. Gas Elec. L.& P., Balt.,com.(qu.) 2
Oct. 1 Holders of reo. Sept. 14a
Consumers El. L. iSr P.,NewOrl.,pf.(qu.) 134 Sept.30 Sept.10 to Sept.30
Consumers Power, pref.(guar.)
li Oct. 1 Holders of roe. Sept. 19a
Continental Can, Inc., com. (quar.).-. I% Oct. 1 Holders of rec. Sept.203
131 Oct. 1 Holders of rec. Sept.203
Preferred (quar.)
Continental Refining, pref. (quar.).-.. _
20c .Oct. 1 Holders of ree. Sept.14a
Creamery Package, common (guar.)
*134 Oct. 10 *Holders of res. Oct. 1
Preferred (guar.)
*1 34 Oct. 10 *Holders of rec. Oct. 1
CressonCons. Gold M.& M.(monthly).- 10o. Oct. 10 Holders of ree. Sept. 30
Crucible Steel, pref. (guar.)(No.64)
131 Sept. 30 Holders of rec. Sept.16a
Cuba Cane Sugar, pref.(guar.)
131 Oct. 1 Holders of rec. Sept. 14
Cuban-American Sugar, corn. (quar.)
234 Oct. 1 Holders of rec. Sept. 14a
134 Oct. 1 Holders of tee. Sept. 14a
Preferred (guar.)
Dayton Power & Light, pref. (guar.)
134 Oct. 1 Holders of rec. Sept.20a
*2
Detroit Edison (pear.)
Oct. 15 *Holders of ree. Sept. 30a
Distillers Securities Corp. (guar.)
34 Oct. 18 Holders of rec. Oct. 2a
1.54 Oct. 18 Holders of res. Oct. 2a
Extra
Dodge Mfg.,common (guar.)
134 Oct. 1 Sept. 28 to Sept. 30
2
Common (extra)
Oct. 1 Sept.28 to Sept.30
Preferred (quar.)
134 Oct. 1 Sept.21 to Sept.30
Dominion Canners, Ltd., Pref.(qud1P.).- 131 Oct. 1 Sept.22 to Sept.30
Dominion Glass, Ltd., common (quar.)_
1
Oct. 1 Holders of rec. Sept. 14
134 Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
Dominion Iron & Steel, Ltd..pf.(No.35) 334 Oct. 1 Holders of ree. Sept. 14a
Dominion Steel Corp.,com.(gu.)(No.18) 134 Oct. 1 Holders of rec. Sept. ba
Dominion Textile, Ltd., com.(quar.)
2
Oct. 1 Holders of ree. Sept.14
Preferred (guar.)
151 Oct. 15 Holders of ree. Sept.30
2
Sept. 3(1 Holders of rec. Sept. 7
Draper Corporation (guar.)
Duluth Edison El., pl. (qu.) (No. 50)._
134 Oct. 1 Holders of ree. Sept. 20
duPont(E.I.)deNem.&Co.,deb.stk.(qu.) 134 Oct. 25 Holders of rec. Oct. 10a
du Pont (E.I.)de Nem.Powd.,com.(qu.) *134 Nov. 1 *Holders of rec. Oct. 19
Preferred (guar.)
*134 Nov. 1 *Holders of rec. Oct. 19
Eastern Steel, corn. (guar.)
234 Oct. 15 Holders of rec. Oct. 1
Eastman Kodak,common (guar.)
234 Oct. 1 Holders of rec. Aug. 310
Common (extra)
234 Oct. 1 Holders of ree. Aug. 310
Preferred (quar.)
134 Oct. 1 Holders of rec. Aug. 310
Edmunds Sr Jones Corp., pref. (guar.)_ _
131 Oct. 1 Holders of rec. Sept.20
Eisenlohr (Otto)& Bros., pref.(guar.)._
131 Oct. 1 Holders of rec. Sept. 203
Elec. Storage Battery, com.&pref.(qu.) 1
Oct. 1 Holders of rec. Sept. 16a
Electrical Securities, common (guar.).
2
Oct. 1 Holders of rec. Sept. 28a
Preferred (guar.)
134 Nov. 1 Holders of ree. Oct. 22a
Elyria Iron & Steel, pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 21a
Everett, Heaney & Co.,Inc.(guar.)
.50c. Oct. 10 'Holders of ree. Sept. 20
Fairbanks Co., pref.(quar.)
2
Oct. 1 Sept. 21 to Sept. 30
Fairbanks, Morse & Co.,com.(guar.)
3
Sept.28 Holders of ree. Sept. 18a
Federal 011, pref. (guar.)
10c Oct. 1 Holders of res. Sept.204
Galena-Signal Oil, common (quar.)
134 Sept.30 Holders Of rec. Aug. 31
2
Preferred (quar.)
Sept.30 Holders of ree. Aug. 31
Gen't Amer. Tank Car, 1st & 2d pl.(qu.)_
14 Oct. 1 Sept. 21 to Oct. 1
General Baking, pref. (quar.) (No. 27). 1
Oct. 1 Holders of res. Sept.21
General Chemical, preferred (guar.).- 134 Oct. / Holders of reo. Sept. 17a
General Electric (guar.)
2
Oct. 15 Holders of rec. Sept. 14a
General Ry. Signal, com.(qu.)(No.21) 134 Oct. 1 Holders of ree. Sept.20
14 Oct. 1 Holders of rec. Sept.20
Preferred (quar.) (No. 57)
Gillette Safety Razor (guar.)
$2
Nov.30 Holders of tee. Nov. 1
Extra
Nov.30 Holders of reel. Nov. 1
$1
Globe 011 (monthly)
*134e Oct. 10 *Holders of rec. Sept.20
Gold & Stock Telegraph (guar.)
134 Oct. 1 Holders of rec. Sept. 303
Goodrich (B. F.) Co., common (guar.). 1
Nov. 15 Holders of rec. Nov. 50
Preferred (guar.)
154 Oct. 1 Holders of ree. Sept.200
Goodyear Tire & Rubber, pref.(Quar.)_ _ _
134 Oct. 1 Sept. 16 to Sept. 30
Goulds Mfg.,common (guar.)
134 Oct. 1 Holders of ree. Sept. 20
Preferred (quar.)
14 Oct. 1 Holders of rec. Sept. 20
slyi Oct. 1 *Holders of roe. Sept. 23
Gorham Mfg•• Pref.(guar.)
Granby Cons. Min., Sm. & Pow.(guar.). *234 Nov. 1 *Holders of ree. Oct. 18
°Foment Chemical common (quar.)
134 Sept.30 Holders of rec. Sept. 15a
Common (extra)
2
Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
14 Sept. 30 Holders of rec. Sept. 150
Great Lakes Towing,common (guar.)
14 Sept.30 Sept.16 to Sept.30
Preferred (guar.)
134 Oct. 1 Sept.d19 to Oct. 1
Name of Company.
[VoL. 107.
THE CHRONICLE
1168
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
Oct. 2 Holders of rec. Sept. 15a Pennsylvania Rubber, corn.(quince_ _ '13.4 Sept.30 *Holders of rec. Sept, 15
1
Great Western Sugar,common (guar.)_-4,134 Sept. 30 *Holders of reo. Sept. 15
(quar.)
Preferred
15a
Sept.
reo.
2
of
Holders
Oct.
10
Common (special)
1)4 Oct. 2 Holders of rec. Sept. 15a Pennsylvania Water & Pow.(qu.)(No.19) 134 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
$1.25 Sept.30 Holders of rec. Sept. 17a Pettibone, MullikendrCo.,1st&2dpf.(qu) 134 Oct. 1 Holders of rec. Sept. 19a
Guantanamo Sugar (quar.)
2)4 Sept.30 Holders of rec. Sept. 18a
2A Oct. 1 Holders of rec. Sept. 16a Phelps Dodge Corporation (quar.)
Gulf States Steel, common (quar.)
•
33.4 Sept.30 Holders of rec. Sept. 18
Extra
First preferred (quay.)
134 Oct. 1 Holders of rec. Sept. 16a
Sept.30 Holders of rec. Sept. 18
in
m2
(payable
L.L.4
%
A
bonds)
Extra
16a
Sept.
Holders
rec.
1
of
Oct.
1)4
(quar.)
preferred
Second
•
18a
Sept.
roe.
of
Holders
1
Oct.
(quar.)....
2
pref.
Car,
Motor
Harbison-Walker Refract., pref. (quar.) 1)4 Oct. 19 Holders of reo. Oct. 9a Pierce-Arrow
134 Sept.30 Holders of rec. Sept. 19a .Pittsburgh Plate Glass, common (quar.) '1)4 Oct. 1 *Holders of rec. Sept.14
Hart,Schaffner Sr Marx,Inc., p1.(qu.)_
50e. Oct. 1 Holders of reo. Sept. 27
Pond Creek Coal (guar.)
Hartford City G. L., con. & pref. (gu.)_ _ 50e. Sept.30 Sept. 15 to Sept.30
Oct. 31 *Holders of rec. Sept. 30
*3
951 Oct. 1 Holders of rec. Sept. 23a Prairie Oil & Gas (guar.)
Haskell & Barker Car (guar.)
Oct. 31 *Holders of rec. Sept. 30
*2
Extra
2% Oct. 1 Holders of roe. Sept. 13a
HeIme (Geo. W.) Co., common (qu.)_ _
31 *Holders of rec. Sept.30
Oct.
Pipe
(guar.)
*3
Prairie
Line
13a
1)4 Oct. 1 Holders of rec. Sept.
Preferred (quar.)
Oct. 1 Sept. 15 to Sept. 30
2
Price Bros. Sr Co., Ltd.(quar.)
lei Oct. 1 Holders of rec. Sept. 20
Hendee Mfg., pref.(guar.)(No.20)
12 Sept.22 to Oct. 9
Oct.
(guar.)
2
Gamble,
pref.
Procter
dc
24
25
16
Sept.
Sept.
to
Sept.
2
(quar.)
Hercules Powder, common
Oct. 1 Holders of rec. Sept. 15
1
Provincial Paper Mills, Ltd.,com.(qu.)Sept. 25 Sept. 16 to Sept. 24
2
Common (extra)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Homestake Mining (mthly.) (No- 529) 50c. Sept. 25 Holders of roe. Sept. 20a
Public Utilities Corp., pref. (guar.)
134 Oct. 1 Holders of roe. Sept. 15
Oct. 1 Holders of rec. Sept. 24
1
HoweScale, common (guar.)
Oct. 15 Holders of reo. Oct. la
3
Quaker Oats, common (quar.)
1% Oct. 1 Holders of rec. Sept.24
Preferred (guar.)
Oct. 15 Holders of rec. Oct. la
1
Common (special)
5e. Oct. 15 Holders of rec. Oct. 1
Howe Sound Co.(guar.)
(civar.)
I% Nov. 30 Holders of rec. Nov. la
Preferred
194 Oct. 1 Holders of rec. Sept.20
Hupp Motor Car, pref.(qu.)(No.12)_
Sept. 30 Holders of rec. Sept. 5a
$2
Quincy Mining (quar.)
Imperial Tobacco of Canada, Ltd., ord.. 1% Sept.27
Railway Steel-Spring, common (quit.)
3
134 Sept.30 Holders of roe. Sept. 16a
Sept. 30
Preferred _
750. Sept.30 Holders of rec. Sept. 18a
Indlamp. Water-Works Securities, pref. 3% Oct. 1 Sept.21 to Sept. 30 Ray Consolidated Copper (quar.)
Oct. 1 Holders of roe. Sept. 16a Regal Shoe, pref. (quar.) (No. 95)_ _ - 134 Oct. 1 Holders of rec. Sept.20
2
Interlake Steamship (guar.)
(quar.)
Oct. 1 Holders of rec. Sept. 14a
25c.
common
Car,
Motor
Rao
16a
of
Sept.
Holders
rec.
2
1
Oct.
Extra
134 Nov. 1 IIolders of rec. Oct. 160
Republic Iron dr St., com.(qu.)(No.8)-Oct. 1 Sept.21 to Sept.30
3
International Banking Corporation
Preferred (quar.) (No. 80)
1)4 Oct. 1 Holders of rec. Sept. 140
134 Oct. 1 Holders of rec. Sept. 18a
International Salt (quar.)
Oct. 1 Holders of reo. Sept. 20
Reynolds(R.J.)Tobacco,com.(quar.)_ g3
lei Oct, 1 Holders of rec. Sept. 17
International Silver, preferred (quar.).._
Oct. 1 Holders of rec. Sept. 20
Common, Class B (quar.)
03
island Creek Coal, com. & pref. (qu.)_ -- $1.50 Oct. 1 Holders of rec. Sept. 27
Preferred (guar.)
50o. Sept.27 Holders of roe. Sept. 7
134 Oct. 1 Holders of rec. Sept.20
Isle Royale Copper Co.(qu.)(No. ii)..
194 Sept.30 Holders of rec. Sept. 25
134 Oct. I Holders of reo. Sept. 20a Riordon Pulp & Paper, Ltd., pref.(guar.)
Jewel Tea, Inc., preferred (quar.)
Sept.30 Holders of rec. Sept. 14a
Royal Baking Powder,com.(quar.)---- 2
lei Oct. 1 Holders of rec. Sept.21
Kansas Gas & Elec., pref.(guar.)_____
134 Sept.30 Holders of rec. Sept. 14a
Preferred (quar.)
Kaufmann Dept. Stores, pref.(guar.)_--- 194 Oct. 1 Holders of rec. Sept. 20
_
(guar.)
Lighting
&
Heating
Car
Safety
1)4 Oct. 1 Holders of rec. Sept. 14a
Oct. 1 Holders of No. Sept. 20a
Kayser (Julius) & Co., coin.(guar.)_ - _ - 2
Oct. 10 Holders of rec. Sept.30a
1
First and second preferred (quer.)._ _ - 134 Nov. 1 Holders of rec. Oct. 21a St. L. Rocky Mt.& Pat. Co.,com.(quar.)
Pac.Co.,pf.(qu.)
Sept.30 Holders of rec. Sept.20
St.
Rocky
Sr
Mt.
Louis
1
16a
of
Sept.
Holders
rec.
1)4
1
Oct.
Kelly-Springfield Tire, pref. (quer.)---15e. Sept.30 Holders of rec. Sept. 14
Sept.30 Holders of rec. Sept. Da Savoy 011 (quar.)
Kennecott Copper Corporation (quar.).. $1
Sears Roebuck & Co., pref. (quer.)_ _ _ _
134 Oct. 1 Holders of roe. Sept. 14a
Keystone Tire & Rubber,corn. (guar.)_ -_- 30e. Oct. 1 Holders of rec. Sept. 20
Oct. 19 Holders of reo. Sept. 30a
250.
Shattuck-Arizona
Copper
'
20
Sept.
(guar.)
rec.
20e.
of
Oct.
1 Holders
Preferred (guar.)
25e. Oct. 19 Holders of rec. Sept. 300
Capital distribution (quar.)
3 1-3e. Oct. 1 Holders of rec. Sept. 20
Preferred (extra)
134 Oct. 10 Holders of rec. Sept.26
194 Oct. 1 Holders of rec. Sept. 20a Shawinigan Water & Power (quar.)...Kirschbaum (.4. B.) Co., pref. (guar.)-Sherwin-Williams Co.of Can., pref.(qu.) lei Sept.28 Holders of rec. Sept. 15
lei Oct. 1 Holders of reo. Sept.21
Kolb Bakery, pref.(quar.)(No.27)- - 1,i Oct. 1 Holders of rec. Sept. 14a Sloss-Sheffield Stool dr Iron, prof Ague - lei Oct. 1 Holders of rec. Sept. 190
Kresge (S. S.) Co., pref. (guar.)
Sept.30 Sept. 13 to Sept.30
Penn 011 (quar.)
5
South
19a
Oct.
rec
1
1
of
Nov.
Holders
Kress(S. H.)& Co., com.(guar.)
Oct. 1 Holders of reo. Sept. 14a
134 Oct. 1 Holders of roe. Sept. 20a South Porto Rico Sugar, common (qu.) g5
Preferred (guar.)
Oct. 1 Holders of reo. Sept. 14a
2
Preferred (quar.)
1
Sept. 30 Holders of rec. Sept. 16
La Belle Iron Works, corn. (quar.)
_
(qu.)
Lines
Pipe
Pennsylv.
Oct. 1 Holders of roe. Sept. 16
West
South
3
Sept.
rec.
16
of
Holders
2
Sept. 30
Common (extra)
Southwesterit Cities Elec. Co., pref.(quar.) 13i Oct. 1 Holders of tee. Sept. 18a
Sept. 30 Holders of roe. Sept. 18
2
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 20
2
134 Sept. 30 Holders of rec. Sept. 10a Spicer Mfg. Corp., pref. (guar.)
Lackawanna Steel (quar.)
Oct. 1 Holders of reo. Sept. 15
Standard 011 Cloth, corn. (quar.)
1
2)4 Oct. 1 Holders of rec. Sept.24,
Laurentide Co., Ltd. (quar.)
Oct. 1 Holders of reo. Sept. 15
Common (extra)
2
2
Oct. 1 Holders of rec. Sept.20
Lawyers Mortgage (guar.)(No.88)
1% Oct. 1 Holders of reo. Sept. 15
Preferred C19•99 A de 13 (quar.)
$2 Oct. 1 Holders of rec. Sept. 19
Lehigh Valley Coal Sales
Oct. 1 Sept. 17 to Oot. 1
Standard Oil (Kentucky) (quar.)
3
Oct. 1 Sept.21 to Sept.30
1
Library Bureau, common (guar.)
Oct. 1 Aug. 81 to Sept. 18
3
Standard 011 (Ohio)(quar.)
Oct. 1 Sept.21 to Sept.30
2
Preferred (guar.)
Oct. 1 Aug. 31 to Sept. 18
1
Extra
Liggett dr Myers Tobacco, pref. (quar.) 134 Oct. 1 Holders of rec. Sept. 16a
2
Sept. 30 Holders of rec. Sept.21a Standard Parts, preferred (guar.)
134 Oct. 1 Sept.21 to Sept.30
Lone Star Gas (quar.)
Oct. 1 Holders of reo. Sept. 14
(quar.)
common
Screw,
Standard
6
rec.
lei
1
20a
of
Oct.
Sept.
Holders
_
(guar.)___
Loose-Wiles Biscuit, 151 pref.
75e. Oct. 1 Holders of roe. Sept. 14
Oct. 1 Holders of rec. Sept. 14a Stromberg Carburetor (quar.)
Lorillard (P.) Co., common (quer.). .- 3
25e. Oct. I Holders of roe. Sept. 14
Extra
134 Oct. 1 Holders of rec. Sept. 14a
Preferrel (guar.)
234 Oct. 15 Holders of rec. Sept.30a Stutz Motor Car of America (quar.)_.. $1.25 Oct. 1 Holders of roe. Sept. 18°
MacAndrews & Forbes, corn.(guar.)
Sept.200
134 Oct. 15 Holders of roe. Sept.30a Subway Realty (quar.)
Preferred (quar.)
134 Oct. 1 Holders of roe. Aug.
31
Oct. 1 Holders of rec.
2
Mackay Companies, coin.(qu.)(No.53) 1% Oct. 1 Holders of rec. Sept. 7a Swift dr Co.(quar.)(No. 131)
120
Sept.
roe.
of
Holders
30
Sept.
(quar.)
Company
Texas
214
rec.
1
Sept. 7a
Oct. l Holders of
Preferred (quar.)(No.59)
Texas Pacific Coal dc Oil (guar.)
60o. Sept. 30 Holders of ree. Sept. 6
134 Sept. 30 Holders of rec. Sept. 10a
Magma Copper (quar.)
Oct. 30 Holders of rec. Oct. 19a
5
Extra
$1 Sept.30 Holders of reo. Sept.25
Magor Car Corp.,common (guar.)
Oct. 1 Holders of rec. Sept. 21
Thompson-Starrett Co.. preferred
4
$2 Sept.30 Holders of rec. Sept.25
Common (extra)
Sept. 30 Holders of rec. Sept. 14a
Tide Water Oil (quar.)
2
2
Sept.30 Holders of roc Sept.25
Preferred A (guar.)
Sept.30 Holders of roc. Sept. 14a
Extra
3
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 25
Tobacco Products Corp., prof. (guar.)_ _
194 Oct. 1 Holders of rec. Sept. 170
134 Oct. 1 Holders of rec. Sept. 14
Manati Sugar. pre!erred (quar.)
50. Sept.30 Sept. 10 to Sept. 20
Oct. 1 Holders of rec. Sept. 20s Tonopah Extension Mining
Manhattan Electrical Supply, com.(qu.) 1
.)ct. 21 *Holders of reo. Sept. 30
(guar.)
Nevada
of
Mining
Tonopah
*15e.
Sept.
rec.
1
20a
of
Oct.
Holders
lei
(quar,)
First & second preferred
75o. Oct. 1 Holders of roe. Sept.21a
Manhattan Shirt. pref. (quar.)
134 Oct. 1 Holders of rec. Sept.20a Torrington Co. of Maine, corn.(guar.)- 25e. Oct. 1 Holders of rec. Sept.21a
Common (extra)
114 Sept. 30 Holders of rec. Sept. 30
Manning, Maxwell & Moore,Inc.(gu.)_ _
Tra ague & William Steel Forg.(guar.)_ _ $1.25 Oct. 15 Holders of rec. Sept.30a
Massachusetts Lighti to CJs., pref. (guar.) *134 Oct. 15 'Holders of rec. Sept 25
75e. Oct. 1 Holders of rec. Sept. 20a Trumbull Steel, common (quar.)
134 Oct. 1 Sept.21 to Sept.30
Mathieson Alkali Works,common (guar.)
Extra
234 Oct. 1 Sept.21 to Sept.30
1% Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
20a
Preferred (quar.)
134 Oct. 1 Sept.21 to Sept.30
May Department Stores, pref.(quar.)- lei Oct. 1 Holders of rec. Sept.
Underwood Typewriter,common (quar.) 154 Oct. 1 Holders of reo. Sept. 160
Maxwell Motor,Inc., 1st pref.(quay-)-- 01% Oct. 1 Holders of rec. Sept. 10
1.34 Oct. 1 Holders of reo. Sept. Ho
Preferred (quar.)
lei Oct. 1 Sept.21 to Sept.30
McCrory Stores Corp., pref.(quer.)_--Oct. 1 Sept.21 to Sept.30
2
Mergenthaler Linotype (quar.)(No. 91) 234 Sept.30 Holders of rec. Sept. 4a Union Carbide (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 105
Oct. 10 Holders of ree. Sept. 14a Union Carbide Sr Carbon (quar.)
1
Mexican Petroleum, common ((ware_ _ _
25 Holders of roe. Aug. 30a
Sept.
'rank
Line
Union
rec.
140
of
Sept.
Holders
10
Oct.
23.4
Common (payable in Lib. Loan bonds) II
Oct. 1 Holders of reo. Sept. 14a United Drug, com.(quar.)(No.7)
2
14 Oct. 1 Holders of rec. Sept. 16a
Preferred (quar.)
First preferred (quar.)
8734o. Nov. 1 Holders of rec. Oct. 15
15e, Oct. 1 Holders of rec. Sept. 15
Michigan Drop Forge, corn. (monthly).
A Dec. 2 Holders of rec. Nov. 15
Second preferred (quar.)
i% Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
1% Oct. 1 Hollers of rec.. Sept. 16a United Dyewood, coin.(qua%)(No. 8).. 154 Oct. 1 Holders of roe. Sept. 14a
Michigan Light, pref.(quar.)
(quar.)
23a
ei Oct. 1 Holders of reo. Sept. 14a
I
Preferred
Sept.
Holders
rec.
of
30
Sept.
1)4
(No.
8)
(guar.)
Michigan Stale Telep., pref.
Oct. 15 Holders of rec. Sept.200
2
Montana Power, com.(qu.)(No. 24).. 134 Oct. 1 Holders of roe. Sept. 14a Drifted Fruit (quar.)(No. 77)
Oct. 15 Holders of rec. Sept.30
et
Preferred (quer.)(No. 24)
134 Oct. 1 Holders of rec. Sept. 14a United Gas Improvement (quit.)
15 Holders of reo. Oct. la
Oct.
preferred
(awe
20a
Sept.
United
rec.
Paperboard,
1
of
Holders
134
Met.
Montgomery, Ward ea Co., pref. (quar.) 1
50e. Oct. 5 Holders of reo. Sept. 17
United Shoe Machinery, corn. (quar.)- 13.1 Sept.30 Holders of rec. Sept.23
Mortgage-Bond Co.(guar.)
37 A c Oct. 5 Holders of rec. Sept. 17
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 14a
Narragansett Ele:stria Ltg., (guar.)._ _ _ $1
United Verde Extension Mining (quar.)
50c. Nov. 1 Holders of rec. Oct. 30
Nat. Aniline dc Chem., pref.(quar.)
ei Oct. 1 *Holders of roc. Sept. 20
25c. Nov. 1 Holders of rec. Oct. 30
Extra
National Biscuit. coin. (quar.) (No. 81) 194 Oat. 15 Holders of reo. Sept. 30a
Sept. 30 Sept. 12 to Sept. 30
Shuttle,
&
U.S.
com.(quar.)Bobbin
8a
Oct.
rec.
of
Holders
15
134
Oct.
Nat. Cloak & Suit, coin. ewe (No.7)134
Sept. 30 Sept. 12 to Sept. 30
5
Common (extra)
Nat. Enant. & Stamping, pref. (guar.)._
134 Sept. 30 Hollers of rec. Sept. 10a
Preferred (quire
134 Sept. 30 Sept. 12 to Sept. 30
*234 Oct. 15 *Holders of rec. Sept. 300
National Fuel Gas (guar.)
Sept. 30 Holders of roe. Sept. 150
Gypsum.
pref.
S.
U.
(quar.)
1
16
of
134
Sept.
*Holders
reo.
Oct.
*2
National Glue, com. & pref. (guar.)
U.S.Industrial Alcohol, pref.(quar.)_ _
Wt. I Sept. 21 to Oct. 1
2
134 Oct. 15 Holders of rec. Sept.30a
National Grocer, common (quar.)
134 Sept. 28 Aug. 31 to Sept. 3
National Lead, common (guar.)._ - 134 Sept.30 Holders of rect. Sept. 13a U. S. Steel Corporation, coin. (quar.)_
Sept.28 Aug. 31 to Sept. 3
3
Common (extra)
National Licorice, pref. (qu.)(No. 65)-134 Sept.30 Holders of rec. Sept.23
250. Sept. 30 Holders of reo. Sept.21
Utah Consolidated Mining (guar.)
Oct. 15 *Holders ot rec. Oct. 1
*2
National Oil, pref. (guar.)
$2.50 Sept.30 Holders of roe. Sept. 181
Oct. 15 Holders of rec. Sept. 30a Utah Copper (guar.)
National Paper & Type, corn.(quar.). 2
Oct. 15 Oct. 1 to Oct. 5
Preferred (quer.)
194 Oct. 15 Holders of rec. Sept. 30a Victor Talking Machine, com.(quar.).... 5
Preferred (quire
194 Oct. 15 Oct. 1 to Oct. 5
Oct. 1 Holders of rec. Sept.14a
2
National Refining, pref. (quar.)
Chemical
Virginia-Carolina
rec.
9
2
of
Sept.
Holders
Oct.
National Sugar Refining (quar.)
194
Oct. 1 Holders of reo. Sept.I8a
Com.(extra payle in 434% L. L. bds) i2
Oct. 1 Holders of reo. Sept. 20a
3
National Surety (quar.)
Oct. 1 *Holders of roe. Sept.20
75c. Sept. 30 Holders of reo. Sept. 184 Went Kootenay Power Sr Lt., com.(qu.)
Nevada Consolidated Copper ((mare_ _
Oct. 1 *Holders of tee. Sept.20
Preferred
(quar.)
18
Sept.
rec.
of
30
'134
Holders
Sept.
lei
New England Telep. & Teley. (gu tr.) _ _
$2.50 Sept. 30 Holders of rec. Sept.21a
50c. Oct. 1 Hol•lers of rec. Sept.24a Wetter a Electric, common (guar.)
New Idria Quicksilver Mil.(guar.)
1)4 Sept. 30 Holders of rec. Sept.21a
Preferred (guar.)
New York Title dr Mortgage (guar.)---194 Oct. 1 Holders of rec. Sept.21
Western Union Tel. (quar.)(No. 198)
134 Oct. 15 Holders of reo. Sept.200
Oct. 15 Holders of reo. Sept. 21
New York Transit (quar.)
4
$1.25 Oct. 1 Sept. 18 to Oct. 1
Oct. 1 Holders of roe. Sept. 14a Westmoreland Coal (guar.)
2
Niagara Falls Power (quar.)
Extra (pay. in 3d 494% L. L. bonds)_ _ i$1.25 Oct. 1 Sept. 18 to Oct. 1
Oct. 1 Holders of reo. Sept. 14a
3
Extra
i Rol tern of reo. Sept. 16a
Oct
Its
Weyman-Bruton Co., common
to Oct. 17
25c. Oct. 21 Oct. 1
Niplssing Mines Co., Ltd.(guar.)
Weyman-Bruton Co., pref.
134 Oct. 1 Holders of rec. Sept. 18a
25c. Oct. 21 Oct. 1 to Oct. 17
Extra
Sept.30 Holders of rec. Sept. 16a
$1
North American Co.(guar.)(No. 58)... 134 Oct. 1 Holders of roe. Sept. 16a White Motor (quar.)
194 Oct. 1 Holders of rec. Sept. 20a
Willy's-Overland, wet. (quar.)
Northwest Electric, pref. (qu.)(No. 14)__ '1)4 Oct. 1 'Holders of rec. Sept. 24
131 Oct. 1 Holders of rec. Sept.24a
Oct. 1 Holders of rec. Sept. 142 Wilson & Co., preferred (guar.)
Ohio Cities Gas, preferred (quar.)
I
Oct. 1 Holders of rec. Sept. 14a
Copper
Wolverine
20
15
Mining
Sept.
(quar.)
*Holders
rec.
of
$1
Oct.
Ohio Fuel Supply (guar.)
'82)4c
134 Wt. 1 Holders of reo. Sept. 10
Woolworth (F. W.) Co., pref. (quar.)_
Ohio 011 (quar.)
$1.25 Sept. 30 Aug. 31 to Sept.23
Worthington Pump dr Mach.,pf.A(qu.)_
194 Oct. I Holders of roe. Sept. 20a
Extra
$4.75 Sept. 30 Aug. 31 to Sept.23
1)4 Oct. 1 Holders of roe. Sept. 20a
Preferred B (quar.)
Ohio Stale Telep., pref.(quar.)
1% Oct. 1 Holders of rec. Sept.20
2)4 Oct. 1 Holders of roe. Sept.23
Yale dr Towne Mfg,(quar.)(No.97)_
Oklahoma Prod. & Refining (quar.)_ _ _ _ 12)4c. Sept.30 Holders of roe. Sept. 18
Oct. 1 *Holders of roe. Sept. 20
_
(qu.)
&
corn.
Tube,
*2
YoungstownSheet
Sept.
Holders
rec.
17a
of
30
Sept.
Old Dominion Co. (guar.)
$1
*3
Oct. 1 *Holders of roe. Sept. 20
Common (extra)
50c. Oct. 5 Holders of rec. Sept. 20
Ontario Silver Mining (quar.)
'1)4 Oct. 1 *Holders of roe. Sept. 30
Preferred (quar.)
Sept.27 Holders of rec. Sept. 7
Osceola Cons. Mining (guar.)(No. 92). $2
30 Sept. 7 to Sept. 8
Sept.
(quar.)
$1
Alaska
Trust
Yukon
rec.
30
15
of
Sept.
Holders
Otis Elevator, common (quar.)
_ - 134 Oct.
Preferred (gum)
134 Oct. 15 Holders of reo. Sept. 30
Oct. 1 Holders of rec. Sept. 15a
for this dividend. b Less
Ottawa Car Mfy.(guor.)
1
closed
not
books
• From unofficial sources. a Transfer
Ottawa Light, Heat & Pow., Ltd.(guar.)
134 Oct. 1 Holders of rec. Sept. 20a British income tax. d Correction. e Payable in stock. f Payable in common
Owens Bottle-Machine, common (quar.) 75e. Oct. 1 Hollers of reo. Sept. 2Ia stock. g Payable in scrip. h On account of accumulated dividends. i Payable in
Oct. 1 Holders of reo. Sept. 21a Liberty Loan bonds. 1 Red Cross dividend. m Payable in U. S. Liberty Loan
Common (pay. In 4A % Lib. L. bds.) m2
Preferred (quar.).
134 Oct. 1 Holders of rec. Sept. 21a 4)4% bonds. n Transfers received in London on or before Sept. 7 will be In time
Pacific Telep. & Tele;., pref. (guar.)_
1% Oct. 15 Oct. 1 to Oct. 15
to be passel for payment of dividend to transferees. Specialists in the stook have
Pan-Amer. Petrol. & Transp.,cone.(qu.) 62 A c Oct. 10 Holders of reo. Sept. 14a agreed that It shall sell ex-divIdend In this city Aug. 26.
the
Common (payable in Lib. Loan bonds) i6234c. Oct. 10 Holders of reo. Sept. 14a
t Payment of dIvidend contingent upon the receipt of sufficient money from
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 14n U.S. Government. r The New York Stock Exchange has ruled that stock will not
1% Nov. 15 Holders of rec. Nov. 5
Pennons, Limited, com. (guar.)
be (motel ex-dividend on this date and not until further notice.
1)4 Nov. 1 hollers of rec. Oct. 21
Preferred (guar.)
o Declared 7% payable in quarterly installments.
•
THE CHRONICLE
SEPT. 21 1918.]
1169
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.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELEVTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER 6 1918.
Renewed investments in Treasury certificates following the Sept. 3 issue, accompanieu by increases in deposits on Government and private
accounts, are indicated by the Board's consolidated weekly statement showing condition on Sept. 6 of 733 member banks in leading cities.
Treasury certificates on hand show an increase of 271.3 millions, while holdings of United States bonds other than circulation bonds declined 19.1
millions. For the central reserve cities an increase of 159.8 millions in Treasury certificates is accompanied by net liquidation of 16.7 millions of
United States bonds. Aggregate loans secured by United States war obligations went up 14.8 millions, largely at the central reserve city banks.
All other loans and investments decreased 62.8 millions, the banks in the central reserve cities reporting an even larger decrease of 72.6 millions.
Of the total loans and investments the combined share of United States war obligations and loans secured by such obligaitons constitute 16.2%, as
against 14.9% the week before. For the central reserve city banks a rise in this percentage from 16.1 to 18.3% is noted.
Government deposits increased 67.9 millions, of which about 40 millions represents the increase at the banks outside the central reserve cities.
Net demand deposits of all reporting institutions show an increase of 54.2 millions, by far the larger portion of the increase falling to the share of the
central reserve city banks. Time deposits increased 8.3 millions. Reserve balances with the Federal Reserve banks show a reduction of 40.8 millions
for all reporting banks and of 34.7 millions for the central reserve city banks alone, while total cash in vault went up 1.3 millions.
For all reporting banks the ratio of loans and investments to total deposits shows a rise from 125 to 125.7%. For the central reserve city banks
this ratio remains unchanged at 116.3%. The ratio of reserve balances (with the Federal Reserve bank) and cash to total deposits declined from
15.5 to 14.9% for all reporting banks, and from 17 to 16.2% for the central reserve city banks. "Excess reserves" of all reporting banks work out at
88.9 millions, as against 136.5 millions the week before. For the central reserve city banks a decrease of this item from 109.3 to 68.3 millions is noted.
1. Data for all reporting banks in each district. Two c phers (00) omitted.
Member Banks.
Boston.
Phi:addl. Cleveland. Richm'd. Atlanta.
New York
Number of reporting banks___
42
U. S. bonds to secure circulat'n
$
14,352,0
102
49
85
77
Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
45
$
$
s
s
$
50,222,0 11,492,0 42,410,0 24,251,0 15,465,0
$
96
$
32
18,467,0 17,414,0
$
35
$
73
45
$
$
Total.
52
6,382,0 13,710,0 17,929,0 34,505,0
$
731
266,599,0
Other U. S. bonds, Including
53,842,0 14,740,0 10,519,0 13,839,0 15,173,0 26,267,0
495,844,0
Liberty bonds
11,862,0 220,250,0 28,743,0 50,111,0 27,944,0 22,548,0
U. S. certifs. of indebtedness- 75,262,0 603,721,0 61,387,0 88,369,0 32,584,0 34,051,0 134,187,0 35.168,0 21,617,0 38,244,0 16,435,0 61,4(3,0 1,202,488,0
Total U. S. securities
101,476,0 874,193,0 101,628,0 180,890,0 84,779,0 72,064,0 206,496,0 67,322,0 38,518,0 65,793,0 49,537,0 122,235,0 1,964,931,0
60,614,014,778,0 12,221,0 4,396,0 5,204,0 9,018,0
Loans see. by U.S. bonds, &a_ 40,029,0 212,860,0 45,153,0 36,601,0 19,848,0 9,067,0
469,789,0
All other loans & investments- 762,252,0 4,303,899,0 606,284,0 974,465,0 373,094,0 289,335,0 1,412,921,0 372,893,0 280,687,0 466,250,0 178,210,0 532,803,0 10.553,093,0
Reserve with Fed. Res. Bank- 63,782.0 635,973,0 59,447,0 83,182,0 31,033,0 31,779,0 136,749,0 32,701,0 17,720,0 40,075,0 15,130,0 43,842,0 1,191,413,0
24,920,0 118 048,01 19,365,0 34,137,0 16,610,0 14,886,0
55,521,0 12,989,0 9,026,0 15,443,0 12,002.0 19,583,0352,530,0
Cash In vault
659,755,0 4,428,862,0597,785,0 715,207,0 298,445,0 206,289,0 1,032,336,0 263,568,0 166,434,0 384,509,0 142,762,0 389,151,0 9,285,103,0
Net demand deposits
97,273,0 271,167,0 13,930,0 236,390,0 52,524,0 92,017,0 357,165,0 73,995,0 45,439.0 73,846,0 25,324,0 119,213,0 1,458,283,0
Time deposits
55.025.0 16.801.0 29.704.0 23.162.0 7.555.0 12.009.0
56.215,0 285,100,0 35,371,0 61,794,0 17,155.0 15,894.0
615.785.0
Government denosits
2. Data for banks In each Central Reserve city, banks in all other Reserve cities and other reporting banks.
New York.
Two ciphers (00) omitted.
Aug. 30.
Sept. 6.
Number of reporting banks--
69
69
Chicago. St. Louis. Total Central Res. Cities.
Other Reserve
Sept. 6.
Sept. 6.
Sept. 6.
40
Sept. 6.
14
123
Aug. 30.
445
123
Country Banks.
Cities.
Aug. 30.
Sept. 6.
446
Total.
Aug.30.
165
Sept. 6.
165
Aug. 30.
733
734
$
$
$
$
$
$
$
$
$
$
$
$
36,328,0
36,278,0 1,132,0 10,314,0
47,774,0
47,718,0 170,584.0 171,714,0 48,241,0 48,107,0 266,599,0
U.S. bonds to secure eirculat'n
267,539.0
Other U. S. bonds, Including
199,445,0 212,406,0 21,200,0 9,073,0 229,718.0 246,456,0 216,194.0 217,871,0 49,932,0 50,652,0 495,844,0
514,979,0
Liberty bonds
931.114,0
U.S. certifs. of Indebtedness- 574,985,0 436,929.0 71,084,0 26,805,0 672,874,0 513.034.0 451,037,0 35(,151,0 78,577,0 61,929,0 1,202,488,0
810,758,0 685,613,0 93,416,0 46,192.0 950,366,0 807,208,0 837,815,0 745.736,0 176,750,0 160,688,0 1,964.931,0 1,713,632,0
Total U. S. securities
Loans sec. by U. S. bonds, &c_ 193,479,0 184,052,0 43,820,0 11,827,0 249,126,0 236,108,0 194,218,0 192,125,0 26,445,0 26,798,0 469,789,0
455,031.0
All other loans & investments- 3,956,509,0 4,016,821,0 856,753,0 270,117,0 5,083,379,0 5,155.997,0 4,639,225,0 4,633,684,0 830,489,0 826,187,0 10553093,0 10,615,868,0
Reserve with Fed. Res. Bank_ 611,230,0 638,007,0 93,438,0 25,618,0 730,286,0 761,986,0 407,660,0 413.929,0 53,467,0 53,248,0 1,191,413,0 1,232,163,0
104,982,0 103,379,0 32,467,0 6,045,0 143,494,0 141,483,0 171,959,0 175,543,0 37,077,0 34,210,0 352,530,0
.Cash In vault
351,236,0
4,127,014,0 4,050,583,0 683,066,0 189,347,0 4,999,457.0 4,950,702,0 3.626,957,0 3,630,859,0 658,689,0 649,336,0 9,285,103,0 9,230,897,0
Not demand deposits
218,277,0 217,843,0 129,617,0 53.082,0 400,976,0 401,915,0 864,708,0 855,168,0 192,599,0 192,937,0 1,458,283,0 1,450,020,0
Time deposits
262,608,0 237,075,0 33,932,0 13,751,0 310,291,0 287,713,0 267,397,0 227,584,0 38,097,0 32,613,0 615,785,0
Government deposits
547,910,0
Ratio of combined reserve and
16.1
cash to total net deposits_
17.1
16.9
14.7
14.0
14.3
16.2
17.0
14.9
15.5
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Sept. 14:
Further increases in the discount activity of the Federal Reserve banks in connection with the more recent war finance operations of the Government accompanied by substantial issues of Federal Reserve notes are indicated in the Federal Reserve Board's weekly bank statement issued as at
close of business on Sept. 13 1918. Concentration of gold in the Reserve banks continues, the additions to the banks' gold holdings being about
7.6 millions.
INVESTMENTS.-Holdings of discounted paper show an indease for the week of 71.3 millions, the New York, Minneapolis and Kansas City
banks reporting the largest increases under this head. By far the greater portion of the additional holdings is made up of war loan paper, which
constitutes at present 66.4% of the total discounts held, as against 65.3% the week before. Acceptances on hand increased about 6 millions, New
York Cleveland and PhilaAlelphia accounting for most of the increase shown. An increase of 5.7 millions in the total holdings of U. S. short-term
securities Is due largely to the temporary investment in those securities by the New York bank for the accommodation of local banks, also to the
purchase from the Government of additional 1-year Treasury certificates to secure further Issues of reserve bank notes. Total investments show an
Increase for the week of 82.8 millions.
DEPOSITS.-Government deposits were 9.4 millions larger than the week before, members' reserve deposits increased 4.5 millions, the Western
banks showing considerable increases in their members' reserve balances. Net deposits are 20.6 millions larger than the week before.
RESERVES.-Since the end of June gold reservesthave increased by about 75 millions, partly through the exchange of Federal Reserve notes
for gold. The banks' reserve percentage shows a decline for the week from 54.7 to 53.7%.
NOTE CIRCULATION.-Federal Reserve agents report a net addition of 69.1 millions to the total of Federal Reserve notes outstanding. The
banks show an increase for the week of 64.7 millions of Federal Reserve notes in circulation, besides an increase of 3.7 millions in their combined
liabilities on Federal Reserve bank notes in circulation.
CAPITAL-An increase of $194,000 in paid-in capital is duo largely to payment for Federal Reserve bank stock by newly admitted members.
The largest gains under this head are shown for the New York, Boston 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. 13
consisted of "Rediscounts and advances-Commercial paper," $144,080.256, and "Rediscounts and advances-U. S. obligations," $477,764,773,
.
Similarly, "Other deposits. &c.,• are shown to comprise 'Foreign Government deposits," $107,253,119; "Non-member banks deposits,' $3,766,477,
and "Due to War Finance Corporation," $268,765.
COMBINED RESOURCES AND LIABILITIES OF THEI FEDERAL RESERVE BANKS AT TEE CLOSE OP BUSINESS SEPT.
13 1918.
Sept. 13 1918.ISept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. Sept. 14 1917
ResnuRrg.!?
Gold In vault and in transit
Gold moliement fund- I. It Boaro
Gold with foreign agencies
$
386,214,000
4135,298,000
5,82.0100
$
383,228,000
496,531,000
5,830,001)
5
384,009,000
520,926,000
5.829,000
3
385,072,000
553,060,000
5,829,000
$
385,017.000
600,083.000
5,829.000
$
395,410,000
606,354,000
9.696.000
$
408,470,000
623,119.000
9,696,000
i
418,012.000
598,777,000
11,628,000
i
408,206,000
384,646,000
52,500,000
990,929,000 1,011.460.000 1.041,285.000 1,028,417,000
961,498.000 940,692.000 902,793,000 910,420,000
40.116,000
38.149.000
36.818,000
35,363,000
845,352,000
520,470,000
9,127,000
ro(01 gold held by banks
Gold with Federal Reserve Agents
Gold redemption iii nil
857,341,000 885,589,000 910,764,000 943.961,000
1,123,132,000 1,087,760,000 1,061,597,000 1,018,767.000
44,086,000
43,634,000
40,323,000
41,433.000
rotal gold reserves
Legal tender notes. silver, ke
2,024,559,000 2,016,983.000 2.013,794.1)00 2.003,051,000 1,992,543,000 1,990.301.000 1.980.896.000 1,974,200,000 1,374,949,000
53,173,000
53,168,000
52,980.000
54.222.000
54,022,000
51,085,000
55,129,000
53,511,000
52.215,000
Fotat reserves .
Bills diseounted-members
Bills 'Heigh, In open market
2,077,732,000 2,070,494,000 2,066,962.000 2,055,266,000 2,045,523,000 2.044.523.000 2.034,918,090 2,029,329,000 1,426,034,000
1,613,247,000 1,541,999,000 1,428,235,000 1,393,795,000 1,285,368.000 1,332.473.000 1.270,919,030 1,302,151,000 167,333,000
239,750,000 233,741,000 232,563,000 236,526,000
212,204,00 208.557,000 209.185,000 205.274,000 168,445,000
1,852.997,000 1.775,740,000 1.660,798,000 1,630,321,000 1,497.572.000 1.541.030.000 1.480.104.000 1.507,425,000
I',,'at bills on hand
29,563,000
31.497.000
34.931,000
36.237.000
40.090.000
Cl. H Government long-tern) securities
29,768,000
30,350,000
30,624.000
33,777,000
32,546.000
17,404,000
17.573,000
28,030,000
25,772,000
23.479,000
16.922.000
U. S Government short-term securities
81,000
82.01)0
101.000
75,000
102,000
103,000
All other earning assets
67,000
62,000
335,778,000
45,358,000
42,366,000
214,000
1,916,418,000 1,833,613,000 1.716.987,000 1,684,486,000 1,561,697,000 1.593.467.000 1.534.015.000 1,564,540,000
earning assets
Uncollected items (deduct from gross
697,225,000 642.377,000 568,655,000 601,983,000 623,495.000 584,758.030 531,558,000 558.392.000
deposits)
T
423,716,000
5% redemp. fund agst. F. R.bank notes
1 other resources
Total resources
1,405,000
13,013,030
1,313,000
12,076,000
4 705 70,
100n 4 550 Rig
nun 4
1,164,090958,000
11,787,000
11.204,000
VI% ARK
n In 4 nn•A
866.000
10,803.000
AW7 ono 4 242 254
a Includes amount formerly shown against items due from or due to other Federal Reserve banks net
735,000
11,410.000
nnn 4 224 RIM
496.0430
10.551.000
WWI 4 III PAR
231,176,000
701,000
12.441.000
500,000
308,000
non 4 155 401 000
2.055 7A4 000
[VOL. 107.
THE CHRONICLE
1170
Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. Sept. 14 1917
$
$
$
$
$
$
LIABILITIES.
$
$
59,368,000
76,441,000
76,876,000
76,518,000
76,060,000
77,750,000
78,168,000
78,359,000
78,553 000
Capital paid in
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus
21,602,000
95,555,000 179,978,000 161,236,000 233,040,000
206,733,000 197,325,000 104,729,000 173,027,000
Government deposits
Due to members-reserve account__ 1,469,603,000 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 1,139,291,000
156,268,000
390,911,000
401,186,000
433,347,000
461,202,000
450,947,000
437,885,000
461,640,000
527,752,000
Collection items
51,621,000
Other deposits, incl. for. Gov't credits_ 115,302,000 119,960,000 120,300,000 112,597,000 115,234,000 127.050,000 114,718,000 111,840,000
2,319,390.000 2,244,027,000 2,141,553,000 2,196,051,000 2,136,002,000 2,161,080,000 2,090,397,000 2,181,262,000 1,368,782,000
Total gross deposits
F. R. notes in actual circulation__ __ _ 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,935,419,000 1,955,276,000 1,906,465,000 1,870,835,000 644,567,000
7,561,000
11,084,000
11,479,000
15,167,000
13,716,000
16,861,000
20,687,000
23,964,000
27,672,000
F. R.bank notes in circulation, net liab
1,456,000
26,811,000
25,545,000
24,647,000
29,351,000
27,702,000
31,305,000
33,615,000
31,710,000
All other liabilities
4,705,793,000 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 2,081,734,000
Total liabilities
74.4%
66.87
63.4%
59.2%
59.2%
59.5%
57.9%
52.97
55.3%
Gold reserve against net deposit liab__
82.2%
50.6%
50.1%
52.1%
50.5%
49.37:
52.7%
Gold res. agst. F. R. notes in act. ciro'n
51.9°2
51.9%
Ratio of gold reserves to net deposit and
77.2%
57.2%
56.5%
56.4%
57.0%
56.7%
52.4%
55.3%
53.3%
Fd. Res. note liabilities combined__
Ratio of total reserves to net deposit and
80.0%
58.1%
58.7%
57.9%
58.5%
56.7%
56.4%
53.7%
54.9%
Fed. Res. note liabilities combined__
Ratio of gold reserves to F. It. notes in
actual circulation, after setting aside
Q0.2. .,,,,,,in.t ..
11411‘111floa
07.2%
000%
72.5%
73.7%
76.4%
70.3%
8
8
8
3
8
$
$
$
Distribution by Maturities1-15 days bills discounted and bought_ 1,172,359,000 1,159,716,000 1,047,516,000 1,006,967,000 901,700,000 946,126,000 001,084,000 884,111,000
2,045,000
2,560,000
2,085,000
17,235,000
4,945,000
4,660,000
5,388,000
7,182,000
1-15 days U.S. Govt.short-term secs_
4,000
4,000
1-15 days municipal warrants
16-30 days bills discounted and bought. 184,223,000 144,517,000 141,558,000 169,570,000 151,740,000 178,593,000 166,603,000 200,758,000
750,000
4,414,000
3,722,000
16-30 days U.S. Govt.short-term secs_
4,000
10,000
16-30 days municipal warrants
81-60 days bills discounted and bought. 294,595,000 248,807,000 219,928,000 223,723,000 231,550,000 223,110,000 238,100,000 240,900,000
3,425,000
350,000
3,491,000
4,358,000
4,685,000
4,690,000
1,046,000
901,000
31-60 days U.S. Govt.short-term secs.
51,000
51,000
56,000
56,000
41,000
41,000
33,000
41,000
31-60 days municipal warrants
187,668,000 207,398,000 223,655,000 216,473,000 187,526,000 164,347,000 133,922,000 141,331,000
61 90 days bills discounted and bought
1,984,000
4,155,000
2,123,000
1,669,000
771,000
798.000
1,716,000
1,527,000
61-90 days U.S. Govt.short-term secs.
1,000
6,000
1,000
5,000
5,000
11,000
10,000
61-90 days municipal warrants
40,325,000
40,395,000
28.854,000
25,056,000
28,141,000
22,588,000
15,302,000
14,152,000
Over 90 days bills(Meted and bought_
10,372,000
9,604,000
8,830,000
9,409,000
13,365,000
15.339,000
16,347,000
19,564,000
Over 90 days U.S.Govt.short-term secs
17,000
10,000
20,000
16,000
16,000
21,000
16,000
16,000
Over 90 days municipal warrants
Federal Reserve Notes2.388.863,000 2,319,772,000 2;218,938,000 2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000
Issued to the banks
143,434,000 139,093,000 126,230,000 131,000,000 133.529,000 133,197,000 121,715,000 128,645,000
Held by banks
8
127,393,000
45,175,000
126,000
109,602,000
20,000
51,743,000
1,865,000
68,000
700,430,000
55,863,000
2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,985,419.000 1,955,276,000 1,906,465.000 1,870,835,000 644,567,000
In circulation
Fed. Res. Notes (Agents Accounts)3,153,080,000 3,057,280,000 2,995,480,000 2,940,240,000 2,895,020,000 2,832,740,000 2,789,700,000 2,763,940,000 1,116,840,000
Received from the Comptroller
533,070,000 520,568,000 516,032,000 497,152,000 499,862,000 489,092,000 478,470,000 471,870,000 192,835,000
Returned to the Comptroller
2,620,010,000 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
231,165,000 216,940,000 260,510,000 279,251,000 276,210,000 255,175,000 283,050,000 292,590,000
Amount chargeable to Agent
n hands of Agent
Issued to Federal Reserve banks
How SecuredBy gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
924,005,000
223,575,000
2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000 2,088,473.000 2,028,180,000 1,999,480,000
700,430,000
202,239,000
272,682,000
1,265,713,000 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
59,859,000
59,851,000
60,296.000
60,959,000
63,419.000
61,708,000
61,600,000
65,788,000
840,104,000 806,830,000 780,650,000 735,109,000 683.301,000 668,156,000 641,703,000 648,322,000
179,960,000
26,452,000
221,336,000
2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000
700,430,000
217,240,000
219,240,000
219,239,000
220,239,000
217,238,000
212,240,000
201,239,000
Eligible paper delivered to F.R. Agent 1 707 can nnn 1 710 2c,1 nnn 1 Al fl 014. non 1 07a Ino nnn 1.483.844.01111 1.480.179.000 1.425.437.000 1.453.246.000 192.200.000
a Net amount due to other Federal Reserve banks. b This Rem Includes foreign Government credits. f Revised figures.
T TEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS Sept. 13 1918.
'
Total.
Boston. New York. Philadet. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
Two ciphers(00)omitted.
RESOURCES.
Gold coin and certifs. In vault__
Gold settlement fund
Gold with foreign agencies
$
3,163,0
77,965.0
408,0
$
$
$
$
$
$
$
$
$
207,0
288,712,0
290,0 25,010,0 6,198,0 6,881,0 26,651,0 1,411,0 8,259,0
43,235.0 62,016,0 69,052,0 27,003,0 13,776,0 63.299,0 21,694,0 22,463,0 20,662,0
291,0
233,0
175,0
816,0
233,0
204,0
525,0
2,011,0
408,0
$
$
7,043,0 12,389,0
4,327,0 39,806,0
204,0
321,0
$
386,214,0
465,298,0
8,829,0
81,536,0
__
Total gold held by
Agents.. 59,450,0
banks_Gold with Federal Res
4,599,0
Gold redemption fund
333,958,0 62,714,0 94,587,0 33,405,0 20,832,0 90,766,0 23,338,0 30,955,0 21,160,0 11,574,0 52,516,0 857.341,0
297,165,0 110,466,0 134,306,0 43.439,0 31,173,0 191,244,0 56,668,0 25,604,0 57,562,0 24,319,0 91,736,0 1,123,132,0
235,0
44,086,0
727,0 3,933,0 5,162,0 2,588,0 2.716,0 1,148.0 2,146,0
812,0
15,000,0 5,000,0
145,585,0
2,315,0
646,123,0 178,180,0 229,705,0 77,571,0 55,958,0 287,172,0 82,594,0 59,275,0 79,870,0 38,039,0 144,487,0 2,024,559,0
622,0
175,0
53,173,0
471,0
246,0
162,0 1,707,0
75,0
805,0
327,0
45,358,0
910,0
147,900,0
Total reserves
Bills discounted for members and
83,504,0
Federal Reserve banks
Bills bought In open market__ 29,821,0
621,845,0 97,328,0 94,939,0 68,704,0 61,831,0 243,861,0 63,819,0 77,368,0 65,063,0 46,359,0 88,626,0 1,613,247,0
634,0 20,469,0 239,750,0
136,0
262,0
123,016,0 9,693,0 29,476,0 4,548,0 3,702,0 16,393,0 1,600,0
Total gold reserves
Legal-tender notes, sliver, dre
691,481,0 179,090,0 230,032,0 78,376,0 56,120,0 288,879,0 83,065,0 59,350,0 80,116,0 38,661,0 144,662,0 2,077,732,0
113,325,0
538,0
1,416,0
744,861,0 107,021,0 124,415,0 73,252,0 65,533,0 260,254,0 65,419,0 77,630,0 65,199,0 46,993,0 109,095,0 1,852,997,0
29,563,0
116,0 8,867,0 3,977,0 3,461,0
621,0 4,508,0 1,153,0
1,449,0 1,348,0 2,292,0 1,233,0
33,777,0
991,0 2,112,0
321,0
984,0 1,324,0 1,651,0 1,003,0
18,330,0 2,410,0 1,725,0 1,510,0
11,0
81,0
70,0
Total earning assets_ _ _ _ 115,279,0
Uncollected items (deducted-from
50,185,0
gross deposits)
764,640,0 110,779,0 128,432,0 75,995,0 67,215,0 266,874,0 66,893,0 78,730,0 75,390,0 52,621.0 113,570,0 1,916,418,0
Total bills on hand
U.S. long-term securitles
U.S. short-term securities
All other earning assets
6% redemption fund against Fed21,0
851,0
eral Reserve bank notes
All other resources
170,440,0 64,760,0 50,042,C 48,063,0 32,217,0 83,516,0 42,601,0 17,960,0 52,697,0 24,173,0 54,571,0
424,0
2,033,0
100,0
2,153,0
30,0
617,0
710,0
18,0
776,0
200,0
1,279,0
538,0
213,0
391,0
912,0
137,0
1,074,0
84,0
1,851,0
697,225,0
1,405,0
13,013,0
320,236,0 1,629.018,0 356,882,0 409,153,0 203,150,0 156,346,0 640,748,0 193,097,0 156,253,0 209,500,0 116,666,0 314,738,0 4,705,793,0
Total resources
LIABILITIES.
6,555,0
Capital paid in
75,0
Surplus
25,975,0
Government deposits
Due to members-Reserve acc't_ 91,283,0
49,323,0
Collection items
Oth. deposits incl. for Gov't cred
166,581,0
Total gross deposits_
F. R. notes in actual circulation_ 144,288,0
272.0
F. R. bank notes In ciro'n-Net.
2,465,0
All other liabilities
non oon n
--- ..-....._
78,553,0
20,162,0 7,351,0 8,756,0 3,978,0 3,140,0 10,811,0 3,731,0 2,888,0 3,597.0 3,063,0 4,521,0
1,134,0
40,0
216,0
38,0
116,0
649,0
21,487,0 14,459,0 19,182,0 9,746,0 6,898,0 26,018,0 9,696,0 35,354,0 7,564,0 8,799,0 21,555,0 206,733,0
633,944,0 85,665,0 116,843,0 46,259,0 38,755,0 197,814,0 53,537,0 39,928,0 66,851,0 32,282,0 66,442,0 1,469,603,0
134,280,0 51,823,0 42,200,0 41,050,0 21,349,0 57,433,0 31,428,0 8,832,0 28,731,0 15,434,0 45,869,0 527,752,0
15,0 1,300,0
1,994,0 115,302,0
476,0
18,0
210,0
111,289,0
901,000,0 151,947,0 178,435,0 97,055,0 67,017,0 282,565,0 95,137,0 84,132,0 103,146,0 56,515,0 135,860,0 2,319,300,0
686,399,0 103,109,0 219,108,0 100,450,0 85,078,0 337,548,0 92,866,0 67,772,0 92,850,0 53,223,0 170,738,0 2,245,429,0
7,869,0 2,751,0 1,680,0
159,0 5,236,0
52,0
27,672,0
458,0
8,364,0
831,0
912,0 4,372,0 1,311,0 1,423,0 2,044,0 1,114,0 1,939,0
33,615,0
12,444,0 1,644,0 2,306,0 1,551,0
1 non nio es ono oon n Ann im nom I
- nn Inn 1A0 0
Ain 7AR
A 109 0070 100,0q 0900 P.000 1111 Rfin A 91A 790 n A 70070g A
*Difference between net amounts due from and net amounts due to other Federal Reserve banks. s Net amount due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS Sept. 13 1918.
Two ciphers (00) omitted.
Boston.
New York. Phtladd. Cleveland. Richm.d. Atlanta. Chicago. St. Louis. Minntap1. Kan. City
Dallas. 1San Fran.
Total
Federal Reserve notesReceived from Comptroller
Returned to Comptroller
$
$
3
$
$
$
i
$
$
205,540,0 1,093,080,0 263,540,0 269,840,0 141,120,0 132,460,0 423,680,0 124,900,0 90,080,0 125,700,0 82,640,0 200,500,0 3,153,080,0
39,267,0 251,047,0 47,567,01 23,314,0 28,989,0 22,411,0 29,361,0 21,770,0 16,310,0 21,321,0 18,153,Oj 13,560,0 533,070,0
Chargeable to F. R. Agent
In hands of F. R. Agent
166,273,0
17,200,0
842,033,0 215,973,0 246,526,0 112,131,0'110,049,0'394,319,0 103,130,0 73,770,0 104,379,0 64,487,0186,040,0 2,620,010,0
231.165,0
95,000,0 8.920.Oj 17,740,0 7,500,0 22,865,01 37,000,0 3,140,0 4,310,0 6,020,0 10,570,0
149,073,0
Issued to F. R Bank__ __
Held by F. R. Agent5,000,0
Gold win and certificates
8,450,0
Gold redemption fund__ _ _
46,000.0
Gold Sett. Fd., F. R. Board_
Eligible paper, min. reci'd-. 89,623,0
747,038,0 207,053,0 228,786,01104,631,0 87,184,0 356,419,0 99,990,0 69,460,0 98,359,0 53,917,0 186,940,0 2,388,845,0
1
11,081,0
217,240,0
13,102,0
2,504,0,
21,813,0
163,740,0
65,788,0
478,0 3,037,0 1,202,0 2,202,0 2,754,0 7,535,0
13,425,01 10,874,0. 12,493,01 1,439,0 1,899,0i
190,766,0 53,631,0 11,300,0 55,360,0 10,484,0 84,201,0 840,104,0
26,770,0
42,000,0
99,592,0
100,000,0
120,000,0,
449,868,0i 96,587,01 04,480,0 61,192,0 56,011,0,165,175,0 43,322,0 43,856,0 40,797,0 29,598,0 95,204,0 1,205,713,0
149,073,0
Total.
Amount of eligible paper deliv
- .... 113,324,0
ered to F. R. Agent149,073,0
F. R. notes outstanding
4,785,0
F. R. notes held by banks
744,861,0'102,022,0 122,146,0' 69,726,0 56,090,0 260,254,0 54,853,0 68,667,0 65,199,0 46,993,0 93,411,0 1,797,546,0
747,033,0,207,053,0 228,786,0 104,631,0 87,184,0 356,419,9 99,990,0 69,460,0 98,359,0 53,917,0 186,958,0 2,383,863,0
694,0i 16,220,0; 143,434,0
60,634,0, 11,944,0, 9,678,0, 4,181,0 2,106,01 18,871,0 7,121,0, 1,688,0 5,509,0
F R. notes In actual ctrcula'n. 144,288,0
686,399,01 95,109,0 219,108,0 100,450,0 85,078,0 337,548,0 92,866,0 67,772,0 92,850,0 53,223,0 170,738,0 2,245,429,0
747,033,0,207,053,0 228,786,0,104,631,0 87,184,0 356,419,0 99,990,0 69,460,0 98,359,0 53,917,0 168,940,0 2,388,845,0
1171
THE CHRONICLE
SEPT. 211918.]
statement
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed
the sepfor
The
14.
figures
Sept.
ending
week
the
for
members
House
Clearing
City
York
New
the
of
condition
shows the
week are also given.
arate banks are the averages of the daily results. In the case of totals, actual figures at end of the
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 14 1918.
Capital. I
Net
Profits.
Loans,
Discounts,
Investments,
ctc.
1Nat. Banks June 29
State Banks Juno '20
Trust Co's June 20
Members of Federal
Reserve Bank.
Bank of N Y, N B ABank of Manhat 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& Tract Na
National Park
East River National
Second National__ _
First National
Irving National
N Y County NationalI
Continental
Chase National
Fifth Avenue
Commercial Exch_ _
Commonwealth
Lincoln National__ _
Garfield National__
Fifth National
Seaboard National_
Liberty National-Coal & Iron National
Union Exchange Nat.
Brooklyn Trust Co..
Bankers Trust Co__
U S Mtge & Trust C •
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, I3'klyn
Irving Trust Co
Farmers Loan & Tr_ ,
$
$
2,000,000
2,500,000
2,000,000
6,000,000
1,500,000
25,000.000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000.000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000
5,267,600
6,769,400
2,630,400
10,520,100
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
17,544,000
74,800
3,886,300
30,492,500
5,609,700
342,600
669,000
12,863,300
2,347.800
880.700
811,700
1,969,300
1,337,600
421,700
3,607,600
3,985,400
932,100
1,247.100
2,227,500
14,842,300
4,791,000
26,725,700
1,288,600
6,693,200
1,274,400
10,510,700
1,106,000
552,100
4,312,600
1,170,100
1,100,700
10,965.200
Average.
S
45,640,000
54,952,000
28,102,000
172,923,000
28,743,000
557,209,000
86,084,000
17,237,000
3,311,000
123,497,000
363,873,000
15,283,000
94,730,000
131,165,000
42,197,000
31,676,000
114,886,000
37,104,000
199,224,000
2,884,000
18,417,000
261,896,000
96,657,000
10,293,000
6,196,000
306,192,000
17,225,000
5,883,000
6,586,000
17,073,001
11,767,001
7,068.000
44,004,000
68,186,00(1
13,782,000
14,501,00()
35,914,000
253,022,00(
62,879,008
478,421,000
11,037,00)
88,083,0(10
24,905,000
88,790,00(
10,380,00(
15,101,000
54,328,000
13,260,001)
37,330,00(1
145,541,000
Gold.
Legal
Tenders.
Silver.
Average.
Average.
Average.
$
$
$
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Depostmiles.
Additional
Deposits
with
Legal
Deposizanies.
Average.
Average.
Average.
$
$
$
152,000 4.749,000
87,000
92,000
24,000
482,000
893,000 7,417,000
312,000
318,000
155,000 2.916,000
254,000
81,000
79,000
508,000 20,146,000
125,000 1,893,000
7,605,000
403,000 3,522,000
340,000
171,000
265,000
850,000 1,625,000 95,019,000
8,229,000 3,055,000
773,000 8,956,000
288,000
172,000
197,000
122,000 1,936,000
219,000
83,00()
140,000
359,000
8,000
55,000
12,000
51,000
400,000
620,000 10,733,000
552,000
168,000
237,000
522,000 1,314,000 38,832,000
116,000
350,000
329,000 1,539,000
51,000
325,000
746,000 2,751,000 9,524,000
788,000
470,000
305,000
565,000
560,000 14,915,000
4,148,000
306,000 4,354.000
724,000
111,000
31,000
659,000
236,000
684,000 3,831,000
535,000
747,000
189,000 2,072,000 4,623,000 14,305,000
291,000 3,445,000
70,000
393,000
46,000
46,000
428,000
278,000 1,074,000 20,065,000
442,000
32,000
2,000
124,000
14,000
528,000 2,021,000
57,000
229,000
17,000
564,000 19,400,000
11,000
739,000
471,000
323,000 1,807,000 1,148,000 13,227,000
1,045,000
486,000 1,405,000
62,000
126,000
26,000
701,000
109,000
14,000
29,000
23,000
2,600,000 2,443,000 1,566,000 1,238,000 35,436,000
489,000 2,238,000
415,000
52,000
158,000
763,000
107,000
76,000
49,000
41,000
150,000 1,091,000
189,000
33,000
40,000
2,638,000
1,014,000
172,000
314,00(1
121,000
100.000 1.334,000
193,000
1,000
5.000
757,000
150,000
137,000
20,00()
37,000
362,000 5,954,000
110,000
255,000
347,000
400,000 10,312,000
139,000
35,000
151,000
447,000 1,861,000
129,000
45,000
6,000
209,000 1,440,000
281,000
50,000
12,000
456,000 3,786,000
185,000
43,000
64,000
27,163,000
705,000
80,000
145,000
94,000
355,000 6,371,000
84,000
94,000
339,000
307,000 2,895,000 46,132,000
119,00()
1,779,000
154,000 1,263,000
44,000
34,000
90,000
630,000 9,580,000
255,000
39,000
22,000
528,000 2,313,000
269,000
75,000
41,000
254,000 7,521,000
4,000
31,000
183,000 2.061,000
162,000
32,000
77,0))0
1,856,000
319,000
72,000
13,000
14,000
71,000
505,000 5,136,000
41,000
180,000
117,000 1,218,000
272,000
126,000
6,00(1
490,000 1,932,000 4,465,000
307,000
107,000
243,000 16,488,000
59,000
22,000
3,758,000
Sept. 14
Sept. 7
Aug. 31
Aug. 24
on
on
on
on
4,381,872,000 35,160,000
4,409,882,000 35,196,000
4,292,323,000 34,792,000
4,322,674,000 35,404,000
12,650,000
11,896,000
11,516,000
11,960,000
Not Mere bens of Fed eral Reserve Bank.
State Banks.
500,000 1,403,400
799,000
14,739,000
Greenwich
250,000
810,900
282,000
4,838,000
Bowery
1,000,000
.
1,159,800
1,247,000
20,291,000
Each_
Produce
N Y
d434,200
d 2,000,000
31,907,000 2,003,000
State
150,000
21,000
476,000
589,000
Totals, avgo for w :
3,750,000
Totals, actual conditI on
Totals, actual condltI on
Totals, actual condltI on
Totals, actual condit1 on
Trust Companies.
Title Guar & Trust_ .
Lawyers Title & Tr_ .
Totals, avgo for w (
3,868,300
Sept. 14
Sept. 7
Aug. 31
Aug. 24
4,361,000
4,457,000
4,460,000
4,470,000
National
Bank
Circulalion.
Average.
Average.
Average.
34,058,000
51,392,000
22.414,000
137,538,000
24,371,000
556,059,000
61,628,000
14,435,000
2,101,000
81,409,000
312,292.000
12,679,000
75,421,000
125.034,000
29,975,000
26,874,000
109,780,000
24,792,000
152,162,000
2,879,000
14,133,000
139,636,000
97,246,000
9,875,000
5,075,000
263,337,000
17,444,000
5,131,000
6,678,000
16,915,000
9,461,000
5,932,000
42,228,000
62,842,000
13,889,000
12,230,000
27,688,000
212,603,000
49,853,000
365,854,000
8,411,000
65,886,000
22,871,000
52,951,000
14,730,000
12,337,000
32,366,000
9,385,000
35,640,000
114,851,000
1,755,000
768,000
393,000 1,809,000
15,569,000 3,777,000
12,897,000 1,446,000
443,000
4,149,000
142,000
615,000
293,000
5,679,000 4,895,000
5,147.000
50,000
7,534,000 2,244,000
200,000
987,000
273.000
51,000
3,827,000 4,973,000
50,000
648,000
2,012,000 8,392,000
600,000
837,000
199,000
193,000
11,642,000 1,100,000
101,000
24,000
108,000
40,000
2,195,000
421,000
382,000
4,285,000
15,626,000
6,369,000
25,867,000
465,000
11,356,000
1,609,000
3,193,000
1,721,000
1,808,000
1,122,000
721,000
1,905,000
9,916,000
131,000 1,038,000
264,000
10,000
577,000
380,000
981,000
393,000
609,000
272,000
1,307,000
1,578,000
82,000
109,000
13,000
14,422,000
4,530,000
21,713,000
30,512,000
210,000
399,000
248,000
70,000
800,000
414,000
398,000
50,000
29,000
914,000 2,860,000
3,766,000
204,000
71,177,000
38,000
930,000 3,012,000
1,190,000
1,284,000 1,053,000 3,060,000
1,034,000 1,041,000 2,986,000
1,088,000 1,037,000 2,900,000
3,333,000
4.047,000
4,210,000
4,029.000
183,000
288,000
250,000
70.000
71,767,000
75,658,000
74,630,000
74,910,000
38.000
42,000
38.000
80.000
636,000
283,000
4,000
5,000
Not Mem lens of Fed eral Reserve Bank.
5,000,000 11,834,800
92,000
39,420,000
4,000,000 5,205,300 23,273,000 449,000
148,000
189,001)
178,000
66,000
636,000
174,000
2,577,000
1,284,000
493,000
128,000
24,278,000
14,600,000
9,000,000 17,040,100
Totals, actual conditI on Sept. 14
Totals, actual conditI on Sept. 7
Totals, actual condltI on Aug. 31
Totals, actual conditI on Aug. 24
$
a
$
3,609,812,000 163,567,000 35.658,000
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
19,206,000 33,451,000 499,398,000
18,081,000 30,725,000 537,906,000
18,909,000 29,986,000 523,628,000
19,601,000 31,545,000 522,225,000
71,778,000 4,331,000 1,236,000*
71,183,000
76,219,000
73,570,000
74,642,00(1
Net
Time
Depostts.
3,604,771,000 161,086,000 35,606,000
Average for week_ , 192,000,000 338,372,600 4,385,037,000 35,299,090 12,570,000 19,305,000 34,060,000 502,936,000
Totals, actual condit I
Totals, actual condit I
Totals, actual condlt I
Totals, actual condit I
Net
Demand
Deposits.
62,693,000
541,000
337,000
244,000
810,000
3,861,000
621,000
38,878,000
919,000
63,319,000
62,063,00f)
62,432,000
62,688,000
543,000
537,000
544,000
744,000
321,000
332,000
323,000
316,000
262,000
258,000
169,000
156,000
736,000
620,000
730,000
548,000
3,924,000
3,927,000
4,167,000
3,978,000
58,000
713,000
470,000
632,000
39,701,000
38,168,000
38.265,000
38,635,000
917,000
918,000
941,100
998.000
825,000 a3,714,826,000 162,013,000 35,606,000
Grand aggregate.avg 1205,610,000359,281,0004.520,408,00040,171,000 14,143,000 20,463,000 37,730,000 510,563,000
-5,678,000 --149,000 A-821,000 A-537,000 +4080000-25932000 --219,000 -55,294,000 A-2,778,000 --115,000
Comparison prey wk .
Grand ag'gato, liana1
Comparison prey wk .
Plit Grand ag'gato, actuaI
Grand ag'gato, actuaI
Grand ag'gato, actuaI
Grand ag'gate, actuaI
condition on Sept. 14 4,516,374,000 40,064,000 14,161,000 20,398,000 37,199,000 506,655,000
241,000 b3,721,280,000 164,522,000 35,658,000
-31,700,000 -120,000 +649,000 +1006000 +2794000 -39225000 -760,000 -43,824,000 +5,036,000 +45,000
condition Sept. 7
condItton Aug. 31
condition Aug. 24...._
condition Aug. 17
a U. S. deposits deducted, $201,327,000.
4,548,104,000 40,190,000 13,512.000 19,392,000 34,405,000 545,880,000 1,001.000 3,765,101.000 159.486.000 35,613,000
720,000 3,682,421,000 159,403,000 35,705,000
4,428,325,0(X) 39,796,000 12.873,000 20,119,000 33,702,000 532,005.000
4,460,004,000 40,618,000 13,364,000 20,794,000 34,093,000 530,232,000
702,000 3,637,169,000 160,598,000 35,806,000
4,515,418.000 40.641 00n 13.845.000 21.091.000 33.154.000 497.344.000 1.213.0(10 3.611.630.000 161.814.000 35.593.000
b U. S. deposits deducted, $181,016,000. c Includes capital set aside for foreign branches,56,000,000. d As of Aug. 31 1918.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages,
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State bank
Trust companies.
Total Sept. 14_
Total Sept. 7..
Total Aug. 31..
Total Aug.24_
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousiVeek
$
502,936,000 502,936,000 473,452,810 29,483,100 -18,033,750
a
9,341,000 3,766,000 13,107.000 12,811,860
)-116,760
295,140
1,932,000 3,861,000 5,793,000 5,831,700 def38,700
+108,650
11,273.000 510,563,000 521,836,000 492,096,370
11,601,000 545,880,000 557,481,000 498,765,560
11,401,000 516,542,000 527,943,000 483,126,310
11,419,000 509,063,000 520,482,000 479,55:3,090
29,7:39,630 -18,708,340
58,715,440 +3,387,690
44,816,690 +3,887,780
40,928,910 -4,686,810
Reserve
Cash
In
Reserve
In Vault. Depositaries
9,493,000
1,862.000
Total
Reserce.
Reserve
Required.
- Surplus
Reserve.
Inc. or Dec.
from
PreriousWeek
499,398,000 499,398,000 474,182,570 25,215,430 -33,268,650
-374.620
02,060
3,333,000 12,826,000 12,918,060
--117,950
3,924.000 5,786,000 5,955,150 def169,150
11,355.000 506,655,000 518,010,000 49:3,055,780
11,320,000 536.495,000 517,815,000 499,367,030
11,287,000 532,005,000 543,292,000 487,964,250
11,259,000 530,232,000 541,491,000 482,135,770
24,954,220 -33,761,220
48,447,970 +3.631,280
55,327,750 -4,027,480
59,355,230 +29,281,150
•Not members of Federal Reserve Bank.
companies, but in the case of members of the Federal Reserve Banks.
a Thls is the reserve required on net demand deposits in the case of State banks and trust
Sept. 7, $4,748,700; Aug. 31, $4,713,690; Aug. 24, $4,792,590.
Includes also amount of reserve required on net time deposits, which was as follows: Sept. 14, 54,832,580;
but In the case of members of the Federal Reserve Bank includes
companies,
b This Is the reserve required on net demand deposits in the case of State banks and trust
also amount of reirve required on net time deposits, which was as follows: Sept. 14, $4,007,010: Sept. 7, 54,755,780; Aug. 31, 54,752,720; Aug. 24, $4,785,600.
c Amount of cash In vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Sept. 14, $101,234,000; Sept. 7, $95,898,000; Aug. 31, $98,622,000; Aug. 24, $98,968,000.
d Amounts of cash in vaults, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Sept. 14, $100,467,000; Sept. 7, $95,898,000; Aug. 31, $95,203,000; Aug. 24, $98,510,000.
1172
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.
Differences from
Sept. 14.
precious_ week.
Loans and investments
$712,769,000 Dec. $10,251,300
Specie
10,404,600 Dec.
49,500
Currency and bank notes
15,069,600 Inc.
187,400
Deposits with the F. R.Bank of New York
55,462,700 Dec.
503,200
Total deposits
769,212,400 Dec. 6,596,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 703,423,800 Dec. 1,640,100
Reserve on deposits
125,272,600 Dec. 3,089,400
Percentage of reserve, 20.1%.
RESERVE.
-State Banks
- -Trust Companies
Cash in vaults
$14,057,800 10.85%
566,879,600 13.58%
Deposits in banks and trust cos__ _ 15,980,600 12.33%
28,354,600
5.76%
Total
$30,038,400 23.18%
395,234,200
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
State Ranks.
Week
EndedMay 18
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
Sept. 14
Loans
and
Investments
Demand
Deposits
$
5,368,727,3 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 4,314,400,2
5,173,081,5 4,406,150,0
5,249,106,5 4,475,183,9
5,233,177,2 4,418,249,8
Specie
89,363,8
87,653,3
85.120,9
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
71,038,6
•
Legal
Tenders.
Sep!. 14.
1918.
Capital as of June 20
Surplus as of June 20
Loans and investm'ts
Specie
Currency & bk. notes
Deposits with the F.
R.Bank of N.Y...
Deposits
Reserve on deposits_
P. C. reserve to deli.
83,001,4 172,365,2 567,941,1
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
88,787,6 160,238,3 594.047,9
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
88,453,1 162,400,7 578,552,0
87,040,8 160,390,0 557,061,2
90,058,1 162,708,1 549,748,1
86,569,3 158,979,5 551,742,5
86,335,2 158,188,3 558,574,4
87,712,1 158,412,2 583,554,8
88,345,3 159,383,9554,898,2
•Inetuded with "Legal Tenders" are nut coal bank notes and Fed. Reserve notes
acid 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).
Differences from
previous week.
Sept. 14.
1918.
Differences frcsi
precious week
$
23,718,700
99,050,000
41,842,100
163,387,000
472,642,100 Dec. 5,541,200 1,935,831,200 Dec. 6,120,800
11,798,900 Dec.
56,900
14,343,000 Dec.
229,000
25,645,800 Inc.
652,100
17,895,500 Inc. 1,140,900
37,318,300 Dec. 2,076,800 191,251,200 Dec. 3,863,300
564,993,400 Dec. 11,323,800 1,922,310,600 Dec.41,941,500
97,733,900 Dec.
739,700 282,329,900 Dec. 8,241,700
22% Inc.
0.3%
18.2% Dec.
0.1%
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:
19.34%
Total Reserve in
Cash in Depositories.
7'r ust Companies.
Week ended Sept. 14.
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:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
[VOL. 107.
BOSTON CLEARING HOUSE MEMBERS
Sept. 14
1918.
Change from
previous we eh.
3
Circulation
4,758,000 Dec.
Loans,disc'ts & investments_ 490,167,000 Dec.
Individual deposits, inel.U.S. 428,494,000 Dec.
Due to banks
114,202,000 Inc.
Time deposits
15.682,000 Dec.
Exchanges for Clear. House_ 14,819,000 Dec.
Due from other banks
72,160,000 Inc.
Cash in bank & in F.R. Bank 62,027,000 Inc.
Reserve excess In bank and
Federal Reserve Bank_.
15,985,000 Inc.
Sept. 7
1918.
Aug. 31
1918.
$
5,000 4,763,000 4,773,000
3,838,000 494,005,000 478,193,000
1,389,000 429,883,000 415,140,000
1,380,000 112,822,000 108,276,000
232,000 15,914,000 16,678,000
1,342,000 16,161,000 13,376,000
60,000 72,100,000 67,010,000
3,531,000 58,490,000 57,160,000
3.411,000 12,574,000 12,447,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week 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 deposits, all
to be kept with the Federal Reserve Bank. 'Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept. 14 1918.
Two ciphers (00) omitted.
Memb'rs of
F. R. Susi.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual eposits
Time deposits
Total deposits
U.S.deposits(not Included)
Res've with Fed. Res. Bk_
Ree've with legal deposit's
Cash In vault*
Total reserve &.cash held.
Reserve required
Excess res. & cash in vault
$27,975,0
75,744,0
587,458,0
21,834,0
133,304,0
167,658,0
443,664,0
5,096,0
616,418,0
Trust
Co..
$3,000,0
7,439,0
24,062,0
304,0
16,0
439,0
15,731,0
16,160,0
50,355,0
16,015,0
66,370,0
45,770,0
20,600,0
.
Sept. 7
1918.
Aug. 31
1918.
530,975,0
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
$32,975,0
84,321,0
009,456,0
24,466,0
129,220,0
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
10,367,0
Total.
1,911,0
785,0
2,696,0
2,377,0
319,0
530,975,0
83,183,0
012,420,0
22,138,0
133,320,0
168,097,0
459,395,0
5,096,0
632,588,0
21,516,0
50,355,0
1,911,0
16,800,0
69,066,0
48,147,0
20,919,0
*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.
CLEARING
NON-MEMBERS.
1
Net
Capital. I Profits.
Loans,
Discounts,
Nat. banks June 201 Investments,
Week ending Sept. 14 1918. 1State banks June 20
dec.
Trust cos. June 20J
Members of
Federal Reserve Bank.
Battery Park Nat Bank_ __
New Netherland Bank. ___.
W. R. Grace & Co.'s bank___
First Nat Bank, Brooklyn..
Nat. City Bank, Brooklyn__
Firs Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
s
$
400,000
561,000
200,000
204,600
500,000
664,500
300,000
665,000
300,000
603,900
400,000 1,308,200
250,000
785,100
Average.
$
Cold.
Legal
Tenders.
Average.
Average.
$
$
Silver.
National
Bank
&Federal
Reserve
Notes.
Reserve
with
Legal
DeposiRules.
Average. Average. Average. Average.
$
$
$
$
40,000
153,000 1,260.000
190,000
46,000
131,000
631,000
201,000
754,000
141,000
74,000
742,000
463,000
63,000
109,000
735,000
602,000
49,000 .183,000
883,000 2,386,000
54,000
144,000
271,000
791,000
0,867,000
3,563,000
5,670,000
7,622,000
6,272,000
8,702.000
4,568,000
14,000
33,000
3,000
10,000
1,000
81,000
62,000
18,000
3,000
2,000
7,000
18,000
154,000
4,000
2,350,000 4,792,300 46.264,000
204,000
206,000
393,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights
100,000
478,000 2,351,000
Colon al Bank
500,000 1,040,300 9,943,000
Columbia Bank
1,000,000
627,100 14,179.000
International Bank
500,000
168,800 5,300,000
Mutual Bank
200,000
554,600 8,075,000
Yorkville Bank
100,000
573,900 7,578,000
Mechanics' Bank. Brooklyn. 1,600,000
833,900 24,537,000
North Side Bank. Brooklyn..
200,000
204,600 4,946,000
70,000
358,000
664,000
152,000
1,000
273,000
123,000
28,000
6,000
245,000
54,000
142,000
128,000
490,000
215,000
623,000
376,000
434,000
683,000
49,000
401,000
251,000
143,000
284,000
039,000
483,000
178,000
493,000
572,000 1,419,000 1,517,000
118,000
237,000
283,000
Total.
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hank on Trust Co.,13rooklyn
meesanics Tr Co.. Bayonne
Total
Grand aggregate
Comparison previous week_
Excess reserve
Grand aggregate Sept. 7...
Grand aggregate Aug.31__..
Grand aggregate Aug.24....
Grand aggregate Aug. 17
4,200;000 4,481,200 76,909,000 1,669,000
-
500,000 1,012,400
200.000
368,600
700,000 1,381,000 16,410,000
7,250.000 10,654,500 139,583,000
+1,363,000
$522,000 Increase
7,250.000 10,654,500 138,220,000
7.595.000 11,569,700 137,300,000
7.595,000 11,466.300 140,801,000
7.595.000 11.488.300 142,476,000
a U. S. deposits deducted, $4,295,000.
8,001,000
8.409,000
11,000
79,000
135,000
371,000
18,000
Additional
Deposits
with Legal
Deposilarks.
794.000 5,276,000 4,639,000
60,000
416,000
877,000
114,000
171,000
382,000
319.000
865,000 2,285.000 3,358.000 4,871,000 2,339,000
•
Net
Demand
Deposits.
Net
Time
Deposits.
'National
Bank
Circulalion.
Average.
Average. Average.
$
$
•
$
8,041,000
75,000
197,000
3,908,000
95,000
3,669,000
720,000
5,727,000
553,000
297,000
5,503,000
442,000
110,000
7,038,000
394,000
3,391,000
509.000
195,000
37,277,000 2,394,000 1,202,000
2,142,000
10,385,000
11,383,000
4,981,000
7,835,000
8,213,000
25,275,000
4,412,000
351,000
363,000
121,000
70,000
58,000
419,000
74,626,000 1,382,000
369,000
17,000
14,000
26,000
19,000
78,000
68,000
118,000
284,000
558,000
320,000
94,000
5,723,000 1,194,000
5,075,000 3,271,000
386,000
40,000
97,000
186,000
842,000
414,000
10,798,000 4,465,000
2,259,000 1.111,000 2,775,000 4,336,000 10,989,000 7.392,000 a122,701,000 8,241,000
+10,000 -53,000 -23,000 +349.000 +313,000 +279,000 +1.053,000 +283,000
2,249,000 1,164,000 2,798,000 3,987,000 10,676.000 7,113,000 a121,648,000 7,958,000
2,255,000 1,089,000 2,793,000 3,957,000 10,675,000 7,309,000 121,174,000 7,809,000
2,261,000 1,390,000 2,704,000 3,964,000 10,712,000 7,543,000 120,345,000 7,750,000
2,295,000 1.038.000 2.666.000 4.160.000 10.639.000 8.159.000 121.107.000 7.715,000
1,202,000
-2,000
1,204,000
1,200,000
1,203,000
1.204.000
•
anlirrs" Oazette.
Wall Street, Friday Night, Sept. 20 1918.
The Money Market and Financial Situation.—The
proposal for an informal peace conference of the belligerent
nations, issued by the Austro-Hungarian Government, and
President Wilson's answer thereto absorbed a good. deal
of attention in Wall Street, as elsewhere, during the early
part of the week. The.President's answer was in exact
harmony with the attitude he has constantly maintained
since this country entered the strife and therefore caused
no surprise here. Moreover, it has the approval of Congress and the public generally. For the moment little else
was talked of and even now the press comments thereon
are read and discussed with much interest.
This matter has, however, had little if any effect upon
security values, but has doubtless added to a notable lack
of interest throughout the week in Stock Exchange operations. The latter are greatly restricted by the fact that
the money market, here and at other large financial centres, is practically out of business; at least out of new business.
The overseas news of the week indicates some rather
remarkable achievements by the Allied and American forces
at the front and stimulates the hope and expectation that
the object in view when'the United States reluctantly entered the war may ere long be accomplished.
Home news, on the other hand, has been rather tame.
The weekly weather and crop bulletin was practically a
refoetition of those of previous weeks, except some modification of the drought damage, and reports of the iron and
steel industry are no longer interesting, as a barometer
of trade or industrial conditions, since the Government
is taking so largo a part of the entire output.
The Bank of England reports a further increase of $1,400,000 in its gold holdings, making a total of nearly $60,000,000 more than at the beginning of the year.
Foreign Exchange.—Sterling exchange was without new
feature during the week. The Continental exchanges were
firm so far as the Allied centres are concerned, but the neu•
trals continued weak.
To-day's (Friday's) actual rates for sterling exchange were
4 73@4 73% for sixty days, 4 7545@4 753' for checks and
4 763/@4 76 9-16 for cables. Commercial on banks sight,
4 753©4 759, commercial 60 days 4 72@4 723, commercial 90 days 4 703@4 7032, and documents for payment
%. Cotton for payment 4 753'@
(sixty days)4 713@4 713
4 759' and grain for payment 4 753g @4 753.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 533/i@5 53% for long and 5 48%@5 48% for short.
Amsterdam bankers' guilders were 47 9-16@47 13-16 for
long and 47 15-16@48 3-16 for short.
Exchange at Paris on London, 26.07 francs; week's range,
26.07 francs high and 26.08 francs low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, Actual—
73%
High for the week_
Low for the week_.. _4 73
Paris Bankers' Francs—
High for the week_ _ _5 5354
Low for the week---5 53%
Amsterdam Bankers' Guilders—
High for the week_ _ _ 47 13-16
Low for the week--- 47%
Checks.
4 754
4 7545
Cables.
4 76 9-16
4 76%
5 47g
5 48
5 46V
5 47
48%
473,5
48%
48
Domestic Exchange.—Chicago, par. Boston, par. St.
Louis, 25@15c. per $1,000 discount. San Francisco, par.
Montreal,$20.6250 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $6,000 Virginia 6s def. trust roots.
at 60 to 603'.
The market for railway and industrial bonds has been
slightly more active'than that of last week, but business in
this department, as in others, is much restricted. Transactions in Liberty Loan and the various foreign bonds dealt
in on this market have been on an enormous scale, completely overshadowing all other business, so that prices for
the less popular issues have generally drifted to a slightly
lower level.
Among the exceptional features International More. Mar.
6s are conspicuous for an advance of over a point. 'Amer.
Tel. & Tel. and U. S. Rubbers are fractionally higher,
otherwise all on a list of 16 representative issues remain
unchanged or have declined.
The French Republic 5%s sold fractionally above 101
to-day.
United States Bonds.—Sales of Government bonds at
the Board include $10,000 4s reg. at 1063/2, Liberty Loan
1173
THE CHRONICLE
SEPT. 21 1918.1
33/2s at 100.02 to 100.24, L. L. 1st 4s at 96.22 to 96.94,
L. L. 2d 4s at 95.42 to 96.04, L. L. 1st 43s at 96.24 to
97.10, L. L. 2d 43ss at 95.44 to 96.04, and L. L. 3d 43s at
95.90 to 96.50. For to-day's prices of all the different issues
and for the week's range see third page following.
Railway and Miscellaneous Stocks.—The stock market
has been conspicuous chiefly for its dull monotony. The
amount of business transacted has been painfully small,
averaging only a trifle more than 200,000 shares per day.
The tone has been generally strong, however, although in
most cases the result is limited to a fraction of a point.
There was a little more speculative interest in the market
to-day, but this did not lift the market out of its recent
state of inertia, nor change its general condition.
Canadian Pacific has been leader of the railways. It advanced over 6 points early in the week and closes only
fractionally below the highest.
Great Northern is the only stock in this group which closes
lower than last week.
The miscellaneous list has been more irregular. At!.
Gulf & W.I. advanced 6 points on very limited transactions.
Merchants Marines have been notably strong and U. S.
Steel has sold 2 points above last week's closing price. On
the other hand, Am. Sum. Tob. declined nearly 8 points,
but recovered a large part of the drop. General Motors
4 points and closes with
has fluctuated over a range of 73
a net gain of 2. Beth. Steel has also been irregular.
For daily volume of business see page 1181.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
1Veek ending Sept. 20.
Sales
for
Week.
Range for 'Week.
Lowest.
Highest.
, Range since Jan. 1.
Lowest.
Highest.
Par.Shares S per share. $ per share. I $ per share S per share.
Sept 80
Jan
325 48 Sept 17 50 Sept 20 48
100
Adams Express
American Express_..i00 555 784 Sept 18 79 Sept 20 7854 Sept 90 June
Am Malting 1st pref
Sept 4314 Aug
100 41 Sept 18 41 Sept 18. 41
certfs of deposit
Jan 103 June
200, 82% Sept 16 85 Sept 17, 81
Am Sumatra Tob pref 100
Apr 65
Aug
100 200 604 Sept 17 604 Sept 18 54
Associated 011
July 104 June
Atlanta Bir Ac Atl_ _ _100, 400 9 Sept 17 9 Sept 19 8
Barrett, preferred_ _ _100' 300100 Sept i9100% Sept 16 994 June 102 June
60o1 1 Sept 19 114 Sept 20 1 Jan 1% Mar
2
Batopilas
Jan 8854 May
10P)1 100 8314 Sept 19 834 Sept 19 73
Case (J I) pref
100 6954 Sept 20 694 Sept 20 68 June 7054 June
Chic Pneumatic Tool 100
Cons Interstate Call_ _10 900 8 Sept 18 84 Sept 16 7% Apr 13 June
July 105
Mar
99 Sept 14, 99 Sept 14' 99
Continental Can pref 100
Feb 534 July
50 Sept 20 50 Sept 20; 44
Continental Insur_ _ _ _25
Feb
100 9254 Sept 10 92% Sept 1.0 90 June 96
Deere & Co pref. _ _ _100
Jan 195
Max
10.104 Sept 20104 Sept 20 98
Detroit Edison
100
100, 34 Sept 19 334 Sept 19; 24 Feb 454 May
Duluth S Sac Atlan _100
200 11% Sept 17 1134 Sept 19; 934 Apr 1454 Aug
Federal Mg & Smeltg100
Jan 434 Aug
100 600 38 Sept 19 394 Sept 16', 27
Preferred
Jan 43 June
200 36 Sept 17 36 Sept 171 26
Fisher Body Corp_no par
Jan 185
Aug
300180 £3ept 20 18054 Sept 191 165
General Chemical_._100
Jan 58 June
General Cigar Inc_ _.100 1,333i 4434 Sept 14 454 Sept 19 34
Jan
141 68 June 89
Sept 14 75 Sept75
1
Homestake Mining_ .,100
Sept 185
Sept
4 185 Sept 20185 Sept 20 185
100
Ingersoll-Rand
July
Sept 112
Int Harvest NJ pref_ 100 i.100104 Sept 17106 Sept 191104
Mar 72
Feb
Int Harvester Corp_ _100 1.100 62 Sept 14 63 Sept 20 53
May 10654 Sept
100 200 104 Sept 17104 Sept 18 95
Preferred
Liggett & Myers_ _ _ _100 350 167 Sept 2016934 Sept 20,1644 Aug 195% Feb
100 650103 Sept 20104 Sept 14; 1004 June 10734 Mar
Preferred
Mar
10
55014534 Sept 19 147 Sept 19 14414 Aug'200
Lorillard (P)
May
Mar 100
Manhattan(Elev)Ry 100 200 9554 Sept 17z96 Sept 16, 94
July
July 96
60 95 ;Sept 17 95 Sept 17' 96
Guaranteed stock_100
Marlin-Rock v t c_ no pars 150 8654 Sept 19 864 Sept 19 864 Sept 864 Sept
25 89 Sept 14 89 Sept 14 804 Feb 95 June
Michigan Central_ _ _100
100 31 Sept 18 31 Sept 18 2634 Jan 33 May
5
National Acme
Aug
Sept 60
100 5534 Sept 19 5534 Sept 19 55
Nail Cloak & Suit_ _100
Mar
Sept 79
300 69 Sept 17 70 Sept 18 69
Norfolk & West pref_100
Aug
400 64 Sept 16 6554 Sept 19 5614 July 70
Nova Scotia S & C..iOO
200 4134 Sept 17 42 Sept 19 414 Mar 4614 June
Ohio Fuel Supply_ _ _25
Owens Bottle-Mach._25 700 58 Sept 19 5854 Sept 14 554 Jan 704 Aug
Apr 20 June
100 18 Sept 20 18 Sept 20 18
Pond Creek Coal_ ..i0
Sept
Sept 20
5,500, 1634 Sept 14 20 Sept 19 15
Royal Dutch rights
Jan
Apr 30
1001 27 Sept 20 27 Sept 20 21
St L-San Fr pref A _ _100
Jan 8034 May
1001 724 Sept 17 724 Sept 17, 53
Savage Arms Corp_ _100
01 80(1, 1534 Sept 20 17 Sept IT 154 Sept 2134 Jan
Third Avenue Ay_ _10
Mar
Jan 190
25,190 Sept 18 190 Sept 18 178
1
Tidewater 011
100l 6 Sept 19 6 Sept 19 4 June 734 Aug
Tot St L & West tr ree
May
500 3734 Sept 17 3874 Sept 18 3734 June 42
Transue & Wms_no par
Mar
Jan 50
100 4754 Sept 19 4714 Sept 19; 46
United Drug 1st pref.5
Wells, Fargo Express 100 203, 6334 Sept 17 64 Sept 161 6334 Sept 834 Jan
q
Outside Market.—While trading on the "curb" in the
forepart of the week was of the same desultory character as
witnessed there for some time past, toward the close there
was a considerable change for the better. There was a
stronger tone with advances in a number of issues and somewhat more activity. Aetna Explosives corn. showed pronounced improvement; rumors had it that the receivers
would soon be discharged, while other statements point to a
%
favorable quarterly report. After a drop from 103% to 95
4 and to-day jumped to
the stock moved back again to 103
123%, with the close at 123/8. Burns Bros., Ice corn. rose
from 34 to 36, closing at 353'. Chevrolet Motor gained
five points to 120 and ends the week at 119. United Motors
4, sold up to 28%, the final
after the loss of a point to 263
transaction to-day being at 283/8. Gillette Safety Razor
was a strong feature, advancing from 97 to 10032, with a
final reaction to 9932. Roanoke Ore & Irdn weakened
from 13 to 15-16 and closed lo-day at 1. Wright-Martin,
4, recovered to 7% and
Aire. corn. sank from 7% to 63
' to-day back to 7%. Oil shares were decidedly
finished
quiet. Houston Oil com, lost about three points to 77 and
4 to 23/i
closed to-day at 78. Federal Oil improved from 13
and sold to-day at 2. Glenrock Oil advanced from 23% to 33/i
8. Midwest Oil corn moved up from
/
and ends the week 33
88c. to 92c. Mining stock quiet; no changes of any consequence. Only small trading in bonds, with prices about
firm.
A complete record of "curb" market transactions for the
week will be found on page 1182.
1174
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
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. 14.
Monday
Sept. 16.
Tuesday
Sept. 17.
Wednesday
Sept. 18.
Thursday
Sept. 12
Friday
Sept. 13
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest.
Railroads
. Par $ per share. $ per share. S per share $ per share
$ per share $ per share $ per share $ per share $ Per share $ per share
81 Mar23 88 May15
75 Dec 10713 Jan
1,900 Atch Topeka & Santa Fe.._100
86
86
853s 853,3 853 *8512 8612 85% 86
841 85 .85
75 Dec 10012 Feb
100
900
pref
80 Jan30 85 June26
8118
Do
81
81
81
81
81
81
81
81
81
81
81
8933 Apr22 9834 Sept 3 x7973 Dec 119 Jan
Atlantic Coast Line RR__100
9612 *94
96
97
9612 *94
*94
*94
98
9612 *94
•93
49 Jan24 5734 Sept 4
384 Dec 85 Jan
100
534 54
54
54
538 538 *5312 5412 53% 53% 5373 5373 1,000 Baltimore & Ohio
4814 Dee 767 Jan
Do pref
200
53 Apr25 5713 Jan 5
100
54 '55378 55
54
55
55
*54
*54
5414 *5313 55
*54
36 June26 4814 Jan 2
800 Brooklyn Rapid Transit_100
36 Dec 82 Jan
3834 3834 3834 3834 3834 3834 3834 3834
3812 3812 *3814 39
100 135 Mar25 1727s Aug29 126 Dec 16733 Mar
157 16112 16014 16313 162 16212 16212 1638 10,500 Canadian Pacific
15712 15812 15712 159
42 Nov 6534 Jan
4934 Jan15 0,60% Mar14
•5613 5712 *5618 5612 5614 564 5714 5734 *57
600 Chesapeake & Ohio
100
58
*57
58
6 Apr 9
6 Dec 1413 Jan
700 Chicago Great Western 100
834 Jan 2
77
'
*7
*7
7
57
714 *7
8
8
8
8
*7
1812 Apr 9 254 Aug29
1712 Dec 4134 Jan
*2212 2334 *22
400
2312
100
Do prof
23
23
2412 2273 23
*24
24
*23
3714 Apr22 5414 Sept 7
35 Nov 92 Jan
4834 484 4913 4912 9,500 Chicago Milw & St Paul_100
4734 494 4834 4914 4812 4914 4812 49
6614 Aprll 8112 Sept 3
6212 Dec 12512 Jan
100
Do pref
7712 773s 778 1,800
767g 7714 77
7634 77
7618 77
76% 77
8912 Mar25 9514 Sept 5
300 Chicago & Northwestern-100
85 Dec 12414 Jan
94
943,3 943
94
95
*94
*9334 9412 *9314 95
*9334 95
100 125 July15 137 Jan29 13712 Dec 17212 Feb
Do pref
•125 140 *125 140 *125 135 *125 140 *125 140 *125 130
18
16 Dec 3812 June
Apr22 274 Sept 5
2514 7,000 Chic Rock Isl & Pao temp ars.
25
2514 253 2512 2518 2538 25
25
2538 2478 25
5634 Jan15 8214 Sept 5
44 Dec 8414 Apr
775 775
7% preferred temp ctfs____
7714 7712 1,900
7712 7712 7614 7634 774 773
777 78
46 Jan15 6914 Sept 3
3534 Dec 71 Apr
400
6% preferred temp ctfe____
*66
66
6653
66
6714 *6512 67
*66
661s 664 6634 67
26 Feb21 38 May14
200 Clev Ohl Chic Sc St Louls.._100
Jan
24 Nov 51
*3012 35
*31
35
35
*29
35
*304 35
3273 327 *30
5834 May 7 67 Aug28
6134 Oct 80 Jan
100
Do pref
80 '
*60
560
75
85
*60
75
80
*60
75 .60
*60
18 Apr22 2314 May29
Colorado Sc Southern
18 Nov 30 Jan
100
*21
22
22
*21
22
*21
*21
23
22
*21
23
*21
47 Apr 3 51 Sept 3
447 Nov 5712 Jan
1stppre
100
d
52
52
ff
100
Do 2
D
*49
*49
52
*49
5012 5012 *49
52
.5012 52
40 Apr 4 45 Mar14
41 Sept 46 Mar
prof
100
48
*42
*42
48
48
*42
48 .42
47
*42
48
*42
87 Nov 151% Jan
100 10012 Aprll 1151e Feb 1
100 Delaware & Hudson
10734 10734 *10714 110 *107 112 *107 112 *107 112
*107 109
Delaware Lack & Western__50 160 Apr17 185 Sept 4 16712 Dec 238 Mar
*160 180 *165 185 *150 180 *165 185 *160 185 *165 185
214 Jan 4
6 Jan 3
5 Dec 17 Jan
600 Denver & Rio Grande____100
513
*4
6
518 *5
*4
*4
5
5
5
5
*4
Jan
5 Apr23 135s Jan 2
73
73
9% Dee 41
100
Do prof
73
914 912
914 914 3,500
914
8
734
74 713
14
Apr17
1738
May15
131s
100
Dec 3434 Jan
3,800
Erie
3
1512
1512
153
1512
153
1512
1514
1514 1512 1514 15% 1514
2313 Janie 35 May14
1834 Dec 4914 Jan
314 1,300
100
Do 1st pref
31
*3034 31
3034 3034 3012 304 3034 31
*3014 31
154 Dec 3934 Jan
300
0 1813 Jan25 2434 May14
23
Do 20 pref
*21
*2113 2310
23
*2112 23
*2012 2212 *21
22
22
86 Jan15 9312 Aug27
7914 Dec 1184 Jan
100
8912 8914 8912 3,800 Great Northern prof
89
89
9012 9012 9012 9034 x89
91
•90
2513 Jan15 3433 May16
2233 Nov 381s Mar
Iron Ore properties-No Dar
3012 3034 30% 3073 30% 30% 3034 3034 30% 3034 3034 3112 4,500
92 Jan 7 984 Aug13
9512 1,000 Illinois Central
854 Dec 1063s Jan
100
9512 9512 9512 9512 '595
90
0512 9512 96
95
96
912 Jan 3
534 Deo 174 Jan
614 Sept20
614 638 2,700 Intorboro Cons Corp__No par
612 6%
6% 658
6% 6%
•634 64
634 6%
3912 Dec 7214 Jan
300
0 29 Sept16 4713 Jan 3
Do prof
*29 3210
32
3212 *29
29
29 '529
29
29
34
•29
151a
1312
Nov 2578 Jan
Apr17
May16
700
20
Kansas
Southern
100
City
18
*1712
18
18
18
*1712
18
18
*1712 18
•1712 18
45 Jan 5 551e Aug14
40 Nov 5813 Jan
100
55
Do pref
*52
*52
55
54
*52
53
*52
*50
55
54
.
52
712 Aug22 1012 Feb19
Lake Erie & Western
100
9
9
812 Nov 6
'
*7
57
213
9
,4
*7
9
*7
9
*7
9
*7
ia
an
18 Apr23 23 Sept 4
22
23 Oct
100
*18
100
22
Do pref
*18
22
22 '518
*18
20
20
20
*18
55 Jan15 627 Marll
100 Lehigh Valley
5033 Dec 7913 Jan
50
60
*59
60
*59
60
*58
60
*5712 5934 59% 59% *58
110
Jan
Mar14
Dec
2
118
13334
103
__100
Nashville_
Jan
Louisville
*11478
&
116
116
*114%
116
116
116
*113
*113
116
*114
*11314
67 Dec 3214 Jan
712 Apr17 1178 Sept 3
9
914
913
9
912 913
9
914 2,500 Minneap ds St L (new)_.100
912 10
•10
1034
Jan
4% Jan 5
312 Dec 11
612 Jan 2
57
Missouri Kansas Sc Texas 100
*53
*538 534 *5% 534 *533 534 *538 5% *5'11 584
613
12
Jan29
Sept
4
7 Nov 32041.2 an
100
Do
*10
*10
prof
1114
1
1114
11 4
1034 *10
1034 *1012 1114 *10
*10
Jan
20 Jan15 264 Sept 5
197 Nov
4,000 ML3sourt Pacific tr ctfs.. 100
2334 24
2334 24
2312 237
238 23% 23% 24
23% 24
41 Jan15 5934 Sept 4
Jan
3712 Dec 61
300
100
Do pref It ctfs
*56
59
59
*56
56
59
*56
5612 5612 56
59
'
55
6212 Dec 103% Jan
100
6712 Jan15 7612 Sept 3
7318 4,600 New York Central
734 73
7314 73
7312 727 734 73
727 7314 73
27 Aprll 4573 May29
2111 Sept
3934 4012 3914 3973 394 39% 3914 3912 3912 397g 20,400 N Y N H & Hartford.. ._100
40
39
1814 Jan22 23 July 9
17 Nov
450 N Y Ontario & Western 100
21
2014 2014 *20
21
*2014 2034 2012 2012 121
*2014 21
Jan
100 102 Jan24 1083s May14
600 Norfolk & Western
9233 Dec
10312 10334 10312 10312
10313 10313 104 104
.103 104 5103 105
aa
Jja
8113 Jan24 9112 Sept 3
8025
1 jJan
1325
10
75 Dec 1
100
8634 87
87% 877s 873s 8712 8714 8814 8714 8734 8734 884 3,800 Northern Pacific
Jan
4314
404
Dec
57%
June27
3,625
2
4714
44
7
Jan
437
7
44
Pennsylvania
50
3
437
438
44
43
4334 438
43
438 44
912 May 1 1614 June27
12 Dec 733634
300 Pore Marquette v t c ____100
1213 1212 *1212 1312 .1234 1312 *1234 1312 1234, 1234
Jan
5213 Apr 3 61 Sept 3
45 Nov
-_ ____ -----61
Do prior pref v t o__100
61 *____ 61
•__
-_- --__ _-_
30 Apr 5 40 Aug13
*3812 41
37 Oct57 June
100
Do prof v t 0
*3812 41
*33
81 41
2253 Jan 2 3812 June21
4 -1,260 Pittsburgh & West Va-_100
183 Dec 3534 June
-iiig iiii ;53" "iii2 .3 8 3434 3334 3412 *3334 3434 -5.-1r2 W3200
53% Apr 68 Jan
Do pref
0 61 Jan10 81 Aug13
80
*77 8010
*77
*77
78
80
80
*77
78
78
78
704 Jan15 95 June27
604 Nov 10414 Jan
50
86% 8734 8678 8758 8673 8718 8713 877 19,600 Reading
867 8712 874 88
35 Jan12 39 May15
34 Nov 45 Jan
Do 1st prof
50
*354 37
*35,2 37
*3512 37
'3512 40
*3511 40 '53512 37
35 Mar30 40 July 6
337 Dec 4512 Jan
100
Do 2d pref
5
39
38
38
*35
*35
37
37
3813 *35
3912 *37
*37
12 Dec 2638June
938 Apr 3 14 Jan 2
*1114 1134 1133 1153 1012 1114 1,300 St Louis-San Fran tr ctis_100
•1113 12
*1114 1134 *1112 12
1918 Mar12 2314 May15
22 Dec 32 Jan
519
2234 '
23
St Louis Southwestern__-100
2234 '519
2234 *19
2234 *19
2234 *19
*19
3314
Aug13
34
Dec 53 Jan
3
Jan
*3112
4012
491
100
Do
pref
*3112
4912
4912
4912
*3112
*3113
*3112 4912 *3112 4912
7 Apr17
814
714 Dec 18 Jan
814 814
918 Sept 3
ON Seaboard Air Line
100
84 814
814 814 *814 812 *8
814
8
154 Apr19 23 Sept 3
1678 Dec 3912 Jan
900
100
Do pref
1934 1934 2018 2034
20
*194 2012 204 204 20
20
.19
8012 Jan24 8933 Aug26
7534 Dec 9813 Mar
3,700 Southern Pacific Co
100
8514 8534 8534 86
8514 8512 85% 8534 8512 85% 8512 86
20% Apr30 2838 Sept 4
2112 Dec 3333 Jan
100
26% 267 14,800 Southern Railway
26
2614 2534 2614 2534 263g 2638 2678 2612 27
57 Jan21 694 Sept 4
51% May 7013 Jan
67
100
6634 6634
700
Do pref
8813 6612
6738 *66
1 61 *66
*66
67
14
May
4
1612
1158 Nov 1934 Jan
Feb20
200
Pacific
19%
1612
Texas
100
*15
&
'
515
15
*1411 1612 ----- ----- -------- 15
394 June13 6514 Jan31
62 Dec 95 Jan
*4212 45
Twin City Rapid Transit_.100
*4212 45
*4212 45
4.4212 45 - *4212 45 - *4212 45
10934
Dec 14913 Jan
12412
12418
Jan15
12378
129
10114
Aug31
12334
7,350
100
Pacific
12412
Union
12412
12312
123
12412
1244
122% 12314
69 Jan 3 7414 Marll
6914 Dec 85 Jan
200
100
Do pre
7014 *6912 7014 *694 7014
570
7013 704 7014 704 '
*6913 70
434 Jan15 12 June27
414 Dec 1133 Jan
*778 8
200 United Railways Invest-100
9
*8
9
*8
*8
8
812 *734 9
8
1114 Dee 2334 Jan
14
*14 1510
14
100
0 1012 Apr 9 20 May 7
Do
pref
16
*14
16
16
*14
*1312 1512 *14
7 Apr26 1134 July 8
7 Nov 155 Jan
300 Wabash
934
100
912 *9
*9
9
9
91z
*9
9
914 *834 914
1,200
37 Aug 2 4413 Jan 2
3614 Deo 58 Jan
100
Do prof A
38% 3878 *3813 39
3814 3914 *38
39
384 *384 39
38
*2312
25
18
Jan15
June26
Doe 304 Jan
2014
2613
prof
13
100
Do
*2312
2413
*2312 2412 *2312 25
*2313 25
*23
25
13 Jan15 1734 Feb15
200 Western Maryland (new)_100
15
*14
15
12 Dec 23 Apr
*14
15
*14
*14
15
15
1453 1153 *14
20 Jan29 32 Juno22
29
*26
20 Dec 41 Mar
100
Do 20 prof
29
*26
29
*26
*26
29
29
29
*26
*26
13 Jan 2 2412 June20
1013 Dee 1812 May
100
200 Western Pacific
*1812 1912 *1812 1912 '51.814 1912 *1812 1912 185s 18% 1812 1812
46 Jan 3 64 June27
3512 Dec 48 July
100
*6013 61
100
Do preferred
*6012 62
61
61
*6012 62
*6012 62
*6013 62
8
833
712 Dec 2275 Jan
Apr22
100
Ry_100
Wheeling
Lake
Jan
E
833
2
&
1014
4
83
*83a
9
*84 9
*813 878 *8% 834 *8
1712 Apr17 2234 Feb18
20
16% Nov 5053 Jan
100
*17
preferred
19
Do
*17
18
*15
20
19
*17
517
19 '
*17
34
Dec 5114 Jan
33
May
2
3
3912
100
Jan
*3412
38
Central
38
Wisconsin
*3412
38
*3413
37
*3412
37
*3413
36
*344
Industrial & Miscellaneous
11 Jan19 18 July18
713 Nov 1812 Jan
*1558 17
100
Advance Rumely
*1558 17
*155,3 17
*1512 17
*1553 17
*1514 16
257 Jan 9 48 Aug28
500
4414 45
45
19 Oct 3718 Jan'.
44
100
Do prof
46
*41 46 '544
443s 4433 *4414 46
49 Jan 2 6514 July18
4518 Dec 80 Jan
--10050
Ajax RubberIno
57 -------------------------------57
60
.
57
114 Apr27
312
E
800 Alaska Gold Mines
1 Dec 1112 Jan
10
212 25;
438 July 5
2 234
*253 234
2% 234 '5253 234
112 Apr 1
134 218 6,100 Alaska Juneau Gold Mln'g_10
81,3 Mar
134 Dec
312June21
158 158
1,
8 158 *112 134
134
158
134
15g
3038 5,400 Allis-Chalmers Mfg v t.3_100
2912 2912 30
1734 Jan15 37 May24
15 Deo 3253 May
2912 2934 294 2914 2914 2978 '52912 30
7214 Jan 4 8612 May24
400
65 Dee 86% Mar
Do preferred v t o____100
8414 8312 8312 8414 8414
*8314 8414 834 83% *83
84
*83
78 Jan 2 100 Sept18
9912
940 Amer Agricultural Chem...100
99
72 Dec 9512May
100 100
100 100
*95 100
*96 100 1100 100
894 Jan17 101 Aug27
93
93
*92
356
91 Dec 10312 Jan
100
Do pref
9213 9218 *00
92
92
93
9212 *
.
92
70
*89
69
69
694, *6812 70
64 June10 84 Feb27
700 American Beet Sugar
63 Dec 10212 Feb
100
__
6913 6912 -------69
*75
*75
90
95
784 Dec 98 Jan
100 x82 Sept13 9112 May 8
_,_
Do pref
__
___
95
*75
34% Jan15 5034 May17
4412 6,000 American Can
44
2913 Nov 53 May
100
4412 4413 -4433 1543% -4-438 -4334 -4-4-1; 433.j 44
8914 Jan23 97
92
*9112 92
Apr30
470
9214 92
87 Dec 11112June
100
Do pref
92
'9112 9312 193
*9112 94
93
6814 Jan14 87.2 Sept 4
67 Feb 8038 June
4,800 American Car & Foundry.100
8414 8514 8334 8414 8434 8514 8434 8512 8414 84% 8512 86
10914 10914
100
Do prof
100 106 Jan 3 11034 Nlay 1 100 Nov 1l834 May
_
___
___ _ __
25 Joni() 4334 Aug29
4213 1,750 American Cotton Cl
4134 42
21 Dec 5012 Jan
100
4 41
*3912 4078 -4012 -41-- -ii" if- "ii: 11-390
*78
*78
90
78 Mayle 84 May22
80 Dec 10113 Jan
50
Do pref
90
100
*78
82
182
78
178
90
*80
1175 Jan10 2218 Sept 4
204 2013 201.1 2014 1,100 American Hide Sc Leather_100
10 Feb 1714 Mar
*1914 20
*194 20
1914 1934 197 20
50 Jan 2 947 Aug24
4314 Dec 75 Jan
100
Do pref
8834 884 8813 88% 89% 3,000
8738 8712 8738 8712 874 8712 88
1113 Jon 2 3534 Aug13
1,000 American Ice
873 July 1673 Aug
2614 2614 2634 28
100
2712 2578 26
*24
27
27
274 27
500
35 Dec 55 July
Do
4812 4812 49 4910
preferred
0 3834 Jan16 53 May13
49
49
49
*484 49
*4812 4911 49
5112 Sept13 5812 Feb 1
46 Oct 6234 Aug
5313 5412 537 5414 0,000 Amer International Corp_100
5214 54
54
*52
x5134 51% 5112 52
27 Jan 7 43 Aug10
10()
1534 Feb 294 Aug
401s 4012 40% 4112 *4034 4112 4133 4133 1,600 American Linseed
*4014 41
5.4033 41
n63, 78
*76
77
6914 Jan 7 8112 Juno13
77
77
77
77
77
77
77
7712
48 Feb 75 Nov
Do pref
800
100
5312 Jan15 713s May16
6512 6512 1,700 American Locmotive
4653 Dec 8234 Jan
100
6514 6434 65
6534 6534 z6412 64% 64% 64% 65
99
*97
*954, 9712 *98
*9012 96
99
*9613 99
9812
93 Dec 10678 Jan
100 z95 Jan 4 100 Feb18
*97
Do prof
4 Sept20 1312 Feb 6
814 Dec 1934 Mar
4
412
100
900 American Malting
412 412
*313 5
*414 5
*412 5
413 41
42 Sept10 584 Feb 6
50 Dec 714 July
100
Do 1st prof
4212 *3734 4212 *3734 4213 *3734 4212 *3434 4212 *3434 4212
*41
90 Feb21 144 May14
100 American Shipbuilding.._100
88 Nov 93 Nov
132 132 *12613 13712 *133 140
*12612 132 *12612 132 *12612 132
73 May28 8612 Feble
67% Deo 11234June
77
77
7634 77
7614 7614 7634 775s 773 7713 7733 7738 3,100 Amer Smelting Sc Refining.100
100
0 103,2 Sept 6 10634 Mar 2 x994 Nov 1174 Jan
Do pref
10312 10312 *103 104 *103 10410
*103 104 *10212 10312 *102 104
777
7
*73
3
58
78
5013 Dec 75 June
Jan15
Sept
4
83
_100
783
4,400
4
7834
8114
Foundries.
Amor
Steel
7734
7712
77
774
771 7734
1074 1074 1077g 10778 2,100 American Sugar Refining 100
894 Nov 12638 June
98 Janie 116 May15
10612 108
107% 10778 105% 1084 10712 108
109 10910
400
Do pref
0 1084 is,lar23 11312 May 8 100 Dec 12113 Jan
10834 10834 109 109
_ *10313 109 *10312 109
603 Jan 5 145 May24
30 May 6212 Dec
1-1-4 - 1074 113
10553.1084 10712 11112 11034 1134 112 11333 52,700 Am Sumatra Tobacco--100
9534 Dec 1284 Jan
9053 Aug 5 10914 Feb 1
98% 0912 20673 9712 4,900 Amer Telephone Sc Teleg-100
9634 9634 9673 9733 9733 9812 98% 99
700 American Tobacco
100 14013 Jan 5 170 May13 123 Deo 220 Mar
160 160
160 160 '160 160 '5158 163 *158 163
160 160
89 Dec 10934 Jan
100
9213 Sept14 99 Feb23
95
*90
95
Do prof (new)
*90
100
95
*90
*90
95
05
924 9213 *90
4483 Jan15 6078 May24
3713 Feb 5834 Juno
100
*5414 554 5334 5434 5414 5412 5412 5412 5412 5412 1,000 Am Woolen of Mass
*5533 56
*9312
9512
87
Jan
Mar12
Nov 100 June
4
92
pref
958
9512
9512
100
*9313
*9312
9512
Do
*9312
9534 *93,4 9512
*95
38
17 Nov 544 Mar
*34
*35
2014 Aprll 398 Aug28
37
37
*35
200 An Writing Paper prof...100
35
*3512 3734 347 347
3 Jan
1273 Jan18 21% July 3
1012 Deo 41,
25
500 Am Zinc Lead Sc 13
1612 16
16
1612 --------151
_
17 '515
'
515
2 1534 *15
*4612
3913 Dec 7212 Jan
*4612 51
41 Jan 2 5314 July 1
*4612 51
oodprof
mfoing50
rec
i
.25
*4612 52
*4612 51
6738 6714 51D
67,
8 21,300 Anac
5118 Nov 87 May
x5913 Jan18 7112 May16
Copper
o
661g 6738 6634 6712 -aig .6i12 671g 6758 67
10412 10534 5,300 Atl Gulf & W I SS Line-100
10214 106
9734 Jan 5 12014 Feb18
8738 Sept12112 Jan
100 102
100 10012 100 10053 100 100
Jan
54 Feb 66
6412 641 *63 6510
200
0 58 Jan 5 65 July 9
64
Do prof
64
64
*62
5'63
64
64
- *62
8734 8834 43,700 Baldwin Locomotive W148.100
88
43 Feb 7612 July
87
561s Jan15 10134 Ivlay18
891
'14 89
877. 89
8738 88
93 Jan 2 102 Sept 7
93 Dee 10212 Jan
Do pref
100
102 102 - ------ ------------ --------------- ---100
85 Jan 4 95 June29
iii
100
9178
82 Dee 136 Jan
927 93
15Z 9314
000 Barrett Co (The)
- 114
92
92
7414 Jan15 96 May16
6614 Dec 515 Jan
100 Bethlehem Steel Corp
100
8014 80,4
7233 Jan15 94 May16 x6618 Dec 156 June
-3-4 -8-2-1; -85:is -i1-3-8 -ilia -S-2-1-2 27,300
Do class B common 100
79% 8134 -8
-0
103 103
93 Dec 10112 Oct
103 103
904 Jan15 1067s Apr29
1,598
103 103
Do cum cony 8% Prof-10433 1047s x103 1034 10278 103
21
Jan21 2812 Sept 5
*2534 2612 *2534 2612
No par
26
26
26
400 Booth Fisheries
26
___ -- *2512 27
•Bid and asked prices; no sales on this day. e Bi-rIebte. 11 Leal than 100 snares a Es-dIv. and rights. e Be-dividend. •Before payment of first installment.
-iiii4 -iiis ;EiiiT4 -ifi
1175
New York Stock Record-Concluded-Page 2
For record of sales during the week of •tocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER 511ARE, NOT PER CENT.
Saturday
Sept. 14.
Monday I Tuesday
Sept. 17.
Sept. 16.
Wednesday 1Thursday
Sept. 18.
Sept. 19
Friday
Sept. 20
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest.
IndustrIa180418c.(Con.) Par
$ per share $ per share $ per share $ per share $ per share $ per share
100
14412 146
9,000 Burns Bros
144 145
14014 14712 148 150
14312 144
143 144
1034 1012 1012 1012 1012 *1014 1034 *10
§1034 10,
1034 1,115 Butte Copper & 'Zinc v t c5
4 *10
2538 25381 2512 2512 *2514 26181 2512 2714 2613 2612 1,200 Butte & Superior Mining_10
*2434 26
California Packing..__ _No par
4114 *4018 4034 *4018 4114 *4018 4114
4112 *40
*4012 4114 *40
100
1918 1914 19
19
19 I 1858 185g
1938 *1734 1912 1,100 Californal Petroleum
*1814 20
prof
100
Do
62141
__ 63
6334 6312 6334 *6034 6218 1,000
6214 6214 62
100
3,500 Central Leather
6634 66
68
6733 6712 6758 68
6534 6614 6638 6612 66
prof
100
Do
100
10234 10234''10212 105
•100 104 *100 104 *102 105 *102 105
800 Cerro de Pasco Cop_ _ _No par
33
3334 33
*33
3334 *3314 3334 3314 3314
3312 3312 33
700 Chandler Motor Car_ _ _ _100
*8312 85
88
87
8738 87
87
87
87
8614 8678 *86
25
4,200 Chile Copper
*1534 16
1534 1534 1534 1534 *1553 16
1534 1534 1534 16
5
39
40
3934 3934 23814 3878 *3814 39
3913 1,400 Chino Copper
3934 3978 40
Colorado
Fuel
&
Iron_
_
_
_100
700
*45
46
46
465
8
4512
4512
46
4512
4512
*4512
45
45
500 Columbia Gas &Elec
100
*3312 35
*3414 35
3414 3414 *3412 35
35
*34
35
35
200 Consolidated Gas( N Y) 100
87
87
8712 *86
87
.86
89
87
*85
87
88
.85
100 Continental Can, Inc
100
20712 6712
*67
70
*6612 70
70
*6712 70
*67
6812 *67
42
4158 4214 4178 4238 4212 4258 11,200 Corn Products Refining 100
4078 4114 4114 4138 41
1,700
Do
prof
100
101 101 *10034 10134 10158 10158 10118 10114 10114 10114 *101 102
6414 6412 6538 6,400 Crucible Steel of America 100
65
6378 6438 64
6414 6434 6412 6512 64
200
00
Do
prof
90
100
*8812 90
*8814 90
*8812 90
*8814 92
91
91
5,300 Cuba Cane Sugar___ _No Par
3014 2934 30
2958 2934 30
3014
4
303
2978 30
30
3014
500
Do
pref
100
7912 7912 7978 8078 *79
7934 7934 7934 7914 7914 *7933 80
32,600 Distillers' Securities Corp.100
5358 46312 54
5214 5378 53
5114 53
5034 5338 5112 63
10
013 958 1,700 Dome Mines, Ltd
918 913
918
912
9
918 918
*9
914 914
29
2,100 Gaston W & W Ino__No par
2812 29
29
29
2812 2834 *2812 2912 *2812 2014 29
400 General Electric
100
__ 146 146 *145 14612 147 147
147 147
6,100 General Motors Corp
100
1116- 1-18- iiö4 11334 11312 11312 11312 11312 115 116
116 119
1,000
Do
7812 7712 7814 7814 7814
pref
100
771.1 *77
.77
7812 *77
7812 77
46
4612 *45
*45
100 Goodrich Co (13 F)
4612
100
*4414 4612 4512 4512 *45
4412 45
1
Do
pref
100
*9934 10012 *9934 10012 *9934 10012 *9934 10012 *9934 10012 *97 4 10012
8312 8312 *83
715 Granby Cons M S & P100
84
8438
823.1 8234 8212 8312 §84
82
82
750 Greene Cananea Copper _100
*4412 4434 4434 4434 4434 4434 4434 4434 4434 4434 *4434 45
7712
7014
7812
7812
2,525
Gulf States Steel tr ctfs_100
8212 278
7834 79
78
7733 78
81
200
Do 1st prof tr ctfs
10212 *-___ 10212 *_-__ 10212 *---- 10014 9912 9912
100
10212
46
*45
*45
46
46
*44
Haskell & Barker Car_ _No par
46
*44
5358
5338
5314
5312 3,600 Inspiration Cons Copper__ 20
5338 5318 5312
5312 5318 5318 53
53
17
16
*14
18
*14
16
200 Internat Agricul Corp__ _100
18
*14
16
10
•14
18
62
*59
*59
82
63
*59
62
200
Do
*50
pref
100
6014 61
61
*59
12518 12518 126 12634
1,400 Intern Harvester of N J 100
125 125 *125 12912 12518 126 *125 129
2634 2714 2678 2738 2718 2734 8,100 Int Mercantile Marine .100
2612 27
26
2612 2612 27
10258 10312 82,000
Do
pref
100
9834 9978 9978 10138 10018 10112 10133 10238 10134 103
2953 2978 2958 2958 2978 3038 7,600 International Nickel (The)26
2914 2938 2912 2978 2312 30
32
32
*3112
3212
3214
*3112
3212
*3112
300 International Paper
32
100
*31
4
313.1
313
61
*60
61
5978 5978 *5912 6012 *60
200
100
60
Do stamped pref
5978 5978 *59
48
48
*46
*46
*46
48
48
.46
300 Kelly-Springfield Tire_ ___25
4612 47
*4612 48
3312 3312 3334 2,900 Kennecott Copper..___No par
3318 3278 3318 3338 3334 *33
33
33
33
101.2
81
1 81
*5
8
1
012
2 811
81
81
81
8112 1,700 Lackawanna Steel
8012 81
100
81
81
19
1912 19
*18
20
*1914 2014 *19
100 Lee Rubber & Tire___No par
.19
20
*26
29
28
*27
*26
29
2712 2712
27
200 Loose-Wiles Biscuit tr ctfs_100
2812 27
*20
*78
81
81
*78
81
*78
*78
81
81
Do 2c1 prof
100
*78
81
*78
*74
79
79
74
74
*74
*73
79
441 Mackay Companies
79
*74
103
79
*74
65
*64
*64
65
*64
65
66
*64
65
Do
pref
*64
100
65
*64
27
*2612 28
*2612 2712 2618 2618 *26
2638 27
1,100 Maxwell Motor, Inc
100
26
26
68
*57
59
5714 5734 *5612 58 4
-- *56
300
Do 1st prof
100
*5612 5712
2178 2178
400
100
Do 2d pref
2012 2012 2012 2012 2034 2034 *2012 2112 *2C34 22
10312 10518 10334 105,4 10378 10478 06,300 Mexican petroleum
100 10238 101 104
99 100
100
9618 9618
97
____
Do prof
_
100
*94
100
9018 *94
2/
28
2778 -2838 28
28
28
28 -2-8 1,410 Miami Copper
5
2758 2758 28
5112 5218 5112 52
5112 52
5112 5134 5112 52
7,600 Midvale Steel & Ordnance_50
5112 52
70
*04
*64
71
70
*6412 71
'01
71
100 Montana Power
100
6914 6914 *
*9614 -- -- *9614 -- -- *9614 --__ *97
*97
prof
100
Do
16
*1512 1612 *1512 1612 16
1612 *17
--2;61:5 Nat Conduit & Cable No par
148 1511-2 *16
6114 51
5118 51
5112 51
51
5012 51
2,600 Nat Enam'g & Stamp'g_ _ _100
5012 5078 61
*93
99
99
*93
*93
09
*93
99
99
*93
09
Do
prof
*93
100
*57i2 58
*5712 58
67
57
*57
59
58
*57
200 National Lead
*57
100
58
*10138 ____ *10114 ____ *10114 ---- 10112 10112
*10114
_
100
Do prof
100
2018 2018
1,500 Nevada Consol Copper_ _
205g 2058 2052 2058 2058 2078 22012 2012 20
- 2014 *10114119 120
11878 11912 *118 120 *118 120
11978 120
•119 121
1,500 New York Air Brake...,..100
*39
42
*37
39
*37
42
39
200 North American Co
40
40
100
• *39
25
3738 3758 3733 378 3738 3758 3712 3838 3712 3778 3712 3734 5,500 Ohio Cities Gas (The)
712 818
814
778 818
8
758 778 2718
818 812
712 4,000 Ontario Silver Mining_
100
3134 3138 3238 32
3118 3112 *31
3234 3178 3218 3,000 Pacific Mail SS
5
3012 31
*9012 9314 *9012 0212 9218 9218 9212 9212 9212 8212 9212 9212
400 Pan-Am Pet & Trans, pref_100
4512 4512 4514 4512 4512 4512 1,000 People's G L & C (Chic)__100
66
*45
45
*44
4512 45
2712 *27
28
*27
*27
2712 2712 2712 2712 2712
400 Philadelphia Co (Pittsb)__50
28
.27
38
*38
39
38
38
38
3834 *3712 39
38
1,000 Pierce-Arrow M Car_ _.No par
3734 38
9514 9514 *9514 98
9734 9734 *9514 98
*9414 96
prof
200
100
Do
*9612 08
1578 1014
1534 1618
1618 17
1514 1578
1634 17
25
19,600 Pierce Oil Corporation
1478 15
48
48
*4812 4912 2,700 Pittsburgh Coal of Pa ...100
4934 4934 4812 4834 4834 4834 4834 49
83
*8212
*8212 83
*8212 83
*8212 83
prof__
100
100
Do
8212 8212 *8212 84
69
*6712 6814 6814 6814 69
6812 6812 *67
68
69
600 Pressed Steel Car
100
68
*93
05
95
95
9412 9412 *94
07
*05
100
09
98
Do
prof
600
*95
*90 103
*92
____ *90 100
97
*90
*92
Public Serv Corp of N J 100
07
*90 102
1,470 Pullman Company
100
*11112 11214 11158 11158 *11158 11214 112 1131011112 113 *11212 114
6678 6714! 6634 6634 6634 67
0612 67
26078 67
100
3,600 Railway Steel Spring
*66
68
100
200
Do
prof
*10134 10212 10238 10212 *100 10212 *10012 10212'100 10212 *102 10338
22314 23141 2314 2338 2314 2338 3,700 Ray Consolidated Copper_10
2378 24
2418
24
2378 24
0012 90
0014 90
9014 90
0078 10,200 Republic Iron & Steel........100
8914 9014 8912 9018 89
10212 10212'100 102 *10012 10134 *100 10112
100
200
Do prof
*101 10412 *101 104
87
87
8214 *8314 ___- 8312 86
86
90
79
1,000 Royal Dutch Co ctfs dep_ _-7812 79
6
6
*5t2 612 *512 612
6
6
200 Saxon Motor Car Corp....100
*512 6
*578 6,2
140 140 I*13812 142 *13812 142
13978 140
1,100 Sears, Roebuck & Co_ _,_100
139 139 *138 140
1519 *1518 15i4 *1518 1512 1,100 Shattuck Aros Copper_
.15
15
1538 15
15
15
15
3134 3134 3238 311z 3214 3134 3134 8,300 Sinclair Oil & Ref'g___No par
*3038 3078 3012 3112 31
6112
6012
61
*58
61
6112 *5912
*60
6012 6012
61
500 Sloss-Sheffield Steel & Iron100
*59
3,200 Studebaker Corp (The)_100
46
4618 4514 4614 4458 4534 4558 4578 4578 4573 *4512 46
.85
90
*85
96
00
*85
90
*85
*85
100
prof
96
00
Do
*85
4312
*41
*41
4112
41
41
4312 4141
*40
100
41
4312
300 Superior Steel Corp'n
*40
*95 100
*95 100
*95 100
*95 100
*95 100
100
Do 1st prof
*94 100
18 4 18
18
*1734 18
18
1734 1734 *1734 1814
1778 1778
600 Tenn Copp dc C tr ctfs_No par
154 15112 15512 15834 156 15934 15914 16214 160 16212 161 162
25,300 Texas Company (The)...100
6512 6414 6514 6512 6614 6578 6612 66
6458 6514 65
6634 6,900 Tobacco Products Corp 100
97
*93A
*92
97
*93
97
97
*02
9712
*92
prof
100
Do
7212 ;7 6- VS"
7212 7212 *72 1 75
*70
74
.72
75
•72
200 Union Bag & Paper Corp 100
3778 3778 *37
38
38
3712 3712
3814 3814 *3712 3812 38
400 United Alloy Steel____No par
983
10014
0918
8
993
10038
9814
8
10012
9834
10058 10078 2,600 United Cigar Stores......100
9812 9918
pref
*100 107 *100 107 *100 107 *100 107 *10112 107 *101 107
100
Do
_
129 129 *127 133 *129 133
128 129
100
500 United Fruit
14
*1212
14
;121
2
*1212
4
i12
1
12
14
*1214 14
*1212 14
U S Cast I Pipe & Fdy_ _ _ _ 100
41
*39
41
*38
41
42
41
*38
*39
44
41
100
Do prof
•38
100
11214 11612 11414 11512 114 116
116 115
11114 11512 113 115
13,010 U S Industrial Alcohol 100
95
9414 9414 *93
*93
96
96
*92
*93
96
96
prof
100
Do
100
*93
60,4 *60
6018 5978 6078 60
61
60
60
4,100 United States Rubber.._..100
60
5914 60
10278 103 §10314 10314 *102 104
10212 10273
Do 1st preferred
*102 104 *102 104
479
100
4338 *42
4338 *42
.42
42
4338 *43
*4134 4338 42
100 U S Smelting Ref & M
50
4338
4412 *4212 4412 *4238 4412 *4238 4412 *4212 4412
4412 *42
*42
50
Do prof
11018
1087
8
1093
1083
4
1077
1
8
4
4
1093
109 2 10912 11012 345,940 United States Steel Corp 100
10858 10934 10858
11058 11058 11058 11012 11078 11078 2,800
11058 111
111 111
prof
100
Do
*11078 111
8112 8114 8112 2,000 Utah Copper
8312 8312 8314 831 *8012 8112 81
10
83
82
10
§10
*1012 11
11 *____ 12
*10
11
100
12
11
250 Utah Securities v t c
*11
5378 5318 5312 5,500 Virginia-Carolina Chem .100
6212 5314 6234 5334 63
25134 52
*5212 54
10712 10712 *10612 108
prof
100
Do
200
•10612 108 *10682 108 *10612 108 *10612 108
*70
74
75
.71
*70
74
100
*70
Virginia Iron C de C
74 V
*70 .73
73
.
71
83
83
83
83
*8114 8312
83
8212 8212 83
800 Western Union Telegraph..100
*8158 84
43
433
8
433
4318
8
4338 4338 4312 2,300 NVestinghouse Elea & Mfg_50
4318 4314 4314 4338 43
*58
63
63
59
*58
69
50
63
*58
63.;
Do 1st preferred
100
63
*58
*58
.4412 46
4418 4412 *4512 46 1
50
400 White Motor
4412 4412 *4412 46
46
46
1934 20
1934 197s 1958 1958 6,100 Willys-Overland (The)__ 25
1934 20
1912 20
1934 20
8218 *8134 8214 *8134 8214 28012 8012
100
Do prof (new)
500
*82
8312 8238 8238 82
*51
52
51
*51 82 5312 *51
4912 5014 5012 5012 61
63
800 Wilson & Co, Inc, v t 47_ 100
100
Woolworth (F
*11112 113 *11112 113 *11112 113 *11112 113 *11112 113 *11112 113
100
prof
Do
*110 114 *110 114 *110 114 *110 114 *110 114 •110 114
63
6518
63
*6214 6312 6214 6214 6212 6212 .62
1,000 Worthington P&Mvt o_100
*6214 64
9134 *89
*8914 9134 *89
9134 *85
100
91
91
01
*87
Do prof A
*87
*68
6912 *iis
69
n912 26034 6634
69
100
70
*67
Do prof 13
300
70
*67
*Bid and asked price4, no sales on this day.
z Ex-dividend.
I L093 than 100 shares.
I Ex-rights.
PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
(highest.
$ per share. $ per share. $ per share $ per share
103 Feb 5 150 Sept20
Jan 12514 Apr
89
878 Apr 26 127s July10
1612 Jan 2 3312 May14
1234 Dec
5214 Jan
3613 Jan 3 4512 May10
4214 Aug
3334 Nov
12 Jan 7 2138 June17
1014 Dec 3012 Jan
36 Jan 5 6438 Sept 5
6214 Jan
2912 Nov
61.3 Jan 15 7338 Feb 27
55 Dec 10112 June
10212 Mar14 2107 Mar 8
97 Dec 115711 Jan
2914 M ar 6 3512 May16
25 Dec 41 Feb
6814 Jan 2 95 Feb 25
56 Nov 10434 Mar
1412 Apr 4 1758Jan 2
1114 Nov
275g Mar
3638 June10 4714 May16
3512 Nov
6334 Mar
3434 Jan 29 5412 May24
2934 Nov
5S June
2834 Mar25 3718 Aug 21
2558 Nov
4778 Apr
8234 J uly15 9212 Feb 7
7612 Dec 13458 Jan
6634 Sept13 95 Feb 19
76 Nov 10314 June
2978 Jan 15 4578 July18
18 Feb
3714 July
29012Jan 7 102 July 2
8812 Nov 11238 Jan
4534 Dec 9178 July
52 Jan 12 7478 May16
86 Jan 31 9134 June 4
83 Dec 11734 Jan
2712 Apr 10 337 Feb 20
2478 Nov
5514 Jan
7818 Mar25 83 Feb 18
7478 Dec 9412 Jan
1134 May 4414 Oct
z33 Jan 2 6434 May24
612 Nov
6 June19 1014 Sept 9
2434 Jan
28 Feb
2634 June19 39 Feb 13
4112 Aug
12734Jan 7 153 May16 118 Dec 17134 Jan
10634Jan 15 164 Aug21
7412 Nov 14618 Jan
7234 Dec 98
Jan
77 Sept17 88 Feb 1
3214 Dec 6114 Jan
38 Jan 2 25014 Feb 5
Jan
96 Jan 10 10012 Sept 5 x9138 Dec 112
74 Jan 25 84 Sept 5
9238 Jan
65 Nov
3812Jan 17 4538 Sept 41
34 Nov 47
Jan
7614 Sept20 11112 Apr 25' 77 Nov 137
Jan
9912 Aug 1 102 Jan 101 10112 Nov 110 June
2712 Nov
34 Jan 5 4914July301
40 June
4258Jan 15 5634 May16' 38 Nov 6612 June
19 June20
734 Nov
10 Jan S
217g May
2614 Nov
38 Jan 5 65 June18
6011 July
11112Jan 2 13134 May 8 10034 Nov 123
Jan
1718 Dec 3678 Mar
21 Jan 15 3134 Feb 23
6258 Feb 10612 Oct
8338Jan 2 10912 June 1
2412 Dec 4738 Mar
27 Jan 15 315g July 8
1812 Nov
2412 Jan 15 4512 May15
4958 Jan
7712 June
6014 Nov
58 Jan 22 6512 Jan 3
3673 Dec 6412 Jan
41 Apr 2 5134 July30
26 Nov
29 Mar25 3478 a1aY16
50'g May
68 Nov 10378 June
7334Jan 12 9158 May16
30
1018 Nov
Jan
12 Apr 2 2234 July30
1214 Nov
2718 Jan
1782 Jan S 31 Aug 1
55
Jan 64
Jan
53 Feb 15 7712 Sept13
7134 Junel8 7812 Feb 28, 70 Nov 8934 Feb
57 Jan 4 65 May281 6714 Dec 6712 Jan
6134 Jan
1918 Nov
2312Jan 15 3218Feb 191
51 Apr 24 6434 Feb 8! 49 Dec 7418 Jan
13 Nov
Jan
40
19 May27 26 Feb 51
67 Dec 10612 Jan
79 Jan 5 10514 Sept19
8478 Nov 977g June
87 Jan 15 9618 Sept18
4314 Apr
25 Nov
2678 June 7 331s Jan 31
39112 Dec 6712 June
4314 M ar23 61 May16
64 June25 73 Jan 4 25834 Dec 10914 Jan
9512 Dec 11712 Mar
95 Mar19 10112 July26
1312 Dec 39 June
1312 Apr 8 2138July 5,
3714 Jan 7 5413 May20' 24 Feb
4634 Oct
9412 Junel8 9912 Feb 20, 9012 May 9934 July
3778 Dec 6314 Mar
4314Jan 7 6134 Apr 4
99 Dec 114
Jan
9934 Mar 2 10512 May18
16 Nov
2638 June
1734 Mar25 2178 May16
08 Nov 156 Mar
11718Jan 12 139 May22
37.2 Aug16 4613 Feb 23
7238 Mar
39 Dec
3178 Oct 14378 Apr
3518 al a r25 4234 May16
414 Jan 22 13 June17
734 Sept
358 Nov
2312Jan 21 3314 Aug 3
18 Feb 3012 June
87 Nov 98
86 Jan 8 96 Feb 27
Jan
35 Dec 10614 Jan
3958Jan 2 55 Jan 31
2412 Dec 42
21 Apr 12 31 May24
Jan
25 Dec 4134 June
34 Jan 16 4312 Mar 1
88 Nov 9812 Aug
894 Jan 26 9812 Sept 6
15 Sept13 1712 Aug 29
3 Sept
2 Dec -614.142 Jan 15 6834 Feb 28 1-3717934 Jan 2 84 Feb 19
74 Dec 90 Aug
3
28
7 100
49 Dec 8314 Jan
73 AAuugg15
053678 AprNIay2
Jan
x90 Nov 2107
89 Aug 13 10912 Mar 5
99 I)ec 131
Jan
10014Jan 7 119 May10 10614 Dec 16712 Jan
4512 Jan 71 7018 Aug 28
3614 Nov
58 June
Jan
95 Jan 2 10212 Aug 29
8812 Dec 101
2238 Jan 15 2614 May16
3214 Apr
1912 Nov
60 Feb 9412 June
27252 Jan 15 96 May16
89 Dec 1058 May
9250an 2 10212 Sept17
7314 Nov
59 May
7018 alar23 117 June17
478 Nov 68
434 Aug22 11 Jan 31
Jan
13334 June 8 156 Feb 15 12312 Dec 23814 Jan
15 Dec 2934 Mar
15 Sept 7 1814 Feb 19
2514 Dec 5934 Mar
2514 Apr 11 39 Feb 5
3312 Nov
7434 Mar
39 Jan 24 7114 May24
337s Apr 24 661z Feb 19
3358 Nov 11012 Jan
85 Nov 10858 Jan
8012July 3 95 Feb 6
5134 June
3014 Nov
3414 Mar25 4558 May 3
95 Feb 16 95 Feb 16
96 Dec 10212 July
11 Nov
1912 June
1233 Jan 2 21 July 6
13612 Jan 7 16212 Sept19 11434 Dec 243
Jan
4212 Dec 8058 Aug
4812 Mar25 727a Aug14
Mar19
Aug
1 286 Dec 105 Mar
98
28714
Jan
65 Jan 24 80 May13
5938 Dec 112
3412 Dec 4938 June
37 Jan 2 4413 May10
8112 Nov 12778 Aug
8334 Mar28 10512 June24
9814 Dec 12034 Mar
10114Jan 5 110 July18
11614Jan 16 133 Feb 18 2105 Dec 15438 Jan
2412 June
10 Nov
1118 Apr 6 19 May 7
42 Dec 63
Jan
41 Mar26 4734 Feb 1
9818 Nov 17112 June
109 Sept13 137 May24
88 Nov 106 June
9414 Sept17 99 Mar21
45 Dec 67 Aug
51 Jan 15 6433 Aug 29
91 Dec 11434 Jan
295 Jan 15 10618July13
40 Dec 6734 Jan
3212 Apr 12 4834 Feb 19
4338 Nov
5214 Jan
4238 Apr 12 454 Fob 1
7912 Dec 13658May
8612 Mar25 11612 Aug 28
108 Mar25 11258Jan 31 10234 Dec 12114 Jan
7634 Mar25 8758 May16
7014 Dec 11834 May
1513 Feb 18
11 Sept16
918 Dec 2434 Jan
26 Nov 46 May
3334Jan 2 5612 Aug 28
97 Dec 11214 Jan
98 Jan 16 10912July 6
77 Mar
46 Feb
50 Jan 5 7312 July27
7714 Aug 2 955s Apr 15 276 Dec 9934 Jan
3334 Dec 56 May
3812Jan 17 4712 a1ay16
5214 Dec 7018 Jan
59 Jan 11 6412 Feb 20
3334 Nov
304 Jan 2 4678 Aug 28
5212 Jan
15 Nov 3812 Jan
1512Jan 15 22 Jan 3
69 Nov 100 Mar
75 Jan 3 8.3 July23
42 Nov 8414 Mar
4514 Jan 2 6612 May24
9978 Dec 151
110 Mar25 12012Jan 3
Jan
11334June13 115 Sept 9 113 Dec 1261s Jan
34 Jan 4 69 Aug 28
373s June
2312 Feb
88 Nov 9714 June
8538Feb 5 9112 Apr 6
11.8 7038 July26
50 May 63 June
59 Jan,
a Ex-div. and rights.
0 Par
$10 per
share.
n Par $10t) per share
1176
PS
New York Stock Exchauge-Bond Record, Friday, Weekly and Yearly
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. 20.
U. S. Government.
U S 330 Liberty Loan_1932-47 JD
U S 4s converted from let Liberty Loan
1932-47 JD
U 8 43 2d Liberty Loan 1927-42 MN
US 43‘s converted from 1st
Liberty Loan
1932-47
D
US 4348 converted from 2d
Liberty Loan
1927-42 MN
S 43ls 3d Liberty Loan_1928 MS
U 8 2s consol regtatered_41930 Q J
U 8 28 consol coupon
d1930 Q
U 5 3s registered
k1918 @ F
S 324 coupon
k1918 Q F
S 4s registered
1925 Q F
U S 4s coupon
1925 Q F
U S Pan Canal 10-30-yr 2s.k1936 Q F
1.7 8 Pan Canal 10-30-yr 2s reg'38 Q N
U S Panama Canal 3s g...._1981 QM
Registered
1961 QM
U S Philippine Island 48_1914-34 Q F
Price
Friday
Sept. 20
Bid
Ask Low
Range
Since
Jan. 1
High No. Low
High
100.24 Sale 100.02 100.24 5505 97.20 102.50
96.22 Sale 96.22
95.60 Sale 95.42
96 94 250 93.00 98.10
96.04 3789 93.01) 98.00
96.30 Sale 96.24
97.10 497 93.92 97.10
95.64 Sale 95.44 98.04 9817t 93.10 98.00
96.03 Sale 95.93 96.50 13649 94.76 99.10
98 -0834 Aug'18
97
99
98
987s Aug'18
97/
1
4 987s
9912 May'lS
9912
99
9938 May'18
947s 9934
10612 :::_ 10612 10312 10 103 107
107 Sept'18
10812
105 107
93 -__ 98 June 18
98
98
98 --_- 99 July'18
9714 99
85 --_- 85 June 18
85
85
85
83 May'18
83 84
100 Feb '15
- -
Foreign Government.
Amer Foreign &cur 5a
1019 F A 9734
Anglo-French 5-yr 5.8 Exter loan_ A 0 9434
Argentine Internal 5s of 1909-- M S 8512
Bordeaux (City of) 3-yr Os....1919 M N 9758
Chinese(Hukuang Ry)5s of 1911
DOSS
Cuba-External debt 58 of 1901_ M S
Eater dt 5s of 1914 ser A....1949 F A ____
External loan 434s
1949 F A 80
Dominion of Canada g 5s
1921 A 0 9514
Do
1926 A 0 9474.
do
Do
do
1931 A 0 9412
French Repub 5168 secured loan_
10'J%
Japanese Govt-S loan 4146.1925
I 8778
Second series 414s
1925 J J 8514
Do do "German stamp"Sterling loan 4s
1931
7418
Lyons (City of) 3-yr 6s
1919
N 9712
Marseilles(City of) 3-yr 6s_1919
N 9712
Mexico-Exter loan £ 5s of 1899 Q
t 42
Gold debt 4s of 1904
1954 J D 31
Paris (City of) 5-year 6s
1921 A 0 9512
Tokyo City 5s loan of 1912
M S '7912
U K of Gt Brit & Irel 2-yr 5.8 1918 M S
3-year 534% notes
1919 M N 99
5-year 536% notes
1921 M N 9634
Convertible 534% notes__1919 F A 99%;
_These are prices on the basis of 85105
State and City Securities.
N Y City-43(s Corp stock 1960 MS
4Yis Corporate stock____1964 MS
43(s Corporate stock____1966 AO
434s Corporate stoek...._ 1965 JD
434s Corporate stock____1963 MS
4% Corporate stock
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957
N
4% Corporate 'Lock reg 1958 MN
New 43.44;
1957 MN
434% Corporate stock
1957
N
334% Corporate stock-1954 MN
N Y State-Is
1961 M
Canal Improvement 41.._ A961 J J
Canal Improvement 4s.. 1962 J J
Canal Improvement 4s__ _1960 J J
Canal Improvement 4148_1964 J J
Canal Improvement 414s..1985 J J
Highway Improv't 434e.._1983 MS
Highway Improv't 4146_1985 M
Virginia funded debt 2-35....-1931 J J
6s deferred Brown Bros etfs___
Week's
Range or
Last Sale
Sale 9712
98
173
Sale 9412
95 1007
87
85/
1
4 Aug'18
Sale 97
975 212
7112 70
70
1
0614 98 Aug'18 --93/
1
4 9214 July'18 -82 84 Apr '18 -9518 9514
953
12
95 95
95
10
Sale 9112
95
45
Sale 100
101 14s 1279
Sale 8714
87/8 13
87
85
85
4
80
8012
8
7378 June'18
Sale 963.8
9758 280
Sale 97
9758 250
47
4012 June'18
40
331
/
4 Dee '17
Sale 9438
98 662
8034 8018 Aug'18 -99% Aug'18 _-Sale 99
991.; 345
Sale 96
Sale 991
/
4
99
867
8738
15
4 10
9414 Sale 9414
9458
941
/
4 - -- 95
95
9414 9434 9412
9-412
9934 100 100
10014
100 Sale 100
1001
/
4
90t: Sale 9012
9012
90 --- 91 Sept'18
90
9034 9018
90 8
88 -- 8914 Aug'18
9934 Sale 9934
10014
100 Sale 100
10i4
Sale 8118
81
811
/
4
97
99 July'18
101
97
98/
1
4 July 18
97 -- 98/
1
4 Aug'18
.97 _-__ 95 May'IS
108 113 10812 Aug'18
98 _- 10442 June'18
10712 ---- 105 Apr '18
100 -. 1001s June'18
_ - 787s 74 Dec '17
60 Sale 60
8012
28
10
11
8'
21
1
3
_
4
17
5
9412 984
8814 9534
78
851s
84
9734
5312 70
9012 100
9014 9114
84
80
9314 9534
907s 9534
887s 95
94 1011.2
8012 9212
831
: 9278
81
77
737s 76
84 975s
84
9734
4258
40
8158 98
8212
68
97 100
9.514 99'2
9158 9718
9178 100
8734 Ws
877s 9634
877s 9814
9314 10178
93 10178
85
9112
9138
85
/
4
85
911
45
9034
9358 10178
9332 10112
1
4
78
82/
99
99
9414 9812
981
/
4 9812
9414 98
105 10812
10112 10412
1
4
10412 107/
100/
1
4
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 20.
Price
Friday
Ram 20
Week's
Range or
Last Sale
14!
Range
Since
Jan. 1
Chesapeake & Ohio (Con)Bid
Ask Low
High No. Law High
General gold 4W
1992 M 9 75
7618 78 Sept'18 .......I 72
78
Registered
1992 wi 5 75 __-- 8634 M.., .7 .......
20-year convertible 430_1930 F A 7812 7812 7832
7712 22 8512 7712
30-year cony secured 5s 1948 A 0 7932 Sale 7953
80
80 76
823s
Big Sandy 1st 4s
1944 J D 884 78
84 Apr '17
---- ---Coal River Ry let gu 4s 1945 J D ____ ____ 8512 Nu-'18
-----Craig Valley 1st g 53
1940 J 5 ---- ---- 9834 Feb '16
---- --..
Potts Creek Br let 4s__._1946
.... _ .... _ 8
73
434 Jar' '13
J j ifi. 'is;
R & A Div 1st con g 4s
1989 j
:::: -------2d consol gold 4a
1989 J .1 8212 81
71 Oct '17
Greenbrier fly 1st gu g 48_1940 NI N 8512 73
8812 Sept'18
__ _-_ _
Warm Springs V 1st g 53_1941 M S .
9712 1131. Peu '15
Chic & Alton RI1 ref g 3s
1949 A 0 853-4 54
51 Sept'18
5
30014 5
47
212
killiony let lien 336e
38
1950
Sale 3778
38
15
Chicago Burlington & Quincy- J J
Denver Div 4s
9914 100
1922 F A
991
/
4 July'18
Illinois Div 334s
1949 J J 72
73
72 Sept'03 ____,I 9
77
1'8513 9
79
678
Illinois Div 4s
1949 J .1 8018 82 80
80
Iowa Div sinking fund 543_1919 A 0 9834 _ ___ 98 Ma, 18 ---1
88
., 9
9
9
89
712
Sinking fund 4s
1919 A 0 9734 Sale 9734
98
9734
5
Joint bonds. See Great North
Nebraska Extension 4s__ _1927 fki N 8738 9118 8978
8978 10 8978 9458
Registered
1927
s -___1ii 4 -.
General 4e
M N
ii
1958 M
_78 9
78
114 M31.
791174- --ii 9
71
814 8
94
112
Chic & E III ref dc Imp 4s g 1955 j j ____ 2912 30 Aug'18
_-_.. 25
30
U S Mtg & Tr Co etfs of dep.
*---- 31
29 Sept'18 ---- 22
30
1st consol gold Se
1934 i ji 100 ___ 100 June'18 --- 98 101
General consol 1st 5e
1937 M N -- - - 8412 72 Aug'18 ___ 72
72
US Mtg dr Tr Co etre of dep. - _- 69
73
70 14'4.4 '18 ___ 74) '70
Guar Tr Co etfe of dep
_ - 85
76 July'17 ---- ____ ---Punta money 1st coal 52_1942 / -A- g6 9734 10.4, '13 ___ __ _---Chic & Ind C Ry 1st 58_1938 J .1
12
20
32 M..r'17
____ ---Chicago Great West 1st 48_1959 M S 5612 Sale 5612„ 57 ---33 54
8014
COO Ind & Loulsv-Ref 624_1947 J J 100
Sale 100
100
98 10012
5
j
Refunding gold 5s
j
.<1
___ - 10012 Apr L7
1947
Refunding 4s Series C
1947 .1 j ---- ---- 8412 Apr '17 ---- --- ---Ind & Loulsv 1st gu 4s
1956 J J
Chic Uri & So 50-Yr 4s---1956 j .s -7
-0-12 -7
-8
7812
-- 9
9 J11
).."1
1 7 --- ____ --'
Chic L S & East let 434s
1969 J D ---- ---- 971); Deo '18
Chicago Milwaukee & St PaulGoal gold 4s Series A....21989 J J 71
Sale 71
Registered
e1989
Permanent 4s
2 -ii12 8
1925 .Q
93
2% Fe1)7
j -17111 D
8.
3
118 -1-4
3
- :3
7 :52 -7
g9
ii
Gen & ref Ser A 434s____a2014 A 0 6734 Sale 6714
68
22 6434 70
Gen ref cony Ser B
F A 7734 7938 7812
795
5 74
80
Gen'l gold 3)4,Ser B__e1989 .2 j 66
Sale 88 •
66
5 86
66
General 434e Series C......e1989 j .1 78
7934. 80 Sept'18 ---- 80
8412
25-year debenture 41
7112 71 Sept'18 __-- 8878 74
1934 j j 69
Convertible 414s
1932 1 D 7812 Sale 76
77
20 '711
/
4 78
Chic & L Sup Div g 5s
1921 j j 9418 98
97 Jan '18 ____ 97
97
Chic & Mo Rly Div 50_1926 j j 9012 92
92 July'18 ___ 92
94
Chic & P W 1st g 5s •
1921 j j 97
9912 9834 July'18 __ 9842 98/
1
4
C M & Puget Sd let gu 40_1949 j j 73 75 - 7412 July'18 ....-- 711*
7478
Dubuque Div lst s f 85_1920 j j 98 ____ 9712 Aug'18 ...-- 971
/
4
0912
Fargo & SOU !MUM g 68_ _1924 j g 981
/
4 108 1011
/
4 13604'17 ......
La Crosse & D 1st 5s
1919 .1 J 97 1031
/
4 98 Jan '18 --61Wls & Minn Div g 58
1921 j j 95
9614 95 Sept'18 --_- 95 100
Wis Valley Div let 6s......_1920 j g •97Is ____ 977s M IV i - ..... 97Is
977s
Milw dc Nor let ext 430_1934 S D 82 _ __ 85 July'18 _... 85
85
Cons extended 4348....1934 J D 81
fi5
8114 Fel. '18 _Chic & Nor West Ex 4s 1888-1926
89 Sale 89
89
1 89
89
1987 F A 82,
Registered
8 -- - 8512 Aug'18 ..- 6
1886-1928
8
147
5
1:i:2 8
73
5
1:
148
2
General gold 330
/
4 -Sale (174.
M N 671
88
2
Registered
p1987 Q F -,,- 69
81 ,Oct '16
General 4s
1987 M N 83 8312 8314
8312
4 Dr, 8514
Stamped 4s
1987 M N ---- 81
801
/
4
801
/
4
1 8018 8212
General 5f; stamped
1987 m N iiii _ ..
10_4_12_ ,
10
04
1 su
1y
01,8 ...2
., 10
99
4:
1 104
3
Sinking fund fie
1879-1929 A 0
Registered
1
.
1_12 _w_t_o _ 101 2 A
1879-1929 A 4:1 .
Aju
rjy,i48
6 .......... _0
.4_i_8 .. i-i8
Sinking fund 58
1879-1929 A 0
9&l July'18
9
Registered
1879-1929 A
---- ____ --Debenture 51;
1921 A 0 tool8 ia
9518 May'18 --_- 9s
9612
Registered
1921 A 0 -...." 97 100 Jan '18 ---- 100 100
1933 hi N 92 95
Sinking fund deb lis
93 Aug'18 -...1 93
97
Registered
1933 M N 92
97
9412 May'l• --_ 9412 9412
Dee Plaines Val lat gu 43443 47 M 5 77
2
10112 Oct '16 ---- ____ ---Frem Elk & Mo V let 88..1933 A 0 19_
319 194 105 AP, 1' ---- 101 105
Man G BA NW let 3346_1941 J J 0.5 ---- 88 Jan 1
Milw & 5 L let gu 3348_4941 1 J
Mil L S & West 1st g 644..._1921 M S 15
:
:10012 1-u-g-ia :::: -- lair:
:
511i --.
96
Ext at imps f gold 5s
1929 23 A
- 98 Aug'18 ... 954: 98
Ashland Div 1st g 68_1925 M 5 100 --_- 11178 D.. ,
Mich Div let gold 66_1924 2 5 100 ___ 1021
/
4 May i ,.
;
i6i,
Mil Spar &N W let gu 48.1947 M S 74
89
74 Sept'18 ---- 73 i766iiss
St L Peo & N W 1st gu 50_1948 J J ---- 92
92 Aug'18 ---- 92
93
Chicago Rook 181 & PacRailway general gold 4s
1988 J J 72
73 73
73
5
Registered
1988 J J ---- ----, 713s May'18 -- 7
713: 77
134
Refunding gold 4s
1934 A 0 68/
1
4 Sale 6814
8918 -'22 8212 694
3
20-year debenture 5s
1932 J J -- -. .. . 801
/
4 Aug 18 -- _ - 56
8018
RI Ark & Louis let 4368_1934 M S 88 Sale 66
661s 18 62
6712
Burl C R & N 1st g 58____1934 A 0 85
98
98 Feb '18 --- 98
98
C It! FAN W 1st gu 56 1921 A 0 9912 ---- 9712
-Choc Okla &0 gen g 52__g1910 j J 9214._ _ 97 J11110'17
May'l,
95
ili
0
Consol gold 5s
93 M a V'I..... 93
1952 M N --- .
93
Keok & Des Moines 1st tia 1923 A 0 84
8712 63 Sept'18
57
63
St Paul & K C Sh L 1st 434s'41 F A 6812 Sale 6712
6312
2 50
69
Chic St PM &0cons(
/
1
4
1930 J D 103741 .
10
.5
.
.
34 l043
g 4 iAug'18 _--' 102 10812
Cons 4341 reduced to 310..1930 J D 79
_12 ..4.14. 4 •
. 1 802
85,
1
,
Debenture 5s
1930 M 8 8812 89
89
89,2 - -..9 8518 907s
North WiseJnsin 1st fis
1930 J J 1003s - - - - II' Nov'i a
St P & 8 City 1st g 6s
1919 A 0 9934 100
9934
9934
1 -1T9-34 1564
Superior Short L 1st 58 g.c1930 M 5 8S- 96
95
95 M .Y I's _-_.
Chi()T H & So East 1st 58_1960 J D 5314 67
58 July'18
fi58
grs
) 95
Chic & West Ind gen g Os. q1932 Q M 10053 103 105 July'18 --_- 103 105
Consol 50year 4e
1952 J 1 58/
1
4 6212 6538 Sept'18 -- 64
86/
1
4
Cin H & D 2d gold 430_ _1937 J J .__
69 ..-.....__ 90 MaY'I
0 Find & Ft W 1st gu 441g 1923 M N
88 M.-'I i .- ___ ----- Day & Mich let cons 4346 1031J J 75 --- 96 Jan U' ------Cloy Cin Ch & St L gen 45_1993 J D 6312 7534 63
83 - - :_a___
ii;
6
7
.7
20-year deb 4365
1931 5 2 77
7712 7712 Aug'18 4
2
General 5s Series B
1993 J D 75
45
8814 Aug'18 --86 4
Cairo Div let gold 4s____1939 J 2 65/
1
4 8114 837s M.'17 . _
.
Cin W & M Div 1st g 46_1991 J J 621
/
4 6334 62 June l's -- 82
65
St L Div 1st coil tr g 4s___1990 M N 6612 8314 (IS June'Ig ...„ 83
68
Spr & Col
Div 1st g 48_1940
4
s
6312 ---- 7
M S43
412 2N
...riv
e:r
e -_
---.
,
W W Val Div 1st g 4a____1940 J J
C I St LA C consol 6.4.--1920 M N -ii- -isiz 1o21
:Oct '17
1st gold
k1938 Q F .
_772! ..-:...... 87 DecDeo '17 ----- - ----...::: -Registered
k1936 Q F
88/
1
4 May'i 5
Cm S & Cl cons let g 58_1923 J 5 853s._ 10218 Jan '17 -_::: ..---C 0 C & I gen cons g 611_1934 J J 1011
/
4 ___ 1071
/
4 Apr '17 ...- -_-__:
-.
3
Ind B & W 1st prof 4s
1940 A 0 881s _-__ 94 July'08 --0 Ind & W 1st pref 5s___d1938 Q 2 =.
Peoria & East let cons 46_1940 A 0 -53 - :::: -gals
- Aug-18 :::: io' 5124
Income 48
1990 Apr • 10/
1
4 1212 13 Sept'18 ..--.. -1.2-1-2 -.
13
Cleve Short L let gu 430-1981 A 0 8134 85
8312
8312
2 8312 90
Colorado & Sou 1st g 4s
1929 F A 8512 8534 86 Sept'18 -- 8234
86
'4
Refund & Ext 434e
1935 M N 7134 Sale 713.
7212 33 86
7312
Ft W & Den C let g 6s
1921 J D 97
98
963s
9'7
14 98
9812
Conn & Pas Rive let g 4s
1943 A 0 85 __
_ ..
Cuba RR let 50-year Sa g
1952 J J -- 88 -94 - Feb '18 :::: - - - - Del Lack & Western•
Morris & Ens let gu 330.2000 J D 71
7412 7412
7412
7318
13 '
- 75/
1
-.
4
NY Lack & W 15158
1921 .1 J 10014 103 101
101
10 10058 10212
Construction Ss
1923 F A 95
96
95 Aug'18 ___ 95
98
Term & Improvt 4s
1923 M N ligla .._-- 9234 Jan '18 -__ 9334 93;
Warren
let ref gu g 334s_ _2000 V A .._.
1021
.
/
4 Feb 'Of --- ---- _-__
8
104 85
Railroad.
Ann Arbor 1st g 4s
0*1995 Q J 61/
1
4 55 5118 July'18 -- 511: 59
Atchison Topeka & Santa FeGen g 45
1995 A 0 80 Sale 80
8012 73 80
853s
Registered
1995 A 0 ___ 80
8012 Apr 48 --- 80
80
Adjustment gold 4s
711995 Nov
89 '73
74/
1
4 Aug'18 -- 7134 76
Registered
51995 Nov
iiiie
7312 Jutre
---18
731: 7312
Stamped _
51995
N -"id70
70
1 70
78
Cony gold 414
1955 J D __- 7178 7178
7178
1 717: 87
Cony 4s issue ot 1910
1960,J D 82
90 84 Sept'18 -- 82
4
873
East Okla Div let g 48_1928,M S 8434 91
9112 Aug'18 - --- 9112 911
/
4
Rocky Mtn Div let 4sJ J -1965 - ---- 79 June 18 .79
Trans Con Short L let 48.1958 J J '77 '7814 77 Sept'18 --- 79
7612 8012
Cal-Ariz let & ref 434s' A"1982 M 5
8312 July'18
85
79
S Fe Pres & Pb 1st g 5s
1942 M S -G;
7 iair 9934 July 17 ---Coast
Atl
L let gold 4s--h1952,M S 7858 80 7978
8014 18 "fi
8453
Gen unified 416e
1964J D 76
761
/
4 76
7612 17 75
8212
Ama mid 1st gu gold 5a
1928;M N 9578 99
9534 Aug'18 -- 9558 9534
Bruns & W let gu gold 48_1938 J J 7534 78
45 Sept'17
Charles dc Say let gold 704936 J J 108 --- 12978 Aug '15 -- _L di N coil gold 45
01952,M N 71
713s 72 Sept'18 -- "70
737
Say F dr W let gold 543-1934,1A 0 101 107 115 July'17 _
1st gold 5s
1934'A 0____ 90 105 July'15
Sil Sp Oca St0gu g 4s
1918'J J
9912 May'IS .--_ "ad" -iois
Bait & Ohio prior 3348
1925 J J -gic,
87
88
15 8512 8912
Registered
0*1925 Q J 857s -- 9012 Sept'17
let 50-year gold 4s
1*1948 A 0 7312 7378 7318
7334 32
-firs
Registered
51948- Q J 7214 __ -- 9234 Mar'17 .._
10-yr cony 4368
1933
-, 767s 77
7435s
77
753
4
20
8053
Refund St gen 543 Series A.1995 -J D 78
Sale 78
7812 21 7734 8312
Pitts Juno let gold 6s-1922 J J 9718 ____ 112 Jan 12 ---P Juno & M Div lst g 3348 1925 M N 8018 82 821s Aug'18
-- 811 83l
P L E & W Va Sys ref 48..1941 M N 733s 74
7434 Sept'18.--- 72
76
Southw Div 1st gold 3348..1925 J J 89 82 83
8344
2
85
Cent Ohio R let a g 4348_1930 M S 8312 . _ _ 100 Apr 17 --- 81
CI Lor & W con let g 58_1933 A 0 9934 ____ 9312 Aug'18
-1/5.1-2
Monon River 1st gu g 5s 1919 F A ____ ..._. 10114 Nov'18
-.- _
Ohio River RR let g 548_1938 J D 9112 _
9914 Oct '17 -General gold 5s
1937 A 0 85
88 88 May'18-- 88
88
Pitts Cloy & Tol lst g 68_1922 A 0 99 _ 991s Mar'I4
--- 9918 991s
Buffalo R. & P gen g 5s
1937 M S 99/
1
4 107
997s June'18
99
99714
Consol 4348
1957 M N 8712 99/
1
4 9912 Oct '17 ---- - - All dr West let g 48 gu
1998 A 0 7434._ _ 97 Nov'16 ---Clear & Maly let gu g 58_ 1943 J J ---- - 1031s Fob
'16
Roch & Pitts 1st gold 138_1921 F A 10018 __ __ 101 May'18
.101- 1EConsol 1st g 6.3
1922 J D 10018 10112 100743
10078 ---6 9918 10312
Canada Sou cons gu A 55.-1982 A 0 8658 8634 887a
Sept'18 -- - 86
9134
Car Clinch & Ohio let 30-yr 58'38 J D 78
44
44 Dec 17 --__
Central of Ga 1st gold 5s__ 471945 F A 9914 Sale 9812
991
/
4
2 -9-1312
Consol gold 6s
1945 M N 87 Sale 87
87
3 85
90
Chatt Div pun money g 48 1951'S D 65 80
Mao & Nor Div let g 5s 1946 J J 8514 --__ 78 Aug '17 --_ _
90 May'18
iti"-66"
Mid Ga & Atl Div 5f.
1947 J J 8514 _--- 9.253 June'17
Mobile Div let g 65
1946 5 J 8412 87
8412 Aug'18 - - 'ail; 84i
Cent RR & B of Ga coil g 5a-1937 M N 8253' 84
83 junks 18
83 83
Cent of N J gen gold fis
1987 J 1 10212 103 102 Sept'18 _- 100
Registered
51987 Q .1 ___ 100 101 July'18 --- 10018 101
104
Am Dock & Imp gu 5s_ _1921 J J 9812 1001
/
4
9812 10 98
9912
Lett & Hud Riv gen gu 58 20 J J 9533 10118 9812
100 APr '18 ---- 100 100
N Y & Long Br gen g 48_1941 M S 93 --10012
J
tn
'13 -Cent Vermont let gm g 48 ...e1920 Q F 88 ____ 66 Sept'18
65 6714
Mesa &0fund & impt Si _1929 1 J 7818 __- 9014
Aug'18 -- 80
94
1st consol gold 58
1939 M N 9512 Sale 95
9512
9
9438 10012
Registered
1939 M N _
--1041
,Jan '17 --*No price Friday;latest thus week. a Due Jan. 4 Due
April. • Due Mal. g Due June. h Due July. Ic Due Aug. e Due Oat. go Due Nov. g Due
Dec. s Option sale
-.
'
Eli
-:41- -
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 20
t•
Price
Friday
Sept. 20
Week's
Range or
Last Sale
a
.1
Range
Since
Jan. 1
High No, Low High
Ask Low
Bid
Delaware & Hudson9314 -94
Sept'18
94
9312
97
j
J
1922
1st lien equip g 4As
8612
3 79
8058
79
80
1943 M N 79
1st & ref 48
85.2 00
-18
July
8
867
1
861
8618
0
A
1935
bs
cony
20-year
71
76
7214
-Aug'18'
7034
7214
Alb & Susq cony 3;is___ _1946 A 0
10112 10112
REUSS & Saratoga 1st 7s 1921 IN N 10214 104 10112 Aug'18
Grande
Denver & Rio
6012 37 6012 69
1936 .1 J 6318 Sale 6318
1st cons g 45
12 68
72
72
7178 Sale 7178
1936 J J
Consol gold 4s
7614
-- 70
Sept'18
8
705
____
71
D
J
1928
bs
Improvement gold
55
5512 11 4814 59
1955 F A 5512 Sale
1st & refunding 5s
37 Aug '17 --95
0
J
1939
5s
g
go
1st
June
Gr
ailRlo
6114 Apr '11 ---1940 J J ---Rio Gr Sou 1st gold 4s
39 July '17 -1940 J J
Guaranteed
./12
64 Sept'18 -- -6-3 - -6
64
8
7
-3
-6
J
J
4(3_1939
gold
1st
Rio Cr West
6 50
55
51
4
503
Sale
51
r1,4011vItge & coil trust 4s A 1949 A 0
82 Dec '16
Det (It Mack-1st lien g 45..1995 J D --_- 70
7512 July'16 ---89
1995 J D
Gold 45
7712
75 Sept'18 -- 73
75
Det Riv Tun Ter Tun 4)is 1961 IN N 73 ____
9634 9712
9634 June'18
9214
J
J
1941
5s
gen
Nor
&
Dul Mlasabe
97
---May'18
97
97
9178
90
0
1937 A
Dul & Iron Range 1st 5s
10512 Mar 1)81 --1937 A 6
Registered
I 8 -- 82
87
Mar'
87
87
J
1937
J
Os...
g
Atl
&
Shore
Dul Sou
9312
90
8718 ____ 93.2 June'18
Elgin Joliet & East 1st g 58..1941 m N
5 100 101
103
1920 M S 100 100.2 100
Erie 1st consol gold 7s
178
-78
'18
Apr
78
7818
____
N
IN
1947
4s
g
ext
1st
N Y & Erie
9618 9018
9618 June'18
1919 M S 9318 _
2d ext gold 55
9312 Jan '18 -- 9312 95
1923 m S 84
3d ext gold 433s
-'17
9912
8
947
96
July
0
A
1920
4th ext gold 58
9434 Nov'15 --1928 J D
5th ext gold 48
10018 10038
9934 10038 July'18
N y L E & w ist g fd 78_1920 M S
69
6 65
6612
Erie 1st cons g 4s prior...1990 J J -6-012 Sale 66
84 Dec '16
1996 J J
Registered
7 49.2 5714
5512
1st consol gen lien g 48_1996 J J 5338 -Salo 53$8
73 June'16
1996 J J
Registered
7514 71)
7812
7812 7912 7812
Penn coil trust gold 45..1951 F A
16 42
50
48
48
Sale
48
A
Ser
1953
A
45
0
cony
-year
50
3
4978
4212
48
48
4334
8
1953 A 0 475
do Series 11
5 4812 56
51
52
53
0 51
1953
Gen cony 4s Series D
8734 93
8978 90 July'18
Chic & Erie 1st gold 58..._1982 IN N 82
10678 Jan '17
Clev & Mahon Vail g 55_1938 J J
-61412 606 100 100 May'i 8
J
Erie & Jersey 1st s f Os._.1955 J
96
96
J 96 10378 96 Aug '18
1957 J
Genesee River 1st s f (5s
1935 A 0 10018 ____ 11012 Nov'17
Long Dock consol g 6s
'18
103
103
Ja.
99
____
foi
N
1922
M
6s
gu
cur
1st
Mt
Coal &
J 821s ____ 10212 July'17
1943 J
Dock & Impt 1st ext 58
85
85
1910 M N 80 ____ 85 Ji‘. '18
N Y & Green L gu g 5s
80
75 July'18
80
70
74
J
1
1937
5s
ref
lst
N Y Susry & W
10014 Dee '06
1937 F A
25 gold 4)4s
61
60
60 June'18
1940 F A ---- 69
General gold 5$
Terminal 1st gold 58-1943 M N 7614 ____ 108 Jan '17 ---1940 A 0 80 ___ 108 Jan '17 -Mid of N J 1st ext 5s
66
62
6512 Sept'18
Wilk & East 1st go g 58_1942 J D 6312 67
2312 Jan '17
Ev & Ind 1st cons gu g 6s 1926 J J
97 Nov'17
J -tidEvansv & T II 151 cons 68._1921 J
8512 June'17
1942!A 0
1st general gold Os
108 Nov'll
---Mt Vernon 1st gold 68_1023 A 0
_- 05 June'12
Suit Co Branch 1st g Os,.1930 A 0
81 -a11-2
82
8112 July'18
Florida E Coast 1st 40-1959 J D 73
92 Aug '10
Fort St U D Co 1st g 4;68-1941 J J
Oct
____
'17
J
5612
55
J
48.1928
g
1st
Gr
Rio
&
Worth
Ft
8512 June'16
/ Hous & Hen 1st 5s._ 1933 A 0 ---- 88
Gal,
98 92
94
9412
Great Nor C B & Q coil 4s 1921 J .1 938 Sale 9358
9312 Aug '18
51921 Q J
9134 9334
Registered
4 8718 Sept'18
8614 00
1st & ref 43is Series A _1961 J J 8614 -863_
96 June'16
1061 .1 J
Registered
8618 8912
1933J ji 8438
- 8912 Apr '18
St Paul M & Man 4s
108 Apr '18
1933 J .1 10218
108 108
1st consol g Os
1933 J j 9918
118 Apr '17
Registered
9134 Aug'18
6114 95
Reduced to gold 40_1933 J j 9114 02
J 8553 ____ 10212 May'16
1933 J
-Registered
81 12 85
Mont ext 1st gold 48......1937 J D 8118 8312 8312 Sept'18
1937 J D 801s ___ 9512 Mar'16
Registered
85.2 Nov'1.5
Pacific ext guar 4s £_ -1940 J J
E Minn Nor Div 1st g 48..1948 A 0 7414 ____ 8018 Dee '17
1019-14 1.-(161,
10014 May'18
1922 J J 10018
Minn Union 1st g Os
2 105 10518
105
105
1937J .8 10258
Moot C 1st, gu g 68
13614 May'06
1937 J J
Registered
95
95 Sept'18
1937 J J 92
9258 95
1st guar gold 55
10934 km, '16
Will & S F 1st gold 5s.._1938 J D 9238
- I:7914 6934 Dec '16
Green Ilay & %V deb ctfs "A"--- Feb
-712 812 Tlz Aug '18
Feb
918
7
Debenture ctfs "13"
83
76 Aug'18
75
Gulf & S I 1st ref & t g 68__51952 J J 7414 76
76
75 Sept'18
7473 78
Hocking Val 1st cons g 4;is 1999 J J 75
J
7312 June'18
1999 J
7312 7312
Registered
1948 A 0 7178 ---- 8214 Aug 17
Col & 11 V 1st oxt g 48
6712 75
1955 F A 7034 ____ 75 Feb '18
Col & Vol 1st ext 48
_ 9018 Apr '17
Houston Bolt & Term 1st 5s_1937 J J 8078
9389 Sept'18
87 -6EIllinois Central 1st gold 4s 1951 J J 90
92 5001•17
1051 J J 69 _
Registered
77 July'18
77
1951 1 J 631s
77
1st gold 3lis
1951 J J 6158 ___- 84 Nov'15
Registered
_
80 June'17
Extended 1st gold 3;0_1951 A 0 631 1
1)51 A 0 615s
Registered
80 July'09
1951 M S
1st gold 3s sterling
1951 NI S
Registered
-ii
Jury
1952 A 0 -fa- -id
4
7212
Collateral trust gold 45
9532 Sept'12
1952 A 0
Registered
7813 -3-78
Sale
31
78
N
-8
M
8
777
1955
1st refunding 4s
64
71
6778
May'18
71
1952 J J
70
Purchased lines 3s
73
Sale 73
1 7118 7612
73
1953 M N
L N 0 & Texas gold 4s
70 _ _ _ _ 72 Feb '18
72
1953 M N
72
Registered
---Cairo Bridge gold 4s_ 1950 J D 705s 7612 89 Apr '17
---- -Litchfield Div 1st gold 35_1951 J J 53 ____ 79 Feb '14
6418 ____
Loulsv Div & Term g 3s 1953 J J 6314 6618 6618 July'18
83 Aug '12
J
1953 J
Registered
102 June'16
1921 F A 9558
71
Middle Dly reg 55
_ 5814 Apr '18
6814
5814 WI
Omaha Div 1st gold 3s.. _1951 F A
ao ai 82 Marls
62
5.1951 J J
62
St Louis Div & Term g 3J 6414 __ 6534 Aug'18
1951 J
63
6531
Gold 30
6412 64.12 80 June'16
J
1951 J
Registered
1951 J J __- 7914 8058 NoViti
Spring( 1)Iv 1st g 3As
7S5 79
1951 F A __-_ 7834 7834 Aug'18
Western lines 1st g 4s
92 Nor 1(1
1951 F A _
Registered
11712 May'l()
1923 J D
Bellev & Car 1st 6s
90 Jan '17
Carb & Shaw 1st gold 48.._1932 hi S
go
-66
9478
-6478 -iig Chic St L & N 0 gold bs 1951 J 13
114 Feb 'II
1951 J D
Registered
_ 6512 July'18
2
1951 J D 6358
2 -6E1-65-1Gold 33s
_
1951
Registered
D
8434
J
86
15
A_1963
-61
8512
2
Series
-85i8.112
Os
ref
t Joint 1st
1951 J D 6834 -___ 7018 Nov'17
Memph Div 1st g 4s
65 Nov'17
1951 J D
Registered
89 Feb '18
80 -80 St Louis Sou 1st gu g 48..1931 M $ 7618
89 Apr '17
7118 ___
1950 J J
___
Ind Ill & Iowa 1st g 4s
9578
94
9312
May'18
90
931
1st
N
Nor
&
Int Great
g 58-1919 M
8212 June'17
James Frank & Clear 1st 48_1959 J D 76 _
621k
6-13g 5914
58
2 58
591
Kansas City Sou 1st gold 38_1950 A J
63 Oct '09
1950 A 0
Registered
76
Sale 75%
7612 13 7334 80
Apr 1950 J .1
Ref & Irnpt 58
72
8 711s 78
Kamm City Term 1st 4s___1060 I J 7112 7134 711s
85
92
85
1 78
85
Lake Erie & West 1st g 58..1937 1 J 84
J ____ 80
1941 J
8018 Feb '17
2d gold Os
8012
894
0
A
1945
Mar'17
s
North Ohio 1st guar g5
2 84s 9434
8478
Leh Val N Y 1st gu g 4558-191° J I 847i Sale 8478
J
89
Oct'17
7918 1910 J
Registered
.1-8 78
ff
1 -r74
77
77
76
Lehigh Val (Pa) cons g 45_2003 M N
0012
88 Aug'18
87
2003 IN N 8218 85
General cons 410
a
1177
New York Bond Record-Continued-Page 2
SEPT. 211918.]
BONDS
N. Y. STOCK EXCHANGE
Week endlng Sept. 20
Price
Friday
Sept. 20
Week's
Range or
Last Sale
2,31
"'
Range
Since
Jan. 1
High No.1 Low High
Ask Low
Bid
1, 96 102
96
96
100
Leh V Term Ry 1st gu g bs__1911 A
113 Marti
1941 A
Registered
9818 357, 9734 99
9778 Sale 9778
Leh Val RR 10yr coll 68__n1928
9614 101
99 Aug'18
9738 102
Leh Val Coal Co 1st gu g 58_1933 I J
105 Om '13
1933 J J
Registered
77,4
1933 J J
1st Int reduced to 4s
70
-fci
70 July-ii
1945 M S 7218
Leh & NY 1st guar g 4s
1915 M S
Registered
95
4
-513
-45
18
Apr
89's
94
Long Isid 1st cons gold 5s__51931 Q .31
_
.
9414 June'16
8018 87
51931 Q J
1st consol gold 4s
7158 7212
1938 J D 72 ____ 7178 Aug'18
General gold 4s
85
85
1922 IN S 85 ____ 85 Sept'18
ot;rdy 4gsoId 4Yis
Fc
G
9914 Oct '06
1932 J D
71 -ilT8
7118 Aug'18
8 78
1949 IN IS -711Unified gold 48
97
97
8612 97 Jan '18
1934 J D
Debenture gold 5s
75
70
70
Sale 70
70
1937 IN N
20-year p m deb bs
7218 7012
1949 M S 71 ____ 7218 Aug '18
Guar refunding gold 4s
____
95 Jan '11
_
1949 IN S
Registered
_
__ 10314 Apr '18
NYB&MB1stcong 58_1935 A 0 95
98
9212 Apr Is ---- 9212 0212
1927 M S 95
NY&RB 1st gold 5s
Nor Six B 1st con g gu 5s_o1932 Q J 82 ____ 100 Aug '16 ---- _
1927 M S 8512 9312 90 Aug'18 ---- 8714 90
Louisiana & Ark 1st g 5s
N 10678 11078 11078 July'18 ---- 109 11078
m D
Louisville & Nashv gen 6s 1930 1
9438 ____ 931s July'18
100
1937
Gold 5s
1 8
8312
9'3318 8
8312 8312
J 83
4182
98
1940 J
Unified gold 4s
9653 Jan '17
1940 J J
Registered
-93 -66.-6Si4 93 Sept'18
1931 M N
Collateral trust gold 5s
10018 10018
10018 Aug'18
19193 D
ELI & Nash 1st g Ils
87
87
1931 M N 9314 9512 87 Apr 'Is
L CIn & Lox gold 4 iis
J 101 104 106
1930
1st gold 6s
N 0&
1930 1 J 9378 ____ 10418
2d gold 6s
7212 ____ 9012 Au r '12 ---Paducah & Metn Div 4s 1946 F A
St Louis 131v 1st gold 68_1921 M E3 10014 ____ 10112 Aug'18 -- 10018 10112
1980 IN El 57 ____ 5718 July'18 ____ 5718 5814
25 gold 3s
8018
74
1955 1W N 7433 7678 78 Aug'18
AU Knox & Cin Div 4s
9518 July'18
9518 9518
Atl Knox & Nor 1st g 5s.._1946 J D 9114
Hender Bdge 1st s f g 6s 1931 M S 10158 10312 10312 Sept'18 ....102 10312
7434
7712 7434 Aug '18 _-- 73
Kentucky Central gold 4s_1987 J J 75
9012
2 90
9058
96
Lex & East 1st 50-yr 58 gu 1965 A 0 9012 93
8318 8318
__ 8318 Aug'18
L&N&M&M1stg4;01945M S 8014
67'14 6812
8
15
714 SF
65
eepbt:0
L & N-South M joint 4s 1952 J .1 08 ____ 9
----,____
51952 Q J
__Registered
9618
-g61-8 __-- 95 Aug'18 --; 95
N Fla & S 1st gu g bs
5
47
I 7938 ____ 9778 Ms4'16
A
N & C Bdge gen gu g 40_193
Pensac & Atl 1st gu g fis 1921 F A 10038 10812 101.2 July'18 ----' 10112 10212
99
99
99 Apr '18
19'36 F A 9314 100
S & N Alit cons gu g 5s
9312 Jan '18 ---- 9312 9312
Gen cons gu 50-year 58_1903 A 0 8458
60
1945 M S 6158 ____ 60 July'18 ---- 60
L & Jeff Mtge Co go g 4s
1936 M N
Manila RR-Sou lines 4s
-_-_-_-_ 77 M;r7iii
Mox Internat 1st cons g 48-1977 M S
---751,2 Novio
9
1977 M S
Stamped guaranteed
June'17
Midland Term-1st s f g 58_1925 J D
Minneapolis & St Louis1927 .1 13 101 ____ 101 July'18 -_ 101 104
1st gold 78
_
103 Oct '16
1921 A 0
Pacific Ext 1st gold 6s
7114
74
2 7114 -7934
1334 M N 66
1st consol gold Os
7114
46
41
4458
4412
46
1949 IW 13 45
1st & refunding gold 4s
46
7,1
480
40
7
40
_g
Ref & ext 50-yr Os Ser A 1962 Q F
115
'
4
Feb
Des M & Ft D 1st gu 4s 1935 J J
7534
8112
Sept'18
D
J
12
1938
bs
Iowa Central 1st gold
5 4012 4614
4534
1951 M S 4514 4512 45
Refunding gold 4s
3 80
8612
0 jan847
82
9
MStP&SSMcong4sintgu_1938 J J ____ 80
---1st Chic Term 5 f 4s
_
____
851s Nov'17
M N 88
1 JJ
26
'4
M SS M &A 1st g 4s intgu1_9
1949 J J
9412 95 Dee '16
Mississippi Central 1st 5s
Missouri Kansas & Texas3 601g 6418
6218
A 6214 6378 62
1990 .1 D
1st gold 48
4 28
35
3412 3034
3034
32
g1990 F
2d gold 48
32
32 Sept'18 -- 32
32
1st ext gold 5s
40 Aug '18 --- 40
45
40
1st & refunding 4s
42 1‘14018
42
41
_ MM NS 3812
44
Trust Co cents of dep _ 2_139..(_)4
2612 Sept'18 --- 2514 34
Gen sinking fund 40_1936 J- J 2612 30
---3712 40 Nov'16
St Louis Div 1st ref g 48..2001 A 0
____
40
35
5% secured notes "ext"_'16
2 ApT"-.15
-661Dail & Waco 1st gu g 5s 1940 M
58 Jan '18
62
58
58
Kan City & Pac 1st g 4s_ _1990 F A
36 Apr '18
37
36
1942 A 0 3612
g 58
Mo K & E 1st
60
60
62
60
60
M K & Okla 1st guar 58..1942 M N 59
5634
49
M K & T of T 1st gu g 58_1942 M S 4958 5212 4912 Aug '18
Dec'16
51
60
, Sher Sh & So 1st gu g 5s 1942 J D
40 Jan '18
-i6- 40
50
Texas & Okla 1st gu g 55..1943 M
Missouri Pacific (reorg Co)
86
29
8358 84 Aug'18
1st & refunding 58 Ser A 1965 F A 81
8978 92
8978 Sept'18
1st & refunding 5s Ser Ba_1923 F A 8973 91
1st & refunding Os Set C..1926 F A 8514 8712 8514 Sept'18 -- 8514 90
57
Sale 5678
5712 62 5518 5934
1975 M
General 48
1 98
9912
9812
9812 Sale 9812
Missouri Pac 1st cons g 6s.._19201M
58 ____ 60 July'17
40-year gold loan 4s
82 Apr '17
M
____ __-5I M
48
1193
3d 7s extended at 4%
100 Feb '13
____
13oonv St L & S 1st Os gu_1951 F A
70
9712 Dec'13
1948 J 13 -63
Cent Br U P 1st g 48
83
-80
7912 July'18
Pac Rot Mo 1st ext g 4s 1938 F A 79
85 __
10034 Am '18
2d extended gold 5s___ _1938 J
3 0092
9212 9312 9134
2 -6E1-8
St L Ir M & S gen con g bs_1931 A
102 July'14
Gen con stamp gu g 58..1931 A
7538 7512 7538
7512
1929 J
-fir; -763-4
Unified & ref gold 4s
8078 Oct 17
Registered
2 -66170
M
Sale 70
3 -1
7018
2 72
929
193
Riv &G Div 1st g 4s__ _1
_ 78 Sept'15
86
Verdi V 1 & W 1st g 5s_ 1926 M
1 idi 10283
Q
10112 i-j(2. 10112
27 J
192
10112
5,
Mob & Ohio new gold 6s
95
9212 10678 95 Ma/'18
92
1st ext gold 6s
63
66
65 Aug'18
6512
65
1938 M
General gold 48
__-Montgomery Div 1st g 55_1947 F A 8314 ____ 93 J.Py '17
833s 87
90 Aug '17
____
1927 J
St Louts Div 5s
77 Dec '17
7314 78
1931 J
St L & Cairo guar g 48_
101 9518 100
9812 June'18
Nashv Chatt & St L 1st 58..1928 A
99.2 10312 11014 Mar '17
____
1923 1
Jasper Branch 1st g 6s
30 May'17
---- 30
Nat Itys of Mex pr lien 430_1957 J
35 Aug '16
Guaranteed general 4s ..1977 A 0 --_- 30
Feb '13
Nat of Isilex prior Bon 4;0..1926 J
- -if 29817g
1951 A 0 21
1st consol 4s
64
60
- 63 Aug '18
1953 J
New Orleans Term 1st 4s
9414
1 92
9238
8 Sale 9212
N 0 Tex & Mexico 1st 6s_ ..1925'J 13 -6i-325 40
50
50
Sale 4914
1935 A 0 50
Non-cum income 5s A
New York Central RIt9378 127 9112 95
N 9312 Sale 9312
1a35
Cony deb Os
75
3 69
6918
1998 F A 6918 Sale 69
Consol 4s Series A
7858 20 7712 85
2013 A 0 7712 Sale 7712
Ref & Imp 40"A"
New York Cent & Hud Riv7434
1 69
69
Sale 69
69
1997 J
Guar 3;is
6652 Aug '18 -- 6058 7114
1997 J J 13655 _
Registered
7734 33, 7434 8112
1934 IN N 7714 Sale 774
Debenture gold 48
92 Dec '16
Registered
g
6112
6112
A 61
- -6513
F N
62
34 rA
1998
Lake Shore coll g 3;is
61
____ 61
61 May'18 _- 61
Registered
6212 6873
7012 63.2 Aug'18
Mich Cent coil gold 31is 1998 F A 60
_
---- 6918 75 Mar'17
Registered
A
F D
9J
98
198
Battle Cr & Stur 1st gu 33.1
81
9618 Apr 17 ._
Beech Creek 1st gu g 48_1936 J J
1936 3 .1
9534 Nov'16
Registered
104 May'18
_
1936 J J
-_
8418 -62::
2d guar gold bs
1936 J J
Registered
Beech Cr Ext 1st g 30..51951 A 0
_ 89 Nov'10
1981 J D 6553 _
Cart & Ad 1st gu g 4s
-Clouv & 03W0 1st gu ic 58..1942 J D _
72
-fi- --io 72 7912
Mob & Mal 1st gu g 48_1991IM S 7034 76
19861F A 68 ____ 8912 Feb '16
---NJ June R guar 1st 4s
N 6414 ____ 80 May'17
---- -N Y & Harlem g 3
9558 9558
N V & Northern tnt g 58_1023 A 0 9234 ____ 9558 June'18
---1
July. n Due Sept. 0 Due Oct. 3 Option We.
• No price Friday: late3t bid and asked this week. a Due Jan. 0 Due Feb. I Due Juno, 5 DUO
I
1178
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 20.
New York Bond Record—Continued—Page 3
tr!
Price
Friday
Sept. 20
Week's
Range or
Last Sale
Range
Since
Jan. 1
N Y Cent & H R RR (Con.)—
Ask Low
High No. Low High
Bid
NY & Pu 1st cons gu g 45_1993 A 0 7214
744 Mal'18 .. •
724 7412
Pine Creek reg guar 0s____1932
101 . _ 113 May'15 •.
R W &O con 1st ext 5s__h1922 A
-g19514
95,2 97,2 9514
4
Rutland 1st con g 4)is___1941
8714 0714
69 ____ 6714 June'18
Og & L Cham 1st gu 4s g _ 1948
60
- 60 June'18
60 63
Rut-Canada let gu g 48-1949
55
70 Jan IS
70
70
St Lawr & Adir let g 58___1996
82 _.
101 Nov'16
2d gold 6s
1996 A 0
103 Noy'16
Utica & 131k Riv gu g 4s 1922
947
9114 ---- 94 Apr '18
92
Lake Shore gold 3Xs
1997
7012 7178 7178 Sept'18
70
75
Registered
1997
65
71
73 May'18
7212 73
Debenture gold 48
1928
8514 85,2 8512
8513 25 82
8712
25-year gold 45
1931
_ 83% 84
8414
81% 80,2
Registered
1931
8378 Nov'17
_
-—
Ka A &0 R let gu 0 50-1938
--—
Mahon C'l RIt 1st 5s
1934
90
_ 1041j Dec '15
_
Pitts & L Erie 2d g 5s__a1928 A 0 prig
103 May'l7
Pitts McK &•Y 1st gu 6s 1932
._
.
-- 13018 Jan '09
2d guaranteed 65
1934
10114 _
12314 Mar'12
Michigan Central 5s
1931
8818 -- 9912 Aug '17
Registered
1931
92 Apr '18
- 98
92 92
4s
7412 Aug '18
1940
70 -741s 75
Registered
-__
1940
87 Feb '14
L & S 1st gold 30_1951
90 June'08
1st gold 3s
1952
70
_ 7978 July'17
20-year debenture 4s
1929 A
7712 Sept'18
7758 80
7234 8012
N Y Chic & St L 1st g 4s A937 A 0 77% Sale 77%
78
7513 82
Registered
1937 A 0 754 -- _ _ 85 Nov'17
_
Debenture 4s
1931
62 6434 6378 Sept'18
(II
65
West Shore 1st 45 guar
2361
76
73
73
7334 "io 73 80
Registered
2361
71
70
71
7114
8' 71
71334
N Y C Lines eq tr 58_1918-22
____ 100 10013 Jan '17
--- - Equip trust 4345_1919-1925
9818 July'17
7718 10 7718 88
NY Connect 1st gu 40 A 1953
A -.
7/1;-8-711-2 7718
NYNH& Hartford—
Non-cony deben 45
1947
-- 56 Sept'17
Non-cony deben
51 ____ 55
55
55
5 55
Non-cony deben 3Ms___ _1954 A
61
59 Sept'18 ...-- 5012 62
Non-cony deben 45
1955
____ 59
5978 Sept'18 .-- 52
6118
Non-cony deben 45
1056
____ 59
60 Sept'18 ....-- 554 61
Cony debenture 3;is
1956
____ 59% 60 Sept'18
5118 60
Cony debenture 88
1948
8818 Sale 8818
8818
2 82 90
Cons fly non-cony 48
50 Oct '17
1930
A 55 -Non-cony deben 4s
1954
____ 60
9112 Jan '12
Non-cony deben 4s
60 July'18
1055
- 60 60
Non-cony deben 4s
1955 A
.....
Non-cony deben 45
1956
Harlem R-Pt Ches 1st 46.1954
71% ---- 73 Aug'18
-66- 73
79% Dee '17
B & N Y Air Line let 4s....1955 F A ___
Cent New Eng 1st gu 4s 1061
____ 70 60 Sept'13
Hartford St fly 1st 45
1930
Housatonic It cons g 58
1937
N 89 ---- io(i1;
Naugatuck RR 1st 4s
1954 MN _-87 July'14
N Y Prey & Boston 4s_ 1942 AO
83 Aug '13
NYWches&131stser14)01940 J J "ES - Sale 54%
55
3 45 00
Boston Terminal 1st 4s
1939 AO
_
New England cons Ers
1945 J .1 81
Consol 4s
1945 J J 68 ____ "faProvidence Secur deb 4s_ A957 MN ---- 47
57 Apr '16
Prov & Springfield 1st 5.8_1922 Si
9978 Dee '13
Providence Term 1st 4s
1950 MS
8838 Feb '14
W & Con East 1st 41,0_1943
NY O&W ref 1st g 4s____g1992 MS 6312 -6578
Sep
-iii
63l 6S'
Registered $5,000 only..g1992 MS 63
9212 June'12
General 48
1955 JD 50 65
60 Apr '18
-80
60
Norfolk Sou 1st & ref A 5s 1961 FA 6418
0512
_ 6512
6538
80
Nor! & Sou 1st gold 58
815 June'18
1941 MN 827s
8112 8412
Nor!& West gen gold 6s
1931 MA 10512 106
106
3 10514 108
Improvement & ext g 65 1934 FA
106% 122 Nov'16
---New River 1st gold Os._..1932 AO 10214 10612 1974 Oct '17 --_
N & W Ry lat cons g 4s1996 A0 7914 7934 7912
7934 22 7912 85
Registered
1996 A0
9312 Dee '16
DWI 1st lien & gen g 4s_1944 J J 78 Sale 78
78
i 71 78's
10-25 year cony 48
1932 JD — - 12378 May'17
10-20-year cony 4s
1932 MS
11714 May'17
10-25-year cony 431s
1938 M S 10414 ____ 104% 104%
5 10312 10512
Pocah C & C joint 4s
1941 SD 77
7812 784 July'18 ..— 7818 854
C C & T 1st guar gold 53_1922 J J 9534 -- -- 103 Sept'18
Solo V & N E 1st gu g 45_1989 MN
7712 Aug '18 ---- 7713 7918
7134 77
Northern Pacific prior lien
railway & land grant g 48_1997 GI .1 80 Sale 80
81
54 79
8414
Registered
1907 @
784 July'18 --- 784 80
7878 79
General lien gold 3s
a2047 Q F 57
5713 5712
584 17 568 6112
Registered
6114 June'17
a2047 Q F 56
59
Ref & imp 4 As ser A
2047 J J --- 8213 83 July'18 ---- 83
8538
St Paul-Duluth Div g 48..1996 SD 74 8112 74 Aug '18 ---- 74
75
St P & N P gen gold Os...1923 FA 10018 105 10118 July'18 ---- 1004 103
Registered certificates 1923 QA 1004 104 10334 Sept'17
---St Paul & Duluth 1st 58_1931 FE 9312
107 Oet '18 --•
1st consol gold 48
887s M ar'17
1968 JD 6714 83
Wash Cent 1st gold 4s
3612 Dee '16
1948 QM 59 85
Nor Pao Term Co 1st g 8s...1933 J J 10514 10812 10634 July'18
Oregon-Wash 1st & ref 48
1961 J J ____ 72
7178
71%
1 71
75
Pacific Coast Co 1st g Se,.....1946 J D -_ __ 8378 8412 May'18 --_. 82 95
Paducah & his 1st s f 4Ms....1955 J J - __ 100 10018 Feb '17
Pennsylvania RR 1st g 413_1923 MN 954 ___. 9312 July'18
-1W4
Consol gold 5s
1919 MS 974 ____ 100 Aug '18 ---- 100 100
Registered
1919 QM 9712
Consol gold 4s
1943 MN 83
88 July'18
88 88
Consol gold 43
1948 MN 83 8413 83
85
12 83 90
Consol 4 As
1900 FA 934 9434 92%
94
10 9278 99
General 434s
JD
1965
86
Sale 88
86% 47 86 92
Alleg Val gen guar g 4s
1942 MS 82 8638 8912 Nov'17
D R fill& B'ge 1st gu 4s g_1936 FA 8118
_ 8412 Sep '18
Phlla Bait & W 1st g 40..1943 M N 82%
92 Aug '17
Sodus Bay & Sou 1st g 58_1924 J J
102 Jan '93
_Sunbury & Lewis 1st g 48_1936 J J 7813 --__
TINS RR & Can gen 48..1944 M
8438 ____ "E" Dee '17
Pennsylvania Co—
Guar 1st gold 4s
1921 J J 08 Sale 97
98
8 9618 984
Registered
1921 J J 95
9712 July'18 —
9534 9713
Guar 3;is coil trust reg A_I937 M S 78 ____ 87 Feb '17
Guar 34s coil trust ser 13_I941 FA 7312 7518 78 July'18
"iti"
Guar 3s trust Ws C
1942SD 74
8114 July'17
78
Guar 3;4s trust ctfs D
1944 SD 7413 79
3734 Deo '18
Guar 15-25-year gold 4s 1931 AO 824 86
824 July'18
824 84
40-year guar 4s ctfs Ser E_1952 MN 78 -- 84 June'18 -- 84 84
Cm Leb & Nor gu 4s g
1942 M N 80 8734 86 Oct '17
Cl & Mar 1st gu g
MN 85 ---- 9614 May'17
CI & P gen gu 4s Ger A_1942 J J 93
9834 May'18
-5E5; -6634
Series B
1942 AO 894
104 Dee '15
Int reduced to 334s 1942 A0 86% ___ 9614 Feb '12
Series C 3;is
1948 MN 8012
9018 Oct '12
Series D 3)0
1950 FA 8012 ____ 8813 Feb '17
Erie & Pitts gu g 3;is B_1940 J J 83,4 -- -- 88 Apr '17
Series C
1940 J J 8314
9018 July'12
Or H & I ex 1st gu g 40_1941 J J 81,4 -- 81 Aug '18
81
81
Ohio Connect 1st gu 4s
1943 MS 7414 ____ 93 May'14
Pitts Y at Ash 1st cons 58_1927 MN 93 ____ 93 May'10
Tol W V &0 gu 430 A 1931 J J 8712 ____ 9834 Apr '17
Series B 4%s
1933
J 8713 ____ 92 Dee '17
Series C 4s
1942 MS 7713
_ _ 8818 Sept'17
P C C & St L gu 40 A.:1940 AO 9134 9313 9134 Sept'18
661; -921;
Series B guar
1942 AO 91 100
9113 June'18
9112 9112
Series C guar
1942 MN 91
99 June'17
Series D 45 guar
1945 M N 9038
90 Aug '18
-lig- 90Series E 33'4s guar gold..1949 FA 90,
8 -___ 9012 Sept'18
87
9013
Series F guar 4s gold...1953
D 9038
91
91
4 91
91
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 20.
I
1
..,s
.
Price
Friday
Sept. 20
[VOL. 107.
Week's
Range or
Last Sale
i4
2
"4
Range
Sines
Jan. 1
P 0 C & St L (Con.)
Bid
Ask Low
High No. Low High
Series GI 41 guar
1457 M N 9038 9314 91
01
5 8878 91
Series I cons gu 4 tis-1963 F A 91
93
9218 Oct '17 ---- ____ __
C St L & P 1st cons g 5s 1932 A 0 9712 ____ 10012 May'18 --- 100 10012
Peoria & Pekin Un 1st Os g 1921 Q F ---- ---- 100 J11,10'17
---- ---- ---2d gold 4)0
b1921 M N ---- --__ 87 Mar'16 -Pere Marquette let Ser A 58_1956 -- 7912 Sale 7912
803s 20 -7912 -823s
let Series B 4s
1958 — — 6413 ---- 6438
644
1 02.2 66
Philippine fly let 30-yr a f 481937 J J 45
50
45 July'18 ---- 44
50
Pitts Sh & L E let g 5s
1940 A 0 96 ____ 99 Jan '18 --- 99
99
1st consol gold 5s
1943 J J 90 ____ 9714 Dee '17 -- ____ ___Reading Co gen gold 4s
1997 J J 8034 Sale 80%
8134 47 8034 86
Registered
1997 J J *7512 8213 8113 June'18 --- 8112 8112
Jersey Central eon g 48_1951 A 0 ____ 83
8112 Sept'18 ---- 8114 8(3
Atlantic City guar 4s g....-1951 J J --_- ---- ---...__ — ___ ---St Jos & Green Tel let g 48..1947 J J 60 ____ 63 Aug 18 --- 63
63
St Louis & San Fran (reorg Co)—
Prior lien Ser A 43
1950 J J 5812 Sale 5812
5878 38 5513 61
Prior lien Ser B 5s
1950 5 J 7113 Sale 7114
72
19 66
75
Cum adjust Ser A 6s____51955 A 0 6818 6878 6878
687
8 60
70
Income Series A Os
514 pale 5014
5113 43 44
h1960 Oct
54
St Louis & San Fran gen 8s1931 J J 101 ____ 10038 Sept'18 ---- 10012 10114
General gold 5s
7
1931 J J
96 Aug'/8 -- 91
974
St L de 8 F RR cons g 48-1996 J J ---- ----78 May'16 _— ____ ......Southw Div 1st g 5s
1947 A 0 80 ____ 00 May'17 ---K c pt s & 34 eons g 68_1928 M N 994 _--- 9918 Sept'18 --- 9938 1024
K C Ft S dt M Ry ref g 451938 A 0 6412 Sale 6412
6512
7 62 69
K c .1, m R& s 1st gu 58_1929 A e) 87 92
8518 Aug '18 --- 8518 8518
St L S W let g 45 bond ctf8....1989 M N 06 ---- 66
66
3
6375 6812
2d g 4s Income bond ctfs-p1989 -I J ---- 5478 55 Aug '18 ___- 5012
55
Consol gold 48
1932 J D 594 Salo 59
5918
4 57
04
1st terminal & unifying 5.1_1952 J J 583 Sale 5634
5912
5034
3 52
Gray's Pt Ter 1st gu fr 55_1947 J D ------ _- 9812 Jan '14
E3 A & A Pass 1st gu g 4s
1943 J J 5412 50
5412
5412 8013
5412
1
SF &NP 1st sk fd g 5s
1019 J J -------101) June'18 -- 100 100
Seaboard Air Line g 4s
1950 A 0 ---- 80
87 July'18 ---- 67
714
Gold 4s stamped
1950 A 0 6714 7214 70 Sept'18 ---- 0812 7113
Adjustment 5s
01949 F A 5412 Sale 5413
55
9 49
5718
Refunding 4s
577
1959 A 0 5612 Sale 5612
57
13 5134
Atl Birm 30-yr 1st g 4s_e1933 M S 70
76
75 Mar'18 ....... 73
75
Caro Cent 1st con g 4s
1349 J J .....-- 78
75 June'18 ____ '75 '77
Fla Cent & Pen lat g 58
1918 J J --- --_- 9914 June'17 --- _.-___
1st land grant eat g 5.9 1930 J J 90 ____ 101 Dee '15 --.
Consol gold 53
1943 J J 9213 957 9314 June'18 —....
934
Ga & Ala fly 1st con 5s__o1945 J J 86.4 10018 9012 June'18._ 0314
9012 9012
Ga Car & No 1st gu g 55_1929 J J 8913 94
94 June'18 --- 94 95
Seaboard & Roan 1st 58._1926 J J 89
95
9114 June'18 -- _ 014 9114
Southern Pacific Co—
Gold 43(Cent Pao coll)_k1949 J D 7018 a
7018
7018
1 '113
'76
Registered
k1949 J D 69.2 ---- 90 Feb '14 ...._ __ ___
20-year cony 4s
g1929 M 5 7734 Sale 77
7812 29, 7513 8018
20-year cony 5s
1934 J D 0014 Sale 8978
9014 67 884 95
Cent Pao 1st ref gu g 4s-1949 F A 761s Sale 761s
7613
6 '7818 82
Registered
1949 F A -------8713 Sept'18 --- __ __
Mort guar gold 31.4s_k1929 J D 85
87 80 July'18 ---- 86
88
Through St L 1st gu 43_1951 A 0 7012 76
747 Sept'18 -- '71
90
OH&S A M.& P let 59-1931 M N ---_ 101 100 Oct '17 ---- .... __
2d exten 5s guar
---97
J
9634 Jan '18--1931 J
9634
Gila V CI & N 1st gu g 58_1924 M N --- 95 10014 Jan '16 ____ ,_0634 ___
Hoes E & W T 1st g 5s.....1933 M N 8418 95 8513 July'18 ---854 8513
1st guar frs red
92 109 Oct '16 ---_ ___ ____
1933 M N 85
H & T C lat g 5.s Int gu
1937 J J 9214 104 10313 Aug '17
Gen gold 4s int guar
1921 A 0 891 92 92 May'18 ---- 8'7
Waco & N W div 1st g 68 30 M N ---- ----10913 Nov'15 ---- __ _9212
....
A & N W 1st gu g 5s
1941 J J ---10112 Dee '16
Louisiana West 1st Cis
1921 J J 98's -...... 10014 Oct '17
Morgan's La & T let 68_1920 J J _-__ 10438 100 Apr '18 -- 100 100
No of Cal guar g 5s
19.18 A 0 9114 97 1021s Oct '17 ---- .. _ _
—
Ore & Cal 1st guar g 58_1927 J _I 914 ____ 964 Feb '18 ____ 9338 _
g612
So Pao of Cal--Gu g 5s
1937 M N 00% 96 10712 Sept'16 ---- __ ___
So Pao Coast 1st gu 45 g_1937 J J 90
93 9313 Aug '17 -_
San Fran Terml 1st 4s_1950 A 0 7114 72
73
732 '73
81%
Tex & N 0 con gold 55
1943 J J ---- 85
94 Nov'16 ---- __ _
So Pee RR 151 ref 4s
1955 J J 7612 Sale 7612
77
32 7613 825*
Southern—Ist cons g 58-......1994 J J 871 Sale 8678
8712 20 8678 93%
1994 j j ---- ----10014 Aug '16 --- ._
Registered
-_ --Develop 6c gen 4s Ser A
1958 A 0 624 Sale 0214
6212 36 59 64
Mob & Ohio coil tr g 48
1938 M S 63 6414 6512 Aug '18 ---- 05
Mem Div 1st g 4;4s-58_1996 J J 8414 ____ 92 July'18 ---- 87i. 6813
92
St Louis div let g 4s
1951 J J 643 067 6412 Aug'18 ---- 64,," 69,3
Ala Gt Sou let cons A 56._1943 J D ---- ----- 877 Mar'18 -- 87's 877
Ati & Charl A L 1st A 43451944 J J 79 87
90 July'17 -- ___- — -1st 30-year 58 Ser 13
1944 J J
214 91
91
5 01
95
Atl & Danv 1st g 48
1948 J J ---- ---70'4 Mar'18 ---- 7014 7014
2d 4s
1948 J J
8(
8113 Marge ---- ___
Atl & Yad 1st g guar 49_1949 A 0 ---- ----75 Feb '17 ---—
E T Va dr Oa Div g 5s_1030 J J 9218 9912 96 Mar'18 --. 00 08
CORI let gold 55
1956 M M 8934 9113 0218
0213
3 01% 9712
E Tenn reorg lien g 5s
1938 M S 8318 88
86 Aug '18....... 86
86
Ga Midland 1st 35
1946 A 0 45 -- 51 Mar'18 --- 51
63
Ga Pac fly 1st g 58
1922 J J 9938 10038 100 Sept'18 --- 100 1004
Knoxv & Ohio 1st g 6s_1925 J J 9814 100 101 July'18......
98% 10114
Mob & Bit prior lien g 521.1945 J J ___ 95 106 Sept'16 --- ..__
-- -Mortgage gold 43
1945 J J ---_ 70
68 Jan '18 _— 68
68
Rich & Dan deb 59 stmpd.1927 A 0 894 102
95 Jan '18 ____ 95
95
Rich & Meek 1st gu 4s
1948 M N ____ ---- 73 Sept'12 ---- _.— - —
So Car & Ga 1st g 5s
1919 M N 98
99
9818 Aug '18---- 067s 9812
Virginia Mid Ser D 4-58_1921 PA 13 93 ---_ 10212 June'll
---- _
-Series E 5s
1926 M S 92 ____ 93 Apr '18 ___ f)3
93
Series F 5s
1926 M 5 91 ___ 1044 Deo '10 _--— __.
General 58
1936 M N ---- ---- 94 July'18 ___ 98
0412
Va & So'w'n 1st gu 56_2003 J J 8214 ____ 8158
8158
1 8108 8118
1st cons 50-year 58_1953 A 0 61
82 674 Sept'18 ..-- 0714 7213
1924 F A ____ ---- 93% Mar'17 ____ _ —__
w 0& W 1st 031 gu 4s
Spokane Internat 1st g 5s...1955 J J
0531 Mar'17
Term Assn of St L let g 4)0.1002 A 0 8213 _-_- 80 July'18 _— 85% 88
1st cons gold 5a
1894-1944 F A 8218 89 05 Feb '18 __-- 95
95
Gen refunds I g 45
1953 J J 60 70
7434 Sept'18
St L M Bridge Ter gu g 56_1930 A 0 ___ 9012 9512 July'17 — - '7414 82,4
---- .... — - - Texas & Pao 1st gold 15s
2000 J D 80 Sale 80
81
11 80
887e
2d gold income 58
q2000 Mar 41
Sale 41
41
10 41
464
La Div B L 1st g Se
1931 J J ____ 93 86 May'18 ____ 80
88
W mu w & NW istgu 551930 F A
....— 10612 Nov'04
- --Tol & Ohio Cent 1st gu 5s-1935 J J 8818 9012 93 Apr '18
__-- '30
93
Western Div 1st g 58
1935 A 0 ____ 96 100 Jan '17 --. -- -- -General gold 56
1935 J D 734 80 00 Feb '17 ___ _---Kan & M 1st gu g 4s
1990 A 0 6814 70
69 Aug '18 ____ 89 69
2d 20-year 5s
1927 J J ____
913 Dec '17 -- --- —
Tot P & W 1st gold 48
1917 J J 35
50 52 Aug '17
Tol St L dc W pr lien g 30.1925 J J 76 80 774 July'18 __ 8712 ---80
50-year gold 48
1950 A 0 4812 51
49
4913
2 5 53
Coll trust 4s g Ser A
1917 F A ____ 32
184 Mar'06 -----------Trust co ctfs of deposit____ _- —
22
____ __ --Tor Ham & Buff 1st g 43....h1946 J D ___ 87
BO Apr '17 --- .- - - -Ulster St Del let cons g 58_1928 .1 D ____ 8712 88
88
1 88 88
let refunding g 4s
1952 A 0 ____ 70
18 Sept'17 ---- — ---Union Pacific 1st g 45
1947 J J 85 8014 86
8614 48 84
89
Registered
1947 5 J 8114 8512 83 Aug '18 ...... 83 80
20-year cony 45
1927 J J 84
8412 8412
8458 26 825 89
1st & refunding 4s
52008 M S 78
7812 79
7918
6 75
8034
Temp secured Os July- —1928 —_- 102% Sale 10133 1024 207 10138
1025s
Ore RR & Nay con g 4s....1946 J D 781 79
79
79
15 7818 8212
Ore Short Line 1st g 6a.._1922 F A 10038 101 10078 Sept'18 --__ 10088 104
1st consol g 58
1946 J J 90
98
955 July'18 --- 9418 9713
Guar refund 4s
1929 J D 8112 Sale 8112
817
0 81
8512
Utah & Nor gold 55____1926 J J 9013 93 98 Dee '17 --- ----1st extended 4s
1933 J J 804 89
89 Feb '18 ---- 89
89
Vandalia cons g 4s Ser A
1955 F A __— --- 80 Jan '18 -- 80 80
Consols 48 Series B
1957 M N 7912 —_- 804 June'18 __ 8C14 8C14
Vera Cruz & Plot au 4 Vis 1934 J J _______ 38 Sent'17
____ --•No price Friday; latest bld and asked. a Due Jan. 9 Due
Feb. 0 Due June. 8 Die July. k Due Aug. o Due Oat, V Due Nov.
3 Due Dee, a Option all
- • _
•
-• _
5
-
-as.;
SEPT. 21 1918.]
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept. 20.
PitCO
Friday
Sept. 20
Week's
Range or
Last Sale
173
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
23 8414 93
86
Sale 8414
Virginian 1st 5s series A....1902 MN 86
9558
91
5 90
Sale 907,3
1939 MN 91
Wabash 1st gold 58
8012
8138
81
1939 FA 8112 8212 8138
2d gold bs
90 90
90 Aug'18
1939 J J
Debenture series B
96 10014
98 Sept'18
1921 MS 961s 98
1st lien equips fd g bs
65
6 05
65
1954 J J 65 ---- 65
1st lien 50-yr g term 40
9912 Sept'17
1941 J J 8712 102
Dot & Ch Ext 1st g 58
'12
Aug
80
J
▪
77
---45_1939
Des Moines Div 1st g
75 Apr '17
70
1941 AO
Om Div lot g 330
1941 MS --- 80 8414 Jan '17
Tol & Ch Div 1st g 4s
76 Dee '17
80
Wash Terml 1st gu 34s.__.1945 FA -70
82
82
_ 82 Aug'18
1945 FA 84
1st 40-yr guar 4s
58 62
1952 AO 5718 58.14 58 Sept'18
West Maryland 1st g 48
99
90
99 Jan '18
West N Y & Pa 1st g 5.1-1937 J J 9512 100
70
60
8083344 60 Aug'18
8990
.11 8
1943 AO
Gen gold 4s
45
D1943 Nov
39 Oct '17
Income 58
80
8134 19 7914 84
Western Pae 1st ser A 59_1946 MS 80
AO
'17
Apr
4
1003
58-__19213
g
1st
B
L
&
Wheeling
Wheel Div 1st gold Ss_...1928 J J -.. 9934 100 Feb '17
_9958 Mar'17
Eaten & Impt gold Ea___1930 FA
60
5 60
60
Refunding 4s series A__1966 MS 60 Sale 60
5512 60
8212 59 Sept'18
1949 MS 59
RR 1st consol 4s
67.4 6714
6714 Aug '18
Winston-Salem S B 1st 48_1960 J J 8758 72
0914 73
7012 Sept'18
1949 J J 7012 72
Wks Cent 50-yr 1st gen 4s
7714
72
70 May'18
Sup Sc Dul div & term 1st 4s'36 MN (191s 73
Street Railway
Brooklyn Rapid Tran g Ss. 1945 A
1st refund cony gold 4s___2002
0-year secured notes bs___1918
Ctfs 3-yr sec 7%nutes op A1921
Ctrs 3-yr see 7% notes op B1921
3-yr 7% secured notes__h1921
Bk Cty 1st cons 48..1916-1941
Bk Q Co & S con gu g Ss-1941
Bklyu Q Co & S 1st 58_1941
Bklyn Un El 1st g 4-58_1950
1950
Stamped guar 4-53
Kings County E 1st g 4s 1949
1940
Stamped guar 48
Nassau Elea guar gold 48_1951
1927
Chicago Rys 1st 58
Conn By & L 1st & ref g 401951
1951
Stamped guar 430
Det United [St eons g 4358-1932
Ft Smith Lt & Tr 1st g 53_1936
1957
Hud & Manhat 58 ser A
1957
Adjust income 58
1932
N Y & Jersey 1st bs
Interboro-Metrop coil 4343_1950 A
Interboro Rap Tran 1st 58-1960
Manhat Ely (N Y)cons g 48_1990 A
1990 A
Stamped tax-exempt
Manila Elea ay & Lt a f 58-1953
Metropolitan Street RyBway Ss 7th Av 1st c g 53-1943
Col & 9th Av 1st gu g 58.-1993
Loa Av P F 1st gu g 53_1993
Met W S El (Chic) 1st g 4s_ _1938
Milw Bloc ity & Lt cons g bs 1926
Refunding dc eaten 430_1931
Minneap Stint cons g 5s....1919
Montreal Tram 1st & ref 53_1941
New Orl Ely & Lt gen 4 yis 1935
N Y Municip Ely 1st s f 53 A 1960
Y Rys 1st it B & ref 48_1942
a1942
30-year ad) Inn bs
N Y State Rya 1st cons 4368_1062
Portland Ely 1st & ref 5s____1930
Portld Ely Lt & P 1st ref 58_1942
kkPortland Gen Bloc 1st 53-1935
St Jos Ry L & P 1st g 5s__1937
St Paul City Cab cons g 5s-1937
1960
Third Ave tot ref 4s
a1960
Adj income 5s
1937
5s
g
1st
Third Ave Ely
Tr -City Ely & Lt 1st s f 53_1923
Undorgr of London 4s....1933
1948
Income Os
United itys Inv bs FRU;iss 1926
1934
4s
g
1st
L
St
itys
United
St Louts Transit gu 58_1924
1927
United ItIts San Fr s f 4s
Va By ec Pow 1st St ref 55_1934
1179
New York Bond Record-Concluded-Page 4
7978 8334
8212 8312 8312 Sept'18
69
65
65 July'18
72
05
96
3 9214 9812
90 9734 96
96 97
9014 Aug '18
96
9012 9612
9612 July'18
9538 97 0478 96
7 -Sale 9478
-114;
_-_- 92 94 Oct '17
80 May'12
--_- 90
- 90 101 Mny'lli
78 8712
8218 Sept'18
84
A 79
7812 8512
7918 July'18
A 79 84
66
66
A ---- 7012 06 May'18
_A 5612 7214 78 July'17
2 55
63
6518
63 Sale 63
8212
2 81
8212
86,2
A 80
82
8512
2 8512 85,2
8534 88 8512
1 85
8534 --- 8512
8512
8512
701s 72
68
73
77
7412
84 Jan '14 11
_
A 59' Sale 5914
12 436. 6214
5912
18
11 1434 25
20
1834 1812
-A
9212 90 July'18
00
90
5712
4978 169 48
4912 Sale 43
7838 Sale 78
79,4 90 773s 85
3' 7312 8012
7312
7314 77 7312
70
1 74% 82
7534 7612 76
•---- 80
80 July'18
80
80
7878 Aug '18
7014 85
95 May'17
80 Sept'17
A
30 Mar'14
A 92 -- 10012 June'17
8112
8112 July'18
811a 8112
9334 Aug '17
- 9712 July'17
•
74 Aug '17
---- 78
8712 94 99 Mar 17
47
8 -Ali- 54 4712 4712
48
19 Sale 19
9 1734 24
1934
60 63 63 Sept'18
70
03
8812 s4e.'16
71
99
-A ---- 72
67 Aug'18
022 68
9012 Feb *17
--83 95
95 July'17
---- ---___
10212 Mar'12
53 Sale 53
5518 20 5212 59
3018 31
2934
102 2712 3813
31
8312 104
00 Aug'18
9018 95
91
9214 91
96
91
91
79
70 Ma,'18
80
70
54 _ _ no Aug'18
60
56
56
gi 59 Aug '18
00 •
58
---- 52
5012 5514
51 July'18
- - 57
50 J ne'17
-22-18 28
25
25 May'18
25
77 Sale 77
8018
77
5 77
77
76
..-__ 85
75
Gas and electric Light
Atlanta 0 L Co 1st g bs-_1947 J D 9318 ____ 103 Sept'15 ---88
5 85 -9534
87
87
13klyn Un Gas 1st cons g 58_1945 M N 86
_
54 June'13 -Buffalo City Gan let g 58_1947 A o •-- 62
90 (40 June'18 --- 8912 913!,3
Cinelu Gas & Bloc lst&ref 5s 1956 A 0 85
1927 J J 7918 80
7918 Sept'18
80
75
Columbia Gi & 1,3 1st bs
. . 97 Feb '15 ---Columbus Gas 1st gold 58_1932 J
F 99
Sale 99
-94 ioi
1920
Cense! Gas eons, deb 13s
9112 Aug9'15
-1 9112 9213
_5
11-4
Cons Gas E•L&P of Bait 5-Yr 5s'21 M N _--- 93
1923 J J
gals 9334
9334
3 9334 9512
Detroit City Gas gold 5s
J 8978 9518 9478 July'18'..--- 42
98
Detroit Edison 1st coll tr 53_1933
___ 9112 9112 Apr '18 -. 9112 9212
51910 M
1st & ref 5s ser A
____ 04 Feb '18
94
94
Ed (I L N Y 1st cons g 5s__1932 M
100 Feb '13
Gas & Elea Berg Co o g 58_1949 J D
8 9218 Nov'17
Havana Bloc consol g Ss ...1952 F A 85 -903- 9018 Deo '17
Hudson Co Gas 1st g 5s__ -1949 M N ___ 95
- 90/s Dee '16
Kan City (Mo) Gas 1st g 58-1922 A O 81511
• - - -•____ 90 Doe '17
Kings Co El L & P g bs___-1937 A O
1997 A O 97 100 07 Aug'18
Purchase money 63
97 "9914
1925 M S __ 100 110 Jt1110. I 1
Convertible deb 6s
77
73 Sept'18
Ed El ill Bkn 1st con g 43_1939 J J 73
"fi"
"fi"
1 9714 9S12
98
Lac Gas Lot St L 1st g 58_31919 Q F 9734 Sale 9734
1934 A O 8912 9478 89 Aug'18
8878 9133
Ref and ext 1st g 5s
N
M
____
84
3
1st
L
8512 Juno 18
Milwaukee Gas
801s
85
1943 J
10112 Apr'17
Newark Con Gas g bs
8 8714 8718
NYGELII&Pg 58____1948J 13 -87166'5 88
8718
F
48____1949
A
6812 Sale 6812
73
68
Purchase money g
6812
9178 9478
Ed Bloc Ill 1st cons g 53_1995 J J 9478 Sale 9472
9472
9912 Aug 17
NY&Q El 1.&P 1st con g 53_1930 F A __ 101
---- -Pacific G & El Co-Cal G & E8614 921s
Corp unifying & ref 58-1937 M N 8778 92 88 Sept'18
78 Sept'18
8034
78
Pacific G .5c B gen & ref 53_1942 J J :---- 79
Pao Pow & Lt 1st & ref 20-yr
92
95 J613 '17
- ---Gs International Series_ __1930 F A
S
M
0 100 July'17
___---_
Pat & Passaic G & El 53____1949
11)0 July'18
9812 100
Peop Gas & C 1st cons g 69 1943 A 0
1917 Ni S 74
7112 81
7478 Sept'18
Refunding gold bs
• G-Lat Coke ist gu g 58 19375 J .--- 9578 96 Sept'17
--__ 100 Apr '17
Con Co of Ch 1st gU g 581936 J .1
89 Mar'17
Ind Nat(Ian & 01130-yr 531930 M N
93 94 July'17
Mu Fuel (Ian 1st gu g Sn..1917 M N
9914 4..15
_1919 F A 0012
Philadelphia Co cony
85
78 Sept'18
1922 M N 78
84
78
Cony &then gold 5s
90 June'13
91
90
Stand Gas & El cony f 63_1926 J D 88 91
9712 ‘4 4,17
Syracuse Lighting 1st g 58..1051 J D 8014
7518 84 July'17
Syracuse Light & Power 53_1951 J J 70
1949 M
9333 Oct '17
Trenton G et El lot g 53
9234 rkopei,
Union Bloc Lt & P 1st g 58-1932 M S
85 10153 Nn.'16
Refunding & extension 5s_1933 M N
9218 92 A11g'18
9114 9712
United Fuel Gas 1st s f 66_1930 J J _
8178
84
4 80
Utah Power & Lt 1st 53-1944 F A 1012 Sale 80
191 ittne'17
Utica Mee L & P 1st g 5.9_1950 J J
8912 96 Aug '17
1957 J J -_
Utica Gas & Elm ref 53
,4ar•l1
92 1,, '
Westeheetpr (Ii cold 54._ _1039 .1
-
2
Price
Friday
Sept. 20
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 20.
Miscellaneous
Adams Ex coll tr g 45
1948
Alaska Gold M deb On A
1925
Cony deb (38 Berta; B
1926
Am SS of W Va 1st bs
1920
Armour & Co 1st real etst 43s '39
Booth Fisheries deb a f 6s
1926 A
Braden Cop M coil tr s I 98_ 1931
Bush Terminal 1st 48
A
Cense'5s
195
2
55
Bidge bs guar tax ex
1960 A
Chic C & Conn Rys s f 53 1927 A
Chic Un Stat'n let gu 434s A 1963
Chile Copper 10-yr cony 7s. 1923
Recta (part paid) cony Os ser A A
Coll tr & cony On ser A 1932 A
Computing-Tab-Bee s 1 65_1941
Granby Cons M S& P con On A '28
1928
Stamped
Great Falls Pow 1st s I 5s
1940
Int Merean Marine s f 6s
1941 A
Montana Power 1st 53 A
1943
Morris & Co lat at 434s
1939
Mtge Bond (N Y) 4s ser 2 1996 A
10-20-yr 53 series 3
N Y Dock 50-yr lot g 4s
19
51
932
Niagara Falls Power 1st 5s 1932
Ref & gen Os
a 1932 A
Niag Lock &0 Pow 1st 53__ 1954
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 53___ 1943
Ontario Transmission 53____ 1945
Pub Serv Corp N J gen 58..1959 A
Tennessee Cop 1st cony 68_1925
Wash Water Power 1st 58_1939
Wilson & Co 1st 25-yr a f 63_1941 A
Ask Low
Bid
60 Sale 00
23
2114 24
25
2312 25
A
High No. Low
19
60
O
24
6 18
18
Aug'18
High
66114
30
28
-83
-825
42 811 8714
;-6(;le 82
90
90
90 Feb '18
1
9212
92
9212
94
8
83
79978 9
83 Sept'18
7918
7518 Sept'18
77
80
412
81
7541s 8
7
8218 81 Sept'18
79
58
58
---- 58 Mar 18
90
83
4 85
8712 86
8614
10412 105 10412 10434
4 10238 10814
8034
7612 Sale 76
8 73
76.2
75
2
7812 77
77
8078 85
8058 Sept'18
93
98 Aug'18
3912
888
113 9
7
9112 9314 97 Sept'18
88
93 Sept'18
90
9191112 199
473s
02
9912 286 99
9834 Bale 98
8712 Sale 8712
88
10 8634 92
1 75
8978 75
75
75
75
83 Apr '14
94 June'18
2
67
67
67
99
08
-6
6
1
--_- 9078 91 Sept'18
-9
2
.7198 10012 105.2 Oct '16
---- 93.4 8912 Oct '17
4 83
83
83 Sale 83
871:
8512 8712
---- 8618 86 Sept'18
_
84 June17
---- 95
7714 21 7312
7612 77
7612
95
3
95
9512 95
_ 9034 Aug '18
9034
58a
80
9034 9
88
92
913s 9112 9112
91 9078 9034
7976
0
A
0
0
A
0
Manufacturing & Industrial
Am Ag Chem 1st o bs
1928 A
Cony deben 5s
A
1924
Am Cot 011 debenture Se...
- 1
Am Hide & L 1st 3 f g 63
1919
Am Srn & R 1st 30-yr 53ser Ad'47
Am Thread 1st coil tr 43
1919
Am Tobacco 40-year g 6s
1944 A 0
Gold 4s
A
1951
Am Writ Paper 1st a f 53_1914
Baldw Loco Works 1st 53..1940
Cent Foundry lot a f 63
A
1931
Cent Leather 20-year g 5s 1925 A
Consol Tobacco g 4s
A
1951
Corn Prod Ref at g bs
1st 25-year f be
1934
31
Distil See Con cony 1st g 53_1927 A
I du Pont Powder 4 As
1936
General Baking 1st 25-Ir 6s-1936
Gen Electric deb g 3)s....1942
A
Debenture 51
119352
1952
Ingersoll-Rand 1st 5s
lot Agricul Corp 1st 20-yr 5s 1932
lint Paper CoConsol cony s f g 58
1935
Liggett & Myers Tobac 78..1944 A
A
55
1951
A
Lorillard Co (P) 78
58
A
Mexican Petrol Ltd con (Is A 19
119
5411 A
4
92
1st lien & ref Os aeries C 1921
Nat Enam & Stpg 1st 5s
1929
Nat Starch 20-yr deb 5s
1930
National Tube 1st 5s
1952
N Y Air Brake 1st cony 68._1928
Pierce Od 5-year cony 63_q1920
10-year cony deb Os_ ___h1924
Railway St Spring 1st at 53_1931 A6
Sinclair 011 & Refining1st s f 7s 1920 warrants attach
do without warrants attach
Standard Milling 1st 59_1930
The Texas Co cony deb 68..1931
oanmBpaed
Un812
g & Paper 1st bs_1930
1930
Union 011 Co of Cal 1st 53..1931
US Realty & I cony deb g 53 1924
U S Rubber 10-Yr col In 08-1918
1st & net bs series A
1947
U B Smelt Ref & tel cony 68_1926
V-Car Chem 1st I5-yr 58.-1923
Cony deb Os
West Electric 1st ba Dec....1922
Coal, iron & Steel
Beth Steel 1st ext 3 f 53
1926 J
1st & ref bs guar A
1942 M
20-yr p m& imp s f 58....1936 J
1932,5
Buff & Susq Iron s f 5s
a1929 M
Debenture bs
Cahaba C M Co 1st gut:18..1922'J
Col F dc I Co gen a f 55
1943 F
Col Indus 1st & colt 53 gu 1934,F
Cons Coal of Md lst&ref 53_19504
Elk Horn Coal cony Os
1925 J
Or Itiv Coal & C 1st g 69_51919 A
Ill Steel deb 4 qs
1940 A
Indiana Steel 1st 5s
1952 M
1926 J
Jeff & Clear C & I 2d 58
Laekaw Steel 1st g bs
1923,A
1st eons 5s series A
1950 M
Nildvale Steel &0 eon,/ a f 581936 tel
Pleasant Val Coal 1st s I 53_1928 J
Pocah Con Collier 1st a f 58_1957 J
Repub I & 8 10-30-yr 58 f.1940 A
St L Rock Mt & P5s stmpd_1955 J
Tenn Coal I & RR gen bs 1951 J
U f3 Steel Corp-leoup _d1963 M
a f 10-60-yr bs reg ____d1963 M
Utah Fuel 1st s f bs
1931 M
Victor Fuel 1st s f 58
1953 J
Va Iron Coal & Coke 1st g bs 1949 M
Range
Since
Jan. 1
Week's
Range or
Last Sale
95
99
82
100
86
9914
117
711s
85
99
7418
9312
65
9958
9912
8718
----
95
Sale 9418
Sale 9678
6
40
99
Sale 80
82
4
_ 6_
15
Sale 100
10012 .
Sale 8478
8538 13
9914
Sale 9914
117 ___5.
Sale 117
3
7712 7112 July'18
8612
87
86
9914 9912 Aug '18
8418 84 Aug'18
9414
Sale 9312
8012 81 Marl
9913 Aug'18
9912 Sept'18
_
8712 86
8714 140
997s 104 May'17
- 7.5 May'18
73 July'18 -.
(36
73
96 9758 9712
98
SO
100 Oct '13
73
7234 7512 73
9114 ---- 9614 June'18
108 110 10818 Sept'18
86
8878
8834 8878
10814 Sale 10734
10314
85
85
83
85
106 109 107 Sept'18
10534 109 106
10712
98 May'18
97
90
9318 ____ 94 Aug'18
97 Aug'18
96
99
97 9734 98 Sept'18
9712 Sale 9534
9712
84
Sale 8333
8434
1047ts Sept'18
10478
90
00
4 10012
2111
83
80
8
999
9
1:
1
909
101
617: 1
8478 8912
7412
17
1 178
7
17719
90
8
3
87
9
,1
4:
-9
i1; -6
6-5
99
2
1i12
75
88
75
5
74
-7i4
- 100
14
913
961
9 107
-fii
99
115
18 9
5
:90889997
85 681513:14
4: 111199099900918087357142
43 8314 85
eels 1047s
9612 Sale 09
97
60 88
9712
93 Sale 9234
9378 46
1: 6
413
86
2 10
1s
16s
94
891s
98 Juntil8 ----1 88
9314
98713 Sale 987,s
9914
87
9078 8234 Aug '17 4444 44-4
87 94
83 Aug'18 ---- 83
8.3
---- 90
51
54
53
53
3 45
56
100 10018 100
3 100 101
100
8018 Sale 80
8012 78 79
81
95
95
Ii 9218 93
Sale 95
90 9714
933a 9418 9318 Sept'18
9612
2 9414 9834
9614 9612 9614
9S
1 95
9512
9512 9558 9512
985g1 9012
96
8812
8812 89
81
8138 8114
98121
8812
8112
1 0318 99
9318
6 86
39 7812 8312
90
90
881
85
st3
8
-2 -9
7
5
99-3
-11 1889 93
:
0'1511 1412
j)n
YY;1118
ue y
1 -- 83
74
Sale 7318
74
5 73
03
85,2 95-31 87 Aug'18
95 ____ 95 Aug '18 ___ 95
_ 94 Feb *18
94
2
1178
1 81
6
83
8178
9
214 9
93
-8
2 9
8314
9312
_ _951s
945g
95 Sept'18
9418 95
907/1
8914 9078 907s
3 83
8714 111 804
8612 87141 8714
87
13038 Oiils if
418 Apr9
90
4118
.
ale 8
/1
83
71.2 8
74
9
95
9412 95
97 _S_a_l_e 972
9512
814
97898
12
88
76
90
95
94
8512
97
9812
9612
92
-87-1;
9214 9814
SO
89
1 9212 9712
99 9012100
1 9634 0972
8614
78
8213 86
80
86
54;'i
Sept'18
83
80
Telegraph & Telephone
25 773* 831s
78
7734 Sale 7758
Am Telep & Tel coil tr 45
1929 J
8184 854
851? Feb '18
1936 M
---- 82
Convertible 4s
9112
8212 Sept'18
8214 84
82
1933 M
20-yr convertible 4 l4s
9518
907s 53 86
1946 J 0 9078 Sale 897s
30- r temp colt tr bs
385 9334 9518
95
Sub revs full pl com 68_1925 J
Sale 9412
95
9938 May'18
981s 9912
Cent Dist Tel 1st 30-yr 53..1943 Q
---- 98
73 Nev't7
6814.
Commercial Cable 1st g 43_2397 Q
2397 J
-aii
- 6818 Jan '18
Registered
9318
5 85
87
87
1937
Curses T & T 1st & gen 58
86 90
Keystone Telephone 1st 5s 1935 F A -_- 9612 146 Apr '16
8534 90
8514 90
8514 Aug 'IA
Mich State Teleph 1st 53_1924 M
97
98
NY&N.1 Telephone 5s g._1920 M
95 -__ _ 97 Aug '18
89
80 84
8412 Sale 8414
N Y Telep 1st & gen f 443_1939 M
8455
1 87 925s
8
883
8878 9018 8838
Pacific Tel & Tel 1st 5s ___.1937 J
95
3 88
8612 8734 8712
8734
South Bell Tel & T lots f 58_1941 J
8718 9311
8718 Sept'18
8918 90
West Union coil tr cur 58 _1938 J
83
80
8114 Sept'18
Fd and real est g 448
--_- 80
1950
1941 m
8712 99 10112 Sept'i 7
Mut Un Tel gu ext 54
o4
Northwest Tel gu 4 kis g 19(4 .
No price Friday; latest bid and asked. a Due Jan. d Due April. 4 Due May. g Due June. h Due July. k Due Aug.•Due Oct. ao Due Nov. g Due Dee. a Option sale
1180
BOSTON STOCK EXCHANGE-Stock Record see Next Paiie
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday I Monday
Sept. 14.
Sept. 16.
Tuesday
Sept. 17.
Wednesday
Sept. 18.
Thursday I
Sept 19
Friday
Sept 20
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Ian. 1.
I
Lowest.
I
Highest.
[VoL. 107.
Range for Previous
Year 1917
Lowest
I
Highest
Railroads
128 128 *12412 128 ,*12412 128 *123 128
127 128
100 12212 Apr17 135 June24 120 Dec 175 Jan
128 128
65 Boston & Albany
69
6918 6912 69
69
6)12 68
656,Boston Elevated
69
6734 .68
100 37 Jan 2 7612 May29
27 Dec 79 Jan
6612 6778
*87
*87
88
88
*87
88
87
87
100 80 Julyll 100 Jan 2
87
+80
10 Boston & Lowell
_-_- _-_7012 Dec 133 Mar
35
35
3412 35
3412 3458 3312 3312 3314 34
1621Boston & Maine
34
100 19 Jan23 40 Sept 9
34
15 Dec 45 Mar
*160 165 *160 165
165 165 *16212 169 *160 170
20 Boston & Providence
100 150 Apr15 170 Aug 9 150 Dec 213 Jan
•
3 * __
_
3 *____
412 *____
Boston Suburban Eleo_no par
Last Sale 3-itin-e7ii
412
2 Jan26
3 June 5
2 July
3 July
;ii ____ ;14 __- -- ____
__
Last Sale 1412 July'18
Do pref
no par 1014 Mar 1 15 June17
9 June 30 July
___
Last Sale 411 Nov.10
-__
Boston & Wore Elea_ no par
__
4127
___ .27 ____ *2712 ____
28 -28
*2712
__ _ __
no par 25 July19 30 Mar 6
10 Do pref
__
30 Aug 38 Feb
138 138 *137 145 *137 145 *137 145 *137 1-4-5
1 Chic Juno Ry & U S Y____100 138 July 2 147 Apr17 148 Nov 150 Jan
*8112 8212 *8112 8212' *8112 8212 *8112 ____
Last Sale 85--- ep-t:ii
1 Do pref
100 8212 Apr18 85 Jan30
8312 Dee 108 Jan
*108 115 *108 115 *105 115 *105 115
Connecticut River
Last Sale 110 Aug'18
100 104 Feb19 120 Mar 6 10212 Nov 140 Mar
*5634 57
*5634 ___ *55
57
9IFitchburg pref
5634 *50
*54
5512 56
56
100 53 Jan22 65 Jan 3
44 Dec 7812 Mar
*110 1111z'......_ 110 *109 110 *109 110
106 109 *108
85 Georgia Ry & Elea stampd 100 106 Sept19 11614 Jan 9 116 Dec 133 Jan
Last Sale 75 Sep-t'18
1 Do pref
100 75 Sept10 81 Feb25
83 June 9212 Jan
;
7
781-2 -iii- ;io- -if- ;iii- -if- ;Yea- -if- 81 8130Maine Central
100 7712June18 85 Jan 3
78 Dec 10018 Mar
*134 2
*134 2
134 134
350 Mass Electric Cos
134 2
178 178 -;13-4 --2134 Sept 6
100
712 May16
838 June
1 Dec
*1312 14
1314 1312 13
13
1212 *12
1134 1212 12
13
7451 Do pref stamped
812 Jan22 33 May16
100
6 Dec 3114 July
393s 3934 40
4012 3912 40
39
3958 3914 3912 3978 3978
597.N Y N H & Hartford
100 27 Feb25 46 May29
2134 Sept 5234 Jan
*80
___ *80 __ _ _ I *81
_ *80 ____
Last Sale 90 Jan'18
1Northern New Hampshire_100 90 Jan10 90 Jan10
9012 Oct 105 Apr
*96 -97
29314 9314' *9314
*9314
_ *9314 --- ,, -77
3 Old Colony
100 x8812June14 99 Sept 3
85 Dec 135 Jan
*214 2312 *2112 2312 *2112 2312 *22 -23-12
Last Sale 23-- Sept'18
Rutland, pref
100 20 Jan 2 25 Jan 8
1612 Dec 8412 Feb
*81
.81
90
Last Sale 81 Sept'18
90
90
*81
Vermont & Massachusetts_100 80 Aug 6 88 Apr18
83 Dec 110 Jan
-,-Ii- -.18-- *471s 48
4812. 49
48
48
146 West End Street
4812 4812 ______
34 Dec 5612 Mar
50 37 Feb20 50 July 5
*54
56
*54 __ _ _ *54
*54
56
*54
55
54
55
54
59 Do pref
50 47 Jan16 62 Apr 1 z45 Dec 74 Jan
Miscellaneous
97
97
*97
98 100
98
100 10012 9973 10012
210 Amer Agrtcul Chemical
9978 100
100 7812 Jan 2 10012 Aug27
73 Dec 9434 May
*9112 9212 92
9238 9112 9134 *9112 9212 *D2
92
93
149 Do pref
9212
10312 Jan
*.80 1
*.80 1
4..80 1
Last Sale 34 Sept'18
111.85 1
Amer Pneumatic Service__ 122 8.
an 1 13
8
4t July
2 1V
M
1aaYr21
91. Me
238 Jan
e
*412 5
*412 5
*412 5
*412 5
Last Sale 5
Do pref
Sept'18
412 July13 1558 Mar 4
50
712 Dec 14 Mar
+10614 10714 *107 108 *10712 10812 +107 108 *107 108
10 Amer Sugar Refining
10734 10734
100 99 Jan 2 11512 May15
00 Nov 12614 June
*10712 10812 *10712 10812 108 10814 +108 10934 16812 10812 10812 10812
100 107 June 4 11334 May 9 105 Dec 12112 Jan
57 Do pref
9612 97
97
97t2 97
98
9812 98
100 9034 Aug 5 109 Feb 5
9834 9934 x9612 9712 1,683 Amer Telep & Teleg
96 Dec 12814 Jan
+55
56
*5334 5412 *5312 5412 *54
55
Last Sale 5538 Sept'18
American Woolen of Mass.100 4512 Jan 8 6058 May24
387s Nov 58 June
9578 9578 29334 9334 9312 94
100 90 Jan 3 9634 Mar12 28714 Dee 10014 Juno
94, 94
210 Do pref
9358 94
9312 94
*79
80
81 1 4181
81
84
85
*81
169 Amoskeag Manufacturing__ 6012 Jan 2 84 Sept18,. 60 Dec 75 July
84
*80
81
Last85*80 _ _ _ _1 .80
Sale 81-- eptlig
82
*80
82
1 Do pref
76 Jan 7 82 June 5' 75 Dec 9712 Jan
*77-- 15 *____ 15 +___ 15 *____ 15
Last Sale 15 Sept'18
Art Metal Construe Inc__ 10 11 Feb21 18 July 8,
6 Dee 1434 Dee
100 100
*99 101 1 4199 101
10118 10118 10218 10518 10578 10578
480'Atl Gulf & W I S S Lines_100 98 Jan15 12014 Feb16
88 Sept 12112 Jan
*-- -- 63
64
*63
Last Sale 6234 July'18Do
*63
1
64 i *6312 65
pref
100 5812 Jan17 64 July19
5512 Feb 66 Jan
26
26
2534 26
*2512 2614 *2512 26
2612
*2534 2612 26
590 Booth Fisheries
no par 21 Jan25 2812 Sept 5
1378 1378 1378 1378 1378 1378 1334 1378 1334 1334 1334 1334
465•Century Steel of Amer Inc_ 1(
(
) 1
111141a
aal 1412 Aug19
*1212 13
1212 1212 *1212 1312 *1212 1312 *1212 1312 1212 12,2
80 Cuban Port Cement
9 Dec 2018 June
1712 May 1
458 458 *458 5
*478 5
478 478 *458 5
35'East Boston Land
534 May15
378 Dec 10 Jan
*145 148
lib- fid246,Edison. Electric Illum
145 145
145 14712 145 146
140 140
100 131 J=21 15412 Jan 2 13318 Dec 226 Jan
4914 51
50
5012 50
50
1870 Fairbanks Co
5014 5034
50
51
nn
55
er
812.Itia
114 Aug30
5 15
51
12 A7
14212 14212 147 147
14634 14634 -----146 147
146 146
- 28 General Electric
11834 Dec 17014 Jan
2934 31
3012 31
3012 3138 3114 3112 3114 3112 31
3114 2,934 Go.•ton-Pew Fisheries
Au
ag
Y1
30
8
50 27 Aug29 3534M
*458 6
*412 6
Last Sale 5
*412 6
*412 6
Internat Port Cement--__ 10
Aug'18
612 Feb 6
5 Apr 3
4 Dec 1812 Jan
*1612 17
1612 1612 *1512 1612 *1512 1612 *15,2 1012 --..,i4 - -di-4
20 Do prat
10 Dec 3312 Jan
50 12 Apr23 18 July19
*314 312
280 Island 011 & Trans Corp_ _. 10
33s 33s
518 Mar18
31s Aug23
312 312
338 338 *314 338
3
*90 ____ .90 ____ *90
_ 8912 9012
15 McElwain(W H) 1st pref_100 89 May28 9212 Feb28
9212 Dec 102 Jan
-ii- -if- *84 85 84 84 84 -.
229 Massachusetts Gas Cos.._ 100 277
84
8,1
-135'4 -if84
6214jJan15 91 May10
71 Dec 10012 Mar
4164
66
64
64
64
84
64
*63
63
64
64
63
1271 Do pref
17 70 Jan 3
63 Dec 81 Mar
112 112
110 110 *112 11212 *112 11314 *112 113
113 113
58'Mergenthaler Linotype_100 107 Junell 124 Jan31 110 Dec 169 Jan
+8812
- *8812 __ _ _ *8812 _ ___.
4'8812 .. _ *8812 _ _
89
89
12 New Eng Cotton Yarn
100 88 Jan15 8912 May16
35 Jan 95 Mar
*...„- -/914 *
+
-1
Last Sale9212 Aug'17
-_
1 Do prat
100
60 Jan 9212 Aug
ad I
28612 87
8612 87 1 *87
87
*87
89
8758 _-__
64 New England Telephone....100 8212 July30 100 Jan 3
93 Dec 12412 Mar
*6312 67
*61
67
*64
64
64
65
*60
___ ____
66
20 Nova Scotia Steel & C____100 56 July 5 69 Jan 2 x59 Nov 112 Jan
+111 113
11138 11138, 111 111 +112 ____ *
__- ___
46,Pullman Company
100 102 Jan 7 11912 May16 107 Dec 18614 Jan
3512 3512 *36
36
36
36
36
36
+36 I6-1-2
235 Punta Allegre Sugar
50 29 Jan 3 3612 Sept 6
29 Dec 46 Jan
*13
1312 *13
Last Sale 1312 Sept'18
1312 *1212 1312
1312 +13
Reece Button-Hole
10 11 Jan29 137s Marl()
10 Dec 16 Mar
103 10312 103 10312 103 10312 10314 104
10312 104
1,046 Swift & Co
10334 104
ligr 4? , IS Nov 16278 Apr
100 102 Aug30 1n1184 Itt)
52 .52
52
52
*51
52
*51
52
52
52
35,Torrington
68 June
12834 129
128 129
iiiiz fii13012 131
128 12812 129 130
1P8 1115
281 United Fruit
512 .1
Ja
anr? 133 Feb18 x105 Dec 15512 Jan
40
4012 4012 4034 23912 4014 3958 40
3958 3934
643 United Shoe Mach Corp
912
7s
25 3812 July 9 4812 May16
3712 Dee 5814 Jan
26
26
*26
26
26
26141 ------2534 26
2612 x26
- _ 2771 Do pref
25 Oct 3018 Mar
25 2434 Aug 9 2612 May28
1087s 10912 10834 10934 10778 10958 109 11014 10878 10912! 10912 11038 3,935 U 8 Steel Corporatlon
100 87 Mar25 11012 Aug28
795/3 Dec 135 May
*11012 111 *11012 11112 *11012 111 *11012 111
Last Sale1 11012Sept'18
I Do pref
100 108 Mar25 11214 July17 10334 Dec 121 Jan
612 7
*634 718
815 Ventura Consol Oil Fields_ 5
7
7
713
7
738
7
5 Jan 2
834 Aug 9
7
7
878 Jan
414 Dec
Mining
.65 .65 +.60 1 I
12June27
200 Adventure
*.60
1
.
134 Jan25
.80 .80
+.60 1
.
ning
1
Oct
414 Jan
25
*76
7712 7712 7712 7512 7512 417512 77
7534 7534 7512 7512
90 Ahmeek..
rr 83 Jan 3
pe
7/
1
.38JtAin
70 Dec 108 Jan
234 234
258 232 *212 278 *212 278
275IAlaska Gold
412 July 5
5
23.4 2341
312 312
1 Dec 1112 Jan
'
1..25 .30 +.25 .35 *.25
Last Sale .30 Sept'18
lAlgornab Mining
114 Jan
.15 Julyll
.45 May13
25
14 Sept
*4812 4914 4918 4918 *4812 50
5012 .49
50
50
75 Allouez
49
50 1
45 Dec 70 Mar
25 :47 June14 54 Feb27
+15
1512 .15
Last Sale 1518 Sept'18
1512 *15
1534
1512 *15
Amer Zinc, Lead & Smelt.. 25 1258 Mai 23 2114 July 3
11 Dec 4114 Jan
_ 49
40
10 Do pref
25 41 Jan 2 54 July 6
40 Nov 73 Jan
iiT -151-2 -ii- -1-8-12 1514 1512 1434 1512 -18..i2 -1-5-1-2
290 Arizona Commercial
5 11 Jan 5 1614 Aug24
818 Nov
1514 June
.32 .32 +.25 .40 '.25. .40 *.25 .40 '.25
40 '.26
50
160 Butte-Balaklava Copper
.22 Sept 3
.45 Jan 7
10
.25 Dec
214 Jan
*24
26
*27
10 Butte & Sup Cop (Ltd)
*24
2734 2612 2612
26
*25
*25
26
26
1258 Dec 52 Jan
10 17 Mar25 33 May14
*6714 68
66 1
66
202 Calumetle Arizona
6634 67
68
6714 6714 6712 6712 67
55 Dec 8514 Jan
10 6212 Jan15 7312 May16
+445 449
61 Calumet & Hecia
458 465 *460 465
460 460
450 455
462 462
25 427 Feb28 465 May27 411 Dec 590 Feb
•12
1214 12
*12
1214 *12
*12
1214
125Centennial
12
12
1214
12
11 Dec 2714 Jan
25 1034 June27 1412 Feb19
46
46
46
166 Copper Range Co
46
46
46
4614
46
4638 4614 4611 46
234 May16
pn
,
r2
1(2
5
) 50
34
3914 Dec 68 Jan
5 la
25 45
212
21
234
212 212 *138
212 212 *212 • 234 *212 234 1,830 Daly-West
15,3
112 Apr
3 Jan
5
514 558
5
1,488 Davis-Daly Copper
514
514 514
5
5
'5
618 Mar 8
714 Jan
518 514
314 Nov
*10
101s 1018 1018 1018 1018 10
230 East Butte Copper Mtn_ 10
*978 10
*978 10
10
512 Mar25 1012 Jan 2
814 Dec 16 Jan
Last Sale 4
Franklin
*334 4
Sept'18
*334 4
*334 4
*378 4
6 Feb18
3 June21
4 Dec
25
9 Mar
+80
83
*80
84
10 Granby Consolidated
8314 8314 *80
83 .
*80
84
*80
83
100 7312June14 8334 Sept 5
66 Dec 92 Jan
+44
45
*4414 4514 *4412 4512 *4412 45
Last Sale 45 Sept'18
Greene Cananea
100 39 Jan17 45 Sept 9
35 Nov 4612 Jan
*512 6
*512 6
*534 8
5 Hancock Consolidated
6 • 6
*534 6 I
*534 6
53s June21 1018 Jan 2
25
7 Dec 2012 Jan
..50 .80 +.60 .80
.80 .80
200 Indiana Mining
.80 .80 '11.50 .80 .1 .50 .80
.40 July23
1 Jan 3
25
4 Mar
34 Dec
6258 6258 *6212 6312 62
6212 5912 61
5612 53
56 1
56
775 Island Creek Coal
1 50 Jan14 70 May15
52 Nov 7612 June
80
80
*80
8112 *80
8114 7934 7934 *80
81
27 ' Do prof
81 I
*80
1 80 Jan24 84 Feb18
80 Nov 94 Apr
*2512 2612 *25
2512 *25
2612 *25
2512
Last Sale 26 Sept'18
Isle Royale Copper
20 Dec 36 Jan
25 1912 Jan14 29 July 3
*512 578 *5513 578 *55s 578 *558 6
Last Sale 558 Sept'18
Kerr Lake
6 Feb19
5 Jan 2
5
414 Apr
6 Aug
*I
14
1
1,4
1
1 We.1.80
1;4 4%80
1,4
1
+.80 114' *.9C 11
,4
100 Keweenaw Copper25
.80 Septll
134 May15
114 June
434 Jan
1
*514 5 2
518
5
415 Lake Copper Co,
5
5
*5
512 *5
512'
5 Mar25
834 May14
5
25
5 Oct 18 Jan
5
212 212 *214 234
214
214 *238 3 1
212 212
218
2
285
La
Salle
Copper
314
2
Mar
Jan
5
2
25
114
Dec
5 Jan
*--- 10 Mason Valley Mine
4,2 *312 4
*312 414 *312 412 *313 412
312 Sept20
5
6 Feb13
312 312
418 Nov
838 Aug
4
4
4
4
334 33i *334 4
785 Mass Consol
4 1 *334 4
4
7 Jan 2
334 Sept17
25
1512 Jan
5 Nov
212 278 *25g 234 *213 3
272 278 *212 2341
540 Mayflower-Old Colony
312 July 8
214 24,
25 .65 Mar26
1 Nov
3 May
212 212
212 212 *213 3
234 234
*212 234 *212 234i
450 Michigan
.40 June28
3 Sept101
25
158 Aug
512 Mar
5514 5512 *55
*5514 56
55
55
56
551tt 55781 *5514 56 .
68 Mohwak
57 Deo 98 Jan
25 85 Aug20 6612 May16
*2018 2078 ---- ---Last Sale 1934 Aug'18
2012
*20
Nevada Consolidated
5 1812 Jan30 2012 May14
16 Nov 2612 Mar
*112 2
*112 2
178
178
+112 2 1
110 New Arcadian Copper____ 25
--ii2 --F8 *112 2
212 July 1
114 Aug29
6 Jan
112 Dec
1514 *1412 1512 1412 1412 *1412 1512 *1412 1512' *1412 1512
50 New Idris Quicksilver__ 5 1314 Jan 2 1714 Mar 7
1712 Apr
10 Nov
*12
15
*12
*12
15
Last Sate,12 Aug'18
*12
15
15
New River Company
100 12 Aug29 20 Jan 2
22 Jan 30 Mar
Last Sale 68 Sept'18
•---- 75
*68
75
*68
75
*68
75
Do pref
100 65 Aug29 80 Jan31
65 Dec 9214 Mar
834 834
9
878 878
8% 9
9
878 9 1
9 I
405 Nipissing Mines
9
918 April
958 Sept
034 July
1334 1334 1334 1334 1312 1358 1312 1312 1334 13341 1312 1312
395 North Butte
1733 May16
1134 Oct 2414 Mar
*.60 .80 10.60 .80
.60 .60 111.50 .80 *.50 .80 *1.50 .80
100 North Lake
.25 Feb14 , .95 Mar19
25
.30 Nov
234 Jan
Last
Sale
*34 112
*3
1
3
4
4
*34 1
1
Aug'18
Ojibway Mining
"4
12June21
112 Mar30
.98 Dec
25
278 Jan
*39
4014 39
3912 x39
39
*39
40
39
39
40 I
125 Old Dominion Co
39
33 Nov 6734 Mar
25 39 May28 4512 Jan 3
*5112 5214 5112 5112 5112 5112 *5112 5214 *5112 5214 5214 5214'
25 Osceola
5312 Dec 95 Mar
25 4612 Junel1 65 Jan 9
1878 1878 *1812 19
1812 1812 1814 1812 18
18
18
18 i
381 Pond Creek Coal
16 Nov 283 June
10 17 Sept 4 2014 Feb20
*66
67
66
*66
66
66
66
66
67
66
66
39 Quincy
66 1
60 Nov 9412 Feb
25 66 June26 78 May16
*2414 2434 *24
*24
2431 *23
25
2334 *23
2334 221s 2213
2 Ray Consolidated Copper.. 10 2134 Mar22 2534 May23
20 Nov 3218 Apr
+47
50
Last Sale 48 Sept'18
*48
50
*47
50
50
St Mary's Mineral Land.... 25 4612 Junell 57 Jan 2
48 Dec 8934 Mar
.0.60 .75 *.65 ..77 *.65 .75 .1 .65 .75
Last Sale .70 Sept.18
Santa Fe Gold de Copper_ 10
.58 Dee
114 Feb21
12June21
2 Jan
*312 334
334 334 *312 334 *312 334
334 334
150 Shannon
334 334
3 Apr10
534 Jan 2
10
51s Oct 19 Jan
*1
114 *1
118
1
1
.95 .95 *.50 .99 '
0.50
1 1
60 South Lake
.89 Dec
.95 Sept18
2 Jan 3
25
614 Jan
41.12 .18 *1.13 .18 *.13 .18 *.13 .18
Last Sale .16 Aug'18
.11 Jan23
.20 Jan 8
.10 Dec
South Utah M & S
5
.31 Jan
*534 614
512 534
438 438
412 412 *414 434
414 412
320 Superior
612 May15
4 Feb19
25
3,4 Dec UN Mar
33s 338
318 378
338 334
418 Aug29
314 358 2,809 Superior & Boston Copper 10
312 338
312 334
114 Aug13
814 Jan
358 Dec
234 3
3
3
*258 3
258 278
258 234
234 234
215 Trinity
b2
10
E1,3
3
Fe
ug
14
y1
1.
1(2 A
15g 11:t18
2t
3 Nov
.
812 July
.95 .95 *.94 1
*1.95 .98 *1.95 .98
.92 .92
.
900 Tuolumne Copper
.
1 May 26
,4 Jan
42
42
42
42
43
4278 4278 43
43
4314 *4112 ___
97 U S Smelt Refln & Min_ 50 36 Apr13 4914 Feb19
4018 Dee 8714 Jan
43
4314 *43
4312 43
44
4338 *43
4314 4314 *4212 4312
91 Do prof
4312 Nov 5212 Jan
50 42 July24 46 Jan 2
178 178 *178 2
178 +178 2
178
178
178 *134 2 I
365 Utah-Apex Mining
114 May31
5
258 Fob 8
178 Mar
97s 97s
912 912 1,165 Utah Consolidated
934 978
934 918 10
971; 10
10
834 June25 12 Jan16
5
37211'2 SepteF
Fob
912 Dee
*8212 83
*83
8334 *8314 8334 *8034 8112 *81
8112 8112 811210Uth
, a Copper Co
10 1712 Mar23 85 Feb191 71 Dec 1185 May
*134
178
178 2
*134 2
2 1 *134 2
2
*134 2 ;
225 Utah Metal & Tunnel
218 Dec
1
652 Jan
152 June 5 31/4 Apr 8
212 212 *212 3
*212 3
258
*24 238 +218 212 *218
100 Victoria
25
212 Aug26
2 Oct
3 Jan 3,
8 Jan
118
us *1
134 4,1,
1
1
134
*1
112 *1
112
45 Winona
25
2 Oct
Jan10
1
2 Jan 31
51s Jan
+23
24
23
+23
23
24
24 1 2312 2312 23
*23
23
122 Wolverine
31 Dec 5312 Mar
2' 22 Aug16 36 Jan 3
*t2 1
.1. 1
Sale
.75
*.55
12
Last
1
*12
Sept'18
Wyandott
.40 May19 1,4
.15 Aug
25
1 Mar 7.
212 Jan
.
. *
*Bid and salted prime. a Ex-dividend and rights. a ABISOMMOIIS paid. b Ex stook dividend. 11 Ex-rights. 1 Ez-divklead. r Half-paid.
?i3
-Jai:, -1-i4I
13 '
12 IT: =II
THE CHRONICLE
SEPT. 211918.]
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Outside Stock Exchanges
Bonds-(Con.)
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Sept. 14 to Sept. 20 both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
BondsU S Lib Loan 340_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 4s_ _1927-42
1st Lib Loan 4 gs1932-47
2d Lib Loan 4401927-42
3d Lib Loan 43%s. _ _1928
Am Tel & Tel coil 4s_ _1929
1925
Convertible 6s
Atl G&W 185 L 5s 1 959
Chic June & US Y 55_1940
1940
4s
Mass Gas 440
1929
Miss River Power 5s_ _1051
N B Telephone 5s_ _ _ _1932
Punta Alegre Sugar Os 1931
United Fruit 445s_ _ _ _1923
Range since Jan. 1.
High.
Low.
96.52
93
92.84
93.64
93.04
94.54
77%
94%
74%
87%
72%
85
6745
843%
77
93
99.74100.14 $72,400
95.64 96.80 5,600
95.24 95.90 23,300
31,400
96.30 97
95.24 96.04 16,150
95.54 96.44 78,000
1,000
78
78
9,200
06% 94% 96
75% 74% 75% 5,000
90% 90% 2,000
724 72% 2,000
1,000
85 •85
20,000
72
72
1,000
85
85
79
2,000
79
954 95% 4,500
Jan
June
June
July
July
Aug
Aug
Sept
July
Apr
Apr
Sept
Jan
Aug
May
Jan
102.50
98
97.90
97
98.04
101
83
90%
79
92
74
91%
72%
91%
81
954
Aug
Jan
Mar
Sept
Sept
May
Jan
Sept
Jan
June
May
Mar
May
Feb
Apr
Feb
Am Gas & El 5s small_2007
Consol Trac NJ 18t Is 1932
Elea & Peep tr ctfs 48_1945
Equit Ilium Gas Lt 5s.1928
Lake Super Corp 5s_ _1924
Lehigh Coal & Navigation
Funding & impt 48_1948
Lehigh Vail 68 etfs_ _ _1928
Annuity Os
General consol 4s__2003
Leh Val Coal 1st 58..1933
Registered Is
1933
Penn RR gen 4%s_ _ _1965
Canso' 4%s
1960
Phila Co 1st 5s stpd_ _1949
Cons & coil tr Is stpd '51
Phila Electric lot 5s.1966
Phila & Read Term 58.1941
Reading general 4s_ _ _1997
Spanish-Amer Iron 6s_1927
United Rys Invest 5s.1920
79
85
68
102%
56
79
85
68
102%
56
85
85
97% 984
115% 116
77
77
100 100
100% 100%
86% 86%
93
93
95
95
76
76
904 904 91
102% 102%
80% 80% 81%
99% 99%
56
56
50
Range since Jan. 1.
Low.
$100 7745
3,000 85
3,000 68
1,000 101%
2,500 47%
High.
Mar 82
Jan
Feb
Sept 95
Sept 73% May
May 102% Aug
Jan 59% Aug
1,000 85
Sept 87
26,000 97% Sept 98%
5,000 115% Sept 120
2,000 75
July 80
1,000 99% Mar 101
1,000 100% Sept 100%
1,000 86% Aug 92
9,000 93
Sept 98%
27,000 85% Feb 95
1,000 73
Apr 82
15,000 89% Sept 96
1,000 102% Sept 102%
25,000 803% Sept 85
4,000 99
July 101
10,000 54
Apr 60
Mar
Sept
May
Jan
May
Sept
Jan
Jan
Sept
May
Jan
Sept
Jan
Feb
Jan
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Sept.14
to Sept. 20, both inclusive, compiled from the official sales
Chicago Stock Exchange.-The complete record of lists, is given below. Prices for stocks are all dollars per
transactions at the Chicago Stock Exchange from Sept.14 share, not per cent. For bonds the quotations are per cent
to Sept. 20, both inclusive, compiled from the official sales of par value.
lists, is given below. Prices for stocks are all dollars per
Friday
Sales
share, not per cent. For bonds the quotations are per cent
Last Week's Range for
Range since Jan. 1.
Sale
of Prices.
Week.
of par value.
Par. Price. Low. High. Shares.
StocksHigh.
Low.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Low. High. Shares.
Par. Price.
_ _ _ _100
American Radiator.
Amer Shipbuilding_ ___100
Armour & Co pref
Booth Fisheries, common, 1
(no par),
new
Chic City&C Ry pt sh corn:
i
Chicago Elev Ry prof
Chic Pneumatic Tool _ _100.
Chic 1373 part ctf "2"- _ -.'
Chicago Title & Trust_100
Commonwealth-Edison 100
Cudahy Pack Co corn..100
100
Diamond Match
100,
Hartman Corp
100
Illinois Brick
10!
Lindsay Light prof
Middle West Util pref-100
National Carbon pref _ _100
Page Woven Wire Fence 20.
People's Gas L & Coke_1001
Pub Serv of No III pref_100
loo!
Quaker Oats Co
100,
Preferred
Sears-Roebuck common100;
Stew-Warn Speed com.1001
100
Swift & Co
Union Carbide & Car(no par)
bon Co
United Paper B'd 00111_100
100
Preferred
Ward, Mont & Co,pref ...Wilson & Co common_ _100
100
Preferred
245
135
97
238 245
127% 135%
97
98%
Range since Jan.!.
Low.
25% 26%
%
%
20
20
20
68% 69%
69
10
10
162% 162%
101 102
110 111
107% 108 108
47
47
47
49
49
49
10
10
1045
40
40
114
114 114
5
5
46
45
48
81
82
245 245
95
96%
140
138% 140
59
57% 59%
103% 102% 104
40
30
20
255
23
10
214
320
94
100
285
20
160
10
25
166
25
15
83
831
852
3,104
54%
19%
604
103
103.
50
93% 934
2,207 474
335 14%
103 58%
125 100
15 46
10 934
2545
55%
22
564
22
61
104
50
934
High.
19 235 June 265
Feb
1,090 87
Jan 144% May
255 9645 Sept 98% Sept
18%
44
12
47%
8
162%
100
107%
102
30
48
10
40
107
5
40%
81
238
02%
133
47
102
Jan
Aug
June
Jan
Jan
Sept
June
Jan
Jan
Jan
Apr
Feb
Sept
Mar
Mar
Apr
Sept
Aug
Aug
June
Jan
Aug
28
24
20
71%
16
175
108
115
114
49
58
114
65
115
7
55
90
290
100
157
60
140
Sept
June
Sept
Apr
June
Jan
Feb
June
May
Sept
Jan
Apr
Jan
Sept
May
Jan
Jan
Mar
Jan
Feb
July
Apr
Apr 59
Feb 22%
June 81
Aug 110
Jan 654
Sept 99%
July
May
May
Feb
May
Mar
BondsArmour SC Co deb 6s_ _1924
Chicago City Ry 5s_ _1027 84%
Chic City & Con Rys 5s'27 55%
Chicago Rys 4s series "B"
Chic Ry Ad Inc 48_1927 35
Commonw-Edison 5s_1943 87%
Liberty Loan 3%s 1932-47
Liberty Loan 1st 4s 1932-47
Liberty Loan 2d 48192742
Liberty Loan 2d 441s 1927 -42_ -.
Liberty Loan 3d 4%s 1928
Metr W Side El 1st 4s 1938
South Side Elev 4%8_1924
Swift & Co 1st g 50.__1944
97
97
84% 84%
55% 58
57
57
35
35
87% 87%
99.90100
95.10 96.00
95.62 95.80
95.20 95.20
95.62 96.20
55
55
7845 78%
904 90%
$4,000 90
Sept 97
Sept
21,000 84% Jan 88% Apr
6,000 52
Jan 62
Aug
1,000 50
Jan 59% Jan
3,000 27
Jan 35
Aug
14,000 87% Sept 94% Mar
6,600 94
Aug 101.22 Sept
200 93.30 June 97.50 Jan
11,650 93 June 97.52 Jan
200 93.76 Sept 08.10 May
9,450 94.70 Aug 98.20 Sept
2,000 45
Apr 58
July
1,000 784 May 81
Jan
500 90
Sept 95% Jan
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 14 to Sept. 20, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
American Gas of N J_ _100
Buff & Swig Corp pf vtc100
Elea Storage Battery_ _100
100
General Asphalt
Insurance Co of N A...10
I.ake Superior Corn---100
50
Lehigh Navigation
50
Lehigh Valley
Midvale Steel & Ord_ _50
50
Pennsylv Salt Mfg
50
Pennsylvania
Philadelphia Co (Pitts)_50
Phila. Electric of Penn..25
Phila Rap Tran v t r _50
50
Reading
Tons-Belmont Devel. _ _1
1
Tonopah Mining
50
Union Traction
United Gas Improvt. _50
U S Steel Corporation_100
Wm Cramp & Sons_ _ _100
51
48
52% 52
29
25%
18
16%
69
69
59
51%
83
83
43%
27% 27%
24% 24%
26%
27
87%
2
23%
3741
634
64
107%
79
80
51%
48
58
29
26
18
69
594
52%
83
44
27%
25
27
87%
24
2%
37
64
111”i
81
15
4
66
100
50
2,590
100
149
20
40
1,150
250
1,975
800
776
2,335 1
400
120
851
4,215
33
Range since Jan. 1.
Low.
I
High.
50
Aug 89
Jan
46
Jan 48
Mar
48
Mar 5544 July
14% May 36% July
24
Jan 274 July
12
Jan 21% July
61
Jan 70
July
55
Jan 63
Mar
43% Jan 59% May
82
Jan 904 Mar
434 June 47% Jan
21% Apr 29% July
24
June 26
May
234 Mar 30
Jan
71
Jan 94% June
15-16 Sept
Mar
2% July
4
Jan
30% Aug 42% Jan
62
Sept 72% Jan
88% Mar 116% Aug
74
Jan 053. June
Bonds.
US Lib Loan 340_1932-47
1st Lib Loan 4s_1932-47
2d Lib Loan 48._1927-42
2d Lib Loan44s_1927-42
3d Lib Loan 4%s..-1928
99.70
95.50
95.40
95.50
95.50
99.80 $1,400
95.76 1,050
95.50 1,100
95.50
50
96.02 24,200
97
Jan 102.40 Aug
93 June 97.90 Jan
92.80June 97.60May
94.44 Sept 95.90 Sept
94.30 Sept 98.52May
Atlantic Petroleum
10
Boston Sand & Gravel pref
Commercial Credit
25
Consol Gas E L & Pow_100
Consolidation Coal__..100
Cosden & Co
5
Preferred
5
Davison Chemical_ no par
Elkhorn Coal Corp
50
Houston Oil pref tr Ws 100
Mer & Miners Trans_ _100
Mt V-Woodb Mills v t r100
Northern Central
50
Pennsyl Wat & Power_100
United Ry & Elec
50
Wash Bait & Annap_ _.50
Preferred
50
Wayland Oil & Gas
5
BondsCity & Suburban 1st 5s'22
Cons GEL &P6% notes
Cosden & Co ser A 68_1932
Series B 6s
1932
Cosden Oil dr Gas Os_ _1919
Elkhorn Coal Corp 6s_1925
Fair & Clarks Trac 50_1938
Houston Oil div ctfs.'23-25
Norfolk St Ry 5s_ _ _ _1914
Say Fla & W 1st Is.. _1934
United Ry & E 4s_ _ _1949
Income 48
1949
12
61
50
70
120
70
601
15
65
35
40
94
83
54
344
30
223%
64
56
1441
69
60
17%
24
35%
3
Sept
3%
Sept 35
Jan 45
Jan 102
July 100
84
Sept
4
Jan
Jan 394
Jan 30%
Apr 8045
Jan 92
June 17%
Aug 74
Jan 73
June 24%
Jan 31%
June 41%
Apr
96% 964 $1,000
2,000
95
95
79
80
6,000
80
79
63,000
984 964 10,000
2,000'
95
96
6,000
90
90
1,000
100 100
1,000
92% 92%
2,000
94
94
7,000
71
71
9,000
52
52
96%
94
77
78
96
933%
90
88
924
94
71
52
Feb
Sept 100
Sept 97% June
June 82% Feb
June 83% Jan
Feb
Jan 97
Aug 98% Jan
Apr 92 • Jan
Jan 102
Aug
Aug 97
Feb
Sept 106
Mar
Sept 77% Feb
Aug 5844 Jan
1%
35
444
97
85
54
3%
35%
27%
714•
67
1741
69%
72
20
3045
39%
3
85
6
70
3045
79
703%
00
71
52
2
35
44%
99
85%
6%
3%
3844
2745
73
67
174
70
73
204
31%
39%
3
695
100
10
368
146
3,848
315
72
90
Feb
Sept
July
Feb
Jan
Jan
Jan
Aug
Aug
June
Jan
Sept
June
Sept
Feb
Sept
Jan
Jan
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Sept.14
to Sept. 20, 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-
Sam
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Wind Glass Mach100 614
Amer Wind Glass, pref_100 99
Harb-Walker Refrac, pref. 99
14
Indep Brewing,com_ _ _ _ 50
50
Preferred
La Belle Iron Wks,com100
100 181
Lone Star Gas
Mfrs Light & Heat
• 50
Nat Fireproofing, com_ _50
25 413%
Ohio Fuel Supply
Oklahoma Natural Gas_25 283%
1%
Pittsb Brewing,corn_ __ _50
Preferred
5
50
Pittsburgh Coal,com_ _100
Preferred
100
Pitts Cons M, M he T.1
22c
Pittsb-Jerome Copper_ _ _1
28c
Pittsb & Mt Shasta Cop_ _1
Riverside East Oil, corn _ _ 5
Preferred
5
7c
Ross Mining & Milling_ _ _1
San Toy Mining
1
Union Natural Gas.._ _100
U S Steel Corp,com__ _100 1093%
West'house Air Brake_.50 93
West'house Eiec & Mfg_50 43%
Bonds.
Indep Brewing Os__._1955
Pittsb Brewing 6s_ _ _1949
Dif.al-sIlreth Ontal II nh cal 021
614
99
99
1%
5
1083%
175
47
5
413%
263%
134
IS
49
83
2c
20o
28c
1
23%
7c
8c
135
108%
93
43
High.
Low.
1,005 40
65
10 99
99
10 99
99
13%
690
1%
50
5
5
210 106
111
301 95
182
4745
135 46%
3
544
180
413%
1,117 41
1,264 23
28%
110
134
134
5
30
5
494
135 45
83
10 79%
1,500
2c
20
250 38,900 20c
12,000 21c
33c
100
1
1
2%
40
24
7c
1,400
70
7c
Sc
2,500
35 135
13534
410 873%
109%
305 923%
93%
43%
120 39
$2,000
34% 36
534 29,000
53
On
CS
500
on
Range since Jan. 1.
34
50
95
Jan
June
Sept
Jan
Sept
Mar
Jan
Sept
Jan
Mar
July
Mar
Sept
Jan
Apr
Sept
Sept
Jan
July
Apr
Aug
Aug
Aug
Mar
Aug
Jan
Sept
88
Feb
• 101
1023% Feb
33% Aug
941 Jan
115
Feb
197
Aug
Jan
53
53.4 Aug
46% June
3144 Aug
434 Aug
Jan
13
584 Feb
84
May
7c Mar
1
Feb
48c2 Mar
14 Jan
24 Feb
17c Mar
Feb
16c
151
May
116
Aug
9734 May
47
May
Apr
Jan
Sent
40
54
99
Jan
Aug
liar
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Sept. 20 1918.
Stocks.
I
Shares. ! Par Value. I
Saturday
Monday
Tuesday
Wednesday
FridayThursday
Total
148,690
219,508,
236,485,
248,269!
158,691'
213,0741
814,320,000
20,970,300
21,298,550
23.757,400
15,146,100
19,446,400
1,224,717'
4114,938,750
d,
Railroad,
Bonds.
$475,000
545,000
1,070,000
1,007,000
992,000
1,011,500
State. Men.
& Foreign
Bonds.
$288,000
1,464,000
1,745,000
1,100,000
928,000
652,500
U. S.
Bonds.
4,530,000
5,990,000
5,926,000
4,399,000
5,935,000
6,556,000
$5,130,500 $6,177,500 $33,336,000
1182
THE CHRONICLE
Sales at
New York Stock
Exchange.
Week ending Sept. 20.
1918.
Jan. 1 to Sept. 20.
I
1917.
1918.
1917.
Stocks-No.shares._ 3,805,125
1,224,717
94,145.480
137,109,988
Par value
$114,938,750 $352,407,900 $8,787,891,765 512,610,489,955
Bank shares, par
$800
$15,800
$81,900
Bonds.
Government bonds
$33,336,000 $10,025,500
$776,716,500
$81,466,250
State,mun.,&c.,bonds6,177,500
3,259,500
174,139,500
239,022,000
RR.and misc.bonds
5,130,500
6,360,500
196,085,500
376,765,500
Total bonds
$44,644,000 $20,545,500 $1,146,941,500
$697,253,750
DAILY TRANSACTIONS AT THE BOSTON, PEIILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 20 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
8,0701
8,694
7,151
6,131
4,876
4,965
512,400
48,250
106,000
48,650
47,350
4,000
2,889
2,315
1,890
4,191
2,682
2,072
544,500
17.200
23,000
43,950
39,250
12,000
1.660
2,089
575
1,048
685
870
$7,300
51,000
7,000
6,000
9,100
40,000
39.887
5266,650
16.039
5179.900
6,927
$120,400
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Sept.14
to Sept. 20, 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 he 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.
Friday
Sates
Last Week's Range for
Sale.
of Prices.
Shares.
Par. Price. Low. High. Week.
Week ending Sept. 20.
Stocks-
Aetna Explos_r__ _(no par) 12%
9% 12%
Amer & Brit Mfg com_100
414 4%
Am Writing Paper corn 100
3% 3%
Brit-Am Tobac ord bear £1
1734 18
Burnrite Coal Brlq_ r..---1
234 4
3
Burns Bros Ice r
100 3534 34
36
Chevrolet Motor
100 119
116 120
Columbia.ville Woolen.r..10 11%
1034 11%
Cuprite Sulphur r
1
34 7-16
34
Gillette Safety Razor r (t)
97 10014
Grape Ola common
1 13-16 11-16 13-16
Preferred
1 2 7-16 2 5-16 2 7-16
Hall Switch & Signal r_100
1
334
Hen-co Mfg,com r_ _ _100
14
14
Keyst Tire & Rub com_ _10
1534 1634
Marconi Wirel Tel of Am_ 5
334
334 334
N Y Shipbuilding (no par)
43
4434
North Am Pulp & Pap (t)
234 234
Equipment
Role
r
10 12% 12% 12%
Roanoke Ore & Iron _r_ _ _1
1
15-16 134
Smith Motor Truck r_._10 0-16
34 9-16
Submarine Boat v_t o (t)
16
16%
Thiogen Co of Amer r_5
534 534
United Motors r(no par) 28% 26% 28%
U S Steamship
10
6
53-4 634
Wayne Coal r
5
334
394
33-4
73/,
Wright-Martin Aire r__(+)
634 734
Preferred r
62
100
62
Former Standard 011
Subsidiaries.
Galena-Signal 011 corn r100
93
95
Illinois Pipe Line_r___ _100
138 140
Indiana Pipe Liner
50
90
90
Ohio OiLr
25
295 295
Prairie Pipe Line_ _r__ _100
255 255
South Penn Oil r
100
245 245
Standard 011 (Callf)_r_100
214 214
Standard 011 of N J_r_100
500 513
Standard Oil of N Y_r..100
248 253
Union Tank Line r__ _ _100
92
92
Vacuum Olir
317 317
100
Other Oil Stocks.
Amer Ventura 011 r
70
1
70
63
Barnett 011 & Gas r
y, 3-16 3.4
1
Boston-Wyoming 011_r _ _1
15c 160
Cosden & Co common r__5
634
5% 634
Crystal Oil & Ref r
1
134
134
Drillers Oil r
10c
34
34
Esmeralda 011 Corp r_....1
4c
3c
40
Federal Oil r
2
1% 234
5
Glenrock 011 r
10
334
234 334
Houston Oil corn r____100 78
81
77
Imperial Con 0111_ r__.._1
% 7-16 ..
Island Oil & Trans r.... _10
314
3% 3%
Kinney Oil r
% •
1
%
%
Merritt Oil Corp_r
19% 20
10
Metropolitan Petroleum_5
1
15-16 134
Midwest Oil corn r
1 920
88c 92c
Prefer]ed r
1
1 1-16 1 1-16
Northwestern 011 corn r.._1 50c
42c 50c
Oklahoma Prod & Ref___5
634
634 6%
Okmulgee Prod & Ref---5
2
1% 234
lin v,
11 Iliitrh on rtnta r
_
60
563.4 *RI
Range since Jan. 1.
Low.
High.
16,800
6% Feb 16% May
50
4 Juno
5
Feb
200
2
Jan
4% Aug
2,300 1434 Apr 1834 July
7.200
534 Sept
134 Aug
2,100 1834 June 3934 Aug
1,000 100
Jan 144
June
1,650 1034 Sept 1134 Sept
3,150
T 6 Sept
234 Feb
1,119 7734 Mar 10034 Sept
6,700
% June 15-16 Aug
13,800
134 June 2 7-16 Sept
800
1
Sept
734 Jan
100 14
Sept 14
Sept
500 1234 Jan 203-4 June
2,800
234 July
334 Mar
700 39
Feb 4734 Aug
2,200
2
Apr
434 Aug
1,613 10% July 12% Sept
25,000
% Sept
134 Sept
3,300
% Sept
234 Apr
1,600 11% Mar zog May
1,450
4
Mar
614 July
11,960 19% Jan 3434 June
6,500
434 Jan
734 May
5,800
334 Sept334 Sept
14,100
634 Jan 11% May
200 45
Feb 69 June
20
20
10
10
20
10
10
31
30
10
10
6,700
2,400
3,000
7,500
280
500
8,700
2,900
14,900
2,500
2,800
7,048
750
800
8.300
5,700
500
28,500
2,400
39,400
2.250
93
138
90
290
250
245
210
490
24S
85
317
Sept 145
Sept 192
Sept99
Sept365
Sept279
Sept290
Juno 237
Sept 579
Sept 285
Mar 100
Sept 357
Jan
Jan
Apr
Jan
May
Jan
Jan
Fel
Feb
Junt
Ftl
Other Oil
Stocks (Con.)
[VoL.107.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price.
Low. High. Shares.
Range 81nm Jan. 1.
Low.
High.
Royal 011_r
1
3-16 3-16
200
1% Mar
34 Sept
Sapulpa Refining_ r
5
6
634 3,400
634
6
Sept 10% May
Sequoyah Oil & Ref
1
Sept
34
%
3-4 14,200
Mar
Southwest Oil r
1
300 35o
2,400 300 Sept 580 June
Stanton 011_r
1
134 1% 11,700
134
1% Mar
234 Mar
Texana Oil & Ref_r
1 11-16
6,700 300 July
13-4 May
Tuxpam Star Oil_r
1
134c
lo
2o 102,000
lo June 22o Mar
United Western Oil. new_r 15-16
% 15-16 8,400
Aug
234 Feb
Victoria 011_r
10
2
1% 2% 4,300
194 Sept
13% Mar
Mining Stocks.
Alaska-Brit Col Metals-1 40o
40o 450 13,900 5-16 Apr 700 May
America Mines_r
770 820 13,700 340 July 830 Sept
1 82o
Amer Tin & Tungsten r_ 1
% Sept 11-16 June
500
34
31
Arizona Bing Cop
5
5%
5% 5% 4,600
July
5
Aug
6
Atlanta Mines
1 334c
30 434c 11,200
30 July 130 Feb
Big Ledge Coverer
5 13-16 11-16 13-16 13,900
% Jan
134 Mar
Booth_ r
1
40
40
3o
2,000
Jan
60 Apr
Boston & Montana Dev_5 430
42c 460 75,600 380 Sept 960 Mar
Butte-Det Cop & Zinc_A
643
60
So
5,800
6o Sept
Mar
Caledonia Mining
1 47o
43o 470
15,600 390 May 5613
Jan
.34 Sept
Calumet & Jerome Cop_r 1 11-16
*34
1% Mar
% 42,800
Canada Copper Co Ltd-5
134 Apr
1% 134 115-16 2,500
234 Jan
Candalaria Silver_r
410 45t3 23,100 37c Aug
1 44c
450 Sept
Cash Boy
1
4o
Sc 10,000 334o Jan 190 Feb
Cerbat Silver M & M_r__1
% 1
4,900 42o
Jan
1% July
Coco River Mining _ r
_1
134
134
150
1% Sept
214 Jan
Consol Arizona Smelt__ _ _5
134 1 7-16 1 9-16 6,000 1 5-16 Feb
214 Jan
Cresson Cons Gold M&M 1
5
4% 5
2,700
534 Jan
434 Mar
Denbigh Mines_ r
1 15-16 15-16 1 3-16
5,600
2% July
% Sept
Eureka Croesus Min r_-1
134
1% 1% 5,450
% Feb
2% June
Fortuna Cons_r
1 460
43c 46o
5,000 300 June 460 Aug
Gibson Cons Copper _r 1
2% 234 9,300
1% Aug
234
3 Sept
Golobe-Dominion Cop _1
3-16
134 Jan
% 2,100
A Juno
Golden Rule Mines r___1 9-16
14 9-16 2,300
% June
34 May
Goldfield Consoildated_10
190 190
1,000 3-16 June 7-16 Jan
Goldfield Merger_r
2o 2%c 7,000
1
5o
1 %chine
Feb
Great Bend r
1
230 3o
3,000 2340 Sept 100 Feb
Hartle Gold Min4_r____1 70o
70c 700
2,700 3313 June 860 Sept
Ueda ivfining
4%
25c
4 11-16 4% 3,635
2% Jan
Aug
Howe Sound Co
1
4
4
Sept
300
Mar
434
Iron Blossom_ r
100
7-16 7-16
500 5-16 Apr 11-16 Jan
Jim Butler_r
1 48o
470 520
9,900 470 Sept 900
Jan
Jumbo Extension
1
90 be
6,000
8•3 July 24c
Jan
Kewanus_r
1
234o 30 11,500
234cJune
943 Feb
Magma Copper
5 31
30
31
300 27
May 42
Jan
Marsh Mining_r
1
3340 31443 1,000 3340 Juno 814(3 Mar
Mason Valley
5
600
Aug
3*4 4
634 Jan
334
McKinley-Darragh-Sav_.1
410 420
1,500 37o Apr 60o
Jan
Mother Lode_ r
340 34o
1 340
6,300 25o
Jan 560
Apr
Mutual Min & Leas pf r 1
2
I% 2
1,300
Feb
214 Sept
1
Nat Zinc & Lead_r
1 15c
15o 17o 10,300 13c July 383 Feb
Nipissing Mines
5
sq 9
2,300
Jan
8
May
9
Nixon Nevada
1 41c
35c 410 12,000 330 Sept
ig Mar
Ohio Copper_r
1 13-16 13-16
% 12,300
% June
13-4 July
Onondago Mines.r
1
334
3
33I 5,300
2
Jan
July
Pacific) Tungsten_ r
1
134
1% 1% 6,000 1 3-16 Juno
234 July
Ray Hercules Mining_r_5
4% 4% 2,400
434
334 Jan
4% Jan
Rochester Combined r _ _1 36c
35c 360
4,000 350 Aug 430 July
Rocnester Mines
1 310
30o 36o 10,100 270
Jan 640 May
San Toy Mining
1
7340 7140 1,000
70 Sept 180
Jan
Seneca Cop Corp (no par) 1034
1034 11% 2,300
734 Jan 12% May
Silver Canon
710 730
1 720
2,500 600 Sept 730 Sept
Sliver Pilaus Silver _ r
1
14 Mar
34 13-16 15-16 8,800
Aug
1
Silver King of Arizona_ ..1 15-32 15-32
Juno
34 14,000 7-32 Apr
Silver Pick Cons r
40
40
1
3,000
3e July
70 Feb
Standard Silver-Lead____1 5-16
% Aug
34 5-16 3,400
34 Apr
Stewart
13e
12c 140 15,500 110 Aug
1
3.4 Jan
Success Mining
1
120 120
1,000
Jan 16o Apr
7o
Tonopah-Belmont Dev..r 1
2 23-16 1,250
1% Sept
334 Mar
Tonopah Extension
1
134 17-16 134 1,300
1% Jan
194 Jan
Tonopah Mining
1
2% 2%
100
2% July
4
Jan
Tr -Bullion S & D
5
5,000
34 June
3-4
A
34 Jan
Troy-Arizona r
100
1
90 100
7o Sept 240 May
7,000
Tuolumne Copper
1
1
1,100
% Sept
13<4 Mar
United Eastern Mining_ A
3
July
31(6 4,150
534 Feb
United Verde Exten r_ _50c 36% 3634 37
1,000 35
July 50% Mar
U S Lead & Zinc I r_
190 220
_1
7,000
90 Feb 600 Mar
Ward Min & 11.1111ing_r_ _I
lie
110 120
6,500
40 May 25e June
West End Consolidated_ _5
95o 1 1-16 9,100 650
1
Jan
June
Western Utah Exten I r _ _ 1 190
13o 210 27,000 130 Sept 210 Sept
White Caps Extension_10c
2o
30
6,000
2o Sept 18o Feb
Waite Caps Mining...
1e 10o 1414o 44,400
100 Sept
Jan
White Knob Copper corn... ......
8c
8c
5o July 100 Aug
1,000
Wilbert Mining
1
6o
1,000
6o
40 Sept
140
Jan
BondsAm Tel & Tel 1-yr 63_1919 9934 99% 99% $9,00(
98% Aug 09% May
Armour & Co deb 6s r_1919
99% 99% 7,00(
99 June 100% July
Debenture 6s r____1920 9734 97% 98% 14,00(
9714 July 98% Sept
Debenture (1s_r_ _1921
97
97
2.00(
Sept
Aug
06
97
Debenture 6s r__1922
96% 06% 7,000 95% July 9634 Sept
Debenture 6s r____1923 9634 96% 96% 1,000 05 June 96;4 Sept
Debenture 6s_ r___1924 97
97
97
8,000 05 Juno 97
Sept
Both Steel set 75_r_ _1919
100% 10034 15,000 98% July 101
Aug
Serial 7s r.
1920
100% 100% 6,000 98% July 100% Sept
Serial 73.r
1921 9934 99
9934 60,000 98
July 100
Aug
Serial 7s- r
1922 9834 9834 98% 49,000 97
July 9934 Aug
Serial 7s_ r
1923 9834 98% 98% 74,000 96% July 99% Aug
Canada (Dom of) 5s_ -1919
97% 9714 86,000 9434 Jan 97% Aug
Cities Service deb 7s r 1'66
10234 102% 10,000 10234 Sept 102% Sept
Cudahy Packing 7s w I '23 9734 9734 97% 61,000 97% Aug 98
July
Denver City 4%s_ r_ _1948 96% 96% 96% 90,000 96% Sept 96% Sept
Federal Farm Loan
104% 104 105% 70,000 101 % Juno 106% Aug
Gen Elec 6% notes A920
100 100
2,000 98% Jan 101% May
6% notes
100 10034 6,000 99
1919
Jan 100% Apr
Interboro R T 7s w L1921 9834 98
9834 60,800 98
Sept 98% Sept
Phlia Electric 6s
1920
98% 99
3,000 9734 Aug 99% May
Proc & Gamble ser 7s r '23
100 10134 4,000 98% Mar 102% May
Russian Govt 634* r_ A919 60
59
60% 32,000 38
Mar 64% Aug
534s r
1921
53
55
8.000 32,
Aug
Apr 62
'T Odd lots. t No par value. 4 Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o Now stock.
r Unlisted. u Ex-cash and stock dividends. w When issued. x Ex-dividend.
c Ex-rights. z Ex-stock dividend.
-The July 1918 number of the Hand-Book of Securities,
Issued July 31 by the publishers of tho "Commercial and
Financial Chronicle," contains a monthly range of prices
6o
Jan 210 Jun( for the year ended July 1 of stooks and bonds sold at the
TX, Aug 1 3-16 Jilt
Stock Exchanges in New York, Boston, Philadelphia, Chi150 Sept 330
Jr r
5% Sept
834 Ftl cago and Pittsburgh. There is also a yearly range of prices
1
June
134 31115
for bonds and stocks sold on the New York Stock Exchange
% July
34 Jul
for the past 6 years and a yearly range for 332 years of Bos3o Sept 5-16 Jru
4
Fel
134 Aug
ton and Philadelphia prices. In addition, the book contains
2% Sept
Jrti
5
39% Jan 86% Jun( elaborate tables with details of securities, together with the
14 June
"31 SOP' earnings and fixed charges of the respective companies, and
1% Jan
534 Mai
showing as nearly as practicable the surplus available to meet
% May
Aii
1
17% Mar 29% Jun(
charges and dividends. There is a table of di vidend pay% Jan
134 Jul3
ments for 93/2 Years. The book contains 216 pages. Price
1.24 Jaz
870 Apr
1
Apr
1% Jr
one dollar, or to "Chronicle" subscribers 75 cents, including
42o Sep
890 Fel
634 Apr 8 Ma, postage. Copies may also be had at the "Chronicle" office,
1% Sept1194 M a
39 South La Salle Street, Chicago,
from Edwards eL
56
Only *61
_t Smith, 1 Drapers Gardens, London. or
Set,
SEPT. 211918.]
THE CHRONICLE
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in circulation on the dates given.
1183
New York City Realty and Surety Companies
All prices now dollars per share.
Asir
Bid
Ask
Bid
Ask
Bid
65 Lawyers Mtge 84
89 Realty A&o
Alliance R'ity 55
(Brooklyn)_ 60
65
59 Mtge Bond.. 80
85
-Stock of Money Sept. 1 '18--Money in Circulation- Amer Surety. 54
Bond & M G. 178 183 Nat Surety _ _ 185 190 U 8 Casualty. 175 190
in U. S. alleld in Treas. Sept. 11918. Sept. 1 1917.
40
Casualty Co_
75 N Y Title &
US Title Guar 35
$
19
City Investing 14
Mtge
55
65 West & Bronx
Gold coin (including bullion
Preferred _ _ 65
Title Ss M G 150 170
70
3,079,300,229 261,241,260131,062,558,390 754,270,172
in Treasury)
754,811.3891,656,691,819
Gold certificates
72,508,484
79,480,196
Standard sliver dollars_ _ .._ 460,253,959 34,242,617
344,696,913 472,300,768
Silver certificates
Subsidiary silver
231,874,845 10,592,279 221,282,566 197,076,174
1,946,466
1,834,233
Treasury notes of 1890_
All bond prices are "and interest" except where marked "f".
6,286,424 340,394,592 340,039,967
United States notes
346,681,016
Federal Reserve notes.....c2,225,838,710 34,502,755 2,090,318,055 595,638,014
12,481,220
24,440,325
Standard Oil Stocks Pe Aare
RR. Eauipments-PerCt.:asis
247,635
Federal Reserve bank notes 24,687,960
Ask
Par Bid
Bid. Ask.
National bank notes
724,318,652 22,824,090 701,494,562 696,370,762
'nab -American 011 new. £1 1412 15 Baltimore & Ohio 6)41__- 6.50 6.00
100 915 935 Buff Roch & Pittsburgh 434s 6.41 6.00
Mantic Refining
7,092,955,371 369,937,060 5,621,311,201 4,799,323,846
Total
100 420 440
lorne-Soryrnser Co
Equipment 4s
6.40 6.00
Population of continental United States estimated at 106,156,000. Circulation
luokeye Pipe Line Co__ 50 .84 87 Canadian Pacific 434s
6.60 6.00
per capita, $52 95.
lhesebrough
Mfg
new_
_100
315
330
8.00 7.00
Caro
Clinehneld
&
Ohio
511._
assets
of
the Government
a This statement of money held in the Treasury as
;olonial 011
7.00 6.00
100 10 40 Central of Georgia be__ __.
does not include deposits of public money in Federal Reserve banks and in national
390
415
43437.00
6.00
)ontinental
011
100
Equipment
the
Treasurer
of
the
United
States,
of
credit
banks and special depositaries to the
7.51 6.50
;reseent Pipe Line Co__.. 50 .32 35 Chicago dc Alton 48______ _
amounting to $1,043,857,086 26.
:umberiand Pipe Line_ _100 130 140 Chicago & Eastern III 5)41._ 7.51 7.00
b Includes $521,811,585 Federal Reserve Gold Settlement Fund deposited with
Dureks Pipe Line C,o
100 175 185
Equipment 4;is__ __ 7.50 7.00
Treasurer of the United States.
7.00 6.00
lalena-Signal 011 corn_ _ _100 90 94 Chi° Ind & Loulev 43,4s.. _
c Includes own Federal Reserve notes held by Federal Reserve banks.
Preferred old
100 105 115 Chi., St Louis & N 0 be...-_ 6.25 5.75
Note.-On Sept. 1 1918 Federal Reserve banks and Federal Reserve Agents held
6.11
5.70
105
)45_....
_
new
95
N
W
4
Preferred
Chicago
&
gold
coin
and
$795,775,890
bullion,
$204,913,320
against Federal Reserve notes
gold certificates and $101,017,900 Federal Reserve notes, a total of $1,101,707,110, !Moir Plim /31,10.- - -- _100 145 150 Chicago R I & Pao 4)4s_. . 7.51 6.50
ndiene Pip, Line Co_ _ _ 60 *90 92 Colorado & Southern 5s_ - 7.01 6.00
against $468,210,600 on Sept. 1 1917.
6.75 6.00
nternational Petroleum_ £1 *1314 1334 Erie be
6.7 6.00
ORK-M NTHLY fational Transit Co_ _12.50 *1112 1212 Equipment 434e
FO-REIGN TR DE OF N
6.75 6.00
.100180
190
Equipment
4s
York
iota
Transit
Co..
STATEMENT.-In addition to the other tables given in •Torthern Pipe Line Co..100 100 105 Hooking Valley ,ts
6.5 6.00
6.50 6.00
25 292 297
Equipment be
this department, made up from weekly returns, we give the )hto 011 Co
6.2 5.75
*26
30
25
Illinois
'enn-Mex
Fuel
Co
Central
be
following figures for the full months, also issued by our 'rairie 011 & Gas
6.25 5.75
100 480 90
Equipment 430
7.00 6.00
,rairie Pipe Line
100 248 253 Kanawha & Michigan 4)4,.
New York Custom House.
6.25 5.75
100 300 310 Louisville & Nashville 55_
loiar Refining
6.50 6.00
louthern Pipe Line Co_100 160 165 Michigan Central bs
Customs Receipts
Merchandise Movement at New York.
loutb Penn Oil
100 240 245 Minn St PA S S M 4)is. ___ 6.51 6.00
at New York
louthwest Pa Pipe Lines.100 88 92 Missouri Kansan dc Texas 5s. 7.7 6.75
Exports.
Imports.
lifonth.
7.7. 6.75
tandard 00 (California) 100 214 218 Missourl Pacific bs
6.61 6.00
•
tandard Oil (Indiana). 100 550 570 Mobile & Ohio bs
1918.
1917.
1917.
1918.
1917.
1918.
6.60 6.00
Equipment 43.4s
tandard 011 (Kansas)___100 435 450
tendert! 011 (Kentucky)100 300 310 New York Central Lines Bs_ 6,1 6.00
$
$
$
6.51 6.00
tandard 011 (Nebreaka).100 420 440 "Equipment 434s
January.. 88,164,97 128,344,239248,203,724 303,906,525 7,488,551 13,494,316
6.75 6.60
tandard Oil of New Jer..100 508 513 N Y Ontario & West .11)4s_
168,713,182223,464,135
97,834,888
8,177,780 10,800,297
February _ 94,303,999
6.25 5.70
100 252 255 Norfolk & Western 4345....
tandard
Oil
of
New
Y'k
98,360,412 147,901,883251,325,068 258,020,408 9,870,168 13,395,986
March
6.20 5.70
Equipment 45
tandard 011 (Ohio)
100 400 410
121,564,991 126,801,160 191,719,439263,873,049 10,525,971 14,052,313
April
6.10 5.60
100 90 95 Pennsylvania RR 4)4e__ __
wan& Pinch
149,434,134 118,850,759219,019,748 245,998,346 12,162,731 18,823,305
May
6.11 5.60
95
90
inion
Tank
...100
Equipment
45
Line
Co
112,622,429 154,901,984 205,313,999274,287,250 10,665,910 10,256,450
June
7.50 6.50
100 315 325 St Louis Iron Mt & Sou be_
raouum 011
95,713,123237,731,667
210,181,903
96,101,747
9,215,233
11,190,794
July
7.50 6.50
Vashington 011
- 10 .33 37 St Louis & San Francisco /is
7.50 6.50
Seaboard Air Line be
Total _ _ 760,552,682 870,348,036 1722026827 1779731616 68,106,344 92,013,461
7.50 6.50
Equipment 434s
Ordnance Stocks-Per • hers.
Southern Pacific Co 4).4e... 6.3: 5.88
Imports and exports of gold and silver for the 7 months: Letna Explosives prof._..100 64 68 Southern Railway 4)4s__ _ _ 6.75 6.00
7.01 6.00
Lrnerlean & British Mfg_100
3
8 Toledo & Ohio Central 45...
100 20 35
Preferred
Tobacco Stocks-Per ilke re.
Gold Movement at New York.
Silver-New York.
LUBA Powder oommon_ _100 165 170
Par Bid. Ask.
Preferred
100 87 90 American Cigar common _100 97 103
Imports.
Exports.
Exports.
Imports.
Month.
I
100 110 112
Preferred
100 80 90
laboock & Wilcox
.
llifyi (E W)Co common. 60.0.3f0 400 Amer Machine & Fdry_100 60 80
1917.
1918.
1918.
1917.
1917.
1918. I
60 '75 _- British-Amer Tobac ord__ £1 .1712 1812
Preferred
£1 •1712 1812
.3anada Fdys & Forgings_100 200 215
Ordinary, bearer
$
$
100 180 210
,arbon Steel common...100 114 117 Conley Foil
657,940 10,494,074 1,409,524 2,746,717
January-- 1,070,279 1,930,781
100 95 98 Johnson Tin Foil & Met_100 80 90
let
preferred
994,103 1,085,806 3,170,387 14,129,717 1,444,351 2,186,324
February
100 67 72 Mat:Andrews & Forbee_100 160 170
2d preferred
628,514 1,074,962
301,073 9,819,730
606,261 3,294,034
March
Preferred
100 85 95
)olt's Patent Fire Arms
877,460
518,140
223,177 3,017,151
726,467 3,944,455
April
Mfg
25 *56 59 Reynolds(R 3) Toba000_100 260 280
660,277 1,084,038 1,302,420 17,629,499 1,317,371 3,910,742
May
B corn stock
100 205 225
luPont(E I) de Nemours
1,194,622
203,500
534,406
5,596,300
13,564,850
1,115,157
June
100 280 290
100 100 103
Preferred
& Co common
904,838 3,903,713 19,179,282 1,803,038 2,435,000
627,829
July
100 8814 8814
95 98
A dividend scrip
Debenture stook
94 98
B dividend scrip
100 90 95
..:astern Steel
8,152,507
72,558,734
5,033,548
87,834,303 , 8,422,168 24,113,572
Total
100 110 135
Cmpire Steel & Iron oom_100 ---- 45 Young (.IS) Co
100 90 105
100 74 78
Preferred
Preferred
CURRENT NOTICE
lercules Powder corn....100229 233
Short-Term Notes-Pee Cent.
Preferred
100 107 110
-Tax-free bonds yielding 4% to 7Y1,% are offered to investors by
Am Cot 011 be 1919 ...M&S 9712 9'77e
qiles-Bement-Pond oom_100 117 121
100 94 97 Amer Tel&Tel 6a 1919_ _F&A 99% 99%
Preferred
Harris, Forbes & Co., Pine St.,'corner William, this city in an advertise54
Balto A Ohio Si 1919 _J&J 983s 98'8
par)
*51
'enn
Seaboard
Steel
(no
ment on another page. The firm from states that it owns a number
100 270 280 Beth Steel 5s1919__F&A 15 -----'helps-DOdge Corp
municipal, railroad and public utility bonds which are free from personal
loovill Manufacturing__ _100 405 415 Canadian Pao Os 1924.M&8 2 9734 9818
60 .22 30 Del & Hudson Si 1920 FAA 97 97/
1
4
property tax in the State of New York.and..the issuance of those bonds ['homes Iron
ii'inchester Repeat Arms.100 575 825 Erie RR Si 1919_. _ __ _A-0 963e 96/
1
4
have been approved by the-Caplial-Issues Committee.-Complete cirVoodward
Iron
100
51 ---- Fed Sug Rtg 5s 1920-.J&J 9512 97
culars will be mailed by Harris, Forbes & Co. on request.
10018
Gen Eleo 65 1920
J&J 9978
6% notes (2-yr) '19_ J&D 997810018
-The business of Morris & Rice, investment securities, will hereafter
1
4 993*
Pu
,
lic Utilities
General Rubber bs 1918.J&D 99/
be conducted by William D. Morris Jr., 722-726 Miners Bank Building,
Melte 971e 073*
Liner Gas & Elea own__ 50 *77 80 Great Nor Si 1920
Wilkes-Barre, Pa.
50 *40 42 Hooking Valley Os 1918 MAN 993* 9978
Preferred
Lmer Lt & Trao oom
100 178 180 K C Term Ry 434s'18_M&N 9938 9934
.7A: 9312 95
Preferred
100 91 93
Ois 1921
Laclede Gas L be 1919_ _ F&A 9734 9812
Imer Power & Lt nom_ _100 39 41
100 69 72 Morgan&WrIght 55 Dec 1 '18 9912 .._
Preferred
All prices now dollar/I per share
N Y Cent bs 1919___M&S15 9818 983e
Lmer Public Utilities oom100 ---- 17
Banks.
Bid. Ask. I Trust Co's. Bid. Ask.
Banks-N.Y. Bid. AA.
100 34 39 Penn Co 434s 1921__J&D 15 9512 96
Preferred
280 300 I New York.
A meriea•___ 480 495 Lincoln
!Ries Service Co oom_-.100 208 210 Pub Ser Corp NJ be'19.M&8 95 97
160 167 Bankers Trust 350 360
Amer Exch.. 215 222 Manht'.i
Preferred
100 71 73 Item Arms U.M.0 5s'19F&A 9884 9912
175 Mech & Met- 287 295 Central Union 380 387
167
Atlantic
)orn'w'ith Pow Ry & L.100 19 21 Southern Ry bs 1919_ _M-S 2 0s12 9834
123 128 Columbia__ 240 247
Battery Park_ 190 205 Merchants
Preferred
100 36 38 Utah Soo Corp 136'22.M-S 15 5512 87
Metropolitan. 165 175 Commercial__ 100-.
400
Bowery •
W'house Elle M 6s '19..F&A 99% 99%
Nee Bond & Share pref_ _100 d88 91
375
Bronx Dom._ 150 200 Mutual.
Empire
290 300-7 10 winches RepArms7s'19.M&S 9914 9912
'ederal Light & Traetion.100
Bronx Nat.__ 150 165 New Neths_ 200 215 Equitable Tr. 330 337
100 36 41
Preferred
New York Co 135 145 Farm L & Tr_ 350 360
Bryant Park. 1h0
Industrial
;Nat West Pow 551946.J&J 71 74
-23
_-- New York
425
____ Fidelity
Butch & Drov 18
205 215
and Miscellaneous
41seiesipp1 Riv Pow oom_100 12 14
135
345 360 Pacific'
Chase
Fulton
225 255
100 213 218
100 38 43 American Brass
Preferred
--- Park
405 510 Guaranty Tr_ 303 308
Chat & Phen _ 237
American Chicle corn....100 30 34
First Mtge be 1951.__J
71 73
_ People's•
120
95
Chelsea Ex
135 145
---- Hudson
100 58 63
Preferred
lorth'n States Pow oom_100 43 45
385 315 Prod Exch... 200
__ Irving Trust !See Irving
Chemical
100 126 129
Preferred
100 80 83 American Hardware
200
..-.
212 222 Public
Citizens
1Nat Bank
torth Teem Elea Co core 100 60 65 Amer Typefounders com_100 35 3713
450 470 Law Tit tic Tr 90
383 393 Seaboard
City
97
100 80 83
Preferred
100 70 75
Preferred
400 425 Lincoln Trust 95 105
Coal & Iron_ 205 215 Second
'WM!Gas & Eleo oom....100 3212 3312 Borden's Coed Milk com_100 92 96
_ Sherman
.125 135 Mercantile Tr
1400
Colonial•_
100 95 _ _
Preferred
let preferred
100 7712 7812
100 108
& Deposit 105
Columbia.... 160 176 States
13 Celluloid Company
100 143 148
'Liget SO Tr LA P corn.100 10
115 130 Metropolitan. 300 3-11Commerce __. 169 172 23d Ward*
(t) .61 64
Columbla
Graphoph
Mfg
47
Preferred
100 42
100 62 65
Comnfl Ex._ 390 410 Union Exch. 145 155 Mutual(WeatPreferred
tepublie Ry & Light _
100 16 18
United States* 500
__
chester)
Common105 125
(t) *30 32
Preferred
100 55 67 Freeport Texas Co
__ N Y Life Ins
3
wealth'-180 190 Wash /Mao
1
outh Calif Edison oom_ _100 73 76 Havana Tobacco Co_ _100
160 175
& Trust
875 900
5
Continenta* 100 106 Wmtch Ave._ 2752
Preferred
100
Preferred
100 93 96
590 600
Corn Exch.. 310 315 Yorkville'._. 8275 325 N Y Trust
let g bs June 1 1922 J-D 138 43
tandard Gas & El(Del). 50 •4
6
95
Scandinavian 270
Cosmoplitan • 85
7
8
Preferred
60 *20 22 Interoontinen Rubb 00128_10(J
Brooklyn.
Title Cu & Tr 218 2-21:Cuba (Ilk of). 175
'enneeeee Ry LAP corn 100
2
3 Internet Banking Co..__100 160
--Coney Island. 140 155
175
East River... 15
100 55 64
100 10 1312 International Salt
Preferred
260 270 U
S M tg & Tr i6o 410
Fransatiantle"
Fifth Ave.__ 11800 2200 First
A-0 66 68121
5
7
1st gold 5e 1951
Fulled Gas & Elea Corp_100
215 230 Flatbush .._ 150 ._ _. United States 875 805
Fifth
100 41 45 International Silver pref _100 ____ 80
let preferred
130 140
First
890 915 Greenpoint _ 150 165 Westchester
100
7 10 Lehlgh Valley Coal Sales_ 50 .84 86
26 preferred
110 120
1x5 Hillside •
Brooklyn.
170
Garfield
rnitod Lt & Rye com____100 27 29 Otis Elevator common_ _ _100 48 52
200 225 Homestead '.....110 Brooklyn Tr_ 490 510
Gotham
100 74 76
Preferred
100 58 60
let preferred
62 Franklin
225 235
Greenwich'..830 350 Mechanics'•_ 15
Veetern Power oommon_100 1112 13 Remington Typewriter
Montauk'
95 Hamilton..
240 260
Hanover
660
Common
100 21 23
100 4812 5012
Preferred
26
1 - 207 Kings County 620 650
235 -2iI5 Nassau
Harriman
100 90 95
let preferred
134, Manufacturers 160
100 74 76
Imp & Trad_ 475 490 National City 133
---26 preferred
North Side._ 175 200 People's
268
:Irving (tr
Royal Baking Pow eom-100 118 123
130 140 Queens Co_
certificates) 272 277 People's
65
/5.100 90 93
Prefer,e0
Liberty
390 405
100 155 159
Singer Mfg
100 800 900
Tex Par Coal & 011
• Banks marked with a(0)are State banks. t Sale at auction or at Stock Exchange thts week. t includee one-third seere Irving Trust Co. 8 New stock.
*Per share. b 11 Lsis. d Purchaser also pays accrued dividend. e New stock.
et:a-rights.
Flat price. a Nomlnal. x Ex-dividend. e Ex-rights. (t) Without gar value.
Quotations for Sundry Securities
a
New York City Banks and Trust Companies
ii
1184
THE CHRONICLE
[VOL. 107.
investment mut gailircati /ntellagente.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan 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.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Previous
Year.
Current
Year.
Previous
Year.
$
$
Alabama & Vicksb_ August
201,750 178,326 1,461,033 1,311,862
Ann Arbor
1st wk Sept
62,335
67,067 2,164,213 2,166,244
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 8c S Fe July
498,841 623,936 3,350.495 3,893,318
Atlanta Birm & At!July
418,539 325,935 2,423,308 2,221,749
Atlanta & West Pt_ July
220,388 135,956 1,325,341
928,702
Atlantic City
July
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
Atlantic & St Lawr_ June
197,384 122,364
926,429
986,133
Baltimore & Ohio_ _ July
17674458 11920443 83.666.074 73,090,791
B &0 Ch Tor 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
Birmingham South_ July
212,227
95,015
663,708
921,098
Boston & Maine__ _ July
6,900,939 5.217.679 37,151,596 33.267,298
Buff Roch & Pittsb_ 2d wk Sept 400,008 342,632 12,623,822 10,622,681
Buffalo & Susq RR.. July
205.056: 146,701 1,284,058
977,012
Canadian Nor Syst_ 2d wk Sept 873,900 7.51,30030.041,400 28,330,400
Canadian Pacific_ _ 2d wk Sept 2,915,0002,691,000 101773 883 100823646
Caro Clinch & Ohio July
441,666 302,880 2,4913,346 2,290,496
Central of Georgia.. July
1,765,420 1.342.540 11,316.515 8,519,313
CentralRR 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
Central Vermont _ July
468,066 389,8621 2,801,011 2.503,383
Charleston & W Car July
,ue inu,zo' t,oua,n 1,258,467
Chas & Ohio Lines.. July
6,972,840 4,441,551,37,013,814 30,473,764
Chicago & Alton...._ July
2.362,86711,780,23812,481,618 11,511.100
Chic Burl & Quincy July
1332571840110005175,423,314 68,979,208
Ch Det & C G Trk_ July
163,4361 122,207
800,805
748,485
Chicago & East Ill_ July
2,599.950 1,813,348 13,850,186 11,860,667
Chicago Great West July
1,712.8301,378.105 10.123.320 9,212,982
Chic Ind & Louisv_ July
1.087,873 747.272 5,661.080 5,139,500
Chicago June R
July
336,878 262,283 2,068,175 1,869,174
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
322.958j 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 II & S 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
Coal & Coke__
July
121.609113,607764,182
748,567
Colorado Midland.. July
127.930 126,522
920,402
Colorado & South.... 2d wk Sept a258,356 a228,170 a8,445,462 a7,442,327
Ft W & Den City July
585,978 511,340 4,097,929 3,434,365
PitTrin & Brazos Vol July
93,057
637,828
68,969
531,711
Colo & Wyoming__ July
97,791
93,439
705,728
634,231
Crip Crk & Col Spgs July
84.312
546.700
36.602
617,887
Cuba Railroad_ _ __ July
1,078,676 743,774 8,172,257 4,029,958
Delaware & Hudson July
3,334,144 2,700,505 18,459,351 10,684,310
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
260.530 215.803 1.137.788 1,113.387
Detroit & Mackinac 1st wk Sept
26,577
23,912
894,106
934,918
Detroit Tol & Iront July
377,254 252,311 1,586.334 1,675,407
Det & Tol Shore L.. July
156,143 157,526 1,102,537 1,093.347
Duluth & Iron R.._ _ 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
Dui So Shore & Atl_ 1st wk Sept 103,438
82,171 3,082,748 2.940,979
Duluth Winn & Pac,July
977,033 1,283,310
128,106 160,594
East St Louis Conn July
99,877
590,488
91.933
597,295
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
Erns
July
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
Fonda Johns & Cloy July
97,963
616,952
96,205
607,305
Ft Smith & Western July
97,756
695,882
83,406
571,454
Galveston Wharf.... July
146,541
78,471
676,705
665,907
Georgia Railroad.. _ July
634,562 291,779 3,377,238 2,033.753
Grand Trunk Pac 3d wk Aug 100,809 119,871 3,597,290 3,422,257
Grand Trunk Syst_ 2d wk Sept 1,451,000 1,013,154 48,511,670 43,087,935
Grand Trunk By 3d wk Aug 1,342,747 1,114,292 35,697,016 32,184,364
Grand Trk West.. July
1,051,756 856,801 5,332,557 5,549,902
Det G H & 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 48,054,124
Internet & Grt Nor July
1,042,560 886,139 7,277.122 6,526,583
Kan City Mex & Or! July
115,740 113.076
669,022
686,491
K C Mex &0 of Tex June
92,227 119,671
498.893
550.160
Kansas City South_ July
1.118,610 1,000,164 8,334.875 4,887,812
Texark & Ft Sm.. July
101,987 102.153
681,355
630.323
Kansas City Term.. Juno
107,593
91,135
575,883
557,812
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
Lehigh Valley
July
6,730,464 4,958,932 33,925.985 30,391,749
Los Ang & Salt L July
1,327,585 1,009,787 7,887,140 7,298,936
Louisiana & Arkan_ June
127.065 133.848
850.013
695.411
Louisiana By & Nov July
286,162 182,727 1,667,681 1,266,762
Louisville & ?Tashi/.. July
9,508,722 6,576,474 52.503,516 42,472,815
Lou Rend & St L__ July
230,812 195.218 1,490.005 1,232,335
Maine Central
July
1.684.843 1.212.382 8.753.001 8,037.072
Midland Valley...... July
292,907 270,247 1,891.394 1,593,122
Mineral Range....__ 1st wk Sept
24,214
23,276
771,356
820,897
Minneap & St Louis July
988,856 024,960 6,354,275 6,065,835
Minn St P & S S M_ July
3,243.999 3,230,802 16,781,587 19,231.709
Mississippi Central.. July
148,207
71,673
718,944
449,344
Missouri Kan & Tex July
2.939.007 2.152.045 17.132,226 14.255.920
MoK&T By of Tex July
1.775,074 1,258,958 10.524,844 8,286.056
Mo & North Arkan July
126,218 113,470
809,011
795,097
Mo Okla & Gulf.... July
170,070 170,623 1,030,117 1,081,597
Missouri Pacific... July
7.727.501 6.554.948 47,826.455 44 083,550
Week or
Month.
Current
Year.
Previous
Year.
1Jan. 1 to Latest Date.
Current
Year.
$
I
1
Previous
Year.
$
Monongahela
July
299.928 181,738 1,618,246, 1,229,615
Monongahela Conn. July
245,127 130,386 1,302.3311 1,118,385
Nashv Chatt & St L July
2,119,002 1,194,500 11,173,656, 8,310.176
Nevada-Cal-Oregon 1st wk Sept
234,425
181,660
9,138
9,393
Nevada Northern__ July
216.345 208,149 1,429,3311 1,387,897
Newburg & Sou Sh_ July
563,095
674,992,
92,624
149,394
New Or! Great Nor.. July
226,939 195,747 1,234,5281 1,029.425
New On & Nor East July
580,690 372,295 3,457,083 2,667,171
N 0 Tex & Mexico_ July
119,400 121,703
786,084
Boaum S L & W. July
827,0171 549,455
71,146
83,938
St L Browns & M July
343,165 239.835 2,153,756 2,314.237
New York Central.. July
26282974 211020:12 149012328, 133072145
Boston & Albany April
2,015.392 1.872,719 6,997,425i 6.755.467
Lake Erie & W.... July
898,560 679,634 4,982,975 4.696,213
Michigan Central July
6,450,467 4,300,696 35,809,134 29,246,620
Cleve 0 C & St L July
7,084,144 4,462,951 36,385.712 29,040,302
Cincinnati North. July
1.435.2221,324,089
269,125
Pitts & Lake Erie July
1724
5
3,265.198 2,352:774
,208 14,189,427
Tol & Ohio Cent.. July
1.189,991 791,687 5,199,030 4.200,872
Kanawha & Mich July
653,017 325,361 3,014,379 1.965,164
N Y Chic & St Louts July
1,994,332 1,450,494 11,062,683' 9.636.993
N Y N II & Rant_ July
10048099 7,294,550 54,581,099 48,444,227
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
508,532 428,291 3.144.887 3,119,801
Northern Pacific..__ July
8,475.040 7,058,428 50,498,274 49,806,751
Minn & Internat. July
661,035
644,243
85,123
107,079
Northwest'n Pacific July
649,844 504,250 3,050,059 2,616,277
Pacific Coast
June
239.267 338.059
Pennsylvania RE__ July
37836003 25747219 189204651 163778173
Bait Chas & AtL.. July
177.744 151,555
659,080
621,941
Cumberland Vail. July
524,562 466,342 2,784,518 2,755,964
Long Island_ _ _ _ July
2,731,092 1.870,347 12,113.878 8,934,255
Mary'd Del & Va July
139,603 108,135
510,062
495,266
N Y Plsila & Norf July
787,518 576,112 3,855,864 3,069,744
W Jersey & Soasn July
1.291,458 1,072,328 5,266,033 4,610,793
Penn Western Lines July
10094822 7,188,125 47,838,130 43,682,559
Grand Rap & Ind July
3,862,489 3.648.350
733,402
.Pitts00 & St La. July
8,898,933 6,445,727 46,049,901 42,100,940
Penn SystemLines East_ __. _ May
31178634 28200869 137033977 126673981
Lin
Lines West__
May
15109 144 14030 228 02,878.383 61,431.347
Linos E & W.._ _ May
49287779 42231098 109912360 188105327
Peoria & Pekin Un_ July
725.882I 695,922
112,575 105.007
Pere Marquette-- July
2,673.972 1.902,563 14,867.616 13,315,651
Pitts & Shawmut__ July
657,245
753.926
136.095 100,622
Pittsb Shaw & Nor_ July
720,822
782,080
120,788
97,618
Pittsb & West Va__ July
208,591 140,463 1,065.307
Port Reading
July
255,032 172,428 1,301,753 1,099,610
Reading CoPhila & Reading.. July
8,836,862 5,692,192 44,409,406 38,046,834
Coal & Iron Co... May
4.543,357 4,175,608 21,411.789 18,757.138
Total both cos. May
11462814 10062 83:3 50,263,813 45,511.853
Rich Fred & Potom June
642.089 430,967 2,844.886 2,374.740
Wash Southern July
314,677 212,055 1,896,283 1,398,028
Rutland
July
396.406 375,836 2,496,163 2.439,775
St Jos & Grand Isl. July
235,177 182,378 1,526,908 1,376.276
St Louis-San Fran_ July
6.510,177 4,855,413 36,671,345 31,462.677
Ft W & Rio Gran July
486,617
614,563
79,427
94,489
St L S W of Texas July
661,246
833,662
92,894
112,183
St Louis Southwest.. 1st wk Sept 412,270 380,728 13,254,727 11,126,644
St L S W of Texas July
687,516 449,888 3,846,319 2,933,035
San Ant & Ar Pass._ July
353,150 340,738 2,261,959 2,118,096
Seaboard Air Line_ July
3,470,525 2,117,441 20,908,487 17,153,761
South Buffalo
July
139,684
750,194
88.055
900,111
Southern Pacific..._ July
14064272 11165053 80,964,418 71,703,997
Arizona & East__ July
398,827 321,887 2,578,392 2,674,056
Galv Hous & S A.. July
1,826,768 1,453,231 11,767,440 10.915,350
bus & Tex Cent July
732,137 594,720 4.868,105 4.192,430
bows E & W Tex.. July
138,551 141,240 1,114,754 1.025,973
Louisiana West_ July
397,522 260.153 2,412,200 1,914.155
Morgans La & Tex July
703,376 497,431 4,499,629 3,665.564
Texas & New On 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
847,477 605,717 .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
Georgia Sou & Fla July
290,026 213,408 1,974,823, 1,573,723
South Ry in Miss July
107,460
99.199
730,5951 603,277
Spokane Internat'l_ July
95.870
80,657
564,179' 503,549
Spok Port & Seattle July
738.963 645,712 4,544,909' 3,765.075
Staten Island R T__ July
216,965 159,631
980,0911 865.995
Tenn Ala & Georgia 1st wk Sept
2,528
3,622
86,054
89,701
Tenneisee Central_ July
304,116 138,757 1,540,4631 993,165
Torm A.san of St L__ July
316,852 322,767 2,062,252' 2,242,842
St L Mer Bdge T July
334,076 251,624 1,942,049 1,744.366
Texas & Pacific...... 1st wk Sept 570,978 406,112 16,883,356 14,435,283
Toledo Peor & West July
850,997, 726,165
98,788
152.397
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
Union Pacific
8.732.058 6,439,189 48,760,658 40,267.761
July
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 (Balt) _ March
178.987 173,591
476.971
482.099
Union RR (Pa)....... July
781,801 595,388 3,631,410 3.230,239
July
Utah
129,024
731,303
-----Vicks Shrev & Pac_ August
202,432 172,0M 1.546,348 1,307,635
July
Virginian RR
1,175.053 903,463 6.242,709 5.964.141
Wabash RR
July
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
Wich Falls & N W.. July
548,883
581,126
76,909
81,395
Yazoo & Miss Vall_ July
1,914.784 1,474,860 11,669.005 9,628,579
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
• Monthly Summaries.
Current
Year.
Previous
Increase or
1 Decrease.
Year.
%
$
Mileage.
Cur. Yr. Prey. Yr.
$
$
$
week June (20 roads)...... 14,504.177 13.642.174
+862,003 6.32 October ... .247.048 215.967 389.017.309 345.079.971 +43.937.332 12.73
week July (18 roads) ____ -9.109.887 8.722,454
+387.433 4.44 November _212.407 241.621 :160,062.052 326.757.147 +33.304.005 10.19
week July (17 roads).-.._ 9.723.974 8.778,254
+945.720 10.77 December. 217.988 247.285 313.875.052 317,836,386 +26.038,666 8.18
week July (19 roads) _ ___ 9.777.522 8,935.100
+842.422 9.43 Jan uary _ .240.046 239.885 282.394.665 294002,791 -11.608.126 3.98
week July (11 roads)____ 8,715.679 7.973.165
+742.514 8.17 February _ -.230.336 228.835 362.761.238 312,276.881 +50.484.357 16.22
week Aug (12 roads)...
5,812.844 5,045.973
+766,871 15.19 March
238.891 237.403 285.776.203 260,627.752 +25.148.451 9.65
week Aug (15 roads)__ _ _ 6,168.850 5.610,287
369.409.895 319.274.981 +50.134.914 15.70
565,260 9.96 April
week Aug (14 roads)........ 6.102,758 5.299.050
+803,708 15.17 May
233.355 228.892 374.237 097 342,146,096 +32.091.001 9.38
week Aug (14 roa(is) _ ___ 9,306,598 7,916,611 +1.389.987 17.56 June
220.:103 219.294 363.165.528 323.163,161 +40.002.412 12.38
week Sept (16 roads)___ 7.102,544 5,908,578 +1,193,96620.21 July
231.700 230,570 463,684,172 346,022,857 +117681315 34.00
week Sent (8 roads)____ 5.898.264 5.026.256
4-872.008 17.35 August
32,271 28.574,24224,810,154.
33„766
a Method'of reporting changed figures are now for the Colorado & Southern Railway Company only.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
1185
THE CHRONICLE
SEPT. 211918.]
Latest Gross Earnings by Weeks.-In the table which ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
follows we sum up separately the earnings for the second week
Jan. 1 to Latest Date.
Latest Gross Earnings.
of September. The table cover 8 roads and shows 17.35%
Name of Road
Previous
Week or Current Previous Current
or Company.
increase in the aggregate over the same week last year.
Month.
1917.
1918.
Second Week of September.
$
$
342,632
400,008
Buffalo Rochester & Pittsburgh
751,300
873,900
Canadian Northern
2,915,000 2,691,000
Canadian Pacific
228,170
258,356
Colorado & Southern
Grand Trunk of Canada
1,451,000 1,013,154
Grand Trunk Western_
Detroit Grand Hay & Milw_
Canada Atlantic
'
5,898,264 5.026,256
Total (8 roads)
wm- inoran ea (17
$
57,376
122,600
224,000
30,186
16
437,846
872,008
For tho first week of September our final statement
covers 16 roads and shows 20.21% increase in the aggregate
over the same week last year.
Increase. Decrease.
I 1917.
$
$
$
$
Previously reported (8 roads)__ 5,889.717 4.913,646 976,071
62,335
67,067
4,732
Ann Arbor
23,912
26.577
2,665
Detroit & Mackinac
82,171
21,267
103,438
Duluth South Shore & Atlantic_
23,276
938
24.214
Mineral Range
9,138
9,393
255
Nevada-California-Oregon
31,542
412,270
380,728
St Louis Southwestern
3.622
2,528
1,094
Tennessee Alabama & Georgia..
406,112 164,866
570,978
Texas & Pacific
7,102,544 5,908,578 1,198,698
4,732
Total (16 roads)
1.193,966
Net increase (20.21%)
1918.
First week of September.
In the following we bring together all the roads (both
Canadian and American)which have reported estimated gross
earnings for the month of August. It will be seen that the
table embraces 17 roads or systems and that the aggregate
of these for 1918 shows an increase of $3,764,088, or 15.17%,
over the corresponding period last year.
GROSS EARNINGS AND MILEAGE IN AUGUST.
Gross Earnings.
Name of Road.
1918.
1917.
Mileage.
Inc. (+) or
Dec. (-). 1918. 1917.
201,750
178,326
+23,424
141
142
Alabama & Vicksburg.. __
303,621
291,442
293
293
+12,179
Ann Arbor
586
584
Buffalo Rochester & Pitts 1,903,084 1,576,724 +326,360
3,405,200 2,887,100 +528,100 9,425 9,296
Canadian Northern
12,713,000 12,023,000 +690,000 13,388 12,921
Canadian Pacific
Colorado & Southern_ _ _ _ 1,172,400 1,008,219 +164,181 1,100 1,102
137,059
382
116,810
381
Detroit & Mackinac_
+20,249
549,133
602
421,255 +127,878
601
Duluth South Shore & Atl
Grand Trunk of Canada
Grand Trunk Western 6,102,038 4,578,824 +1,523,214 4,533 4,533
Dot Grd Hay & Milw_
Canada Atlantic
113,125
104,701
100
120
+8,424
Mineral Range
32,734
172
Nevada-Callf-Oregon_ _ _ _
275
38,689
--5,955
St Louts Southwestern_ _ 1,721,983 1,411,314 +310,669 1,782 1,753
16,683
95
95
11,697
+4,986
Tenn Alabama & Georgia
202,432
171
172,053
171
+30,379
Vicks Shreve & Pacific__ _
28,574,242 24,810,154 +3,764,088 32,766 32,271
Total (17 roads)
Net increase (15.17%) --
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
-Gross Earnings---Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
126,522
6,0006,677
Colorado Midland b_ _ __July 127,929
920,402
d243,951
31
July
d10,694
to
def144,664
Jan 1
78,471
30,344
90,593
Galveston Wharf b_ __ _July 146.540
665,907
676,704
287,6,'i
288,894
Jan 1 to July 31
b-Net earnings here given are before the deduction of taxes.
d Figures are for June and July only.
Other
Gross
Net after
Gross
Fixed
Balance,
Income.
Taxes.
Income. Charges, Surplus.
Earnings.
Roads.
CubaltailreadJuly'18 1,078,676
743,774
'17
389,671
229,018
17,145
1,138
406,816
230,156
105,970
94,125
300,846
136,031
EXPRESS COMPANIES.
-Month of April- -Jan. 1 to Apr. 301918.
1917.
1918.
1917.
$
$
American Express Co.$
$
Total from transportation_ _ _ 7,859,555 6,232,729 28,529,879 23,170,905
3,930,060
-Dr
privileges
3,127,710
14,244,304 11.691,438
Express
Revenue from transporta_ 3,929,495 3,105,019 14,285,575 11,479,467
280,976 1,157,643 1,281,843
Oper. other than transporta_ 307,525
Total operating revenues.. 4.237,020 3,385,995 .15,443,218 12,761,310
4,159,038 3,226,263 16,116,471 12,322,372
Operating expenses
77,982
159,732 --673,253
438,938
Not operating revenue_ _ _
2,684
178
9,412
0,253
Uncolloc. rev. from trans__ _
58,508
42,342
179,160
173,647
Express taxes
16,790
117,212 -816,825
260,038
Operating income
-Month of May- -Jan. 1 to May 311918.
1917.
1918.
1917.
Western Express Co.$$
168.435
154,321
7116,589
641,867
Total from transportation_ _ _
76.827
75,095
342,606
317,340
Express privileges-Dr
Revenue from transporta_
Oper. other than transports_
91,608
4,285
79,226
4,489
374,283
18,343
324,527
18,274
Total operating revenue.. _
Operating expenses
95,893
77,631
83,715
66,040
390,626
359,334
342,801
314,242
Net operating revenue__ __
Uncollec. rev. from trans_ __
Express taxes
18,262
98
1,173
17,675
19
1,831
33,292
247
8,763
28,559
47
9,883
16,991
15,825
24,282
18.629
Operating income
Year.
Year.
Year.
Year.
Increase. Decrease.
Alabama Power Co__ July
262.596 174,952 1,615.508 1.127.282
Amer Power & Lt Co June
1029.205 860,265 6,410.710 5.541.570
152,547
Atlantic Shore Ry___ July
98,600
20.097 '23,326
Bangor Ry & Electric July
487.735
519,099
77,978 71,350
132.692
Baton Rouge Elec Ry July
147,822
21.578 19,993
Blackstone V G & EL July
155,180 1,332,306 1,109,310
Brazilian Trac, L & P July
19468000 17795000 159158,000 152441,000
Brock & Plym St Ry_ June
54,614
48,849
9.918 11.103
Bklyn Rap Tran Syst May
2761,039 2607,401 12.466,574 12,201,995
252,462
44.532 40,500
Cape Breton Elec Co July
278,459
173,802
28,981 26,196
Cent Miss V El Prop.. July
190.036
714,164
145.541 139,345 1,010,368
Chattanooga Ry & Lt July
1696,060 1366,660 14,961,561 12.552,768
Cities Service Co_ _ _ _ August
300,094
313.850
57.657 56.773
Cleve l'ainesv & East July
185,153 135,193 1,482,307 1,163,355
g Columbia Gas & El August
321,805 320,953 2,446,337 1,240,299
Columbus (Ga) El Co July
349,168 311,975 2,124.532 1,919,346
Colima (0) Ry, & L June
1793,536 1586,891 12,132,535 10,859,627
Com'w'th P, Ry & Lt July
484,245
540.125
78,499 68,636
ConnecticutPower Co July
519.544 443,626 3,573,081 3,199,885
Consum Pow (Mich)_ July
278,214 244,435 1.466.691 1.406.983
Cumb Co(Me)P & L June
779,688 719,936 7.660,976 7,150,015
Dayton Pow & Light August
1011,279 901,576 8,763,624 7.776,363
g Detroit Edison_ _ _ _ August
1680.380 1557,665 10693,170 10110,586
gDotrolt United Lines July
903.179
989,566
142,901 140.740
Duluth-Superior Trac July
377,497 314,202 2,293.437 2,058,696
East St Louis & Sub_ July
458.067
538.121
102,080 80,026
Eastern Texas Elec__ June
744,877
730,202
99,958 103,172
El Paso Electric Co__ July
271,226 206,827 1,728,47 1,345.732
a Federal Lt& Trac__ June]
100,550 79,980
Ft Worth Pow & Lt.. July
251.824 175,144 1,489,020 1,115,108
Galv-Hous Elec Co.._ July:
509,480
589,417
95,163 81.960
Georgia Lt Pow & Rys June !
758,634
736,752
109,280 113,390
Grand Rapids Ry Co July
409,300 320,959 2,475,841 2,282,646
Great West Pow Sys July
560.149
623.76
117,572 99.664
Harrisburg Railways. June
694,089 575,442 4,614,17 3.826.484
Havana El Ry,L & P July]
346,942
348.65
67.737 60.182
Honolulu R T & Land June
240,310
235,60
30.779 29,667
Houghton Co El Co_ July
202,187
194,114
29,510 31,927
Houghton Co Tr Co_ Julyi
421,724 366,582 2,073,755 1,858,718
b Hud & Manhat RR May
1159.276 1073,653 8,283,416 7,563,113
Illinois Traction.... _ _ July;
Interboro Rap Tran. May I .. 3524.432 3511496 17,539.100 17.585.883
399,878
500,717
71.731 54,322
Jacksonville Trac Co July
139,045
148,73
23,086 21,442
Keokuk Electric Co_ July
79,666
106.02
18.423 12,092
Key West Electric Co July
985,156
220,269 171,234 1,179,111
Lake Shore Elec Ry_ July1
498,716
480,88
94,087 99,449
Lowist Aug & Watery July
88,297
80,331
19,131 21.111
Long Island Electric.. May
326,156 268.675 1,465.28. 1.271.788
Louisville Railway__ May
50,817
57.57
12,417 10,542
Manhat Bdge 3c Line May
700,671 614,717 5,021,41. 4.497,725
Milw El Ry & Lt Co_ July
281,950 210,455 1598.631 1,232.512
Milw Lt, !ft & Tr Co July
248.491 197,671 1,560,22 1400,846
Nashville Ry & Light July
679,005
204,947 125,358 1,149,79
Newp N&H Ry,Ci&E July
211,603 219.461 1,285,68 1.149,974
Nevada-Cal El Corp_ July
159.837
166,1...
40,928 36,654
N Y & Long Island__ May
60,954
54.141
13,618 14,525
N Y & North Shore__ May
490,349
358,84
83.921 97,584
N Y & Queens Co_.._ May
1017,842 1045,802 4.679.714 '5,042.054
New York Railways_ May
251,264 192,839 1.497,50' 1,134.729
Niag Lockpl & Ont.. June
70.687
68,193
17.678 17.334
Northampton Trac__ April
593.513 527,232 3,468,3.' 3.121,605
Northern Ohio Elec__ Tune
259.163 179.406 1.560,931 1.064.226
North Texas Electric June
34,856
36.89
11.854 10,134
Ocean Electric (L I).. May
1696.260 1568,814
Pacific Gas & Electric May I
154.809 139,597
Pacific Pow & Light_ July
175,695
178,254
26.548 25,180
g Paducah Tr & Lt Co July
191.643
270,142
44,388 32,947
Pensacola Electric Co July
2726,263 2437,394 18.139,75 17,133,862
Phila Rapid Transit_ Julya
52.109 47,778
Phila & Western_ _ _ _ May
144.119 117,812
Portland Gas & Coke July
659,379 511,624 4,317,01 3,374,684
Port(Ore)R ,L&PCo. July
529.771
594,001
87,255 84,791
Porto Rico Railways_ July
939,382 755,872 5,608,092 4,549.689
g Puget Sd Tr, L & P June
453.489 388,002 3,261,633 2.617,469
ORePublic Ry & Li ht,July
563,598
167,111
39,705 36.881
Richmond Lt & RE.. May
468,150 326,752 3,016,54 2,111,152
St L Rock Mtn & Pac July
266.990
325.07
55.718 47.040
Santiago El Lt & Tr_ June
530,038
653,20
97,977 78.073
Savannah Electric Co July
312,01.
313,010
77,890 69,222
Second Avenue (Rec) May
86,764
83,010
18,639 18,841
Southern Boulevard May
807,210 719,114 4.366,489 4,560,011
Southern Cal Edison.. July
122,195
104,20,
25.600 29.128
Staten Isl Midland__ May
593.574
604,10
86.826 78.624
Tampa Electric Co_ July
533.025 471,941
Tenn Ry, Lt & P Co.. July
234,491 185.971
Texas Power & Lt Co July
330,733 350,327 1,593.22 1,705,118
Third Avenue Ry___ May
180,225
189,439
40,461 37,730
DDEB&BRE_May
715,193
658,863
149,763 150,474
42dStM&StNA Ry May
237,919 250,676 1,047,046 1,165.959
UnionRyCo(NYO) May
315,513
323,046
72.069 72,489
Yonkers Railroad.. May
307,661
280,371
60.725 64,502
N Y City Inter Ry May
287.556
250,417
54,282 60.290
Belt Line Ry Corp_ May
888.579 983.315 3.907,722 4,187,820
Third Avenue System July
816.958 858.177 5,664,531 6.034,122
Twin City Rap Tran_ July
706,809 561,753 4,580,007 3,628,567
Virginia Ry & Power.. July
494,989
242.955 93.503 1.199;66
Wash Bait & Annap_ June
204.998
217,326
50.632 44,570
Westchester Electric_ May
93,253 85,985
August
York Railways
195,806
233,112
38,607 31.835
Youngstown & Ohio.. July
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 milrets. g Includes constituent companies.
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week: •
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
101.760
89,155
258,779
Cincinnati & Sub Tel_ b_July 275,980
741.000
704.086
1.912,467 1.796,452
Jan 1 to July 31
40,517
57,736
135,193
Dayton Pow & Light a_ _Aug 185.153
369,965
439,989
1.482,307 1,163.355
Jan 1 to Aug 31
274.110
302,930
845.489
Mountain States Telep.b,July 919.393
5,980,542 4,657,117 2,025,291 1850,380
Jan 1 to July 31
76,969
67.076
208,412
New England Pow Co.a.July 294.423
759,360
715,869
1,828.657 1,454.531
Jan 1 to July 31
33,954
July
33,212
9,502 ‘i k 10,374
Tri-State Telep b
75,804 tit 72,593
234,471
Jan 1 to July 31
235.898
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Fixed Chas. 13aiance.
Net
Gross
Earnings. Earnings. & Taxes. Surplus.
$
$
9.934
28.168
38,102
Aug '18
93,253
York- Railways
27,676
12,844
'17
85,985
40,320
76,904
253,338
817,376
330,342
9 mos '18
248,532
116,054
780,640
364,586
'17
1186
[VOL. 107.
THE CHRONICLE
Gross
Earnings.
Net after
Taxes.
$
Cities Service Co
Aug '18 1,696,060 1,641,735
'17 1,366,660 1,335,850
12 mos '18 21,661,286 21,238,190
'17 17,296,943 16,976,354
Columbia Gas &
Aug '18
779,688
347,300
Electric
719,936
321,503
'17
8 mos '18 7,660,976 3,882,974
'17 7,150,015 3,665,239
Detroit Edison Co Aug '18 1,011,279
187.066
901,576
205,423
'17
8 mos '18 8,733,624 2,266,289
'17 7,776,363 2,387,845
Great Western
July '18
409,300
248,783
Power
'17
320,960
207,707
12 mos '18 4,201,748 2,568,669
'17 3,906.834 2,484,983
Keystone Telephone Aug '18
130,597
52,128
132,327
58,707
'17
8 mos '18 1,067,558
443,322
17 1,040,703
496,475
Montreal Light,
Aug '18
844,457
440,024
Heat & Power
'17
783,412
420,640
4 mos '18 3,411,497 1,746,891
'17 3,083,290 1,659,821
New England
294,423
July '18
67,076
Power Co
208,412
'17
76,969
7 mos '18 1,828,657
715,869
'17 1,454,531
759.360
Youngstown & Ohio July '18
38,607
2,104
'17
31,835
12,008
12 mos '18
393,865
116,305
'17
339,957
126,673
z After allowing for other income received.
American Cities Company.
Gross
Net after
Earnings.
Taxes.
$
$
Birmingham (Ala) July '18
298,359
70.937
By Lt & Pow Co
'17
291,445
105,864
12 mos '18 3,720,813 1,220.406
'17 3,557,087 1,268,705
Houston (Tex) Lt July '18
78,150
23,631
& Power Co
'17
70,693
29,283
12 mos '18
953.924
372,846
'17
825,558
367,587
Knoxville (Tenn) July '18
99,497
39,385
By Co
'17
98,988
46,695
12 mos '18 1,137,685
440,599
'17 1,049,567
436,576
Little Rock (Ark) July '18
127,700
19,348
By & Elect Co
'17
92,953
42,236
12 mos '18 1,314,087
337,465
'17 1,003,384
420,266
Memphis(Tenn) St July '18
174,553
53,165
By Co
'17
176,745
60,777
12 mos '18 2,104,485
723,160
'17 2,125,187
854,968
New Orleans (La) July '18
680,304
191,913
Ry & Light Co
'17
623,428
218,754
12 mos '18 8,091,023 2,808,190
'17 7,595,724 2,935,580
Total
July '18 1,458,564
398,381
'17 1,354,254
503,611
12 mos '18 17,322,020 5,902,669
'17 16,156,509 6,283,613
Fixed
Charges.
31,819
226
52,241
3,264
340,930
332,808
2,853,816
2,802,455
121,431
87.753
838.877
681,947
138,342
139,752
1,666,222
1,685,815
28,437
28,042
335,709
329,384
83,264
83,088
332,374
332,481
38.462
36,739
263,572
258,500
5,000
5,000
60,000
58,986
Fixed
Charges.
$
66,371
66,349
837,667
821,653
8.058
7,677
123,813
137.830
19,822
18,660
246,284
237.608
18,837
17,951
223,294
230,257
44,885
44,672
536,189
536,413
166,048
162,187
1,980,789
1,904,620
324,025
317,498
3,948,037
3,848,309
FINANCIAL REPORTS
Balance, year ending June 30 1916, while the largest figure reached prior to 1911.
Sirius. seven years ago, was 463.42 tons.
Funded Debt.-Of the total funded debt outstanding as of Dec. 31.
1,609,916 1916, amounting to $9,769,614, there were retired during the year: Equip1,335,624 ment trust notes Series "A" and "B", $126,000; American Locomotive
21,185,949 notes, $24,450, and Swift Refrigerator notes, $5,833, leaving $9,613,331,
16,973,090 of which there are pledged Improvement and Extension bonds, $1,500,000,
151,797 and 3-Year Collateral notes,$114,000, and there are in the treasury $14,00()
129,474 3-Year Collateral notes. The total interest-bearing funded debt outstand2,338.737 ing Dec. 31 1917 is therefore $7,985,331.
Federal Control.-The operating control of your property was taken over
2355,671
Dec. 29 1917 by the U. S. Government. Federal railroad control will
65,635 probably continue for several years. This will therefore be the last report
117,670 in which proper comparison can be made of tonnage movement and earn1,427,412 ings with previous years based upon the normal flow of traffic.
1,705,898
There is no appreciable deferred maintenance to be taken into account
x107,165 by the Railroad Administration. On the contrary, there has been a conx68,836 tinuous progressive improvement in the physical condition of the property,
x893,980 with substantial additions each year from earnings for more than 25 years.
x922,694
The compensation under Federal control has not yet been definitely
23,691 determined, but the addition of the steel car ferry, received in Jan. 1917,
30,665 the locomotives, additions and betterments added, the earnings from which
107,613 were not reflected in the reports for the three fiscal years ended June 30
167,091 1917, with other operating conditions to be lawfully considered, justify
conclusion that on settlement of accounts the operating contract should
356,760 the
provide for a return which will admit of a substantial distribution to the
337,552 shareholders.
1,414,517
There is no likelihood that the railroads of the country will ever be re1,327,340 turned
to the owners to be controlled and operated under conditions which
28,614 have heretofore prevailed. Suck return would be destructive of invest40,230 ment interests, intolerable from an operating standpoint, undesirable to
452,297 the public and unresponsive to the commercial growth of the nation.
500,860
OPERATIONS AND FISCAL RESULTS.
7,104
7,008
June 30
Dec. 31
56,305
Years ended1917.
1916.
1913-14.
1914-15.
67,687 Miles operated
292
292
292
292
Passengers carried
1,054,261 *1,057,513
945,813
1,022,149
Pass. carried one mile 28,601,043 27,883,221 28,163,276 *29,648,387
*1.81 cts.
Rate per pass. per mile..
1.88 cts.
1.93 cts.
1.96 cts.
Balance, Pass. earns, per tr. mile_
$1
$0.87 84.29 cts. 90.98 cts.
Surplus. Tons carried (revenue)_ 2,548,018 2,448,962
2,046,652
1,959,268
Tons car'd 1 m.(rev.) 427,934,991 408,335,449 Q72,741,102 277,916,663
4,565 Rate per ton per mile
0.47 cts.
0.45 cts. 0.530 cts. 0.507 cts.
39,514 Fr't earns, per tr. mile
12 53
$3 59
$3 21
$2 63
382,739 Gross earns, per mile.. _ _
$7,181
$9,492
$7,252
$8,781
447,052 Aver, tons per train mile
.301
496
759
708
15,572
INCOME ACCOUNT FOR FISCAL YEARS.
21,606
249,033
Dec.31
June 30
229,757
Operating Revenues-1917.
1916.
1914-15.
1913-14.
19,562 Freight
$2,380,540 $2,090,492 $1,636,331 $1,597,157
28,034 Passenger
551,003
546,967
532,696
541,372
194,315 Mail, express, &c
207,400
169,662
141,875
155,937
198,968
Total oper. revenues_ $3,138,943 $2,807,121 $2,310,902 $2,294,466
510
Operating expenses24,285
$273,906
$245,682
$249,254
114,171 Matnt. of way & struc__ $285,611
450.490
477,043
314,401
313,098
210,009 Maint. of equipment_ _ _
Traffic expenses
76,034
61,593
61,347
63,120
8,280 Transportation
expenses
1,430,225
1,059,362
939,871
928,700
16,105 General expenses
109,422
128,778
91,116
82,888
186,971 Miscall,
operations
6,556
4,634
5,807
5,188
318,555
25,865
Total oper. expenses.. $2,384,891 11,970,936 $1,645,879 $1,653,418
56,566 Net operating revenue.._ $764,052
$827,185
$665,023
$641,048
827.401 Taxes, &c
157,566
165,419
145.469
*168,010
1,030,960
Operating income_ _ _ _ $596,486
78,356
$661,765
$519,554 *1473,038
186,112 Other income
42,906
38,751
35,343
*26,723
1,954,632
Gross income
2,435,304
$639,392
$700,516
$554,897 *1499,761
DeductHire of equipment,&c
$212,241
$96,602
$75,387
*131,034
Int. on 1st mtge. bonds'
357,429
352,837
1280,000
280,000
Int. on equip. notes, &cf
107,732
1 98,752
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.
Ann Arbor Railroad Co.
(20th Annual Report-Year ended Dec. 31 1917.)
President Newman Erb, June 15, wrote in substance:
Total deductions..___
Balance, surplus
$569,670
$69,722
$449,439
$251,077
$454,140
$100,757
*1418.766
$80,994
* Comparison is slightly inaccurate, the figures (also statistics) having
been changed in later years; the results, however, remain unchanged.
GENERAL BALANCE SHEET JUNE 30.
1917.
1916.
1917.
1916.
AssetsLiabilitiesRoad & equip__ _17,571,174 17,374,337 Preferred stock.._ 4,000,000 4,000,000
Miscell. inyest'ts.. 162,279
Common stock...... 3,250.000 3,250,000
MisceLphys.prop.
13,760
First mtge. bonds.. 7,000.000 7,000,000
Traffic, &c., Ws_
77,180
Collat. trust notes 622,000
618,000
Agents & cond'rs_
54,458
Equip. obligations 368,031
512,181
63,159
Manistique & L.S.
Results.-The gross revenues for the year show an increase of $331,822, Freight in transit_
63,942
RR. loan & int..
13,664
1,278
or 11.82%. Freight revenue increased $290,048, or 13.87%, due almost Other securities_
149.343
164,860 Loans & bills pay_ 182,758
115,500
entirely to increase in across-lake traffic eastbound, and to some extent Cash
91,014
384,532
80,649 Acc'ts & wages__ 657,571
to increased freight rates. Passenger revenue increased $4,036, or .74%, Special deposits
Materials & supp_ 312,799
161,064 Misc. liabilities.... 120,237
105,137
the small increase being due to intensive use of automobiles.
205,431 In t. mat'd & acer'd 122,928
But for the priority order placed in August 1917, which restricted the Other cur't assets_ 132,637
129,832
movement of bituminous coal via car ferry, the increase in revenue from Oth.def.deb.items
44,507 Traffic, &c., bats_
34,273
41,660
freight traffic would have been fully $500,000, or 23.39%. During the
Accrued depreo'n_ 316,575
229,600
four months following the placing of the priority order, the movement
Tax liability
152,509
of bituminous coal decreased as compared with the same months in the
Add'ns to prop'ty_ 133,095
133,095
Taxes accrued..
year previous 120,000 tons, or 44.72%. During the year prior to the plac80,000
ing of the priority order, the movement of bituminous coal showed an inProfit and loss_ _ _ 1,722,709 1,494,075
crease of 25 to 50% monthly. Revenue tons miles increased 19,599,542,
Total
18,662,076 18,094,889
Total
or 4.79%. The average rate per ton mile, excluding boat haul, increased
18,662,076 18,094,889
.19 mills, or 4%. Freight revenue per train mile, excluding boat, was
Note.-Improvement and Ext. Mtge. 30-year 5% gold bonds, $1,500,$3 59, as compared with $321 year previous, incresae of 12%. The 000, pledged as collateral of the $750,000 3-year 6% gold notes (of which
average revenue tons per loaded car was 28.43, as against 24.87 for the $14,000 in the treasury and $114,000 plegilged), are not included in this.balprevious year, an increase of 3.56 tons, or 14%.
ance sheet.-V. 107, p. 1002.
Maintenance.-Cross-tie renewals for the year, 98,294. Tie plates
placed in track. 61,661. During the year 2,351.64 tons of new 85-pound
Western Pacific Railway (Old Company).
steel rail, or 17.47 miles, were laid in main track, releasing lighter rail.
Rolling Stock.-The equipment of one of our motor cars with kerosene
(Report of Mortgage Trustee to Bondholders).
burning carburetors resulted in a reduction of fuel cost of nearly 100%.
It is expected to equip the other motor cars during 1918. On Jan. 1 1917
The Equitable Trust Co. of N. Y., as trustee under the
there were 255 bad-order freight cars; on Dec. 31, 197, a reduction of 22%.
During the year 69 cars were destroyed, sold or otherwise disposed of among $50,000,000 mortgage of the old Railway Co., reports to the
which were 32 obsolete refrigerator cars, which were sold. This compared
bondholders in circular of Sept. 9 substantially as follows:
with 262 cars destroyed or sold during the previous year.
The addition of three new Mikado type locomotives for the year resulted
After much litigation your rights against the Denver & Rio Grande:RR.
In greater efficiency and permitted the company to handle its increased Co. have been established and so far enforced that it seems proper that,,the
traffic without delay and with greater economy. There was also added trustee should report with some fullness upon its stewardship and the presone second-hand freight locomotive and two dump cars at cost of $12,500. ent condition of your affairs.
Operations.-In 1007 the company handled 2,009,460 tons revenue freight
Contract. The Denver & Rio Grande Co. in 1903, under "Contract B,"
with 707,574 freight-train miles, with an average of 5.30 mills per ton mile. bound itself to maintain the Pacific Company as a going concern and to
In the fiscal year covered by this report 2,548,018 tons were carried with keep it supplied with funds necessary to enable it to meet its current charges,
563,507 freight train miles. Notwithstanding the greater operating effi- including interest and sinking fund payments on its $50,000,000 lstA.M.
ciencr, these figures indicate the ratio of operating cost has Increased from bonds. Interest on the bonds was paid up to and including Sept. 1 1914,
64.86% (exclusive of taxes) in 1907 to 75.98% in the past year. The in- but in August 1914 the directors of the Missouri Pacific RR. Co., then the
creases during the year granted under the Adamson Law and increases dominant stockholder of the Denver Company, resolved that it would be
necessary to be made to other classes of employees, added more than unwise for the Denver Company to pay said interest pending a rearrange1200,000 annually to the company's pay-rolls, while the cost of fuel in- ment of the financial conditions of the Western Pacific Co. The Denver
creased during the year more than 50%, and all other material and sup- directors subsequently declared that if the Denver Coly was to conplies 50% or more. Such increased efficiency as has been attained is tinue its assistance after Sept. 1 1914, some plan of readjustment must be
largely attributable to the fact that in the eleven-year period with which devised which would be acceptable
to the bondholders o the WesterniPacomparison has been made, $1,009,208 surplus revenue has been turned eine Co. and which would at once lighten the burden of the
Denver Comback into property by way of equipment purchased and reimbursed, pany. The Denver Company therefore defaulted in the payments
from
through the self-sacrifice of the shareholders, who denied themselves any it due just before March 1 1915, and as a consequence the Western Pacific
return upon their investment.
was unable to meet its interest payments March 1 1915. Accordingly.
In order to meet the demand for increased ferry facilities, we added durEquitable Trust Co., as mortgage trustee, procured a foreclosure sale.
ing the year a new 28-car ferry, No. 6, which has not only resulted in an the
The purchase price was $18,000,000. The net amount credited on each
increase of across-lake movement of carloads of more than 6% for the year, $1,000
bond was $354 55 plus, this being the distributive share payable to
but should result in an increase of 20 to 25% in the across-lake traffic.
the bondholders after the expenses of the proceeding had been deducted. -4
Attention is called to the development of the company's tonnage per
Judgment. Shortly after the sale, the Equitable Trust Co., as trustee,
train mile, which for the year was 759, compared with 607.79 for the fiscal brought to trial an action against the Denvera&kRiolGrandeIRR. Co. to
SEPT. 211918.]
" THE CHRONICLE
recover the damages suffered by the bondholders as a consequence of the
failure to perform its obligations under Contract B.
The Denver Company denied its liability in toto, but on June 14 1917
judgment was entered against it for $38,270,343, this being the difference
between the not proceeds of the foreclosure sale and the principal and interest of the bonds. It is, we believe the largest money judgment ever
awarded by an American Court in a contested case. Under this judgment
certain bonds belonging to the Denver Company, then held in N. Y. State,
were sold and the amount of $3,003,563 was realized and credited on the
judgment, the total judgment debt being thus reduced to $35,291,062.
Subsequently,an appeal from this judgment was taken by the Denver
Company. While this appeal was pending, certain holders of bonds issued by the Denver Company itself took steps which led us to conclude that
a foreclosure of the mortgages of the Denver Company might take place.
The Equitable Company therefore hastened to impress a lien upon unpledged assets of the Denver Company, thus securing priority as to those
assets over any rights of foreclosing bondholders not secured by prior
pledge or mortgage of the property, attached. We levied attachments in
Now York and Illinois and on Jan. 7 1918 recovered judgment in the U. S.
District Court for the District of Colorado for $36,515,039. On March 26
1918 judgment was recovered in Illinois for $36,949,742.
On Jan. 3 1918 the U. S. Circuit Court of Appeals for the Second Circuit
disposed of an appeal of the Denver Company from the original judgment
by affirming the judgment of the U. S. DLstrict Court for the Southern
District of New York in our favor and against the Deliver Company.
Thereafter, on Jan. 17 1918, the D. & R. G. RR. Co. procured the
Elliot Frog & Switch Co., a comparatively small supply creditor, to bring
a suit in the U. S. District Court for the District of Colorado to place the
properties of the Denver Company in the hands of receivers. The Equitable Company intervened in and became a party to this action in order to
protect the rights of the Western Pacific bondholders.
Bonded Debt of D.& R.G.-The total bonded debt secured on the properties of the Denver Company is now $121,802,000, as against the following;
(a) Outstanding at Date of Execution of Contract B in Hands of Public.
First Consol. Mtge. bonds of the Denver Co.: 4%,$33,303,000:
$39,685,000
4%%, $6,382,()00
8,318,500
improvement Mtge. 5% bonds of the Denver Company
First Trust Mtge.4% bonds of the Rio Grande Western Co_ __ _ 15,200,000
12,936,000
First Consol. Mtge. 4% bonds of the Rio Grande Western Co
(b) Mortgage Bonds of Subsequent Issues Now in Hands of Public.
First & Ref. 5% bonds of 1908. $39,695,000; less pledged under
$32,690,000
Adjustment Mortgage, $7,005,000
10,000,000
Adjustment Mortgage'7% bonds of 1912
One Point Not Favorably Decided.-In the suit in the United States Courts
in Now York the decision was favorable to the trustee upon all points save
one. It was contended on behalf of the Equitable Company that Contract
B created an equitable lion or charge in its favor as trustee for Western Pacific bondholders upon all the assets of the Denver Company. This question was not passed on in the District Court, but the Circuit Court of
Appeals was of opinion that Contract B did not create such a lien or charge.
Unpledged Assets of D. & R. G.-The Denver Company at the time the
Judgment against it was affirmed held in its treasury unpledged bonds of
its own issues aggregating approximately $4,612,000; also bonds of various
other corporations including:
Rio Gr. Sou. By.4% bds. $1,777,000 Western Pac. (New Co.)-.._$30,000
665,000 Colorado Midland Co
y44,000
Utah Fuel Co. 1st 5s_ ___
527,500 I_ West.R'ltyCo.demand note-.472,650
U. S. Liberty Loan bds
1187
due on the judgment,the net amount in its possession, after deducting costs,
expenses and reasonable compensation, is distributable to the holders of
bonds of the Western Pacific By. Co. The sum retained as against possible future necessary expenses is $271,395. This leaves subject to immediate distribution, if demanded, $150 on each $1,000 of the $50,000,000
old Western Pacific By. 1st M. bonds.
Further receipts on the judgment will depend on the skill and integrity
with which the strictly railroad assets of the Denver Company shall be
handled. The trustee believes that the true interest of its beneficiaries
lies in the rehabilitation of the Denver Company. To that end, we believe
that the adequate protection of the undischarged balance of the judgment,
viz., $32,500,000, requires 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 Federal Government has already authorized capital expenditures amounting to $2,998,541.
This situation is fully understood by the directors of the Western Pacific
RR. Corporation, which is now offering to all old Western Pacific bondholders who did not join in the plan of reorganization the right to now become parties thereto [on basis stated In V. 107. p. 11021, thus to
obtain the advantages which it is believed will flow from complete co-operation in proceedings looking toward realization on the undischarged balance of the judgment.
Each bondholder, however, may at his option either (1) withdraw the
sum to which he Is entitled, or (2) accept the offer of the Western Pacific
Corporation, or (3) leave his share of the money on deposit with the trustee,
subject to withdrawal by him at any time, and available for use only ander
a plan for the reorganization of the Denver Company which shall meet with
his approval. Compare V. 107, p. 1102.
Quebec Railway, Light, Heat & Power Co., Ltd.
(Report for Fiscal Year ending June 30 1918.)
Pres. Sir Rodolphe Forget, M.P., Quebec, Sept. 2, wrote:
Results.-The gross earnings from operation for the year were $1,797,853,
as compared with $1,832,032 in 1917, being a decrease of $34,179. After
adding miscellaneous income of $230,083, makes a total revenue from all
sources of $2,027,941, being a decrease of $34,952. The operating and
maintenance expenses were $1,235,724 as compared with $1,155,969 in
1917, being an increase of $79,755. The fixed charges and taxes amount
to $696,910, leaving a net surplus of $95,307.
After making provision for obsolete cars on City Street Ry. Division and
portion of storage battery installed in Queens St. sub-station, there remains
a total at the credit of surplus account to date of $753,091.
There was expended during the year an amount of $243,225 on maintenance account which was charged to operation In order to maintain in a
high state of efficiency the physical condition of the properties and plant
of the company and its various subsidiary companies.
At the annual meeting on Sept. 10 the officers, it is said,
reported in substance:
(General Manager W. J. Lynch.) The decrease in gross earnings was
due chiefly to the closing of the Ross rifle plant which employed 3,000 men.,
On the other hand, the North American Arms plant is to open up in October with a pay-roll of about 2,000 men, which In Jan. 1919 will be increased
to 3,000, working night and day shifts. Then there has been an increase
in the fares on the street railway, with the result that in July and August,
of 45,000 passengers carried, the cash fares iny This is the approximate due on the bonds from proceeds offoreclosure. while there was a reduction Dominion
Railway Board's permission to increased by $10,000. The
The unplodged assets also included: 4123-i shares ($41,250) of preferred crease fares on the Montmorenci Railway will more than pay for the greater
and 7123 shares ($71,250) of common stock of the new Western Pacific operating costs. The reason for the drop in passengers in the summer was
RR. Corporation; entire capital stock of Western Realty Co. and Globe the absence of excursions, which were forbidden. This would include
Express Co. stocks of various terminal and depot companies, and other tens of thousands coming usually on the organized pilgrimages.
assets; all being free from mortgage or pledge.
The gain in gas rates will be 25 cents per 1,000 feet, or an increase of
There was also about $1,400,000 cash after providing for interest ma- $37,500 for the 150,000,000 feet consumed., with a minimum of 75 cents a
turing Jan. 1 1918.
month, or probably $6,000 a year, making the total close to $45,000. On
Substantially No Floating Debt.-The Denver Company then had sub- the other hand, costs of manufacture have run up very largely, oil;'which
stantially no floating debt other than ordinary vouchers, pay-rolls and sup- cost 4 cents, being 13 cents now. However, the new rates will leave a
ply bills. The value of materials and supplies then on hand amounted to margin over increased costs.
approximately $2,500,000, so that, except for the debt due to the Equitable
(President Sir Rodolphe Forget.) In a few days the company will be
Company, as trustee, the Denver Company was a solvent going concern "out of the woods." [In Montreal this is supposed to foreshadow the setwith a substantial amount of cash and free treasury assets. Its average tlement of the Government's offer for the Quebec &.Saguenay of some
annual net operating railway income for the three so-called "test years" $3,300,000.1 Of all the subsidiaries in only two still have bonds in the hands
ending Juno 30 1917 amounted to approximately $8,960,000. Its yearly of the public, the Jacques Cartier Electric and the Montmorency.
Interest charges and taxes amounted to approximately $6,740,000 per ann.
[The bonds of the Canadian Electric Light Co., the "Financial Post" is
Offer to D. & R. G.-The situation then confronting the trustee could informed, have been met practically by the payment of the $247,000 that
have been solved without great difficulty, had the directors of the Denver the company received from the Government for the gas works site that has
Company co-operated with the creditors of that company to avoid a re- been used for the Union Station.
ceivership. It was obviously also to the interest of the trustee for Western
A satisfactory settlement has been made, the "Financial Post" learns,
Pacific bondholders to sustain the credit and financial structure of the Den- between the company and its motormen and conductors, providing for an
ver Company. The railroad was then in the control of the Federal Gov- increase in wages for this year and another next, and covering until 1921.]
trnment. Accordingly, your trustee, acting at the instance of the new WestINCOME ACCOUNT YEAR ENDING JUNE 30.
ern Pacific Company, offered to suspend proceedings for the immediate
1916-17.
1917-18.
1915-16.
1914-15.
enforcement of the judgment, and simultaneously the new Western Pacific
$1,797,853 $1,832,032 $1,731,732 $1,548,096
RR. Corporation offered to pay and discharge all unsecured claims against Gross earnings
1,155,969
1,235,724
1.029,751
924,817
the Denver Company, to purchase treasury assets of the Denver Company Operating expenses
sufficient to enable it to meet all needed capital expenditures, to reinvest in
$676,063
$562,129
$701,981
$623,279
Net earnings
the Denver Company for the purpose of betterments and additions all in- Add-Miscell. income_
230,851
236.869
230,088
235,978
come of that company in excess of $1,000,000 per annum, the latter sum
$792,217
$906,914
$938,850
Total
$859,257
to be paid to the trustee on account of its judgment.
706.326
723,447
739,482
&c.,chgs_
696.910
This arrangement was to endure for the entire period of Federal control Deduct-Fixed,
$119,775
Balance, surplus
$95,307
$200.587
$215,403
and was coupled with the further offer to restore the Denver Company, at
any time prior to the expiration of one year after the termination of Federal
BALANCE SHEET JUNE 30.
control, to the original position in which it stood at the time of its first de1918.
1917.
1917.
1918.
fault, upon the payment by the Denver Company to the Western Pacific
$
AssetsRailway Corporation of an amount equal to the principal and interest then Investments
Capital
stock
____
9,999,500
19,193,018
19,193,018
9,999,500
less
all
issue,
credits
bond
original
theretofore received, penddue upon the
10,797,000 10,797,000
1,611,600 1,611,600 Bonds a
bonds
ing the exercise of the option. The sole condition annexed to this offer Treasury
Bills payable
241,649
control'd cos.
221,486
was that, pending the period of the option, the Denver Company should Adv.
Acc'ts
1,581,656
pay'le,
1,635,728
Am558,937
constr.,
&c_
601,090
for
Western
Pacific
the
RR.
and
accord to the trustee
Corporation representa- General construc'n 527,899
530,116
528,821 Sundry loans
469,947
tion on the Denver Company's board sufficient to insure direction of the Stores
170,866 Accrued int., &c
177,677
172,208
& supplies_ 217,642
affairs of that company. Had this offer been accepted, it is believed that
97,037
127,073 Deferred,&c.,int. 826,844
665,298
it would have been beneficial alike to the Denver Company and to the Cash
437,260 Suspense accts.,&c.
88.255
60,245
Acc't,s & bills rec
676,208
beneficiaries of the judgment in favor of the trustee.
753,091
13,937
21,054 Surplus
684,572
Offer Rejected.-The offer was not only rejected by the Denver board by Prepaid expenses_
understood
to
members
the
votes
of
represent
the interests of the
the
Total
23,973,069 23,671,347
Total
23,973,069 23,671,347
Missouri Pacific RR. Co., but counsel representing committees formed to
protect the interest of the Adjustment bondholders andithe First & Rethe
Denver
a Includes bonds authorized, $14,600,000; less $3,659,000 in escrow to
bondholders
of
Company
were,
funding
as we are informed, in
effect requested by said board to cause proceedings to foreclose those mort- redeem bonds of subsidiary companies, and $144,000 canceled; balance,
gages. Those committees, however, declined to begin such proceeding, $10,797,000.-V. 107. p. 182.
but on the contrary expressed their willingness to co-operate with the EquitAmerican Cities Company, New York.
able Company,as trustee, to prevent a receivership of the Denver Company.
The receivership having nevertheless been precipitated, the Equitable
(7th Annual Report-Year ended Dec. 31 1917.)
as trustee, intervened in the proceeding, and, acting at the inCompany'
of the Western Pacific RR. Corp., Jas the] beneficial owner of
stance
A summary of the results for the seven months ended
approximately 95% of the judgment, purchased assets of the Denver Comipany sufficient, with funds in the receiver's hands and payments received July 31 is given on a subsequent page and for the subsidiary
from the Vnited States on account of compensation for the use of the rail- companies in "Earnings Department" on a preceding page.
road properties, to enable the receiver to pay the current suppls, claims,
President Francis T. Homer, March 5, wrote in substance:
&c. which amounted to approximately $820,000, to pay taxes and to meet
mortgage interest which had accrued and remained unpaid. The
Constituent Companies.-The company owns in the aggregate 85.79% of
all'
United States had by Sept. 1 1918 advanced on account of compensation the preferred and 94.54% of the common stocks of the following companies:
$4,100,000.
Little Rock Ry. & Electric Co.,
New Orleans By. & Light Co.,
Sums Realized on Denver Assets Not Under Federal Control.-It now-seemed. Birmingham By., Lt. & Power Co., Knoxville By. & Light Co.,
evident that a majority of the board of the Denver Company, had deter- The Memphis Street By. Co.,
Houston Lighting & Power Co.,1905.
mortgage
foreclosure
on
their
precipitate
own
to
road
mined
and conseResults.-Gross earnings increased $1,206,083; operating expenses, taxes
quently to impair the value of your judgment, if not to obliterate it. Your and
replacement
reserve
renewal and
increased $1,180,915; deductions,
trustee, therefore, availing itself of the judgments secured by it in Illinois
interest charges, increased $85,240, thereby making a decrease
and New York, realized cash amounting to $1,367,347. Al,, it caused including
dividends
on
stocks
of $60,072. The operating
applicable
to
in
income
to be sold on execution all the right, title and interest of the Denver Com- ratios of the constituent companies are:
pany in the total stock of the Utah Fuel Co. This stock sold for $4.000,55.02%11913
Salomon
&
53.67%11911
William
57.58%11915
52.23%
Co.,
1917
acting on behalf of the
000, the upset price, to
51.64% I
55.71%11914
52.72% 11912
Western Pacific RR. Corporation. From this sale the trustee realized 1916
sheriff
making
the
the
sale
of
fees
had
the
American
Cities
Co.
financed
after
been
the
year
the
the
$3,959,281
retireFinances.-During
deducted.
t The result is that there has now come into the hands of the trustee the
ment of $3,000,000 one-year 6% debenture gold notes, maturing July 1
total sum of $8,330,191, but the judgment remains in largo part unsatis- 1917, by issuance of $3,000,000 1-year 6% debenture gold notes. [These
remains
due
V2,500,000
as
of
Sept. 11918, and in notes, we learn, are still outstanding unextended, awaiting developments.
fied, for approximately
substance this unpaid balance can be satisfied only out of the properties
The financial requirements of tne New Orleans By. & Light Co. were proof the Denver Company, now under Federal control.
vided by the issuance of $300,000 Refunding and General Lien 5% bonds
Trustee Recommends Use of Funds Realized in Rehablitlating of D. & R. G., and $750,000 2-year 6% gold debenture notes, which issue was authorized
&c.-The trustee is advised by counsel that under existing conditions, ex- in year 1916 (V. 106, p. 2649: V. 107, p. 82, 604, 697, 1004, 1101.)
cept a sum which may properly be retained by it to meet future necessary
The Birmingham Ry., Light & Power Co. financed the retirement of
expenditure in general connection with the collecting of the large balance $1,195,000 2-year 6% gold notes which matured on May 1 1917 and other
[VOL. 107.
THE CHRONICLE
1188
requirements by the issuance of $1,312,000 2-year 6% gold notes and $350,000 Refunding and Extension 6% bonds (V. 104, P. 1144, 1590, 1700;
V. 106, p. 2559; V. 107, p. 905).
The Memphis Street Ry. Co. financed the retirement of $1,500,000 2-year
6% Collateral Trust notes which matured Nov. 1 1917 and other requirements by the issuance of $1,250,000 2-year 6% Collateral gold notes,
$250,000 1-year gold notes and short-time loans aggregating $475,000
(V. 105, p. 1802, 2184, 2365; V. 106, p. 1126).
The Little Rock Ry. & Electric Co. financed the retirement of $400,000
2-year 6% gold notes which matured Dec. 1 1917 by negotiation of shorttime loans. Plans for more permanent financing of this company have
been perfected [and were effected in 1918 by sale of $600,000 2-year 6%
notes](V. 105, p. 2272; V. 106, p. 715; V. 107, p. 906).
The Knoxville Ry. & Light Co. financed the retirement of $325,000 2-year
6% Collateral Notes which matured July 1 1917, also $1,062,000 Consolidated Mortgage 5% bonds and other requirements by the issuance of
$400,000 2-year 6% gold notes and $1,534,000 Ref. & Ext. 5% bonds.
The financial requirements of the Houston Lighting at Power Co. were
provided by issuance of short-time loans aggregating $140,000 and other
financial requirements were met from current earnings. There are $458,000
of First Mtge. bonds certified and in treasury available for sale.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Earnings for 7 mos. ended July 31 1918, see a subsequent page.
1914.
1916.
1915.
1917.
$1,157,366 $1,170,272 $1,887,797
Divs. on stocks owned..
Divs. on pref. stk. held
for subscr. by empl_ $1,191,904
6,519
5,550
12,546
4,052
Int. on bank balances_
5,773
9,333
5,697
Int. on notes rec., &c_
Service contract with
245,290
223,494
19,000
subsidiary co's
Total income
$1,191,904 $1.418,924 $1,405,089 $1,928,676
$85,724
Operating expenses_ _ _ _ $222,753
$224,503
$211,879
9,144
4,951
15,379
Int.on adv. from sub.cos.
,183
Int. on notes&accts.pay.
6,356
Int. on ernpl. stk. subsc.
1,091
Amort. of fund. dt. disc.
67,500
22,500
412,500
500,000
Int. on coll. tr. gold bds.
437,500
500,000
Int. on deben. gold notes
180,000
90,000
$780,727
$727,258
$594,868
$889,109
$677,831 $1,333,808
$638,196
Net income
$302,795
See note (3)616,605 (3)616,605 (6)1,233,210
Div. on pref. stock.. _ _ _
Surplus for the year.... $302,795
$61,226
$100,598
$21,591
Co's share of undivided
121.821
575,627
261,178
89,214
earnings of sub. co's__
$150,440
$222,419
$878,422
$282,769
Total
Note.-The amount of dividends which accrued on the companies' pref.
stock, but no part of which was declared during the year 1917, was $1,233,210. There is in arrears in addition pref. dividends amounting to $616,605.
INCOME STATEMENT COMBINED CONSTITUENT COMPANIES
FOR CALENDAR YEARS.
1914.
1917.
1918.
1915.
Gross earns., all sources.$16,670,444 $15,464,361 $14,145,442 $14,785,023
9,105,162
9,965,083
9,121,734
Oper. expen. & taxes.... 11,145,998
Net earnings
$5,524,446 $5,499,278 $5,023,708 $5,679,861
Interest, bond discount,
amortiz. & miscell_ _ _ 3,895,499 3,810,259 3,657,198 3,472,311
Applic. to divs. on stks.$1,628,947 $1,689,019 $1,366,510 $2,207,550
*Includes renewal and replacement reserve.
Note.-Out of the accumulations of surplus of the subsidiary companies,
there were charged during the year various amounts on account of extraordinary expenditures not directly applicable to the operations for the year,
of which the proportion corresponding to the holdings of this company is
$491,615. This includes such items as expenses of financing, and also
$27,774 of arrears of pref. dividends.
1912.
1917.
1916.
Gross earns. 1902.
1907.
all sources_36,597,807 $11,381,908 $13,878,961 $15,464,361 $16,670,444
152.7%
134.4%
Incr. over 1902
____
72.5%
110.4%
Note.-Due to changes in method of accounting year "1916" figures of
previous years adjusted thereto for comparative purposes.
BALANCE SHEET OF AMERICAN CITIES' CO. DEC. 31.
1917.
1917.
1916.
Assets$
$
Pref.stk.6% sum.20,553,500
Investments--Securities at cost..47,630,743 47,115,743 Common stock.. _ _16,264,700
95,326 8-yr.5-6% coll.bdsx7,500,000
39,861
Cash
587,852 1-year 6% notes.. _ 3,000,000
do for int.& diva
338,154
34,400 Notes payable.. _ __
do for bds. called
246,654 Matured int.&divs y90,000
Due from sub. cos. 655,983
23,205
390,000 Due to sub. cos__
Notes receivable_
Accounts reedy_
34,670 Accounts payable_
9,832
1,788 Reserve for taxes..
Furniture & fixt's_
1,800
Accrued taxes..
Cost of pref. stock
50,648
Miscellaneous____
acquired for sub112,615 Profit & loss sum_ 664,255
scrip, by empl's 112,615
23,101
53,292
Deferred items_ _ _
1916.
20,553,500
16,264,700
7,534,400
3,000,000
200,000
587,852
111,425
14,971
1
1,018
374,282
Adams Express Co.
INCOME ACCOUNT FOR FISCAL YEARS.
Dec. 31 '17. Dec. 31 '16. June 30'15.
Years endingTransportation charges
$53,730,035 $45,893,923 $34,631,486
Express privileges-Dr
26,707,165 22,413,455 17,167,041
Transportation revenue
Non-transportation revenue
$27,022,870 $23,480,468 $17,464,445
508,498
603,528
630,830
Total operating revenue
Operating expenditures
Taxes and uncollectible revenue
$27,653,700 $24,083,996 $17,972,943
30,476,896 23,025,979 18,088,934
259,092
201,005
313,992
Balance,surplus or deficit
Other income
def.$3,137,188 sur.3798,925sur.$316,997
2,054,113
2,141,673
2,308,709
Balance, surplus or deficit
Interest, &c
def.$828,479 sr$2,853,038 sr$1,824,675
1,014,553
1,009,589
1,056,064
(53,6%)550,000(6%)600,000(4;4)453,780
Dividends
Balance,surplus or deficit
def.$2,434,543 sr.$1238,485 sr.$361,306
BALANCE SHEET DECEMBER 31.
1916.
1917.
1916.
1917.
Assets$
Real property and
equipment
9,423,983
Misc. phys. prop_
57,418
AM!.cos. invest's_18,699,272
Other investments 21,418,295
Cash
1,860,796
Special deposits_
28,158
Loans & notes rec..
65,000
Misc, accts. rec.... 742,734
Material & supp_
211,474
Other current as't8 5,889,125
Deferred assets......
72,123
Unadjusted debits 278,541
Total
Liabilities$
$
$
Capital stock..._10,000,000 10,000,000
9,239,807 Fund. dt. unmat _20,736,500 21,916,500
57,418 Loans & notes pay. 4,400,000 2,000,000
290,149
18,101,450 Misc. accts. pay_
945,757
24,807,225 Unp'd chks., &c.. 1,385,989
2,571,249 Express privilege.. 4,230,736 4,301,440
23,158 0th. cur'nt Habil_ 3,137,721 1,744,884
895,988
66,500 Deferred liabilities 915,746
180,104
133,947 Op.& in.sur. res've 215,203
257,904 Accrued deprec'n_ 2,780,447 2,711,172 .
141,599
4,891,889 0th. unadj. credits 233,579
Approp. surplus.... 2,690,992 4,793,893
121,372 Profit & loss surp_ 8,015,006 10,350,433
58,741,919 60,271,919
58,741,910 60,271,919
Total
-V. 106, p. 2561.
American Express Co.
INCOME ACCOUNT AND BALANCE SHEET FOR CAL. YEARS,
1917.
1917.
1916.
1916.
564,025
Transport. chges_75.920,831 63,413,452 Taxes & uncoll.rev. 588,779
Express priv., dr_37,715,796 31,407,985
Oper. income__
679,184 2,318,725
• Transport. rev_38,205,035 32,005,467 Other income_
760,214
860,710
Non-transp. rev__ 3,894,233. 3,233,225
Gross Income_ 1,539,894 3,078,939
Total op. rev__42,099,273 35,238,692 Interest, &c
282,301
215,240
Oper. expenses_ _40,831,310 32,355,942 Dividends (6%) 1,046,190(8)1401,470
Net earnings__ 1,267,963 2,882,750
211,403
Balance
BALANCE SHEET DECEMBER 31.
1917.
1917.
1916.
Assets$
Property & equip_18,882,988
Misc. phys. prop.. 2,051,078
AM!. cos. invest.. 1,085,613
Other investments 14,381,230
Cash
2,876,002
Special deposits.._
42,673
Loans & notes rec..
5,472
Misc. accts. rec
6,301,384
Material & supp
564,133
0th. cur'nt assets_11,458,829
Deferred assets...._
477,619
Unadjusted debits 1,083,642
Total
$
$
• Liabilities-15,234,111 Capital stock_ _17,249,000
18,000
2,015,907 Loans & notes pay.
1,039,663 Misc, accts. pay__ 0,269,581
14,205,635 Unpaid checks, &e. 8,176,104
6,324,976 Express privilege_ 5,106,520
88,117 0th. cur'nt Habil_ 5,752,673
3,850 Deferred liabilities
11,949
3,577,204 Oper. and insur274,707 ance reserves__
959,454
8,575,210 Accrued deprec_ __ 5,621,412
691,409 0th. unadj. credits 832,053
1,105,662 Profit & loss surp_ 6,213,917
59,210,663 53,136,460
-V. 106, p. 2651.
Total
1,462,221
1916.
17,552,480
6,767,714
6,142,226
4,622,935
4,502,397
61,163
1,361,867
4,777,844
424,285
6,923,549
59,210,663 53,136,460
Wells, Fargo & Co. (Express).
INCOME ACCOUNT AND BALANCE SHEET FOR CAL. YEARS.
1917.
1916.
1917.
1916.
$
Transport. chges_59,813,391 50,403,437 Operating income_
651,417 3,043,394
Express priv., dr_31,586,320 25,854,219 Other income__ 1,092,829 1,346,811
Transport. rev_28,227,071 24,549,218 Gross Income.._ 1,744,246 4,390,205
100,466
Non-transp. rev.. 1,351,269 1,191,926 Interest, Sco
119,394
Dividends (6%)_ _ 1,438,044 1,438,044
Total oper. rev_29,578,340 25,741,144
Oper. expenses.. _28,397,532 22,212,797
Taxes & uncollrev. 529,391
186,808 2,851,695
484,953 Balance, surp_
48,494,294 48,642,149
Total
48,494,294 48,642,149
Total
x Total bonds authorized, $11,000,000. Issued to Dec. 31 1917, $10,BALANCE SHEET DECEMBER 31.
209,000; deduct bonds redeemed, $2,500,000, and treasury bonds pledged
1916.
1917.
1917.
1916.
as collateral, $209,000; balance outstanding, $7,500,000.
AssetsLiabilities$
$
y "Interest accrued on bonds, gold notes and dividends on pref.stock,
& equip_12,046,775 11,110,563 Capital stock.......23,967,400 23,967,400
$500,606; less deposited in bank to meet same, $4410,606; net, $90,000. Property
Misc. phys. prop.. 198,085
127,360 Loans & notes pay. 500,000
-V. 107, p. 500.
MM.cos. invest__
10,000
10,000 Unpaid checks,&c. 4,493,942 3,734,777
United Traction Co. of Albany, N. Y.
(Income Account and Balance Sheet for Cal. Year 1917, &C.)
Years ended June 30- Six mos. to Year end.
1914.
1915.
1916. Dec.31 '16. Dec. 31 '17.
Railroad oper. revenues_ _S2,547,771 $2,452,360 $2,391,083 $1,231,176 $2,458,848
983,193 2,055,196
Railroad oper. expenses_ 1,672,335 1,776,326 2,039,415
Net oper. rev., railroad__ $875,436 $676,034 $351,667 $247,983 $403,653
193,794
219,411
221,365
189,880
89.938
Taxes accrued, railroad__
Oper. income, railroad.... _ $656,025 $454,669 $161,787 $158,045 $209,859
Non-operating income$2,656
$1,980
$130
$2,063
$712
Rents,&c
235,747
233,602
152,317
76,443
156,546
Interest
1,249
10,849
1,662 '
625
1,244
Dividends
Total non-oper.income. $249,253 $235,563 $155,960
$77,107 $159,853
$905,278 $690,232 $317,747 $235,242 $369,712
Gross income
Deduct314,620
314,620
157,310
314,620
Interest on funded debt. 314,767
110,404
39,518
97,646
19,171
39,256
Other interest
79,502
81,204
97,518
49,955
111,192
Rents
500,000
250,000
Dividends
$991,915 $756,228 $451,654 $226,436 $465,068
Total deductions
Surplus or deficit sect-de/486.637 def.$65,996def.$133,907 sur.$8,806 sur.$95,356
BALANCE SHEETS DEC. 31.
1916.
1917.
1917.
1916.
LiabilitiesAssets$
12
Fixed capital
11,729,133 11,662,666 Capital stock.... _12,500,000
12,500,000
6,500,000 6,500,000
0th. perm't invest. 7,154,941 7,154,941 Funded debt
157,700 Loans & notes pay'le-Materials & supp's 175,559
Cash
88,394
Del. & Hudson_
60,510
792,277
792,277
Others
Loans & notes re150,000
150,000
Miscel. accts. pay
262,782
ceivable-Hud169,146
724,000
724,000 0th. current liab_
170,954
son Valley, Ry_
78,529
897 Reserves
43,172
Others
897
17,254
66,833 Surplus
Miscel, accts. rec.
88,601
89,079
Suspense, prepayt.
477,919
440,854
spec. dep., &c.._
6,626
Deficits
Totals
20,419,186 20,296,285
-V. 107, p. 697.
Totals
20,419,186 20,296,285
Other investments 19,247,575
Cash
8,978,505
Loans & notes rec. 293,586
Misc. accts. rec _ 1,315,036
Material & supp_
438,015
Other current as'ts 3,854,853
Deferred assets.... 1,086,666
Unadjusted debits 183,728
Total
22,173,402 Express privilege_
12,860,265 0th. cur'nt llabil.
69,000 Oper. and insur845,297 ance reserves.-228,992 Accrued depreo'n_
1,918,691 Other unadj. cred_
1,166,666 Profit & loss surp.
198,544
47,652,824 50,708,780
Total
3,266,586 3,204,630
8,014,002 13,035,068
572,466
313,279
2,682,213 2,364,294
33,430
69,237
4,122,785 4,020,095
47,652,824 50,708,780
-V. 107, p. 298.
Laurentide Company, Ltd., Grand'Mere, Quebec.
(Report for Fiscal Year ending June 30 1918.)
Pres. George Chahoon Jr., Aug. 20, wrote in substance:
The profits for the year ended June 30,1918, after providing for interest
and other charges and setting aside sufficient reserves for depreciation,
business profit war tax and employees' pension fund, were $1,704,655. In
view of the fact that a considerable portion of the company's products are
sold at prices that are fixed by the Government, and from which there
can be little or no profit, your directors regard the results of the year's
workings as satisfactory.
RESULTS FOR YEARS ENDING JUNE 30.
1916-17.
1915-16.
1917-18.
1914-15.
Mill nets from ground
wood, sulphite pulp,
paper, &c
$943,272
$2,311,800 $1,841,982 $1,022,006
Profits from lumber, &c_
148,121
253,628
101,459
91,334
133,914
125,051
Int. from investments
120,819
Total
32,593,835 $2,220,660 $1,244,284 $1,034,606
$165,614
Deduct-Bond int., Sze
3226,899
$227,296
$115,797
Betteets to plant, &c
79,562
61,800
Dividends
--(10%)960,000 (9)864,000 (8)768,000 (8)768,000
Business profits tax
240,000
268,182
Depreciation reserve...... _
20,000
271,884
20,000
116,670
Employees' pension res've 150,000
Total deductions
Balance,surplus
$1,849,180 $1,364,649 $1,094,461 $1,015,414
$19,192
$856,011
3140,823
$744,652
THE CHRONICLE
SEPT. 211918.]
BALANCE SHEET JUNE 30.
1917.
1918.
AssetsMills, buildings,
x5,420,296
plant, &c
Timber lands_ _ 2,090,166
Real estate (workmen's houses,&c) 910,738
Logs, mdse., 41E0_0,017,617
Accts.& bills rec. 1,015,762
Cash in hand, &c_ 227,223
400,000
Call loans
1,635,541
Investments
Miscellaneous_ _ _ _
88,562
Reserve for deprec. 1,174,284
Total
5,995,719
2,284,639
680,573
2,416,765
686,961
107,632
1,585,079
61,940
14,805,905 13,819,308
1918.
1917.
$
Stock
9,600,000 9,600,000
Bonds
b620,615
656,443
Bond int.(due July) 36,000
36,000
Com.div.(due July) 240,000
240,000
Wages
36,369
53,285
Bank loans
63,384
44,202
Bills payable
173,500
3,250
Accounts payable_ 520,645
100,844
Conting't account.
64,361
39,305
Deprec'n reserve
788,359
Empl. Pen. Fund_ 255,723
Bus. prof. war tax. 528,330
288,330
Sundry res'ves,&c. 224,514
202,748
Surplus
2,425,548 1,783,458
Total
14,805,905 13,819,308
z After deducting $1,174,284 for depreciation.
a Includes in 1918 logs and supplies, $1,855,251; merchandise, $424.487;
and mill supplies, $737,879. b After deducting $579,385 redeemed to date,
-V. 107, p. 1007.
United States Glass Company, Pittsburgh, Pa.
(27th Annual Report-Year ended June 30 1918.)
The report dated Aug. 21 says in substance:
Results.-In spite of the shortage of labor, insufficient natural gas,
railroad embargoes, and during December, January and February weather
making it at times almost impassible to do business, in the past year we
have made in the past year a record from the point of sales, the same
aggregating $3,950,112. The net results also were gratifying, particularly
in view of the increased costs of both labor and material and the unusual
expenditures for improvements and Federal taxes. Ample reserves have
also been created for this year's taxes.
Fuel, &c.-From June 30 1917 to date sales of the Glassport Land Co.
property have approximated $62.965. Sufficient coal was mined on the
property to supply the two factories at Glassport with fuel last winter,
and there is sufficient now in stock at Glassport to provide for the winter
months, but the volume of coal owned is not sufficient to justify going into
the coal business.
Last winter the fuel oil installations proved very successful, but the rapid
increase in price, and the uncertainty of the supply made it obvious that
coal would have to be the chief fuel. Consequently furnaces and tanks
have been equipped as rapidly as possible. At Glassport producers nave
also been installed. At Tiffin, Ohio, deep-eye furnaces will be used this
winter, but with the expectation of installing producers before another
winter. At Gas City, Ind., producers supply the fuel.
Improvements.-In conformity with the policy of thoroughly modernizing the plants, other extensive improvements have been made. All extraordinary expenses, including changes of furnaces, installations of producers,
grading and paving and other improvements, have been charged off to
el'In
na
sen.ciaL-Last year's statement showed bills payable of $175,000,
including the Glassport Land Co., 882,500. The present statement shows
bills payable, $170.000. all Glassport bills payable having been liquidated
and its only debt being the old mortgage of $16,000.
Outlook.-Your management Is optimistic of the future. Every effort
is being made to produce any glassware in our line required by the Government and we shall endeavor to operate as fully as necessary to supply also
the demands of the civilian population. While we expect to be handicapped by war restrictions as to fuel, &c. we hope to adjust ourselves to
the new conditions.
Marion G. Bryce, Pres., and Ernst Nickel, Secretary.
[Signed]
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1917-18. 1916-17.
Gross income from operations
$3,947,674 $3,715,905
Less oper. charges, incl. all labor, materials, factory
etc
charges,
3,204,676
2,994,939
Less extraordinary exp., replace'ts, renewals, etc__
145,703
46,625
Depreciation, charged off for obsolescent moulds__
27,633
Less discount on sales
26,196
32,501
Gen. sales & gen. mfg. exp. (abt. 6.44% on yearly
sales).
Losses on accounts and allowances
Net income
Interest on funded debt
Interest on floating debt
Miscellaneous not
Federal taxes paid for year ending Dec. 31 1917_
Additional reserve for Federal taxes
Contingencies and accounts receivable
$543,465
254,400
1,941
5287,124
19,460
6,449
Cr.11,355
38,651
30,000
Net income U. S. Glass Co
$203,920
Net loss carrying charges Glassport Land Co. adjustments, etc
4,399
1189
bar mills at these works, we believe, should be proceeded with as early as
practicable, and although the amount set aside will not cover the entire
outlay, the general reserves may be made available to some extent. This
matter will be dealt with in the President's letter, to be submitted to the
annual meeting.
The general reserve account has been increased by the sum of $800.000,
making a total of $2,300,000. A considerable part of this amount is invested in 4% Liberty Loan bonds.
Bonds Mostly Redeemed.-Out of a total of $3,000.000 1st M.gold bonds,
$2,696,500 have been purchased and were canceled at Dec. 31 1917, and a
proportionate amount of the total discount on the bonds issued has been
written off.
Preferred Stock Guaranty Fund.-The Guardian Savings & Trust Co. of
Cleveland, as trustee for the preferred stock guaranty fund, certifies that
the value of securities and cash at Dec. 31 1917 was $384,821.
Operations.-The Lakeside and Riverside works have been in full operation during the year, although some difficulty has been experienced in
obtaining a full supply of semi-finished steel for the Riverside works. Practically the entire output of both works is now required directly or indirectly
for the U. S. Govt. and the Allied Govts. for war purposes. Prices are
now controlled by the Government on a basis which is intended to allow
a reasonable margin of profit. It is to be anticipated that the profits for
the current year will be satisfactory but will naturally show a substantial
reduction as compared with 1917, when prices were determined by the
abnormal demand which then existed.
Dividends.-Dividends upon the common stock out of the profits of the
year have been paid at the rate of 2%% on Oct. 1 1917, Jan. 1 1918 and
Apr. 1 1918, and a further dividend of 23 % is recommended, payable
June 29 1918, making 10% in all, and it is proposed to recommend the
payment of a bonus of 10% on June 29 1918, making a total distribution
in respect of the year to Dec. 31 1917 of 20% on the common stock.
[Signed by A. W. Tait, Chairman, and George Bartel, President.]
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 311917.
Profit for year after providing for management and general expenses and making provision for income and excikss profits tax..$5.694,624
Deductions-Depreciation reserve
550,000
Int. on 5% 1st M. gold bonds ($89.203) and discount on bonds
written off ($230.172)
319,375
Sink.fd. res've ($50,000), and prelim. exps. writ. off(828.695)..
78,695
Inventory and contracts
200.000
Riverside works extension
2,000.000
General reserve
800,000
Divs. on pref. stock Oct. 1 1917 and Apr. 1 1918
185,829
Div. on common stock, 25i% quer. paid Oct. 1 1917 and payable
Jan. 11918, Apr. 1 1918 and June 29 1918
480.280
Bonus of 10% on common stock, payable June 29 1918
480,280
Reserve for redemption of preferred stock
480,280
Balance from operations of year 1917
$119.885
Add balance at Dec. 311916, $758.080; less div. of k()% on corn.
stock paid July 1 1917 ($480,280), and amount transferred
to preference stock redemption fund ($240,140)
37,660
Balance carried to balance sheet
$157,545
BALANCE SHHET DEC. 311917.
AssetsLiabilities$
Land, bidgs., plant, &e
11,139,539 Capital stock, common
Invest., incl. U. S. Ws. of inPref. stock, 7% cum
debt. and Liberty Loan bds_ 4,585,825 1st M.5% gold bonds
Stocks in hand
2,677,064 Sundry creditors and cr. bal.
Cash
1,058,112 Pref. stock redeemed
Accla and bills receivable.._ _ 2,765,488 Pref. stock redemption fund
Trustees of sinking fund
51,348 Reserves
Prepaid charges
9,085 Dividend preferred stock
Furniture and fixtures
14,484 Dividend common stock
Auto trucks
24,389 Appropriation account
Total
22,325,334
Total
$
84,802,800
b2,654,700
e303,500
d6,596,674
110,200
665,163
e6,101,348
92,915
840,490
157,545
22,325,334
a Common stock authorized, 50.000 shares. $5,000.000; issued, 48,028
shares, $4,802.800. The balance of the common stock remaining unissued.
viz., 1,972 shares, is reserved under the terms of the purchase agreement
to be issued for the benefit of officers and employees of the company.
b Preferred stock,7% cumulative, authorized, 50,000 shares, $5,000,000;
$641,840 issued, 27,649 shares, $2,764,900; purchased and canceled, $110,200.
c First mortgage sinking fund 5% gold bonds, authorized, $10,000.000;
250,246 issued, $5,000,000; held in treasury, $2,000,000; purchased and
canceled.
2,841 82.696,500.
income
provision
excess
tax
profits
for
and
tax.
Includes
d
$388,753
e
.Includes general reserve. $2,300,000; Riverside works extension re19,460
13,459 serve, $2,000,000; depreciation reserve. 51,200.000; inventory and conCr.10,163 tracts reserve, $500.000; sinking fund reserve, $101,348.-V. 107, p. 176.
20,000
10,000
$335,997
17,340
Canadian Locomotive Co., Ltd.
(7th Annual Report-Year ended June 30 1918.)
Chairman Aemilius Jarvis, Toronto, says in substance:
We have taken the sum of $125,000 from our profits and added $100,000
to depreciation reserve account and $25,000 for special replacement account,
both being the same appropriations in amount as in the previous year.
The profits, year by year, compare as follows:
Balance, surplus
$103,520
$286,657 1911-12
5326,38011914-15
$134,61411917-18
$677,937
UNITED STATES GLASS CO.-BALANCE SHEET AS AT JUNE 30. 1912-13
574,212 Total 7 yrs_ -$3,173,341
396,886 1915-16
1917.
721,255 Yearly avge_ $453,334
342,057 1916-17
Liabilities1913-14
Resources1918.
1918.
1917.
Prop., works, /4,032,413,565 $2,427,815 Capital stock_ _ _.$3,200,000 $3,200,000
The prospects for the coming year are of the brightest. We have conAccounts payable_ 294,584
Glassport Land Co.
168,265 tracts in hand that will keep our shops fully occupied for many months to
invest't-Stook. 666,3591 809,060 Bills payable
170,000
92,000 come, all taken at satisfactory prices, and unless something occurs in the
Accrued accounts_
Open account.... 216,0961
11,579
15,949 matter of supplies, material, or something unforeseen, our next year's
672,939 Res've for conting
847,233
Inventories
57,000
•
21,534 statement should be as satisfactory.
600,438 Bonds outstanding 390,000
Bills & accts. rec._ 697,417
390,000
130,489 Dividends payable
81,058
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Cash
32,000
17,765 Surplus
17,765
Stks.& bds.in tress
869,528
766,008
1917-18.
1916-17.
1915-16.
1914-15.
4,470
4,470
Other secs. owned.
Prof., after charging prof.
9,128
Miscellaneous. _ _ _
war tax and all special
15,769
U. S. Govt. oblig's
chges., allowances, &c_ $669,9161 $721,255
$572,983
$130,027
23,275
23,831
Prepaid expenses_
Interest from investmls_
8,0211
1,229
4,587
1
84,992,601 $4,686,257 Total
Total
$4,992,691 $4,686,257
Total income
5721,255
$677,937
8134.614
8574.212
GLASSPORT LAND CO.-BALANCE SHEET AS AT JUNE 30.
Deduct-Bond interest
$90,000
$90,000
$90,000
$90,000
12.691
Loss inv. bds.sold, &c_
112
1018.
LiabilUtes1917.
Assets1918.
1917.
Depreciation reserve
100,000
100,000
100,000
75,000
$865,536 $873,818 Capital stock
Real estate
$500,000 $500,000
Sinking fund
15,000
15,000
15,000
1,357 U. S. Glass account 216,096 137,500
4,471
Cash
Special replac't res've_
25.000
25,000
25,000
25,000
32,183 31,461 Mortgage payable_ _ _ _ 16,000 16,000
Accounts receivable
Amort. of exp. on mu' 777 Bills payable
Prepaid interest
82,500
nition equipment_
65,000
6,484 Accounts payable_._ _
4,553
Mortgage receivable
1,750
105.000
105.000
105,000
Prof. dividends(7%)
105,000
Accrued interest, &c__
6,539
8,332
Corn. dividends (6%)- 120,000
Surplus
166,359 171,566
$455,000
$335,000
Total deductions
$295,112
$412,691
$900,744 $913,898 Total
Total
$906,744 $913,898
The company is reported as contingently liable as endorser on notes of Balance,sur. or def_ _ _ ..sur.3222.937sur.$386,255sur.$161,521 def.$160.498
the United States Glass Co. in the amount of $135,000.-y. 105, p. 1315.
BALANCE SHEET JUNE 30.
1917.
1918.
1918.
1917.
Otis Steel Co., Cleveland, Ohio.
$
Assets$
(Report for Fiscal Year ending Dec. 31 1917.)
Plant, good-will,&c.5,491,549 5,495,072 Preferred shares_ _ _ _1,500,000 1,500,000
30,881 Ordinary shares- _ _2,000,000 2,000,000
fund inveset 47,907
The report of the directors dated May 28says in substance: Sinking
First mtge. bonds__1,500,000
1,500,000 1,500,000
Officers & empl. bats. 29,733
Int.accr.(pd.July 1). 45,000
Profits and Amounts Reserved for Extensions, &c.-The profits for the
45,000
% Victory bonds 248,916
year, after providing for management and general expenses, and after mak- Work in prog.(cost). 496,885 513,131 Acc'ts payable, &c__ 936,370 528,268
ing provision for income tax and excess profits tax, were $5,694,624. The Mater.& supp.(cost) 390,663 347,422 Pref. dividend July_ 26,250
26,250
profits for the previous year, when no excess profits tax was eligible, were Notes & acc'ts rec.,
Com.div.(pd.July 1) 30,000
415,239 301,729 Depreciation reserve 450,000 350,000
$3,363,937.
less reserve
1,031 Reserve spec.replac. 165,000 140,000
A sum of $550,000 has been added to the depreciation reserve account, Miscellaneous
567,006 177,615 Other reserves
112,907
increasing the total to $1,200,000, and a sum of $200.000 has been placed Cash
95,881
7,045
9,094 Profit and loss
929,417 690,577
to the special reserve to provide against shrinkage in inventory values and
.chges. to oper
contracts for forward supplies, increasing the amount to $500.000.
A sum of $2,000,000 has been set aside as a reserve for plant extensions
7,694,944 6,875,976 Total
7,694,944 6,875,976
Total
at Riverside works. The plans for the construction of a steel plant and -V. 106, p. 193.
Net gain for year
Dividends
$199,520
$318,657
(3%)06,000 (1%)32,000
1190
International Textbook Co., Scranton, Pa.
(Report for Fiscal Period Ended Dec. 31 1917.)
Pros. B.E. Weeks,Scranton, Pa.,Feb. 18, wrote in subst.:
Report.-While our fiscal year ends on Dec. 31 of each year, this report
covers 52 weeks, beginning .Jan. 9 1917 and ending Jan. 7 1918.
Results.-Notwithstanding adverse conditions caused by the war, and
large increases in the cost of materials and labor, the profits resulting from
the sale of scholarship's, lesson pamphlets, and textbooks, were greater
than in 1916. In 1915, the sale of lesson pamphlets and textbooks yielded
no profit but resulted in a loss.
Following is a comparison of enrolments, cash receipts from scholarship
and textbook sales and royalties, and scholarship operating expenses,
and the net receipts in excess ofsame and the increase or decrease in scholarship accounts receivable:
Scholarship
No. En- Receipts, Operating
Net.
Expenses.
Accounts.
&e.
rolled.
12 months ending
May 31 1915_.._90,027 $3,846,388 $4,299,626 def.$453,238 dec.$37,292
6,555 dec.525,766
May 31 1916-_ _75,662 3,435,998 3,429,443
32 weeks ending
176,293 inc. 168,995
Jan. 8 1917.._ _ _49,849 2,228,764 2,052,471
52 weeks ending
325,742 inc.214,211
Jan. 7 1918_ _ _ _75,348 3,782,777 3,457,035
The average number of men employed for the latest period was 943,
as against 1,436 for the 12 months ending May 31 1915.
At the end of the fiscal year, approximately 85,000 students were receiving instruction and 1,356 men and women were employed in conducting
the work of the International Textbook Co. and the schools.
Instruction Dept. International Correspondence Schools.-Revision work
was done on 34 courses and text was repared for 9 courses, or a total of 43
courses. Four of these nine courses were existing courses that were enlarged and five were entirely new courses. The number of plates of
additional new text prepared during the year was 2.985 and the number
to replace obsolete text was 1,924. Four new reference library volumes
were produced. The total cost of this work was $74,872, of which $56,098"was charged to operating cost and $18,774 to capital account.
The Department also examined and corrected 741,770 lessons and drawing plates sent in by students and issued 114,115 special instruction letters
to students; issued 3,211 diplomas and certificates to students who had
satisfactorily completed courses; issued 484,007 encouragement letters to
students; issued 43,502 reports of students' progress to interested employers; issued 2,697 letters of recommendation to students who requested
them and were qualified to received them; notified 5,499 students of
vacancies they were qualified to fill; 2,842 voluntary reports were received
from students, notifying us of advancement in position,due to instruction.
During the past fiscal period, the schools have continued entering into
arrangements with railroad companies and manufacturing establishments,
whereby the schools co-operate with them in the education of their employees. At the close of the fiscal period, the schools had 650 such contracts, as compared with 447 on Dec. 311916.
The year opened with the promise of greatly increased business. During
the 12 weeks, Jan. 9 1917 to April 2 1917, inclusive, just prior to the entrance of our country into the war, 21,618 scholarships were sold and the
net ,amount of the business secured was $1,406,956. Cash receipts aggregated $1,025,516, while operating expenses, exclusive of interest on
indebtedness, revision of textbook plates, and depreciation on plant and
equipment amounted to $898,162.
Effect of War.-Between May 1 and Dec. 311917, approximately 12,000
-of our students who were sending in lessons for correction, and thousands
who had ceased study, entered Government service. Many of these
students were paying for their scholarships on the instalment plan. As a
'result, there was for a time a serious decline in enrolments and collections.
In Sept. 1917 a slow but steady improvement was noticeable and at the
close of the year we were enrolling almost as many students as 1916.
Your officers and directors and many others believe the International
Correspondence Schools will be a great factor in educationally qualifying
Young men and women to meet the large and increasing demands of industry, and in training young men for service as non-commissioned officers
in the army, and petty officers in the navy. For years we have had
thousands of students in the army and navy. The conciseness, accuracy
and thoroughness of our instruction papers has caused the Government to
purchase them from us in large quantities since the declaration of war.
During the past few months, 9,289 lesson papers and textbooks relative
to Gas Engine Construction, Steam Engineering, Electrical Engineering,
Automobile Running and Navigation have been furnished. We are also
supplying the Canadian Government with instruction papers for use in
schools connected with military hospitals for the education of convalescent
soldiers, to fit them to support themselves in occupations they can successfully follow. The U. S. Navy Department also requested our assistance
in recruiting 7,000 special firemen and about 5.000 cards were accordingy
printed and distributed.
The Adiutant-General's Office has asked us to prepare for the Committee
on Classification of Personnel about 75 sets of examination questions to
be used to test the qualification of specially selected men for promotion
to the enlisted specialist grades. This has been done and is reported to
have been of inestimable value to the service. Maier Sanctuary also has
asked the schools to furnish him with the names of 750 men wanted immediately for overseas service in railroad work. The Postal Censorship
Committee has asked us to help them secure several hundred translators
of foreign languages, particularly Spanish.
During 1917. 99.244 inquiries were received from prospective students.
The highest number received in any previous year was in 1916,twhen 78,777
inquiries came to the Home Office. The average number of inquiries
received annually from 1906 to 1915. inclusive, was 63.795.
The International Correspondence Schools is a Pennsylvania corporation
with an authorized capits1 of $100.000, all owned by your company.
Technical Supply Co.-This New Jersey company. whose $150,000 capital
stock is all owned by the International Textbook Co. manufactures
and sells wooden and steel drawing instruments, blueprint paper, inks
and supplies to I. C. S. students, industrial establishments, the Government, and retail dealers. The company now has 83 employees and is
unable to fill promptly all the war orders it receives notwithstanding the
capacity of its woodworking plan,t has been practically doubled during the
year, and a night force employed part of the time. Arrangements have
13een made with the Victor Typewriter Co. to manufacture the steel drawing
Instruments, &c., such as were formerly obtained in Germany. (Gross
Income in 1917, $147,741; profit, $46,794; net,lafter depreen, &c.,$31,905.)
Woman's Institute of Domestic Arts, Sciences, Inc.-Organized in
Delaware. April 15 1915, this company has an authorized capital of $100,000, all owned by tne International Textbook Co. The first student was
enrolled Feb. 29 1916 and up to Dec. 31 1917 a total of 8,977 had enrolled.
During the past two years, the institute has expended in advertising,
circularizing and in training a crops of instructors and correspondents,
the sum of $255.724. We have charged $217,292 of the total amount
expended during these two years, to operating expenses, $23,431 to establshment account, and $15.000 to deferred advertising account. [The cash
Income for 1917 was $149,669; operating expenses. $183,953; royalty, &c..
$5,060. Scholarship account increased (net) $28,952.1
Our records show that 56% of our students are home women. 17%
professional dressmakers, 13% teachers, and 14% miscell. occupations.
The 8,977 enrolled have purchased courses as follows: Complete sewing,
dressmaking and tailoring, 4,182; home sewing and dressmaking, 3,052;
millinery, 1,043; complete sewing, dressmaking, tailoring and millinery,
215; home sewing, dressmaking and millinery, 59; pattern drafting, 35;
sewing, 137; special home dressmaking (no drafting), 254.
During the year, the Instruction Division examined and corrected 42,056
lessons and wrote 8,662 special instruction letters to students.
The course in cooking will be ready for the market March 1. We anticipate a large enrolment.
Victor Turewriter Co.-This N. Y. corporation has an authorized capital
of $1,250,000, all of which is full paid and outstanding; $1,240,000 being
owned by the International Textbook Co.
During the past year the factory has been removed from New York City
to our building in Scranton, located at Wyoming Ave. and Poplar St.
The company now has on hand, orders for a large number of machines to
be exported,and also has orders for large quantities of tools which they are
able to manufacture with that portion of the machinery which is not used
in making parts for typewriters. We believe the Victor Standard Typewriter is without a superior as an all-around writing machine.
Foster Building Corporation.-This company, whose $50,000 capital is
owned by the International Textbook Co.. has a long-term leasehold on
the lot on the southwest corner of Madison Ave. and 40th St., N. Y. City,
iVoL. 107.
THE CHRONICLE
Improved with a modern 12-story office building. Practically all above
the first floor is rented. During the past year there was an operating
loss of $19,318. As leases on the offices expire, rentals are being advanced,
and it is hoped to meet increased operating costs in this manner.
International Educational Publishing Co.-This New Jersey holding
company, owner of the rights to use the copyrighted texts and the I. C. S.
system of instruction, in certain foreign countries, has an authorized capital
of $20,000,000 ($10,000,000 _preferred and $10,000,000 common, all. In
shares, $50 each), all except $2,000,000 common stock being outstanding;
31,294 shares of the pref. stock, and 59,036k shares of the common stock
are owned by the International Textbook Co. Letters from President
E. L. Hall show that the affairs of this company have materially improved
during the past year. On Dec. 10 1917, the company and its subsidiary
companies had cash on deposit and British short-term treasury notes,
amounting to $74,076.
International Schools Co. of Latin America.-This Delaware corporation
has an authorized capital of $4,000,000 ($2,000,000 preferred and $2,000,000
common, all in shares of $50 each), all issued except $1,100,000 pref. stock.
The International Textbook Co. owns preferred stock $753,500, and the
International Educational Publishing Co. owns the remaining preferred
($146,500) and also $1,500,000 of the common stock. The remaining
$500,000 common stock is owned by others.
The statement submitted by the officials shows that the year 1917 was
the most satisfactory in its history. The earnings and the cash position
of the company warrant small dividends this year.
FISCAL RESULTS FOR YEAR 1917 AND 7 MOS. TO DEC. 31 1916.
Yr. 1917. 7 mos. '16. ,
Yr. 1917.7 mos.'16.
DeductGross
$3,782,777 $2,332,107
Sales& oper.exps_ 3,457,035 2,068,569 Copyright accounts,
revision,&c_ _ _ _ $56,096
$30,289
30,910
Net income.._ _ $325,742 $263,538 Depreciation
50,781
Int., commis.,&c_
Scholarship accts.
65,009
38,593
53,553 Included
net increase_ _ _
5,584
above.
Adjustments-net.
Total deduct'ns. $171,886
$09,792
Balance,surplus $212,993 $163,746
Total
$384,879 $263,538
BALANCE SHEET AS AT DEC. 31.
1916.
1917.
1916.
1917.
LiabilitiesAssets$
Real est. & bldgs.a 1,009,881 1,020,121 Capital stock__ _ _10,000,000 10,000,000
260,000
Copyrts.,plates,&cb1,260,865 1,242,090 Coll, trust notes C. 240,000
20 000
20,000
84,620
80,817 Mortgages payable
Furniture & fixt_ _
135,788
109,845 Accounts payable.. 192,915
Print, plant equip. 116,953
406,089
241,942 Notes payable_ _ 437,383
294,990
Inventories
169,962
1,816,676 1,823,108 Accrued accounts_ 134,678
Investments c
Agency establisl.d 1,000,000 1,000,000 Reserves-Scholarship inScholarship contr_ 2,486,668 2,400,984
650,349
448,109
struction ____ 682,431
Accts. receivable.e 578,839
114,881
110,084
Cash
32,602
5,015
Miscellaneous
Apparent deficit.. _ 2,942,866 3,127,689
11,707,457 11,642,188
Total
Total
11,707,457 11,642,188
a After deducting $264,319 depreciation. b After charging off 151,384.495. c Investments.include Dec. 31 1917, 12,500 shares of Victor Typewriter Co. (par $100 carried at $60), $744,000; 31,294 shares I. E. P. Co.
preferred (par $50, carried at $10),$312,940 and 59,0364 shares of common
(Par $50, carried at $1), 59,036: 15,070 shares Internat. Schools Co. (par
$50, carried at $10), $150,700; 1,000 shares I. 0. S. (par $100, carried at
$100), $100,000; 500 shares Foster Bldg. Corp. (par and carried at $100).
$50,000; 1,500 shares Technical Supply Co. (par $100), carried at $200).
$300,000, and 1,000 shares of Woman s Institute of D. A. & S. (par and
carried at $100), $100,000. d After charging off $1,579.046. e Includes
accounts receivable of subsidiary companies, $365,588; stock subscription
accounts, $204,520, and sundry accounts, $8,731. f After deducting
$260,000 redeemed. V. 106, p. 2348.
Maple Leaf Milling Co., Ltd., Toronto.
(Report for Fiscal Year ending March 31 1918.)
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1914-15.
1916-17.
1915-16.
1917-18.
$738,644
$530.525 $1.048,998
$1,021,267
Net earnings
$173,560
$104,171
$159,573
$113,590
Bank interest
175,000
175,000
175,000
175,000
Preferred divs. (7%).._
75,000
212,500
562,500
Common divs. (3%).._ _
$176,355
$191,572
$170,177
BALANCE SHEET MARCH 31.
1918.
1917.
1918.
Liabilities$
$
5,329,945 5,373,948 Pref.(p. & d.)stock 2,500,000
37,618 Common stock- 2,500,000
36,595
Bankers' advances
229,661 Accounts payable.. 987,385
229,661
43,750
55,789 Pf.div.pay.Apr. 18
390,380
72,518 Corn. div. payable
389,591
87,500
April 18
380,657
410,166
1,999,814 4,067,547 Contingent acc't__ 611,540
6,629 Depree'n reserve.._ 500,000
15,835
Profit and loss_ _ _ 1,572,509
696
Balance, surplus
AssetsReal est.,b1dgs.,&c.
Office, stable, &c..
Good-will & trademarks
Investments
Cash
Bills & accts. me_
Inventories
Miscell. stores_
Prepaid charges
Total
8,802,683 10,224,369
-V. 107, p. 408.
Total
$700,438
1917.
2,500,000
2,500,000
1,892,327
1,212,453
43,750
62,500
361,007
250,000
1,402,332
8,802,683 10,224,369
The Thomas Iron Co., Hokendauqua, Pa.
(64th Annual Report-Year ended Dec. 31 1917.)
Pres. W. A. Barrows Jr., Jan. 18, wrote in substance:
Improvements, etc.-Since our last annual meeting we have added No. 8
furnace to the active list. As stated in our last report, we have limited
appropriations to plants other than Hokendauqua to amounts necessary,
for safe present das,operation. Our Hokendauqua operation justifies expenditures with a view to increased efficiency and lowered costs for the
future, and we are expending substantial sums at Hokendauqua to this end.
Repairs at Richard mine are being continued and development work
connecting new shaft to old workings is being completed. The new concentrating mill will contain electric separators and conveying machinery.
Electric locomotives and track system will be installed for moving the ore
to the shaft underground. These repairs should reduce ore costs and
better the recovery of ore. In the meantime production is necessarily
restricted. The mine produced 53,175 tons in 1917.
Operations-Oullook.-Our furnace operations, due to shortke of fuel,
have been much restricted. We have been compelled frequently to slow
down and have had to bank furnaces at times. The Hellertown plant has
been idle since September, due to failure to secure coke contracted for. As
a result of decreased production we have been unable to fill all our contracts
In 1917, but arrangements have been made to deliver the deferred tonnage
in 1918. Orders for all grades on our books Jan. 1 1918 amounted to 113.981 tons. Average price of these sales is well above the Government price.
We have large stocks of ore at all our furnaces, and have contracted for
sufficient coke to convert same into pig iron. All tonnages called for by
the Government have been cared for and over 85% of our orders are from
concerns doing work for the Government. We trust transportation conditions will improve so that we can operate full during 1918 and permit of
our filling our contracts promptly and in addition secure more economical
operation. The limit placed on our selling price precludes large profits and
unless operating difficulties are relieved the outlook is far from bright.
Ironton RR.-The income from our railroad operations and from securities
owned has been satisfactory. During the year a consolidation of the Ironton RR. Co. and the Thomas RR. Co. was effected and the capitalization
of the Ironton RR. Co. raised to $1,000,000, of which $800,000 is issued.
This consolidation will, we believe, enable us to secure the same terminal
advantages enjoyed by our competitors in the neighborhood, which, for
some unexplainable reason, has not been the case in the past at our Hokin.
dauqua and Fiellertown plants.
Extraordinary Charges to Reserve Funds &c.-Your management has-considered it wise, since our financial condition permitted it last year, to make
some very heavy deductions from earnings for the retirement of obsolete
equipment and to restore depleted reserves set up by our accountants to
care for extraordinary repairs and renewals and development accounts.
THE CHRONICLE
SEPT. 211918.1
Due to not charging a sufficiently high rate per ton on pig iron made in
the past, these reserve deficits have accrued. By the deduction made the
deficits are restored, and we are now charging a sum per ton of iron made
that we believe will fully provide for these items and prevent future deficits.
It should be borne in mind that these are strictly matters of accounting.
done to make stated property values conservative, and in no wise affect
unfavorably the real financial condition of the company. All sinking
fund requirements for the year have been complied with.
Dividend.-After careful consideration of our financial condition, the
directors have declared a dividend of 3% out of the profits of the six months
ending Dec. 31 1917, payable Feb. 1 1918.
Application of Earntngs.-We give below a general statement showing
distribution of $996,233 of the earnings for the past year as follows:
Set aside to restore depleted extraordinary repairs and renewals
$131,535
and development reserves as of Jan. 1 1917
Set aside for extraordinary repairs and renewals and development
250,684
accounts and expended in 1917
110,132
Charged off for obsolete equipment,retired during the year
126,046
Charged off for depreciation and debletion for year 1917
58,211
Amount reserved for income and excess profits tax
124,997
Amount declared in dividends
194,628
Balance to surplus
INCOME STATEMENT FOR YEARS END.DEC.31 AND JUNE 30 1917
Dec. 31 '17. June30 '17.
Year ended$3,785,894 $2,837,433
Revenue from sales for year
Cost of sales: Inventory Jan. 1 1917, $52,983; materials & labor, &c., $2,751,461; ex. repairs & renewals, $296,988; deprec., $99,843; development,
$81,856; miscellaneous, $14,827; total, $3,297,959;
3,289,615 2,635,146
loss inventory Dec. 311917, $8,343
Gross profits on sales
Less: Selling expense, insurance, taxes, &c
$496,279
281,473
Net operating profit
Other income
$214,806
$85,071
165,523 . 204,699
$202,286
117,215
Total income available for interest and dividends.. $380,329 $289,770
Deduct: Int. on funded debt, $38,879; discount on
funded debt, $20,825
60,704
54,898
Dividend appropriation of income
(5%) $124,997 (2)50,000
Balance, surplus for year
$194,628 $184,873
The profit and loss surplus Dec. 31 1917 was $2,233,554, after crediting
$660,50$3 adjustment of values, property and securities.
BALANCE SHEET DEC. 31 AND JUNE 30 1917.
Dec.31'17, June30'17.
Dec.31'17. June30'17.
-s
LiabilitiesAssets$
$
Iron wks.& real est_1,714,484 1,766,065 Capital stock
2,500,000 2,500,000
7,478
Richard mine prop.... 467,629 379,488 Dowers on real est__
7,478
89,652 20-year 1st M.(is__ _ x669,500 669,500
Outlying properties_ 89,652
Accounts payable..._ 356,321 259,716
Depos.in lieu of mort10,043
gaged prop'ty sold 112,366 110,535 Accrued interest_ _ _ _ 10,043
206,077 130,779
Stocks, bonds, &c...2,052,450 1,987,800 Reserves
206,822 .212,664 Tax liability
12,884
Cash
9,383
Bills & accts. receiv_ 518,505 396,040 Suspense
27,978
814,170 566,065 Profit and loss
Inventories
2,233,554 2,022,881
34,869 114,134
Miscellaneous
Total
6,010,951 1,622,443
Total
6,010,951 5,622,443
x First mortgage 6% bonds authorized, $1,000,000; in treasury, $85,500;
canceled, $10,000; unissued, $235.000; outstanding, $669,500.
*Includes in 1917 stocks, $1,963,875: bonds and mortgages, $1,475, and
bonds "Liberty Loan," $87,100.-V. 106, p. 935.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
American Cities Co.-Earnings.Summary of Earnings for the Twelve Months ended July 31.
1918.
1917.
Proportion of annual surplus earnings of oper. cos.,
applicable to divs, on shares owned by A. C. Co _31,494,781 $1,576,628
Miscellaneous net earnings
81,536
56,008
Total earnings applicable to Amer. Cities Co_ __ _$1,413,245 $1,632,636
Deduct-Interest on American Cities Co. bonds and
notes, and amortization of debt disc't & expense 718,750
555,000
Balance applicable to preferred stock
$694,495 $1,077,636
Note.-For comparative purposes the deduction of special reserve for
maintenance and renewals -has been eliminated.
Sub. company earnings see "Earnings Dept." above.-V. 107, p. 500.
Atchison (Kan.)Railway & Light Co.-Fare Increase.-
This company has applied to the Kansas P. U. Commission for a sevencent passenger faro in Atchison, Kan., and an increase of 20% in light and
power schedules.-V.94, p. 982.
Atchison Topeka & Santa Fe Ry.-Sub. Co. Interest.-
1191
holders having 90,000 shares have received $1,620,000, so
the total amount paid for 600,000 shares is $10,120,000.
The old directorate with the exception of D. B. Hanna, A. J. Mitchell
and G. A. Bell, have retired, and these three officials, who constitute a
quorum, are to carry on the operations until such time as the new board
Is appointed. It is intimated that Mr. Hanna will be retained, probably
as operating head of the Government system, and that perhaps the other
two men also will keep their seats.
The directors will carry on the operations not only of the Canadian
Northern system but also of the National Transcontinental and the Intercolonial. Hon. Dr. Reid, Minister of Railways and Canals, intimated
that an order in council would be put through immediately incorporating
the railways referred to, with their various branches, into one system from
coast to coast.
Directorate Named.A press report from Ottawa on Sept. 20 says: Owing to the delay in the
plans for merging all Canadian Government-owned railways under one
management, a separate board has been named meanwhile as follows for
the recently acquired Canadian Northern By.: D. B. Hanna, Pres.;
Robert Hobson, Hamilton; Frank Jones, Vice-Cahirman of the War Trade
Board; E. R. Wood, Toronto; R. T. Riley, Winnipeg; G. M. Hamilton,
Weyburn, Sask.; A. J. Mitchell; Major Bell, Deputy Minister of Railways.
Mr. Hanna, the President, Mr. Mitchell and Major Bell are already on
the board. The others named are additions.-V. 107, p. 1003, 290.
Capital Traction Co.-Wage Increases.This company has increased the wages of its men from the present
maximum of 38 cents per hour to a maximum of 48 cents per hour withja
minimum of 43 cents.-V.107, p. 180.
Charleston Consolidated Ry.-Improvements, &c
This company, it is stated, will expend from $700,000 to $750,000 to
double capacity on its Charlotte Street electric generating station and for
other improvements,the additional electricity to provide power and lighting
for Government plants and private factories operating on war contracts.
The War Industries Board finances expenditures of$350,000.-V.105.p.2093.
Chicago Ind. & Louisville RR.-Federal Treasurer.H. T. Evans has been made Federal Treasurer, with headquarters at
Chicago.-V. 107, p. 1099.
Chicago & North Western Ry.-"Standard Return."The contract with the Government for the operation of the
property has been approved and submitted for signature,
allowing the company a compensation of $23,364,028 annually based on the standard return or average net earnings
for the three years ended June 30 1917.
In addition to this sum the "other income" which this
company is allowed to retain is reckoned by those who are in
a position to know at about $2,850,000 yearly, based on the
receipts for the year 1917.
This last item includes the dividends rceived on the company's holdings ($9,540,000 common and $5,380,000 7% pref.) in the Chicago St.
Paul Minneapolis & Omaha (amounting to $853,600 a year), and on its
$4,171,500 4% pref. stock of the Union Pacific ($166,860), and also miscellaneous items of interest and rentals. The contract with the Government limits the dividends payable on the stock out of the compensation
received for the use of the property to the aforesaid rates, which have been
maintained without variation for the past 16 years.-V.107, p. 1003,694.
Chicago & Western Indiana Ry.-Offer of Extension of
Notes.-Holders of this company's $15,000,000 1-year 6%
notes, matured Sept. 1 last, but unpaid, are in receipt of
a printed circular dated Sept. 19, from J. P. Morgan &
Co., the First National Bank, the National City Co., and
Harris, Forbes & Co. recommending the acceptance by the
noteholders of an extension of the notes for one year with
an extra compensation of 1%%,making the extended investment yield about 714%.
The text of the letter will be found on preceding pages.
The very full statements issued by J. P. Morgan &
Co., John Skelton Williams and Director-General of Railroads McAdoo explaining the delay in the payment of the
Chicago & Western Indiana notes due Sept. 1 were given in
last week's issue, page 1068.-V. 107, p. 1003, 695.
Chinese Rys.-Statistics of Govt. Railways in China.The "Chronicle" has been favored with a copy of the elaborate report
of the Standing Committee on the Unification of Railway Accounts and
Statistics to His Excellency, Tsao Ju-Lin, Minister of Communications,
being the second preliminary report on the statistics of Government railways in China for the six months ending Dec. 31 1915 and for the calendar year 1915. The report comprises about 100 pages of text, maps and
statistical tables.-V. 107, p. 180.
Cincinnati Traction Co.-Agreement Signed.-
Athens (Ga.) Ry. & Electric Co.-Fare Increase.-
Mayor Galvin, of Cincinnati, has signed the revised street railway ordinance which was passed recently by the City Council, providing a sliding
scale of fares based on service with no fares less than 5 cents. Compare
V. 107, p. 1003, 905.
Bay State Street Ry.-Rate Increase.-
Representatives of the citizen's committee, the city, and the company
at a conference on Sept. 6 decided that there should be no referendum vote
on the revised franchise ordinance. Compare V. 107, p. 1003, 905.
See Northwestern Pacific RR., below.-V. 107, p. 1002.
This company has filed with the Georgia RR. Commission a petition for
an increase in street car fares from 5 to 7c., and also for increases in light
and power rates.-V. 106, p. 818.
The I.-S. C. Commission has granted this company permission to increase its rates between points on Its lines and points reached by it on the
lines of the Rhode Island Co., providing the rates do not exceed those by
steam roads.-V. 197, p. 1003.
Boston & Lowell RR.-Note Maturity.-
We are informed that the $214,000 4% bonds due Oct. 1 1918 will be
paid off at maturity. In connection with this payment the corporation
will borrow $214,000 on its notes (on call).-V. 107. p. 1098.
Brooklyn Rapid Transit Co.-Fare Hearing.application for higher fares on its surface
' A hearing on this cormpany's
in last week's issue) has been
ordered by the P. S.
lines (given in detail
Commission for Sept. 30. Compare V. 107, p. 1099.
•
Buffalo & Lake Erie Traction Co.-Fare Application.-
Receiver Bullock of this company has filed with the New York P. S.
Commission a petition asking authority to charge passengers at the rate of
three cents per mile from the State line to the city of Buffalo instead of
23i cents per mile.-V. 107, p. 694.
Canadian Northern Ry.-Payment Made by Dominion
Government for 600,000 Shares of Stock.-Arrangements have
been completed by the Canadian Treasury for the payment
of the purchase money for the shares of capital stock held
by Sir William Mackenzie, Sir Donald Mann and their a§sociates and for the formal Incorporation of the railway properties in the Government system. The arrangements provide for the payment of $8,500,000 to the two parties mentioned and the Canadian Bank of Commerce holders and
pledgees of 510,000 shares of Canadian Northern RR. stock
taken over from them by the Government. Sundry other
No Referendum.Cleveland Cincinnati Chicago & St. Louis RR.-Contract With Federal Government Accepted-Changes in Directorate.See New York Central RR. below.-V. 107, P. 1099, 1003.
Cleveland Painesville & Eastern RR.-Proposed Extension of Maturing Bonds.-John P. Witt, Asst. Treas., in circular of Sept. 16 1918, addressed the holders of the First
Consolidated Mtge. 5% gold bonds, says in substance:
The directors have for some time been giving consideration to the maturity on Oct. 1 1918 of the $500,000 1st Mtge. bonds and the $1,131,000
1st Consol. Mtge. 5% gold bonds. The board finds that on account of
present financial conditions, due to the requirements of the Federal Government, that it is practically impossible to refund such indebtedness at
the present time and that the only course possible is to provide for an
extension to Oct. 1 1923. The board is having prepared for deposit with
the Citizens Savings & Trust Co. (Cleveland) trustee, an agreement providing the terms, &c., of such extension and is preparing to apply to the
P. U. Commission of Ohio for its consent.
It is proposed that the company will pay 7% interest upon the bonds
from Oct. 1, payable semi-annually. Said bonds, or any part thereof, to
be redeemable at the option of the company at par and int. on any int.
date on 60 days' notice.
Such extension has been tentatively agreed to by holders of all of said
1st Mtge. bonds and a large number of 1st Consol. Mtge. bonds, all upon
condition that all holders of said 1st Consol. Mtge. bonds likewise consent
thereto.-V. 107, p. 401, 82.
Cleveland Union Terminal Co.-Ordinance Passed.-
The Cleveland City Council on Sept. 13 passed the ordinance providing
for a site of the proposed union station at Cleveland. The ordinance provides for the sale of 35 acres to the railroads for $1,400,000. It is thought
probable that the ordinance will be submitted to referendum this fall.V. 107, p. 905.
1192
THE CHRONICLE
Columbus (0.) Ry. Pow. & Lt.—City Control Proposal.—
[VOL. 107.
Fishkill (N. Y.) Electric Ry.—Abandonment.—
On Sept. 9 there was introduced in the Columbus City Council a resolution to request the Capital Issues Committee to approve a bond issue by
the city, the proceeds of which should be used in acquiring the properties
of the street railway company.—V. 107. p. 802, 180.
This company has filed notice with the New York P. S. Commission
that it has declared in favor of abandoning certain portions of its lines no
longer necessary to the successful operation of the road.—V.107,p.501.
Commonwealth Power, Ry. & Light Co.—Plan Operative.—Holders of deposit receipts for 5-Year 6% Convertible bonds due May 1 1918 and holders of the above bonds
are in receipt of a letter dated Sept. 13 from Pres. Anton G.
Hodenpyl stating that the "plan for part payment and re-,
funding of $8,047,000 5-Year 6% Convertible bonds due
May 1 1918," dated July 15 1918, is declared operative.
This company has filed with the Massachusetts P. S. Commission a
tariff increasing fares from.5 to 7c. which, if allowed by the Commission,
will be effective Oct. 19.—V. 104, p. 663.
The new bonds deliverable and the cash payable to depositors as set forth
in the plan will respectively be deliverable and payable on and after Monday. Sept. 23 1918, at the depositaries upon presentation and surrender of
deposit receipts.
•
Depositors having elected to accept offer "A" will receive for each $1,000
bond deposited $1,000 in new 5-Year 7% Secured Convertible gold bonds
and $25 in cash, representing 2%% discount on the new bonds.
Depositors having elected to accept offer "B" will receive for each $1,000
bond deposited $700 in new 5-Year 7% Secured Convertible gold bonds and
$326 in cash, representing discount at 2%% on $700 new bonds, $17 50;
payment on principal, $300. interest thereon from May 1 1918 to and including Sept. 29 1918, on which date interest on the payment shall cease,
$8 70; total, $326 20.
In order to afford holders of matured bonds who have not already deposited same an opportunity to avail themselves of the plan, the time for
deposit of bonds has, with the consent of the War Finance Corporation,
been extended to Nov. 1 1918, after which date offer "B" will be withdrawn
as to all bonds not then deposited, except with the approval in ecah case
of the War Finance Corp.—V. 107, p. 1099, 905, 501, 291.
Copper Range RR.—General Manager.—
F. R. Bolles, Vico-Pres. & Gen. Mgr., has been appointed General
Manager under the U. S. Govt., with headquarters at Houghton, Mich.
—V. 107, P. 695.
DaytonToledo 4% Chicago Ry.—General Manager.—
W. E. Brown has been appointed General Manager, with headquarters
at Covington, 0., succeeding W. J. Bohon, resigned.—V. 106, p. 188.
Fitchburg & Leominster Street Ry.—Rate Tariff.—
Fort Dodge Des Moines & Sou. RR.—Fed. Mgr., dec.—
S. G. Strickland, Federal Manager of the Chicago & North Western
RR. has had his jurisdiction extended to this company and the Waterloo
Cedar Falls and Northern RR., effective Sept. 1.
F. W. Johnston, Treasurer and Auditor, has been appointed Federal
Treasurer under the United States Government.—V. 107, p. 1003.
Fort Wayne & Northern Indiana Trac. Co.—Fares.—
This company has filed with the Indiana P. S. Commission an application for permission to charge a straight six-cent fare in Fort Wayne and
three cents per mile on the interurban lines.—V. 106, p. 1126.
42d St. Manhattanv. & St. N. Av. Ry.—Franchise.—
See Dry Dock East Broadway & Battery RR. above.—V. 93, p. 1668.
Fresno (Cal.) Traction Co.—Fare Increase.—
The California RR. Commission has authorized this company to increase
its fares from 5 to 6 cents, and Its commutation fares by 10%.—V.78,p.1222.
Grand Trunk Ry.—Notes Subscribed.—
Cable dispatches from London announce that the company's £3,000,000
6% 3-year notes issued at 99 have been fully subscribed.
Sale Negotiations.—
A press report from Ottawa states that negotiations are being continued
looking toward the purchase of the Grand Trunk By. system by the
Dominion Government—V. 107, p. 1100, 1003.
Green Bay & Western Ry.—General Manager.—
F. B. Seymour, General Manager, has been appointed General Manager
under the U. S. Govt. for this property, Kewanee Green Bay and Western,
the Ahnapeo & Western and the Wattpaca Green Bay By., with headquarters at Green Bay. Wis.—V. 106, p. 1336.
Harrisburg (Pa.) Railways.—Fare Situation.—
Denver & Rio Grande RR.—Trustees Report Regarding
Judgment Obtained by Western Pacific—Proposition to Retain
Funds Already Collected for Rehabilitation of D. dc R. G.—
This company has filed with the Pennsylvania P. S. Commission a
tariff calling for a six-cent fare from Oct. 1.—V. 104, p. 1591.
See "Financial Reports" above and Western Pacific RR. Corporation
and Western Pacific Ry. on page 1102.—V. 107, p. 1099, 695.
George C. Morris, Receiver for this company, has also been appointed
Treasurer.—V. 107, p. 696.
Denver & Salt Lake RR.—Receiver's Certificates.—Iteceiver W. R. Freeman, Denver, Sept. 10, replying to an
inquiry from the "Chronicle," writes:
The maximum compensation, which the Government will pay for the
Denver & Salt Lake RIt., is $351,000 annually. Out of this must be paid
the corporate expenses, rentals, deferred maintenance and certain additions and betterments, yet to be determined. Under the circumstances,
and at this writing, I can see no (Immediate] prospect for the bondholders
receiving anything.
All of the overdue equipment trusts are to be taken up by this issue of
Receivers' Certificates. The total authorized issue of receivers' certificates
is $1,500.000. The purposes for which the money received on same is to
be devoted, is approximately as follows:
Material and fuel bills
$300,000
Taxes becoming due for old company and receivers account
260.000
Unpaid wages due under Adamson Act, $37,000 accrued under old
company, and $27,000 under receivers
64,000
Estimated amount of back wages due employees under the application of W.G. McAdoo's general order No.27 and supplements
($180,000 total, but one-half to be paid by the receivers and
other half by Government)
90,000
Deferred maintenance, additions and betterments
600,000
Equipment notes and interest
185,000
Of the total, $1,500,000, authorized, not exceeding $575,000, will be
Issued at this time. [The receivers' certificates are dated Sept. 10 1918,
and are due Sept. 10 1920, but are redeemable at par and interest at any
time on 30 days' notice. They have a "first and paramount lien opon all
the property, assets and earnings" of the company and "any receivers
certificates hereafter authorized to be issued shall be subordinate and subject to the len" of all certificates issued under the present authorization
by the District Court of Adams County, Colo. Both principal and interest
at6% (interest payable annually) are to be paid in gold.—V.107,p.1099,695.
Denver Tramway Co.—New Fares.—
Houston & Brazos Valley RR.—Treasurer.—
Illinois Southern RR.—Receiver.—
Judge Carpenter in the U. S. District Court at Chicago has appointed
William W. Wheelock receiver for this property, which runs from Salem,
Ill., to Bismarck, Mo. The Court judged the company insolvent on the
petition of the bondholders represented by Festus J. Wade at St. Louis,
representing holders of $2,000,000 bonds now in default.—V. 107, p. 181.
Kansas City Kaw Valley & West. Ry.—Fare Changes.—
The L-S. C. Commission has granted this company an increase in local
fares to 2.6 cents per mile between Kansas City and Lawrence, Kan.
Three cents had been applied for.—V. 106, p. 2649.
Kansas City Railways.—Six-Cent Fare Upheld.—
Chief Justice Bond in the Missouri Supremo Court on Sept. 7 authorized
this company to continue 6-cent fares until the State Supreme Court
decides finally upon the case. This action of the Supreme Court followed
immediately upon the refusal of Circuit Judge John G. Slate to permit
the company to file a supersedeas bond in the 6-cent fare case, giving tho
city a 5-cent fare.—V. 107. p. 1004. 905.
Kansas City Southern Ry.—Dividend.—
The directors have declared the regular quarterly dividend of 1% on
its pref. stock, payable Oct. 15 to holders of record Sept. 30, "if on or before
the date first mentioned there shall have been received from the United
States Government a sum sufficient in the opinion of the President to pay
the same, but if otherwise the said dividend shall be payable at a later
date if, as and when said sum shall be so received."—V. 107, p. 1004,802.
Litchfield & Madison Ry.—Federal Treasurer.—
I. T. Bennett has been appointed Federal Treasurer to succeed F. M.
Campbell, with offices at Edwardsville,
106, p. 923.
Louisiana & Arkansas RR.—Federal Treasurer.—
W. F. Wright, with headquarters at Texarkana, Ark., succeeds F. S.
Carroll as Federal Treasurer.—V. 107, p. 181.
The Colorado P. U. Commission on Sept. 12 handed down a ruling by
Louisiana Ry. & Nay. Co.—Released from Fed. Control.
which 6-cent fares were to be effective Sept. 15. The order also authorThis company's line was released from Federal control under date of
ized an increase of 3c. in the one way and 8c. in the round-trip fares on.
and returned to the owners. All officers are again in charge
Aug.
the interurban lines to Golden and Leyden. A 6-cent fare ordinance has al- from 9 1918,
that date; the appointment of Federal Manager was canceled on the
ready been passed .by the City Council.—V. 107, p. 1003, 401.
return of the property.—V. 107, p. 802, 291.
Detroit United Ry.—Fare Petition Denied.—
Massachusetts Northeastern Street Ry.—Fare Increase.
United States Supreme Court Justice William R. Day of Canton, Ohio,
This company has filed with the Massachusetts I'. S. Commission a
has rendered a decision denying this company's petition for an order to
prevent the city of Detroit from enforcing the fare ordinance providing tariff, effective Oct. 14, proposing to increase the rate of fare from Sc. to
6c.—V. 107. P. 802, 402.
for 5-cent fares.
Attorney for the company has filed a motion to quash Judge DingerMichigan Central RR.—Government Contract Accepted—
man's injunction issued Aug. 13 on the petition of the city" restraining the
railway company from collecting 6-cent fares or any fares in excess of the Directors.—
amount provided in the Kronk ordinance, namely, 5-cent fares, or 6 tickets
See New York Central RR. below.—V. 107, p. 1004.
for 25 cents.—V. 107. p. 1003, 905.
Milwaukee Electric Ry. & Light Co.—Service.—
Dry Dock E. B. & B. RR.—Franchise Abandonment.—
Judge E. Ray Stevens in the Dane County (Wis.) Circuit Court at MadiThe shareholders of this company and the Forty-Second Street Manhat- son
on Sept. 7 rendered a decision that the company must comply with the
tanville & St. Nicholas Avenue Ry. will vote Sept. 24 on ratifying the ac- Wisconsin RR. Commission's order to resume regular service on the Fox
tion of the directors of the companies in declaring abandoned the franchises Point, Tippecanoe and Wanderers' Rest suburban lines pending a final
of the respective companies, which are both subsidiaries of the New York settlement of the fare dispute.
Railways Co.—V. 106, p. 715.
Duluth (Minn.) Street Ry.—Fare Increase Applied For.
This company has filed a petition with the Duluth City Council seeking
an increase in street car fares, no rate being named.—V. 105, p. 1103.
Duluth South Shore & Atlantic Ry.—Obituary.—
Pres. A. B. Eldredge died Sept. 9.—V. 107, p. 695.
East St. Louis & Suburban Ry.—Fare Changes.—
The L-S. 0. Commission has granted this company an increase of 1 cent
in the 10-cent fare between St. Louis and East St. Louis, Ill., and nearby
points in Illinois.
The Alton Granite City & St. Louis Traction Co. has also been granted
an increase, namely to 2% cents per mile plus Mississippi River bridge
fares. The company had asked for 3 cents per mile.—V. 107. p. 695.
Eastern Texas Electric Co.—Notes Called.—
This company has called for payment on Oct. 10 all of its outstanding
($500.000) 3-Year 6% gold coupoff notes, due Dec. 1 1918, at par and
interest, at the State Street. Trust Co. Payment to be made out of the
proceeds of the new issue of $750.000 3-year 7% gold coupon notes dated
.Aug. 1. See offering, V. 107, p. 905.
Eastern Wisconsin Electric Co.—Rate Increase.—
This company had been granted permission to increase its price for gas
from $1 25 to $1 55 gross.—V. 106, p. 2122.
Elgin Joliet & Eastern RR.—Federal Treasurer.—
F. L Koontz, Secretary and Treasurer, has been appointed Federal
Treasurer, effective Sept. 1.—V. 107, P. 1003, 696.
Evansville Railways Co.—Fare Increase.—
The I.-S. 0. Commission has authorized this company to increase its
fares between Evansville, Ind,. and Henderson, Ky.. and intermediate
stations, not to exceed 10%.—V. 105. p. 2272.
Power Rates Raised.—
The Wisconsin RR. Commission has approved the company's request
for an emergency increase in rates for electric light and power and steam
heating.—V. 107, p. 906, 82.
Minneapolis Northfield & Southern RR.—Resumption.
The resumption of the operation of the cutoff of this company's line
from Auto Junction to Short Line Junction and thence to Minneapolis is
planned by the stockholders of this successor conipanY.
The following officers and directors have been elected: J. H. Ellison,
Minneapolis, Temporary President, was elected to that office. The
new directors are: H. A. Whittier, Northfield; W. F. Roche, Lakeville;
John B. Irwin, Richfield, F. T. Day, Waseca; R. H. Benham. Orchard
Gardens; W. 0. Winston, J. H. Ellison, W. L. Harris, C. C. Wagner,
A. D. Walker, Julius Rosholt, Minneapolis. Mr. Whittier was elected
Vice-President of the company, and Mr. Winston was chosen Treasurer.—
V. 107, p. 1004. 697.
Monongahela Valley Traction Co.—Bonds Called.—
Gold coupon 6% 1-year notes numbering 1 to 30,000 incl. have been
called for payment Oct. 7 at par and int, at the Fidelity Trust Co. of
Baltimore.—V. 107, p. 1004.
Nashville Chattanooga & St. Louis RR.—Obituary.—
EfThe death of Pra s'• John II, Peyton Is announced.—V. 107.p. 697. 182.
New York Central RR.—Acceptance of Government Contract Authorized.—The directors of this company, on Sept. 18
authorized the officers to sign the agreement with the Railroad Administration after minor modifications have been
made by the I.-S. C. Commission to conform with the special
circumstances affecting the company. Directors of the sub-
SEPT. 211018.]
THE CHRONICLE
sidiary companies, the Michigan Central RR.and the Cleveland Cincinnati Chicago & St. Louis RR., also agreed to accept the terms of the contract on the same basis.
Charles B. Seger was elected a director of the New York Central and a,
member of the finance committee to succeed Robert S. Lovett, and Edward S. Harkness was elected a director of the same company and the
Michigan Central, succeeding Marvin Hughitt.
Changes in the directorate of the 0. C. 0. & St. L. comprised the election of Charles T. Lewis to succeed the late W. H. Newman; Horace E.
Andrews to succeed A. H. Smith; C. B. Seger to succeed It. S. Lovett, and
E. S. Harkness to succeed H. A. Worcester.
The resignations of Leonard J. Hackney and Frank J. Jerome as directors of the New York Central and 0,C. C. & St. L. were accepted by the
boards of directors the retirement of'these men being made necessary
recent Court decision that no person in the employ of the Railroad Adbya
ministration be allowed to take part in the consideration of the Government contract.—V. 107, p. 1004, 803.
1193
coupons, such scrip to be secured by the surrendered unpaid coupons, and
to be payable in 10 years with the right of prior redemption.
The company believes that it will be able to meet the interest on the extended coupons and the interest on the scrip as it matures and will, if conditions continue satisfactory, be able to pay off in addition a substantial
portion of the scrip each year.
As the consummation of this plan depends upon the practical unanimity
of the bondholders in accepting it, all bondholders are requested to indicate
their willingness to do so by depositing their bonds, with the coupon of
Oct. 1 1914, and all subsequent coupons attached, with either Messrs.
Spencer Trask & Co., N. Y., or Isaac Jackson, Esq., of 50 Congress St.,
Boston, Mass., depositaries. Transferable receipts will be issued by the
depositaries, and, if the plan is consummated, the depositors will receive,
upon the surrender of such receipt, the extended bonds and cash and scrip
above set forth. If the plan is abandoned, each depositor's bonds with the
coupons attached will be returned to him without charge.
Puget Sound Traction, Light & Power Co.—Acceptance
by Company of City's Offer to Purchase Street Railway Properties
New York & North Shore Traction Co.—Suspension.— for $15,000,000 in City Loan Utility Bonds.—Pres. A. W.
President Stanley of this company has declared that operation of this
property would cease Sept. 30 unless the city granted the company financial Leonard and F.S.Pratt, Chairman of the Board of Directors,
relief. Recently the company applied for a fare increase to seven cents but made the following announcement in Seattle on Sept. 12:
action was taken on the matter.—V. 106, p. 1127.
no
New York Railways.—Subsidiary Company Franchises.
See Forty-Second Street Manhattanville & St. Nicholas Avenue Ry. and
the Dry Dock East D'way & Batty. RR.Co.above.—V.107,P. 1101, 906.
Northwestern Pacific RR.—Bonds.-Announcement has been made in the San Francisco papers that this company which is owned jointly by the Atchison and Southern Pacific companies
has no funds for the payment of the semi-annual interest duo Sept. 1 on its
First and Ref. Mtge.4%% bonds, of which there are $24,140,000 outstanding. The property is being operated by the U. S. Railroad Administration,
which as yet has not provided the cash required to meeting the maturing
interest. The company's report for 1917 was cited in I/. 107, p. 175.
Treasurer H. W. Ellicott on Sept. 6 said: "The Northwestern Pacific
was never in a more prosperous condition. Most of these first mortgage
bonds are held by the Southern Pacific, but before we can pay interest on
them we must get Government permission to draw the money from our
treasury„ It is a situation that many railroads will have to meet from time
to time. —v. 107, p. 501.
Our board of directors have authorized the acceptance of the city's
offer of $15,000,000 utility bonds (V. 107, p. 1102) for the street railway
part of this company's property.
We all feel that this property is worth much in excess of this amount,
but in view of existing conditions here are willing to make a material
sacrifice to meet the city's desires.
Of course, there are details yet to be agreed upon, and the company will
endeavor in good faith to co-operate with the city in working these out.
We realize that the city, with its legislative power, has many advantages
over a private company in the operation of a street railway. It can make
and unmake the laws affecting the transportation over its streets.
Seattle is acquiring a splendid piece of property, and with the breadth
of view shown by the Mayor and city council we feel sure the city will
succeed in developing a fine operating system.
[According to the plan of city officials, an offer to lease or purchase the
city lines of the Seattle & Rainier Valley By. will be made and the entire
system will be consolidated and operated as one line.]
Pres. A. W. Leonard on Sept. 13 filed with the City
Council of Seattle the formal notice of acceptance of the
Omaha & Council Bluffs Street Ry.—Fare Situation.— city's offer of purchase, addressing the following letter to
This company has changed its application for permission to increase its
rates from 5c. to 6c. so as to provide a fare of 7c., the increase being made the Council.
necessary because of increased wages, &c.
In connection with this company's application for increased fares an
engineer appointed to make a valuation of the company's property states
that, as of .Tuly 1 1918, the total value of the properties was $19,755,400.—
V. 106, p. 1797.
Ottawa Electric Railways.—Fares Increased.—
This company has increased its passenger fares by abolishing the $1
books of tickets and substituting ticket strips containing five tickets for
25 cents, thus establishing a straight 5 cent fare.—V. 107, p. 1004.
We have considered your proposition of Sept. 6 1918 to purchase the
operating street railway property of the company in the city for the sum
of $15,000,000, payable in utility bonds bearing interest at the rate of 5%
per month, payable semi-annually.
The price named in your offer is satisfactory and we are ready to settle
the details of the transaction at the earliest date convenient to you, and to
assist in the preparation of all necessary papers to make a binding contract
for the purchase and sale of the property and to consummate it as speedily
as passible. In order to expedite the matter we transmit herewith drafts
of papers which we hope you will find satisfactory.
Paducah Traction & Light Co.—Receiver Appointed.—
The "Chronicle" was informed yesterday through the
Boston office of Messrs. Stone & Webster that the deal has
not as yet been completely carried out,certain details remaining to be arranged for.—V107, p. 1102, 1005.
New Equipment, &c. to be Financed through Federal
Petaluma & Santa Rosa RR.—Reorganization Status.—
L. B. Mackey, Secretary of the Reorganization Committee for the Loan.—An agreement between representatives of the U. S.
Rasa
Ry.,
has
Petaluma & Santa
announced that the stockholders of the Shipping Board and the city of Seattle has been reached under
old company have furnished sufficient money to pay the balance of its
floating debt, thus clearing the way for the foreclosure sale of the property the terms of which the city may borrow $392,000 for street
completion
of
the
reorganization. Stockholders of the old com- railway improvements, of which amount $330,750 will have
and the
pany are entitled to subscribe until Sept. 20 to the shares of the new railroad to be repaid by the city.
at $10 per share to the extent of .962 of a share for each share of old held.
Circuit Judge W. M. Reed has appointed Rosco Reed Receiver for this
company and the Paducah Traction Co., upon a petition brought by tho
Mechanics Trust & Savings Bank as trustee upon failure of the traction
company to meet interest upon bonds of the People's Ry. Light & Power
Co.—V. Si, p. 1229.
San Fran. "News Bureau" quotes official circular as follows (in subst.):
The value of the equity of old stockholders in the property is shown in
the appended table, the figures being based on depreciated reproduction
cost approved by the Cal. RR. Commission:
I Deduct—New 1st M. bds- $608,400
RR. Commission's valua$1.438,4851 New preferred stock_ _ _
tion June 30 1912
173,600
Additions to June 30 1918 168,099
Present value of road _ _$1,606,584 Equity new common stock $734,584
With the entire $1,000,000 authorized common stock issued there will
be a valuation equity of $73 45 per share, without any allowance for the
largely appreciated value of all classes of materials since the appraisal
was made.
On July 11 1918 the RR. Commission authorized a substantial increase
in passenger rates, and on Aug. 6 1917 it authorized a 25% increase in
freight rates. Your operating manager has estimated that with the new
rate schedule the net surplus produced by Your road during the next 12
months, after paying all operating expenses, taxes and fixed charges, will
be approximately $30,000.
After the reorganization had been started last November the operating
expenses of this road, like all others, increased to such an extent that we
deemed it inadvisable to ask the shareholders to put more money into the
property unless a rate increase could be obtained-. Hence the reorganization was delayed. With the new schedule in force we believe the earnings
will be altogether satisfactory.
All but five of the 1811 M. bonds and all of the 2d M. bonds have been
deposited under the reorganization agreement.—V. 107, p. 906, 697.
Philadelphia & West Chester Traction Co.--
Replying to our inquiry we are informed that the company's First Mtge.
5s, $400,000, due Oct. 1 1918, will be paid off.—V. 106, p. 397.
Pittsburgh Railways Co.—Interest Payment.—
J. L. Foster, Treasurer for the receivers, has announced that coupons
due July 1 and Aug. 1 last from the First Mtge. bonds of the following
subsidiary companies will be paid upon presentation at the designated banks
in Pittsburgh.
Bonds should be presented at these institutions: Bloomfield St. By. at
Pittsburgh Trust Co., Washington Electric St. Ry. at Union Trust Co.,
Brownsville Ave. St. fty. at Mellon Nat. Bank, Duquesne Traction Co. at
Fidelity Title & Trust Co., Central Traction Co. at Fidelity Title & Trust
Co., Pitcairn & Wilmerding St. By. at Mellon National Bank, and Pittsburgh Canonsburgh dz Washington By. at the office of the company, 435
Sixth Ave., Pittsburgh.
The payments are to be made in five annual installments, beginning
one year after the close of the war and bearing 5% interest. The conference
resulted in reaching the following points of a tentative agreement:
Extension.—The Fleet Corporation requested the city to extend its elevated line, now in course of construction, from Spokane St. and Whatcom
Ave., east to First Ave. the cost, estimated at $50,000, to be advanced
by the Fleet Corporation,
'and the city to be obligated to pay 5% interest
on 70% of the cost and to repay 75% of the cost in five equal annual installments after the conclusion of the war.
Eguipment.—The Fleet Corporation will loan the city $217,000 for the
purchase of 31 cars, title of the cars to remain with the Fleet Corporation
until loan is repaid, with 5% interest.
Double Track.—Double-track railway to be furnished plant of the Seattle
North Pacific Shipbuilding Co. If passible, city is to electrify the Northern
Pacific siding and connect it with the Lake Burien line. The cost, estimated at $75,000. is to be advanced by the Emergency Fleet Corporation,
of which the city will repay 75%, and of which the Seattle North Pacific
Shipbuilding Co. is to repay the city 40%. If it is found impossible to
use the Northern Pacific tracks the municipal railway's Lake Burien line
is to be double-tracked to the Seattle North Pacific Shipbuilding plant
on the same terms.
Franchise.—The Fleet Corporation requested the Council to grant a
franchise for the building of a single track line on Avalon Way.
User Rights.—Joint user rights to the city elevated from First Ave. to
Iowa Ave. to be granted Puget Sound Traction, Light & Power Co. in
case of failure or delay in sale of company's lines to the city. Joint user
rights to be granted the city of the tracks on the bridge spanning the West
waterway.—V. 107, p. 1102, 1005.
Reading Transit & Light Co.—Fare Increase.—
An increase in fares from 6 to 7c. went into effect Sept. 16 on the city
lines in Reading and Lebanon, Pa. The fares on all suburban lines and
Norristown were recently raised to 8c. Excess fare receipts are issued to
passengers, the Commission not yet having decided the company's right
to charge more than 5c.—V. 107, p. 182.
Republic Ry. & Light Co.—Common Dividend Omitted.
The directors have omitted the quarterly dividend of 1%, due in Oct.,
on the $6,206,000 outstanding common stock. The quarterly payment
of 1%% was declared on the pref. stock, payable Oct. 15 to holders of
record Sept. 30. The initial div. of 1% on the common stock was paid
on Jan. 15 1917.—V. 107, p. 502.
Rhode Island Co.—Application for Increased Fares.—
This company has applied to the Rhode Island P. U. Commission for a
new rate of fares sufficient to give the company an additional revenue of
Judge Charles P. Orr in the U. S. District Court at Pittsburgh on Sept. 13 $1,900,000 per annum.
directed the receivers of the company to comply immediately with the deThe new fare plan would reduce the present 5-cent zone from 25. to
mands for better street car service made by officials of the Army and Navy 2 miles; would make a second 5-cent zone 1% miles further out, and a third
and by the Pennsylvania P. S. Commission.
zone of 1M miles, all for 5 cents. Each other zone would be 1% miles
The Court also upheld the contention of Receiver Fagan and directed the long and have a 5-cent fare.
receivers to defer payments of certain fixed charges. Compare V. 107.
During the rate investigations in this company's application for increases
p. 1101, 697, 502, 402.
in fares an engineer informed the Rhode Island P. U. Commission tha
based on last year's deficit of $512,850 the company's earnings, the deficit
Potosi & Rio Verde Ry.—Plan to Extend Maturity of for 1918 will be $809,116.—V. 107, p. 906, 803.
Court Orders, &c.—
Bonds Due Oct. 1 1918. Pres. George Foster Peabody, in a
letter to the bondholders, dated Sept. 10 1918, says:
Richmond & Rappahannock Ry.—Govt. Operation.—
The U. S. Government, it is reported, has decided to exercise its option
As a result of the political disturbances in Mexico since 1910, it was found to purchase the properties of this company and operate them as an auxiliary
necessary to suspend payment of interest on the company's bonds which to the munition plant at Seven Pines, Va. The fran .hise expired Sept. 11.
It is announced that a new schedule of fares will be instituted by which
became due on Oct. 1 1914 and subsequently. The principal, amounting
to $600,000, of which $78,000 are held in the sinking fund, will mature on the line will be divided into two equidistant zones each requiring a 5-cent
Oct. 1 1918. The company will not, of course, be able to pay off these fare making a 10-cent fare over the whole line.—V. 106, p. 191.
bonds. The conditions in Mexico have, however, improved to such an
Ridge Ave. (Phila.) Passenger Ry.—Interest Payment.—
extent that the company has been successfully operating at a fair profit
This company has declared a distribution of $2 per share, payable Oct. 1
during the present year and has every reason to believe that it will continue
as
registered
Sept. 24. This distribution is the usual quarterly guaranteed
to do so unless conditions shall change for the worse.
of $3 a share, less Si to cover the previous year's Federal taxes
Plan to Meet Maturing Obligations Subject to Bondholders' Acceptance. dividend
payment.
Subject to the acceptance of the plan by substantially the entire issue of
bonds, it is proposed to extend the principal of the bonds for 10 years, to
Rochester & Syracuse RR.—Fare Decision.—
pay in cash the coupons which matured on Oct. 11914, April 1 1915 and
The New York P. S. Commission on Sept. 10 dismissed the complaints
Oct. 1 1915. and to pay in scrip, bearing interest at 6%,the remaining six filed against the company over increased rates for commutation passenger
1194
THE CHRONICLE
fares with permission to make application for a reopening of the proceedings
after May 1 1919.—V. 106, p. 2451.
San Antonio Uvalde & Gulf RR.—Gen. Mgr., &c.—
J. S. Peter has been appointed Gen. Mgr., with headquarters at San
Antonio, Tex. H. P. McMillan has been made Federal Treasurer at
San Antonio.—V. 107, p. 1005.
M,San Diego & Arizona Ry.—Construction to Continue.—
The "Engineering News-Record" Aug.22said (in substance)
Approval granted by the United States Government for continuing the
construction of this property will result in establishing a new transcontinental route having its terminal at San Diego, Cal. It will give a direct
line of about 220 miles from the Southern Pacific at Yuma, Ariz., to San
Diego, as compared with the present indirect route of about 373 miles
through Los Angeles, which is in part over the Southern Pacific and in
part over the Santa Fe system. '1Ws is expected to benefit the city and
the great irrigation district in the Imperial Valley.
The company has in operation a lino from San Diego east to Campo, 65
miles, of which 44 miles lie within Mexico. It has also 32 miles from
Carriso Pass east to Seeley, whence connection is made by means of the
Holton Interurban By. with El Centro, on a branch of the Southern Pacific.
This end of the line lies in the Imperial Valley.
Completion of the 40-mile link between Campo and Carriso Pass will
open a direct connection line between San Diego and the Southern Pacific
system at Yuma. This 40-mile link, however, constitutes the mountain
section and involves heavy construction work. ,Starting at approximately
sea level at San Diego, the line will have a steadily increasing grade for
82 miles to a summit elevation of 3,657 ft. on the Tecate divide. From
this point it falls continuously, until at about 135 miles it reaches sea level
and then continues to fall until at El Centro it is 49 ft. below sea level.
The maximum grado is 2.2%.—V. 107, p. 604.
Southern Pacific Co.—Sub. Co. Interest.—
See Northwestern Pacific RR. above.—V. 107, p. 1005, 697.
Springfield (Mass.) Street Ry.—Fares Increased.—
The Mass. P. S. Commission has approved this company's new fare
tariff providing 6-cent faros in Springfield, effective Sept. 16.—V.107,p.803.
Third Avenue Ry.—No Interest on Adjustment Bonds.—
The directors of this company have taken no action on declaring the interest usually due at this time on the outstanding
$22,536,000 Adjustment Mtge. Income 5% bonds, covering
the six months period ended June 30 1918.
jVOL. 107.
Director-General McAdoo on Sept. 19 approved the application of this
company for a rate increase sufficient to yield $23,670,000 a year and
forwarded the application to the I. S. C. Commission for final action.
Public hearings will begin on Oct. 8. Travis H. Whitney, Public Service
Commissioner, as a member of the Special War Committee of the State
Utilities Commissioners, has made a strong protest against the increase
in rates.
(The "Chronicle" has been favored with a copy of the contract made
with the Wells Fargo, American, Adams and Southern express companies
and also contract made with the American Railway Express Co. No
specific valuation of the properties of the four companies conveyed to the
American Railway Express Co. has as yet been made. An inventory is
now being made and will be completed in a few weeks.J—V. 107, p. 183, 84.
American Shipbuilding Co.—Extra Liberty Bond Div.—
The directors have declared an extra dividend of 10% on the common
stock, payable in 334% Liberty Loan bonds, along with the quarterly
dividend of 1U %, both payable Nov. 1 to holders of record Oct. 15.—
V. 106, p. 2759.
American Sugar Refining Co.—Sugar Prices, &c.—
See page 1056 in last week's issue.—V. 107, p. 1103, 907.
Arkansas Natural Gas Co.—Rate Increased.—
This company has announced an increase in the price of natural gas of
5 cents per 1,000 Cu' ft., the new rate being 48 cents for the first 50,000
Cu, ft., as compared with 43 cents for the first 10,000 Cu. ft., and 38 cents
for the next 10,000 Cu. ft., the present rate.—V. 107, p. 1002.
Armour & Co.—Initial Div. on New Pref. Stock.—
% on the now pref.
The directors have declared an initial dividend of
stock, payable Oct. 1 to holders of record Sept. 20. About $2,000,000 of
new pref. is outstanding, this amount of the now $60,000,000 notes having
been converted into stock.
Press reports state that gross sales for 42 weeks ended Aug. 18 from plants
In this country, eliminating all foreign sales, were $542,000,000, against
$380,000,000 for same period in 1917, an increase of $162,000,000.—
V. 107, p. 1003.
Auburn Electric Steel Corporation.—
The above is the title of a new company formed as successor to the
properties, &c. of the Cayuga Steel Co., sold to Robert A. Uihlein,, of
Milwaukee, for
'$165,050. Plans for enlargement of capacity have been
made and construction work will shortly commence.
Augusta (Ga.) & Aiken Electric Co.—Fare Situation.—
This company has an application before the Georgia RR. Commission
for an increase in street car fares in Augusta from 5c. to 10c.—V. 106, P.
2117.
The following data, as revised for the "Chronicle," are pronounced correct: "The company returned a deficit of $456,503 in the fiscal year ended
Barrett Co.—Merger Approved.—
June 30 1918. The deficit in the six months to Dec. 31 1917 was $69,014,
The shareholders of this company on Sept. 16 approved the plan to conand in the six months to June 30 last $387,489. But this was after allowing for interest on the Adjustment 5s. In the six months ended Dec. 31 solidate the subsidiary companies by transferring the assets of the Barrett
1917 the company appears to have earned $494.386, or 2.19% .an the Ad- Co. of West Virginia to the Barrett Co. of New Jersey.—V. 107,P.908,405.
justment 5s, and in the six months to June 30 last $175,190, or about
Billings & Spencer Co., Hartford, Conn.—Dividend.—
.8%, making a total for the full 12 months of $669,576, or 2.99%."
The directors have declared along with the regular dividend of 3% an
It was announced in Feb. 1918 that the interest for the six months ended
dividend of 2% and a special dividend of 5% on the $750,000 capital
extra
Adjustment
bonds had been passed, but that the diDec. 31 1917 on the
rectors had set aside $494,386 out of the income for the six months ended stock of the company,payable Oct. 1 1918 to stockholders of record Sept. 19.
Dec. 31 1917 to "secure adequate maintenance, equipment and operation E. H. Stocker is Secretary.—V. 106, p. 711.
of the railroad and other properties, and to preserve its earning capacity
Butte & Superior Mining Co.—New Pres.—Director.—
and for advances for like purposes to any other company,a majority of whose
D. C. Jackling has been elected President to succeed the late N. Bruce
capital stock is owned by Third Avenue, and is held subject to the lien of
the First Refunding Mtge. for the Adjustment Income Mtge."—V. 107. MacKelvie, while Charles Hayden succeeds the deceased as a director.—
V. 107, p. 805.
p. 907. 803.
Calumet & Hecla Mining Co.—Output—Wage Increase.
Tidewater Power Co.—Improvements, &c.—
This company proposes expending $400,000 financed by the War Industries Board for improving its transportation facilities between Wilmington, N. C., and the shipyards, and to furnish the yards additional electrical energy.—V. 107, p. 83.
Union Pacific System.—Secretary to Federal Manager.—
Lawrence V. Guild has been appointed Sec'y to the Fed. Mgr., with
offices at Omaha, Neb.—V. 107, p. 1102.
Union Traction Co., Coffeyville, Kan.—Fare Change.—
The L-S. 0. Commission has granted this company an increase in fares
not to exceed 2.6 cents per mile between Parsons and Coffeyville and NowaLa, Okla., and intermediate points.—V. 105, p. 2544.
United Railways Co. of Havana.—Bonds Issued.—
A cable dispatch from London states that this company is issuing L1,000,000 irredeemable 5% bonds at 82.—V. 105, p. 2457.
United Railways of St. Louis.—Wage Mediation—Fare.
The employees of this company who have been seeking increased pay
and shorter hours have appealed their case to the National War Labor
Board. Arguments in the 6-cent fare case will be submitted before the
Missouri Supreme Court on Nov. 7.—V. 107, p. 1102, 1025.
Wheeling & Lake Erie RR.—Secretary-Treasurer.—
A. E. Bahl has been elected Secretary and Treas.—V. 107, p. 1005,285.
Winston-Salem Southbound Ry.—Valuation Report.—
The I.-S. 0. Commission has issued a report on Its decision of Aug. 8
with respect to the valuation of this company's property.
The Commission found the original cost to date of the property to be
$5,197,452. The cost of reproduction new was placed at $5,356,836 and
the cost of reproduction less depreciation at $4,966,922. The investment
in road and equipment, as stated in the books of the carrier on June 30 1915
was $5,598,557 73. By certain adjustments this was reduced to $5,526,187
for road and equipment, including land, and $29,357 representing noncarrier land.
See also the "Railway Age" Sept. 13 for fuller data.—V. 106, p. 2367.
INDUSTRIAL AND MISCELLANEOUS,
Ajax Rubber CO.—New Treasurer.—
Stewart Webster, Vice-Pros., succeeds Harold Stimpson as Treas.
Stimpson resigned to enter Government service.—V. 107, p. 1097.
Mr.
A Boston paper reports output as follows:
Cal. (*. Hee Subsidiaries.
Total.
Aug. 1918
5,520,979 10,718,520
5,197,541
Jan. 1 to Aug. 31 1918
--96,217,799
06,217,799
Jan. 1 to Dec. 31 1917
78,697,878 76,570,439 155,268,317
This company has announced an increase of 10% in wages, effective
Oct. 1.—V. 107, p. 698.
Canada Steamship Lines.—Earnings.—
The "Financial Post" of Canada, after an interview with President
James Carruthers, reports in substance:
For the first half of the year the net earnings were $2,300,000; for July
the earnings were $440,000, making the total for the 7 months $2,640,000.
"Earnings are ahead of last year to date," said the President, "and it
looks as if they would keep up to the end of the year. We estimate that
the total will run well over $4,000,000 for the 12 months. and may reacts
$4,500,000. The amount last year was $4,023,865, and the year before
$4,059,544, so that the present year promises a new high figure. The summer passenger business was disappointing, chiefly through the absence of
American tourists. The freight traffic is showing increases, however, and
the wheat business will run very heavy from now on."—V. 106, p. 2556.
Cayuga Tool Steel Co.—Sale.—
See Auburn Electric Steel Corp. above.—V. 107, pl 606, 294.
Central Kentucky Natural Gas Co.—New President.—
John Tonkin, V.-Pres., in Oil City, Pa., has been elected President to
succeed Joseph Seep.—V. 99, p. 1298.
Central Petroleum Co.—Bonds Called.—
This company has called for payment on Oct. 1 at par and int. 114 of
its First Mtge.6% Coll. Trust gold ($1,000) bonds ranging in numbers from
M-8 to M-556 incl., and 60,3500 bonds ranging in number from 0-31 to
0-260 incl., at the Bankers Trust Co. of N. Y.—V. 106, p. 604.
Chalmers Motor Corp.—Reduction of Capital Stock.—
The shareholders of this company will vote Oct. 1 on the reduction of
the capital stock from $7,060,000, consisting of 532,000 shares without
nominal or par value, and 44,000 shares with a preference as to principal
of $100 each and as to dividends of $8 per share per annum, to $6,400,000,
to consist of 400.000 shares without par value and 44.000 shares of a par
value of $100, preferred as to principal and as to dividends of $8 per share.
This action will be taken in consummation of the plan of Sept. 1917 to readjust the capitalization of the company and to lease the plant for 5 Years
to the Maxwell Motor Co., Inc. Compare V. 105, p. 1106; V. 106, p. 299,
609.
Alton (Ill.) Gas & Electric Co.—Rates Raised.—
Chesapeake & Albemarle Canal Co.—Dissolution.—
The voting trustees,James M.Edwards, Robert L. Harrison
and Orrne Wilson, as of Sept. 16, adddressed the holders of
American Agricultural Chemical Co.—Com. Div. Incr. reduced common stock trust certificates as follows in subst.:
The directors have declared a quarterly dividend on the
This company has increased the price of gas from $1 10 to $1 25 per 1,000
Cu. ft. net.—V. 92, p. 883.
common stock,
amounting to 2%, placing this stock on an 8% per annum basis, compared
with a 6% basis since Oct. 15 1917. The dividend is payable Oct. 15 to
holders of record Sept. 26.
Wm. W. Baker has resigned the position of V.-Pres. because of ill-health,
but remains a member of the board.—V. 107, p. 902.
American Factors, Ltd.—Stock Oversubscribed.—
It is announced that the offering of shares of this company, which has
been organized as the successor to the business of Hackfeld & Co., has been
oversubscribed. Compare V. 107, p. 1103, 1005.
. American Pipe & Construction Co.—Sinking Fund
Payment—Bond Call.— •
In reply to our inquiry, Claude A. Simpler, Chairman of the proteCtf;
committee for the .American Pipe Manufacturing Co. Collateral Trust
Certificates, Series A, writes: "The sinking fund on the Series A certificates due Oct. 1 1917 has now been met and the bonds in the sum of $50,000 are called for payment on Oct. 1 1918. We cannot now say whether
the sinking fund due Oct. 1 1918 will be paid. With regard to the Series B
certificates, the sinking fund payment due Feb. 1 1918 is still in default and
the coupons due Aug. 1 1918 have not been paid."—V. 107, p. 1103.
American Railway Express Co.—Express Rate Increase
Approved by Director-General.—
The company, having reduced all of its remaining assets to cash, has
been dissolved pursuant to the laws of Virginia.,, The voting trustees have
surrendered to the company the certificate for 1,000 shares of common
stock held by them, and have received therefor in final distribution of the
assets of the company the sum of $85,000, which is sufficient to pay $85
per share to the trust certificate holders.
Please surrender your certificates immediately to William Byrd, Sec'y,
59 Wall St., N. Y. Every trust certificate holder will receive from the
undersigned the sum of $85 for each share represented by his certificate.
—V. 96, p. 1426.
Chesapeake & Ohio Canal Co.—Government Control.—
The U. S. Railroad Administration on Sept. 13 took over the operation
of this property, at the time announcing development plans.—V.81,p.268.
Chevrolet Motor Co.—Dissolution Plan.—
The shareholders will vote Oct. 11 on approving a plan for the dissolution of the company and the distribution of its assets. These assets include 732,684 shares ($73,268,400) of common tock of the General Motors
Corp., which, it is understood, will be distributed to the stockholders of
the Chevrolet company in the ratio of 1 1-7 shares of General Motors for
"41
each share of Chevrolet stock outstanding.
The plan calls for the dissolution only of the Delaware corporation, the
various operating subsidiaries under the name of the Chevrolet Motor Co.
to be retained as going concerns. They are the Chevrolet Motor Companies of New York, Michigan, Toledo, Bay City, Texas, St. Louis, Canada
and California.—Compare V. 107,P. 1006.
THE CHRONICLE
SEPT. 211918.]
"Daily Financial America" on Sept. 17 said:
As the assets of the Chevrolet, exclusive of its holdings of General
Motors stock, have already been absorbed by the General Motor Corporation, there was no advantage of keeping alive the corporate name of the
Chevrolet Motor Co. It was pointed out to-day that the dissolution of the
Chevrolet Motor Co. would prove advantageous to the General Motors
Corporation in that a substantial saving in taxes, &c., would result through
the abolishment of the subsidiary corporation.
"The General Motors Corporation is now engaged in turning out a large
amount of Government work, including trucks, aeroplane parts, &c., as
well as the production of tractors. The latter department of the company's
operations is expected to prove highly profitable later on. The truck business is stated to bs producing favorable results and the management of
the corporation is well pleased with the returns now being realized in this
connection."-V. 107, p. 1006.
Chicago Pneumatic Tool Go.-Semi-Annual Earnings.-
1195
• Empire Gas & Fuel Co.-Production, &c.-Pres. V. C.
McDowell, as of Sept. 12, writes in part:
Production.-The company, a subsidiary of Cities Service Co., owns and
controls more than 1,000,000 acres of natural gas and oil leases in Kan. and
Okla. In the 12 months ended June 30 1918 these properties produced in
excess of 14,550,000 bbls. of crude oil, an average of about 40,000 bbls. a
day, while the present gross production of the company is in excess of 60,000
bbls. of oil a day. The company's production of crude oil amounts to
14.6% of the total production of the entire Mid-Continent field.
In addition, the company, through its subsidiaries, is producing and marketing approximately 100,000,000 cu. ft. of natural gas daily.
Earnings.-For the calendar year 1915 net earnings were $1,861,532,
while for the 12 months ended June 30 1918 net earnings were $19,322,028,
or equivalent to 160% of the total principal amount of bonds of the original
issue, now outstanding, approximately $2,000,000 having been retired to
date by the semi-annual sinking fund payments.
A press dispatch indicates results is follows:
Tenders.Results for Half-Years ended June 30 and Entire Calendar Year 1917.
The Bankers Trust Co., as trustee, will, until Sept. 26, receive tenders
Year 1917. for the sale of $550,000 First Mtge. & Coll. Trust Sink. Fund 6% gold
1918-6 Mos.-1917.
$5,179,318 $3,926,703 Not report'd bonds dated May 1 1916 at 102% and int.-V. 105, p. 1212.
Shipments
(3%)194,574 (2)128,976 (4)257,952
Dividends paid
1889,069 Not report'd See note.
(A. W.) Faber (Stationers' Goods), Newark, N. J.dividends
Net earnings, after
For the year 1917 the surplus earned was $911438, after deducting not
This company's property in Newark, N. J., was sold at auction under
only the 4% in dividends, $257,952, but also sinking fund, $50,000; depreorder
of the Alien Property Custodian for $145,000 to Theodore Friedetaxes.
ciation, etc., $437,582; and reserve for income and excess profits
New Jersey Machinery Exchange. Newark.
before arriving burg, New York, and the
$227,674. Which of these latter items have been deducted
Appointed.
Federal Cement Co., Camden,N.3.-Receiver
at the net after dividends for the half-year in 1918 is not stated in the
press report.-V. 107, P• 84.
Judge Dickinson, in the United States District Court at Philadelphia,
bankruptcy, proceedin
Receiver
as
Jr.,
Nash,
W.
on
A.
13
appointed
Sept.
Chino Copper Co.-Approximate Output (in Pounds).- ings instituted by C. L. McKenzie of Pittsburgh, a bondholder. The
Decrease. company was incorporated in New Jersey on July 9 1902 with an authorized
Decreased 1918-8 Mos.-1917.
1918-August-1917.
1,758,309151,666,412 53,939,598 2,273,186 capital stock of $100,000, par $100.
6,824,127
5,065,818
-V. 107, p. 699.
Ford Motor Co.-Eagle Production.-The "Iron Age" in its issue for Sept. 19 publishes a profusely illustrated
Cities Service Co., N.Y.-Earns.-Bonds Oversubscribed.
of construction of the "Eagle" submarine
Earnings for 12 Mos. ended Aug. 31 and Also for August 1917 and 1918. article describing the methods
chasers and the assembly process on a movable carriage which ultimately
1917-'18-12 Mos.-1916- 17. 1918-August-1917.
track.-V. 107, p. 1103, 295.
railroad
a
from
the
ships
launches
$1,696,060
$1,366,660
$21,661,286 $17,296,943
Gross earnings
1,641,735
1,335,850
21,238,190 16,976,354
Net earnings
Manager.-Federal
Co.
Wharf
Galveston
3,264
31,819
226
52,241
debens
&
Int. on notes
This company was placed under Federal control, as of Aug. 1, with
$21,185,949 $16,973,090 $1,609,916 $1,335,624 W. B. Scott as Federal Manager.-V.99, p. 816.
Net to stock
336,795
325,370
Divs. on prof. stock_ _ _ _ 3,998,720 3,422.372
Galveston-Houston Electric Co.-Fare Increase.The City Council of Houston, Tex., has granted this company permisNet to com.stkAres'ves $17,187,229 $13,550,718 $1,273,121 $1,010,254
to charge six cent fares in Houston. Compare V. 107, p. 1100.
sion
Amounts Outstanding- In Hands of Public. Owned by Co. Total Outst.
$67,387,339
$2,573,162
$69,960,500
Preferred stock
Motors Corp.-Chevrolet Distribution.General
27,251,572
4,870,892
32,122,464
Common stock
See Chevrolet Motor Co. above.-V. 107, p. 1006, 908.
24,771,885
30,000,000
Series B 7% Convert. Debens_ 5,228,115
Henry L. Doherty & Co. and Montgomery & Co., managers of the synGorton-Pew Fisheries CO.-Dividends.dicate which recently offered to investors $6,000,000 Cities Service Co.
A pref. stock dividend of $1 09 per share, representing the accrual of the
series "B" 7% Convertible gold debentures at 102X and int., announced quarterly dividend of $2 since Aug. 12, the date of issuance of this new
that the syndicate has been closed, the offernig having been substantially stock (see V. 107, p. 805, 1006) has been declared, payable Oct. 1 to holders
oversubscribed.
record Sept. 23. The quarterly payment of 50c. per share on the comof 1% on the pro- of
In addition to the regular monthly dividends of
mon stock has also been declared payable Oct. 1.-V. 107, p. 1006.
ferred and common stocks, the directors have declared a dividend of % of
Grand Rapids Gas Light Co.-Rate Increase.1% on the common, payable in common stock Nov. 1 to holders of record
Previous to that
Oct. 15. This amount has been paid since Feb. 1918.
This company has increased the price of gas from 80 to 95 cents per 1.000
of
stock
5i
in
1%
1%
in
and
common
of
the
cash
on
3
paid
time the co.
cu. ft.-V. 106, p. 932.
stock.
Subsidiary Company Status-Bonds.-
See Empire Gas & Fuel Co. below.-V. 107, p. 805, 699.
Columbia Gas & Electric Co.-Earnings.Consolidated Earnings for Aug. 1918, and the 8 months ended Aug. 311918.
Aug. 1918. -Increase-- 8 Mos.
-Increase$
$
$
$
(Incl. Sub. Cos.)779,688 59.752 8.3% 7,660,977 510,961 7.1%
Gross earnings
3,778,002 293,226 8.4
Oper. exps. & taxes_ ..432,388 33,954 8.5
Greenville (Me.) Water Co.-Bonds Called.-
This company has called for payment at par and int. the following bonds
at the Lincoln Trust Co., N. 'Y., Bonds numbering 6, 8 and 40 ($1,000)
and Nos. 52, 60, 75 and 89 ($500), on Oct. 1.-V. 105, p. 1213.
Indian Refining Co.-Bond Payment.-
We are informed that the $103,000 6% bonds due Oct. 1 1918 will be
paid off at maturity on (or after) Oct. 1 1918. Payment to be made at
office of Bankers Trust Co. The total due Oct. 1 1918 was $300,000, of
which $197,000 have been retired through surplus in sk. fd.-V.107, p.908.
International Harvester Co.-Merger Effective.-The
New Jersey Utilities Commission having approved the plan
for the merger of the International Harvester Co. of New
Jersey and the International Harvester Corporation, a cer475,567 Dec.2,982
• tificate was forthwith filed with the Secretary of State at
22,324
151,797
2,338,738 183,066 7.3
Surplus
Trenton, N. J., on Sept. 19, putting the merger into effect
-V. 107, p. 805.
unkr title of "International Harvester Company," with
Consol. Gas, Elec. Light & Pow. Co., Balt.-Meeting. $140,000,000 of authorized capital stock in $100 shares,
company
will
vote
this
on
the
of
Oct.
on
2
changing
The shareholders
$60,000,000 to be 7% cumulative preferred and 0,000,000
date of the annual meeting from the first Wednesday in October to the
common stock. See plan in V. 107, p. 608, 699. President;
first Wednesday in April.-V. 106, P. 1903.
The officers of the reunited company are: Cyrus McCormick,
Contocook Mills Corporation.-Dividends.Harold F. McCormick, Vice-President, both of Chicago; James Deering,
Net oper. earnings_347,300 25,797 8.0
4,648
165,427
Other income
512,727 30,446 6.3
Total net
8,509 2.9
Lease rentals, &c_ __ _301,484
Fixed charges Columbia Gas & Elec Co.. 59,446 Dec.387
3,882,975 217,735 5.9
1,309,579
16,693
5,192,554 234,428 4.7
54,344 2.3
2,378,249
The directors have declared dividends on the $450,000 7% preferred
stock totaling $12 25 per share. Of this amount $1 75 is the regular quarterly disbursement ant $10 50 cleans up the arrears of preferred dividends.
Of the total dividend $5 25 is payable Oct. 1, $3 50 Nov. 1 and $3 50
% was paid
Dec. 1, all to holders of record Sept. 23. On Sept. 2,
on account of accumulation, leaving 1034% still to be paid.-V. 107, p. 805.
Crowell & Thurlow Steamship Co.-Dividend.-
The directors have declared a quarterly dividend of $20 per share on the
$1;000,000 outstanding capital stock, payable Sept. 30 to holders of record
Sept. 25. This compares with $10 paid on June 29.-V. 106, p. 2760.
Dartmouth Manufacturing Co.-Bond Exchange.-
This company offers in exchange on the basis of their par values for the
balance of its issue of 4% bonds, due Jan. 11922, the 43%% U. S. Liberty
bonds, accrued interest to be figured to Sept. 15 1918. Bonds to be exchanged must be delivered at the company Si office on or before Sept. 25.
The amount of bonds included in this offer of exchange is $350,000.V. 106, p. 819.
Dayton (Ohio) Power & Light Co.-Stock Offering.-
This company has completed the sale of $56,000 of preferred stock to
its customers, time sale being managed by the company El own employees.
Subscriptions were made at $85 per share.-V. 107, p. 294.
Distillers Securities Corp.-Usual Extra Div.-V.-Pres.
The directors have declared the usual extra dividend of 1;si% on the outrstanding capital stock (par $100), along with the quarterly payment of
M of 1%, both payable Oct. 18 to holders of record Oct. 2.
Theo. P. Reynolds has been elected a director, succeeding John K.
Hodges, resigned. Henry H. Wehrhame was elected Vice-President in
place of Mr. Hodges.-V. 107, p. 1103.
Dodge Manufacturing Co.-Extra Dividend.-
'rho directors have declared an extra dividend of 2% along with the
quarterly disbursement of 1 Y.2% on the common stock, payable Oct. 1 to
holders of record Sept.28. In Dec.1917 4% extra was paid.-V.106,p.2652.
East Coast Fisheries Co.-Dividends-Directors.-
Miami, Fla., Vice-President; Edgar A. Bancroft, Chicago, General Counsel,
and George A. Ranney, Chicago, Secretary and Treasurer.
The membership of the board of directors is the same, or substantially
the same, as in the case of each of the old companies, and the rotation in
office, the terms of five expiring each year, is the same as before the merger.
Extracts from Statement by President Cyrus H. McCormick.
The reuniting of the two harvester companies, approved last week by a
practically unanimous vote of the stockholders, and now made effective by
the action of the New Jersey Public Utilities Commissioners, is the first
important step of progress rendered possible by the settlement of the longpending anti-trust suit of the Government against us.
We are now not only relieved of the burden of litigation, but are free to
keep closer pace with the radical developments that are rapidly taking place
in all lines of American manufacture and distribution.
It is possible that even before the war ends, perhaps very soon, we can put
the advantages gained by the consolidation to good use In the rehabilitation of our factory in France, near Lille. It will be recalled that this plant
has been within the German lines since October 1914, and has been completely stripped by the invaders of goods, raw materials and machinery.
When the war is finished, we shall also be much better prepared to perform our part of America's two-fold task with respect to the countries where
war has crippled agriculture, the task of helping these countries to feed
themselves again from their own fields and of regaining the trade with them
in American goods. When, for example, Rumania is set free, and when
Russia has achieved a stable Government, it will probably be found necessary not only to replace practically all farm equipment, but also to restore
the very moans of sale and distribution.
Upon the return of peace it may be expected that the most immediate
and pressing demand of all the nations that have suffered physically
from the war will be for food-producing machinery, and naturally they will
turn for it to America. The reunited Harvester Company plans to be prepared to doltsshare toward supplying this vital need.-V.107,p. 1104,699.
International Motor Co.-Voting Trust Expired.-
The voting trustees, C. P. Coleman, H. K. Pomroy and M. E. Kern,
have given notice to holders of the voting trust certificates, representing
preferred and common stock, the voting trust having expired. Certificate holders are requested to deposit their certificates with the Bankers
Trust Co., N. Y., so that definitive stock certificates may be issued.V. 106, p. 1687.
The directors have declared quarterly dividend No. 3, of 1%%, on the
preferred stock, payable Oct. 1 to holders of record Sept. 26, placing the
Island Creek Coal Co.-Common Dividend Reduced.preferred on a regular quarterly basis.
The directors have declared a quarterly dividend of $1 50 on the outL. F. Nagle Pres. of the Nagle Steel Co. and W. F. Birch, Pres. of standing
common stock, reducing the rate per annum from $10 to $6,
Dover Steel Bridge Works, have been elected directors, increasing the board which rate
The quarterly payment of
has been paid since July 2 1917.
from 8 to 10 members.-V. 106, p. 2760.
$1 50 per share on the preferred stock has also been declared, both
of record Sept. 27.-V. 106, p. 2125.
holders
to
1
Oct.
payable
Co.
Illuminating
-Director.
Edison Electric
Robert Amory has been elected a director to fill the vacancy caused by
Jones Brothers Tea Co., Inc.-Sales.the death of C. Minot Weld.-V. 107, p. 908.
Increase.
Increase. I 1918-8 Mos.-r1917.
1918-A ugust-1917.
3217,586139,006,790 $7,553,816 $1,452,974
$1,009,866
$1,227,452
Electric Storage Battery Co., Phila.-Note Payment.- -V.
806.
p.
107,
In answer to our letter the company informs us that it has made provision
to pay the $1,000,000 of its 6% notes. due Oct. 11918. Payment will be
Keith Railway Equipment Co.-Offering of 7% Equipmade on presentation of the bonds to the Fidelity Trust Co., Phila.-V.
Trust Gold Certificates.-Counselman & Co., Chicago,
ment
184.
p.
107,
1196
THE CHRONICLE
have offered at prices ranging from 993
4 and int.to 97 and
int., yielding from about 7% to 73
4%,according to maturity, $250,000 7% Equipment Trust gold certificates,
dated July 1 1918, due $50,000 each year July 1 1919 to
1923 inclusive:
"Passed by the Capital Issues Committee as
incompatible with
national interest, but without,approval of legality,not
validity, worth or security. Opinion No. A1536."
Int. J. & J. at the Merchants' Loan & Trust Co., Chicago.
$1,000, $500 in all maturities and $100 in 1923 maturity. Interest Denom.
payable
without deduction for any Federal normal income tax now or hereafter
deductible at the source not in excess of 2%,so far as may be lawful. The
Merchants' Loan & Trust Co., Chicago, trustee.
The certificates are redeemable, at the option of the company,
on 30
days' notice, on any interest date at
103 and interest.
Data from Letter of Pres. 0. S. Keithi, Chicago III. Aug. 31 1918.
Company.-Incorporated in Illinois, and in March 1917 purchased the
business and all of the property of the Keith Car Co., in successful
operation
since 1911. The company has recently built
now owns and operates
a modern plant at Hammond, Ind., at which and
standard
all-steel
tank
cars
are being produced at the rate of two cars per day.
Business.-The company manufactures, sells and leases tank cars to large
shippers of liquid products, and owns and
now has in service 338 cars.
The company, by leasing cars for short periods,
is prepared to supply equipment to any section of the U. S. which at the moment
requires it, and thus
keep its cars constantly employed.
CapitalizationOutstanding.
CapitalizationOutstanding.
Common stock
$500,000 6% equip. trust ctfs, of 1917_397,500
Preferred stock
126,000 7% eq. trust ctfs. (this issue).250,000
Earnings.-These are from rentals, and profit on the manufacture
and
sale of cars. In addition to profit
from rentals of $23,924 for six months
ended Juno 30 1918, the company has shown
a
large
profit
on
sales.
Computing this profit on the basis of present
of manufacture, the additional
earnings on 93 cars sold during the six cost
months ended June 30 1918, equal
$34,899, or a total of $58,823 for the six months'
period. Six months' interest on all equipment trust certificates now outstanding
is $11,675. As
these cars were acquired under pre-war construction costs,
exceeded the cost to the company by a far larger amount than the sale price
above.
Certificate Provisions.-The $250,000 certificates are issuedshown
by tho Merchants' Loan & Trust Co., of Chicago, trustee, which retains
clear
and
unencumbered title to the cars securing the issue, until all of these certificates and the interest thereon have been
paid. The company leases the
cars from the trustee and agrees to pay,
as rental therefor, sums which are
sufficient to meet the principal and interest
of the certificates as they
severally mature. The company will maintain
all of the equipment in
good condition and repair, and replace at its own expense
any rolling stock
which may be destroyed, and keep the equipment adequately
insured for
the benefit of the holders of the certificates.
Security.-This consists of 125 all-steel, standard construction tank
cars
having 8,000 gallons capacity. Based upon the present
of tank cars
of the same type, the value of the equipment securing thiscost
issue, after making ample allowance for depreciation is more than
$400,000. The total net
wets of the company after providing for all current
obligations and exclusive of good-will, patents, &c., after giving
effect to the sale of this issue.
are $1,161,907.-V. 106, p. 2563. 2233.
Kennecott Copper Corporation.-Note Payment.-
Replying to our inquiry, we are informed that on Sept.
21 there will
mature $1,175,000 of 6% serial notes,
at that time.-V. 107, p. 1104, 610. which will be paid by the company
Lindsey Water Co.-Exchange of Bondsfor New Securities
as Provided in Reorganization Plan.-The reorganization committee named below, Robert M. Green, Chairman, N. Y.,
announce by advertisement on another page that holders of
First & Refunding bonds may deposit their bonds with the
West End Trust Co., Phila., and receive in exchange therefor certificates of deposit exchangeable into new securities
(when issued), as provided in the plan of reorganization.
Of
[VOL. 107.
Metropolitan Petroleum Co. (of Dela.).-Litigation.-
This company on Sept. 14 filed its answer in the Now York Supreme Court
to the foreclosure suit brought by Equitable Trust Co. of New York, as
trustee, stating that the debentures, aggregating $1,300,000, mentioned
in the compalint, are now owned by Richmond Levering & Co., Inc., and
not having been legally issued by the defendant company, are null and void
and should be canceled.-V. 107. p. 185.
Midvale Steel & Ordnance Co.-Rifle Production.-
Announcement is made by the War Department that this company at
Its Eddystone plant has turned out 1,000,000 rifles within a year, being
two months ahead of schedule.-V. 107, p. 1007.
Mohawk Mining Co. (of Mich.), N. Y.-Production (in
Lbs.).Jan _ _ 984,343 iMarch_ _ _ 925,2221May
913,005 July
748,835
Feb_ _1,088.654 April ...._ _944,3021June
783,7711Aug
711,129
Production for the
e 8 mos, amounted to 7,099,261.-V. 106, p. 1348, 820.
Moran & Co., San Francisco (Packers).-Offering of
7% Gold Bonds.-Stephens & Co., San Francisco, &c., are
offering at prices ranging from 98.01 to 96.94, according to
maturity, yielding 7%%, $400,000 First Mtge. 7% gold
bonds, dated Aug. 1 1918, due serially $130,000 Aug. 1 1921,
$135,000 each Aug. 1 1922 and 1923.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security."
Interest F. & A. at the Savings Union Bank & Trust Co., San Francisco,
trustee, or at the Guaranty Trust Co., N. Y. Denom. of$1,000 and $500c*
Callable at 101 on any int, date on 30 days' notice. Interest payable without deduction of normal Federal income tax to the extent of 4%. Taxexempt in California.
CapitalizationAuthorized.
Outstanding.
Common stock
$750,000
$400,000
Preferred stock
250,000
250,000
First mortgage bonds (this issue)
400,000
Moran & Co., packers and dealers in beef, pork and other food products,
established in 1906, is one of the largest packing-house concerns in the West,
with plants at San Francisco, South San Francisco and Marysville. It is
one of the largest distributors of smoked meats west of Omaha and one of
the largest distributors in California of cottonseed oil and vegetable oil
products.
Digest of Letter from Pres. W. M. Moran San Francisco Aug. 1.
Company.-Began business in 1906 in Marysville, Cal. Incorp. In 1909
as the Moran Co. with a paid-in capital of $112,500, at which time the company established its plant in San Francisco. In April 1917 it began construction of a large modern packing-house at South San Francisco on 17.11
acres of its own land, representing an investment in land and buildings of
approximately $750,000. The new plant is now practically completed
and will be in operation by Oct. 1.
In June 1917 a new corporation was formed under the name of Moran &
Co., which took over the business and became operative on Jan. 1 1918.
with an authorized capital of $1,000,000, divided into $750,000 of common
stock and $250,000 of preferred, of which all of the preferred and approximately $400,000 of tho common are paid in.
Purpose of Issue.-The proceeds will provide additional working capital
by reducing current liabilities.
Security.-A first mortgage on all property now owned or hereafter
acquired. The company (a) will not further mortgage or pledge any of its
assets and will not issue, guarantee or endorse any other bonds, debentures,
long-time notes or similar securities. (b) Will maintain net quick assets
equal to at least 150% of its current liabilities.
Assets.-Real estate, packing-house plants, equipment, &c_ _ _ $838,585
Excess of current assets over all liabilities except funded debt
(the "net quick assets")
331,534
Funded debt (this issue)
$1,170,119
400,000
Excess of assets over all liabilities
$770,119
the underlying First Mtge. bonds outstanding,
Gross Sales and Net Profits.-Average annual sales for the six years last
have been deposited; 707 of the First & Refunding mtge. bonds 96%
preceding
issued,
Jan.
1
and
1918
$1,250,000,
77%
were
with
annual
of
average
an
net
profit
the Big Run bonds issued and guaranteed by the Punxsutawney Water
$46,016, or over 40% on invested capital during that period of $112,Co.,
are also under our control. Bills for foreclosure
the two mortgages are 500. In 1918 with the increased capital the business to date is at the rate
about to be filed. Deposits will be received up of
of $2,500,000, or double that of the average for the six years next preceding.
to Oct. 10.
Committee.-Robert W. Green, Chairman, 37 Wall
St., N. Y.; Henry With the new plant a conservative estimate of minimum annual sales is
T. Stetson, George D. Baker, Philip H. Parley,
Sec'y,
$6,000,000,
15
Broad
the net profit being $223,800.
St.,
N.
Y.
Counsel. William L. Chrisman, 321 Chestnut St., Phila., Pa.; Charles
J.
Margiotti, Punxsutawney. Pa.
Municipal Gas Co. of Albany.-Litigation.The New York P. S. Commission by permission of the Appellate DiLondonderry Iron & Mining Co., Ltd.-Bids Invited.- vision
of the Supreme Court on Sept. 19 intervened in a suit which the
The Eastern Trust Co. and Anthony J. McMillan, Halifax, N. S., as Commission
believes was begun for the purpose of annulling the 80-cent
joint receivers, will until Sept. 30 receive bids for any part or the whole gas law. The suit was
instituted by the company to prevent the public
portion of this company's properties, machinery, &c.
authorities from compelling the company to charge no more than $1 per
1,000 cubic feet, the price fixed by the Legislatiure.
Lorain County (0.) Electric Co.-Federal Loan.A temporary injunction has been granted which permits tho company
Announcement has been made by the War
Board that a to charge $1 30 during the period of litigation.-V. 107, p. 1104, 296.
loan of $400,000 will be made to this company for Industries
the construction of power
plants needed to furnish power for Government work, &c.
Nevada-California Electric Corp.-Bond Offering.-
plf
Luckenbach Steamship Co., Inc.-Consolidation.-
The shareholders of the Luckenbach Co., Inc., and of the Luckenbach
Steamship Co., Inc., on Sept. 18 ratified the agreement
for the merger and
consolidation agreement of the two concerns under the name
of the Luckenbach Steamship Co., Inc.-V. 106, p. 1465.
McCrory Stores Co.-August Sales.1918-August-1917.
$853,417
$619,735
-V. 107, p. 700. 185.
Increased 1918-8 Mos.-1917.
$233,682 I $5,709,076
$4,545,023
Increase.
$164.053
Magor Car Corp.-Dividends.---
The directors have declared an extra dividend of $2 per share on the
outstanding common stock along with the regular quarterly
dividend of
2% on the outstanding preferred "A" stock, and a regular quarterly
dividend of 1U % on the outstanding preferred stock, and a regular quarterly
dividend of $1 on the common stock, all payable Sept. 30 to stockholders
of record Sept. 25.
Stockholders have voted to eliminate from the charter
provision
restricting the dividend rate on the common stock. Georgethe
E. Brown is
succeeded as director by Charles M. Muchnic, Vice-Pres. of the
American
Locomotive Salest,Corp.-V. 106, p. 2653.
Magma Copper Co.-Production (in Lbs.).-
Jan
510,000Mar
900,000 I May _ 1,169
lbs.-v
.0831 July_
800,000
Feb
800,000 April _1,050,0001June _
947,128 Aug
900,000
Production for the 8 men. aggregated 7,126,211
. 106,p. 1799,927.
Malden (Mass.) Electric Co.-Rate Increase.-!V
This ,umpany has announced an increase in ;rates of 1 ct. per k. w.! h.
V.86, p. 797..
t
Malone (N. Y.) Light & Power Co.-Stock Increase.
This company has increased its authorized capital stock from
$194,000
$300,000, the proceeds to be used for extensions.
r
Mason Valley Copper Co.-Production (in Lbs.).Jan____1,536,600
ar
___1,455,2001May___1,759,7281Julyl_--1,190,177
Fib_ _1,253,000 April_ _ _1,058,4001Jun
e_ ...1,222,845
rOProduction for the 8 mos. aggregated 10,721,550 lbs. Aug ---1,245,600
Massachusetts Lighting Cos.-Bond Offering.-
Both the common and preferred shareholders of this company
are offered the right to subscribe to a now issue of
of 7% Serial Gold
Debenture bonds, maturing $116,000 yearly,$1,116,000
June 1919 to 1928 inclusive.
It is understood that bankers will offer the bonds to the public at
prices
yielding from 7.25% to 7.75%. The proceeds of the issue will
be used
for additions and _extensions:to:the property.-V. 106,
p. 2762.
Boettcher, Porter & Co., Denver, are offering at 933/ and
interest, yielding 6
a block of the 6% First Lien gold
bonds, Series "A," of which there are now outstanding $5,557,500. Dated Jan. 1 1916, due Jan. 11946. Int. J. & J.
The bonds are secured by pledge of $8,581,000 6% bonds of underlying
companies (of which $4,969,000 are direct first mortgage bonds and 33,612,000 first and refunding mortgage bonds) and 315,341,575 (over 99%) of
their capital stocks. Upon the retirement of the outstanding first mortgage
bonds of underlying companies in the hands of the public the 6% First Lien
bonds will be a direct collateral first lion upon all of the properties of the
underlying companies.
Data from Letter of Pres. W. E. Porter, Dated Denver, Colo. July 1.
Companies Controlled.-The corporation organized in Delaware; has acquired practically all of the outstanding capital stocks of the NevadaCalifornia Power Co., the Southern Sierras Power Co., Interstate Telegraph
Co., Bishop Light & Power Co., Corona Gas & Electric Light Co., Hillside
Water Co., Coachella Valley Ice 3c Electric Co., Cain Irrigation Co.,
Pacific Power Corp., the Imperial Ice & Development Co. and Rialto
Light, Water & Power Co.
Capitalization Outstanding in the Hands of the Public.
7% preferred stock (authorized, 310,000,000)
$6,040,200
Common stock (authorized, $20,000,000?.
8,523,800
Present issue 6% let Lien bd.s., ser. "A (auth., $15,000,000)_ 5,557,500
Nevada-Calif. Power Co. 1st (closed) M. 6% bds., duo 1927.. 1,941,000
So. Sierras Power Co. 1st (closed) M. 6% bds., duo 1936- -_- 1,946,000
Nevada-Calif. Electric Corp. 2-year 6% gold notes, secured by
deposit of its 6% let Lien gold bonds, ser. "A," of a par value
equal to 125% face amount of these notes out (soon to be out) 1,000,000
Nevada-Calif. Elec. Corp. 6% (unsecured) notes, due 1926,
cony. into pref. stock (auth. and issued, $1,500,000)_990,800
Nevada-Calif. Elec. Corp. 6% (unsecured) notes, duo 1920-,
cony. Into pref. stock (auth. and soon to be outstanding)_
300,000
For earnings, &c., for year and six months to Juno 30 1918 see issue of
Aug. 3, p. 507. For further details, &c., see V. 106, p. 195.-V.107,p.507.
Nevada Consol. Copper Co.-Approx. Output (in Lbs.).
1918-August-1917.
6,500,000
6,439,984
-V. 107. D. 700, 186.
Increase.
1918-8 MOS.-1617.
53,362,998
60,016[52,860,000
New Jersey Gas Co.-Rate Increase.-
Decrease.
502,998
The New Jersey P. U. Commission has granted this company permission
to increase its charges for gas from $1 25 to $1 65. Each connected customer shall pay a readiness-to-serve charge of 25c. a month, with a higher
rate for greater than a three or five-light meter. The company had applied for a rate' of 31 85. The towns of Vineland, Landis Township,
Gloucester. &c., are served.-V. 100, p. 145.
SEPT. 211918.]
THE CHRONICLE
New York & East River Ferry Co.-Discontinuance.Announcement is made that this company will discontinue operations
on Sept. 28, unless the city gives it financial aid. It is stated that the
company has been operating at a loss for some time. Efforts are being
made to continue the service, and the matter was to come before the Board
of Estimate and Apportionment yesterday.-V.71, p. 392.
New York Evening Post.Co.-Dissolution.-The shareholders of this company will vote Sept. 24 on a proposal that
the corporation be forthwith dissolved.
North Adams Gas Light Co.-Higher Gas Rates.The Mass. Board of Gas & Electric Light Commissioners has granted this
company's petition for an increase in the rates for gas from $1 to $1 25
per 1,000 cu. ft.-V.75, p.397.
Northern States Power Co.-Notes Ready.The Guaranty Trust Co., N. Y., is prepared to deliver this company's
7% 5-year sinking fund convertible gold notes dated Aug. 15 1918, due
1923, and bearing Feb. 15 1919 and subsequent coupons in exchange for
outstanding syndicate receipts. Compare V. 107, 13. 909.
Northampton Gas Light Co.-Higher Gas Rates.The Mass. Board of Gas & Electric Light Commissioners has approved
the petition of this company to increase the price of gas from $1 to $1 25
Per 1,000 cu. ft.-V. 85, p. 1592.
Northwestern Steel & Iron Corp.-Bonds Offered.-The
State Deposit Security Co., Minneapolis, Minn., is offering
at par and int. a block of the company's First Mtge. 6%
gold bonds, Series "A," dated March 20 1918, due March
20 1923.
Authorized: Series A, $70,000; Series B, C. &c., $80,000; issued and
outstanding, Series A, $70,000. Int. M. & S. 20. Donom. $100, $500,
$1,000.
Security.-A 1st M. lien on the entire plant of the company in southeast
Minneapolis, including buildings, equipment, • real estate and trackage
rights. At a very conservative valuation the security behind this issue is
worth more than three times the total amount of bonds outstanding. In
addition, the bonds are personally guaranteed by the officers of the co.
Purpose of Issue.-To further the development of the business by providing more adequate working capital and equipment. D. A. Potter is
President and General Manager.
1197
The company controls the Pittsburgh By-Products Coke Co.. which
owns the Seaboard By-Product Coke Co., the Minnesota By-Product Coke
Co. and the Melcroft Coal Co. It also owns the By-Product Coke Co. of
Canada.-(" Iron Age").-V. 107, p. 507, 408.
Procter & Gamble Co.-Note Payment.-
We are informed that the $2,500,000 5% serial coupon notes, due
Oct. 1 1918, will be paid off at maturity on Oct. 1 1918, payment to be
made at office of Nat. Park Bank, New York.-V. 107, p. 1104.
Public Service Corporation.-U. S. Appropriations.-
This company, it is stated, has received from the United States Government a total appropriation of $2,317,895 for extensions to the company's
systems as follows: New traction lines to Newark Bay, with additional
cars, $21,739; extensions in traction lines at Camden and Gloucester City.
including 33 cars, extensions to electric lines, &c. $1,240,780. and for
electric construction and development work for the'
New York Shipbuilding Corporation at the recently established Yorkship Village, Gloucester
City, $215,000, and for new electric feeders and other work at Kearney,
$39,586.-V. 107, p. 502, 402.
Pusey & Jones Co. (Shipbuilders).-Control.-
The Emergency Fleet Corporation, Philadelphia, has taken over the
Gloucester City, N. J., Shipyards of the Pusey & Jones Co., Wilmington,
Del., known as the Penn.sylvania Shipbuilding Co., and the New Jersey
Shipbuilding Co., respectively. It is understood that the change is made
to Increase the operating facilities and production. M. E. Davis has recently become General Manager at both yards. ("Iron Age.")-V. 106
p. 2014.
Ray Consol. Copper Co.-Approx. Output (in Lb8.).1918-August-1917.
6,625,000
7,749,509
-V. 107, p. 701. 611.
Decrease. I 1918-8 Mos.-1917.
1,124.509 I 59,147,559 62,842,789
Decrease.
3,695,239
Rochester Ry. & Light Co.-Further Data.-The offering of this company's issue of $3,900,000 General Mtge.
3-year 7% gold bonds, Series "A," by J. P. Morgan & Co.,
the First National Bank, N. Y., Harris, Forbes & Co. and
the National City Co. was noted in these columns in last
week's issue.
Data from Letter of Pres. I-1. E. Andrews Dated Rochester, Sept. 11.
Capitalization (Upon Completion of Present Financing).
Authorized. Outstandg.
Common
stock
$7,250,000 $7,248,200
Galen L. Stone succeeds the late N. Bruce MacKelvie as a director.- Preferred (5% cumulative) stock
3,000,000 2,997,800
V. 107, p. 610.
Preferred (7% cumulative) stock
730,800
7,000,000
Gen, M.3-yr. 7s, Eler."A," due Sept.'21 (this issue)_ 6,000,000 .3,900,000
Old Colony Woolen Mills Co.-Offering of Pref. Stock.- Consol.
M.5s, due 1954 (closed except for refund'g)_14,000,000 10,881,000
Earnest E.Smith & Co.,Boston,have offered on the basis of Other underlying bonds (4 issiies, due 1920 to 1942).. Closed 3,278,500
Property.-This comprises comprehensive electric-light and power and
10 shares of pref. stock with 5 shares of common stock, for artificial
gas systems, and a steam-heating system adjacent to its power
$150 this company's 7% cumulative pref. stock, of which houses. The electric-generating plants have an aggregate installed capacity
of 75,840 k.w.
k.w., of which 39,990 k.w. is hydro
-electric and 35,850 k.w. is
there is $363,200 outstanding out of an authorized issue of steam.
The
hydro-electric plant of the company, having an In$400,000. A circular shows:
stalled capacity of 25,000 k.w., has been in operation only since Dec. 1917.
The steam-generating capacity is now being increased by the installation
Free of normal income tax and tax exempt in Mass., N. H. Vt:=In.,
and N. Y. Dividends payable Q.-J. The company has no bondod debt of an additional 10.000 k.w. turbo-generator. The transmission and elecand none can be authorized without a majority vote of each class of stock. tric distribution system includes approximately 54 miles of transmission
lines and 2,984 miles of distribution lines, of which 640 miles are underThere is no provision for calling the preferred stock.
ground. Sales of current during the year ended July 31 1918 aggregated
CapitalizationAuthorized.
Issued.
137,249,667 k.w.h. to over 28,600 customers.
Preferred stock ()ar $10)
$400,000
$363,200
The company has three gas-manufacturing
with an aggregate
Common stock 8% (par $10)
850,000
826.800 capacity of 12,450.000 cu. ft. per day, and the plants,
gas-holder capacity of the
Plant.-Tho company operates two plants, the Rochester Mill, Rochester, system
water
ft.
gas
The
cu.
is
have
9480,000
been
plants
supplemented
N. H., with 11 sets of cards and 50 looms and the Glencoe Mills, Sanger- by the placing in operation of the new coal gas plant with a daily
capacity
Alio, Mo., with 8 sets of cards and 52 looms. Selling Agent is the Mystic of
4,000,000 Cu. ft. The company owns 512 miles of gas mains through
Manufacturing Co. Salesroom, Fifth Avenue Bldg., N. Y.
which
2,359,058,100
Cu.
ft.
of
gas
were
distributed
during
the
year
ended
Earnings.-For the first six months of 1918 showed net earnings of $126,- July 31 1918 to over 79,200 customers.
839 96, or at annual rate ten times the preferred dividend before allowance
All the principal plants are modern and the system is well designed and
taxes.
Federal
for
Product.-At present the company is working on Government contracts constructed and in excellent operating condition.
• Earnings for the Year ended July 31 1918.
aggregating over $1,500,000.
Gross earnings
$5,528,538 Annual interest, including
BALANCE SHEET, JUNE 30 1918 (Total each side, $1,574,785).
Oper. exp., taxes, &c.
present issue
$963,672
AssetsLiabilities(excluding depreciation) 3.409,816 Balance
1,155,049
Preferred stock
Land, water rights, build$363,200 Net, after taxes
2,118,722
$971,545
Common stock
ings, &c
780,000
Growth of Business and Revenue Since 1904.
Cash & accounts receivable- 215,597 Notes payable
189,625
Gross
Sales of Elec'ity. Sales of Gas.
206 Accounts payable
Net Earnings
Notes receivable
175,175 Calendar
K.1V.H
YearCu. Ft.
Earnings. (Before Depr.).
378,998 Accrued wages
Inventories
6,73.2
2,437 Suspense
1904
554,664,829
$1,629,440
35,180,509
$764,028
Interest prepaid
300
2,745 Depreciation-reserve
47,772,672
2,144,336
731,352,000
Insurance prepaid
1,021,394
12,793 1906
2,234 Surplus
984,307,100
2,696,252
Investments
1908
61,718,007
1,279,316
46,959
1,000
1,221,421,400
3,187,252
1910
80,588,796
1,625,604
Good-will.
3,633,611
97,413,027
1,448,370,100
1.791,761
Directors.-Ell Gledhill (Pres.), Mystic, Conn; L. J. Coburn (V.-Pres.), 1912
3,754,767
100,670,217
1,578,899,600
1,686,839
Sangerville, Me.; Thomas E. Eaton (Treas.), Boston, Mass.; Ashton L. 1914
120,216.608
4,349,572
1,865,289,900
2,028,456
Carr, Boston; M. Douglas Flattery, Boston; Harold M. Carr, Rochester, 1916
127,038,918
5,036,208
2,158,695,500
2,024,694
N. H.; F. Murray Forbes, Boston; Waldo F. Glidden, Boston; James 1917
1918*
137,249,667
2,359.658,100
5,528,538
2,118,722
Warner,
Boston.
Jackson, Boston; Roger S.
•
Nova Scotia Steel & Coal Co.-Director.-
Old Dominion Co. of Maine.-Output-(in Lbs.).
*Year 1918 figures are for the twelve months ended July 311918.
Franchises.-Company operates without competition. Its franchises,
in the opinion of counsel, are, with minor exceptions, unlimited in time.
This Issue.-A direct mortgage upon the entire property, subject to the
liens of the $14,159,500 underlying bonds, the aggregate amount of which
may not be increased.
Pabst Brewing Co.-Brewing Regulations.Series "A" shall be limited to $6,000,000; no bonds of any other series
President Wilson has signed a proclamation prohibiting after Oct. 1 next,
mortgage so long as any of the series "A" bonds
the use of any foodstuffs in brewing beer and near-beer except malt and may be issued under this
shall be outstanding or be issuable. The $2,100,000 reserved bonds of
hops. After Dec. 1 all brewing must cease altogether.
series "A" may be issued only for not exceeding 75% of the cash cost of
See page 1056 in last week's issue.-V. 107, p. 408, 186.
improvements, &c., only provided net earnings are equal to at least 1%
times the total annual bond interest (incl. int. on prior debt) and hat, on
Packard Motor Co.-100% War Work.This company has stopped the manufacture of passenger cars and will bonds proposed.
Purpose of Issue.-Substantially all ofthe proceeds ofthe sale ofthe present
devote its entire plant capacity to war work, which includes airplane
$3.900,000 bonds will be employed for the discharge of indebtedness inengines, war tractors and motor trucks.-V. 106. p. 2349.
curred in connection with certain recent additions and extensions to the
-electric plant and
Peoples Natural Gas Co.,Pittsburgh.-Rate Increase.- system (including the company's now 25.000 k.w. hydro
This company has filed a notice at Harrisburgh, Pa., announcing an in- its large new coal gas manufacturing plant). For full data regarding these
crease in rates as of Oct. 10 next from 27M-30 cents net to a flat rate of bonds see V. 107. p. 1105. 1008. *37 cents.-V. 107, p. 86.
Royal Dutch Company.-Annual Report.1918-Augitst-1917.
1918-8 Months-1917.
888,000
I
23,131,500 • 20,941,000
2,064,500
The large decrease in Aug. 1917 due to labor troubles.-V. 107, p. 86.
Philadelphia Yeast Manufacturing Co.-Receivership.
Judge Thompson in the U. S. District Court at Philadelphia on Sept. 16
appointed James F. Schaporkotter receiver for this company upon a bill
in equity filed by the Bergner & Engel Brewing Co. The company is
understood to have outstanding $750,000 capital stock.
Prairie Oil & Gas Co.-Extra Dividend of $2.-
The directors have declared an extra dividend of 2% ($2) per share on
the $18,000,000 outstanding capital stock along with, the quarterly disbursement of :i% ($3) per share, both payable Oct. 31 to holders of record
Sept. 30. A like amount was paid in Jan.. April and July last.-V. 106.
p. 2564.
Pressed Steel Car Co.-Acquisition.--
W. A. Chamberlain, Auditor of this company, on Sept. 12 bid in for
$1.312,000 the plant and other properties.at Koppel, Pa. formerly owned
by the Orrenstein-Arthur Koppel Co. (V. 91, p. 467). '
These properties
wore sold under order of the Alien Property Custodian.
The plant, which has been operated for several months under the direction of 'I'. hart Given, President of the Farmers' National Bank, Pittsburgh, who represents the Alien Property Custodian, produces narrowconstruction for the interim of industrial plants, and make;
gauge
11,specialty of mine cars. The total property amounts to about 450 acres.
The properties sold include the Orenstein-Arthur Koppel Co., its buildings,
equipment business and good will; the Koppel Land Co., owning 49 houses,
a hotel building, and 700 plotted lots; the Beaver Connecting RR. Co.,
the Koppel Water Co. the Pennsylvania Car Ss Mfg. Co. the Universal
Railways Products Co'. and the Koppel Sales Co. It
believed the
Pressed Stool Car Co., if secures passession of the plant, and this is likely
to be the case, will operate it, making the same lines of products as before,
but this is not officially confirmed.
Cal. YearsIncome from investments, &c
Administration, &c., expenses
1916.
1917.
1915.
Florins.
Florins.
Florins.
49,740,074 32,823,126 30,418,709
5,366,505
193,201
439,791
Balance for dividends
Preference shares (4%)
Priority shares (4%%)
Ordinary shares(6%)
Government income tax on above
44,373,569 32,629,925 29,978,918
60,000
60,000
60,000
1,282,500
1,282,500
1,282,500
5,131,632 4,687,632 3,398,724
538,567
x706,951
Balance, surplus
Available for Ordinary Dividends93% of above surplus
6% on ordinary shares
Undivided surplus carried forward..
Commk.saries' excess
37,899,437 25,892,843 24,699,126
Total
Ordinary dividend
35,246,477 24,080,344 22,970,187
5,131,632 4,687,632 3,398,724
201,332
106,685
810,702
y1,305,978
777,965
825,714
41,790,772 29,795,021 27.957,578
(48%)41,053,056(38)29688336(49)277562A6
Undivided balance
106,685
737,716
201,332
The report for 1917 says that on account of the above dividend of 48%
an interim dividend of 15% was distributed on Jan. 15 and May 6 1918.
leaving 18% still to be paid on dividend-coupon No. 39.
x Includes in 1916 6.65% Government income tax on (F.1,342,500)
$539,685 preference and priority shares, and (F.29,688,3361 $11,934,711
on ordinary shares, making a total of (F.2,063,551) U29.547. less Governets. MU. (F.1,356,600) 1543.353,
ment income tax on dividend Bat. P
leaving a balance as above (F.706,951) $282,194. y Includes in 1917
Commissaries 4% on the F.32,809,437 surplus F.1,515,978, less maximum
allowance F.210.000, leaving a balance as above of F.1,305,978.
1198
THE CHRONICLE
In 1917 the Dutch florin had an average value of about 46 cents, as
against 40.2 cents, the normal rate of exchange.-V. 107, p. 1105.
San Antonio Land & Irrigation Co.-Foreclosure Sale.
Holders of the 6% First Mtge. bonds are informed by the bondholders'
committee, appointed Oct. 4 1916, that a judgment for foreclosure and sale
of the property was made by the Federal District Court in Texas in 1917,
and that the committee, subject to the approval of the bondholders, are
now in a position to sell the property or reorganize the company's business.
The committee report that certain holders of the 7% promissory notes,
amounting to £150,000, issued as security for advances made in the year
1913, are endeavoring through the Federal District Court in Texas to
establish a priority over the First Mtge. bonds for such notes and their
advances, and the committee are taking the necessary steps to resist their
claims. In order that the committee may more effectually protect the bondholders' interests under the foreclosure judgment, and be in a position to
bid, if necessary, for the property on behalf of the bondholders, they have
decided to call for the deposit of the bonds. The Bank of Scotland, 30
Bisnopsgate, E.0.2, and The Canadian Bank of Commerce, 2 Lombard
Street, E.0.3, have consented to act as depositaries in London. Negotiable
deposit receipts will be issued against deposited bonds, which must be duly
stamped which the British stamp duty and have the coupons due May 1
1914, attached thereto.-"Stock Exchange Weekly Official Intelligence,"
London.-V. 100, p. 1173.
Sargent & Greenleaf, Inc.-Further Data.-The offering by Wm.H.Foxall & Co., Rochester and Syracuse, of this
company's new issue of $300,000 8% cumulative pref. stock
was referred to in these columns last wek.
Data from Letter of Pres. 8c Gen. Mgr. M. J. Root, Dated Aug. 20.
Company.-Established in 1865 to manufacture locks. The business
since its inception has had a continuous and prosperous growth over a
period of more than 50 years and is well known as the manufacturer of
locks for safe deposit boxes, &c., &c.
New Control.-It has been possible for the controlling interests of the
Seneca Falls Mfg. Co., Inc., to acquire control of the company through the
purchase of its capital stock. The new management proposes to increase
and develop the manufacturing facilities and. production 50 to 80%.
Dividends.-The company has always been able to pay dividends of at
least 10% on its entire issue of capital stock.
Officers and Directors.-Marshall J. Root, Pres. (Seneca Falls Mfg. Co.,
Inc., Seneca Falls, N.Y.); William II. Foxall, V.-Pres.; John W. Force,
Treas.; Halbert G. Brooks, Sec., and P. R. McPhail (Pres. Merchants
Bank of Rochester), all of Rochester, N. Y.; Arthur N. Elliss (Pres. The
City Bank), Syracuse, N. Y.; Edwin R. Smith, Seneca Falls, N. Y.;
Levi S. Chapman, Syracuse, N. Y.
Shattuck Arizona Copper Co.-Annual Meeting.The shareholders of this company on Sept. 14 voted to change the date
of the annual meeting from the third Saturday in February to the third
Wednesday of April each year.-V. 107, p. 1105, 808.
Shawinigan Water & Power Co.-Note Payment.In reply to our inquiry we are informed that the $2,500,000 5% 2-year
notes falling due Oct. I will be paid at maturity.-V. 106, p. 1236, 1040.
Stewart Mfg. Corp.-Further Data.-The offering of this
company's $500,000 First Mtge. Real Estate 6% serial gold
bonds by the Central Trust Co. of Illinois, Charles S. Kidder
& Co., Taylor, Ewart & Co. and C. W. Anderson & Co., all
of Chicago, was noted recently by advertisement and reference in these columns.
[vol.. 107.
tin plate. Outside of this it has very little surplus steel, and this surplus is
now being devoted to Government uses as directed by the War Industries
Board."-V. 107, p. 1105, 910.
Turners Falls Power & Electric Co.-Stock IncreaseDescriptive Data, &c.-This company, since July 1 1917,
has raised its entire capital requirements through the issue
of stock at par, increasing the outstanding amount • by
133%, or from $4,130,000 to $7,227,500 as of June 30 1918,
and when full-paid in Dec. 17 1918, to $9,663,600. Par
$100: dividends Q.-J. 2. A descriptive circular issued by
White, Weld & Co., gives the following data:
Company.-Originally incorporated in 1793 to operate locks and canals;
reorganized as a water power company in 1866. Operated under present
management since 1904. On April 15 absorbed by consolidation the Amherst Power Co., incorporated in 1907 to cnostruct a transmission line from
Turners Falls southward through the Connecticut Valley.
Territory.-Serves all communities excepting Holyoke between Turners
Falls and Springfield, with a total population of about 200,000, embracing
one of the richest agricultural districts in New England and many rapidly
growing industrial cities; also supplies all power used by the Springfield
Street Ky., and has a connection with the 'United Electric Co., of Springfield, for the interchange of power.
Property.-This consists of a hydro-electric development at Turners
Falls on the Connecticut River, with a capacity of approximately 50,000
k. w., and a steel-tower transmission line from Turners Falls to Springfield.
Since 1912 the company has been engaged in an extensive program of enlargement. Two miles south of Turners Falls, a generating station has
been erected, in which six units generating a total of 50,000 k. w. have been
installed.
In 1916 the company acquired 41 acres at the junction of the Chicopee
and Connecticut rivers, 4 miles north of Springfield. On this land an
auxiliary steam station has been erected in which has been installed a
15,000 k. w. turbine. An additional 15,000 k. w. turbine will be installed
and in operation by Jan. 1. In addition a 66,000-volt transmission line
has been built from Mt. Tom to Springfield via Westfield. This gives the
company two 66,000-volt capacity lines from Turners Falls to Springfield.
Income Account for 12 Months ending June 30 1918 and 1917.
1917.
1918.
1918.
1917.
$394,450 $198,300
Dividends
Income-Net sales of
$926,775 $701,560
power
$159,337 $109,980
Oper. income aft. exp_ 514,442 383,764 Balance
155,722 113,000
*227,342 *22,709 Special reserves
Other income
Other charges to profit
2,132
$741,784 $406,473
and loss
Gross income
187,997 98.193
Interest
$3,615 dI*35,152
* In 1917 interest amounting to $5,577, and in 1918 to $146,863, was
charged construction and credited income.
Balance Sheet as of June 30 1918 and 1917.
1918.
1917.
1918.
1917.
Liabilities-$
Assets-$
$
Prop. & construe_ 9,567,232 5,648,857 Capital stock_ _ _ _ 7,227,500 4,144,620
21,506
111
Investments
280,857
78,000 Subsc. to empl.stk.
3,700
253,700
Cash
466,243
157,674 Mortgage notes__
Liberty bonds_ _ _ _ 200,000
Notes payable_ ___ 3,217,000 1,125,000
15,234
18,233
Accounts receiv•le. 167,479
106,057 Accounts payable_
4,167
Notes receivable_ 407,841
60,502 Bond int. accrued_
62,165
Supplies & mat'ls_ 210,824
35,669 Dividends payable 141,873
Interest receivable
Accr.int.,taxes,&o. 156,260
93,006
16,990
24,092
Prepaid insurance,
Reserve for dive__
10,325
Depreciation _ _ _ 115,000
interest, taxes__ 105,446
78,900
Steam generat'n 234,049
3,443
Auto operation_
194,692
Reserves
259,640
263,255
Surplus
Digest of Letter of Pres. ti. Ii. La Chance dated Chicago Aug. 27'18.
Company.-Founded in 1911 by the late J. K. Stewart, Pres. of the
Stewart-Warner Speedometer Co. When organized, the principal business
was the manufacture of die castings for the Stewart-Warner company;
however, the business has broadened, until now it serves a large number
of regular customers.
11,422,913 6,165,660
Total
11,422,913 6,165,660
Total
Record of Net Sales and Net Earnings Since 1911.
Dividends and Rights.-Dividends have been paid regularly since 1879.
Years1911.
1913.
1914.
1915.
1916.
1917.
annum.
dividend rate
per
The
present
From
rate
was
6%
1904
to
1917
the
Net sales_ _ _ _645,926 $241,571 $306,770 $910,540 $1,565,082 $1,881,079
has
,
Net earnings_ 22,994
320,464 of 8% per annum was started in Jan. 1918. Since 1910 the company
82,826 131,209 354,487
566,834
its capital requirements by the sale of stock at par. The 'rig.its"
financed
Purpose of Issue.-A particularly desirable ten acre site has been acquired accruing to stockholders from 1905 to date have been worth more than $92.
upon which there has now been completed one of the most highly modern
Officers.-Philip Cabot, Pres.; Alvah Crocker, V.-Pres.; George W.
manufacturing plants of its kind in the country. The large expenditure Lawrence,
2d V.-Pros. & Gen. Mgr.; J. Preston Rice, 3d V.-Pres.; Fred C.
Involved in the construction and equipment of the new plant was either Abercrombie,
Treas. & Clerk; William D. Kellogg, Asst. Treas.
met from current earnings or financed through short term bank loans.
-Philip Cabot, Alvah Crocker, Charles S. Davis, Daniel P.
Directors.
The bond issue which you have purchased was authorized to complete the Abercrombie,
Joseph
W. Stevens, Charles W. Hazelton, Charles Walcott,
company's permanent financial plan, the greater portion of the proceeds Fred T. Ley, Henry 0.
Underwood, Alfred L. Ripley, Arthur W. Wood,
being devoted to the retirement of the indebtedness incurred in connection Fred C. Abercrombie, Jonathan
Bulkloy.-V. 107, p. 409.
with our increased plant investment. No further financing is contemplated,
It being expected that the surplus after dividends will be ample for improveCigar
Stores
Co.
-Sales, &c.-Thefollowing pubUnited
ments and extensions.
Authorized. Outstanding lished data are pronounced correct:
CapitalizationFirst Mortgage Real Estate 6% Serial gold bonds.._ J500,000
$500,000
This company in the first seven months of the current calendar year did
'referred 8% Cumulative capital stock
450,000
450,000 a gross business of about $30,000,000, compared with about $43,000,000
Common capital stock (no par value)
shares 45,000
45,000 for the full year 1917. It is expected that the full 1918 year's gross business
will exceed $50,000,000. This would compare with a total for 1917 of
Balance Sheet (As of July 1 1918 after Sale of Bonds and Application
$43,000,000, in 1916. $36,000,000, and in 1915, $31,000,000.-V. 107, p.
of Proceeds.)
1009, 410.
Assets-LiabilitiesReal estate, buildings, &c.
First Mortgage 6% bonds_ _ _ $500,000
U. S. Bobbin & Shuttle Co.-Extra Dividend.
(after depreciation)
$854,612 Preferred stock
450,000
The directors have declared an extra dividend of $5 per share on the
Patents, trade-marks, &c___ 986,684 Notes & accts. payable and
outstanding common stock (par $100) along with the quarterly
Notes & accts. rec
298,862
reserve for taxes
165,262 $850,000
of 1%(70 both payable Sept. 30 to holders of record Sept.
Inventory
280,414 Common stock book value__ 1,370,024 disbursement
11 (unconfirmed).-V.'105, p. 2462.
Cash
52,231
Deferred charges
12,482
United States Rubber Co.-Notes-Refunding.It is understood that this company has applied to the Capital Issues
Total
$2,485,286
Total
$2,485,286 Committee for permission to issue $6,000,000 5-year 7% notes, with
Assets.-The company must maintain at all times net current assets of $9.000,000 of its first refunding bonds as collateral.
The new notes are to be used in connection with the refunding of the
6250,000. equivalent to 50% of the maximum bond issue.
Insurance.-Although the plant is of the most fireproof construction, $9,000,000 General Rubber Co. 5% debentures duo Dec. 11018. The balthe trust deed requires ample insurance for the protection of the bond- ance of $3.000,000 is to be paid from treasury funds. Although no deholders.
cision will be made by the Capital Issues Committee until after the Liberty
Directors.-C. B. Smith, Pres. Stewart-Warner Speedometer Corp. Loan, it is understood that the notes will be'sold through Kuhn, Loeb &-(Chairman of the board); L. H. LaChance (Pres.); Ralph M. Shaw, Win- Co. when properly approved. Dow, Jones & Co .-V. 107, p. 1008.
ston, Strawn & Shaw; Edward P. Russell, Russell, Brewster & Co.; Joseph
United Verde Extension Min. Co.-Extra Dividend.E. Otis, V.Pres. Central Trust Co. of Illinois; Nols Gross is Vice-President
The directors have declared an extra dividend of 25 cents per share along
and Leslie McArthur, Sec'y & Treas. Compare V. 107, p. 1008.
with the quarterly declaration of 50 cents on the $525,000 outstanding
stock (par, 50 cts), both payable Nov. 1 to holders of record Oct.3.
Swift & Co.-Food Administration Regulation.-The fol- capital
The same amount was paid on Aug. 1 (unconfirmed).-V. 106, p. 2661.
lowing statement issued by Swift & Co. is quoted in subst.:
Utah Consol. Mining Co.-Dividend Reduced to 25 Cents.
We have since Nov. 1 1917 been operating under a license from the
The directors have declared a diviond of 25 cents per snare on the $1,United States Food Administration. Rules have been made which require
that we so conduct our meat food business that our profits in these depart, 500,000 outstanding capital stock (par, $5), payable Sept. 30 to holders of
ments, which represent about 70% of our business, will amount to not more record Sept. 21. On July 17 and also on March 25 last, 50 cents was
than 9% on the capital employed (including surplus and borrowed money), paid and in 1917, $3 50 in all.
The following was issued: "In view of the increased cost of operation
or to not in excess of 2M'cents for each dollar's worth of goods sold.
and refining, and also
In the business of certain other departments not meat food, such as at the mine due to higher labor, freight, smeltingpurchased
the property
in
view of the fact that the company has recently
soap, commercial fertilizer, &c., which comprise about 7% of our business,
of the Tintic Mining & Development Co.(Yampa Mine) the directors conwe must not make more than 15% on the capital employed.
than
above."
dividend
-V. 107.
inadvisable
to
declare
a
larger
sider
it
Swift & Co. have other activities than those mentioned above, such as
plants in foreign countries, and investments in stock yards. These activ- p. 516.
ities have no bearing on food or livestock prices in this country and the
Lbs.).Utah Copper Co.-Approximate Output (in
Food Administration of the United States quite properly has omitted them
Decrease.
Increase. 1 1918-8 Mos.-1917.
1918-August-1917.
from its control.
19,920,947 18,796,012 1,124,9351131,113,596 136,212,9,17 5,099.351
At the end of our present fiscal year we propose to show in detail what -V. 107, p. 702, 187.
profits we have made in each of the groups mentioned above. Heretofore,
In the statements published to our stockholders and creditors, we have
Westmoreland Coal Co.-Extra Dividend.shown our profits in totals only, although we have, as occasion required,
Prass reports state the directprs have declared an extra dividend of 2A %
given to the cattle, hog and sheep producers information regarding our on the $7,500,000 outstanding capital stock along with the quarterly payprofits in their respective lines. We feel, however, that in these times ment of 2;.6%, both payable Oct. 1 to holders of record Sept. 17. The
frankness is peculiarly desirable.-V. 107, p. 909, 808.
extra dividend will be paid in Liberty 434% bonds. An initial dividend of
23% was paid on Apr. 1.-V. 107, p. 612.
Trumbull Steel Co., Warren, 0.-War Order.-
Vice-President J. T. Harrington is quoted as saying: "The entire output
of the Trumbull Steel Co. is now being devoted to war uses. It is furnishing steel for the Emergency Fleet Corporation, for aircraft production,
aerial bombs, hand grenade and depth bombs and for the manufacture of
Wolverine Copper Mining Co.-Production (in Lbs.).arch
Jan
350,957
383,6351May
340,0991Ju
l
Y
394,664
403,736 April _ _ _ _391,9891June_ _ _ _ _336.455 August _334.547
Feb
Production for the 8 mos. aggregated 2,936,082.-V. 07, p. 910. 612.
SEPT. 211918.]
THE CHRONICLE
Tinnuxtraal Tunes.
COMMERCIAL EPITOME
Frday Night, Sept. 20 1918.
Government buying is active as never before, with iron
and steel in the forefront. Ordinary trade is brisk; it would
be brisker if supplies could be had. Certainly the buying
power of large sections of the population, namely the farming and artisan classes, is greater probably than ever before,
even allowing for the abnormally high prices of food, clothing, &c. In some sections ot the country buying is on a
conservative scale. No doubt the new draft law has some
effect. But country merchants in the great agricultural
regions of the West are buying goods readily. Retail trade
at the West has been helped by seasonable weather. At the
South, too, the high price of cotton tends to increase retail
buying. Women are buying on a big scale, as they are
getting unprecedented wages in a hundred fields of employment. Of course the Government orders for merchandise
really overshadow everything else. And with labor scarce
goods are scarce for civilian consumption. This fact certainly does not tend to lessen prices. Apart from this,
prices for cattle, hogs, butter and hay and other farm produce
have reached a historic level. The weather in parts of the
West has been cold, but about 75% of the corn crop, it is
estimated,has either been harvested or is out of danger from
frost. The quality will undoubtedly be better than that
of the last crop. Fine rains have fallen at the West. They
have put the soil in good condition for plowing,and this work
is more advanced than ever before. The new winter wheat
crop is getting an exceptionally good start. The portion
that is up is looking well. Unfortunately the cotton crop
continues to look poor. It was announced to-day
that there would be price regulation and also
distribution of the staple.
Government
Wheat
is being moved on an enormous scale and the visible
ten
times
as large as a year ago. Direcsupply is more than
tor-General McAdoo reports 100,000 more ears of grain
railroads
to
date
this season than in the same
handled by
period last year. Already 75% of the winter wheat has been
farms.
Efforts to conserve the supply of gasomoved from
line wil continue, although the Sunday motoring ban may
early
in
October. It is estimated that more
be removed
than 20,000,000 gallons of gasoline were saved by the first
Sundays;
also that 50,000,000 gallons are regasless
two
quired as a reserie supply. And now rubber is being conserved. The schedule of the War Industries Board eliminates for the period of the war 5,500 styles of rubber footwear
and restricts the introduction of new lasts other than those
required by the Government, or to meet changes in leather
footwear styles. Substantial savings of lumber, shipping,
storage space, freight space, dyestuffs, flour starch, varnish, tissue paper, labor and other materials and factors used inthe rubber manufacture, will result.
Rapid progress is being made in turning out merchant vessels for the American Merchant Marine. And it is of interest to notice that the Manchester "Guardian" states
that Great Britain is steadily falling behind as the supreme
maritime country of the world and that America is taking
its place. It says that America is now the greatest shipbuilding country in the world, adding that the achievements of the United States are "beyond imagination." In
July the British output of new ships was 141,948 tons;
America's 421,296 tons. The Delaware River is the greatest
shipbuilding centre in this country; The coal question is
still a pressing one. Bituminous mines are now 17,000,000
net tons, it seems, behind the schedule laid out to prevent
a serious winter shortage, to overcome which a daily average output of 2,041,000 net tons (or 3.2% over the present
rate of production) will be necessary during the remainder
of the coal year. Restrictions in the matter of furniture
making will be imposed by the War Industries Board. The
schedules issued deal with household chairs, upholstered
furniture, parlor frame furniture, case goods, dining room
and bed room furniture and tables for various rooms.
Labor, of course, is becoming increasingly scarce. It
turns out that the total number of new draft registrants will
reach something like 13,000,000 men, making a reservoir of
23,000,000 men. Naturally, there is every effort to make
good the present and prospective loss of labor. In the
cotton fields of the South women and children and youths
are beingmore extensiv,ely employed than ever before.
Even "society women" are earning money for the Red Cross
in this way. The Galveston Bureau of the United States
Employment Service is trying to get pickers for cotton plantations in various parts of that State. Planters will pay
from $1 25 to $1 75 for picking 100 pounds of cotton-wages
that look fabulous by comparison with those current in peace
times. The employment of women is spreading throughout
the country, in a hundred lines of activity. Household servants command unheard-of wages. One possible result of
the scarcity of labor may be a solution of this very question
of household servants, long a vexed one, especially east of
the Mississippi River, and more particularly, it would seem,
in the North Atlantic States. It is of interest to notice,
too, that in January this year 4,741,000 women and girls
were employed in England outside of domestic service, as
1199
against 3,275,000 in July 1914. It emphasizes the fact that
on.both sides of the water women are being called upon to
take the place of men. And now Director-General Charles
M. Schwab of the Emergency Fleet Corporation says the
shipyards of :the country must have 200,000 more men by
January 1st if .the great shipping program is to be carried
out. Meanwhile this is no time for strikes, and the Government is certainly to be commended for taking a firm hand
with labor. The strike of munition workers at Bridgeport,
Conn., after continuing some time, was abruptly ended the
other day. The President told them to go to work or be
prepared to fight. They went to work. Strikers in
the Pennsylvama anthracite coal fields have been
told by the Fuel Administration that their wage
demands will not be even considered while the strike is on.
Restaurant prices are to be investigated. The Food Board
is to take up the question of profiteers in this city. A campaign will be conducted this winter to keep down charges
of bills of fare to what is considered a fair level. Recently
in a line of restaurants here the price of a glass of milk was
p cents, or double the former price. But the concern was
invited to cut the price in half and has done so. The prices
at many of the restaurants in this city are considered little
short of outrageous. They may be graduated compulsorily
according to location, just as prices are "suggested" for
retail stores in the same manner. Cantaloupes worth 3 to
p cents at wholesale have been placed at the impudent price
in some restaurants of 20 cents for a half portion, or 40 cents
for the whole cantaloupe. It is also alleged that exorbitant
prices are charged for fish. The Federal Food Board will
collect the bills of fare from various restaurants in different
parts of the city and compare them, and also the quality
of the food, and it might be added the quantity, of the food
served. In many places where prices have been greatly
advanced the portions have been cut down.
LARD higher; prime Western 27.45@27.55c.; refined. to
the Continent, 28.75c.; South America, 29.15c.; Brazil,
30.15c. Futures fluctuated-within narrow limits, declining
at one time and then rallying, only to react again. Packers
and shorts have been buying. This with a better cash trade
naturally had a more or less steadying effect for a time,
though hogs have declined. And stocks of lard have increased. On the 16th inst. the stock of new at Chicago was
17,770,114 lbs., against 16,096,402 on Sept. 1; other kinds,
22,272,0601bs.,against 17,956,191 on Sept. 1. To-day prices
declined. Trading at Chicago is more active, however, in
provisions generally. Some decline is noticed for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
September delivery cts_26.97
October delivery
26.82
26.95
26.72
27.00
26.85
27.02
26.87
26.90
26.57
26.70
26.40
PORK firm; mess $46@$46.50; clear, $44@$53. Beef
products strong; mess $35@$36; extra India mess, $58@$59.
Cut meats higher; pickled hams, 10 to 20 lbs., 29%c.;
pickled bellies, 37@39c. The stock of new pork at Chicago
on Sept. 16 was 8,847 lbs., against 10,385 lbs.on Sept. 1;
of ribs it was 13,906,476 lbs., against 14,115,616 lbs. on
Sept. 1. To-day October pork closed at $41 15, showing
an advance of 65 cents for the week. Butter, creamery,
5834 ©59c. Cheese,flats, 25@283%c. Eggs,fresh,51@52c.
COFFEE higher; No. 7 Rio, 9%@,10c.; No. 4 Santos,
13Xi@13Mc.; fair to good Cucuta, 11%@123'o. Futures
have much of the time fluctuated almost imperceptibily.
Cost and freight quotations have been firm, and tend to
steady consuming markets, though prices eased later here.
More or less of the business here of late has been switching
of near to distant months, under the maximum price restrictions. Some days this kind of business constituted
50% of the total, and took the shape of transfers of October
from March, or from September to May, or March to July,
or December to July. To-day prices closed unchanged to
5 points lower. They are lower for the week.
Sept.. _ _ _cts_8.50
January_cts_9.07(4 ___ April____cts-9.30 9.31
October
8.65
November ....8.80
December__ _8.95
February .....9.15@
May
_ - March
9.23@9.24 June
___
July
9.38@9.39
9.44©9.45
9..52@9.54
SUGAR firm; centrifugal, 96-degrees test, 7.2843.; granulated, 9c. Cuban sugar stocks have fallen off sharply. Receipts have decreased and exports gained. In other words,
Cuban receipts last week were 20,005 tons, against 22,191 in
the previous week, and 13,393 last year; exports,68,654 tons,
against 67,145 in the previous week, 60,977 last year, and
19,845 in the same week of 1916; Cuban stocks are 462,648
tons, against 511,297 in the previous week and 132,879 last
year. The price of Cuban sugar has been fixed after more
than 3 months' of negotiations, on the basis of about $5 50
per 10014s.,f.o.b. at Cuban ports,for the entire Cuban crop.
The purchase is said to have been made by the American
Food Administration on behalf of the American, English,
French and Italian Governments. Refined is in moderate
demand for home consumption with a fair export trade.
OILS.-Linseed steady; city raw, carloads, $1 88@$1 90;
five-barrel lots, $1 88@$1 90. Calcutta, $1 95. Lard,
prime edible, $2 30. Cocoanut, Ceylon, bbls., 163/2@
%c.; Cochin, 17%@17Vic. Soya bean, 18 ©18Mo.
163
Corn oil, crude, bbls., 18@l8Yac. Spirits of turpentine,
66e. Strained rosin, common to good, $14 30@$14 40.
Prime crude, Southwest, 17.50c.
PETROLEUM firm; refined, in barrels, cargo, $15 50@
$16 50; bulk, New York,
250,39 25; cases, New York,
$18 75et $19 75. Gasoline, steady; motor gasoline, in steel
1200
[VOL. 107.
THE CHRONICLE
barrels to garages, 243/2c.; to consumers, 263/20.; gas machine, 41 Mc. The conservation of gasoline by the ban on.
Sunday pleasure riding continues. It has proved beneficial and is expected to be lifted early in October. Latterly
distributing stations report a smaller demand for gasoline.
Late field advices indicate a lack of important completions,
owing to continued drouth. Big rains have just fallen in
parts of the Southwest. It is rumored that arrangements
have been made for allotting part of the heavy holdings of
crude oil in the Mid-Continent field to meet the needs of
refiners in that section. They have, it is stated, pledged
750,000 barrels of gasoline for shipment to the Allies during
September, October and November. This apportionment
of the crude stock was due to the decrease in new output.
COTTON
Friday Night, September 20 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
139,756 bales, against 104,110 bales last week and 89,652
bales the previous week, making the total receipts since
Aug. 1 1918 538,754 bales, against 709,928 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 171,174 bales.
Sat.
Mon.
Galveston
13,422
Texas City
Pt. Arthur, ,kc
Pennsylvania dark $4 00: South Lima
$2 38 Illinois, above 30
3,401
Cabell
2 77IIndiana
degrees
-$2 42 New Orleans....
2 28
Mobile
1,317
Crichton
1 40 , Princeton
2 42 Kansas and OklaCorning
home
2 25 Pensacola
2 85 Somerset. 32 deg.._ 2 60
Jacksonville
Wooster
2 58 Ragland
1 25 Caddo. La., light_ 2 25
6,627
Thrall
2 25 Caddo, La heavy 1 55 Savannah
2 251 Electra
Strewn
2 251 Moran
2 78 Brunswick
2 25 Canada
Charleston
639
De Soto
2 33 Healdton
2 15 I'lymouth
1 45
Wilmington
782
North Lima
Henrietta
2 25 Norfolk
2381
305
N'port News,&c.
TOBACCO.-The crop is the largest, to all appearances, New
York
11
ever known, and prices, it is intimated, are more or less Boston
119
unsettled and irregular. The military consumption will, Baltimore
no doubt, be large. But how about the home consumption? Philadelphia
The cost of living is high. Possibly some may curtail the
use of tobacco to a certain extent. That remains to be seen.
Supposedly in nine cases out of ten, it is once a smoker,
always a smoker. During the past fortnight the distribution here of 12,000 bales of Sumatra of 1917 growth has been
going on. It attracted the attention of a large number of
buyers, not only from various sections of this country, but
also from Canada. In Havana tobacco there has been a
moderate business at firm prices.
COPPER unchanged; the supply of smelted ore is ample,
but that of refined does not keep up with Government demands owing partly to a shortage of labor. As copper is a
war essential it is supposed that some means will be found
to better the present situation. The price remains at 260.
until Nov. 1. Tin at New York, spot 79c. The trade
awaits official information as to the "regulated" price
mentioned in the pooling arrangement completed at the
London conference. Until something more definite is
known the trade expects an unsettled market. Lead scarce
and quiet at 8.05@8.90c. Rigid conservation is demanded
of the trade until the supply of labor can be increased whereby the supply of lead will also be increased Spelter dull at
9.65@9.85c., following the recent Government purchases
of prime Western. A scarcity of labor has brought about
some decrease in the production.
PIG IRON prices, it is believed, will be raised. Certainly
there is a determined agitation in favor of an advance. At
a meeting on the 19th inst. the committee of producers
presented their case, it is understood, to the War Industries
Board. Iron producers are greatly dissatisfied by the way
prices were adjusted the last time the schedule was fixed..
Production is being pushed with all possible speed meanwhile, but the requirements are constantly growing. They
are running well ahead of production. Distribution is also
hampered by delays on railroad, especially at the South.
Iron is accumulating there for the lack of cars to carry it to
its destination, where it is sorely needed. A rise in ore,
freight rates and labor is emphasized as one of the chief
arguments for higher prices of pig iron. In fact, that is the
whole case. A "slight increase' (not stated) has been made
at Washington in iron ore prices.
STEEL prices naturally hinge on the action of the Government on the question of an advance from the present level.
Naturally the trade wants higher prices. Transportation
costs are heavy. A conference on the question among steel
and iron men was held on the 17th inst. at New York. Another conference with the War Industries Board was held
on the 19th inst. Just what will be done as regards the prices
to rule after the close of the present quarter on Oct. 1 remains
to be seen. Just now the Government is practically the only
buyer. Government requirements are 23,000,000 tons for
the second half of this year; production for the same time is
at the rate of about 17,000,000 tons. Evidently it is a question more of production than of price, as far as the Government is concerned. Meanwhile, not only higher freight
rates, but scarcity of labor has to be considered. The ques
tion is how much allowance is to be made for this in the increased cost of production. The production of barbed wire
must be increased from the present capacity of 50,000 tons
a month. Conferences at Washington have been hold looking to such an increase. Not to speak of American needs,
Great Britain wants 65,000 tons, possibly 90,000 tons, and
Italy 60,000 tons, all presumably with the least possible delay. Mills are working at high pressure. Bur even that is
not enough. There is a constant demand for a larger production. The labo7 question is of course a vital one. And it is
perplexing. Are the steel plants to be brought under the
rulings of the National War Labor Board? Owing to the
hot weather of August, there was a reduction in the August
output of steel ingots to 3,498,000 tons in 27 working days,
against 3,532,600 tons for 26 days in July. Lake Superior
iron ore producers want higher prices. A slight advance,
Washington dispatch states, has been granted. Barbed
wire and, nails, it is argued, should be raised to $5 a ton.
Tues.
Wed.
Thurs.
Total.
Fri.
9,196 20,444
3,657
5,654
8,337 60,710
2,947
579
5,113
1,160
6,047
189
3,976
914
107
107
4,560 26,044
522 4,681
5,648
4,839
3,662
6,973
1,035
902
705
1,228
2,050
104
868
178
34
757
750
159
100
184
90
330
59
8
8
4,094 31.663
2,000 2,000
1,635 6,162
975 5,637
391 1,698
86
86
111
782
67
67
35.028 14.965 19.062 22.782 139.756
The following shows the week's total receipts, total since
Aug. 1 1917 and stocks to-night, compared with last year:
Totals this week 26 623 21298
This Since Aug This Since Aug
Week. 1 1918. Week. 1 1917.
Galveston
60.710
Texas City
Port Arthur, &c..
107
New Orleans_ _ .... 26,044
Mobile
4,681
Pensacola
Jacksonville
8
Savannah
31.663
Brunswick
2,000
Charleston
6,162
Wilmington
5.637
Norfolk
1,698
N'port News, &c_
86
III
New York
Boston
782
67
Baltimore
Philadelphia
Totals
Stock.
1917.
1918.
Receipts to
Sept. 20.
139.756
261,005 53,597
1,614
1.187 1,263
91,384 20,062
14,191 2,748
248,661
150 1,600
120,528 53,239
9,300 6,500
11,044 3,715
8.170 4,466
8.688 3,491
513
87
1,523 7,120
8.918 1,600
539
698
335
7,948
100,891
18,170
1,155
2,870
198,934
34,000
12,577
6,988
26,975
577
17,651
18,009
12,713
1,899
538.754 160.421
700.028
1918.
1917.
196,141
6,504
149,204
90
224,074
11.043
110
10,198
163,637
4.500
33,337
34,138
55,188
84,997
13,657
4,650
108,834
3,200
7,410
44,853
36,950
70,372
14,428
5,132
4,925
64,669
8,887
23,645
4,789
833.727
555.895
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1917.
1918.
•
1915.
1916.
1914.
97,402
26,079
28,704
5,853
64,494
4,500
23,749
19,508
12,342
Galveston ___
60,710
TexasCity,&c
107
New Orleans_
26,044
4,681
Mobile
Savannah
31,663
Brunswick..-2,000
Charleston,e
6,162
5,637
Wilmington
Norfolk
1,698
N'port N.,&c.
86
968
All others_ _ __
53,597
1,263
20,062
2,748
53,239
6,500
3,715
4,466
3,491
87
11,253
99,676
6,101
37,840
2,024
51,464
4,000
10,477
9,163
6,061
3,569
2,367
Total this wk.
139,756
160.421
230,375
284.998
Sinee Ana,. 1
5311.7M
700.025
064 514
726 552
1913.
52,502
1,615
8,240
3,488
18,574
500
4,075
3,720
2,651
461
1,890
146,322
22,401
17,524
18,082
92,934
12,000
27,211
18,797
8,913
216
3,122
97,716
367,522
252.465 1.316.717
The exports for the week ending this evemng reach a total
of 129,657 bales, of which 74,618 were to Great Britain,
17,825 to France and 37,214 to other destinations. Exports for the week and since Aug. 1 1918 are as follows:
Week ending Sept. 20 1918.
Exported toExports
fiom-
From Aug. 1 1918 to Sept. 20 1918.
Exported to-
Great
Great
Britain. Francs. Other. Total. Britain. France.
Galveston__ 30,402
30,420
Texas City..
PLArth.,&e.
.130 .130
NewOrleans 8,237 8,094 1,800 18,131
Mobile
Savannah.._ al0,000 a5,000a16,136 31,136
.3,091
Brunswick '3,091
New York_ 14,525 4,731 16,004 35,260
.4,240
Boston __ _ .4,240
'3,135
Baltimore.... .3,135
.970
Philadel'ia_ .970
3,144 3,144
Pacific ports
77,679
48,057
11,866
10,000
9,026
40,176
4,240
5,367
970
Total..___ 74,618 17,825 37,214 129,657 207,381
48,318
25,000
18,709
Other.
Total.
50,355 128,034
12,200 12,200
130
130
26,528 122,903
11,866
47,730 82,730
9,026
59,232 118,117
4,240
5,367
970
21,234 21,234
92,027 217,409 516,817
Total 1917_ 67,064 37,093 27,061 131,218 413,407 97,427 133,498 644,332
Total 1916_ 32,323 3,865 23,628 59,726 332,951 93,300 253,996 680,247
'
4 August exports not before available.
a Distribution of total for week estimated; details not given.
In addition to above exports, our telegrams to-night also
give us following amounts of cotton on shipboard, not cleared,
at the ports named. We add similar figures for New York.
On Shipboard, Not Cleared forGreat I
I Ger- Other CoastSept. 20 at- Britain.iFrance.1 many. Contl. wise.
Galveston _ _ _ 17,253
New Orleans*.. 10,000
1
Savannah
Charleston
Mobile
354
1
Norfolk
New York*..... 3,000
Other ports*.... 5,000
1
8,700
4,000
15,000
2,000
3,000
5,000
Total 1918... 35,6071 7,000:
Total1917..- 101,144 8,027
Total 1916... 55.684' 18,224
* Estimate.
Total.
Leaving
Stock.
6,500 32,453
4,000 23,000
3,000 18,000
1,000 1,000
354
100
100
8,000
5,000
163,688
201,074
145,637
32,337
10,689
55,088
62,372
74,935
30,700 14,600 87,907
19,710 11,335 140,226
38,968 18,718 131,594
745,820
415,669
5',2,060
SEPT. 21 1918.]
THE CHRONICLE
Speculation in cotton for future delivery has kept within
the bounds to which the cotton trade has now become acornstomes, but as usual violent fluctuations have characterized
the market. But in general the drift has latterly been downward. The talk of price fixing accounts for that. It offsets the smallness of the crop. It nullifies the fact that the
yield is a semi-failure for the fourth year in succession. On
the 18th inst. prices suddenly broke $5 to $6 a bale on.
rumors from New Orleans that the Government in its purchases would pay something under 30 cents, possibly not
more than 25 to 28 cents. The rumors differed on this
point. In fact the air was full of rumors. One said the
minimum would be 25 cents and the maximum 28 cents.
They caused precipitate selling. Wall Street was one of the
largest sellers. It was supposed, too, that the West sold
freely. New Orleans, the South and Liverpool also sold.
The weekly Government weather report. made it plain that
the crop is being picked and ginned with great
rapidity. And there is a growing impression that
the farmer is hurrying the cotton to market,
fearing that the high prices may escape him.
Besides it is generally recognized that in the present tight
ness of money holding back of cotton, especially with prices
well above $150 a bale, will not be encouraged by Southern
banks or by the Federal Reserve Bank system. Meanwhile the crop movement is gradually increasing as a matter
of course. And naturally, too, there 19 more or less Southern hedge selling. At the same time with price fixing ahead
spinners do not seem disposed to buy with avidity. Recently, moreover, the weather has been rather more favorable although the nights have been rather too cool and at
one time light frost was indicated for parts of Texas, Oklahoma and Arkansas. On.the.whole the tendency is taken
to be towards some redugtion in the output of cotton goods
in this country, partly owing to the scarcity of labor. Moreover hundreds of thousands of young men are going into the
Army. This must affect civilian trade. World's spinners'
takings thus far this. season are noticeably smaller than
those for the same time last year.
On the other hand, the latest Ggvernment weekly weather
report says that the general condition of the crop in nearly
all portions of the belt is poor, especially in Texas, Oklahoma, Arkansas and Georgia. As already intimated, the
night temperatures in certain parts of the belt have not been
favorable for best growth. The Government weekly
reports of late do not hold out much hope for a top crop;
quite the contrary. They intimate plainly enough that
conditions are not promising for one. Meanwhile, too, the
war news is favoraLge, The Austrian note is curtly disposed
of, but there are intimations that it may be followed by
another. Whether if one is received it will prove more
acceptable time must determine. In any case, many believe that the war is not Ugly to last more than a year
longer. Meanwhile Europe is bare of cotton. Liverpool
stocks, far from iirrgasing, have,recently been decreasing.
There have been intimations, with or without authority,
that the British Government might allot a larger amount
of ocean tonnage with !I view of replenishing Lancashire's
supplies. Whether there is anyfoundation to this remains to be
seen. On the 19th inst.Senator E. D.Smith of South Carolina was quoted as denying emphatically that he had stated
that the Government would probably not pay more than
25 to 28 cents per pound. This caused more or loss covering
and other buying here, and the tone became steadier. Also,
it is to be remarked that in spite of the predictions of a reduced consumption in this country, the number of active
spindles on Aug. 31 was 33,646,.811, against 33,428,439 at
the same time last year. And spinners are said to have been
buying white cotton somewhat more freely in some cases
recently. Spot markets,on the whole,have been pretty well
sustained at the South. The stock here is steadily decreasing. That of certificated cotton is down near the vanishing
point. President Wilson will soon issue another statement
which will clarify the whole cotton situation. Mr. Bernard
M. Baruch is quoted as authority for this announcement.
Meanwhile, Lancashire is doing a big business at enormous
profits. To-day prices advanced on predictions of light
frost for the Eastern belt, a somewhat stronger technical
position and more or less trade buying and covering. Heavy
rains occurred in Texas and elsewhere in the Southwest, as
well as in some sections of the Eastern belt. These may possibly promote the growth of the top crop to some extent, but
it is also feared that they will lower the grade. The war
news was favorable, exports increased a little and there was
less pressure to sell. Prices are lower for the week, however.
Middling upland closed at 33.95c., a decline of 225 points for
the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 14 to Sept. 20Middling uplands
Sa.t Mon. Tues. Wed, Thurs. Fri.
35.05 35.10 35.40 34.10 33.70 33.95
FUTURES.-The highest, lowst and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 14. Sept. 16. Sept. 17. Sept. 18. Sept. 19. Sept.
20. Week.
SeptemberRange
---33.10 ----33.80
33.10-.80
Closing.... 33.30 -33.22 -33.80 -32.75 -32.32 -32.60 --OctoberRange
33.08-.7 32.89-.65 33.15-.10 32.85-102 32.40-.02
32.40420
Closing.... 32.29-.35 33.32-.36 33.90-.94 32.85-.88 32.42-.44 32.60-.15
32.70 ---NovemberRange
32.50 -32.25-.30 32.25-.50
Closing
33.00 -33.02 -33.52 -32.45 -31.98 -32.28 --DecemberRange
32.25-.10 32.21-.99 32.59-.50 32.25460 31.74-.45 32.00-.55 31.74460
Closing_ _ 32.62-.68 32.74-.77 32.27-.33 32.25-.30 31.78-.85 32.13-.15-JanuaryRange
32.15-.90 32.03-.75 32.40-.30 32.05-140 31.52-.15 31.85-.35 31.52-140
Closing_._ 32.50-.60 32.55-.57 33.10-.14 33.03-.05 31.60-.62 31.93-.94-February.
Range
Closing_
32.35 -32.40 -33.00 -31.98 -31.55 -31.85 ---MarchRange
32.10-.70 31.90-.65 32.25-.12 31.93-122 31.45-.05 31.78-.25 31.45422
Closing
32.30-.35 32.38-.45 32.94-.98 31.93-.95 31.48 -31.80 ---AprilRange
Closing.... 32.24 -32.33 -32.90 -31.86 -31.35 -31.75 ---MayRange
32.10-.65 31.85-.53 32.20-.00 31.81-113 31.30-.90 31.65-.01 31.30-113
Closing__ 32.20 -32.28-.33 32.84 -31.81-.88 31.30-.33 31.70 ---July32.05 ----32.94-.95 31.75-.10 31.65-.00 31.70-.72 31.65410
Range
Closing.... 32.13 -32.21 -32.75 -31.75 -31.25 -31.63 ---AugustRange
31.67 -3i.78 -32.30 -31.40 -30.90 -51.25 ---- -.Closing
.134o. 1330.
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. 20Stock at Liverpool
Stock at London
Stock at Manchester
1918.0
1910.c
1909
1908
1907
1906
13.60 1905
11.85 1904
11.20 1903
33.95
23.35
16.00
10.85
13.75
13.00
9.50
12.25
9.75
10.85
11.10
11.75
1902_c
1901
1900
1899
1898
1897
1896
1895
9.00
8.38
10.50
6.44
5.62
6.88
8.62
8.25
1894_c
1893
1892
1891
1890
1889
1888
1887
6.69
8.25
7.31
8.38
10.44
11.25
10.44
9.75
1918.
bales_ 161,000
19,000
47,000
1917.
261,000
20,000
18,000
1916.
1915.
588,000 1,034.000
32,000
72,000
28,000
62,000
227,000
299,000
117,000
1.000
22,000
21,000
145,000
3,000
80,000
11,000
648,000 1,168,000
*1,000
*1,000
*1,000
*3,000
199,000 201,000
9,000
4,000
43,000
80,000
147,000
90,000
*1,000
*1,000
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
161,000 239,000 401,000 380.000
Total European stocks
388,000 538,000 1,049,000 1,548,000
India cotton afloat for Europe
15,000
29,000
14,000
77,000
Amer. cotton afloat for Europe
193,000 273,000 329,984 252,466
Egypt,Brazil,&c.,afloat for Ettepe 54,000
44,000
13.000
25,000
Stock in Alexandria, Egypt
175,000
54,000
18,000 117,000
Stock in Bombay, India
*685,000 *840,000 417,000 510,000
Stock in U. S. ports
833,727 555,895 683.654 939,064
Stock in U. S. interior towns_ __ _ 736,904 287,143 542,588 575.202
U.S. exports to-day
65,271
19,157
1.000
1,899
Total visible supply
3,145,902 2,640,195 3,068,196 4,045,631
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 60,000 164,000 452,000 798,000
Manchester stock
20,000
12,000
25,000
49,000
Continental stock
*141,000 *203,000 *308,000 *310.000
American afloat for Europe
193,000 273,000 329,984 252,466
U. S. port stocks
833,727 555,895 683,654 939,064
U. S. interior stocks
736,904 287,143 542,558 575,202
U. S. exports to-day
65,271
19,157
1,000
1,899
Total American
East Indian, Brazil, etc.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
2,039,902 1,514,105 2,342,196 2,925,631
111,000
19,000
27,000
*20.000
15,000
54,000
175,000
*685,000
97,000
20,000
6,000
*36,000
29,000
44,000
54,000
840.000
136,000
32,000
3,000
*93.000
14,000
13,000
18,000
417,000
236,000
72,000
13,000
*70,000
77,000
25,000
117,000
510,000
1,106,000 1,126,000 726,000 1,120,000
2.039.902 1,514,195 2,342,196 2.925,631
Total visible supply
3,145,902 2.640,195 3,068,196 4,045 631
Middling upland, Liverpool
6.&9d.
9.62d.
23.344. 17.82d.
Middling upland, New York..
33.95c.
24.70c.
11.55c.
16.05c.
Egypt, good brown, Liverpool_ _ _ 33.92d. 28.754.
14.38d.
9.60d.
Peruvian, rough good, Liverpool_ 39.004. 27.00d. 13.754. 10.904.
Broach. fine. Liverpool
9.154.
6.204.
24.754. 17.754.
Tinnevelly. good, Liverpool
6.32d.
9.17d.
25.00d. 17.93d.
* Estimated.
Continental imports for past week have been 77,000 bales.
The above figures for 1918 show an increase over last week
of 128,389 bales, a gain of 505,707 bales over 1917, an excess
of 77,706 bales over 1916 and a loss of 899,729 bales from
1915.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept.20 for each of the past 32 years have been as follows:
1916
1915
1914
1913
1912
1911
1201
Spot
Market
Closed.
Saturday_ ..Monday
Tuesday __ Wednesday_
Thursday _ _
Friday
O
Total _ _ _
Futures
Market
Closed.
Wet 115 pts dec_ _ _ Barely steady
Barely steady
uiet 5 pts adv
uirt 30 pts adv.
Steady
Wet 130 pts dec... Easy
ulet 40 pts dec.... Easy
uiet 25 pts adv.... Steady
SALES.
Spot. Contract Total,
THE CHRONICLE
1202
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
corresponding period of the previous year-is set out in
detail below.
Movement to Sept. 20 1918.
Towns.
Movement to Sept. 21 1917.
Receipts.
Ship- Stocks
Ship- Stocks
meats. Sept.
menu. Sept.
Week. Season. Week.
20.
1Veek. Season. Week. 21.
Receipts.
Ala.,Eufaula._
700
380
1,082
176 1,376
Montgomery. 6,791
17,517 3,161 11,720 4,400
Selma
6,281
15,050 2,4401 9,178 3,454
Ark. Helena
400
1,023
200 1,170
100
Little Rock
3,710
11,177 1,110 10,800
199
Pine Bluff
350
784
775
350 13,5
Ga.,Albany
1,101
2,211
____ 1,831 1,372
Athens
3,972
7,010 1,256 15,328 1,866
Atlanta
3,508
11,043 2,645 17,250 4,205
Augusta
17,783
45,341 6,424 69,906 29,461
Columbus.... 2,551
7,000 1,500 6,05
746
Macon
6,892
15,667 4,632 12,169 7,405
Rome
1,722
2,407
84 5,772
382
La.,Shreveport 6,803
15,940 2,954 16,362 7,465
Miss.,Columb
1,329
2,642
496 2,162
330
Clarksdale 1,000
2,700
700 16,500 1,886
Greenwood..
1,200
3,980
700 16,000 1,794
Meridian ___
700
2,573
600 4,100
858
Natchez
3,037
6,481
850 4,335 2,092
Vicksburg..
941
2,041
123 3,015
495
Yazoo City
1,915
3,873
412 9,505 1,020
Mo.,St. Louis_ 1,718
16,862 1,694 10,484 9,303
N.C.,Gr'nsboro
400
3,349
400 4,500
302
Raleigh
362
582
300
177
10
0. Cincinnati_
717
6,686
816 12,495 2,507
Okla., Ardmore
150
Chickasha
637
2,641 1,048 4,881
156
Hugo
1,246
3,325
882 2,443
710
Oklahoma_
800
400
S.C.,Greenvill;
460
2,502
____ 9,460 1,701
Greenwood_ _ _
529
1,252
530 2,878
318
Tefm.,Memphis 16,942
36,310 11,846223,777 2,407
Nashville_
1
284
____
Tex.,Abilene
956
956
6621
357 1,493
Brenham
1,500
14,547 1,000 3,707 1,000
Clarksville_ _ _ 2,014
4,828 1,3271 3,164 1,291
Dallas
5,716
13,174 1,904, 10,629
548
Honey Grove_ 1,396
5,530
4131 3,862 2,919
Houston
71,33
332,766 51,718183,395 75,355
3,787
14,44' 1,828t 7,350 1,811
Paris
2,500
San Antonio
14,483 1,900 4,229 2,460
i
ri,...1•.1
All
.........•
10A
CMO
OG1 ,
T,TE
1,1n
A01
no,: nnA
1,
Yr 0A0
1,690
400 1,242
11,816 2,944 12,832
8,195 2,345 3,069
708
100 2,056
922
353 3,371
1,175
275 4,082
6,315 1,133. 2,186
4,221
471 2,836
13,669 5,216 11,653
68,989 36,299 22,995
1,838
321 2,648
23,505 4,942 6,611
1,788
308 2,084
12,355 2,770 10,942
444
21
892
3,736 1,785 3,601
3,968
289 3,594
3,266
572 5,254
4,284 1,184 2,261
1,086
____
965
2,010
20 1,917
71,266 9,566 2,800
3,267
320
948
21
264_ __
22,048 2,677 23,930
250
150 1,566
454
202
656
673
710
37
500
200
308
7,065 1,937 5,615
764
471
129
27,719 11,949 42,893
31
4
95
2,068
807 1,111
9,869
60
2,327
1,406
75 1,331
13,949
762 6,885
3,759 1,000 2,459
359,725 55,610 83,635
2,358
950 1,330
10,617 1,670 1,159
,
110 11,
..1
'
1C.'SA1E00.11/0
The above totals show that the interior stocks have increased during the week 75,497 bales and are to-night 449,761
bales more than at the same time last year. The receipts at
all town have been 8732 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
1917
1918
Sept. 20.
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Week.
a9,566
15,302
Since
Aug. 1.
a77,819
42,087
627
1,088
3,478
15,271
5,456
10,478
21,932
50,253
129,333
45,332
214,025
10,980
7,125
57,111
9,653
1,214
5,516
50,272
12,313
44,592
Week.
1,694
3,708
129
1,369
225
4,172
9,869
Since
Aug. 1.
20,073
17,765
748
18,164
3,877
17,028
51,678
21,166
960
1,437
6,079
Total to be deducted
8,476
75,216
16,383
107,177
Leaving total net overland *
12,690
54,117
28,949
106,848
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 12,690 bales, against 28,949 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 52,731 bales.
1918-----Since
Aug. 1.
538,754
54.117
615,000
TVeek.
160,421
28,949
88,000
Since
Aug. 1.
709,928
160,848
663,000
238,446
75,497
1,207,871
40,288
277,370
25,201
1,479,776
x67,799
Came into sight during week_ _313.943
Total in sight Sept. 20
1,248,159
Nor,spinners' takings to Sept. 20_ 26,403
155,560
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Sept. 20
139.756
Net overland to Sept. 20
12,690
Southern consumption to Sept.20a 86,000
Total marketed
Interior stocks in excess
1917
302,571
1,411,977
39,294
*206,824
*Less than Aug. 1. a These figures are consumption; takings not
available. * Revised on basis of August exports.
Movement into sight in previous years:
Week1916-Sept. 22
1915-Sept. 24
1914-Sept. 25
Bales.
Since Aug. 1450,394 1916-Sept. 22
435,707 1915-Sept. 24
222,882 1914-Sept.25
Bales.
1,820,306
1,390,345
873,958
WEATHER REPORTS BY TELEGRAPH.-Advices
to us by telegraph from the South this evening indicate
that rain has been quite general during the week and has
been beneficial to late cotton in sections where moisture was
needed. Temperature has been lower on the whole. Picking has progressed well and is nearing completion in Central
and Southern Texas. From Texas we are advised that
late planted cotton is making growth in sections where not
entirely killed.
Galveston, Tex.-More seasonable temperatures prevailed
during the opening days of the week, but towards the close
cooler weather was general. Good precipitation occurred
[VOL. 107.
over the State Thursday and rain is still falling at a number
of localities. Picking is nearly completed in the central and
southern portions. Late-planted cotton is making growth
in sections where not entirely killed. We have had rain on
one day during the week, the precipitation reaching one
inch and fourteen hundredths. Average thermometer 78,
highest 88, lowest 68.
Abilene, Texas.-There has been rain on two days of the
week, to the extent of twenty-six hundredths of an inch.
The thermometer has averaged 76, the highest being 100
and the lowest 52.
Brenham, Tex.-We have had rain on one day of the past
week, the rainfall being one inch and ninety-two hundredths.
The thermometer has averaged 85,ranging from 68 to 101.
Brownsville, Tex.-There has been rain on three days during the week, to the extent of one inch and two hundredths.
The thermometer has ranged from 72 to 98, averaging 85.
Cuero, Tex.-The week's rainfall has been one inch and
thirty-six hundredths on two days. Average thermometer
85, highest 102, lowest 67.
Dallas, Tex.-We have had rain on one day the past week,
the rainfall being fifty-six hundredths of an inch. The thermometer has averaged 79, the highest being 100 and the
lowest 58.
Henrietta, Tex.-We have had rain on three days of the
past week, the rainfall being one inch and fifteen hundredths.
The thermometer has averaged 77, ranging from 51 to 104.
Huntsville, Tex.-There has been rain on one day during
the week, to the extent of one inch and twenty hundredths.
The thermometer has ranged from 61 to 97, averaging 79.
Kerrville, Tex.-It has rained on one day of the week, the
precipitation being one inch and seventy hundredths. Average thermometer 75, highest 95, lowest 55.
Lampasas, Tex.-It has rained on one day of the week, the
rainfall reaching ten hundredths of an inch. The thermometer has averaged 82, the highest being 103 and the lowest 61.
Longview, Tex.-We have had rain on one day of the past
week, the rainfall being twenty hundredths of an inch. The
thermometer has averaged 78, ranging from 61 to 95.
Luling, Tex.-There has been rain on two days during the
week, the rainfall being two inches and thirty-six hundredths.
The thermometer has ranged from 64 to 98, averaging 81.
Nacogdoches, Tex.-It has rained on one day of the week,
the precipitation being one inch and eighty hundredths of
an inch. Average thermometer 77, highest 98, lowest 56.
Palestine, Tex.-It has rained on one day of the week, the
rainfall reaching forty-eight hundredths of an inch. The
thermometer has averaged 79, the highest being 98 and the
lowest 60.
Paris, Tex.-The week's rainfall has been one inch and
twenty-seven hundredths, on three days. The thermometer
has averaged 80, ranging from 58 to 102.
San Antonio, Tex.-There has been rain on two days
during the week, to the extent of one inch and thirty-six
hundredths. The thermometer has ranged from 64 to 98,
averaging 81.
Weatherford, Tex.-It has rained on one day of the week,
the precipitation being one inch and sixteen hundredths.
Average thermometer 77, highest 96, lowest 58.
Ardmore, Okla.-There has been rain on three days of the
week, to the extent of eighty hundredths of an inch. The
thermometer has averaged 77, the highest being 104 and the
lowest 50.
Muskogee, Okla.-The week's rainfall has been one inch
and seventy-two hundredths, on four days. The thermometer has averaged 70, ranging from 42 to 97.
Brinkley, Ark.-There has been rain on one day during
the week, to the extent of twenty-two hundredths of an inch.
The thermometer has ranged from 50 to 101, averaging 76.
Eldorado, Ark.-The week's rainfall has been ninety-one
hundredths of an inch, on two days. Average thermometer
76, highest 98, lowest 54.
Alexandria, La.-It has rained on one day of the week,
the rainfall reaching sixty-five hundredths of an inch. The
thermometer has averaged 76, the highest being 91 and the
lowest 61.
New Orleans, La.-Rain has fallen on one day during the
week, the rainfall being twenty-three hundredths of an inch.
The thermometer has averated 81.
Shreveport, La.-There has been rain on one day of the
week, the rainfall reaching three hundredths of an inch.
The thermometer has ranged from 59 to 95, averaging 77.
Greenwood, Miss.-It has rained on one day of the week,
the precipitation being forty-five hundredths of an inch.
Average thermometer 75, highest 98,lowest 52.
Vicksburg, Miss.-There has been rain on three days
during the week, the rainfall being eighty-one hundredths of
an inch. The thermometer has averaged 74, the highest
being 91 and the lowest 59.
Mobile, Ala.-Very favorable weather and picking and
ginning have progressed rapidly. There has been rain on
one day of the past week, the rainfall reaching eighteen hundredths of an inch. The thermometer has averaged 78,
ranging from 64 to 89.
Selma, Ala.-There has been rain on two days of the week,
the rainfall reaching one inch. The thermometer has ranged
from 56 to 89, averaging 74.5.
Madison Fla.-Dry all the week. Highest thermometer
96, lowest'
64, average 80.
1203
THE CHRONICLE
SEPT. 211918.1
COTTON CONSUMPTION AND OVERLAND MOVEAtlanta, Ga.-There has been rain on two days of the past
week, the rainfall being sixty-nine hundredths of an inch. MENT TO SEPT. I.-Below we present a synopsis of the
The thermometer has averaged 74, the highest being 86 and crop movement for the month of August for three years:
the lowest 62.
1917.
1916.
1918.
Augusta, Ga.-We have had no rain the past week.
Thermometer has averaged 76, ranging from 60 to 91.
63,519
153.519
91,238
bales_
Gross overland for August
83,870
37,804
35,421
Net overland for August
Savannah, Ga.-It has rained on two days of the week, Port
333,309
295,309
receipt in August
216,778
the precipitation being eighty-four hundredths of an inch. Exports in August
364,582
443,992
288,191
430,831
418.944
Port stocks on Aug. 31
797,033
The thermometer has ranged from 68 to 91, averaging 79.
108,099
94,252
Northern spinners' takings to Sept. 1_ _
78,320
Charleston, S. C.-We have had rain on one day of the Southern
349,000
consumption to Sept. 1
399,000
372,000
week, the precipitation being four hundredths of an inch. Overland to Canada for August (included
5.523
12,099
11,828
In net overland
Average thermometer 79, highest 92, lowest 66.
Burnt North and South in August
14,110
22,409
Greenwood, S. C.-There has been rain on two days during Stock at North. interior markets Aug. 31
13,191
631,113
Came in sight during August
671,125
555,199
the week, the rainfall being forty-seven hundredths of an Came
in sight balance season
11,240,771 12,344,456
inch. The thermometer has averaged 71, the highest being Total crop
11,911,896 12,975,569
511.94
Average gross weight of bales
-5-171.W)
612.15
86 and the lowest 55.
492.50
486.04
487.15
Average net weight of bales
Charlotte, N. C.-The week's rainfall has been two inches
-Data not heretofore available has caused a revision downward
and seventy hundredths on two days. The thermometer ofNote.
the Northern spinners' takings.
has averaged 71, ranging from 56 to 86.
BOMBAY COTTON MOVEMENT.
Weldon, N. C.-It has rained on three days of the week,
the rainfall reaching one inch and forty-four hundredths.
1917.
1918.
The thermometer has ranged from 53 to 86, averaging 70.
Ave. 29.
Since
Since
Since
Receipts atDyersburg, Tenn.-We have had rain on three days of the
Week. Aug. 1. Week. Aug. 1. Week. 1 Aug. 1.
week, the precipitation being one inch and ten hundredths.
49.
lowest
54,000
34,000 141,000 25,000 104,000 12,
Bombay
Average thermometer 68, highest 86,
Memphis, Tenn.-Picking has progressed well with the
SHIPMENTS.
AND
RECEIPTS
ALEXANDRIA
on
had
rain
of
have
four
days
exception of Thursday. We
the week,the precipitation reaching one inch and seventy-two
1916.
1917.
1918.
Alexandria, Egypt,
August 28.
hundredths. The thermometer has averaged 70, the highest
54.
lowest
being 90 and the
Receipts (cantars)25,062
24,747
15,697
This week
The following statement we have also received by tele51.738
43.609
80.733
Since Aust. 1
graph, showing the height of the rivers at the points named
given:
dates
the
of
m.
a.
at 8
Since
Since
Since
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
* Below.
Sept. 20 1918. Sept. 21 1917.
Feet.
Feet.
5.2
4.9
7.6
8.1
7.4
7.3
7.6
*2.9
11.6
9.2
Above zero of gauge_
Above zero of gauge..
Above zero of gauge
Above zero of gauge..
_ Above zero of gauge
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
9,958 17,1581 5,538 8,147
To Liverpool
3,447 . 4,882 4,882
To Manchester &c
To Continent and India_ 10,933 18,0181 1,626 3,997
To America
---- i ---- ______
20.891 38.623 12.046 17.026
Total extorts
'____
6,062
793
----
2,389
1,133
793
9.584
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Note.-A c,antar is 99 lbs. Egyptian bales weigh about 750 lbs.
MARKETS.-Below are the closing quotations of middling
MANCHESTER MARKET.-Our report received by
other
and
principal
Southern
for
cotton
markets
cotton at
to-night from Manchester states that the market is
cable
week:
the
each day of
very strong. Business, however, is of small volume the
strike causing uncertainty. We give prices for to-day beClosing Quotations for Middling Cotton onlow and leave those for previous weeks of this and last year
Week ending
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday. for comparison:
Sept. 20.
34.25
33.50
32.63
33.12
33.00
33.75
33.25
34.50
35.65
33.25
34.00
33.65
34.10
34.50
33.65
33.25
32.63
33.00
32.00
33.50
34.50
34.35
32.50
33.50
32.80
33.10
33.50
33.25
32.75
31.50
32.00
32.00
31.50
32.50
33.50
33.95
32.12
33.50
32.35
32.70
33.50
33.25
32.75
31.50
32.00
32.50
33.50
34.20
32.00
33.50
32.65
32.00
33.50
NEW ORLEANS CONTRACT MARKET.-The closijag
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'dal , Thursd'y, Friday,
Sept. 14. Sept. 16. Sept. 17. Sept. 18. Sept. 19. Sept. 20.
September
October
December
January
March
Mt4r
oneSpot
Option
30.96 -31.06 -31.76 -31.35
30.76-.78 31.07
31.50-.55 31.60-.68 32.22-.30 31.23-.28 30.70
31.02
31.28-.43 31.44-.47 32.02-.10 31.03-.05 30.50-.52 30.85-.90
31.49-.50
32.09-.15 31.05-.10 30.50-.52 30.86-.92
31.43-.46
31.41 -3i.47-.5032.16 -31.10 -30.53 -30.96 31.55 -31.63 -32.23 -25 31.15-.18 30.65 -31.02-.06
Quiet
Quiet
Steady
Steady
Quiet
Quiet
Steady Steady Very st'y Steady Steady Steady
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1918.
Week.
Season,
1917.
Week.
Season.
3,017,513
Visible supply Sept. 13
52,53,970
Visible supply Aug. 1
3,027,450
2,814,776
American in sight to Sept. 20.... 313,943 1,248,159 302,571 1,411,977
Bombay receipts to Sept. 19-_ _ 635,000
315,000
7,000
139,000
2,000
Other India shipm'ts to Sept. 19
2,000
18,000
64,000
Alexandria receipts to Sept. 18..
33,000
1,000
17,000
63,000
18,000
2,000
Other supply to Sept. 18..*_ _ _ _
20,000
3,373,456 4,643,609 2,868,541 4,420,753
Total supply
Deduct3,145,902 3,145,902 2,640,195 2,640,195
Visible supply Sept. 20
227,554 1,497,707 228,346 1,780,558
Total takings to Sept. 20_a
173,554 1,157,707 197,346 1,417,558.
Of which American
54,000
340,000
31,000
Of which other
363,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
615,000 bales in 1918 and 663,000 bales in 1917-takings not being available-and the aggregate amounts taken by Northern and foreign spinners,
882,707 bales in 1918 and 1,117,558 bales in 1917, of which 542,707
bales and 754,558 bales American. b Estimated.
EGYPTIAN COTTON CROP.-The Alexandria Cotton
Co., Ltd., of Boston, has the following by mail from Alexandria under date of July 12:
The delay reported previously in all the stages of the plant (growth I
budding, flowering and boiling) still maintains. The attack of the cotton
leaf worm has spread to a greater number of districts, but the picking of
the attacked leaves is carried out energetically and the damage done so
far is slight. Tho pink boll worm is now in all the fields where any appreciable number of bolls are ripening. The extent of the damage which this
post will cause to the crop'will depend on the earliness and quick maturity
of the bolls.
1917.
1918.
834 lbs. Shirt- Cot'a
trigs, Common Mid.
Uprs
to finest.
325 Cop
Twist.
July d.
26 49
Aug.
2 4934
9 51
16 52
23 5234
30 5334
Sept
6 54%
13 54%
20 5534
32s Cop
Twist.
5634 30 3 ®38 1034 24.58 24
5634 30 3 ®38 1034 25.10 23%
56% 30 3 ®38 1034 23.34 24
834 lbs. Shirt- Corn
ing:. Common Mid.
Uprs
to finest.
d. s .d.
s. d. d.
2534 131031(018 0 19.15
s. d. d. d.
d. s. d.
5134 25 134@33 134 20.63 24
52 25 13i®33 134 29.3924
53 25 134(833 134 21.46 25
54 253 @333
A
5434 280 @346 23.97 2534
5534 300 (838734 25.10 2534
25% 1310341818 0
2634 140 @186
2654 1411341819 0
26% 140 @186
26% 140 @186
See
33.75
33.50
32.25
32.50
33.00
33.75
33.00
34.50
35.35
32.63
34.50
33.05
32.50
34.50
COS
34.00
Galveston
New Orleans_ _ _ 33.50
33.25 '
Mobile
33.00
Savannah
34.00
Charleston _
Wilmington.._ 33.75
33.50
Norfolk
35.00
Baltimore
Philadelphia _ _ _ 35.30
32.63
Augusta
34.50
Memphis
Dallas
33.50
Houston
34.50
Little Rock..
19.35
20.15
19.80
18.90
18.25
25% 13 9 ®171034 17.20
25 136 @179 16.95
2534 13 734®171034 17.82
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
nu Aug. 30. Sept. 6. Sept. 13.hiSept. 20
bit.
ow,
6,000
11,000
• 11,000
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded.
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
16,000
10,000
4,000
3,000
2,000
37,000
221,000
89,000
53,000
40,000
129,000
80.000
40,000
204,000
82,000
26,000
21,000
135,000
89.000
47,000
188,000
68,000
21,000
12,000
166,000
125,000
41,000
161,000
50,000
16,000
14,000
%The tone or tile Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, (
12:15 j
P.M. (
Mid.Uprds
Good Mid. HOLIDAY.
Uplands
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Quiet.
Quiet.
24.41
24.39
23.93
23.84
23.34
25.04
25.02
24.56
24.47
23.97
2,000
2,000
2,000
2,000
2,000
Futures.
Market 1
opened f
Weak at
711893
pts. dec.
Quiet at
14(820
pts. adv.
Irreg. at
5(821
pts. adv.
Market, I
4
P. M. 1
Quiet at Steady at
34®40
4@8 pts.
advance. pts. adv.
Sales
Friday.
Quiet.
Steady
Irreg. at
64@81 27(831 pts.
pts. dec. decline.
Steady
Quiet at Steady at
57®64 11012 pts.
14(4)16
pts. adv. pts. dec. advance.
Prices of futures at Liverpool for each day are given below.
Sat.
Sept. 14
to
Sept. 20.
Moh.
Tues.
Wed.
1234 1234 1234l 4 1234i 4 123i 4
p.m.p.m.p.m.ip.m.p.m.'p.m.p.m.p.m
New Contracts. d. d.
September____
HOLTOctober
November_ .... _ MAY.
December
January
Thurs,
Fri.
1234 4 12)( 4
p.m.p.m p. m.p.m.
d. d. d. d. d. d. d. d. d. d.
23.8323.8 24.02 24.21 24.3424.3:423.6823.7'23.61 23.89
23.5123.5 23.70 23.9 24.0524.1:23.3 23.4 23.2823.55
23.3123.3623.55 23.74 23.8823.8: 3.1 23.2 23.04 23.35
23.1623.2223.42123.61 23.7523.7, 3.01 23.1 22.9723.24
23.003.0923.29123.4923.6223.6 23.8! 23.11 22.8523.12
1204
THE CHRONICLE
BREADSTUFFS
Friday Night, Sept. 20 1918.
Flour is in liberal supply and rather light demand. This
is one of the outstanding facts of the situation. While
stocks are liberal and receipts and offerings large, buyers
are very cool. They are purchasing sparingly. There is
some export buying, but it is not enough to affect the situation. The truth is that there is an oversupply of flour here.
Mills are offering freely. In some cases, it is said, they are
ready to accept prices of something below the cost of production. The Food Administration has bought to some
extent for export. But nobody looks for very much export
business until the big stocks of wheat have been moved.
Deliveries, too, are none too easy. This is a fact in the New
York market. It may of itself for a time restrict business.
One disturbing question is that of store door delivery.
Nobody knows when the plan may become effective. Very
many buyers prefer to wait and see what will be done about it
and just how it works out if it is actually tried. The feed
trade is unsettled. The demand for feed at the West is
abnormally large on account of relatively low prices. Mills
therefore are offering little to the East. In order to equalize
the distribution prices of feed may have to be raised. As
regards the situation in the United Kingdom, it is said that
fair quantities of American and Australian wheat have been
released to millers and it is noted that an increasing percentage of America's surplus is being shipped unmanufactured.
Offerings of new crop American wheat are being made and
the quality is regarded as very favorable, but it is soft wheat
and millers are mostly in need of strong grades, as Canadian
is now in short supply. Native offerings have commenced
on a fair scale, but this, too, is soft wheat. The outlook
for the international supply of grist continues to be very
favorable, although the limitations imposed by the war
conditions are still much in evidence.
Wheat is moving in enormous volume and to some the
undertone looks rather depressed. The visible supply shows
a big.increase weekly. Railroad embargoes are being established. Exports will increase later when the tonnage
can be had. But when will that be? The visible supply
last week increased 11,452,000 bushels. This is the largest
gain in a single week on record. In the previous week the
increase was 7,191,000 bushels, and in the week before
6,646,000 bushels. The trade is not accustomed to such
bewildering celerity in the crop movement. Only a world
war could bring it about. At Atlantic and Gulf ports there
are now over 10,000,000 bushels. Most of this is said to be
awaiting shipment abroad. The Grain Corporation of the
Food Administration has announced that it will accept
export business, on f. o. b. basis under certain limitations,
In regard to the methods of delivery. These have been
devised to prevent any undue delay in the matter of loading.
Meanwhile the visible supply in the United States is up to
67,464,000 bushels, against only 5,760,000 bushels a year
ago. Relative to the embargo, the following is the text
of the official notice:
"Effective Sept. 18, because of rapid approach to the limit
grain
storage capacity of primary markets, due to advanced movement of wheat
and anticipating heavy movements of wheat and other grains it of
becomes
necessary to place an embargo against all shipments of all grain consigned
or reconsigned to Duluth Minneapolis, St. Paul, Milwaukee, Chicago, St.
Louis, Peoria, Kansas City, St. Joseph, Omaha and Council Bluffs, and
to regulate future shipments of grain to these markets on a permit basis,
such permits to be issued in co-operation with the Food Administration.
Applications may be made by shipper or agent at point of origin. Such
requests transmitted to designate grain control committee of each market
which will approve such requests as can be given storage, notifying the
agent at point of origin that shipments may be made accordingly."
As regards the crop situation in Italy, it is stated that harvesting is now practically completed with the outturn
generally satisfactory. But large quantities of wheat will
have to be imported during the current season as the requirements of the army have increased considerably. The
Italian Minister of Supplies states that in the year ended
Aug. 31, imports of cereals totaled 100,000,000 bushels; in
the season just commenced about 112,000,000 bushels will
be needed. This year's total crop is fairly good. Good
wholesome bread has been promised containing not more
than 15% of rye, barley or rice. At a meeting of the
Cabinet Council the following prices were fixed for next
year's crops; soft wheat, 121s. per 480 lbs.; hard wheat,
148s.'per 480 lbs., corn, 97s. 9d. per 480 lbs. oats, 63s. 3d.
per 304 lbs., barley and rye, 90s. per 400 lbs.
and 108s.
per 480 lbs. respectively. The Italian Government has now
reduced its estimate of the wheat crop to 164,000,000 bushels;
this is about 1,500,000 bushels lower than the earlier estimate.
Last year the crop was approxinately 140,000,000 bushels.
In France the weather has favored harvesting in the north
and it is making rapid progress. Threshing is proceeding
everywhere, although rather slowly. The results of threshing are described as fine, as well for wheat and rye as for
other grain. Many of the samples of the new wheat are
fully 62 to 64 pounds per Imperial bushel. The weather in
Argentina is now clear and cold. The movement of wheat
to the ports is on a moderate scale and the export demand
has abated. The supply of tonnage there is moderate. In
Spain harvesting is now finished and wheat will be a medium
crop. Offerings on provincial markets are veil, small.
Algeria has reported that threshing was active, but yields
were somewhat disappointing, although the harvest as a
whole is a good one. Threshing has made fair progress in.
Tunis. It is reported that the Ukraine Premier, interviewed in Berlin, said that the harvest is above the average
and there would be available for export 1,700,000 tons of
[VOL. 107.
grain, but that the transport problem was difficult. Advices
from Australia state that further beneficial rains have fallen
in Victoria and New South Wales. It is generally believed
that the Australian wheat acreage is somewhat smaller than
last season; in Victoria the reduction is estimated at 15%.
Crop prospects, however, continue to be favorable. Shipments have been fair with a percentage destined to the
American Pacific Coast. The construction of silos is being
pushed actively. In India general rains have occurred
throughout the northwest and these have served to relieve
the apprehension over the cessation of the monsoon. Many
sections, however, are still in need of additional moisture.
Arrivals of wheat at East Indian ports have been increasing
and it is hoped that shipments will soon improve.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
cts_237X 237X 23734 23734 23734 237X
24034 2403l 24034 24034 24034 240%
No. 2 red
No.1 spring
Indian corn declined in spite of some frost talk at one time.
Railroad embargoes have had a depressing effect. Embargoes were reported early in the week against further shipments of grain to St. Louis, Kansas City and Omaha. This
caused apprehensions that the movement to Chicago might
be unduly increased. At the same time,it is understood that
elevator room in the Southwest will be, for a time at least,
largely monopolized by wheat. Later the market was still
further unsettled on the fact of the embargoes of shipment to
terminal markets except on permits. Chicago dispatches
said that it is not believed that country grain dealers would
have any trouble in getting permits to make shipments to
that market. Meanwhile the Eastern cash demand has been
slow. Frost predictions proved to be more of a temporary
scare than anything else. Moreover, recently the Government weekly weather report stated that the bulk of corn
would be out of danger of frost by Sept. 20. Killing frost
in Western Nebraska and cool weather in the Northwest,
therefore, failed to have any material effect. There has
been a good deal of liquidation. Later in the week came
renewed selling on the announcement that a general embargo
had been declared on grain shipments to Western primary
centres, unless storage room was arranged for. This announcement that the embargo had been made all-embracing
caused a sharp decline, especially as the indications pointed
to warmer weather. At the same time storage room
at Chicago is said to be ample. That would seem to indicate
that receipts at that point are likely to increase sharply.
On the other hand, one fact that tended to act as a brake on
the decline, at least for a time, was the decrease in the visible supply for the week of 54,000 bush. in face of the receipts
of last week at Western points of 5,377,000 bush. The
present visible supply is 5,181,000 bush., however, against
1,936,000 bush. The corn crop in Italy is deficient. Therefore the Government has requisitioned the 1918 crop and
growers must hold their crop at the disposal of the Food Controller. Although the crop has improved somewhat in
France, a fair outturn is hardly expected. There is only a,
poor demand for corn in Argentina. At an adjourned meeting of the Board of Trade directors on Thursday, it was decided to stop all trading in September corn for delivery in
store by grade alone, and a committee of three was appointed
to.fix a fair and reasonable price at which existing contracts
will be settled. This action was taken in view of the fact
that nearly all of the available storage in the city of Chicago
suitable for receiving grain for delivery on September contracts is now filled with grain, largely held for the Government. The embargo which went into effect Wednesday also
seriously restricts and limits shipments of grain to Chicago.
All transactions in indemnities in September corn were declared null and void and the sellers shall refund to the buyers the purchase price of the indemnities. The price fixed
for the settlement of September contracts was $1 55. Today corn advanced early, but later declined. Frost caused
the early rise, but liquidation was heavy later on. There is
a decline of 4 cents for the week on October. „
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.3 yellow
cts_183% 1785( 17834 17834 17634 1763‘
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. del. in elev.(new contet) cts_15434 15534 15534 15534 15434
---Oct. del. in elev.(new contr't)____152Yi 1533( 15234
15234 15234 15034
Oats advanced, partly on Government buying. Cash
interests have bought quite freely. Both the Government
and exporters have bought on a scale which has undoubtedly
had a steadying effect on prices. Moreover, foreign crops
are not quite up to expectations. That may mean that
ex-ports from this country will have to be all the larger.
Some of the export business here has been for prompt shipment, the tonnage being ready or close at hand. The outward movement of oats, present and prospective, is the
striking feature of the situation. There has been more or
less reticence about this foreign business or it would have
had more effect. Also Milwaukee and Minneapolis have
been good buyers of futures at Chicago. Cash houses at
Chicago have been buying October, possibly on hedge
account against transactions for the Government. 'Country
offerings to arrive have been light. Foreign stocks of oats
are believed to be only moderate. All this has offset a liberal
American movement of the crop. Emphasis was laid on the
cash buying by the Government at the West, persumably for
both home and European military requirements. Some think
movement to Europe will be limited,for a time at least, only
by the supply of ocean tonnage. In France the supply of
THE CHRONICLE
SEPT. 21 1918.]
oats is said to be very small, owing to the heavy requirements of the Army. On the other hand, however, the
visible supply is increasing rather more rapidly -than
it did a year ago. And the total is now 24,075,000 bush.,
against 10,818,000 at this time last year. The increase
last week was 2,178,000 bush., against 1,851,000 in the
same week of 1917. The crop is one of the largest ever
raised and some think it is at least possible that peace may
come next year. In any case the crop movement has been
large enough to prevent any very marked advance. In
Argentina oats are in good request from exporters, but
offerings are liberal, which 'tends to hold prices down.
T
@FedFRASER